TCRLA_Public/070312.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 12, 2007, Vol. 8, Issue 50

                          Headlines

A R G E N T I N A

ANDREW CORP: S&P Affirms BB Corporate Credit Rating
CAMUZZI GAS: Net Profits Increase 123% to ARS19 Million in 2006
FIAT SPA: Sets Aside Plans to Issue Eurobond
NAVISTAR INT'L: Settles Engine Shipping Dispute with Ford Motor
TELECOM ARGENTINA: Earns ARS244 Million in Year Ended Dec. 31

TELECOM ARGENTINA: Invests ARS25 Million for SAP's NetWeaver
TENNECO INC: Moody's Rates US$830-Million Loans at Ba1
TENNECO INC: S&P Rates Proposed US$830-Mln Bank Facilities at BB
WORLDSPAN: Credit Refinancing Cues S&P to Withdraw Debt Ratings

B A H A M A S

COMPLETE RETREATS: Court Extends Removal Period to April 20
COMPLETE RETREATS: Panel Provides Update on Ultimate Resort Sale

B E R M U D A

FOSTER WHEELER: Unit Gets Hanwa Int'l Steam Generator Contract
REFCO INC: Refco LLC Files January 2007 Monthly Operating Report
SEA CONTAINERS: Wants Court OK to Provide Funding to SC Treasury

B O L I V I A

GOL LINHAS: Gol Finance Offering Senior Notes Due 2017
INTERNATIONAL PAPER: CFO Marianne Parss to Resign by End of 2007

* BOLIVIA: Mario Martinez Resigns as Hydrocarbons Regulator
* BOLIVIA: Will Explain Vinto's Take Over to Glencore

B R A Z I L

AES TIETE: Will Spend BRL225MM to Build 3 Hydroelectric Plants
BANCO BRADESCO: Board Approves Complimentary Dividends Payment
BANCO NACIONAL: Board Approves BRL46-Million Loan to Fundasp
ELETROPAULO METROPOLITANA: Will Invest BRL366 Million in 2006
GERDAU: U.S. Unit's Labor Pact Ratified by Workers in 3 Plants

GOL LINHAS: Moody's affirms Ba2 Corporate Family Rating
ITRON: Bags 25,000 Meter Order from Mexico's Comision Federal
NET SERVICOS: Hires Joao Elek as Chief Fin'l & Investor Officer
PETROLEO BRASILEIRO: Reduc Plant's Workers Demand 20% Pay Hike
PETROLEO BRASILEIRO: To Ink US$470MM Deal with National Iranian

USINAS SIDERURGICAS: Net Profits Decline to BRL2.52B in 2006

C A Y M A N   I S L A N D S

AC CP 06-1 FUNDING: Proofs of Claim Must be Filed by March 30
AC CP 06-1: Sets Last Shareholders Meeting for April 20
ATSUGI LOGISTICS: Proofs of Claim Filing Is Until March 23
BEACH EQUITY: Proofs of Claim Filing Ends on April 4
BEVERLY EQUITY: Proofs of Claim Must be Filed by April 4

COMFORT HOLDINGS: Proofs of Claim Filing Deadline Is April 4
DESERT FINANCE: Proofs of Claim Filing Is Until March 23
DESERT FINANCE: Sets Last Shareholders Meeting for March 28
GOLDMAN SACHS: Will Hold Last Shareholders Meeting on March 23
ICARUS INVESTMENTS: Proofs of Claim Must be Filed by March 24

INN EQUITY: Proofs of Claim Filing Deadline Is April 4
JANUS WORLD: Proofs of Claim Must be Filed by March 28
JANUS WORLD: Sets Last Shareholders Meeting for April 4
LODGE EQUITY: Proofs of Claim Filing Ends on April 4
LODGE INVESTMENTS: Proofs of Claim Must be Filed by April 4

MICHIGAN FINANCE: Proofs of Claim Filing Is Until March 23
MICHIGAN FINANCE: Sets Last Shareholders Meeting for March 28
OXFORD ADVISORS: Proofs of Claim Must be Filed by April 4
REGIONAL SALES: Proofs of Claim Filing Deadline Is March 26
ROOM INVESTMENTS: Proofs of Claim Must be Filed by April 4

SHELTER EQUITY: Proofs of Claim Filing Deadline Is April 4
SOMMERSET INVESTMENTS: Proofs of Claim Must be Filed by April 4
WINSTON RE: Will Hold Last Shareholders Meeting on April 2

C H I L E

CONSTELLATION BRANDS: Poor Sales Trigger Lower Earnings Outlook
WARNER MUSIC: Board Declares US$0.13 Per Share Dividend

C O L O M B I A

ARMOR HOLDINGS: Bags US$40.7M CAV Contract from Force Protection
BANCOLOMBIA: Unit to Boost Transaction & Commission Revenues
BANCOLOMBIA: Unit to Organize Ecopetrol's 20% Stake Sale
ECOPETROL: Bancolombia Unit to Structure Firm's 20% Stake Sale
ECOPETROL: Net Profits Increase 4% to COP3.39 Trillion in 2006

C O S T A   R I C A

ARMSTRONG WORLD: EC Examining Proposed Sale of Desseaux to NPM
US AIRWAYS: Earns US$304 Million in Year Ended Dec. 31, 2006

D O M I N I C A

* DOMINICA: World Bank Board Okays US$14.2MM Credit Facility

D O M I N I C A N   R E P U B L I C

AFFILIATED COMPUTER: Earns US$72.1 Mil. in Quarter Ended Dec. 31
BANCO INTERCONTINENTAL: Audit Criticizes Branches' Sale Process

E C U A D O R

PETROECUADOR: Charapa Concession Registered at Energy Ministry

E L   S A L V A D O R

* EL SALVADOR: Economist Disappointed with FTA with U.S.

J A M A I C A

AIR JAMAICA: Michael Conway Denies Price Gouging in Flights
CADMUS COMM: Moody's Withdraws BB- Rating on Cenveo Takeover
DYOLL INSURANCE: Coffee Farmers to Get US$158.4-Million Payment
NATIONAL WATER: Invests Over US$90MM in New Equipment & Upgrades

M E X I C O

ALLIS-CHALMERS: Generates US$114.1MM Net Income in Fourth Qtr.
CABLEMAS SA: Inks Interconnection Pact with Telmex
DAIMLERCHRYSLER AG: Magna Included in Roster of Possible Buyers
FORD MOTOR: Mulls Offering Bonuses to Salaried Workers
FORD MOTOR: May Sell Aston Martin to a Consortium of Investors

GENERAL MOTORS: Further Delays Filing of Reports Until March 16
NEWPARK RESOURCES: Posts US$42.1 Million Net Loss in Fourth Qtr.
MOVIE GALLERY: Acquires MovieBeam for US$10 Million
MOVIE GALLERY: Names Thomas Johnson as Exec. Vice Pres. & CFO
SOLO CUP: Moody's Assigns B1 Ratings on US$788-Million Debts

N I C A R A G U A

* NICARAGUA: To Make Free Trade Deal with Caribbean Community

P A N A M A

BANCO DE CREDITO: Moody's Reviews Ba2 Rating for Likely Upgrade
CHIQUITA BRANDS: Lets Retailers Sell Single Banana for 75 Cents
CHIQUITA BRANDS: Amends Credit Pact with Operating Unit

P A R A G U A Y

* PARAGUAY: Inks Biofuels Development Alliance with Germany

P E R U

BANCO DE CREDITO: Moody's Reviews B1 Rating for Likely Upgrade
BBVA CONTINENTAL: Fitch Changes Outlook to Positive from Stable
BBVA CONTINENTAL: Moody's Reviews B1 Rating for Likely Upgrade
QUEBECOR WORLD: Inks Multi-Year Printing Pact with Harlequin

* PERU: Moody's Places Ratings on Review for Likely Upgrade

P U E R T O   R I C O

B&G FOODS: Reports Financial Results for Year Ended Dec. 30
COOPER COMPANIES: Reports US$219.4MM Net Income in First Quarter
POSADA PORLAMAR: Case Summary & 18 Largest Unsecured Creditors

T R I N I D A D   &   T O B A G O

BRITISH WEST: Appeals Court Ruling to Freeze Airline's Assets

U R U G U A Y

NAVIOS MARITIME: Earns US$21.1 Million in Year Ended Dec. 31

V E N E Z U E L A

PETROLEOS DE VENEZUELA: Organizes Panels for Orinoco Transition
PETROLEOS DE VENEZUELA: S&P Ups Low B Curr. Ratings After Review
DAIMLERCHRYSLER AG: Blackstone Leads Bidding Race for U.S. Arm

* BOOK REVIEW: THE ITT WARS


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


ANDREW CORP: S&P Affirms BB Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit and other ratings on Andrew Corp. and removed the ratings
from CreditWatch, where they were placed with positive
implications on May 31, 2006.  The outlook is stable.

The CreditWatch implications were revised several times as a
proposed friendly merger with Andrew Corp. and a subsequent
hostile takeover bid for Andrew Corp. both failed.

"Today's action reflects our belief that Andrew Corp. will
maintain a financial profile similar to its current profile, and
that it will not pursue transformational acquisitions or
aggressive share repurchases," said Standard & Poor's credit
analyst Bruce Hyman.  The action also anticipates that that
near-term business conditions likely will be softer than earlier
expectations.

The ratings reflect Andrew's good second-tier position in the
communications equipment industry, low technology risk, and
moderate capitalization, offset by its limited diversity and
relatively weak operating profitability.  Andrew designs and
manufactures cable, antennas and related products for wireless
network infrastructure, microwave backbones, and satellite
communications.  Andrew expects to continue its practice of
acquiring small- to mid-size operations to supplement existing
products or extend its range into adjacent markets.  In calendar
year 2006, Andrew acquired Skyware Radio Systems GmbH, Precision
Antenna Ltd., CellSite Industries, and EMS Wireless, for a total
of US$96 million in cash.

Sales in the fiscal year ended September 2006 were US$2.1
billion, up 9% year over year, including a 19% gain in Antenna
and Cable Products (aided by an acquisition), and 13% growth of
base station subsystems.  EBITDA was US$170 million, or 8% of
sales, compared with 9% in 2005, reflecting rising copper price
levels and the ending of some higher-profit programs, such as
E-911.

Headquartered in Westchester, Illinois, Andrew Corp.
(NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures
and delivers equipment and solutions for the global
communications infrastructure market.  The company serves
operators and original equipment manufacturers from facilities
in 35 countries including, among others, these Latin American
countries: Argentina, Bahamas, Belize, Barbados, Bermuda and
Brazil.  Andrew is an S&P 500 company Founded in 1937.


CAMUZZI GAS: Net Profits Increase 123% to ARS19 Million in 2006
---------------------------------------------------------------
Camuzzi Gas Pampeana said in a filing with the Buenos Aires
stock exchange that its net profits increased 123% to ARS19
million in 2006, compared to 2005.

Business News Americas relates that Camuzzi Gas' net equity
increased to ARS940 million at the end of 2006, from ARS927
million at the end of 2005.

Camuzzi Gas did not provide other figures for the 2006 and 2005
fiscal years, BNamericas states.

Camuzzi Gas Pampeana SA serves most of the province of Buenos
Aires -- excluding the city of Buenos Aires and the greater
metropolitan area of Buenos Aires -- and the Province of La
Pampa, encompassing primary industrial and residential areas.
The company operates a 3,500-kilometer pipeline network and a
17,600-kilometer distribution network.

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006,
Moody's Investors Service assigned a B2 global local currency
rating and an A2.ar national scale rating to Camuzzi Gas
Pampeana's issue of up to ARS75 millions senior unsecured Class
3 notes with a stable outlook.


FIAT SPA: Sets Aside Plans to Issue Eurobond
--------------------------------------------
Fiat S.p.A. postponed plans to issue bonds until conditions in
the financial markets are better, reports say.  Fiat wants to
avoid higher yields that would make an issue more expensive.

"We haven't stopped the bond issue, but we have suspended it,"
Chief Executive Officer Sergio Marchionne was quoted by AFX News
Ltd. as saying.

"We have decided to stay on the sidelines until the market
becomes rational again," Mr. Marchionne added.

Fiat announced Feb. 27 its intention to offer a benchmark
Eurobond for EUR750 million to EUR1 billion.  The notes will be
issued by Fiat Finance North America, Inc., Fiat's wholly owned
subsidiary, under the Global Medium Term Note Program and will
be guaranteed by Fiat.

Mr. Marchionne said the company won't wait for its credit rating
to increase before launching the bond, AFX relates.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

On Feb. 12, Moody's Investors Service upgraded to Ba2 from Ba3
Fiat SpA's Corporate Family Rating and the group's other long-
term senior unsecured ratings.  At the same time, Moody's
maintained the positive outlook on all long-term ratings.  The
short-term non-Prime rating remains unchanged.

Issuers: Fiat Finance & Trade Ltd.
         Fiat Finance Canada Ltd.
         Fiat Finance Luxembourg S.A.
         Fiat Finance North America Inc.
         Fiat France S.A.
         Fiat S.p.A.

On Jan. 30, Fitch Ratings upgraded Fiat S.p.A.'s and Fiat
Finance and Trade Ltd. S.A.'s respective Issuer Default and
senior unsecured ratings to 'BB' from 'BB-'.  Fitch affirmed
Fiat's Short-term rating at 'B'.  Fitch said the outlook on the
Issuer Default rating remains positive.

On Jan. 30, Standard & Poor's Ratings Services revised its
outlook on Italian industrial group Fiat SpA to positive from
stable.  At the same time, Standard & Poor's affirmed the 'BB'
long-term and 'B' short-term corporate credit ratings on Fiat.


NAVISTAR INT'L: Settles Engine Shipping Dispute with Ford Motor
---------------------------------------------------------------
Navistar International Corp. has entered into a consent
injunction with Ford Motor company in which Navistar's operating
company will continue shipping 6.4L Power Stroke(R) diesel
engines and Ford will pay, without deductions, for each engine.

International Truck and Engine Corp., Navistar's principal
operating company, has been the exclusive diesel engine supplier
for Ford's Super Duty pickup trucks since 1979 and last month
launched a new 6.4L Power Stroke(R) for Ford's new Super Duty.

According to Navistar, International Truck suspended production
on Feb. 26 because Ford had stopped honoring the terms under
which the engines were built.  Ford sought a temporary
restraining order from Judge John J. McDonald of the Circuit
Court of Oakland County, Michigan.

Judge McDonald issued an order on Feb. 28 that required
International Truck to resume production and Ford to pay with no
withholding until a hearing was held.  The hearing was held
yesterday and Judge McDonald asked the two companies to continue
discussion to determine whether an agreement can be reached
prior to a trial.  The companies met and as a result, Judge
McDonald issued a consent injunction that supersedes the
temporary restraining order.  The new order also requires
officers from both companies to meet in an effort to resolve the
dispute.

                      About Ford Motor

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.

                About Navistar International

Navistar International Corp. (OTC: NAVZ)
-- http://www.navistar.com/-- is the parent company of
International Truck and Engine Corporation.  The company
produces International(R) brand commercial trucks, mid-range
diesel engines and IC brand school buses, Workhorse brand
chassis for motor homes and step vans, and is a private label
designer and manufacturer of diesel engines for the pickup
truck, van and SUV markets.  Navistar is also a provider of
truck and diesel engine parts.  A wholly owned subsidiary offers
financing services.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 12, 2006,
Fitch assigned a 'BB-' rating to Navistar International Corp.'s
proposed US$1.3 billion senior unsecured credit facility.

Fitch also withdrew the 'BB-' rating on the company's senior
unsecured notes, the 'B' rating on company's senior subordinated
debt, and the senior unsecured debt rating at Navistar Financial
Corp., all of which have been substantially retired.  Fitch
expected to withdraw the 'BB-' rating on company's existing
credit facility upon the closing of the new US$1.3 billion
facility.


TELECOM ARGENTINA: Earns ARS244 Million in Year Ended Dec. 31
-------------------------------------------------------------
Telecom Argentina S.A. reported net income of ARS244 million for
the fiscal year ended Dec. 31, 2006.

Highlights:

   -- In a favorable market context, Fiscal Year 2006 showed a
      30% increase in sales, vs. the previous year, amounting to
      ARS7,437 million.  The most dynamic businesses were
      cellular, internet and data, which expanded 54%, 25% and
      11% respectively.

   -- Cellular and broadband subscribers grew by 41% and 102%
      respectively, while fixed lines in service increased by
      4%, when compared to December 2005

   -- The positive evolution of the business was supported with
      an important level of capital expenditures that reached
      ARS1,226 million, significantly higher than ARS628 million
      invested in fiscal year 2005.

   -- Operating Profit before Depreciation and Amortization
      reached ARS2,304 million (+ ARS302 million or +15% vs.
      fiscal year 2005).  Operating Profit totaled ARS912
      million (+81% vs. fiscal year 2005).

   -- Net income totaled ARS244 million (ARS80 million for
      fourth quarter 2006), as a result of the general
      improvement of the business, partially offset by higher
      financial expenses (interest and foreign exchange
      fluctuations).  Shareholder's equity as of Dec. 31, 2006,
      was ARS2,129 million.

   -- Net financial Debt (before NPV effect) declined to
      ARS3,497 million (-ARS1,039 million vs. fiscal year 2005),
      primarily as a result of the cash flow generated by
      operations.  The ratio of net financial debt to OPBDA
      decreased from 2.3x as of Dec. 31, 2005, to 1.5x.

During fiscal year 2006, consolidated net revenues increased 30%
(+ARS1,719 million vs. fiscal year 2005) to ARS7,437 million,
mainly fueled by the expansion of the cellular and broadband
businesses.

Moreover, OPBDA increased by 15% (+ARS302 million) to ARS2,304
million, equal to 31% of consolidated net revenues.

Net income reached ARS244 million during fiscal year 2006 (ARS80
million in fourth quarter 2006).  Year-to-year comparison is
affected by the ARS1,424 million non-recurring gain generated in
2005 as a result of the closing of the debt restructuring
process of Telecom Argentina completed during the second half
year 2005.

            Voice, data transmission & Internet

Fueled mainly by the increase in broadband penetration and an
increase in the number of lines in service, revenues generated
by the Fixed Telephony Business (including voice, data
transmission and Internet services) amounted to ARS3,053
million, a 6% increase over fiscal year 2005.

                           Voice

Monthly Charges increased by ARS40 million or 6%, reaching
ARS716 million, even though no increase has been applied to
regulated tariffs.  The number of lines in service increased by
4% as a consequence of promotions and campaigns that Telecom has
developed during the year.

Local Measured Service revenues decreased slightly when compared
to fiscal year 2005 to ARS511 million (-2%), while Domestic Long
Distance revenues reached ARS453 million (+1%).  Overall traffic
volume, measured in minutes, remained basically stable.  In
addition, revenues generated by International Telephony totaled
ARS243 million (+8%) due to an increase in traffic partially
offset by marginally lower prices.

Interconnection revenues amounted to ARS312 million (+23%),
mainly driven by mobile traffic transported by and terminated in
Telecom's fixed line network.

              Internet and Data Transmission

Revenues generated by Data transmission amounted to ARS167
million, an increase of ARS17 million, or 11% vs. fiscal year
2005.  Internet continues to be the main driver, with revenues
reaching ARS397 million (+25% vs. fiscal year 2005), as a result
of the extraordinary expansion of the broadband subscriber base.

As of the end of fiscal year 2006, Telecom's ADSL subscribers
reached 457,000 (+231,000 or +102% vs. fiscal year 2005).  Lines
with ADSL connections accounted for more than 11% of Telecom's
lines in service.  Regarding ISP services, Arnet subscribers
totaled 470,000 (+68% or +190,000 subscribers), as a consequence
of the increase of 221,000 broadband subscribers (+136% vs.
fiscal year 2005) and the decrease of 31,000 dial-up subscribers
(-26% vs. fiscal year 2005).

This expansion is a consequence of Telecom's strategy of
offering high quality products at accessible prices, and also
providing specific contents for broadband customers, in line
with the needs of the market.

                         Directories

Publicom sales amounted to ARS65 million in fiscal year 2006
(+ARS15 million or 30% vs. fiscal year 2005), due to the
positive evolution of the sales campaigns for advertising space
in traditional directories and the launching of new Internet and
cellular based products.

                     Cellular Telephony

As of Dec. 31, 2006, the total subscriber base of Personal in
Argentina totaled approximately 8.4 million, 2.3 million
customers more than those registered in fiscal year 2005 (+37%).
Approximately 66% of the overall subscriber base was prepaid and
34% was postpaid.  Subscribers with GSM technology represented
88% of the total subscriber base at the end of fiscal year 2006.

Total traffic measured in minutes increased by 36% vs. fiscal
year 2005.  Furthermore, outgoing SMS traffic increased from an
average of 243 million messages per month to an average of 566
million messages per month (+133%).  Moreover, the proportion of
value-added services in the overall Average monthly Revenue per
User in Argentina continued increase.

In this context, Telecom Personal's revenues reached ARS3,964
million, increasing ARS1,388 million (+54%).  This positive
evolution is a result of a larger subscriber base and a higher
ARPU, the latter increasing to ARS40 in fiscal year 2006 (+11%
vs. fiscal year 2005), as a consequence of the company's focus
on high value customers.  In addition, higher handset sales
(+ARS214 million or 66% vs. fiscal year 2005) positively
contributed to the overall revenue growth.

In a highly competitive market environment, Personal continued
with its strategy oriented to strengthening its brand
positioning, with a strategic focus on quality of service.  In
this context, the commercial network in the north region of the
country was enlarged, and the commercial channels were increased
in the south in order to continue with the commercial expansion
in this region.

With regards to its product portfolio, Personal launched
Personal Trip, with the most innovative 3G products such as
video call, new multimedia contents, Personal Ticket, Foto Blog
and Backtones.  Moreover, personal continued increasing the
capillarity of its customer loyalty program Club Personal, where
exclusive benefits and prizes were increased.

Regarding commercial agreements, Personal announced in December
one of the largest implementations of Blackberry in Latin
America serving the agriculture and livestock industry.  This
agreement is a turning point in communications technology for
this market segment.

Nucleo, Personal's controlled subsidiary that operates in
Paraguay, generated revenues equivalent to ARS355 million in
fiscal year 2006 (+61% when compared to fiscal year 2005).

Subscriber base as of Dec. 31, 2006, reached approximately
1,164,000, +79% vs. fiscal year 2005.  Prepaid and Postpaid
customers represented 87% and 13%, respectively while GSM
subscribers represented 75% of the overall subscriber base.

                    Consolidated Financial and
                          Holding Results

Financial and Holding Results resulted in a loss of ARS482
million, as compared to the ARS306 million loss registered in
fiscal year 2005.  The difference is mainly due to foreign
exchange fluctuations (-ARS489 million), while net financial
interest expense decreased by ARS278 million.

                     Net Financial Debt

As of Dec. 31, 2006, Net Debt (Loans before the effect of NPV
valuation, minus Cash, Banks, Current Investments and Other
credits derived from derivative Investments) amounted to
ARS3,497 million, a reduction of ARS1,039 million as compared to
Dec. 31, 2005.  During 2006, Telecom Argentina prepaid in April
and October an amount equal to approximately US$320 million,
having paid all scheduled principal amortizations up to 75% of
the installment originally scheduled for October 2009.

              Consolidated Capital Expenditures

A total amount of ARS1,226 million invested in fixed assets and
intangibles was allocated to the cellular business (ARS633
million) and the Voice, data and Internet business (ARS593
million).

Within its investment plan the Telecom Group continues to
implement an important transformation of its networks with the
goal of developing a new generation of services.

In the Fixed line business, the Company focused its efforts on
the deployment of an access network based on IP technology in
order to increase its customer base and assure a higher
bandwidth.  In this way, the Group has improved local and DLD
transport capacity according to its customers' needs.
Additionally, investments in IT projects (such as the new ERP
system) to support the business were performed.

In the Cellular business the most significant expenditures are
related to the development and expansion of the GSM network
associated with the increasing demand.  In particular, the
Company continued with the network deployment in the South
Region and the extension of capacity in AMBA and North Region.
In addition, the Group has continued with the evolution of the
network to provide new 3G services.  Lastly the Group has
implemented new systems to support the business.

Headquartered in Buenos Aires, Telecom Argentina S.A. (BASE:
TECO2, NYSE: TEO) -- http://www.telecom.com.ar/index-flash.html
-- is the fixed-line operator for local and long-distance
services in northern and southern Argentina.  It also provides
cellular and PCS phone services in Argentina, as well as in
Paraguay through a 68% stake in Nocleo.  France Telecom formerly
controlled the company through its Nortel Inversora venture with
Telecom Italia.  France Telecom sold most of its stake in 2003
to the Werthein Group, an Argentine agricultural concern owned
in part by vice chairman Gerardo Werthein.  Nortel continues to
be Telecom Argentina's largest shareholder with a 55% stake.
Nortel is owned by Sofora, a consortium owned by Telecom Italia
(50%), the Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B', announced on Oct. 2, 2006.


TELECOM ARGENTINA: Invests ARS25 Million for SAP's NetWeaver
------------------------------------------------------------
Telecom Argentina has invested ARS25 million in installing SAP's
NetWeaver ERP software to centralize and improve efficiency of
its accounting and administration systems, according to SAP's
statement.

Business News Americas relates that NetWeaver will help Telecom
Argentina boost the efficiency of the supply, logistics,
investment management and planning processes in its mobile and
fixed telephony operations.

"We have focused on optimizing and simplifying our internal
processes in order to be able to accompany this modernization
process that Telecom is undergoing in their fixed and the mobile
products and services," Alejandro Gozzo Bisso, Telecom
Argentina's manager for corporate systems development, told
BNamericas.

IBM was responsible for the integration in the project, Hewlett
Packard provided the technology architecture and Oracle
developed the database used, BNamericas states.

                           About SAP

SAP AG, together with its subsidiaries, is a provider of
business software solutions.  SAP's core business is developing
and licensing SAP business software solutions.  The product
portfolio includes the SAP NetWeaver platform and software
applications, which include mySAP Business Suite applications;
Qualified mySAP All-in-One partner solutions and the SAP
Business One applications and Specific solutions.  SAP also
provides service offerings that include consulting and
education, which comprise field services, and support services,
ramp-up services, hosting, support for business process
outsourcing and custom development, which comprise global
services.  Its global services and field services organizations
together make up SAP Services.  The company has over 33,200
customers in more than 120 countries.

                    About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B', announced on Oct. 2, 2006.


TENNECO INC: Moody's Rates US$830-Million Loans at Ba1
------------------------------------------------------
Moody's Investors Service has assigned Ba1 ratings to the new
first-lien senior secured credit facilities of Tenneco
Automotive, Inc.

In a related action, Moody's has affirmed these ratings:

   * the company's Corporate Family Rating at B1; and,

   * the ratings on the senior secured  second-lien notes and
     senior subordinated notes, at B1 and B3, respectively.

The outlook remains stable.

Tenneco's business profile as an automotive component supplier
is strong, benefiting from good geographic and customer
diversity and well balanced exposures to the original equipment
and aftermarket segments.  The company's leading positions in
the markets it serves are well defended by ongoing investment in
new technologies. Tenneco's emission technologies for diesel
engines and portfolio of ride control technologies for passenger
and commercial vehicles should enable it to increase its content
on vehicle platforms and demonstrate strong revenue growth even
as overall automotive demand weakens.  These attributes are
potentially supportive of a higher rating under Moody's rating
methodology for auto parts suppliers.

However, the ratings balance these strengths against the
company's high financial leverage and moderate profit margins;
which yield overall financial metrics more consistent with the
assigned rating.  For the fiscal year ending Dec. 31, 2006.
Tenneco's debt/EBITDA is approximately 4.3x, while EBIT/Interest
is approximately 1.5x.

Going forward, Tenneco expects increased revenue to result from
higher booked business in emission controls and greater
penetration in the commercial vehicle exhaust segment.  Margins
should be stable through this time frame as continuing industry
pressures and the greater amounts of lower margin substrate
sales in revenue are offset by new business growth and
continuing efforts to control costs.  Nevertheless, the company
will face some headwinds from lower production volumes at key
automotive OEMs, and ongoing commodity cost volatility.

The refinancing should also moderate borrowing costs and enhance
the company's overall financial flexibility.  Upon closing of
the new senior secured credit facilities Tenneco is expected to
have full access to its US$375 million revolving credit and
unused availability under the US$177.5 million letter of
credit/revolving credit facility.  The company also maintains
large cash balances, which could be used to reduce debt,
although indenture provisions currently place some limitations
on the ability to reduce some of the company's higher coupon
obligations during the near term.

Ratings assigned:

   * Ba1, LGD2, 16% to the five-year US$375 million first lien
     senior secured revolving credit facility;

   * Ba1, LGD2, 16% to the seven-year US$177.5 million first
     lien senior secured L/C and revolving credit facility;

   * Ba1, LGD2, 16% to the five-year US$100 million term loan A;

   * Ba1, LGD2, 16% to the seven-year US$177.5 million first
     lien senior secured term Loan B;

Ratings affirmed:

   * B1 Corporate Family rating;

   * B1 Probability of Default rating;

   * B1 rating for the US$475 million 10.25% guaranteed senior
     secured second-lien notes due 2013, with the LGD Assessment
     changed to LGD3, 43% from LGD3, 42%;

   * B3, LGD6, 92% rating for the 8.625% guaranteed senior
     subordinated unsecured notes due November 2014,

These ratings will be withdrawn upon their refinancing:

   * Tenneco's guaranteed credit facilities consisting of:

      -- Ba1, LGD2, 16% on the US$320 million first-lien senior
         secured revolving credit facility due December 2008;

      -- Ba1, LGD2, 16% on the US$155 million first-lien senior
         secured term loan B letter of credit/revolving loan
         facility due December 2010;

      -- Ba1, LGD2, 16% on the US$356 million remaining first-
         lien senior secured term loan B facility due December
         2010;

The last rating action was on Sept. 22, 2006 when the LGD
Methodology was applied.

The rating outlook is stable.

Future events that could improve Tenneco's rating or rating
outlook include the generation of material new business awards
that facilitate improved margins coupled with debt reduction
that enhances overall credit metrics.  Consideration for a
higher rating or outlook could arise if any combination of these
factors were to increase EBIT/Interest coverage to over 2.0x or
reduce leverage below 4.0x.

Assuming no protracted disruptions in automotive production,
downward pressure on the ratings is not expected during the near
term.  Consideration for a lower outlook or rating could arise
if credit metrics were to deteriorate such that leverage,
measured by Debt/EBITDA, were to exceed 5.0x or if EBIT/Interest
coverage fell to 1.0x on a sustained basis.  The ratings could
also be adversely affected if the company's current sound
liquidity profile were to weaken.

Headquartered in Lake Forest, Illinois, Tenneco Inc. --
http://www.tenneco.com/-- is a leading manufacturer of
automotive ride control and emissions control products and
systems for both the worldwide original equipment market and
aftermarket.  Leading brands include Monroe(R), Rancho(R), and
Fric Rot ride control products and Walker(R) and Gillet emission
control products.

The company has global operations in Argentina, Japan, and
Germany, among others, with its European operations
headquartered in Brussels, Belgium.


TENNECO INC: S&P Rates Proposed US$830-Mln Bank Facilities at BB
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' bank loan
ratings and recovery ratings of '1' to Tenneco Inc.'s proposed
US$830 million bank facilities, indicating expectations for
recovery of 100% of principal in the event of a payment default.

In addition, a recovery rating of '3' was assigned Tenneco's
existing US$475 million 10.25% senior secured notes due July 15,
2013, indicating Standard & Poor's expectation of meaningful
prospects for recovery in the event of a payment default.  The
rating was also raised to 'B+' from 'B'.

Standard & Poor's will withdraw its ratings on Tenneco's
existing bank facilities upon the closing of the proposed bank
facilities.

Tenneco's ratings reflect the company's weak business profile
and highly leveraged, but stable, financial profile.  Tenneco's
credit measures modestly slipped in 2006 amid a difficult
environment in the second half of the year.  The company
benefits from good diversity among its customers, business
platforms, and regions of operation.  However, Tenneco is still
exposed to declining vehicle production by its large customers;
General Motors Corp. and Ford Motor Co.

Headquartered in Lake Forest, Illinois, Tenneco Inc. --
http://www.tenneco.com/-- is a leading manufacturer of
automotive ride control and emissions control products and
systems for both the worldwide original equipment market and
aftermarket.  Leading brands include Monroe(R), Rancho(R), and
Fric Rot ride control products and Walker(R) and Gillet emission
control products.

The company has global operations in Argentina, Japan, and
Germany, among others, with its European operations
headquartered in Brussels, Belgium.


WORLDSPAN: Credit Refinancing Cues S&P to Withdraw Debt Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew these ratings of
Worldspan L.P:

   -- 'B' rating (and '2' recovery rating) on US$490 million
       credit facility;

   -- 'B' rating on the company's US$300 million secured
       second-lien notes; and

   -- 'CCC+' rating on its US$84 million of subordinated notes.

The ratings were removed from CreditWatch with developing
implications, where they were placed on Dec. 7, 2006.

At the same time, Standard & Poor's is keeping other Worldspan
ratings on CreditWatch with developing implications:

     -- 'B' corporate credit rating,

     -- 'B' rating ('2' recovery rating) on the company's
         US$750 million revolver and first-lien term loan, and

     -- 'CCC+' rating ('5' recovery rating) on its
         US$250 million second-lien term loan.

The corporate credit rating was placed on CreditWatch on
Dec. 7, 2006, after Worldspan announced its merger agreement
with Travelport Inc. (B+/Watch Neg/--).  The bank loan ratings
were placed on CreditWatch on Dec. 11, 2006; the recovery
ratings are not on CreditWatch.

The ratings withdrawal of certain securities follows their
refinancing with proceeds of Worldspan's new credit facility,
which it entered into in December 2006.

Worldspan is the leading processor of GDS or global distribution
system transactions for on-line travel agencies.  Travelport
processes both on-line and off-line (traditional travel agency)
transactions.

"A combination with Travelport is expected to result in new
revenue opportunities as well as US$50 million of operating
synergies for the combined entity, which could prompt us to
raise our corporate credit rating on Worldspan to 'B+', the same
as Travelport's," said Standard & Poor's credit analyst Betsy
Snyder.  "If the company's recent recapitalization results in a
weaker financial profile without the benefits of the merger,
ratings could be lowered.  "Affirmation of ratings at the
current level is also a possible outcome.  Completion of the
merger will depend on approval by government regulatory
authorities.  Standard & Poor's will assess synergies from the
proposed merger as well as the effect of the recapitalization on
Worldspan's financial profile in resolving the CreditWatch.

Headquartered in Atlanta, Georgia, Worldspan, L.P. --
http://www.worldspan.com/-- is a leader in travel technology
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares
and Pricing technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan
Go!(R) and Worldspan Trip Manager(R) XE.  The company's Latin
American operations are in Argentina, The Bahamas, Brazil,
Jamaica, Mexico, Peru, Puerto Rico, Uruguay and Venezuela.




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


COMPLETE RETREATS: Court Extends Removal Period to April 20
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut
further extended Complete Retreats LLC and its debtor-
affiliates' deadline to remove state court proceedings, as well
as any others, through and including April 20, 2007.

As reported in the Troubled Company Reporter on Feb. 19, 2007,
when the Debtors filed for bankruptcy, they were involved in
approximately 21 state court proceedings pending in courts
throughout the country.

According to Jeffrey K. Daman, Esq., at Dechert LLP, in
Hartford, Connecticut, the Debtors have not completed a thorough
review of the Proceedings.

Nevertheless, Mr. Daman noted, the Debtors have focused
primarily on:

   * stabilizing their business;

   * responding to a multitude of creditor inquiries and
     addressing a variety of creditor concerns;

   * working towards negotiating, seeking approval, and closing
     the sale of substantially all of their assets to Ultimate
     Resort, LLC; and

   * formulating and drafting a liquidating plan of
     reorganization and related disclosure statement.

An extension of will afford the Debtors sufficient opportunity
to assess whether the Proceedings can and should be removed, Mr.
Daman says.  The Debtors' adversaries will not be prejudiced by
an extension, as they may not prosecute the Proceedings absent
relief from the automatic stay, Mr. Daman assured the Court.

                   About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.

As reported in the Troubled Company Reporter on Feb. 19, 2007,
the Court further extended the Debtors' exclusive periods to
file a plan of reorganization through and including
April 19, 2007, and solicit votes on that plan through and
including June 18, 2007.


COMPLETE RETREATS: Panel Provides Update on Ultimate Resort Sale
----------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
bankruptcy cases of Complete Retreats LLC and its debtor-
affiliates delivered a report on March 1, 2007, to update
unsecured creditors on the progress toward the closing of the
sale of the Debtors' destination club business to Ultimate
Resort, LLC, and the Committee's ongoing forensic investigation
program.

              Sale Transaction with Ultimate Resort

The sale of the Debtors' destination club business to Ultimate
Resort is scheduled to close by March 16, 2007, the Committee
reported.  The parties had originally planned to close the sale
at the end of 2006; however, certain aspects of the sale have
caused a few weeks of unanticipated delay in the closing
schedule.

Since the Sale did not close by the end of 2006, Ultimate Resort
has been funding the Debtors' operating expenses since January
2007 pursuant to the parties' Management Agreement.  As of
March 1, 2007, Ultimate Resort has funded approximately
US$4,000,000 in company operating expenses, the Committee noted.
The funding does not reduce the agreed-upon purchase price for
the Business, the Committee clarified.

In addition, Ultimate Resort has agreed to increase the amount
of the purchase price by approximately US$250,000 per week for
every week the sale does not close between Feb. 16, 2007, and
the closing date.

The Committee and the Debtors have evaluated that transfer and
other taxes associated with the consummation of the sale, as
well as wind-down costs and expenses for the remaining assets,
will be higher than initially projected.  In addition, the
claims resolution and litigation process will be lengthier and
more expensive than initially projected.  Accordingly, it is
difficult to state the amount of net proceeds, if any, that
might be available for an initial cash distribution to creditors
at the time of the closing of the Sale, the Committee relates.

The Committee continues to work collaboratively with the Debtors
on a plan structure and a process for implementation, the
specific timeline of which is still being developed.

               Forensic Investigation Program

The Committee's forensic investigation is ongoing.  Both the
Committee and the Debtors have conducted numerous depositions
and other interviews on current and former officers, directors,
shareholders, employees, affiliated parties, contract parties
and vendors, regarding all transactions viewed as questionable,
or which warrant scrutiny.

The Committee is continuing to assess the information it has
gathered, particularly from Robert L. McGrath and Abercrombie &
Kent, Inc.  The Committee is also carrying on its investigation
regarding preference and fraudulent transfer claims of the
Debtors' estates by Larry Langer, Jeffrey Gram, Geoffrey Logue,
Tom Fulton, Larry Andreini, and Lisa Nier-Coulson.

The depositions are still not open to the general public while
the investigations are continuing, the Committee states.  The
Committee and the Debtors, however, will provide a general
report of the findings and recommendations to the Court and
creditors at the appropriate time and forum.

In connection with the sale, the Committee entered into a
covenant with Ultimate Resort not to sue those employees of the
Debtors who are to become the vacation club's employees upon the
closing of the sale, unless the Committee's diligence uncovers
actionable conduct on the employees' part.  Subsequently, the
Committee interviewed and investigated a number of the Debtors'
employees including all of the Debtors' senior management.  The
Committee has elected not to commence suit against any current
employee and to enter into cooperation agreements with Michael
Shelton, Jason Bitsky and Daniel Walworth, who it feels will be
important sources of information and assistance.

The covenant not to sue does not impinge upon the Committee's
ability to continue to investigate those members of the Debtors'
existing senior management who will not be continuing as
employees of Ultimate Resort, including Mr. McGrath, James
Mitchell and Wanda Hairston.  No decisions have yet been reached
regarding the legal status of Mr. Mitchell or Ms. Hairston, the
Committee says.

            Connecticut Attorney General Investigation

The U.S. Attorney's Office for the District of Connecticut has
initiated a criminal investigation into Mr. McGrath and others
connected to the company due to, inter alia, Mr. McGrath's
refusal to answer the Committee's questions under oath in his
deposition, and his invocation of his privileges under the
federal and state constitutions against self-incrimination.

The Committee and the Debtors are fully cooperating with
information requests by the federal and state authorities.  The
Committee and the Debtors are also assisting the Connecticut
Attorney General's office regarding similar matters, with a
focus on civil side consumer fraud allegations.

"These federal and state investigations are in the preliminary
stage, and it is too early to tell how long they will take, or
where they will lead," the Committee said.  The Committee
pointed out that it is not privy to the investigation conducted
by the Connecticut Attorney General's office but it will keep
unsecured creditors informed of events that become publicly
available.

At this time, all of the Committee's efforts remain focused on
the closing of the sale transaction with Ultimate Resort, and on
continued cooperation with the Debtors in respect of third party
claims.

A full-text copy of the Committee's Fourth Report is available
for free at http://ResearchArchives.com/t/s?1ae9

                   About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.

As reported in the Troubled Company Reporter on Feb. 19, 2007,
the Court further extended the Debtors' exclusive periods to
file a plan of reorganization through and including
April 19, 2007, and solicit votes on that plan through and
including June 18, 2007.




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


FOSTER WHEELER: Unit Gets Hanwa Int'l Steam Generator Contract
--------------------------------------------------------------
Foster Wheeler Ltd. announced that a subsidiary within its
Global Power Group has been awarded a contract from the Hanwha
International Corp. for the design and supply of three
circulating fluidized-bed or CFB steam generators for a chemical
facility located in the Yeosu area of Southern Korea.  Hanwha
International Corp. is a wholly owned subsidiary of Hanwha
Chemical Corp., which is a leading petrochemical manufacturer
and supplier in Asia.

Foster Wheeler has received a full notice to proceed on this
contract and the undisclosed contract value will be included in
Foster Wheeler's first-quarter 2007 bookings.

The three 100 MWe (gross megawatt electric) CFB steam generators
are designed to fire bituminous coal.  To burn this fuel as
cleanly as possible, limestone bed material will be used to
capture the fuel's sulfur within the CFB boilers.  The CFB
boilers will also be equipped with Foster Wheeler's advanced
selective non-catalytic NOx reduction technology to minimize NOx
emissions from the plant.  Construction of the CFB boilers is
expected to begin in the summer of 2007, with commercial
operation of the plant scheduled for the end of 2009.

"We are pleased to supply these state-of-the-art CFB boilers to
the Hanwha International Corp. and to be part of this important
project," said Gary Nedelka, president and chief executive
officer of Foster Wheeler North America Corp.  "This is another
example of Foster Wheeler's commitment to supply environmentally
friendly and cost-effective technology to support our clients in
the chemical industry."

"We selected Foster Wheeler due to our confidence both in their
CFB technology and their track record of successful CFB projects
in Asia," said Youn T. Kim, president and chief executive
officer of Hanwha International Corp.

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.


REFCO INC: Refco LLC Files January 2007 Monthly Operating Report
----------------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation
of Refco LLC's estate, filed with the U.S. Bankruptcy Court for
the Southern District of New York a monthly statement of cash
receipts and disbursements for the period from Jan. 1 to 31.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of Jan. 1 totals US$620,415,000.  The Debtor's beginning
purchase price account balance totals US$15,212,000, while its
beginning capital account "A" balance aggregates US$605,203,000.

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

Refco LLC received US$13,553,000 and disbursed US$690,000.  The
Debtor held US$633,278,000 at the end of the period.

The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.

A full-text copy of Refco LLC's January 2007 Monthly Statement
is available at no charge at:

              http://researcharchives.com/t/s?1a9b

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

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEA CONTAINERS: Wants Court OK to Provide Funding to SC Treasury
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates asked the U.S.
Bankruptcy Court for the District of Delaware to provide a
secured, intercompany line of credit of up to US7,000,000 to its
non-debtor subsidiary Sea Containers Treasury Ltd.

Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, discloses that starting in 2002, SCL
initiated an operational restructuring program targeted at
evaluating and selling identified non-core assets held directly
by its foreign, non-debtor subsidiaries.  The Non-Core Asset
sale program requires support from SCL, both in the form of
management oversight and through case flow support.

Mr. Greecher says many of the businesses identified as Non-Core
Assets cannot fully fund their operations on a stand-alone basis
from cash receipts alone because they are cyclical businesses
that have significant funding needs during certain parts of the
year.  Hence, to maintain the operation of the businesses for a
sufficient time to allow for thorough marketing and maximization
of sale value, SCL has been required to fund their operations.

The Debtors believe that the targeted intercompany funding
accomplishes two primary objectives, both aimed at the ultimate
goal of maximizing the value of SCL's assets.

Mr. Greecher relates that the Debtors have determined that
meeting the funding needs of certain non-debtor subsidiaries
will preserve the value of Non-Core Assets during a robust
marketing and sale process that will achieve its maximum value.
Also, the Debtors have identified a need to ease cash flow
problems of some non-debtor subsidiaries that could not survive
on their own to prevent creditors from initiating insolvency or
foreclosure proceedings in foreign jurisdiction that would be
detrimental on the Debtors' reorganization and could destroy
value for the stakeholders.

Before Oct. 15, 2006, the Debtors formed SC Treasury as a
financing subsidiary that would carry out the business of
funding the operations of international subsidiaries that are or
hold Non-Core Assets.  Throughout the Chapter 11 cases, it has
successfully operated to help fund operations for various non-
debtor subsidiaries.

SCL has identified a process by which funding requests are made
to SC Treasury and reviewed before any intercompany loans are
made to non-debtor foreign subsidiaries.  The SC Treasury
mechanism has proven to be an effective vehicle to preserve
value in the Non-Core Assets and allow for the orderly
reorganization of the Debtors without an undue cash drain, Mr.
Greecher notes.

As of March 2, 2007, the cash needs of SCL's non-debtor foreign
subsidiaries have been lower than originally projected.  As of
Feb. 21, about US$2,520,000 remained in SC Treasury.  SCL
projects SC Treasury could reallocate the remaining funds and
allow for continued financing of the non-debtor subsidiaries
through March 2007 and will run out of funds after that.

Mr. Greecher tells the Court that the Debtors' decision to make
the intercompany loan to facilitate the continued operation of
the SC Treasury funding mechanism for non-debtor foreign
subsidiaries is calibrated to maximize value of their estates
for the benefit of creditors in the form of increasing sale
values for the Non-Core Assets and reducing secondary liability
claims against SCL.  Indirectly, the mechanism avoids the
expense, distraction and potential value-destroying effect of a
series of international insolvency filings for the non-debtor
subsidiaries, he adds.

                   About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 12;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


GOL LINHAS: Gol Finance Offering Senior Notes Due 2017
------------------------------------------------------
GOL Linhas Aereas Inteligentes' subsidiary Gol Finance is
offering senior notes due 2017 in an offering exempt from
registration under the United States Securities Act of 1933, as
amended.

Gol and its subsidiary, Gol Transportes Aereos S.A., will
guarantee the notes.  The notes will be senior unsecured debt
obligations of Gol and are subject to optional redemption with
make whole.  Gol intends to use the proceeds of the offering to
finance the acquisition of Boeing 737 Next Generation aircraft,
equipment and supply materials, as a complement to its U.S. Exim
Bank guaranteed bank financing.

In connection with the notes, Gol will enter into a registration
rights agreement providing that it will use its reasonable best
efforts to file with the Securities and Exchange Commission and
cause to become effective a registration statement relating to
an offer to exchange the notes for an issue of registered notes
with terms identical to the notes, except that the exchange
notes will not be subject to restrictions on transfer or to any
increase in annual interest rate as described in the agreement.

The notes (and the guarantees) have not been and, except as
contemplated by the registration rights agreement, will not be
registered under the Securities Act and may not be offered or
sold:

   (a) in the United States absent registration or an applicable
       exemption from registration under the Securities Act, or

   (b) in any other jurisdiction in which such offer or sale is
       prohibited.

Headquartered in Sao Paulo, Brazil, GOL Linhas Areas
Inteligentes S.A. -- http://www.voegol.com.br-- through its
subsidiary, GOL Transportes Aereos S.A., provides airline
services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay.
The company's services include passenger, cargo, and charter
services.  As of March 20, 2006, Gol Linhas provided 440 daily
flights to 49 destinations and operated a fleet of 45 Boeing 737
aircraft.  The company was founded in 2001.

                        *     *     *

On March 21, 2006, Moody's Rating Services assigned a Ba2 rating
on GOL's Long-Term Corporate Family Rating.

On June 14, 2006, Fitch Ratings assigned a rating of 'BB' to GOL
Linhas' outstanding US$200 million 8.75% perpetual
bond.  In addition, Fitch assigned:

   -- National Scale Rating of 'AA-(bra)' with Stable Outlook,
      and

   -- Local Currency Issuer Default Rating of 'BB+'- with
      Stable Outlook.


INTERNATIONAL PAPER: CFO Marianne Parss to Resign by End of 2007
----------------------------------------------------------------
International Paper disclosed that Marianne Parrs, its executive
vice president and chief financial officer, intends to retire at
the end of 2007.  Mrs. Parrs, 62, joined International Paper in
1974.

"Marianne is a world-class leader and CFO," said John Faraci,
chairman and chief executive officer.  "Her business and
financial acumen, keen strategic thinking and analytical skills
have made her an invaluable advisor and colleague.  I speak
personally and also for shareowners and employees in saying she
will be greatly missed."

A securities analyst by training, Parrs joined International
Paper as a pension trust investment manager, and has since
served as the company's director of investor and shareowner
relations, director of corporate communications, controller of
printing papers and staff vice president of tax.  She twice
served as the company's chief financial officer, first from
1995-1999 and again assumed the role in 2005. Parrs was named
executive vice president in 1999, assuming responsibility for
information technology, global sourcing, logistics and a
company-wide supply chain project.  She contributed
significantly to the development and execution of International
Paper's ongoing transformation plan, which led to divestment of
more than $11 billion in assets, strategic investments,
significant debt reduction, and strengthening of the company's
U.S. pension fund.  She serves on the boards of directors of CIT
Group and Liaison Technologies, Inc., and completed a four-year
term on the Financial Accounting Standards Advisory Council in
2001.

"I'm really proud to be part of this International Paper team,
and have had a tremendously full and satisfying career," Mrs.
Parrs said.  "It's an exciting time for the company, and I am
confident that International Paper is on the path to success.  I
look forward to spending this final year with IP continuing to
advance our transformation plan and to create strong value for
our shareowners."

The company plans to announce Mrs. Parrs' successor later in the
year.

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

                        *     *     *

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


* BOLIVIA: Mario Martinez Resigns as Hydrocarbons Regulator
-----------------------------------------------------------
Mario Adrian Martinez has filed his resignation as Bolivia's
hydrocarbons regulator due to personal reasons as well as the
health of his family, Business News Americas reports, citing a
press official from the regulator's office.

News daily Opinion relates that the resignation was unexpected.

Hydrocarbons Minister Carlos Villegas commented to Opinion,
"These past weeks there have not been any problems whatsoever,
so the resignation is due to the aforementioned reasons."

The press official told BNamericas that if Mr. Martinez leaves
his position, the government will likely name an interim
regulator.  Later, the congress will have to ratify the full-
time replacement.

The official could not tell BNamericas if the government had
accepted the resignation.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

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


* BOLIVIA: Will Explain Vinto's Take Over to Glencore
-----------------------------------------------------
Bolivian President Evo Morales told business Business News
Americas that the government will explain to Swiss trading
company Glencore International the causes and motivations for
seizing the latter's smelter Complejo Metalurgico de Vinto.

Complejo Metalurgico is in the Oruro department.  It produces
12,000 tons per year of tin billets.

Agencia Boliviana de Informacion relates that President Morales
insists that Bolivia has all of the legal arguments necessary to
justify its decision to confiscate Complejo Metalurgico from
Glencore International through a nationalization decree.

According to published reports, the government will speak with
Glencore International to solve the smelter's administrative,
financial and technical problems.

Glencore International won't get any compensation.  Instead, the
state will seek damages, reports say.

                        *     *    *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date

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




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


AES TIETE: Will Spend BRL225MM to Build 3 Hydroelectric Plants
--------------------------------------------------------------
AES Tiete Chief Financial Officer Britaldo Pedrosa Soares said
in a Web cast that the firm will invest BRL225 million in the
next couple of years to build three small hydroelectric plants
in Rio de Janeiro.

Business News Americas relates that AES Tiete currently runs 10
hydroelectric plants in Sao Paulo that total 2.65 gigawatts of
installed capacity.  AES Tiete sold in 2006 about 90% of the
12.5 terrawatt hours it generated to sister firm Eletropaulo.

Mr. Soares told Business News Americas that the three new plants
would add some 52 megawatts.

Some BRL22.4 million will be allocated this year for the
construction of the plants.  The amount is part of AES Tiete's
BRL75.5-million capex for 2007, the balance of which will be
used in equipment overhauls, BNamericas notes, citing Mr.
Soares.

Meanwhile, AES Tiete's net profit increased 10% to BRL614
million in 2006, compared to 2005.  Its net revenue rose 14% to
BRL1.39 billion, while and operating profit grew 13.4% to BRL919
million, BNamericas states.

AES Tiete SA is controlled by the Brasiliana holding company,
which is a joint venture between U.S.-based AES Corp. and
Brazil's National Development Bank aka BNDES.  It is a ten-dam
hydroelectric generating company located in the State of Sao
Paulo, Brazil.  The company has been granted the right to
operate the dams pursuant to a 30-year concession agreement.

                        *     *     *

Moody's Investors Service upgraded on Aug. 1, 2006, the foreign
currency rating for the senior secured certificates due 2016
issued by Tiete Certificates Grantor Trust to B1 from B3.  The
rating outlook is stable.  This rating action concludes the
review that was initiated on Jan. 17, 2006.


BANCO BRADESCO: Board Approves Complimentary Dividends Payment
--------------------------------------------------------------
Banco Bradesco S.A.'s board of directors approved Thursday the
board of executive officer's proposal for the payment to the
company's stockholders of Complementary Dividends, to the
Interest on Own Capital and Dividends related to the fiscal year
2006, in the amount of BRL0.038062452 per common stock and
BRL0.041868697 per preferred stock, benefiting the stockholders
registered in the Bank's books.

The referred Dividends will be paid on March 15, 2007, according
to the declared amount, with no Withholding Income Tax.

The Dividends related to the stocks under custody at CBLC -
Brazilian Company and Depository Corporation will be paid to
CBLC which will transfer them to the stockholders through its
Custody Agents.

Including the declared Dividends, BRL2.160 billion was
distributed as remuneration to the stockholders, referring to
the fiscal year 2006, accounting for 44.98% (net of Withholding
Income Tax 40.19%) of net income.

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

                        *     *     *

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

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

In addition, Fitch affirmed BMC's:

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

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

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

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

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

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

Moody's said the ratings outlook is stable.


BANCO NACIONAL: Board Approves BRL46-Million Loan to Fundasp
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's Board
approved a BRL46.1 million financing to the Sao Paulo Foundation
or Fundasp.  The resources will be directed to the restructuring
of the banking indebtedness in relation to the health sector
activities, in the scope of the Strengthening and Modernization
Program of SUS's Philanthropic Entities.  This is a joint
operation between the banks, Bradesco and ABN Amro Real, which
will act as transfer agents of BNDES.

Fundasp is the supporting entity of the Hospital Santa Lucinda
and of the Division of the Studies and Rehabilitation of
Communication Disorder -- Derdic -- both integrated to SUS
(Unified Health System).  Hospital Santa Lucinda, in Sorocaba,
serves a population of around 2.2 million inhabitants, residents
in 48 neighboring municipalities and has a staff of 933 health
professionals.

Derdic is bound to Pontifiucia Universidade Catolica de Sao
Paulo and makes multidisciplinary diagnoses on the medical,
social, psychological, communication disorder patients' language
audiological areas.  It is carried out, as a rule, 2 thousand
annual medical assistances to the patients and students of the
Sao Paulo Educational Institute.  Derdic offers, as well,
through IESP, educational and rehabilitation assistance to deaf
children and adolescents.

Among the project merits supported by BNDES, it is the recovery
of the final beneficiary economical and financial capacity and
the Sao Paulo Foundation's administrative and managerial repair
completion, which will enhance quality and increase medical
assistance capacity to SUS.

Sao Paulo Foundation's hospital units show great importance to
the SUS's health services on the municipalities in which they
are located.  With the financial sanitation, they will obtain
better conditions to perform their functions in the health and
education areas.

BNDES's Strengthening and Modernization Program of Health
Philanthropic Entities and the Unified Health System Strategic
Hospitals, named SUS 2, has the purpose of guaranteeing and
enlarging SUS's medical assistance capacity by strengthening and
modernizing the network of philanthropic hospitals integrated to
this system.

The financeable items are the restructure of the banking
indebtedness and with suppliers, the recovery of the working
capital, efficiency increase projects and financing for the
optimization of existing installations limited to 20%.

The operations in this program are conducted exclusively by
financial agents of BNDES.  It is considered, as a necessary
condition for the analysis, that the financial agent confirms
that the final beneficiary has management methods that combine
financial restructure to professionalized and solidly structured
administration, in order to secure a better integration to the
regional health system and better conditions to the population
medical assistance.

                       About Fundasp

Sao Paulo Foundation operates in the health and higher education
sectors, being a non-profitable legal entity of private law,
certified as a philanthropic entity.  In the 60's, it started
facing financial difficulties and, in the beginning of the 90's,
it begun presenting constant operational deficits, having to
recur to loans of financial institutions in order to keep their
operations.  In 2005, the Foundation renegotiated their
indebtedness with 14 creditor banks.

                         About BNDES

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

                        *     *     *

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


ELETROPAULO METROPOLITANA: Will Invest BRL366 Million in 2006
-------------------------------------------------------------
Eletropaulo Metropolitana Chief Financial Officer Britaldo
Pedrosa Soares said in a Web cast that the firm will invest
about BRL366 million in 2007.

Mr. Soares told Business News Americas that Metro invested
BRL378 million in 2006.  About 37% of the amount went to
customer service and expansion works.

BNamericas underscores that Eletropaulo Metropolitana reported a
BRL373-million net profit in 2006, compared to a BRL156-million
net loss in 2005.

Eletropaulo Metropolitana's gross revenue increased 1.8% to
BRL11.4 billion in 2006, compared to 2005, due to a rates
increase and market growth, BNamericas states, citing Mr.
Soares.

Eletropaulo Metropolitana Eletricidade de Sao Paulo SA --
http://www.eletropaulo.com.br/-- provides electricity to more
than 5 million customers in the Brazilian state of Sao Paulo.
Part of the privatization trend in Brazil, the company is one of
four created by the split of the former state-owned generation,
transmission, and distribution utility.  Brasiliana Energia, a
company jointly held by US independent power producer AES and
Brazilian national development bank BNDES through Brasiliana,
owns approximately 99% of Eletropaulo.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2006, Standard & Poor's Ratings Services raised the
ratings on Brazilian electric utility Eletropaulo Metropolitana
Eletricidade de Sao Paulo SA and its BRL474 million senior
unsecured and unsubordinated euro bonds to 'BB-' from 'B+'.  On
the Brazil national scale, the 'brBBB+' corporate credit rating
was raised to 'brA-'.  S&P said the outlook is stable.


GERDAU: U.S. Unit's Labor Pact Ratified by Workers in 3 Plants
--------------------------------------------------------------
The United Steelworkers has announced that labor agreements have
been ratified by workers at Gerdau Ameristeel locations in
Beaumont, Texas; St. Paul, Minn.; and Wilton, Iowa.  The plants
had been owned by North Star Steel before being acquired by
Gerdau in 2004.

"Negotiations with Gerdau Ameristeel have been drawn out and
contentious," said the USW's chief negotiator Jim Stewart. "But
the company made significant movement on important issues during
the past few weeks allowing us to achieve agreements that were
approved by our members at all three locations."

The bargaining committees comprised of local union
representatives accepted the tentative agreements and sent them
for discussion and ratification votes that were held at each
location concluding on March 8.  Union members at each location
were required to approve or reject a contract for their own
location.

Gerdau made commitments to the USW that the ratification of
these three contracts would lead to positive and meaningful
movement at the other open tables.  The remaining Gerdau
Ameristeel locations still in contract negotiations are Whitby,
Ontario; Joliet, Ill., Sand Springs, Okla., and Calvert City,
Kentucky.

Gerdau Ameristeel, headquartered in Tampa, Florida is a
subsidiary of Gerdau SA in the United States.  The company
produces rebar, merchant bar, structural shapes, wire rod, and
flat-rolled sheet at 17 North American mini mills, and conducts
downstream steel fabricating operations at 50 facilities.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB' corporate credit rating, on Tampa, Fla.-based Gerdau
Ameristeel Corp. on CreditWatch with positive implications.


GOL LINHAS: Moody's affirms Ba2 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service affirmed all debt ratings of Gol
Linhas Aereas Inteligentes SA -- corporate family rating at Ba2
-- as well as assigned a Ba2 rating to the proposed senior
unsecured debt issue of Gol Finance.  The outlook is stable.

Gol Linhas's has successfully deployed its low-cost operating
model as a passenger airline in Brazil to become one of the
country's leading carriers, with a network that is still growing
in Brazil as well as across South America.  Operating margins
(EBITDA to Revenue of approximately 25% during fiscal year 2006,
using Moody's adjustments) are high relative to other airline
competitors due, in part, to Gol Linhas's relatively low labor
costs.  Low costs have enabled the airline to stimulate the
local passenger traffic during a period of solid economic growth
for Gol Linhas's primary Brazilian markets.  This high demand
has produced steadily improving financial results since the
company's start-up of passenger airline operations in 2001.  In
addition, cash of BRL1.7 billion was approximately 40% of the
company's total assets at Dec. 31, 2006.

Gol Linhas has aggressive expansion plans with firm orders for
76 new B737-800 aircraft over the next several years.  As these
aircraft are delivered, indebtedness is likely to increase and
the company's ability to sustain its credit metrics will depend
on its ability to profitably employ these aircraft and achieve
continuous improvement in operating performance.  Gol Linhas is
likely to benefit from the operating characteristics of the new
B737-800SFP aircraft, which, with anticipated better fuel
efficiency and more seats, would be a more productive aircraft
than the B737-700 aircraft it currently operates.  Thus, unit
costs are likely to benefit from the substitution of B737-
800SFP's for B737-700's.  Yet, as the company expands its scope
of operations with new deliveries, including service to other
South American markets outside of Brazil, aggregate costs could
begin to increase as the company will need to manage the larger
fleet and a more complex network.  The rating anticipates that
despite these challenges, Gol Linhas will be able to sustain
financial metrics supportive of the rating.  While financial
performance did slip somewhat during the latter part of 2006,
the company was affected by certain external factors including a
disruption in Brazilian air traffic control.  Moody's believes
that resurgence in passenger yields from the levels seen in the
fourth quarter of 2006 will be important for the company's
ability to sustain its pace of growth in the market.

The stable outlook reflects Moody's expectation of near-term
recovery in the operating and financial performance, as well as
the longer-term expectation of higher indebtedness as the
company takes delivery of its new aircraft.  Downward rating
pressure could occur if any erosion of the currently buoyant
operating environment or the company's low unit operating costs
leads to sustained EBITDA margin of less than 20% or EBIT to
interest expense less than 3x, or a meaningful increase in
leverage with debt to EBITDA greater than 5x.  Nonetheless, the
rating could be raised if the company is able to execute its
growth plans while maintaining key financial metrics at levels
consistent with past performance, including EBIT to interest
expense of 5x and retained cash flow to debt of 20%.

The senior unsecured notes rank pari passu with the other
unsecured unsubordinated indebtedness of Gol Linhas and, like
the company's other issuances to date, are unconditionally
guaranteed by Gol Linhas Aereas Inteligentes SA and Gol
Transportes Aereos.  As such, the rating of the senior unsecured
notes reflects the credit quality assigned to the corporate
family.

Gol Linhas Aereas Inteligentes, SA, based in San Paulo, Brazil,
operates one of Brazil's largest airlines.


ITRON: Bags 25,000 Meter Order from Mexico's Comision Federal
-------------------------------------------------------------
Itron Inc. has received an order from Mexico's Comision Federal
de Electricidad or CFE, for 25,000 SENTINEL solid-state
electricity meters.  CFE is Mexico's largest electric utility
-- covering the whole of Mexico -- with more than 20 million
customers and 163 power-generating plants.

The agreement represents Itron's largest-ever international sale
of the highly successful SENTINEL meter.  Beyond the initial
25,000 meters, CFE also has the option to purchase an additional
37,000 units over the next year.

SENTINEL meters are used for commercial and industrial or C&I
metering applications by electric utilities throughout the
world.  C&I metering represents approximately 60 percent of
CFE's annual billing, making meter accuracy, reliability and
advanced functionality essential for the utility to meet its
business and customer service objectives.

"This is a very important step forward for Itron in this
market," said Doug Staker, Itron's vice-president and general
manager of international markets.  "On top of other meter sales
in the region, this agreement makes Itron one of the top meter
suppliers in Mexico.  We're optimistic about continuing to grow
our presence in Mexico and throughout Latin America."

Over the past year, Itron's SENTINEL meter has been recertified
and approved to comply with CFE's stringent technical metering
requirements.  These trials were administered by LAPEM, a
testing division of CFE.

The SENTINEL meters sold to CFE are designed to allow the
utility to easily migrate to automatic meter reading or AMR.
For example, it is possible to add on GPRS (general packet radio
service) modems, and integration with Itron software solutions
like MV-90xi or Enterprise Edition meter data management.

Itron's industry leading AMR technology enables utilities to
automatically collect data via radio signal.  As a result,
utilities can read meters efficiently and accurately, while
eliminating the need for meter readers to access customers'
properties and facilities.  The systems also generate more
frequent and reliable meter data that gives utilities better
insight into operations, conservation initiatives, efficiency
and more.  Itron has shipped more than 55 million automated
meters and AMR modules to utilities worldwide.

Itron Inc. (NASDAQ:ITRI)  -- http://www.itron.com/-- is a
technology provider and critical source of knowledge to the
global energy and water industries.  Nearly 3,000 utilities
worldwide rely on Itron technology to provide the knowledge they
require to optimize the delivery and use of energy and water.
Itron creates value for its clients by providing industry-
leading solutions for electricity metering; meter data
collection; energy information management; demand response; load
forecasting, analysis and consulting services; distribution
system design and optimization; web-based workforce automation;
and enterprise and residential energy management.  Effective
April 2006, Itron has acquired Brazil's ELO Tecnologia.  Itron
Tecnologia has offices and a manufacturing assembly facility in
Campinas, Sao Paulo, Brazil and offices in Santiago, Chile.

                        *     *     *

As reported in the Troubled Company Reporter on March 2, 2007,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB-' corporate credit rating, on Itron Inc. on CreditWatch
with negative implications.


NET SERVICOS: Hires Joao Elek as Chief Fin'l & Investor Officer
---------------------------------------------------------------
Net Servicos de Comunicacao S.A. has hired Mr. Joao Adalberto
Elek Junior to be its Chief Financial and Investor Relations
Officer.

Mr. Joao Elek is member of the company's board of directors and
the board's Financial Committee, has undoubted credibility in
the market and a good knowledge not only of the industry but
also of the company.  Currently, he is the Chief Executive
Officer for Telmex do Brasil, President of Primesys Solucoes
Empresariais S.A. and Embratel's Officer for the Center-North
region.  Previously, he was the Chief Executive Officer for AT&T
Latin America where he was hired as Financial Vice-President.
Prior to that, he was the Consumer Business' CFO at Citibank.
He graduated in Electronic Engineering from the Pontifˇcia
Universidade Catolica do Rio de Janeiro, completed the Merger
and Acquisitions post-graduate program from Columbia Business
School and received an MBA in Marketing Planning from COPPE-
AD/UFRJ.

Mr. Elek will certain contribute to continue the success and the
stability of the Company's senior management team.  His
challenge will be to ensure that the Company will continue to
present the current growth.

Change in position will be effective on March 12, 2007, when he
will also leave his current occupation.

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.


PETROLEO BRASILEIRO: Reduc Plant's Workers Demand 20% Pay Hike
--------------------------------------------------------------
About 8,000 subcontracted employees at Brazilian state-run oil
firm Petroleo Brasileiro SA's Reduc refinery held demonstrations
to pressure for a 20% salary hike and improved working
conditions, news agency Agencia Brasil reports, citing union
head Carlos Mendonca.

Reduc is Petroleo Brasileiro's fourth largest plant.  It is
located in Duque de Caxias.  It can process about 242,000
barrels per day of oil.

Mr. Mendonca told Agencia Brasil that the unionized protesters
didn't set a time limit for the action.  However, he assured
that the strike won't affect Reduc's production.

BNamericas relates that the striking workers generally conduct
these works:

          -- engineering,
          -- industrial maintenance, and
          -- heavy construction.

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 IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: To Ink US$470MM Deal with National Iranian
---------------------------------------------------------------
Brazilian state-owned company Petroleo Brasileiro SA will sign a
US$470-million contract with Iranian counterpart National
Iranian Oil Co. to develop Caspian Sea oil reserves, Shana, the
Iranian Oil Ministry's information network, posted on its Web
site.

As reported in the Troubled Company Reporter-Latin America on
Jan. 24, 2007, Petroleo Brasileiro was negotiating with Iran to
become a service provider in Caspian Sea deep offshore drilling.
National Iranian expressed interest in cooperating with Petroleo
Brasileiro, as the latter has better expertise in deep offshore
drilling, compared with National Iranian.

According to Shana, Seyed Mahmoud Mohades -- the National
Iranian Oil Co.'s exploration director -- said that Petroleo
Brasileiro will drill three wells in blocks 06 and 29 in the
Iranian section of the Caspian Sea.

Mr. Mohades told Dow Jones Newswires that Petroleo Brasileiro
will drill the Caspian Sea wells without having an equity stake
in the fields.  However, it will have a share in the sale
proceedings in a kind of buyback contract.

Dow Jones underscores that under the Iranian law, no foreign
companies can take an equity stake in Iranian energy projects.
However, the nation lets the firms become service providers
through buyback contracts.

The report says that buybacks allow oil companies to recover
their investments through oil and gas sales over a period of
several years.  Iran revised the terms of buyback contracts to
allow the firm's involvement in a given energy project for up to
20 years.

Meanwhile, Petroleo Brasileiro and Repsol-YPF won a tender to
drill four exploratory wells at the Tosan Block in the Persian
Gulf, Shana reports.

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, and distributes oil and natural
gas and power to various wholesale customers and retail
distributors in Brazil.

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 IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


USINAS SIDERURGICAS: Net Profits Decline to BRL2.52B in 2006
------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA's profits decreased 36%
to BRL2.52 billion in 2006, compared to 2005, Business News
Americas reports.

Usinas Siderurgicas told BNamericas that its net revenues
dropped 5% to BRL12.4 billion in 2006, from BRL13.0 billion in
2005.  Its Ebitda decreased 21% to BRL4.37 billion.  Sales
volumes increased 8% to 7.95 million tons, while crude steel
output grew 1% to 8.77 million tons.

Usinas Siderurgicas said in a statement that the decline in 2006
earnings showed lower average steel prices as well as the
negative impact on exports of the appreciation of the real
against the US dollar, among other factors.  Investments in 2006
totaled BRL544 million and were focused on technology upgrades
and the environment.

BNamericas underscores that in the fourth quarter of 2006,
Usinas Siderurgicas' net profits decreased 43% to BRL752
million, compared to the same period in 2005.  Net revenues,
however, increased 10% to BRL3.28 billion.  Sales volume in the
quarter rose 1% to 2.0 million tons, as crude steel production
increased 3% to 2.2 million tons.

Based on estimates from Brazilian steel association IBS,
domestic demand will increase over 8% in 2007.  The firm is
upbeat on heavy plate sales, Usinas Siderurgicas said in a
report.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel. Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.

                        *     *     *

Standard & Poor's Ratings Services affirmed on June 7, 2006, its
'BB+' long-term corporate credit rating on Brazil-based steel
maker Usinas Siderurgicas de Minas Gerais SA -- Usiminas. At
the same time, Standard & Poor's assigned its 'BB+' senior
unsecured debt rating to the forthcoming US$200 million Global
MTNs due June 2016 to be issued by Cosipa Commercial Ltd. S&P
says the outlook on the corporate credit rating is stable.




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


AC CP 06-1 FUNDING: Proofs of Claim Must be Filed by March 30
-------------------------------------------------------------
AC CP 06-1 Funding Company's creditors are given until
March 30, 2007, to prove their claims to Bernard McGrath, 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.

AC CP 06-1 Funding's shareholders agreed on Jan. 25, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Bernard Mcgrath
        Attention: Jody Powery-Gilbert
        Caledonian Bank & Trust Ltd.
        Caledonian House, 69 Dr. Roy's Drive
        P.O. Box 1043
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: (345) 914-4890
        Fax: (345) 814-4870


AC CP 06-1: Sets Last Shareholders Meeting for April 20
-------------------------------------------------------
AC CP 06-1 Funding Co. will hold its final shareholders meeting
on April 20, 2007, at:

          Caledonian House, 69 Dr. Roy's Drive
          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:

          Bernard Mcgrath
          Caledonian Bank & Trust Ltd.
          Caledonian House
          P.O. Box 1043
          Grand Cayman KY1-1102
          Cayman Islands


ATSUGI LOGISTICS: Proofs of Claim Filing Is Until March 23
----------------------------------------------------------
Atsugi Logistics Capital's creditors are given until
March 23, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

Atsugi Logistics Capital's shareholders agreed on Feb. 19, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

        John Cullinane
        Derrie Boggess
        c/o Walkers SPV Ltd.
        Walker House
        87 Mary Street, George Town
        Grand Cayman KY1-9002
        Cayman Islands
        Telephone: (345) 914-6305


BEACH EQUITY: Proofs of Claim Filing Ends on April 4
----------------------------------------------------
Beach Equity Ltd.'s creditors are given until April 4, 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.

Beach Equity's shareholders agreed on Feb. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator 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


BEVERLY EQUITY: Proofs of Claim Must be Filed by April 4
--------------------------------------------------------
Beverly Equity Ltd.'s creditors are given until April 4, 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.

Beverly Equity's shareholders agreed on Feb. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator 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


COMFORT HOLDINGS: Proofs of Claim Filing Deadline Is April 4
------------------------------------------------------------
Comfort Holdings Ltd.'s creditors are given until April 4, 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.

Comfort Holdings Ltd.'s shareholders agreed on Feb. 14, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator 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


DESERT FINANCE: Proofs of Claim Filing Is Until March 23
--------------------------------------------------------
Desert Finance, Ltd.'s creditors are given until March 23, 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.

Desert Finance Ltd.'s shareholders agreed on Feb. 12, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator 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


DESERT FINANCE: Sets Last Shareholders Meeting for March 28
-----------------------------------------------------------
Desert Finance Ltd. will hold its final shareholders meeting on
March 28, 2007, at 9:00 a.m., at the company's offices.

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:

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


GOLDMAN SACHS: Will Hold Last Shareholders Meeting on March 23
--------------------------------------------------------------
Goldman Sachs Quantitative Strategies Equity Master Fund will
hold its final shareholders meeting on March 23, 2007, at 12:30
p.m., at the office of the company.

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:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Ltd.
          Walker House, 87 Mary Street
          P.O. Box 908
          Grand Cayman KY1-9002
          Cayman Islands


ICARUS INVESTMENTS: Proofs of Claim Must be Filed by March 24
-------------------------------------------------------------
Icarus Investments, Ltd.'s creditors are given until
March 24, 2007, to prove their claims to RTB Secretaries 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.

Icarus Investments' shareholders agreed on Feb. 22, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        RTB Secretaries Ltd.
        c/o Rothschild Trust Cayman Ltd.
        P.O. Box 10129APO
        5th Floor, Citrus Grove
        George Town, Grand Cayman
        Telephone: (345) 946 7033
        Fax: (345) 946 7043


INN EQUITY: Proofs of Claim Filing Deadline Is April 4
------------------------------------------------------
Inn Equity Ltd.'s creditors are given until April 4, 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.

Inn Equity Ltd.'s shareholders agreed on Feb. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator 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


JANUS WORLD: Proofs of Claim Must be Filed by March 28
------------------------------------------------------
Janus World Principal Protected Fund's creditors are given until
March 28, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, 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.

Janus World's shareholders agreed on Jan. 23, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

        Lawrence Edwards
        Attention: Jyoti Choi
        P.O. Box 258
        George Town, Grand Cayman
        Cayman Islands
        Telephone: (345) 914 8657
        Fax: (345) 949 4590


JANUS WORLD: Sets Last Shareholders Meeting for April 4
-------------------------------------------------------
Janus World Principal Protected Funds will hold its final
shareholders meeting on April 4, 2007, at 10:00 a.m., at the
company's offices.

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:

          Lawrence Edwards
          Attention: Jyoti Choi
          P.O. Box 258
          George Town, Grand Cayman
          Cayman Islands
          Telephone: (345) 914 8657
          Fax: (345) 949 4590


LODGE EQUITY: Proofs of Claim Filing Ends on April 4
----------------------------------------------------
Lodge Equity Ltd.'s creditors are given until April 4, 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.

Lodge Equity's shareholders agreed on Feb. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator 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


LODGE INVESTMENTS: Proofs of Claim Must be Filed by April 4
-----------------------------------------------------------
Lodge Investments Ltd.'s creditors are given until
April 4, 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.

Lodge Investments Ltd.'s shareholders agreed on Feb. 14, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator 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


MICHIGAN FINANCE: Proofs of Claim Filing Is Until March 23
----------------------------------------------------------
Michigan Finance, Ltd.'s creditors are given until
March 23, 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.

Michigan Finance Ltd.'s shareholders agreed on Feb. 12, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator 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


MICHIGAN FINANCE: Sets Last Shareholders Meeting for March 28
-------------------------------------------------------------
Michigan Finance Ltd. will hold its final shareholders meeting
on March 28, 2007, at 10:00 a.m., at the company's offices.

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:

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


OXFORD ADVISORS: Proofs of Claim Must be Filed by April 4
---------------------------------------------------------
Oxford Advisors Ltd.'s creditors are given until April 4, 2007,
to prove their claims to Q&H 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.

Oxford Advisors' shareholders agreed on Feb. 12, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Q&H Nominees Ltd.
        Attention: Quin & Hampson
        c/o P.O. Box 1348
        Grand Cayman KY1-1108
        Cayman Islands
        Telephone: (+1) 345 949 4123
        Fax: (+1) 345 949 4647


REGIONAL SALES: Proofs of Claim Filing Deadline Is March 26
-----------------------------------------------------------
Regional Sales Services, Ltd.'s creditors are given until
March 26, 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.

Regional Sales' shareholders agreed on Feb. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        Westport Services Ltd.
        Attention: Ica Eden
        P.O. Box 1111
        Grand Cayman KY1-1102
        Cayman Islands
        Telephone: 345 949 5122
        Fax: 345 949 7920


ROOM INVESTMENTS: Proofs of Claim Must be Filed by April 4
----------------------------------------------------------
Room Investments Ltd.'s creditors are given until April 4, 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.

Room Investments' shareholders agreed on Feb. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator 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


SHELTER EQUITY: Proofs of Claim Filing Deadline Is April 4
----------------------------------------------------------
Shelter Equity Ltd.'s creditors are given until April 4, 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.

Shelter Equity's shareholders agreed on Feb. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator 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


SOMMERSET INVESTMENTS: Proofs of Claim Must be Filed by April 4
---------------------------------------------------------------
Sommerset Investments Ltd.'s creditors are given until
April 4, 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.

Sommerset Investments' shareholders agreed on Feb. 14, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator 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


WINSTON RE: Will Hold Last Shareholders Meeting on April 2
----------------------------------------------------------
Winston Re SPC will hold its final shareholders meeting on
April 2, 2007, at 10:00 a.m., at the company's offices.

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:

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




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


CONSTELLATION BRANDS: Poor Sales Trigger Lower Earnings Outlook
---------------------------------------------------------------
Constellation Brands Inc. disclosed that declining U.K. sales
and lower demand from U.S. wholesalers will pull the company's
2008 earnings way below analysts' estimates, Bloomberg News
relates.

According to the report, Constellation Brands, which issued a
news release on March 1, said that cheaper imports from
Australia have enticed U.K. consumers to switch from the
company's Nottage Hill and other brands.

"Our confidence in Constellation's long-term growth remains
strong and we continue to take actions intended to strengthen
the company during increasing consolidation in the beverage
alcohol industry," stated Richard Sands, Constellation Brands'
chairman and chief executive officer.

"We believe the logic of these actions is sound given the
business environment in which we currently operate, and we
believe those actions will position us well as Constellation
continues to invest in its brands and distribution network,
reduce costs and enter new markets.  Our unwavering commitment
to continuing along a path that we firmly believe results in
increasing shareholder value over the long term requires that we
maintain our focus on the road ahead."

The company also mentioned significant factors expected to
impact fiscal 2008 earnings, which include ongoing challenges in
the U.K. market, reflecting the U.K. retail environment, and the
Australian wine oversupply.  The combination of these factors
has resulted in pricing pressures and has made it difficult to
recover additional cost including the annual U.K. duty increase.

Another significant factor expected to impact fiscal 2008
financial performance is the Constellation Wines U.S. operating
plan decision to reduce distributor wine inventory levels in the
U.S.

As distributors continue to consolidate and become larger, the
company has been working with them on supply chain technology
improvements to gain efficiencies.  Distributors are looking to
operate with lower levels of inventory while maintaining
appropriate service levels to retailers.

In response, Constellation Wines U.S. is planning to reduce
distributor inventory levels and looks to complete most of this
effort during the first half of the fiscal year.

Management believes this is the right strategic decision for the
business and it is being driven by Constellation's desire to
work closely with its distributors on supply chain efficiencies,
lowering costs for both Constellation and its distributors, and
ultimately making the company's brands more competitive in the
marketplace.

"Absent the U.K. situation and our decision to reduce U.S. wine
inventories at distributors, our core branded beverage alcohol
business is expected to perform well," Mr. Sands says.

"We are confident in our U.S. and Canadian branded wine
businesses as we continue to see consumers trading up, and we
are very enthusiastic about the potential from our Crown Imports
beer joint venture and our premium spirits growth platform that
will be further energized by our SVEDKA Vodka acquisition.
Additionally, we are encouraged by our near-term new product
development efforts, increased marketing support for key brands
and our previously announced U.K. facilities realignment," Mr.
Sands continues.

Constellation Brands' Board of Directors has authorized the
repurchase of up to US$500 million of the company's common
stock.  In addition, the company expects to close the previously
reported purchase of SVEDKA Vodka by mid-March.

In relation to the deals, Fitch Ratings has downgraded
Constellation Brands' issuer default rating to 'BB-' from 'BB';
Standard & Poor's Ratings Services lowered its corporate credit
and bank loan ratings to 'BB-' from 'BB'; and Moody's lowered
the company's corporate family rating to Ba3 from Ba2.

                 About Constellation Brands

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.  The company also has operations in
Australia, Japan, and New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on March 5, Moody's
lowered the company's corporate family rating and probability of
default rating to Ba3 from Ba2 after the company reported a new
US$500 million share repurchase program.  Moody's revised its
outlook to stable from negative.

Standard & Poor's Ratings Services lowered its ratings on
Constellation Brands, including its corporate credit and bank
loan ratings to 'BB-' from 'BB', with a stable outlook.

Fitch Ratings has downgraded Constellation Brands' issuer
default rating, bank credit facility, and senior unsecured notes
to 'BB-' from 'BB'.


WARNER MUSIC: Board Declares US$0.13 Per Share Dividend
-------------------------------------------------------
Warner Music Group Corp.'s board of directors declared a regular
quarterly dividend of US$0.13 per share of common stock,
representing an aggregate quarterly dividend of approximately
US$19.4 million (based on outstanding shares of 149,389,412.787
as of Feb. 6, 2007).  The dividend is payable April 27, 2007, to
stockholders of record as of the close of business March 28.

The company previously intends to pay regular quarterly
dividends on its common stock outstanding in an amount not to
exceed US$80 million per year.  The board will evaluate whether
to pay a dividend on a quarterly basis and will base its
decisions on, among other things, our results of operations,
cash requirements, financial condition, contractual restrictions
and other factors the Board of Directors may deem relevant.

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries, including
the Philippines.  In Latin America, Warner Music has affiliates
in Argentina, Brazil, Chile, Columbia and Mexico.  Warner Music
is home to a collection of record labels in the music industry
including Asylum, Atlantic, Bad Boy, Cordless, East West,
Elektra, Lava, Maverick, Nonesuch, Reprise, Rhino, Rykodisc,
Sire, Warner Bros., and Word.

                        *     *     *

On Feb. 27, Standard & Poor's Ratings Services placed its
ratings on Warner Music Group Corp., including the 'BB-'
corporate credit rating, on CreditWatch with negative
implications, following the company's statement that it is
exploring a possible merger agreement with EMI Group PLC
(BB-/Watch Neg/B), which EMI management has confirmed.

Warner Music Group Corp. carries Fitch Ratings' BB- issuer
default rating assigned in May 2006.




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


ARMOR HOLDINGS: Bags US$40.7M CAV Contract from Force Protection
----------------------------------------------------------------
Armor Holdings Inc. has received a contract from Force
Protection Industries Inc. to produce Cougar armored vehicles
for delivery to the U.S. Marine Corps.  The contract value is
US$40.7 million and includes production of vehicles and
technical support.  The company advised that the award is made
under an existing agreement with Force Protection that engages
Armor Holdings to manufacture and assemble Cougar vehicles in
support of the U.S. Marine Corps' Mine Resistant Ambush
Protected vehicle program.  Armor Holdings and Force Protection
are continuing discussions for follow-on Cougar production
should Force Protection receive additional U.S. Marine Corps
MRAP orders.  Work will be performed in 2007 by the Armor
Holdings Aerospace & Defense Group at its facilities located in
Sealy, Texas.

Robert Schiller, President of Armor Holdings, stated, "We are
pleased to have this opportunity to work with Force Protection
on such an important program for the U.S. Marine Corps.  It is
gratifying that our capabilities will contribute to early
delivery in higher volumes of this proven vehicle, which is
saving lives in the field today.  We look forward to additional
opportunities to work with Force Protection in support of the
MRAP program."

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.


BANCOLOMBIA: Unit to Boost Transaction & Commission Revenues
------------------------------------------------------------
Banca de Inversion Bancolombia believes that strong merger and
acquisition activity will increase transaction and commission
revenues by 80% in 2007, Business News Americas reports.

Banca de Inversion is Bancolombia's banking investment arm.

Banca de Inversion President Rodrigo Velazquez told BNamericas
that unit led 20 transactions, reaching COP4.4 trillion in 2006.
It generated COP11.2 billion in commission fees.  Last year was
particularly active in corporate finance, especially merger and
acquisition transactions.  He said that due to vibrant economy
and political stability, he expects the segment to keep fueling
activity in 2007.

Mr. Velazquez commented to BNamericas, "Right now, Colombia's
M&A [merger and acquisition] activity is at an all-time high,
both from foreign investors seeking investment options in
Colombia as well as local businessmen searching for
opportunities abroad.  This has never happened before."

Mr. Velazquez said that Banca de Inversion was advising four
major local groups -- among them were from the financial,
construction and food industries -- in their overseas expansion
plans, BNamericas notes.

Investors assume that ratings agencies will soon raise
Colombia's sovereign rating to investment grade, making the
nation more attractive for trade and business, BNamericas says,
citing Mr. Velazquez.

Banca de Inversion arranged in 2006 bonds and commercial paper
issuances as well as initial public offerings of COP1 trillion.
The firm will try to add more local small and medium-sized
enterprises to the local capital markets in 2007 by offering
them commercial paper issues in a first stage, Mr. Velazquez
told BNamericas.

Mr. Velazquez said that 2007 will be particularly active in the
infrastructure sector for Banca de Inversion as it expects to
get the benefits of a recently created unit specialized in that
area, BNamericas says.

Banca de Inversion will assess Bogota's El Dorado airport
concessionaire Opain to raise funds to finance the construction
of a new terminal.  The firm will also advise investors in five
road tender processes, BNamericas states, citing Mr. Velazquez.

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. 6, 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'.

Moody's said 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: Unit to Organize Ecopetrol's 20% Stake Sale
--------------------------------------------------------
Banca de Inversion Bancolombia President Rodrigo Velazquez told
Business News Americas that the firm's main project in 2007
would be the structuring of the sale of a 20% stake in Colombian
state-run oil company, Ecopetrol.

Banca de Inversion is Bancolombia's banking investment arm.

Mr. Velazquez told BNamericas that the complexity of the
transaction might delay the Banca de Inversion's initial public
offering until 2008.  Banca de Inversion arranged bonds and
commercial paper issuances as well as initial public offerings
of COP1 trillion in 2006.  The issue's valuation, getting
through the red tape and the shares' registration on both local
and foreign stock exchanges will be carried out this year.

BNamericas underscores that the initial public offering will let
Ecopetrol carry out a plan to invest almost to US$2.5 billion
per year.

Mr. Velazquez told BNamericas that Banca de Inversion will also
structure the sale of a 19.22% stake in Isagen, another state-
owned firm.

BNamericas emphasizes that the initial sale, which is for the
AFP pension funds, former and current Isagen employees,
pensioners, Isagen associates, unions and worker funds, will be
until the end of April.

Banca de Inversion wants to close the sale process in the first
quarter of 2007, BNamericas states, citing Mr. Velazquez.

                       About Ecopetrol

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

                       About Bancolombia

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. 6, 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'.

Moody's said 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'.


ECOPETROL: Bancolombia Unit to Structure Firm's 20% Stake Sale
--------------------------------------------------------------
Banca de Inversion Bancolombia President Rodrigo Velazquez told
Business News Americas that the firm's main project in 2007
would be the structuring of the sale of a 20% stake in Colombian
state-run oil company Ecopetrol.

Banca de Inversion is Bancolombia's banking investment arm.

Mr. Velazquez told BNamericas that the complexity of the
transaction might delay the Banca de Inversion's initial public
offering until 2008.  Banca de Inversion arranged bonds and
commercial paper issuances as well as initial public offerings
of COP1 trillion in 2006.  The issue's valuation, getting
through the red tape and the shares' registration on both local
and foreign stock exchanges will be carried out this year.

BNamericas underscores that the initial public offering will let
Ecopetrol carry out a plan to invest almost to US$2.5 billion
per year.

Mr. Velazquez told BNamericas that Banca de Inversion will also
structure the sale of a 19.22% stake in Isagen, another state-
owned firm.

BNamericas emphasizes that the initial sale, which is for the
AFP pension funds, former and current Isagen employees,
pensioners, Isagen associates, unions and worker funds, will be
until the end of April.

Banca de Inversion wants to close the sale process in the first
quarter of 2007, BNamericas states, citing Mr. Velazquez.

                       About Bancolombia

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.

                       About Ecopetrol

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

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


ECOPETROL: Net Profits Increase 4% to COP3.39 Trillion in 2006
--------------------------------------------------------------
Colombian state-owned oil firm Ecopetrol said in a statement
that net profits increased 4% to COP3.39 trillion in 2006,
compared to 2005.

According to Ecopetrol's statement, the firm will hold a general
shareholders meeting on March 26 to discuss the dividend payment
plan.

In calculating the dividends, Ecopetrol must allot COP339
billion to its legal reserve fund, Business News Americas says.
It will also add COP1.42 trillion from its accumulated
investment reserve fund, resulting to COP4.48 trillion for
dividends and investment reserves.

According to BNamericas, Ecopetrol will pay out COP3.00 trillion
in dividends based on profits and COP873 billion based on
accumulated reserves.  It will then have COP602 billion for its
investment fund.

Ecopetrol will be able to pay dividends of COP70,672 per share,
BNamericas states.

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

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




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


ARMSTRONG WORLD: EC Examining Proposed Sale of Desseaux to NPM
--------------------------------------------------------------
The European Commission is examining NPM Capital N.V.'s proposed
acquisition of carpet producer Tapijtfabriek H. Desseaux N.V.
under the European Union's simplified merger review procedure
for cases that the commission believes do not pose competition
concerns.

The inquiry will continue until March 28, 2007, according to the
European Commission's Web Site, http://www.europa.eu

As reported in the Troubled Company Reporter on Feb. 21, 2007,
Armstrong World Industries Inc. and NPM Capital were in
negotiations on the possible sale of Desseaux N.V. and its
subsidiaries, the principal operating companies in Armstrong's
European Textile and Sports Flooring business segment.

                         About NPM Capital

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

                         About Armstrong

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

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

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

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.  (Armstrong
Bankruptcy News, Issue No. 108; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

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


US AIRWAYS: Earns US$304 Million in Year Ended Dec. 31, 2006
------------------------------------------------------------
US Airways Group, Inc., reported its annual results for the year
ended Dec. 31, 2006, with the U.S. Securities and Exchange
Commission.

For the years ended Dec. 31, 2006 and 2005, the company
generated total operating revenues of US$11.55 billion and
US$5.06 billion, respectively.  Total operating expenses for the
year 2006 were US$10.99 billion, as compared with US$5.28
billion in 2005.

Net income for the full year 2006 was US$304 million, as
compared with a net loss of US$537 million for the full year
2005.  The net in 2006 income was largely contributed to the
higher operating revenues generated for the year.

Mainline passenger revenues increased to US$7.96 billion in 2006
from US$3.69 billion in 2005.  Express passenger revenues also
increased to US$2.74 billion in 2006 from US$976 million in
2005.  Cargo and other revenues in 2006 were US$153 million and
US$694 million, respectively, as compared with US$58 million and
US$340 million, respectively, in 2005.

For the year 2006, the company paid a tax expense of US$101
million.

The company's balance sheet as of Dec. 31, 2006, showed
US$7.57 billion in total assets, US$6.6 billion in total
liabilities, resulting to US$970 million in total stockholders'
equity.

                  Merger with America West

Since the effective date of the merger with America West
Holdings on Sept. 27, 2005, the company's operational
accomplishments include the following:

   -- completed a US$1.25 billion refinancing, which was used to
      replace approximately US$1.1 billion of outstanding debt
      at lower interest rates and with an extended amortization
      period;

   -- redeemed approximately US$112 million in principal amount
      of America West Holding Corp.'s 7.5% convertible senior
      notes due 2009, for approximately 3.9 million shares of
      common stock, which lowered the company's annual interest
      expense by US$8.4 million;

   -- redeemed approximately US$70 million in principal amount
      of its 7% senior convertible notes due in 2020 for
      approximately 2.9 million shares of common stock and a
      US$17 million premium payment;

   -- ended 2006 with unrestricted and restricted cash, cash
      equivalents and short-term investments totaling
      US$3 billion, of which US$2.4 billion was unrestricted;

   -- completed the migration of myriad of back office systems
      including general ledger, accounts payable and revenue
      accounting, among others; and

   -- migrated all employees to one healthcare provider, which
      is expected to result in annual savings of over
      US$5 million.

As of Dec. 31, 2006, US Airways Group and its subsidiaries were
in compliance with the covenants in their long-term debt
agreements.

                         Outlook for 2007

The company is approaching completion of its integration efforts
and plans to take the following steps:

   -- migration to a single reservation system by the end of the
      first quarter of 2007; and

   -- completion of the transition plan to merge the airlines
      into one FAA operating certificate during 2007.

Additionally, the company is continuing to negotiate with the
pilot, flight attendant, fleet service, and mechanic labor
groups in hopes of reaching final agreements with these unions.
After final agreements are reached, the company will make
necessary changes to payroll and other labor-related systems.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1aeb

                         About US Airways

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

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

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

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

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

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

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

                            *     *     *

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




===============
D O M I N I C A
===============


* DOMINICA: World Bank Board Okays US$14.2MM Credit Facility
------------------------------------------------------------
The World Bank's board of directors approved a US$14.2 million
zero-interest credit from the International Development Agency
to four country members of the Organization of Eastern Caribbean
States (Dominica, Grenada, St. Lucia, and St. Vincent and the
Grenadines), and an IDA grant of US$9.0 million to Haiti to
support their participation in the Caribbean Catastrophe Risk
Insurance Facility.

Caribbean states are highly susceptible to natural disasters --
on average, one major hurricane affects a country in the region
every two years -- and have only limited options available to
respond.  With small economies and high debt levels, they often
depend on donors to finance post-disaster needs, but donor
resources often take time to materialize.  The CCRIF will enable
governments to purchase catastrophe coverage akin to business
interruption insurance that will provide them with an early cash
payment after a major hurricane or earthquake.

Pooling their risk will save the participating countries some 40
percent in individual premium payments.

"The Facility, the first of its kind in the world, represents an
important shift from reacting to disasters after they hit, to
being much more proactive about disaster management and
mitigation," said Caroline Anstey, World Bank Country Director
for the Caribbean.  "These projects will allow Haiti and the
OECS beneficiary countries to pay their contribution to the
CCRIF, giving them immediate access to funds if hit by an
earthquake or hurricane."

The IDA credit will provide Dominica, Grenada, St. Vincent and
the Grenadines and St. Lucia with resources to meet their
payments of annual insurance premiums over the next 3 years.
The funds will be disbursed in four installments to the CCRIF at
the request of each country's Ministry of Finance.

On Feb. 26, 2007, the World Bank hosted a donor pledging
conference where Bermuda, Canada, France the United Kingdom, the
Caribbean Development Bank and the World Bank pledged US$47
million for the CCRIF's reserve fund.  A total of 18 Caribbean
countries are participating in the CCRIF, which is expected to
become operational before the 2007 hurricane season, which
begins in June.




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


AFFILIATED COMPUTER: Earns US$72.1 Mil. in Quarter Ended Dec. 31
----------------------------------------------------------------
Affiliated Computer Services Inc. reported net income of
US$72.1 million on revenues of US$1.426 billion for the second
quarter of fiscal 2007 ended Dec. 31, 2006, compared with net
income of US$102.4 million on revenues of US$1.347 billion for
the second quarter of the prior year.

"I am very pleased with our results this quarter.  We saw
improvements in operating margins in both the Commercial and
Government segments.  Our renewal rates were excellent at
approximately 90% for the second quarter and approximately 95%
for the first six months of the year.  I would like to thank our
clients for their continued confidence in ACS," said Lynn
Blodgett, ACS' President and Chief Executive Officer.

"Internal revenue growth in our Government segment improved to
4% which is a sign that the steps we started taking 18 months
ago to restructure our sales force have driven the desired
results.  We achieved good cash flow results in the second
quarter and reduced capital expenditures in absolute terms and
as a percent of revenue from the prior year and prior quarter.
All in all this was a good quarter for ACS.  We could not have
achieved these results without our resilient and dedicated
workforce and I appreciate all of their efforts."

Other key highlights from ACS' fiscal 2007 second quarter
include:

  -- Total revenue growth for the second quarter was 6% from
     prior year quarter.  Total revenue growth was 10% after
     adjusting for the divestiture of the welfare to workforce
     services business, substantially all of which was
     divested in the second quarter of fiscal 2006 ("WWS
     Divestiture").  Consolidated internal revenue growth
     for the second quarter was 4%.

  -- Cash flow from operations was approximately US$132 million,
     or 9% of revenues.  Capital expenditures and additions to
     intangible assets were approximately US$75 million, or 5%
     of revenues.  Cash flow results included cash interest paid
     on debt, cash paid related to legal and other costs
     associated with the ongoing stock option investigations and
     shareholder derivative lawsuits, offset by cash interest
     income, totaling $65 million, or 5% of revenues.

  -- During the second quarter, the company acquired Systech
     Integrators Inc. for US$65 million, plus contingent
     payments of up to US$40 million based upon future
     performance.  Systech, with trailing twelve months of
     revenue of approximately US$61 million, is a premier
     partner of SAP Americas and will expand ACS' existing SAP
     service offering with consulting and systems integration
     services.

  -- During the quarter, the company signed contracts with
     US$166 million of annual recurring revenue and total
     contract value of approximately US$1.1 billion.  The
     company renewed US$162 million of annual recurring revenue
     with total contract value of US$553 million during the
     quarter.

At Dec. 31, 2006, the company's balance sheet showed
US$5.928 billion in total assets, US$4.038 billion in total
liabilities, and US$1.89 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2006, are available
for free at http://researcharchives.com/t/s?1ae7

                  About Affiliated Computer

A FORTUNE 500 company, Affiliated Computer Services Inc.,
(NYSE: ACS) -- http://www.acs-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.

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

As reported in the Troubled Company Reporter-Latin America on
Mar 9, 2007, Standard & Poor's Ratings Services raised its
corporate credit and senior secured ratings on Affiliated
Computer Services Inc. to 'BB' from 'B+' and removed the ratings
from CreditWatch positive (the initial CreditWatch placement
with negative implications was on Jan. 27, 2006).  S&P says the
outlook is stable.


BANCO INTERCONTINENTAL: Audit Criticizes Branches' Sale Process
---------------------------------------------------------------
BDO Ortega & Asociados' audit on Banco Intercontinental's
liquidation has criticized the bank's sale of its branches,
Dominican Today reports.

BDO Ortega alleged that the branches weren't "reasonably
evaluated," the same report says.

"The approach used for the appraisal [on] the different
buildings obeyed to the market value of lands and to the cost to
replace the existing improvements," BDO Ortega's audit said.

BDO Ortega said that Banco Intercontinental's head offices in
the Avenue 27 de Febrero was sold for DOP291.8 million, which
was about DOP76,072,910.73 below its appraised value of DOP367.8
million, Dominican underscores.

This proves the "cannibalization" of Banco Intercontinental's
assets by the government's liquidation commissions that managed
that process, former Banco Intercontinental president Ramon Baez
Figueroa's defense told Dominican Today.

The defense commented to Dominican Today, "There was no real
interest to liquidate correctly, at their true value, the assets
of the bank."

"There was never the intention to fill any deficit nor any
financial hollow.  They paid with the country's money and
against the law to the depositors of more than DOP500,000,
including to the shareholders, and afterwards raided with the
assets and the loans portfolio of the bank," Marino Vinicio
Castillo, one of the defense lawyers, told Dominican Today.

Marino Vinicio Castillo can be reached at:

          Fuerza Nacional Progresista
          Presidente
          Consejo Nacional de Drogas
          Oficinas Gubernamentales, Bloque C
          Avenida Mexico esq. 30 de Marzo
          Tel. 809-2221-4747
          809-221-5166
          Email: of.pcastillo@codetel.net.do

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: Charapa Concession Registered at Energy Ministry
--------------------------------------------------------------
International Sovereign Energy Corp. reported that the Addendum
to the Charapa Concession Agreement, which was approved and
signed by Ecuadorian state-owned oil firm, Petroecuador, has
been formally registered with the Ecuadorian Ministry of Energy
and Mines.

The Addendum incorporates the revised forward work program for
the concession.  Implementation of the modified work program
requires an updated environmental baseline study of the Charapa
Concession, along with environmental impact studies for the
areas to be covered in the pending seismic program, as well as
the access and drill pad location for the initial drill target
in the Conejo section of the Concession, which target is based
on existing seismic data.  Work will start in April.

The Charapa block is located in the North of Ecuador's Oriente
Basin on the Colombian border and 15 kilometers northwest of the
producing Lago Agrio field, which has produced 145 million
barrels of light oil since 1972 primarily from the cretaceous
Hollin formation.

The Charapa field has two Lower Cretaceous reservoirs:

               -- the Hollin sandstones, which is the producing
                  zone in the Lago Agrio field; and

               -- the NAPO Formation Caliza 'B' fractured
                  limestones.

Cumulative past production from the Charapa field was about
1.694 million barrels of oil primarily from the Caliza 'B'
reservoir.

The Charapa block contains three prospective untested
structures, which are the primary areas of interest within the
Concession and are the areas covered in the modifications to the
Concession Agreement.  These are:

               -- Conejo, which is bordered to the East by the
                  same pronounced reverse fault that sets up the
                  producing San Miguel/Acae field located six
                  kilometers to the North across the Colombian
                  border.  A vertical well for purposes of
                  evaluating the Conejo structure is planned;

               -- Charapa S.W., a seismically defined feature.
                  This structure will be evaluated seismically
                  as part of a 50 square kilometers 3-D survey;

               -- Halcon, which is located in the S.W. portion
                  of the concession.  This structure will also
                  be evaluated by the planned seismic program.

The revised Charapa work program totals US$10.0 million and the
production split with Petroecuador is approximately 50:50.

With the completion and formal registration of the Charapa
Concession Agreement Addendum, International Sovereign signed a
Success Fee Agreement with Andes Trade & Investment Ltd., a
private company.  The agreement provides for a cash fee of
US$25,000 and the issuance of 50,000 common shares of
International Sovereign at a deemed value of US$2.00 per share.
Certain additional cash payments of up to a maximum of
US$200,000 could be payable based on set trigger point
production levels from the Concession starting at 2,000 barrels
of oil equivalent per day up to 3,000 barrels of oil equivalent
per day.  The agreement is subject to regulatory approval.

                 About International Sovereign

International Sovereign Energy Corp. is an oil and gas
exploration development and production company with offices in
Vancouver, British Columbia, Calgary, Alberta and Islamabad,
Pakistan and is active in the exploration and development of
hydrocarbon reserves in Western Canada and internationally.

                      About Petroecuador

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.




=====================
E L   S A L V A D O R
=====================


* EL SALVADOR: Economist Disappointed with FTA with U.S.
--------------------------------------------------------
The free trade agreement results between El Salvador and the
United States are disappointing because export operations only
rose 3.5% at the end of 2006, Inside Costa Rica reports, citing
economist Evelio Jesus Ruano as saying.

Mr. Ruano, believing that the deal failed its attempt to
jumpstart the economy, emphasized that sales to other countries
are few and below those of other central american countries.
Inside Costa Rica relates that the trend points to lower levels.

According to the report, Central Reserve Bank discloses that El
Salvador exports were reduced to 12.95% and advantages were
achieved only by the largest corporations.

Economy Minister Yolanda De Gavidia Mayora, despite the
depressing analysis, deemed that without the deal with
Washington, the local industry would be lost, Inside Costa Rica
says.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2007, Fitch Ratings affirmed these ratings on El
Salvador:

   -- Foreign and Local Currency Issuer Default Ratings
      at 'BB+';

   -- Short-term Issuer Default Rating at 'B'; and

   -- Country Ceiling at 'BBB-'.

Fitch said the rating outlook was stable.




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


AIR JAMAICA: Michael Conway Denies Price Gouging in Flights
-----------------------------------------------------------
Air Jamaica President and Chief Executive Officer Michael Conway
told St. Lucia Star Online that the airline could not be accused
of price gouging on its Cricket World Cup 2007 flights.

Star Online relates that some passengers have complained in
recent months that airline tickets and accommodation have risen
significantly due to the World Cup games, which will start in
April.

Mr. Conway commented to Star Online, "Any time you have fewer
entities providing the goods and services by definition there is
less competition.  And it's opposite of what a free market place
is.  The more people providing the goods, the better deal the
consumer will get."

While Mr. Conway didn't defend the accusations made against
regional hotel rooms, he told Star Online that there was a
perfectly a logical reason for the recent increase in regional
airfares.

"Any time you have a high demand for something that is going to
drive prices up.  I think the airlines will be full.  I know we
will be full on our trips from Jamaica to Barbados for the final
so what does one do?  Do they keep the same prices or do you
match your pricing with the demand?  I think that's what people
are doing," Mr. Conway told Star Online.

According to Star Online, Air Jamaica described its airline
rates as logical and fair.

Mr. Conway told Star Online, "Certainly the finals here will be
well attended and the foreign visitation will be quite robust.
Some of the preliminary games probably aren't selling at a
robust pace that people would like but again it's a little early
to tell."

The tournament will benefit the Caribbean as a whole, even
though the region may have overstated the number of foreign
visitors coming for the March 5 to April 28 games, Star Online
states, citing Mr. Conway.

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

                        *     *     *

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


CADMUS COMM: Moody's Withdraws BB- Rating on Cenveo Takeover
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB-' corporate
credit rating on Cadmus Communications Corp., following the
announcement that the purchase of the company by Cenveo Inc.
closed.  Rating on Cadmus' US$125 million senior subordinated
notes will remain on CreditWatch with negative implications
until the tender offer for the notes is completed, after which
S&P expects to withdraw its rating on the issue.

                        About Cenveo

Headquartered in Stamford, Connecticut, Cenveo, Inc., is one of
North America's leading providers of print and visual
communications, with one-stop services from design through
fulfillment.  The company's broad portfolio of services and
products include commercial printing, envelopes, labels,
packaging and business documents delivered through a network of
production, fulfillment and distribution facilities throughout
North America.

                 About Cadmus Communications

Headquartered in Richmond, Virginia, Cadmus Communications Corp.
provides end-to-end integrated graphic communications and
content processing services to professional publishers, not-for-
profit societies, and corporations.  Its annual revenue is
approximately US$450 million.  It has operations in the U.S.,
India and the Caribbean Rim.


DYOLL INSURANCE: Coffee Farmers to Get US$158.4-Million Payment
---------------------------------------------------------------
Senator Norman Grant, the Jamaica Agricultural Society head,
told the Jamaica Gleaner that Dyoll Insurance Co.'s liquidators
have agreed to pay coffee farmers US$158.4 million.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2007, coffee farmers would still have to wait before
they receive the US$200 million from Dyoll Insurance Company, as
trustees of the insurance scheme would still work out a method
of payment.  The appointed liquidators Kenneth Krys and John Lee
at RSM Cayman and officials of the Jamaica Agricultural Society,
which represents coffee farmers, were able to reach an out-of-
court agreement on compensation that the farmers demand for the
damage they suffered during the Hurricane Ivan in 2004.  Over
2,000 farmers would get paid.

The Gleaner relates that the Dyoll liquidators also withdrew the
appeal against a 2006 Supreme Court ruling for the entire
insurance entitlement to be paid to the farmers.

Farmers had already received US$200,000.  The trustees will
determine the formula for payment and the payout date for the
entitlement, The Gleaner notes, citing Mr. Grant.

According to The Gleaner, the coffee farmers were pleased with
the out-of-court settlement.

Mr. Grant told The Gleaner, "I am happy that we have reached an
out-of-court settlement and with this (all the parties) can move
forward."

However, Derrick Simon -- representative for the Blue Mountain
Coffee Farmers -- commented to The Gleaner that the farmers feel
that they have been shortchanged by Dyoll Insurance.  If the
liquidators had kept their promise to abide by the Supreme Court
ruling, the farmers would have received 100% of the US$3.2
million.

Mr. Simon told Farmers Weekly, "Many of the farmers felt that
80% [of the original payment] is not bad, but they feel that if
the liquidators had kept their word, they would have got the
100%."

About US$60 million will have to be paid back to the Jamaican
government, Farmers Weekly states, citing Mr. Simon.

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


NATIONAL WATER: Invests Over US$90MM in New Equipment & Upgrades
----------------------------------------------------------------
Jamaica's National Water Commission has invested over US$90
million in new equipment and sewer infrastructure upgrades
within the vicinity of Sabina Park, The Jamaica Gleaner reports.

The Gleaner relates that the investment made was in preparation
for the Cricket World Cup, which will be launched in Jamaica on
March 11.

According to The Gleaner, National Water generated income from
the event, having signed a US$200,000 contract with the Cricket
World Cup 2007 Local Organizing Committee to supply the Trelawny
Multi-purpose Stadium with water.

National Water President E.G. Hunter told The Gleaner, "The
agreement has been signed.  All negotiations were completed and
executed."

The Gleaner underscores that with the "impact fee," the sporting
complex was connected through a four to six inch pipeline to the
30-inch main laid under the US$40-million Martha Brae project.

New sewer lines were set up from the intersection of Deanery and
South Camp roads to Breezy Castle, The Gleaner notes, citing Mr.
Hunter.

Mr. Hunter told The Gleaner, "We relaid the main pipeline and
put in lateral connections.  We've done associated work on
streets in and around Sabina Park."

The report says that the Sabina Park and the residences not
previously on the central system were given lateral connections.

Mr. Hunter explained to The Gleaner that the US$60 million used
for the sewerage system upgrade will be recovered through
regular water billings.

National Water purchased two new Vactor Jet rudders for
US$460,000, building its Kingston fleet to four and its island-
wide fleet to six.  A team from Detroit are making repairs on
two old units in Kingston, The Gleaner states, citing Mr.
Hunter.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.




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


ALLIS-CHALMERS: Generates US$114.1MM Net Income in Fourth Qtr.
--------------------------------------------------------------
Allis-Chalmers Energy Inc. disclosed its financial results for
the three months and year ended Dec. 31, 2006.

Revenues for the fourth quarter 2006 rose 240% to US$114.1
million compared to US$33.5 million for the fourth quarter of
2005.  The increase in revenues was due to a combination of
strategic acquisitions and organic growth initiatives that
complemented Allis-Chalmers' existing businesses and allowed the
company to integrate and cross sell its products and services
into new markets.  During 2006, Allis-Chalmers completed five
significant acquisitions, which helped provide opportunities to
expand its customer base, open new operating locations, invest
in new equipment, improve capacity utilization, and increase
product and service offerings.  These acquisitions also provided
access to additional skilled operators and enhanced Allis-
Chalmers' management team.

Income from operations grew 410% to US$23.1 million for fourth
quarter 2006, from US$4.5 million in the fourth quarter of 2005.
EBITDA increased 384% to US$31.4 million for the fourth quarter
of 2006, from US$6.5 million in the fourth quarter of 2005.
EBITDA is a non-GAAP item, and additional information and
discussion regarding EBITDA is provided later in this release.

Net income for the fourth quarter of 2006 attributed to common
shares increased 307% to US$10.4 million compared to net income
of US$2.5 million in the fourth quarter of 2005.  Net income in
the fourth quarter of 2006 includes approximately US$820,000 in
debt financing costs (both interest and amortization of fees)
associated with the US$300 million senior unsecured bridge loan
agreement dated Dec. 18, 2006, which was refinanced on
Jan. 29, 2007.  The bridge loan was used to fund the acquisition
of substantially all the assets of Oil & Gas Rental Services,
Inc.

Allis-Chalmers adopted FAS 123R on Jan. 1, 2006, and recorded a
non-cash stock compensation expense (which included expense for
the issuance of restricted stock) of US$756,000 for the fourth
quarter of 2006 and of US$3.4 million for the full-year.
Weighted average shares of common stock outstanding on a diluted
basis increased 46% to 26.1 million shares for the fourth
quarter of 2006 from 17.9 million shares for the fourth quarter
of 2005 primarily due to equity issuances relating to the
company's 2006 acquisitions.  The provision for deferred taxes
in the fourth quarter was accelerated due to the increase in
profits and more rapid utilization of deferred tax assets,
principally federal net operating loss tax carry-forwards.

Micki Hidayatallah, Allis-Chalmers' Chairman and Chief Executive
Officer stated, "Over the last several years our goal has been
to establish a significant presence in segments of the oilfield
service sector that are growing faster than the rig count while
diversifying our revenue base to mitigate cyclical risk.  Our
solid results for the fourth quarter and full year of 2006 are a
clear demonstration of our ability to successfully execute that
growth strategy.  Not only have we grown our operating income
from US$4.2 million in 2004 and US$13.2 million in 2005, to
US$66.7 million in 2006, but we have achieved a more balanced
mix of revenue sources generated from drilling services and
production services, from oil and natural gas, from onshore and
offshore operations, as well as from domestic and international
operations.  This diversification allowed us to achieve a 21%
increase in operating income for the fourth quarter of 2006
compared to the third quarter of 2006, despite an increased
competitive environment in two of our business segments."

"In 2006 we completed five significant acquisitions, including
three that were substantially larger than any others in previous
years," added Mr. Hidayatallah.  "The DLS acquisition in August
2006, which expanded our operations in Latin America, has
performed very well and allowed us to benefit from the strong
market condition in the region.  Despite being affected
negatively by a ten-day labor strike in Argentina, which
affected the entire oil industry there, DLS contributed US$8.1
million in operating income for the fourth quarter.  Also, in
Dec. 2006, we completed our largest acquisition to date of
substantially all the assets of Oil & Gas Rental Services, which
is already making positive contributions."

Revenue for fiscal 2006 rose 192% to US$307.3 million, compared
to US$105.3 million for fiscal 2005.  Income from operations
grew to US$66.7 million in 2006 from US$13.2 million during
2005, representing a 404% increase.  Net income for 2006 rose
397% to US$35.6 million from net income of US$7.2 million in
2005.

Weighted average shares of common stock outstanding on a diluted
basis increased 32% to 21.4 million shares for 2006 from 16.2
million shares for 2005.

Segment Results:

   * Rental Tools.  Operating income in the rental tools
     business segment rose to US$7.4 million during the fourth
     quarter of 2006 from US$520,000 in the fourth quarter of
     2005, as revenue during the fourth quarter of 2006 grew to
     US$15.2 million, compared to US$1.6 million in the fourth
     quarter of 2005.  The increase in rental tools revenues and
     operating income was due primarily to the successful
     integration of expanded inventory of quality rental tools
     resulting from the acquisition of Specialty Rental Tools,
     Inc. and enhanced marketing programs that increased
     utilization of rental tool inventory.  This segment also
     benefited from the acquisition of substantially all the
     assets of Oil & Gas Rental Services, which was completed
     on Dec. 18, 2006.

   * International Drilling.  During the fourth quarter of 2006,
     Allis-Chalmers generated operating income of US$8.1 million
     on revenues of US$45.6 million.  Results during the fourth
     quarter of 2006 were affected negatively by a ten-day
     general strike on the oil industry in Argentina in November
     2006.  Allis-Chalmers continues to make significant
     progress in integrating DLS Drilling, Logistics & Services
     Corporation, which was acquired on Aug. 14, 2006,
     providing an entry point into the South American drilling,
     workover and production services market.

   * Directional Drilling.  Operating income for Allis-Chalmers'
     directional drilling services business segment increased
     140% to US$5.6 million from US$2.3 million in the fourth
     quarter of 2005.  Operating margin for this segment was 27%
     in the fourth quarter of 2006, compared to 20% during the
     fourth quarter of 2005.  The directional drilling segment
     continues to experience robust demand and a strong pricing
     environment.  Allis-Chalmers has been successful in
     retaining its experienced directional drillers, despite a
     competitive market for these highly skilled operators.
     Allis-Chalmers' growth is also being driven by the
     investments made in six additional measurement-while-
     drilling kits in 2006 and new operations in West Texas and
     Oklahoma.  An additional six MWD units have been ordered
     for the first six months of 2007.

   * Casing & Tubing.  Operating income for Allis-Chalmers'
     casing and tubing services business segment increased to
     US$2.6 million in the fourth quarter of 2006 from US$1.0
     million in the fourth quarter of 2005 due to investments
     made in additional equipment and the positive contribution
     from Rogers Oil Tool Services, Inc., which was acquired in
     April 2006.  Compared to the third quarter of 2006, this
     segment was affected negatively by weaker demand and
     increased competition as well as the delay in certain
     equipment sales until the first quarter of 2007.  Allis-
     Chalmers' operations in Mexico continued to produce solid
     results, as revenue increased to US$1.9 million for the
     fourth quarter of 2006, compared to US$1.8 million in the
     fourth quarter of 2005.

   * Compressed Air Drilling. Operating income from
     Allis-Chalmers' compressed air drilling business segment
     was down slightly in the fourth quarter of 2006 to US$2.2
     million from US$2.3 million in the fourth quarter of 2005
     due to a decrease in drilling activity in the West Texas
     market.

   * Production Services.  Operating income in Allis-Chalmers'
     production services division was US$1.4 million in the
     fourth quarter of 2006 up from US$31,000 in the fourth
     quarter of 2005.  The improvement in operating income was
     due to improved utilization of equipment and the
     acquisition of Petro-Rentals, Incorporated in October 2006.
     During the fourth quarter of 2006, Allis-Chalmers added two
     coil tubing units to this segment and has two additional
     units on order, which are scheduled to be received during
     the first four months of 2007.

Based in Houston, Texas, Allis-Chalmers Energy Inc. (AMEX: ALY)
-- http://www.alchenergy.com/-- provides oilfield services and
equipment to the oil and gas exploration and development
companies primarily in Texas, Louisiana, New Mexico, Colorado,
and Oklahoma; offshore in the United States Gulf of Mexico; and
offshore and onshore in Mexico.  The company offers directional
drilling, compressed air drilling, casing and tubing, rental
tools, and production services.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 18, 2007,
Moody's Investors Service placed Allis-Chalmers Energy, Inc.'s
ratings on review for possible upgrade.  At the same time,
Moody's assigned a B3 rating to the proposed US$225 million
senior unsecured notes to be issued by Allis-Chalmers.


CABLEMAS SA: Inks Interconnection Pact with Telmex
--------------------------------------------------
Cablemas SA de CV said in a statement that it has signed an
interconnection agreement with Telefonos de Mexicos SA.

Business News Americas relates that the accord will let Cablemas
start using its existing concessions to offer voice services in
21 cities in Mexico, using Telmex's network.

According to BNamericas, Cablemas offers voice services in
Tijuana through an interconnection deal with Axtel, which it
offers the service in Cuernavaca through another deal with
Bestel.

BNamericas notes that Cablemas expects the additional services
to be launched in the third quarter of 2007.

Cablemas said in a statement that the agreement covers 82% of
its client base.

                       About Telmex

Telefonos de Mexicos -- http://www.telmex.com.mx-- is Mexico's
incumbent telco with control of about 95% of the country's fixed
line infrastructure.  The company and its subsidiaries offer a
wide range of advanced telecommunications, data and video
services, internet access as well as integrated telecom
solutions for corporate customers.

                       About Cablemas

Cablemas SA de CV -- http://www.cablemas.com-- is the
second-largest cable television operator in Mexico based on the
number of subscribers and homes passed.  As of June 30, 2005,
the company's network served over 546,000 cable subscribers and
in excess of 87,000 high-speed Internet subscribers, with more
than 1,647,000 homes passed.  It is the concessionaire with the
broadest coverage in Mexico, operating in 46 cities throughout
the country's oil, maquiladora and tourist regions.

                         *    *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2007, Fitch Ratings has affirmed these ratings for
Cablemas with a Stable Rating Outlook:

   -- Foreign Currency Issuer Default Rating 'BB-';
   -- Local Currency Issuer Default Rating 'BB-';
   -- US$175 million senior notes due 2015 'BB-'; and
   -- National scale 'A(mex)'.


DAIMLERCHRYSLER AG: Magna Included in Roster of Possible Buyers
---------------------------------------------------------------
Magna International Inc., a Canadian auto-parts supplier, is the
next potential buyer to visit the headquarters of
DaimlerChrysler AG's Chrysler Group in Auburn Hills, Mich., Gina
Chon of The Wall Street Journal reports.

Magna executives will go to Chrysler "very soon" to hear
presentations similar to the ones given to private-equity firms
Blackstone Group and Cerberus Capital Management LP, which
visited Chrysler's office this week, WSJ said citing people
familiar with the matter.

According to the report, Magna executives said they are
following Chrysler with great interest because it is a key
supplier to the automaker and is looking at alternatives to
ensure Chrysler's success.

Magna spokeswoman Tracy Fuerst declined to comment, WSJ said.

DaimlerChrysler will be giving an update on the possible sale of
Chrysler at a general shareholders meeting in Berlin on April 4,
WSJ said, citing people familiar with the matter.

As reported yesterday in the Troubled Company Reporter, the
Journal said that DaimlerChrysler Chief Executive Officer Dieter
Zetsche confirmed his company is talking to General Motors Corp.
about sharing the costs of future sport-utility vehicles, but he
and GM's CEO stayed mum about whether GM could try to buy its
Chrysler arm outright.

According to that report, Mr. Zetsche reiterated that the auto
maker is considering "all options" for Chrysler, including a
possible sale, which move came amid rising investor frustration
over the division's losses.

                       Lower February Sales

As reported in the Troubled Company Reporter on Mar. 2, 2007,
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.

                      About DaimlerChrysler

Headquartered 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.


FORD MOTOR: Mulls Offering Bonuses to Salaried Workers
------------------------------------------------------
Ford Motor Co. has considered paying hourly and salaried workers
bonuses for 2006 to keep up morale amid a difficult turnaround,
Jeffrey McCracken and Terry Kosdrosky of the Wall Street Journal
report.

According to the report, Chief Executive Alan Mulally said, in
an e-mail message sent Thursday to employees in the U.S. and
Canada, that the so-called performance awards have the support
of the company's board, as well as the United Auto Workers and
Canadian Auto Workers unions.

While Ford didn't meet profit and market share goals for 2006,
it did improve its quality and cost savings, Mr. Mulally said in
the email cited by the source.

Hourly and lower-level salaried employees will receive a bonus
of between US$300 and US$800, while higher-level salaried
employees will receive a higher, "but still modest" award, the
Journal said citing the e-mail message.

Ford spokeswoman Marcey Evans said in the report that more than
120,000 employees will receive the performance awards.

Last week, Ford estimated US$11,182 million in total life-time
costs for restructuring actions.

Of the total US$11,182 million of estimated costs, Ford said
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.

Ford, which 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, said in a regulatory filing with the Securities
and Exchange Commission that 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, the automaker said.

Ford also reported a US$16.9 billion decrease in its
stockholders' equity at Dec. 31, 2006, which, according to the
company, 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.

                    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 on Dec. 11, 2006, Standard & Poor's Ratings Services
affirmed its 'B' bank loan and '2' recovery ratings on Ford
Motor Co. after the company increased the size of its proposed
senior secured credit facilities to between US$17.5 billion and
US$18.5 billion, up from US$15 billion.

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

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


FORD MOTOR: May Sell Aston Martin to a Consortium of Investors
--------------------------------------------------------------
Ford Motor Co. is poised to agree the sale of Aston Martin, its
luxury sports car brand, to a consortium of investors including
David Richards -- founder of Prodrive, the group that runs Aston
Martin's racing team -- for close to GBP450 million, John
Griffiths and Peter Smith of Financial Times report.

According to the source, Mr. Richards' consortium is understood
to have held talks with investors from the US and Middle East,
including Egypt's Naeem Capital, although its final make-up is
not yet clear.

US investment bank Jefferies advised the winning consortium,
while UBS auctioned Aston Martin on behalf of its owner, FT
said.

As reported in the Troubled Company Reporter on March 7, 2007,
The Wall Street Journal, citing Ford Europe head Lewis Booth,
said that the sale of all or a part of the luxury sports car
brand "has not reached conclusion" but that a sale would
conclude sometime this year.

Ford has explored strategic options for Aston Martin in August
last year, with particular emphasis on a potential sale of all
or a portion of the unit.

Aston Martin is part of the company's Premier Automotive Group
-- the organization under which all of Ford's European brands
are grouped.  The group also includes other brands like Volvo,
Land Rover, and Jaguar.

The sale of Aston Martin is in line with the company's cost
reduction plan, which, according to its chief executive officer
Alan R. Mulally, includes the reduction of the number of vehicle
platforms the company uses around the world and increase in the
number of shared parts.

                       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 on Dec. 11, 2006, Standard & Poor's Ratings Services
affirmed its 'B' bank loan and '2' recovery ratings on Ford
Motor Co. after the company increased the size of its proposed
senior secured credit facilities to between US$17.5 billion and
US$18.5 billion, up from US$15 billion.

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

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


GENERAL MOTORS: Further Delays Filing of Reports Until March 16
---------------------------------------------------------------
General Motors Corp. has pushed back the filing of its Annual
Report on Form 10-K with the U.S. Securities and Exchange
Commission until March 16 after failing to make the March 1
filing deadline.

The delay is due to the issues regarding the accounting for
deferred income tax liabilities and certain hedging activities
under the Statement of Financial Accounting Standards.

GM also intends to report restated results for the years ended
Dec. 31, 2002, to Dec. 31, 2005, and for the first three
quarters of 2006.

"As disclosed in prior [SEC] filings the current estimate of the
cumulative impact of the accounting adjustments under SFAS No.
133 to retained earnings, as of September 30, 2006, is an
increase of approximately US$200 million," the company disclosed
in its SEC filing.

"In addition, GM previously disclosed that retained earnings as
of December 31, 2001 and subsequent periods are understated by a
range of US$450 million to US$600 million due to an
overstatement of deferred tax liabilities.  GM currently
estimates that the deferred income tax liability overstatement
is approximately US$1 billion.  This impact is partially offset
by an estimated US$500 million adjustment to stockholders'
equity related to taxation of foreign currency translation,
arising primarily prior to 2002, and affects all periods through
the third quarter of 2006.  The estimate net effect of such tax
adjustments results in an understatement of stockholders' equity
as of December 31, 2001 and subsequent periods of approximately
US$500 million," the company said.

                    About General Motors Corp.

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 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.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


NEWPARK RESOURCES: Posts US$42.1 Million Net Loss in Fourth Qtr.
----------------------------------------------------------------
Newpark Resources Inc. reported its financial results for the
fourth quarter and year ended Dec. 31, 2006.  The fourth quarter
results include a pretax charge of US$72.6 million related to
the impairment of certain goodwill, tangible and intangible
assets of the Environmental Services business.  As a result, the
company reported a net loss of US$42.1 million for the fourth
quarter of 2006.  The company also announced that as a part of
its newly developed strategic plan, it is exploring alternatives
for its Environmental Services business, including its potential
sale.

Paul Howes, President and Chief Executive Officer of Newpark,
stated, "We are pleased to report adjusted income from
continuing operations of US$8.8 million, or US$0.10 per share,
for the fourth quarter of 2006.  Our core Fluid Systems and
Engineering segment performed well during the quarter, with
revenues and operating margins improving sequentially over the
third quarter of 2006.  We also experienced notable strength in
our international operations during the quarter.  For the full
year, we generated total revenue growth of over 20% and
experienced a strong improvement in our drilling fluids
operating margins.  While we have seen a slight slowdown of rig
activity in recent months in some markets, we believe that 2007
will see overall higher drilling activity when compared to
2006."

"After a thorough strategic planning process, we are now pleased
to begin clarifying our corporate strategy to drive improved
performance and position Newpark for growth.  Our strategy has
two primary elements."

"The first element in our strategy is to grow Drilling Fluids,
which is currently approximately 70% of our revenues, and
deliver improved performance over the drilling cycle through
continued investment in technology, acquisition, international
expansion and diversification into oil producing areas which
will complement our current domestic natural gas focus.  We
believe that these actions, implemented over time, should
provide us with more balanced earnings growth for the future."

"Our second element in the strategy consists of our previously
announced plan to combine the five separate Mats and Integrated
Services business units into one unit.  In doing so, we plan to
eliminate operational cost redundancies and leverage our market
position in Mats to facilitate a long-term plan of growing this
business and becoming a broad based provider of drilling site
services.  In short, we do not want to let the moniker 'Mats'
constrain our scope of service and geography.  Rather, we will
seek to enhance our Mats service offerings to become a complete
provider for an operator's critical drilling infrastructure
needs.  This is an important strategic change in the company's
focus that we believe will open up new opportunities and help
drive growth."

Mr. Howes continued, "Finally, while the Environmental Services
business maintains a leadership position in its core Gulf Coast
region, we have concluded that it no longer fits our long-term
goals for growing the company.  As a result, we are exploring
our alternatives with this segment, including a potential sale
of this business.  We believe this decision will allow us to
focus more on our core Fluids and Mats businesses, as well as
deploy capital more effectively."

"We look forward to the execution of our growth strategy over
the next several years and communicating significant
developments as they occur," concluded Mr. Howes.

                    Fourth Quarter 2006 Results

Beginning in the fourth quarter of 2006, Newpark began reporting
Newpark Environmental Water Solutions as a discontinued
operation; consequently its results for historical periods have
been removed from continuing operations.

Newpark reported revenues totaling US$167.3 million for the
fourth quarter of 2006 compared to revenues of US$144.9 million
for the fourth quarter of 2005 and compared to revenues of
US$169.9 million for the 2006 third quarter.  Newpark reported a
loss from continuing operations of US$42.0 million for the
fourth quarter of 2006 compared to income from continuing
operations of US$7.0 million in the fourth quarter of 2005 and
compared to income from continuing operations of US$10.3 million
for the 2006 third quarter.  The fourth quarter 2006 results
include a pretax charge of US$72.6 million related to the
impairment of certain goodwill, tangible and intangible assets
of the Environmental Services business.  Additionally, the
fourth quarter of 2006 includes US$1.3 million of legal and
investigation costs associated with the 2005 accounting
restatement and resulting litigation.  Exclusive of the
impairment and legal costs, 2006 fourth quarter earnings from
continuing operations are US$8.8 million.

                           2006 Results

Newpark reported revenues totaling US$668.2 million for 2006
compared to revenues of US$553.6 million for 2005, an increase
of 20.7%.  Newpark reported a loss from continuing operations of
US$18.4 million for 2006 compared to income from continuing
operations (after preferred stock dividends) of US$22.5 million
in 2005.  Net loss for 2006 was US$32.3 million, which includes
a loss on discontinued operations of US$13.9 million.  Income
from continuing operations adjusted for the fourth quarter 2006
impairment charge and other items was US$30.1 million.

Newpark Resources, Inc., (NYSE: NR) -- http://www.newpark.com/
-- is a worldwide provider of drilling fluids,environmental
waste treatment solutions, and temporary worksites and access
roads for oilfield and other commercial markets in the United
States Gulf Coast, west Texas, the United States Mid-continent,
the United States Rocky Mountains, Canada, Mexico, and areas of
Europe and North Africa.

As reported in the Troubled Company Reporter-Latin America on
Jan. 31, 2007, Moody's Investors Service affirmed these ratings
of Newpark Resources with a stable outlook:

   -- B1 Corporate Family Rating;
   -- B1 Probability of Default Rating; and,
   -- B2 LGD4, 58% rated senior secured term.


MOVIE GALLERY: Acquires MovieBeam for US$10 Million
---------------------------------------------------
Movie Gallery, Inc. has acquired video-on-demand service
MovieBeam for US$10 million, Ben Fritz of the Daily Variety
reports.

Mr. Fritz relates that Movie Gallery said that expects to spend
less than US$10 million in initial acquisition costs and
development expenses in 2007.

"Our acquisition of MovieBeam is the first phase of our long-
term strategic plan to provide digital content to consumers,"
Mr. Fritz reports quoting Movie Gallery chairman and CEO, Joe
Malugen.

Mr. Fritz relates that MovieBeam was developed by Walt Disney
Company and first launched in 2003 but shut down in 2005.
Disney incurred write-downs totaling US$56 million.

It was re-launched in winter 2006 as an independent company with
Disney and other investors putting in US$48.5 million.

                      About Movie Gallery

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

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2007, Standard & Poor's Ratings Services raised its
ratings, including  the corporate credit rating, on Movie
Gallery Inc. to 'B-' from 'CCC+'.  The outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2007, Moody's Investors Service confirmed the corporate
family rating of Movie Gallery Inc. at Caa1 and changed the
rating outlook to positive.


MOVIE GALLERY: Names Thomas Johnson as Exec. Vice Pres. & CFO
-------------------------------------------------------------
Movie Gallery, Inc., disclosed on March 1, 2007, that it
appointed Thomas D. Johnson as Executive Vice President and
Chief Financial Officer, effective immediately.

Mr. Johnson has been serving as Movie Gallery's Interim CFO
since June 2006 in addition to fulfilling his responsibilities
as Senior Vice President - Corporate Finance and Business
Development.

With this promotion, Mr. Johnson will oversee Movie Gallery's
finance department and will continue to manage the Company's
financial objectives and business development efforts.

"Thomas' strong finance background and extensive knowledge of
Movie Gallery's business make him the best candidate to serve as
our CFO," said Joe Malugen, Chairman, President and Chief
Executive Officer of Movie Gallery.  "He has been instrumental
in improving the Company's financial flexibility and positioning
Movie Gallery to deliver renewed growth and profitability for
our shareholders.  I appreciate the outstanding contributions
Thomas has made to our Company and it is my pleasure to
congratulate him on this well-deserved promotion."

Mr. Johnson, age 43, has nearly twenty years of finance and
business leadership experience.  He joined Movie Gallery in
April 2004 from Russell Corporation where he led the company's
investor relations program.  Prior to Russell, Mr. Johnson
directed investor relations for Wolverine Tube, Inc., Blount
International, Inc. and KinderCare Learning Centers, Inc.  In
addition to his investor relations responsibilities, Mr. Johnson
was the assistant treasurer at Wolverine Tube and Director of
Marketing and Director of Financial Planning and Analysis at
KinderCare.  Earlier in his career Mr. Johnson spent four years
as a securities analyst with the Alabama Securities Commission.
He holds a MBA from the University of Alabama and a B.S. degree
in Business Administration from Auburn University at Montgomery.

                      About Movie Gallery

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2007, Standard & Poor's Ratings Services raised its
ratings, including the corporate credit rating, on Movie Gallery
Inc. to 'B-' from 'CCC+'.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2007, Moody's Investors Service confirmed the corporate
family rating of Movie Gallery Inc. at Caa1 and changed the
rating outlook to positive.


SOLO CUP: Moody's Assigns B1 Ratings on US$788-Million Debts
------------------------------------------------------------
Moody's Investors Service confirmed the B3 Corporate Family
Rating of Solo Cup Co. and revised the rating outlook to
negative.  Moody's assigned a B1 rating to both the US$638
million senior secured term loan B and US$150 million revolver
and confirmed all other instrument ratings.  This confirmation
of the ratings concludes a rating review for possible downgrade
that was initiated on Sept. 15, 2006.

The revision of the ratings outlook to negative reflects the
company's dependency on asset sales to ease liquidity
constraints as well as the positive change in corporate
governance at Solo Cup.  The company's substantial working
capital needs cannot be managed without significant utilization
of the revolver because of the current and projected lack of
free cash flow.  Moreover, Solo Cup is dependent upon asset
sales to provide adequate headroom under its covenants for
working capital needs.  Credit metrics are weak for the rating
category and the company's viability and the ratings are
dependent upon improvements in free cash flow and liquidity and
reductions in debt and interest expense.

Solo Cup has been plagued by poor corporate governance, an
inability to execute on previous performance improvement plans,
inadequate financial controls, increased competition, rising raw
material prices, weak information systems, and high financial
leverage.

Moody's acknowledges that the new leadership structure is
expected to have a greater focus on performance and
accountability and has the potential to drive improved results.
Solo Cup's strong brand name, broad product portfolio, scale and
long standing customer relationships are also contemplated in
the ratings and outlook.

Moody's took these rating actions:

   -- Confirmed Corporate Family Rating, B3

   -- Confirmed US$130 million senior secured second lien
      term loan due March 31, 2012, Caa1 (LGD 4, 69%)

   -- Confirmed US$325 million 8.5% subordinated notes
      due February 15, 2014, Caa2 (LGD 5, 87 %)

   -- Assigned US$150 million senior secured revolving credit
      facility maturing Feb. 27, 2010, B1 (LGD 3, 32%)

   -- Assigned US$638 million senior secured term loan B
      due Feb. 27, 2011, B1 (LGD 3, 32 %)

   -- Confirmed Probability of Default Rating, B3

The rating outlook is revised to negative.

Headquartered in Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- manufactures disposable paper and
plastic food and beverage containers used in the foodservice and
retail consumer markets.  Products include cups, lids, straws,
napkins, cutlery, and plates.  The Company was established in
1936 and has a global presence with facilities in Asia, Canada,
Europe, Mexico, Panama and the United States.




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


* NICARAGUA: To Make Free Trade Deal with Caribbean Community
-------------------------------------------------------------
Nicaragua is in negotiations to launch a free trade agreement
with the Caribbean Community, Prensa Latina states, citing
Nicaraguan Promotion, Industry, and Trade Minister Horacio
Brenes as saying.

According to the minister, the free trade agreement, which
started during the meeting in Belize among Guatemala, Honduras,
El Salvador, and Nicaragua, and the 15 CARICOM nations, would be
in effect after the existing laws and treatries are recognized.

The minister told the local press that there are many
"asymmetries" between Central America and Caribbean citing
Nicaragua, which could benefit with imports of oil derivatives
from Trinidad and Tobago.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


BANCO DE CREDITO: Moody's Reviews Ba2 Rating for Likely Upgrade
---------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 rating for the US$120 million in subordinated notes
maturing in 2021 issued by Banco de Credito del Peru's Panama
branch.

The bank financial strength rating of Banco de Credito-Panama
was not affected by this action.

Moody's also placed these ratings on review for upgrade:

   Banco de Credito del Peru:

     -- B1 long-term foreign currency deposit rating

   BBVA Banco Continental:

     -- B1 long-term foreign currency deposit rating

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.


CHIQUITA BRANDS: Lets Retailers Sell Single Banana for 75 Cents
---------------------------------------------------------------
Chiquita Brands International has allowed retailers to sell
single "Chiquita to Go" bananas for 75 cents each, Boston.com
reports.

Boston.com relates that Chiquita Brands' bananas cost 69 cents
per pound in the grocery store.  There is usually about two
bananas per pound.

However, Chiquita International believes that it could increase
profits if people could buy a single banana off the shelf.
Research conducted for the firm in 2005 revealed that 42% of
people would eat more bananas if they were available in more
locations, Boston.com notes.

Chiquita Brands spokesperson Mike Mitchell commented to
Boston.com, "This allows us to meet consumer demand for eating
more bananas.  And it's great for Chiquita because we can charge
a premium price."

The move is part of Chiquita Brands' plan to use convenience
stores, coffee shops, drug stores, and other outlets to boost
revenue in the North American market, where sales increased 5%
to 2.2 billion pounds of bananas since 2001, compared to the 32%
boost on international sales that resulted to 3.4 billion pounds
over the same period, Boston.com states.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc. Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.


CHIQUITA BRANDS: Amends Credit Pact with Operating Unit
-------------------------------------------------------
Chiquita Brands International Inc. and its operating subsidiary,
Chiquita Brands L.L.C., entered into an amendment effective
March 7, 2007, of their credit agreement dated as of
June 28, 2005, with a syndicate of banks, financial institutions
and other institutional lenders.  This Amendment addresses the
treatment under the Credit Agreement of a US$25 million charge
for the potential settlement of a contingent liability related
to the previously announced U.S. Department of Justice
investigation of the company in connection with payments made by
its former Colombian subsidiary.  Even without the Amendment,
the company was in compliance with the financial covenants under
the Credit Agreement at Dec. 31, 2006.  The Amendment, which
makes certain adjustments in the calculation of financial
covenants relating to the charge and certain legal fees and
expenses, affords the Company greater flexibility to remain in
compliance with the financial covenants under the Credit
Agreement in future periods.

From time to time, some of the lenders and their affiliates have
provided, and may in the future provide, investment banking and
commercial banking services and general financing services to
the Company for which they have in the past received, and may in
the future receive, customary fees.

                  About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama.

                        *     *     *

On Nov. 6, Moody's Investors Service downgraded the ratings for
Chiquita Brands L.L.C., as well as for its parent Chiquita
Brands International, Inc.  Moody's said the outlook on all
ratings is stable.

This rating action follows the company's announcement that had
incurred a USUS$96 million net loss for its 2006 third quarter.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.

S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.




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


* PARAGUAY: Inks Biofuels Development Alliance with Germany
-----------------------------------------------------------
The Paraguayan government said in a statement that President
Nicanor Duarte has signed a strategic alliance with German
counterpart Horst Koehler to develop Paraguay's biofuels,
particularly with German investment.

Business News Americas relates that the accord calls for the
supply of technical and financial resources to support biofuels
sector's growth in Paraguay to lessen domestic fuel costs and
produce biofuels for export to Europe.

Paraguayan Industry and Commerce Minister Jose Maria Ibanez said
in a statement that the nation aims to produce 300 million
liters of biodiesel in 2011.

BNamericas underscores that Paraguay is analyzing installing a
plant to process 100,000 liters of biodiesel in the next few
years.  The government is also planning to launch spurge and
coconut development with the agriculture ministry and financial
institution Credito Agricola de Habilitacion for biodiesel
production.  There are almost 10,000 hectares of spurge in
Paraguay and the nation will develop a plan to harvest coconuts
within five years.

Paraguay also has 85,000 hectares of sugarcane, of which 20% is
used to produce ethanol.  Sugarcane production could be
increased to100,000 hectares, with 40% of the crop for ethanol
production, BNamericas states.

                        *     *     *

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




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


BANCO DE CREDITO: Moody's Reviews B1 Rating for Likely Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the B1 long-term foreign currency deposit rating of
Banco de Credito del Peru, following the same action on the
sovereign ratings.

The bank financial strength rating of Banco de Credito was not
affected by this action.

Moody's also placed these ratings on review for upgrade:

  Banco de Credito del Peru, Panama Branch:

     -- Ba2, long-term foreign currency subordinated notes

  BBVA Banco Continental:

     -- B1 long-term foreign currency deposit rating

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.


BBVA CONTINENTAL: Fitch Changes Outlook to Positive from Stable
---------------------------------------------------------------
Fitch Ratings revised BBVA - Banco Continental's long-term
foreign currency Issuer Default Rating Outlook to Positive from
Stable after the rating action that assigned a Positive Outlook
to Peru's sovereign ratings.  All other BBVA - Banco Continental
ratings remain unchanged as:

   -- Foreign currency long-term IDR 'BBB-', Outlook revised
      to Positive;

   -- Foreign currency short-term IDR 'F3';

   -- Local currency long-term IDR 'BBB', Outlook Stable;

   -- Local currency short-term IDR 'F3';

   -- Individual rating 'C/D'; and

   -- Support rating '2'.

As the foreign currency IDR of BBVA Continental is constrained
by Peru's Country Ceiling (currently rated 'BBB-' by Fitch), in
the event of an upgrade of Peru's sovereign ratings (including
the country ceiling), the bank's rating would also be upgraded.

BBVA Continental is Peru's second largest bank, with a market
share of over 25% of loans as of December 2006.  Holding
Continental (50% BBVA, 50% Grupo Brescia) controls 92.08% of the
bank, the rest being held mainly by institutional investors.
While BBVA holds 46% of BBVA Continental, the bank is fully
integrated within BBVA's network, policies and management, and
is strategically important to BBVA's regional strategy in Latin
America, in turn an important part of its global franchise. BBVA
appoints BBVA Continental's CEO, CFO and Risk Manager.

BBVA Continental's foreign currency IDR is at Peru's Country
Ceiling, and its local currency IDR is a notch above Peru's
sovereign rating; BBVA Continental's individual rating reflects
its important local franchise consolidated through its
impressive growth, its improved asset quality and adequate
liquidity, but is restrained by its relatively concentrated
deposits and its relatively high leverage compared to regional
peers; the IDRs reflect the support of Spain's Banco Bilbao
Vizcaya Argentaria (BBVA, rated 'AA-' by Fitch).

Headquartered in Lima, Peru, BBVA Banco Continental --
http://www.bbvabancocontinental.com-- is the second largest
commercial bank in Peru.  As of September 2006, had total loans
of US$3.6 billion and total deposits of US$4.1 billion.  It has
built an extensive network throughout the country with 215
branches, 342 ATMs and 2,868 employees.


BBVA CONTINENTAL: Moody's Reviews B1 Rating for Likely Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the B1 long-term foreign currency deposit rating of BBVA
Banco Continental, following the same action on the sovereign
ratings.

The bank financial strength rating of BBVA Continental was not
affected by this action.

Moody's also placed these ratings on review for upgrade:

   Banco de Credito del Peru:

     -- B1 long-term foreign currency deposit rating

  Banco de Credito del Peru, Panama Branch:

     -- Ba2, long-term foreign currency subordinated notes

Headquartered in Lima, Peru, BBVA Banco Continental --
http://www.bbvabancocontinental.com-- is the second largest
commercial bank in Peru.  As of September 2006, had total loans
of US$3.6 billion and total deposits of US$4.1 billion.  It has
built an extensive network throughout the country with 215
branches, 342 ATMs and 2,868 employees.


QUEBECOR WORLD: Inks Multi-Year Printing Pact with Harlequin
------------------------------------------------------------
Quebecor World Inc. and Harlequin Enterprises Limited have
signed a multi-year agreement for the printing of mass market
paperback books.

Quebecor World produces approximately 145 million paperback
books, representing nearly 44 billion pages, annually for
Harlequin and its imprints, Mira and Silhouette.

Donna Hayes, Publisher & CEO for Harlequin Enterprises stated,
"We are pleased to be extending our successful partnership with
Quebecor World.  Harlequin and Quebecor World share the common
objective of providing our customers with innovative and
rewarding products."

"We are very pleased to extend our partnership with Harlequin
helping them to continue to grow their business," said Kevin J.
Clarke, President of Quebecor World Book and Directory
Publishing Services.  "We are proud of the long history between
Quebecor World and Harlequin and look forward to building on the
close working relationship we've developed together over the
years."

Quebecor World's full-service solution for Harlequin ensures
they receive a consistent, top-quality product on-time to meet
their precise onsale and subscriber distribution schedule.
Harlequin's mass market paperbacks will be manufactured on new
Timson presses that are part of Quebecor World's previously
announced three-year retooling program. These presses are the
first in the industry to efficiently produce the new 7-1/2
inches premium size mass market paperback books.  They deliver a
top-quality product faster and with less waste, improving
efficiency and increasing customer value.

                    About Harlequin Enterprises

Harlequin Enterprises Limited -- http://www.eharlequin.com/--
is a publisher of women's fiction.  Its books are published
worldwide in 26 languages and sold in over 109 international
markets.  The company publishes over 115 titles monthly and
publishes more than 1000 authors from around the world.  The
company is a wholly owned subsidiary of Torstar Corporation, a
broadly based media company listed on the Toronto Stock Exchange
(TS.b).

                       About Quebecor World

Quebecor World Inc. (TSX: IQW) (NYSE: IQW) --
http://www.quebecorworld.com/-- provides print solutions to
publishers, retailers, catalogers and other businesses with
marketing and advertising activities.  Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 20, 2006,
Moody's Investors Service downgraded the Corporate Family Rating
of Quebecor World (USA) Inc. to B1 from Ba3, and moved this
benchmark rating to the parent company, Quebecor World Inc.
Related ratings were impacted.  Moody's said the outlook for all
ratings is negative.


* PERU: Moody's Places Ratings on Review for Likely Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade Peru's foreign currency ratings.  The review will
examine the extent to which reduced external credit
vulnerabilities and the presence of lower external debt
indicators have led to a sustained improvement in Peru's
relative credit standing, particularly under medium-term
scenarios that incorporate less favorable international economic
and financial conditions.

The review includes Peru's Ba2 foreign currency country ceiling
for bonds and the government's Ba3 foreign-currency bond rating.
The country bond ceiling is based on the government bond rating
and Moody's assessment of a moderate risk of a payments
moratorium in the event of a government bond default.

The country's B1 ceiling for foreign currency bank deposits also
has been placed on review for an upgrade.  The Baa1 local
currency deposit ceiling and the A3 local currency bond ceiling
-- the highest possible rating that could be assigned to
obligors and obligations denominated in local currency within
the country -- are not on review.

"Peru's external credit indicators have improved significantly,
as evidenced by a continuous decline in external debt ratios, a
strengthened international reserve position, and robust export
growth," said Moody's Vice President Mauro Leos.  "Peru's
external credit indicators are improving and converging towards
the mean values for Ba-rated countries," noted Leos.

Leos said that as part of the review process, Moody's will
evaluate the government's ability to manage adverse external
shocks to public finances and the external accounts, as well as
those resulting from socio-political constraints present in
Peru.  Risks from a less benign international environment could
stem from:

     (i) sustained reduction in commodity prices,
         metals prices in particular;

     (ii) deceleration in world economic growth; and

     (iii) increased financial volatility.

Because of credit risks related to Peru's high share of foreign
currency-denominated government debt, the review will also
include an assessment of efforts by the authorities to address
this situation.  The review will evaluate the anticipated
changes in the currency composition of government debt and the
likely implications for the government's credit risk profile.

At the same time, the review will evaluate the anticipated
impact on Peru's external and fiscal accounts of upcoming
projects in the mining and energy sectors that, once
operational, are expected to have a positive influence on
medium-term growth and export prospects.

Lastly, given the presence of a banking system characterized by
a relatively high, albeit declining, degree of financial
dollarization, the review will evaluate the authorities' ability
to provide support if a financial stress scenario were to
materialize.




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


B&G FOODS: Reports Financial Results for Year Ended Dec. 30
-----------------------------------------------------------
B&G Foods, Inc., released financial results for the quarter and
year ended Dec. 30, 2006.

         Financial Results for the Fourth Quarter

Net sales for the thirteen weeks ended Dec. 30, 2006 (fourth
quarter of 2006), increased 8.3% to US$111.2 million from
US$102.7 million for the thirteen weeks ended Dec. 31, 2005
(fourth quarter of 2005).  The Ortega food service dispensing
pouch and dipping cup acquisition completed in December 2005,
and the Grandma's molasses acquisition completed in January
2006, combined, accounted for US$6.0 million of the net sales
increase.  Gross profit for the fourth quarter of 2006 increased
12.2% to US$28.6 million from US$25.5 million in the fourth
quarter of 2005.  Adjusted gross profit increased 10.9% to
US$28.6 million for the fourth quarter of 2006, from US$25.8
million in the fourth quarter of 2005.  Adjusted gross profit
excludes a restructuring charge of US$0.3 million incurred in
the fourth quarter of 2005 related to the closing of B&G Foods'
New Iberia, Louisiana manufacturing facility.  Operating income
increased 5.3% to US$14.0 million for the fourth quarter of
2006, from US$13.3 million in the fourth quarter of 2005.
During the fourth quarter of 2005, operating income was
negatively impacted by US$0.3 million as a result of the
restructuring charge described above.

Net income was US$2.9 million for the fourth quarter of 2006
compared to US$1.7 million for the fourth quarter of 2005.
Earnings per share of Class A common stock increased to US$0.16
in the fourth quarter of 2006 from US$0.12 in the fourth quarter
of 2005 and loss per share of Class B common stock for the
fourth quarter of 2006 was US$0.05 compared to US$0.09 in the
fourth quarter of 2005.

For the fourth quarter of 2006, EBITDA (see "About Non-GAAP
Financial Measures" below) increased 7.3% to US$16.1 million
from US$15.0 million for the fourth quarter of 2005.  Adjusted
EBITDA for the fourth quarter of 2005, which excludes the
restructuring charge, was US$15.3 million.  There were no
adjustments to EBITDA for the fourth quarter of 2006.

David L. Wenner, Chief Executive Officer of B&G Foods, stated,
"Throughout fiscal 2006, we recorded consistent top and bottom
line gains while effectively managing our business through
various cost increases.  Last year's results were driven both by
our internal growth initiatives and by acquisitions, and we
anticipate that our recently completed Cream of Wheat
acquisition will be similarly beneficial to B&G Foods' going
forward.  We are pleased with our accomplishments and believe
our robust portfolio of brands leaves us very well positioned to
continue executing our strategies in fiscal 2007 and beyond."

            Financial Results for Fiscal 2006

Net sales for the fifty-two weeks ended Dec. 30, 2006 (fiscal
2006), increased 8.4% to US$411.3 million from US$379.3 million
in the fifty-two weeks ended Dec. 31, 2005 (fiscal 2005).  The
Ortega food service dispensing pouch and dipping cup acquisition
and the Grandma's molasses acquisition combined, accounted for
US$20.2 million of the net sales increase, and a temporary co-
packing arrangement accounted for US$3.0 million of the net
sales increase.  Gross profit for fiscal 2006 increased 10.4% to
US$114.3 million from US$103.5 million in fiscal 2005.  Adjusted
gross profit increased 6.5% to US$114.3 million for fiscal 2006,
from US$107.3 million in fiscal 2005.  Adjusted gross profit
excludes a restructuring charge of US$3.8 million incurred in
fiscal 2005 related to the closing of the New Iberia
manufacturing facility.  Operating income increased 10.9% to
US$61.0 million during fiscal 2006, compared to US$55.0 million
in fiscal 2005.  Operating income for fiscal 2005 was negatively
impacted by US$3.8 million as a result of the fiscal 2005
restructuring charge.  Operating income for fiscal 2006 was
positively impacted by US$0.5 million as a result of the gain on
the sale of the New Iberia manufacturing facility.

Net income was US$11.6 million for fiscal 2006 compared to
US$8.0 million for fiscal 2005.  Earnings per share of Class A
common stock increased to US$0.65 for fiscal 2006 from US$0.53
for fiscal 2005 and loss per share of Class B common stock
decreased to US$0.20 for fiscal 2006 from US$0.33 for fiscal
2005.

EBITDA for fiscal 2006 increased 11.5% to US$69.0 from US$61.9
million in fiscal 2005.  Adjusted EBITDA for fiscal 2005, which
excludes the fiscal 2005 restructuring charge, was US$65.8
million.  There were no adjustments to EBITDA for fiscal 2006.

                        Recent Events

On Feb. 25, 2007, B&G Foods completed the purchase of the Cream
of Wheat and Cream of Rice brands from Kraft Foods Global, Inc.,
for the previously announced price of US$200 million in cash,
subject to a post-closing adjustment for inventory at the
closing date.  B&G Foods used the proceeds of an additional
US$205 million of term loan borrowings under its newly amended
and restated credit facility to fund the acquisition and pay
related transaction fees and expenses.

Introduced in 1893, Cream of Wheat is among the leading brands,
and one of the most trusted and widely recognized brands, of hot
cereals sold in the United States.  The Cream of Wheat and Cream
of Rice brands generated net sales of approximately US$60
million in 2006.  Cream of Wheat is available in original 10-
minute, 2-1/2-minute and one-minute versions, and also in
instant packets of original and other flavors, including Apples
'n Cinnamon, Maple Brown Sugar and Strawberries 'n Cream.  Cream
of Wheat and Cream of Rice are distributed nationally in various
retail and food service channels.

            About Non-GAAP Financial Measures

Certain disclosures in this press release include "non-GAAP
(Generally Accepted Accounting Principles) financial measures.
"A non-GAAP financial measure is defined as a numerical measure
of B&G Foods' financial performance that excludes or includes
amounts so as to be different than the most directly comparable
measure calculated and presented in accordance with GAAP in B&G
Foods' consolidated balance sheets and related consolidated
statements of operations, changes in stockholders' equity and
comprehensive income and cash flows.  B&G Foods presents EBITDA
(net income before net interest expense, income taxes,
depreciation and amortization) and adjusted EBITDA (EBITDA as
adjusted for restructuring charges incurred in fiscal 2005)
because B&G Foods believes they are useful indicators of its
historical debt capacity and ability to service debt.  B&G Foods
also presents this discussion of EBITDA and adjusted EBITDA
because covenants in the indenture governing its senior notes,
its credit facility and the indenture governing its senior
subordinated notes contain ratios based on these measures.

A reconciliation of EBITDA and adjusted EBITDA with the most
directly comparable GAAP measure is included below for the
thirteen and fifty-two weeks ended Dec. 30, 2006 and
Dec. 31, 2005, along with the components of EBITDA and adjusted
EBITDA.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2007, Standard & Poor's Ratings Services affirmed its
loan and recovery ratings on B&G Foods Inc.'s proposed senior
secured credit facilities, following the announcement that the
company will increase the term loan C facility by US$5 million.
Pro forma for the increased add-on portion, the facilities will
total US$230 million.  The secured loan rating is 'B+' (one
notch above the 'B' corporate credit rating) and the recovery
rating is '1', indicating the expectation for full (100%)
recovery of principal in the event of a payment default.

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2007, Moody's Investors Service confirmed the B2
corporate family rating, the Ba2 senior secured bank debt
ratings and the Caa1 senior subordinated notes rating of B&G
Foods, Inc.  Moody's also lowered the rating on the company's
senior unsecured notes to B3 from B1.  The rating outlook is
stable.  These rating actions conclude the review for possible
downgrade begun on Jan. 24, 2007, following the company's
announcement of its plan to make a US$200 million debt-funded
acquisition of the Cream of Wheat and Cream of Rice brands from
Kraft Foods, Inc.  In addition, Moody's assigned a Ba2 rating to
the company's new US$225 million senior secured term loan.


COOPER COMPANIES: Reports US$219.4MM Net Income in First Quarter
----------------------------------------------------------------
The Cooper Companies Inc. reported results for the fiscal first
quarter of 2007.

                 First Quarter Highlights

  *  Revenue US$219.4 million, 7% above first quarter 2006, 4%
     above in constant currency.  CooperVision (CVI) revenue
     US$183.6 million, up 1% in constant currency;
     CooperSurgical (CSI) revenue US$35.8 million, up 19% with
     10% organic growth.

  *  Reported EPS 12 cents.  These earnings include share-based
     compensation expenses of 12 cents, acquisition and
     restructuring expenses, intellectual property and
     securities litigation costs, write-off of net deferred
     financing costs and acquired in-process research and
     development totaling US$22.8 million net of tax, or 48
     cents per diluted share.

Commenting on the quarter's performance, Robert S. Weiss,
Cooper's chief operating officer said, "Cooper's revenue and
related earnings in the first quarter were in line with our
expectations and globally we gained market share during the
quarter"

"CooperVision continued to expand its specialty contact lens
offerings in the United States this quarter as we introduced
Biomedics EP(tm), a multifocal lens for emerging presbyopes,
Proclear 1 Day and Proclear(r) r toric multifocal."

"We continue to increase our silicone hydrogel production
capacity. Four lines are now producing lenses as we support our
existing customers and prepare to expand our distribution in the
United States during the summer.  A fifth line is dedicated to
research and development activities and is designed to improve
the manufacturing process. Our target remains to have ten lines
operating by the end of fiscal 2007."

"Our ability to increase capacity and reduce production costs
for our silicone hydrogel products depends on continuing to
improve the manufacturing processes used on the new
manufacturing platform for these products.  Silicone hydrogel
products, while essential to CVI's long-term success, are not
expected to begin to contribute significantly to our revenue
growth until the second half of 2007."

"Our single-use marketing program was introduced to
practitioners in the United States beginning in January, and we
believe that the conversion of the single-use production lines
to the more convenient strip-blister format provides us with
adequate capacity to support this effort."

"The logistics problems that we experienced in the fourth
quarter of 2006 are largely behind us, and we are on track to
complete the consolidation of our worldwide distribution
activities into three regional centers during 2007."

"We continue to expect that by the end of 2007, the integration
of Ocular Sciences and CooperVision will be generating in excess
of US$50 million in annualized cost savings, and more than US$10
million in annualized tax savings from a lower effective tax
rate."

Commenting on CooperSurgical's performance, Mr. Weiss noted,
"Our women's healthcare business continued its strong
performance with sales up 19% in the first fiscal quarter, 10%
on an organic basis."

Lone Star Medical Products, Inc., the line of women's healthcare
surgical products that the company acquired in November 2006,
contributed US$2.5 million of revenue during the first fiscal
quarter of 2007.  In February, Cooper acquired Wallach Surgical
Devices, Inc., a manufacturer of gynecological devices used
primarily in practitioners' offices with annual revenue of about
US$10 million.  The Wallach acquisition is expected to be
accretive to earnings per share within its first year of
operation.

                 Non-GAAP Financial Measures

In addition to results in accordance with GAAP, Cooper
management also considers non-GAAP results as important
supplemental financial measures in evaluating its ongoing core
operating results and in making operating decisions.

Non-GAAP earnings and guidance exclude from GAAP results share-
based compensation expense and other items that management does
not consider part of core operating performance. Management uses
these non-GAAP results to compare actual operating results to
its business plans, assess expectations after the integration
period, calculate debt compliance covenants, allocate resources
and evaluate potential acquisitions.  Management believes that
presenting these non-GAAP results also allows investors, as well
as management, to evaluate results from one period to another on
a comparable basis.

                 Fiscal First Quarter 2007 Revenue
                        And Expense Summary

Cooper's reported first quarter revenue of US$219.4 million was
7% above last year's first quarter, 4% in constant currency.

Reported gross margin was 59% compared with 63% in the prior
year's first quarter and in 2007 includes costs for items
considered unrelated to core operating performance.

Selling, general and administrative expense grew 15% and was 44%
of sales compared with 41% in last year's first quarter.  The
first quarter 2007 results include US$6.7 million for share-
based compensation expense (3% of sales) and US$5.9 million (3%
of sales) for costs associated with other items considered
unrelated to core operating performance as listed in the table
below "Reconciliation of Non-GAAP Earnings to GAAP Net Income."

Research and development expense in the quarter was US$11.1
million including the write-off of US$4.2 million of acquired
assets and US$175 thousand for share-based compensation expense.
R&D expenses were 3% of sales, the same as in last year's first
quarter, excluding the write-off of acquired assets in 2007.
CVI's R&D activities include programs to develop silicone
hydrogel products and single-use new product development.

Operating margin was 7% for the quarter compared with 16% in
last year's first quarter.  After excluding the share-based
compensation expense and other items considered unrelated to
core operating performance as described above - US$25.2 million
in the quarter or 12% of sales - operating margin was 19%
compared with 20% in last year's first quarter on a comparable
basis.

Interest expense was 4% of sales, the same as in last year's
first quarter after excluding US$882 thousand and US$4.1
million, respectively, for the write-off of deferred financing
costs.

The effective tax rate for the quarter (provision for taxes
divided by income before taxes) was 21.2%, 14.5% excluding items
considered unrelated to core operating performance as listed in
the table below "Reconciliation of Non-GAAP Earnings to GAAP Net
Income." For the foreseeable future, Cooper anticipates an ETR
in the 13% - 15% range for its core operating business.

           Balance Sheet and Cash Flow Highlights

  *  As announced earlier, Cooper completed a financing on
     Jan. 31, 2007, which included a private placement of
     US$350 million aggregate principal amount of senior notes
     due 2015 and a US$650 million multicurrency revolving
     credit facility maturing in five years, which is not
     subject to amortization.

  *  Adjusted EBITDA, as defined in our credit agreement, was
     US$57.9 million in the first quarter compared with US$54.4
     million in the first quarter last year.

  *  At the end of the fiscal first quarter, Cooper's days
     sales outstanding were 64 days, compared with 68
     days at last year's first quarter.  Cooper expects future
     DSOs in the mid 60's.

  *  Inventory months on hand was 8.3 months at the end of the
     fiscal quarter, versus 7.8 months at last year's first
     quarter, and 8.0 months at last year's fourth fiscal
     quarter, in line with expectations, as inventory is built
     to support new product launches and distribution center
     consolidations.

  *  Capital expenditures were US$50 million in the quarter
     primarily to expand manufacturing capacity, consolidate
     distribution centers and to continue the rollout of new
     information systems in selected locations.  Cooper expects
     capital expenditures in fiscal 2007 of about US$160 million
     (which included US$10 million previously reported in fiscal
     2006) primarily for expanded manufacturing capacity.

  *  Depreciation and amortization expense was US$16.1 million
     for the quarter.

                        2007 Guidance

To adjust for the Wallach acquisition, Cooper is revising
revenue guidance for 2007 from the previous range of US$920
million to US$960 million to US$927 million to US$967 - CVI
revenue remains unchanged at US$780 million to US$810 million
and CSI revenue increases to US$147 million to US$157 million.

The Cooper Companies, Inc. (NYSE:COO)
-- http://www.coopercos.com/-- manufactures and markets
specialty healthcare products through  its CooperVision and
CooperSurgical units. Corporate offices are in Lake Forest and
Pleasanton, Calif.

CooperVision -- http://www.coopervision.com/-- manufactures and
markets contact lenses and ophthalmic surgery products.
Headquartered in Lake Forest, Calif., it manufactures in
Albuquerque, N.M., Juana Diaz, Puerto Rico, Norfolk, Va.,
Rochester, N.Y., Adelaide, Australia, Hamble and Hampshire
England, Ligny-en-Barrios, France, Madrid, Spain and Toronto.

CooperSurgical -- http://www.coopersurgical.com/-- manufactures
and markets diagnostic products, surgical instruments and
accessories to the women's healthcare market. With headquarters
and manufacturing facilities in Trumbull, Conn., it also
manufactures in Pasadena, Calif., North Normandy, Ill., Fort
Atkinson, Wis., Montreal and Berlin.

Proclear(R) and Biomedics(R) are registered trademarks and
Biomedics XC(TM) and Biofinity(TM) are trademarks of The Cooper
Companies, Inc., and its subsidiaries or affiliates.

                        *     *     *

As reported in Troubled Company Reporter on Jan. 24, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Lake Forest, California-based Cooper Companies Inc.
to 'BB-' from 'BB'.


POSADA PORLAMAR: Case Summary & 18 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Posada Porlamar Inc.
        aka La Pared Restaurante
        P.O. Box 3113, La Parguera
        Lajas, Puerto Rico 00667
        Tel: (787) 899-4015

Bankruptcy Case No.: 07-01063

Type of Business: The Debtor operates a hotel in the coastal
                  town of La Parguera, Puerto Rico.
                  See http://www.posadaporlamar.info/

Chapter 11 Petition Date: March 1, 2007

Court: District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtor's Counsel: Victor Gratacos Diaz, Esq.
                  P.O. Box 7571
                  Caguas, PR 00726
                  Tel: (787) 746-4772

Total Assets: US$2,345,510

Total Debts:  US$2,655,589

Debtor's 18 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Occidental Financial Corp.       Insurance Debt       US$64,160
P.O. Box 3289
Mayaguez, PR 00681-3289

Departamento De Hacienda         Tax Debt             US$56,917
P.O. Box S-2501
San Juan, PR 00936

Internal Revenue Service         Tax Debt             US$45,095
P.O. Box 21126
Philadelphia, PA 19114

Crim                             Taxes Owed for       US$42,000
                                 Real Property

                                 Tax Debt              US$2,188

Compania De Turismo              Tax Debt             US$35,292

Banco Desarrollo Economico       1st Mortgage      US$2,325,000
                                 Over Property         Secured:
                                                   US$2,300,000
                                                     Unsecured:
                                                      US$25,000

R&G Premier Bank                 Credit Card Debt     US$24,804

American Express                 Credit Card Debt     US$12,434

Muncipio De Lajas                Tax Debt             US$12,192

El Nuevo Dia, Inc.               Service Debt          US$9,725

MAPFRE                           Insurance Debt        US$5,131

Triple SSS, Inc.                 Insurance Debt        US$3,852

Fondo Del Seguro De Estado       Tax Debt              US$3,000

First Medical                    Insurance Debt        US$2,685

Rubero Brothers Inc.             Service Debt          US$2,657

Department of Labor              Tax Debt              US$2,066

Secretario De Hacienda           IVU Tax               US$2,000

Casiano Communication            Service Debt          US$1,300




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


BRITISH WEST: Appeals Court Ruling to Freeze Airline's Assets
-------------------------------------------------------------
The Appeal Court in Trinidad and Tobago has granted Irenia
Patterson, British West Indies Airlines' former area manager in
Jamaica, an injunction that orders the airline not to dispose of
US$3.7 million of its assets, Radio Jamaica reports.

Radio Jamaica underscores that US$3.7 million is the value of
Ms. Patterson's claim.

The Trinidad Express relates that the court ruled that an
injunction filed by the Aviation, Communication and Allied
Workers Union against BWIA will remain in force until
April 23, 2007, when the matter will be heard.

According to Radio Jamaica, the injunction was filed days before
British West's closure on Dec. 31, 2006, on behalf of Ms.
Paterson, who was allegedly seeking almost US$2 million in
outstanding payments, as the sum offered to her by British West
was almost US$2 million less than she expected.

British West filed an appeal on the injunction, challenging
whether the Trinidad and Tobago court had jurisdiction to
determine the matter since it involved an area manager who
worked in Jamaica, Radio Jamaica states.

British West Indies aka BWIA was founded in 1940, and for more
than 60 years had been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

The airline had reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management was a major issue
in the company.  A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.

The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and launch
the Caribbean Airlines.




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


NAVIOS MARITIME: Earns US$21.1 Million in Year Ended Dec. 31
------------------------------------------------------------
Navios Maritime Holdings Inc. reported its financial results for
the fourth quarter and the year ended Dec. 31, 2006.

Ms. Angeliki Frangou, Chairman and CEO of Navios, stated: "I am
proud of our transformation.  Since August of 2005, Navios has
grown its owned fleet by 250%.  This growth has enabled Navios
to achieve economies of scale and keep operating costs below the
industry average.  Notwithstanding this growth, Navios has also
been able to continue to solidify its balance sheet by securing
additional equity and refinancing its debt through the public
and private markets.  This balance sheet should allow further
rational expansion while providing current and future cash
returns to investors.  We believe that Navios' flexible business
model, with different business lines, will mitigate industry
risk and permit Navios to continue to consolidate its leadership
position in the dry bulk market.  Today, Navios is the largest
US-listed dry bulk carrier, and we intend to opportunistically
make additional vessel and other acquisitions in 2007."

                          Equity

Navios raised a total of US$136.7 million (US$65.5 million in
2006 and US$71.2 million in 2007) from two tender offers for
warrants.

                          Debt

Navios concluded a US$300.0 million bond offering, with an 8-
year term and coupon of 9.5%.  In February 2007, Navios also
concluded a syndicated bank facility of US$400.0 million.  The
rate on the bank facility is initially Libor plus 70 basis
points.  The net result of the bond offering and the loan
facility was to significantly reduce annual debt service during
the term of the loans.

                        Corporate

Navios repositioned its Risk Management Business, composed of
Forward Freight Agreements, Contracts of Affreightment and
short-term chartering, to provide sustainable supplemental cash
flow while reducing downside volatility.

                        Logistics

Navios launched a strategic initiative to capitalize on the
inherent potential of the logistics business in Navios' facility
in Uruguay.

                    Secured Cash Flow

Navios entered into long-term time charters for 20 vessels with
an average length of 1.8 years, thereby improving secured
revenue and insulating the company from volatility in the dry
bulk market.

                     Fleet Expansion

Navios exercised options on five panamaxes and two handymaxes,
for an aggregate price of US$138.6 million.

Navios entered into one new long-term charter on an 80,000 DWT
new building panamax for delivery in 2011 for zero capital
outlay.

                        Dividends

In respect of 2006, Navios will have paid out a total of US$17.9
million in dividend payments in addition to US$3.0 million paid
in respect of 2005.

                    Recent Activities

Navios acquired Kleimar NV on Feb. 2, 2007, entering the
capesize sector of the dry bulk industry.

Navios listed its shares of common stock and warrants on the New
York Stock Exchange on Feb. 22, 2007.

                   Financial Highlights

Navios grew EBITDA by 32%, excluding a one-time charge, to
US$108.5 million in 2006 from US$82.2 million in 2005.

Net debt to book capitalization was reduced to 53.7% as at
Dec. 31, 2006 from 64.4% as at Dec. 31, 2005.

Ms. Angeliki Frangou, Chairman and CEO of Navios, stated: "2006
was a year where we evolved our organization significantly.  We
also delivered strong financial results as Navios grew EBITDA,
excluding a one time charge, by 32%, while maintaining operating
costs below industry average and a youthful fleet with an
average age of 4.6 years."

For the following results and the selected financial data
presented herein, Navios has compiled consolidated statement of
operations for the three month period ended Dec. 31, 2006, and
2005, consolidated statement of operations for the year ended
Dec. 31, 2006, and combined statement of operations for the year
ended Dec. 31, 2005 (including the predecessor business from
Jan. 1, 2005, to Aug. 25, 2005, and the successor business for
the period from Aug. 26, 2005, to Dec. 31, 2005).  The 2006 and
2005 information was derived from the audited financial
statements of the successor and predecessor.  Navios has
prepared combined statement of operations information for 2005,
solely to enable comparisons for the years ended Dec. 31, 2006
and 2005.  The combined information and EBITDA are non-US GAAP
financial measures and should not be used in isolation or
substitution for the predecessor and successor results.

Navios earns revenue from both owned and chartered-in vessels,
contracts of affreightment and port terminal operations.

Revenue from vessels operations for the three months ended
Dec. 31, 2006, was US$51.1 million as compared to US$54.7
million for the same period during 2005.  The decline in
revenues is mainly attributable to a decline in the average time
charter market resulting in lower TCE per day in 2006 as
compared to those in 2005.  The achieved TCE rate per day,
excluding FFAs, decreased 18.0% from US$21,583 per day in the
fourth quarter of 2005 to US$17,692 per day in the same period
of 2006.  The decline was partially mitigated by the available
days for the fleet, which increased 21.7% from 2,261 days in the
fourth quarter of 2005 to 2,751 days in the same period of 2006.

Revenue from port terminal operations was approximately US$1.4
million in the fourth quarter of 2006 as compared to US$1.2
million during the same period of 2005.  The port terminal
throughputs in the fourth quarter of 2006 were 417,400 tons as
compared to 351,400 tons in the same period of 2006.

EBITDA for the fourth quarter of 2006 of US$19.0 million was
adversely affected by a one-time charge relating to the write
off of a doubtful receivable of US$5.4 million.  Ignoring the
effect of this one time charge, EBITDA for the quarter would
have been US$24.3 million as compared to US$18.8 million for the
same period of 2005.  The increase in EBITDA of US$5.5 million
was primarily due to a gain in FFA trading of US$0.4 million for
the fourth quarter of 2006 as compared to a loss of US$1.9
million for the same period of 2005, the reduction in time
charter, voyage and port terminal expenses by US$9.8 million
from US$29.4 million in the fourth quarter for 2005 to US$19.6
million in the same period of 2006, the reduction in general and
administrative expenses by US$0.6 million to US$3.1 million in
the fourth quarter of 2006 from US$3.7 million in the same
period of 2005.  This overall favorable variance of US$12.7
million was mitigated by the decrease in revenues of US$3.5
million, the increase in direct vessel expenses of US$2.8
million (excluding the amortization of dry docking and special
survey costs) million in the fourth quarter of 2006 and net
increase in all other expense categories by US$0.9 million.

Net loss for the fourth quarter ended Dec. 31, 2006, was
affected by one time charges relating to write offs of a
doubtful receivable of US$5.4 million and deferred loan
financing costs of US$5.7 million due to the partial repayment
of the HSH bank loan. Ignoring the effects of these one-time
charges, net income for the quarter would have been US$5.3
million as compared to US$1.1 million net income for the
comparable period of 2005.  The resultant increase of net income
by US$4.2 million was due to the US$5.5 million increase in
EBITDA and the overall decrease in depreciation and amortization
by US$0.8 million. The increase was mitigated by a US$2.1
million increase in interest expense.

Navios earns revenue from both owned and chartered-in vessels,
contracts of affreightment and port terminal operations.

Revenue from vessels operations for the year ended
Dec. 31, 2006, was US$197.5 million as compared to US$227.0
million for the same period during 2005.  This decline in
revenues is mainly attributable to a decline in the average time
charter market resulting in lower TCE per day in 2006 as
compared to those in 2005.  The achieved TCE rate per day,
excluding FFAs, decreased 25.7% from US$22,760 per day in 2005
to US$16,906 per day in 2006.  The decline was partially
mitigated by the available days for the fleet, which increased
13.5% from 9,147 days in 2005 to 10,382 days in 2006.

Revenue from port terminal operations for the year ended
Dec. 31, 2006, was US$8.5 million as compared to US$8.1 million
in the same period of 2005.  This is attributable to the
increased throughputs in the year ended Dec. 31, 2006, of
2,216,800 tons as compared to 2,060,000 tons in the same period
of 2005.

EBITDA for the year ended Dec. 31, 2006 of approximately
US$103.2 million was affected by a one-time charge relating to
the write off of a doubtful receivable of US$5.4 million.
Without this one time charge, EBITDA for the year would have
been US$108.5 million for 2006 as compared to US$82.2 million
for the same period of 2005.  This resultant US$26.4 million
increase in EBITDA was primarily due to (a) a US$19.7 million
increase in gain from FFAs (b) a US$46.6 million reduction in
time charter and voyage and port terminal expenses, due to the
redelivery of higher cost chartered-in vessels and the exercise
of purchase options that resulted in the expansion of the owned
fleet.  The above overall favorable variance of US$66.3 million
was mitigated by the decrease in revenues by US$28.9 million and
the US$11.0 million increase in direct vessel expenses
(excluding the amortization of deferred dry dock and special
survey costs) as a result of the increase of owned fleet.

Net income for the year ended Dec. 31, 2006, of US$21.1 million
was affected by the one time charges relating to the write offs
of the doubtful receivable of US$5.4 million and deferred loan
financing costs of US$5.7 million due to the partial repayment
of the HSH bank loan.  Without these one time charges, net
income for the year would have been US$32.1 million as compared
to US$53.5 million for the comparable period of 2005.
Notwithstanding the US$26.4 million increase in EBITDA, net
income decreased by US$21.4 million due to a:

   (a) US$14.9 million increase in depreciation and amortization
       of dry docking and special survey costs, due to the
       expansion of the owned fleet arising from the exercise of
       purchase options,

   (b) US$6.1 million increase in amortization costs related to
       the intangible assets as part of the acquisition in
       accordance with purchase accounting principles under US
       GAAP,

   (c) US$26.8 million increase in interest expense, net due to
       additional financing for the acquisition of new vessels.

Navios' cash and cash equivalents balance (including restricted
cash) on Dec. 31, 2006, was US$115.9 million.

                    Acquisition of Kleimar

On Feb. 2, 2007, Navios acquired all of the outstanding share
capital of Kleimar NV for a cash consideration of US$165.6
million (excluding direct acquisition costs), subject to certain
adjustments.  It is anticipated that the net cash consideration
to be paid for the shares will be approximately US$140.3
million, after taking into account the cash retained on
Kleimar's balance sheet and certain proceeds from an asset sale
triggered by the change in control of Kleimar.  As part of the
acquisition Navios has also assumed Kleimar's outstanding debt
of approximately US$21.3 million.

Kleimar is a Belgian maritime transportation company established
in 1993.  Kleimar has 11 employees and is an owner and operator
of capesize and panamax vessels used in transporting cargoes.
It also has an extensive Contract of Affreightment business, a
large percentage of which involves transporting cargo to China.

Kleimar's fleet is chartered in at an average rate of US$17,477
for the Capesize vessels, and US$12,109 for the Panamax vessels.
The fleet is mainly used to cover the COA's which are secured at
an average Time Charter Equivalent rate of US$28,445 for capsize
and US$12,153 for panamax.

                    Time Charter Coverage

Navios has extended its long-term fleet employment by recently
concluding agreements to charter out vessels for periods ranging
from one to three years.  As a result, as of March 1, 2007,
Navios has currently contracted 84.4%, 49.6% and 11.2% of its
available days on a charter-out basis for 2007, 2008 and 2009,
respectively, equivalent to US$179.0 million, US$127.0 million
and US$27.8 million in revenue, respectively.  The average
contractual daily charter-out rate for the core fleet is
US$20,373, US$22,358 and US$21,969 for 2007, 2008 and 2009,
respectively.  The average daily charter-in rate for the active
long-term charter-in vessels for 2007 is US$9,622.

                       Purchase Option

In December 2006, Navios exercised its option to acquire the
vessel Navios Hyperion, which was delivered on Feb. 26, 2007.
Navios Hyperion is a 2004 built, 75,500 DWT Panamax.  The
vessel's purchase price was approximately US$20.2 million and
its current market value is estimated at US$50.5 million.

Navios has ten additional purchase options exercisable over the
next four years.  Eight from its core fleet and an additional
two purchase options from the fleet acquired from Kleimar.

                         Dividend

The Board of Directors of Navios has declared a quarterly cash
dividend of US$0.0666 per common share, payable on
March 30, 2007, to stockholders of record as of March 19, 2007.

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW) --
http://www.navios.com/-- is a vertically integrated global
seaborne shipping company, specializing in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                        *     *     *

In November 2006, Standard & Poor's Ratings Services assigned
its 'BB-' long-term corporate credit rating to Greece-based
dry-bulk shipping company Navios Maritime Holdings Inc.  At the
same time, Standard & Poor's assigned its preliminary 'B' debt
rating to Navios' proposed US$300-million senior unsecured
bonds.  S&P said the outlook is stable.




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


PETROLEOS DE VENEZUELA: Organizes Panels for Orinoco Transition
---------------------------------------------------------------
Venezuela's state-owned oil firm Petroleos de Venezuela SA has
organized committees that will change Orinoco agreements into
joint ventures where Venezuela will own a 60% minimum stake, in
compliance with the nationalization decree, El Universal
reports.

El Universal relates that partnership accords at the Orinoco oil
strip Ameriven and Petrozuata as well as risk exploration and
shared profits deals in Paria Gulf West will be affected.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2007, President Hugo Chavez was given special powers in
January by the National Assembly to enact laws that would hasten
changes in the hydrocarbons, electricity, power,
telecommunications and other strategic industries.  The
Venezuelan leader decreed, through its special powers, for the
migration of majority stakes in Orinoco projects to the state by
May 1.  While Petroleos de Venezuela seeks to raise its stake in
each project to 60% from 40% on average.

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

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

The foreign partners in the Orinoco projects are:

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

Eulogio Del Pino -- president of Petroleos de Venezuela's
affiliate, Venezuelan Petroleum Corp. -- told El Universal that
the committees will guarantee the efficient transfer of the
operations.

The transition committees will be made up of representatives
from Petroleos de Venezuela and foreign companies, El Universal
states, citing Mr. Del Pino.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: S&P Ups Low B Curr. Ratings After Review
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
currency corporate credit rating on Petroleos de Venezuela S.A.
or PDVSA to 'BB-' from 'B+'.  The rating was removed from
CreditWatch, where it was placed originally on Feb. 8, 2006,
with developing implications and subsequently revised to
CreditWatch Positive on Nov. 1, 2006.  Standard & Poor's also
assigned its 'BB-' long-term local currency corporate credit
rating to PDVSA.  The outlook for all ratings is stable.

"The rating action follows the completion of a full review of
the issuer's operating and financial prospects," said Standard &
Poor's credit analyst Jose Coballasi.

The ratings on PDVSA and its sole shareholder, the Bolivarian
Republic of Venezuela, are tightly linked.  The aforementioned
reflects Standard & Poor's opinion that PDVSA is a public
policy-based institution that plays a central role in meeting
the sovereign's political and economic objectives.  The ties of
ownership and economic interests between PDVSA and Venezuela are
evident in the significant contribution of the oil industry to
government revenues (50%) and the country's exports (90%).  The
sharp increases in direct social spending by PDVSA and recent
investments in non-oil related assets provide further support to
Standard & Poor's opinion.

The ratings assigned to PDVSA also consider the inconsistencies
observed in reported production figures versus other sources and
the absence of an external audit of its reserve base.  In
Standard & Poor's opinion, the heavy weighting toward heavy and
extra-heavy crude in the issuer's reserve base presents
technical and financial challenges that create uncertainty
around its stated production targets.  Furthermore, we are
concerned about the issuer's ability to attract foreign
investment in light of the government's decision to restructure
PDVSA's operating service agreements and to grant PDVSA a
majority share in the heavy oil production and upgrading
projects in the Orinoco Zuata region.  The ratings factor in our
expectations that PDVSA's capital expenditures during the next
couple of years will exceed its operating cash flow generation
and demand a significant increase in its debt leverage.  As a
result, we believe that PDVSA's key financial measures will
weaken and that its exposure to commodity price volatility will
weigh more heavily on its financial performance.

The ratings are supported by PDVSA's position as one of the
leading integrated national oil companies in the world.  PDVSA's
standing in the industry reflects its mandate to develop
Venezuela's considerable proven reserve base, low finding and
development costs, and its ownership of CITGO Petroleum Corp.
(CITGO; BB/Stable/--), one of the leading refiners in the U.S.

The stable outlook incorporates our expectations that PDVSA's
financial performance will weaken during the next couple of
years as a result of higher debt leverage and that production
figures will remain around those posted in 2006.  Financial and
operating performance below our expectations could lead to a
negative rating action.  The absence of timely financial and
operating information could lead to the withdrawal of the
rating.  A positive trend in production figures and additional
comfort regarding production and reserve figures, coupled with
an improvement in the sovereign credit rating on Venezuela,
could lead to a positive rating action.

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


DAIMLERCHRYSLER AG: Blackstone Leads Bidding Race for U.S. Arm
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Blackstone Group is the leading contender to buy DaimlerChrysler
AG's Chrysler Group, Reuters reports, citing The Detroit News as
its source.

According to the report, the private equity firm is moving
forward with a detailed analysis of Chrysler's finances and
operations with an eye toward making a formal bid.

Other possible buyers to the German automaker's troubled U.S.
unit include Cerberus Capital Management, Reuters said, quoting
The Detroit News.

Reuters relates that two sources close to the sales said last
week that a detailed sales prospectus for Chrysler Group bidders
should be completed soon, the first step toward a potential sale
that would unwind the 1998 merger that created DaimlerChrysler.

Private equity firms are expected to be among the potential
bidders for Chrysler that would consider the automaker's sale-
related documents, the sources told Reuters.

                    Lower February Sales

As reported in the Troubled Company Reporter-Europe on March 2,
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.

                       About DaimlerChrysler

Headquartered 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.


* BOOK REVIEW: THE ITT WARS
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Title: THE ITT WARS: An Insider's View of Hostile
                     Takeovers
Author:     Rand Araskog
Publisher:  Beard Books
Paperback:  236 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122387/internetbankru
pt

This book was originally published in 1989 when the author was
Chairman and Chief Executive Officer of ITT Corporation, a
US$25 billion conglomerate with more than 100,000 employees and
operations spanning the globe with an amazing array of
businesses: insurance, hotels, and industrial, automotive, and
forest products.  ITT owned Sheraton Hotels, Caesars Gaming, one
half of Madison Square Garden and its cable network, and the New
York Knickerbockers basketball and the New York Rangers hockey
teams.  The corporation had rebounded from its troubles of the
previous two decades.

Araskog was made CEO in 1978 to make sense of years of wild
acquisition and growth.  Under Harold Greenen, successor to
ITT's founder and champion of "growth as business strategy,"
ITT's sales had grown from US$930 million in 1961 to US$8
billion in 1970 and US$22 billion in 1979.  It had made more
than 250 acquisitions and had 2,000 working units.  (It once
acquired some 20 companies in one month.)

ITT's troubles began in 1966, when it tried to acquire ABC.
National sentiments against conglomerates became endemic; the
merger became its target and was eventually abandoned.  Next
came a variety of allegations, some true, some false, all well
publicized: funding of Salvador Allende's opponents in Chile's
1970 presidential elections; influence peddling in the Nixon
White House; underwriting the 1972 Republican National
Convention.  ITT's poor handling of several antitrust cases was
also making headlines.

Then came recession in 1973.  ITT's stock plummeted from 60 in
early 1973 to 12 in late 1974.  Geneen found himself under fire
and, in Araskog's words, the "succession wars" among top ITT
officers began.  Geneen was forced out in 1077, and Araskog,
head of ITT's Aerospace, Electronics, Components, and Energy
Group, with more than US$1 billion in sales, won the CEO prize a
year later.

Araskog inherited a debt-ridden corporation.  He instituted a
plan of coherent divesting and reorganization of the company
into more manageable segments, but was cut short by one of the
first hostile bids by outside financial interests of the 1980's,
by businessmen Jay Pritzker and Philip Anschutz.  This book is
the insider's story of that bid.

The ITT Wars reads like a "Who's Who" of U.S. corporations in
the 1970s and 1980s.  Araskog knew everyone.  His writing
reflects his direct, passionate, and focused management style.
He speaks of wars, attacks, enemies within, personal loyalty,
betrayal, and love for his company and colleagues.  In the
book's closing sentences, Araskog says, "We fought when the odds
are against us.  We won, and ITT remains one of the most
exciting companies of the twentieth century, we hope to keep the
wagon train moving into the twenty-first century and not have to
think about making a circle again.  Once is enough."

Araskog wrote a preface and postlogue for the Beard Books
edition, and provide us with ten years of perspective as well as
insights into what came next.  In 1994, he orchestrated the
breakup of ITT into five publicly traded companies.  Wagon
circling began again in early 1997 when Hilton Hotels made a
hostile takeover offer to ITT Corporation.  Araskog eventually
settled for a second-best victory, negotiating a friendly merger
with the Starwood Corporation, in which ITT shareholders became
majority owners of Starwood and Westin Hotels, with the
management of Starwood assuming management of the merged entity.

Today, Mr. Araskog heads his own investment company in Palm
Beach, Florida.


                         ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Stella
Mae Hechanova, Francois Albarracin, and Christian Toledo,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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