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        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

          Wednesday, May 24, 2006, Vol. 7, Issue 102

                            Headlines

A R G E N T I N A

CLAXSON INTERACTIVE: First Quarter Net Revenue Reaches US$19.6M
CONSTRUCCIONES TADDIA: Claims Verification Ends on June 20
CRISTAL AUTO: Last Day for Claims Verification Is on June 16
ENVAPOL S.A.: Moves Deadline of Proofs of Claim Filing to June 9
GATTI MUEBLES: Reorganization Proceeds to Bankruptcy

METALURGICA SI-CA: Individual Reports Due in Court on July 6
MUTUAL DE VECINOS: General Reports Due in Court on June 22
PIKER S.R.L.: Extends Proofs of Claim Filing Until June 26
SEED SA: Enters Bankruptcy on Court Orders
SOUTH AMERICAN: Creditors Must File Proofs of Claim by June 22

VERARDO HERMANOS: Claims Verification Deadline Is on June 6

B A H A M A S

WINN-DIXIE: Sets June 2 as Special Bar Date for Add'l. Claimants
WINN-DIXIE: Wants Reddick & Stokes Settlement Agreement Approved

B E R M U D A

FOSTER WHEELER: Appoints Kevin Hagan as VP of Investor Relations
GLOBAL CROSSING: Will Increase Public Offering to 9 Mil. Shares
HELICOPTER LEASE: Creditors Must File Proofs of Claim by May 31
JSDL LIMITED: Sets June 9 as Last Day to File Proofs of Claim
MAN TYKHE: Filing of Proofs of Claims Ends on May 31

B O L I V I A

* BOLIVIA: Comibol Approves Construction of Cerro Rico Plant
* BOLIVIA: IMF Warns of Consequences of Nationalization Decree

B R A Z I L

COMPANHIA ENERGETICA: Brascan Uses Option to Buy Schahin Shares
COMPANHIA SIDERURGICA: Inks Sale & Purchase Pact With Corus
COMPANHIA VALE: Will Sell Copper Mining Rights in Peru
KLABIN SA: S&P Affirms BB Long-Term Corporate Credit Rating
MRS LOGISTICA: Cargo Container Transport Up 22% in First Quarter

NET SERVICOS: Moody's LatAm Puts B1 Rating on BRL650M Debentures
VARIG: BNDES Refuses Loan Applications from 3 Potential Bidders

C A Y M A N   I S L A N D S

AERCAP G: Sets May 25 as Deadline for Proofs of Claim Filing
AQUITANIA FUND: Deadline for Proofs of Claim Filing Is on June 1
AQUITANIA MASTER: Filing of Proofs of Claim Ends on June 1
CAYMAN NITTETSU: Proofs of Claim Filing Deadline Is on June 2
FIVE MILE: Creditors Have Until June 1 to File Proofs of Claim

FIVE MILE (OFFSHORE): Proofs of Claim Must be Filed by June 1
PIERCE STREET: Deadline for Verification of Claims Is on June 1
PRECEPT FOREIGN: Filing of Proofs of Claim Ends on June 2
TCI FOCUS: Sets June 1 as Last Day for Proofs of Claim Filing
URIZEN ACQUISITIONS: Holds Last Shareholders Meeting on June 3

C H I L E

AES CORP: Fitch Affirms B+ Issuer Default Rating

C O L O M B I A

BANCAFE: HSBC Will Pass Up Bidding in Company Auction

* COLOMBIA: Mexico Aims to Boost Trading Relations with Nation

C O S T A   R I C A

DENNY'S CORP: March 29 Balance Sheet Upside-Down by US$260 Mil.

D O M I N I C A

DIGICEL LTD: Plans to Launch Operations in Dominica on May 26

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Spends DOP7 Million on Energy Subsidies

E C U A D O R

* ECUADOR: Imposes State of Emergency on Occidental Oil Fields

E L   S A L V A D O R

* EL SALVADOR: Regulator Posts Monthly Listings of Prepaid Rates

G U A T E M A L A

* GUATEMALA: Slow Reconstruction After Hurricane Draws Criticism

H O N D U R A S

* HONDURAS: Plans to Hold Auction for Mobile License by Year-End

J A M A I C A

AIR JAMAICA: Increasing Flights Due to Higher Summer Demand
MIRANT CORP: MC Asset Recovery Wants BofA to Produce Documents

M E X I C O

AMERICAN TOWER: Board Conducts Probe into Stock Option Practices
AMERICAN TOWER: Stock Option Probe Prompts S&P's Negative Watch

* MEXICO: Will Boost Trading Relations with Panama & Colombia

P A N A M A

* PANAMA: Mexico Aims to Boost Trading Relations with Country

P E R U

* PERU: Passes Law to Allow Services Under Single Concession

P U E R T O   R I C O

ADELPHIA COMMS: Balance Sheet Upside-Down by US$8.36B at Mar. 31
ADELPHIA: DIP Lenders Waive Default on Century/ML Settlement
OCA INC: Committee Hires Loughlin Meghji+Company as Fin. Advisor
OCA INC: Hires Jenner & Block as Committee's Bankruptcy Counsel
MUSICLAND HOLDING: ACD Wants Star(TM) Agreement Filed Under Seal

T R I N I D A D   &   T O B A G O

BWIA WEST: Seeks to Suspend Trading of Shares

U R U G U A Y

CITIBANK N.A.: Posts ARS127 Mil. First Quarter 2006 Profits

V E N E Z U E L A

ELECTRICIDAD DE CARACAS: Listing Shares in Latin Stock Exchange

* VENEZUELA: Will Leave Trade Bloc with Mexico & Colombia


                           - - - - -



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


CLAXSON INTERACTIVE: First Quarter Net Revenue Reaches US$19.6M
---------------------------------------------------------------
Claxson Interactive Group Inc. reported results for the three-
month period ended March 31, 2006.

                    Financial Highlights

Net revenue for the first quarter of 2006 was US$19.6 million, a
10% increase from net revenue of US$17.8 million for the first
quarter of 2005, reflecting the improved performance of Pay TV
and Broadcast Radio.  Operating expense for the three months
ended March 31, 2006 was US$14.8 million, compared to US$14.9
million in the first quarter of 2005.  Operating income for the
three-month period ended March 31, 2006 was US$4.8 million,
compared to US$2.9 million for the three month period ended
March 31, 2005.  Foreign exchange loss for the three-month
period ended March 31, 2006 was US$0.3 million compared to a
foreign exchange gain of US$0.6 million in the same period of
2005.  Net income from continuing operations for the three
months ended March 31, 2006 was US$3.1 million (US$0.15 per
common and US$0.14 per diluted share), compared to US$2.3
million (US$0.11 per common and diluted share) for the same
period in 2005.  Net income for the three months ended March 31,
2006 was US$3.1 million (US$0.15 per common and US$0.14 per
diluted share), compared to US$1.4 million (US$0.07 per common
and diluted share) for the same period in 2005.

During the first quarter of 2006, the average exchange rate of
the Argentine and Chilean currencies compared to the U.S. dollar
depreciated 5% and appreciated 9%, respectively, versus the same
period in 2005.

"We are very pleased with the overall results of the first three
months of 2006. The last few periods, we have seen a consistent
growth in our consolidated net revenues," said Roberto Vivo,
Chairman and CEO. "Particularly in the broadcasting and pay TV
units."

                         Pay TV

Net revenue for the first quarter of 2006 was US$13.5 million, a
10% increase from net revenue of US$12.3 million for the first
quarter of 2005.  The increase in net revenue is principally
attributable to increased advertising sales and other revenues,
mainly production services and programming sales to third
parties, and to a lesser extent subscriber-based fees.

Operating expense (excluding depreciation and amortization) for
the first quarter of 2006 was US$9.1 million, compared to US$9.2
million for the comparable period of 2005.

Operating income for the first quarter of 2006 was US$4.0
million compared to US$2.6 million for the same period in 2005.

As of March 31, 2006, the Company's owned basic and premium
channels reached approximately 50.6 million aggregate
subscribers, a 17% growth compared to its subscriber base as of
March 31, 2005.  Infinito, HTV and FTV were the Company's
channels that reported the strongest growth compared to the same
period in 2005.

                      Broadcast Radio

Net revenue for the first quarter of 2006 was US$6.0 million, an
11% increase from net revenue of US$5.4 million for the first
quarter of 2005.  The increase is attributable to the increase
in audience share in Chile with a corresponding increase in
advertising revenues, as well as a 9% appreciation in the
Chilean peso as compared to 2005.

Operating expense (excluding depreciation and amortization) for
the first quarter of 2006 was US$3.5 million compared to US$3.4
million for the same period in 2005.  The increase is
principally due to the appreciation of the Chilean peso,
partially offset by reduced corporate and administration
expenses.

Operating income for the first quarter of 2006 was US$2.0
million compared to $1.5 million for the same period in 2005.

IberoAmerican Radio Chile's average audience share in the first
quarter of 2006 was 40.1% compared to 39.3% for the same period
of 2005.

                     Broadband & Internet

Net revenue for the first quarter of 2006 was US$48,000 compared
to US$29,000 for the same period in 2005.

Operating expense (excluding depreciation and amortization)
remained constant at US$0.2 million.

Operating loss for the first quarter of 2006 was US$0.2 million,
unchanged when compared to the same period in 2005.

                   Statement of Cash Flows

As of March 31, 2006, Claxson had cash and cash equivalents of
US$25.7 million and financial debt of US$68.4 million including
principal and accrued but unpaid interest.  Future interest
payments on the Company's 8.75% Senior Notes due in 2010,
totaling US$11.2 million as of March 31, 2006, are recorded as
financial debt.

During the first quarter of 2006 Claxson operating activities
generated cash flow of US$3.3 million compared to US$2.4 million
for the same period of 2005.  The difference is primarily due to
improved operating results, partially offset by increased
investment in working capital in 2006, primarily as a result of
the decrease in liabilities.  Cash generated from operating
activities was primarily used for the payment of debt
obligations and for capital expenditures.


                          CLAXSON
                  UNAUDITED BALANCE SHEETS
               (In Thousands of U.S. dollars)


                                      As of       As of
                                     March 31,  December 31,
                                       2006        2005
                                    ---------- ------------
ASSETS

CURRENT ASSETS:
  Cash and cash equivalents          $25,702      $25,126
  Accounts receivable, net            23,923       23,527
  Other current assets                 5,431        7,157
                                     ---------- ------------

     Total current assets             55,056       55,810

PROPERTY AND EQUIPMENT, net           10,174       10,583

PROGRAMMING RIGHTS, net                4,399        4,413

INVESTMENTS IN UNCONSOLIDATED
AFFILIATES                             2,432        2,405

GOODWILL                              52,472       53,164

BROADCAST LICENSES, net               16,084       16,841

OTHER ASSETS                           8,476        8,404
                                     ---------- ------------

TOTAL ASSETS                          $149,093     $151,620
                                     ========== ============

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable, accrued and
  Other liabilities                   $27,139      $28,319
  Current portion of programming
  rights obligations                    3,421        4,688
  Current portion of long-term debt    14,949       14,722
                                     ---------- ------------

     Total current liabilities         45,509       47,729

LONG-TERM LIABILITIES:
  Long-term debt, net of current
  portion                              64,713       67,057
  Other long-term liabilities           2,846        3,103
                                     ---------- ------------

     Total long-term liabilities       67,559       70,160

MINORITY INTEREST                         317          311

SHAREHOLDERS' EQUITY                   35,708       33,420
                                     ---------- ------------

TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY                 $149,093     $151,620
                                     ========== ============



                            CLAXSON

           UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
        (In Thousands of U.S. dollars, except per share data)

                                         Three Months Ended
                                              March 31,
                                         -----------------
                                           2006     2005
                                         -----------------
NET REVENUES:
Subscriber-based fees                    $10,927  $10,556
Advertising                                7,262    6,166
Production services                          572      277
Other                                        822      780
                                         -------- --------
     Total net revenues                    19,583   17,779
                                         -------- --------

OPERATING EXPENSES:
Product, content and technology           (6,605)  (6,942)
Marketing and sales                       (3,699)  (3,138)
Corporate and administration              (3,623)  (3,764)
Depreciation and amortization               (892)  (1,020)
                                         --------- --------
     Total operating expenses             (14,819) (14,864)
                                         --------- --------

OPERATING INCOME                             4,764    2,915

INTEREST EXPENSE                             (541)    (381)

OTHER INCOME, NET                             355      476

FOREIGN CURRENCY EXCHANGE (LOSS) GAIN        (341)     609

NET (LOSS) FROM UNCONSOLIDATED AFFILIATES    (451)    (556)

                                          -------- --------
INCOME BEFORE INCOME TAXES, MINORITY
INTEREST AND DISCONTINUED OPERATIONS        3,786    3,063

INCOME TAXES                                 (693)    (941)

MINORITY INTEREST                             (21)     153

                                          -------- --------
NET INCOME FROM CONTINUING OPERATIONS        3,072    2,275

DISCONTINUED OPERATIONS
(Loss) from operations of discontinued
divisions - net                                 -     (834)
                                          -------- --------

(LOSS) ON DISCONTINUED OPERATIONS               -     (834)
                                          -------- --------

NET INCOME                                  $3,072   $1,441
                                          ======== ========

NET INCOME PER COMMON SHARE:

Income from continuing operations
   Basic                                     $0.15    $0.11
                                          ======== ========

   Diluted                                   $0.14    $0.11
                                          ======== ========

(Loss) on discontinued operations
   Basic and diluted                           $-   $(0.04)
                                          ======== ========

NET INCOME PER SHARE:
Basic                                        $0.15    $0.07
                                          ======== ========

Diluted                                      $0.14    $0.07
                                          ======== ========

NUMBER OF SHARES USED IN PER SHARE
CALCULATIONS:
Basic                                       20,486   20,318
                                          ======== ========

Diluted                                     21,893   21,941
                                          ======== ========


                 About Claxson Interactive

Claxson Interactive Group Inc. distributes content through pay
and broadcast television, radio, and the Internet. It owns or
distributes interests in more than a dozen pay TV channels,
including Playboy TV Latin America (81%).  The company also owns
a handful of Internet businesses (under the El Sitio name).
Claxson, which operates throughout North and South America, was
formed by the 2001 merger of El Sitio and Ibero-American Media
Partners, a joint-venture between the Cisneros Group of
Companies and HM Capital Partners.  CGC and HM Capital together
own about 60% of the company.

                        *    *    *

As reported in the Troubled Company Reporter on Jan. 2, 2006,
Fitch Argentina Calificadora de Riesgo S.A. maintained its
'B(arg)-' rating on US$44.4 million worth of undated
"Obligaciones negociables" bonds issued by Claxson Interactive
Group Inc.


CONSTRUCCIONES TADDIA: Claims Verification Ends on June 20
----------------------------------------------------------
The verification of creditors' proofs of claim against
Construcciones Taddia S.A., a company in liquidation, will end
on June 20, 2006, Infobae reports.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the company's accounting
and business records.

The dates of submission of the reports are yet to be disclosed.

Infobae says that a court based in Buenos Aires had ruled that
the company is bankrupt and appointed Silvia Susana Perez Leon
as trustee.

The trustee can be reached at:

           Silvia Susana Perez Leon
           Avenida Cordoba 850
           Buenos Aires, Argentina


CRISTAL AUTO: Last Day for Claims Verification Is on June 16
------------------------------------------------------------
Guido Mario Salvador -- the trustee of Cristal Auto S.A. -- will
stop verifying creditors' proofs of claim on June 16, 2006, La
Nacion reports.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records.

The dates of submission of these reports are yet to be
disclosed.

Buenos Aires Court No. 6 had converted the company's
reorganization case into bankruptcy, which means the debtor's
assets will be sold and proceeds distributed to creditors.

Clerk No. 12 assists the Court in this case.

The debtor can be reached at:

         Cristal Auto S.A.
         La Rioja 1451
         Buenos Aires, Argentina

The trustee can be reached at:

         Guido Mario Salvador
         Junin 55
         Buenos Aires, Argentina


ENVAPOL S.A.: Moves Deadline of Proofs of Claim Filing to June 9
----------------------------------------------------------------
Buenos Aires' Court No. 25 moved the deadline for the submission
of the proofs of claim of Envapol S.A.'s creditors to
June 9, 2006, from Apr. 17, 2006.  Marcelo Gabriel Dborkin, the
court-appointed trustee, will validate the claims.

The submission of the individual reports on the verified claims
is scheduled for Aug. 7, 2006.  The presentation of the general
report on the company's bankruptcy case will follow on
Sept. 19, 2006.

As reported in the Troubled Company Reporter on March 6, 2006,
Envapol S.A. was declared bankrupt by the city's Court No. 25,
with the assistance of Clerk No. 50.  The court made the ruling
at the behest of Muehlstein Argentina S.R.L., which the company
owes US$6967.19.

The debtor can be reached at:

         Envapol S.A.
         Viamonte 2506
         Buenos Aires, Argentina

The trustee can be reached at:

         Marcelo Gabriel Dborkin
         Callao 295
         Buenos Aires, Buenos Aires


GATTI MUEBLES: Reorganization Proceeds to Bankruptcy
----------------------------------------------------
The reorganization of Gatti Muebles S.A.C.I. has progressed into
bankruptcy.  Argentine news source Infobae relates that a court
in Rosario, Santa Fe, ruled that the company is bankrupt.

The order effectively transfers control of the company's assets
to a court-appointed trustee who will supervise the liquidation
proceedings.  The trustee's name is yet to be disclosed.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the company's accounting
and business records.

The dates of submission of these reports are yet to be
disclosed.

The debtor can be reached at:

           Gatti Muebles S.A.C.I.
           Guemes 2544 Rosario
           Santa Fe, Argentina


METALURGICA SI-CA: Individual Reports Due in Court on July 6
------------------------------------------------------------
Court-appointed trustee Francisco Grossi stopped verifying
claims from bankrupt company Metalurgica SI-CA S.R.L.'s
creditors yesterday, May 23, 2006.  Infobae relates that
verified claims will be used as basis in creating individual
reports, which will be due in court on July 6, 2006.  A general
report is expected in court on Sep. 1, 2006.

A Buenos Aires court declared Metalurgica SI-CA bankrupt.

The debtor can be reached at:

         Metalurgica SI-CA S.R.L.
         San Geronimo 2725
         Santa Fe, Argentina

The trustee can be reached at:

         Francisco Grossi
         Obispo Gelabert 2478
         Santa Fe, Argentina


MUTUAL DE VECINOS: General Reports Due in Court on June 22
----------------------------------------------------------
Ricardo Guillermo Firpo, the court-appointed trustee for the
bankruptcy case of Mutual de Vecinos del Barrio Centenario de
Viale, will present a general report in court on June 22, 2006.

Mr. Firpo stopped verifying creditors' proofs of claim against
the company on March 24, 2006.  The verified claims were used as
basis for the individual reports that were presented in court on
May 9, 2006.

Infobae adds that a court in Parana, Entre Rios, handles the
case.

The trustee can be reached at:

         Ricardo Guillermo Firpo
         San Lorenzo 407 Parana
         Entre Rios, Argentina


PIKER S.R.L.: Extends Proofs of Claim Filing Until June 26
----------------------------------------------------------
Buenos Aires' Court No. 3 extended the deadline for the
creditors' proofs of claim against bankrupt firm Piker S.R.L.
until June 26, 2006.  The submission was initially scheduled on
from April 10, 2006.

Armando Gutman, the court-appointed trustee, will validate the
claims.  Verified claims will then be used as basis for creating
individual reports due in court on Aug. 22, 2006.  A general
report on the case is also expected on Oct. 3, 2006.

As reported in the Troubled Company Reporter on Feb. 8, 2005,
Piker S.R.L. entered bankruptcy under the order made by Court
No. 3 at the behest of Mr. Terencio Ruiz, whom the company owes
US$7,789.66.

The debtor can be reached at:

         Piker S.R.L.
         Pereyra 1781
         Buenos Aires, Argentina

The trustee can be reached at:

         Armando Gutman
         Esmeralda 625
         Buenos Aires, Argentina


SEED SA: Enters Bankruptcy on Court Orders
------------------------------------------
Seed S.A. enters bankruptcy protection after a civil and
commercial tribunal in Rosario, Santa Fe, ordered the company's
liquidation.

The order effectively transfers control of the company's assets
to a court-appointed trustee, who will supervise the liquidation
proceedings.  The name of the trustee has not been disclosed.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the company's accounting
and business records.  The dates of submission of these reports
are yet to be announced.

The debtor can be reached at:

           Seed S.A.
           Pte. Roca 610 Rosario
           Santa Fe, Argentina


SOUTH AMERICAN: Creditors Must File Proofs of Claim by June 22
--------------------------------------------------------------
Creditors of bankrupt company South American Axles S.A. are
required to present proofs of their claims to Jose Larrory, the
court-appointed trustee, by June 22, 2006, La Nacion reports.

Creditors who fail to submit the required documents by June 22
will not qualify for any post-liquidation distributions.

Buenos Aires' Court No. 25 declared the company bankrupt at the
behest of Establecimiento Metal£rgico Ochoteco S.A., which the
company owes US$13,279.48.

Clerk No. 49 assists the court on the case.

The debtor can be reached at:

         South American Axles S.A.
         Viamonte 1550
         Buenos Aires, Argentina

The trustee can be reached at:

         Jose Larrory
         Rodriguez Pena 231
         Buenos Aires, Argentina


VERARDO HERMANOS: Claims Verification Deadline Is on June 6
-----------------------------------------------------------
The verification of creditors' claims for the Verardo Hermanos
S.A. bankruptcy case will end on June 6, 2006, states Infobae.

The bankruptcy order by a court in La Plata, Buenos Aires,
effectively places the company's affairs as well as its assets
under the control of court-appointed trustee, Graciela Mabel
Arevalo.

Ms. Arevalo will examine the claims and will submit the
validation results as individual reports on Aug. 3, 2006.  She
will also present a general report in court on Sep. 18, 2006.

The debtor can be reached at:

         Verardo Hermanos S.A.
         Calle 120 Numero 21, La Plata
         Buenos Aires, Argentina

The trustee can be reached at:

         Graciela Mabel Arevalo
         Calle 12 Numero 883, La Plata
         Buenos Aires, Argentina




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


WINN-DIXIE: Sets June 2 as Special Bar Date for Add'l. Claimants
----------------------------------------------------------------
D. J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in New York, advises the U.S. Bankruptcy Court for the Middle
District of Florida that June 2, 2006, is set as a special bar
date for 35 subsequently identified potential claimants who were
not identified in time to receive notice of the original bar
date established in the Winn-Dixie Stores, Inc., and its debtor-
affiliates' Chapter 11 cases.

Mr. Baker emphasizes that the Special Bar Date is applicable
only to the Subsequently Identified Claimants.

Mr. Baker relates that on May 2, 2006, each of the Subsequently
Identified Claimants was sent a copy of the notice establishing
the Special Bar Date.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people.  The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on Feb. 21,
2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred Apr. 14,
2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through 05-03840).
D.J. Baker, Esq., at Skadden Arps Slate Meagher & Flom LLP, and
Sarah Robinson Borders, Esq., and Brian C. Walsh, Esq., at King
& Spalding LLP, represent the Debtors in their restructuring
efforts.  Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 38; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


WINN-DIXIE: Wants Reddick & Stokes Settlement Agreement Approved
----------------------------------------------------------------
Winn-Dixie Stores, Inc., and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Middle District of Florida to approve
its Settlement Agreement with David A. Reddick and James A.
Stokes.

On Aug. 19, 2002, Mr. Reddick and Mr. Stokes filed a lawsuit
against the Debtors in which judgments were entered in favor of
the Claimants aggregating US$700,000.

An additional US$440,170 judgment was entered against the
Debtors for attorneys' fees and costs.

The Debtors appealed the judgments and obtained a stay of
execution pending appeal by posting a US$1,299,793 supersedeas
bond, D. J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, tells the Court.

Mr. Baker explains that the Supersedeas Bond is secured by a
line of credit agreement between the Debtors and Wachovia Bank,
National Association.  The line of credit agreement is, in turn,
secured by receivables and other collateral, which constitutes
property of the Debtors' estates.

When the Debtors filed for bankruptcy, prosecution of the
appeals was stayed.  The appeals are still pending, Mr. Baker
says.

In the Debtors' chapter 11 cases, the Claimants filed Claim Nos.
9333 and 9335, and their attorneys filed Claim No. 9334, based
on the Judgments.

On Aug. 26, 2005, the parties agreed to participate in a
postpetition mediation of their dispute.  The mediation resulted
in a partial settlement by which the Debtors agreed to pay a
compromised amount on Claim Nos. 9333 and 9335 in return for a
full satisfaction of the Claimants' Judgments and a dismissal of
the related appeal.

As a result, secured claims totaling US$700,000, plus interest,
will be released for cash payments totaling US$615,000.

The salient terms of the Settlement Agreement are:

    (1) Consideration to be provided to the Claimants by the
        Debtors:

        -- US$16,600 to be paid to the Claimants and their
           attorneys, T. A. Delegal, III, Esq., and Delegal Law
           Offices, P.A.;

        -- US$94,200 less normal withholding tax and FICA
           deductions, to each of the Claimants and Delegal Law
           Offices, P.A.;

        -- US$205,000 will be paid to purchase an annuity
           providing periodic payments to each of the Claimants;

        -- dismissal of the Merits Appeals; and

        -- a general release of all claims the Debtors may have
           had against the Claimants save those related to the
           Fee Appeals with respect to any alleged acts
           occurring before the Effective Date of the Settlement
           Agreement; and

    (2) Consideration to be provided to the Debtors by the
        Claimants:

        -- dismissal of the Lawsuit and Merit Appeals with
           prejudice;

        -- withdrawal of all proofs of claim filed by the
           Claimants in connection with the Lawsuit, Merit
           Appeals and Fee Appeals, and waiver of the right to
           receive any distribution in the Chapter 11 cases;

        -- partial release of any claims the Claimants may have
           against the Supersedeas Bond, resulting in a
           US$700,000 reduction in the amount of the bond; and

        -- general releases of all claims the Claimants may have
           had against the Debtors and their agents other than
           in connection with the Fees Judgment and Fee Appeals.

Mr. Baker notes that the Settlement Agreement will:

    (a) compromise a significant secured liability at a discount
        and without the expense and uncertainty inherent in
        protracted litigation; and

    (b) allow the Debtors to reduce the amount of Supersedeas
        Bond, thereby providing them access to US$700,000 on the
        line of credit currently securing the Supersedeas Bond.

Mr. Baker clarifies that the Settlement Agreement does not
resolve the Debtors' objection to Claim No. 9334 or the issues
on appeal relating to the Fees Judgment, which appeal will
continue to be prosecuted.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates stores across the
Southeastern United States and in the Bahamas and employs
approximately 90,000 people.  The Company, along with 23 of its
U.S. subsidiaries, filed for chapter 11 protection on
Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063, transferred
Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos. 05-03817 through
05-03840).  D.J. Baker, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Sarah Robinson Borders, Esq., and Brian C. Walsh,
Esq., at King & Spalding LLP, represent the Debtors in their
restructuring efforts.  Paul P. Huffard at The Blackstone Group,
LP, gives financial advisory services to the Debtors.  Dennis F.
Dunne, Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John
B. Macdonald, Esq., at Akerman Senterfitt give legal advice to
the Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 38; Bankruptcy Creditors' Service, Inc., 215/945-
7000).




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


FOSTER WHEELER: Appoints Kevin Hagan as VP of Investor Relations
----------------------------------------------------------------
Foster Wheeler Ltd. appointed Kevin C. Hagan as vice president
of Investor Relations of Foster Wheeler Inc.  Mr. Hagan will
report to John T. La Duc, executive vice president and chief
financial officer.

Mr. Hagan, who has been with Foster Wheeler for 17 years, was
most recently assistant corporate treasurer, focusing on
management of treasury activities including:

   -- daily cash management,
   -- borrowings,
   -- investment,
   -- cash forecasting and
   -- reporting.

In his new role, Mr. Hagan will be responsible for developing
and executing the company's investor relations program and will
be the company's interface with:

   -- institutional investors,
   -- investment analysts,
   -- brokers and
   -- individual investors.

Mr. Hagan holds a B.S. in Business Administration from the State
University of New York at Buffalo.

Headquartered in Hamilton, Bermuda, Foster Wheeler Ltd.
-- http://www.fwc.com/-- is a global company offering, through
its subsidiaries, 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.

At Dec. 31, 2005, Foster Wheeler's balance sheet showed a
US$341,796,000 equity deficit compared to a US$525,565 equity
deficit on Dec. 31, 2004.

                        *    *    *

On Feb. 7, 2006, Standard & Poor's Ratings Services revised its
outlook on Foster Wheeler Ltd. to stable from negative.  At the
same time, Standard & Poor's affirmed its 'B-' corporate credit
rating and 'CCC+' senior secured debt rating assigned to the
company.


GLOBAL CROSSING: Will Increase Public Offering to 9 Mil. Shares
---------------------------------------------------------------
Global Crossing plans to increase its previously announced
public offering of common stock to 9.0 million shares or to
10.35 million shares if the underwriters' option to purchase
additional shares is exercised in full.  The aggregate size of
the concurrent offering of convertible notes remains unchanged
at US$125 million.

In connection with this increase, STT Crossing Ltd., a wholly-
owned subsidiary of Singapore Technologies Telemedia Pte Ltd.,
has indicated a non-binding interest in purchasing such number
of shares of Global Crossing common stock in the offering as
would be sufficient to result in its ownership of Global
Crossing's voting securities, taking into account Global
Crossing's common stock and Global Crossing's 2.0 percent
Cumulative Senior Preferred Shares, declining to no less than 51
percent after giving effect to expected future dilution due to
certain issuances of shares anticipated under Global Crossing's
stock incentive plan and certain transfers of shares anticipated
under ST Telemedia's stock incentive plan.

Based on the current size of the offering, STT Crossing has
indicated a non-binding interest in purchasing approximately 4.6
million shares of Global Crossing common stock in the offering,
and indicated it is unlikely to participate in the convertible
notes offering conducted concurrently.  STT Crossing is not,
however, obligated to purchase any shares.

The issuer has filed a registration statement, including a
prospectus, with the US SEC for the offering to which this
communication relates.

The prospectus may be requested from:

             Goldman, Sachs & Co.
             Attention: Prospectus Department
             85 Broad St., New York
             New York 10004
             Fax: +1 212 902 9316
             E-mail: prospectus-ny@ny.email.gs.com

                    -- or --

             Morgan Stanley & Co. Incorporated
             Attention: Prospectus Department
             1585 Broadway, New York
             New York 10036
             Fax: +1 866 718 1649
             E-mail: Prospectus@Morganstanley.com

                   About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing
Ltd. -- http://www.globalcrossing.com/-- provides
telecommunication solutions over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, Chile, Mexico, Panama, Peru and Venezuela.
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.  The company filed for chapter 11 protection on
Jan. 28, 2002 (Bankr. S.D.N.Y. Case No. 02-40188).  When the
Debtors filed for protection from their creditors, they listed
US$25,511,000,000 in total assets and US$15,467,000,000 in total
debts.  Global Crossing emerged from chapter 11 on Dec. 9, 2003.

As of Dec. 31, 2005, Global Crossing's balance sheet reflected a
US$173 million equity deficit compared to a US$51 million of
positive equity at Dec. 31, 2004.


HELICOPTER LEASE: Creditors Must File Proofs of Claim by May 31
---------------------------------------------------------------
Creditors of Helicopter Lease International (One) Limited are
given until May 31, 2006, to prove their claims to Robin J.
Mayor, the company's liquidator, or be excluded from receiving
any distribution or payment that the company will make.

Creditors are required to send by the said date their full
names, addresses, descriptions, the full particulars of their
debts or claims, and the names and addresses of their lawyers,
if any, to Mr. Mayor.

A final general meeting will be held at the office of the
liquidator on June 14, 2006, at 9:30 a.m., or as soon as
possible thereafter, for the purposes of:

   -- receiving an account laid before them showing the manner
      in which the winding-up of the company has been conducted
      and its property disposed of and of hearing any
      explanation that may be given by the Liquidator;

   -- by resolution determining the manner in which the books,
      accounts and documents of the company and of the
      Liquidator will be disposed of; and

   -- by resolution dissolving the company.

The company began liquidating assets on May 3, 2006.

The liquidator can be reached at:

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


JSDL LIMITED: Sets June 9 as Last Day to File Proofs of Claim
-------------------------------------------------------------
Creditors of JSDL Limted are given until June 9, 2006, to prove
their claims to Marco Montarsolo, the company's liquidator, or
be excluded from receiving any distribution or payment that the
company will make.

Creditors are required to send by June 9 their full names,
addresses, the full particulars of their debts or claims, and
the names and addresses of their lawyers, if any, to Mr.
Montarsolo.

A final general meeting will be held at the office of the
liquidator on June 23, 2006, at 10:30 a.m., or as soon as
possible, for the purposes of:

   -- receiving an account laid before them showing the manner
      in which the winding-up of the company has been conducted
      and its property disposed of and of hearing any
      explanation that may be given by the Liquidator;

   -- by resolution determining the manner in which the books,
      accounts and documents of the company and of the
      Liquidator will be disposed of; and

   -- by resolution dissolving the company.

The company began liquidating assets on May 16, 2006.

The liquidator can be reached at:

        Marco Montarsolo
        Sofia House
        1st Floor, 48 Church Street
        Hamilton, Bermuda


MAN TYKHE: Filing of Proofs of Claims Ends on May 31
----------------------------------------------------
Creditors of Man Tykhe Strategies Limited are given until
May 31, 2006, to prove their claims to Beverly Mathias, the
company's liquidator, or be excluded from receiving any
distribution or payment that the company will make.

Creditors are required to send by the said date their full
names, addresses, descriptions, the full particulars of their
debts or claims, and the names and addresses of their lawyers,
if any, to Ms. Mathias.

A final general meeting will be held at the office of the
liquidator on June 26, 2006, at 9:30 a.m., or as soon as
possible thereafter, for the purposes of:

   -- receiving an account laid before them showing the manner
      in which the winding-up of the company has been conducted
      and its property disposed of and of hearing any
      explanation that may be given by the Liquidator;

   -- by resolution determining the manner in which the books,
      accounts and documents of the company and of the
      Liquidator will be disposed of; and

   -- by resolution dissolving the company.

The company began liquidating assets on May 11, 2006.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton, HM O9, Bermuda




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


* BOLIVIA: Comibol Approves Construction of Cerro Rico Plant
------------------------------------------------------------
Franklin Mining, Inc., has received a letter from Corporacion
Minera de Bolivia aka Comibol's Technology Department authorizing
construction of an initial 1,000 ton processing plant to be
located at the Cerro Rico.

"As I announced on April 5, Comibol executives have assured
Franklin they will authorize our Joint Venture to construct
sufficient processing capacity for a fully revitalized mining
operation at Cerro Rico de Potosi."  Franklin Mining CEO Jaime
Melgarejo also said, "Last week's release of the San Miguel
Vein's analysis report prompted Comibol's earlier than expected
approval of our first processing plant. We've always assumed
there would be a need for more than one plant. I'm confident the
remaining three analysis reports will confirm the need for
additional processing capacity."

When fully operational, the Franklin Mining, Bolivia and Comibol
Joint Venture will be dedicated to improving mining productivity
at the Cerro Rico and encouraging economic growth in the
surrounding communities. Comibol is Bolivia's national mining
company.  Franklin Mining, Bolivia, a Bolivian corporation, is a
subsidiary of Franklin Mining, Inc.

                        *    *    *

Fitch Ratings assigns 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: IMF Warns of Consequences of Nationalization Decree
--------------------------------------------------------------
The International Monetary Fund cautioned the Bolivian
government of the extensive consequences of its pronouncement on
the nationalization of its oil and gas industry, Agence France-
Presse reports.

Mr. Mahsood Ahmed, and IMF spokesperson told AFP that Bolivia
might be endangering itself of closing its doors on foreign
capital if the international companies are not well-compensated
by the decree.

"In terms of how these aspects are handled, it could have an
impact on the continued availability of domestic and foreign
private capital to be invested in the hydrocarbon sector which
is an important part of the Bolivian economy," Mr. Ahmed related
to AFP.

As previously reported, Pres. Evo Morales made the
nationalization decree public on May 1, and stated the terms
that the international companies have up to 6 months to send
their local production to the state-owned company Yacimientos
Petroliferos Fiscales Bolivianos or YPFB or exit the country.
Many details of the decree remain unclear.

According to AFP, the IMF has a team of experts in Bolivia and
that it is pushing for Bolivia to arrange discussions with the
foreign companies in the 180-day period to talk about
"compensation for the nationalized assets, the nature of new
operating contracts and possibly an increase in export prices to
Brazil and Argentina."

                        *    *    *

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
===========


COMPANHIA ENERGETICA: Brascan Uses Option to Buy Schahin Shares
---------------------------------------------------------------
Companhia Energetica de Minas Gerais -- Cemig, a holder of
public electricity service concessions, disclosed that on
May 16, 2006, Brascan Brasil Ltda. exercised its options to
purchase part of the shares of Schahin in the electricity
transmission companies:

   -- Empresa Amazonense de Transmissao de Energia,
   -- Empresa Paraense de Transmissao de Energia,
   -- Empresa Catarinense de Transmissao de Energia,
   -- Empresa Regional de Transmissao de Energia, and
   -- Empresa Norte de Transmissao de Energia.

This is in accordance with its commitment to best practices in
corporate governance and CVM Instructions 358 and 359 of January
3 and 22, 2002, and pursuant to the Share Purchase Agreements
signed on May 4, 2006, between Cemig, Schahin Holding S.A., MDU
Brasil Ltda. and Brascan Brasil Ltda.

As a result of this transaction the percentage interests held by
each of the stockholders in the acquisition of the holdings of
Schahin in the respective transmission concession holders are
now as follows:

   COMPANY    EATE    ETEP    ECTE    ERTE    ENTE

   CEMIG     50.00%  50.00%  18.75%  36.00%  36.00%
   BRASCAN   50.00%  50.00%  18.75%  36.00%  36.00%
   MDU         -       -     62.50%  28.00%  28.00%

Conclusion of the transaction and acquisition of the shares by
Cemig and its partners are subject to compliance with certain
conditions established in the Agreement including, among others,
approval of the transfer of the shares of the above-mentioned
companies by the Brazilian electricity regulator, Aneel, by the
Brazilian Development Bank Banco Nacional de Desenvolvemento
Economico e Social, and by other financing agents.  The
transaction will also be submitted to the Brazilian monopolies
authority, CADE, in accordance with Law 8884/94.

                        About Cemig

Companhia Energetica de Minas Gerais --http://www.cemig.com.br/
-- is one of the largest and most important electric energy
utilities in Brazil due to its strategic location, its technical
expertise and its market.  Cemig's concession area extends
throughout nearly 96.7% of the State of Minas Gerais, Brazil.
Cemig owns and operates 52 power plants, of which six are in
partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to
supply more than 17 million people living in the state's 774
municipalities.  In addition to those 52 plants, another three
are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Esprito Santo (generation)
and Rio Grande do Sul (commercialization).

                        *    *    *

Cemig's BRL312,500,000 12.7% debentures due Nov. 1, 2009, carry
Moody's B1 rating.


COMPANHIA SIDERURGICA: Inks Sale & Purchase Pact With Corus
-----------------------------------------------------------
Companhia Siderurgica Nacional or CSN has signed the Sale and
Purchase Agreement with Corus Group Plc through its subsidiary
Corus Staal B.V., for the acquisition of total control of
Lusosider Projectos Siderurgicos S.A., a flat steel Portuguese
company, producer of:

   -- pickled hot rolled,
   -- cold rolled,
   -- hot-dip galvanized and
   -- tin plate.

CSN shared equally the Lusosider control with Corus.  The
acquisition of Lusosider full control for EUR25 million,
reinforces the Company's commitment to its international
expansion strategy, increasing its operations abroad by
acquiring finishing lines located near the largest steel
markets.

In 2005, Lusosider, located in Seixal, Lisbon surroundings,
produced:

   -- 203 thousand tons of galvanized,
   -- 28 thousand tons of pickled hot rolled and cold rolled,
      and
   -- 71 thousand tons of tin plate,

with 249 employees.

The conclusion of the acquisition is subject to regulatory
clearance by the Portuguese Competition Authority, which is
expected within 45 days of filing.

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

                        *    *    *

On Jan. 26, 2006, Standard and Poor's Rating Services assigned a
'BB' corporate credit rating on Brazilian flat carbon steelmaker
Companhia Siderurgica Nacional.

The 'BB' corporate credit rating on CSN reflects the company's
exposure to volatile demand and price cycles, increasing
competition in its home and predominant market of Brazil,
aggressive dividend policy and capital investment plan, and
sizable gross-debt position.  These risks are partly offset by
CSN's privileged cost position and sound operating profile,
favorable market position in Brazil, strong export capabilities
to offset occasional domestic demand sluggishness, and
increasing business diversification.


COMPANHIA VALE: Will Sell Copper Mining Rights in Peru
------------------------------------------------------
Companhia Vale do Rio Doce aka CVRD reported that Cordillera de
las Minas S.A. aka CDLM, its 50/50 joint venture with
Antofagasta Plc., has decided to sell its mining rights on
copper exploration projects in southeastern Peru.

Although CDLM discovered two attractive projects -- Cotabambas
and Antilla -- neither of these projects is considered to be
large enough to satisfy CVRD and Antofagasta size criteria for
project development.

In line with its global expansion strategy, CVRD also develops
mineral exploration efforts in northern Peru through its
subsidiary Compania Minera Miski Mayo S.A., which is
headquartered in Lima.  The subsidiary is performing studies to
develop the Bayovar phosphates deposit in the department of
Piura, Peru.

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                        *    *    *

On Jan. 5, 2006, Fitch Ratings assigned a long-term foreign
currency rating of 'BB' to Vale Overseas Limited's proposed
US$300 million issuance due 2016.  Vale Overseas is a wholly
owned subsidiary of Companhia Vale do Rio Doce, a large
diversified mining company located in Brazil.  The notes are
unsecured obligations of Vale Overseas and are unconditionally
guaranteed by CVRD.  The obligation to guarantee the notes
rank pari passu with all of CVRD's other unsecured and
unsubordinated debt obligations.  Fitch expects the proceeds of
this issuance to be used for general corporate purposes and
primarily to pay down US$300 million of Vale Overseas' 9.0%
guaranteed notes due 2013.

Fitch also maintained these ratings for CVRD and CVRD Finance
Ltd., a wholly owned subsidiary of CVRD:

  -- CVRD foreign currency rating: 'BB', Outlook Positive;
  -- CVRD local currency rating: 'BBB' Outlook Stable;
  -- CVRD national scale rating: 'AAA(bra)', Outlook Stable;
  -- CVRD Finance Ltd.: series 2000-1 and series 2000-3:
     'BBB';
  -- CVRD Finance Ltd., series 2000-2 and series 2003-1: 'AAA'.


KLABIN SA: S&P Affirms BB Long-Term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on Klabin S.A.  The outlook is stable.

"The rating reflects the company's exposure to the volatilities
of the Brazilian economy (as packaging products bear a close
correlation to GDP), as well as a fragmented market for
corrugated boxes that does not allow for pricing policies that
are consistent with the company's leading market share, and the
volatile commodity nature of the Kraftliner business that might
be deepened due to local currency fluctuations," said Standard &
Poor's credit analyst Marcelo Costa.  These risks are partially
offset by Klabin's:

   -- competitive cost position,

   -- some diversification into exports (accounting for 27% of
      revenues in 2005), and

   -- its comfortable and improving liquidity and capital
      structure.

Klabin currently presents a significant level of cash holdings
and sound financial ratios.  Nevertheless, Standard & Poor's
expects that this excess cash, kept at current levels, is to a
large extent temporary, as the company plans to carry out a
sizable investment program to double the installed capacity for
coated boards (to 740,000 tons from 390,000 tons per year). The
expansion plan will require net investments of some US$650
million or BRL1.5 billion distributed essentially during:

   -- 2006 (40%),
   -- 2007 (40%), and
   -- 2008 (20%).

The project also includes:

   -- a new recovery boiler,
   -- a biomass-fired cogeneration unit, and
   -- a 140,000-tpy chemical-thermomechanical pulp line.

Most of this additional capacity will target the external
market, which will increase the participation of exports in
total revenues to 40% from the current average of 30%, and will
represent a stronger cushion to the volatilities of the domestic
market.  As a result, Klabin's cash-flow protection ratios in
the long run (through the cycle) will likely show financial
ratios more converged to the rating category. This investment
will be 40% self-financed with cash holdings and internal cash
generation (Klabin's free operating cash flow is about US$150
million), and for the remainder, the company is seeking BNDES to
be the largest financier.

The stable outlook reflects our expectation that Klabin will
continue to present strong operating margins and cash-flow
protection measures despite uncertainties about the level of
local consumption and a relatively more aggressive capital
expenditure when the company undertakes its expansion plan.
The ratings could come under downward pressure if the company
decides to implement its capital program without proper long-
term funding or if it fails to maintain its:

   -- conservative financial guidelines, which would
      translate into larger exposure of net short-term debt
      (net short-term debt to total debt of consistently more
      than 30%),

   -- ratios of FFO to total debt lower than 25%,

   -- debt to EBITDA higher than 2.5x, and

   -- EBITDA to interest lower than 3.5x

in the next five years.  On the flip side, the outlook on the
local currency rating could be changed to positive if market
fundamentals for Klabin's sales domestically and abroad are
strong and the current conservative financial measures are
maintained throughout the implementation of the expansion
project.


MRS LOGISTICA: Cargo Container Transport Up 22% in First Quarter
----------------------------------------------------------------
MRS Logistica, a rail operator in Brazil, said in a statement
that its cargo container transport increased 22% in the first
quarter 2006.

Business News Americas relates that the rail operator was able
to transport about 30,500 TEUs between January and March.  Last
year, the company transported 25,000 TEUs in 2005.

TEU stands for twenty-foot equivalent unit -- a unit of measure
in capacity for different sizes of containers for moving the
cargo.  One TEU is equivalent to the capacity of one 20'x8'x8'
container.

According to BNamericas, MRS said that the growth was due to the
increased movement on two routes:

   -- Sao Paulo's Paraiba valley to Rio de Janeiro's Sepetiba
      port, and

   -- a track between Rio de Janeiro and neighboring Minas
      Gerais.

MRS Logistica operates 1,700km of track in Sao Paulo, Minas
Gerais, and Rio de Janeiro.  It primarily transports cargo for
major shareholders.

                        *    *    *

As reported on Nov. 10, 2005, Standard & Poor's Ratings Services
revised the outlook on the BB- long-term foreign currency rating
of MRS Logistica S.A. to positive from stable, following the
revision of the foreign currency outlook of the Federative
Republic of Brazil.


NET SERVICOS: Moody's LatAm Puts B1 Rating on BRL650M Debentures
----------------------------------------------------------------
Moody's America Latina assigned 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.  The ratings outlook is stable.

Net's B1 global local currency corporate family rating reflects
its global default and loss expectation, while the Baa2.br
national scale rating reflects the standing of Net's credit
quality relative to its domestic peers.  Moody's National Scale
Ratings are intended as relative measures of creditworthiness
among debt issues and issuers within a country, enabling market
participants to better differentiate relative risks.  NSRs in
Brazil are designated by the ".br" suffix. NSRs differ from
global scale ratings in that they are not globally comparable to
the full universe of Moody's rated entities, but only with other
rated entities within the same country.

Headquartered in Sao Paulo, Brazil, Net Servicos de Comunicacao
S.A. is the largest pay television service provider in Brazil,
with approximately 1.6 million subscribers, and the leading
cable broadband provider, with over 451,000 subscribers.


VARIG: BNDES Refuses Loan Applications from 3 Potential Bidders
---------------------------------------------------------------
As previously reported, creditors of Viacao Aerea Rio-Grandense
or Varig voted to accept a plan of reorganization allowing for
the sale of the airline's assets.  Published reports said that
at least 14 entities have expressed interests in acquiring
Varig's assets.

According to local reports, Brazil's National Development Bank,
Banco Nacional de Desenvolvimento Economico e Social or BNDES,
rejected three requests for bridge loans as part of their bids
for the operations of embattled flagship airline Varig, the
state-run bank confirmed Tuesday.  BNDES plans to finance up to
50% of the sale price.

BNDES rejected applications from TGV, a group representing Varig
workers, Banco BRJ, a local mortgage bank, and an undisclosed
Sao Paulo investment bank because they gave insufficient
guarantees, local reports quoted a bank spokesman.

Despite rejecting the loan applications, BNDES said it did not
reject the possibility of financing an eventual buyer.

The company's potential bidders are rival airlines:

    -- TAM SA,
    -- GOL Linhas Aereas Inteligentes,
    -- WebJet and
    -- OceanAir.

                      About Varig

Headquartered in Rio de Janeiro, Brazil, Varig SA is Brazil's
largest air carrier and the largest air carrier in Latin
America.

Varig's principal business is the transportation of passengers
and cargo by air on domestic routes within Brazil and on
international routes between Brazil and North and South America,
Europe and Asia.  Varig carries approximately 13 million
passengers annually and employs approximately 11,456 full-time
employees, of which approximately 133 are employed in the United
States.

The Company, along with two affiliates, filed for a judicial
reorganization proceeding under the New Bankruptcy and
Restructuring Law of Brazil on June 17, 2005, due to a
competitive landscape, high fuel costs, cash flow deficit, and
high operating leverage.  The Debtors may be the first case
under the new law, which took effect on June 9, 2005.  Similar
to a chapter 11 debtor-in-possession under the U.S. Bankruptcy
Code, the Debtors remain in possession and control of their
estate pending the Judicial Reorganization.  Sergio Bermudes,
Esq., at Escritorio de Advocacia Sergio Bermudes, represents the
carrier in Brazil.

Each of the Debtors' Boards of Directors authorized Eduardo
Zerwes and Vicente Cervo as foreign representatives.  In this
capacity, the foreign representatives filed a Sec. 304 petition
on June 17, 2005 (Bankr. S.D.N.Y. Case Nos. 05-14400 and
05-14402).  Rick B. Antonoff, Esq., at Pillsbury Winthrop Shaw
Pittman LLP represents Mr. Cervo in the United States.  As of
March 31, 2005, the Debtors reported BRL2,979,309,000 in total
assets and BRL9,474,930,000 in total debts.




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


AERCAP G: Sets May 25 as Deadline for Proofs of Claim Filing
------------------------------------------------------------
Creditors of Aercap G Caymans Limited, fka Debis Airfinance G
Caymans Limited, are required to present proofs of claim by May
25, 2006, to Sean Brennan, the company's liquidator.

Aercap G started liquidating assets on March 31, 2006.

Creditors must send their full names, addresses, descriptions,
the full particulars of their debts or claims and the names and
addresses of their solicitors, if any, to the liquidator.
Failure to do so will exclude them from receiving the benefit of
any distribution that the company will make.

The liquidator can be reached at:

           Sean Brennan
           c/o Maples and Calder, Attorneys-at-law
           P.O. Box 309GT, Ugland House
           South Church Street, George Town
           Grand Cayman, Cayman Islands


AQUITANIA FUND: Deadline for Proofs of Claim Filing Is on June 1
----------------------------------------------------------------
Creditors of Aquitania Fund Ltd. are required to submit
particulars of their debts or claims by June 1, to the company's
appointed liquidator, Corporate Services Ltd.  Failure to do so
will exclude them from receiving the benefit of any distribution
that the company will make.

Aquitania Fund started liquidating assets on April 11, 2006.

The liquidator can be reached at:

            Corporate Services Ltd.
            Attention: Angela Nightingale
            Ansbacher House
            P.O. Box 31910 SMB
            Grand Cayman, Cayman Islands
            Tel: (345) 946-7665
            Fax: (345) 946-7666


AQUITANIA MASTER: Filing of Proofs of Claim Ends on June 1
----------------------------------------------------------
Creditors of Aquitania Master Fund Ltd. are required to submit
particulars of their debts or claims by June 1, to the company's
appointed liquidator -- Corporate Services Ltd.  Failure to do
so will exclude them from receiving the benefit of any
distribution that the company will make.

The company started liquidating assets on April 11, 2006.

The liquidator can be reached at:

            Corporate Services Ltd.
            Attention: Angela Nightingale
            Ansbacher House
            P.O. Box 1984, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 946-7665
            Fax: (345) 946-7666


CAYMAN NITTETSU: Proofs of Claim Filing Deadline Is on June 2
-------------------------------------------------------------
Creditors of Cayman Nittetsu Leasing, Inc., which is being
voluntarily wound up, are required on or before June 2, to
present proofs of claim to Commerce Corporate Services Limited,
the company's liquidator.

The company started liquidating assets on April 21, 2006.

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

The liquidator can be reached at:

           Commerce Corporate Services Limited
           P.O. Box 694
           Grand Cayman, Cayman Islands
           Tel: (345) 949-8666
           Fax: (345) 949-0626


FIVE MILE: Creditors Have Until June 1 to File Proofs of Claim
--------------------------------------------------------------
Five Mile Capital Housatonic Fund Ltd.'s creditors are required
to submit particulars of their debts or claims by June 1, 2006,
to the company's appointed liquidator, Corporate Services Ltd.
Failure to do so will exclude them from receiving the benefit of
any distribution that the company will make.

The company started liquidating assets on April 5, 2006.

The liquidator can be reached at:

            Corporate Services Ltd.
            Attention: Angela Nightingale
            Ansbacher House
            P.O. Box 31910 SMB
            Grand Cayman, Cayman Islands
            Tel: (345) 946-7665
            Fax: (345) 946-7666


FIVE MILE (OFFSHORE): Proofs of Claim Must be Filed by June 1
-------------------------------------------------------------
Creditors of Five Mile Capital Housatonic Fund Offshore Ltd. are
required to submit particulars of their debts or claims by June
1, 2006, to the company's appointed liquidator, Corporate
Services Limited.  Failure to do so will exclude them from
receiving the benefit of any distribution that the company will
make.

The company began liquidating assets on April 5, 2006.

The liquidator can be reached at:

           Corporate Services Ltd.
           Attention: Angela Nightingale
           Ansbacher House
           P.O. Box 31910 SMB
           Grand Cayman, Cayman Islands
           Tel: (345) 946-7665
           Fax: (345) 946-7666


PIERCE STREET: Deadline for Verification of Claims Is on June 1
---------------------------------------------------------------
Corporate Services Ltd., the liquidator of Pierce Street Capital
International Ltd.'s assets, will stop verifying creditors'
proofs of claim by June 1, 2006.  Creditors who fail to submit
their proofs of claim will not receive the benefit of any
distribution that the company will make.

Pierce Street started liquidating assets on April 19, 2006.

The liquidator can be reached at:

           Corporate Services Ltd.
           Attention: Angela Nightingale
           Ansbacher House
           P.O. Box 31910 SMB
           Grand Cayman, Cayman Islands
           Tel: (345) 946-7665
           Fax: (345) 946-7666


PRECEPT FOREIGN: Filing of Proofs of Claim Ends on June 2
---------------------------------------------------------
Creditors of The Precept Foreign Fund, Ltd., are required to
prove their claims to David Sukoff, the company's liquidator, by
June 2, 2006, or be excluded from receiving any distribution or
payment that the company will make.

Creditors are required to send by June 2 their full names,
addresses, descriptions, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
the liquidators.

The company began liquidating assets on April 10, 2006.

The liquidator can be reached at:

         David Sukoff
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309GT, Ugland House
         South Church Street, George Town
         Grand Cayman, Cayman Islands


TCI FOCUS: Sets June 1 as Last Day for Proofs of Claim Filing
-------------------------------------------------------------
Creditors of TCI Focus Master Fund, which is being voluntarily
wound up, are required to present proofs of claim by
June 1, 2006, to N. Jeffrey Arkley and John Sutlic, the
company's liquidators.

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

TCI Focus began liquidating assets on April 20, 2006.

The liquidators can be reached at:

            N. Jeffrey Arkley
            John Sutlic
            Attention: Thiry Gordon
            P.O. Box 1034, George Town
            Grand Cayman, Cayman Islands
            Tel: (345) 949-8455
            Fax: (345) 949-8499


URIZEN ACQUISITIONS: Holds Last Shareholders Meeting on June 3
--------------------------------------------------------------
Shareholders of Urizen Acquisitions Limited will gather on
June 3, 2006, for a final general meeting at 10:00 a.m. at the
offices of:

           HSBC Financial Services (Cayman) Limited
           P.O. Box 1109, George Town
           Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  The shareholders will also authorize the
liquidators to retain the records of the company for a period of
five years, starting from the dissolution of the company.
Destruction of the records may then be allowed after such
period.

Any person who is entitled to attend and vote at this meeting
may appoint a proxy to attend and vote in his stead.  A proxy
need not be a member or a creditor.

As reported in the Troubled Company Reporter on May 22, 2006,
Urizen Acquisitions started liquidating assets on Apr. 13, 2006.
Verification of creditors' claims against the company is
scheduled to end on June 3, 2006.

The liquidators can be reached at:

           Cereita Lawrence
           Scott Aitken
           P.O. Box 1109, George Town
           Grand Cayman, Cayman Islands
           Tel: (345) 949-7755
           Fax: (345) 949-7634




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


AES CORP: Fitch Affirms B+ Issuer Default Rating
------------------------------------------------
Fitch affirms The AES Corporation's Issuer Default Rating at
'B+'.  Fitch also affirms and withdraws the ratings for the
company's junior convertible debt.  The Rating Outlook for all
remaining instruments is Stable.

AES' ratings reflect:

   -- the high degree of parent company recourse debt,
   -- the structural subordination of that debt to project
      level debt, and
   -- the reliance on distributions from its subsidiaries for
      parent company debt service.

Offsetting, in part, the company's financial risk is the solid
base of utility and contracted generation as well as the
unparalleled diversity of cash flow sources.

Reflecting the uniqueness of its investments and franchises, AES
is frequently lumped in the category of "merchant generators."
In actuality, this is inaccurate.  The vast majority of the
company's cash flows is derived from utility operations and
contracted generation, that is, generation with at least 75% of
its capacity contracted for not less than five years.  For 2005,
utility and contracted generation segments accounted for more
than 80% of distributions to the parent company.  This number is
abnormally high and in part reflects the timing of certain
distributions.  However, Fitch expects that these two segments
will continue to account for approximately 70% of distributions
to the parent for the next several years that refutes the view
that AES is a merchant generating company.

The company's ratings also reflect the significant progress the
company has made in reducing debt and enhancing liquidity.
However, it is clear that the company has shifted its focus from
credit improvement to growth.  Debt retirement has slowed and
this slowing has coincided with the announcement of a host of
projects, both greenfield (Martiza East, Buffalo Gap) and
acquisitions (Tehachappi).  In the past, AES has been aggressive
with 'double leverage'; funding the 'equity' portion of new
investments with borrowings at the parent company level.
Management has disavowed this practice going forward and
committed to funding future investments with a prudent mix of
true equity and debt.

A drawback of the company's extensive international operations
relates to coordinating and reconciling financial reporting of
the company's disparate operations.  AES was required to restate
its financial statements twice in the last 18 months due to
errors made in the process of preparing consolidated financials.
While the resulting restatements were relatively minor and non-
cash in nature, the company's difficulties in this regard point
to the challenges of managing its far-flung operations.
Moreover, the withdrawal of the company's financial statements
caused a default under its secured credit facility.  While AES
was able to obtain a waiver of the default, should such an event
recur in the future under a less forgiving credit environment,
it may present an operating challenge to the company.

The current rating action does not affect the ratings of other
AES affiliates rated by Fitch. In general, these rated entities
are bankruptcy remote from AES by virtue of their legal
structure or by virtue of their country of location.

AES is a leading global power company, with 2005 sales of
US$11.1 billion.  AES operates in 26 countries, with generating
capacity of 44,000 megawatts of electricity through 127 power
facilities and delivers electricity through 14 distribution
companies.

Fitch affirms these ratings:

   AES Corporation

      -- Senior secured credit facility 'BB+/RR1';
      -- Junior secured notes 'BB+/RR1';
      -- Senior unsecured notes 'BB/RR2'; and
      -- Senior subordinated notes 'B/RR5'.

   AES Trust III

      -- Trust preferred securities 'B/RR5'.

   AES Trust VII

      -- Trust preferred securities at 'B/RR5'.

The Outlook on all Ratings is Stable.

Fitch also affirms the rating of AES's convertible notes at 'B'
and simultaneously withdraws the rating.




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


BANCAFE: HSBC Will Pass Up Bidding in Company Auction
-----------------------------------------------------
A source from UK banking giant HSBC informed Business News
Americas that it will not participate in the auction of Bancafe
aka Granbanco-Bancafe, the largest state bank of Colombia.

As reported in the Troubled Company Reporter on May 19, 2006,
the Colombian government set the minimum price for the auction,
which would either start in late July or early August, at COP1.1
trillion for private entities.  Fogafin, the government deposit
insurance fund, will open the bidding process for the bank's
employees, cooperatives and pension funds this week at COP1.09
trillion.  Two months after, the government will hold another
bidding process for private firms and investors for COP1.1
trillion.

Youssef Nasr, the Chief Executive Officer of HSBC South America,
had revealed to BNamericas in an interview last February that
the bank was targeting Colombia in its acquisition-driven
expansion campaign in Latin America.  HSBC had made acquisitions
in Paraguay and Argentina and had also set up a unit in Peru.

However, the bank was not interested in Bancafe, BNamericas
states.

BNamericas reports that HSBC's lack of interest in bidding
decreases the number of bidders for Bancafe.  According to
analysts, other potential bidders including Spanish financial
group BBVA and local firms Bancolombia, Davivienda and Banco de
Bogota are still caught up with 2005 takeovers.

Andres Florez -- head of Fogafin -- had informed BNamericas that
the auction has attracted the attention of both local and
foreign players, as speculated by analysts.

A local analyst was quoted by BNamericas as saying that the
auction of Bancafe could be a good opportunity for Spain's Grupo
Santander, which holds only a small 3.8% market share in
Colombia.

Bancafe was formed by the merging of Bancafe assets and part of
Granahorrar, a local mortgage bank, in March 2005.  To save them
from bankruptcy when the country was hit by financial crisis in
the late 90s, the government had taken control of the banks.


* COLOMBIA: Mexico Aims to Boost Trading Relations with Nation
--------------------------------------------------------------
Colombia's trading relation with Mexico will widen after
Venezuela withdraws from the G3 trading bloc, Xinhua News Agency
reports.

G3 is an economic trading bloc among Mexico, Colombia and
Venezuela, under a 1995 agreement.

Ruben Aguilar, a presidential spokesman told reporters, "Mexico
will boost its relationship with Colombia and Panama, with whom
we have open and flexible trading relationships."

Mexico supported the building of economic blocs working toward
the integration of the Latin America, as long as they were based
on free trade and mutual help, Mr. Aguilar was quoted by Xinhua
as saying.  According to him, whoever wishes to build Latin
American unity has to build structures supporting the existing
structures and mechanisms.

Venezuela's exit from the trade bloc has no economic
implications for Mexico, Mr. Aguilar told Xinhua.  The spokesman
however admitted that Mexico had been surprised by Venezuela's
quitting the G3.

As previously reported, Venezuelan President Hugo Chavez
announced his country's withdrawal from G3, aiming to abandon
trade deals with countries that have free-trade pacts with the
United States.

The Venezuelan leader said he had ordered Ali Rodriguez, his
foreign minister, to proceed with the formalities to withdraw
from the trade bloc, the Associated Press relates.

According to AP, President Chavez reasoned that the decision to
withdraw was made to safeguard the national interest as
Venezuela is currently a member of another trade group --
Mercosur.

AP recalls that President Chavez had left the Andean Community
trade bloc in May because members Colombia and Peru entered
free-trade deals with Washington.  President Chavez said that
Colombia's free-trade deal with the US threatens to flood
Venezuela with cheap US imports that would harm local
industries.

President Chavez and Mexico's President Vicente Fox also had a
highly public and personal spat in November over proposed US
free trade pacts, according to AP.

                        *    *    *

On May 30, 2005, Fitch Ratings affirmed Colombia's ratings as:

      -- Long-term foreign currency 'BB';
      -- Country ceiling 'BB';
      -- Local currency 'BBB-';
      -- Short-term 'B'.

Fitch said the Rating Outlook is Stable.

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006,
Standard & Poor's Ratings Services placed an mxBB+ long-term
rating on the state of Mexico.  The Outlook is Stable.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B2 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.



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


DENNY'S CORP: March 29 Balance Sheet Upside-Down by US$260 Mil.
---------------------------------------------------------------
Denny's Corporation filed its financial statements for the
quarter ended March 29, 2006, on Form 10-Q with the Securities
and Exchange Commission on May 8, 2006.

The Company reported a US$712,000 of net income on
US$247,985,000 of revenues for the three months ended
March 29, 2006.

At March 29, 2006, the Company's balance sheet showed
US$504,981,000 in total assets and US$765,658,000 in total
liabilities resulting in a stockholders' deficit of
US$260,677,000.

The Company's working capital deficit was US$74.9 million at
March 29, 2006 compared with US$85.6 million at Dec. 28, 2005.

Full-text copies of the Company's financial statements for the
quarter ended March 29, 2006, is available at no charge at:

               http://ResearchArchives.com/t/s?98c

Headquartered in Spartanburg, South Carolina, Denny's
Corporation -- http://www.dennys.com/-- is America's largest
full-service family restaurant chain, consisting of 543 company-
owned units and 1,035 franchised and licensed units, with
operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.




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


DIGICEL LTD: Plans to Launch Operations in Dominica on May 26
-------------------------------------------------------------
Digicel Limited, as part of its move in increasing its presence
in the Caribbean markets, will expand its operations to Dominica
on May 26, 2006, the Caribbean Media Corporation reports.

CMC relates that Jerry George, Digicel's public relations
manager, made the announcement on May 18 at a public concert in
Roseau.

CMC recalls that Digicel acquired the operations of Cingular
Wireless in 2005 and has invested in excess of US$1.8 million
fro the improvement of its network in Dominica.  Company
officials, however, were silent about the exact launch date.

Mr. George was quoted by CMC as saying, "We have done well in
every market where there has been competition and we have taken
the competition on and we have done our part to ensure that we
are a big player in the market."

Digicel Limited is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in 13 countries of the Caribbean
including Jamaica, St. Lucia, St. Vincent, Aruba, Grenada,
Barbados, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *    *    *

On Mar. 10, 2006, Fitch affirmed the 'B' rating of Digicel
Limited, senior unsecured debt, including the US$300 million
senior notes due 2012, following the announcement that it is in
the process of acquiring Bouygues Telecom Caraibe.  Fitch said
the Outlook for the Ratings is Stable.




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


* DOMINICAN REPUBLIC: Spends DOP7 Million on Energy Subsidies
-------------------------------------------------------------
The Dominican Republic has spent about DOP6,799 million as
payment for energy-related subsidies, Finance minister Vicente
Bengoa told Dominican Today.

The Dominican Energy Consortium aka CDEEE and energy
distributing companies have been paid from January to May,
Minister Bengoa informed Dominican Today.

Payments had been delayed from six to seven months in August
2004.  Now, on the other hand, authorities never incur in
arrears, the minister was quoted by Dominican Today as saying.

                        *    *    *

The Troubled Company Reporter - Latin America reported on May 9,
2006, that Fitch Ratings upgraded these debt and issuer Default
Ratings of the Dominican Republic:

   -- Long-term foreign currency Issuer Default Rating
      to B from B-;

   -- Country ceiling upgraded to B+ from B-;

   -- Foreign currency bonds due 2006 to B-/RR4 from CCC+/RR4;

   -- Foreign currency Brady bonds due 2009 to B/RR4
      from B-/RR4;

   -- Foreign currency bonds due 2011 to B/RR4 from B-/RR4;

   -- Foreign currency bonds due 2013 to B-/RR4 from CCC+/RR4;

   -- Foreign currency bonds due 2018 to B/RR4 from B-/RR4; and

   -- Foreign currency collateralized Brady bonds due 2024
      to B+/RR3 from B/RR3.

Fitch also affirmed these ratings:

   -- Long-term local currency Issuer Default Rating: B; and

   -- Short-term Issuer Default Rating: B.

Additionally, Fitch assigned a debt and Recovery Rating to this
issue:

   -- Foreign currency bonds due 2027: B/RR4.

Fitch said the rating outlook for the long-term foreign and
local currency IDRs is Stable.




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


* ECUADOR: Imposes State of Emergency on Occidental Oil Fields
--------------------------------------------------------------
The government of Ecuador declared a state of emergency on three
Occidental Petroleum Corp.'s oil fields that it took over a week
ago, Energy Minister Ivan Rodriguez was quoted by Dow Jones
Newswires as saying.

Dow Jones reports that the move was made to ensure resources and
proper field maintenance are in place to support the fields'
ongoing operation.  These fields include:

    -- block 15,
    -- the Limoncocha, and
    -- Eden-Yuturi.

According to Dow Jones, the executive decree also establishes
the creation of a special commission that will supervise the
allocation of resources to support field output levels.  The
commission involves ministers from:

      -- economy,
      -- energy,
      -- defense, and
      -- foreign relations.

The idea is to recreate the same sort of field operations
support that Occidental had in place, Jaime Crow -- the vice-
president of Petroproduccion, the operating unit of state-oil
company Petroecuador -- explained to Dow Jones.  According to
Mr. Crow, this includes the ability to purchase inputs and
equipment quickly.

Dow Jones relates that the Ecuadorian government intends to set
up a trust fund, which will hold proceeds from the field's own
oil production and which will cover maintenance expenses.  To
launch the fund, the Economy Ministry will transfer US$30
million for near-term operations.

Dow Jones states that the special commission will handle the
legal issues with Occidental's former workers regarding their
migration into Petroecuador's current pay and benefit levels.
Petroecuador's wages are much lesser than those of Occidental.
New contracts for those workers are expected on June 1.

                        *    *    *

Fitch Ratings assigned these ratings on Ecuador:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B-      Aug. 29, 2005
   Long Term IDR       B-      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005




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


* EL SALVADOR: Regulator Posts Monthly Listings of Prepaid Rates
----------------------------------------------------------------
Siget, the telecom regulator of El Salvador, said in a press
release that it started publishing monthly listings of mobile
operators' on and off-net prepaid call rates.

Business News Americas relates that Siget aims to encourage
mobile users to switch operators if necessary.

There are currently 2.5 million mobile users, according to
BNamericas.  About 80% of them use pre-paid cards.  Some 60,000
units are sold per month, according to Siget.

Service providers expect the overall number of mobile users in
the country to grow 40% this year, Siget told BNamericas.

                        *    *    *

Fitch Ratings assigned these ratings on El Salvador:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     BB+      Jun. 18, 2004
   Long Term IDR       BB+      Dec. 14, 2005
   Short Term IDR      B        Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating      BB+      Dec. 14, 2005




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


* GUATEMALA: Slow Reconstruction After Hurricane Draws Criticism
----------------------------------------------------------------
Guatemala's reconstruction after being rampaged by Hurricane
Stan seven months ago has been slow, Inside Costa Rica reports.

Inside Costa Rica relates that the start of the raining season
in the country stirred criticisms to the local government due to
the slowness of the reconstruction works.

Data from an audit presented this week by the Accion Ciudadana
organization indicate that reconstruction works are slow,
particularly the construction of dwellings for the victims.

Inside Costa Rica recalls that the Congress had decided to
distribute US$200,000 for reconstruction of 150 municipalities.
Almost 50% of them, however, are not in the list of the most
affected.

According to the local press, more than 8,000 families have not
been relocated yet. About 13,000 families are without a home.

Inside Costa Rica reveals that about 32% of the works has been
made up to May 15.  There is lack of water and food, and the
situation may get worse due to the coming of the raining season.
According to weather forecasts, the winter will be intense,
which means a high risk for the 15 damaged departments.

                        *    *    *

Fitch Ratings assigned these ratings on Guatemala:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BB+      Feb. 22, 2006
   Long Term IDR      BB+      Feb. 22, 2006
   Short Term IDR     B        Feb. 22, 2006
   Local Currency
   Long Term Issuer
   Default Rating     BB+      Feb. 22, 2006

                        *    *    *

Fitch also rated Guatemala's senior unsecured bonds:

Maturity Date          Amount        Rate       Ratings
-------------          ------        ----       -------
Aug. 3, 2007        US$150,000,000     8.5%         BB+
Nov. 8, 2011        US$325,000,000    10.25%        BB+
Aug. 1, 2013        US$300,000,000     9.25%        BB+
Oct. 6, 2034        US$330,000,000     8.125%       BB+




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


* HONDURAS: Plans to Hold Auction for Mobile License by Year-End
----------------------------------------------------------------
Conatel, the telecoms regulator of Honduras, plans to start an
auction for mobile license by the end of 2006, according to
local press.

Rasel Tome, the head of Conatel, told Prensa Latina that the
regulator is preparing the international bidding rules.   Mr.
Tome told reporters that the new mobile operator is scheduled to
start operations at the beginning of 2007.

The auction will be open to local and foreign firms with
financial and technical capacity, Business News Americas
reports.

BNamericas relates that currently, Honduras has three operators:

    -- Tigo, run by Millicom International Cellular,
    -- Alo, owned by Mexican firm America Movil, and
    -- Hondutel, a government-owned telecom company.

BNamericas states that Hondutel would start offering a mobile
service.  However, there were speculations on whether it has the
money to do so.

Conatel could not wait any longer for Hondutel and will launch
the auction, Mr. Tome told newspaper La Prensa.  According to
the Conatel head, the Honduran market needs more competition as
well as a third operator.

Mr. Tome was quoted by BNamericas as saying, "The two cellular
operators have their niche ... we are not seeking to create
monopolies or help them settle in certain market positions but
make a market that fluctuates with supply and demand."

Mr. Tome revealed to BNamericas that Telefonica Moviles is the
most likely interested party because it does not yet have a unit
in Honduras.

The United States, according to Mr. Tome, could also be
interested in the auction, with the new business opportunities
that will arise from the Central America Free Trade Agreement,
BNamericas reports.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date
                     ------     -----------
   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998




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


AIR JAMAICA: Increasing Flights Due to Higher Summer Demand
-----------------------------------------------------------
Air Jamaica will increase the number of its flights in response
to increasing passenger demand, Caribbean Net News reports.

Caribbean Net relates that Air Jamaica will operate additional
flights between June 26 and Sep. 10 in these destinations:

      -- Kingston and Montego Bay: two extra flights per week,
         adding about 800 seats,

      -- Kingston and New York: four extra flights per week,
         adding approximately 1,200 seats; and

      -- Grenada and New York: five flights per week, adding 800
         more seats.

The decision to add the extra flights is based on the demand for
more seats during summer, Tom Hill, the Chief Revenue Officer of
the airline, told Caribbean Net.

As reported in the Troubled Company Reporter on May 16, 2006,
Air Jamaica planned to increase its flights to Grenada starting
June 25, 2006.  George de Mercado, the senior executive of Air
Jamaica, said that the additional flight would use a leased
Boeing 757 aircraft, which would operate seasonally starting
June 25 until Sept. 10, 2006.  JM 94 -- currently operating on
Tuesdays, Wednesdays, Fridays and Saturdays -- would have an
additional Thursday departure.  Air Jamaica already has a non-
stop schedule from four to five flights a week to and from New
York's JFK International Airport.

                        *    *    *

Air Jamaica's US$200 million 9-3/8% notes due July 18, 2015,
carries Moody's B1 rating and Standard & Poor's B rating.


MIRANT CORP: MC Asset Recovery Wants BofA to Produce Documents
--------------------------------------------------------------
Jeff P. Prostok, Esq., at Forshey & Prostok LLP, in Fort Worth,
Texas, relates that prior to confirmation of the plan of
reorganization filed by Mirant Corporation and its debtor-
affiliates, the Debtors undertook an investigation of potential
causes of action against, among others, Bank of America.

Mirant's investigation included potential claims against Bank of
America either through affirmative acts or omissions for
avoidance, breach of fiduciary duty, aiding and abetting breach
of fiduciary duty, negligence, breach of professional duties,
and breach of statutory duties.

The Avoidance Action is based on a Credit Agreement dated as of
May 22, 2000, entered into by Mirant's predecessor-in-interest,
Southern Energy, Inc., with Bank of America, as agent.  Under
the Credit Agreement, Bank of America has a commitment, as an
initial lender, totaling US$550,000,000 -- the 2000 Dividend
Facility.

On May 26, 2000, Mirant transferred US$450,000,000 of the
US$538,000,000 initial borrowing to The Southern Company from
the 2000 Dividend Facility.  On October 2, 2000, Mirant repaid
US$450,000,000 to Bank of America from the proceeds of Mirant's
initial public offering.

On July 13, 2005, Bank of America entered into a Stipulated
Tolling Agreement with Mirant that tolled the statute of
limitations while Mirant continued its investigation of
potential claims against Bank of America.

The Original Stipulation was set to expire on January 13, 2006,
but Bank of America and MC Asset Recovery, LLC, entered into an
Amended Stipulation extending the toll to July 13, 2006.

In connection with the investigation, MCAR asks the Court to
direct Bank of America, N.A., and Banc of America Securities
LLC, to produce for inspection and copying, certain documents
not later than May 22, 2006, at the offices of Forshey &
Prostok, L.L.P.

Mr. Prostok asserts that MCAR's request for examination of Bank
of America is within the scope of Rule 2004 of the Federal Rules
of Bankruptcy Procedure and Local Bankruptcy Rule 2004.

                 Bank of America Responds

According to Toby L. Gerber, Esq., at Fulbright & Jaworski
L.L.P., in Dallas Texas, MCAR's requests for production of
documents by May 22, 2006, are in direct conflict with the
Amended Tolling Agreement not to seek any legal or equitable
relief against Bank of America prior to July 1, 2006.

For this reason, Bank of America asks the Court to deny MCAR's
request as improper.

Additionally, MCAR's Requests contain overly broad requests for
production that do not relate to "the acts, conduct, or property
or to the liabilities and financial condition of the debtor" or
the "administration of the debtor's estate," Mr. Gerber points
out.  Specifically, MCAR asks for documents that pertain to
transactions between Bank of America and Southern Company,
neither of which are debtors.

Mr. Gerber asserts that the Court lacks jurisdiction to require
Bank of America to produce documents that fall outside the scope
of Rule 2004.

Mr. Gerber notes that the Debtors have adversary proceedings
pending against other parties related to the spin-off of Mirant
from the Southern Company.  To the extent that the discovery
requests will benefit MCAR or the Debtors in other litigation or
contested matters, Bank of America asks the Court to deny MCAR's
motion.

In the event the Court grants MCAR's Motion, Bank of America, in
the alternative, asks the Court:

     (i) to limit the scope of the 2004 Requests; and

    (ii) for additional time to produce all responsive, relevant
         and non-privileged documents at a mutually convenient
         date, time and place after July 1, 2006.

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao. Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.  Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on January 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 97; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 8, 2005,
Standard & Poor's Ratings Services placed a 'B+' corporate
credit rating on Mirant and said the outlook is stable.




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


AMERICAN TOWER: Board Conducts Probe into Stock Option Practices
----------------------------------------------------------------
American Tower Corporation's Board of Directors created a
special committee comprised of independent directors to conduct
an internal review of the Company's historical stock option
practices and related accounting.  Independent legal counsel and
advisors will assist the special committee.

The Company initiated this review following the release of a
third party research report regarding practices related to the
timing and pricing of stock option grants.  Depending on the
outcome of this review, the Company may need to correct its
historical determinations of non-cash stock-based compensation
expense and, if such corrections are material, it could result
in the need to restate the Company's financial statements.
Although the impact to the Company's historical financial
statements, if any, is not yet known, the Company does not
expect the review to result in material changes to its
historical revenues or non-option related operating expenses,
nor would it have a material impact on the Company's cash flow
from operations.

The Company also reported that, subsequent to the formation of
the special committee and the events described, it received a
letter of informal inquiry from the Securities and Exchange
Commission requesting documents related to Company stock option
grants and stock option practices.  The Company intends to
cooperate fully with the SEC in this matter.

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


AMERICAN TOWER: Stock Option Probe Prompts S&P's Negative Watch
---------------------------------------------------------------
Standard & Poor's Rating Services placed its ratings on American
Tower Corp., including its 'BB+' corporate credit rating, on
CreditWatch with negative implications.

The ratings on related entities:

   * American Tower International Inc.,
   * American Tower L.P,
   * American Tower LLC,
   * American Towers Inc.,
   * SpectraSite Inc., and
   * SpectraSite Communications Inc.

also were placed on CreditWatch with negative implications.

"These actions follow American Tower's announcement today that
its board of directors has created a special committee to
conduct an internal review of the company's historical stock
option practices and related accounting," said Standard & Poor's
credit analyst Catherine Cosentino.

Standard & Poor's will monitor events to assess what impact, if
any, these developments may have on the ratings on American
Tower.

American Tower said the review might lead to a restatement of
some financial statements but that it does not expect such
historical restatements, if any, to materially affect cash flow
from operations.  American Tower also said it received a letter
of informal inquiry from the Securities and Exchange Commission
requesting documents related to its stock option grants and
practices.


* MEXICO: Will Boost Trading Relations with Panama & Colombia
-------------------------------------------------------------
"Mexico will boost its relationship with Colombia and Panama,
with whom we have open and flexible trading relationships,"
presidential spokesman Ruben Aguilar told reporters.

Xinhua News Agecy relates that Mexico will make the move after
Venezuela leaves the G3 bloc.

According to Xinhua, the G3 is an economic trading bloc between
Mexico, Colombia and Venezuela, under a 1995 agreement.

Mexico supported the building of economic blocs working toward
the integration of the Latin America, as long as they were based
on free trade and mutual help, Mr. Aguilar was quoted by Xinhua
as saying.  According to him, whoever wishes to build Latin
American unity has to build structures supporting the existing
structures and mechanisms.

Venezuela's exit from the trade bloc has no economic
implications for Mexico, Mr. Aguilar told Xinhua.  The spokesman
however admitted that Mexico had been surprised by Venezuela's
quitting the G3.

The Associated Press reports that President Hugo Chavez of
Venezuela announced his country's withdrawal from G3, aiming to
abandon trade deals with countries that have free-trade pacts
with the United States.

The Venezuelan leader said he had ordered Ali Rodriguez, his
foreign minister, to proceed with the formalities to withdraw
from the trade bloc, AP relates.

According to AP, President Chavez reasoned that the decision to
withdraw was made to safeguard the national interest as
Venezuela is currently a member of another trade group,
Mercosur.

AP recalls that President Chavez had left the Andean Community
trade bloc in May because members Colombia and Peru entered
free-trade deals with Washington.  President Chavez said that
Colombia's free-trade deal with the US threatens to flood
Venezuela with cheap US imports that would harm local
industries.

President Chavez and Mexico's President Vicente Fox also had a
highly public and personal spat in November over proposed US
free trade pacts, according to AP.

                        *    *    *

Fitch Ratings assigned these ratings on Panama:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BBB      Apr.  8, 2005
   Long Term IDR      BB+      Dec. 14, 2005
   Short Term IDR       B      Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     BB+      Dec. 14, 2005


                        *    *    *

On May 30, 2005, Fitch Ratings affirmed Colombia's ratings as:

      -- Long-term foreign currency 'BB';
      -- Country ceiling 'BB';
      -- Local currency 'BBB-';
      -- Short-term 'B'.

Fitch said the Rating Outlook is Stable.

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006,
Standard & Poor's Ratings Services placed an mxBB+ long-term
rating on the state of Mexico.  The Outlook is Stable.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B2 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.




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


* PANAMA: Mexico Aims to Boost Trading Relations with Country
-------------------------------------------------------------
Panama's trading relation with Mexico will widen after Venezuela
withdraws from the G3 trading bloc, Xinhua News Agency reports.

Xinhua relates that the G3 is an economic trading bloc between
Mexico, Colombia and Venezuela, under a 1995 agreement.

Ruben Aguilar, a presidential spokesman told reporters, "Mexico
will boost its relationship with Colombia and Panama, with whom
we have open and flexible trading relationships."

Mexico supported the building of economic blocs working toward
the integration of the Latin America, as long as they were based
on free trade and mutual help, Mr. Aguilar was quoted by Xinhua
as saying.  According to him, whoever wishes to build Latin
American unity has to build structures supporting the existing
structures and mechanisms.

Venezuela's exit from the trade bloc has no economic
implications for Mexico, Mr. Aguilar told Xinhua.  The spokesman
however admitted that Mexico had been surprised by Venezuela's
quitting the G3.

The Associated Press reports that President Hugo Chavez of
Venezuela announced his country's withdrawal from G3, aiming to
abandon trade deals with countries that have free-trade pacts
with the United States.

The Venezuelan leader said he had ordered Ali Rodriguez, his
foreign minister, to proceed with the formalities to withdraw
from the trade bloc, AP relates.

According to AP, President Chavez reasoned that the decision to
withdraw was made to safeguard the national interest as
Venezuela is currently a member of another trade group,
Mercosur.

AP recalls that President Chavez had left the Andean Community
trade bloc in May because members Colombia and Peru entered
free-trade deals with Washington.  President Chavez said that
Colombia's free-trade deal with the US threatens to flood
Venezuela with cheap US imports that would harm local
industries.

President Chavez and Mexico's President Vicente Fox also had a
highly public and personal spat in November over proposed US
free trade pacts, according to AP.

                        *    *    *

Fitch Ratings assigned these ratings on Panama:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BBB      Apr.  8, 2005
   Long Term IDR      BB+      Dec. 14, 2005
   Short Term IDR       B      Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     BB+      Dec. 14, 2005


                        *    *    *

On May 30, 2005, Fitch Ratings affirmed Colombia's ratings as:

      -- Long-term foreign currency 'BB';
      -- Country ceiling 'BB';
      -- Local currency 'BBB-';
      -- Short-term 'B'.

Fitch said the Rating Outlook is Stable.

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006,
Standard & Poor's Ratings Services placed an mxBB+ long-term
rating on the state of Mexico.  The Outlook is Stable.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B2 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.




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


* PERU: Passes Law to Allow Services Under Single Concession
-----------------------------------------------------------
The government of Peru passed a law allowing firms to provide
fixed, mobile, cable and Internet services under a single
concession, according to a statement by the transport and
communications ministry.

The government informed Business News Americas that that tariffs
would likely be reduced because clients would be provided with
different telecommunications services from a single provider,
and even over a single device.

The ministry told BNamericas that the law also benefits small
and medium-sized operators currently restricted to providing few
services, as the law allows expansion of offering by notifying
the ministry, as long as the national frequencies administration
plan is adhered.

According to BNamericas, the government said smaller rural
operators will no longer need to go to the capital Lima for the
paperwork needed to receive a concession contract.

"This law is a clear contribution to the modernization of the
state, since it aims to simplify access to the market, eliminate
bureaucratic barriers and set us at the same level of countries
such as Argentina, Spain and the rest of the EU, which have
adopted regulatory frameworks that accord with service
convergence," the ministry of transport and communications was
quoted by BNamericas as saying.

                        *    *    *

Fitch Ratings assigned these ratings on Peru:
                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     BB      Nov. 18, 2004
   Long Term IDR       BB      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating      BB+     Dec. 14, 2005




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


ADELPHIA COMMS: Balance Sheet Upside-Down by US$8.36B at Mar. 31
----------------------------------------------------------------
Adelphia Communications Corporation filed its quarterly report
for the period ended March 31, 2006, on Form 10-Q with the
Securities and Exchange Commission on May 15, 2006.  A copy of
the filing is available for free at:

      http://ResearchArchives.com/t/s?978

            Adelphia Communications Corporation, et al.
          Unaudited Condensed Consolidated Balance Sheet
                   As of March 31, 2006
                  {Dollars in thousands)

                          ASSETS

Cash and cash equivalents                            US$464,045
Restricted cash                                         264,516
Accounts receivables, net                                83,490
Receivable for securities                                10,029
Other current assets                                     64,351
                                                     -----------
Total current assets                                    886,431

Restricted cash                                           2,750
Property and equipment, net                           4,296,161
Intangible assets, net                                7,504,351
Other noncurrent assets, net                            127,396
                                                  -------------
Total Assets                                      US$12,817,089
                                                  =============

               LIABILITIES AND STOCKHOLDERS' DEFICIT

Accounts payable                                      US$67,634
Subscriber advance payments and deposits                 35,465
Accrued liabilities                                     562,048
Deferred revenue                                         21,114
Current portion of parent & subsidiary debt             926,204
                                                     -----------
Total current liabilities                             1,612,465

Other liabilities                                        32,024
Deferred revenue                                         57,508
Deferred income taxes                                   883,135
                                                     -----------
Total noncurrent liabilities                            972,667

Liabilities subject to compromise                    18,523,386
                                                     -----------
Total liabilities                                    21,108,518

Minority interests                                       70,374

Stockholders' deficit:
    Series preferred stock                                   397
    Class A common stock                                   2,297
    Convertible Class B common stock                         251
    Additional paid-in capital                        12,024,695
    Accumulated other comprehensive loss                 (2,862)
    Accumulated deficit                             (20,358,644)
    Treasury stock, at cost                             (27,937)
                                                     -----------
Total stockholders' deficit                          (8,361,803)
                                                   -------------
Total liabilities and stockholders' equity         US$12,817,089
                                                   =============


             Adelphia Communications Corporation, et al.
      Unaudited Condensed Consolidated Statements of Operations
                 Three Months Ended March 31, 2006
                     (Dollars in thousands)

Revenue                                             US$1,149,722
Cost and expenses:
    Direct operating and programming                     689,913
    Selling, general and administrative                   87,089
    Investigation, re-audit and sale transaction co       20,606
    Depreciation                                         188,127
    Amortization                                          33,300
    Provision for uncollectible amounts due from the
       Rigas family and family entities                        -
    Gain on disposition of long-lived assets               (964)
                                                     -----------
    Total costs and expenses                           1,018,071

Operating loss                                           131,651

Other expenses:
    Interest expense, net of amounts capitalized       (157,653)
    Other expense, net                                  (73,630)
                                                     -----------
       Total other expense, net                        (231,283)
                                                     -----------
Loss before reorganization expenses                     (99,632)
Reorganization expenses                                 (21,984)
                                                     -----------
Loss before income taxes                               (121,616)
Income tax expense                                      (50,023)
Share of earnings of equity affiliates, net                (910)
Minority's interest in losses of subsidiaries               933
                                                     -----------
Loss from continuing operations before cumulative
    effects of accounting changes                      (171,616)
Loss from discontinued operations                             -
                                                     -----------
Loss before cumulative effects of accounting change    (171,616)
Cumulative effects of accounting changes:
    Due to new accounting pronouncements                       -
    Due to new method of amortization                          -
                                                     -----------
Net loss                                            (US$171,616)
                                                     ===========


             Adelphia Communications Corporation, et al.
      Unaudited Condensed Consolidated Statements of Cash Flows
                  Three Months Ended March 31, 2006
                       (Dollars in thousands)

Cash flows from operating activities:
    Net income                                      (US$171,616)
    Adjustments to reconcile net loss to net cash
    provided by (used in) operating activities:
       Depreciation                                      188,127
       Amortization                                       33,300
       Gain on disposition of long-lived assets            (964)
       Amortization/write-off of deferred financing          847
       Settlement with the Rigas Entities, net                 -
       Provision for loss contingencies                   73,038
       Other noncash charges, net                            330
       Reorganization expenses due to bankruptcy          21,984
       Deferred income tax expense                        49,600
       Share of losses of equity affiliates, net             910
       Minority's interest in loss of subsidiary           (933)
       Change in operating assets & debts, net of
          effects of initial consolidation of Rigas
          co-borrowing entities                         (25,292)
                                                     -----------
Net cash provided by operations before payment
    of reorganization expenses                           169,331
Reorganization expenses paid during the period           22,172)
                                                     -----------
Net cash provided by (used in) operating activities      147,159

Cash flows from investing activities:
    Expenditures for property and equipment            (148,828)
    Change in restricted cash                             20,911
    Proceeds from the sale of long-lived assets            1,104
    Other                                                (2,546)
                                                     -----------
Net cash used in investing activities                  (129,359)

Cash flows from financing activities:
    Proceeds from debt                                   980,000
    Repayments of debt                                 (922,694)
    Payments of deferred financing costs                   (900)
                                                     -----------
Net cash provided by financing activities                 56,406

Change in cash and cash equivalents cash                  74,206

Cash, beginning of period                                389,839
                                                     -----------
Cash, end of period                                   US$464,045
                                                     ===========

                 About Adelphia Communications

Based in Coudersport, Pa., Adelphia Communications Corporation
-- http://www.adelphia.com/-- is the fifth-largest cable
television company in the country.  Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks.  The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the ACOM Debtors.  PricewaterhouseCoopers
serves as the Debtors' financial advisor.  Kasowitz, Benson,
Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP
represent the Official Committee of Unsecured Creditors.
(Adelphia Bankruptcy News, Issue No. 133; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


ADELPHIA: DIP Lenders Waive Default on Century/ML Settlement
------------------------------------------------------------
In a regulatory filing with the Securities and Exchange
Commission, Adelphia Communications Corporation discloses that
in connection with the execution of the Century/ML
SettlementAgreement dated May 11, 2006, Waiver No. 1 to the
Fourth Amended and Restated Credit and Guaranty Agreement, dated
as of March 17, 2006, became effective.  The waiver was signed
in connection with the execution of the Century/ML Settlement
Agreement dated May 11, 2006.

The parties to the Fourth Amended and Restated Credit and
Guaranty Agreement are:

    -- UCA LLC, Century Cable Holdings, LLC, Century-TCI
       California, L.P., Olympus Cable Holdings, LLC, Parnassos,
       L.P., FrontierVision Operating Partners, L.P., ACC
       Investment Holdings, Inc., Arahova Communications, Inc.,
       Adelphia California Cablevision, LLC, as borrowers;

    -- ACOM and certain of its other direct and indirect
       subsidiaries, as guarantors;

    -- JPMorgan Chase Bank, N.A., as Administrative Agent;

    -- Citigroup Global Markets Inc., as Syndication Agent;

    -- J.P. Morgan Securities Inc. and Citigroup Global Markets
       Inc., as Joint Bookrunners and Co-Lead Arrangers;

    -- Citicorp North America, Inc., as Collateral Agent;

    -- Wachovia Bank, N.A., as Co-Syndication Agent;

    -- The Bank of Nova Scotia, Bank of America, N.A. and
       General Electric Capital Corporation, as Co-Documentation
       Agents; and

    -- other lenders.

Pursuant to the terms of the Waiver, the DIP Lenders agreed to
waive certain defaults or events of default that would have
occurred under the terms of the DIP Credit Agreement upon the
consummation of the transactions contemplated by the Settlement
Agreement.

A full-text copy of the Waiver is available for free at:

               http://ResearchArchives.com/t/s?997

Based in Coudersport, Pa., Adelphia Communications Corporation
-- http://www.adelphia.com/-- is the fifth-largest cable
television company in the country.  Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks.  The Company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the ACOM Debtors.  PricewaterhouseCoopers
serves as the Debtors' financial advisor.  Kasowitz, Benson,
Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP
represent the Official Committee of Unsecured Creditors.
(Adelphia Bankruptcy News, Issue No. 132133; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


OCA INC: Committee Hires Loughlin Meghji+Company as Fin. Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of OCA, Inc., and
its debtor-affiliates obtained permission from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to employ
Loughlin Meghji+Company as its financial advisor.

Loughlin is expected to:

     a) evaluate the assets and liabilities of the Debtor;

     b) analyze and review the financial and operating
        statements of the Debtor;

     c) analyze the business plans and any financial and cash
        flow forecasts of the Debtor;

     d) review contractual arrangements between the Debtor and
        related entities;

     e) review and assist with the claims resolution process and
        distributions;

     f) review cash flow forecasts and other related issues;

     g) provide valuation and other financial analysis as the
        Committee may require;

     h) assess various strategic alternatives proposed by the
        Debtor and evaluate these alternatives, including:

           -- the Debtor's viability as a standalone entity;

           -- sale of all or some of the assets of the
              Debtor's estate; and

           -- any plan of reorganization proposed by the Debtor.

      i) provide testimony in Court on behalf of the Committee;
         and

      j) provide other appropriate and necessary services as
         requested by the Committee.

Loughlin will charge an advisory fee of US$75,000 per month for
the first three months of its engagement.  The firm will charge
US$50,000 in the succeeding months.

Mohsin Y. Meghji, a principal at Loughlin, assures the
Bankruptcy Court that his firm does not hold any interest
materially adverse to the Debtor's estate and is disinterested
as that term is defined in Section 101(14) of the Bankruptcy
Code.

A full-text copy of the Committee's eight-page engagement
agreement with Loughlin is available for free at:

               http://ResearchArchives.com/t/s?806

                         About OCA

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/
-- provides a full range of operational, purchasing, financial,
marketing, administrative and other business services, as well
as capital and proprietary information systems to approximately
200 orthodontic and dental practices representing approximately
almost 400 offices.  The Company's client practices provide
treatment to patients throughout the United States and in Japan,
Mexico, Spain, Brazil and Puerto Rico.

The Company and its debtor-affiliates filed for Chapter 11
protection on March 14, 2006 (Bankr. E.D. La. Case No.
06-10179).  William H. Patrick, III, Esq., at Heller Draper
Hayden Patrick & Horn, LLC, represents the Debtors.  Patrick S.
Garrity, Esq., and William E. Steffes, Esq., at Steffes
Vingiello & McKenzie LLC represent the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed US$545,220,000 in total assets and
US$196,337,000 in total debts.


OCA INC: Hires Jenner & Block as Committee's Bankruptcy Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of OCA, Inc., and
its debtor-affiliates obtained authority from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to employ
Jenner & Block, LLP, as its bankruptcy counsel.

Jenner & Block is expected to:

     a. represent the Committee in any proceedings and hearings
        related to the Debtors' Chapter 11 Cases;

     b. attend meetings and negotiate with representatives of
        the Debtors and other parties in interest;

     c. negotiate with the Debtors and other creditor and equity
        constituencies regarding a plan of reorganization;

     d. advise the Committee of its powers and duties;

     e. advise the Committee regarding matters of bankruptcy
        law;

     f. provide assistance, advice, and representation
        concerning the confirmation of, or objection to, any
        proposed plan;

     g. prosecute and defend litigation matters and other
        matters that might arise during the Debtors' Chapter 11
        cases;

     h. provide counseling and representation with respect to
        assumption or rejection of executory contracts and
        leases, sales of assets, and other bankruptcy-related
        matters arising from these Chapter 11 Cases;

     i. render advice with respect to other legal issues
        relating to the Chapter 11 Cases, including, but not
        limited to, securities, corporate finance, tax, and
        commercial issues;

     j. prepare, on behalf of the Committee, any necessary
        adversary complaints, motions, applications, orders, and
        other legal papers relating to these Chapter 11 Cases;
        and

     k. perform other legal services necessary and appropriate
        for the efficient and economical administration of the
        Debtors' Chapter 11 Cases.

The primary attorneys anticipated to work on this engagement are
Mark K. Thomas, Esq., Michael S. Terrien, Esq., Peter J. Young,
Esq., and Phillip W. Nelson, Esq.

Jenner & Block's hourly billing rates are:

        Professional                           Hourly Rates
        -----------                            ------------
        Mark K. Thomas, Esq.                     US$650
        Michael S. Terrein, Esq.                 US$515
        Peter J. Young, Esq.                     US$325
        Phillip W. Nelson, Esq.                  US$250
        Partners                             US$410 - US$800
        Associates                           US$230 - US$395
        Paralegals                           US$160 - US$235
        Project Assistants                   US$100 - US$130

Mr. Thomas, a partner at Jenner & Block, tells the Bankruptcy
Court that his firm does not hold any interest adverse to the
Debtors' estates or their creditors, and is disinterested as
that term is defined in Section 101(14) of the Bankruptcy Code.

                         About OCA

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/
-- provides a full range of operational, purchasing, financial,
marketing, administrative and other business services, as well
as capital and proprietary information systems to approximately
200 orthodontic and dental practices representing approximately
almost 400 offices.  The Company's client practices provide
treatment to patients throughout the United States and in Japan,
Mexico, Spain, Brazil and Puerto Rico.

The Company and its debtor-affiliates filed for Chapter 11
protection on March 14, 2006 (Bankr. E.D. La. Case No.
06-10179).  William H. Patrick, III, Esq., at Heller Draper
Hayden Patrick & Horn, LLC, represents the Debtors.  Patrick S.
Garrity, Esq., and William E. Steffes, Esq., at Steffes
Vingiello & McKenzie LLC represent the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed US$545,220,000 in total assets and
US$196,337,000 in total debts.


MUSICLAND HOLDING: ACD Wants Star(TM) Agreement Filed Under Seal
----------------------------------------------------------------
Advanced Communication Design, Inc., asks the U.S. Bankruptcy
Court for the Southern District of New York's authority to file
under seal a contract it entered into with The Musicland Group,
Inc., as of September 15, 1998, for the sale, installation and
use of a computerized audiovisual information system known as
the Star(TM) System.

Robert W. Dremluk, Esq., at Seyfarth Shaw LLP, in New York City,
asserts that filing the 1998 Contract under seal is justified
because certain commercial information contained in the
Contract, particularly information concerning the components of
the Star(TM) System and the pricing of product provided to
Musicland Group, is confidential and proprietary to ACD.  "The
disclosure of that information would put ACD at a competitive
disadvantage."

In addition, the 1998 Agreement expressly imposes certain
confidentiality restrictions on the parties.

ACD asks the Court allow access to the 1998 Agreement to these
persons and entities:

   (a) The Court,

   (b) The U.S. Trustee,

   (c) Professionals retained by an official committee in the
       Debtors' Chapter 11 cases, and

   (d) Those persons who:

          -- are deemed acceptable by the Debtors and ACD;

          -- have executed a confidentiality agreement
             acceptable to the Debtors and ACD; and

          -- present the Clerk of the Court with a document
             evidencing satisfaction of the previous two
             conditions, signed by ACD.

ACD further asks the Court to rule that:

   (a) any party permitted access to the 1998 Agreement will
       not share any information contained in the document; and

   (b) any party found to violate those conditions will be
       subject to sanctions for violation of the Court's order.

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 11; Bankruptcy Creditors' Service, Inc., 215/945-7000)




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


BWIA WEST: Seeks to Suspend Trading of Shares
---------------------------------------------
BWIA West Indies made another request to the Trinidad and Tobago
Securities and Exchange Commission to keep the trading of its
shares on hold, Trinidad & Tobago Express reports.

According to the Express, the country's Stock Exchange turned
down on Monday BWIA's application to suspend the trading of its
shares.

The Stock Exchange had informed investors in a statement that
its board of directors rejected a third request from the airline
for a three-month suspension.  The Stock Exchange said that the
suspension had expired on May 15.

The press release states that BWIA first applied to the Exchange
on Nov. 15, 2005, to have their shares suspended from trading
for three months, since a new board of directors had been
appointed and was given the mandate to restructure the firm.

The Stock Exchange said that on Feb. 15, 2006, the day the
suspension ended, BWIA requested an extension of the suspension
for another three months to May 15, 2006, to facilitate the
preparation of a business plan and a plan of restructuring.

"Accordingly, the Exchange, in considering the request for a
further extension, reasoned that since the company cannot at
this time make a clarifying statement as to when it would be in
a position to resume trading, the matter should be referred to
the Securities and Exchange Commission for further action," the
Stock Exchange revealed.

The Express recalls that Dr. Lenny Saith, the public
administration minister, insisted in March that the government
was treating BWIA's restructuring with priority, denying that
delays in the restructuring were resulting to a disadvantage
among taxpayers, who were losing additional money.

BWIA's board requested the government in April to extend the
April 1 deadline for the company to finalize new collective
accords, as talks with the unions were ongoing, the Express
relates.   The Arthur Lok Jack restructuring committee appointed
by the Cabinet was granted the April 1 deadline to come up with
the most competitive plan for BWIA.

Union leaders told the Express that they had heard some of the
restructuring plans, describing them harsh.

The union suggested to the Express that the new measures would:

   -- make sure there would be no pension plan,
   -- Saturdays, Sundays and public holidays would become normal
      work days, and
   -- workers would lose travel benefits.

BWIA was founded in 1940, and for more than 60 years has 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 has reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management is a major issue
in the company.




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


CITIBANK N.A.: Posts ARS127 Mil. First Quarter 2006 Profits
-----------------------------------------------------------
Citibank N.A., the Uruguayan subsidiary of Banco Citibank S.A.,
informed Business News Americas that its profits reached ARS127
million in the first quarter 2006.

According to BNamericas, Citibank N.A. said it was the highest
profit reported among the 13 private banks of Uruguay.

BNamericas relates that lower loan loss provisions affected the
Citibank unit's results in a positive way.  The Uruguayan
subsidiary's financial margin increased 155% ARS223 million
while operating profit rose 58.5%, reaching ARS127 million.

Compared to last year's first quarter, this year's first
quarter's net lending amounted to ARS7.08 billion -- a 2.6% drop
-- and past-due loan ratio decreased to 7.13% from 11.2%,
BNamericas states.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 28, 2006,
Standard & Poor's rating Service placed a B/Positive/B
counterparty credit rating on Banco Citibank S.A./
Citibank N.A. (Uruguay Branch).  S&P also placed the Uruguayan
bank's certificate of deposit at B/B.



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


ELECTRICIDAD DE CARACAS: Listing Shares in Latin Stock Exchange
---------------------------------------------------------------
Julian Nebreda -- the president of Electricidad de Caracas aka
EDC, an AES Corp. unit in Venezuela -- revealed to Business News
Americas that the company plans to list its shares this year on
Latibex, the European stock exchange for firms from Latin
America.

According to BNamericas, the shares will be listed in ADR units.

Mr. Nebreda was quoted by BNamericas as saying that the listing
will allow the stockholders of EDC a new market to trade their
shares in.

Mr. Nebreda was open to the possibility of EDC carrying out a
new share issue for the local Venezuelan market on the Caracas
stock exchange, BNamericas relates.  He said a capital increase
to accommodate increased trading in EDC shares due to the
Latibex listing and the Caracas issue was possible.

"It won't be necessary though," Mr. Nebreda told BNamericas.
According to him, the stockholders had authorized the board to
increase capital to 5% earlier this year, which would allow for
new issues.

Mr. Nebreda said it is a global authorization, BNamericas
relates.  Each individual issue still has to be approved by the
board.

EDC is a vertically integrated utility in Venezuela, operating
in electricity distribution, transmission, and generation in the
capital city of Caracas and its metropolitan area.  It is the
largest private electric utility in the country and is owned by
US-based AES Corp. (B+/Positive/--).  S&P does not expect the
support from the parent company to be a meaningful credit factor
for EDC.

                        *    *    *

On Feb 9, 2006, Standard & Poor's Ratings Services affirmed its
'B' long-term corporate credit rating on C.A. La Electricidad de
Caracas aka EDC and its 'B' rating on Electricidad de Caracas
Finance B.V.'s $260 million senior unsecured notes.  S&P said
the outlook is stable.

On Feb. 3, 2006, S&P raised the long-term local and foreign
currency sovereign credit ratings on the Bolivarian Republic of
Venezuela to 'BB-' from 'B+'.  The decision to raise the ratings
on Venezuela was supported by the continued sharp improvements
in Venezuela's external indicators, which are attributable to a
large current account surplus, a high level of international
reserves, and lower external debt in addition to buoyant
economic growth and the potential buyback of external debt.


* VENEZUELA: Will Leave Trade Bloc with Mexico & Colombia
---------------------------------------------------------
President Hugo Chavez of Venezuela decided to withdraw his
country from the G3 trade bloc, the Associated Press reports.

Xinhua News Agency relates that the G3 is an economic trading
bloc between Mexico, Colombia and Venezuela, formed under a 1995
agreement.

President Chavez said he had ordered Ali Rodriguez, his foreign
minister, to proceed with the formalities to withdraw from the
trade bloc, AP relates.

AP states that the Venezuelan leader is aiming to abandon trade
deals with countries that have free-trade pacts with the United
States.

President Chavez, however, reasoned to AP that the decision to
withdraw was made to safeguard the national interest, as
Venezuela is currently a member of another trade group,
Mercosur.

AP recalls that President Chavez had left the Andean Community
trade bloc in May because members Colombia and Peru entered
free-trade deals with Washington.  President Chavez said that
Colombia's free-trade deal with the US threatens to flood
Venezuela with cheap US imports that would harm local
industries.

President Chavez and Mexico's President Vicente Fox also had a
highly public and personal spat in November over proposed US
free trade pacts, according to AP.

Mexico plans to boost its trade with Colombia and Panama, with
whom it has open and flexible trading relationships, after
Venezuela leaves the G3, Xinhua reports.

Mexico supported the building of economic blocs working toward
the integration of the Latin America, as long as they were based
on free trade and mutual help, Ruben Aguilar, a presidential
spokesman in Mexico, told Xinhua.  According to him, whoever
wishes to build Latin American unity has to build structures
supporting the existing structures and mechanisms.

Venezuela's exit from the trade bloc has no economic
implications for Mexico, Mr. Aguilar told Xinhua.  The spokesman
however admitted that Mexico had been surprised by Venezuela's
quitting the G3.

                        *    *    *

On May 30, 2005, Fitch Ratings affirmed Colombia's ratings as:

      -- Long-term foreign currency 'BB';
      -- Country ceiling 'BB';
      -- Local currency 'BBB-';
      -- Short-term 'B'.

Fitch said the Rating Outlook is Stable.

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006,
Standard & Poor's Ratings Services placed an mxBB+ long-term
rating on the state of Mexico.  The Outlook is Stable.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B2 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.



                        ***********



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, and Christian Toledo, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *