/raid1/www/Hosts/bankrupt/TCRLA_Public/060809.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, August 9, 2006, Vol. 7, Issue 157

                            Headlines

A R G E N T I N A

CELLULAR FASHION: General Report Due In Court on Aug. 25
ELECTRICIDAD ARGENTINA: Completes Restructuring of US$98MM Debt
EMPRESA DISTRIBUIDORA: S&P Puts raBB Ratings on Four Debts
EUROMAYOR S.A.: Evaluadora Rates US$7.4 Million Notes at E
FIDEICOMISOS AVG: Evaluadora Rates US$180,000 Debt at C

FIDEICOMISOS CREDICUOTAS: Evaluadora Rates US$5.9 Debt at raD
FIDEICOMISOS RENTIER: Evaluadora Rates US$240,000 Debt at C
FRISAC ARGENTINA: Trustees to Present General Report on Aug. 15
GROKOP DE BLUMENKRATZ: Trustee Submits General Report on Aug. 25
GUIDO VENTURA: Gen. Report To Be Submitted in Court on Aug. 14

INVERSORA ELECTRICA: Fitch Arg Rates US$230 Million Notes at D
NUEVA GLORIA: Trustee to Submit Gen. Report In Court on Aug. 21
ORGANIZACION 3001: Trustee to Present General Report on Aug. 16
PAUTAS Y MEDIOS: Individual Reports Due In Court on Aug. 22
SAPEGO SA: General Report to be Delivered in Court Today

TELEFONICA DE ARGENTINA: Inks Rio Negro Intranet Network Pact

* ARGENTINA: Sells US$500 Million Bonar V Bonds

B A H A M A S

COMPLETE RETREATS: U.S. Trustee Picks 11-Member Creditors' Panel
COMPLETE RETREATS: Intagio Wants Debtors to Honor Reservations
WINN-DIXIE: 76 Landlords Want Asserted Cure Amounts Paid

B A R B A D O S

ANDREW CORP: CommScope Presents US$1.7 Billion Purchase Offer
ANDREW CORP: CommScope Bid Prompts S&P's Developing Outlook

B E L I Z E

* BELIZE: Posts 0.2% Decrease in Tourism Sector

B E R M U D A

AMEREX FUTURES: Proofs of Claim Filing Deadline Set on Aug. 29
DERMO CORP: Supreme Court To Hear Winding-Up Petition on Aug. 24
FOSTER WHEELER: Proceeds With ExxonMobil's Early FEED Phase
PXRE GROUP: Earns US$2.1 Million in Second Quarter 2006
REFCO: Judge Drain Okays Stipulations on Lease-Decision Period

REFCO: Debtors & Trustee Want UHY Advisors as Tax Consultants

B O L I V I A

COEUR D'ALENE: Invests US$60 Mil. on San Bartolome Silver Mine

B R A Z I L

ALERIS INT'L: Closes Buy on Corus' Downstream Aluminum Business
ALERIS INT'L: Completes Tender Offer on 10-3/8% & 9% Sr. Notes
BANCO BRADESCO: Earns BRL1.602 Billion in First Half of 2006
BANCO PINE: Included as IDB's Issuing Bank Under TFFP
GOL LINHAS: In Talks with Varig for Take Over of Boeing Leases

NORTEL NETWORKS: Upgrades Usimina's & Cosipa's Networks
USINAS SIDERURGICAS: Nortel Upgrades Network Communications
VARIG S.A.: In Talks with Gol Linhas on Boeing Leases
VARIG S.A.: TAM Interested in Some International Routes
VARIG S.A.: Workers Stage Strike after Retrenchment News

C A Y M A N   I S L A N D S

ANTHRACITE (2): Liquidator Presents Wind Up Progress on Aug. 24
ANTHRACITE (LIBGDF5): Last Shareholders Meeting Set on Aug. 24
CBPF DOCTOR: Shareholders Convene for Final Meeting on August 25
EURUS CAPITAL: Last Shareholders Meeting Set for August 25
GGI: Deadline for Proofs of Claim Filing Set for August 21

GOOOS AIRCRAFT: Will Hold Final Shareholders Meeting on Aug. 25
HARBERT (MASTER): Final Shareholders Meeting Set for August 24
HARBERT (OFFSHORE): Final Shareholders Meeting Is on Aug. 24
LATIN AMERICAN: Final Shareholders Meeting Moved to August 25
LINCOLN FINANCE: Creditors Must File Proofs of Claim by Aug. 28

MC MACRO: Creditors Have Until Aug. 21 to File Proofs of Claim
MISSION (EQUITY INVESTMENTS): Claims Filing Deadline Is Aug. 28
MISSION (EQUITY): Proofs of Claim Filing Is Until Aug. 28
MISSION (INVESTMENTS): Claims Filing Deadline Set for August 28
MISSION BAY: Creditors Must Present Proofs of Claim by Aug. 28

SOUTHDALE FINANCE: Proofs of Claim Filing Is Until Aug. 28
TEMPO CAPITAL: Final Shareholders Meeting Set for August 25
WALDEN CHINA: Shareholders Gather for a Final Meeting on Aug. 25
YOKOHAMA DESIGN: Liquidator Presents Wind Up Accounts on Aug. 24

C H I L E

AES CORPORATION: Earns US$169 Million in Second Quarter 2006
METROGAS: Reports CLP17 Bil. First Half Consolidated Net Profits

C O S T A   R I C A

SPECTRUM BRANDS: U.S. Attorney's Office Terminates Investigation
SPECTRUM BRANDS: Third Fiscal Quarter Earnings Down to US$2.5MM

* COSTA RICA: State Bank Posts CRC17.3B First Half 2006 Profits

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Exports Increase 25% in 2006

E L   S A L V A D O R

* EL SALVADOR: State Firm Delays Tender for El Chaparral Project

H O N D U R A S

* HONDURAS: Authorizes Planting 130 Blocks of Cotton in Nacaome
* HONDURAS: Production Growth Allows Exports in Basic Grains

J A M A I C A

KAISER ALUMINUM: Gets Okay to Return Asbestos Escrow Funds
KAISER ALUMINUM: Agrium Wants Injunction Changed to Pursue Claim

M E X I C O

BALLY TOTAL: Enters Into Separation Agreement With Carl Landeck
BALLY TOTAL: Modifies Employment Agreement With CEO Paul Toback
BALLY TOTAL: Names Ronald Eidell as Senior Vice Pres. and CFO
BERRY PLASTICS: Gets Tenders and Consents on 10.75% Sr. Notes

N I C A R A G U A

* NICARAGUA: Port Authority Launches Modernized El Rama Port

P A N A M A

BANCO LATINOAMERICANO: Completes Implementation of Flexcube
GLOBAL CROSSING: Inks DIA Service Agreement with MySpace.com

* PANAMA: Trade with Cayman Islands Intensifies

P U E R T O   R I C O

ADELPHIA COMMS: Century-TCI & Parnassos Submit Plan Supplements
ADELPHIA COMMS: Court Allows BofA to File Financing Documents
INTERLINE BRANDS: Sales Up 15.6% in Second Quarter of 2006
KMART CORP: Wants Charles Conaway's $19.6 Million Claim Denied
KMART CORP: Himle's Lift Stay Motion to Pursue Claim Denied

LA REINA: Wants Jose Raul Cancio Bigas as Bankruptcy Counsel
LA REINA: Section 341(a) Meeting Scheduled on August 24

T R I N I D A D   &   T O B A G O

BRITISH WEST: Government Grants US$35 Million Bailout Package
BRITISH WEST: Unions Ask to Meet with Government
MIRANT CORP: Wants CSX's $6.5 Million Claim Disallowed

U R U G U A Y

* URUGUAY: Pension Fund Managers Post UYU56.3B Assets in July

V E N E Z U E L A

ELECTRICIDAD DE CARACAS: Posts VEB76B Second Quarter Earnings
PETROLEOS DE VENEZUELA: Morichal Oil Spill Under Control

* VENEZUELA: President Chavez Inks Oil & Cotton Pacts with Mali
* VENEZUELA: Buying US$482.2 Million in Bonds from Argentina
* Large Companies with Insolvent Balance Sheets


                          - - - - -


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


CELLULAR FASHION: General Report Due In Court on Aug. 25
--------------------------------------------------------
Daniel Guillermo Contador, the court-appointed trustee for
Cellular Fashion S.R.L., will present in court a general report
containing an audit of the company's accounting and banking
records on Aug. 25, 2006.

Mr. Contador verified creditors' proofs of claim against
Cellular Fashion until May 16, 2006.  He submitted the verified
claim in court as individual reports on June 29, 2006.

The trustee can be reached at:

         Daniel Guillermo Contador
         Tucuman 1657
         Buenos Aires, Argentina


ELECTRICIDAD ARGENTINA: Completes Restructuring of US$98MM Debt
---------------------------------------------------------------
Electricidad Argentina recently disclosed to the Comision
Nacional Valores that in relation to the offer of exchange and
invitation to suscribe to the out-of-court settlement or Acuerdo
Preventivo Extrajudicial, the company has completed the
restructuring of US$98,140,000, which represents the 99.94% of
the total amount and the 90.91% of the total of creditors with
unpaid debts.  The company issued on July 19 these titles of
debt which are in process to be offered at the electronic open
market:

   a) US$12,874,441 Obligaciones Negociables a la Par, due 2017;

   b) US$66,495,600 Obligaciones Negociables a Descuento Clase A
      due 2016;  and

   c) US$5,922,000 Obligaciones Negociables a Descuento Clase B
      due 2016.

On July 19, the company decided to make the payment to each
holder of debt who has presented the support to the initial
offer for a total of US$1,064,156.50.  Also on that same day,
the company canceled a total of US$91,140,000 of the
Obligaciones Negociables due in 2004 issued by EASA and of
US$7,000,000 of other credits against the company.

Obligaciones Negociables for US$60,000 are still in circulation,
which represents 0.06% of the amount that the company has to
pay.

At present, the total debt of EASA in concept of capital reaches
US$85,532,041.

                        *    *    *

On Jul. 24, 2006, Standard & Poor's Ratings Services assigned a
'CCC+' corporate credit rating to the Argentine holding company
Electricidad Argentina S.A. aka EASA, 51% owner of the largest
Argentine electric distributor, Empresa Distribuidora y
Comercializadora Norte S.A. or Edenor (CCC+/Stable/--),
following the formal completion of its debt restructuring
process through the issuance of two new series of bonds in
exchange for its defaulted debt.

S&P said the outlook is stable.  At the same time, Standard &
Poor's affirmed the 'CCC-' ratings on the new bonds issued by
the company.


EMPRESA DISTRIBUIDORA: S&P Puts raBB Ratings on Four Debts
----------------------------------------------------------
Standard & Poor's assigned raBB ratings on Empresa Distribuidora
y Comercializadora Norte SA aka Edenor's debts:

   -- Global program of Obligaciones Negociables for
      US$600,000,000;

   -- Bond  Bono Par a Tasa Fija, at fixed rate for
      US$123,700,000;

   -- Bond "Bono Descuento a Tasa Fija," discount bond at fixed
      rate, for US$240,000,000; and

   -- Bond "Bono Par a Tasa Variable," variable rate, for
      US$12,300,000.

The rating action was based on the company's financial status at
Mar. 31, 2006.


EUROMAYOR S.A.: Evaluadora Rates US$7.4 Million Notes at E
----------------------------------------------------------
Euromayor S.A. de Inversiones' debts are rated E by Evaluadora
Latinoamericana:

   -- Obligaciones Negociables Serie II, dollar-denominated, for
      US$3,078,183, due June 10, 2003; and

   -- Obligaciones Negociables Serie II, peso-denominated, for
      US$4,421,817, due June 12, 2003.

The ordinary class B shares have been included in category 5.

The rating action was based on the company's financial status at
Apr. 30, 2006.


FIDEICOMISOS AVG: Evaluadora Rates US$180,000 Debt at C
-------------------------------------------------------
Fideicomisos Financieros AVG Plan's Certificados de
Participacion Clase B for US$180,000 is rated C by Evaluadora
Latinoamericana.


FIDEICOMISOS CREDICUOTAS: Evaluadora Rates US$5.9 Debt at raD
-------------------------------------------------------------
Fideicomisos Financieros Credicuotas III's Certificado de
Participacion's debt for US$5,897,876 is rated raD by Evaluadora
LatinoAmericana.


FIDEICOMISOS RENTIER: Evaluadora Rates US$240,000 Debt at C
-----------------------------------------------------------
Fideicomisos Financieros Rentier's Certificados de Participacion
Clase B subordinated for US$240,000 is rated C by Evaluadora
Latinoamericana.


FRISAC ARGENTINA: Trustees to Present General Report on Aug. 15
---------------------------------------------------------------
Miguel Angel Amalfitano, Juan Francisco Arrechea and Omar Daniel
Brandan, the court-appointed trustees for Frisac Argentina
S.A.'s bankruptcy case, will present in court a general report
containing an audit of the company's accounting and banking
records on Aug. 15, 2006.

The trustees verified creditors' proofs of claim against Frisac
Argentina until May 19, 2006.  They submitted the verified claim
in court as individual reports on July 14, 2006.

The trustees can be reached at:

           Miguel Angel Amalfitano
           Juan Francisco Arrechea
           Omar Daniel Brandan
           Avenida Colon 2727
           Mar del Plata
           Buenos Aires, Argentina


GROKOP DE BLUMENKRATZ: Trustee Submits General Report on Aug. 25
----------------------------------------------------------------
Court-appointed trustee Francisco Jose Matias Costa will present
in court a general report containing an audit of Grokop de
Blumenkratz Clara's accounting and banking records and a summary
of events pertaining to its bankruptcy case on Aug. 25, 2006.

Mr. Costa verified creditors' proofs of claim until May 16,
2006.  He submitted the validated claims in court as individual
reports on June 29, 2006.

The trustee can be reached at:

         Francisco Jose Matias Costa
         Sarmiento 1562
         Buenos Aires, Argentina


GUIDO VENTURA: Gen. Report To Be Submitted in Court on Aug. 14
--------------------------------------------------------------
Marcelo Fabian Francisco, the court-appointed trustee for Guido
Venturs S.A.'s bankruptcy proceeding, will present in court a
general report containing an audit of the company's accounting
and banking records on Aug. 14, 2006.

Mr. Francisco verified creditors' proofs of claim against Guido
Ventura until May 18, 2006.  He submitted the verified claim in
court as individual reports on July 3, 2006.

The debtor can be reached at:

         Guido Ventura S.A.
         Paraguay 4394
         Buenos Aires, Argentina

The trustee can be reached at:

         Marcelo Fabian Francisco
         Uruguay 328
         Buenos Aires, Argentina


INVERSORA ELECTRICA: Fitch Arg Rates US$230 Million Notes at D
--------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo SA assiged a D rating on
the Obligaciones Negociables Clase A for US$100 million and on
the Obligaciones Negociables Clase B for US$130 million of
Inversora Electrica de Buenos Aires S.A.  The rate responds to
the suspension on the payments of capital and interests since
March 2002 of the titles rated.

The income of Inversora depend exclusively on the dividends and
charges for the administration of EDEA; the latter presents a
weak economical-financial situation and, considering that it is
still renegotiating the debt, it might not distribute dividends
in the short term.  To date, IEBA, is receiving US$150 million
per year which corresponds to the remaining of the credit with
EDEA in concept of charges.

During 2005, EDEA´s incomes increased a 20.7% compared to 2004,
mainly because of the adjustment on the rates and the greater
costs on the energy.  The larger price paid for buying the
energy translated to the final rate without modifications, that
is to say, there is no additional gain over the product
distributed.  The incomes on March 2006, continued with the
trend registered, being 17% larger than the amount registered
during the same period of the previous year.

The adjustment on the rates will help to improve the rentability
and the capacity on the generation of funds of EDEA in the
future, after the 2002 crisis.  Nevertheless, despite that the
company will have more certainty over the generation of funds,
its development will continue to be restricted by the crisis
present in the sector; as a result it will not be able to
distribute dividends to IEBA.

Inversora Electrica de Buenos Aires S.A. was created on June
1997, being the major stakeholder of Empresa Distribuidora de
Energia Atlantica S.A. (EDEA).  The latter holds the concession
for 95 years for the distribution of electricity in the east
region of the Province of Buenos Aires since the privatization
of ESEBA.  The main shareholder of IEBA is BAECO (Buenos Aires
Energy Company) holding 96% of the shares, which it bought on
April 28, 2005, from United Utilities International Limited --
holding 45% in the company.  Also, BAECO is controlled by
Camuzzi Argentina SA.


NUEVA GLORIA: Trustee to Submit Gen. Report In Court on Aug. 21
---------------------------------------------------------------
Court-appointed trustee Hector Jorge Vegetti will present in
court a general report containing an audit of Nueva Gloria
S.R.L.'s accounting and banking records and a summary of events
pertaining to its bankruptcy case on Aug. 21, 2006.

Mr. Vegetti verified creditors' proofs of claim until May 10,
2006.  He submitted the validated claims in court as individual
reports on June 23, 2006.

The debtor can be reached at:

         Nueva Gloria S.R.L.
         Avenida de Mayo 1225
         Buenos Aires, Argentina

The trustee can be reached at:

         Hector Jorge Vegetti
         Montevideo 711
         Buenos Aires, Argentina


ORGANIZACION 3001: Trustee to Present General Report on Aug. 16
---------------------------------------------------------------
Jose Maria Colace, the court-appointed trustee for Organizacion
3001 S.R.L.' bankruptcy proceeding, will present in court a
general report containing an audit of the company's accounting
and banking records on Aug. 16. 2006.

Mr. Colace verified creditors' proofs of claim against
Organizacion 3001 until May 8, 2006.  He submitted the verified
claim in court as individual reports on June 21, 2006.

The trustee can be reached at:

        Jose Maria Colace
        Bernardo de Irigoyen 330
        Buenos Aires, Argentina


PAUTAS Y MEDIOS: Individual Reports Due In Court on Aug. 22
-----------------------------------------------------------
Jose Teodoro Gonzalez, the court-appointed trustee for Pautas y
Medios S.A.'s reorganization proceeding, will deliver individual
reports in court on Aug. 22, 2006.

The individual reports are based on creditors' claims that were
verified until June 27, 2006.  A court in Buenos Aires will then
determine if the verified claims are admissible, taking into
account Mr. Gonzalez' opinion and the objections and challenges
raised by Pautas y Medios and its creditors.

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

A general report that contains an audit of Pautas y Medios'
accounting and banking records will follow on Oct. 3, 2006.

On Feb. 38, 2007, Pautas y Medios' creditors will vote on a
settlement plan that the company will lay on the table.

The debtor can be reached at:

         Pautas y Medios S.A.
         Suipacha 190
         Buenos Aires, Argentina

The trustee can be reached at:

         Jose Teodoro Gonzalez
         Avenida Cordoba 2444
         Buenos Aires, Argentina


SAPEGO SA: General Report to be Delivered in Court Today
--------------------------------------------------------
Elisa Esther Tomattis, the court-appointed trustee for Sapego
S.A.'s bankruptcy case, will present in court today a general
report that contains an audit of the company's accounting and
banking records.

Ms. Tomattis verified creditors' proofs of claim against Sapego
until May 2, 2006.  She submitted the verified claim in court as
individual reports on June 14, 2006.

The debtor can be reached at:

         Sapego S.A.
         15 de Noviembre de 1889
         Numero 1695
         Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Inks Rio Negro Intranet Network Pact
-------------------------------------------------------------
Telefonica Argentina signed a contract with the state government
of Rio Negro to develop a public intranet to interconnect state
entities with the inhabitants, according to local press reports.

Business News Americas relates that Telefonica Empresas
Argentina, Telefonica de Argentina's corporate communications
division, will handle the contract.

"We will deploy IP Multiprotocol Label Switching (IP-MPLS)
technology which is the most modern in the world," Javier
Roldan, the chief executive officer of Telefonica Empresas, told
BNamericas.

The project is called Intranet Republica Provincial.  It will
primarily serve provincial administration offices in the areas
of:

    -- security,
    -- education, and
    -- health.

According to BNamericas, Rio Negro's data network coverage will
increase:

    -- from the current 14 to 34 cities, and
    -- from 34 public entities to 250 public entities.

"This network will be the communication backbone of the
province, with a high data transport capacity and linking all
cities with public entities," Marcelo Ruibal -- the director of
Altec, Rio Negro's high technology association -- told
BNamericas.

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

                        *    *    *


As reported in the Troubled Company Reporter-Latin America on
Aug. 4, 2006, Fitch Ratings upgraded Telefonica de Argentina
S.A.'s foreign currency issuer default rating to B+ with stable
outlook from B.  The rating action followed Fitch's upgrade on
Argentina's long-term local currency Issuer Default Rating to
'B' from 'B-' and country ceiling to 'B+' from 'B' on Aug. 2,
2006.

                        *    *    *

As reported in the Troubled Company Reporter on May 29, 2006,
Moody's Investors Service upgraded the ratings on Telefonica de
Argentina, S.A.'s Corporate Family Rating (foreign currency) to
B2 from B3 with stable outlook; Foreign currency issuer rating
to B2 from B3 with stable outlook; and Senior Unsecured Rating
(foreign currency) to B2 from B3 with stable outlook.

                       *     *     *

As reported in the Troubled Company Reporter on May 12, 2006,
Standard & Poor's Ratings Services said that its ratings on
Telefonica de Argentina S.A. or TASA (B/Stable/--) would not be
affected by the recent announcement of the approval to acquire
Telefonica Data Argentina S.A., a company that provides
telecommunication and IT solutions to the corporate sector in
Argentina.



* ARGENTINA: Sells US$500 Million Bonar V Bonds
-----------------------------------------------
The Argentine government offered late July the third and last
stage of the bonds Bono de la Nacion Argentina -- Bonar V -- for
US500 million dollars.

The government had made two similar operations in March and May
of this year, but had to postpone them later because of the
financial problems registered in the international markets.

The program allows an issue of up to US$1.5 billion in Bonar V,
titles with an interest rate of 7% and due 2011.

The amount obtained will be used to pay public debt for US$3
million dollars that's due this month.

On March 22, the rate was 8.36% per year and on May 3, it
decreased to the 8.09%.

Meanwhile, Argentina sold June 22 to Venezuela for US$242.6
million in Boden 2012 bonds.  The total debt bought by Venezuela
reaches more than US$3.24 billion.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




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


COMPLETE RETREATS: U.S. Trustee Picks 11-Member Creditors' Panel
----------------------------------------------------------------
Pursuant to Section 1102(a)(1) of the Bankruptcy Code, Diana G.
Adams, the Acting United States Trustee for Region 2, appointed
eleven parties to serve on the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Complete Retreats LLC and
its debtor-affiliates:

   (1) Joel S. Lawson III
       888 Parkes Run Lane
       Villanova, PA 19085
       Tel: 610-687-1281
       Fax: 610-688-8164

   (2) Boyd Fellows
       P. O. Box 182
       Ross, CA 94957
       Tel: 415-308-3200
       Fax: 415-256-9200

   (3) Fredric H. Gould
       60 Cutter Mill Road, Suite 303
       Great Neck, NY 11021
       Tel: 516-773-2747
       Fax: 516-466-3132

   (4) Intagio Corporation
       Attn: Steven Lewicky, V.P./General Counsel
       22 4th Street, Suite 1120
       San Francisco, CA 94103
       Tel: 415-247-9532
       Fax: 415-543-0375

   (5) Brian W. Anderson
       106 7th Street East
       Tierra Verde, FL 33715
       Tel: 813-842-4509
       Fax: 813-490-7111

   (6) Michael A. Freedman
       104 Bayberry Lane
       Westport, CT 06880
       Tel: 203-226-3160
       Fax: 203-226-3161

   (7) Robert L. Gulley
       62 - 2314 Kanehoa Street
       Kamuela, HI 96743
       Tel: 808-882-7243
       Fax: 208-279-7503

   (8) Stephen A. Kaplan
       434 Marguerita Avenue
       Santa Monica, CA 90402
       Tel: 310-394-7615
       Fax: 310-394-2853

   (9) Yvonne Marsh
       101 Central Park West, #18B
       New York, NY 10023
       Tel: 212-799-9786
       Fax: 212-799-4981

  (10) Michael Thoms
       4205 14th Street
       Rock Island, IL 61201
       Tel: 309-794-0091
       Fax: 309-794-0005

  (11) Mark Neuhaus
       1602 Alton Road, #487
       Miami Beach, FL 33139
       Tel: 646-645-4452
       Fax: 305-538-6560

The U.S. Trustee has appointed Mr. Lawson as chairman of the
Creditors Committee.

Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Committee.

"We want to find out where the money went.  We want to preserve
vacations as much as we can.  And we want to get the company on
sound financial footing," Mr. Reilly told The Wall Street
Journal.

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.,
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  No estimated assets have been
listed in the Debtors' schedules, however, the Debtors disclosed
US$308,000,000 in total debts.  (Complete Retreats Bankruptcy
News, Issue No. 4; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


COMPLETE RETREATS: Intagio Wants Debtors to Honor Reservations
--------------------------------------------------------------
Intagio Corp. asks the U.S. Bankruptcy Court for the District of
Connecticut to:

   (a) direct Complete Retreats LLC and its debtor-affiliates to
       honor all THR Credit Reservations made, or to be made,
       under the 2005 Contract and any of the Prior Contracts;
       and

   (b) exempt the THR Credit Reservations, if necessary, from
       the provisions of the Reservations Order to the extent
       any of them apply to the THR Credit Reservations.

Intagio also asks the Court to schedule an expedited hearing to
consider its request.

In October 2005, Debtor Preferred Retreats LLC dba Tanner &
Haley Destination Clubs, and Intagio entered into a Media
Purchase Agreement, whereby Intagio agreed to place an
advertising campaign on behalf of Preferred Retreats.

In return, Preferred Retreats agreed to provide Intagio:

   -- a US$647,045 cash payment for advertising; and

   -- credits, totaling US$327,975, redeemable for occupancy
      rights at all THR Private Retreats, THR Distinctive
      Retreats, THR Distinctive Retreats II and THR Legendary
      Retreats properties.

Intagio and Preferred Retreats were also parties to prior
agreements of a similar nature, Louis J. Testa, Esq., at
Neubert, Pepe & Monteith, P.C., in New Haven, Connecticut,
relates.

Prior to the Debtors' bankruptcy filing, Intagio booked certain
reservations on behalf of its clients and resold some of the THR
Credits to third parties under the 2005 Contract and the Prior
Contracts, Mr. Testa states.

As of July 23, 2006, these THR Credit Reservations were
outstanding:

   (1) Reservations already booked through Intagio's travel
       department, on behalf of Intagio's clients;

   (2) THR Credits resold by Intagio to third parties for which
       reservations have been, or may be made, by the parties;
       and

   (3) THR Credits owned by Intagio but not yet sold to third
       parties or redeemed for Client Reservations.

On July 27, 2006, the Court authorized the Debtors to honor
existing reservations, accept new reservations and provide
services to members under certain terms and conditions.

Subsequent to July 23, 200, Intagio received formal
notification from the Debtors that they will not honor the THR
Credit Reservations.

Mr. Testa notes that Intagio is particularly concerned with a
client reservation made by Michael Cunningham in February 2006
for the Debtors' location at Palm Beach County, in Florida, for
occupancy commencing on August 16, 2006, and ending on
Aug. 21, 2006.

The remaining Client Reservations will commence on Oct. 2,
Oct. 19 and Dec. 8, 2006, Mr. Testa adds.

If the Debtors fail to honor the Client Reservations and the
Third Party Reservations, Intagio will be required and compelled
to reimburse at least US$456,282 to the reservation holders in
cash or business credits, Mr. Testa informs the Honorable Alan
H.W. Shiff.

It is unlikely that Intagio will recover the amount of the
Reservation Obligations in the bankruptcy cases, Mr. Testa says.
Unlike Intagio, however, the Debtors will not suffer significant
hardship or irreparable injury by being compelled to honor the
THR Credit Reservations pending confirmation of a plan of
reorganization, Mr. Testa continues.

According to Mr. Testa, a review of the Reservations Motion and
Reservations Order appears to indicate that the relief requested
is limited to reservations made by members only, and not third
party creditors like Intagio.  Nor does the order appear to
apply to the holders of Client Reservations and Third Party
Reservations.

The Reservations Order allows the Debtors to provide
preferential treatment for a group of unsecured creditors,
namely members, to the detriment of other unsecured creditors,
like Intagio, and differentiate their treatment with respect to
honoring of reservations, Mr. Testa asserts.

Moreover, Intagio was not placed upon prior notice of the
Reservations Motion in order to protect its interests with
respect to the THR Credit Reservations.

"[Thus,] the balance of the equities weigh in favor of Intagio,"
Mr. Testa maintains.

Mr. Cunningham will need to be informed as soon as practically
possible prior to August 16, 2006, of the need to make alternate
vacation plans, if necessary, Mr. Testa tells the Court.  In
addition, the holders of the remaining Client Reservations will
need as much time as possible to make alternative plans, if
necessary.

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.
(Complete Retreats Bankruptcy News, Issue No. 4; Bankruptcy
Creditors' Service, Inc., 215/945-7000).


WINN-DIXIE: 76 Landlords Want Asserted Cure Amounts Paid
--------------------------------------------------------
Seventy-six landlords ask the U.S. Bankruptcy Court for the
Middle District of Florida to require Winn-Dixie Stores, Inc.,
and its debtor-affiliates to pay their asserted cure amounts as
condition to the assumption of their respective leases:

                          Store No.    Debtors'    Landlords'
Landlord                & Location  Cure Amount   Cure Amount
--------                ----------  -----------   ----------
5 Points West Shopping   405 (AL)   US$24,790    US$282,673
98 Palms Center, Ltd.    560 (FL)       8,196       142,219
AEI Net Lease et al.     481 (FL)       6,032        25,282
Anthony Balzebre et al.  370 (FL)      64,652        69,602
Avon Square Ltd.         609 (FL)      31,896        37,192
Beach Walk Centre II     561 (FL)         812        30,121
Bedford Avenue Realty    336 (FL)      39,192        43,111
Benderson Dev't. Co.     657 (FL)         973         7,421
Benjamin Chaves          512 (AL)       5,115        11,578
Blue Angel Crossing      535 (FL)       6,562        32,292
Camilla Marketplace      175 (GA)           0        27,513
Cantonment Partners Ltd. 498 (FL)       1,519         7,897
Cardinal Entities Co.   2603 (FL)      22,356        69,728
Casto Investments Co.    236 (FL)      19,775       221,095
Cedar Hills Consolidated 177 (FL)      79,038        81,247
Clanton Partners Ltd.    411 (AL)       3,396        10,594
Clay Plaza Investors       8 (FL)      31,173        36,190
Colonial Realty Limited  190 (FL)      14,771        44,007
                        2393 (FL)       5,634        14,056
Corporate Property      518BL(AL)       1,597        39,048
Crestview LLC            558 (FL)       1,401        32,735
Davie Plaza LP           311 (FL)      31,958        38,231
Eagle Harbor Investors   103 (FL)     196,819       208,745
Eastgate Investors       472 (MS)      37,173        43,038
Equity One Inc.          572 (AL)      35,714       133,222
Equity One-Alpha          51 (FL)      12,018        44,457
Equity One-Commonwealth 2601 (FL)      14,685        86,482
Equity One-Delta         249 (FL)      18,883        65,062
Equity One-Lantana       271 (FL)      54,589        76,925
Equity One-Louisiana    1353 (LA)      19,438        55,460
Equity One-Monument       54 (FL)       8,527        43,169
Equity One-Point Royale  371 (FL)       8,686        10,520
Equity One-Summerlin     717 (FL)      21,896        24,463
Equity One-West Lake     361 (FL)      12,338        11,772
Gardens Park Plaza       333 (FL)      90,443       115,439
Great Oak LLC            676 (FL)       3,127         6,159
Hobe Sound SC Co. Ltd.   305 (FL)       9,256        34,121
Inland SE Bridgewater   2269 (FL)       9,655        31,658
Inland SE Lake Olympia  2250 (FL)      44,910        46,438
Inland SE St. Cloud     2238 (FL)       8,751        11,455
IRT Partners LP         2383 (FL)      23,037        29,959
Jupiter Palms Associates 272 (FL)      70,171        78,565
Madison Investors LLC     28 (FL)      48,540        58,832
Mandarin Loretto Dev't.  141 (FL)      19,484        51,537
Mandeville Partners     1446 (LA)      77,465       140,395
Marketplace of Americus  545 (GA)      55,637        63,203
Monroe Center Partners   569 (AL)           0        18,317
Morris Realty Company    422 (AL)      22,259        48,682
Moulton Properties Inc.  412 (FL)      49,481        50,635
                         493 (FL)      51,641        53,064
Moultrie Square
   New Orleans LLC       101 (GA)      34,313        38,930
Navarre Square Inc.      501 (FL)      22,607        37,412
Nine Mile Partners Ltd.  506 (FL)         764        72,124
NOM Franklin Ltd.        550 (AL)       6,122        16,640
Northway Investments     343 (FL)       7,234       312,043
Ramco-Gershenson         345 (FL)      38,010        45,309
Regent Investment Corp. 2626 (MS)      10,979        22,001
Riley Place LLC          507 (FL)      38,204        32,735
RLV Marketplace LLC      255 (FL)       5,064         6,477
Salerno Village Shopping
   Center LLC            364 (FL)      34,026        89,630
                         365 (FL)           0         9,822
Sarria Enterprises Inc.  270 (FL)       1,949        20,055
                         237 (FL)     124,036       162,138
                         330 (FL)       7,254         7,524
                         302 (FL)           0        30,793
SES Group Miami Springs  726 (FL)       1,801       131,750
St. Stephens Square      581 (AL)           0         8,705
Three Lakes Plaza LC     210 (FL)      12,337        15,077
Tiger Crossing           579 (AL)       7,583        41,868
Towne South Plaza Ltd.  2355 (FL)      36,462        42,558
UIRT-Skipper Palms LLC   627 (FL)      53,585        62,840
Victory Berryland LLC   1540 (LA)      68,355        96,143
Victory Coldwater Plaza  462 (AL)      29,824        27,488
Victory Gretna LLC      1405 (LA)     131,607       172,156
Victory Kenner LLC      1406 (LA)      96,986       108,827
Victory River Square     438 (GA)      52,608        61,422
Victory Saks Plaza LLC   434 (AL)      27,158        40,774
Victory Three Notch      471 (AL)      22,426        49,583
Watkins Investments LP   630 (FL)         792        18,357
Weigel Family Trust     1483 (MS)       7,048        13,919
Weinacker's Shopping
   Center LLC           1333 (AL)      31,819        44,367
WYE Partners Ltd.        494 (FL)      19,950       108,952

The Landlords object to the Debtors' proposed cure amounts
because they do not account for all unpaid charges or taxes due
under their respective leases.

Most of the Landlords say they are entitled to the recovery of
their attorneys' fees.  They ask the Court to include their
expenses for legal services in the cure amounts.

In addition, two landlords object to the Debtors' proposed cure
amounts but have not asserted any amount to cure the defaults
under their respective leases.

                                    Store No.         Debtors'
     Landlord                       & Location      Cure Amount
     --------                       ----------      -----------
     Alfa Mutual Fire Insurance Co.  503 (AL)         US$19,216
     Alfa Properties Inc.            446 (AL)               0
                                     448 (AL)               0

Moreover, three landlords do not dispute the Debtors' proposed
cure amounts for their respective leases but submit that
additional rent and other charges will be due, pursuant to the
leases, between July 28, 2006, and the effective date of the
assumption.

                                    Store No.
     Landlord                       & Location
     --------                       ----------
     59 West Partners Ltd.           538 (FL)
     Golden Springs Partners Ltd.    447 (AL)
     Opelika Partners Ltd.           437 (AL)

              Lease Assignees Object to Cure Amount

(1) F.R.O. LLC

F.R.O. LLC VIII is the assignee of a lease agreement dated
April 13, 1999 between Winn-Dixie Montgomery, Inc., and Daphne
Pines LLC.  The Lease was assigned to F.R.O. in May 2000.

Mary Joanne Dowd, Esq., at Arent Fox PLLC, in Washington, D.C.,
relates that the Debtors are obligated to pay all property
taxes.  The Debtors, according to Ms. Dowd, acknowledged the
obligation and the their non-payment of certain taxes in a
letter dated December 16, 2005, to F.R.O.

The Debtors have only paid US$29,867 to cover the tax bills
incurred postpetition, and the pro-rated prepetition portion of
the tax bills totaling US$19,461 remains unpaid, Ms. Dowd says.

Accordingly, F.R.O. asks the Court to direct the Debtors to pay
US$19,461 as cure amount, plus attorneys' fees, immediately
after the assumption of the lease.

(2) KRG Waterford

The lease agreement of Store No. 2270, between Faison Capital
Development, Inc., and Winn-Dixie Stores, Inc., was assigned to
KRG Waterford Lakes, LLC, as of February 21, 2005.

KRG filed a proof of claim asserting US$111,632 in unpaid
additional rent and US$16,481 for common area maintenance
reconciliation for 2004.

The Debtors sought the reduction of the claim to zero on grounds
that KRG provided no supporting documentation to the claim
despite repeated requests.  KRG, however, claims it has not
received any request for documentation from the Debtors.

Roy S. Kobert, Esq., at Broad and Cassel, in Orlando, Florida,
says that KRG and the Debtors have reached an impasse relating
to the CAM charges.  None of the other components of the claim
amount appear to be in dispute, Mr. Kobert adds.

KRG asks the Court to deem its general ledgers sufficient proof
of the Debtors' pro-rata share of the 2004 CAM reconciliation
and order the Debtors to pay US$122,564 upon the assumption of
the Store 2270 Lease.

          Pass-Through Trustee Objects to Cure Amount

Deutsche Bank Trust Company Americas acts as trustee under a
Pass-Through Trust Agreement dated February 1, 2001, as well as
to 15 indentures under the agreement.

Pursuant to the Pass-Through Agreement, some of the Debtors
sponsored the issuance of over US$402,000,000 in securities
denominated as " Winn-Dixie Pass-Through Certificates Series
1999-1" of which US$301,400,000 remains outstanding as of
July 31, 2006.

Dennis J. Drebsky, Esq., at Nixon Peabody LLP, in New York,
relates that the Certificates represent undivided interests in a
pool of notes issued pursuant to the Indentures that are secured
by:

   (a) mortgages on 15 manufacturing, warehouse and office
       properties each owned by a special purpose entity and
       leased, under separate leases, to Winn-Dixie Stores, Inc.
       or its subsidiaries;

   (b) assignments of the Leases; and

   (c) a Residual Value Surety Bond issued by Centre Reinsurance
       (U.S.) Limited to assure the residual value of the leased
       premises at the end of the Lease terms.

The Offering Memorandum for the Certificates dated August 16,
1999, state that the leased facilities then had an aggregate
appraised value of over US$421,000,000, Mr. Drebsky discloses.

Eight of the Deutsche Leases were rejected and one was assumed
and assigned by the Debtors.  The Debtors want to assume three
Deutsche Leases in Florida, and one each in Alabama, Georgia,
and Louisiana.

The Debtors maintain that no cure amounts are due with regard to
the six Deutsche Leases.  Deutsche Bank says this is incorrect
and asserts that the Debtors should pay its legal and related
fees, as well as real estate taxes and other accruing amounts as
part of the cure payments.

Furthermore, Deutsche Bank maintains that the Winn-Dixie Stores'
Guaranty Agreement for each of the six Deutsche Leases must be
reaffirmed and assumed as part of the lease assumption.

Deutsche Bank asks the Court to set a date 30 days after
approval of the assumption of the Deutsche Leases as a status
hearing with regard to any remaining disputed cure claims, and
set a further date no later than 60 days after the approval date
for a final hearing to determine the remaining disputed cure
claims.

           Newport Wants Assumption Request Deferred

The Morris Tract Corp., The Williston Highlands Development
Corp., and The Morris Tract Corp., doing business as Newport
Partners, doing business as Partnership/Newport Motel have
contested the assumability of the lease of Store No. 251 located
in Miami, Florida.

Peter D. Russin, Esq., at Meland, Russin & Budwick P.A., in
Miami, Florida, tells the Court that Newport Partners' dispute
with the Debtors over the Lease is currently being litigated in
an adversary proceeding.

As of July 25, 2006, the motions for summary judgment filed by
both parties have not been fully briefed and the Court has not
yet ruled in the Adversary Proceeding, Mr. Russin relates.

Accordingly, the Newport Partners ask the Court to deny the
Debtors' request to assume the Store 251 Lease pending
completion of the Adversary Proceeding, or abate consideration
of the Debtors' request until there is a final ruling.

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. 46; Bankruptcy Creditors' Service, Inc., 215/945-
7000).




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


ANDREW CORP: CommScope Presents US$1.7 Billion Purchase Offer
-------------------------------------------------------------
CommScope, Inc., is proposing to acquire all of the outstanding
shares of Andrew Corporation for US$9.50 per share in cash.
CommScope's all-cash proposal represents a premium of
approximately 36% over the US$6.97 per share value Andrew's
shareholders would receive under the existing merger agreement
between Andrew and ADC Telecommunications, Inc., based on the
closing price of ADC's common stock on August 4, 2006, the last
trading day before CommScope's proposal was made public.

CommScope's proposal also represents a premium of approximately
20% over Andrew's per share closing price of US$7.89 on August
4, 2006.

The proposal, which was unanimously approved by CommScope's
Board of Directors, is valued at approximately US$1.7 billion,
including assumption of approximately US$186 million of Andrew
net debt.  This represents aggregate additional consideration of
approximately US$404 million over the current value provided to
Andrew's shareholders under the existing ADC / Andrew merger
agreement.  The merger is expected to be accretive to
CommScope's earnings per share in the first year after closing,
excluding any related special items.  Assuming the timeline set
forth in the proposal letter, it is anticipated that the
proposed transaction would close in early 2007.

CommScope expects the combined company to be a leader in
virtually every aspect of "last mile" communications --
structured cabling solutions for the business enterprise,
broadband cable for HFC applications and wireless communications
infrastructure.  In addition to the compelling strategic fit of
Andrew and CommScope, the combination of the companies'
respective operations is expected to result in meaningful sales,
operating and cost synergies.  CommScope has a strong global
track record of managing its businesses to create shareholder
value.  Moreover, CommScope's executive management team has
extensive experience in all the product areas in which Andrew
currently operates.  Given CommScope's manufacturing discipline
and commitment to operational excellence, and based on its
review of publicly available information, the Company expects to
achieve annual cost savings of approximately US$30 million to
US$50 million in the first full year after completion of the
transaction and approximately US$70 million to US$90 million in
the second full year after completion.

"We believe that our all-cash proposal is extremely compelling
for Andrew shareholders and provides Andrew shareholders
superior value over that contemplated by the existing merger
agreement with ADC," said Frank Drendel, CommScope's Chairman
and Chief Executive Officer.  "Under our proposal, Andrew
shareholders will receive a substantial cash premium for their
shares without the significant uncertainties inherent in ADC's
proposed stock-for-stock merger transaction. We believe that
Andrew's Board of Directors and shareholders will find our all-
cash proposal superior to the ADC transaction.  For CommScope
shareholders, we believe this transaction represents a unique
opportunity to become even more competitive and profitable, with
an even stronger and more diverse revenue stream.  We look
forward to Andrew's Board and management team carefully
considering our all-cash proposal and moving quickly with them
towards a definitive merger agreement.

"The combination of Andrew and CommScope is a logical step in
the continued growth and development of CommScope," continued
Mr. Drendel. "The combination will create a global leader in
providing solutions for the 'last mile' of communications
networks.  The 'last mile' provides the final link between
broadband and content-rich services and the end-user, including
homes, business enterprises and wireless customers. Andrew is an
excellent fit with our portfolio, and provides us with the
opportunity to build upon CommScope's innovative carrier
technologies and Andrew's strong global wireless channel and
brand.  The transaction will also expand our global footprint
and our worldwide growth opportunities by combining CommScope's
leading global channel in enterprise applications with Andrew's
in-building wireless solutions."

The transaction would be financed through a combination of cash
on hand and debt financing.  CommScope has received commitment
letters from Bank of America, N.A. and Wachovia Bank, N.A. (and
their respective affiliates) for the financing of the
transaction, which are subject to due diligence and other
customary conditions.  CommScope's offer, however, is not
subject to a financing condition.  Upon completion of the
transaction, with the anticipated free cash flow generated by
the combined company and divestitures of non-core businesses,
CommScope intends to reduce the company's debt on a consistent
basis.

CommScope's proposal is subject to completion of a due diligence
review of Andrew, as well as satisfaction of other customary
conditions, including approval by Andrew's Board and
shareholders and clearance under the Hart-Scott-Rodino Antitrust
Improvements Act and any other applicable law or regulation.
The proposed transaction is not subject to any financing
contingency.

Banc of America Securities LLC is acting as financial advisor to
CommScope and Fried, Frank, Harris, Shriver & Jacobson LLP and
Robinson, Bradshaw & Hinson, P.A. are acting as legal counsel.

                   About CommScope

CommScope -- http://www.commscope.com-- designs and
manufactures "last mile" cable and connectivity solutions for
communication networks.  Through its SYSTIMAX(R) Solutions(TM)
and Uniprise(R) Solutions brands CommScope is the global leader
in structured cabling systems for business enterprise
applications.  It also manufactures coaxial cable for Hybrid
Fiber Coaxial applications.

                      About Andrew

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

                        *    *    *

As reported in the Troubled Company Reporter on June 2, 2006,
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings on Andrew Corp. on CreditWatch
with positive implications.  The CreditWatch listing followed
the announcement that the company has agreed to be acquired by
unrated ADC Telecommunications Inc., in a transaction expected
to close in four to six months.


ANDREW CORP: CommScope Bid Prompts S&P's Developing Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services left its 'BB' ratings on
Westchester, Illinois-based Andrew Corp. remain on CreditWatch,
where they were placed with positive implications on May 31,
2006; the implications are revised to developing from positive.

The revision reflects an unsolicited offer by CommScope Inc. to
acquire Andrew for approximately US$1.5 billion cash to Andrew's
shareholders, which represents a US$400 million premium to the
current equity value of Eden Prairie, Minnesotta-based ADC
Telecommunications Inc.'s shares. Additionally, CommScope would
assume Andrew's debt. ADC had initially agreed to merge with
Andrew on a stock-for-stock transaction on May 31, 2006.

If the CommScope acquisition closes on substantially the same
terms as proposed, the combined company would have pro forma
debt leverage of about 4.8x trailing 12 months' EBITDA before
giving effect to CommScope's outstanding pensions (about 5.1x
after adjusting for pensions and operating leases), and ratings
on the combined company would likely be lowered below the
current 'BB' on CommScope and 'BB' on Andrew.  If ADC is able to
respond with a more compelling non-leveraging transaction,
ratings on Andrew could still be raised. Andrew generates more
than 90% of sales from the wireless infrastructure industry,
while ADC primarily serves the wireline infrastructure industry.
CommScope serves the cable TV industry, and provides structured
cableing solutions for enterprises.




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


* BELIZE: Posts 0.2% Decrease in Tourism Sector
-----------------------------------------------
"We've seen consecutive declines for all the months for 2006
with accumulative decrease of 0.2%," Anthony Mahler, the Belize
Tourism Board's Product Development Officer, told Love News
reports, referring to the number of cruise visitors in Belize.

Two years ago, the tourism department was reporting record-
breaking cruise tourism arrivals, Love News relates.  However,
for the past several months, the arrivals have been declining.

According to Love News, Mr. Mahler said that after five years,
the only major improvement was the marine parade.

"We're trying to work with this present city council to get some
projects underway so hopefully the aesthetics of Belize City can
be improved," Love News says, citing Mr. Mahler.

One of the problems is the increasing fuel cost, which led to
the raise in prices, Mr. Mahler told Love News.

Love News notes that Mr. Mahler said, "There are thousands of
people lined up on the decks waiting to be disembarked to come
on their tours to experience Belize City and this is a long wait
for them to do so and so that is a major problem for us."

Mr. Mahler told Love News that in a meeting with the Belize City
Council on Aug. 2, it was agreed that a "craft market" and an
entertainment area be created in the Memorial Park for cruise
passengers.  He said that works on the project would start once
he would get a written permission from the council.  He also
said that he had met with the Commissioner of Police and the
Head of the Tourism Police Unit to provide equipment, vehicles,
cycles, and communication equipment.

Mr. Mahler told Love News, "We can always do more but with
limited resources you have to work with what you have.  I think
we have a good set of people within public and private sector
associations who understand what the industry needs and
understand where the industry needs to go and so it's just
putting our thoughts together and we've been doing that, working
together to get the job done.  We've put in several programs
with regards to the smaller resorts that have had a problem with
their occupancy rate."

Infrastructural programs were also set up all over the country.
These include signage, docks or villages and communities to
offload people, Love News states, citing Mr. Mahler.

                        *    *    *

Moody's Investor Service assigned these ratings to Belize:

        -- CC LT Foreign Bank Depst Caa3
        -- CC LT Foreign Curr Debt  Caa3
        -- CC ST Foreign Bank Depst NP
        -- CC ST Foreign Curr Debt  NP
        -- LC Curr Issuer Rating    Caa3
        -- FC Curr Issuer Rating    Caa3
        -- Foreign Currency LT Debt Caa3
        -- Local Currency LT Debt   Caa3

Standard & Poor's Rating Service assigned these ratings to
Belize:

        -- Local Currency LT Debt   CCC+
        -- Foreign Currency ST Debt C
        -- Local Currency ST Debt C

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2006, Standard & Poor's lowered its long-term foreign
currency sovereign credit rating on Belize to 'CC' from 'CCC-'
while leaving its outlook on the rating at negative.  Standard &
Poor's affirmed its 'CCC+' long-term local currency sovereign
credit rating on Belize and revised its outlook on the rating to
stable from negative.  The 'C' short-term sovereign credit
ratings on the sovereign were affirmed.




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


AMEREX FUTURES: Proofs of Claim Filing Deadline Set on Aug. 29
--------------------------------------------------------------
Amerex Futures (Bermuda) Limited's creditors are given until
Aug. 29, 2006, to prove their claims to Nicholas Hoskins, the
company's liquidator, or be excluded from receiving any
distribution or payment.

Creditors are required to send by the Aug. 29 deadline their
full names, addresses, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
Mr. Hoskins.

A final general meeting will be held at the liquidator's place
of business on Sept. 7, 2006, at 11:0 a.m., or as soon as
possible.

Amerex Futures' shareholders will determine during the meeting,
through a resolution, the manner in which the books, accounts
and documents of the company and of the liquidator will be
disposed.  Furthermore, the shareholders will decide whether or
not Amerex Futures will be dissolved.

Amerex Futures' shareholders agreed on Aug. 1, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Nicholas Hoskins
         Wakefield Quin
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda


DERMO CORP: Supreme Court To Hear Winding-Up Petition on Aug. 24
----------------------------------------------------------------
The Supreme Court of Bermuda set 2:30 p.m., on Aug. 24, 2006, to
hear the petition for the winding up of Dermo Corp. Ltd.'s
business operation.  The petition was presented to the Supreme
Court on July 27, 2006.

Parties-in-interests who want to attend the hearing must inform
and serve notice not later than 4:00 p.m. on Aug. 23, 2006, to
the petitioner's counsel:

       Conyers Dill & Pearman
       Clarendon House
       2 Church Street
       Hamilton, HM 11, Bermuda

The liquidators can be reached at:

       Lai Kar Yan
       Joseph Kin Ching Lo
       Deloitte Touche Tohmatsu
       35th Floor, One Pacific Place
       88 Queensway, Hong Kong


FOSTER WHEELER: Proceeds With ExxonMobil's Early FEED Phase
-----------------------------------------------------------
Foster Wheeler Ltd. has been authorized by ExxonMobil Asia
Pacific Pte. Ltd. to proceed with the early phase of the front-
end engineering design or FEED for certain downstream units and
associated plant infrastructure of the Singapore Parallel Train
or SPT project.  In January 2006, Foster Wheeler announced the
award of a project coordination and services contract by
ExxonMobil Asia Pacific Pte. Ltd. to a team of Foster Wheeler
and WorleyParsons for the study phase of the SPT project, a
potential new world-scale steam-cracking complex at ExxonMobil's
Singapore refining and chemical plant site.  The possible new
complex now under study includes an ethylene cracker and
downstream plants for the production of ethylene and propylene
derivatives.

The Foster Wheeler team has been authorized, under its contract,
to undertake the FEED of selected process units and the overall
SPT project infrastructure.

The Foster Wheeler contract value for this phase of the FEED was
not disclosed and will be included in the company's second- and
third-quarter 2006 bookings.

"We are pleased that this project has now progressed to the next
stage," said Steve Davies, chairman and chief executive officer
of Foster Wheeler Energy Limited.  "We have built an excellent
working relationship with the ExxonMobil team and are committed
to leveraging our in-depth technical expertise to deliver a
high-quality FEED to assist ExxonMobil in realizing its plans
for a world-scale steam-cracking complex in Singapore."

                    About Foster Wheeler

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$525,565,000
equity deficit on Dec. 31, 2004.

                        *    *    *

Standard & Poor's Ratings Services assigned on Aug. 2, 2006, its
'BB-' bank loan rating and '1' recovery rating on Foster Wheeler
Ltd.'s proposed five-year, US$350 million senior secured credit
facilities due 2011, reflecting a high expectation of full
recovery of principal (100%) in the event of a payment default.

                        *    *    *

Moody's Investors Service assigned on Aug. 2, 2006, a Ba3 rating
to Foster Wheeler LLC's proposed US$350 million senior secured
domestic credit facility subject to final documentation.  The
credit facility is expected to consist of a five-year
US$200 million revolving credit facility and a five-year US$150
million synthetic letter of credit facility.


PXRE GROUP: Earns US$2.1 Million in Second Quarter 2006
-------------------------------------------------------
PXRE Group Ltd. disclosed results for the second quarter ended
June 30, 2006.  Notable items for the quarter included:

  -- On a fully diluted basis, book value per share was US$6.51
     at June 30, 2006, and

  -- Net income before convertible preferred share dividends
     was US$2.1 million compared to US$43.5 million in the
     second quarter of 2005,

Jeffrey L. Radke, President & Chief Executive Officer of PXRE
Group, commented, "Our Board of Directors remains focused on
finding a strategic alternative that would maximize value for
shareholders."

Mr. Radke continued, "PXRE's catastrophe exposure is declining
as a result of the cancellations and non-renewals in our
reinsurance portfolio.  As of August 1, 2006, approximately 82%
of our in-force business that was in effect on January 1, 2006
has either been cancelled or non-renewed, and it is anticipated
that this percentage will increase as additional contracts are
non-renewed on a going forward basis. Despite these
cancellations and non-renewals, we will continue to have
significant catastrophe exposures for the balance of 2006."

Mr. Radke continued, "We have also seen continued evidence that
our loss reserves for Hurricanes Katrina, Rita and Wilma are
adequate. For the second consecutive quarter, we did not
experience any material development on our reserves for the 2005
hurricanes. Additionally, we engaged a nationally recognized
actuarial firm to review our groupwide loss reserves as of June
30, 2006 and their loss estimates for the 2005 hurricanes, as
well as for the remainder of our reserves, were consistent with
the level of our carried reserves.  Property loss reserves for
hurricane events tend to mature more quickly than most other
types of property and casualty loss reserves.  While the unique
causation issues surrounding Hurricane Katrina introduce more
uncertainty than is usually the case for hurricane events, our
industry has historically seen little change in property loss
reserves associated with hurricanes after one year or more has
passed since the event occurred."

Mr. Radke continued, "We are hopeful that the Company will be
able to achieve a strategic alternative that is attractive to
our shareholders.  If our Board of Directors concludes that no
other alternative would be in the best interests of our
shareholders, it may determine that the best option is to place
PXRE's reinsurance business into runoff and eventually commence
an orderly winding up of PXRE's operations over some period of
time that is not currently determinable.  We have therefore
begun to take various steps to facilitate such a runoff,
including the negotiation of commutations.  During the second
quarter, our exited lines reserves decreased by approximately
46%, primarily due to commutations.  We have also begun
discussions with a number of our largest cedents to negotiate
commutations of our 2005 hurricane reserves."

For the quarter ended June 30, 2006, net income before
convertible preferred share dividends was US$2.1 million
compared to US$43.5 million in the second quarter of 2005.
The decrease in net income is primarily attributable to a
decrease in net premiums earned due to the cancellation or non-
renewal of many of our assumed reinsurance contracts following
our ratings downgrade in February 2006, offset by the absence of
any significant loss events in the quarter.

Net premiums earned for the quarter decreased 82%, or US$68.1
million, to US$15.3 million from US$83.4 million for the year-
earlier period. This decrease in net premiums earned can be
attributed to the cancellations or non-renewal of the majority
of our reinsurance portfolio following our ratings downgrades by
the major rating agencies in February 2006.  The decrease in net
premiums earned also reflected an increase in ceded premiums
earned of US$10.2 million associated with increased excess of
loss retrocessional catastrophe coverage during 2006, including
a collateralized catastrophe facility entered into during the
fourth quarter of 2005 to protect the Company against a severe
catastrophe event.

                 Revenues and Net Premiums Earned

                Three Months Ended        Six Months Ended
(US$000's)         June 30,                 June 30,
                             Change                    Change
              2006     2005     %      2006      2005     %

Revenues    $25,206  $90,082  (72)  $115,737  $180,062  (36)

Net Premiums
Earned:

Cat & Risk
Excess     $15,442  $83,371  (81)   $92,438  $163,512  (43)

Exited         (133)      49 (371)       (42)     (658) (94)

            $15,309  $83,420  (82)  $92,396  $162,854  (43)

Net premiums written in the second quarter of 2006 decreased by
US$91.4 million, to negative US$27.9 million from US$63.5
million for the same period of 2005.  This decrease in net
premiums written is due to the high level of return premiums
attributable to the cancellation of many of our reinsurance
contracts following our ratings downgrades by the major rating
agencies in February 2006.  In addition, one large North America
pro rata contract was terminated on a cut-off basis during the
quarter, which resulted in a reduction of written premium of
US$18.1 million compared to the same period of 2005.  The
decrease in net premiums written was also due to an increase in
ceded premiums written of US$2.4 million associated with excess
of loss retrocessional catastrophe coverage during 2006,
including a collateralized catastrophe facility entered into
during the fourth quarter of 2005 to
protect the Company against a severe catastrophe event.

                        Net Premiums Written

                  Three Months Ended        Six Months Ended
(US$000's)            June 30,                 June 30,
                                Change                    Change
                 2006     2005     %      2006      2005     %

Net Premiums
Written:

Cat & Risk
Excess        (27,772) $63,411  (144)  $51,034  $177,721  (71)
Exited            (134)      43  (412)      (47)     (661) (93)

              ($27,906) $63,454  (144)  $50,987  $177,060  (71)

Net investment income for the second quarter of 2006 increased
98%, or US$6.6 million, to US$13.2 million from US$6.7 million
for the corresponding period of 2005 primarily as a result of a
US$7.0 million increase in income from our fixed maturity and
short-term investment portfolio, offset, in part, by a US$0.6
million decrease in income from our hedge funds.  The increase
in income from our fixed income and short-term investment
portfolio was due to a net return on the fixed maturity and
short-term investment portfolios of 5.1% for the quarter, on an
annualized basis, compared to 3.6% during the comparable prior
year period and an increase in invested assets attributable to
cash flow principally from the proceeds of capital raising
activities in the fourth quarter of 2005.  The decrease in
income from our hedge fund portfolio was the result of a return
of negative 1.4 % on the hedge funds for the quarter compared to
positive 0.1% for the second quarter of 2005.  As previously
communicated, PXRE submitted redemption notices for its entire
hedge fund portfolio in February 2006, and as a result income
from hedge funds is expected to significantly decrease in future
quarters as we receive the proceeds from our various hedge fund
investments. As of June 30, 2006 we have received the redemption
proceeds from 79% of the hedge fund assets held on our December
31, 2005, balance sheet.  Net realized investment losses for the
second quarter of 2006 were US$3.4 million compared to US$0.2
million in the second quarter of 2005, primarily due to US$3.3
million in other than temporary impairment charges.

PXRE's GAAP loss ratio for the second quarter of 2006 was 5.6%
compared to 30.1% for the second quarter of 2005.  Losses and
loss expenses incurred in the second quarter of 2006 were US$0.9
million.  While there were no significant property catastrophe
losses during the second quarter of both 2006 and 2005, we had
overall favorable loss reserve development of US$7.5 million on
prior year reserves during the quarter ended June 30, 2006.  The
company did not experience material development on our reserves
for the 2005 hurricanes during the quarter.

The expense ratio was 104.5% for the second quarter of 2006
compared to 24.0% in the year-earlier quarter due to the
decrease in net premiums earned and an increase in operating
expenses of US$0.9 million in 2006 related to additional fees to
attorneys and financial advisors which have been incurred as a
result of our ratings downgrades, the Board of
Directors' decision to explore strategic alternatives for the
Company and the class action securities lawsuits filed against
the Company during the quarter.

                            GAAP Ratios

                     Three Months Ended     Six Months Ended
                            June 30,              June 30,
                       2006      2005        2006      2005
Loss Ratio,
All Lines              5.6%     30.1%       20.2%     42.7%

Expense Ratio         104.5%     24.0%       41.8%     23.6%

Combined Ratio        110.1%     54.1%       62.0%     66.3%

Loss Ratio,
Cat & Risk Excess     10.7%     28.5%       19.0%     41.9%

In the fourth quarter of 2005, PXRE sponsored a catastrophe bond
transaction which was determined to be a derivative and recorded
at fair value on the Company's balance sheet.  The increase of
US$2.3 million in other reinsurance related expense was due to
the change in fair value of this derivative during the quarter
ended June 30, 2006.

Operating results reflect a tax benefit of US$1.0 million for
the second quarter of 2005.  No tax benefit was recognized
during the second quarter of 2006.

On a fully diluted basis, book value per share increased to
US$6.51 at June 30, 2006, from US$6.50 per share at March 31,
2006. During the second quarter of 2006, PXRE recorded a change
in net after-tax unrealized depreciation in investments of
US$0.7 million in other comprehensive income, which resulted in
a US$0.01 decrease in fully diluted book value per share.  The
cause of this decrease in value was primarily an increase in
interest rates during the quarter.

With operations in Bermuda, Europe and the United States, PXRE
-- http://www.pxre.com/-- provides reinsurance products and
services to a worldwide marketplace.  The Company's primary
focus is providing property catastrophe reinsurance and
retrocessional coverage.  The Company also provides marine,
aviation and aerospace products and services.  The Company's
shares trade on the New York Stock Exchange under the symbol
"PXT."

                        *    *    *

PXRE carries Standard & Poor's and A.M. Best's BB- credit
ratings.  The Company's senior unsecured debt has a BB rating
from Fitch.

On May 15, 2006, Fitch retained these ratings on Rating Watch
Negative:

   PXRE Group Ltd.

      -- Issuer Default Rating: 'BB'.

   PXRE Capital Trust I

      -- Trust preferred securities US$100 million 8.85% due
         Feb. 1, 2027: 'B+'.

   PXRE Reinsurance Company
   PXRE Reinsurance Ltd.

      -- IFS: 'BB+'.


REFCO: Judge Drain Okays Stipulations on Lease-Decision Period
--------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York approves two stipulations
extending the time for Albert Togut, the Chapter 7 trustee
overseeing the liquidation of Refco, LLC's estate, to assume or
reject unexpired nonresidential real property leases.

Refco LLC leases a real property located at 1080 Indiantown
Road, Unit 200, in Jupiter, Florida, under an Oct. 22, 2004,
agreement with Cardi Corp.

Pursuant to their stipulation, Cardi agrees to extend the Refco
LLC Trustee's lease decision deadline until Sept. 30, 2006.  If
the Refco LLC Trustee is still undecided by that time, he will
be deemed to have rejected the Lease effective September 30.

Refco LLC also leases a real property located at 811 East Plaza
Drive, in Carroll, Iowa, under a March 31, 2004, agreement with
Vision Incorporated.

Vision agrees to extend Mr. Togut's lease decision deadline
until August 31, 2006.  If the Refco LLC Trustee won't assume
the Lease on or before August 31, the lease will be deemed
rejected on that day.

Mr. Togut says he will continue to timely perform all
obligations under the Cardi and Vision Leases prior to the
Rejection Date to the extent required under Section 365(d)(3) of
the Bankruptcy Code, including, without limitation, payment of
the full monthly rent for the Premises as required under the
terms of the Leases through and including the Rejection Date.

                12 Leases Assigned to Man

Pursuant to separate notices filed with the Court, Mr. Togut
informs Judge Drain that he will assume and assign 12 of Refco
LLC's unexpired leases for non-residential real property to Man
Financial, Inc.

The leases relate to premises located at:

   -- 4800 Main Street, Kansas City, Missouri, Suite 231;

   -- 44 Union Blvd., Lakewood, Colorado;

   -- 400 South 4th Street, Minneapolis, Minnesota, Room 6;

   -- 400 South 4th Street, Minneapolis, Minnesota, Booth 300;

   -- 400 South 4th Street, Minneapolis, Minnesota, Booths 310
      and 320;

   -- 400 South 4th Street, Minneapolis, Minnesota, Booth 315;

   -- 400 South 4th Street, Minneapolis, Minnesota, Room 414;

   -- One North End Avenue, New York, New York, Suite 1101;

   -- One North End Avenue, New York, New York, Suite 1207;

   -- One North End Avenue, New York, New York, Suite 1223;

   -- One North End Avenue, New York, New York, Suite 1225 and;

   -- One North End Avenue, New York, New York, Suite 1304

                      About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 35; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


REFCO: Debtors & Trustee Want UHY Advisors as Tax Consultants
-------------------------------------------------------------
Refco, Inc., its debtor-affiliates and Marc S. Kirschner, the
court-appointed trustee for Refco Capital Markets, Ltd., seek
authority from the U.S. Bankruptcy Court for the Southern
District of New York to formally employ UHY Advisors NY, Inc.,
and its affiliated entities as their tax advisors, nunc pro tunc
to Feb. 3, 2006.

The Debtors and the RCM Trustee believe that UHY, being the 14th
largest accounting firm of tax and business consultants in the
United States with an extensive network of affiliated firms
internationally, possesses expertise and knowledge to provide
services.

According to the Debtors, UHY will perform these necessary
services:

   (a) preparation, review and filing of federal, state and
       local tax returns and any amended returns, corresponding
       schedules, related documents, including any extensions of
       time to file tax returns as well as complex technical
       analysis of various issues and formulation of
       recommendations to the Debtors and the RCM Trustee;

   (b) attendance and assistance with meetings and examinations
       with Internal Revenue Service, international or state and
       local tax authorities, the executive management team at
       Refco, Inc., the Chapter 11 and Chapter 7 trustees for
       RCM and Refco, LLC;

   (c) advice and assistance regarding transaction taxes, state
       and local sales and use taxes, and audits;

   (d) assembly and compilation of information necessary to
       prepare tax returns;

   (e) accounting, auditing and bookkeeping services;

   (f) review and assistance with any international tax-related
       issues and documents;

   (g) tax consulting and strategy services relating to several
       complex transactions;

   (h) consulting services relating to treatment of transactions
       for financial reporting purposes in accordance with GAAP;

   (i) assistance with organizing and cataloging the Debtors'
       books and records; and

   (j) performance of other tax-related services and accounting
       and audit-related services that are mutually agreed on by
       the Debtors, the Trustee and UHY.

The Debtors assure the Bankruptcy Court that UHY's services will
not result in unnecessary duplication of efforts in their
bankruptcy cases.

In accordance with an order authorizing the Debtors to employ
and compensate professionals used in ordinary course, payments
are subject to Court approval if they exceed US$50,000 in any
month, or exceed an aggregate of US$500,000 in the Debtors'
cases.

The Debtors' payments to UHY have not exceeded these caps as of
July 14, 2006.

Under an engagement letter with the Debtors and the RCM Trustee,
UHY agreed to fix its professional fee at US$400,000, along with
a US$50,000 retainer, for services relating to preparation of
certain partnership and corporation tax returns.  Specific
services that are encompassed in the fixed fee are:

     Fee        Service
     ---        -------
   US$150,000   New Refco Group Ltd. LLC Partnership Returns for
                short year January 1, 2005, to August 10, 2005;
                and

   US$250,000   Refco Inc. Corporate Tax Returns for tax year
                starting August 11, 2005, to June 30, 2006.

The fixed fee does not include any accounting, bookkeeping or
other support services necessary to prepare the returns.

For other services, UHY's standard hourly rates range from
US$150 for first year staff to US$550 for managing directors.
It is UHY's policy to adjust rates periodically to reflect
economic and other conditions.

Consistent with its policy with respect to its other clients,
UHY will bill for other charges and disbursements incurred,
including costs for long distance telephone usage, photocopying,
travel, messengers, computer usage and postage.

As of July 20, 2006, UHY has received US$200,000 from the
Debtors.  UHY will then apply to the Court for allowance of
compensation for professional services rendered and
reimbursement of expenses incurred in the Debtors' cases.
However, services subject to the fixed fee arrangement will be
subject to the jurisdiction and approval of the Court and the
U.S. Trustee under Section 328(a) of the Bankruptcy Code.

Michael Greenwald, managing director of UHY, attests that the
firm:

   (i) does not have any connection with the Debtors or any
       other party-in-interest;

  (ii) is a "disinterested person," as that term is defined in
       Section 101(14); and

(iii) does not hold or represent any interest adverse to the
       Debtors' estates.

                       About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 35; Bankruptcy Creditors' Service, Inc., 215/945-
7000).




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


COEUR D'ALENE: Invests US$60 Mil. on San Bartolome Silver Mine
--------------------------------------------------------------
A spokesperson of Coeur D'Alene Mines Corp. told Business News
Americas that the firm will invest US$60 million in the second
half of 2006 on the construction of its US$135 million San
Bartolome silver mine.

As reported in the Troubled Company Reporter-Latin America on
July 18, 2006, Coeur said it would start the construction of the
mine.  The initial phase of the construction would be on a
silver-processing plant in Potosi, in the southwest region of
Bolivia, which the mines ministry dubs as the "start of the
reactivation of the mining sector."  Coeur estimated that the
project would start producing the projected 8 million ounces of
silver per year by the end of 2007, as planned.  The Bolivian
government said that the San Bartolome mine would increase its
assistance to the city's 120,000 residents, as it would process
the metals gathered by seven mining companies in Potosi.

"In the second half of the year we anticipate spending levels to
pick up rapidly to something like US$60 million.  We have been
in the construction phase for some time but it has been at a
fairly modest level of activity," BNamericas relates, citing
Scott Lamb -- a Coeur spokesperson.

Meanwhile, Coeur had disclosed that it successfully restructured
a lease contract for one of the San Bartolome properties its
leases from Corporacion Minera de Bolivia, Bolivia's state-run
mining company, BNamericas notes.

Mr. Lamb told BNamericas, "We think [the restructuring] is
indicative of our ability to work productively and cooperatively
with the government and is part of an ongoing process in which
we continue to develop relationships with it."

Mr. Lamb said Coeur is "seeing very encouraging signs" from the
Bolivian government and has even received assurances on the
secure status of San Bartolome, BNamericas notes.

Coeur d'Alene Mines Corp. -- http://www.coeur.com/-- is
the world's largest primary silver producer, as well as a
significant, low-cost producer of gold.  The Company has mining
interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia
and Australia.

                        *    *    *

Coeur d'Alene Mines Corporation's US$180 Million notes due
Jan. 15, 2024, carry Standard & Poors' B- rating.




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


ALERIS INT'L: Closes Buy on Corus' Downstream Aluminum Business
---------------------------------------------------------------
Aleris International, Inc., completed the purchase of the
downstream aluminum business of Corus Group plc.  The
acquisition includes Corus's aluminum rolling and extrusion
businesses but does not include Corus's primary aluminum
smelters.

"We are extremely pleased to have completed this acquisition
which continues the transformation of our company," Steve
Demetriou, Chairman and CEO of Aleris International said.  "We
are delighted to welcome 4,600 new employees to Aleris.  The
acquisition provides Aleris with a world-class technology
platform and a portfolio of high value-added products that
significantly diversifies our current offerings.  Today, we are
a global company with significant assets in Europe and a
foothold in the high-growth China economy.  We expect to
continue Aleris's track record of growth and profitability and
are very excited about the future."

                 About Aleris International

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures
rolled aluminum products and is a global leader in aluminum
recycling and the production of specification alloys.  The
company also manufactures value-added zinc products that include
zinc oxide, zinc dust and zinc metal.  The Company operates 42
production facilities in the United States, Brazil, Germany,
Mexico and Wales, and employs approximately 4,200 employees.

                        *    *    *

As reported in the Troubled Company Reporter on July 18, 2006,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Aleris International Inc. and removed it from
CreditWatch, where it was placed with negative implications on
March 21, 2006.  The CreditWatch placement followed Aleris'
announcement that it would acquire the downstream aluminum
assets of Corus Group PLC (BB/Stable/B) for US$880 million in
cash and assumed debt.  The outlook is negative.

At the same time, Standard & Poor's assigned its 'BB-' and '2'
recovery ratings to the company's proposed US$650 million senior
secured term loan B.  The '2' recovery rating indicates the
expectation of a substantial recovery of principal in the event
of a payment default.  The ratings are based on preliminary
terms and conditions and are predicated on the completion of the
Corus transaction and related financings substantially in the
form currently anticipated.

As reported in the Troubled Company Reporter on July 12, 2006,
Moody's Investors Service confirmed Aleris International, Inc.'s
B1 corporate family rating.  In a related rating action, Moody's
assigned a Ba3 rating to the company's proposed 7 year senior
secured guaranteed term loans aggregating US$650 million, which
Aleris is issuing to partially finance its EUR691 million
acquisition of certain aluminum assets from Corus Group plc and
refinance its existing debt.

The balance of the necessary funding will be provided under a
senior unsecured guaranteed bridge loan provided by Deutsche
Bank and Citigroup.  Aleris has initiated a tender offer for its
10-3/8% senior secured notes due 2010 and its 9% senior notes
due 2014 and is seeking consent to a number of modifications to
restrictive covenants, events of default, and in the case of the
10-3/8% senior secured notes, the release of security.

Moody's confirmed the B2 rating on the 10-3/8% senior secured
notes and the B3 rating on the 9% senior unsecured notes.  The
ratings for the proposed financings assume that the tender offer
will be successful, the desired consents obtained and that the
acquisition and associated financing transactions will close as
contemplated.  At such time, Moody's ratings for Aleris's
existing debt will be withdrawn.  The ratings outlook is
negative.


ALERIS INT'L: Completes Tender Offer on 10-3/8% & 9% Sr. Notes
--------------------------------------------------------------
Aleris International, Inc., completed its tender offer to
purchase for cash any and all of its outstanding 10-3/8% Senior
Secured Notes Due 2010 (CUSIP No. 449681AC9) and 9% Senior Notes
Due 2014 (CUSIP No. 014477AA1).  The tender offer expired at
5:00 p.m., New York City time, on July 31, 2006.  Through the
expiration of the tender offer, US$200,830,000 principal amount,
or 96.17%, of the outstanding principal amount of the 10-3/8%
Notes and US$124,910,000 principal amount, or 99.93%, of the
outstanding principal amount of the 9% Notes, and the consents
related thereto, have been validly tendered.  Aleris accepted
for purchase all of the Notes validly tendered prior to the
expiration of the tender offer and the related consents.

On July 14, 2006, the requisite consents were received to
eliminate or make less restrictive substantially all of the
restrictive covenants and events of default and certain related
provisions contained in the indentures governing the Notes.  As
a result of obtaining the requisite consents, Aleris executed
and delivered supplemental indentures setting forth the
amendments to the indentures governing the Notes.  The
supplemental indentures provide that the amendments to the
indentures have become operative as a result of Aleris having
accepted for purchase pursuant to the tender offer the validly
tendered Notes.

Each holder who tendered the 10-3/8% Notes and related consents
on or before the consent date will receive US$1,100.78 per
US$1,000 principal amount of the 10-3/8% Notes, which includes a
US$20 consent payment, and each holder who tendered the 10-3/8%
Notes and related consents after the consent date but on or
before the expiration date will receive US$1,080.78 per US$1,000
principal amount of the 10-3/8% Notes.

Each holder who tendered the 9% Notes and related consents on or
before the consent date will receive US$1,134.96 per US$1,000
principal amount of the 9% Notes, which includes a US$20 consent
payment, and each holder who tendered the 9% Notes and related
consents after the consent date but on or before the expiration
date will receive US$1,114.96 per US$1,000 principal amount of
the 9% Notes.  Holders of the Notes tendered and accepted for
payment pursuant to the Offer also will be paid accrued and
unpaid interest on their Notes to, but not including, the
applicable payment date.

In addition, Aleris is depositing funds with JPMorgan Chase
Bank, N.A., as trustee under the indenture for the 10-3/8% Notes
to effect a covenant defeasance, which terminated its
obligations with respect to substantially all of the remaining
restrictive covenants on the 10-3/8% Notes, and is depositing
funds with LaSalle Bank National Association, as trustee under
the indenture for the 9% Notes to effect a legal defeasance,
which resulted in Aleris being discharged from its obligations
under the 9% Notes and the indenture governing the 9% Notes.

Deutsche Bank Securities Inc. acted as dealer manager for the
tender offer and as the solicitation agent for the consent
solicitation and Mackenzie Partners, Inc., was the depositary
and information agent.

               About Aleris International

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures
rolled aluminum products and is a global leader in aluminum
recycling and the production of specification alloys.  The
company also manufactures value-added zinc products that include
zinc oxide, zinc dust and zinc metal.  The Company operates 42
production facilities in the United States, Brazil, Germany,
Mexico and Wales, and employs approximately 4,200 employees.

                        *    *    *

As reported in the Troubled Company Reporter on July 18, 2006,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Beachwood, Ohio-based Aleris International Inc.
and removed it from CreditWatch, where it was placed with
negative implications on March 21, 2006.  The CreditWatch
placement followed Aleris' announcement that it would acquire
the downstream aluminum assets of Corus Group PLC (BB/Stable/B)
for US$880 million in cash and assumed debt.  The outlook is
negative.

At the same time, Standard & Poor's assigned its 'BB-' and '2'
recovery ratings to the company's proposed US$650 million senior
secured term loan B.  The '2' recovery rating indicates the
expectation of a substantial recovery of principal in the event
of a payment default.  The ratings are based on preliminary
terms and conditions and are predicated on the completion of the
Corus transaction and related financings substantially in the
form currently anticipated.

As reported in the Troubled Company Reporter on July 12, 2006,
Moody's Investors Service confirmed Aleris International, Inc.'s
B1 corporate family rating.  In a related rating action, Moody's
assigned a Ba3 rating to the company's proposed 7 year senior
secured guaranteed term loans aggregating US$650 million, which
Aleris is issuing to partially finance its EUR691 million
acquisition of certain aluminum assets from Corus Group plc and
refinance its existing debt.

The balance of the necessary funding will be provided under a
senior unsecured guaranteed bridge loan provided by Deutsche
Bank and Citigroup.  Aleris has initiated a tender offer for its
10-3/8% senior secured notes due 2010 and its 9% senior notes
due 2014 and is seeking consent to a number of modifications to
restrictive covenants, events of default, and in the case of the
10-3/8% senior secured notes, the release of security.

Moody's confirmed the B2 rating on the 10-3/8% senior secured
notes and the B3 rating on the 9% senior unsecured notes.  The
ratings for the proposed financings assume that the tender offer
will be successful, the desired consents obtained and that the
acquisition and associated financing transactions will close as
contemplated.  At such time, Moody's ratings for Aleris's
existing debt will be withdrawn.  The ratings outlook is
negative.


BANCO BRADESCO: Earns BRL1.602 Billion in First Half of 2006
------------------------------------------------------------
Banco Bradesco posted Net Income of BRL3.132 billion in the
first half of 2006 (equivalent to EPS of BRL3.20) vis-a-vis
BRL2.621 billion recorded in the same period of 2005 (equivalent
to EPS of BRL2.67), a 19.5% increase.  In the first six months
period, Return on Average Stockholders' Equity or ROAE stood at
34.4% (34.9% in 1H05).  Total Assets reached BRL232.9 billion,
an increase of BRL38.4 billion, or 19.7%.

In the 2nd Quarter, Net Income reached BRL1.602 billion, 4.7%
higher in the q-o-q analysis, which was BRL1.530 billion.  In
the quarter, Return on Average Stockholders' Equity stood at
35.0% compared with 34.6% in the 1st Quarter.

In the 2nd quarter, these events took place:

   -- BRL99 million gain from the Fidelity deal; and

   -- BRL84 million from the partial sale of the stake held by
      Bradesco in ABN - American BankNote, which were fully
      neutralized by the BRL192 million of extraordinarily
      amortized goodwill.

In the 1st half of 2006, Bradesco's net income is divided into:

   -- 33% by Insurance, Pension Plans and Savings Bonds,
   -- 23% by Loans,
   -- 25% by Fee Income,
   -- 11% by Securities and Treasury and
   -- 8% by Funding result.

Adjusted Net Interest Income reached BRL9.926 billion, up 30.5%
in the last 12 months and, in the q-o-q analysis, down by 0.5%.
Fee Income grew BRL710 million, or 20.8%, between June 2005 and
2006, totaling BRL4.131 billion. Compared to the previous
quarter, Fees expanded by BRL51 million, or 2.5%.

Bradesco's Efficiency Ratio for the accumulated 12-month period
continues to present a constant improvement, standing at 48.1%
in June 2005, 42.9% in March 2006 and, finally, 42.8% in June
2006.

In line with the policy of adding shareholder value, in the 1st
half of 2006, Interest on Own Capital paid or provisioned added
up to BRL1.148 billion (compared to BRL925.1 million in the 1st
half of 2005).

As of June 30, Bradesco Market Capitalization reached BRL64.2
billion, corresponding to a 62.3% jump, a significantly higher
variation than Ibovespa's, which evolved by 46.2%.  Currently,
Market Capitalization stands at BRL70 billion as of Aug. 4,
2006.

On May 19, Standard & Poor's attributed in the international
scale the credit rating in foreign currency and domestic
currency "BB+/B" (long and short term) to Bradesco.  These
ratings are one notch above the sovereign credit in foreign
currency attributed to Brazil.

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

                        *    *    *

Fitch Ratings upgraded on June 30, 2006, these ratings of Banco
Bradesco S.A., in the wake of the upgrade of Brazil's
foreign and local currency Issuer Default Ratings to 'BB':

   -- Foreign currency long-term IDR: to BB from BB-;
   -- Local currency long-term IDR: to BBB- from BB+; and
   -- National long-term rating: to 'AA+(bra)' from 'AA(bra)'.

Fitch said the long-term Outlook is Stable.


BANCO PINE: Included as IDB's Issuing Bank Under TFFP
-----------------------------------------------------
The Inter-American Development Bank disclosed the inclusion of
Banco Pine from Brazil as Issuing Bank under its Trade Finance
Facilitation Program or TFFP.  Under the TFFP, the IDB extends
guarantees to cover letters of credit, promissory notes and
other instruments used in the financing of international trade
transactions.  This agreement will help support Banco Pine's
expansion of trade flows between Brazil and IDB member countries
by having access to a broader number of International Confirming
Banks participating in the program.

Launched in 2005, the TFFP constitutes an effective tool for the
IDB to support economic reactivation and growth through the
expansion of international trade financing available to Latin
American and Caribbean companies.  The TFFP currently comprises
a network of over 70 Confirming Banks from 30 different
international banking groups, and 16 Issuing Banks in seven
Latin American countries with more than US$375 million in
approved credit lines.

To date, the IDB has issued guarantees for over US$38 million in
support of approximately 60 individual international trade
transactions totaling over US$55 million.

                        About Banco Pine

Banco Pine is the mid-size Brazilian bank with approximately
US$853 million in assets.  Pine is headquartered in Sao Paulo
and has eleven domestic branches, primarily in the south and
southeast regions of Brazil.  The bank provides financial
services mainly to middle market companies and individuals.
Here, the TFFP is expected to play a significant role in
assisting Banco Pine to broaden its international funding base
among existing and new international correspondent banks.

                        *    *    *

Standard & Poor's Ratings Services assigned on May 28, 2006, its
'B+/B' foreign currency counterparty credit rating to Banco Pine
S.A.  The outlook is stable.


GOL LINHAS: In Talks with Varig for Take Over of Boeing Leases
--------------------------------------------------------------
Brazilian low-cost airline Gol Linhas Aereas Inteligentes is in
talks to take over the lease on Boeing airplanes currently in
the possession of ailing rival Varig SA, according to the local
daily O Estado de Sal Paulo Monday.

Tarcisio Gargioni, Gol's marketing vice president, confirmed
talks with leasing companies and added that, independent of
those talks, it will add 11 new planes to the fleet before the
end of the year.

Varig has been in financial trouble for a number of years.  More
recently, Varig has been forced to ground all but 10 of its
planes because it couldn't meet basic operating payments and is
in default with a number of leasing companies.

Gol, along with its main rival TAM SA, has expanded its market
share greatly because of the flagship airline's demise and
because of its aggressive pricing and promotions policy.

Gol had an occupancy rate of 84.3% on its flights in July, which
is well above average for the industry and above the 79% rate
registered by the airline in July last year.

                         About VARIG

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. 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 Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
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.

                      About Gol Linhas

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

                        *    *    *

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

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

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

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


NORTEL NETWORKS: Upgrades Usimina's & Cosipa's Networks
-------------------------------------------------------
Usinas Siderurgicas de Minas Gerais aka Usiminas and Companhia
Siderurgica Paulista aka Cosipa have improved the security and
high-bandwidth capabilities of their communications while
reducing costs through a network upgrade from Nortel(x).  The
upgraded network helps Usiminas and Cosipa to support bandwidth-
hungry production and office processes with new wireless
mobility features for 6,000 employees across 27 company
branches.

Usiminas and Cosipa's network -- powered by Nortel's Gigabit
Ethernet Technology -- also provides a flexible foundation for
expanding to new advanced services like VoIP and
videoconferencing. The network was designed, deployed and
implemented by Solin, a Nortel Advantage channel partner and
Westcon, a major Nortel distributor.

"We are very satisfied with the services, solutions and
efficient deployment by Nortel for our network upgrade," said
Mauricio Higino de Souza, analyst, Usiminas Technology System.
"Our previous network was very complex and inefficient and
lacked the high availability and performance needed to support
mission-critical applications such as our emergency response
system that is essential to the success of Usiminas Systems."

"Nortel's Gigabit Ethernet technology provides high levels of
performance, reliability and security in communications to meet
Usiminas and Cosipa's operational needs.  These new network
capabilities help drive costing-saving competitive advantage
through more efficient communications that increase productivity
of administrative processes and existing resources," said Inacio
de Freitas, manager, Corporate Markets, Nortel Brazil.

Usiminas and Cosipa's new network is equipped with Nortel
Ethernet Routing Switch 8600 and Ethernet Routing Switch 5510
and 470 switches that are capable of handling thousands of users
simultaneously.

                          About Cosipa

Cosipa is among Brazil's largest steelmakers, along with Arcelor
Brasil and Companhia Siderurgica Nacional.  The company
manufactures cold- and hot-rolled steel sheets, as well as heavy
plates and slabs.  Cosipa sells its products internationally to
auto, home appliance, and pipe manufacturers, with most exports
going throughout the Americas and to Europe, Asia, and Oceania.
It also runs its own domestic port terminal for receiving raw
materials used in steel production and for exporting steel
products.  Usiminas had owned just under half of the company
until 2005, when it made Cosipa a wholly owned subsidiary.

                       About Usiminas

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

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries including Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating of Nortel; assigned a B3 rating to the proposed USUS$2
billion senior note issue; downgraded the USUS$200 million
6.875% Senior Notes due 2023 and revised the outlook to stable
from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and
assigned its 'B-' senior unsecured debt rating to the company's
proposed USUS$2 billion notes.  The outlook is stable.


USINAS SIDERURGICAS: Nortel Upgrades Network Communications
-----------------------------------------------------------
Usinas Siderurgicas de Minas Gerais aka Usiminas and Companhia
Siderurgica Paulista aka Cosipa have improved the security and
high-bandwidth capabilities of their communications while
reducing costs through a network upgrade from Nortel(x).  The
upgraded network helps Usiminas and Cosipa to support bandwidth-
hungry production and office processes with new wireless
mobility features for 6,000 employees across 27 company
branches.

Usiminas and Cosipa's network -- powered by Nortel's Gigabit
Ethernet Technology -- also provides a flexible foundation for
expanding to new advanced services like VoIP and
videoconferencing. The network was designed, deployed and
implemented by Solin, a Nortel Advantage channel partner and
Westcon, a major Nortel distributor.

"We are very satisfied with the services, solutions and
efficient deployment by Nortel for our network upgrade," said
Mauricio Higino de Souza, analyst, Usiminas Technology System.
"Our previous network was very complex and inefficient and
lacked the high availability and performance needed to support
mission-critical applications such as our emergency response
system that is essential to the success of Usiminas Systems."

"Nortel's Gigabit Ethernet technology provides high levels of
performance, reliability and security in communications to meet
Usiminas and Cosipa's operational needs.  These new network
capabilities help drive costing-saving competitive advantage
through more efficient communications that increase productivity
of administrative processes and existing resources," said Inacio
de Freitas, manager, Corporate Markets, Nortel Brazil.

Usiminas and Cosipa's new network is equipped with Nortel
Ethernet Routing Switch 8600 and Ethernet Routing Switch 5510
and 470 switches that are capable of handling thousands of users
simultaneously.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries including Mexico.

                          About Cosipa

Cosipa is among Brazil's largest steelmakers, along with Arcelor
Brasil and Companhia Siderurgica Nacional.  The company
manufactures cold- and hot-rolled steel sheets, as well as heavy
plates and slabs.  Cosipa sells its products internationally to
auto, home appliance, and pipe manufacturers, with most exports
going throughout the Americas and to Europe, Asia, and Oceania.
It also runs its own domestic port terminal for receiving raw
materials used in steel production and for exporting steel
products.  Usiminas had owned just under half of the company
until 2005, when it made Cosipa a wholly owned subsidiary.

                     About Usiminas

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

                        *    *    *

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

                        *    *    *

Moody's Investors Service assigned on June 7, 2006, a Ba2
foreign currency rating to the proposed senior unsecured bonds
to be issued by Cosipa Commercial Ltd., a subsidiary of
Companhia Siderurgica Paulista -- Cosipa based on the Cayman
Islands, in the amount of approximately US$200 million with
bullet maturity in 2016, under the US$500 million Medium Term
Notes Program of Usinas Siderurgicas de Minas Gerais S.A. --
Usiminas and Cosipa.  The rating outlook is stable.


VARIG S.A.: In Talks with Gol Linhas on Boeing Leases
-----------------------------------------------------
Brazilian low-cost airline Gol Linhas Aereas Inteligentes is in
talks to take over the lease on Boeing airplanes currently in
the possession of ailing rival Varig SA, according to the local
daily O Estado de Sal Paulo Monday.

Tarcisio Gargioni, Gol's marketing vice president, confirmed
talks with leasing companies and added that, independent of
those talks, it will add 11 new planes to the fleet before the
end of the year.

Varig has been in financial trouble for a number of years.  More
recently, Varig has been forced to ground all but 10 of its
planes because it couldn't meet basic operating payments and is
in default with a number of leasing companies.

Gol, along with its main rival TAM SA, has expanded its market
share greatly because of the flagship airline's demise and
because of its aggressive pricing and promotions policy.

Gol had an occupancy rate of 84.3% on its flights in July, which
is well above average for the industry and above the 79% rate
registered by the airline in July last year.

                      About Gol Linhas

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

                         About VARIG

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. 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 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 Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
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.


VARIG S.A.: TAM Interested in Some International Routes
-------------------------------------------------------
Brazilian airline TAM SA is looking to take over a number of
international routes that its ailing rival, Varig SA, has
stopped operating, including flights between Brazil and Milan
and Paris, TAM chief executive Marco Antonio Bologna was quoted
by local papers as saying.

During a conference call with analysts, Mr. Bologna said TAM is
also interested in new routes that could come open to Miami, New
York and London.

"We want to grow selectively on the international market, with
our focus on meeting heavy demand from Brazilians," Mr. Bologna
said.  TAM is already looking to switch one route from Brazil to
New York from a day to a night flight and will add a flight to
London.

Flagship airline Varig has canceled all its international routes
except Frankfurt and Buenos Aires, as it struggles under heavy
debts.  Volo do Brasil, Varig's new owner, hopes to gradually
reinstate flights during the rest of the year as it attempts to
bring the company back from the brink of bankruptcy.

Brazil's civil aviation agency Anac said it is waiting to
receive the Varig flight restructuring plan before reassigning
international routes.

                         About VARIG

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. 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 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 Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
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.


VARIG S.A.: Workers Stage Strike after Retrenchment News
--------------------------------------------------------
Hundreds of workers at VARIG, S.A., went on indefinite strike
after the airline announced its plan to cut ties with 5,500
workers as part of its plan of judicial recovery.

VARIG had disclosed that it would keep around 40% of its 9,485
employees and gradually rehire the dismissed workers once it
resumes growth.

According to EFE News Services (U.S.) Inc., VARIG has estimated
the layoffs to cost at around BRL253 million -- about US$116
million.

VARIG is currently operating 10 aircraft with flights in seven
Brazilian cities -- Sao Paulo, Rio de Janeiro, Porto Alegre,
Fortaleza, Salvador, Recife and Manaus.  The airline still flies
to Frankfurt, Germany; Buenos Aires, Argentina; Miami and New
York, in the U.S.

                         About VARIG

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. 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 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 Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
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.  (VARIG Bankruptcy News, Issue No. 29; Bankruptcy
Creditors' Service, Inc., 215/945-7000)




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


ANTHRACITE (2): Liquidator Presents Wind Up Progress on Aug. 24
---------------------------------------------------------------
Anthracite Balanced Company (LIBGDF5) Limited's final
shareholders meeting will be at 10:00 a.m. on Aug. 24, 2006, at:

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

These agenda will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


ANTHRACITE (LIBGDF5): Last Shareholders Meeting Set on Aug. 24
--------------------------------------------------------------
Anthracite Balanced Company (LIBGDF5) Limited's final
shareholders meeting will be at 10:00 a.m. on Aug. 24, 2006, at:

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

These agenda will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


CBPF DOCTOR: Shareholders Convene for Final Meeting on August 25
----------------------------------------------------------------
CBPF Doctor Bird, Ltd.'s shareholders will convene for a final
meeting on Aug. 25, 2006, at:

           Conduit Capital Partners LLC
           477 Madison Avenue, New York
           New York, U.S.A.

Accounts on the company's liquidation process will be presented
during the meeting.

The liquidator can be reached at:

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


EURUS CAPITAL: Last Shareholders Meeting Set for August 25
----------------------------------------------------------
Eurus Capital Limited's final shareholders meeting will be at
10:00 a.m. on Aug. 25, 2006, at the company's registered office.

These agenda will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

   John Cullinane
   Derrie Boggess
   c/o Walkers SPV Limited
   Walker House
   P.O. Box 908, George Town
   Grand Cayman, Cayman Islands


GGI: Deadline for Proofs of Claim Filing Set for August 21
----------------------------------------------------------
GGI's creditors are required to submit proofs of claim by Aug.
21, 2006, to the company's liquidator:

   Lucas Oliver-Frost
   7th Floor, 2-1-15 Hiroo
   Shibuya-ky, Tokyo 150, Japan

Creditors who are not able to comply with the Aug. 21 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

GGI's shareholders agreed on July 25, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.


GOOOS AIRCRAFT: Will Hold Final Shareholders Meeting on Aug. 25
---------------------------------------------------------------
Gooos Aircraft Leasing Limited's final shareholders meeting will
be at 10:00 a.m. on Aug. 25, 2006, at the company's registered
office.

These agenda will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

   John Cullinane
   Derrie Boggess
   c/o Walkers SPV Limited
   Walker House
   P.O. Box 908, George Town
   Grand Cayman, Cayman Islands


HARBERT (MASTER): Final Shareholders Meeting Set for August 24
--------------------------------------------------------------
Harbert Arbitrage MasterFund, Ltd.'s final shareholders meeting
will be at 9:00 a.m. on Aug. 24, 2006, at:

   Queensgate House, South Church Street
   Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

   Joel B. Piassick
   Harbert Management Corp
   Attention: Julie O'Hara
   C/o Ogier
   P.O. Box 1234, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 949-9876
   Fax: (345) 949-1986


HARBERT (OFFSHORE): Final Shareholders Meeting Is on Aug. 24
------------------------------------------------------------
Harbert Arbitrage Offshore Fund, Ltd.'s final shareholders
meeting will be at 9:00 a.m. on Aug. 24, 2006, at:

   Queensgate House, South Church Street
   Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

   Joel B. Piassick
   Harbert Management Corp
   Attention: Julie O'Hara
   c/o Ogier
   P.O. Box 1234, George Town
   Grand Cayman, Cayman Islands
   Tel: (345) 949-9876
   Fax: (345) 949-1986


LATIN AMERICAN: Final Shareholders Meeting Moved to August 25
-------------------------------------------------------------
Latin American Small Cap Holdings' final shareholders meeting is
moved to Aug. 25, 2006, at:

           1001 Nineteenth Street North
           17th Floor, Arlington, Virginia
           22209-1722

The meeting was previously set for July 26, 2006.

Accounts on the company's liquidation process will be presented
during the meeting.

The liquidator can be reached at:

           Emerging Markets Management, LLC
           c/o Maples and Calder, Attorneys-at-law
           P.O. Box 309, George Town
           Grand Cayman, Cayman Islands


LINCOLN FINANCE: Creditors Must File Proofs of Claim by Aug. 28
---------------------------------------------------------------
Lincoln Finance Limited's creditors are required to submit
proofs of claim by Aug. 28, 2006, to the company's liquidator:

   Westport Services Ltd.
   P.O. Box 1111
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Lincoln Finance's shareholders agreed on July 27, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949-5122
   Fax: 345 949-7920


MC MACRO: Creditors Have Until Aug. 21 to File Proofs of Claim
--------------------------------------------------------------
MC Macro fund Inc.'s creditors are required to submit proofs of
claim by Aug. 21, 2006, to the company's liquidator:

   Takeshi Saito
   c/o Maples and Calder
   1504 One International Finance Centre
   1 Harbour View Street, Hong Kong

Creditors who are not able to comply with the Aug. 21 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

MC Macro's shareholders agreed on July 14, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   JPT
   c/o Maples and Calder
   1504 One International Finance Centre
   1 Harbour View Street, Hong Kong


MISSION (EQUITY INVESTMENTS): Claims Filing Deadline Is Aug. 28
---------------------------------------------------------------
Mission Bay Equity Investments Limited's creditors are required
to submit proofs of claim by Aug. 28, 2006, to the company's
liquidator:

   Westport Services Ltd.
   P.O. Box 1111
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Mission Bay's shareholders agreed on July 27, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949-5122
   Fax: 345 949-7920


MISSION (EQUITY): Proofs of Claim Filing Is Until Aug. 28
---------------------------------------------------------
Mission Bay Equity Limited's creditors are required to submit
proofs of claim by Aug. 28, 2006, to the company's liquidator:

   Westport Services Ltd.
   P.O. Box 1111
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Mission Bay's shareholders agreed on July 27, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949-5122
   Fax: 345 949-7920


MISSION (INVESTMENTS): Claims Filing Deadline Set for August 28
---------------------------------------------------------------
Mission Bay Investments Limited's creditors are required to
submit proofs of claim by Aug. 28, 2006, to the company's
liquidator:

   Westport Services Ltd.
   P.O. Box 1111
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Mission Bay's shareholders agreed on July 27, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949-5122
   Fax: 345 949-7920


MISSION BAY: Creditors Must Present Proofs of Claim by Aug. 28
--------------------------------------------------------------
Mission Bay Limited's creditors are required to submit proofs of
claim by Aug. 28, 2006, to the company's liquidator:

   Westport Services Ltd.
   P.O. Box 1111
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Mission Bay's shareholders agreed on July 27, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949-5122
   Fax: 345 949-7920


SOUTHDALE FINANCE: Proofs of Claim Filing Is Until Aug. 28
----------------------------------------------------------
Southdale Finance Limited's creditors are required to submit
proofs of claim by Aug. 28, 2006, to the company's liquidator:

   Westport Services Ltd.
   P.O. Box 1111
   Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Aug. 28 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Southdale Finance's shareholders agreed on July 27, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

   Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949-5122
   Fax: 345 949-7920


TEMPO CAPITAL: Final Shareholders Meeting Set for August 25
-----------------------------------------------------------
Tempo Capital Corp.'s final shareholders meeting will be at
9:00 a.m. on Aug. 25, 2006, at the company's registered office.

These agenda will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

   John Cullinane
   Derrie Boggess
   c/o Walkers SPV Limited
   Walker House
   P.O. Box 908, George Town
   Grand Cayman, Cayman Islands


WALDEN CHINA: Shareholders Gather for a Final Meeting on Aug. 25
----------------------------------------------------------------
Walden China Investment Ltd.'s shareholders will convene for a
final meeting on Aug. 25, 2006, at:

           Suite 2806A, Central Plaza
           18 Harbour Road, Hong Kong

Accounts on the company's liquidation process will be presented
during the meeting.

The liquidator can be reached at:

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


YOKOHAMA DESIGN: Liquidator Presents Wind Up Accounts on Aug. 24
----------------------------------------------------------------
Yokohama Design Center, Limited's shareholders will convene for
a final meeting on Aug. 24, 2006, at:

           Maples Finance Jersey Limited
           2nd Floor, Le Masurier House
           La Rue Le Masurier, St. Helier
           Jersey JE2 4YE

Accounts on the company's liquidation process will be presented
during the meeting.

The liquidators can be reached at:

           Liam Jones
           Mark Wanless
           c/o Maples Finance Jersey Limited
           2nd Floor, Le Masurier House
           La Rue Le Masurier, St. Helier
           Jersey JE2 4YE




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


AES CORPORATION: Earns US$169 Million in Second Quarter 2006
------------------------------------------------------------
The AES Corporation reported continued growth in revenues and
earnings for the second quarter of 2006.  Revenues increased 15%
to US$3.0 billion, compared to US$2.6 billion in the second
quarter of 2005, and net income increased 99% to US$169 million,
compared to US$85 million in the prior year quarter.  Diluted
earnings per share were US$0.25 compared to US$0.13 for the same
quarter last year, while diluted earnings per share from
continuing operations were US$0.31 compared to US$0.13 last
year.  Adjusted earnings per share (a non-GAAP financial
measure) were US$0.29 compared to US$0.12 last year.

Net cash from operating activities increased 32% to US$434
million in the second quarter, compared to US$328 million last
year, while free cash flow (a non-GAAP financial measure)
increased 34% to US$243 million compared to US$182 million last
year.

The company sees higher revenues and earnings in 2006, and has
raised its guidance for diluted earnings per share from
continuing operations to US$1.05 from US$0.96 previously and for
adjusted earnings per share to US$1.01 from US$0.97 previously.

"We had a strong quarter and AES continues to perform well,"
said Paul Hanrahan, President and Chief Executive Officer.
"Earnings continued to benefit from solid operating price and
volume trends.  The good earnings gains were also reflected in
solid cash flow growth, consistent with our guidance. In the
area of business development, we increased our presence in
alternative energy by expanding into some of the fastest growing
markets for wind generation in the U.S. and Europe, and through
the recent creation of AES AgriVerde -- our first significant
business venture in the greenhouse gas offset production sector-
-which should allow us to capitalize on the growing market for
greenhouse gas emissions reductions."

Results for the second quarter reflect the Company's plans to
sell its 140 MW Indian Queens power generation plant in the U.K.
and Eden, a regulated utility in Argentina.  These operations
have been recorded as discontinued operations in the second
quarter 2006 results.  Comparisons with prior periods have been
adjusted to include the results from those businesses in
discontinued operations.

                     Financial Summary

The table summarizes key financial measures for the three months
and six months which ended June 30, 2006 and for prior year
periods:

(US$ in millions except per share amounts)

                  Three Months Ended        Six Months Ended
                        June 30,                 June 30,
                                  %                        %
                2006    2005    Change   2006    2005    Change
               ------- ------- -------- ------- ------- --------

Revenue        $3,038  $2,649    15%    $6,020  $5,292    14%

Gross Margin     $919    $526    75%    $1,870  $1,349    39%

Income from
Continuing
Operations      $211     $87    143%     $566    $209    171%

Net Income       $169     $85     99%     $520    $209    149%

Diluted EPS
from
Continuing
Operations     $0.31   $0.13    138%    $0.85   $0.31    174%

Adjusted
Earnings
Per Share      $0.29   $0.12    142%    $0.72   $0.29    148%

Net Cash
Provided by
Operating
Activities      $434    $328    32%      $977    $845    16%


           Second Quarter Financial Highlights

Consolidated financial highlights for the second quarter of 2006
compared to the second quarter of 2005 are summarized as:

   -- Revenues increased 15% to US$3,038 million, with gains in
      all segments.  Revenues increased approximately 10%
      excluding estimated foreign currency translation impacts,
      a result of higher prices in all segments and higher
      volume principally in our Contract Generation segment.

   -- Gross margin increased 75% to US$919 million.  This higher
      than usual increase was partially attributable to
      comparisons with an uncharacteristically low second
      quarter in 2005, which was impacted by a US$192 million
      receivables reserve expense recorded in Brazil.  The
      increase over the same period in 2005 also reflects higher
      prices and volume.  Gross margin as a percent of revenues
      improved to 30.3% from 19.9% in the prior year largely due
      to the adverse impact of the 2005 Brazil receivables
      reserve expense.

   -- General and administrative expenses increased 31% to US$59
      million primarily due to increased corporate staffing and
      a higher level of business development activities.

   -- Interest expense decreased 7% to US$442 million primarily
      due to debt reduction and mark to market gains on interest
      rate derivatives, partially offset by unfavorable foreign
      currency translation effects.

   -- Net other expense was US$49 million in the quarter
      compared to net other income of US$67 million in the prior
      year quarter.  Net other income in the 2005 period
      included US$70 million of income from the reversal of a
      Brazil business tax accrual no longer required. Net other
      expense in the second quarter of 2006 included
      US$20 million for liquidated damages payable to the
      electricity offtaker for delays in the construction of our
      1,200 MW power plant in Spain.

   -- Income tax expense increased to US$106 million from US$80
      million, but the effective tax rate fell to 22% compared
      to 43% in last year's second quarter.  The reduction in
      the effective tax rate was due, in part, to the favorable:

      (1) release of a US$43 million valuation allowance at
          Eletropaulo in Brazil, related to its deferred tax
          asset for certain pension obligations;

      (2) decrease in tax expense on unrealized foreign currency
          gains associated with U.S. dollar debt held at certain
          Latin American subsidiaries and;

      (3) decrease in U.S. taxes on distributions from certain
          non-U.S. subsidiaries due to recent changes in U.S.
          tax law.

   -- Minority interest expense was US$166 million compared to
      US$19 million in the second quarter last year.  The
      increase resulted principally from higher after tax
      earnings in Brazil.  Comparisons were also impacted by the
      second quarter 2005 Brazil receivables reserve expense,
      which reduced minority expense in that period.

   -- Income from continuing operations increased 143% to
      US$211 million from US$87 million in the second quarter
      last year.  Diluted earnings per share from continuing
      operations increased 138% to US$0.31 compared to US$0.13
      per diluted share in the 2005 second quarter.  Adjusted
      earnings per share increased 142% to US$0.29 compared to
      US$0.12 in the 2005 quarter.

   -- Net income for the second quarter included a US$63 million
      loss associated with discontinued operations and a US$21
      million extraordinary gain from the purchase of an
      additional 25% interest in Itabo, a contract generation
      business in the Dominican Republic, at a price which was
      less than the fair value of the assets acquired.

   -- Net cash from operating activities increased 32% to US$434
      million compared to US$328 million in the second quarter
      of 2005.

   -- Free cash flow (a non-GAAP financial measure defined as
      net cash from operating activities less maintenance
      capital expenditures) was US$243 million, 34% above the
      US$182 million recorded in the same period last year.
      Property additions totaled US$361 million in the quarter,
      including US$191 million in maintenance capital and US$170
      million in growth capital expenditures.  For the 2005
      quarter, property additions were US$260 million, including
      US$146 million in maintenance capital and US$114 million
      in growth capital expenditures.

                  Segment Financial Highlights

Regulated Utilities segment revenues increased 9% to US$1,506
million from US$1,376 million in the second quarter of 2005.
Excluding the estimated impacts of foreign currency translation,
revenues increased approximately 1%, primarily due to higher
average prices in North America related to higher fuel charges,
largely offset by higher intercompany revenues in Latin America
that are eliminated in the segment. Gross margin increased 264%
to US$408 million primarily due to the 2005 Brazil receivables
reserve expense and favorable foreign currency translation
effects in 2006.  Gross margin as a percent of revenues
increased to 27.1% from 8.1% primarily due to last year's
receivables reserve expense.

Contract Generation segment revenues increased 21% to US$1,199
million from US$988 million in the second quarter of 2005 due
largely to higher volume in Pakistan and favorable volume and
prices in Brazil and Chile, together with the consolidation of
Itabo in the Dominican Republic as a result of an increase in
ownership during the quarter.  Foreign currency translation
effects were not significant in the quarter.  Gross margin
improved 18% to US$415 million, due principally to higher volume
and prices in Brazil and Chile partially offset by higher
maintenance expense in the U.S. Gross margin as a percent of
revenues decreased to 34.6% from 35.7% primarily due to higher
volume in Pakistan and the higher maintenance costs in the U.S.

Competitive Supply segment revenues grew 17% to US$333 million
from US$285 million in the second quarter of 2005, and
approximately 18% excluding the estimated impacts of foreign
currency translation, primarily reflecting higher prices and
volume in New York, higher prices in Argentina and higher volume
and prices in Kazakhstan.  This was partially offset by lower
emission allowance sales of US$7 million in New York compared to
US$27 million in last year's second quarter. Gross margin
increased 57% to US$96 million, primarily reflecting the higher
prices and partially offset by the lower emission allowance
sales.  Gross margin as a percent of revenues increased to 28.8%
from 21.4% largely due to the improved pricing.

                Six Month Financial Highlights

Consolidated key financial highlights for the six months ending
June 30, 2006 as compared to the same period in 2005 are
summarized as:

   -- Revenues increased 14% to US$6,020 million, with gains in
      all segments.  Revenues increased approximately 9%
      excluding estimated foreign currency translation impacts,
      a result of higher prices in all segments, higher volume
      principally in our Contract Generation segment and the
      sale of US$73 million in excess environmental emission
      allowances compared to US$30 million last year.

   -- Gross margin increased 39% to US$1,870 million, which was
      impacted by the second quarter 2005 Brazil receivables
      reserve expense together with second quarter 2006 benefits
      from higher prices, volume and emission allowance sales.
      Gross margin as a percent of revenues improved to 31.1%
      from 25.5% primarily due to last year's receivables
      reserve expense along with this year's allowance sales
      increase.

   -- General and administrative expenses increased 21% to
      US$114 million primarily due to a higher level of
      business development activities and other consulting
      costs.

   -- Interest expense fell 7% to US$874 million, primarily due
      to debt reduction, mark to market gains on interest rate
      derivatives and lower interest rates in Venezuela,
      partially offset by unfavorable foreign currency
      translation effects.

   -- Interest income increased 13% to US$206 million primarily
      due to a US$17 million benefit in the first quarter of
      2006 related to the settlement of receivables in the
      Dominican Republic, favorable foreign currency
      translation effects in Brazil, and higher cash and
      short-term investments in Chile and Brazil, partially
      offset by less interest earned on regulatory assets in
      Brazil.

   -- Net other expense was US$97 million in the first half of
      2006 compared to net other income of US$52 million in the
      prior year period.  Net other income in the 2005 period
      included US$70 million of income from the reversal of a
      Brazil business tax accrual. Net other expense in the 2006
      period included US$62 million in losses on parent debt
      retirement and El Salvador subsidiary debt extinguishment
      and US$20 million for liquidated damages related to
      construction delays in our project in Spain, partially
      offset by a US$14 million gain from retiring debt at a
      discount in Argentina.

   -- Gain on sale of investments for the 2006 period included
      an US$87 million pre-tax gain on the sale of an investment
      in a Canadian equity affiliate.

   -- Equity earnings in the 2006 period increased 28% to US$59
      million.  The 2006 period results included a first quarter
      net US$16 million gain related to the successful
      resolution of a legal claim at AES Barry in the UK.

   -- Income tax expense increased to US$296 million versus
      US$227 million in the prior year period, but the effective
      tax rate fell to 27%, compared to 40% for the prior year
      period.  The effective tax rate for the 2006 period was
      impacted favorably by:

      (1) the release of a US$43 million valuation allowance
          at Eletropaulo in Brazil related to its deferred tax
          asset for certain pension obligations;

      (2) a decrease in tax expense on unrealized foreign
          currency gains associated with U.S. dollar debt held
          at certain Latin American subsidiaries;

      (3) a decrease in U.S. taxes on distributions from
          certain non-U.S. subsidiaries due to recent changes
          in U.S. tax law and;

      (4) the sale of the Canadian equity affiliate, the gain on
          which was not taxable.

   -- Minority interest was US$254 million compared to US$125
      million in the first half of last year.  Comparisons
      were impacted by the 2005 Brazil receivables reserve
      expense, which reduced minority interest in that period.

   -- Income from continuing operations increased 171% to
      US$566 million.  Diluted earnings per share from
      continuing operations increased to US$0.85 from US$0.31
      in the prior year period.  Adjusted earnings per share
      increased 148% to US$0.72 from US$0.29 last year.

   -- Net income for the period included a US$67 million loss
      associated with discontinued operations and a US$21
      million extraordinary gain from the valuation of the
      additional interest acquired in Itabo.

   -- Net cash from operating activities increased 16% to
      US$977 million compared to US$845 million last year.


   -- Free cash flow increased 6% to US$611 million from
      US$575 million recorded in the same period last year.
      Property additions totaled US$593 million in the first
      half of 2006, including US$366 million in maintenance
      capital and US$227 million in growth capital
      expenditures and investments.  For the 2005 period,
      property additions were US$531 million, including
      US$270 million in maintenance capital and US$261
      million in growth capital expenditures.

               2006 Financial Guidance Update

The Company expects higher revenues and operating results for
the year and has increased its guidance for both diluted
earnings per share from continuing operations to US$1.05 from
US$0.96 previously, and for adjusted earnings per share to
US$1.01 from US$0.97 previously.  The distinction between
diluted earnings per share from continuing operations and
adjusted earnings per share guidance is that adjusted earnings
per share excludes the expected net effects from derivative mark
to market accounting, corporate debt repayment, certain
portfolio management transactions, and gains or losses from
certain foreign currency transactions.  AES believes that
adjusted earnings per share better reflects the underlying
business performance of the Company, and is used in the
Company's internal evaluation of financial performance. See the
attached 2006 Financial Guidance Update for further information.

The operating scenario underlying this guidance assumes a number
of factors, including effective tax rate, foreign exchange
rates, commodity prices, interest rates, tariff increases, new
investments, and other significant factors which could make
actual results vary from the guidance.  It does not include any
adverse financial impact from the proposed restructuring of
Brasiliana Energia, a holding company in Brazil.


                      The AES Corporation

            Condensed Consolidated Statements Of
                  Operations (unaudited)

                        Three Months Ended   Six Months Ended
                             June 30,            June 30,
                    (US$ in millions, except per share amounts)
                         2006      2005      2006      2005
                      --------- --------- --------- ---------

Revenues                $3,038    $2,649    $6,020    $5,292
Cost of sales           (2,119)   (2,123)   (4,150)   (3,943)
                      --------- --------- --------- ---------
Gross Margin               919       526     1,870     1,349

General and
administrative
expenses                  (59)      (45)     (114)      (94)
Interest expense          (442)     (475)     (874)     (941)
Interest income             90        93       206       182
Other (expense)
income, net               (49)       67       (97)       52
Gain on sale of
investments                 -         -        87         -
Foreign currency
transaction
gains (losses) on
net monetary position       1        (1)      (21)      (33)
Equity in earnings of
affiliates                 23        21        59        46
                      --------- --------- --------- ---------

Income Before Income
Taxes And
Minority Interest         483       186     1,116       561

Income tax expense        (106)      (80)     (296)     (227)
Minority interest
expense                  (166)      (19)     (254)     (125)

                      --------- --------- --------- ---------
Income From Continuing
Operations                211        87       566       209

Discontinued
Operations, net
of tax                    (63)       (2)      (67)        -
Extraordinary Items         21         -        21         -

                      --------- --------- --------- ---------
Net Income                $169       $85      $520      $209
                      ========= ========= ========= =========


Diluted Earnings
Per Share
Income from continuing
operations              $0.31     $0.13     $0.85     $0.31
Discontinued operations  (0.09)        -     (0.10)        -
Extraordinary Items       0.03         -      0.03         -
                      --------- --------- --------- ---------
Diluted Earnings
Per Share               $0.25     $0.13     $0.78     $0.31
                      ========= ========= ========= =========

Diluted weighted
average
shares outstanding
(in millions)             669       663       684       664
                      ========= ========= ========= =========


                        The AES Corporation

          Condensed Consolidated Balance Sheets (unaudited)

                                   June 30,   December 31,
(US$ in millions)                    2006         2005
                                 ------------ ------------

Assets
  Current Assets
  Cash and cash equivalents       US$1,330     US$1,387
  Restricted cash                      511          418
  Short term investments               420          199
  Accounts receivable, net
   of reserves of
   US$247 and US$274,
   respectively                      1,926        1,597
  Inventory                            495          458
  Receivable from affiliates             2            2
  Deferred income taxes - current      243          266
  Prepaid expenses                     134          119
  Other current assets               1,027          752
  Current assets of held for
   sale and discontinued
   businesses                           41           34
                                  ------------ ------------
Total current assets                 6,129        5,232

  Property, Plant And Equipment
  Land                                 943          858
  Electric generation and
   Distribution assets              23,293       22,235
  Accumulated depreciation          (6,637)      (6,041)
  Construction in progress           1,577        1,441
                                  ------------ ------------
Property, plant and equipment,
  Net                               19,176       18,493

Other Assets
  Deferred financing costs, net        307          293
  Investment in and advances to
   Affiliates                          572          670
  Debt service reserves and
   other deposits                      612          568
  Goodwill                           1,416        1,406
  Deferred income taxes
   - noncurrent                        857          775
  Long-term assets of held
   for sale and
   discontinued businesses             203          265
  Other assets                       1,701        1,730
                                 ------------ ------------
Total other assets                   5,668        5,707
                                 ------------ ------------

Total Assets                      US$30,973     US$29,432
                                 ============ ============

Liabilities And
Stockholders' Equity
  Current Liabilities
  Accounts payable                US$1,116     US$1,093
  Accrued interest                     382          381
  Accrued and other liabilities      2,212        2,101
  Current liabilities of held
   for sale and
   discontinued businesses              61           51
  Recourse debt-current portion          -          200
  Non-recourse debt-current
   portion                           1,416        1,580
                                 ------------ ------------
Total current liabilities            5,187        5,406

  Long-Term Liabilities
  Non-recourse debt                 11,203       11,093
  Recourse debt                      4,878        4,682
  Deferred income taxes                822          721
  Long-term liabilities of
   held for sale and
   discontinued businesses             131          136
  Pension liabilities and
   other post-retirement
   liabilities                         833          855
  Other long-term liabilities        3,212        3,279
                                 ------------ ------------
Total long-term liabilities         21,079       20,766

  Minority Interest
   (including discontinued
   operations of US$10 and
   US$10, respectively)              2,256        1,611

  Stockholders' Equity
  Common stock (US$.01 par value,
   1,200,000,000 shares authorized;
   660,538,275 and 655,882,836
   shares issued and outstanding,
   respectively)                        7            7
  Additional paid-in capital        6,577        6,517
  Accumulated deficit                (694)      (1,214)
  Accumulated other
   comprehensive loss              (3,439)      (3,661)
                                 ------------ ------------
Total stockholders' equity          2,451        1,649
                                 ------------ ------------

Total liabilities and
stockholders' Equity             US$30,973      US$29,432
                                 ============ ============


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

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

                        *    *    *

As reported in the Troubled Company Reporter on May 25, 2006,
Fitch affirmed The AES Corp.'s Issuer Default Rating at 'B+'.
Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  Fitch said the Rating
Outlook for all remaining instruments is Stable.

As reported in the Troubled Company Reporter on March 31, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on energy company The AES Corp. to 'BB-' from 'B+'.  S&P
said the outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2006,
Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


METROGAS: Reports CLP17 Bil. First Half Consolidated Net Profits
----------------------------------------------------------------
Metrogas SA, a natural gas distributor in Chile, told the
Superintendencia de Valores y Seguros de Chile -- the securities
regulator -- that its consolidated net profits in the first half
of 2006 increased 84.6% to CLP17.0 billion, from the CLP9.21
billion recorded in the same period last year, Business News
Americas reports.

BNamericas relates that Metrogas' operating income increased
3.3% to CLP70.9 billion in the first half of 2006, compared with
the same period last year, as gas sales volumes, except sales to
central Region V, rose 6.3% to 317 million cubic meters.  The
company said the growth is due to an increase in Argentine
natural gas exports.

According to BNamericas, Metrogas' operating costs remained
stable from January to June 2006, compared with the same period
in 2005.  The costs increased 0.37% to CLP38.9 billion.

The report underscores that Metrogas, based in Santiago, is
expanding south to Region VI, supplying gas to 357,000 residents
in Santiago's Metropolitan Region, in the first half of 2006.
The customers have risen 7.1% from the same period last year,
giving Metrogas 23% of the market.

Market share in Santiago's industrial gaseous and liquid fuels
is above 85%, Metrogas said in a statement.  However, several
businesses have had to switch to alternative fuels due to the
export restrictions Argentina imposed.

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

                        *    *    *

As reported on June 29, 2006, the Argentine arm of Standard &
Poor's assigned these ratings on Metrogas S.A.'s four debts:

    -- Program of Obligaciones Negociables for US$600 million

       * Rate: raD
       * Date of balance: Mar. 31, 2006

    -- Obligaciones Negociables

      i) Serie 2-A for US$6,254,764

        * Rate: raBB
        * Date of balance: Mar. 31, 2006

     ii) Serie 2-B for EUR26,070,450

        * Rate: raBB
        * Date of balance: Mar. 31, 2006

    iii) Serie 1 for US$236,285,638

        * Rate: raBB
        * Date of balance: Mar. 31, 2006

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 6, 2006, Metrogas S.A.'s four debts were rated by Moody's
Latin America:

   -- Obligaciones Negociables Serie 2-A for US$6,254,764, B1

   -- Serie A for US$100 million included under the global
      program for US$600 million

      * Last due: April 1, 2003
      * Rate: D

   -- ON Serie 1 for US$236,285,638, B1

   -- ONs Serie B for EUR110 million

      * Last due: Sept. 27, 2002
      * Rate: D

The ordinary class B shares had been included in category 4.

The ratings actions were based on the financial status of
Metrogas at Mar. 31, 2006.




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


SPECTRUM BRANDS: U.S. Attorney's Office Terminates Investigation
----------------------------------------------------------------
The U.S. Attorney's Office for the Northern District of Georgia
informed Spectrum Brands, Inc., on July 27, 2006, that it has
terminated its investigation initiated Nov. 9, 2005.

The investigation relates to the company's financial results for
the third and fourth quarters of fiscal year 2005 and the impact
of the results on anticipated fiscal year 2006 earnings, as well
as to the sale of company shares by senior management in advance
of negative financial disclosures in 2005.  The Company
continues to cooperate with the Atlanta District Office of the
U.S. Securities and Exchange Commission's investigation into the
matters.

Spectrum Brands, Inc. -- http://www.spectrumbrands.com/-- is a
global consumer products company with a diverse portfolio of
world-class brands, including Rayovac, Varta and Remington.  The
Company manufactures and sells batteries, lawn and garden care
products, specialty pet supplies, shaving and grooming products,
household insecticides, personal care products and portable
lighting.  The Company's manufacturing and product development
facilities are located in the United States, Europe, China and
Latin America.  The company operates in 13 Latin American
nations including El Salvador, Guatemala, Costa Rica, Colombia
and Nicaragua.

                        *    *    *

As reported in the Troubled Company Reporter on June 15, 2006,
Standard & Poor's Ratings Services affirmed its ratings on
Spectrum Brands Inc., including the 'B-' corporate credit
rating.  At the same time, the ratings were removed from Credit
Watch, where they were placed with negative implications
April 6, 2006, following the Company's substantially lowered
earnings guidance for the second quarter.  The rating outlook is
negative.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service downgraded all ratings of Spectrum
Brands, Inc.  The outlook for the ratings is stable.  This
action concluded the review for downgrade that was initiated on
April 7, 2006.  Ratings downgraded include Corporate family
rating to B3 from B2; US$300 million senior secured revolving
credit facilities to B2 from B1; US$1.2 billion senior secured
term loan facilities to B2 from B1; US$700 million senior
subordinated notes due 2015 to Caa2 from Caa1, and US$350
million senior subordinated notes due 2013 to Caa2 from Caa1.


SPECTRUM BRANDS: Third Fiscal Quarter Earnings Down to US$2.5MM
---------------------------------------------------------------
Spectrum Brands, Inc., reported net income for the quarter ended
July 2, 2006, of US$2.5 million compared to US$23.7 million for
the quarter ended July 3, 2005.

The Company also disclosed net sales for the third fiscal
quarter ending July 2, 2006 was US$698.3 million versus
US$707.8 million for the same period a year ago.

Net income for the nine months ended July 2, 2006 was
US$5.4 million, compared to US$49.7 million for the same period
in the previous year.

For the nine months ended July 2, 2006, net sales was
US$1.94 billion, up by 13% from US$1.72 billion, for the same
period a year ago.

"Spectrum Brands continues to face challenges in our European
battery business, which was the leading contributor to our
disappointing third quarter results," David A. Jones, chairman
and chief executive officer, said.  "We also generated lower-
than-expected sales this quarter from Remington men's shaving in
North America at Father's Day.  However, there were a number of
bright spots in our third quarter results, including a strong
performance from Remington branded products in Europe and a
modest but encouraging sequential improvement in our North
American battery business.

Gross margin for the quarter was 38% versus 38.2% for the same
period last year.  The decline in gross margin percentage
resulted primarily from lower sales in the global battery
business and increased raw material costs.

Operating income was US$49.0 million versus fiscal 2005's third
quarter operating income of US$69.0 million.

Third quarter interest expense was US$45.7 million versus
US$38.6 million last year due to increased debt levels from the
Tetra acquisition and higher interest rates.  Total debt at
July 2, 2006 was US$2.283 billion.

Corporate expenses were US$27.6 million, compared to US$22.1
million in the prior year period.  Expansion of the global
operations support infrastructure and increased professional
fees accounted for the majority of the increase.

Spectrum Brands, Inc. -- http://www.spectrumbrands.com/-- is a
global consumer products company with a diverse portfolio of
world-class brands, including Rayovac, Varta and Remington.  The
Company manufactures and sells batteries, lawn and garden care
products, specialty pet supplies, shaving and grooming products,
household insecticides, personal care products and portable
lighting.  The Company's manufacturing and product development
facilities are located in the United States, Europe, China and
Latin America.  The company operates in 13 Latin American
nations including El Salvador, Guatemala, Costa Rica, Colombia
and Nicaragua.

                        *    *    *

As reported in the Troubled Company Reporter on June 15, 2006,
Standard & Poor's Ratings Services affirmed its ratings on
Spectrum Brands Inc., including the 'B-' corporate credit
rating.  At the same time, the ratings were removed from
CreditWatch, where they were placed with negative implications
April 6, 2006, following the Company's substantially lowered
earnings guidance for the second quarter.  The rating outlook is
negative.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service downgraded all ratings of Spectrum
Brands, Inc.  The outlook for the ratings is stable.  The action
concluded the review for downgrade that was initiated on
April 7, 2006.  Ratings downgraded include Corporate family
rating to B3 from B2; US$300 million senior secured revolving
credit facilities to B2 from B1; US$1.2 billion senior secured
term loan facilities to B2 from B1; US$700 million senior
subordinated notes due 2015 to Caa2 from Caa1, and US$350
million senior subordinated notes due 2013 to Caa2 from Caa1.


* COSTA RICA: State Bank Posts CRC17.3B First Half 2006 Profits
---------------------------------------------------------------
Figures from Sugef, the regulator of the financial sector in
Costa Rica, show that the profits of Banco Nacional de Costa
Rica, the country's state-owned bank, increased 17.8% to CRC17.3
billion in the first half of 2006, compared with the CRC14.7
billion recorded in the same period last year, Business News
Americas reports.

Banco Nacional posted these results in the first half of 2006:

    -- Return on Equity was 21.6% compared to an industry
       average of 19.5%;

    -- net interest income increased 26% to CRC50.0 billion in
       the first half of 2006, compared with the first half of
       last year;

    -- net fee revenues rose 26% to CRC16.5 billion;

    -- loans increased 37% to CRC787 billion at the end of June
       2006, compared with June 2005;

    -- bad loan ratio stood 2.1% in this year, from 1.9% last
       year;

    -- financial investments rose 22% to CRC826 billion;

    -- assets grew 32% to CRC2.07 trillion at the end of June
       2006, compared with June 2005;

    -- interest bearing liabilities increased 37% to CRC1.52
       trillion;

    -- non-interest bearing liabilities rose 12% to CRC384
       billion; and

    -- equity grew 40% to CRC165 billion in June 2006, compared
       with June 2005.

Banco Nacional had a market share by assets of 32.4% and loans
if 24.6%, making the bank the largest in Costa Rica at the end
of June 2006, BNamericas states.

                        *    *    *

Costa Rica is rated by Moody's:

      -- CC LT Foreign Bank Depst Ba2,
      -- CC LT Foreign Curr Debt  Ba1,
      -- CC ST Foreign Bank Depst NP,
      -- CC ST Foreign Curr Debt  NP,
      -- Foreign Currency LT Debt Ba1, and
      -- Local Currency LT Debt   Ba1.

Fitch assigned these ratings to Costa Rica:

      -- Foreign currency long-term debt, BB,
      -- Local currency long-term debt, BB, and
      -- Foreign currency short-term debt, B.

Costa Rica carries these ratings from Standard & Poor's:

      -- Foreign Currency LT Debt BB,
      -- Local Currency LT Debt   BB+,
      -- Foreign Currency ST Debt B, and
      -- Local Currency ST Debt   B.




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


* DOMINICAN REPUBLIC: Exports Increase 25% in 2006
--------------------------------------------------
The Dominican Republic saw its exports increase 25% in the first
half of 2006, compared with the same period in 2005, the DR1
Newsletter reports.

DR1 relates that the Center for Foreign Investment in the
Dominican Republic said local products with highest demand were:

     -- ferronickel, which increased by over 30%;
     -- sugar;
     -- re-bar, and
     -- bananas.

However, El Caribe states that demand in some products
decreased.  Among those products were:

     -- beer,
     -- non-fermented cacao, and
     -- plantains.

According to DR1, Dominican Republic mainly exports the products
to:

     -- United States,
     -- Haiti, and
     -- South Korea.

                        *    *    *

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


* EL SALVADOR: State Firm Delays Tender for El Chaparral Project
----------------------------------------------------------------
A tender department official of Comision Ejecutiva
Hidroelectrica del Rio Lempa aka CEL, El Salvador's state-owned
power company, told Business News Americas that the tender for
the 65.3-megawatt El Chaparral hydroelectric project was
postponed.

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2006, CEL said that it would sell bidding rules for the
65.3-megawatt El Chaparral hydroelectric project from Aug. 7 to
Aug. 18.  The rules were priced at US$1,000.  The project, which
would cost US$90 million and is one of the four hydroelectric
projects CEL is developing, would be in the lower area of the
Torola river basin in the San Miguel department.  The project
would include a substation and access roads.  Nicolas Salume,
the head of CEL, had said that entities interested in the
project were France's Alstom, Mexican group Ideal, and German
firms Voigt and Siemens.  The submission of offers for the
project would end on Nov. 7.  El Chaparral could start
operations in 2010.  The Central American Bank for Economic
Integration would help fund the project.

Without disclosing the reason for the delay, the official told
BNamericas that the process is suspended until further notice.

                        *    *    *

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




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


* HONDURAS: Authorizes Planting 130 Blocks of Cotton in Nacaome
---------------------------------------------------------------
The Honduran government has authorized the planting of 130
blocks of cotton in Nacaome, El Heraldo reports.

According to El Heraldo, Francisco Melendez, the secretary of
the growers association, will be undertaking the project.

However, Mr. Melendez told El Heraldo that the amount the
government authorized is insufficient in meeting the demand of
Cotton Cooperative or Copal, a client in El Salvador who
demanded a minimum of 500 blocks.

The report underscores that the Honduran growers have asked the
Mario Jimenez, the agriculture minister, to authorize more as
they have prepared land to plant 600 blocks of cotton.

The high global demand for cotton provides Honduras an
opportunity to diversify its agricultural products, Efrain
Gutierrez, the head of the Honduran growers, told El Heraldo.

                        *    *    *

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


* HONDURAS: Production Growth Allows Exports in Basic Grains
------------------------------------------------------------
Honduras will be able to export basic grains to Nicaragua and El
Salvador due to increased production and lower prices of
cultivation, El Heraldo reports.

El Heraldo notes that basic grains include beans and rice.

Technical and credit assistance programs that the Honduran
agriculture ministry provided led to the growth in basic grain
production, El Heraldo relates.

The ministry told El Heraldo that it has worked with 140 non-
government organizations all over Honduras to provide assistance
to about 80,000 farmers.

El Herlado underscores that Honduras, through the Central
America Free Trade Agreement, has also gained access to the US
market, where 1 million Hondurans are currently living.

The Honduran ministry of Agriculture told El Heraldo that these
markets allow Honduran producers to commercialize their
production.

                        *    *    *

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


KAISER ALUMINUM: Gets Okay to Return Asbestos Escrow Funds
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized Kaiser Aluminum & Chemical Corp. to return certain
funds held in escrow pursuant to a prepetition asbestos claims
settlement processing agreement.

As reported in the Troubled Company Reporter on June 28, 2006,
Asbestos-related personal injury claimants represented by Weitz
& Luxenberg, P.C, named KACC as a party-defendant in actions
instituted in state and federal courts in New York.

As of KACC's bankruptcy filing, nearly US$3,700,000 was held in
trust by Mr. Heslin.  Neither W&L nor KACC has taken any further
action with respect to the Settlement Agreement and no
processing or claim payments have occurred, Daniel J.
DeFranceschi, Esq., at Richards, Layton & Finger, in Wilmington,
Delaware, related.

Mr. Heslin has indicated that he will return the funds to KACC
if W&L agrees or the Court authorizes the return.  KACC has
requested W&L to permit Mr. Heslin to return the funds.  As of
June 19, 2006, W&L has refused to do so, Mr. DeFranceschi said.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
Feb. 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold off
a number of its commodity businesses during course of its cases.
Corinne Ball, Esq., at Jones Day, represents the Debtors in
their restructuring efforts. Lazard Freres & Co. serves as the
Debtors' financial advisor.  Lisa G. Beckerman, Esq., H. Rey
Stroube, III, Esq., and Henry J. Kaim, Esq., at Akin, Gump,
Strauss, Hauer & Feld, LLP, and William P. Bowden, Esq., at
Ashby & Geddes represent the Debtors' Official Committee of
Unsecured Creditors.  The Debtors' Chapter 11 Plan became
effective on July 6, 2006.  On June 30, 2004, the Debtors listed
US$1.619 billion in assets and US$3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 102; Bankruptcy Creditors'
Service, Inc., 609/392-0900)


KAISER ALUMINUM: Agrium Wants Injunction Changed to Pursue Claim
----------------------------------------------------------------
Agrium, Inc., and Agrium U.S., Inc., ask the U.S. Bankruptcy
Court for the District of Delaware to:

   (a) declare that the automatic stay does not apply;

   (b) interpret Kaiser Aluminum & Chemical Corp.'s Plan to
       determine the appropriate treatment of their claim; and

   (c) modify the discharge injunction to permit them to
       liquidate their claims against the estate, or the
       Reorganized Debtors, and pursue their claims against any
       available insurance.

Daniel Freeman and Lance Olson, as the Estate of Savannah Olson,
filed civil actions against Kaiser, the Agrium Companies, among
others, seeking recovery on numerous claims relating to
environmental contamination of ground water and soil.  The cases
are pending before the U.S. District Court for the Central
District of Illinois, Springfield Division.

William E. Chipman, Jr., Esq., at Edwards Angell Palmer & Dodge
LLP, in Wilmington, Delaware, relates that Messrs. Freeman and
Olson voluntarily dismissed Kaiser from the federal cases as
ordered by the Court in application of the automatic stay.

The Agrium Companies assert that they have a claim against
Kaiser for contribution under Illinois state law, which arose on
the date Messrs. Freeman and Olson filed their civil actions.

The dismissal of Kaiser from the federal cases should not
prevent the Agrium Companies from pursuing their claim for
contribution against Kaiser, Mr. Chipman contends.

The Agrium Companies also assert that their contribution claim
should be allowed as an administrative expense claim against
Kaiser's estate, or as postpetition claim not discharged by the
2nd Amended Plan of Reorganization.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
Feb. 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold off
a number of its commodity businesses during course of its cases.
Corinne Ball, Esq., at Jones Day, represents the Debtors in
their restructuring efforts. Lazard Freres & Co. serves as the
Debtors' financial advisor.  Lisa G. Beckerman, Esq., H. Rey
Stroube, III, Esq., and Henry J. Kaim, Esq., at Akin, Gump,
Strauss, Hauer & Feld, LLP, and William P. Bowden, Esq., at
Ashby & Geddes represent the Debtors' Official Committee of
Unsecured Creditors.  The Debtors' Chapter 11 Plan became
effective on July 6, 2006.  On June 30, 2004, the Debtors listed
US$1.619 billion in assets and US$3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 102; Bankruptcy Creditors'
Service, Inc., 609/392-0900)




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


BALLY TOTAL: Enters Into Separation Agreement With Carl Landeck
---------------------------------------------------------------
Bally Total Fitness Holdings Corp. entered into a separation
agreement with Carl J. Landeck, in connection with his departure
as Chief Financial Officer of the company on April 13, 2006.

Under the Separation Agreement, Bally Total agreed to pay Mr.
Landeck severance in the amount of US$700,000, less required
deductions for state and federal withholding.  The company also
agreed to pay to Mr. Landeck an additional lump sum amount of
US$15,000 to cover the cost of certain health care premiums and
up to US$20,000 to reimburse him for his legal fees relating to
the Separation Agreement.  These severance amounts will be paid
on or about the first business day following the passage of six
months after his termination date, that is, on or about October
16, 2006.  The Separation Agreement also provides that Mr.
Landeck will immediately vest in these equity awards granted
under the company's Inducement Plan:

   (i) 75,000 options granted on May 26, 2005, at a strike price
       of US$2.91;

  (ii) 100,000 shares of restricted stock granted on
       May 26, 2005, and

(iii) 55,000 shares of restricted stock granted on
       Nov. 29, 2005.

The 23,000 options that were granted to Mr. Landeck under the
Inducement Plan on Nov. 29, 2005 at a strike price of US$7.01
will be cancelled.  The Separation Agreement extends the
exercise period of Mr. Landeck's vested options until Oct. 10,
2006.  At the end of the extended exercise period, any
unexercised options will immediately expire.  The negotiated
terms are substantially less than those that would have been
required based on the express terms of Mr. Landeck's employment
agreement in the event his employment terminated other than for
cause.  In exchange for the consideration set in the Separation
Agreement, Mr. Landeck released the company and any of its
predecessors, successors, parents, affiliates and their present
and former officers, directors, agents, employees and
shareholders from any and all claims or causes of action that he
might have had against the company.


                     About Bally Total

Bally Total Fitness -- http://www.ballyfitness.com/-- is the
largest and only U.S. commercial operator of fitness centers,
with approximately four million members and 390 facilities
located in 29 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Crunch Fitness(SM),
Gorilla Sports(SM), Pinnacle Fitness(R), Bally Sports Clubs(R)
and Sports Clubs of Canada(R) brands.

                        *    *    *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.  The CreditWatch update
followed Bally's announcement that it will not meet the
March 16, 2006, deadline for filing its annual report on SEC
Form 10-K for the year ending Dec. 31, 2005.


BALLY TOTAL: Modifies Employment Agreement With CEO Paul Toback
---------------------------------------------------------------
Bally Total Fitness Holdings Corp. approved on Aug. 6, 2006, a
modification to the Employment Agreement between the company and
Paul A. Toback, the company's Chairman and Chief Executive
Officer.

The modification was in exchange for Mr. Toback's agreement to
resolve various claims by him, including with respect to the
company's obligation to implement a supplemental retirement plan
for his benefit.  The modification increases by US$900,000 the
amount payable to Mr. Toback only in the event he is terminated
without "Cause", as defined in the Employment Agreement, on or
prior to February 7, 2008.  Certain directors dissented from
this decision.

Upon the recommendation of the Nominating and Corporate
Governance Committee, the Board of Directors also approved
modifications to payment amounts for the Company's Lead
Director, Committee Chairmen and members of the Company's
Strategic Alternatives Committee, and certain meeting fees, as
compensation for the extraordinary commitment of time spent
during the past year.

As approved,

   (i) the Lead Director is to receive an additional one-time
       payment of US$35,000,

  (ii) the Chairman of the Audit Committee is to receive an
       additional one-time payment of US$35,000, and

(iii) the Chairmen of the Compensation Committee and Nominating
       and Corporate Governance Committee are to receive
       additional one-time payments of US$25,000 (though that
       payment will not be made to the current Compensation
       Committee Chairman, since he is also the Lead Director).

The Board also approved payments to each Co-Chairman of the
Strategic Alternatives Committee or SAC, which had been approved
only through June 2006, in the amount of US$17,500 for each of
the third and fourth quarters of 2006.  Stipends for the other
members of the SAC were eliminated and the per meeting fee for
the SAC was reduced from US$1,500 to US$1,000.  Finally, the
Board approved a one-time increase in the per meeting fee
payable to members of the Audit Committee from US$1,000 to
US$2,000 only for meetings held from January 1 to June 30, 2006.


                     About Bally Total

Bally Total Fitness -- http://www.ballyfitness.com/-- is the
largest and only U.S. commercial operator of fitness centers,
with approximately four million members and 390 facilities
located in 29 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Crunch Fitness(SM),
Gorilla Sports(SM), Pinnacle Fitness(R), Bally Sports Clubs(R)
and Sports Clubs of Canada(R) brands.

                        *    *    *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.  The CreditWatch update
followed Bally's announcement that it will not meet the
March 16, 2006, deadline for filing its annual report on SEC
Form 10-K for the year ending Dec. 31, 2005.


BALLY TOTAL: Names Ronald Eidell as Senior Vice Pres. and CFO
-------------------------------------------------------------
Bally Total Fitness Holdings Corp. named Ronald G. Eidell as
Senior Vice President and Chief Financial Officer and principal
financial officer of the company on Aug. 6, 2006.

Bally Total entered into an interim executive services agreement
with Tatum LLC, under which Mr. Eidell, a partner of Tatum LLC,
was engaged as Senior Vice President, Finance of the company on
April 13, 2006.

Mr. Eidell served as interim President and CEO of NeoPharm, Inc.
from March 2005 to October 2005.  Mr. Eidell has been a partner
with Tatum LLC, a national professional services firm, since
October 2004.  Prior to that he served as the Chief Financial
Officer of each of Esoterix, Inc., a provider of medical testing
services, from 2001 to 2003, NovaMed, Inc., a healthcare
provider, from 1998-2001, and Metromail Corporation, a provider
of information services, from 1996-1998.  He also serves as a
director of NeoPharm, Inc., where he serves on the Audit
Committee and has been designated as the "audit committee
financial expert" as defined by the Commission.

                     About Bally Total

Bally Total Fitness -- http://www.ballyfitness.com/-- is the
largest and only U.S. commercial operator of fitness centers,
with approximately four million members and 390 facilities
located in 29 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Crunch Fitness(SM),
Gorilla Sports(SM), Pinnacle Fitness(R), Bally Sports Clubs(R)
and Sports Clubs of Canada(R) brands.

                        *    *    *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.  The CreditWatch update
followed Bally's announcement that it will not meet the
March 16, 2006, deadline for filing its annual report on SEC
Form 10-K for the year ending Dec. 31, 2005.


BERRY PLASTICS: Gets Tenders and Consents on 10.75% Sr. Notes
-------------------------------------------------------------
Berry Plastics Corporation received tenders and consents on its
tender offer representing approximately 68.14% of the US$335
million aggregate principal amount of its 10.75% Senior
Subordinated Notes due 2012 (CUSIP No. 085790AJ2) under the
Offer to Purchase and Consent Solicitation Statement dated July
25, 2006, as of 5:00 p.m., New York City time, on August 4,
2006.

Berry Plastics disclosed that, in accordance with the Offer to
Purchase, it is extending the Consent Date from 5:00 p.m., New
York City time, on August 7, 2006 to 5:00 p.m., New York City
time, on September 5, 2006, and is extending the Expiration Date
from 12:00 midnight, New York City time, on August 21, 2006, to
12:00 midnight, New York City time, on September 19, 2006.
Holders who have previously tendered Notes do not need to re-
tender their Notes or take any other action in response to this
extension.

Except for the extension of the Consent Date and Expiration Date
as described, the Offer and the Offer to Purchase remain in full
force and effect and the Price Determination Date for the tender
offer shall be 2:00 p.m., New York City time, at least ten
business days prior to the Expiration Date.  The Company expects
the Price Determination Date to be on or about September 5,
2006, unless the Offer is further extended.  The consummation of
the Offer is subject to the conditions set in the Offer to
Purchase, including:

   -- the receipt of consents of holders of Notes representing
      the majority in aggregate principal amount of the Notes;

   -- the consummation of the previously announced acquisition
      of BPC Holding Corporation, the Company's parent, by
      affiliates of the private equity firms Apollo Management,
      L.P. and Graham Partners and their affiliates;

   -- the availability of sufficient funds to pay the total
      consideration with respect to all Notes, such funds to be
      raised from borrowing under a credit facility and sale of
      newly issued notes; and

   -- the execution of a supplemental indenture implementing
      the proposed amendments.

The tender offer will expire at 12:00 midnight, New York City
time, on September 19, 2006, unless the Offer is further
extended or terminated by the company.  Berry Plastics may,
subject to certain restrictions, amend, extend or terminate the
Offer at any time in its sole discretion without making any
payments with respect thereto.  The complete terms and
conditions of the Offer are described in the Offer to Purchase.

Copies of the Offer to Purchase may be obtained by contacting
the information agent for the offer at:

          MacKenzie Partners, Inc.
          Tel: (212) 929-5500 (collect)
               (800) 322-2885 (U.S. toll-free)

Additional information concerning the Offer may be obtained by
contacting exclusive dealer manager and solicitation agent for
the offer at:

          Deutsche Bank Securities Inc.
          Tel: (212) 250-6008


                   About Berry Plastics

Based in Evansville, Indiana -- http://www.berryplastics.com/
-- is a leading manufacturer and marketer of rigid plastic
packaging products.  Berry Plastics provides a wide range of
rigid open top and rigid closed top packaging as well as
comprehensive packaging solutions to over 12,000 customers,
ranging from large multinational corporations to small local
businesses.  The company has more than 6,800 employees and 25
manufacturing facilities in the United States, Mexico, Canada,
Europe and China.

                        *    *    *

Moody's assigned on Aug. 3, 2006, these ratings to Berry:

   -- US$200 million senior secured first lien revolver due
       2012: Ba2;

   -- US$675 million senior secured first lien term loan B
      due 2013: Ba2;

   -- US$750 million senior secured second lien notes due
      2014, B2;

   -- Speculative Grade Liquidity Rating: SGL-2; and

   -- Corporate Family Rating, B1

Moody's confirmed these ratings of existing BPC notes:

   -- US$335 million 10.75% senior subordinated notes,
      due July 15, 2012: B3

                        *    *    *

Standard & Poor's Ratings Services said on Aug. 3,2006, that its
'B+' corporate credit rating and other ratings on Berry Plastics
Corp. remain on CreditWatch with negative implications, where
they were placed April 4, 2006.

"We will resolve the CreditWatch listing and will likely lower
the corporate credit rating on Berry to 'B' from 'B+' upon
successful completion of the acquisition of the company by
private equity firms, Apollo Management L.P. and Graham
Partners," said Standard & Poor's credit analyst Liley Mehta.
"The downgrade will reflect the substantial increase in debt
following completion of the transaction."




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


* NICARAGUA: Port Authority Launches Modernized El Rama Port
------------------------------------------------------------
Ejecutivo de la Empresa Portuaria Nacional, the national port
authority in Nicaragua, launched the improved El Rama port late
last week, after the conclusion of the dredging works, according
to local press reports.

Business News Americas relates that dredging works included the
removal of 1.3 million cubic meters of material over a distance
of 10.9 kilometers from the mouth of the river Escondido, which
took 135 days.

The El Rama port can now accommodate ships with drafts of up to
16 feet, the report says.  The improvements to the port are
expected to boost Nicaragua's competitiveness by reducing
shipping costs.  The new port will also facilitate delivery from
the United States.

BNamericas notes that before the dredging works were completed,
exporters were forced to transport goods through Puerto Cortes
in Honduras and Puerto Limon in Costa Rica, before they reach
the east coast of the US and Europe.

EPN, according to BNamericas, plans to invest in equipment like
gantry crane to boost the port's handling capacity.

The project, which cost US$9.1 million, got a US$6.3 million
loan from KBC -- a Belgian bank -- and a US$2.8 million
counterpart credit from EPN and the state, BNamericas states.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


BANCO LATINOAMERICANO: Completes Implementation of Flexcube
-----------------------------------------------------------
Banco Latinoamericano de Exportaciones S.A. aka Bladex, a
provider of trade finance services for Latin America and the
Caribbean, reported that it has completed the implementation of
i-flex's Flexcube for its core banking operations.

As part of its technology transformation strategy, Bladex has
chosen a comprehensive array of products and solutions from i-
flex, encompassing Flexcube, Reveleus, business process
consulting services and i-flex Technology Deployment and
Management Services.

Jaime Rivera, the Chief Executive Officer of Bladex, said, "It
was imperative that we achieve agility through the controls and
processes offered by FLEXCUBE in order to enhance our capability
and flexibility as a trade finance institution.  As a result of
FLEXCUBE going live, the quality of our customer engagements
will improve substantially."

R. Ravisankar, the chief executive officer of international
operations and business development at i-flex solutions, noted,
"This flawless implementation is testimony to Bladex and i-
flex's capability to execute a complex project with world class
results.  Flexcube enables banks to transform their core banking
operations and provides them with a competitive edge."

                     About i-flex Solutions

i-flex solutions -- http://www.iflexsolutions.com/-- provides
IT solutions to the financial services industry, with more than
660 customers in over 120 countries.  i-flex's range of
products, custom solutions and consulting services enable
financial institutions to cut costs, respond rapidly to market
needs, enhance customer service levels and mitigate risk.  i-
flex and Flexcube are registered trademarks of i-flex solutions.
Reveleus, Daybreak and PrimeSourcing are trademarks of i-flex
solutions and are registered in several countries.

                          About Bladex

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, S.A. aka Bladex -- http://www.bladex.com-- is a
supranational bank originally established by the Central Banks
of Latin American and Caribbean countries to promote trade
finance in the Region. Based in Panama, its shareholders include
central banks and state- owned entities in 23 countries in the
Region, as well as Latin American and international commercial
banks, along with institutional and retail investors.  Through
December 31, 2005, Bladex had disbursed accumulated credits of
over US$135 billion.

                        *    *    *

As reported on April 7, 2006, Moody's affirmed these ratings for
Bladex:

   -- Bank Financial Strength Rating: D-minus, change to
      positive outlook from stable;

   -- Long Term Foreign Currency Deposit Rating: Baa3, with
      stable outlook;

   -- Short Term Foreign Currency Deposit Rating: Prime-3;

   -- Foreign Currency Senior Unsecured Rating: Baa3, with
      stable outlook; and

   -- Foreign Currency Issuer Rating: Baa3, with stable outlook.


GLOBAL CROSSING: Inks DIA Service Agreement with MySpace.com
------------------------------------------------------------
Global Crossing Ltd. disclosed a multi-year agreement with
social networking site MySpace.com for the company's Dedicated
Internet Access or DIA service.  Under the agreement, Global
Crossing will connect four of the online community's North
American facilities through its MPLS-based DIA service.

"MySpace is a prime example from the growing enterprise market
our network was designed to serve," noted John Legere, Global
Crossing's CEO.  "We're pleased to support the MySpace community
to ensure their growing bandwidth needs are met quickly and
reliably."

Through Global Crossing's comprehensive, end-to-end network
management system, MySpace can monitor traffic 24 hours a day,
seven days a week for unsurpassed reliability, while enjoying
always-on, direct high-speed connectivity to the Internet.

"As a rapidly growing community of online citizens, MySpace
requires a service provider that can keep up with our pace,"
commented Aber Whitcomb, CTO of MySpace.  "With the global reach
and advanced technology we need, supported by top-notch customer
support, Global Crossing is a great provider for our networking
community."

Global Crossing DIA provides always-on, direct high-speed global
Internet connections at speeds ranging from 56/64 Kbps to
OC48/STM16, as well as Fast Ethernet, Gigabit Ethernet and even
10-Gigabit Ethernet.  The company's fully- meshed IP network,
incorporating Multiprotocol Label Switching-traffic engineering
(MPLS-te) as a backbone transport technology, provides the
ultimate in network resiliency and flexibility.  Not only is DIA
the gateway to all Internet domains worldwide, but it also
provides access to Global Crossing's portfolio of converged IP
services, including Voice over Internet Protocol and IP Video.
Frame Relay or ATM customers can enjoy the benefits of DIA via
internetworking.

As a Global Tier 1 Internet Service Provider, Global Crossing is
connected with every other major Tier 1 ISP in the world; these
extensive peering relationships reduce latency by minimizing the
number of hops required to reach any Internet site.  In
addition, Global Crossing has implemented Internet Protocol
version 6 along side the current standard, IPv4, in a dual-stack
configuration.  Customers may share bandwidth between both
protocol versions on the same port, while enjoying the same
Service Level Agreements.  As a leader in the deployment of
IPv6, Global Crossing has significantly augmented worldwide
availability of the IPv6 standard.

Headquartered in Florham Park, New Jersey, Global Crossing
Ltd. -- http://www.globalcrossing.com/-- provides
telecommunication services 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 US$51 million of
positive equity at Dec. 31, 2004.


* PANAMA: Trade with Cayman Islands Intensifies
-----------------------------------------------
William Peguero, the chief executive officer of Caymanian firm
Eaglemount Ltd., told Cayman Net News that several companies in
the two nations are setting up trade partnerships.

Cayman Net relates that Panama launched a trade mission with
Cayman in March, as part of an initiative to help local
industries tap into sources for goods and materials that come
through that country from some 37 nations including:

   -- China,
   -- Taiwan,
   -- Japan,
   -- Venezuela,
   -- Argentina, and
   -- across the Caribbean.

The Colon Free Trade Zone allows the distribution of goods from
other nations to other regions in Panama, tax-free.

Mr. Peguero told Cayman Net, "We are expecting around US$30
million, (of goods) will be exported from Panama in to Cayman
this year.  With this amount projected to increase to US$100
million in 2007, this is mainly from the Colon Free Trade Zone."

Most products Panama ships to Cayman are for the retail and
construction businesses, Cayman Net says, citing Mr. Peguero.
However, the businessman said he expects that trade with other
industries will also grow.

According to the report, one problem raised during the trade
mission was the absence of direct shipping and direct flights
between Cayman and Panama.

However, Mr. Peguero told Cayman Net that since the mission
started there has been several chartered flights scheduled with
Cayman Airways.  It is predicted that by the end of the year
there will be 18 flights between Panama and Cayman, and over
4000 tourists from Cayman will visit Panama this year and spend
up to US$3000 in hotels, shopping, restaurants and visiting
sites.

Cayman Net underscores that Mr. Peguero said the shipping for
construction materials and prefabricated homes has increased on
a monthly basis.  Freight has also increased with Seaboard
Marine and American Airlines from Panama to Cayman.

A chartered flight from Panama to Cayman has been scheduled from
Aug. 25-28, which will allow Panamanian firms to increase trade
relationships with local businesses in Cayman, Cayman Net says.
It is expected that representatives fro the Panamanian minister
of tourism and commerce will be joining the trip.

Mr. Peguero, says Cayman Net, stated that there are also
developments within the financial services sector.  He said,
"Two Cayman banks are looking at opening offices in Panama City
to reach the Central and South American markets from Panama.
And one group from Panama has started the work to set up a
Mutual Fund listed in the Cayman Stock Market Exchange."

Many people are investing in property in Panama due to its
economic growth, Mr. Peguero told Cayman Net.  Many Caymanians
are buying second homes and apartments in Panama City as an
investment and as part of their hurricane plan.

Mr. Peguero explained to Cayman Net, "There are many firms that
have agreed to use Panama as their evacuation management
location.  This will mean that when we face any hurricane this
year, we will send planes full of people there for three to five
days and more in some cases, depending on the magnitude of the
problem.  This will bring lots of income to Panama as firms will
invest in hotel, transportation, food and services."

Eaglemount Ltd. is in the process of finalizing the plan to send
patients from Cayman to Panama for medical care, Mr. Peguero
told Cayman Net.  The company has partnered with Hospital Punta
Pacifica, which is affiliated with John Hopkins.

Mr. Peguero predicted that the demand for medical care in Panama
will have an annual increase of about US$15 million, Cayman Net
states.

                        *    *    *

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




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


ADELPHIA COMMS: Century-TCI & Parnassos Submit Plan Supplements
---------------------------------------------------------------
Adelphia Communications Corp.'s Century-TCI and Parnassos
debtor-affiliates delivered to the U.S. Bankruptcy Court for the
Southern District of New York additional supplements to the
Third Modified Fourth Amended Joint Plan of Reorganization.

The Century-TCI Debtors are comprised of:

   * Century-TCI California, L.P.,
   * Century-TCI California Communications, L.P.,
   * Century-TCI Distribution Company, LLC, and
   * Century-TCI Holdings, LLC,

The Parnassos Debtors are comprised of:

   * Parnassos Communications, L.P.,
   * Parnassos Distribution Company I, LLC,
   * Parnassos Distribution Company II, LLC,
   * Parnassos, L.P.,
   * Parnassos Holdings, LLC, and
   * Western NY Cablevision, L.P.

The Amended Joint Venture Plan Supplements are:

    1. Forms of Organizational Documents for Parnassos
       Distribution Company I, LLC, a full-text copy of which is
       available for free at:

       http://ResearchArchives.com/t/s?f05

    2. Forms of Organizational Documents for Parnassos
       Distribution Company II, LLC.

       A full-text copy of Parnassos Distribution Company II's
       Organizational Documents is available for free at:

       http://ResearchArchives.com/t/s?f06

    3. Forms of Organizational Documents for Century-TCI
       Distribution Company, LLC.  A full-text copy is available
       for free at:

       http://ResearchArchives.com/t/s?f07

    4. Revised Plan Administrator Agreement.

       A full-text copy of the Revised Plan Administrator
       Agreement is available for free at:

       http://ResearchArchives.com/t/s?f09

                 About Adelphia Communications

Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- 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 Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Managed Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases.  (Adelphia Bankruptcy News, Issue No. 143; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


ADELPHIA COMMS: Court Allows BofA to File Financing Documents
-------------------------------------------------------------
The Honorable Robert D. Gerber of the U.S. Bankruptcy Court for
the Southern District of New York allows Bank of America to take
the necessary steps to effectuate the perfection steps by:

    (i) exchanging the stock certificates of Adelphia
        Communications Corp.'s Century RME debtor-affiliates;
        and

   (ii) allowing Bank of America to file new UCC financing
        statements for the Century RME Debtors.

Pursuant to the Century Credit Agreement dated April 14, 2000,
Bank of America and the other members of the Century Facility
lending syndicate had claims and liens in the equity interests
of certain non-debtor entities owned directly or indirectly by
the Rigas family.

Borrowers under the Century Credit Agreement are:

   * Adelphia Cablevision Corp.,
   * Adelphia Cablevision of Boca Raton, LLC,
   * Adelphia Cablevision of Fontana, LLC,
   * Adelphia Cablevision of Inland Empire, LLC,
   * Adelphia Cablevision of Newport Beach, LLC (PDG: Ft. Myers
     Debtor Group),
   * Adelphia Cablevision of Orange County II, LLC,
   * Adelphia Cablevision of Orange County, LLC (PDG: Ft. Myers
     Debtor Group),
   * Adelphia Cablevision of San Bernardino, LLC,
   * Adelphia Cablevision of Seal Beach, LLC,
   * Adelphia Cablevision of West Palm Beach III, LLC,
   * Adelphia Cablevision of West Palm Beach IV, LLC,
   * Adelphia Cablevision of West Palm Beach V, LLC,
   * Adelphia Cleveland, LLC,
   * Adelphia Communications of California II, LLC,
   * Adelphia Communications of California, LLC,
   * Adelphia of the Midwest, Inc. ,
   * Adelphia Pinellas County, LLC (PDG: Ft. Myers Debtor
     Group),
   * Adelphia Prestige Cablevision, LLC,
   * Badger Holding Corp.,
   * Blacksburg/Salem Cablevision, Inc.,
   * Brazas Communications, Inc. ,
   * California Ad Sales, LLC (PDG: Ft. Myers Debtor Group),
   * Century Berkshire Cable Corp.,
   * Century Cable Holdings, LLC,
   * Century Colorado Springs Partnership,
   * Century Granite Cable Television Corp.,
   * Century Indiana Corp.,
   * Century Island Associates, Inc.,
   * Century Island Cable Television Corp.,
   * Century Mendocino Cable Television, Inc.,
   * Century Mountain Corp.,
   * Century New Mexico Cable Television Corp.,
   * Century Ohio Cable Television Corp.,
   * Century Southwest Colorado Cable Television Corp.,
   * Century Trinidad Cable Television Corp.,
   * Century Virginia Corp.,
   * Century Warrick Cable Corp.,
   * Century Wyoming Cable Television Corp.,
   * Clear Cablevision, Inc.,
   * CMA Cablevision Associates VII, L.P.,
   * CMA Cablevision Associates XI, Limited Partnership,
   * E. & E. Cable Service, Inc.,
   * Eastern Virginia Cablevision, L.P.,
   * Ft. Myers Cablevision, LLC (PDG: Ft. Myers Debtor Group),
   * Grafton Cable Company,
   * Harron Cablevision of New Hampshire, Inc.,
   * Huntington CATV, Inc.,
   * Louisa Cablevision, Inc.,
   * Manchester Cablevision, Inc.,
   * Martha's Vineyard Cablevision, L.P.,
   * Mickelson Media, Inc.,
   * Owensboro Indiana, L.P.,
   * Owensboro on the Air, Inc.,
   * Paragon Cable Television Inc.,
   * Paragon Cablevision Construction Corp.,
   * Paragon Cablevision Management Corp.,
   * S/T Cable Corp.,
   * Scranton Cablevision, Inc.,
   * Sentinel Communications of Muncie, Indiana, Inc.,
   * Southwest Colorado Cable, Inc.,
   * Star Cable Inc.,
   * Tele-Media Company of Tri-States L.P.,
   * The Westover T.V. Cable Co., Incorporated,
   * TMC Holdings Corp.,
   * Tri-States, L.L.C.,
   * Wellsville Cablevision, L.L.C.

Pursuant to the Court-approved global settlement among Adelphia
Communications Corporation and its debtor-affiliates, the
US Securities and Exchange Commission, the Rigases, and the
Department of Justice, the Rigases agreed to forfeit certain
assets to the United States government, including the equity
interests in the Rigas-Managed Entities.

As part of the settlement, the US Government then returned
certain of the forfeited assets to the Debtors, free and clear
of all liens, including the Century Lenders' liens.

However, to place the Century Lenders in the same position as
they were prior to the forfeiture of the Century RMEs, the
Government Settlement Order automatically granted the Century
Lenders claims and perfected liens in those assets to the same
extent and validity as were held prior to forfeiture.

On March 31, 2006, certain RMEs and certain newly formed
entities that hold the interests in certain forfeited entities
filed their own Chapter 11 petitions.  Although the Government
Settlement Order automatically granted the Century Lenders
claims and perfected liens in the equity interests of the
Century RME Debtors, in furtherance of the Government Settlement
Order, Bank of America has requested and the Debtors have agreed
to make perfection steps.

               About Adelphia Communications

Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- 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 Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Managed Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases.  (Adelphia Bankruptcy News, Issue No. 143; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


INTERLINE BRANDS: Sales Up 15.6% in Second Quarter of 2006
----------------------------------------------------------
Interline Brands, Inc. reported earnings for the fiscal quarter
ended June 30, 2006.  Sales for the second quarter of 2006
increased 15.6% over the comparable 2005 period, on the same
number of shipping days. Adjusted pro forma earnings per diluted
share were US$0.30 for the second quarter of 2006, an increase
of 15% over earnings per diluted share of US$0.26 in the same
period last year.  GAAP loss per share was US$0.09 for the
second quarter of 2006 compared to GAAP earnings per diluted
share of US$0.26 for the second quarter of 2005.  The company
recorded a US$20.7 million loss on early extinguishment of debt
in connection with the refinancing of its indebtedness on June
23, 2006.

Michael Grebe, Interline's President and Chief Executive
Officer, commented, "Interline's business remained strong in the
second quarter. We benefited from favorable business conditions
in our key customer markets in most regions of the country.  The
most important recent event for Interline was the acquisition of
AmSan, a leading national distributor and direct marketer of
janitorial and sanitation products, with annual revenue of
approximately US$245 million.  AmSan is off to a good start, and
our integration efforts are proceeding according to our
expectations.  We are very excited to enter this US$23 billion
market by acquiring this high-quality organization and we look
forward to a bright future with our new associates from AmSan."

               Second Quarter 2006 Performance

Sales for the quarter ended June 30, 2006 were US$235.4 million,
a 15.6% increase over sales of US$203.7 million in the
comparable 2005 period.  Average organic daily sales growth for
the second quarter was 11.8%.

"Our revenue growth in the second quarter was driven by strong
organic growth in our two largest customer end markets.
Facilities maintenance grew ten percent organically, while the
professional contractor market grew fourteen percent", said
William Sanford, Chief Operating Officer.

Gross profit increased US$12.2 million to US$89.5 million for
the second quarter of 2006, up from US$77.3 million in the
comparable period of 2005.  As a percentage of net sales, gross
profit improved to 38.0% during the quarter, up from 37.9% in
the comparable 2005 period.

SG&A expenses for the second quarter of 2006 were US$63.3
million compared to US$54.5 million for the second quarter of
2005. As a percentage of net sales, SG&A expenses were 26.9%
compared to 26.8% in the comparable 2005 period.  SG&A expenses
in the second quarter of 2006 included US$0.9 million in share-
based compensation expense, which is US$0.7 million more than in
the prior year quarter.

"Our sales and operations teams performed exceptionally well in
the quarter," said Mr. Grebe. "We were able to keep operating
expenses in line despite rising fuel costs and fluctuating raw
material prices."

Operating income was US$22.7 million, or 9.6% of sales, for the
second quarter of 2006 compared to US$19.5 million, or 9.6% of
sales, for the second quarter of 2005, a 16.2% increase.
Excluding US$0.7 million of incremental share-based
compensation, operating income for the second quarter of 2006
was 9.9% of sales, and increased 19.6% over the comparable prior
year period.

                      YTD 2006 Performance

Sales for the six months ended June 30, 2006, were US$460.1
million, a 15.0% increase over sales of US$400.2 million in the
comparable 2005 period.  The first six months of 2006 included
one less shipping day than the prior year period.  Average daily
sales for the first six months of 2006 increased 15.9%.  Average
organic daily sales growth for the six months was 11.2%.

Gross profit increased US$22.5 million, or 14.7%, to US$175.2
million for the six months ended June 30, 2006, compared to
US$152.7 million in the comparable period of 2005.  As a
percentage of net sales, gross profit decreased to 38.1% from
38.2% in the comparable 2005 period, primarily as a result of
product mix.

SG&A expenses for the six months ended June 30, 2006 were
US$125.0 million compared to US$108.3 million for the six months
ended July 1, 2005.  As a percentage of net sales, SG&A expenses
were 27.2% compared to 27.1% in the comparable 2005 period.
SG&A expenses in the six months ended June 30, 2006 included
US$1.6 million in share-based compensation expense, which is
US$1.1 million more than in the prior year period.

Operating income was US$43.3 million, or 9.4% of sales, for the
six months ended June 30, 2006 compared to US$38.1 million, or
9.5% of sales, for the six months ended July 1, 2005, a 13.4%
increase. Excluding US$1.1 million of incremental share-based
compensation, operating income for the six months ended June 30,
2006, was 9.7% of sales, and increased 16.4% over the comparable
prior year period.

Adjusted pro forma earnings per diluted share was US$0.56 for
the six months ended June 30, 2006, an increase of approximately
10% over adjusted pro forma earnings per diluted share of
US$0.51 in the same period last year.  Including a charge of
US$0.39 per share related to the early extinguishments of debt,
GAAP earnings per diluted share was US$0.17 for the six months
ended June 30, 2006, compared to GAAP earnings per diluted share
of US$0.31 for the six months ended July 1, 2005.

                      Business Outlook

Mr. Grebe stated, "Based on our performance so far in 2006, our
favorable refinancing, and our confidence in the AmSan
acquisition, we are increasing our earnings guidance for the
full year. We expect earnings per diluted share for the third
quarter to be between US$0.38 and US$0.40, which includes the
estimated effect of all share-based compensation expense.
Adjusted pro forma earnings per share for fiscal year 2006 are
expected to be US$1.29 to US$1.31."  This estimate of adjusted
pro forma earnings per share for fiscal year 2006 of US$1.29 to
US$1.31 excludes a US$20.7 million loss on early extinguishment
of debt, or US$0.39 per share, which was incurred in June 2006
when the Company refinanced its 11 1/2% senior subordinated
notes and its senior bank credit facility.

Adjusted pro forma net income per diluted share was US$1.12 for
fiscal year 2005 and US$0.33 for the 3rd quarter of 2005.

GAAP net income per diluted share is projected to be US$0.90 -
US$0.92 for fiscal year 2006 compared to GAAP net income per
diluted share of US$0.89 for fiscal 2005.  GAAP net income per
diluted share for the 3rd quarter of 2005 was US$0.30.


                      About Interline

Headquartered in Jacksonville, Florida, Interline Brands, Inc.
-- http://www.interlinebrands.com/-- is a leading national
distributor and direct marketer of maintenance, repair and
operations products to approximately 160,000 professional
contractors, facilities maintenance professionals, and specialty
distributors across North America and Puerto Rico.

At March 31, 2006, Interline Brands, Inc.'s balance sheet showed
a stockholders' deficit of US$159,234,000, compared to a
US$152,878,000 deficit at Dec. 30, 2005.



KMART CORP: Wants Charles Conaway's $19.6 Million Claim Denied
--------------------------------------------------------------
Kmart Corp. asks the U.S. Bankruptcy Court for the Northern
District of Illinois to disallow Charles Conaway's Proof of
Claim in its entirety, or, in the alternative, equitably
subordinate the Claim.

Mr. Conaway, Kmart's former chairman and chief executive
officer, filed Claim No. 38498 against Kmart for US$19,635,003.
Mr. Conway's claim sought recovery of amounts due under his 2000
Employment Agreement.  The Claim also credits all amounts paid
to Mr. Conaway under his March 11, 2002 Separation Agreement, in
accordance with the Court's order authorizing payment of
severance benefits.

The amount of Mr. Conaway's allowable compensation is
US$3,025,000 for wages plus US$5,500 for the value of benefits,
William J. Barrett, Esq., at Barack Ferrazzano Kirschbaum
Perlman & Nagelberg LLP, in Chicago, Illinois, relates.

Because Mr. Conaway has alleged no amounts that were actually
due and owing on the Petition Date without acceleration, the
amount subject to Section 502(b)(7)(B) of the Bankruptcy Code
inclusion is zero, Mr. Barrett says.

Mr. Barrett asserts that because Mr. Conaway's receipt of
US$4,039,708 not only resulted in his receiving a full
distribution on his Proof of Claim but also caused him to be
overcompensated, the Proof of Claim should be disallowed in
full, and Mr. Conaway should be required to disgorge the
overage.

To the extent the Proof of Claim is not disallowed, Mr. Barrett
maintains that Mr. Conaway's inequitable conduct toward
creditors requires that any remaining claims for compensation be
equitably subordinated.

"To allow further claims for excessive compensation by an
executive who deliberately misled the very creditors whose
recoveries his claims would dilute, offends the most fundamental
notions of equity upon which the Bankruptcy Code is predicated,"
Mr. Barrett emphasizes.

Headquartered in Troy, Michigan, Kmart Corporation nka KMART
Holding Corporation -- http://www.bluelight.com/-- operates
approximately 2,114 stores, primarily under the Big Kmart or
Kmart Supercenter format, in all 50 United States, Puerto Rico,
the U.S. Virgin Islands and Guam.  The Company filed for chapter
11 protection on January 22, 2002 (Bankr. N.D. Ill. Case No.
02-02474).  Kmart emerged from chapter 11 protection on May 6,
2003.  John Wm. "Jack" Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom, LLP, represented the retailer in its
restructuring efforts.  The Company's balance sheet showed
US$16,287,000,000 in assets and US$10,348,000,000 in debts when
it sought chapter 11 protection.  Kmart bought Sears, Roebuck &
Co., for US$11 billion to create the third-largest U.S.
retailer, behind Wal-Mart and Target, and generate US$55 billion
in annual revenues.  The waiting period under the Hart-Scott-
Rodino Antitrust Improvements Act expired on Jan. 27, without
complaint by the Department of Justice.  (Kmart Bankruptcy News,
Issue No. 114; Bankruptcy Creditors' Service, Inc., 215/945-
7000)


KMART CORP: Himle's Lift Stay Motion to Pursue Claim Denied
-----------------------------------------------------------
For reasons stated in open court, the U.S. Bankruptcy Court for
the Northern District of Illinois denied Amy Himle's request to
lift the automatic stay to allow her to pursue her claim against
Kmart Corp.

On July 9, 2001, Ms. Himle sustained a head injury at a Kmart
Store in Rapid City, South Dakota.  Ms. Himle filed Claim No.
8490 asserting permanent disability due to the injury.

Ms. Himle told the Court that due to the accident, she has lost
her short-term memory and has experienced seizures.  If highly
stressed, traumatic amnesia occurs.  In addition, Ms. Himle said
she needs lifetime medical attention to monitor her two brain
subdural hematomas.

Ms. Himle complained that she has "exhausted all efforts" to
communicate with Kmart lawyers.

Pursuant to a "prepetition bankruptcy court ordered judgment,"
Ms. Himle was awarded US$1,750,000 as agreed settlement.

Ms. Himle refused to accept the settlement amount and asserted
that she wants to have a "decent living" and a "trust" for her
family.

Headquartered in Troy, Michigan, Kmart Corporation nka KMART
Holding Corporation -- http://www.bluelight.com/-- operates
approximately 2,114 stores, primarily under the Big Kmart or
Kmart Supercenter format, in all 50 United States, Puerto Rico,
the U.S. Virgin Islands and Guam.  The Company filed for chapter
11 protection on January 22, 2002 (Bankr. N.D. Ill. Case No.
02-02474).  Kmart emerged from chapter 11 protection on May 6,
2003.  John Wm. "Jack" Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom, LLP, represented the retailer in its
restructuring efforts.  The Company's balance sheet showed
US$16,287,000,000 in assets and US$10,348,000,000 in debts when
it sought chapter 11 protection.  Kmart bought Sears, Roebuck &
Co., for US$11 billion to create the third-largest U.S.
retailer, behind Wal-Mart and Target, and generate US$55 billion
in annual revenues.  The waiting period under the Hart-Scott-
Rodino Antitrust Improvements Act expired on Jan. 27, without
complaint by the Department of Justice.  (Kmart Bankruptcy News,
Issue No. 114; Bankruptcy Creditors' Service, Inc., 215/945-
7000)


LA REINA: Wants Jose Raul Cancio Bigas as Bankruptcy Counsel
------------------------------------------------------------
La Reina Management, Inc., and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Puerto Rico for
authority to employ Jose Raul Cancio Bigas, Esq., as their
bankruptcy counsel.

The Debtors say that Mr. Bigas will represent them in their
chapter 11 cases.  The Debtors tell the Court that Mr. Bigas
bills at US$160 per hour.

The Debtors discloses that Mr. Bigas was paid a US$20,000
prepetition retainer.

The Debtor assures the Court that Mr. Bigas does not represent
any interest adverse to the Debtors or their estates.

Headquartered in Caguas, Puerto Rico, La Reina Management, Inc.,
is engaged in the administration of its affiliated companies'
funds through the performance of functions such as merchandise
purchases, payment to suppliers and employees, record keeping of
expenses allocation, and other miscellaneous management
services.  La Reina Management's revenues consist of fees
charged to the affiliates for these services.

The Company and 12 of its affiliates filed for chapter 11
protection on July 26, 2006 (Bankr. D. P.R. Case No. 06-02477).
When La Reina Management filed for protection from its
creditors, it reported total assets of US$14,166,830 and total
debts of US$13,810,411.


LA REINA: Section 341(a) Meeting Scheduled on August 24
-------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of La
Reina Management Inc.'s creditors at 9:00 a.m., on Aug. 24,
2006, at the Ochoa Building, 500 Tanca Steer, First Floor in San
Juan, Puerto Rico.  This is the first meeting of creditors
required under Section 341(a) of the Bankruptcy Code in all
bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in Caguas, Puerto Rico, La Reina Management, Inc.,
is engaged in the administration of its affiliated companies'
funds through the performance of functions such as merchandise
purchases, payment to suppliers and employees, record keeping of
expenses allocation, and other miscellaneous management
services.  La Reina Management's revenues consist of fees
charged to the affiliates for these services.

The Company and 12 of its affiliates filed for chapter 11
protection on July 26, 2006 (Bankr. D. P.R. Case No. 06-02477).
Jose Raul Cancio Bigas, Esq., in Hato Rey, Puerto Rico,
represents the Debtors.  When La Reina Management filed for
protection from its creditors, it reported total assets of
US$14,166,830 and total debts of US$13,810,411.




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


BRITISH WEST: Government Grants US$35 Million Bailout Package
-------------------------------------------------------------
An official told the Associated Press that the government of
Trinidad and Tobago has granted a US$35.6 million bailout
package for British West Indies Airlines aka BWIA.

According to AP, the government has bailed out BWIA repeatedly
since the decline in passengers after the Sept. 11 terrorism
attacks in the US.

The official told AP that the government also suspended several
of BWIA's flights to the Caribbean and Europe.

AP notes that these flights were suspended:

     -- Costa Rica,
     -- Cuba,
     -- Curacao,
     -- Dominican Republic,
     -- Ireland, and
     -- Manchester, England.

The suspension of flights were implemented immediately, Lenny
Saith, the public administration minister, told AP, without
saying how long the suspension would last.

AP underscores that the suspensions were a set back for BWIA's
efforts to expand its routes.  Though tourism in the Caribbean
has increased, regional airlines are still faced with increased
insurance and security costs.

Minister Saith told AP that the government plans to launch a
flight to Caracas, Venezuela, later this year.

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.  A number of key employees moved to other
companies caused by a deadlock in the company's negotiation with
its labor union.


BRITISH WEST: Unions Ask to Meet with Government
------------------------------------------------
Three of major workers' unions in British West Indies aka BWIA
have sent a letter to the government, requesting for a meeting
to have their questions answered, Trinidad and Tobago Express
reports, citing Curtis John, the head of the Aviation
Communication and Allied Workers Union or ACAWU.

Mr. John told The Express that the ACAWU, the Communications,
Transport and General Workers Union, and the Superintendents
Association held a general meeting last week over the planned
privatization of BWIA.

The Express notes that the unions decided to deliver the letter
this week to:

     -- Prime Minister Patrick Manning,

     -- Minister of Public Administration and Information Dr.
        Lenny Saith, and

     -- Chairman of the BWIA board Arthur Lok Jack.

Mr. John told The Express that the unions are asking that the
government supply them information on:

     -- privatization plans,
     -- business plan for airline operation, and
     -- decision with regard to workers negotiations, which have
        reached a stalemate.

"We don't know what is happening, we are trying to find out what
is happening and we have written the Prime Minister, Dr Lenny
Saith and the chairman of the board to have a meeting with them
because we want to know exactly what is happening in light of
this announcement to privatize the airline.  We want them to
address the changes we have been seeing with the airline and all
the decisions the airline's management have been making in BWIA.
We want the Government to fill us in on what's going on because
the (BWIA's) management is not telling us anything," Mr. John
told The Express.

As reported in the Troubled Company Reporter-Latin America on
July 21, 2006, BWIA's communications manager, Dionne
Ligoure, said that the airline's chief executive officer Peter
Davies had been ordered by the government to undertake the
successful turnaround of BWIA for eventual privatization.  Ms.
Ligoure said that privatization would ensure that BWIA provides
safe, effective and profitable transportation, extending the
airline purpose of connecting the Caribbean to the world.
Raymond Small, the general secretary of the Communication,
Transport and General Workers Union, said the unions
representing BWIA workers had "never known" about "any
privatization plan."

According to The Express, the privatization plan announced in
July surprised the unions, BWIA workers and the general public.

However, Mr. Davies told The Express he was aware of
government's intention to eventually give up control of the
airline to the private sector.  According to Mr. Davies, sources
have said that BWIA's management is starting to implement some
of the provisions outlined in the business plan.

Mr. John told The Express that Mr. Davies sent him a letter last
week saying that the management of BWIA was waiting for the
government's decision on the next step for talks with the unions
and asked that no disruptions in the airline's service take
place.

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.  A number of key employees moved to other
companies caused by a deadlock in the company's negotiation with
its labor union.


MIRANT CORP: Wants CSX's $6.5 Million Claim Disallowed
------------------------------------------------------
CSX Transportation, Inc., and Potomac Electric Power Company are
parties to certain Railroad Transportation Contracts -- Contract
Numbers CSXT-C-68229 and CSXT-C-68230.  Norfolk Southern Railway
Company is also a party to Contract Number CSXT-C-68230.

Pursuant to the Contracts, CSX agreed to transport coal from
various originating mines to certain of the generating stations
of Mirant Corp. and its debtor-affiliates at specified rates.

As a result of Mirant Corporation's purchase of PEPCO in 2000,
the Contracts were assigned to Mirant Americas Energy Marketing,
LP.

The Debtors assumed the CSX Contracts pursuant to Schedule 12 of
the Plan of Reorganization.  Schedule 12 provided that the
required cure amount in connection with the assumption of the
Contracts was US$0.

CSX objected to the cure amount.  CSX asserts that the cure
amount relating to the Contracts is US$2,506,200:

    * US$2,216,394 for CSXT-C-68229; and
    * US$289,805 for CSXT-68230.

But the Debtors disputed CSX's Cure Amounts.

CSX also asserts a US$3,974,622 administrative expense claim
against the Debtors.

Michelle C. Campbell, Esq., at White & Case LLP, in Miami,
Florida, contends that CSX's administrative expense claim amount
does not correspond with New Mirant's books and records.

New Mirant have worked directly with the business people at CSX
to reconcile the amounts of the Claims, Ms. Campbell relates.
Despite the effort, the parties have been unable to completely
resolve the Claims, as the Debtors' books and records
demonstrate that many of the amounts sought in the Claims have
either already been paid or should be offset against credits
owing to the Debtors pursuant to the Contracts.

Moreover, Ms. Campbell continues, CSX has not alleged sufficient
facts or provided sufficient documentation to demonstrate that
the amounts sought in the Claim remain due and owing.  Hence,
CSX's Claim lacks a basis in fact or law and should be
disallowed in its entirety.

For these reasons, New Mirant asks Judge Lynn to disallow CSX's
Claims.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an 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 Jan. 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. 102; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

                        *    *    *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corporation and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC.  The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed.  Additionally, Mirant's Speculative Grade Liquidity
rating was revised to SGL-2 from SGL-1.  The rating outlook is
stable for Mirant, MNA, MAG, and MIRMA.

Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2.  Moody's also
downgraded Mirant Corporation's Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1.  Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.

As reported in the Troubled Company Reporter on July 13, 2006,
Fitch Ratings placed the ratings of Mirant Corp., including the
Issuer Default Rating of 'B+', and its subsidiaries on Rating
Watch Negative following its announced plans to buy back stock
and sell its Philippine and Caribbean assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.

Fitch also placed Mirant North America, Inc.'s Issuer Default
Rating of 'B+', Senior secured bank debt's 'BB/RR1' rating,
Senior secured term loan's 'BB/RR1' rating, and Senior unsecured
notes' 'BB-/RR1' rating on Rating Watch Negative.  Mirant
Americas Generation, LLC's Issuer Default Rating of 'B+' and
Senior unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.




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


* URUGUAY: Pension Fund Managers Post UYU56.3B Assets in July
-------------------------------------------------------------
The Uruguayan central bank said in a report that AFAP, the
country's pension fund managers, said that assets under
management increased 18.3% to UYU56.3 billion in July 2006,
compared with the same month last year.

Business News Americas relates that about 59% of AFAP assets
were invested in government-backed securities in July this year,
compared with the 57.7% in July 2005.

The four members of the AFAP -- Republica, Afinidad, Integracion
and Union Capital -- reported a negative average annual gross
return of 0.52%, with yields ranging from 0.00 to -0.92%,
BNamericas states.

                        *    *    *

Fitch Ratings assigned these ratings on Uruguay:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     BB-      Mar. 7, 2005
   Long Term IDR       B+      Dec. 14, 2005
   Short Term IDR      B       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating      BB-      Mar. 7, 2005




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


ELECTRICIDAD DE CARACAS: Posts VEB76B Second Quarter Earnings
-------------------------------------------------------------
Electricidad de Caracas, the largest private electric firm in
Venezuela, told Business News Americas that its earnings in the
second quarter of 2006 increased to VEB76 billion, compared with
the VEB65 billion recorded in the same period last year.

Electricidad de Caracas posted these results in the second
quarter of 2006:

    -- revenues increased to VEB698 billion in the second
       quarter of 2006, from the VEB691 billion in the same
       quarter of 2005;

    -- Ebitda rose to VEB197 billion in the second quarter of
       2006, compared with the VEB176 billion last year; and

    -- Ebitda margin increased to 55.3% this year from
       49.2% last year.

Electricidad de Caracas told BNamericas that the results show
the continuing delay in rate adjustments.

Electric service rates in Venezuela have been the same since
2002 and will stay that way for the rest of 2006, BNamericas
states, citing Nervis Villalobos -- the deputy electricity
ministry.

Electricidad de Caracas 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/--).  EDC reported net
profits of US$20.6 million from January to March, versus net
losses of US$26.9 the same period in 2005.

                        *    *    *

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 US$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.


PETROLEOS DE VENEZUELA: Morichal Oil Spill Under Control
--------------------------------------------------------
Petroleos de Venezuela said in a statement that an 11,000-barrel
oil spill resulting from a ruptured pipe in eastern Venezuela
was under control.

The Associated Press reports that the rupture occurred in a 26-
inch (66-centimeter) pipe linking fields in Morichal with the
Guaraguao maritime terminal in the eastern state of Anzoategui
state.

"The special and interdisciplinary teams of PDVSA continue
working to recover the oil and minimize the environmental impact
in the area," the company said in its statement.

The Guaraguao terminal is one of the main ports that exports for
Venezuelan petroleum to the United States, Europe and the
Caribbean, according to AP.

Petroleos de Venezuela has named an investigation committee to
determine the cause of the accident, but did not provide further
details, AP says.

Petroleos de Venezuela SA is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical and
coal industry, as well as planning, coordinating, supervising
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                        *    *    *

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


* VENEZUELA: President Chavez Inks Oil & Cotton Pacts with Mali
---------------------------------------------------------------
Venezuelan President Hugo Chavez signed last week oil and cotton
agreements with his Malian counterpart, Amadou Toumani Toure,
during a brief official visit to the African country, El
Universal reports.

The accords provide that Venezuela is to send crude oil or
byproducts to Mali, said the Malian Foreign Affairs Ministry in
a communique.  Other than that, no other details regarding the
agreements were disclosed, El Universal says.

The Malian communique also said that a Venezuelan proposal to
purchase the whole Mali production will be assessed depending on
the clarification of a number of issues, Reuters reports.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.


* VENEZUELA: Buying US$482.2 Million in Bonds from Argentina
------------------------------------------------------------
The Argentine Government said it would directly sell Venezuela
bonds maturing in 2012 with a face value of US$482.2 million, El
Universal reports.

The US dollar-denominated debts will be sold to Venezuela at
market price, the Argentine Government said in an official
bulletin, as quoted by Reuters.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Total
                                Shareholders  Total
                                Equity        Assets
Company                 Ticker  ($MM)          ($MM)
-------                 ------  ------------  -------
Alpargatas SAIC          ALPA     (262.27)     646.43
Kuala                    ARTE3     (33.57)      11.86
Kuala-Pref               ARTE4     (33.57)      11.86
Bally Total Fitn         BFT       (1,430)     452
Bombril                  BOBR3    (554.69)     488.38
Bombril-Pref             BOBR4    (554.69)     488.38
Centennial Comm          CYCL   (1,069)      1,409
CIC                      CIC    (1,883.69) 22,312.12
Telefonica Holding       CITI   (1,481.31)     307.89
Telefonica Holding       CITI5  (1,481.31)     307.89
Domino's Pizza           DPZ      (609)        395
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Maxxam Inc.              MXM      (661)      1,048
Paranapanema SA          PMAM3    (214.08)   2,847.86
Paranapanema-PREF        PMAM4    (214.08)   2,847.86
TEKA                     TEKA3    (180.22)     557.47
TEKA-PREF                TEKA4    (180.22)     557.47



                         ***********


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.  Lyndsey Resnick, Marjorie C. Sabijon, Sheryl Joy
P. Olano, and Stella Mae Hechanova, 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
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Information contained herein is obtained from sources believed
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