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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, August 24, 2006, Vol. 7, Issue 168

                          Headlines

A R G E N T I N A

AGROINSUMOS DEL NORTE: Reorganization Proceeds to Bankruptcy
BANG SEUNG: Seeks for Court Approval to Reorganize Business
CHAMICAL SERVICIOS: Claims Verification Deadline Moved to Oct. 9
DI FEMM: Reorganization Proceeding Concluded
RECICLADOS DE PAPEL: Claims Verification Extended Until Oct. 6

SILVER AVENUE: Verification of Proofs of Claim Is Until Sept. 22
SUPERVEILLE PERSONALES: Moody's Rates Debt Securities at Ba2

B A H A M A S

COMPLETE RETREATS: Creditors Panel Taps Bingham as Lead Counsel
COMPLETE RETREATS: U.S. Trustee Wants Xroads Replaced as Agent

B E L I Z E

* BELIZE: City Council to Receive US$1MM from Belize Tourism

B E R M U D A

ADAMAS LIMITED: Final General Meeting Is Set for Sept. 25
CONCORD RE: AM Best Rates US$375MM Sr. Credit Facility at BB+
DCS CORP: Schedules Final General Meeting on Sept. 25
DIAMOND INFORMATION: Holding Final General Meeting on Sept. 25
GLOBAL CROSSING: Amends Non-Employee Board Members' Compensation

GLOBAL CROSSING: Renews Employment Agreement with John Legere
MMC (BERMUDA): Proofs of Claim Filing Is Until Sept. 6
SCOTTISH RE: AM Best Lowers Fin. Strength Rating to B+ from B++
SCOTTISH RE: Confident on Executing Strategic Alternatives
SCOTTISH RE: Fitch Downgrades Issuer Default Rating to BB

SVP HOLDINGS: S&P Assigns B+ Rating on US$280MM Bank Financing

B O L I V I A

PETROLEO BRASILEIRO: Operations & Imports Unaffected by Protest

* BOLIVIA: Audit Finds Irregularities in Iberoamerica Oil Export

B R A Z I L

ABN AMRO REAL: Posts BRL686 Mil. First Half 2006 Net Profits
BANCO NACIONAL: Launches Procomp to Boost Medium Enterprises
INTERNATIONAL PAPER: Sells Brazilian Units to Stora for US$415M

C A Y M A N   I S L A N D S

GRANDEUR REAL: Final Shareholders Meeting Set for Sept. 12
LINCOLN FINANCE: Final Shareholders Meeting Is Set for Sept. 11
MISSION (EQUITY INVESTMENTS): Final Meeting Is Set for Sept. 11
MISSION BAY: Shareholders Gather for a Final Meeting on Sept. 11
MISSION (EQUITY): Sets Last Shareholders Meeting for Sept. 11

MISSION (EQUITY HOLDINGS): Last Shareholders Meeting Is Sept. 11
MISSION (INVESTMENTS): Last Shareholders Meeting Is on Sept. 11
PALM FUNDING: Holding Final Shareholders Meeting on Sept. 11
PRESTIGE REAL: Last Shareholders Meeting Will be on Sept. 12
REFCO COMMODITY: Final Shareholders Meeting Is Set for Sept. 11

SOUTHDALE FINANCE: Last Shareholders Meeting Is Set for Sept. 11
VIAD EQUITY INVESTMENTS: Final Shareholders Meeting Is Sept. 11
VIAD EQUITY: Calls Shareholders for a Final Meeting on Sept. 11
VIAD FINANCE: Shareholders Gather for Final Meeting on Sept. 11
VIAD HOLDINGS: Invites Shareholders for Last Meeting on Sept. 11

VIAD INVESTMENTS: Sets Final Shareholders Meeting for Sept. 11
VIAD LIMITED: Holding Final Shareholders Meeting on Sept. 11

C H I L E

AES CORP: Chilean Unit Posts CLP42.8B First Half 2006 Profits
CA INC: To Use FM:Interact to Improve Worldwide Space Management

C O L O M B I A

BANCOLOMBIA: Unit Selling Majority Stake in Suleasing Int'l
BRIGHTPOINT INC: Earns US$8.2 Million in Quarter Ended June 30

C O S T A   R I C A

H.J. HEINZ: High Debt Levels Cue Moody's to Downgrade Ratings

C U B A

* CUBA: Citrus Sector Expects Better Harvest This Year

D O M I N I C A N   R E P U B L I C

FALCONBRIDGE LTD: Holders Tender 1,270,923 Novicourt Shares

* DOMINICAN REPUBLIC: S&P Rates Bono 119-05 Local Bond at B

E C U A D O R

PETROECUADOR: Delays Technicians' Report on Marginal Fields

H O N D U R A S

WARNACO GROUP: Barington Group Acquires 5.6% of Common Stock

J A M A I C A

KAISER ALUMINUM: To Supply Fabricated Aluminum Prod. to Eclipse
SUGAR COMPANY: Wray & Nephew Presents Bid for Company

M E X I C O

DRESSER INC: Moves Credit Amendment Process Deadline to Sept. 8
GRUPO MEXICO: Denies Plans to Acquire Phelps Dodge
GRUPO MEXICO: Restarting Mining Activities at La Caridad by Oct.
PILGRIM'S PRIDE: S&P Places B+ Corp. Credit Rating on NegWatch
RADIOSHACK CORP: Fitch Downgrades Issuer Default Rating to 'BB+'

SATELITES MEXICANOS: Amends Restructuring Pact with Five Parties
SATELITES MEXICANOS: Wants to Assume Loral Settlement Agreements

P A N A M A

KANSAS CITY SOUTHERN: Declares US$0.25 Per Share Cash Dividend

P E R U

PHELPS DODGE: Cerro Negro Project to be Approved by Year-End

P U E R T O   R I C O

ADELPHIA COMMS: Classification of Claims Under 5th Amended Plan
ADELPHIA COMMS: Wants 2nd Disclosure Statement Supplement Okayed
ARAMARK CORP: Opens Cleanroom Services in Puerto Rico & Ontario
DORAL FINANCIAL: Calixto Gracia-Velez to Head Puerto Rico Bank
FIRST BANCORP: Declares Cash Dividend of US$0.19 Per Share

GLOBAL HOME: D.L. Peterson Wants Leased Vehicles Returned
MUSICLAND HOLDING: Wants to Assign 287 Leases to Record Town
MUSICLAND HOLDING: Deluxe Media's Claim Reduced to US$2.5 Mil.

T R I N I D A D   &   T O B A G O

MIRANT CORP: Asset Recovery Unit Objects to Several GE Claims
MIRANT CORP: Court Approves 2006 Consent Order on Bowline Unit
MIRANT CORP: Reports Premiliminary Results of Dutch Auction
ROYAL CARIBBEAN: Awards CDN$9.2MM Contract to Hydroxyl CleanSea

V E N E Z U E L A

CITGO PETROLEUM: Nynas Purchasing All Naphthenic Lubricant Oils
CITGO PETROLEUM: Parent Seeks to Sell Two Refineries in US
HARVEST NATURAL: Inks Petrodelta Joint Venture with PDVSA Unit
PETROLEOS DE VENEZUELA: Not Obliged to Supply Crude to Lyondell
PETROLEOS DE VENEZUELA: Seeks to Sell Two Refineries of Citgo

* VENEZUELA: Lags Behind Brazil & Mexico in Trade with Colombia
* IDB Grants US$1.80MM to CEMLA to Improve Remittance Services
* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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A R G E N T I N A
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AGROINSUMOS DEL NORTE: Reorganization Proceeds to Bankruptcy
------------------------------------------------------------
Agroinsumos del Norte S.R.L.'s creditors did not accept the
settlement plan that the company presented on Nov. 1, 2005,
prompting Court No. 26 in Buenos Aires to convert the company's
insolvency case into a bankruptcy proceeding.  All of the
debtor's assets will be liquidated and proceeds distributed to
creditors.

A court-appointed trustee will verify creditors' proofs of claim
against the company.  The trustee will present individual
reports in court after the claims are verified.  Court No. 26
will determine if the verified claims are admissible taking into
account the trustee's opinion and the challenges and objections
raised by Agroinsumos del Norte and its creditors.  Inadmissible
claims may be subject for appeal in a separate proceeding known
as an appeal for reversal.

The trustee is also required to submit to the court a general
report that contains an audit of the company's accounting and
banking records.  The report submission dates have not been
disclosed.

Clerk No. 51 assists the court in the case.

The debtor can be reached at:

    Agroinsumos del Norte S.R.L.
    Parana 378
    Buenos Aires, Argentina


BANG SEUNG: Seeks for Court Approval to Reorganize Business
-----------------------------------------------------------
Court No. 13 in Buenos Aires is studying the merits of Bang
Seung Ok's petition to reorganize its business after it ceased
paying debts on April 19, 2004.

The petition, once approved by the court, will allow Bang Seung
to negotiate a settlement with its creditors in order to avoid a
straight liquidation.

Clerk No. 26 assists the court in the case.

The debtor can be reached at:

    Bang Seung Ok
    Chivilcoy 1925
    Buenos Aires, Argentina


CHAMICAL SERVICIOS: Claims Verification Deadline Moved to Oct. 9
----------------------------------------------------------------
Court No. 16 in Buenos Aires moved the deadline for verification
of proofs of claim against bankrupt company Chamical Servicios
S.R.L. to Oct. 9, 2006.  It was previously set for Oct. 3, 2006.  
Manuel Alberto Cibeira will continue to serve as trustee for the
proceeding.

Mr. Cibeira will present the validated claims in court as
individual reports on Nov. 23, 2006.  Court No. 16 will
determine if the verified claims are admissible, taking into
account the trustee's opinion and the objections and challenges
raised by Chamical Servicios 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 Chamical Servicios'
accounting and banking records will follow on Feb. 9, 2007.

As reported in the Troubled Company Reporter on July 13, 2006,
Court No. 16 in Buenos Aires declared Chamical Servicios
bankrupt at the request of its creditor Luis Cejas.

Clerk No. 32 assists the court in the case.

The debtor can be reached at:

         Chamical Servicios S.R.L.
         Condarco 5164
         Buenos Aires, Argentina

The trustee can be reached at:

         Manuel Cibeira
         Cordoba 1247
         Buenos Aires, Argentina    


DI FEMM: Reorganization Proceeding Concluded
--------------------------------------------
Di Femm S.A.'s reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the process
was concluded after a court in Buenos Aires Court approved the
debt agreement signed between the company and its creditors.


RECICLADOS DE PAPEL: Claims Verification Extended Until Oct. 6
--------------------------------------------------------------
Court No. 4 in Buenos Aires extended the verification of
creditors' proofs of claim against bankrupt company Reciclados
de Papel S.R.L. until Oct. 6, 2006.  The verification deadline
was previously set for June 21, 2006.  Oscar Chapiro will
continue to serve as trustee for the case.

Under Argentine bankruptcy law, Mr. Chapiro is required to
present individual reports on the verified claims, after which
Court No. 4 will determine if the claims are admissible, taking
into account the trustee's opinion and the challenges and
objections raised by Reciclados de Papel and its creditors.

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

Mr. Chapiro will also submit a general report that contains an
audit of Reciclados de Papel's accounting and banking records.  
The report submission dates have not been disclosed.

As reported in the Troubled Company Reporter on May 2, 2006,
Court No. 4 declared Reciclados de Papel bankrupt at the behest
of Mafhra S.A., which it owes US$12,465.82.

Clerk No. 8 assists the court on the case.

The debtor can be reached at:

    Reciclados de Papel S.R.L.
    Inclan 2615
    Buenos Aires, Argentina

The trustee can be reached at:

    Oscar Chapiro
    Scalabrini Ortiz 151
    Buenos Aires, Argentina


SILVER AVENUE: Verification of Proofs of Claim Is Until Sept. 22
----------------------------------------------------------------
Gustavo Ariel Fiszman, the court-appointed trustee for Silver
Avenue S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 22, 2006.

Mr. Fiszman will present the validated claims in court as
individual reports on Nov. 3, 2006.  A court in Buenos Aires
will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by Silver Avenue 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 Silver Avenue's
accounting and banking records will follow on Dec. 18, 2006.

Mr. Fiszman is also in charge of administering Silver Avenue's
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

    Gustavo Ariel Fiszman
    Avenida Santa Fe 5086
    Buenos Aires, Argentina


SUPERVEILLE PERSONALES: Moody's Rates Debt Securities at Ba2
------------------------------------------------------------
Moody's Latin America has assigned a national scale rating of
Aaa.ar and a global local currency rating of Ba2 to the Fixed
Rate -- Debt Securities of Fideicomiso Financiero Supervielle
Personales I issued by Deutsche Bank S.A. acting solely in its
capacity as Issuer and Trustee.

Moody's also assigned a national scale rating of Aa2.ar and a
global local currency rating of B1 to the Floating Rate -- Debt
Securities.  The Certificates are not rated by Moody's.

All the rated securities are backed by a pool of personal loans
originated by Banco Supervielle S.A. (national scale local
currency deposit rating of Aa3.ar).  The personal loans were
originated under two different programs. At closing, about
58.79% of the pool was constituted by personal loans granted to
employees of 972 companies that receive their monthly salaries
through Banco Supervielle.  The monthly loan installment is
deducted directly from the borrower's paycheck.  The other part
of the pool does not have the benefit of the payment deduction
feature.

                        Rating Action

Originator: Banco Supervielle S.A.

   -- ARS15,022,150 in Fixed Rate -- Debt Securities of
      "Fideicomiso Financiero Supervielle Personales I",
      rated Aaa.ar; and

   -- ARS8,193,900 in Floating Rate -- Debt Securities of
      "Fideicomiso Financiero Supervielle Personales I",
      rated Aa2.ar

                         Structure

Deutsche Bank S.A. (Argentina) S.A. (Issuer and Trustee) issued
two classes of Debt Securities (Fixed Rate and Floating Rate)
and one class of Certificates, all denominated in Argentine
pesos.

The rated securities are payable from the cash flow coming from
the assets of the Trust, which is an amortizing pool of about
9,933 eligible loans denominated in Argentine pesos, bearing
floating and fixed rates, originated by Banco Supervielle S.A.,
in an aggregate amount of ARS27,313,186.42.

The Fixed Rate Debt Securities will bear a fixed interest rate
of 9.5%. The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 280 basis points.  The Floating Rate Debt
Securities' interest rate has a ceiling of 18.5% p.a. and a
floor of 10% p.a.

Overall credit enhancement is comprised of:

   -- an aggregate 15% subordination for the Fixed Rate and
      Floating Rate Debt Securities;

   -- various reserve funds; and

   -- excess spread.

The Fixed Rate Debt Securities are expected to be paid off in 6
months. The payment of principal and interest on the Floating
Rate Debt Securities has a grace period of 7 months.  The
Certificates are entitled to receive any remaining cash flow
after Fixed Rate and Floating Rate Debt Securities are paid in
full.

Issuer: Fideicomiso Financiero Supervielle Personales I

   -- Fixed Rate Debt Securities, Assigned Ba2
   -- Floating Rate Debt Securities, Assigned B1




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B A H A M A S
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COMPLETE RETREATS: Creditors Panel Taps Bingham as Lead Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Complete
Retreats LLC and its debtor-affiliates' chapter 11 cases asks
permission from the U.S. Bankruptcy Court for the District of
Connecticut to retain Bingham McCutchen LLP as its lead counsel,
nunc pro tunc to Aug. 3, 2006.

Committee Chair Joel S. Lawson III informs that Court that
Bingham has since represented the Committee in the Debtors'
cases.  

Among other things, Bingham:

   -- reviewed and analyzed the Debtors' first-day motions and
      proposed orders;

   -- was involved in the discussions of the Debtors' proposed
      postpetition financing arrangements, including discussions
      of the terms and conditions for repayment of the Debtors'
      prepetition financing facility; and

   -- consulted with the Debtors and their legal, financial and
      restructuring advisors in connection with their
      operations, management and administration of the
      bankruptcy cases.

As the Committee's lead counsel, Bingham will:

   (a) provide legal advice with respect to the Committee's
       rights, powers, and duties;

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

   (c) advise and assist in the Committee's discussions with the
       Debtors and other parties in interest, regarding the
       overall administration of the bankruptcy cases;

   (d) assist the Committee in analyzing the claims of the
       Debtors' creditors and negotiate with the creditors;

   (e) assist with the Committee's investigation of the assets,
       liabilities, and financial condition of the Debtors and
       of the operations of the Debtors' businesses;

   (f) assist the Committee in its analysis of, and negotiations
       with, the Debtors or any third party concerning matters
       related to, among other things, formulating the terms of
       a plan or plans of reorganization;

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

   (h) review and analyze all pleadings, orders, statements of
       operations, schedules, and other legal documents;

   (i) prepare, on behalf of the Committee, all pleadings,
       orders, reports and other legal documents as may be
       necessary to further the Committee's interests and
       objectives; and

   (j) perform all other legal services for the Committee that
       may be necessary and proper to facilitate the discharge
       by the Committee of its duties in the bankruptcy cases
       and any related proceedings.

Mr. Lawson asserts that Bingham has had extensive Chapter 11
creditors' committee experience and knowledge and is
particularly well suited for the type of representation required
by the Committee.

"[Bingham] has both a national and international practice, with
more than 950 lawyers in 12 offices throughout the United
States, as well as in London and Tokyo," Mr. Lawson emphasizes,
"and has experience in all aspects of the law that are likely to
arise in the bankruptcy cases."

The Debtors will pay Bingham based on its customary hourly
rates:

   Professional                     Hourly Rate
   ------------                     -----------
   Partners & Counsel             US$445 - US$850
   Counsel & Associates           US$175 - US$535
   Paraprofessionals              US$100 - US$315

   Attorney                       Hourly Rate
   --------                       -----------
   Michael J. Reilly, Partner       US$750
   Jonathan B. Alter, Partner          550
   Daniel McGillycuddy, Partner        525
   William F. Govier, Counsel          435
   Kurt A. Mayr, Counsel               400
   Richard H. Agins, Associate         340
   Peter H. Bruhn, Associate           255

Michael J. Reilly, a partner at Bingham McCutchen LLP, informs
the Court that the firm has represented, and will likely
continue to represent, certain creditors of the Debtors and
various other parties adverse to the Debtors in matters
unrelated to the Debtors' bankruptcy cases.

A list of the Interested Parties that Bingham currently
represents in matters unrelated to the Debtors' cases is
available for free at http://researcharchives.com/t/s?1028

Other than the identified Interested Parties, Mr. Reilly assures
the Court that Bingham has no other connection with the Debtors,
their creditors, the Acting United States Trustee for Regions 2
and any other parties-in-interest.

Mr. Reilly assures the Court that Bingham is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code,
and does not hold or represent any interest adverse to the
Debtors' estates with respect to the matters for which it is to
be retained.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.  
(Complete Retreats Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


COMPLETE RETREATS: U.S. Trustee Wants Xroads Replaced as Agent
--------------------------------------------------------------
Diana G. Adams, the Acting United States Trustee for Region 2,
seeks replacement of Xroads Case Management Services LLC as
claims agent to Complete Retreats LLC and its debtor-affiliates.

The U.S. Trustee asserts that Xroads Case Management's proposed
services are administrative in nature and can be performed by a
variety of providers.

The U.S. Trustee contends that the XCM Application does not:

   -- provide information as to whether or not the Debtors tried
      to obtain estimates of the costs from competing service
      providers;

   -- provide information as to whether or not the charges
      proposed for XCM's services are commercially reasonable;
      and

   -- support whether or not XCM's employment is in the best
      interests of the Debtors' estates and their creditors.

XCM is an affiliate of XRoads LLC which may be an insider of
the Debtors, the U.S. Trustee notes.

While XCM seems qualified to provide the proposed services, the
Debtors' estates and creditors may be best served through the
employment of another service provider, equally or greater
skilled, should the costs of their services be significantly
less than XCM's, the U.S. Trustee argues.

As reported in the Troubled Company Reporter on Aug. 21, 2006,
the Debtors sought permission from the U.S. Bankruptcy Court for
the District of Connecticut to hire XCM as their claims and
noticing agent.

The Debtors informed the Court that they have more than 5,000
creditors and other potential parties-in-interest.  The Debtors
believe that the Office of the Clerk of the Court is not
equipped to:

   (i) distribute notices;

  (ii) process all proofs of claim filed in the Chapter 11
       cases; and

(iii) assist in the balloting process.

As their claims and noticing agent, the Debtors expect XCM to:

   (a) assist the Debtors and their counsel in the preparation
       of the Debtors' schedules of assets and liabilities and
       statements of financial affairs;

   (b) assist the Debtors and their counsel in the preparation
       of the initial reporting package for the United States
       Trustee;

   (c) assist the Debtors and their counsel in preparation of
       the Debtors' monthly operating reports;

   (d) design, maintain, and administer the Debtors' claims
       database;

   (e) provide designated users with access to the claims
       database to track claims activity, to view claims-related
       documents in PDF format, and to create reports;

   (f) send out acknowledgement cards to creditors confirming
       receipt of their proofs of claim; and

   (g) provide copy and notice service consistent with the
       applicable local rules and as asked by the Debtors or the
       Court, including acting as the official claims agent in
       lieu of the Court in:

       (1) serving notice to parties-in-interest;

       (2) maintaining all proofs of claim and proofs of
           interest filed and received in the bankruptcy cases;

       (3) docketing the claims;

       (4) maintaining and transmitting to the clerk of the
           Court the official claims registers;

       (5) maintaining current mailing lists of all entities
           that have filed claims and notices of appearance it
           receives;

       (6) providing public access for examination of the claims
           at CMS' premises during regular business hours and
           without charge; and

       (7) recording assignments of claims to third parties and
           recording all transfers received by CMS pursuant to
           Rule 3001(e) of the Federal Rules of Bankruptcy
           Procedure.

On the Debtors' behalf, James Mitchell told the Court that XCM
was chosen because of its experience, the competitiveness of its
fees, and its prepetition involvement with the Debtors.  XCM has
provided necessary assistance to the Debtors in preparing for
their bankruptcy filings.

The Debtors will pay XCM these hourly rates for its consulting
services:

   Professional                            Hourly Rate
   ------------                            -----------
   Director or Managing Director         US$225 to US$325
   Consultant or Sr. Consultant          US$125 to US$225

   Type of Service                         Hourly Rate
   ---------------                         -----------
   Accounting and Document Management    US$125 to US$195
   Programming and Technical Support     US$125 to US$195
   Clerical -- data entry                 US$40 to US$65

John Vander Hooven, a managing director at XRoads Case
Management Services, LLC, assured the Court that the firm
neither holds nor represents any interest adverse to the
Debtors' estates on matters for which it is to be retained and
employed.  XCM has had no prior connection with the Debtors,
however, XCM's employees may, in the ordinary course of their
personal affairs, have relationships with certain creditors of
the Debtors, Mr. Hooven added.

XCM is a "disinterested person", as referenced in Section 327(a)
of the Bankruptcy Code and as defined in Sections 101(14) and
1107(b) of the Bankruptcy Code, Mr. Hooven maintained.

                  About Complete Retreats

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

                  About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors
in their restructuring efforts.  Michael J. Reilly, Esq., at
Bingham McCutchen LP, in Hartford, Connecticut, serves as
counsel to the Official Committee of Unsecured Creditors.  No
estimated assets have been listed in the Debtors' schedules,
however, the Debtors disclosed US$308,000,000 in total debts.  
(Complete Retreats Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).




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B E L I Z E
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* BELIZE: City Council to Receive US$1MM from Belize Tourism
------------------------------------------------------------
The Belize City Council will receive US$1 million assistance
from the Belize Tourism Board, Love FM reports.

As reported in the Troubled Company Reporter-Latin America on
Aug. 14, 2006, the government officials of Belize held a meeting
on Aug. 9 after it was found out the Belize City Council was in
a fiscal imbalance as an effect of the government's cancellation
of the head tax the council would be collecting.  

The Tourism Board said in a news release that it had discussed
the request from the Council to finance special tourism-related
infrastructural projects in Belize City.  The projects include:

     -- beautification competition,

     -- Antelope Pond Eco Park,

     -- redesign of downtown Albert and Regent Streets,

     -- rehabilitation of Belize City streets, and parks,
        especially Battlefield Park.

     -- establishment of a vendor and craft market at Memorial
        Park.

Love FM relates that the Tourism Board agreed to provide the
Council up to US$1 million through the close of the financial
year ending March 31, 2007.  This will be done in accordance
with a disbursement schedule to be determined by the Tourism
Board, based on a re-budgeting exercise and revised cash flow
projections.

According to Love FM, the financial aid will be on certain
conditions:

    -- that both parties sign a Memorandum of Understanding;

    -- that disbursements are to be based on a payment schedule  
       to be ratified by the Board of Directors of the Tourism
       Board; and

    -- that should revenue streams of the Tourism Board be
       adversely affected, contributions to the City Council be
       withheld at the discretion of the Tourism Board.  

The financial support will also depend on the condition that the
City Council carry out the projects that have been prioritized,
which include:

    -- craft and vendors market at the Memorial Park,
    -- beautification of downtown Belize City, and
    -- refurbishment of Battlefield Park.   

                        *    *    *

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

                        *    *    *

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 by S&&P.




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


ADAMAS LIMITED: Final General Meeting Is Set for Sept. 25
---------------------------------------------------------
Adamas Limited's final general meeting will be at 9:00 a.m. on
Sept. 25, 2006, or as soon as possible, at:

             Deloitte & Touche
             Corner House, Church & Parliament Streets
             Hamilton, Bermuda

Adamas Limited's 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 Adamas Limited will be dissolved.

The liquidator can be reached at:

             Mark W.R. Smith
             Deloitte & Touch
             Corner House
             Church & Parliament Streets
             Hamilton , HM FX, Bermuda
             Fax: 441 292 0961


CONCORD RE: AM Best Rates US$375MM Sr. Credit Facility at BB+
-------------------------------------------------------------
A.M. Best Co. has assigned a debt rating of "bb+" to the Senior
Secured Credit Facility of up to US$375 million due February,
2012 of Concord Re Limited, a newly created Bermuda exempted,
limited-life special purpose Class 3 insurer.  Concurrently,
A.M. Best has assigned an issuer credit rating of "bbb-" to the
issuer. The outlook for both ratings is stable.

The issuer is a single purpose, dedicated reinsurance vehicle
established to provide U.S. commercial property reinsurance
coverage to its sole client, Lexington Insurance Company, a
subsidiary of American International Group, Inc. or AIG.  Under
the reinsurance agreement, the issuer will accept a quota share
of the gross premiums and risks on the first US$10 million of
limits per policy, per occurrence (the first US$5 million of
limits per policy, per occurrence for the business classified as
construction services) on businesses underwritten or assumed by
the Lexington Property Division.

The assigned ratings take into consideration a multitude of
factors and conditions including:

   Attachment probability

      -- The annualized attachment probability (i.e. the
         probability of the first dollar loss to the debt
         facility) was calculated using RMS's latest
         catastrophe model, Risk Link(R) 6.0, and was provided
         by Lexington for review.

         Additional stochastic assessment of the cash flow model
         using carefully selected parameters was also conducted.
         The additional stress testing affecting the facility
         resulted in cumulative default probabilities that were
         within acceptable levels to support the assigned debt
         rating.

   Cedent's underwriting and risk management

      -- Lexington has a mature underwriting team that has many
         years of experience in the excess and surplus
         property/casualty lines of business.  Strict adherence
         to underwriting guidelines, including maximum line size
         and retention levels, is expected to minimize risk
         exposure.  Lexington has a disciplined risk management
         approach in which it manages its exposure by carefully
         monitoring it by risk type, zone, region and brokers.
         Portfolio monitoring is conducted on a regular basis.
         Lexington is required to maintain a minimum of two
         times the risk ceded to the issuer.

   Pre-defined target policies

      -- The target policies are well-diversified by zones,
         business lines, region and aggregate property limits.
         The majority of individual policy risk periods do not
         exceed 12 month terms, though a nominal percentage
         provide coverage for up to a maximum of 18 months.  The
         issuer is not allowed to accept any other business risk
         other than what is defined in the reinsurance agreement
         and what is ceded by Lexington.  Under the quota share
         reinsurance agreement, the issuer will be directly
         correlated to Lexington's underwriting capabilities and
         risk management practices.

   Collateral trust account

      -- Proceeds from the issuance of the loan (net of
         transaction expenses) together with the equity
         contributions, net ceded premiums and investment
         income, will be required to be deposited to an
         independent trust for the purpose of providing
         collateral to secure the issuer's obligations under the
         quota share agreement and will be available as well to
         pay amounts owed by the issuer.  These obligations
         include loss payments required to be made by the issuer
         under the multi-year quota share reinsurance agreement
         entered into between the issuer and Lexington, expenses
         and fees of the administrative agent, payments
         (interest costs) in respect of the credit facility,
         reasonable operating expenses of the issuer, permitted
         dividend payments and payments upon wind down of the
         facility.  All proceeds will be deposited into an
         eligible bank institution that has a long-term deposit
         rating that meets or exceeds the minimum pre-
         established rating threshold.

   Collateral requirement and adequacy level

      -- Stress testing of both collateral level amounts and
         aggregate annual losses was conducted to determine
         adequacy levels and to calculate potential
         "over-the-top" risk exposure, the risk that the
         collateral is insufficient to cover losses.  The
         collateral amount required is a function of the
         projected in-force premiums and annual aggregate
         probable maximum loss associated with the perils, wind
         and earthquake.  In the event that the target
         collateral falls below the required amount, the issuer
         has a right to post additional collateral but is not
         obligated.  To the extent that the issuer does not meet
         the collateral requirements, the quota share percentage
         may be scaled back to an appropriate level to meet the
         collateral requirement.

   Counterparty risk

      -- Consideration of the creditworthiness of Lexington,
         which under the reinsurance agreement, is responsible
         for making periodic premium payments to the issuer.
         Lexington's financial strength rating of A+ (Superior),
         which includes both implicit and explicit support from
         AIG, is a strong indicator of its ability to manage its
         obligations.


DCS CORP: Schedules Final General Meeting on Sept. 25
-----------------------------------------------------
DCS Corp. Ltd.'s final general meeting will be at 10:00 a.m. on
Sept. 25, 2006, at:

             Deloitte & Touche
             Corner House, Church & Parliament Streets
             Hamilton, Bermuda

DCS Corp.'s 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 DCS Corp. will be dissolved.

The liquidator can be reached at:

             Mark W.R. Smith
             Deloitte & Touch
             Corner House
             Church & Parliament Streets
             Hamilton , HM FX, Bermuda
             Fax: 441 292 0961


DIAMOND INFORMATION: Holding Final General Meeting on Sept. 25
--------------------------------------------------------------
Diamond Information Centre Limited's final general meeting will
be at 10:00 a.m. on Sept. 25, 2006, at:

             Deloitte & Touche
             Corner House, Church & Parliament Streets
             Hamilton, Bermuda

Diamond Information's 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 Diamond Information will be dissolved.

The liquidator can be reached at:

             Mark W.R. Smith
             Deloitte & Touch
             Corner House
             Church & Parliament Streets
             Hamilton, HM FX, Bermuda
             Fax: 441 292 0961


GLOBAL CROSSING: Amends Non-Employee Board Members' Compensation
----------------------------------------------------------------
Global Crossing Limited's Board of Directors amended on
Aug. 15, 2006, the compensation program for non-employee members
of the Board and of the company's Executive Committee.  
Specifically, the Program was amended:

   (1) subject to share availability, to change the vehicle for
       payment of the annual retainer from all cash to one-half
       cash and one-half common shares of the company,
       commencing in 2007; and

   (2) to enhance the Program with an annual grant of restricted
       stock units or RSUs with one year vesting valued at
       US$50,000 per member.

The annual grant of RSUs will be made on the date of each annual
general meeting of shareholders, except for the 2006 grant,
which was made on August 15, 2006.  The number of RSUs granted
is based on the closing price of the company's common shares on
the grant date.  An RSU entitles the grantee to receive an
unrestricted common share of the company on the vesting date.

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.


GLOBAL CROSSING: Renews Employment Agreement with John Legere
-------------------------------------------------------------
Global Crossing Limited entered into a new employment agreement
on Aug. 15, 2006, with chief executive officer John J. Legere
following the approval by the Board of Directors of the company.   
The 2006 Agreement supersedes the employment agreement between
the parties dated Dec. 9, 2003, except with respect to certain
rights Mr. Legere had under such prior agreement relating to
indemnification, liability insurance and the resolution of
disputes thereunder.

Consistent with the 2003 Agreement, the 2006 Agreement:

   (1) provides Mr. Legere with an annual base salary of
       US$1.1 million and a target annual bonus of
       US$1.1 million;

   (2) entitles Mr. Legere to attend all meetings of the Board
       and to receive all materials provided to Board members,
       subject to certain limited exceptions; and

   (3) entitles Mr. Legere to reimbursement (on an after-tax
       basis) for certain excise taxes should they apply to
       payments made to Mr. Legere by the company.

In addition, the 2006 Agreement:

   (1) extends the contractual term of Mr. Legere's employment
       from December 9, 2007 to August 15, 2010;

   (2) provides for the payment of severance to Mr. Legere in  
       the event of termination of Mr. Legere's employment by
       the company without "cause" or upon Mr. Legere's death,
       "disability" or resignation for "good reason" in an
       amount equal to three times, two times or one times the
       sum of Mr. Legere's base salary and target annual bonus
       if such termination occurs prior to August 15, 2008,
       2009 or 2010, respectively, plus certain other benefits
       and payments;

   (3) clarifies that the provisions in the 2003 Agreement
       entitling Mr. Legere to equity grants on a basis no less
       favorable than grants for other senior executives of the
       company and to the vesting in full of equity grants upon
       any Designated Termination apply to all equity-based
       compensation and not only to stock options; and

   (4) provides the company with the discretion to pay up to
       one-half of Mr. Legere's annual bonus in common shares
       of the company.

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.


MMC (BERMUDA): Proofs of Claim Filing Is Until Sept. 6
------------------------------------------------------
MMC (Bermuda) Limited's creditors are given until Sept. 6, 2006,
to prove their claims to Wendy Kaufman, the company's
liquidator, or be excluded from receiving any distribution or
payment.

Creditors are required to send by the Sept. 6 deadline their
full names, addresses, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
Ms. Kaufman.

A final general meeting will be held at the liquidator's place
of business on Sept. 22, 2006, at 9:30 a.m.

MMC (Bermuda)'s 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.  

MMC (Bermuda)'s shareholders agreed on Aug. 2, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Wendy Kaufman
         c/o Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


SCOTTISH RE: AM Best Lowers Fin. Strength Rating to B+ from B++
---------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B+
from B++ and the issuer credit ratings to "bbb-" from "bbb+" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited (Scottish Re) (Cayman Islands).  A.M. Best has
also downgraded the ICR of Scottish Re to "bb-" from "bb+".  All
ratings remain under review with negative implications.

These rating actions follow A.M. Best's review of Scottish Re's
short-term liquidity and collateral needs subsequent to A.M.
Best's rating action on July 31, 2006.  A.M. Best notes that, as
indicated in its recent Securities and Exchange Commission
filings, Scottish Re faces uncertainty in the future
availability of credit facilities.  In addition, note holders
have the right to require Scottish Re to repurchase US$115
million of 4.5% senior convertible notes on December 6, 2006.  
Absent new sources of funding, A.M. Best believes that Scottish
Re's liquidity position is significantly strained. While the
company has engaged investment bankers to evaluate strategic
alternatives and review capital and liquidity sources, and a
sale of the company is likely, the timing and execution of any
capital raising initiatives to alleviate these liquidity
concerns is uncertain.

The FSR has been downgraded to B+ from B++ and the ICRs have
been downgraded to "bbb-" from "bbb+" and remain under review
with negative implications for the following subsidiaries of
Scottish Re Group Limited:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
   -- Scottish Re (U.S.), Inc.;
   -- Scottish Re Life Corporation;
   -- Scottish Re Limited; and
   -- Orkney Re, Inc.

The ICR has been downgraded to "bb-" from "bb+" and remains
under review with negative implications for Scottish Re Group
Limited.

These debt ratings have been downgraded and remain under review
with negative implications:

   Scottish Re Group Limited

      -- to "bb-" from "bb+" on US$115 million 4.5% senior
         unsecured convertible notes, due 2022;

      -- to "b" from "bb-" on US$143 million 5.875% of hybrid
         capital units, due 2007; and

      -- to "b" from "bb-" on US$125 million non-cumulative
         preferred shares.

   Stingray Pass-thru Trust

      -- to "bbb-" from "bbb+" on US$325 million senior
         unsecured pass-thru certificates, due 2012.

These indicative ratings for debt securities under the shelf
registration have been downgraded and remain under review with
negative implications:

   Scottish Re Group Limited-

      -- to "b" from "bb-" on preferred stock;
      -- to "b+" from "bb" on subordinated debt;
      -- to "bb-" from "bb+" on senior unsecured debt;

   Scottish Holdings Statutory Trust II and III

      -- to "b+" from "bb" on preferred securities.


SCOTTISH RE: Confident on Executing Strategic Alternatives
----------------------------------------------------------
Paul Goldean, the interim Chief Executive of Scottish Re Group
Ltd., said in a statement that the firm was certain that it
could execute one or more of its strategic alternatives.

Strategic alternatives include finding new investors or selling
Scottish Re.

A source familiar with the situation told Reuters that bidders
are interested in buying Scottish Re.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, Moody's Investors Service has downgraded to Ba3
from Ba2 the senior unsecured debt rating of Scottish Re Group
Limited and also downgraded to Baa3 from Baa2 the insurance
financial strength (IFS) ratings of the company's core insurance
subsidiaries:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
      (SALIC), and

   -- Scottish Re (U.S.), Inc.

The ratings have been placed on review for possible further
downgrade.

This rating was affirmed and placed on review for downgrade:
Scottish Re Group Limited, Junior Subordinate Shelf at (P)B1.


SCOTTISH RE: Fitch Downgrades Issuer Default Rating to BB
---------------------------------------------------------
Fitch Ratings has downgraded Scottish Re Group Ltd.'s ratings
as:

   Scottish Re Group Ltd.

      -- Issuer default rating to ' BB' from 'BBB-'.

   Operating subsidiaries:

      -- Insurer financial strength to 'BBB' from 'BBB+'.

All ratings remain on Rating Watch Negative.

The ratings action follows an update of SCT's liquidity and
collateral position, which now appears tighter than Fitch had
previously anticipated.  Currently, Fitch does not believe that
SCT has sufficient liquidity, without concessions from its bank
group, to fund the repayment of the US$115 million in
convertible notes in December 2006.

Since Fitch's most recent rating action on Aug. 1, 2006, SCT's
primary operating subsidiary, Scottish Annuity & Life Insurance
(Cayman) Ltd. or SALIC, has drawn down US$265 million in funds
under the Stingray Investor Trust liquidity facility both to
confirm the availability of this source and for use in unwinding
existing funding agreements with rating triggers.  SALIC is also
pursuing other liquidity sources, including surplus relief
transactions. At this date the liquidity and collateral position
at SALIC appears solid through March 31, 2007.

A key issue now is the considerable uncertainty surrounding
SALIC's ability to dividend funds to SCT or access credit
available under its bank facilities (to which SCT is not a
party).  While SALIC is attempting to resolve the issue with the
bank syndicate, SCT is pursuing its own avenues to raise capital
and is engaged in finding a buyer for the company.  While Fitch
believes the actuarial appraisal will indicate significant value
in the underlying business, the timing of a potential sale as
well as any other the other actions being pursued by the company
is uncertain.  As such the ratings could be lowered further and
remain on Rating Watch Negative.

These ratings remain on Rating Watch Negative:

   Scottish Annuity & Life Insurance Company (Cayman) Limited

      -- IFS downgraded to 'BBB' from 'BBB+'.

   Scottish Re (U.S.) Inc.

      -- IFS downgraded to 'BBB' from 'BBB+'.

   Scottish Re Limited

      -- IFS downgraded to 'BBB' from 'BBB+'.

   Scottish Re Group Limited

      -- IDR downgraded to 'BB' from 'BBB-';

      -- 4.5% USUS$115 million senior convertible notes
         downgraded to 'BB-' from 'BB+;

      -- 5.875% USUS$142 million hybrid capital units
         downgraded to 'B+' from 'BB'; and

      -- 7.25% USUS$125 million non-cumulative perpetual
         preferred stock downgraded to 'B+' from 'BB'.


SVP HOLDINGS: S&P Assigns B+ Rating on US$280MM Bank Financing
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its loan and
recovery ratings to SVP Holdings Ltd.'s US$280 million bank
financing.  The first-lien senior secured credit facilities
consist of a US$50 million revolving credit facility, a US$160
million term loan A facility, and a US$70 million term loan B
facility.  The facilities are rated 'B+' (at the same level as
the 'B+' corporate credit rating on SVP) with a recovery rating
of '3', indicating the expectation for meaningful recovery of
principal (50%-80%) in the event of a payment default.  These
ratings are based on preliminary offering statements and are
subject to review upon final documentation.

SVP revised the terms of its previously announced bank
financing, related to its planned refinancing.  The previously
announced offering of US$315 million of senior secured credit
facilities has been terminated, and Standard & Poor's has
withdrawn its loan and recovery ratings on the terminated deal.

The corporate credit rating on Bermuda-based SVP is
B+/Stable/--.  This rating reflects the company's narrow
business focus, participation in the mature and highly
competitive consumer sewing machine industry, customer
concentration, and highly leveraged financial profile. These
factors are somewhat mitigated by the company's leading market
position and portfolio of well-recognized brands.

                        Ratings List

SVP Holdings Inc.

   -- Corporate credit rating         B+/Stable/--

Ratings Assigned

   -- US$280M secd first-lien financing   B+ (Recovery rtg: 3)




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


PETROLEO BRASILEIRO: Operations & Imports Unaffected by Protest
---------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras, the state-run oil company
of Brazil, told Reuters that the strike the Indian tribe Guarani
held at the gas pipeline it runs with Repsol YPF and Total SA
did not affect the company's Bolivian natural gas operations and
delivery to Brazil.

"There are Indians in the vicinity of a pipeline operated by
Transierra, which is our joint venture with Repsol-YPF, but they
are not occupying any installations," a Petrobras spokesperson
told Reuters.

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, a press official from Petrobras' Bolivian unit
said that members of the Guarani tribe had occupied the gas
pipeline in Parapet, Santa Cruz.  It serves to compress gas to
transport it to Brazil, which imports about 25 million cubic
meters of gas a day from Bolivia.  The official of Petrobras
said that up to 30 Indians were still occupying the site, while
up to 150 people were holding demonstrations outside the
premises, demanding the immediate payment of US$9 million in
social contributions the oil firms promised in 2005.  However,
the deal predicts contributions to be made over a time period of
20 years and not immediately, Petrobras said.  The company's
official noted that tribe leaders threatened to close valves in
the control station to halt the gas exports.  

Sergio Gabrielli, the chief executive officer of Petrobras said,
"Even in critical moments, we emphasize our trust in the
continuation of supply."  Mr. Gabrielli said that planned
infrastructure investments in the region could possibly be done
earlier to alleviate the conflict.  However, the official said
that it would still undergo a negotiation.  A press official of
Bolivia's Hydrocarbons Ministry reported that the ministry sent
a commission led by William Donaire, the vice-minister for the
commercialization and industrialization of hydrocarbons, to
Parapeti in order to talk with the Indians.

Abel Pantoja, director of pipelines for Bolivia's government
Hydrocarbons Superintendency, told Reuters, "We know about the
threat of closing the valves on the pipeline but as of Monday
morning had not happened.  So far export operations are normal."

"The negotiations are under way.  We do not expect disruptions,"
the Petrobras spokesperson told Reuters.

                  About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras was founded in 1953.  The company explores,
produces, refines, transports, markets, distributes oil and
natural gas and power to various wholesale customers and retail
distributors in the country.

                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's and its foreign currency long-term debt is
rated BB- by Fitch.

                        *    *    *

As reported in the Troubled Company Reporter on April 26, 2006,
in conjunction with the roll out of Issuer Default Ratings and
Recovery Ratings for Latin America Corporates, Fitch Ratings has
taken rating actions on Petroleo de Brasileiro SA.  These
ratings were affected:

  Foreign Currency:

    -- Previous Rating: 'BB-'
    -- New RR: 'BB', Rating Outlook Positive

  US$2.5 billion, Senior Unsecured Notes due 2008, 2013, 2014
  and 2018:

    -- Previous Rating: 'BB-'
    -- New IDR: 'BB+'


* BOLIVIA: Audit Finds Irregularities in Iberoamerica Oil Export
----------------------------------------------------------------
A preliminary audit revealed irregularities in Bolivian state
oil Yacimientos Petroliferos Fiscales Bolivianos' oil export
contract with Iberoamerica, a local trading firm, Prensa Latina
reports.

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2006, Andres Soliz Rada, Bolivia's hydrocarbons
minister, ordered an investigation on the crude supply contract.  
Under the contract, YPFB sells 2,000 barrels of crude a day at a
low price to Univen Petroquimica, a Brazilian refiner, for the
latter's diesel.  Iberoamerica Trading SRL acts as an
intermediary for the exchange.  Superintendencia de
Hidrocarburos -- the hydrocarbons regulator of Bolivia -- had
said that the exchange would result in an annual loss of US$3.8
million.  Minister Soliz and Jorge Alvarado -- the head of
Yacimientos Petroliferos -- said that the exchange would save
Bolivia US$4 million, assuring that it would not cost the
country US$2 million.  Minister Soliz had said that Bolivia
lacks refining capacity in Cochabamba and Santa Cruz, and wants
to avoid a diesel shortage in those places.  Minister Rada
assigned the investigation to the hydrocarbons ministry's
internal audit unit.  The minister also ordered the audit to
clarify the conflict between YPFB and the Superintendencia de
Hidrocarburos.  A second audit of Iberoamerica's crude export
authorization solicitation was ordered by Minister Soliz to
verify that the firm has complied with the law.

Minister Soliz told Prensa Latina that Mr. Alvarado has 10 days
to defend himself from allegations.  The minister did not
discard Mr. Alvarado's eventual removal from his position.

Meanwhile, Bolivia's President Evo Morales rejected several
demands to replace Mr. Alvarado, demanding evidence of
corruption before he would agree to dismiss the head, Prensa
Latina notes.

Prensa Latina relates that traditional parties -- particularly
Poder Democratico Social -- and media affiliated with the
opposition are using the case to put doubt on the hydrocarbons
nationalization decree President Morales implemented in May.

Bolivia's Vice President Alvaro Garcia, says Prensa Latina,
believed there was no connection between the nationalization and
the controversial oil contract Mr. Alvarado was involved in.

Meanwhile, the hydrocarbons minister told social organizations
to stay alert against maneuvers to destroy the nationalization,
Prensa Latina states.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


ABN AMRO REAL: Posts BRL686 Mil. First Half 2006 Net Profits
------------------------------------------------------------
ABN Amro Real said in a press supplement that its net profits in
the first half of 2006 increased 22.5% to BRL686 million, from
the BRL561 million recorded in the same period of 2005.

Amro Real told Business News Americas that the increase in its
net profits was due to higher commercial lending in the first
half of 2006.

Amro Real posted these results for the first half of 2006:

   -- Return on Equity increased to 19.7% in the first half of
      2006 from 16.9% in the first half of 2005;

   -- efficiency ratio in the first half of this year improved
      to 51.5% from 55.2% in the same period of 2005;

   -- lending rose 30.9% to BRL43.4 billion at the end of June
      2006, compared with June 2005:

      * commercial lending increased 33%,

      * loans to individual borrowers grew 25.7% to BRL18.9
        billion,

      * lending to small to medium-sized enterprises rose 43.7%
        to BRL9.19 billion,

      * lending to larger corporations grew 26.8% to BRL12.7
        billion;

   -- non-performing loan ratio increased to 3.43% at the end of
      June 2006, compared with 3.03% at the end of June 2005;
      and

   -- due to higher lending, loan-loss provisions increased
      65% to BRL2.25 billion, or 5.7% of the loan book in the
      first half, compared with 4.6% in the same period last
      year.

Local press says that Amro Real expects lending to continue to
increase up to 25% in the second half of 2006.

Fabio Barbosa, the Chief Executive Officer of Amro Real, told
financial daily Gazeta Mercantil, "The rate [of loan growth]
could slow down in the second half."

Amro Real sold last week BRL900 million in non-performing
corporate loans to US bank Lehman Brothers, who outbid 12 other
foreign financial institutions wanting to buy the loans -- which
are more than two years past due -- for an undisclosed amount.  
The sale -- the first time in Brazil that a bank sold a varied
portfolio of overdue corporate loans to another bank -- was
organized by PricewaterhouseCoopers, Valor Economico states.  

Dutch bank ABN Amro owns Banco ABN Amro Real S.A.  ABN Amro also
controls local bank Sudameris SA.

                        *    *    *

On Oct. 19, 2005, Moody's Investors Service upgraded Banco ABN
Amro Real S.A.'s long-term foreign currency deposit rating to B1
from B2.  Moody's maintained a positive outlook on the rating.

This action followed Moody's upgrade of Brazil's foreign
currency ceiling for deposits to B1, from B2, and the foreign
currency country ceiling for bonds and notes to Ba3, from B1.
The country ceilings have a positive outlook.


BANCO NACIONAL: Launches Procomp to Boost Medium Enterprises
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
has created a specific line to finance medium enterprises.  It
refers to the Competitiveness Program for Industrial Sector
Enterprises or Procomp, which will reorganize and consolidate
the competitiveness of enterprises in the industrial sector with
annual gross operating revenue up to BRL300 million.

The new program will have a budget of BRL1 billion and will be
effective for operations filed until December 31, 2007.

Procomp will support, on a first phase, production increase
through working capital financing to enterprises of the
industrial sector, which have carried out investments in the
last three years, both in fixed assets directed to implementing,
expanding and modernizing the productive capacity, and in
intangible fixed assets (brand, design, development of products
resulting from innovations, patent deposits, etc.)

The amount of financing will be equivalent to the investment
carried out within the three last years, limited to 10% of sales
in the last fiscal year.

"BNDES has a consolidated tradition in financing large
enterprises, infrastructure and big industrial projects.  The
Bank has been contributing to expand access to micro, small and
medium enterprises. However, it felt the need of a support more
focused to the segment of industrial enterprises, with annual
gross revenue between BRL60 million and BRL300 million, which
are no more medium enterprises under the formal definition, but
are not yet large enterprises," Pres. Demian Fiocca said,
explaining the new program's concept.

For the planning area director, the new line represents the
birth of a policy oriented to this segment of enterprise.  
"Today, industries with annual gross sales between BRL61 million
and BRL3 billion receive the same treatment.  There is no
differentiation among them", added Antonio Barros de Castro.

Under Procomp, BNDES basic fees will be 4.5% p.a. for direct
operations, plus a credit risk rate, which varies from 0.8% to
1.8% p.a.  When the operation has a bank guarantee, or in case
of an indirect operation, BNDES basic fees will be 3% p.a., plus
the financial agent's rate fixed at a maximum of 4.5% p.a.  For
micro, small and medium enterprises or MSMEs with sales up to
BRL60 million, the financial intermediation fee will not be
charged.  The financing time will be up to 36 months, with an
18-month grace period.

BNDEs aims to strengthen the medium-sized industries and their
productive chains in order to guarantee and expand
competitiveness of the sector against international competition.

With this new line, BNDES expands its supporting instruments to
medium size industrial enterprises.  For those enterprises
having gross operating revenue up to BRL60 million, defined
under the Operating Policies as micro, small and medium
enterprises, the Bank already offers very favorable conditions.

However, there is a segment of enterprise having annual gross
operating revenue between BRL60 million and BRL300 million,
which are considered under the Operating Policies as large
enterprises, to which are offered the same supporting conditions
as those enterprises having sales significantly higher.

The board of BNDES has understood that this segment of medium
size industries, as the origin of future large enterprises,
needs a different support to consolidate its growth and assume
significant competitive positions, and managerial and financial
structures allowing for a subsequent autonomy in the access to
credit and capital market. In this segment of industrial
enterprises with annual gross sales up to BRL300 million, there
are mostly those more affected by the changes in competitiveness
conditions of domestic and foreign markets, as well as
enterprises located in productive chains focused by sectors of
big dynamism, like the energy and basic input industries.

                        *    *    *

As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its foreign currency
counterparty credit rating on Banco Nacional de Desenvolvimento
Economico e Social S.A. aka BNDES to 'BB' with a stable outlook
from 'BB-' with a positive outlook.  The company's local
currency credit rating was also shifted to 'BB+' with a stable
outlook from 'BB' with a positive outlook.


INTERNATIONAL PAPER: Sells Brazilian Units to Stora for US$415M
---------------------------------------------------------------
International Paper Co. inked a definitive agreement for the
sale of its two Brazilian plants with Stora Enso Oyj, the
world's largest papermaker, for US$415 million.

After the purchase, Stora Enso will become the sole producer of
coated magazine paper in Latin America.

International Paper's business in Brazil are Vinson Industria de
Papel Arapoti Ltda. and Vinson Empreendimentos Agricolas Ltda.,
comprising a paper mill, sawmill as well as pine and eucalyptus
forests around the town of Arapoti, in the Brazilian state of
Parana.

The transaction is expected to close in the third quarter of
2006, subject to customary closing conditions, TheStreet.com
reports.

"International Paper's ongoing operations in Brazil remain an
important base for the company, and the region remains an area
of growth for us as we explore opportunities to strengthen our
uncoated papers and packaging businesses there," Stora Enso's IP
chairman and chief executive John Faraci said in published
reports.

Some analysts said in reports that International Paper's move
has been forced by its balance sheet figures.  Others say that
the transaction is part of the paper company's transformation
plan to focus on uncoated papers and industrial and consumer
packaging.

The Brazilian coated papers business had sales of approximately
US$230 million in 2005, with operating profit of US$39 million.
It produces 200,000 metric tonnes of coated paper for catalog,
magazine and retail insert markets, and 83 million board feet of
lumber each year, according to TheStreet.com.

                      About Stora Enso

Stora Enso -- http://www.storaenso.com/-- is an integrated  
paper, packaging, and forest products company, producing
publication and fine paper, packaging board, and wood products
-- all areas in which the Group is a global market leader.  
Stora Enso's sales totalled EUR13.2 billion in 2005.  The Group
has about 46,000 employees in more than 40 countries on five
continents.

                  About International Paper

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

                        *    *    *

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




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


GRANDEUR REAL: Final Shareholders Meeting Set for Sept. 12
----------------------------------------------------------
Grandeur Real Estate Limited's final shareholders meeting will
be at 4:30 p.m. on Sept. 12, 2006, at:

   Noriba Bank BSC
   Seef Tower, 9th Floor
   Seef District, Manama
   Kingdom of Bahrain  

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 liquidator can be reached at:

   Reid Services Limited
   P.O. Box 1350GT, Clifton House
   75 Fort Street, George Town
   Cayman Islands


LINCOLN FINANCE: Final Shareholders Meeting Is Set for Sept. 11
---------------------------------------------------------------
Lincoln Finance Limited's final shareholders meeting will be at
10:15 a.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


MISSION (EQUITY INVESTMENTS): Final Meeting Is Set for Sept. 11
---------------------------------------------------------------
Mission Bay Equity Investments Limited's final shareholders
meeting will be at 11:45 a.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


MISSION BAY: Shareholders Gather for a Final Meeting on Sept. 11
----------------------------------------------------------------
Mission Bay Limited's final shareholders meeting will be at
12:00 p.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


MISSION (EQUITY): Sets Last Shareholders Meeting for Sept. 11
-------------------------------------------------------------
Mission Bay Equity Limited's final shareholders meeting will be
at 11:30 a.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


MISSION (EQUITY HOLDINGS): Last Shareholders Meeting Is Sept. 11
----------------------------------------------------------------
Mission Bay Equity Holdings Limited's final shareholders meeting
will be at 11:00 a.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


MISSION (INVESTMENTS): Last Shareholders Meeting Is on Sept. 11
---------------------------------------------------------------
Mission Bay Investments Limited's final shareholders meeting
will be at 11:15 a.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


PALM FUNDING: Holding Final Shareholders Meeting on Sept. 11
------------------------------------------------------------
Palm Funding Limited's final shareholders meeting will be at
1:30 p.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


PRESTIGE REAL: Last Shareholders Meeting Will be on Sept. 12
------------------------------------------------------------
Prestige Real Estate Limited's final shareholders meeting will
be at 4:30 p.m. on Sept. 12, 2006, at:

   Noriba Bank BSC
   Seef Tower, 9th Floor
   Seef District, Manama
   Kingdom of Bahrain  

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 liquidator can be reached at:

   Reid Services Limited
   P.O. Box 1350GT, Clifton House
   75 Fort Street, George Town
   Cayman Islands


REFCO COMMODITY: Final Shareholders Meeting Is Set for Sept. 11
---------------------------------------------------------------
Refco Commodity Futures Fund Ltd.'s shareholders will convene
for a final meeting at 10:00 a.m. on Sept. 11, 2006, at:

           Kroll (Cayman) Limited
           4th Floor, Bermuda House
           Dr. Roy's Drive
           Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

           Gordon I. Macrae
           Attention: Hadley Chilton
           Kroll (Cayman) Limited
           4th Floor, Bermuda House
           Dr. Roy's Drive
           Grand Cayman, Cayman Islands
           Tel: (345) 814 4003
           Fax: (345) 946-0082


SOUTHDALE FINANCE: Last Shareholders Meeting Is Set for Sept. 11
----------------------------------------------------------------
Southdale Finance Limited's final shareholders meeting will be
at 10:00 a.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


VIAD EQUITY INVESTMENTS: Final Shareholders Meeting Is Sept. 11
---------------------------------------------------------------
Viad Equity Investments Limited's final shareholders meeting
will be at 12:30 p.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


VIAD EQUITY: Calls Shareholders for a Final Meeting on Sept. 11
---------------------------------------------------------------
Viad Equity Limited's final shareholders meeting will be at
12:15 p.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


VIAD FINANCE: Shareholders Gather for Final Meeting on Sept. 11
----------------------------------------------------------------
Viad Finance Limited's final shareholders meeting will be at
1:30 p.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


VIAD HOLDINGS: Invites Shareholders for Last Meeting on Sept. 11
----------------------------------------------------------------
Viad Holdings Limited's final shareholders meeting will be at
1:15 p.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


VIAD INVESTMENTS: Sets Final Shareholders Meeting for Sept. 11
--------------------------------------------------------------
Viad Investments Limited's final shareholders meeting will be at
12:45 p.m. on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920


VIAD LIMITED: Holding Final Shareholders Meeting on Sept. 11
------------------------------------------------------------
Viad Limited's final shareholders meeting will be at 1:00 p.m.
on Sept. 11, 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 liquidator can be reached at:

   Westport Services Ltd.
   Attention: Ica Eden
   P.O. Box 1111
   Grand Cayman, Cayman Islands
   Tel: 345 949 5122
   Fax: 345 949 7920




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


AES CORP: Chilean Unit Posts CLP42.8B First Half 2006 Profits
-------------------------------------------------------------
AES Gener, AES Corp.'s subsidiary in Chile, told
Superintendencia de Valores y Seguros de Chile -- the Chilean
securities regulator -- that the company's profits in the first
half of 2006 increased to CLP42.8 billion, from the CLP5.06
billion recorded in the same period of 2005, Business News
Americas reports.

AES Gener said in a statement that the increase in profits
reflected decreased fuel consumption and electricity energy
purchase costs.

According to the statement, AES Gener's first half 2006
operating profits grew 57% to CLP66.1 billion from CLP42.2
billion in the first half of 2005, due to more favorable
conditions in the central grid (SIC) in terms of better
hydrology and higher energy prices.

BNamericas relates that AES Gener's operating income in the
first half of 2006 decreased 4.8% to CLP232 billion.  In the
first half of last year, the operating income of the company was
CLP245 billion.

AES Gener said in the statement that in the first half of 2006,
its consolidated Ebitda (Earnings before Interest, Taxes,
Depreciation, and Amortization) increased 48% to CLP95.8 billion
from the CLP64.7 billion recorded in the same period last year.

BNamericas notes that AES Gener's non-operating losses increased
56% to CLP10.9 billion in the first six months of the year due
to debt refinancing at Colombian subsidiary Chivor as well as
debt repayment during the period.

AES Gener's first half 2006 energy sales, says BNamericas,
increased 9% to 1,597GWh in Chile's northern grid (SING).  
However, the sales dropped 4% to 3,678GWh in the SIC, compared
with the one recorded in the first half of 2005.  Energy sales
to Colombia's national grid slightly increased to 3,204GWh.

The report underscores that AES Gener provided 22% of energy
generated in the SIC and 27% of the energy in SING.  Chivor
represented 9% of Colombia's total generation.

The net equity of AES Gener at the end of the first half of 2006
was CLP897 billion.  In the same period last year, the company's
net equity was CLP862 billion, BNamericas states.

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.


CA INC: To Use FM:Interact to Improve Worldwide Space Management
----------------------------------------------------------------
CA Inc. will expand its implementation through FM:Systems'
FM:Interact to its worldwide facilities team.  In addition to
existing sites in North America, FM:Interact will now be
utilized in Asia Pacific, Latin America, Europe, Middle East,
and Asia.

"The implementation of FM:Interact throughout North America
increased our ability to more accurately track space, people and
moves which resulted in better space utilization and lower
costs," said Robert Paul, vice president of North American
facilities for CA.  "These results demonstrated to us that
FM:Interact offered the flexibility and ease-of-use that we
needed to help better manage CA's facilities worldwide."

Additional benefits that will result from the expansion include:

   -- Real-time reporting will support better decision-making.
      Facilities worldwide will have the ability to run
      real-time reports on key metrics such as churn rates,
      space utilization, and space chargebacks.

   -- Centralized access will help improve customer service.
      All employees will have web-based access to view
      Worldwide information such as the location of employees,
      departments and buildings.  Employees will also be able to
      initiate and track status of move requests via the
      centralized system.

   -- Easy access for modifications will reduce the cost of
      maintaining accurate information.  Web-based access to
      utilization and accurate move tracking will help keep CA's
      global space inventory accurate and up-to-date.

FM:Interact, a modular suite of Web-based applications, allows
organizations to access and analyze facilities, real estate and
maintenance information in real-time.  By providing accurate,
up-to-date information, workplace professionals can deliver
better customer service, reduce costs, and improve productivity
across the entire organization.

FM:Interact modules include Space Management, Lease and Property
Management, Asset Management, Strategic Planning, Move
Management, and Service Request Management.

"CA has taken a significant step toward improving its global
facilities management operations and we are committed to
supporting their efforts," said Michael Schley, CEO and founder
of FM:Systems.  "This enterprise expansion is further proof that
FM:Interact can support the comprehensive needs of the facility
management industry."

                  About FM:Systems, Inc.

Headquartered in Raleigh, North Carolina, FM:Systems, Inc.
provides integrated workplace management systems that help
facilities and real estate professionals deliver better customer
service, reduce costs, and improve the productivity of the
entire organization.  Customers take advantage of FM:Systems'
Web-based applications to improve facilities and space
management, real estate and portfolio management, and
maintenance management.

                         About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management    
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Latin America, CA has operations in
Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela.

                        *    *    *

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

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




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


BANCOLOMBIA: Unit Selling Majority Stake in Suleasing Int'l
-----------------------------------------------------------
Leasing Colombia, Bancolombia's leasing unit, will sell a
majority stake in the Suleasing Internacional -- the company's
international leasing subsidiary -- to the representative office
of Bancolombia in Panama, Business News Americas reports.

Bancolombia said in a press release the decision was made to
boost the efficiency and financial management of the bank's
subsidiaries abroad.

                  About Leasing Colombia

Leasing Colombia is the largest leasing firm in Colombia,
controlling around 47% of the domestic leasing market.  It has
about COP3 trillion assets.

               About Suleasing Internacional

Suleasing Internacional is based in Panama and also operates in
Miami and Brazil.

                        *    *    *

The Troubled Company Reporter-Latin America reported on
April 28, 2006, that Moody's Investors Service upgraded
Bancolombia's bank financial strength ratings to D+ from D with
a stable outlook.

Moody's added that the action concludes the review for possible
upgrade that was announced on October 13, 2005.  Moreover,
Bancolombia's Ba3/Not Prime long- and short-term foreign
currency deposit ratings were affirmed.  Moody's said the
outlook on all ratings is stable.


BRIGHTPOINT INC: Earns US$8.2 Million in Quarter Ended June 30
------------------------------------------------------------
For the three months ended June 30, 2006, Brightpoint Inc.
reported net income of US$8,241,000 from total revenues of
US$549,858,000.

Brightpoint's balance sheets at June 30, 2006 showed total
assets of US$493,627,000, total liabilities of US$328,504,000
and total shareholders' equity of US$165,123,000.

Full-text copies of Brightpoint's financial reports for the
three months ended June 30, 2006, is available for free at:

               http://researcharchives.com/t/s?100e

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
Company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.  
The Company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *    *    *

On April 12, 2006, Standard & Poor's placed Brightpoint's
long-term local and foreign issuer credit ratings at BB- with a
stable outlook.




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


H.J. HEINZ: High Debt Levels Cue Moody's to Downgrade Ratings
-------------------------------------------------------------
Moody's Investors Service downgraded the long-term debt ratings
of H.J. Heinz Company and its subsidiaries' senior unsecured
debt to Baa2 from Baa1, preferred stock to Ba1 from Baa3 and
retained the negative rating outlook.  The Prime-2 short-term
rating of H.J. Heinz Company was affirmed.

This rating action concludes the review that began on
June 5, 2006, following Heinz's announcement of a 16.7% dividend
increase and its plan to repurchase US$1 billion of its shares
over the next two years as part of a new aggressive
restructuring plan.  This latest plan was crafted in response to
an earlier, even more aggressive, proposal submitted to the
Heinz board by an investor group led by shareholder Nelson Peltz
who controls 5.4% of Heinz's shares.  The Peltz team could win
seats on the board of directors, an issue that is expected to be
settled next month after all the ballots are tallied.

The downgrade reflects:

   1) Heinz's adoption of a more aggressive financial policy
      that includes a high dividend payout and debt-financed
      share repurchases;

   2) overall weak credit metrics for the Baa category that are
      likely to deteriorate further due to higher debt levels;
      and

   3) the risk of greater short-term shareholder focus at the
      expense of bondholders following the challenges to
      existing management strategy mounted by the Trian Group.

The global strength of the Heinz brand, moderate product and
geographic diversity, good cash flow generation and strong
liquidity are all better than Heinz's assigned senior unsecured
rating of Baa2.  However, Heinz's ratings are driven down by
uneven performance in key operating segments, such as U.S.
foodservice, and in Europe; an inconsistent business
strategy, in Moody's view, that has led to a series of
major restructurings, acquisitions and asset sales; and an
aggressive financial policy that has favored shareholders
at a time when debt protection has been deteriorating, and
which scores at the Ba level.

The negative outlook reflects the uncertain outcome of ongoing
challenges to the current management team being mounted by
Nelson Peltz's Trian Group, which could result in more
aggressive financial policy, greater risk in the execution of
its operating strategy, and changes in management direction.  
Heinz has little cushion in the ratings for further share
repurchases, large acquisitions, or weakening operating
performance.

A downgrade could occur if financial policy were to become
more aggressive and the execution risk in the company's
operating strategy were to increase as a result of shareholder
challenges to the current management team and board.  
Additionally, ratings could be lowered if there were
deterioration in Heinz's core businesses, or if the company were
unable to achieve the operating performance goals outlined in
its plan.  Quantitatively, ratings could be lowered if Retained
Cash Flow Debt fell below 12% or EBIT fell materially below 4.

The ratings outlook could return to stable if Heinz demonstrated
stability in the composition and operating performance of its
core portfolio; and moderated its financial policy to strike a
more equitable balance between shareholder and bondholder
interests.  Quantitatively, Heinz would need to achieve Retained
Cash Flow Debt of at least 15% and EBIT approaching 5 before the
outlook would stabilize.

Founded in 1869, H. J. Heinz Company markets and produces
branded foods in ketchup, condiments, sauces, meals, soups,
seafood, snacks and infant foods. Key brands include Heinz(R)
Ketchup, sauces, soups, beans, pasta and infant foods, Ore-
Ida(R) French Fries and roasted potatoes, Boston Market(R) and
Smart Ones(R) meals and Plasmon(R) baby food.  Heinz's 50
companies have number-one or number-two brands in 200 countries.  
In South America, Heinz operates in Mexico, Costa Rica,
Venezuela and Argentina.




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


* CUBA: Citrus Sector Expects Better Harvest This Year
------------------------------------------------------
Cuba's citrus sector is expecting a better harvest this year,
compared with last year, Fresh Plaza reports.

Fresh Plaza relates that with US$100 million in exports, citrus
is Cuba's second agricultural export product, next to tobacco.

The report notes that at present, the Jaguey Grande plantation
-- representing 60% of national production and in between 70%
and 80% of national exports -- produces about 25 megatons of
oranges and grapes for every hectare, the highest in Cuba.

Europe is Cuba's biggest market for its citrus, Fresh Plaza
states.

                        *    *    *

Moody's assigned these ratings to Cuba:

      -- CC LT Foreign Bank Depst, Caa2
      -- CC LT Foreign Curr Debt, Caa1
      -- CC ST Foreign Bank Depst, NP
      -- CC ST Foreign Curr Debt, NP
      -- Issuer Rating, Caa1




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


FALCONBRIDGE LTD: Holders Tender 1,270,923 Novicourt Shares
-----------------------------------------------------------
Falconbridge Limited disclosed that following the expiry of its
offer dated June 26, 2006, to purchase all of the outstanding
common shares of its subsidiary Novicourt Inc., that
Falconbridge does not already own, an additional 1,270,923
common shares of Novicourt have been tendered under
Falconbridge's offer.  Novicourt Shares tendered to Falconbridge
have been taken up and will be paid for by Aug. 25, 2006.

At 6:00 p.m. (Toronto time) on Aug. 22, 2006, the expiry time of
the Offer, and taking into account the Novicourt Shares taken up
on Aug. 9, 2006, a total of 6,339,593 Novicourt Shares,
representing approximately 83.2% of all Novicourt Shares that
were not already owned by Falconbridge, have been tendered to
the Offer.

Falconbridge intends to acquire all outstanding Novicourt Shares
that have not been tendered to the Offer, pursuant to a
subsequent acquisition transaction, with the result that
Novicourt will become a wholly-owned subsidiary of the Xstrata
Group.

                        About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the U.K. and Canada.

                     About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL) (NYSE:FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.

                        *    *    *

Falconbridge's CDNUS$150 million 5% convertible and callable
bonds due April 30, 2007, carries Standard & Poor's BB+ rating.


* DOMINICAN REPUBLIC: S&P Rates Bono 119-05 Local Bond at B
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
local currency rating to the bono 119-05 local bond due in 2009
recently issued by the Dominican Republic (B/Positive/B
sovereign credit ratings).  The bond, issued in two equal
tranches on Aug. 8, 2006 and Aug. 11, 2006, totaled of DOP1.6
billion.

"The debt issuance represents an important milestone in
improving the sovereign's ability to issue debt locally in
pesos," said Standard & Poor's credit analyst Richard Francis.  
"As part of the development of the local market, the government
is launching an electronic platform that will allow the exchange
of the bonds in real time," he added.

The latest bond issuance was used to pay domestic arrears that
had accumulated over the years to a number of local suppliers.
Stricter controls by the Ministry of Finance on various
ministries and agencies should disallow the government from
building similar arrears in the future.

Mr. Francis explained that the issue is a significant step in
the government's establishing a positive track record and
opening up an important source of funding.  Pension reform
enacted in 2001 (and only implemented in 2003) created a funded
pension system to be administered by private financial firms
specializing in pension provisions, which have limits on the
types of investments they can make.  These funds could be an
important source of financing for the government if it gains
credibility in the local markets.

"Historically one of the sovereign's key constraints has been
its poor debt management practices, especially with regards to
its local bonds," Mr. Francis said.  "Prior to 2001, the
government was in default on a number of small local issues that
totaled less than 1% of GDP. The defaults were due to poor debt
management, rather than the sovereign's ability to pay," he
added.

According to Mr. Francis, the government has made a concerted
effort over the last two years to implement critical
institutional reform, including improvements in its debt
management.  As an example, the central government recently took
over responsibility for servicing its external debt from the
central bank.

Standard & Poor's said that the Dominican Republic's positive
outlook balances improved economic prospects and moderate
government debt levels with weak institutions and the large
quasi-fiscal deficits of the central bank that constrain
monetary policy.  Further improvements in governance, along with
sustained economic growth and additional fiscal measures to
contain the fiscal deficit, could lead to improved
creditworthiness.

"The development of the local debt market is an important
challenge for the government.  If successful, this could reduce
the government's exposure to foreign currency debt and allow the
country to further boost its external liquidity," Mr. Francis
noted.  "Finally, it could also provide the government with an
important means of funding, enabling it to seriously tackle the
problem of the central bank's quasi-fiscal deficits," he
concluded.




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


PETROECUADOR: Delays Technicians' Report on Marginal Fields
-----------------------------------------------------------
A spokesperson of Petroecuador told Business News Americas that
the presentation of a report on the nine marginal fields in
Amazon, which the company had planned to tender, has been
postponed.

The technicians were initially scheduled to present information
on the fields in a meeting with the Petroecuador's board of
directors on Aug. 21, BNamericas reports, citing the
spokesperson.

The nine fields include:

         -- Armadillo,
         -- Chanangue,
         -- Eno-Ron,
         -- Frontera-Tapi-Tetete,
         -- Ocano-Pena Blanca,
         -- Pacay,
         -- Pucuna,
         -- Puma, and
         -- Singue.

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, the information would include each field's
production level, crude type, reserve level, environmental
studies, and required investment.  Some of the fields are in
production at low levels while the other fields are undeveloped
mainly due to the absence of oil pipelines and storage tanks.  A
spokesperson said that the meeting was expected to result in
timelines for the tender processes of the blocks.  The project
would amount to US$300 million.  According to the spokesperson,
Petroecuador plans to turn the fields over to private entities
due to lack of capital and development facilities.

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




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


WARNACO GROUP: Barington Group Acquires 5.6% of Common Stock
------------------------------------------------------------
The Barington Group has filed a Schedule 13D with the Securities
and Exchange Commission disclosing that it now collectively
holds approximately 5.6% of the common stock of The Warnaco
Group, Inc.

The Barington Group consists of Barington Capital Group, L.P.,
Ramius Capital Group, L.L.C. and various other affiliated
entities.

In its Schedule 13D filing with the US Securities and Exchange
Commission, Barington stated that it believes Warnaco to be
undervalued and that it wishes to engage in discussions with the
company's senior management concerning measures that it believes
will improve shareholder value for the benefit of the company's
stockholders.

In its filing, Barington said such measures include, but are not
limited to:

   -- the improvement in execution by the Company's senior
      management team and oversight provided by its Board of
      Directors in light of what Barington believes to be a
      string of recent operating disappointments stemming from

     (a) the recently announced financial restatement caused
         by accounting issues at the Company's Chaps division
         and swimwear segment, and the resulting Securities and
         Exchange Commission informal inquiry,

     (b) disruptions and excess costs associated with poor
         implementation of SAP at the Company's swimwear
         segment, and

     (c) missed revenue growth and gross margin targets;

   -- a substantial reduction in equity grants, including stock
      options and restricted stock, which have averaged 5.0%
      annually or a staggering 17.6% cumulatively of the
      company's shares outstanding over the past three and
      one-half fiscal years;

   -- the improvement in gross and EBITDA margins, which
      currently trail peer averages by approximately 800 and 600
      basis points, respectively, through a reduction in SG&A
      and corporate expenses and better merchandising;

   -- the disposition of non-core brands and licenses,
      especially in underperforming divisions of the Company's
      intimate apparel and swimwear segments; and

   -- the exploration of alternatives, including, without
      limitation, the possible sale of the Company.

            About Barington Capital Group, L.P.

Based in New York, Barington Capital Group, L.P. is an
investment management firm that primarily invests in
undervalued, small and mid-capitalization companies.  Barington
and its principals are experienced
value-added investors who have taken active roles in assisting
companies in creating or improving shareholder value.

            About Ramius Capital Group, L.L.C.

Ramius Capital Group, L.L.C. is a registered investment advisor
that manages assets of US$7.3 billion in a variety of
alternative investment strategies.  Ramius Capital Group,
through its wholly-owned subsidiary, Admiral Advisors, LLC,
advises funds that invest primarily in the securities of U.S.
public companies that are believed to be undervalued.  

                     About Warnaco Group

Headquartered in New York, The Warnaco Group, Inc., is a leading
apparel company engaged in the business of designing, marketing
and selling intimate apparel, menswear, jeanswear, swimwear,
men's and women's sportswear and accessories under such owned
and licensed brands as Warner's(R), Olga(R), Lejaby(R), Body
Nancy Ganz(tm), Speedo(R), Anne Cole(R), Op(R), Ocean
Pacific(R), Cole of California(R) and Catalina(R) as well as
Chaps(R) sportswear and denim, J. Lo by Jennifer Lopez(R)
lingerie, Nautica(R) swimwear, Michael Kors(R) swimwear and
Calvin Klein(R) men's and women's underwear and sportswear,
men's, women's, junior women's and children's jeans and
accessories and women's and juniors' swimwear.  The company
emerged from bankruptcy protection in 2003.  Its Authentic
Fitness unit is the North American distributor of Speedo
swimwear.  In 2003 the last two US-based manufacturing
facilities were closed and production shifted to Honduras,
Mexico, and Asia.  In 2006 it acquired the license, wholesale,
and retail units for Calvin Klein jeans and accessories in
Europe and Asia.

                        *    *    *

Standard & Poor's Ratings Services revised on Aug. 11, 2006, its
outlook on The Warnaco Group, Inc.'s ratings to stable from
positive.  At the same time, the ratings on Warnaco were
affirmed, including its 'BB-' corporate credit rating.  Total
debt outstanding at April 1, 2006, was about US$431 million.

"The outlook revision follows the company's announcement that it
will restate its financial statements for the fiscal year ended
December 2005 and the first quarter of 2006 ended April 1, 2006,
as a result of certain irregularities and errors related to
its accounting for returns and vendor allowances at its Chaps
menswear division," said Standard & Poor's credit analyst Susan
H. Ding.




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


KAISER ALUMINUM: To Supply Fabricated Aluminum Prod. to Eclipse
---------------------------------------------------------------
Kaiser Aluminum signed an agreement with Eclipse Aviation Corp.
to supply aluminum fabricated products for use in the production
of the Eclipse 500 revolutionary very light jet.  The multi-year
agreement calls for Kaiser Aluminum to be the primary provider
of aluminum plate and sheet products commencing in calendar year
2007 for the 2,500 Eclipse 500 jets currently on order.

"Kaiser Aluminum has long been a preferred supplier of high
quality aluminum products to aerospace companies around the
world," said Jack A. Hockema, chairman, president and CEO,
Kaiser Aluminum.  "The previously-announced $105 million
expansion of Trentwood's plate capacity and capability enables
us to provide the broad range of products required by Eclipse."

"While Kaiser is participating in the growth of the commercial
airliner segment, this new relationship with Eclipse Aviation
represents a tremendous opportunity in a newly-emerging
aerospace segment," added Mr. Hockema.

Through the use of advanced avionics, new manufacturing
techniques and innovative applications of digital information
technology, Eclipse Aviation is building next-generation
aircraft for the general and commercial aviation markets.  These
aircraft, manufactured in a state-of-the-art, high-volume
production system, cost about a third of today's small jet
aircraft, will be significantly safer and easier to operate than
those of today, and have the lowest cost of ownership ever
achieved in a jet aircraft.

"Securing aluminum in a market in which there has been record
levels of demand, constrained supply and price increases is a
significant challenge," said Eclipse Aviation President and CEO
Vern Raburn.  "This contract with Kaiser demonstrates that we
are committed to securing our raw materials requirements while
managing raw material costs in anticipation of long-term
production.  We look forward to Kaiser being our partner in this
effort."

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, along with its Jamaican subsidiaries
-- Alpart Jamaica Inc. and Kaiser Jamaica Corporation -- 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. 103; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 609/392-0900)


SUGAR COMPANY: Wray & Nephew Presents Bid for Company
-----------------------------------------------------
Wray and Nephew Ltd., a wholly owned subsidiary of the Lascelles
Group and the operator of Appleton Estate, has presented a bid
for the Sugar Company of Jamaica, the Jamaica Gleaner reports.

Wray and Nephew awaits feedback from the government on its bid,
Wednesday Business says, citing Paul Henriques, the managing
director of the Agricultural Direction at Appleton Estates.

"It would be premature to divulge anything, and we haven't heard
back from the Government as yet," Mr. Henriques told The
Gleaner.

According to The Gleaner, the Jamaican government decided in
November 2005 to privatize the Sugar Company for the second
time.  In 1993, the government sold 17% share to each of Wray &
Nephew, Cliff Cameron's Manufacturers Investment Ltd. and Booker
Tate Ltd., while maintaining a 49% share.  The Sugar Company was
incorporated as the Sugar Company of Jamaica Ltd.  William
McConnell, the chairperson of Lascelles, represented Wray and
Nephew on the Sugar Company Board.

The Gleaner notes that Wray and Nephew sold back to the
government in 1998 the 17% share in the Sugar Company after
failing to resuscitate the ailing operation.  The government, as
part of the buy-back, absorbed about US$500 million of losses.

Minister Clarke told The Gleaner that the government wants to
sell the factories and equipment and lease 18,600 hectares of
cane lands.

Sugar Company's assets include the six factories:

    -- Monymusk in Clarendon,
    -- Bernard Lodge in St. Catherine,
    -- Long Pond and Hampden estates in Trelawny,
    -- Frome in Westmoreland, and
    -- Duckenfield estate in St. Thomas.

According to The Gleaner, industry sources say that Wray and
Nephew was mainly after the 4,400 hectares of sugar cane lands
at Monymusk.

The Gleaner underscores that Appleton had disclosed in February
2006 plans to acquire at least another 2,000 hectares of land in
Clarendon to expand sugar cane production.

The Sugar Company's non-land assets are:

    -- raw sugar factories,
    -- an ethanol fermentary,
    -- distilleries, and
    -- machinery.

The Gleaner relates that there were eight entities interested in
the Sugar Company's assets.  

Sugar Company of Jamaica registered a net loss of almost US$1.1
billion for the financial year ended Sept. 30, 2005, 80% higher
than the US$600 million reported in the previous financial year.
Sugar Company blamed its financial deterioration to the
reduction in sugar cane production.




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


DRESSER INC: Moves Credit Amendment Process Deadline to Sept. 8
---------------------------------------------------------------
Dresser, Inc., is extending the date on which consents are due
for its amendment process under its senior secured credit
facility.  The deadline has been extended from Aug. 22, 2006, to
5 p.m. on Sept. 8, 2006, New York City time, unless further
extended or terminated by the company.

All other aspects of the amendment process remain unchanged.

                        About Dresser

Based in Addison, Texas, Dresser, Inc. --
http://www.dresser.com/-- designs, manufactures and markets   
equipment and services sold primarily to customers in the flow
control, measurement systems, and compression and power systems
segments of the energy industry.  The Company has a
comprehensive global presence, with over 8,500 employees and a
sales presence in over 100 countries worldwide including Mexico
and Puerto Rico.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service downgraded Dresser, Inc.'s ratings.
Moody's said the rating outlook is negative.

Dresser's Corporate Family Rating was downgraded to B1 from Ba3.
The rating for the Company's Senior Secured Tranche C Term Loan
maturing 2009 was downgraded to B1 from Ba3.  Moody's also
downgraded the rating for the Company's Senior Unsecured Term
Loan maturing 2010 to B2 from B1.  The Company's Senior
Subordinated Notes maturing 2011 was downgraded to B3 from B2.


GRUPO MEXICO: Denies Plans to Acquire Phelps Dodge
--------------------------------------------------
Grupo Mexico SA de CV denied rumors that it intends to buy
Phelps Dodge Corp.  The company underscores the price is too
high, Bloomberg News reports.  Phelps market value is US$18.4
billion, more than twice that of Grupo Mexico's.

"The way the share price movements have evolved, it seems the
most prudent alternative for the company is to develop its own
assets," Grupo's chief financial officer Eduardo Gonzalez said
in an interview with Bloomberg.

Grupo Mexico's acquisition plans have been halted owing to
soaring copper prices.  Bloomberg says copper traded at US$3.50
per pound, which is double last year's price.

According to Mr. Gonzales, an acquisition would allow his
company to sell more copper while prices are up.  However,
acquisition costs are prohibitive, Bloomberg relates.

                     About Phelps Dodge

Phelps Dodge Corp. -- http://www.phelpsdodge.com/-- produces
copper and molybdenum and is the largest producer of molybdenum-
based chemicals and continuous-cast copper rod.  The company and
its two divisions, Phelps Dodge Mining Co. and Phelps Dodge
Industries, employ approximately 15,000 people worldwide.

                    About Grupo Mexico

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--     
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *    *    *

Fitch Ratings assigned these ratings to Grupo Mexico SA de C.V.:

     -- foreign currency long-term debt, BB; and
     -- local currency long-term debt, BB.


GRUPO MEXICO: Restarting Mining Activities at La Caridad by Oct.
----------------------------------------------------------------
Grupo Mexico SA de CV will restart its La Caridad copper mine
and cathode plant in October, Bloomberg News reports.

The copper producer has completed 70% of rehiring and replacing
workers after the blockade was lifted on July 27, company
spokesman Juan Rebolledo told Bloomberg in an interview.

The blockade at La Caridad was lifted after Grupo Mexico agreed
to withdraw the lawsuits it filed against the workers.

La Caridad mine workers had walked off their jobs on
March 24, 2006, in support of Napoleon Gomez Urrutia, whose
leadership in the union was snubbed by both the government and
Grupo Mexico due to allegations of embezzling about US$55
million in funds paid into a trust by Grupo Mexico in relation
to the 1990 privatization of La Caridad and Cananea.

Grupo Mexico got government approval to cancel working contracts
and replace striking workers.  

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--   
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *    *    *

Fitch Ratings assigned these ratings to Grupo Mexico SA de C.V.:

     -- foreign currency long-term debt, BB; and
     -- local currency long-term debt, BB.


PILGRIM'S PRIDE: S&P Places B+ Corp. Credit Rating on NegWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings on Pilgrim's Pride Corp. on
CreditWatch with negative implications following the company's
unsolicited bid for Gold Kist Inc.  At the same time, ratings on
Gold Kist, including the 'B+' corporate credit rating, were
placed on CreditWatch with positive implications.  About US$571
million (including capitalized operating leases) of debt of
Pittsburg, Texas-based Pilgrim's Pride and about US$190 million
(including capitalized operating leases) of Atlanta, Ga.-based
Gold Kist's debt is affected.

The ratings of both companies were placed on CreditWatch
following Pilgrim's Pride announcement of its unsolicited
proposal to acquire Gold Kist for US$20.00 per share in cash.  
This would value the transaction at about US$1 billion plus the
assumption of Gold Kist's debt.  Pilgrim's Pride anticipates
that it could realize cost synergies of US$50 million.

The two companies have been in discussions since February 2006;
however, Gold Kist's board of directors has rejected Pilgrim's
Pride previous proposals.  Although Gold Kist's board of
directors will review this newest proposal, the company has thus
far been resolute about its strategy of remaining an independent
company.  "If Gold Kist should take defensive actions, which
would suggest a more aggressive financial policy, we would
likely revise the CreditWatch implications for Gold Kist to
developing from positive," noted Standard & Poor's credit
analyst Jayne Ross.

Standard & Poor's will continue to monitor the situation and
take appropriate rating action as needed.  The ratings on both
companies could be affirmed if the transaction is not completed.
If the deal does go through, the ratings on Pilgrim Pride could
be lowered (depending on how the transaction is financed) or
affirmed.  Ratings on Gold Kist could be raised or affirmed
depending on how the transaction is financed.

Pilgrim's Pride is the second-largest poultry producer in the
U.S., with about a 16% market share, and Gold Kist is the third-
largest poultry producer, with about a 9% share.


RADIOSHACK CORP: Fitch Downgrades Issuer Default Rating to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded the following ratings for
RadioShack Corp:

   -- Issuer Default Rating to 'BB+' from 'BBB';
   -- Bank credit facility to 'BB+' from 'BBB';
   -- Senior unsecured notes to 'BB+' from 'BBB'; and
   -- Commercial paper to 'B' from 'F2.'

The Rating Outlook is Stable.  Approximately US$500 million of
debt is affected by these actions.

The downgrades reflect RadioShack's weaker than expected
operating results year-to-date in 2006 and the challenges
associated with executing a turnaround in the face of increasing
competition in the company's core product segments.  The ratings
also reflect Fitch's expectation for modest improvement in the
company's performance in 2007 as a result of the cost cutting
and other turnaround initiatives implemented this year.

RadioShack continues to experience weakness in its core wireless
business, which represents about one-third of its total
revenues, through June 30, 2006.  Wireless sales were down 3% in
the first half of 2006 reflecting poor execution of the
transition to Cingular from Verizon at the end of 2005,
Verizon's continued stronghold in key markets in the northeast
and northwest regions, and increased competition from other
retailers, as well as direct-to-consumer distribution by the
wireless carriers themselves.

Although sales in the first half of 2006 increased in some of
the company's product categories like accessories (up 4%) and
personal electronics (up 22%), they were inadequate in
offsetting sales declines in wireless and modern home products
such as home audio and video end-products, computers, etc. (down
6%).  In addition, the areas that expanded, such as kiosk
operations, personal electronics, and services, generated lower
operating margins than the other businesses, contributing to a
decline in the company's EBITDA margin to 6.6% in the 12 months
ended June 30, 2006, from 12.6% a year earlier.

To gain greater customer acceptance, RadioShack is carrying out
targeted marketing campaigns in local markets where Cingular is
weak in hopes of increasing its wireless sales.  In addition,
the company has remodeled over 1,000 stores in the past several
years and is in the process of remerchandising all of its stores
to include more popular products like the flat-panel televisions
and MP3 players and accessories. Fitch anticipates these
initiatives will take time to gain traction.

Given the company's weak sales and lower operating margins, its
credit metrics have come under pressure and are expected to
remain below their historical levels over the near to medium
term.  In the 12 months ending June 30, 2006, FFO fixed charge
coverage dropped to 1.8x from 2.6x while total adjusted
debt/EBITDAR increased to 4.7x from 3.0x in 2005.  At the same
time, RadioShack's liquidity remains adequate with cash of
approximately US$170 million and availability of around US$575
million under its credit facilities as of June 30, 2006.

Fitch recognizes that a new top management team headed by CEO
Julian Day will provide additional energy to the company's
turnaround efforts.  In addition, the recent closure of 480
stores and the cost savings from the consolidation of
distribution centers and the headquarters staffing reduction
(400-450 employees) will lead to some margin improvement in late
2006 and 2007.  However, generating additional top-line momentum
and restoring margins to historical levels through changes to
the merchandise mix and improved service levels within the
stores will take additional time.

RadioShack is one of the leading consumer electronics retail
chains in North America with more than 6,000 outlets in the US,
Puerto Rico, the Virgin Islands, Canada, and Mexico.  Its stores
offer a variety of products, including computers, DVD players,
electronic toys, telephones, and, of course, radios.  The stores
also sell third-party services such as wireless calling plans
and direct satellite service.  In addition, RadioShack sells a
wide range of electronics parts and components.  The chain
includes more than 1,700 dealer outlets and about 800 kiosks
located primarily in malls and SAM'S CLUB stores (kiosks are not
RadioShack-branded).


SATELITES MEXICANOS: Amends Restructuring Pact with Five Parties
----------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V., entered into an amendment to
its March 31, 2006, restructuring agreement with:

    1) Servicios Corporativos Satelitales, S.A. de C.V.;

    2) Loral Skynet Corp. and Loral SatMex Ltd.;

    3) Principia, S.A. de C.V.;

    4) certain beneficial owners of the Senior Secured Floating
       Rate Notes due June 30, 2004; and

    5) certain beneficial owners of the 10-1/8% Senior Notes due
       Nov. 1, 2004.

Pursuant to the Amendment, the Debtor's deadline to obtain a
final and non-appealable order assuming its global settlement
agreement with these Loral entities is extended until
Sept. 7, 2006:

      * Loral Space & Communications Ltd.,
      * Loral Space & Communications Holdings Corp.,
      * Loral Skynet Network Services, Inc.,
      * Loral SpaceCom Corp.,
      * Loral Skynet, a division of Loral SpaceCom Corp.,
      * Space Systems/Loral, Inc., and
      * Loral Space & Communications Inc.

The Debtor will use its commercially reasonable best efforts to
have its Chapter 11 Plan of Reorganization confirmed by the
Bankruptcy Court, which Plan will include binding mutual
releases for all claims among the Debtor, Servicios, Loral,
Principia, the other Loral Entities, and all holders of claims
against the Debtor, other than claims based on fraud, gross
negligence, willful misconduct or criminal conduct, or claims or
obligations contained in the Loral Settlement Agreements.

The Debtor has filed a request with the Bankruptcy Court to
assume the Loral Settlement Agreements.  A hearing to consider
the Debtor's request is scheduled for Sept. 6, 2006, at 10 a.m.
in Manhattan.

A full-text copy of the First Amendment dated July 28, 2006, is
available at no charge at http://ResearchArchives.com/t/s?101d

The Supporting Floating Rate Noteholders are:

      * The Canyon Value Realization Fund (Cayman), Ltd.,
      * Canyon Value Realization Fund, L.P.,
      * Canyon Value Realization MAC 18, Ltd.,
      * Institutional Benchmarks Series (Master Feeder)
          Limited in Respect of The Centaur Series,
      * Murray Capital Management, Inc.,
      * Morgan Stanley & Co. Incorporated,
      * Black Diamond Offshore, Ltd.,
      * Double Black Diamond Offshore LDC,
      * Cedarview Capital Management, LP,
      * Clinton Group, Inc.,
      * Continental Casualty Company,
      * Greenwich International, Ltd.,
      * Polygon Global Opportunities Master Fund,
      * Taconic Capital Advisors, LLC, and
      * Resolution Master Fund L.P.

The Supporting Senior Noteholders are:

      * Murray Capital Management, Inc.,
      * Atlantic Pacific Management Group LLC,
      * LPETE LLC,
      * SSGDP LLC,
      * DRALLI LLC,
      * Gramercy Emerging Markets Fund,
      * HFR EM Select Master Trust,
      * KAPALI LLC,
      * LMC Recovery Fund LLC,
      * PALLMALL LLC,
      * UVIADO LLC,
      * GRNPARK LLC,
      * KADESI LLC,
      * Harbinger Capital Partners Master Fund I, Ltd., and
      * Morgan Stanley & Co. Incorporated

                  About Satelites Mexicanos

Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.  Satmex provides transponder capacity via
its satellites to customers for distribution of network and
cable television programming, direct-to-home television service,
on-site transmission of live news reports, sporting events and
other video feeds.  Satmex also provides satellite transmission
capacity to telecommunications service providers for public
telephone networks in Mexico and elsewhere and to corporate
customers for their private business networks with data, voice
and video applications.  Satmex also provides the government of
the United Mexican States with approximately 7% of its satellite
capacity for national security and public purposes without
charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on Aug. 11, 2006
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,
S.C., and Quijano Cortina Lopez y de la Torre give legal advice
in the Debtor's Mexican Bankrutpcy proceedings.  UBS Securities
LLC and Valor Consultores, S.A. de C.V., give financial advice
to the Debtor.  Steven Scheinman, Esq., Michael S. Stamer, Esq.,
and Shuba Satyaprasad, Esq., at Akin Gump Strauss Hauer & Feld
LLP give legal advice to the Ad Hoc Existing Bondholders'
Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal
advice to Ad Hoc Senior Secured Noteholders' Committee.  As of
July 24, 2006, the Debtor has US$905,953,928 in total assets and
US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and
Senior Secured Notes filed an involuntary chapter 11 petition
against the Company (Bankr. S.D.N.Y. Case No. 05-13862).
On June 29, 2005, Satmex filed a voluntary petition for a
Mexican reorganization, known as a Concurso Mercantil, which was
assigned to the Second Federal District Court for Civil Matters
for the Federal District in Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 2; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SATELITES MEXICANOS: Wants to Assume Loral Settlement Agreements
----------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V., asks permission from the U.S.
Bankruptcy Court for the Southern District of New York to
assume:

    (a) the Settlement Agreement, dated as of June 14, 2005,
        with Space Systems/Loral, Inc.; Loral Space &
        Communications Corp., now known as Loral Space &
        Communications Holdings Corp.; Loral SpaceCom Corp.;
        Loral Skynet, a division of SpaceCom; and Loral Skynet
        Network Services, Inc.;

    (b) a contract with SS/L for the Satmex 6 Satellite Program
        dated June 14, 2005;

    (c) an agreement with LSC, as assignee of Loral Skynet,
        concerning the Lease of Transponders for the Satmex 5
        Satellite dated June 14, 2005;

    (d) an agreement with SS/L, as assignee of LSCC, concerning
        the Lease of Transponders for the Satmex 6 Satellite
        dated June 14, 2005; and

    (e) certain active capacity agreements, as amended, which
        consist of:

           (i) Satmex Contract Number 673-1 with Loral Skynet
               for the lease of satellite space segment capacity
               dated Oct. 1, 2003;

          (ii) Satmex Contract Number 383-1 with Loral Skynet
               for the lease of satellite space segment capacity
               dated March 1, 2000; and

         (iii) Satmex Contract Number 257-1 with Loral Skynet
               Network Services, Inc., for the lease of
               satellite space segment capacity dated
               Sept. 1, 1999.

Satmex is a party to a global settlement agreement and related
documents with various entities affiliated with Loral Skynet
Corp. and Loral SatMex Ltd. The Loral Settlement Agreements
resolve numerous issues and claims under various of the parties'
then-existing relationships and agreements.

Satmex is expressly required to assume the Loral Settlement
Agreements by Sept. 7, 2006, pursuant to:

     -- the terms of the Settlement Agreements; and

     -- an April 2006 stipulation among Satmex; certain holders
        of its 10-1/8% Unsecured Senior Notes due Nov. 1, 2004,
        and Senior Secured Floating Rate Notes due
        June 30, 2004; and the Loral Entities, which was
        approved by the Bankruptcy Court in the Section 304
        Proceeding.

The Loral Settlement Agreements are an integral component of the
consensual restructuring set forth in Satmex's Chapter 11 Plan
of Reorganization, Luc A. Despins, Esq., at Milbank, Tweed,
Hadley & McCloy LLP, in New York, tells the Court.

"Absent approval of the assumption of these agreements, it is
likely that Loral will not support the Chapter 11 Plan.  As a
result, confirmation of the Chapter 11 Plan will be made
difficult, if not impossible, under Section 1129(b) of the
Bankruptcy Code," Mr. Despins says.

                Loral Settlement Agreements

Among other things, the Loral Settlement Agreements provide
for SS/L and Satmex's termination of their obligations under a
June 25, 2003, Amended and Restated Contract for the Satmex 6
Satellite Program, including SS/L's right to earn potential
orbital incentive payments and an "end of life" bonus.  The
parties entered into a new contract whereby, among other things,
SS/L renewed its commitment to provide its continued support for
the launch of Satmex 6.

Satmex was allowed a US$3,694,609 general unsecured claim
against SS/L in SS/L's Chapter 11 case.  SS/L paid the claim in
April 2006.

Satmex and SpaceCom also agreed to terminate a Nov. 17, 1997,
Satmex Management Agreement and a Nov. 17, 1997, License
Agreement.

In addition, Satmex agreed to provide to SS/L, as assignee of
LSCC, satellite space segment capacity service consisting of two
36 MHz Ku-band transponders and two 36 MHz C-band transponders
on Satmex 6.  Subject to obtaining certain consents, Satmex will
grant SS/L a security interest or title to the SS/L
Transponders.

Satmex and the Loral Entities agreed to modify the terms of a
fully prepaid end-of-life lease agreement between Satmex and
Loral Skynet.  Under the lease, Satmex provided to Loral Skynet
satellite space segment capacity service consisting of three
36 MHz Ku-band transponders on Satmex 5.

Subject to obtaining certain consents, Satmex and the Loral
Entities also agreed to grant Loral Skynet a security interest
or title to the transponders.  The Skynet Transponders were
subsequently assigned from Loral Skynet to LSC.

Pursuant to a March 2006 Restructuring Agreement that Satmex
entered into with Servicios Corporativos Satelitales, S.A. de
C.V.; Principia S.A. de C.V.; Loral; and the ad hoc committees
of holders of Satmex's Senior Secured Notes and Existing Bonds,
Loral agreed that the Loral Entities and their assignees would
receive, instead of a security interest in or title to the Loral
Transponders, the grant of a usufructo under Mexican law in the
Loral Transponders.

The Loral Usufructo constitutes an in rem property right whereby
the Grant Holders are entitled to the quiet use and enjoyment of
the Skynet Transponders on Satmex 5 for the life of Satmex 5 and
the SS/L Transponders on Satmex 6 for the life of Satmex 6.

The Loral Entities are to receive the Loral Grant of the Loral
Usufructo on the effective date of Satmex's Chapter 11 Plan of
Reorganization, at which time the Loral Settlement Agreements
will be modified accordingly.

Without waiving any of their rights under the Restructuring
Agreement and the Loral Settlement Agreements, the Loral
Entities have agreed that for so long as the Restructuring
Agreement is in effect as to Loral, the Loral Entities will
forbear from exercising their rights in respect of the
requirement under the Loral Settlement Agreements that Satmex
use its best efforts to transfer title to or a security interest
in the Loral Transponders to the applicable Loral Entity or its
assignee free and clear of any liens or encumbrances of any
kind.

Satmex believes that for so long as it is acting in good faith
in seeking the Loral Usufructo and the Loral Grant, it has
complied with its obligations with respect to the Title/Lien
Requirement and no damages should accrue with respect to the
Title/Lien Requirement.

A summary of the salient terms of the Loral Settlement
Agreements is available at no charge at
http://ResearchArchives.com/t/s?1033

The Loral Settlement Agreements have been approved in the
Chapter 11 cases of Loral Space & Communications Ltd. and its
affiliated debtors (Lead Case No. 03-41710 (RDD) (Bankr.
S.D.N.Y.)) by order dated July 26, 2005.  In addition, Thomas
Stanley Heather Rodriguez, the conciliador in the Concurso
Proceeding in Mexico, has confirmed his support of the Loral
Settlement Agreements.

The holders of the Senior Secured Notes, and Citibank, N.A., in
its capacity as indenture trustee and collateral trustee for the
Senior Secured Notes, assert that certain transactions
contemplated by the Loral Settlement Agreements, including the
Title/Lien Requirement, require the Senior Secured Noteholders'
or Citibank's consent.  The Senior Secured Noteholders and
Citibank have not granted any consent and reserve the right not
to grant any consent in the future.

Pursuant to Section 365(b), Satmex will pay US$16,415 to LSC to
cure any monetary default under the Loral Settlement Agreements.

                 About Satelites Mexicanos

Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.  Satmex provides transponder capacity via
its satellites to customers for distribution of network and
cable television programming, direct-to-home television service,
on-site transmission of live news reports, sporting events and
other video feeds.  Satmex also provides satellite transmission
capacity to telecommunications service providers for public
telephone networks in Mexico and elsewhere and to corporate
customers for their private business networks with data, voice
and video applications.  Satmex also provides the government of
the United Mexican States with approximately 7% of its satellite
capacity for national security and public purposes without
charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on Aug. 11, 2006
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,
S.C., and Quijano Cortina Lopez y de la Torre give legal advice
in the Debtor's Mexican Bankrutpcy proceedings.  UBS Securities
LLC and Valor Consultores, S.A. de C.V., give financial advice
to the Debtor.  Steven Scheinman, Esq., Michael S. Stamer, Esq.,
and Shuba Satyaprasad, Esq., at Akin Gump Strauss Hauer & Feld
LLP give legal advice to the Ad Hoc Existing Bondholders'
Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal
advice to Ad Hoc Senior Secured Noteholders' Committee.  As of
July 24, 2006, the Debtor has US$905,953,928 in total assets and
US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and
Senior Secured Notes filed an involuntary chapter 11 petition
against the Company (Bankr. S.D.N.Y. Case No. 05-13862).
On June 29, 2005, Satmex filed a voluntary petition for a
Mexican reorganization, known as a Concurso Mercantil, which was
assigned to the Second Federal District Court for Civil Matters
for the Federal District in Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 2; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


KANSAS CITY SOUTHERN: Declares US$0.25 Per Share Cash Dividend
--------------------------------------------------------------
The Executive Committee of the Board of Directors of Kansas City
Southern declared a cash dividend of US$0.25 per share on the
company's outstanding 4% Non-Cumulative Preferred stock.  This
dividend will be payable Oct. 3, 2006, to stockholders of record
at the close of business on September 11, 2006.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the U.S.,
Mexico and Panama.  Its primary U.S. holdings include The Kansas
City Southern Railway Company, serving the central and south
central U.S. Its international holdings include Kansas City
Southern de Mexico, S.A. de C.V., serving northeastern and
central Mexico and the port cities of Lazaro Cardenas, Tampico
and Veracruz, and a 50 percent interest in Panama Canal Railway
Company, providing ocean-to-ocean freight and passenger service
along the Panama Canal. KCS' North American rail holdings and
strategic alliances are primary components of a NAFTA Railway
system, linking the commercial and industrial centers of the
U.S., Mexico and Canada.




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


PHELPS DODGE: Cerro Negro Project to be Approved by Year-End
------------------------------------------------------------
A spokesperson of Phelps Dodge Corp. told Business News Americas
that the company expects that the Cerro Negro oxide open pit
development project at its Cerro Verde copper mine in Peru will
be approved by the end of 2006.

Cerro Verde has estimated that Cerro Negro would need an
investment of US$3.27 million for it to become productive,
BNamericas says.  According to an environmental impact study,
the amount would be spent mainly for improvements to internal
roads and energy lines.

Community workshops on the Cerro Negro environmental impact
study concluded last week, BNamericas notes.  The final
consultation was on Aug. 21.

According to BNamericas, the environmental impact study states
that Cerro Negro will start operating next year.  It will enable
the continuation of heap-leach processing at Cerro Verde until
2014.  

BNamericas relates that the study says that Cerro Verde, using
existing primary crushing and heap leach installations, will
mine Cerro Negro's 72.7-megaton copper oxide resources at a rate
of 27,000 tons per day, or about 4.78 megatons per year of high-
grade "crush leach" material and 3.30 megatons a year of run-of-
mine.

The report underscores that the open pit, heap leach operation
near Arequipa will complete fourth quarter 2006 a US$850 million
expansion, particularly on the construction a concentrator to
process in the copper sulfides that will boost annual production
to 272,155 tons.

Cerro Negro is made up of Cerro Negro Sur and Cerro Negro Norte.

Cerro Verde is owned by:

    -- Phelps Dodge (53.65%),
    -- Japan's Sumitome (21%),
    -- Peru's Buenaventura (18.2%), and
    -- minority shareholders including mine employees the
       remaining 7.2%.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.




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


ADELPHIA COMMS: Classification of Claims Under 5th Amended Plan
---------------------------------------------------------------
Adelphia Communications Corp. has filed drafts of its Fifth
Amended Joint Chapter 11 Plan of Reorganization and the related
Supplement to its Fourth Amended Disclosure Statement with the
U.S. Bankruptcy Court for the Southern District of New York.

This summary of the classification and treatment of Claims and
Equity Interests under the ACOM Debtors' Fifth Amended Plan of
Reorganization assumes that no adjustments are made as a result
of that certain True-Up Mechanism for TWC Class A Common Stock:

    Type of Claim              Treatment
    -------------              ---------
A. GENERAL

    Administrative Claims      Paid in full in cash.
                               Estimated total recovery: 100%
                               Estimated claims: US$900,000,000

    Tax Claims                 Paid in full in cash.
                               Estimated total recovery: 109%
                               Estimated claims: US$112,000,000

B. SUSIDIARY DEBTORS

    Subsidiary Debtor          Paid in full in cash.
    Priority Claims            Estimated total recovery: 100%
                               Estimated claims:
    Subsidiary Debtor          Paid in full in cash, plus
    Secured Claims             accrued postpetition interest
                               from the Petition Date through
                               the Effective Date, at the
                               Applicable Rate.

                               Estimated total recovery: 135%
                               Estimated claims: US$57,000,000

                               Unimpaired; not entitled to
                               vote

    Century Bank Claims        Disputed.  To the extent
                               allowed, paid in full in cash,
                               subject to disgorgement.

                               Estimated total recovery: 100%
                               Estimated claims:US$2,480,000,000

                               Impaired; entitled to vote

    FrontierVision Bank        Disputed.  To the extent
    Claims                     allowed, paid in full in cash,
                               subject to disgorgement.

                               Estimated total recovery: 100%
                               Estimated claims: US$617,000,000

                               Impaired; entitled to vote

    Olympus Bank Claims        Disputed.  To the extent
                               allowed, paid in full in cash,
                               subject to disgorgement.

                               Estimated total recovery: 100%
                               Estimated claims:US$1,265,000,000

                               Impaired; entitled to vote

    UCA Bank Claims            Disputed.  To the extent
                               allowed, paid in full in cash,
                               subject to disgorgement.

                               Estimated total recovery: 100%
                               Estimated claims: US$831,000,000

                               Impaired; entitled to vote

    Subsidiary Debtor          Payment through distribution
    Trade Claims               of cash and TWC Class A Common
                               Stock equal to payment in full.

                               Estimated total recovery: 124%
                               Estimated claims: US$452,000,000

                               Impaired; entitled to vote

    Subsidiary Debtor          Payment through distribution
    Other Unsecured Claims     of cash and TWC Class A Common
                               Stock equal to payment in full.

                               Estimated total recovery: 124%
                               Estimated claims: US$137,000,000

                               Impaired; entitled to vote

    Arahova Notes              Payment through distribution
                               of cash and TWC Common Stock
                               equal to payment in full, and
                               of CVV Series Arahova Interests.

                               Estimated total recovery: 101%
                               Estimated claims:US$1,744,000,000

                               Impaired; entitled to vote

    FPL Notes                  Payment through distribution
                               of cash and TWC Class A Common
                               Stock equal to payment in full.

                               Estimated total recovery: 119%
                               Estimated claims: US$127,000,000

                               Impaired; entitled to vote

    FrontierVision Opco        Payment through distribution
    Notes                      of cash and TWC Class A Common
                               Stock equal to payment in full.

                               Estimated total recovery: 147%
                               Estimated claims: US$204,000,000

                               Impaired; entitled to vote

    FrontierVision Holdco      Payment through distribution
    Notes                      of cash and TWC Common Stock
                               equal to payment in full, and of
                               CVV Series FV Interests.

                               Estimated total recovery: 126%
                               Estimated claims: US$339,000,000

                               Impaired; entitled to vote

    Olympus Notes              Payment through distribution
                               of cash and TWC Common Stock
                               equal to payment in full, and of
                               CVV Series Olympus Interests.

                               Estimated total recovery: 137%
                               Estimated claims: US$213,000,000

                               Impaired; entitled to vote

    Subsidiary Debtor          Payment through CVV Series
    Existing Securities        ESL Interests, if the class
    Laws Claims                accepts, otherwise no
                               distribution.

                               Estimated total recovery:
                               Unknown

                               Estimated claims: Unknown

                               Impaired; entitled to vote

    Subsidiary Debtor          Reinstated.
    Equity Interests           Impaired; entitled to vote

C. ACC DEBTORS

    ACC Debtors Priority       Paid in full in cash.
    Claims                     Estimated total recovery: 100%
                               Estimated claims: < US$1,000,000

    ACC Debtors Secured        Paid in full in cash.
    Claims                     Estimated total recovery: 135%
                               Estimated claims: < US$1,000,000

                               Unimpaired; not entitled to
                               vote

    ACC Senior Notes           Payment through distribution
                               of cash and TWC Common Stock
                               and of CVV Series ACC-1
                               Interests.

                               Estimated total recovery: 59%
                               Estimated claims:US$5,110,000,000

                               Impaired; entitled to vote

    ACC Trade Claims           Payment through distribution
                               of cash and TWC Common Stock
                               and of CVV Series ACC-2
                               Interests.

                               Estimated total recovery: 42%
                               Estimated claims: US$293,000,000

                               Impaired; entitled to vote

    ACC Other Unsecured        Payment through distribution
    Claims                     of cash and TWC Common Stock
                               and of CVV Series ACC-3
                               Interests.

                               Estimated total recovery: 42%
                               Estimated claims: US$89,000,000

                               Impaired; entitled to vote

    ACC Subordinated Notes     Payment through distribution
    Claims                     of CVV Series ACC-4 Interests
                               if the Class accepts,
                               otherwise, no distribution.

                               Estimated total recovery:
                               Unknown

                               Estimated claims:US$2,032,000,000

                               Impaired; entitled to vote.

    ACC Existing Securities    Payment through distribution
    Law Claims                 of CVV Series ACC-5 Interests
                               if the Class accepts and all
                               senior Classes against the ACC
                               Debtors vote to accept.
                               Otherwise, no distribution.

                               Estimated total recovery:
                               Unknown

                               Estimated claims: Unknown

                               Impaired; entitled to vote.

    ACC Preferred Stock        Payment through distribution
    Interests                  of CVV Series ACC-6 Interests
                               if the Class accepts and all
                               senior Classes against the ACC
                               Debtors vote to accept.
                               Otherwise, no distribution.

                               Estimated total recovery:
                               Unknown

                               Estimated claims:US$1,674,000,000
                               as to liquidation preference plus
                               accrued but unpaid dividends, and
                               unknown as to existing securities
                               law claims

                               Impaired; entitled to vote.

    ACC Common Stock           Payment through distribution
    Interests                  of CVV Series ACC-7 Interests
                               if the Class accepts and all
                               senior Classes against the ACC
                               Debtors vote to accept.
                               Otherwise, no distribution.

                               Impaired; entitled to vote.

    ACC Subsidiary Equity      Reinstated.
    Interests                  Impaired; entitled to vote.

               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 Manged 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 Nos. 146; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


ADELPHIA COMMS: Wants 2nd Disclosure Statement Supplement Okayed
----------------------------------------------------------------
Adelphia Communications Corp. and its debtor-affiliates and the
Official Committee of Unsecured Creditors ask the U.S.
Bankruptcy Court for the Southern District of New York to:

    (a) approve the form and content of their Second Disclosure
        Statement Supplement relating to the ACOM Debtors' Fifth
        Amended Plan of Reorganization; and

    (b) find that the Supplement contains adequate information
        within the meaning of Section 1125 of the Bankruptcy
        Code.

Paul V. Shalhoub, Esq., at Willkie Farr & Gallagher LLP, in New
York, informs the Court that the revised Plan reflects the
provisions of the amended and restated agreement concerning the
terms and conditions of a modified chapter 11 plan dated
July 21, 2006, among the ACOM Debtors and various parties.

The Amended Term Sheet reflects a compromise among several
creditor groups pursuant to which approximately US$1,080,000,000
in value will be transferred from certain unsecured creditors of
various ACOM Debtors to certain unsecured senior, trade and
other unsecured creditors of ACOM and certain other holding
company debtors, subject to repayment from contingent sources of
value, including the proceeds of a litigation trust to be
established under the Plan to pursue claims against third
partied that are alleged to have damaged the ACOM Debtors.

Mr. Shalhoub assures the Court that although the Amended Term
Sheet does not include an agreement with the ACOM Debtors' bank
agents or lenders as to the treatment of their claims, the
Amended Term Sheet provides that the parties will continue good
faith negotiations with the banks regarding the plan treatment.

Mr. Shalhoub asserts that the Supplement contains adequate
information with respect to the amendments made to the Plan on
the potential consequences resulting from the Plan and the
impact those consequences may have on the ACOM Debtors' estates
and creditors, with appropriate degrees of specificity and
completeness.  The Supplement also provides an adequate
explanation of the proposed resolution of the intercreditor
dispute embodied within the Plan.

                        Record Date

The ACOM Debtors and the Creditors Committee ask the Court to
establish the day after the Court approves the Supplement as the
Record Date for purposes of determining which stakeholders are
entitled to vote on the Plan.

              Confirmation Objection Deadline

The ACOM Debtors and the Creditors Committee propose that
objections to the Plan must be filed by Oct. 10, 2006.

The ACOM Debtors and the Creditors Committee propose to provide
to all creditors and equity security holders a copy of the
Confirmation Hearing Notice setting forth:

    (a) the date of approval of the Supplement;

    (b) the Record Date;

    (c) the Voting Deadline;

    (d) the time fixed for filing objections to confirmation of
        the Plan; and

    (e) the time, date, and place for the Confirmation Hearing.

The ACOM Debtors and the Creditors Committee also propose to
publish the Confirmation Hearing Notice, not less than 20 days
before the Objection Deadline in:

    (a) The New York Times (National Edition), The Wall Street
        Journal (National Edition), and USA Today (National
        Edition); and

    (b) in a major regional newspaper in each of the cities of
        Boston, Buffalo, West Palm Beach, Cleveland, Denver and
        Los Angeles.

The ACOM Debtors will also publish the Confirmation Hearing
Notice electronically on their Web site at
http://www.adelphia.com/

                       Voting Deadline

The ACOM Debtors and the Creditors Committee propose that each
ballot from a holder of a Claim or Equity Interest in a Class
entitled to vote must be properly executed, completed, and
delivered so as to be received by the Debtors' solicitation and
tabulation agent no later than 4:00 p.m., prevailing New York
Time, on Oct. 10, 2006.

In the case of securities held through an intermediary,
creditors must submit ballots to the intermediary by
Oct. 6, 2006.

                  Solicitation Materials

The ACOM Debtors and the Creditors Committee propose to
distribute to all members of the Voting Classes:

     (a) the Supplement, including the Plan;
     (b) the order approving the Supplement;
     (c) the Disclosure Statement;
     (d) a ballot or a master ballot, as applicable; and
     (e) a Confirmation Hearing Notice.

The ACOM Debtors and the Creditors Committee propose to
distribute or cause to be distributed copies of the Solicitation
Package as soon as practicable.  The ACOM Debtors believe that
distribution of the Supplement seven days after the Court
approves the Supplement will provide stakeholders with
sufficient time to vote to accept or reject the Plan prior to
the Voting Deadline.

          Creditors Committee Seeks Expedited Hearing

David M. Friedman, Esq., at Kasowitz, Benson, Torres & Friedman
LLP, in New York, discloses that the Plan, as required by the
Amended Term Sheet, provides that it will be a condition to the
Plan's consummation that its effective date occur no later than
Oct. 31, 2006.  According to Mr. Friedman, the negotiated
effective date deadline was put in place to guard against:

    -- the heavy burden that certain accruals place on the
       finite proceeds from the Sale Transaction; and

    -- the potential that the parties may lose the benefit of
       their negotiated bargain through the continued accrual of
       postpetition interest and restructuring expenses that
       could consume the value that unsecured creditors have
       bargained to distribute.

Mr. Friedman relates that each day, the Bank Lenders and other
secured creditors accrue interest by virtue of Section 506(b) of
the Bankruptcy Code.  In addition, interest continues to accrue
on approximately US$5,000,000,000 of subsidiary level bond and
trade debt.  Moreover, ongoing administrative and restructuring
expenses further compound the costs of continued delay in the
resolution of the ACOM Debtors' Chapter 11 cases.

At the Creditors Committee's request, the Court will convene a
hearing on Sept. 6, 2006, to consider approval of the Second
Disclosure Statement Supplement, and the motion to establish
noticing procedures and objection deadlines in connection with
the Hearing.

Objections must be filed by Aug. 28, 2006.

               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 Manged 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 Nos. 146; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


ARAMARK CORP: Opens Cleanroom Services in Puerto Rico & Ontario
---------------------------------------------------------------
ARAMARK Corp. disclosed that its Cleanroom Services operation
now includes state-of-the-art facilities in Bayamon, Puerto Rico
and in Toronto, Ontario.  These two new sites join ARAMARK's
other facilities located in Chicago, IL, Los Angeles, CA, and
Scranton, PA. All facilities are capable of providing both
sterile and non-sterile reusable cleanroom garments.

These newly opened facilities are full-service processing
centers specializing in processing cleanroom garments for the
Pharmaceutical, Biotech, Medical Device and Microelectronics
industries.  Although their focus is primarily on the care and
handling of reusable cleanroom apparel, both provide a complete
service line of disposable cleanroom items as well.

"This expansion increases our ability to service the
international cleanroom garment needs of our Canadian and
Caribbean customers," said Brad Drummond, president of ARAMARK
Uniform Services.  "Their opening represents another chapter in
the exciting growth within our Cleanroom Services group."

ARAMARK Cleanroom Services has been serving the leading
pharmaceutical, medical device and microelectronics customers in
the United States for more than 20 years and has developed a
complete line of garments that meet the requirements of all
segments of the industry.  These include custom garments
developed for specific applications including coldroom
cleanrooms (less than 50 degrees Fahrenheit) and custom over-
the-head garments used during tissue culture.

In order to be effective, a cleanroom laundry must maintain a
controlled environment that is rated as the same as or better
than the environment where the garments will be used.  
Therefore, when processing uniforms used in a Class 100
Cleanroom, the laundry itself should be a Class 100 or better.

The facility in Bayamon, Puerto Rico is a Class 100 (ISO Class
5) cleanroom processing facility.  It is 21,000 square feet of
newly refurbished space that opened in September 2005.

Each garment in ARAMARK's cleanroom rental programs is bar-coded
and tracked using its exclusive CleanTrak(TM) System.  Whenever
the garment comes into the cleanroom laundry facility, its
barcode is scanned.  Whenever the garment has undergone a
predetermined number of laundry cycles, it is removed from
service and replaced with an identical garment.

In addition, ARAMARK cleanroom garments are designed with
specific features to enhance their performance in the cleanroom.  
For instance, ARAMARK Cleanroom Services use gamma compatible
coil zippers to reduce the amount of contamination that passes
through the zipper; thumb loops on the sleeves to prevent skin
exposure at the wrist; and conductive cuffs on Electrostatic
Dissipative garments to provide the most effective electrical
connections.

"Uniforms are an integral part of key industries, and ARAMARK
again is taking the lead in providing quality uniforms for such
specific businesses including flame resistant clothing, and
uniforms used in the food processing and healthcare industries,"
Mr. Drummond said.  "It is rewarding to play such an important
part in the daily lives of our customers in North America and
off the mainland as well," he added.

                       About ARAMARK

Headquartered in Philadelphia, ARAMARK Corp. --
http://www.aramark.com/-- is a leader in professional services,   
providing food services, facilities management, and uniform and
career apparel to health care institutions, universities and
school districts, stadiums and arenas, and businesses around the
world.  It has approximately 240,000 employees serving clients
in 20 countries, including Mexico, Brazil and Chile.

                        *    *    *

Standard & Poor's Ratings Services lowered on Aug. 8, 2006, its
ratings on Philadelphia-based ARAMARK Corp. and its subsidiary,
ARAMARK Services Inc., including its corporate credit rating to
'BB+' from  'BBB-'.

Fitch has downgraded on Aug. 8, 2006, the Issuer Default Rating
and senior unsecured debt ratings for both ARAMARK Corporation
and its wholly owned subsidiary, ARAMARK Services, Inc., to 'BB-
' from 'BBB'.  The ratings remain on Rating Watch Negative.


DORAL FINANCIAL: Calixto Gracia-Velez to Head Puerto Rico Bank
--------------------------------------------------------------
Doral Financial Corp. appointed Calixto Garcia-Velez, Chairman
and Chief Executive Officer of Doral Bank Puerto Rico.  Mr.
Garcia-Velez joins Doral from Citigroup, where for the last year
he has served as president of Citibank West, FSB, the third
largest thrift in the United States, with assets of US$109.6
billion and approximately 12,800 employees.  He will join Doral
in September.

Doral Bank is a leading bank in Puerto Rico, providing a full
range of consumer and commercial banking products and services.  
Mr. Garcia-Velez will be responsible for accelerating the
consumer growth strategies at both units, as well as adding new
products to Doral's overall portfolio, including commercial
activities such as development and construction lending.  He
will report to Glen Wakeman, Doral Financial's President and
Chief Executive Officer.

Glen Wakeman said, "We are very pleased that Cali Garcia-Velez
has joined Doral's new senior management team.  With years of
experience in the Hispanic market, he brings to Doral strong
expertise in consumer banking and a strong record of
professional management success.  We welcome to the Doral
organization his experience and proven managerial leadership."

Prior to serving as President of Citibank West, Mr. Garcia-Velez
was president of Citibank Florida and business manager of
Citibank North America's South division, which included Florida,
the Mid-Atlantic region, Puerto Rico and Texas.  He began his
professional career in 1990 with First Union Bank as a
management associate in Florida.  He joined Citibank Florida in
March 1993 as a financial center manager.  He received both his
Bachelor's and Master's degrees from the University of Miami in
Coral Gables, Florida.

Doral Financial Corp. -- http://www.doralfinancial.com/
-- a financial holding company, is the largest residential
mortgage lender in Puerto Rico, and the parent company of Doral
Bank, a Puerto Rico based commercial bank, Doral Securities, a
Puerto Rico based investment banking and institutional brokerage
firm, Doral Insurance Agency, Inc. and Doral Bank FSB, a federal
savings bank based in New York City.

                        *    *    *

As reported in the Troubled Company Reporter on June 13, 2006,
Standard & Poor's Ratings Services lowered its long-term ratings
on Doral Financial Corp. (NYSE: DRL), including the company's
long-term counterparty rating, to 'B+' from 'BB-'.  At the same
time, Doral's outlook remains on CreditWatch with negative
implications.


FIRST BANCORP: Declares Cash Dividend of US$0.19 Per Share
----------------------------------------------------------
The Board of Directors of First Bancorp has declared a cash
dividend of 19 cents per share payable Oct. 25, 2006, to
shareholders of record as of Sept. 30, 2006.  The 19 cents per
share dividend rate represents a 5.6% increase over the previous
dividend rate of 18 cents per share and is the 18th straight
year that the company has raised its dividend.

"On behalf of the Board of Directors of First Bancorp, we are
pleased to increase the dividend rate. We felt that a dividend
increase was appropriate given the continued success of the
Company," stated President and CEO Jimmie Garner.

Mr. Garner continued, "I am also pleased to report that we have
been notified by the NASDAQ Stock Market that First Bancorp has
been included in their recently formed NASDAQ Global Select
Market.  The NASDAQ Global Select Market is the highest tier of
the NASDAQ Stock Market and has the highest initial listing
standards in the world, based on financial and liquidity
requirements.  It also incorporates NASDAQ's world-class
corporate governance standards.  We are honored to have
qualified for this distinction."

                     About First BanCorp

First BanCorp (NYSE: FBP) is the parent corporation of FirstBank
Puerto Rico, a state chartered commercial bank with operations
in Puerto Rico, the Virgin Islands and Florida; of FirstBank
Insurance Agency; and of Ponce General Corporation.  First
BanCorp, FirstBank Puerto Rico and FirstBank Florida, formerly
UniBank, the thrift subsidiary of Ponce General, all operate
within U.S. banking laws and regulations.

                          *     *     *

As reported in the Troubled Company Reporter on March 22, 2006,
Fitch Ratings affirmed the ratings and Outlook for First Bancorp
and FirstBank Puerto Rico: long-term Issuer Default Rating
'BB'/short-term 'B'.  The Rating Outlook remains Negative.


GLOBAL HOME: D.L. Peterson Wants Leased Vehicles Returned
---------------------------------------------------------
D.L. Peterson Trust asks the United States Bankruptcy Court for
the District of Delaware to compel Global Home Products, LLC, to
surrender possession of all vehicles leased from the Trust back
to the Trust.

John D. Demmy, Esq., at Stevens & Lee, PC, in Wilmington, Del.,
tells the Court that the Debtor leased around 25 vehicles from
the Trust under an open-end lease agreement.   The Debtor
rejected the lease agreement in June 2006.  But only eight
vehicles have been returned.  The Trust demanded for the return
of the other 17 vehicles in letter dated July 11, 2006, but the
Debtor didn't give a substantive response.

The Trust also asks the Court to extend the deadline for it to
file a rejection claim.

Mr. Demmy explains that the Trust cannot specifically calculate
its rejection damage claim until all the vehicles have been
recovered and disposed of in accordance with the lease.

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
--  sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
Apr. 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., represents the Official
Committee of Unsecured Creditors.  When the company filed for
protection from their creditors, they estimated assets between
US$50 million and US$100 million and estimated debts of more
than US$100 million.


MUSICLAND HOLDING: Wants to Assign 287 Leases to Record Town
------------------------------------------------------------
Musicland Holding Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of New York's authority to
assume and assign 287 Store Leases to either Record Town, Inc.,
or Record Town USA, LLC, wholly owned subsidiaries of Trans
World Entertainment Corp.

The Court has reportedly authorized the Debtors to sell
substantially all of their assets to TWEC pursuant to an
Asset Purchase Agreement dated Feb. 17, 2006.  The sale closed
effective March 27, 2006.

The APA provides TWEC the exclusive right to direct the Debtors
to seek the Court's authority to assume and assign to it or its
affiliates certain store leases pursuant to Sections 363 and 365
of the Bankruptcy Code, Jonathan P. Friedland, Esq., at Kirkland
& Ellis LLP, in New York, relates.

Subsequently, TWEC provided the Debtors a Lease Assumption
Notice, directing the Debtors to assume and assign 287 Store
Leases to either Record Town or Record Town USA.

A 25-page list of the TWEC Store Leases to be assumed and
assigned is available for free at
http://researcharchives.com/t/s?1027

As of July 19, 2006, TWEC determined that it would not be
directing the Debtors to assume and assign 42 of the TWEC Store
Leases.  Accordingly, the Debtors have sought rejection of those
Leases pursuant to Court-approved expedited lease rejection
procedures.

Subsequently, TWEC and the landlords for five of the Store
Leases designated for rejection reached an agreement on the
terms of assumption and assignment of their Leases.  The Leases
are included on the Lease Assumption Notice and are identified
with an asterisk.

The 11 TWEC Store Leases that are not included on the Lease
Assumption Notice and that were not the subject of an earlier
rejection notice, are deemed rejected by operation of law as the
Debtors' time to assume and assign real property leases expired
on Aug. 10, 2006:

   Store No.   Mall Name                    Store Address
   ---------   ---------                    -------------
      495      Holiday Village              Great Falls, MT
     3152      Midway Mall                  Elyria, OH
     3422      Harlem & Irving Mall         Norridge, IL
     3443      York Town Mall               Lombard, IL
     3600      Springfield Mall             Springfield, VA
     3612      Dulles Town Center           Dulles, VA
     3625      Plaza Del Sol                Bayamon, Puerto Rico
     6004      Willmar Sam Goody            Willmar, MN
     6006      Cedar Mall                   Rice Lake, WI
     6084      Roaring Fork Marketplace     Glenwood Springs, CO
     6254      Cross Creek Plaza            Beaufort, SC

The Debtors further ask the Court to:

   (a) find that the Leases are transferred and assigned to
       Record Town or Record Town USA, free and clear of any
       defaults, liens, claims, mortgages and encumbrances;

   (b) find that Record Town and Record Town USA are good faith
       purchasers under Section 363(m) of the Bankruptcy Code;
       and

   (c) subject in all respects to any individual assumption and
       assignment agreements, or modifications to the Leases
       that Record Town or Record Town USA may have negotiated
       or may later negotiate between itself and any landlord
       with respect to one or more Leases:

          * permit RT to perform non-structural alterations and
            remodeling to the extent necessary for its
            operations, and to replace and modify existing
            signage, regardless of any provision in the Leases
            or any right of first refusal, recapture right or
            similar rights -- each an REA -- or local law to the
            contrary;

          * rule that any extension or renewal option in the
            Leases or any REA that purports to be "personal" to
            the Debtors or exercisable only by the Debtors is an
            unenforceable restriction on assignment and may be
            freely exercised by RT to its full extent;

          * rule that if no objection to the assumption and
            assignment of a Lease is timely made and filed, or
            if an objection involves a "cure issue," the
            assumption and assignment will be effective and
            binding on the applicable parties and will require
            no further Court order;

          * rule that any provisions contained in the Leases or
            any REA that are, or would have the effect of being:

               -- recapture provisions;

               -- provisions that impose a fee, penalty or
                  profit sharing upon assignment;

               -- provisions that would increase the rent,
                  impose a penalty, or modify or terminate a
                  Lease or an REA upon assignment;

               -- provisions that directly or indirectly limit,
                  condition or prohibit assignment; and

               -- similar provisions contained in the Leases or
                  any REA;

            are unenforceable anti-assignment provisions within
            the meaning of Section 365 of the Bankruptcy Code,
            which will not prohibit, restrict or limit the sale,
            assumption and assignment of the Leases to RT;

          * approve RT's contemplated use of the store governed
            by the Leases; and

          * approve RT's contemplated use at the stores governed
            by the Leases of tradenames including, without
            limitation, Coconuts, Strawberries, Second Spin,
            FYE, Planet Music, Wherehouse and Spec's.

According to Mr. Friedland, the assumption and assignment of the
Leases is a necessary part of the Debtors' ongoing liquidation
efforts.  It will minimize claims against the Debtors' estates
avoid unsecured rejection claims.

Pursuant to the APA, TWEC is responsible for and will pay any
cure claim under the Leases; provided, that TWEC is not
obligated to pay Cure Claims that exceed US$4,200,000, Mr.
Friedland informs the Court.  The Debtors will be responsible
for all or any portion of any Cure Claims in excess of
US$4,200,000.

Record Town and Record Town USA are well-established, national
retail entities, well known to the major landlords, and each
possess more than adequate financial resources to meet any
obligations arising under the Leases post-assignment,
Mr. Friedland relates.

Because the Debtors' business as a specialty retailer of music,
movies, games and other entertainment-related goods is
substantially similar, if not identical, to TWEC's, the Debtors
do not anticipate objections based on the proposed use of the
Leases.

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 16; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MUSICLAND HOLDING: Deluxe Media's Claim Reduced to US$2.5 Mil.
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New
York's decision to allow the parties to brief Musicland Holding
Corp. and its debtor-affiliates' motion for partial summary
judgment as to the maximum amount of Deluxe Media Services,
Inc.'s statutory warehouse lien has already caused Deluxe to
reduce the amount of its claim from US$4,142,931 to
US$2,546,082, Jonathan P. Friedland, Esq., at Kirkland & Ellis
LLP, in New York, notes.  As a result, Deluxe concedes that
partial summary judgment should be entered capping its statutory
lien at US$2,546,082.

According to Mr. Friedland, Deluxe makes two important
concessions in seeking to justify its reduced US$2,546,082
demand:

   -- Deluxe concedes the accuracy of the Debtors' inventory
      spreadsheet detailing percentages of goods received from
      Sept. 2005 through Jan. 12, 2006, that were still in
      its possession as of Jan. 12, 2006, or as of
      Jan. 22, 2006; and

   -- Deluxe concedes that the "variable" components of its
      claimed lien must be reduced by the percentages of goods
      received from Sept. 2005 to Jan. 12, 2006, that were
      no longer in its possession on the reference date for its
      lien.

Mr. Friedland argues that Deluxe uses the wrong reference date
for its "variable" cost calculations and consequently overstates
the "variable" components of its claimed lien by US$25,042.

Deluxe's figure is US$258,612, based on the percentage of
inventory remaining in its possession as of Jan. 12, 2006.  Mr.
Friedland notes that the Debtors' figure is US$233,569, based on
the percentage of inventory remaining as of Jan. 22, 2006, --
the earliest date Deluxe was granted a replacement lien under
the Final DIP Order.

The main disagreement between the parties on setting the cap for
Deluxe's statutory lien centers on Deluxe's contention that it
is entitled to reallocate all of its "fixed costs" to the small
percentage of goods received from September 2005 to
Jan. 12, 2005, Mr. Friedland says.  The goods were still in
Deluxe's possession on the reference date for the lien
calculation, which is either Jan. 12, 2006, Deluxe's position,
or Jan. 22, 2006, the Debtors' position.

Mr. Friedland argues that Deluxe's "fixed costs" should be
reduced by the same percentages as its "variable costs."  
Applying the percentages of inventory received in the months
that were still in Deluxe's possession on Jan. 22, 2006, results
in these reductions to Deluxe's claimed liens for the "fixed
costs":

    Month             Claimed      % Left On     Maximum
   Received        "Fixed" Costs    1/22/06    Specific Lien
   --------        -------------   ---------   -------------
   Sep 2005           US$521,408        7.1%         US$37,020
   Oct 2005            521,408        5.7%          29,720
   Nov 2005            521,408       16.8%          87,596
   Dec 2005            521,408       24.8%         129,309
   Jan 1-12, 2006      201,835       41.6%          83,963
                   -------------    --------    -----------
                   US$2,287,469                 US$340,861
                   =============                ===========

Accordingly, if Deluxe's attempt to reallocate all of its "fixed
costs" to the goods that were still in its possession on
Jan. 22, 2006, is rejected as a matter of law, Deluxe's maximum
statutory lien is reduced to US$574,431 or US$340,861 in "fixed"
charges plus US$233,569 in "variable" charges.

Consequently, the Debtors ask the Court to grant partial summary
judgment capping Deluxe's statutory lien at US$574,431.

Deluxe failed to include any statement in its alleged warehouse
receipts disclosing "that a lien is claimed for charges and
expenses in relation to other goods," Mr. Friedland asserts.  
Had Deluxe made a disclosure and issued a proper warehouse
receipt, the Wisconsin UCC would have authorized it, pursuant to
W.S.A. 407.209, to assert a lien for all of its warehouse
charges, whether or not it had relinquished possession of some
of the goods.  Deluxe would then have been entitled to a
"general" lien.

However, since Deluxe failed to make the disclosure statement,
Deluxe is limited to the "specific lien," which the statute
expressly limits to "charges for storage or transportation . . .
in relation to the goods" that are "in the warehouse keeper's
possession," Mr. Friedland contends.

Deluxe's "fixed cost" argument confuses its right to assert a
breach of contract claim with its right to assert a lien that
arises solely by statute, Mr. Friedland avers.  While it may be
true that Deluxe was entitled under the Logistics Services
Agreement to charge the Debtors for certain "fixed" expenses
that are "dictated" in the Agreement, the right to assert a
breach of contract claim for unpaid fees under the Agreement
simply has no bearing on the determination of Deluxe's lien
rights.

Nothing in the statute supports Deluxe's attempt to reallocate
all of its "fixed" costs to whatever goods happen to remain in
the warehouse at the time it decided to assert its specific
lien, Mr. Friedland asserts.  To allow Deluxe to claim a
"floating specific lien" would eviscerate the distinction
carefully created by the statute between a specific lien and
that of a general one.

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, Puerto Rico and the Virgin
Islands.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 16; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


MIRANT CORP: Asset Recovery Unit Objects to Several GE Claims
-------------------------------------------------------------
General Electric and its affiliates -- GE Installation & Field
Services, General Electric Company, GE Energy Parts, Inc., GE
International, Inc., and GE Energy Management Services, Inc. --
have filed numerous proofs of claim against Mirant Corp. and its
debtor-affiliates.

MC Asset Recovery, LLC, the Debtors' successor-in-interest tells
the U.S. Bankruptcy Court for the Northern District of Texas
that:

    (a) eight GE Claims are duplicative of other claims;

    (b) five GE Claims are asserted against the wrong Debtor or
        in an incorrect amount; and

    (c) four GE Claims are disputed claims, which cannot be
        reconciled with the Debtors' Books and Records, and
        did not have any supporting information.

MCAR, therefore, asks the Court to:

    (1) disallow and expunge these GE Duplicate Claims:

                                                      Amount of
                           Duplicate    Remaining     Remaining
        Claimant           Claims       Claims        Claims
        --------           ---------    ---------     ---------
        General Electric     6068         6070         US$8,353
        General Electric     6072         6070            8,353
        General Electric     6073         6070            8,353
        GE Energy Parts      6535         6581          144,434
        GE Installation      6569         6575           50,479
        GE Installation      6572         6593          545,114
        GE Installation      6573         6593          545,114
        GE Installation      6574         6534            8,950

    (2) reassign the Wrong Debtor Claims to the correct Debtor
        entity, and in the case the Claims filed in the
        incorrect amount, reduce the Claim to the amount
        proposed for each Claim:

                         Claim        Correct       Correct
      Claimant           Number       Debtor        Claim Amount
      --------           ------       -------       ------------
      General Electric    6070        MIRMA           US$6,742
      General Electric    TBD         Mirant Chalk         441
      GE                  6575        Jamaica Entity    50,479
      GE Installation     6593        MIRMA            275,000
      GE Installation     TBD         Mirant Chalk     261,165

    (3) reduce the Disputed Claims to the proposed amount:

                         Claim        Original      Proposed
      Claimant           Number       Claim Amount  Claim Amount
      --------           ------       ------------  ------------
     GE Energy Parts     6570           US$10,280           US$0
     General Electric    6578           2,493,606      2,085,552
     GE Energy Parts     6581             144,434         24,183
     GE Energy Parts     6587              15,711              0

Michelle C. Campbell, Esq., at White & Case LLP, in Miami,
Florida, informs the Court that due to the numerous claims filed
by GE and to avoid confusion, MCAR listed the Claims, which it
has not objected to, and have been withdrawn or expunged by
prior Court Order.

The GE Claims to be objected to are:

                                      Claim            Claim
        Claimant                      Number           Amount
        --------                      ------          -------
        GE                             6069          US$1,546
        General Electric               6071                51
        GE Installation & Field        6534             8,950
        General Electric Company       6576           125,000
        General Electric Company       6577            63,000
        GE Energy Parts, Inc.          6585               272
        GE Energy Parts, Inc.          6586             7,604
        GE Energy Parts, Inc.          6589               573
        GE International, Inc.         6656            11,978
        GE Energy Parts, Inc.          7454            26,828
        GE International, Inc.         8037           964,204

The GE Claims already withdrawn or expunged are:

                                      Claim             Claim
        Claimant                      Number           Amount
        --------                      ------          -------
        GE International, Inc.         6571        US$909,693
        GE International, Inc.         6579           490,387
        GE International, Inc.         6580           169,591
        GE Installation & Field        6584             8,380
        GE International, Inc.         6588           223,868
        GE International, Inc.         6590           101,639
        GE International, Inc.         6591         1,628,524
        GE International, Inc.         6592         1,031,958
        GE Energy Management Services  7060            49,900

                        About Mirant

Headquartered in Atlanta, Georgia, Mirant Corp. (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 Corp. 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.  The Debtors emerged
from bankruptcy on Jan. 3, 2006.  (Mirant Bankruptcy News, Issue
No. 103; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *    *    *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corp. 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 Corp.'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.


MIRANT CORP: Court Approves 2006 Consent Order on Bowline Unit
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
approved a 2006 Consent Order extending Mirant Corp. and its
debtor-affiliates' license to operate under a Major Petroleum
Facility License.

Mirant Bowline, LLC, a Mirant Corp. debtor-affiliate, owns and
operates a generating station located in West Haverstraw, New
York.  As an Onshore Major Oil Storage Facility, Mirant Bowline
is subject to extensive environmental regulations by federal,
state, and local authorities, which require continuous
compliance with conditions established by licensing.

The New York Department of Environmental Conservation has the
authority to enforce the state's environmental laws including
Parts 612-614 of Chapter V of the New York Environmental
Conservation Rules and Regulations.  The DEC is responsible for
the regulation of the storage and handling of petroleum as well
as licensing a MOSF in New York.

The DEC issued to Mirant Bowline a Major Petroleum Facility
License for its Haverstraw generation station, which expired on
March 31, 2006.

On Jan. 4, 2006, the DEC issued a Notice of Violation to
Mirant Bowline alleging that the Debtor:

   -- violated various provisions of 6 NYCRR Parts 612 through
      614; and

   -- was not in complete compliance with the terms and
      conditions of its MPFL.

Mirant Bowline responded to the alleged violations and presented
a proposal to demonstrate its compliance.

Mirant Bowline also submitted an application for the renewal of
its MPFL.  The DEC is currently reviewing Mirant Bowline's
renewal application.  The DEC is also reviewing Mirant Bowline's
Compliance Proposal and has reserved its rights to accept or
reject the Compliance Proposal.

Before the March 31 expiry of the MPFL, Mirant Bowline and the
DEC executed an Order on Consent, which authorizes the Debtor to
continue to operate the Facility under the terms and conditions
of its MPFL until May 30, 2006, pending the DEC's review of the
Debtor's renewal application.  The DEC further extended that
authority.

Under the 2006 Consent Order, the DEC assessed a US$20,000 civil
penalty against Mirant Bowline.

A full-text copy of the July 2006 Consent Order is available for
free at http://ResearchArchives.com/t/s?1020

                        About Mirant

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant owns or leases more than 18,000 megawatts
of electric generating capacity globally.  Mirant Corp. 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.  The Debtors emerged from bankruptcy
on Jan. 3, 2006.  (Mirant Bankruptcy News, Issue No. 103;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *    *    *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corp. 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 Corp.'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.


MIRANT CORP: Reports Premiliminary Results of Dutch Auction
-----------------------------------------------------------
Mirant Corp. disclosed the preliminary results of its modified
"Dutch auction" tender offer to purchase up to 43,000,000 shares
of the company's common stock, which expired at 5:00 p.m., New
York City time, on Aug. 21, 2006.

Based upon the preliminary count by Mellon Investor Services,
the depositary for the tender offer, 52,216,895 shares were
validly tendered and not withdrawn at a price at or below
US$28.50, including 23,170,338 shares tendered through notice of
guaranteed delivery.  Based on these preliminary results, the
company expects to purchase 43,000,000 shares in the tender
offer, subject to proration, at US$28.50 per share.  These
shares represent approximately 14% of the shares outstanding as
of June 30, 2006.

The number of shares to be purchased and the price per share are
preliminary.  The determination of the final number of shares to
be purchased, the final price per share and the proration
factor, if any, is subject to confirmation by the depositary of
the proper delivery of the shares validly tendered and not
withdrawn.  The actual number of shares purchased, the final
purchase price, and the proration factor, if any, will be
announced promptly following completion of the verification
process.  Payment for the shares accepted for purchase, and
return of all other shares tendered, will occur promptly after
completion of the final purchase price and proration
computations, if applicable.

Any questions with regard to the tender offer may be directed
at:

                  Innisfree M&A Incorporated
                  Information Agent
                  Tel: 1 877 750 5836

                        -- or --

                  J.P. Morgan Securities Inc.
                  Dealer Manager
                  Tel: 1 877 371 5947.

Headquartered in Atlanta, Georgia, Mirant Corp. (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 Corp. 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.  The Debtors emerged
from bankruptcy on Jan. 3, 2006.  (Mirant Bankruptcy News, Issue
No. 103; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *    *    *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corp. 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 Corp.'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.


ROYAL CARIBBEAN: Awards CDN$9.2MM Contract to Hydroxyl CleanSea
---------------------------------------------------------------
Hydroxyl Systems Inc. was awarded contracts totaling CDN$9.2
Million from Royal Caribbean Cruise Lines, Ltd, to design and
build four CleanSea environmental water process systems.

Under the terms of the contracts, Hydroxyl will deliver CleanSea
environmental systems for the treatment of all black and grey
water generated onboard Royal Caribbean's Brilliance of the Seas
and Jewel of the Seas cruise ships as well as Celebrity Cruises'
Millennium and Constellation vessels.  Prior to delivery,
Hydroxyl will design and build all CleanSea systems for each
vessel's unique shipboard layout. This customized engineering
design approach will ensure optimum environmental process
functionality, seamless integration with ship operations, and
enhanced treatment reliability.

"Royal Caribbean selected Hydroxyl for these projects as a
result of their environmental technology leadership, proven
track record, and excellent working relationship with Royal
Caribbean's management and operations staff," said Peter Fetten,
Royal Caribbean Vice President of Newbuilding and Fleet Design.  
"Strong relationships with business partners such as Hydroxyl
greatly enhance our "Above and Beyond Compliance" policies and
are integral to Royal Caribbean's goal of meeting and exceeding
environmental laws and regulations."

The CleanSea systems supplied for this order will employ
Hydroxyl's ActiveCell biofilm carrier process for high-rate
biodegradation performance as well as its patent-pending
ActiveFloat(TM) dissolved air flotation equipment.  Both
proprietary technologies enhance process reliability as well as
decrease space requirements and system lifecycle costs.  
Comparable CleanSea systems are operating or are in the process
of installation onboard Royal Caribbean's Enchantment of the
Seas(R), Radiance of the Seas, as well as Celebrity Cruises'
Celebrity Summit.

"Royal Caribbean continues to lead the cruise industry in
adopting state-of-the-art environmental technologies, and
Hydroxyl is proud to be selected as the environmental technology
partner of choice for these projects," stated Hydroxyl President
and CEO, Carolyn Rogers.  "This order is strategically important
for Hydroxyl and is a testament to our past performance and
dedication in providing world-class water process technology,
service, and support to Royal Caribbean."

"Hydroxyl CleanSea technology enables cruise vessels to
economically reduce the impact of operations on the
environment," said Steve DePoli, Hydroxyl Vice President,
Marine.  "Our integrated treatment system approach ensures Royal
Caribbean will continue to set the cruise industry standard by
consistently exceeding the most stringent marine discharge
regulations currently in place throughout the world."

Hydroxyl will begin parallel delivery of the first two CleanSea
systems under the contract during the third quarter of 2006 for
installation onboard Royal Caribbean's Jewel of the Seas and
Brilliance of the Seas.  In the first quarter of 2007, Hydroxyl
will provide CleanSea equipment for loading onboard two
Celebrity Cruises vessels, Constellation and Millennium, while
the vessels are in dry-dock at European shipyards.  Contracts
for installation of Hydroxyl's CleanSea equipment had not been
awarded for these projects at the time of release.

The vessels are scheduled to operate in coastal regions
throughout the world including Europe, Canada, the United
States, Mexico, and the Caribbean.  By equipping its vessels
with Hydroxyl CleanSea technology, Royal Caribbean will reliably
meet or exceed stringent regulations for safe effluent discharge
within the sensitive coastal environments its operates.

                 About Hydroxyl Systems, Inc.

Hydroxyl Systems, Inc., is a global leader of environmental
water process products and technologies.  For over a decade,
Hydroxyl has serviced a diverse array of industries including
food and beverage, cruise and ferry, chemical, municipal,
commercial, and institutional markets.  The company is
recognized internationally for the development and marketing of
environmental water process technologies including the
ActiveCell(TM) biofilm carrier process, CleanSea(R) shipboard
water process, and PhotoStack(TM) advanced oxidation process.

Royal Caribbean Cruises Ltd. is a global cruise vacation company
that operates Royal Caribbean International and Celebrity
Cruises, with a combined total of 29 ships in service and five
under construction.  The company also offers unique land-tour
vacations in Alaska, Canada and Europe through its cruise-tour
division.

                        *    *    *

Moody's Investors Service has assigned on June 7, 2006, a Ba1
rating on Royal Caribbean's US$700 million senior unsecured
notes issuance and affirmed all existing long-term ratings.




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


CITGO PETROLEUM: Nynas Purchasing All Naphthenic Lubricant Oils
---------------------------------------------------------------
Nynas USA, Inc., will begin purchasing all of the naphthenic
lubricant oils produced by Lyondell-Citgo Refining LP effective
Sept. 1, 2006.

The arrangement will provide Nynas with more than 3,000 barrels
per day (145,000 metric tons per year) of naphthenic lubricants
from the Houston refinery's lubricants units.  This means Nynas
will be the new provider of these products to the Houston
refinery's customer base, which was previously serviced by CITGO
Petroleum Products.

"Nynas is already the world's leading supplier of naphthenic
specialty oils, with a strong global presence," said Jay Flint,
president, Nynas USA, Inc.  "This transaction is an important
next step in our proven commitment to servicing a growing
worldwide customer base with the latest naphthenic oils."

Nynas, which opened its U.S. sales office in 2003, is also
engaged in a joint-production facility with Valero at the
company's Three Rivers Refinery in Texas.  There, it has
invested technology and capital to upgrade the quality and
output of the facility's naphthenic products. It also operates a
naphthenics specialty refinery in Nynashamn, Sweden -- and has a
partnership with ISLA refinery at Curacao.

"Nynas foresees a continued growing worldwide demand for
naphthenic specialty oils, largely because the number of oil
applications requiring highly refined products has surged in
recent years," said Tomas Wallin, senior vice president of AB
Nynas Petroleum and chairman of Nynas USA Inc.  "Meanwhile,
areas such as rubber and tire compounding are experiencing a
growing interest in naphthenics, which meet increasingly
stringent regulatory requirements.  All of this means that Nynas
is well poised to continue its impressive business momentum."

LCR became a wholly owned subsidiary of Lyondell Chemical
Company on July 31, 2006, when Lyondell purchased CITGO
Petroleum Products' interest in the Houston refinery, which will
soon be known as Houston Refining, LP.  The Houston refinery
processes 268,000 barrels-per-day of crude oil and has about 900
employees. Lyondell Chemical Company, based in Houston, is one
of the world's largest chemical companies, with approximately
US$16.4 billion in assets and operations on five continents.

                          About Nynas

Nynas is the well-established leader in naphthenic and bitumen
products.  Nynas' annual revenues total US$1.8 billion.  It has
operations across the globe -- including corporate offices and
distribution facilities in Europe, North America, South America,
Asia, Africa, the Middle East and Australia.  The company, with
800 employees, operates three refineries in Europe.  It also has
joint ventures or partnerships with Shell, UK, Petroplus,
Belgium and Switzerland, Neste Oil, Finland, PDV Curacao and
Valero, USA.  Nynas is owned by Petroleos de Venezuela S.A. and
Neste Oil Oyj.

                  About Citgo Petroleum

Headquartered in Houston, Texas, CITGO Petroleum Corporation
-- http://www.citgo.com/-- is owned by PDV America, an
indirect, wholly owned subsidiary of Petroleos de Venezuela
S.A., the state-owned oil company of Venezuela.

PDVSA 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.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 16, 2006,
Standard and Poor's Ratings Services assigned a 'BB' rating on
CITGO Petroleum Corp.


CITGO PETROLEUM: Parent Seeks to Sell Two Refineries in US
----------------------------------------------------------
Petroleos de Venezuela, the state-run oil company of Venezuela,
is planning to sell two more refining assets of Citgo Petroleum,
its US subsidiary, Dow Jones Newswires reports.

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2006, Rafael Ramirez, Venezuela's energy and petroleum
minister, said that Petroleos de Venezuela has agreed to sell
Citgo's 41.25% stake in Lyondell-Citgo Refining L.P. -- a plant
based in Houston, Texas -- to co-owner Lyondell Chemical Co. for
about US$2.1 billion.

Two asphalt plants are still for sale, Dow Jones relates, citing
a spokesperson of Citgo.  The plants were first put on the block
on April 2006.

David McCollum, a spokesperson of Citgo, told Dow Jones, "Now
that we're past the Lyondell-Citgo Refinery sale, that'll be our
focus now.  We're in the process of doing the due diligence on
offers that have been received, and we continue to receive
those."

According to Dow Jones, Citgo disclosed in April that its board
of directors commissioned the UBS investment bank to conduct due
diligence and solicit potential buyers for the Citgo Asphalt
Company, the largest supplier of asphalt on the US East Coast.  
It operates an 84,000 b/d refinery in Paulsboro, New Jersey, as
well as a 28,000 b/d plant in Savannah, Georgia.  The two
refineries have processed Venezuelan crude oil.

Research company John S. Herold placed the plants at about
US$500 million or US$4,464 per daily acquired barrel of crude-
processing capacity, BNamericas states.  The valuation was based
upon limited disclosures from Citgo and recent comparable
acquisitions, including Alon USA Energy's acquisition of 90,000
barrels of asphalt refining capacity on the US West Coast.

                       About Lyondell

Lyondell Chemical Company, headquartered in Houston, Texas, is
North America's third-largest independent, publicly traded
chemical company.  Lyondell manufactures basic chemicals and
derivatives including ethylene, propylene, titanium dioxide,
styrene, polyethylene, propylene oxide and acetyls.  It also is
a refiner of heavy, high-sulfur crude oil and a significant
producer of gasoline-blending components.

                        About Citgo

Headquartered in Houston, Texas, CITGO Petroleum Corporation --
http://www.citgo.com/-- is owned by PDV America, an indirect,   
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

PDVSA 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.

                           *     *     *

As reported at the Troubled Company Reporter on Feb. 16, 2006,
Standard and Poor's Ratings Services assigned a 'BB' rating on
CITGO Petroleum Corp.

Citgo carries Fitch's BB- Issuer Default Rating.  Fitch also
ratesthe Company's $1.15 billion senior secured revolving credit
facility maturing in 2010 at 'BB+', its $700 million secured
term-loan B maturing in 2012 at 'BB+', and its senior secured
notes at 'BB+'.


HARVEST NATURAL: Inks Petrodelta Joint Venture with PDVSA Unit
--------------------------------------------------------------
Venezuelan Petroleum Corp., a subsidiary of Petroleos de
Venezuela SA, and Harvest Natural Resources have reached an
agreement to turn the Monagas Sur operational agreement into the
joint venture Petrodelta, Reuters reports.

Under the joint venture, Isleno, Temblador and El Salto oil
fields will become part of the area covered by the new accord.  
The two corporations will have equal stakes in the joint
venture, El Universal says.

The fields' proven reserves amounted to 211 million barrels of
oil, El Universal says.  The exploration will be governed by a
20-year concession.  

The government expects a 20% increase to 75,000 barrels per day
in Monagas Sur's output by 2011.

               About Petroleos de Venezuela

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.

              About Harvest Natural Resources

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--  
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging. Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, C.A., which operates the South Monagas Unit in
Venezuela.

                        *    *    *

Harvest Natural Resources carries these ratings from Moody's
Investor Service since Sept. 17, 2004:

     -- Issuer Rating, Caa1
     -- Long-Term Corp. Family Rating, B3
     -- Senior Unsecured Debt, B3


PETROLEOS DE VENEZUELA: Not Obliged to Supply Crude to Lyondell
---------------------------------------------------------------
Dan Smith, Lyondell Chemical Co.'s chief executive officer, said
that Petroleos de Venezuela SA has no obligation to deliver oil
to a refinery in Houston if supply is low, El Universal says.

"This is a typical agreement. If crude oil is not flowing, then
they are not obliged to supply oil," Reuters quoted Dan Smith as
saying.

Lyondell purchased last week Citgo Petroleum Corp.'s 41.25%
stake in Lyondell-Citgo Refining L.P. for US$2.1 billion.  Citgo
is Petroleos de Venezuela's US refining arm.


                       About Lyondell

Lyondell Chemical Company, headquartered in Houston, Texas, is
North America's third-largest independent, publicly traded
chemical company.  Lyondell manufactures basic chemicals and
derivatives including ethylene, propylene, titanium dioxide,
styrene, polyethylene, propylene oxide and acetyls.  It also is
a refiner of heavy, high-sulfur crude oil and a significant
producer of gasoline-blending components.

                        About Citgo

Headquartered in Houston, Texas, CITGO Petroleum Corporation
-- http://www.citgo.com/-- is owned by PDV America, an  
indirect, wholly owned subsidiary of Petroleos de Venezuela
S.A., the state-owned oil company of Venezuela.

                About Petroleos de Venezuela

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.


PETROLEOS DE VENEZUELA: Seeks to Sell Two Refineries of Citgo
-------------------------------------------------------------
Petroleos de Venezuela, the state-run oil company of Venezuela,
is planning to sell two more refining assets of Citgo Petroleum,
its US refining arm, Dow Jones Newswires reports.

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2006, Rafael Ramirez, Venezuela's energy and petroleum
minister, said that Petroleos de Venezuela has agreed to sell
Citgo's 41.25% stake in Lyondell-Citgo Refining L.P. -- a plant
based in Houston, Texas -- to co-owner Lyondell Chemical Co. for
about US$2.1 billion.

Two asphalt plants are still for sale, Dow Jones relates, citing
a spokesperson of Citgo.  The plants were first put on the block
on April 2006.

David McCollum, a spokesperson of Citgo, told Dow Jones, "Now
that we're past the Lyondell-Citgo Refinery sale, that'll be our
focus now.  We're in the process of doing the due diligence on
offers that have been received, and we continue to receive
those."

According to Dow Jones, Citgo disclosed in April that its board
of directors commissioned the UBS investment bank to conduct due
diligence and solicit potential buyers for the Citgo Asphalt
Company, the largest supplier of asphalt on the US East Coast.  
It operates an 84,000 b/d refinery in Paulsboro, New Jersey, as
well as a 28,000 b/d plant in Savannah, Georgia.  The two
refineries have processed Venezuelan crude oil.

Research company John S. Herold placed the plants at about
US$500 million or US$4,464 per daily acquired barrel of crude-
processing capacity, BNamericas states.  The valuation was based
upon limited disclosures from Citgo and recent comparable
acquisitions, including Alon USA Energy's acquisition of 90,000
barrels of asphalt refining capacity on the US West Coast.

                        About Lyondell

Lyondell Chemical Company, headquartered in Houston, Texas, is
North America's third-largest independent, publicly traded
chemical company.  Lyondell manufactures basic chemicals and
derivatives including ethylene, propylene, titanium dioxide,
styrene, polyethylene, propylene oxide and acetyls.  It also is
a refiner of heavy, high-sulfur crude oil and a significant
producer of gasoline-blending components.

                        About Citgo

Headquartered in Houston, Texas, CITGO Petroleum Corporation
-- http://www.citgo.com/-- is owned by PDV America, an  
indirect, wholly owned subsidiary of Petroleos de Venezuela
S.A., the state-owned oil company of Venezuela.

                About Petroleos de Venezuela

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: Lags Behind Brazil & Mexico in Trade with Colombia
---------------------------------------------------------------
According to the Venezuelan Chamber of Economic Integration
-- Cavecol, Venezuelan exports of goods and services to Colombia
has declined in the first half of 2006, El Universal states.

Venezuela falls behind Brazil and Mexico as Colombia's main
trade partners, El Universal relates.  The chamber believes that
Brazil and Mexico's reputation of being reliable suppliers in
economic sectors made them more attractive as trading partners.

Moises Bittan, Cavecol's head, thinks that Venezuela needs to
establish an export law "whereby incoming foreign currency from
sales abroad can be swapped with certain trade instruments," El
Universal relates.

El Universal says that having an export law as described by Mr.
Bittan will reduce the risk faced by exporters due to the fixed
exchange rate, resulting in losses when exchanging US dollars
for bolivars.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.


* IDB Grants US$1.80MM to CEMLA to Improve Remittance Services
--------------------------------------------------------------
The Multilateral Investment Fund approved a US$1,759,000 grant
to the Centre for Latin American Monetary Studies or CEMLA to
promote the application of the General Principles for Latin
America and Caribbean Remittance Services in at least 23
countries.

The Inter-American Development Bank's MIF-financed technical
cooperation will help central banks and other authorities in the
region involved in the regulation, operation and measurement of
the remittance market implement the principles developed under
the leadership of the World Bank and the Bank for International
Settlements' Committee on Payment and Settlement Systems.

Fifteen central banks from the more remittance-dependent
economies will be visited by specialists who will help them
strengthen remittance market reporting and increase awareness to
disseminate the principles. The other central banks will
participate in regional seminars and other events with similar
objectives.

Colombia, Dominican Republic, Ecuador, El Salvador, Honduras,
Nicaragua and Peru have indicated their desire to be included
among the forthcoming missions, which will aim at a frequency of
one per quarter.

"The project will help make international remittance services
more secure and efficient," said MIF Team Leader Federico de
Arteaga.  "This will be achieved by promoting greater
transparency and consumer protection, an improved payment system
infrastructure for small cross-border payments, a more sound
legal and regulatory framework, greater competition and market
access, and more developed risk management systems."

"The goal of this initiative is to increase net receipts of
remittances in the region by reducing the cost of sending money
in a more affordable and competitive market," added Mr. de
Arteaga.  "It will benefit the recipients of  remittances from
family members by promoting their formal participation in the
payment system and facilitating their access to more secure
remittance services."

Remittance flows in the region reached US$56.3 billion in 2005,
exceeding direct foreign investment flows and official external
assistance in the region combined.  An estimated 150 million
individual transactions are executed each year involving 20
million families, who receive between US$200 and US$300 per
operation.  Remittances represent a significant percentage of
gross domestic product for certain countries and contribute
significantly to poverty reduction.

The Centre for Latin American Monetary Studies is a
nongovernmental, not-for-profit organization based in Mexico
City providing training, dissemination, research and technical
cooperation to central banks in Latin America and the Caribbean.  
CEMLA is comprised of 47 institutions, central banks from the
countries in the region and Europe and other regional
institutions.  CEMLA's counterpart financing for this project
will total US$2,053,000.

The Multilateral Investment Fund is an autonomous fund,
administered by the IDB. It provides grants, investments and
loans to promote private sector growth, labor force training and
small enterprise modernization in Latin America and the
Caribbean.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Aug. 24, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      A Walk in the Park
         Millennium Park, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

Aug. 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      4th Annual Alberta Golf Tournament
         Kananaskis Country Golf Course, Kananaskis, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

Sept. 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Business Mixer
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

Sept. 7-8, 2006
   EUROMONEY
      Leveraged Finance
         Hotel Rey Juan Carlos I, Barcelona, Spain
            Contact: http://www.euromoneyplc.com/

Sept. 7-8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Saratoga Regional Conference
         Gideon Putnam Hotel, Saratoga Springs, New York
            Contact: http://www.turnaround.org/

Sept. 7-8, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Wynn Las Vegas, Las Vegas, NV
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 7-9, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Wynn Las Vegas, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 8-9, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         London, England
            Contact: http://www.turnaround.org/

Sept. 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      ALS Walk 4 Life
         Montrose Harbor, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

Sept. 11, 2006
   AMERICAN BANKRUPTCY INSTITUTE / NEW YORK INSTITUTE OF CREDIT
      Golf Outing
         Montammy Golf Club, Alpine, NJ
            Contact: http://www.abiworld.org/

Sept. 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      ACG/TMA Joint Movie - Enron: The Smartest Guys in the Room
      TBD, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

Sept. 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

Sept. 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBA, Secaucus, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Formal Event
         Long Island, New York
            Contact: http://www.turnaround.org/

Sept. 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Function
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

Sept. 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Formal Event - Major Speaker to be Announced
         Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

Sept. 13-15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Texas Regional Conference
         Hyatt Regency Resort & Spa
            Lost Pines, TX
               Contact: 870-760-7116 or
http://www.turnaround.org/

Sept. 14, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      Advanced Restructuring and Plan of Reorganization
         Park Central, New York, NY
               Contact: http://www.airacira.org/

Sept. 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Kick-Off Reception
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

Sept. 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BOK Review - Management
         Gardner Carton & Douglas, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

Sept. 17-24, 2006
   NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
      Optional Alaska Cruise
         Seattle, Washington
            Contact: 800-929-3598 or http://www.nabt.com/

Sept. 19-20, 2006
   STRATEGIC RESEARCH INSTITUTE
      2nd Annual Euro Distressed Debt Summit
         Le Meridien Parkhotel, Frankfurt, Germany
            Contact: http://www.srinstitute.com/

Sept. 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Bankers Club, Miami, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Group - "Conversations in Networking"
         Dave & Buster's, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

Sept. 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Workshop With US
      Bankruptcy Judges Hale, Nelms and Lynn
         Belo Mansion - The Pavilion, Dallas, TX
            Contact: http://www.turnaround.org/

Sept. 24, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring the Troubled High Tech Company
         Arizona
            Contact: http://www.turnaround.org/

Sept. 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      10th Annual Turnaround Tee-off Golf Tournament &
Fundraiser
         Green Valley Country Club, Lafayette Hill, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

Sept. 25, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Carolinas Membership Luncheon featuring a presentation by
      James Porter of Mesirow Financial
         City Club, Charlotte, NC
            Contact: 704-319-2288 or http://www.turnaround.org/

Sept. 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Education Program with NYIC Joint Reception
         CFA/RMA/IWIRC
         Woodbridge Hilton, Iselin, NJ
            Contact: http://www.turnaround.org/

Sept. 26-27, 2006
   EUROMONEY
      Asia Pacific High Yield Debt Summit
         JW Marriott Hotel, Hong Kong
            Contact: http://www.euromoneyplc.com/

Sept. 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      7th Annual Cross Border Business Restructuring and
         Turnaround Conference
         Banff, Alberta
            Contact: http://www.turnaround.org/

Sept. 27, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      New York Luncheon - Pension Panel Program
      Harmonie Club, New York, NY
           Contact: 541-58-1665 or http://www.airacira.org/

Oct. 3, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Organization of Women Networking Event/
      Fundraiser
         TBD, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

Oct. 3, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Golf Outing
         Fox Chapel Golf Club, Pittsburgh, PA
            Contact: 412-644-8794 or http://www.turnaround.org/

Oct. 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Commercial Lenders Breakfast
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

Oct. 6, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy 2006: Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http;//www.abiworld.org/

Oct. 10, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Center Club, Baltimore, Maryland
            Contact: 703-912-3309 or http://www.turnaround.org/

Oct. 11, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development Meeting
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

Oct. 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Melbourne, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

Oct. 11-14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      2006 Annual Conference
         Milleridge Cottage, Long Island, New York
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Mecure Hotel - Haymarket, Sydney, Australia
            Contact: http://www.turnaround.org/

Oct. 16, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      A Year After BAPCPA
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 18-19, 2006
   EUROMONEY
      2nd Annual Latin America Syndicated Loans Conference
         JW Marriott Hotel, Miami, FL
            Contact: http://www.euromoneyplc.com/

Oct. 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Updates on the New Bankruptcy Law
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

Oct. 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

Oct. 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

Oct. 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

Oct. 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

Oct. 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

Oct. 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

Oct. 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 31 - Nov. 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

Nov. 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

Nov. 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

Nov. 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA UK Annual Conference
         Millennium Gloucester Hotel, London, UK
            Contact: http://www.turnaround.org/

Nov. 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

Nov. 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 7-8, 2006
   EUROMONEY
      5th Annual Distressed Debt Investment Symposium
         Hyatt Regency, London, UK
            Contact: http://www.euromoneyplc.com/

Nov. 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

Nov. 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

Nov. 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

Nov. 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

Nov. 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

Nov. 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

Nov. 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com

Nov. 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

Nov. 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

Nov. 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

Nov. 30-Dec. 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

Dec. 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Dec. 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

Dec. 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

Dec. 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

Jan. 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

Feb. 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

Feb. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

Feb. 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

Feb. 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter-Latin America each Thursday.
Submissions via e-mail to conferences@bankrupt.com are
encouraged.




                        ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Stella
Mae Hechanova, and Christian Toledo, Editors.

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

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

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

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


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