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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

          Monday, September 25, 2006, Vol. 7, Issue 190

                          Headlines

A R G E N T I N A

BANCO MACRO: Fitch Assigns Low B Foreign & Local Issuer Ratings
FORMULARIOS COMERCIALES: Individual Reports Due on Sept. 29
FREESCALE SEMICONDUCTOR: Fitch Lowers Issuer Rating to BB+
HOLD SA: Seeks for Court Approval to Reorganize Business
MATRIBA SA: Individual Reports Due In Court on Sept. 28

SENNIC SA: Verification of Proofs of Claim Is Until Dec. 1

B A H A M A S

COMPLETE RETREATS: Administaff Wants Debtors Decision on 2 Pacts
COMPLETE RETREATS: Bingham & Kramer File Creditors Update Report
WINN-DIXIE: Files Aug. 2006 Monthly Operating Report
WINN-DIXIE: Panel Hires Spencer Stuart to Search for Directors

B A R B A D O S

ANDREW CORP: Restructures Product Groups & Executive Team
SECUNDA INT'L: Extends Tender Offer Expiration to Sept. 29

B E L I Z E

* BELIZE: Needs More Investment, Economist & Politicians Say

B E R M U D A

GET FIT: Shareholders' First Meeting Is Scheduled for Sept. 25
GET FIT: Creditors' First Meeting Is Scheduled for Sept. 25
INTELSAT LTD: Reports Anomaly on IS-802 Satellite

B O L I V I A

PETROLEO BRASILEIRO: Unit Must Provide New Gasoline Supplies

* BOLIVIA: Energy Nationalization Generated US$150MM in Revenue
* BOLIVIA: Exports to Venezuela at US$130M for 8-Month Period
* BOLIVIA: Mining Cooperatives Take Over Comibol's Unit

B R A Z I L

BANCO CRUZEIRO: Three-Year Bond Issue Brings in US$125 Million
BANCO DA AMAZONIA: Posts BRL37.7MM First Half 2006 Net Profits
BANCO DO BRASIL: Scandal Leads to Expedito Veloso's Resignation
BANCO MERCANTIL: Sells US$125MM Bonds on Dublin Stock Exchange
BANCO NACIONAL: Funding First Federal Public-Private Partnership

BERTIN LTDA: Moody's Rates US$150 Million Sr. Notes at (P)Ba3
BRASKEM: S&P Puts BB Rating on US$275 Mil. Bonds Due Jan. 2017
COMPANHIA SIDERURGICA: Wheeling Denies Withdrawal from Merger
COMPANHIA SIDERURGICA: USW Not Happy with WP's Deal Confirmation
DURA AUTOMOTIVE: Moody's Pares Junked Ratings on US$856MM Notes

EMBRATEL: In Talks with Claro on Quadruple Play Package
NET SERVICOS: In Talks with Claro on Quadruple Play Package
TRANSAX INT'L: June 30 Balance Sheet Upside-Down by US$3.7 Mil.

* BRAZIL: Massachusetts Opens New Office in Sao Paulo
* BRAZIL: IDB Grants US$1.1MM to Support Small-Scale Producers

C A Y M A N   I S L A N D S

ANFIELD ROAD: Final Shareholders Meeting Is Scheduled for Oct. 5
CASSANDRA ASSOCIATES: Last Shareholders Meeting Is on Oct. 6
C-BASS 2004-CB2NIM: Final Shareholders Meeting Is Set for Oct. 5
C-BASS 2004-CB3NIM: Last Shareholders Meeting Is Set for Oct. 5
CP KELCO: Liquidator Presents Wind Up Accounts on Oct. 6

DEAM RREEF: Shareholders Convene for a Final Meeting on Oct. 6
DIAMOND INVESTMENT: Sets Final Shareholders Meeting on Oct. 5
JCF RE: Schedules Final Shareholders Meeting for Oct. 6
LEVERAGED BUYOUT: Calls Shareholders for Last Meeting on Oct. 6
MCM CAPITAL: Shareholders Gather for a Final Meeting on Oct. 5

MOORE OVERSEAS (LDC): Final Shareholders Meeting Is on Oct. 6
MOORE OVERSEAS (LTD): Last Shareholders Meeting Is on Oct. 6
NYK STAR: Invites Shareholders for a Final Meeting on Oct. 6
PRAETORIAN EUROPE: Sets Last Shareholders Meeting on Oct. 6
SHARMSHIR INVESTMENTS: Last Shareholders Meeting Is on Oct. 6

C H I L E

AES CORP: Commits to Produce 10 Mil. Tons of Gas Emission Offset

C O L O M B I A

ECOPETROL: Ministries Present Restructuring Bill to Congress
GERDAU SA: Asks Colombian Gov't More Quality Control on Imports

* COLOMBIA: Concludes First Round of Trade Talks with Cuba
* COLOMBIA: Local Stock Exchange Joins Brazil-Mexico Partnership

C O S T A   R I C A

* COSTA RICA: RBTT Provides US$100M Financing to Hidroenergia

C U B A

* CUBA: Concludes First Round of Trade Talks with Colombia

D O M I N I C A N   R E P U B L I C

AES CORP: Power Failure Disrupts Dominican Unit's Operations
BANCO INTERCONTINENTAL: CenBank Head Accused of Pressuring Court

E C U A D O R

PETROECUADOR: Inks Joint Venture Agreement with Enarsa
PETROECUADOR: Oil Production Drops Due to Lack of Investment

* ECUADOR: IDB Grants US$829,000 to Boost Competitiveness

E L   S A L V A D O R

DIGICEL LTD: Acquiring Mobile Operator & License In El Salvador

G U A T E M A L A

* GUATEMALA: Farmers Call for Agrarian Reform

J A M A I C A

NATIONAL COMMERCIAL: Imposing Service Charge on Utility Bills

M E X I C O

AMERICAN TOWER: Restating Annual and Quarterly Financial Reports
BERRY PLASTICS: Completes Tender Offer for 10.75% Sr. Notes
EMPRESAS ICA: IFC Grants MXN130.5MM to Irapuato-La Piedad Hi-Way
FORD MOTOR: Buying Rover Brand Name from BMW
GENERAL MOTORS: Talks with Nissan & Renault Enter Final Phase

PORTRAIT CORP: Hires BSI as Claims and Balloting Agent

N I C A R A G U A

* NICARAGUA: President Presents Bill to Revise Energy Law

P A N A M A

BANCO LATINOAMERICANO: Sets US$0.1875 a Share Quarterly Dividend
GRUPO FINANCIERO: Regulator Approves Banco Atlantico Buy

P A R A G U A Y

PARMALAT: Hermes Balks at Credit Suisse's Motion to Dismiss

P E R U

* PERU: Posts US$55.9 Million in Steel & Metallurgical Exports
* PERU: Studying Telefonica del Peru's Fixed Line Charges

P U E R T O   R I C O

G+G RETAIL: Assigns More than 400 Leases to Max Rave
MUSICLAND HOLDING: Files Aug. 2006 Monthly Operating Report

T R I N I D A D   &   T O B A G O

MIRANT: Mirant Delta & Vogt-NEM Want Claims Dispute Resolved

U R U G U A Y

* URUGUAY: Pulp Mill Builders Fire & Suspend Workers

V E N E Z U E L A

BANCO PROVINCIAL: Posts VEB199 Bil. First Half 2006 Net Profits
CITGO PETROLEUM: Launches 2006-07 Heating Oil Program

* VENEZUELA: Bolivia's Fourth Largest Market from Jan. to Aug.
* BOOK REVIEW: Frank Lorenzo & the Destruction of Eastern Air


                          - - - - -


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


BANCO MACRO: Fitch Assigns Low B Foreign & Local Issuer Ratings
---------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Banco Macro
S.A.:

   -- Foreign and local currency long-term Issuer Default
      Ratings: 'B+';

   -- Foreign and local currency short-term IDRs: 'B';

   -- Individual rating 'D'; and

   -- Support rating '5'.

The Rating Outlook is Stable.

At the same time, Fitch has upgraded BM's long and short term
national ratings to 'AA(arg)' from 'AA-(arg)' and to 'A1+(arg)'
from 'A1(arg)'.  Respectively, the Outlook remains Stable.

BM's ratings reflect its strong franchise and growth potential,
its good overall performance and sound liquidity and capital
base.  They also take into account the operating environment
remaining relatively weak.

BM's long-term IDRs have a Stable Outlook. BM's ratings are at
the country ceiling level, reflecting its important franchise in
the local banking system, which it has achieved while
maintaining financial fundamentals that are among the best in
the Argentine banking system.  Downside risk to BM's debt
ratings is currently limited but could stem from a downgrade of
the sovereign rating or a significant deterioration of the
bank's financial condition, or of its operating environment.
Upside to BM's individual rating could arise from the
sustainability of the bank's strong overall performance,
especially after the integration of the recently acquired banks,
as well as from the operating environment remaining benign.

BM gained its significant position in the Argentine financial
system through various bank acquisitions since 1996.  In Aug.
2006, BM acquired Nuevo Banco Bisel -- NBB.  With ARP2bn in
assets and ARP1.4bn deposits, NBB is the biggest bank accquired
so far by BM, who faces the challenge of smoothly integrating
NBB at the same time it is undertaking the merger of Nuevo Banco
Suquia -- NBS.

The Argentine economy has recovered well since the 2001 crisis,
benefiting the operating environment for banks, with growing
deposits and lending.  BM's performance is sound based on strong
revenue generation, income from its securities portfolio and
significant recoveries, mainly from the loan books of the
acquired banks.

BM's lending has grown strongly and its asset quality has
improved significantly since 2002.  Non-performing loans
accounted for 2.3% of total loans at end-June 2006, with loan
loss reserve coverage of 154% and the exposure to the public
sector, excluding central bank securities held for liquidity
management, fell to 13% of assets and is entirely marked to
market.

BM's main funding source is its large retail deposit base and is
accessing the national and international capital markets in
order to diversify and extend the maturity of its funding.  BM's
liquidity is strong and its capital base is ample, boosted by a
ARS540 million capital increase done in March 2006.

BM is 42.5% owned by a group of Argentine individuals leaded by
Jorge Horacio Britto, who is also the bank's chairman and CEO;
the balance is widely held by local and foreign investors.  At
end-June 2006 BM was the third largest private sector bank in
Argentina by assets and deposits, with market shares of around
6% and 10%, respectively.  With 437 branches, it had the largest
network of the private sector banks.


FORMULARIOS COMERCIALES: Individual Reports Due on Sept. 29
-----------------------------------------------------------
Rosa Isabel Santos, the court-appointed trustee for Formularios
Comerciales S.R.L.'s bankruptcy proceeding, will submit
individual reports in court on Sept. 29, 2006.

The reports are based on creditors' proofs of claim that were
verified until Aug. 17, 2006.  A court in Buenos Aires will
determine if the verified claims are admissible taking into
consideration the challenges and objections raised by
Formularios Comerciales 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 Formularios
Comerciales' accounting and banking records will follow on
Nov. 13, 2006.

The trustee can be reached at:

          Rosa Isabel Santos
          Avenida Corrientes 6031
          Buenos Aires, Argentina


FREESCALE SEMICONDUCTOR: Fitch Lowers Issuer Rating to BB+
----------------------------------------------------------
Fitch has downgraded Freescale Semiconductor Inc.'s Issuer
Default Rating, senior unsecured notes, and senior unsecured
bank credit facility to 'BB+' from 'BBB-' following the
company's confirmation that it has entered into a definitive
agreement to be purchased by a consortium of private equity
firms for US$17.6 billion, the largest ever technology leveraged
buy-out.  The ratings remain on Rating Watch Negative.
Approximately US$850 million of debt securities are affected by
Fitch's action.

Fitch believes the IDR of the new company would likely be 'B+'
or lower due to the company's increased leverage, deteriorated
credit protection measures, and limited free cash flow pro forma
for the anticipated incremental debt service.  The resolution of
Fitch's Rating Watch will be determined by an evaluation of the
ultimate financing of the transaction, overall mix of securities
in the capital structure, and the company's ability to generate
free cash flow after the transaction closes.  Fitch believes
debt levels will increase US$8.5-US$11.5 billion, assuming the
private equity consortium contributes 35%-50% of equity as is
typical for LBO transactions within the current market
environment.

While the change of control put contained within the indenture
covering the existing senior unsecured notes is effective, Fitch
anticipates Freescale will tender for or repay the existing
US$850 million of senior unsecured notes and ultimately
refinance the current bank facility.  At that time, Fitch will
withdraw ratings on these securities and assign issue-specific
and recovery ratings on the new debt securities.


HOLD SA: Seeks for Court Approval to Reorganize Business
--------------------------------------------------------
Court No. 12 in Buenos Aires is studying the merits of Hold
S.A.'s petition to reorganize its business after a cessation of
debt payments on Sept. 11, 2006.

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

Clerk No. 23 assists the court in the case.

The debtor can be reached at:

          Hold S.A.
          Cordoba 1364
          Buenos Aires, Argentina


MATRIBA SA: Individual Reports Due In Court on Sept. 28
-------------------------------------------------------
Jorge Alberto Arias, the court-appointed trustee for
Matriba S.A.'s bankruptcy case, will submit individual reports
in court on Sept. 28, 2006.

These reports are based on creditors' proofs of claim that were
verified until Aug. 17, 2006.  A court in Buenos Aires will
determine if the verified claims are admissible taking into
consideration the challenges and objections raised by Matriba
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 Matriba's accounting
and banking records will follow on Nov. 9, 2006.

The debtor can be reached at:

          Matriba S.A.
          Avenida de Mayo 954
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Alberto Arias
          Avenida Rivadavia 1227
          Buenos Aires, Argentina


SENNIC SA: Verification of Proofs of Claim Is Until Dec. 1
----------------------------------------------------------
Ignacio Kaczer, the court-appointed trustee for Sennic S.A.'s
reorganization proceeding, will verify creditors' proofs of
claim until Dec. 1, 2006.

Under the Argentine bankruptcy law, Mr. Kaczer is required to
present the validated claims in court as individual reports.
Court No. 11 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 Sennic and its
creditors.

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

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

On Sept. 11, 2007, Sennic's creditors will vote on a settlement
plan that the company will lay on the table.

Clerk No. 21 assists the court in the proceeding.

The debtor can be reached at:

         Sennic S.A.
         Chaco 145
         Buenos Aires, Argentina

The trustee can be reached at:

         Ignacio Kaczer
         Avenida Callao 441
         Buenos Aires, Argentina




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


COMPLETE RETREATS: Administaff Wants Debtors Decision on 2 Pacts
----------------------------------------------------------------
Administaff Companies II, L.P., asks the U.S. Bankruptcy Court
for the District of Connecticut to compel Complete Retreats LLC
and its debtor-affiliates to assume or reject two client service
agreements the Debtors entered into with Administaff.

Administaff serves as a full-service human resources department
for small and medium-sized businesses throughout the United
States.  Administaff delivers personnel management services by
entering into a co-employment relationship with a client company
and its existing employees.

Before the Debtors' bankruptcy filing, Administaff entered into
two client service agreements with Debtors Preferred Retreats
Design Group, LLC, and Preferred Retreats, LLC.  The Client
Service Agreements were effective as of Jan. 24, 2004, and
Dec. 27, 2003.  The terms of the Agreements are continuous until
either Administaff or the Debtors terminate them in accordance
with their terms.

Pursuant to the Agreements, Administaff:

   -- acts as co-employer of the Debtors' employees;

   -- pays the salaries and wages of the Debtors' employees; and

   -- provides other personnel management services to the
      Debtors.

If the Debtors decided to assume the Service Agreements,
Administaff asks the Court to require the Debtors to provide
adequate assurance of future performance by prepaying all
salaries, wages, and charges in advance of the first pay day of
each payroll period.

Daniel E. Bruso, Esq., at Cantor Colburn LLP, in Bloomfield,
Connecticut, relates that Administaff pays the salaries and
wages of the Debtors' employees in arrears on a bi-weekly basis.
All payroll checks are drawn on Administaff's account and
Administaff collects its fee to cover wages and other costs for
each pay period by drafting on the Debtors' account when the
payroll is run.  As a result, Administaff incurs financial
obligations of approximately US$480,000 per pay period before it
is paid by the Debtors.

Mr. Bruso asserts that Administaff continues to incur liability
to the Debtors' employees but have no adequate assurance that
the Debtors will continue to pay their obligations to
Administaff.

         Motion Filing Violates Court Procedures

The Clerk of the Bankruptcy Court notes that Administaff's
Motion was not submitted through the Court's Electronic Filing
System and thus, was filed in violation of the Court's
Administrative Procedures.  Accordingly, the Clerk asserts that
the Motion should be stricken from the Court record.

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


COMPLETE RETREATS: Bingham & Kramer File Creditors Update Report
----------------------------------------------------------------
Bingham McCutchen LLP and Kramer Capital Partners LLC, legal and
financial advisors to the Official Committee of Unsecured
Creditors in Complete Retreats LLC and its debtor-affiliates'
chapter 11 cases, delivered a report to update unsecured
creditors about the Committee's recent efforts as well as
certain emerging events.

Bingham and Kramer have been working on the Committee reports
since Aug. 29, 2006.

In the report, the Committee discloses that it has made
significant progress on a number of fronts in the first few
weeks of the Debtors' Chapter 11 cases.  Among other things, the
Committee has dealt with several critical deadlines that were
established before it was formed, including, among other things:

   * hiring advisors,
   * responding to first day motions,
   * evaluating DIP proposals, and
   * responding to the Debtors' cost reduction initiatives and
     interim revenue enhancement proposals.

The Committee asserts that it is committed to working with the
Debtors to provide an appropriate level of accurate information
to unsecured creditors balanced by the necessity to maintain the
confidentiality of certain information to maximize the value of
the Debtors' estates.

The Committee informs creditors that it is now focusing its
attention on determining the appropriate strategy for maximizing
the value of the Debtors' estates.

The Committee has concluded that a leadership change was
required in order to position the Debtors to move forward in
their restructuring process.

           Evaluation of Strategic Alternatives

The strategic alternatives available to the Debtors include a
stand-alone reorganization, a merger or sale of the Debtors'
assets, and a liquidation of the Debtors' assets.  The
Committee's advisors believe that the recoveries to unsecured
creditors could be severely impaired in a liquidation of the
Debtors' assets and thus, the Debtors should pursue, on a
parallel path basis, a stand alone restructuring and a merger or
sale of their assets.

The Debtors have launched a data room and have begun to engage
in due diligence discussions with certain parties interested in
evaluating an acquisition of, or merger with, the Debtors'
businesses pursuant to acceptable confidentiality arrangements.
The Committee advises prospective purchasers to contact Holly
Felder Etlin, the Debtors' chief restructuring officer.

If merger scenarios develop that the Debtors intend to pursue,
the Committee believes that the terms of that transaction will
be substantially finalized by the end of 2006.  If a transaction
were to be completed pursuant to a plan of reorganization, the
Committee expects it to close by early 2007.

                    DIP Facility Timeline

The Debtors anticipate to replace, extend and refinance its
existing secured debt and post-bankruptcy loans so that they
will have credit available through early 2007, the Committee
reports.

The Debtors and the Committee are currently considering various
proposals from lenders.  The Committee expects the Debtors to
give a public announcement on those proposals and file a court
motion with detailed terms by the end of Sept..

              Forensic Investigation Program

The Committee and the Debtors have begun a forensic
investigation effort concerning prepetition conduct and
transactions by the Debtors, their former officers and
directors, and certain other parties, to determine the extent of
their liability to the estates.

The Committee is committed to pursuing any wrongdoers to the
fullest extent possible through the filing or facilitation of
lawsuits on the Debtors' behalf, according to Michael J. Riley,
Esq., at Bingham McCutchen.

The forensic investigation program will be a coordinated effort
with Xroads Solutions Group LLC and Dechert LLP on behalf of the
Debtors.

The Committee's advisory team for forensic matters will be led
by:

   * Dan McGillycuddy of Bingham McCutchen LLP, a former
     prosecutor in the Frauds Bureau of the New York District
     Attorneys' office; and

   * Michael Hershman, the president and founder of The Fairfax
     Group and a former investigator for the Senate Watergate
     Committee.

                    Section 341 Meeting

The Committee reports that the next "341 Meeting" will be held
on Sept. 28, 2006, at the U.S. Trustee's office, in New Haven,
Connecticut.

In general, a 341 Meeting is a gathering of company
representatives and creditors that wish to attend, whereby the
company representatives are placed under oath and questioned by
the U.S. Trustee about operations, business going forward and
other matters.

The upcoming 341 Meeting is time to coincide with the filing of
the Debtors' Schedules of Assets and Liabilities and the
Statements of Financial Affairs.  Thus, the Committee expects
the U.S. Trustee to focus on financial and claims-related
matters at the upcoming meeting.

A full-text copy of the Committee's Report dated Aug. 2006 is
available for free at:

               http://researcharchives.com/t/s?1219

A full-text copy of the Committee's Report dated Sept. 2006
is available for free at:

               http://researcharchives.com/t/s?121b

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


WINN-DIXIE: Files Aug. 2006 Monthly Operating Report
------------------------------------------------------

                  Winn-Dixie Stores, Inc., et al.
               Unaudited Consolidated Balance Sheet
                      At Aug. 23, 2006
                       (In Thousands)

                            ASSETS
Current assets:
Cash and cash equivalents                             US$257,561
Marketable securities                                     14,446
Trade and other receivables, net                         134,954
Insurance claims receivable                               27,434
Income tax receivable                                     30,382
Merchandise inventories, net                             451,638
Prepaid expenses and other current assets                 36,254
Assets held for sale                                       2,887
                                                      ----------
Total current assets                                     955,556
                                                      ----------
Property, plant and equipment, net                       489,575
Other assets, net                                         97,594
                                                      ----------
Total assets                                        US$1,542,725
                                                      ==========

               LIABILITIES AND SHAREHOLDERS' DEFICIT

Current liabilities:
Current borrowings under DIP Credit Facility           US$40,000
Current portion of long-term debt                            235
Current obligations under capital leases                   3,592
Accounts payable                                         206,659
Reserve for self-insurance liabilities                    75,844
Accrued wages and salaries                                85,760
Accrued rent                                              47,664
Accrued expenses                                          95,921
                                                      ----------
Total current liabilities                                555,675
                                                      ----------
Reserve for self-insurance liabilities                   151,521
Long-term debt                                               123
Obligations under capital leases                           4,918
Other liabilities                                          9,519
                                                      ----------
Total liabilities not subject to compromise              721,756
                                                      ----------
Liabilities subject to compromise                      1,121,686
                                                      ----------
Total liabilities                                      1,843,442

Shareholders' deficit:
Common stock                                             141,858
Additional paid-in-capital                                35,993
Accumulated deficit                                    (458,185)
Accumulated other comprehensive loss                    (20,383)
                                                      ----------
Total shareholders' deficit                            (300,717)
                                                      ----------
Total liabilities and shareholders' deficit         US$1,542,725
                                                      ==========

                  Winn-Dixie Stores, Inc., et al.
         Unaudited Consolidated Statement of Operations
                 Four Weeks Ended Aug. 23, 2006
                       (In Thousands)

Net sales                                             US$527,774
Cost of sales, net                                       391,003
                                                      ----------
Gross profit on sales                                    136,771
Other operating and administrative expenses              153,340
Restructuring loss                                           565
                                                      ----------
Operating loss                                          (17,134)
Interest expense, net                                        816
                                                      ----------
Loss before reorganization items and income taxes       (17,950)
Reorganization items, net expense                          2,624
Income tax expense                                             0
                                                      ----------
Net loss from continuing operations                     (20,574)

Discontinued operations:
Loss from discontinued operations                        (1,537)
Gain on disposal of discontinued operations               19,631
Income tax expense                                             0
                                                      ----------
Net gain from discontinued operations                     18,094
                                                      ----------
Net loss                                              (US$2,480)
                                                      ==========

                  Winn-Dixie Stores, Inc., et al.
         Unaudited Consolidated Statement of Cash Flows
                 Four Weeks Ended Aug. 23, 2006
                       (In Thousands)

Cash flows from operating activities:
Net loss                                              (US$2,480)
Adjustments to reconcile net loss to
  net cash provided by operating activities:
Gain on sales of assets, net                            (35,585)
Reorganization items, net                                  2,624
Depreciation and amortization                              7,430
Stock compensation plans                                     558
Change in operating assets and liabilities:
Trade and other receivables                               22,646
Merchandise inventories                                   19,681
Prepaid expenses and other current assets                    102
Accounts payable                                         (2,990)
Reserve for self-insurance liabilities                       248
Lease liability on closed facilities                      13,148
Income taxes receivable                                       51
Defined benefit plan                                       (273)
Other accrued expenses                                     2,146
                                                      ----------
Net cash provided by operating activities
  before reorganization items                             27,306
Cash effect of reorganization items                      (4,198)
                                                      ----------
Net cash provided by operating activities                 23,108

Cash flows from investing activities:
Purchases of property, plant and equipment               (3,479)
Increase in investments and other assets                 (2,219)
Proceeds from sales of assets                             46,059
Purchases of marketable securities                         (595)
Sales of marketable securities                               240
Other                                                        512
                                                      ----------
Net cash provided by investing activities                 40,518

Cash flows from financing activities:
Gross borrowings on DIP Credit Facility                    1,502
Gross payments on DIP Credit Facility                    (1,767)
Principal payments on capital
  lease obligations                                        (128)
Principal payments on long-term debt                        (20)
Debt issuance costs                                        (114)
Other                                                         98
                                                      ----------
Net cash used in financing activities                      (429)

Increase in cash and cash equivalents                     63,197
Cash and cash equivalents at
  beginning of period                                    194,364
                                                      ----------
Cash and cash equivalents at end of period            US$257,561
                                                      ==========

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 53; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


WINN-DIXIE: Panel Hires Spencer Stuart to Search for Directors
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
authorized the Official Committee of Unsecured Creditors in
Winn-Dixie Stores, Inc., and its debtor-affiliates' bankruptcy
cases to retain Spencer Stuart as director retention consultant
effective as of July 10, 2006.

As reported in the Troubled Company Reporter on Aug. 18, 2006,
under the Debtors' Joint Plan of Reorganization, the Creditors
Committee will select seven individuals to serve on the board of
directors of reorganized Winn-Dixie Stores.

The Creditors Committee is seeking the assistance of Spencer
Stuart in conducting an efficient and expedient search for new
directors.

Spencer Stuart has nearly 50 years of experience in the
executive search field and is one of the leading executive
search firms in the United States.  Spencer Stuart also has
extensive experience in assisting companies in selecting board
candidates.

Spencer Stuart will:

   (1) meet with the Creditors Committee to develop background
       information on the significant issues and creditor
       expectations before approaching and meeting with
       candidates;

   (2) work with the Creditors Committee to develop detailed
       position specifications;

   (3) construct a search strategy for the positions to define
       and prioritize potential candidate locations, position
       levels and other elements of the search focus to ensure a
       comprehensive search assignment;

   (4) conduct an intensive search utilizing its retail networks
       and knowledge of the marketplace to yield qualified
       individuals for the Creditors Committee to compare and
       evaluate;

   (5) thoroughly interview qualified candidates to obtain a
       realistic understanding of their experience,
       accomplishments, capabilities, and potential, as well as
       prepare and present a comprehensive resume for review of
       each candidate recommended for interview;

   (6) present the best qualified and interested individuals for
       selection interviews;

   (7) assist as necessary in developing and negotiating the
       final compensation package and other terms of employment
       for the directors;

   (8) conduct reference checks of successful candidates;

   (9) conduct periodic progress reviews with the Creditors
       Committee to discuss individuals contacted, candidate
       interest, recruiting issues, and any other matters
       related to the search; and

  (10) perform other search-related services as may be required
       by the Creditors Committee.

Spencer Stuart will be retained until the completion of the
assignment unless terminated beforehand in accordance with the
provisions of the engagement letter dated July 10, 2006.

The Debtors have agreed that they will be solely responsible for
the payment of all fees and expenses incurred by Spencer Stuart.

Spencer Stuart's retainer fee will be up to US$525,000, which
will be billed in three equal installments for up to seven board
member placements at US$75,000 per each placement.  Installments
are to be paid by the Debtors on Aug. 15, 2006; Sept. 15, 2006;
and Oct. 16, 2006.

In addition to its retainer fee, Spencer Stuart also charges
monthly for search-related expenses at 10% of each installment.
Spencer Stuart will also be reimbursed for direct, out-of-pocket
expenses.

Thomas J. Snyder, a consultant at Spencer Stuart, assured the
Court that his firm is disinterested as defined by Section
101(14) of the Bankruptcy Code.  Mr. Snyder said his firm holds
no adverse interest to the Debtors.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 52; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


ANDREW CORP: Restructures Product Groups & Executive Team
---------------------------------------------------------
Andrew Corp. is implementing a new organizational structure for
its product groups and streamlining its executive team to
capitalize on the company's positive momentum and better address
opportunities in the rapidly changing wireless infrastructure
market.

Effective Oct. 1, Andrew's five product groups will be combined
into two operating segments -- Wireless Network Solutions and
Antenna and Cable Products -- that reflect the distinct markets
they serve and leverage the many opportunities for collaboration
and efficiencies in supporting global customers.  The creation
of these new operating segments is accompanied by changes to the
executive management team that aligns with this new structure
and streamlines the leadership of the company.

The changes include:

   -- Mickey Miller, formerly group president, Base Station
      Subsystems, has been named executive vice president and
      group president, Wireless Network Solutions, comprised of
      the former Base Station Subsystems, Network Solutions, and
      Wireless Innovations groups.  This segment will include
      the majority of Andrew's portfolio of active products and
      operator solutions.  Terry Garner, senior vice president
      and group president, Network Solutions, will report to
      Mr. Miller.

   -- John DeSana has been named executive vice president and
      group president, Antenna and Cable Products, which now
      will include the former Satellite Communications Group.
      This segment contains the vast majority of Andrew's
      passive product portfolio of antennas, cables, and related
      products.  Jude Panetta will continue to lead Satellite
      Communications as senior vice president and group
      president, reporting to Mr. DeSana.

   -- Bob Hudzik, formerly group president, Wireless
      Innovations, has been named senior vice president and
      chief human resources officer, replacing Karen
      Quinn-Quintin, who is leaving the company.  Morgan Kurk,
      vice president of research and development, has been
      appointed acting general manager of Wireless Innovations,
      reporting to Miller in Wireless Network Solutions.

   -- The corporate functions of Procurement and Technology,
      Strategy, and Corporate Development will become functions
      within the two new operating segments.  As a result,
      corporate officers J.C. Huang, chief technology and
      strategy officer, and head of corporate development; and
      Fred Lietz, vice president, Procurement, are leaving the
      company.  Another officer, Jim Petelle, vice president,
      Law, and assistant corporate secretary, also is leaving
      the company, and his roles are being assumed by Justin
      Choi, senior vice president, general counsel, and
      corporate secretary.

   -- Corporate officer Jim LePorte, currently vice president,
      Sales Operations, will join Wireless Network Solutions as
      vice president, Finance, effective Nov. 1.

"Andrew begins a new fiscal year with considerable momentum and
these changes will build upon the many improvements and progress
we saw in 2006," said Ralph Faison, president and chief
executive officer, Andrew Corporation.  "Our organization and
leaner management team will be more closely aligned to our
customers' evolving requirements and demonstrate greater
efficiency and innovation.

"As we implement these changes, we also will bid farewell to
leaders such as Karen, J.C., Fred, and Jim, who have made
tremendous contributions to our company.  We wish them much
success and happiness in the future."

                        About Andrew

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

                        *    *    *

As reported in yesterday's Troubled Company Reporter, Standard &
Poor's Ratings Services revised its CreditWatch implications on
Andrew Corp. to negative from developing.  The 'BB' corporate
credit rating and other ratings on the company were placed on
CreditWatch developing on Aug. 7, 2006.


SECUNDA INT'L: Extends Tender Offer Expiration to Sept. 29
----------------------------------------------------------
Secunda International Ltd. announces the extension until 5:00
p.m., New York City time, on Sept. 29, 2006, of its cash tender
offer to purchase up to US$3,800,000 aggregate principal amount
of its outstanding US$125,000,000 Senior Secured Floating Rate
Notes due 2012.

The purchase, on a pro rata basis, will be in cash equal to 100%
of the principal amount plus accrued and unpaid interest, if
any, to the date of purchase pursuant to the Offer to Purchase
dated Aug. 1, 2006.  The previously announced expiration time
for the Annual Reduction Offer was Sept. 20, 2006, at 5:00 p.m.,
New York City time.  The Annual Reduction Offer is subject to
the satisfaction of certain conditions.

The Annual Reduction is required pursuant to the provisions of
the Indenture governing the Notes, which requires the Company to
make an offer, on a pro rata basis, to registered holders of the
Notes to purchase Notes in an aggregate principal amount of up
to US$3,800,000 at a purchase price in cash equal to 100% of the
principal amount thereof plus accrued and unpaid interest, if
any, to the date of purchase.  Pursuant to the terms of the
Indenture, if Notes aggregating more than US$3,800,000 in
principal amount are validly tendered in the Annual Reduction
Offer, then each Holder whose Notes are accepted for purchase
has the right to require the Company to purchase such Holder's
pro rata share of such amount.

Holders of the Notes who tender (and do not validly withdraw)
their Notes prior to the Expiration Time will be entitled to
receive, per US$1,000 principal amount of the Notes, 100% of the
principal amount thereof on the Settlement Date, which is
expected to be three business days following the Expiration
Time.  In addition, Holders who validly tender and do not
validly withdraw Notes will be paid accrued and unpaid interest,
if any, from the last interest payment date up to, but not
including, the Settlement Date for the Notes accepted for
purchase.  Notes may be tendered only in integral multiples of
US$1,000 in aggregate principal amount, or the entire amount of
any Holder's Notes if not an integral multiple of US$1,000.

The complete terms and conditions of the Annual Reduction Offer
are described in the Offer to Purchase of the Company dated Aug.
1, 2006, copies of which may be obtained by contacting:

          D.F. King and Co., Inc.
          Tel: (212) 269-5550 (collect)
               (800) 758-5378 (U.S. toll-free)

The company currently has an outstanding offer to Holders of the
Notes to purchase for cash, any and all of the Notes, on the
terms and subject to the conditions set forth in the Offer to
Purchase and Consent Solicitation Statement dated June 27, 2006,
as amended and supplemented by the Offer to Purchase Supplement
dated Aug. 14, 2006, including (without limitation) the
Financing Condition and the Supplemental Indenture Condition
described therein.  As of 5:00 p.m., New York City time, on Aug.
25, 2006, the company has received tenders and consents
representing 100% of the outstanding aggregate principal amount
of the Notes.  On Sept. 12, 2006, Secunda International extended
the Tender Offer, and the Tender Offer is now scheduled to
expire at 5:00 p.m., New York City time, on Oct. 3, 2006 unless
extended or earlier terminated.  The Settlement Date for the
Tender Offer will be promptly after the Expiration Time and is
expected to be the business day following the Expiration Time.
In addition, the company may, in its sole discretion, purchase
any Notes that have been tendered (and not validly withdrawn) at
any time on or after Sept. 21, 2006, until the Expiration Time.
If the company completes the Tender Offer and repurchase 100% of
the aggregate outstanding amount of the Notes pursuant to the
Tender Offer, the Annual Reduction Offer will be of no force and
effect.

Headquartered in Nova Scotia, Secunda International Limited
-- http://www.secunda.com/-- is a wholly owned Canadian vessel
owner/ operator with locations in the UK and Barbados.  Secunda
is the leading supplier of marine support services to oil and
gas companies in one of the world's harshest marine environments
-- off the East Coast of Canada.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 30, 2006, Standard & Poor's Ratings Services held its 'B-'
long-term corporate credit and senior secured debt ratings on
offshore support vessel provider Secunda International Inc. on
CreditWatch with positive implications, where they were placed
Sept. 29, 2005.




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


* BELIZE: Needs More Investment, Economist & Politicians Say
------------------------------------------------------------
Belize needs more investment, economist and politicians in the
country told Channel 5 Belize.

Channel 5 relates that Beltraide and the Belize Business Bureau
met in a Belize Investment Forum at the Princess Hotel and
Casino in Belize City.  About 32 potential investors based in
Los Angeles were also invited in the forum.

Belize was being marketed for investment, Channel 5 says.

Mel Auil, Jr. -- the head of the Business Bureau -- told Channel
5, "In Belize, it is relatively simple to acquire property and
start up your own company.  This can be done in less than a
week, reflecting the high level of efficiency here.  The people
of Belize are the single most important asset to any investor.
The Belizean worker is honest, will work hard and is trainable.
We are your partners in development, we are a nation alive, a
people with pride and at twenty-five, we are fast emerging into
the international markets."

Channel 5 underscores that Roy Young -- the Consul General to
Los Angeles said, "What I have said to them is that they must
come here with technology that will cost the country far less.
So it's a whole range of services and investments that we're
offering. It's not just come and visit and then nothing happens.
No.  We'll certainly do a lot of follow up with Beltraide and
with the group in Los Angeles."

"It is difficult to measure immediately the impact, but what
definitely can be measured in the short term is the fact that
there are follow up meetings.  The contacts are made and the
networking starts," Channel 5 says, citing Lourdes Smith --
Executive Director of Beltraide.

Ms. Smith told Channel 5, "There is a favoring for more tourism
related investments and we try to promote for those who are just
scouting to see what type of investment.more agriculture, agro-
processing light manufacturing or those types of investments.  I
think you've seen some of the booths out there and you might say
some of them are not really businesses but those are support
services for investors.  So if you are aware of what support
services are there when you are investing in Belize, it makes
you understand better and make your decisions quicker."

Mark Espat -- the Minister of National Development in Belize --
told Channel 5, "Belize is a natural niche for serious,
legitimate, medium term strategic investors.  If you are a
speculator hoping for a quick profit, Belize is not your choice,
to speak frankly."

Channel 5 notes that Minister Espat said that the country's
"hottest investment tickets" are in:

          -- aquaculture,
          -- information technology, and
          -- petroleum.

The minister however told Channel 5 that it is Belize's location
that will bring in money.

"Our access to both the Central American markets and the
Caribbean Single market and Economy are the windows to huge
markets in manufacturing and distribution operations.  The
Corozal Free Zone's resilience can confirm the over one hundred
million person Mexican market to the north for goods and
services.  And finally, ladies and gentlemen, our government
places a premium, an absolute premium on attracting foreign
direct investment as well as catering to our Belizean investors
particularly in these high potential areas and specifically from
investors who seek medium and long term partnerships with our
people and with our institutions," Minister Espat explained to
Channel 5.

                        *    *    *

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


GET FIT: Shareholders' First Meeting Is Scheduled for Sept. 25
--------------------------------------------------------------
Get Fit Foundation (GEFF) International Limited's shareholders
will gather for a first meeting at 2:30 p.m. on Sept. 25, 2006,
at:

         Arthur Morris, Christensen & Co.
         16 Par-la-Ville Road
         Hamilton, HM08, Bermuda

Proxy forms to be used at the meeting have been mailed to all
known shareholders and creditors and must be lodged with the
provisional liquidator by 12:00 p.m. on Sept. 25, 2006.

The joint provisional liquidators can be reached at:

         Christopher C. Morris
         Andrew Andronikou
         16 Par-la-Ville Road
         Hamilton, HM08, Bermuda


GET FIT: Creditors' First Meeting Is Scheduled for Sept. 25
-----------------------------------------------------------
Get Fit Foundation (GEFF) International Limited's creditors will
gather for a first meeting at 3:00 p.m. on Sept. 26, 2006, at:

         Arthur Morris, Christensen & Co.
         16 Par-la-Ville Road
         Hamilton, HM08, Bermuda

Proxy forms to be used at the meeting have been mailed to all
known shareholders and creditors and must be lodged with the
provisional liquidator by 12:00 p.m. on Sept. 25, 2006.

The joint provisional liquidators can be reached at:

         Christopher C. Morris
         Andrew Andronikou
         16 Par-la-Ville Road
         Hamilton, HM08, Bermuda


INTELSAT LTD: Reports Anomaly on IS-802 Satellite
-------------------------------------------------
Intelsat, Ltd. reported that its IS-802 satellite, located at 33
degrees E, experienced a sudden and unexpected anomaly on
Sept. 21, 2006, at approximately 8:27 p.m. E.T.

The Intelsat satellite control center is communicating with the
satellite and the satellite is under control and accepting
commands.  Intelsat is in the process of making alternative
capacity available to its IS-802 customers, in accordance with
existing contingency plans.

The satellite, launched in 1997, furnishes telecommunications
services to customers on the African continent and the Indian
Ocean Region. Intelsat and Lockheed Martin Corporation, the
manufacturer of the satellite, are working together to identify
the cause of the problem. Intelsat currently does not know if
there is a connection between this event and the Intelsat 804
satellite failure that occurred in Jan. 2005 and was also
manufactured by Lockheed Martin.

Intelsat, which operates the world's largest fleet of commercial
satellites, operates a number of satellites in the region that
are being utilized to restore service to affected customers.
The majority of IS-802 users are being issued replacement
capacity that will be available for their use today.

"Our first priority is the continuation of service for our
customers," said Dave McGlade, CEO of Intelsat, Ltd.  "The
Intelsat system has a number of satellites serving the region.
Within hours of the event, we are issuing replacement capacity
within the Intelsat system. This is a testament to the
resilience and redundancy of our network."

The IS-802 is not insured, in accordance with Intelsat's
practice of self-insuring satellites that are beyond the initial
year of operations.  The IS-802 satellite generates annual
revenue of less than US$30 million, although the company's
initial view is that it will be able to restore a substantial
portion of the customer traffic, given the resilience and
redundancy of the Intelsat system.  The company will issue a
statement regarding the degree to which it is able to retain
revenue on the Intelsat system following the completion of the
restoration process.

                        About Intelsat

Intelsat, Ltd. - http://www.intelsat.com/-- offers telephony,
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

On June 12, 2006, Moody's Investor Service affirms Intelsat
(Bermuda) Ltd.'s ratings:

      -- New Guaranteed Sr. Notes: Assigned B2,
      -- New Sr. Notes: Assigned Caa1, and
      -- Sr. Discount Notes, due 2015: Downgraded to Caa1 from
         B3 (these notes will be moved to Intelsat Intermediate
         Holding Company Ltd. Upon closing of the merger).




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


PETROLEO BRASILEIRO: Unit Must Provide New Gasoline Supplies
------------------------------------------------------------
The hydrocarbons regulator of Bolivia approved Resolution
1285/2006 that requires the Bolivian unit of Petroleo Brasileiro
SA aka Petrobras to provide Yacimientos Petroliferos Fiscales
Bolivianos aka YPFB, the country's state oil firm, new supplies
of gasoline, Business News Americas reports.

BNamericas relates that under the resolution, Petrobras must
provide 1,000 cubic meters (m3) of special gasoline in addition
to the volumes for Bolivia's market agreed earlier.

The resolution also requires the Oro Negro plant to provide
about 200m3 of special gasoline to YPFB, according to
BNamericas.

The regulatory mandate for an increase in fuel supplies from
refiners is part of Bolivia's nationalization decree, which was
passed in May, BNamericas states.

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 Brazil.

                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

                        *    *    *

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


* BOLIVIA: Energy Nationalization Generated US$150MM in Revenue
---------------------------------------------------------------
Bolivian president Evo Morales said at Columbia University's
World Leaders Forum in New York that the nationalization of the
hydrocarbons industry that he decreed last May generated US$150
million in extra revenue for his country, Dow Jones Newswire
reports.

The same report relates that at his talk, Pres. Morales
summarized his planned reforms on restoring dignity to his
people, improving income distribution and calling for a better
social equity in Bolivia.  He did not, however, specify how to
spend the additional revenue from the nationalization.

Dow Jones quoted Pres. Morales saying, "Bolivia is a nation
"with so much wealth, but so much poverty. Wealth is poorly
distributed, and we've started to recover control of those
natural resources."

The decreed energy nationalization gave majority control of the
hydrocarbons industry to Bolivia's state-owned energy company
Yacimientos Petroliferos Fiscales Bolivianos aka YPFB, which is
currently experiencing financial and staffing issues.
Reportedly, the government disclosed that YPFB asked the central
bank for a financing of US$180 million.

Pres. Morales once again expressed his refusal to believe in
Western economic models, which according to him, have
intensified the socioeconomic discrimination not only in Bolivia
but also to the whole region.  Although he clarifies that he
supports private property rights Dow Jones says.

"An economic model oriented fundamentally toward concentrating
wealth in the hands of the few is not going to work in our
country," Pres. Morales emphasized.  "(But) we respect and have
always respected that there's economic diversity in our country.
We respect private property."

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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


* BOLIVIA: Exports to Venezuela at US$130M for 8-Month Period
-------------------------------------------------------------
Bolivian exports to Venezuela from Jan. to Aug. 2006 is at
US$130 million, up 2.8% from US$126 million from the same period
last year, El Universal reports, citing figures from the
Bolivian National Statistics Institute.

The latest figures put Venezuela as the fourth largest market of
Bolivian goods.  Bolivia's largest market in South America is
Brazil, accounting for 52% growth and global value of US$993
million, El Universal says.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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


* BOLIVIA: Mining Cooperatives Take Over Comibol's Unit
-------------------------------------------------------
Local press reports that Colquiri -- a unit of Corporacion
Minera de Bolivia aka Comibol -- has been seized by a group of
mining cooperatives demanding the revival of their sector.

According to reports, the cooperatives demand that specific and
visible measures be taken to revitalize mining.  The miners
blocked main roadways, paralyzing La Paz, Oruro, Cochamamba and
Potosi.  They also threatened to take over the Huanuni tin mine
in Oruro.

FSTMB -- Bolivia's mineworkers union representing Comibol
workers at Coquiri and Huanuni -- told Business News Americas
that it was ready to defend its sources of employment.

"We are very close to having a confrontation, but not because we
want to.  That is why we suggest that this sub-sector (of
cooperatives) and the government show mutual respect," Roberto
Chaves -- the executive secretary of FSTMB -- told BNamericas.

Colquiri is located in the La Paz department.  It is controlled
by Bolivian state mining company Comibol.

Corporacion Minera de Bolivia aka Comibol is undergoing a
restructuring initiated by the Bolivian government.  Bolivian
President Evo Morales' initiative for the company's
restructuring would take time as currently Comibol mines are
under joint venture contracts or leasing agreements.  Comibol
has US$85 million in assets including equipment and machinery,
which cannot be used by small and medium-scale miners and
cooperatives.

                        *    *    *

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
===========


BANCO CRUZEIRO: Three-Year Bond Issue Brings in US$125 Million
--------------------------------------------------------------
Local press reports that Banco Cruzeiro do Sul has raised about
US$125 million on the international markets through a three-year
bond issue.

Luis Octavio Andino da Costa -- a Banco Cruzeiro director --
told Valor Economico, "We managed to break the two-year
barrier."

Business News Americas relates that Dresdner Kleinwort
Wasserstein -- a German investment bank -- handled the issue.

BCSul, according to BNamericas, initially planned a US$100
million issue.  However, strong investor demand caused the bank
to increase the offer to US$125 million at a yearly interest
rate of 9.38%.

BNamericas notes that these entities, mainly from Europe and
Asia, purchased the bonds:

          -- hedge funds,
          -- institutional investors, and
          -- private banking clients.

The report says that BCSul issued about US$41 million in 24-
month notes in March this year.

Moody's Investors Service said in a report that it assigned a
Ba3 long-term foreign currency rating with a stable outlook to
the BCSul issue.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2006, Moody's Investors Service upgraded Banco Cruzeiro
do Sul S.A.'s long-term foreign currency deposits to Ba3 from
Ba1.  Moody's said the rating outlook is stable.


BANCO DA AMAZONIA: Posts BRL37.7MM First Half 2006 Net Profits
--------------------------------------------------------------
Net profits of Banco da Amazonia aka Basa dropped 60.6% to
BRL37.7 million in the first half of 2006, from the BRL95.7
million reported in the first half of 2005, according to a
report by financial daily Gazeta Mercantil.

Business News Americas relates that the first half 2006 result
of Basa suffered from a 23.2% hike in loan loss provisions to
account for an increase in non-performing loans.

Basa's total lending grew 11% to BRL965 million in June 2006.
Most loans went to the agricultural sector, BNamericas reports.

Banco da Amazonia aka Basa acts as a retail bank and regional
development bank for the states of Para, Amazonas, Rondonia,
Roraima, Acre, Amapa, Tocantins, Mato Grosso and part of
Maranhao.  The national treasury of Brazil controls about 96.9%
of the company's capital.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 4, 2006, Fitch Ratings upgraded these ratings of Banco da
Amazonia S.A. aka Basa:

   -- Foreign currency long-term IDR to BB from BB-;

   -- Local currency long-term IDR to BB from BB-;

   -- National long-term rating to 'AA-(bra)' from 'A+(bra)';
      and

   -- National short-term rating to 'F1+(bra) 'from 'F1(bra)'.

The long-term Outlook is Stable.


BANCO DO BRASIL: Scandal Leads to Expedito Veloso's Resignation
---------------------------------------------------------------
Expedito Afonso Veloso has left his risk management director
post at Banco do Brasil after being associated with an attempt
to ruin the reputation of Jose Serra, a Social Democrat Party
candidate for governor in Sao Paulo, Business News Americas
reports.

BNamericas relates that a blog by Ricardo Noblat -- an
influential journalist -- said that Mr. Veloso took vacation
from Banco do Brasil on Aug. 29 and went to work on the
reelection campaign of President Luiz Inacio Lula da Silva.

Mr. Veloso allegedly tried to link Mr. Serra to a congressional
fraud scheme from 2000-03, BNamericas states.  The fraud
involved firms bribing politicians to win tenders for the sale
of ambulances to city and state governments.

Mr. Veloso stated in his letter of resignation that his decision
bore no relation to the bank, Banco do Brasil said in a
statement.

                        *    *    *

As reported on Mar. 3, 2006, Standard & Poor's Ratings Services
raised its foreign currency counterparty credit ratings on Banco
do Brasil S.A. to 'BB' from 'BB-'.  The foreign and local
currency ratings of this bank are now equalized at 'BB'.  S&P
said the outlook is stable.


BANCO MERCANTIL: Sells US$125MM Bonds on Dublin Stock Exchange
--------------------------------------------------------------
Banco Mercantil do Brasil SA said in a statement that it has
placed US$125 million in bonds on the Dublin stock exchange.

Business News Americas relates that the bonds mature in 10
years, with a call option in five years.  It carries yearly
yield of 10.6%.

According to BNamericas, Moody's Investors Service gave the
issue a B3 rating.

BNamericas notes that Portugal's Banco Finantia and Instituut
voor Nederlandse Geschiedenis -- a Dutch financial services
group -- handled the issue.

The report says that Banco Mercantil abandoned foreign bond
issues in 1994.  However, the firm returned to international
bond markets in 2004.  It has since made five issues.

Felipe Borlido -- Banco Mercantil's executive finance and
international commerce director told BNamericas that the company
could issue up to US$300 million in bonds in 2006.

Banco Mercantil secured about US$143 million in funding in
foreign capital markets in 2005, BNamericas states.

                        *    *    *

Moody's Ratings Service placed these ratings on Banco Mercantil
do Brasil SA:

          -- B1 long-term bank deposit rating; and
          -- E+ bank financial strength rating.


BANCO NACIONAL: Funding First Federal Public-Private Partnership
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES,
along with the International Finance Corp., will fund up to
BRL684 million or 60% of the BRL1.14 billion cost of the first
federal public-private partnership or PPP on the BR-116/BR-324
highway in Bahia, Valor Economico states.

Business News Americas relates that the BR-324/BR-116 project
calls for:

          -- construction of additional lanes on several
             stretches of BR-324,

          -- widening of the BR-116 stretch, and

          -- BRL770 million in operational costs.

Valor Economico relates that the PPP model permits a consortium
of institutions to fund the project in order to lower risks.

BNamericas underscores the future concessionaire will be
responsible for the repair, expansion, maintenance and operation
of:

          -- the 113-kilometer BR-324 road between Salvador and
             Feira de Santana in Bahia; and

          -- the 524-kilometer BR-116 highway between Feira de
             Santana and the border with Minas Gerais.

The consortium will likely be formed by BNDES and the IFC, Valor
Economico notes.

BNamericas emphasizes that BNDES is working with the federal
planning ministry and the IFC to develop the project.

The Agencia Nacional de Transportes Terrestres -- Brazil's
national land transport agency -- is carrying out a public
consultation period through Oct. 9, BNamericas reports.

                        *    *    *

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. 75% are small
producers and has a staff of 1,400 employees.  After
implementation of the wheat crushing plant, it is expected that
the project will generate 76 direct and 50 indirect jobs.


BERTIN LTDA: Moody's Rates US$150 Million Sr. Notes at (P)Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a prospective (P)Ba3 rating
to Bertin Ltda.'s proposed issuance of approximately US$150
million senior unsecured notes due in 2016, subject to
completion.  Simultaneously, Moody's affirmed Bertin's Ba3
global local currency corporate family rating and also its
existing B1 foreign-currency senior unsecured rating. The
outlook is negative.

The assigned (P)Ba3 rating to Bertin's proposed US$150 million
senior unsecured notes is subject to completion of the
transaction.  Bertin's current foreign currency senior unsecured
rating for its US$120 million bonds due in 2008 would also be
upgraded to Ba3 from B1 if the US$ 150 million transaction is
successfully completed.  Both ratings are based on a level of
secured debt as a percentage of Bertin's total debt of 20% or
below.

"Bertin's Ba3 global local currency rating takes into account
the key rating factors cited in Moody's Rating Methodology for
Natural Products Processors," said Moody's analyst Soummo
Mukherjee.  "Bertin's current Ba3 rating and its negative
outlook balance the company's shareholder-oriented financial
policy and size that score at the Ba level against credit
metrics and geographic diversification of raw materials that are
single-B, its volume and earnings growth that are Aaa, and a
variety of other qualitative factors that score at the Ba to Baa
level."

"Concerns about corporate governance and the execution and
financial risks involved in the company's aggressive growth
strategy are also key drivers of the Ba3 rating and negative
outlook," Mr. Mukherjee said.

For the 1st half of 2006, Bertin reported revenues a 10.9%
increase in net revenues compared with the 1st half of 2005,
driven primarily by increased sales volumes in all its divisions
and offsetting the appreciation of the Brazilian real against
the US dollar (14.9% in the period) and the outbreak of foot and
mouth disease in the state of Mato Grosso do Sul at the
beginning of Oct. last year.  Bertin's operating profit margin
also improved in the first half of 2006 vs. the first half of
2005 from 10.3% to 12.7% benefiting from the company's top-line
growth and lower production costs, especially due to a decline
in cattle prices due to the FMD outbreak.

In July, Bertin began negotiations to expand its meat packing
operations into the neighboring country of Uruguay through the
acquisition of Canelones.  The negotiations are in its final
stage and are expected to conclude shortly.  In general, this
acquisition in Uruguay is regarded as credit positive from the
perspective of raw material diversification, especially since
Uruguay can export to countries that Brazil cannot, such as the
United States, Canada and Mexico.

The negative outlook on Bertin's ratings reflects Moody's
concerns about the execution risk and weaker debt protection
metrics that arise from the company's plans to raise capital
expenditure funding over the next few years to levels higher
than anticipated.

"Bertin's outlook could return to stable if the company can
successfully deliver on its growth strategy and substantially
improve its earnings and revenues mix into higher value-added
products," said Mukherjee.  "At the same time, Bertin would need
improved key credit metrics overall on a sustainable basis in
the higher range of the Ba category level in our rating
methodology."

Specially, a stable outlook would require the company's FFO/Net
Debt to be in the 18% - 22% range and Net Debt/EBITDA to be
consistently in the 3.0-4.0x range on a three-year average basis
(according to Moody's standard definitions and only netting
amounts above the company's established liquidity cushion).

Bertin's ratings would likely be downgraded if its growth
strategy, which includes the increased planned capital
expenditures, encounters execution challenges that result in a
significant slowdown in the improvement of its credit metrics.
A downgrade would likely be considered should FFO/Net Debt drop
below 15% or Net Debt/EBITDA become greater than 4.0x on a
three-year average basis (according to Moody's standard
definitions and only netting amounts above the company's
established liquidity cushion).

Moody's affirmed these ratings:

   -- Global Local Currency Scale Corporate family rating: Ba3;
      and

   -- US$120 million senior unsecured foreign currency notes,
      due 2008: B1.

Moody's assigned this rating:

   -- US$150 million senior unsecured global local currency
      notes, due 2016: (P) Ba3.

Headquartered in Sao Paulo, Brazil, Bertin Ltda. is one of the
largest beef processing and leather exporting companies in Latin
America.  In addition, the company owns and operates other
facilities to produce cleaning products, personal protective
equipment, dog toys, cans and packaging materials using by-
products of its slaughterhouses.


BRASKEM: S&P Puts BB Rating on US$275 Mil. Bonds Due Jan. 2017
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
unsecured debt rating to the proposed up to US$275 million bonds
due Jan. 2017 to be issued by Brazil-based petrochemical company
Braskem S.A. (BB/Stable/--).  The bonds will rank pari passu
with the company's other senior unsecured notes.

"The bonds have been rated at the same level as the corporate
credit rating and will be used for general corporate purposes,"
said Standard & Poor's credit analyst Reginaldo Takara.

The ratings on Braskem reflect:

   -- its exposure to volatile input costs (namely naphtha), as
      well as to the associated working capital swings;

   -- dependence on its home market for EBITDA and sales
      generation in a context of increasing competition due to
      the consolidation and expansion of other large local
      players; and

   -- the risks associated with the company's growth and
      internationalization plans, which are gradually gaining
      momentum.

These risks are partly offset by Braskem's

   -- leading business and market position in the Latin American
      petrochemical industry;

   -- a fair financial profile, with strong liquidity and an
      adequate debt amortization schedule;

   -- economies of scale;

   -- some level of geographic diversification; and

   -- increasing technological expertise.

Braskem and other market players announced price increases in
July and Aug. 2006 aimed at recovering part of the profitability
lost in previous quarters, which bodes well for a better cash
flow performance in second-half 2006 considering that volume
sales have firmed up and competitive pressure has lessened.
Standard & Poor's believes Braskem's financial performance will
improve gradually, resulting still in some pressure on the
company's financial ratios for the next couple of quarters, a
negative that is substantially offset by the company's current
strong liquidity, improved capital structure, and comfortable
debt repayment schedule.


COMPANHIA SIDERURGICA: Wheeling Denies Withdrawal from Merger
-------------------------------------------------------------
Wheeling-Pittsburgh has denied reports from the United
Steelworkers Union on the former's withdrawal from merger talks
with Companhia Siderurgica Nacional aka CSN, Briefing News
reports.

As reported in the Troubled Company Reporter-Latin America on
Sept. 21, 2006, the union disclosed that the management of
Wheeling withdrew the CSN transaction proposal from
consideration at the Nov. 17 annual meeting of Wheeling
shareholders.

However, Business News Americas relates that CSN told Sao
Paulo's Bovespa stock exchange that the merger talks are
advancing in a positive manner despite continued union
opposition.

The union said in a statement that it is supporting a previous
merger proposal from Esmark.

Wheeling confirmed to Briefing News that it is moving forward
with the proposed merger with CSN.

BNamericas states that under the deal, CSN would hold 49.5%
before debt conversion of a new holding firm created through CSN
LLC -- the North American unit of CSN -- and Wheeling's
operations in Ohio, West Virginia and Pennsylvania.  CSN will
also contribute about US$225 million in cash to the new entity.

CSN told BNamericas that it would consider an additional cash
payment to Wheeling shareholders as part of the merger plan.

Wheeling also told Briefing News that the union has agreed to
settle a grievance involving the length of the right to bid
period in their agreement.  The agreement must be settled by
Oct. 15.

Briefing News underscores that Wheeling and SID fully expect to
execute definitive agreements as soon as possible, after
Oct. 15.  Wheeling will then file its proxy statement.

Wheeling expects to hold a special shareholder meeting in
Jan. 2007, according to Briefing News.

                 About Wheeling-Pittsburgh

Wheeling-Pittsburgh operates solely in the United States,
producing hot rolled, cold rolled, galvanized, pre-painted and
tin mill sheet products.

           About Companhia Siderurgica Nacional

Companhia Siderurgica Nacional aka CSN produces, sells, exports
and distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.

                        *    *    *

Standard & Poor's Ratings Services affirmed on Aug. 4, 2006, its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional aka CSN after the
announcement of its association with U.S.-based steel maker
Wheeling-Pittsburgh Corp. in the U.S.  The outlook is stable.

Fitch Ratings viewed the proposed merger of Companhia
Siderurgica Nacional's or CSN North American operations with
those of Wheeling-Pittsburgh Corp.or WPSC to be neutral
to CSN's credit quality.  Fitch's ratings of CSN include:

  -- Foreign currency Issuer Default Rating: 'BB+';
  -- Local currency IDR: 'BBB-';
  -- National scale rating: 'AA (bra)';
  -- Senior unsecured notes 'BB+'; and
  -- Brazilian Real denominated debentures: 'AA (bra)'.


COMPANHIA SIDERURGICA: USW Not Happy with WP's Deal Confirmation
----------------------------------------------------------------
The United Steelworkers issued a statement regarding Wheeling-
Pittsburgh Steel's confirmation on its deal with Companhia
Siderurgica Nacional aka CSN.

As reported in the Troubled Company re[porter-Latin America on
Sept. 21, 2006, Wheeling-Pittsburgh strongly refuted reports
contained in the United Steelworkers Union's press release that
management has withdrawn the CSN transaction proposal from
consideration at the Nov. 17 annual meeting of Wheeling-Pitt
shareholders.  The company further stated that it and the Union
have agreed to settle a grievance involving the length of the
right to bid period in their agreement, and together have set
Oct. 15, 2006, as the conclusion of the time period.

While the Union chooses not to respond to each of the Company's
recent statements on a point-by-point basis, it notes the
following:

"The USW will not permit Wheeling-Pittsburgh to force an
unwanted transaction down the throats of our members and
retirees in clear violation of hard-won collectively bargained
rights.

There would not be a Wheeling-Pittsburgh today were it not for
the extraordinary commitment and sacrifice of the Steelworkers
Union and its members and retirees.  We are quite frankly amazed
that, after all we have done for this Company, it would continue
to pursue a transaction that their workforce strongly opposes.

The Steelworkers Union has demonstrated on occasions too
numerous to count that we can be an extraordinarily powerful
ally.  At the same time, however, the record is equally clear
that to have us as an adversary is in no one's interest."

The USW is the largest industrial union in North America with
more than 850,000 members.

                 About Wheeling-Pittsburgh

Wheeling-Pittsburgh operates solely in the United States,
producing hot rolled, cold rolled, galvanized, pre-painted and
tin mill sheet products.

           About Companhia Siderurgica Nacional

Companhia Siderurgica Nacional aka CSN produces, sells, exports
and distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.

                        *    *    *

Standard & Poor's Ratings Services affirmed on Aug. 4, 2006, its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional aka CSN after the
announcement of its association with U.S.-based steel maker
Wheeling-Pittsburgh Corp. in the U.S.  The outlook is stable.

Fitch Ratings viewed the proposed merger of Companhia
Siderurgica Nacional's or CSN North American operations with
those of Wheeling-Pittsburgh Corp.or WPSC to be neutral
to CSN's credit quality.  Fitch's ratings of CSN include:

  -- Foreign currency Issuer Default Rating: 'BB+';
  -- Local currency IDR: 'BBB-';
  -- National scale rating: 'AA (bra)';
  -- Senior unsecured notes 'BB+'; and
  -- Brazilian Real denominated debentures: 'AA (bra)'.


DURA AUTOMOTIVE: Moody's Pares Junked Ratings on US$856MM Notes
---------------------------------------------------------------
Moody's Investors Service has lowered the ratings of Dura
Operating Corporation, and its direct parent, Dura Automotive
Systems, Inc.  Dura Automotive's Corporate Family Rating has
been lowered to Ca from Caa1.  Moody's also assigned a
probability of default rating of Caa3 to Dura Automotive.  Dura
Operating Corp.'s senior secured second lien ratings were
lowered to Caa2 (LGD 3, 35%) from Caa1, the senior unsecured
notes were lowered to Ca (LGD 4, 61%) from Caa3; and the senior
subordinated notes were lowered to C (LGD 6, 92%) from Ca.  Dura
Automotive Systems Capital Trust's preferred securities also
were lowered to C (LGD 6, 98%) from Ca.

The lowered ratings reflect the company's ongoing operating
pressures in the automotive supplier sector, which have recently
been exacerbated by the announcement of additional production
declines in the second half of 2006.  Sales to Ford and GM
approximate 23% and 20% of revenue, respectively, with roughly
half of Ford exposure, and 75% of GM exposure derived in the US.

Combined with the company's announced restructuring program and
interest payments on its senior unsecured and senior
subordinated notes in the fourth quarter, the lower expected
production in the second half of 2006 will increase the cash
flow pressure on the company.  The company's Atwood division is
expected to be impacted by non-recurring FEMA sales resulting
from hurricane Katrina and higher fuel cost.  The outlook
remains negative reflecting the continuing industry pressures of
lower Big 3 production in North America, raw material pricing
pressures, and published reports indicating the company has
hired restructuring advisors.

These are the ratings:

   * Probability-of-Default rating of Caa3

Ratings lowered:

   *Dura Automotive Systems, Inc.:

    -- Corporate Family Rating to Ca from Caa1;

   * Dura Operating Corp.:

     -- US$150 million guaranteed senior secured second-lien
        term loan due May 2011, to Caa2 (LGD 3, 35%) from Caa1;

     -- US$75 million guaranteed senior secured second-lien
        add-on term loan due May 2011, to Caa2 (LGD 3, 35%) from
        Caa1;

     -- US$400 million of 8.625% guaranteed senior unsecured
        notes due April 2012 (consisting of US$350 million and
        US$50 million tranches), to Ca (LGD 4, 61%) from Caa3;

     -- US$456 million of 9% guaranteed senior subordinated
        notes due May 2009, to C (LGD 6, 92%) from Ca;

     -- EUR100 million of 9% guaranteed senior subordinated
        notes due May 2009, to C (LGD 6, 92%) from Ca;

   * Dura Automotive Systems Capital Trust:

     -- US$55.25 million of 7.5% convertible trust preferred
        securities due 2028, to C (LGD 6, 98%) from Ca

Ratings affirmed:

   * SGL-4 Speculative Grade Liquidity Rating

Dura Automotive's US$175 million guaranteed senior secured
first-lien asset-based revolving credit is not rated by Moody's.

The last rating action was July 28, 2006 when the ratings were
lowered.

Dura Automotive, headquartered in Rochester Hills, Michigan,
designs and manufactures components and systems primarily for
the global automotive industry including driver control systems,
structural door modules, glass systems, seating control systems,
exterior trim systems, and mobile products.   Annual revenues
approximate US$2.3 billion.


EMBRATEL: In Talks with Claro on Quadruple Play Package
-------------------------------------------------------
Embratel Participacoes SA is discussing with Claro -- a unit of
America Movil -- plans to offer a quadruple play package, Estado
de S. Paulo reports.

Business News Americas reports that Claro is also in talks with
Net Servicos de Comunicacao SA.

Joao Cox -- the president of Claro told BNamericas, that the
quadruple play package would include:

          -- fixed and mobile telecoms services,
          -- high speed Internet, and
          -- paid TV.

BNamericas notes that Mr. Cox said there is yet no deadline for
the negotiations.

Claro has no plants to bid for 3.5GHz and 10GHz spectrum
licenses, BNamericas relates, citing Mr. Cox.

Embratel Participacoes S.A. offers a range of complete
telecommunications solutions to the market all over Brazil,
including local, long distance domestic and international
telephone services, data, video and Internet transmission, and
is present all over the country with its satellite solutions.
Embratel is the market leader in revenues with Long Distance,
Domestic and International calls.

Embratel Participacoes is rated by Moody's:

       * local currency issuer rating -- B1; and
       * senior unsecured debt -- B2.


NET SERVICOS: In Talks with Claro on Quadruple Play Package
-----------------------------------------------------------
Net Servicos de Comunicacao SA is discussing with Claro -- a
unit of America Movil -- plans to offer a quadruple play
package, Estado de S. Paulo reports, citing Joao Cox -- the
president of Claro.

Business News Americas reports that Claro is also in talks with
Embratel.

Mr. Cox told BNamericas, that the quadruple play package would
include:

          -- fixed and mobile telecoms services,
          -- high speed Internet, and
          -- paid TV.

BNamericas notes that Mr. Cox said there is yet no deadline for
the negotiations.

Claro has no plants to bid for 3.5GHz and 10GHz spectrum
licenses, BNamericas relates, citing Mr. Cox.

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

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

                        *    *    *

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

                        *    *    *

As reported in the Troubled Company Reporter on March 15, 2006,
Standard & Poor's Rating Services raised on its foreign and
local currency corporate credit ratings on Brazilian cable pay-
TV and broadband operator Net Servicos de Comunicacao S.A to
'BB-' from 'B+'.  The Brazil National Scale rating assigned to
NET and its BRL650 million debentures due 2011 was also revised
to 'brA' from 'brBBB+'.  S&P said the outlook on the ratings was
revised to stable from positive.


TRANSAX INT'L: June 30 Balance Sheet Upside-Down by US$3.7 Mil.
---------------------------------------------------------------
Transax International Limited's balance sheet at June 30, 2006
showed a US$3,717,316 total stockholders' deficit from total
assets of US$2,196,551 and total liabilities of US$5,913,867.

Transax International's balance sheet at June 30, 2006, also
showed negative working capital with US$1,085,530 in total
current assets and US$4,943,668 in total current liabilities.

Net loss for the three months ended June 30, 2006, rose to
US$1,302,259, from net loss of US$167,041 in the three months
ended June 30, 2005.

Revenues also increased to US$1,034,844 in the current quarter
compared to revenues of US$861,023 in the same period last year.

Full-text copies of the Company's financial statements for the
quarter ended June 30, 2006 are available for free at:

               http://researcharchives.com/t/s?1201

Based in Miami, Florida, Transax International Limited (OTCBB:
TNSX) -- http://www.transax.com/-- provides health information
management systems to hospitals, physicians and health insurance
companies.  The Company's subsidiaries, TDS Telecommunication
Data Systems LTDA provides services in Brazil; Transax Australia
Pty Ltd. operates in Australia; and Medlink Technologies Inc.
initiates research and development.


* BRAZIL: Massachusetts Opens New Office in Sao Paulo
-----------------------------------------------------
The Massachusetts Office of International Trade and Investment
is opening its fourth overseas trade office in Sao Paulo,
Brazil, the Boston Herald reports.

According to the same report, Brazil is one of the major trading
partners of Massachusetts, providing the state with tens of
thousands of immigrant workers and ranking as the state's 17th
largest trading partner.

"In the past decade, Brazil and its (South American) neighbors
have become increasingly important trading partners for the
commonwealth," Christa Bleyleben, the agency's executive
director, told the Boston Herald.

The Boston Herald relates that the agency's export figure
averages at about US$2 billion a year.  This accounts from its
partnership with South America, Mexico and Central America, with
Brazil accounting for US$283 million in exported goods and
services.

Economic research director for Associated Industries of
Massachusetts, Andre Mayer commented to the Boston Herald that
Massachusetts acted smartly in tapping into the growth potential
of Brazil.

Mr. Mayer underlined the fact that Massachusetts has gained a
high profile in Brazil, Portugal, Cape Verde and other
Portuguese-speaking countries due to their thousands of
immigrants that has settled in the state, the Boston Herald
says.

                        *    *    *

As reported on Sept. 4, 2006, Brazil's foreign currency country
ceiling was upgraded to Ba1 from Ba2 while the government's
foreign- and local-currency bond ratings were changed to Ba2
from Ba3.


* BRAZIL: IDB Grants US$1.1MM to Support Small-Scale Producers
--------------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment
Fund announced the approval of a US$1,100,000 grant to the
Sustainable Development Institute of the Extreme South of Bahia
or IDES to develop a replicable model of integrated production
for small-scale rural producers located in environmental
protection areas.

The model will be based on sustainable natural resource
management techniques and will benefit at least 150 aquaculture
and hundreds of small rural producers in cooperatives and
associations in the Brazilian Atlantic forest, one of the
world's most biodiverse terrestrial ecosystems.

Previous lack of environmental awareness and destructive
production techniques have caused indiscriminate deforestation
in the region.  The government declared several parts of the
state as "environmental protection areas" to ensure that human
activities are compatible with plant, animal and water
conservation, improving at the same time the quality of life of
the local population on a sustainable basis.

The main production chains to be promoted will be:

   -- Aquaculture, mainly tilapia and oyster farming;
   -- palmito (palm heart); and
   -- cassava (yucca).

The program will also support a new piassaba palm production
chain that will help reintroduce

   -- handicrafts based on coconut, piassaba straw and fiber;
   -- production of activated carbon and starch;
   -- eventual extraction of oil for the pharmaceutical and
      cosmetics industries; and
   -- manufacture of high-quality brooms and brushes.

"The project will help IDES foster the creation and
strengthening of these production chains, improve production and
promote business partnerships through cooperatives," said MIF
Team Leader Daniel Shepherd.  "To improve producer
profitability, cooperatives need access to specialized markets,
such as export, fair trade and organic markets based on constant
product quality at more demanding standards.  They also need
business skills training."

"The idea is to reconcile economic needs with environmental
conservation in an ecologically sensitive zone," added Mr.
Shepherd. "Given the number of APAs in Brazil, this project
could serve as a model with numerous opportunities of
replication."

IDES was created in 1997 to promote sustainable development
through projects that solve local problems relating to
agroforestry systems, environmental education, rural tourism and
ecotourism.  Its main focus is to make productive activities
environmentally sustainable.

MIF, an autonomous fund administered by the IDB, supports
private sector development in Latin America and the Caribbean,
focusing on microenterprise and small business.

                        *    *    *

As reported on Sept. 4, 2006, Brazil's foreign currency country
ceiling was upgraded to Ba1 from Ba2 while the government's
foreign- and local-currency bond ratings were changed to Ba2
from Ba3.




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


ANFIELD ROAD: Final Shareholders Meeting Is Scheduled for Oct. 5
----------------------------------------------------------------
Anfield Road I Limited's shareholders will convene for a final
meeting on Oct. 5, 2006, at:

          Maples Finance Limited
          Queensgate House, George Town
          Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


CASSANDRA ASSOCIATES: Last Shareholders Meeting Is on Oct. 6
------------------------------------------------------------
Cassandra Associates (Cayman), Ltd.'s final shareholders meeting
will be at 9:00 a.m. on Oct. 6, 2006, at the company's
registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


C-BASS 2004-CB2NIM: Final Shareholders Meeting Is Set for Oct. 5
----------------------------------------------------------------
C-BASS 2004-CB2NIM Ltd.'s shareholders will convene for a final
meeting on Oct. 5, 2006, at:

          Maples Finance Limited
          Queensgate House, George Town
          Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

          Steven O'Connor
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


C-BASS 2004-CB3NIM: Last Shareholders Meeting Is Set for Oct. 5
---------------------------------------------------------------
C-BASS 2004-CB3NIM Ltd.'s shareholders will convene for a final
meeting on Oct. 5, 2006, at:

          Maples Finance Limited
          Queensgate House, George Town
          Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

          Steven O'Connor
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


CP KELCO: Liquidator Presents Wind Up Accounts on Oct. 6
--------------------------------------------------------
CP Kelco Capital Corp.'s final shareholders meeting will be at
10:00 a.m. on Oct. 6, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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

CP Kelco is a global producer of hydrocolloid products such as
xanthan gum, pectin, and carrageenan. The company's products are
used as thickeners and stabilizers in food and personal care
products, industrial and oil & gas applications.


DEAM RREEF: Shareholders Convene for a Final Meeting on Oct. 6
--------------------------------------------------------------
DeAM RREEF Real Estate Securities Fund Limited's final
shareholders meeting will be at 11:00 a.m. on Oct. 6, 2006, at
the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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


DIAMOND INVESTMENT: Sets Final Shareholders Meeting on Oct. 5
-------------------------------------------------------------
Diamond Investment Grade CDO II, Ltd.'s shareholders will
convene for a final meeting on Oct. 5, 2006, at:

          Maples Finance Limited
          Queensgate House, George Town
          Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

          Phillip Hinds
          Emile Small
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


JCF RE: Schedules Final Shareholders Meeting for Oct. 6
-------------------------------------------------------
JCF RE I, LDC's final shareholders meeting will be at 9:30 a.m.
on Oct. 6, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


LEVERAGED BUYOUT: Calls Shareholders for Last Meeting on Oct. 6
---------------------------------------------------------------
Leveraged Buyout Co., Ltd.'s final shareholders meeting will be
at 12:00 p.m. on Oct. 6, 2006, at the company's registered
office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


MCM CAPITAL: Shareholders Gather for a Final Meeting on Oct. 5
--------------------------------------------------------------
MCM Capital Advisors Limited's final shareholders meeting will
be at 10:00 a.m. on Oct. 5, 2006, at:

          Walkers
          P.O. Box 265GT, Walker House
          Mary Street, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Andrei Ostrovskiy
          115172, Russia, Moscow
          Koltelnicheskaya nav. 33 bld.1, MCM Bank
          Tel: +7 495 795 2521 ext. 2507
          Fax: +7 495 960 2250


MOORE OVERSEAS (LDC): Final Shareholders Meeting Is on Oct. 6
-------------------------------------------------------------
Moore Overseas Technology Venture Fund, LDC's final shareholders
meeting will be at 11:30 a.m. on Oct. 6, 2006, at the company's
registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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


MOORE OVERSEAS (LTD): Last Shareholders Meeting Is on Oct. 6
------------------------------------------------------------
Moore Overseas Technology Venture Fund, Ltd.'s final
shareholders meeting will be at 11:00 a.m. on Oct. 6, 2006, at
the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

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

Moore Overseas echnology Venture Fund, Ltd. is an open-end
feeder fund incorporated in the Cayman Islands.  The fund's
objective is to maximize the return on a portion of the existing
technology-related venture capital investments of MGI, including
future capital commitments relating thereto and to liquidate
such investments over the fund's term.


NYK STAR: Invites Shareholders for a Final Meeting on Oct. 6
------------------------------------------------------------
Nyk Star Reefers Inc.'s final shareholders meeting will be at
10:00 a.m. on Oct. 6, 2006, at:

          Deloitte
          Fourth Floor, Citrus Grove
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Stuart Sybersma
          Attention: Nicole Ebanks
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-7500
          Fax: (345) 949-8258


PRAETORIAN EUROPE: Sets Last Shareholders Meeting on Oct. 6
-----------------------------------------------------------
Praetorian Europe's final shareholders meeting will be at 1:00
p.m. on Oct. 6, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

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

Praetorian Europe is an open-ended feeder fund incorporated in
the Cayman Islands.  The fund's objective is to realize an
absolute annual return on investment that is greater than the
long-term performance of the European Equity Market while
stressing the presevation of the capital.  The fund maintains a
focused, long/short portfolio consisting principally of liquida,
publicly traded European equities.


SHARMSHIR INVESTMENTS: Last Shareholders Meeting Is on Oct. 6
-------------------------------------------------------------
Sharmshir Investments Limited's shareholders will convene for a
final meeting on Oct. 5, 2006, at:

          Colin Shaw & Co.
          Alamander Way
          Grand Pavilion, West Bay Road
          Grand Cayman, Cayman Islands

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

The liquidator can be reached at:

          T.C. Directors (Channel Islands) Limited
          c/o Colin Shaw & Co.
          Alamander Way
          Grand Pavilion, West Bay Road
          P.O. Box 10173 APO
          Grand Cayman, Cayman Islands




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


AES CORP: Commits to Produce 10 Mil. Tons of Gas Emission Offset
----------------------------------------------------------------
In a pledge to the Clinton Global Initiative or CGI, the AES
Corp. has committed to produce 10 million tonnes of greenhouse
gas emission offsets by 2012 and said it will pursue offset
development projects under the Clean Development Mechanism of
the Kyoto Protocol in Asia, Africa, Europe and Latin America.
AES disclosed its commitment in conjunction with the CGI annual
me

"AES is proud to help meet the challenge of global warming
through projects and technologies that reduce or offset
greenhouse gas emissions," said William Luraschi, AES Executive
Vice President of Business Development.  "AES first began
investing in greenhouse gas emission reduction projects in the
late 1980's. With this experience and our global platform, we
are well positioned to play a leading role in this burgeoning
sector, which is a key component of our broader alternative
energy strategy."

In April 2006, AES announced the formation of its alternative
energy group and plans to invest approximately US$1 billion over
the next three years in this sector.  In addition to pursuing
opportunities in renewable energy sources, through its Climate
Change and Technology Development or CCTD group, AES is actively
developing offset projects in the agricultural, reforestation,
landfill gas, and coal mine methane emission reduction sectors
that meet the requirements of the Clean Development Mechanism of
the Kyoto Protocol.  AES disclosed its first significant
business venture in the greenhouse gas emission offset
production sector in May 2006, through the creation of AES
AgriVerde. This majority-owned subsidiary will deploy offset
technologies in ten developing countries in Asia, Europe and
North Africa.  AES AgriVerde utilizes a technology to capture
methane from agricultural and animal waste sites, reducing net
greenhouse gas emissions by approximately 95% over traditional
organic waste management processes.  Once captured, the methane
is either destroyed or it is used to generate a renewable source
of electricity.

"Methane is a significant contributor to climate change and is
21 times more potent than carbon dioxide (CO2)," said Bill
Lyons, AES Managing Director of Climate Change and Technology
Development.  "In addition to the positive impacts on climate
change, the technology deployed by AES AgriVerde also enhances
AES's ability to meet new power needs in developing countries
and creates numerous local health benefits including cleaner
drinking water and soil as well as reduced exposure to mosquito-
and other insect-borne diseases."

In addition to developing offset projects, AES's CCTD group also
invests in and is working to develop technologies that will
either directly reduce greenhouse gas emissions or serve as the
underlying technology for new offset project activities.  AES
also has formed strategic partnerships with Los Alamos National
Laboratory and other entities to identify, evaluate, and bring
to market new technologies to further reduce greenhouse gas
emissions.

Richard Darman, AES's Chairman of the Board, is a member of CGI.

AES Corp. -- 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, 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.

In March, Standard & Poor's Ratings Services raised its
corporate credit rating on diversified 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, Moody's
affirmed the ratings of The AES Corp., including its Ba3
Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.




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


ECOPETROL: Ministries Present Restructuring Bill to Congress
------------------------------------------------------------
The mines and energy ministry said in a statement that it
submitted, along with the finance and public credit ministries,
a bill to congress for the restructuring of Ecopetrol,
Colombia's state oil company, in light of plans on a partial
sell-off.

Business News Americas relates that the modification bill would
allow Ecopetrol to change its legal classification after shares
are issued and sold.

As reported in the Troubled Company Reporter-Latin America on
July 31, 2006, the Colombian mines and energy ministry said that
Ecopetrol received the government's approval to sell up to 20%
of the company.  According to the ministry, the private sector
participation would help ensure Ecopetrol's financial and
administrative independence needed to carry out investments on
exploration and production as well as to upgrade oil
infrastructure.  President Alvaro Uribe said that Colombia would
boast a larger and stronger company and that new oil discoveries
require funds to be injected into Ecopetrol.

BNamericas states that the legislation would allow Ecopetrol to:

          -- conduct R&D;

          -- sell traditional and alternative energy sources;
             and

          -- produce, mix, store, transport and sale oxygenated
             components and biofuels.

BNamericas notes that Ecopetrol aims to increase production to
500,000 barrels a day (b/d) in 2011, compared with the
311,000b/d average last year.

Ecopetrol, to attain the boost in production, must increase
annual investment to US$2.5 billion in the next five years from
US$1.4 billion in 2006, BNamericas reports.

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

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


GERDAU SA: Asks Colombian Gov't More Quality Control on Imports
---------------------------------------------------------------
Gerdau Diaco, the Colombian unit of Gerdau SA, is requesting the
local government to exercise better quality control over steel
shipped into the country, Business News Americas reports.

Juan Manuel Romero -- the chief executive officer of Gerdau
Diaco -- told La Republica that the state must keep an eye on
quality standards for steel used in construction.

La Republica relates that Colombia has a series of technical
guidelines for the steel sector.  However, Mr. Romero said that
some imported steels do not meet the necessary technical
requirements.

A large number of unofficial rolling mills are operating, which
in most cases offer products that do not meet earthquake
resistance requirements, Mr. Romero told Bnamericas.

Gerdau Diaco -- Colombia's largest manufacturer of steel
products for civil construction -- is owned by Brazilian giant
Grupo Gerdau.

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

Gerdau's four majority-owned Brazilian operating subsidiaries
are:

   -- Acominas,
   -- Gerdau Acos Longos S.A.,
   -- Gerdau Acos Especiais S.A. and
   -- Gerdau Comercial de Acos S.A.;

                        *    *    *

Gerdau SA's US$600 million 8-7/8% perpetual bond is rated Ba1 by
Moody's, BB+ by S&P, and BB- by Fitch.

                        *    *    *

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.


* COLOMBIA: Concludes First Round of Trade Talks with Cuba
----------------------------------------------------------
Colombia has concluded its first round of trade negotiations
with Cuba, Prensa Latina reports.

Eduardo Munoz -- the Colombian vice minister of trade -- said in
a statement that the three days of talks, which started early
last week, were successful.

Minister Munoz told Prensa Latina that these groups attended the
sessions:

          -- Health and Phytosanitary measures,
          -- Technical Obstacles to Trade, and
          -- Controversy Solution.

The Controversy Solution group has concluded its work, Prensa
Latina relates.  Health and Phytosanitary measures group has two
points pending.  Technical Obstacles to Trade is the most
delayed, but is committed to solve differences as soon as
possible, Prensa Latina says, citing Minister Munoz.

According to Prensa Latina, another Cuban technical delegation
will be in Colombia on Oct. 2 to 5 to focus on issues like
Access and Origin Norms to markets.  The delegation will also
solve aspects that were pending in the first round of
negotiations.

The talks are aimed at strengthening and boosting the Economic
Complementation Agreement between Cuba and Colombia, Prensa
Latina states.

                        *    *    *

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


* COLOMBIA: Local Stock Exchange Joins Brazil-Mexico Partnership
----------------------------------------------------------------
The Colombian exchange chairman Juan Pablo Cordoba disclosed
that the country's stock exchange will join the Brazil-Mexico
partnership within a year, Dow Jones Newswire reports.

Mr. Cordoba told Dow Jones that before this plan will be
implemented; the Colombian stock market will have to get
authorizations from the Finance Ministry, the securities
regulator, and the central bank.  Once approved, trading of
Mexican and Brazilian shares in Bogota and alternately trading
Colombian shares in the two countries will be realized.

"Mexico and Brazil have been working on the issue for more than
a year, and it will probably be ready in Dec., and Colombia
would join the system in a year or so," Mr. Cordoba told
reporters.  "The objective is to increase the liquidity of our
market," he added.

Dow Jones relates that in the past two years, the Colombian
stock market has gained a rosy reputation as being one of the
world's highest gainers, in which its IGBC stock index scored
119% in 2005 after a rising of 84% in 2004.  This has attracted
both the local and foreign investors.

However, the nation cannot say the same for 2006, with the IGBC
currently down to 5.3% and consequently affecting investors'
outlook in the Colombian stocks in the last month.
Discouragement from investors caused the average volume of
shares to plunge to COP99 billion or US$41 million in Aug. from
the first quarter's COP148 billion, Dow Jones continues.

The report says that many local brokers agree that this move
from the Colombian stock exchange will be beneficial both for
the market and the local investors.

"This would give investors more options to diversify," Rodrigo
Jaramillo, the chief executive of Colombia's biggest brokerage,
Interbolsa S.A., told Dow Jones Newswires.  "Investors will be
able to buy blue chips such as Petrobras and Telmex," he said.

Mr. Jaramillo also suggested that partnerships with other
exchanges would further boost local investors and brokerages.
He said that this move would allow more cash flows from Mexico
and Brazil, that in turn will heighten demand for shares and
their prices.  He also added that brokerages would be able to
sell more products to local investors, Dow Jones relates.

Mr. Cordoba told Dow Jones that formerly, companies listed in
New York were the only ones allowed to trade in Brazil and
Mexico.  He also underlined the fact that companies with
American Depositary Receipts obtain more difficult corporate
governance requirements compared with those listed in Colombia
only.

According to Dow Jones, at present, the country's biggest bank,
Bancolombia S.A., is the only one that trades in New York with
an ADR.  However, two other companies have planned to get an
ADR: Cementos Argos S.A. and Interconexion Electrica S.A. by
mid-2007.

                        *    *    *

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




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


* COSTA RICA: RBTT Provides US$100M Financing to Hidroenergia
-------------------------------------------------------------
The Trinidad Guardian reports that RBTT Merchant Bank Ltd.'s
local branch at Costa Rica has closed a US$100 million
refinancing deal with Hidroenergia del General.

Hidroenergia del General owns the Rio General Hydroelectric
Project, a hydroelectric power plant located approximately 50
kilometers from the capital of San Jose, the Guardian says.

RBTT's new funding is in addition to the US$64 million it
provided the Costa Rican company to fund the design,
construction, operation and maintenance of the 40-megawatt
hydroelectric plant, the Guardian relates.

According to the same report, the credit facility is structured
as a syndicated loan, and the syndicate is comprised of
institutional investors from the United States, the Caribbean
and Central America.

The Costa Rican government, according to RBTT Merchant Bank, is
relying on the Rio General Hydroelectric Project and other
hydroelectric projects to try to reduce the breach between the
short term supply and demand for energy in Costa Rica which is
rising at about 6% per year, the Guardian relates.

                        *    *    *

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




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


* CUBA: Concludes First Round of Trade Talks with Colombia
----------------------------------------------------------
Cuba has concluded its first round of trade negotiations with
Colombia, Prensa Latina reports.

Eduardo Munoz -- the Colombian vice minister of trade -- said in
a statement that the three days of talks, which started early
last week, were successful.

Minister Munoz told Prensa Latina that these groups attended the
sessions:

          -- Health and Phytosanitary measures,
          -- Technical Obstacles to Trade, and
          -- Controversy Solution.

The Controversy Solution group has concluded its work, Prensa
Latina relates.  Health and Phytosanitary measures group has two
points pending.  Technical Obstacles to Trade is the most
delayed, but is committed to solve differences as soon as
possible, Prensa Latina says, citing Minister Munoz.

According to Prensa Latina, another Cuban technical delegation
will be in Colombia on Oct. 2-5 to focus on issues like Access
and Origin Norms to markets.  The delegation will also solve
aspects that were pending in the first round of negotiations.

The talks are aimed at strengthening and boosting the Economic
Complementation Agreement between Cuba and Colombia, Prensa
Latina 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
===================================


AES CORP: Power Failure Disrupts Dominican Unit's Operations
------------------------------------------------------------
AES Andres -- a unit of AES Corp. in the Dominican Republic
-- closed down earlier last week (Sept. 17 & 18), along with
Itabo II and Haina thermoelectric unit, DR1 Newsletter reports.

Local press says that the blackouts in the country were due to a
significant decrease in generation capacity, with the three
major units going off-line.

According to DR1, the problem was compounded by the failure of
the 69,000-volt power line to Haina, forcing 20 circuits off-
line and causing up to 12 hours of blackouts.

Corporacion Dominicana de Empresas Electricas Estatales told DR1
that the breakdown of the generation facilities and the power
line caused the loss of electricity in Santo Domingo and
Santiago for long periods of time.

Dr1 relates that there were failures in the transmission lines
between:

          -- Canabacoa and Playa Dorada;
          -- Bonao-Maimon-Hatillo; and
          -- La Romana and Higuey.

The report says that that Samana-Nagua network also failed,
affecting substations in Sanchez and Samana.

No official explanation has been given for the outages, DR1
states.

AES Corp. -- 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, 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.

In March, Standard & Poor's Ratings Services raised its
corporate credit rating on diversified 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, Moody's
affirmed the ratings of The AES Corp., including its Ba3
Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


BANCO INTERCONTINENTAL: CenBank Head Accused of Pressuring Court
----------------------------------------------------------------
Legal representatives of Ramon Baez Figueroa in the Banco
Intercontinental SA aka Baninter fraud case charged Hector
Valdez Albizu, who heads the Dominican Republic's central bank
-- of influencing press releases from international entities to
pressure the court, Dominican Today reports.

Mr. Figeroa's attorneys in the Baninter case include:

          -- Marino Vinicio Castillo (Vincho),
          -- Juarez Castillo, and
          -- Vinicio Castillo Seman.

Mr. Figueroa's lawyers told Dominican Today, "The note without
signature attributed to the World Bank and to the Inter-American
Development Bank are the fruit of an undignified lobbying effort
by the governor of the Central Bank in his last trip abroad,
with the only objective to pressure the Dominican justice which
at the moment hears with all normality the Baninter process,
which is firmly rejected by this Defense council."

Dominican Today relates that the attorneys said in a document,
"Because they don't have solid arguments in the court and the
public opinion, they go to the boogeyman of the international
organisms to ask punishment the for supposed responsible of bank
frauds, while giving absolute cover of impunity to the true
people in charge of the economic fiasco occurred in 2003 in the
government of sad remembrance of Hipolito Mejia Dominguez."

Mr. Figueroa's legal representatives told Dominican Today, "They
can't withstand a fair trial -- the Defense council affirms --
where due process is respected; where each part must maintain
its right of arguments freely; what they want is a pure and
simple lynching, specifically in the bank subject; that justice
doesn't judge impartially, but that everything takes place
according to what they have planned beforehand."

Dominican Today underscores that the two Castillo lawyers think
that the prosecution has lost ground before the public and
suffered procedural defeats in court.

The lawyers told Dominican Today that these people are mostly to
blame for the collapse of Baninter for violating the Monetary
Financial Law:

          -- former President Mejia;

          -- Jose Lois Malkun, the former central bank governor;
             and

          -- Andy Dahuajre, the former Executive Branch Economic
             adviser.

"It's a pity and shameful -- they add -- that it's an official
of this Administration of doctor Leonel Fernandez, as the
governor of the Central Bank, the one who lobbies for this type
of declarations that in essence seeks to make Ramon Baez
Figueroa responsible for the economic fiasco of 2003 and to
exculpate and to rehabilitate Hip¢lito Mej¡a and his group PPH,"
the defense lawyers told Dominican Today.

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




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


PETROECUADOR: Inks Joint Venture Agreement with Enarsa
------------------------------------------------------
Petroecuador, the state-run oil firm of Ecuador, said in a
statement that it has entered into a joint venture agreement
with Enarsa, its Argentine counterpart, for the to develop
future contracts for the hydrocarbons sector.

Business News Americas relates that Petroecuador and Enarsa are
keen on collaborating with each other in all phases of the oil
sector.

According to BNamericas, Petroecuador and Enarsa will establish
a joint working group to identify opportunities.

BNamericas notes that an executive committee set up by
Petroecuador and Enarsa will be responsible for identifying the
needs of specific projects, which must be approved by the
respective governments.

The five-year agreement will automatically renew for subsequent
five-year periods unless one of the firms wants to withdraw,
BNamericas reports.

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.


PETROECUADOR: Oil Production Drops Due to Lack of Investment
-----------------------------------------------------------
Galo Chiriboga -- the head of Petroecuador, the state-owned oil
company of Ecuador -- told the media that the firm's oil output
decreased in recent months due to lack of investment and
inefficiency.

Xinhua News Agency relates that Petroecuador produced about
200,000 barrels of oil per day at the start of 2006.  However,
production had fallen gradually to 183,000 barrels per day by
Sept. 19.

Mr. Chiriboga told Xinhua, "I no longer think we can return to
200,000 barrels per day.  The investment we need is large and I
don't have those kinds of options."

Xinhua relates that petroleum accounts for 55% of Ecuador's
exports, and 30% of the country's budget.

Mr. Chiriboga said that in the next three months, during which
he would remain in power, he would work to boost the firm's
efficiency, Xinhua states.

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


* ECUADOR: IDB Grants US$829,000 to Boost Competitiveness
---------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment
Fund announced the approval of a US$829,000 grant to help
improve the competitiveness of micro, small, and medium-sized
enterprises or MSMEs in the municipality of Otavalo, Ecuador.

With a population of about 100,000 inhabitants, Otavalo is home
to MSMEs engaged primarily in producing and marketing crafts and
providing a wide range of tourist services in a quasi-formal or
informal environment.

Municipal authorities have been implementing policies and
measures to promote economic activity and create a favorable
climate for investment. They are reducing obstacles to business
formalization and organize activities to promote business
partnerships.

The project seeks to implement a demand-driven, public-private
participation model that will promote formalization, market
access, business opportunities and strengthening of MSMEs
marketing networks in the tourism and crafts sectors.

To accomplish this objective, the project will establish a
one-stop window for business formalization, support partnership
building in the crafts and tourism sectors, and promote best
practices and dissemination of the partnership model.

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

                        *    *    *

Fitch assigned these ratings on Ecuador:

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




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


DIGICEL LTD: Acquiring Mobile Operator & License In El Salvador
---------------------------------------------------------------
Digicel Ltd. said in a statement that it has signed an agreement
to acquire a Digicel Holdings Limited -- a GSM mobile operator
in El Salvador that also holds a mobile license in Guatemala.

Digicel Holdings is a separate firm and is not part of Digicel
Ltd.

The pending acquisition of Digicel Holdings is subject to
certain conditions.

The acquisition marked its first entry into the mobile phone
market in the Central America region, Reuters says, citing
Digicel Ltd.

The acquisition will expand the company's existing Pan Caribbean
GSM network, and increase its coverage to a population of more
than 22 million people.

Colm Delves, Digicel Group chief executive, said, "Our entry
into the Central American market will be an exciting new phase
in Digicel's growth and we look forward to welcoming Digicel
Holdings Limited and the El Salvador staff and customers into
the Digicel family.  At the same time, we also look forward to
our imminent entry into the South American markets of Guyana and
Suriname and taking significant steps forward in the roll-out of
a seamless regional telecommunications network."

El Salvador has one of the most open telecommunications markets
in Central America following the privatization and
liberalization of the sector in 1998.  Mobile penetration is
currently estimated at approximately 30%.  The sector continues
to enjoy sustained growth with mobile phones overtaking fixed
lines service in 2002.

According to Reuters, Telecom de El Salvador -- an America Movil
unit -- dominates the El Salvador market.  Last year, the firm
had 80% of all fixed and mobile telephone lines in the nation.
It has been investing heavily to expand its network.

The sum that Digicel Ltd. will pay for Digicel Holdings is not
disclosed, Reuters relates.

Meanwhile, Digicel Ltd. told Reuters the purchase of the
Guatemalan license of Digicel Holdings is still subject to
certain conditions, but is expected to close soon.

Digicel is known for its speed to market and innovative
marketing initiatives, as well as introducing a dynamic
portfolio of mobile services and product offerings in all
markets in which it operates.  With investments in the region at
over US$1.2 billion, Digicel has successfully challenged U.K.
incumbent Cable & Wireless among others over the years.  The
company continues to rapidly increase its customer base by
connecting with consumers through its value-added offerings and
exciting brand.

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

                        *    *    *

On July 12, 2006, Moody's Investors Service assigned a B3 senior
unsecured rating to the US$150 million add-on Notes offering of
Digicel Limited and affirmed Digicel's existing B3 senior
unsecured and B1 Corporate Family Ratings.  The outlook has been
changed to stable from positive.

Fitch Ratings assigned on July 14, 2006, a 'B' rating to Digicel
Limited's proposed add-on offering of US$150 million 9.25%
senior notes due 2012.  These notes are an extension of the
US$300 million notes issued in July 2005.  In addition, Fitch
also affirms Digicel's foreign currency Issuer Default Rating
and the existing US$300 million senior notes due 2012 at 'B'.
Fitch said the Rating Outlook is Stable.




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


* GUATEMALA: Farmers Call for Agrarian Reform
---------------------------------------------
"We consider that agrarian reform is necessary to solve the
conflict in the agricultural sector," Leocadio Juracan -- the
head of the National Farmers Organization Organizing Committee
in Guatemala -- told Prensa Latina.

Guatemala has one of the world's least unfair distribution
systems and the second most unequal in Latin America, since 2%
of the population owns 70% of land suitable for growing, Prensa
Latina states, citing Mr. Juracan.

Mr. Juracan told Prensa Latina that not only a redistribution of
the land is needed, but also a technical assistance and
financial investment to develop the agriculture of subsistence.

Prensa Latina relates that Mr. Juracan said that 57% of the
Guatemalan population is in poverty while 27% of them live in
extreme poverty.

Mr. Juracan told Prensa Latina that the government refuses to
meet the farmers demands, said Juracan.

Indigenous and farmer groups will hold an International
Conference on Integral Agrarian Reform on Oct. 10 to 12, Prensa
Latina reports.

                        *    *    *

Fitch Ratings assigned these ratings on Guatemala:

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

                        *    *    *

Fitch also rated Guatemala's senior unsecured bonds:

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




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


NATIONAL COMMERCIAL: Imposing Service Charge on Utility Bills
-------------------------------------------------------------
The National Commercial Bank confirmed to the Jamaica Observer
that it will be launching service charge on utility bills paid
at its branches.

The Observer relates that National Commercial aims to ease
client traffic and recover some of the processing cost.

Sheree Martin, National Commercial's assistant general manager
for group corporate communications, said in a statement, "A
service charge for the payment of bills in our branches is to be
introduced in a few months and we are currently preparing
appropriate notices for our customers."

Ms. Martin told The Observer, "The fact that payment agencies
have started charging fees for their bill payment services has
resulted in an increase in the number of persons using our
branches to pay their utility bills.  This has caused delays for
our customers and has been a strain on the resources in the
branches. We are seeking to recover some of the cost of
processing these payments."

Ms. Martin did not tell The Observer the actual amount to be
charged.

However, The Observer received a call from an unidentified
source who said she had paid a utility bill at a National
Commercial unit earlier last week.  The source said she was
informed by a teller that the fee would be US$55 for every
transaction.

The Observer states that the service charge would be about 57%
higher than the US$35 -- inclusive of GCT -- currently being
charged on each transaction by Bill Express.

Ms. Martin told The Observer that the charge would only be
applied to clients who walk into National Commercial branches to
pay bills.

"This charge will not be applied to NCB (National Commercial)
customers who pay their bills using the Internet banking portal,
NCB e-link or our telephone banking system, Tele-midas," The
Observer reports, citing Ms. Martin.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2006, Fitch initiated rating coverage on Jamaica's
National Commercial Bank Jamaica, Ltd., by assigning 'B+'
ratings on the bank's long-term foreign currency.  Other ratings
assigned by Fitch include:

   -- Long-term local currency 'B+';
   -- Short-term foreign currency 'B';
   -- Short-term local currency 'B';
   -- Individual 'D';
   -- Support '4'.

Fitch said the ratings have a stable rating outlook.




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


AMERICAN TOWER: Restating Annual and Quarterly Financial Reports
----------------------------------------------------------------
Based on facts ascertained by the special committee of Board of
Directors of American Tower Corp. investigating its stock
option grants, the company has determined that it will need to
restate its financial statements.

The restatement of the previously issued financial statements is
to record charges for stock-based compensation expense related
to certain option grants and to account for the tax-related
consequences.  The special committee's investigation is ongoing
and it is continuing its review of the matters.

American Tower expects to file an amended Annual Report on
Form 10-K/A for the year ended Dec. 31, 2005, to reflect the
restatement of its consolidated financial statements as of
Dec. 31, 2005, and 2004 and for each of the years ended
Dec. 31, 2005, 2004 and 2003.  The amended Annual Report will
also reflect the restatement of selected financial data as of
and for the years ended Dec. 31, 2005, 2004, 2003, 2002 and
2001.

American Tower also expects to file an amended Quarterly Report
for the quarter ended March 31, 2006, to reflect the restatement
of its condensed consolidated financial statements as of
March 31, 2006, and for the three month periods ended
March 31, 2006 and 2005.  In addition, the Company expects to
file its Quarterly Report for the quarter ended June 30, 2006.

American Tower currently expects to file with the Securities and
Exchange Commission its restated annual and quarterly reports in
the next three to five weeks.

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

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 21, 2006
Standard & Poor's Ratings Services' ratings for Boston-based
wireless tower operator American Tower Corp. and its related
entities remained on CreditWatch with negative implications,
including the 'BB+' corporate credit rating.  The '1' recovery
ratings for the company's bank loans are not on CreditWatch.

As reported in the Troubled Company Reporter on Sept. 4, 2006
Moody's Investor Service lowered American Tower Corporation's
Speculative Grade Liquidity Rating to SGL-3 from SGL-1 and
affirmed all long term ratings of AMT, American Tower Inc. and
Spectrasite Communications Inc., including AMT's Ba2 Corporate
Family Rating.  At the same time, Moody's changed the outlook to
developing from stable.


BERRY PLASTICS: Completes Tender Offer for 10.75% Sr. Notes
-----------------------------------------------------------
Berry Plastics Corp. has completed its tender offer and consent
solicitation for any and all of its outstanding US$335,000,000
aggregate principal amount of 10.75% Senior Subordinated Notes
due 2012 (CUSIP No. 085790AJ2) pursuant to the Offer to Purchase
and Consent Solicitation Statement dated July 25, 2006, as
extended on Aug. 7, 2006, and on Sept. 6, 2006.

The offer expired at 12:00 midnight ET, on Sept. 20, 2006, with
US$335,000,000 in aggregate principal amount of Notes (100% of
outstanding Notes) tendered and accepted for purchase under the
terms of the Offer.

Deutsche Bank Securities Inc. is the exclusive dealer manager
and solicitation agent for the tender offer and consent
solicitation.

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

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed the B3 rating on Berry
Plastics Corp.'s US$335 million 10.75% senior subordinated
notes, due July 15, 2012.

As reported in the Troubled Company Reporter on July 31, 2006,
Standard & Poor's Ratings Services revised its CreditWatch
implications on the 'B+' corporate credit rating on Berry
Plastics Corp. to negative from developing.


EMPRESAS ICA: IFC Grants MXN130.5MM to Irapuato-La Piedad Hi-Way
----------------------------------------------------------------
Empresas ICA, S.A.B. de C.V., disclosed that the International
Finance Corporation, or IFC, the private sector arm of the World
Bank, has provided a partial credit guarantee of up to MXN130.5
million for the financing approved by Santander-Serfin for the
expansion, modernization, and operation of the Irapuato-La
Piedad highway.  The Public Private Partnership or PPP
concession and service contract for this highway was awarded to
an ICA subsidiary by the Ministry of Communications and
Transport or SCT in October 2005.

"IFC's participation in this project confirms the strength and
viability of the PPP structure.  The Mexican government has been
developing the PPP mechanism for the past three years, and ICA
has participated actively in the development process," said
Alonso Quintana, ICA's Administration and Finance Director.

Franciso A. Tourreilles, IFC's Director of the Infrastructure
Department noted, "IFC is pleased to be working with ICA and
Banco Santander in this path breaking PPP transaction in Mexico.
It will have an important demonstration effect for PPP
infrastructure projects in that country and, more broadly, in
Latin America.  We believe that the successful development of
effective private-public partnership models such as this one
will play an important role in helping attract critically needed
private investments in infrastructure in the region."

"Santander is committed to the financing of infrastructure in
Mexico. We are grateful to ICA for their confidence in selecting
us as Advisor and Bookrunner for the first PPP transaction in
Mexico.  IFC's participation contributed to the success of this
transaction, and we look forward to working together on other
transactions in the future," said Octaviano Couttolenc, the
Santander's Head of Structured Finance in Mexico.

Empresas ICA -- http://www.ica.com.mx/-- the largest
engineering, construction, and procurement company in Mexico,
was founded in 1947.  ICA has completed construction and
engineering projects in 21 countries.  ICA's principal business
units include civil construction and industrial construction.

Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

                        *    *    *

Standard & Poor's assigned these ratings to Empresas ICA, with
stable outlook:

   -- LT Foreign Issuer Credit B; and
   -- LT Local Issuer Credit B.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, Standard & Poor's Ratings Services revised its
long-term corporate credit rating on Empresas ICA S.A. de C.V.
to 'BB-' from 'B'.  The ratings were removed from CreditWatch
Positive, where they were placed on April 7, 2006.  The outlook
is stable.


FORD MOTOR: Buying Rover Brand Name from BMW
--------------------------------------------
Ford Motor Co. will exercise its right to purchase the "Rover"
brand name from BMW AG, in order to prevent confusion regarding
the brand among customers, Newratings.com reports.

Ford purchased the Land Rover brand from BMW in 2000 and holds
the option to acquire the Rover brand as part of that deal.
Land Rover is a unit of Ford's Premier Automotive Group, which
includes other brands like Volvo, Jaguar and Aston Martin.  The
segment incurred a US$180 million net loss in Ford's second
quarter results.

According to Newratings.com, BMW has agreed to sell the Rover
brand to Shanghai Automotive Industry Corp for GBP11 million if
Ford won't exercise its right.  SAIC had previously acquired the
right to the designs for the Rover cars from BMW.

James Doran, writing for The Times, reports that while Ford does
not intend to roll out the Rover in its original form, the
company is planning to introduce Rover vehicles under the Land
Rover series.

                       About Ford Motor

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

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 22, 2006,
Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following announcement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on July 21,
2006, Ford Motor Company's long-term debt rating to B from BB,
and lowered its short-term debt rating to R-3 middle from R-3
high.  DBRS also lowered Ford Motor Credit Company's long-term
debt rating to BB(low) from BB, and confirmed Ford Credit's
short-term debt rating at R-3(high).

Fitch Ratings also downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to 'B' from 'B+'.
Fitch also lowered the Ford's senior unsecured rating to
'B+/RR3' from 'BB-/RR3' and Ford Credit's senior unsecured
rating to 'BB- /RR2' from 'BB/RR2'.  The Rating Outlook remains
Negative.

Standard & Poor's Ratings Services also placed its 'B+' long-
term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter on July 24, 2006,
Moody's Investors Service lowered the Corporate Family and
senior unsecured ratings of Ford Motor Company to B2 from Ba3
and the senior unsecured rating of Ford Motor Credit Company to
Ba3 from Ba2.  The Speculative Grade Liquidity rating of Ford
has been confirmed at SGL-1, indicating very good liquidity over
the coming 12 month period.  The outlook for the ratings is
negative.


GENERAL MOTORS: Talks with Nissan & Renault Enter Final Phase
-------------------------------------------------------------
Talks on the planned collaboration between General Motors
Corp. and the Nissan Motor Company-Renault SA alliance have
entered the final stage as the Oct. 15, 2006 preliminary
deadline for the parties to complete a review on the potential
benefits of the tie-up approaches, The Yomiuri Shimbun reveals.

According to the Yomiuri, General Motors' interest in the deal
has waned, especially over the idea of forming a capital
alliance.  Consequently, the nature of the tie-up may turn out
to be much less comprehensive than the Nissan-Renault bloc had
initially planned.

In July, the three carmakers agreed to conduct a 90-day study of
the potential benefits of an alliance that could create an
automobile giant with a combined annual production of 15 million
vehicles, The Associated Press reports.  The study came after GM
shareholder Kirk Kerkorian, who owns a 9.9% stake in the company
through his investment firm Tracinda Corp., called for the
carmakers to pursue an alliance.

Carlos Ghosn, the chief executive of Renault and Nissan, has
said the benefits from an alliance would be similar to the gains
from the Renault-Nissan alliance, which have included cost
savings from joint purchases of auto parts, AP relates.

Renault SA has named BNP Paribas to advise on a possible three-
way alliance with General Motors Corp. and Nissan Motor Co.
According to AFX, the French carmaker has also drawn up a
shortlist of around eight British and US banks from which it
will choose a second adviser.

If the firms reach a comprehensive tie-up deal with capital
involvement, the alliance would create a giant that produces 25%
of all automobiles in the world, the Yomiuri says.  General
Motors, however, has been cautious since the talks began,
whereas the Nissan-Renault side has been consistently positive
over the prospective deal.

The opposition of the United Auto Workers' Union may be a factor
behind General Motors' reluctance, according to the Yomiuri.
Alarmed by Mr. Ghosn's past record on aggressive corporate
restructuring, union head Ron Gettelfinger has publicly said he
wants talks on the three-way alliance to be put away forever.
With the rise of such resistance in the United States, Mr. Ghosn
now seems to have backed down from his initial goal of acquiring
a capital stake in General Motors to maximize the synergy effect
of the alliance, and has said a capital tie-up is not a
precondition to the deal.

                   About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including Mexico and Brazil, and its vehicles are
sold in 200 countries.

                        *    *    *

As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating, but excluding the '1' recovery rating -- on CreditWatch
with negative implications, where they were placed
March 29, 2006.  The CreditWatch update followed GM's
announcement of second quarter results and other recent
developments involving its bank facility and progress on the
GMAC sale.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corp. and General Motors of Canada
Limited to B.  The commercial paper ratings of both companies
are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.

As reported in the Troubled Company Reporter on June 21, 2006,
Moody's Investors Service assigned a B2 rating to the secured
tranches of the amended and extended secured credit facility of
up to US$4.5 billion being proposed by General Motors Corp.,
affirmed the company's B3 corporate family and SGL-3 speculative
grade liquidity ratings, and lowered its senior unsecured rating
to Caa1 from B3.  The rating outlook is negative.


PORTRAIT CORP: Hires BSI as Claims and Balloting Agent
------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York authorized Portrait
Corporation of America, Inc., and its debtor-affiliates, on an
interim basis, to retain Bankruptcy Services LLC as their
noticing, claims and balloting agent.

In this engagement, BSI will:

     a) prepare and serve required notices in these chapter 11
        cases, including:

             * a notice of the commencement of the chapter 11
               cases and the initial meeting of creditors under
               section 341(a) of the Bankruptcy Code;

             * a notice of the claims bar date;

             * notices of objections to claims;

             * notices of any hearings on a disclosure statement
               and confirmation of a plan or plans of
               reorganization; and

             * other miscellaneous notices as the Debtors or
               Court may deem necessary or appropriate for an
               orderly administration of the chapter 11 cases;

      b) within three business days after the service of a
         particular notice, prepare for filing with the Clerk of
         the Court a certificate or affidavit of service that
         includes:

             * an alphabetical list of persons on whom the
               notice was served, along with their addresses,
               and

             * the date and manner of service;

      c) maintain copies of all proofs of claim and proofs of
         interest filed in these chapter 11 cases;

      d) maintain official claims registers in these chapter 11
         cases by docketing all proofs of claim and proofs of
         interest in a claims database that includes these
         information for each claim or interest asserted:

             * the name and address of the claimant or interest
               holder and any agent, if the proof of claim or
               proof of interest was filed by an agent;

             * the date the proof of claim or proof of interest
               was received by BSI and/or the Court;

             * the claim number assigned to the proof of claim
               or proof of interest; and

             * the asserted amount and classification of the
               claim;

      e) implement necessary security measures to ensure the
         completeness and integrity of the claims registers;

      f) transmit to the Clerk of the Court a copy of the claims
         registers on a weekly basis unless requested more or
         less frequently by the Clerk's Office;

      g) maintain an up-to-date mailing list for all entities
         that have filed proofs of claim or proofs of interest
         and make this list available upon request to the Clerk
         of the Court or any party in interest;

      h) provide access to the public for examination of copies
         of the proofs of claim or proofs of interest filed in
         the Debtors' chapter 11 cases without charge during
         regular business hours;

      i) record all transfers of claims pursuant to Bankruptcy
         Rule 3001(e) and, if directed to do so by the Court,
         provide notice of these transfers as required by
         Bankruptcy Rule 3001(e);

      j) comply with applicable federal, state, municipal, and
         local statutes, ordinances, rules, regulations, orders,
         and other requirements;

      k) provide temporary employees to process claims as
         necessary;

      l) promptly comply with further conditions and
         requirements as the Clerk of the Court or the Court may
         at any time prescribe;

      m) provide other claims processing, noticing, balloting,
         and related administrative services as may be requested
         from time to time by the Debtors;

      n) act as balloting agent

      o) at the close of the case, box and transport all
         original documents in proper format, as provided by the
         Clerk's office, to the Federal and Record
         Administration;

The current hourly rates for BSI's professionals are:

         Designation                       Hourly Rate
         -----------                       -----------
         Senior Bankruptcy Counsel       US$225 - US$295
         Bankruptcy Consultant              185 - 225
         IT Programming Consultant          140 - 190
         Case Managers                      125 - 175
         Clerical                            40 - 60

James Katchadurian, a vice-president at BSI, assures the Court
that his firm does not hold any interest adverse to the Debtors'
estate and is a disinterested person as that term is defined in
Section 101(14) of the Bankruptcy Code.

A copy of the bankruptcy services agreement between BSI and the
Debtors is available for free at:

              http://researcharchives.com/t/s?1217

                    About Portrait Corp.

Portrait Corporation of America, Inc. -- http://pcaintl.com/
-- provides professional portrait photography products and
services in North America.  The Company operates portrait
studios within Wal-Mart stores and Supercenters in the United
States, Canada, Mexico, Germany and the United Kingdom.  The
Company also operates a modular traveling business providing
portrait photography services in additional retail locations and
to church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for Chapter
11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  At June 30, 2006, the Debtor had total
assets of US$153,205,000 and liabilities of US$372,124,000.




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


* NICARAGUA: President Presents Bill to Revise Energy Law
---------------------------------------------------------
Enrique Bolanos, the president of Nicaragua, has presented to
the national assembly a bill that would reform the country's
energy stability law, according to a report posted in the
presidential Web site.

The report says that the energy law reform is aimed at helping
resolve Nicaragua's energy crisis.

Business News Americas relates that the initiative would provide
a "financial cushion".  The Instituto Nicaraguense de Energia --
the nation's energy regulator -- will be able to adjust monthly
power rates according to generation cost variations like oil
prices.

The bill also would extend until December 2007 a subsidy to
customers that use 150 kilowatt per hour a month or less,
BNamericas notes.  These clients represent 72% of all users and
would not be subject to rate adjustments.

The energy reform bill urges the creation of an energy
investment development fund for the promotion of renewable
energy investments, BNamericas reports.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


BANCO LATINOAMERICANO: Sets US$0.1875 a Share Quarterly Dividend
----------------------------------------------------------------
Banco Latinoamericano de Exportaciones, S.A. aka Bladex,
disclosed that the US$0.1875 per share quarterly cash dividend
corresponding to the third quarter of 2006 and approved by the
Board of Directors on Jan. 31, 2006, is payable on Oct. 16,
2006, to stockholders of record as of Oct. 6, 2006.

As of Aug. 31, 2006, Bladex had 36,327,939.70 common shares
outstanding of all classes.

                        About Bladex

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

                        *    *    *

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

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

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

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

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

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


GRUPO FINANCIERO: Regulator Approves Banco Atlantico Buy
--------------------------------------------------------
In a filing with Panama's banking regulator, Banco Sabadell said
that the sale of Banco Atlantico -- its unit in Panama -- to
Grupo Financiero Continental for US$96 million has been
ratified, Business News Americas reports.

As reported in the Troubled Company Reporter-Latin America on
July 12, 2006, Grupo Financiero reached an agreement with Banco
Sabadel to buy 100% of Banco Atlantico Panama.

The transaction is part of Banco Sabadell's commitment to
restructure its capital base and focus its core domestic
business in Spain, BNamericas relates.

                    About Banco Atlantico

Banco Atlantico Panama was founded in 1975 and is today a
medium-sized player in the Panamanian banking sector, being a
well-recognized and respected player in the country.  The bank's
main operation is corporate banking as well as traditional
retail banking.  The network has seven branches and
approximately 130 employees.  On Dec. 31, 2005, client loans
stood at EUR250 million and total assets reached EUR350 million.

                       About Banco Sabadel

Banco Sabadell -- http://www.bancsabadell.com/en/-- is Spain's
fourth largest banking group, which is comprised of different
banks, brands, subsidiaries and part-owned companies, covering
all areas of the financial business sector.

                 About Grupo Financiero Continental

Grupo Financiero Continental -- http://www.bcontinental.com/
-- is the holding company that owns 100% of Banco Continental.
Banco Continental is the third biggest bank in Panama and is one
of the growing universal banks in the Central American region.
The bank provides services in the following three banking areas:

      -- Corporate Banking (with more than 4,000 relationships),
      -- Private Banking (in 16 branches), and
      -- Consumer Banking (with key products such as mortgages,
         auto loans and credit cards).

                        *    *    *

As reported in the Troubled Company Reporter on May 10, 2006,
Fitch Ratings affirmed these ratings of Grupo Financiero
Continental:

   -- Long-term Issuer Default Rating: BBB-;
   -- Short-term: F3;
   -- Individual: C;
   -- Support: 5.

Fitch said the Outlook is Stable.




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


PARMALAT: Hermes Balks at Credit Suisse's Motion to Dismiss
-----------------------------------------------------------
Hermes Focus Asset Management Europe Limited, Cattolica
Partecipazioni S.p.A., Solotrat, Societe Moderne des
Terrassements Parisiens, and Capital & Finance Asset Management,
S.A., ask the Honorable Lewis A. Kaplan of the U.S. District
Court for the Southern District of New York to deny separate
motions filed by Grant Thornton LLP and Credit Suisse to dismiss
their Third Amended Consolidated Class Action Complaint.

Representing the Lead Plaintiffs, Diane Zilka, Esq., at Grant &
Eisenhofer, P.A., in New York, contends that GT-US's Motion to
Dismiss is a waste of time and resources, as all of the
arguments that the firm presents have already been rejected by
the District Court.

The Third Amended Complaint asserts a claim against GT-US under
Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C.
Section 78j(b), and Rule 10b-5 promulgated thereunder on the
theory that Grant Thornton-Italy was the agent for Grant
Thornton International and that GTI was the agent for GT-US.
The Third Amended Complaint also alleges a control person claim
against GT-US under Section 20(a) of the Exchange Act, 15 U.S.C.
Section 78t(a), on the theory that GT-US controlled GTI and is,
therefore, liable for GTI's violations of Sections 10(b) and
20(a).

GT-US has argued that a principal cannot be held liable for the
Rule 10b-5(b) violations of its agents unless the agent's
statements are specifically attributed to the principal.  GT-US
also asserted that an agency theory cannot be invoked to hold it
liable for the liabilities of GTI unless the corporate veil is
pierced and the Court finds that GTI is the alter ego of GT-US.

GT-US also pointed out that the Third Amended Complaint adds
only a handful of new allegations regarding the relationship
between GT-US and GTI.

According to Ms. Zilka, the District Court's prior rulings
provide everything needed to demonstrate that the claims in the
Third Amended Complaint against GT-US are sufficient.  Ms. Zilka
notes that the District Court has already held that:

   (a) the allegations in Dr. Bondi's amended complaint against,
       among others, the Grant Thornton entities -- which in all
       respects relevant to GT-US are now contained in the Lead
       Plaintiffs' Third Amended Complaint -- are sufficient to
       allege that GTI acted in connection with the Parmalat
       audits as the agent for GT-US;

   (b) the Lead Plaintiffs have stated a Section 10(b) claim
       against GTI on the basis that GT-Italy was the agent for
       GTI;

   (c) the Lead Plaintiffs have stated a Section 20(a) claim
       against GTI on the basis that GTI controlled GT-Italy;

   (d) allegations that a firm that is a member of an
       international auditing complex acted as an agent for
       another are also sufficient to allege a control person
       claim under Section 20(a); and

   (e) the U.S. member firm of a worldwide auditing complex can
       be held liable for audit work performed by a "sister"
       member firm in Italy on the theory that the U.S. firm
       controlled the worldwide umbrella firm, which in turn
       controlled the member firm in Italy.

The Third Amended Complaint names Credit Suisse as successor-in-
interest to the previously named defendant, Credit Suisse First
Boston.

CSFB served as the investment banking and asset management arm
of Credit Suisse Group until it merged in May 2005 with CSG's
private banking division -- formerly named Credit Suisse -- to
become the new Credit Suisse.

Credit Suisse has argued that the Third Amended Complaint fails
to state a claim under Section 10(b) because the Lead Plaintiffs
have not adequately alleged a fraudulent act or scienter, and
that the Lead Plaintiffs' allegations are too vague under
Rule 9(b) of the Federal Rules of Civil Procedure.

Credit Suisse also pointed out that the Third Amended Complaint
fails to adequately allege a claim under Section 20(a) because
the claim is predicated solely on its status as the parent
corporation of two affiliate defendants, (i) Credit Suisse First
Boston International, now known as Credit Suisse International,
and (ii) Credit Suisse First Boston Europe Limited, now known as
Credit Suisse Securities (Europe) Limited.

Ms. Zilka tells Judge Kaplan that to the contrary, the Third
Amended Complaint alleges with particularity the specific
fraudulent acts and conduct of Credit Suisse in connection with
the issuance of convertible bonds by Parmalat's Brazilian
subsidiary and the underwriting of notes issued by another
Parmalat subsidiary to artificially inflate Parmalat's assets on
its financial statements.  "These allegations are more detailed
than those alleged with respect to CSFB," Ms. Zilka says.

Ms. Zilka also asserts that the Third Amended Complaint alleges
that CSFB controlled CSFBi and Credit Suisse Europe through (i)
CSFB's ownership of these subsidiaries, and (ii) their common
directors, employees and places of business.

According to Ms. Zilka, Credit Suisse cannot dispute that it is
CSFB's successor-in-interest nor can it credibly argue that it
had no notice of a claim it has been litigating since 2004.

The Troubled Company Reporter on Sept. 6, 2006, relates that in
its request --  which Grant Thornton supported -- Credit Suisse
argued that since filing their first amended consolidated
complaint, the investors have taken 20 months to specify which
Credit Suisse entities they seek to sue despite this deficiency
having been brought to their attention.

In Credit Suisse's behalf, Michael S. Feldberg, Esq., at Allen &
Overly LLP, in New York, told the Court that in the Third
Amended Complaint, the investors alleged, among others, that
Credit Suisse, Credit Suisse International, and Credit Suisse
Securities (Europe), Limited, structured and participated in a
transaction to provide financing to the Brazilian subsidiary of
Parmalat, knowing that Parmalat would use it to conceal debt on
its financial statements.

According to Mr. Feldberg, Credit Suisse stands on a different
footing with Credit Suisse International and Credit Suisse
Securities.

Mr. Feldberg contended that the Third Amended Complaint is
devoid of any facts that detail with specificity Credit Suisse's
role in the challenged transaction.  Credit Suisse believes that
the Complaint fails adequately to plead a primary violation of
the securities laws under the particularity requirements of Rule
9(b) of the Federal Rules of Civil Procedure.

There is no allegation in the Third Amended Complaint that
Credit Suisse committed a deceptive or manipulative act, Mr.
Feldberg pointed out.  Instead, he continues, investors meld
Credit Suisse into the umbrella term "Credit Suisse Entities"
without detailing the nature of its participation in the alleged
fraudulent scheme.

Credit Suisse also believes that the investors' references to it
as the corporate parent of Credit Suisse International and
Credit Suisse Securities do not advance their position.  Mere
allegation of a status as a corporate parent of alleged
wrongdoers does not suffice, Mr. Feldberg said.

Mr. Feldberg also noted that the investors did not allege that
Credit Suisse acted scienter with particularity, as required by
the Reform Act and Second Circuit decisional law.  To plead
scienter, the plaintiff must allege a purpose to harm by
intentionally deceiving, manipulating or defrauding, Mr.
Feldberg explained, citing Ernst & Ernst v. Hochfelder, 425 U.S.
185, 193, 96 S. Ct. 1375, 1381 (1976).

The Third Amended Complaint adds a new claim for controlling
person liability against Credit Suisse.  However, Credit Suisse
says the claim is deficient.

Mr. Feldberg argued that the Third Amended Complaint's
allegations of control "do not show that Credit Suisse had
actual control over the transaction at issue."

"No amendment could cure the deficiencies identified in the
third amended complaint," Mr. Feldberg maintained.  "Credit
Suisse simply had no involvement in the Parmalat matters at
issue . . .and there are no facts that could support the legal
conclusion of [it's participation] in the alleged fraudulent
scheme or actively controlled the . . . entities which are
alleged to have participated."

                       About Parmalat

The Parmalat Group's 40-some brand product line includes milk,
yogurt, cheese, butter, cakes and cookies, breads, pizza, snack
foods and vegetable sauces, soups and juices and employs over
36,000 workers in 139 plants located in 31 countries on six
continents.  18% of Parmalat's operations is located in South
America.  Parmalat S.p.A., filed winding up petitions against
Food and Dairy in the Grand Court of the Cayman Islands on
Dec. 24, 2003.  Parmalat USA Corp. filed for chapter 11
protection on Febr. 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors.  When the
U.S. Debtors filed for bankruptcy protection, they reported more
than US$200 million in assets and debts.  The U.S. Debtors
emerged from bankruptcy on April 13, 2005.  (Parmalat Bankruptcy
News, Issue No. 78; Bankruptcy Creditors' Service, Inc.,
215/945-7000, http://bankrupt.com/newsstand/)




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


* PERU: Posts US$55.9 Million in Steel & Metallurgical Exports
--------------------------------------------------------------
Prompex, Peru's export service, said in its Web site that the
country's steel and metallurgical exports increased 96.8% to
US$55.9 million in July 2006 from the same month in 2005.

Figures from Prompex indicate that Peru's metal exports in the
first seven months of 2006 rose 73.2% to US$367 million,
compared with the same period in 2005, Business News Americas
relates.

The main exports of Peru's steel and metallurgical sector
include:

          -- refined copper wire,
          -- unalloyed zinc, and
          -- zinc alloys.

According to BNamericas, the industry's main export markets in
July were:

          -- Colombia: 22.6%;
          -- Brazil: 16.7%; and
          -- United States: 8.6%.

Gestion reports that these five firms acccuont for 70% of the
sector's exports:

          -- Centelsa Peru,
          -- Indeco,
          -- Tecnofil,
          -- Industrias Electroquimicas, and
          -- Cajamarquilla zinc refinery.

                        *    *    *

Fitch Ratings assigned these ratings on Peru:

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


* PERU: Studying Telefonica del Peru's Fixed Line Charges
---------------------------------------------------------
Peru's Ministry of Transport and Communications said in a
statement that it has created a work group to study whether the
contract of Telefonica del Peru -- the nation's fixed line
incumbent operator -- allows it to charge a basic fixed line
rate.

Business News Americas relates that the decision to form the
work group resulted from a meeting held between several
ministers and Michael Duncan -- the general manager of
Telefonica del Peru.

According to BNamericas, the Peruvian congress ratified a law to
eradicate fixed charges on phone lines.  The approval of the law
was one of the election campaign promises of President Alan
Garcia.

The law sparked a debate on whether Telefonica del Peru's
contract gave it the right to charge the basic rates, BNamericas
notes.

Local paper Gestion underscores that the Supreme Court of Peru
has ruled that the contract between the Peruvian government and
Telefonica del Peru is legal.

The debate will now focus on details of the contract, Gestion
states.

                        *    *    *

Fitch Ratings assigned these ratings on Peru:

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




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


G+G RETAIL: Assigns More than 400 Leases to Max Rave
----------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York authorized G+G Retail Inc. to
assume over 400 leases of non-residential real property and
assign these leases to Max Rave, LLC.

Early this year, Max Rave, and Guggenheim Corporate Funding LLC,
won the auction of substantially all of the Debtor's assets.
GCF provided equity and loan commitments for Max Rave to:

     * fund the purchase of the company,
     * provide fresh inventory for stores, and
     * provide operating working capital for operations.

Max Rave paid the Debtor US$35 million in cash plus the
assumption of certain leases, payment of gift certificate
liability and inventory purchased postpetition.  Max Rave also
agreed to pay the cure amounts for the assigned leases.

A list of the assumed and assigned leases is available for free
at http://researcharchives.com/t/s?1218

Headquartered in New York, New York, G+G Retail Inc. retails
ladies wear and operates 566 stores in the United States and
Puerto Rico under the names Rave, Rave Girl and G+G.  The Debtor
filed for Chapter 11 protection on Jan. 25, 2006 (Bankr.
S.D.N.Y. Case No. 06-10152).  William P. Weintraub, Esq., Laura
Davis Jones, Esq., David M. Bertenthal, Esq., and Curtis A.
Hehn, Esq., at Pachulski, Stang, Ziehl, Young & Jones P.C.
represent the Debtor in its restructuring efforts.  Scott L.
Hazan, Esq.. at Otterbourg, Steindler, Houston & Rosen, P.C.,
represents the Official Committee of Unsecured Creditors.  When
the Debtor filed for protection from its creditors, it estimated
assets of more than US$100 million and debts between US$10
million to US$50 million.


MUSICLAND HOLDING: Files Aug. 2006 Monthly Operating Report
-------------------------------------------------------------

                       Musicland Holding Corp.
                      Consolidated Balance Sheet
                        As of Aug. 31, 2006

ASSETS
Current Assets
   Cash                                           US$24,651,000
   Inventories                                                0
   Other
      Amounts due from TransWorld                    13,270,000
      Receivables from Sub-leases                       637,000
      Amounts due from GOB sales                      1,781,000
      Miscellaneous CC                                   17,000
      Vendors Credit due from services                2,706,000
                                                  -------------
      Total                                          43,062,000
                                                  -------------
Other assets
   Transport Logistic deposit                           550,000
   Utility and Tax Deposits                              73,000
                                                  -------------
      TOTAL ASSETS                                US$43,685,000
                                                  =============

Liabilities & Shareholders' deficit
Current liabilities
   Accounts payable
      Due to Transworld                                    US$0
      Due to Deluxe                                           0
      A/P                                               122,000
   Other accrued liabilities
      Logistic Accrual                                  415,000
      Deferred Income                                   500,000
      Insurance Reserve                               3,380,000
      Accrued Payroll & Employee Benefits:
         Accrued Vacation                                71,000
         Accrued Severance                              200,000
         Accrued Employer Payroll Taxes                  14,000
         Accrued Benefits                             1,353,000
      Sales Tax                                         178,000
      5% Admin. Fee on Wachovia L/C                     250,000
      FY06 Tax Return & Employee Benefit
         Audit Services                                  62,000
      Payroll/W2 & 1099 System                           46,000
      Miscellaneous                                      29,000
   Gift Card liabilities                                      0
                                                  -------------
      Total                                           6,620,000
                                                  -------------
Liabilities subject to compromise                   330,330,000
Shareholders' deficit                              (293,265,000)
                                                  -------------
      TOTAL LIABILITIES &
      SHAREHOLDERS' DEFICIT                       US$43,685,000
                                                  =============


                       Musicland Holding Corp.
                       Statement of Operations
                 For the Month Ended Aug. 31, 2006

Merchandise revenue                                           -
Non-merchandise revenue                                       -
                                                  -------------
   Net sales                                                  -

Cost of good sold                                             -
                                                  -------------
   Gross Profit                                               -
                                                  -------------

Store operating expenses
   Payroll                                           US$140,000
   Occupancy                                             35,000
   Other                                                 56,000
                                                  -------------
      Store expenses                                          0
                                                  -------------
General & administrative                                231,000
                                                  -------------
EBITDA (Loss)                                          (231,000)
                                                  -------------
Hilco 340 Store GOB                                     264,000
Chapter 11 & related charges                           (790,000)
                                                  -------------
   Operating income (Loss)                             (757,000)
                                                  -------------
Interest income (expense)                               115,000
Other non-operating charges                           2,559,000
                                                  -------------
   Earnings before Taxes                           US$1,917,000
                                                  -------------
Income tax                                                    0
                                                  -------------
   Net earnings (Loss)                             US$1,917,000
                                                  =============


                       Musicland Holding Corp.
                       Statements of Cash Flow
                 For the Month Ended Aug. 31, 2006


Operating activities
   Net earnings (Loss)                             US$1,917,000
   Adjustments to reconcile net earnings (loss)
      to net cash provided by (used in)
      operating activities:
         Loss on utility deposits write off              77,000
   Changes in operating assets & liabilities:
      Inventory                                               0
      Other current assets                             (355,000)
      Accounts payable                                 (892,000)
      Other accrued liabilities                      (1,174,000)
                                                              0
      Liabilities subject to compromise                       0
                                                  -------------
   Net cash provided by (used in)
      operating activities                             (427,000)
                                                  -------------
Investing activities
   Change in other long term asset/liabilities                -
   Retirement of fixed assets                                 -
                                                  -------------
   Net cash provided by (used in)
      investing activities                                    -
                                                  -------------
Financing activities
   Distribution to Secured Creditors                (25,183,000)
                                                  -------------
Increase (decrease) in cash                         (25,610,000)
                                                  -------------
   Cash at the beginning of Period                   50,260,000
                                                  -------------
   Cash at the end of Period                      US$24,650,000
                                                  =============

                    About Musicland Holding

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. 18; 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: Mirant Delta & Vogt-NEM Want Claims Dispute Resolved
------------------------------------------------------------
New Mirant asks The Honorable D. Michael Lynn of the U.S.
Bankruptcy Court for the Northern District of Texas to approve a
Settlement Agreement and Release between Mirant Delta and
Vogt-NEM.

The salient terms of the Settlement Agreement and Release are:

    (a) Vogt-NEM will have an allowed administrative claim for
        US$1,063,060 pursuant to Section 503 of the Bankruptcy
        Code, which is comprised of:

        (1) US$844,000 for the purchase of the SCR Catalyst;

        (2) US$60,000 for storage of the SCR Catalyst through
            July 31, 2006;

        (3) US$137,060 for the purchase of the CO Catalyst; and

        (4) US$21,500 for storage of the CO Catalyst through
            July 31, 2006;

    (b) All of Vogt-Nem's claims against any of the Debtors,
        except for the Allowed Administrative Claim and the
        Allowed Prepetition Claim, are disallowed in their
        entirety;

    (c) Vogt-NEM acknowledges that the Purchase & Sale Agreement
        has been assumed pursuant to Section 365 of the
        Bankruptcy Code, and there were no defaults, which must
        be cured as a condition to the assumption of the
        Purchase & Sale Agreement.  Vogt-NEM waives all
        arguments and objections to the assumption of the
        Purchase & Sale Agreement;

    (d) Vogt-NEM agrees to the assignment of the Purchase & Sale
        Agreement to PG&E in connection with the sale of the
        Contra Costa Plant; and

    (e) Vogt-NEM will continue to store the Equipment for the
        benefit of PG&E at a rate of US$3,000 per month for
        storage of the SCR Catalyst and US$1,150 monthly for the
        CO Catalyst.  Vogt-NEM agrees that PG&E will be solely
        liable for all storage fees arising subsequent to the
        assignment of the Purchase & Sale Agreement.

Mirant Delta, LLC, as successor-in-interest to Mirant Bay
Area Procurement, LLC, formerly known as Bay Area Power
Services, LLC, and Vogt-NEM, Inc., want to resolve their
disputes over certain prepetition claims and an administrative
claim arising from an Agreement for the Purchase and Sale of
Equipment dated Oct. 1, 2000.

Craig H. Averch, Esq., at White & Case LLP, in Miami, Florida,
relates that under the Purchase and Sale Agreement, Vogt-NEM
agreed to deliver between Jan. and May 2002 certain equipment
-- SCR Catalyst and CO Catalyst -- to Mirant Delta for the
construction of the Debtor's Contra Costa power facility in
Antioch, California.

The delivery of the equipment was stalled when Mirant Delta
issued Change Order No. 12 to the Purchase & Sale Agreement,
which delayed the delivery until Nov. 2004 and extended the
warranty period, Mr. Averch says.

Pursuant to the Debtors' Plan of Reorganization, the New Mirant
Entities assumed the Purchase & Sale Agreement with a US$0 cure
amount.  Vogt-NEM did not object to the assumption or to the
cure amount, Mr. Averch notes.

On Jan. 24, 2006, Vogt-NEM filed an administrative expense
claim for US$997,961 arising from the Purchase & Sale Agreement.
New Mirant objected to Vogt-NEM's administrative claim on the
grounds that the Claimant failed to provide supporting evidence
for its claim.

In Feb. 2006, Vogt-NEM provided the Debtors with additional
information to support the administrative claim.

Mr. Averch informs Judge Lynn that Mirant Delta is currently
negotiating the sale of the Contra Costa Plant to a third party
purchaser, Pacific Gas & Electric Company.  Mirant Delta
anticipates that the sale will be finalized in Sept. or
Oct. 2006.

According to Mr. Averch, PG&E has asked Vogt-NEM to:

    * assign the Purchase & Sale Agreement to it in connection
      with the sale of the Contra Costa Plant; and

    * continue to store the Equipment until the Purchaser
      requests its delivery.

PG&E has agreed to reimburse Mirant Delta for the remaining cost
of the Equipment.

Mr. Averch adds that prior to the filing of the administrative
expense claim, Vogt-NEM asserted Claim Nos. 7313, 7314, 7315,
7316, 8042 and 8043 against various of the Debtors, but none of
which related to the Purchase & Sale Agreement.

On Feb. 6, 2006, New Mirant and Vogt-Nem stipulated to
resolve the Prepetition Claims, which granted the Claimant an
allowed Mirant Debtor Class 3 Unsecured claim against:

     (i) Mirant Sugar Creek, LLC, for US$277,000; and
    (ii) Mirant Las Vegas, LLC, for US$306,000.

A full-text copy of the Settlement Agreement and Release is
available for free at:

             http://ResearchArchives.com/t/s?11f1

                        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 Corporation filed for chapter 11 protection on July 14,
2003 (Bankr. N.D. Tex. 03-46590), and emerged under the terms of
a confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed US$20,574,000,000
in assets and US$11,401,000,000 in debts.  The Debtors emerged
from bankruptcy on Jan. 3, 2006.  (Mirant Bankruptcy News, Issue
No. 104; 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
Corporation and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC.  The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed.  The rating outlook is stable for Mirant, MNA, MAG,
and MIRMA.

Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2.  Moody's also
downgraded Mirant Corporation's Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1.  Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.

As reported in the Troubled Company Reporter on July 13, 2006,
Fitch Ratings placed the ratings of Mirant Corp., including the
Issuer Default Rating of 'B+', and its subsidiaries on Rating
Watch Negative following its announced plans to buy back stock
and sell its Philippine and Caribbean assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.

Fitch also placed Mirant North America, Inc.'s Issuer Default
Rating of 'B+', Senior secured bank debt's 'BB/RR1' rating,
Senior secured term loan's 'BB/RR1' rating, and Senior unsecured
notes' 'BB-/RR1' rating on Rating Watch Negative.  Mirant
Americas Generation, LLC's Issuer Default Rating of 'B+' and
Senior unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.




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


* URUGUAY: Pulp Mill Builders Fire & Suspend Workers
----------------------------------------------------
Builders of the pulp mill in river Uruguay are firing and
suspending workers due to labor strife as well as the
uncertainty of the environmental dispute between the Uruguayan
government and its Argentine counterpart, the Associated Press
reports.

AP relates that Empresarial ENCE SA, one of the constructors of
the two pulp mills in river Uruguay, dismissed about 40 of its
60 employees at its offices in Montevideo.

According AP, ENCE plans to restructure its operations at its
plant in Fray Bentos.  This entails another layoff.

Local radio reports say that Pedor Oyarbide -- ENCE chief
advisor -- told workers about the restructuring after arriving
in Uruguay early last week.  He said that due to the lack of
legal security for the plant and the uncertainty over when
operations can start, the company had to scale back plans.

Meanwhile, labor conflict at the other pulp plant owned by
Metsa-Botnia Oy -- a Finnish consortium -- forced the suspension
of work.

Fabian Gadea told AP that officials at Botnia had told employees
that they are suspended for an undetermined time.

Botnia said in a statement that it decided the workers'
suspension due to the lack of guarantees, after unionists
rejected the arrival of foreign technicians to work in the
plant.

The negative public relations as well as the constant blockades
of the river Uruguay bridges caused a negative impact on the
projects.

AP underscores that activists who claimed that the plants will
pollute river Uruguay have been holding strikes in the Argentine
province of Entre Rios, just across the river.  They have
blocked bridges that connect Argentina with Uruguay and have
sought international arbitration against Uruguay with the
support of the Argentine government.

Uruguay's President Tabare Vazquez, according to AP, claimed
that the protestors caused his nation lost income of about
US$400 million.

AP notes that an ad hoc tribunal made up of the four-nation
Southern Cone Common Market or Mercosur, where both countries
belong, acknowledged Uruguay's complaints against Argentina but
imposed no sanctions against the latter.

ENCE and Botnia id not disclose plans of abandoning the
construction of the mills, AP states.

                        *    *    *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018 'B+'.




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


BANCO PROVINCIAL: Posts VEB199 Bil. First Half 2006 Net Profits
---------------------------------------------------------------
Sudeban -- the financial system regulator in Venezuela -- told
Business News Americas that BBVA Banco Provincial's profits rose
42.8% to VEB199 billion in the first half of 2006, from the
VEB139 billion in the same period in 2005.

According to BNamericas, Banco Provincial's loan book increased
56% to VEB5.30 trillion in June 206, compared with June 2005.
Deposits rose 24% to VEB9.92 trillion.

Banco Provincial's assets grew 27% to VEB12.2 trillion during
the 12 months ended June 2006, compared with the same period in
2005.  Liabilities increased 27% to VEB10.9 trillion, BNamericas
relates.

Fitch Ratings assigned these ratings on BBVA Banco Provincial:

          -- B+ long-term issuer default rating;
          -- B short-term rating
          -- B+ local currency long-term issuer default rating;
             and
          -- B local currency short-term rating.

Fitch said the rating outlook is negative.


CITGO PETROLEUM: Launches 2006-07 Heating Oil Program
-----------------------------------------------------
Citgo Petroleum Corp. launched the second phase of its heating
oil program covering the years 2006-2007, at a ceremony held at
Mount Olivet Baptist Church in Harlem on Sept. 21.

The ceremony was attended by:

          -- beneficiaries of the program,
          -- United States elected officials,
          -- Venezuelan authorities, and
          -- company officials.

The program, which distributes heating oil with an average 40%
discount to the needy in areas of the US affected by harsh
winters, will be expanded this year to 17 states with the
potential to benefit about 1.2 million people with deliveries of
100 million gallons of heating oil.

The program is being extended to:

          -- Alaska,
          -- Minnesota,
          -- Wisconsin,
          -- Michigan,
          -- Indiana,
          -- Virginia,
          -- Maryland,
          -- Washington, D.C., and
          -- Pittsburgh, Penn.

Citgo initially developed the program in 2005 in the aftermath
of hurricanes Rita and Katrina, in an effort that coincided with
requests from a number of US leaders who saw that the basic
energy needs of low-income Americans were not being met.

The program was initially aimed at:

          -- Pennsylvania,
          -- Maine,
          -- Vermont,
          -- Massachusetts,
          -- Rhode Island,
          -- Connecticut,
          -- New York, and
          -- Delaware.

The program will continue covering the areas.  It is also
benefiting over 200 Indian tribes in Maine, New York,
Connecticut and Alaska.

A proclamation signed at the event notes that many people in the
US are caught in a cycle of poverty, and often exposed to the
ravages of cold winters without sufficient resources to
ameliorate their misfortunes.

Headquartered in Houston, Texas, CITGO Petroleum Corp.
-- 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.


* VENEZUELA: Bolivia's Fourth Largest Market from Jan. to Aug.
--------------------------------------------------------------
Bolivian exports to Venezuela from Jan. to Aug. 2006 is at
US$130 million, up 2.8% from US$126 million from the same period
last year, El Universal reports, citing figures from the
Bolivian National Statistics Institute.

The latest figures put Venezuela as the fourth largest market of
Bolivian goods.  Bolivia's largest market in South America is
Brazil, accounting for 52% growth and global value of US$993
million, El Universal says.

                        *    *    *

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


* BOOK REVIEW: Frank Lorenzo & the Destruction of Eastern Air
-------------------------------------------------------------
Full Title: Grounded: Frank Lorenzo and the Destruction of
            Eastern Airlines
Author:     Aaron Bernstein
Publisher:  Beard Books
Paperback:  272 Pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122131/internetbankru
pt

Barbara Walters once referred to Frank Lorenzo as "the most
hated man in America."  Since 1990, when this work was first
published and Eastern Airlines' troubles were front-page news,
there had been many worthy contenders for the title.
Nonetheless, readers sensitive to labor-management concerns,
particularly in the context of corporate restructuring, will
find in this book much to support Barbara Walters'
characterization.

To recap: For a few brief and discordant years, Frank Lorenzo
was boss of the biggest airline conglomerate in the free world
(Aeroloft was larger), combining Eastern Continental, Frontier,
and People Express into Texas Air Corporation, financing his
empire with junk bonds.  TAC ultimately comprised a fleet of
452 planes and 50,000 employees, with revenues of US$7 billion.

But Lorenzo was lousy on people issues, famously saying, "I'm
not paid to be a candy ass."  The mid-1980's were a bad time to
take that approach.  Those were the years when the so-called
Japanese model of management, which emphasized cooperation
between management and labor, was creating a stir.  The Lorenzo
model was old school: If the unions give you any trouble, break
'em.

That strategy had worked for him at Continental, where he'd
filed Chapter 11 despite the airline's US$60 million in cash
reserves, in order to exploit a provision in the Bankruptcy Code
allowing him to abrogate his contracts with the unions.  But
Congress plugged that Loophole by the time Lorenzo went to the
mat with Charles Bryan, IAM chapter president.  Lorenzo might
have succeeded in breaking the machinists alone, but when flight
attendants and pilots honored the picket line, he should have
known it was time to deal.  He didn't.

Instead he tried again for a strategic advantage through the
bankruptcy courts, by filing Chapter 11 in the Southern District
of New York where bankruptcy judges were believed to be more
favorably disposed toward management than in Miami where Eastern
is headquartered, Eastern had to hide behind the skirts of its
subsidiary, Ionosphere clubs, Inc., a New York Corporation, in
order to get into SDNY.  Six minutes later, Eastern itself filed
in the same court as a related proceeding.

The case was assigned to Judge Burton Lifland, whom Eastern's
bankruptcy lawyer, Harvey Miller, knew well, but Lorenzo was
mistaken if he believed that serendipitous lottery assignment
would be his salvation.  Judge Lifland a year later declared
Lorenzo unfit to run the airline and appointed Martin Shugrue as
trustee.

Most hated man or not, one wonders whether the debacle was all
Lorenzo's fault.  Eastern unions, in particular the notoriously
militant machinist, were perpetual malcontents, and Charlie
Bryan was an anti-management zealot, to the point of
exasperating even other IAM officers.

The book provides a detailed account of the three-and-a-half
period between Lorenzo's acquisition of Eastern in the autumn of
1986 and Judge Lifland's appointment of the trustee in April
1990.  It includes the history of Eastern's pre-Lorenzo
management, from World War I flying ace Eddie Rickenbacker to
astronaut Frank Borman.


                         ***********


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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