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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

          Friday, October 6, 2006, Vol. 7, Issue 199

                          Headlines

A R G E N T I N A

CAPOTEX SA: Last Day for Verification of Claims Is on Nov. 23
COOPERATIVA DE TAMBEROS: Claims Verification Is Until Nov. 3
DIVISION TRADING: Claims Verification Deadline Is Set for Dec. 7
PARABRISAS BUENOS: Last Day for Claims Verification Is Nov. 17
RHIN WERKE: Trustee Verifies Proofs of Claim Until Dec. 11

SUCESION DE MARIANO: Asks Court Approval to Restructure Debts
TELECOM ARGENTINA: Investing ARS1B on Infrastructure Expansion

* ARGENTINA: May Sell Bonds in Asian Markets

B A H A M A S

COMPLETE RETREATS: Withdraws Application to Hire XRoads as Agent
COMPLETE RETREATS: Withdraws Application to Hire XSG as Advisor
COMPLETE RETREATS: Taps Etlin & XRoads Under US Bankr. Sec. 363
ISLE OF CAPRI: S&P Puts BB- Corporate Credit Rating Neg. Watch
WINN-DIXIE: Retirees Committee Supports Reorganization Plan

WINN-DIXIE: 499 Duplicative Claims Totaling US$2.4BB Disallowed
WINN-DIXIE: Duval County Wants Claims Objection Overruled
WINN-DIXIE: Names Nine Individuals as New Board of Directors

B E L I Z E

* BELIZE: Posts Gas Price Reductions
* BELIZE: Takes Part in IMF's General Date Dissemination System

B E R M U D A

REFCO: Chapter 7 Trustee Wants to Transfer Excess Funds

B O L I V I A

INTERMEC INC: Revises Revenue Guidance for Third Quarter 2006

* BOLIVIA: Closing Gas Plant Construction Accord with Venezuela

B R A Z I L

AMERICAN AXLE: Offers Attrition Program for UAW Associates
AMERICAN AXLE: S&P Affirms BB Ratings on Attrition Prog. Notice
BANCO NACIONAL: Grants BRL6 Million Loan to Agencia Nacional
CENTRAIS ELECTRICAS: S&P Affirms Low B Long-Term Curr. Ratings
COMPANHIA SIDERURGICA: Baosteel May Provide Equipment to Firm

ELETROPAULO METROPOLITANA: Unit Inks Network Pact with Lucent
EMBRATEL PARTICIPACOES: Picks Nortel to Expand Wireless Services
NORTEL NETWORKS: To Upgrade Embratel's Fixed Wireless Services
NORTEL NETWORKS: Upgrades Brasil's Call Center Services
PETROLEO BRASILEIRO: Confirms Light Oil Find in Santos Basin

PETROLEO BRASILEIRO: Will Accelerate Santos Basin Exploration

* BRAZIL: Fitch Comments on Macroeconomic Reforms

C A Y M A N   I S L A N D S

BARROW LTD: Proofs of Claim Filing Deadline Is Set for Nov. 2
CZ KAPOK: Last Day for Filing of Proofs of Claim Is on Nov. 2
LAMONA TRADING: Deadline for Proofs of Claim Filing Is on Nov. 2
MOLVO: Creditors Must File Proofs of Claim by Nov. 2
MONTEREY INTERNATIONAL: Proofs of Claim Must be Filed by Nov. 2

MOTHERROCK ENERGY: Proofs of Claim Filing Deadline Is on Nov. 2
MOTHERROCK (INTERMEDIATE): Proofs of Claim Must be In by Nov. 2
SAL 93A: Creditors Have Until Nov. 2 to File Proofs of Claim
SILICON MAGNETIC: Last Day to File Proofs of Claim Is on Nov. 2
TOPIX TRADING: Proofs of Claim Filing Deadline Is Nov. 2

C H I L E

SHAW GROUP: Plans to Join Toshiba in Westinghouse Acquisition
SHAW GROUP: Discloses EPS & Cash Flow Guidance for Fiscal 2007
SHAW GROUP: Westinghouse Buy Cues S&P to Put Ratings on NegWatch

C O L O M B I A

PARKER DRILLING: Moody's Assigns Loss-Given-Default Ratings

C O S T A   R I C A

* COSTA RICA: Fitch Affirms BB+ Country Ceiling

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Rafael Camilo Reacts to Defense's Claims

E L   S A L V A D O R

DIGICEL LTD: Completes Acquisition of Digicel Holdings Ltd.

G U A T E M A L A

AFFILIATED COMPUTER: Buys Systech Integrators for US$65 Million

H A I T I

DYNCORP INT: Lowers Guidance for Year Ending March 30, 2007

J A M A I C A

NATIONAL COMMERCIAL: In Talks with MoneyGram for Partnership

* JAMAICA: Norway to Cancel Country's Debt

M E X I C O

BALLY TOTAL: Secures US$280MM New Credit Facility from Lenders
BALLY TOTAL: Shares Rise 50.1% to US$2.51 on NYSE
DELTA AIR: Posts 3.4% System Traffic Decrease in September 2006
GENERAL MOTORS: Ends Alliance Talks With Nissan and Renault
GENERAL MOTORS: U.S. Divisions Deliver 338,380 Vehicles In Sept.

HERBALIFE LTD: Appoints Six Doctors to Nutrition Advisory Board
NORTEL NETWORKS: Inks Multi-Year Agreement with Videotron Ltd.
NORTEL NETWORKS: Moody's Assigns Loss-Given-Default Ratings
SATELITES MEXICANOS: Taps Boyden Affiliate to Hire CEO
SATELITES MEXICANOS: Galicia Discloses Government Representation

VISTEON CORP: Moody's Reviews Ratings for Possible Downgrade

N I C A R A G U A

PETROLEOS DE VENEZEULA: Sending Diesel to Nicaragua on Oct. 7

* NICARAGUA: IDB Grants US$30 Mil. Loan to Empresa Nicaraguense
* NICARAGUA: Posts NIO816 Million Jan. to Aug. 2006 Net Profits

P A N A M A

CHIQUITA BRANDS: Carries Out Several Organizational Changes

* PANAMA: IDB Approves US$70-Mil. Loan for Road Infrastructure

P U E R T O   R I C O

ADELPHIA COMMS: Liddo Wants to Exercise Termination Rights
ADELPHIA COMMS: Wants SPCP's Motion on Allowance Claims Denied
BUMBLE BEE: Moody's Assigns B1 Corporate Family Ratings
KMART: Court Approves Pact Resolving Conaway's US$19.6MM Claim
KMART: GPS Says It Has No Duty to Produce Multiple Doc Forms

KMART: Recaps Summary Judgment Request on Eagle's US$329K Claim
MARGO CARIBE: Expects Common Stock to be Delisted from Nasdaq
RENT-A-CENTER: Moody's Rates US$600MM Add-On to Term Loan at Ba2

T R I N I D A D   &   T O B A G O

DEVELOPMENT FINANCE: Fitch Affirms Low B Issuer Default Ratings

U R U G U A Y

* URUGUAY: IDB Grants US$50-Million Loan to Modernize Tax System

V E N E Z U E L A

CITGO PETROLEUM: Affirms Commitment to General Public in U.S.
PETROLEOS DE VENEZUELA: Cuts Back Oil Production to Stem Prices
PETROLEOS DE VENEZUELA: Spends More on Social Programs

* VENEZUELA: Closing Gas Plant Construction Accord with Bolivia
* VENEZUELA: Eni Seeks US$830-Mil. Compensation for Dacion Field
* VENEZUELA: S&P Affirms Low B Sovereign Credit Ratings


                          - - - - -


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


CAPOTEX SA: Last Day for Verification of Claims Is on Nov. 23
-------------------------------------------------------------
Hector Juan Kaiser, the court-appointed trustee for Capotex
S.A.'s bankruptcy proceeding, will verify creditors' proofs of
claim until Nov. 23, 2006.

Under the Argentine bankruptcy law, Mr. Kaiser is required to
present the validated claims in court as individual reports.  A
court in Buenos Aires will determine if the verified claims are
admissible, taking into account the trustee's opinion and the
objections and challenges raised by Capotex and its creditors.

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

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

The trustee can be reached at:

          Hector Juan Kaiser
          Montevideo 666
          Buenos Aires, Argentina


COOPERATIVA DE TAMBEROS: Claims Verification Is Until Nov. 3
------------------------------------------------------------
Veronica Cavallini, the court-appointed trustee for Cooperativa
de Tamberos Limitada Concepcion's bankruptcy case, will verify
creditors' proofs of claim until Nov. 3, 2006.

Ms. Cavallini will present the validated claims in court as
individual reports on Dec. 15, 2006.  A court in San Francisco,
Cordoba, will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Cooperativa de Tanmberos 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 Cooperativa de
Tamberos' accounting and banking records will follow on
Feb. 28, 2007.

Ms. Cavallini is also in charge of administering Cooperativa de
Tamberos' assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

          Cooperativa de Tamberos Limitada Concepcion
          Belgrano s/n Villa Concepcion del Tio
          Departemento San Justo
          Cordoba, Argentina

The trustee can be reached at:

          Veronica Cavallini
          25 de Mayo 1540, San Francisco
          Cordoba, Argentina


DIVISION TRADING: Claims Verification Deadline Is Set for Dec. 7
----------------------------------------------------------------
Francisco Napoli, the court-appointed trustee for Division
Trading S.A.'s bankruptcy proceeding, will verify creditors'
proofs of claim until Dec. 7, 2006.

Under the Argentine bankruptcy law, Mr. Napoli is required to
present the validated claims in court as individual reports.  A
court in Buenos Aires will determine if the verified claims are
admissible, taking into account the trustee's opinion and the
objections and challenges raised by Division Trading and its
creditors.

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

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

The trustee can be reached at:

          Francisco Napoli
          Avenida Callao 67
          Buenos Aires, Argentina


PARABRISAS BUENOS: Last Day for Claims Verification Is Nov. 17
--------------------------------------------------------------
Silvia Fernandina, the court-appointed trustee for Parabrisas
Buenos Aires S.R.L.'s bankruptcy proceeding, will verify
creditors' proofs of claim until Nov. 17, 2006.

Under the Argentine bankruptcy law, Ms. Fernandina is required
to present the validated claims in court as individual reports.  
Court No. 25 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 Parabrisas Buenos
Aires and its creditors.

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

Ms. Fernandina will also submit a general report that contains
an audit of Parabrisas Buenos Aires' accounting and banking
records.  The report submission dates have not been disclosed.

Parabrisas Buenos Aires was forced into bankruptcy at the
request of Antonio Bulic, whom it owes US$1,355.20.

Clerk No. 50 assists the court in the case.

The debtor can be reached at:

          Parabrisas Buenos Aires S.R.L.
          Alvarez Thomas 928/32
          Buenos Aires, Argentina

The trustee can be reached at:

          Silvia Fernandina
          Asuncion 4642
          Buenos Aires, Argentina


RHIN WERKE: Trustee Verifies Proofs of Claim Until Dec. 11
----------------------------------------------------------
Jorge Eduardo Roberts, the court-appointed trustee for Rhun
Werke S.A.'s bankruptcy proceeding, will verify creditors'
proofs of claim until Dec. 11, 2006.

Under the Argentine bankruptcy law, Mr. Roberts is required to
present the validated claims in court as individual reports.  
Court No. 21 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 Rhin Werke and its
creditors.

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

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

Rhin Werke was forced into bankruptcy at the behest of Union de
Obreros y Empleados Plasticos, which it owes US$17,205.31.

Clerk No. 41 assists the court in the case.

The debtor can be reached at:

          Rhin Werke S.A.
          Carlos Pellegrini 465
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Eduardo Roberts
          Hernandrias 983
          Buenos Aires, Argentina


SUCESION DE MARIANO: Asks Court Approval to Restructure Debts
-------------------------------------------------------------
Court No. 18 in Buenos Aires is studying the merits of Sucesion
de Mariano Sprovieri's petition to restructure its debts after
it stopped paying its obligations on Sept. 11, 2006.

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

Clerk No. 36 assists the court in the proceeding.

The debtor can be reached at:

          Sucesion de Mariano Sprovieri
          Avenida Juan de Gray 431
          Buenos Aires, Argentina


TELECOM ARGENTINA: Investing ARS1B on Infrastructure Expansion
--------------------------------------------------------------
Telecom Argentina will invest about ARS1 billion for the
expansion of its broadband infrastructure and services,
according to a report from Infobae.

Gerardo Werthein, the vice president of Telecom Argentina, told
Infobae, "This process... is aimed at changing the nature of
broadband in Argentina."

The investment will boost Telecom Argentina's image and sound
quality in the broadband service, Mr. Werthein explained to
Business News Americas.

Carlos Felices, the chief executive officer of Telecom
Argentina, told Infobae, "We are transforming the company from a
telecoms service company to a next generation services company."

According to BNamericas, Telecom Argentina's net profits
decreased 46% to ARS96 million in the second quarter of 2006,
from the ARS179 million recorded in the second quarter of 2005.  
Its second quarter 2006 revenues increased 29% to ARS1.75
billion, compared with the same period in 2005.

Telecom Argentina closed the first half of 2006 with 3.99
million fixed lines in service and about 7.66 million clients.  
Its ADSL customer base reached 300,000, BNamericas states.

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

                        *    *    *

As reported in the Troubled Company Reporter on April 27, 2006,
Fitch Ratings made these changes on Telecom Argentina's ratings:

   Foreign Currency

    -- Previous Rating: 'B-'
    -- New RR: 'B', Rating Outlook Stable

  Local Currency

    -- Previous Rating: 'B-'
    -- New RR: 'B', Rating Outlook Stable

  US$1.5 billion, Senior Unsecured Notes due 2011 and 2014

    -- Previous Rating: 'B-'
    -- New IDR: 'B/RR4'

                        *    *    *

As reported in the Troubled Company Reporter on April 26, 2006,
Standard & Poor's Ratings Services raised its foreign and local
currency corporate credit ratings on several Argentine entities
and removed them from CreditWatch, where they were placed with
positive implications on March 23, 2006.  Telecom Argentina
S.A.'s rating was upgraded to B from B-.

The rating actions followed the upgrade on the global foreign
and local currency ratings on the Republic of Argentina to 'B'
from 'B-' and the ratings on Argentina's national scale to
'raAA-' from 'raA'.


* ARGENTINA: May Sell Bonds in Asian Markets
--------------------------------------------
Bloomberg News reports that Argentina is considering its first
sale of bonds in Asia since it defaulted on US$95 billion of
debts in 2001.

An unnamed official from the Economy Ministry told Bloomberg
that the government thinks the high savings rates in Asian
countries like Japan, China, South Korea and Malaysia, may boost
demand for Argentine debt.  

However, the government is concerned with creditors who held out
of last year's restructuring, who may look to seize interest
payments the government makes on the new debt, Bloomberg quoted
Pablo Morra, an economist at Goldman Sachs Group Inc.

"They found demand in Asia," Mr. Morra told Bloomberg in a
telephone interview from New York.  "The problem is that they
will run into the same hurdles as elsewhere with holdout
creditors who will try to interfere."

Argentina's restructuring offered creditors 30 cents on the
dollar.  Some creditors refused that payment seeking to recover
more for their investments.

Bloomberg says the issuance have been discussed by the
government with banks including Merrill Lynch & Co. and Credit
Suisse Group to sell the bonds.

                        *    *    *

As reported on Oct. 4, 2006, Standard & Poor's Ratings Services
raised its long-term local  and foreign currency credit rating on
the Republic of Argentina to 'B+' from 'B'.  Standard & Poor's also
affirmed its 'B' short-term ratings on The Republic of
Argentina.  S&P said the ratings outlook is stable.




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


COMPLETE RETREATS: Withdraws Application to Hire XRoads as Agent
----------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates withdrew its
application, filed with the U.S. Bankruptcy Court for the
District of Connecticut, to employ XRoads Case Management
Services, LLC, as their claims and noticing agent pursuant to
Section 327 of the Bankruptcy Code.

The withdrawal follows the Debtors' communication with Diana G.
Adams, the Acting United States Trustee for Region 2, regarding
her objection to their application.

                     U.S. Trustee's Objection

The Troubled Company Reporter on Sept. 7, 2006, relates that in
support of her objection to the retention of XRoads as the
Debtors' claims and noticing agent, the U.S. Trustee asserted
that Xroads' proposed services go beyond purely administrative
functions.

The U.S. Trustee noted that the Debtors sought XCM's assistance
in the preparation of their Schedules of Assets and Liabilities,
Statements of Financial Affairs, initial reporting package, and
their monthly operating reports.  XCM's services are those
generally performed by a professional employed pursuant to
Section 327 of the Bankruptcy Code, the U.S. Trustee said.

The Debtors, however, do not seek to employ XCM pursuant to
Section 327, the U.S. Trustee pointed out.  In addition, the
Debtors did not propose to subject XCM's fees and expenses to
Court oversight and review in accordance with Section 330 of the
Bankruptcy Code, similar to the fees and expenses paid to a
professional employed under Section 327.

The U.S. Trustee maintained that to the extent Holly Felder
Etlin, the Debtors' chief restructuring officer, has the right
to contract for XCM, insider and other issues will arise that
would prohibit XCM's employment by the Debtors.

The U.S. Trustee also noted that the Debtors have not provided
information to show that the fees charged by XCM are
commercially reasonable and standard when compared to those of
other parties offering the same or similar services.

As reported in the Troubled Company Reporter on Aug. 23, 2006,
the U.S. Trustee sought replacement of Xroads as claims agent to
the Debtors, contending that the XCM Application does not:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

       (3) docketing the claims;

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

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

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

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

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

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

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

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


COMPLETE RETREATS: Withdraws Application to Hire XSG as Advisor
---------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates withdrew its
application, filed with the U.S. Bankruptcy Court for the
District of Connecticut, to employ XRoads Solutions Group LLC as
their financial and restructuring advisor.

The withdrawal follows the Debtors' communication with Diana G.
Adams, the Acting United States Trustee for Region 2, regarding
her objection to their application.

The Court previously approved the Debtors' application on an
interim basis, however, the U.S. Trustee objected to the
application contending that because XRoads Principal
Holly Felder Etlin will act as the Debtors' chief restructuring
officer, she is not disinterested, and thus cannot be retained
under Section 327 of the Bankruptcy Code.

The U.S. Trustee further contended that the firm is also not
disinterested because other XRoads employees will serve as
"supporting personnel" for Ms. Etlin.  

                    Debtors' Application

In late June 2006, the Debtors hired XRoads Solutions to assist
them in the management of their business and in the exploration
of strategic alternatives.

In a retention letter dated July 20, 2006, the Debtors proposed
to continue XRoads' employment as their financial and
restructuring advisor.

Holly Felder Etlin, a principal at XRoads, agreed to serve as
the Debtors' Chief Restructuring Officer during the course of
the Chapter 11 cases.  

The Debtors expected XRoads to continue to:

    (a) provide the services of Ms. Etlin, as well as other
        supporting personnel;

    (b) develop, refine, implement, and monitor the Debtors'
        turnaround efforts;

    (c) evaluate the Debtors' strategic alternatives;

    (d) assist in implementing any approved capital structure;

    (e) review, assess and develop action plans of key
        contracts;

    (f) review and validate the Debtors' cash flow forecasts and
        related processes;

    (g) evaluate the Debtors' business plan;

    (h) assist in the development and implementation of a
        recapitalization plan;

    (i) provide financial information in support of, and
        participation in, the Debtors' investment banking
        process;

    (j) assist in communications with, negotiations with, and
        presentations to vendors, creditors, and other key
        constituents of the Debtors;

    (k) assist in the development of employee-related plans;

    (l) assume the leadership role for the design and
        implementation of new effective management and financial
        reporting methodologies for the Debtors' business; and

    (m) analyze and lead the Debtors' cash management and
        related activities.

In addition, Ms. Etlin informed the Court that XRoads Case
Management Services, LLC, an affiliate of XRoads, will provide
bankruptcy case support, administrative and noticing services to
the Debtors.

XRoads charged the Debtors a fixed minimum fee of US$150,000
per month, provided that if their services total more than 480
hours, the Debtors will pay XRoads US$375 per excess hour.

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


COMPLETE RETREATS: Taps Etlin & XRoads Under US Bankr. Sec. 363
---------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Connecticut for permission
under Section 363 of the Bankruptcy Code to employ Holly Felder
Etlin as their chief restructuring officer, with a financial
advisory services support team from XRoads Solutions Group, LLC.

The Debtors believe that Ms. Etlin is a qualified restructuring
consultant with valuable experience in numerous corporate
turnarounds, financial reorganizations, and asset sales.

The Debtors previously filed an application under Section 327(a)
of the Bankruptcy Code to employ XRoads Solutions as their
financial and restructuring advisor.  On July 25, 2006, the
Court approved the Debtors' request, on an interim basis.

After multiple communications among the Debtors' counsel, XRoads
and the U.S. Trustee, the Debtors have elected to voluntarily
withdraw the XRoads Retention Application.

Pursuant to the terms of a Retention Letter between XRoads and
the Debtors dated July 1, 2006, and amended on July 20, 2006,
Ms. Etlin, as the Debtors' CRO, is authorized and responsible
for:

   -- making decisions with respect to all aspects of the
      management and operation of the Debtors' business and
      assisting in identifying cost reduction, working capital
      turn, and other operations improvement opportunities;

   -- communicating and meeting with creditors and their
      representatives in connection with the formulation,
      negotiation, and execution of a plan of reorganization,
      and discussing the business operations, financial
      performance, and general condition of the Debtors; and

   -- making decisions with respect to hiring new employees and
      terminating the Debtors' existing employees.

Ms. Etlin, together with certain additional XRoads personnel,
will:

   (a) evaluate the Debtors' strategic alternatives;

   (b) assist in implementing any Court-approved capital
       structure;

   (c) review, assess the restructuring impact of, and develop
       action plans for key contracts;

   (d) review and validate the Debtors' cash flow forecasts and
       related processes;

   (e) evaluate the Debtors' business, reorganization and
       restructuring plans;

   (f) assist in the development and implementation of a
       recapitalization plan;

   (g) provide financial information in support of, and
       participation in, the Debtors' investment banking
       process;

   (h) assist in communications, negotiations with, and
       presentations to vendors, creditors, and other key
       constituents;

   (i) assist in the development of employee-related plans,
       including retention, severance, and replacement plans;

   (j) assume the leadership role for the design and
       implementation of new effective management and financial
       reporting methodologies;

   (k) analyze and lead the Debtors' cash management and related
       activities; and

   (1) assist in the preparation of the Debtors' Schedules of
       Assets and Liabilities, Statements of Financial
       Affairs, the initial reporting package for the United
       States Trustee, and monthly operating reports.

The CRO and any other additional personnel would report to and
operate under the direction of the Debtors' board, which may
terminate the engagement upon 15 days' written notice.

The Debtors' current board of directors consists of James
Mitchell, Michael Shelton and Jason Bitsky.  None of the
personnel employed by XRoads to represent the Debtors, including
the CRO, would serve as a director of the Debtors.  

In addition, XRoads agrees that neither it nor any of its
affiliates would make any investment in the Debtors or the
reorganized Debtors for three years after the conclusion of its
engagement with the Debtors.

The Debtors will pay XRoads a fixed fee of US$150,000 per month
for the CRO and Financial Advisory Services; provided, that if
those services total more than 480 hours in any month, the
Debtors will pay XRoads US$375 per hour for the additional
services.

The Debtors will pay all expenses reasonably incurred by XRoads
for services rendered on the Debtors' behalf.  The CRO and other
additional XRoads personnel will be covered by the Debtors'
directors and officers insurance liability policy.

If any Restructuring is consummated during the term of XRoads'
engagement and 12 months after the termination of its services,
XRoads will receive a Restructuring Performance Fee equal to:

   (i) 0.5% of the first US$100,000,000 of the Debtors' debt
       securities and other indebtedness, obligations, or
       liabilities restructured; and

  (ii) 0.25% of all amounts in excess of US$100,000,000 of the
       Debtors' cumulative debt securities and other
       indebtedness, obligations, or liabilities restructured.

If a Sale Transaction is consummated during the term of XRoads'
engagement or within 12 months after the termination of its
services, XRoads will receive a Sale Performance Fee equal to:

   (i) 0.5% of the first US$100,000,000 of Aggregate Gross
       Considerations paid; and

  (ii) 0.25% of the Aggregate Gross Consideration paid in excess
       of US$100,000,000.

The Restructuring Performance Fee and the Sales Performance Fee,
if earned, would be subject to the Court's approval.

Prior to the Petition Date, XRoads received a US$150,000
retainer.  The Retainer will be applied to XRoads' final bill
for fees and expenses, Jeffrey K. Daman, Esq., at Dechert LLP,
in Hartford, Connecticut, informs the Court.  The unused portion
of the Retainer, if any, will be returned to the Debtors.

The Debtors have been advised by XRoads that it will endeavor to
coordinate with the other retentions in the Debtors' bankruptcy
cases to eliminate unnecessary duplication or overlap of work.

"The assistance of Ms. Etlin and her team will provide a fresh
perspective on the Debtors' business, as well as valuable
expertise on various business management and operational
issues," Mr. Daman avers.  "With the aid of XRoads, the Debtors
will be better able to assess possible areas of cost reduction
and other operational improvement opportunities, as well as
successfully navigate through the critical early stage of these
cases and beyond."

Because the CRO is not to be retained under Section 327, XRoads
should not be subject to the compensation requirements of
Sections 328, 330 and 331 of the Bankruptcy Code, Mr. Daman
contends.

Thus, the Debtors ask the Court to:

   -- treat XRoads' fees and expenses as an administrative
      expense of the Debtors' estates; and

   -- exempt XRoads from filing fee applications or seeking
      Court approval for the payment of its services and
      reimbursement of its expenses.

Ms. Etlin, as principal of XRoads Solutions Group, LLC, assures
the Court that XRoads is a "disinterested" person as that term
is defined in Section 101(14) of the Bankruptcy Code.  XRoads
does not hold or represent an interest adverse to the Debtors or
their estates.

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


ISLE OF CAPRI: S&P Puts BB- Corporate Credit Rating Neg. Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Isle of
Capri Casinos Inc., including its 'BB-' corporate credit rating,
on CreditWatch with negative implications.

The CreditWatch listing follows the filing of a Schedule 13D by
Hayground Cove Asset Management LLC, disclosing its purchase of
5.53% of Isle's common shares outstanding and its view that Isle
should pursue equity alternatives to support its future growth.

"Given that Hayground now has a meaningful stake in Isle, we
believe that management will now be pressured to pursue
shareholder-enhancing leveraging transactions," said Standard &
Poor's credit analyst Peggy Hebard.

While ratings on Isle also consider the performance of Isle of
Capri Black Hawk LLC (B+/Stable/--), an unrestricted subsidiary
that is 57%-owned by Isle, given its importance to the overall
portfolio and the Isle brand, the outlook at this time remains
stable.

"We may revisit the ratings and/or outlook on Isle of Capri
Black Hawk if the credit quality for Isle of Capri weakens as a
result of an announced leveraging transaction," Ms. Hebard said.

Standard & Poor's will review its ratings on Isle when, and if,
a definitive leveraging transaction is announced and the
company's operating and financial objectives are evaluated.


WINN-DIXIE: Retirees Committee Supports Reorganization Plan
-----------------------------------------------------------
The Ad Hoc Committee of Winn-Dixie Retirees, who participated in
the negotiation of the settlement of the substantive
consolidation issues, asks the U.S. Bankruptcy Court for the
Middle District of Florida to confirm Winn-Dixie Stores, Inc.,
and its debtor-affiliates' proposed Joint Plan of
Reorganization.

According to the Retirees Committee, the Plan represents a good
faith effort on the Debtors' part to deal with their creditors
in the most equitable means possible while maintaining the
viability of the various companies.

In the Retirees Committee's opinion, the Plan fully complies
with the requirements of Section 1129 of the Bankruptcy Code and
represents the best opportunity for the Debtors' successful
reorganization.

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


WINN-DIXIE: 499 Duplicative Claims Totaling US$2.4BB Disallowed
---------------------------------------------------------------
The Honorable Jerry A. funk of the U.S. Bankruptcy Court for the
Middle District of Florida sustains Winn-Dixie Stores, Inc., and
its debtor-affiliates' objection to 499 claims, aggregating
US$2,485,261,208.  

Judge Funk disallows the claims in their entirety, contingent
upon the (i) confirmation and effectiveness of the Debtors'
Joint Plan of Reorganization and (ii) substantive consolidation
of the Debtors' estates as provided in the Plan.

Liberty Mutual Insurance Company withdraws Claim Nos. 10276
through 10281.

Florida Crystals Food Corporation's claim is allowed as an
unsecured non-priority claim for US$18,096.

Judge Funk notes that if the Plan is not confirmed or does not
become effective, the Court Order will not prejudice the
position of either the claimants or the Debtors with respect to
the issue of which of the several Debtors named as obligor on
the claims is the actual obligor for the alleged liability.

Judge Funk also rules that the Court order is without prejudice
to the Debtors' right to further object to the surviving claims
or pursue any potential avoidance action against any of the
claimants.

                Florida Crystals' Response

Florida Crystals Food Corporation stated that it filed an
unsecured proof of claim for US$18,096 against Winn-Dixie
Stores, Inc.; Winn-Dixie Procurement, Inc.; and Winn-Dixie
Logistics, Inc.

Florida Crystals did not object to the Debtors' request to
expunge its duplicate claims under the conditions set forth in
their Omnibus Objection, but it objected to the Debtors' attempt
to reserve their rights to further object to the surviving
claim.

Gene B. Tarr, Esq., at Blanco Tackabery Combs & Matamoros PA, in
Winston-Salem, North Carolina, asserted that Florida Crystals
should not be required to face the prospect of incurring
unnecessary expenses if the Debtors unilaterally decide to
object to Florida's claim at a later date.

Florida Crystals asked the Court to deny the Debtors' purported
reservation of rights to object to Claim No. 12863 on any other
basis.

                         Background

The Debtors had identified 505 claims that appear to be
duplicative of other claims filed against them.

According to James H. Post, Esq., at Smith Hulsey & Busey, in
Jacksonville, Florida, the Debtors have reviewed each of the
Duplicate Different Debtor Claims and have determined that the
claims are in effect multiple claims against the estates for the
same liability.

The Duplicate Different Debtor Claims, aggregating
US$2,731,959,914, include:

                               Remaining   Duplicate Claims
    Claimant                   Claim No.   To Be Disallowed
    --------                   ---------   ----------------
    Acadiana Bottling Co.        8200        8196 to 8199,
                                             8201 to 8203
    Acco Brands, Inc.             918        897 to 917,
                                             919 to 920
    Accurate Inventory &        10319        10318, 10320,
       Calculating                                 10321
    Ace American Insurance Co.  12670        12671 to 12693
    Allen Beverages Inc.         8314        8315 to 8321
    American Leak Detection       317        2730
    Bemis Company, Inc.          1069        1070
    Ben-Arnold Sunbelt Beverage  
       Co. of South Carolina LP  5989        5991 to 6012
    Beverage South Inc.         11361        11360, 11362, 11363
    Blue Moon Licensing Inc.     9738        9739, 9740
    Blue Rhino Corporation      11068        11067, 11069
    Buffalo Rock Company         9719        9715 to 9718,
                                             9720 to 9722
    Cagle's, Inc.                9944        9564
    Cal-Maine Foods, Inc.        9424        9423
    Campbell Soup Company        8066        7942 to 7945,
                                             8063 to 8065
    Certified Foods Corp.        7825        7824
    Clorox Sales Company        11268        11266, 11267,
                                             11269 to 11273
    Cobb Electric Membership      574        2832
    Cole's Quality Foods, Inc.   4426        4424, 4425
    Crown Cork & Seal USA, Inc.  8509        8508

A list of the Duplicate Different Debtor Claims is available
free of charge at http://ResearchArchives.com/t/s?12e7

The Remaining Claims will survive subject to the Debtors'
further objections on any other grounds and their later
allowance or disallowance by the Court.

The Debtors reserved their rights with respect to potential
preference and avoidance actions under Chapter 5 of the
Bankruptcy Code against any claimant.

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


WINN-DIXIE: Duval County Wants Claims Objection Overruled
---------------------------------------------------------
The Duval County Tax Collector and the Duval County Property
Appraiser ask the U.S. Bankruptcy Court for the Middle District
of Florida to overrule Winn-Dixie Stores, Inc., and its debtor-
affiliates' objection to Claim No. 12566 and deny the Debtors'
request for tax liability determination.

The Duval County Tax Collector disagrees with the Debtors'
proposed reduction of the claim amount from US$6,448,549 to
US$5,206,101.

Richard R. Thames, Esq., at Stutsman Thames & Markey P.A., in
Jacksonville, Florida, says that the Debtors' tangible personal
property tax returns constitute an admission against their own
interest.  Thus, the Debtors are estopped from challenging the
assessments based on their own valuations.

Mr. Thames points out that the Debtors did not challenge the tax
assessments within the time limit prescribed by state law,
therefore they are deemed to have waived their right to
challenge the tax assessments.

Moreover, the Tax Injunction Act and Section 362(b)(18) of the
Bankruptcy Code preclude the Court from enjoining or interfering
with the assessment of state ad valorem property taxes,
Mr. Thames contends.

Mr. Thames also states that given the market risks associated
with the Debtors' current financial condition, the 18% interest
rate cannot be shown to be so disproportionate to current
interest rates to constitute a penalty.

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


WINN-DIXIE: Names Nine Individuals as New Board of Directors
------------------------------------------------------------
Winn-Dixie Stores, Inc., disclosed that nine individuals have
been designated to serve on a newly constituted Board of
Directors when the company emerges from bankruptcy.  These
designees include Winn-Dixie President and Chief Executive
Officer Peter Lynch, who is expected to serve as chairman of the
new Board.

As previously reported, a confirmation hearing for the U.S.
Bankruptcy Court for the Middle District of Florida to consider
approval of Winn-Dixie's Plan of Reorganization has been
scheduled to begin on Oct. 13, 2006.  If the Plan of
Reorganization is confirmed by the Court, Winn-Dixie expects to
emerge from Chapter 11 protection later this year with
sufficient financing and liquidity to make significant
investments in its current store base, to develop new stores,
and to take other actions to position the business to compete
effectively in its markets over the next several years.  The
company also expects to emerge with only a minimal amount of
long-term debt on its balance sheet.

In preparation for the upcoming confirmation hearing before the
Honorable Jerry A. Funk, Winn-Dixie today filed a number of
supplemental documents required by its Plan of Reorganization.  
These include a list of the proposed members of Winn-Dixie's new
Board of Directors, a copy of the final commitment letter for
US$725 million in exit financing, proposed draft forms for Winn-
Dixie's new charter and bylaws, a stock registration rights
agreement, a new equity incentive plan to be provided to key
associates, and protocols for the settlement of certain claims.

               Proposed Board of Directors

If the Plan of Reorganization is confirmed by the Court, a new
Board of Directors will take office on the effective date of the
Plan.  The company and the creditors committee have designated
the following eight people to join Mr. Lynch on the new Board,
subject to approval of the Bankruptcy Court:

   -- Ronald E. Elmquist, President and CEO of Qualserve Corp.
      since 2005 and a director of Radio Shack Corp.
      Mr. Elmquist was formerly President and CEO of
      Submitorder, Inc.; Chairman, President and CEO of
      Keystone Automotive Operations, Inc.; President of
      Global Food Services and Corporate Vice President at
      Campbell Soup Company, Inc.; and Chairman, President and
      CEO of W.S. Holdings Corporation and White Swan, Inc.  He
      has also held senior positions at Fleming Companies, Inc.,
      PYA Monarch, Inc., and Sysco Corporation.

   -- Evelyn V. Follit, Senior Vice President, Chief
      Organizational Enabling Services Officer and Chief
      Information Officer at Radio Shack from 1997 to 2005.
      Ms. Follit is currently a director at Catalina Marketing
      Corp. and GetConnected, Inc.  She has previously held
      Senior positions at A.C. Nielsen Corp., D&B Corporation,
      ITT Industries and IBM Corp.

   -- Charles P. Garcia, President of the Sterling Hispanic
      Capital Markets Group at vFinance, Inc.  Mr. Garcia was
      founder, CEO and Chairman of Sterling Financial Investment
      Group, Inc.  A graduate of the U.S. Air Force Academy and
      former intelligence officer for the U.S. Department of
      State, he served as a White House Fellow in 1988.  
      Mr. Garcia is a director of several not-for-profit
      organizations, including the U.S. Air Force Academy, the
      American Bar Association, and Read On! Foundation.

   -- Jeffrey C. Girard, Vice Chairman, Finance and
      Administration at ShopKo Stores, Inc. from 2002 to 2004.
      Earlier in his career he served in senior management
      roles at Supervalu, Inc., Supermarkets General Corp.,
      Pathmark Stores, Inc., and Standard Brands, Inc.

   -- Yvonne R. Jackson, Founder and President of
      BeecherJackson.  Ms. Jackson has served as Senior Vice
      President, Human Resources for Pfizer, Inc., Compaq
      Computer Corp., and Burger King Corp.  From 1979 to
      1993 she served in a number of human resources positions
      at Avon Products, Inc., including Vice President, Human
      Resources for the U.S. division.  She began her career as
      a personnel manager at Sears, Roebuck & Co.

   -- Gregory P. Josefowicz, former Chairman, President and CEO
      of Borders Group, Inc. and a director of PetSmart, Inc.
      and Ryerson, Inc. Mr. Josefowicz joined Borders as
      President and CEO in 1999 after having served as President
      of the Midwest Region of Albertson's, Inc.  He also held
      several senior positions at Jewel Food Stores and has
      served as a director of Spartan Stores, Inc.

   -- Terry Peets, senior advisor to J.P. Morgan Partners and a
      director of Berry Plastics, Inc., Pinnacle Foods Group,
      Inc., Ruiz Foods, Inc., and WKI Holding Company, Inc.  
      Mr. Peets has served as Chairman of Bruno's Supermarkets,
      Inc.; President, CEO and a director of Pia Merchandising
      Co., Inc.; Executive Vice President of Vons Companies,
      Inc.; and Executive Vice President of Ralph's Grocery Co.

   -- Richard E. Rivera, President and CEO of Rubicon
      Enterprises, LLC and a director of the National
      Restaurant Association.  Mr. Rivera has served as Vice
      Chairman, President and Chief Operating Officer at Darden
      Restaurants, Inc. and as President of Darden's Red Lobster
      chain.  He has also served as President and CEO of Chart
      House Enterprises, Inc., RARE Hospitality International,
      Inc., and TGI Friday's, Inc. (a division of Carlson
      Companies, Inc.).  He has also held senior positions at
      W.R. Grace & Co. (President of Del Taco Corporation);
      Annheuser-Busch Companies, Inc. (President of El Chico
      Corp.); and Grand Metropolitan plc (Steak & Ale
      Restaurants of America).

Mr. Lynch said, "I believe this will be an outstanding board.  
The members are a diverse group, with considerable experience
and expertise ranging from the food and supermarket industry to
human resources to information technology.  Their collective
knowledge, judgment and support will be a tremendous asset for
our management team as we continue to pursue opportunities to
strengthen and grow our business."

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
completed in August the sale of its 12 stores in the Bahamas.
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.  




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


* BELIZE: Posts Gas Price Reductions
------------------------------------
Prices of gas in Belize have been reduced due to the decrease in
international crude oil prices, Caribbean 360 reports.

According to Caribbean 360, these were the new prices of
gasoline in Belize:

          -- premium gasoline is decreased 81 cents to US$9.72
             per gallon,
             
          -- regular gasoline fell 77 cents to US$9.29 per
             gallon,

          -- kerosene dropped 85 cents to US$5.78 per gallon,
             and

          -- diesel decreased 77 cents to US$6.78 per gallon.

The gasoline price reduction is due to a decrease in world
prices.  This is the second drop in prices in the last five
weeks.  Prices have also slightly decreased in the last shipment
of fuel that arrived into Belize in early September, the
government told Caribbean 360.

                        *    *    *

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.


* BELIZE: Takes Part in IMF's General Date Dissemination System
---------------------------------------------------------------
Belize began participating in the International Monetary Fund's
General Data Dissemination System or GDDS on Sept. 27, 2006,
marking a major step forward in the development of its
statistical system.  Comprehensive information on Belize's
statistical production and dissemination practices now appears
on the IMF's Dissemination Standards Bulletin Board.

Mr. Glenn Avilez, Chief Statistician at the Central Statistical
Office and the GDDS Coordinator for Belize, stated, "The
occasion of Belize's participation in the GDDS marks a
significant accomplishment for the Central Statistical Office.
The IMF's GDDS provides an excellent framework for a continued
improvement of our national statistical system. We are committed
to making continued progress in terms of the quality,
timeliness, and coverage of our statistical system, including
with technical assistance from various sources."

Mr. Robert Edwards, Director of the IMF Statistics Department,
welcomed Belize's GDDS participation and observed, "Belize's
participation in the GDDS is a milestone in the country's
statistical development. Participation in the GDDS should allow
Belize to take full advantage of the framework to enhance its
statistical capacity, especially for macroeconomic and socio-
demographic statistics."

The GDDS was established by the IMF in 1997.  It provides a
framework to help countries to develop their statistical systems
to produce comprehensive and accurate statistics for
policymaking and analysis. Belize is the 92nd GDDS participant.  
Six GDDS participants have used the GDDS framework to graduate
to the Special Data Dissemination Standard, a more demanding
dissemination standard also established by the IMF.

                        *    *    *

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


REFCO: Chapter 7 Trustee Wants to Transfer Excess Funds
-------------------------------------------------------
Albert Togut, the Chapter 7 trustee for the estate of Refco,
LLC, seeks the U.S. Bankruptcy Court for the Southern District
of New York's authority to transfer to Refco Capital, LLC,
certain funds held as of the Petition Date in customer-
segregated accounts.

Refco LLC held approximately US$525,000,000 of "excess" funds in
customer-segregated accounts following consummation of the sale
of the Refco Debtors' regulated commodities trading business to
Man Financial, Inc.  Mr. Togut believes that the excess funds
constitute "customer property" to the extent any customer "net
equity" claims against Refco LLC's estate are allowed.

In the normal course of its prepetition business, Refco LLC
extended a limited amount of short-term credit to certain of its
customers, as permitted under Commodity Futures Trading
Commission regulations.  However, certain customers -- primarily
floor traders who maintained accounts at Refco LLC -- required
significant amounts of credit to meet margin calls and other
capital requirements related to trading in their accounts at the
Debtor.

To accommodate the credit needs of qualified customers, Refco
LLC arranged for certain customers to borrow funds from its
affiliate, Refco Capital, pursuant to written credit agreements.  
The arrangement helped Refco LLC meet its own capital needs by
eliminating the reduction in its net capital that would have
been available to meet the CFTC's capital requirements had Refco
LLC made loans directly to the customers.

Because Refco Capital's extensions of credit materially exceeded
the roughly US$119,000,000 in "excess net capital" reported by
Refco LLC as of the end of September 30, 2005, Mr. Togut relates
that Refco LLC would have required additional operating capital
had it made significant loans directly to its customers.

Customer Loans made by Refco Capital typically were secured by
pledges to Refco Capital of the floor traders' commodity
exchange memberships and other collateral.  The repayment terms
of the Customer Loans varied from customer to customer.  In
almost all cases, the proceeds of Customer Loans were directly
credited to the applicable customer accounts maintained at Refco
LLC.

Customer Loans typically were repaid by customers using the
proceeds from trading in their accounts at Refco LLC or from
deposits made to their accounts at Refco LLC.  It facilitated
the repayment of the Customer Loans by directly transferring to
Refco Capital funds from the customers' accounts, as expressly
authorized by the Customer Credit Agreements and established by
the parties' course of dealing, without the need for any further
direction or consent of the customer.

Following public disclosure in October 2005 of a US$430,000,000
receivable owed by an entity controlled by Phillip R. Bennett,
CEO and chairman of the board of directors of Refco, the CFTC
and the Chicago Mercantile Exchange contacted Refco LLC and
voiced concerns about transfers that might be made by Refco LLC
to other Refco entities from Refco LLC's customer-segregated
accounts.  Mr. Togut says the CFTC and CME's concerns were (i)
precipitated in large part by the lack of any clarity at the
time of the scope of the potential wrongdoing at Refco and
whether the wrongdoing extended to Refco LLC, and (ii) designed
to ensure that sufficient capital remained at Refco LLC for it
to honor all of its customer obligations.

In view of the CFTC and CME's concerns, Refco LLC suspended
making transfers to other Refco Entities, including Refco
Capital, until Refco LLC could receive adequate assurances from
the CFTC and CME that it could properly transfer funds to Refco
Capital.

Mr. Togut reports that from Oct. 11, 2005, through the Chapter 7
Petition Date, customers, primarily floor brokers, continued to
make deposits to their Refco LLC accounts to repay Customer
Loans that had been made to them by Refco Capital.  Refco LLC
issued customer account statements reflecting that
US$120,539,124 had been withdrawn from customer accounts for
purposes of repayment of and application to Customer Loans made
by Refco Capital.

Because of the CFTC and CME's concerns, Refco LLC did not
actually withdraw the Customer Funds from the customer-
segregated bank accounts and remit them to Refco Capital.  As a
result, the Customer Funds designated for the repayment of
Customer Loans were "trapped" in the segregated bank accounts
maintained for the benefit of Refco LLC's customers.  "Thus,
even though LLC's customer account statements reflect that
US$120,539,124 in funds were withdrawn from customer accounts to
repay Customer Loans made by Refco Capital, as of the Chapter 7
Petition Date those Customer Funds actually remained in LLC's
customer-segregated bank accounts and had not yet been remitted
to Refco Capital," Mr. Togut tells Judge Drain.

On the Chapter 7 Petition Date, all customer accounts maintained
at Refco LLC were transferred to Man in connection with the
sale.  Following the Chapter 7 Petition Date, customers
continued to make deposits to their customer accounts for
purposes of repaying the Customer, and Man Financial withdrew
funds from the applicable customer accounts for purposes of
remitting the funds to Refco Capital in repayment of Customer
Loans.  Because the CFTC and CME did not raise any issues with
respect to Man transferring funds from its customer-segregated
accounts to Refco Capital, however, those customer payments were
received by Refco Capital, Mr. Togut notes.

If the Refco LLC Trustee is not authorized to transfer the
Customer Funds to Refco Capital, Refco Capital could reverse the
provisional entries on its books and records reflecting
repayment of the Customer Loans, and then could demand repayment
of the Customer Loans from Refco LLC's customers, Vincent E.
Lazar, Esq., at Jenner & Block LLP, in Chicago, Illinois, points
out.  Refco Capital further could assert claims or causes of
action directly against Refco LLC's estate for turnover of the
Customer Funds.

Man could also assert claims against Refco LLC's estate if the
business sold to Man were to be negatively impacted by a failure
of Refco LLC's estate to remit Customer Funds withdrawn from
customer accounts to repay Customer Loans, and the failure
resulted in claims asserted by or against customers whose
accounts had been sold to Man, Mr. Lazar says.

The proposed fund transfer will not prejudice Refco LLC
customers that assert priority customer "net equity" claims
pursuant to Section 766(h) of the Bankruptcy Code, Mr. Lazar
assures the Court.  Mr. Lazar explains that the US$525,000,000
in excess funds held in Refco LLC's customer-segregated accounts
as of the Petition Date substantially exceeds the roughly
US$377,000,000 in customer claims filed in Refco LLC's case that
either specifically allege or arguably may be entitled to be
treated as customer "net equity" claims.  The Refco LLC Trustee
will still hold sufficient proceeds of funds previously held in
Refco LLC's customer-segregated accounts to satisfy in full any
priority customer net equity claims that are determined to be
valid, Mr. Lazar says.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).




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


INTERMEC INC: Revises Revenue Guidance for Third Quarter 2006
-------------------------------------------------------------
Intermec, Inc., revises revenue guidance for the third quarter
ended Oct. 1, 2006.  Intermec is scheduled to release its full
financial results on Nov. 1, 2006.

Intermec expects revenue to be in a range of US$192 million to
US$196 million for the third quarter of fiscal year 2006.  This
compares with earlier guidance of US$230 million to US$240
million and compares to third quarter fiscal year 2005 revenues
of US$US220 million.

Intermec's revised guidance reflects an estimated decrease of
its System and Solutions revenues of about 20% and a decrease of
Service revenue of about 5% over the comparable prior-year
quarter.  Printer and Media revenues increased slightly over the
comparable prior-year period.

Geographically, revenue in both North America and EMEA (Europe,
Mid-East and Africa) appears to have decreased by about 15
percent compared to the prior-year period.  The rest of the
world, consisting of Latin America and Asia Pacific, increased
about 20%.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                        *    *    *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.

Moody's Investors Service upgraded the corporate family rating
of Intermec Inc. to Ba2 from B1 and its senior unsecured rating
to Ba3 from B2.  Moody's said the rating outlook is stable.


* BOLIVIA: Closing Gas Plant Construction Accord with Venezuela
---------------------------------------------------------------
Bolivian President Evo Morales will wrap up an agreement with
Hugo Chavez, his Venezuelan counterpart, regarding the
construction of a gas plant, Prensa Latina reports.

According to Prensa Latina, the project is under the framework
of the Bolivarian Alternative for Latin America and the
Caribbean.

Carlos Villegas, Bolivia's hydrocarbons minister, told Prensa
Latina that the project would cost almost US$150 million.  It
will process domestic natural gas and that of a similar
installation to be put up on the border with Argentina with
Buenos Aires collaboration for exports.

Prensa Latina relates that the plant will be built in Rio
Grande, Santa Cruz, through a joint venture between Petroleos de
Venezuela SA -- the state-run oil company of Venezuela -- and
Petroliferos Fiscales Bolivianos, its counterpart in Bolivia.

Petroleos de Venezuela will hold 49% of the shares in the
project while Yacimientos Petroliferos will have 51%, Prensa
Latina states.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

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




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


AMERICAN AXLE: Offers Attrition Program for UAW Associates
----------------------------------------------------------
American Axle & Manufacturing Holdings, Inc., will offer a
special attrition program to all United Auto Workers or UAW
associates at the company's master agreement facilities in the
fourth quarter of 2006.

"The unprecedented, yet necessary, structural transformation of
the domestic automotive industry is continuing at a rapid pace,"
said AAM Co-Founder, Chairman, & CEO Richard E. Dauch.  "AAM's
special attrition program is necessary at this time to realign
our workforce with actual and projected production and market
conditions.  The structural cost reductions anticipated as a
result of this special attrition program will enhance our
ability to invest in the continuing expansion of AAM's product
portfolio, served markets, customer base and global
manufacturing footprint."

American Axle's special attrition program will be offered to all
UAW associates at the company's master agreement facilities,
which are located in:

   -- Detroit, Michigan;
   -- Three Rivers, Michigan;
   -- Buffalo, New York;
   -- Tonawanda, New York; and
   -- Cheektowaga, New York.

Under this special attrition program, American Axle will offer a
range of early retirement incentives, buy-outs and educational
opportunities to its associates. These offers include:

   -- US$50,000 incentive to retirement eligible associates,

   -- A monthly incentive for associates eligible to grow into
      retirement within four years,

   -- US$70,000 buy-out incentive to associates with less than
      10 years seniority,

   -- US$100,000 buy-out incentive to associates with greater
      than or equal to 10 years seniority,

   -- US$30,000 buy-out incentive to certain associates of the
      Cheektowaga facility and the axle operations at the Three
      Rivers facility; or
  
   -- An educational opportunities buy-out incentive program
      providing benefits of two or four years for tuition and
      living expenses.

Associates who retire as part of this program will retain all
vested pension and postretirement benefits.  Associates who
accept a buy-out will retain vested pension benefits but will
forfeit other postretirement benefits.

In conjunction with this special attrition program, American
Axle expects to initiate additional restructuring actions in
2006 to realign its production capacity and cost structure to
current and projected operational and market requirements.  
These actions are expected to include salaried workforce
reductions, the redeployment of machinery and equipment to
support new programs, and other steps to rationalize
underutilized capacity.

American Axle currently expects to incur special charges of as
much as US$150-US$250 million for the special attrition program
and other restructuring activities in 2006.  As a result of
these anticipated special charges, the company withdraws its
2006 earnings and cash flow guidance provided on June 8, 2006.

                    About American Axle  

American Axle & Manufacturing -- http://www.aam.com/--     
manufactures, engineers, designs and validates driveline and  
drivetrain systems and related components and modules, chassis  
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, England, Germany, India, Japan, Mexico, Poland,
Scotland and South Korea.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 17, 2006,  
Standard & Poor's Ratings Services assigned its 'BB' rating to
the new US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).  

The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.  
The rating outlook is negative.  The company has about US$717
million of lease-adjusted debt and US$425 million of underfunded
employee benefit liabilities.


AMERICAN AXLE: S&P Affirms BB Ratings on Attrition Prog. Notice
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit ratings on American Axle & Manufacturing Inc. and parent
company American Axle & Manufacturing Holdings Inc.  The
affirmation follows the company's announcement that it will
offer a costly special attrition program that will initially
raise debt levels but should also rapidly and permanently reduce
the company's cost structure.

The ratings outlook is negative.  The company has about US$1.1
billion million of debt, including the present value of
operating leases and US$425 million of underfunded employee
benefit liabilities.

American Axle's special attrition program will be offered to all
6,000 of its United Auto Worker or UAW employees at the
company's five master agreement facilities in the U.S.  The
program includes a range of early retirement incentives, buy-
outs, and educational assistance.  American Axle will undertake
additional restructuring actions to align its production
capacity and cost structure with current business conditions.

Total costs for the attrition program and restructuring actions
will range between US$150 million and US$250 million in 2006.  A
significant portion of these costs will be cash charges, causing
debt levels to rise, depending on the level of acceptance by the
company's UAW employees.  Credit protection measures have been
satisfactory for the ratings, but they will weaken this year as
retirement incentives and buyout payments are made near year-end
with little-to-no offsetting savings.  Nevertheless, American
Axle should see a meaningful reduction in its labor costs in
2007, resulting in higher earnings and cash flow even if
currently difficult industry conditions persist.


BANCO NACIONAL: Grants BRL6 Million Loan to Agencia Nacional
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
approved a BRl6 million financing to Agencia Nacional de
Desenvolvimento Microempresarial to expand its productive
microcredit operations directed to individuals and micro
entrepreneurs.  The operation will allow expanding the credit
offer to the 78 municipalities in which Agencia Nacional
operates, in the States of Pernambuco, Ceara, Bahia, Rio Grande
do Norte and Minas Gerais.  The institution carries an active
credit portfolio in the amount of BRL5.9 million and has about
7,000 clients.

The public assisted by Agencia Nacional's microcredit program is
100% comprised of individuals, of whom 68% belong to the female
gender, 83.9% use the funds as working capital and 70.8% engage
in trading.  In accordance with a socioeconomic profile survey,
the assisted groups have an average monthly income of BRL206 and
live in neighborhoods with low Human Development Reports,
located in the Northeast region and North of the State of Minas
Gerais.

Based on Agencia Nacional's portfolio data, for each 100
microcredit operations held, 20 new jobs are created.  It is
expected that this project will finance about 63,000 operations,
which may allow for the generation of 12,600 new jobs within
five years.

Agencia Nacional de Desenvolvimento Microempresarial is a Civil
Society Organization of Public Interest operating since 2005
with microcredit used for entrepreneurs of small productive
activities, offering working capital, fixed capital and rural
credit, at interests varying from 2.9% to 3.99% per month,
depending upon the type of loan granted.

Agencia Nacional operates at an informal organization of groups
of people to form communitarian banks and offer microcredit to
very low-income population, which own small businesses.  The
financing is granted at total amounts per group ranging between
BRL50 and BRL1,500 (average of BRL300).

Agencia Nacional's main partner is Visao Mundial, a North
American NGO that operates in Brazil since 1975, and operates
productive microcredit since 1995, as a way to expand the social
intervention and organize communities for a sustainable
development.  In 2004, the NGO transferred its program and all
assets and liabilities to Agnecia Nacional.

                        *    *    *

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.


CENTRAIS ELECTRICAS: S&P Affirms Low B Long-Term Curr. Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' foreign
currency and 'BB+' local currency long-term credit ratings on
Centrais El,tricas do Brasil aka Eletrobras.  The outlook on
both ratings is stable.

The ratings on Eletrobras are linked to the credit quality of
the Federative Republic of Brazil.

"The company is majority owned by the government (58.4%), and we
deem that the government has strong incentives to support
Eletrobras in case of need, given the company's strategic role
in financing Brazil's electric power industry and in managing
federal generation, transmission, and distribution assets," said
Standard & Poor's credit analyst Daniel Araujo.

Eletrobras is also exposed to the evolving regulatory
environment in Brazil, which can affect its loan portfolio's
credit quality; the performance of its subsidiaries, some of
which might require financial support from the company; and the
government's strong influence on its strategic planning.

The stable outlook on the ratings mirrors the outlook on the
sovereign credit rating for the Federative Republic of Brazil.
The stable outlook also reflects the expectation that Eletrobras
will continue to play an essential role in Brazil's electricity
sector and will therefore continue receiving implicit support
from its majority owner, the federal government.

Standard & Poor's expects Eletrobras to comfortably cover its
debt service obligations, considering its liquidity position.  
Holding company debt levels are moderate, and the federal
government guarantees those from multilateral institutions.


COMPANHIA SIDERURGICA: Baosteel May Provide Equipment to Firm
-------------------------------------------------------------
Companhia Siderurgica Nacional could receive equipment and
technology from Chinese steelmaker Baosteel Group Corp. for its
planned US$1.5-billion steel mill in Itaguai, Bloomberg reports.

According to Bloomberg, Siderurgica Nacional disclosed in August
that it offered Baosteel 25% of the export slab mill.  

Xie Qihua, the chairperson of Baosteel, told Bloomberg, "We have
been invited by CSN (Companhia Siderurgica) to Brazil to get
some future business together.  We just supply the equipment and
some technology."

Companhia Siderurgica is seeking to increase steel production
and boost iron ore and slab exports under a US$5 billion plan,
Bllomberg notes.  

Meanwhile, Ms. Quihua is considering investing in Brazilian
steel mills and shipping product to China for processing into
steel products to decrease Baosteel's iron ore imports,
Bloomberg relates.  

Iron ore is a key steel-making component.  Its rising demand in
China, along with limited mine expansion, increased yearly
prices 19% in 2006, Bloomberg says.  

Negotiations with Companhia Siderurgica are at an initial stage.  
The two firms have not finished their discussions, Ms. Quihua
told Bloomberg.

Companhia Siderurgica Nacional 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 after the announcement of
its association with U.S.-based steel maker Wheeling-Pittsburgh
Corp. in the U.S.  S&P outlook is stable.


ELETROPAULO METROPOLITANA: Unit Inks Network Pact with Lucent
-------------------------------------------------------------
Lucent Technologies has signed a new contract with Eletropaulo
Telecom, a telecom service provider from AES Eletropaulo's
electric energy distribution group operating in the state of Sao
Paulo.

According to the contract, Lucent will supply next generation
optical networking systems that will enable Eletropaulo Telecom
to expand its current metropolitan area network and improve its
ability to serve customers.

The relationship between Lucent and Eletropaulo was established
in 2002, when the service provider started activities in Sao
Paulo.  "It is extremely rewarding to be part of Eletropaulo's
expansion because we have tracked the company's evolution and
know it's potential," says Wagner Ferreira, president of Lucent
Technologies in Brazil.

The agreement includes the Metropolis ADM MultiService Mux-
Universal shelf for multiservice delivery over SDH (Synchronous
Digital Hierarchy) plus deployment, integration and remote
technical support services.  The equipment was deployed at the
end of August 2006.

"It has been very important for us to be able to count on Lucent
to provide services and reliable products in this project phase.  
They have supported us well since our entry into Sau Paulo,"
explained Gilberto Cardoso, Commercial Director & Marketing of
Eletropaulo Telecom.

"Lucent will also supply additional system and software
solutions from its next-generation optical networking portfolio
to help Eletropaulo serve its customers."

                 About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on April 7, 2006,
Moody's Investors Service placed Lucent Technologies, Inc.'s B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.

                  About Eletropaulo Telecom

Eletropaulo Telecommunications is a carrier of the electric
energy distribution group, Eletropaulo, which has five years in
the market and a 1,500km fiber network in the Sao Paulo state
(including 24 cities). In the last five years, Eletropaulo
Telecom registered 37.9% average annual growth, reaching
BRL51.23 million revenue and 47% net profit in 2005.  

                      About Eletropaulo

Eletropaulo distributes power in Brazil's industrial hub of Sao
Paulo city and 23 surrounding towns. Power consumption in Sao
Paulo state grew 3.8% in 2005 from 2004, according to data from
Sao Paulo state government.

                        *    *    *

Standard & Poor's assigned on June 20, 2006, its B+ rating to
Brazilian electric utility Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A.'s US$200 million senior unsecured
and unsubordinated euro bonds.  S&P said the outlook is stable.

Fitch Ratings affirmed on May 15, 2006, the international
local and foreign currency ratings of Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A. and the rating of its USD200
million international bond issuance at 'B+'.  The long-term
national scale rating and the rating of the eighth and ninth
debenture issuances were also affirmed at 'BBB(bra)'.  Fitch
said all ratings maintain a Stable Outlook.


EMBRATEL PARTICIPACOES: Picks Nortel to Expand Wireless Services
----------------------------------------------------------------
Embratel Participacoes S.A. has selected Nortel Networks to
upgrade its fixed wireless network to deliver high quality voice
service to approximately one million subscribers.

The CDMA2000 1X network expansion will help increase network
capacity and coverage to accommodate more voice subscribers and
enable superior voice quality for their wireless local loop
service known as Livre.  As part of the deployment, Nortel will
replace Embratel's existing Livre network in Sao Paulo and once
deployment is complete, Nortel will be Embratel's principal
wireless infrastructure provider in Brazil for Livre.

"Embratel is striving to provide the most competitive fixed line
telephony at accessible cost and superior quality," said Jose
Formoso, chief executive officer, Embratel.  "Nortel's wireless
technology will help us maximize existing spectrum and hardware
resources to accommodate subscriber growth and reduce
operational expenditures."

"Nortel's CDMA solutions provide quality, capacity, coverage and
performance, enabling operators like Embratel to increase their
advanced services offerings and bring more efficient and higher
speed mobile services to subscribers," said Pablo Vazquez,
president, Nortel Mexico.

"We are pleased to have been selected as Embratel's sole
supplier for the Sao Paulo network and we look forward to
working with them on delivering a compelling wireless experience
to businesses and consumers in the country," said Martha Bejar,
president, Caribbean and Latin America, Nortel.

Nortel's wireless infrastructure being deployed for Embratel
includes CDMA2000 1X radio base stations, base station
controllers, CDMA Packet MSC and other related equipment.
    
                    About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corp.
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries including
Mexico.

                       About Embratel

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.


NORTEL NETWORKS: To Upgrade Embratel's Fixed Wireless Services
--------------------------------------------------------------
Embratel Participacoes S.A., has selected Nortel Networks to
upgrade its fixed wireless network to deliver high quality voice
service to approximately one million subscribers.

The CDMA2000 1X network expansion will help increase network
capacity and coverage to accommodate more voice subscribers and
enable superior voice quality for their wireless local loop
service known as Livre.  As part of the deployment, Nortel will
replace Embratel's existing Livre network in Sao Paulo and once
deployment is complete, Nortel will be Embratel's principal
wireless infrastructure provider in Brazil for Livre.

"Embratel is striving to provide the most competitive fixed line
telephony at accessible cost and superior quality," said Jose
Formoso, chief executive officer, Embratel.  "Nortel's wireless
technology will help us maximize existing spectrum and hardware
resources to accommodate subscriber growth and reduce
operational expenditures."

"Nortel's CDMA solutions provide quality, capacity, coverage and
performance, enabling operators like Embratel to increase their
advanced services offerings and bring more efficient and higher
speed mobile services to subscribers," said Pablo Vazquez,
president, Nortel Mexico.

"We are pleased to have been selected as Embratel's sole
supplier for the Sao Paulo network and we look forward to
working with them on delivering a compelling wireless experience
to businesses and consumers in the country," said Martha Bejar,
president, Caribbean and Latin America, Nortel.

Nortel's wireless infrastructure being deployed for Embratel
includes CDMA2000 1X radio base stations, base station
controllers, CDMA Packet MSC and other related equipment.

                       About Embratel

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.
   
                  About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corp.
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries including
Mexico and Brazil in Latin America.

                        *    *    *

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

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

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

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


NORTEL NETWORKS: Upgrades Brasil's Call Center Services
-------------------------------------------------------
Brasil Center, an Embratel Group company, has expanded the
capabilities of its contact center services for customers in Rio
de Janeiro with Nortel Networks call center solutions.  The
software and hardware upgrade will support the company's plans
to grow its customer base and ensure quality customer service.

The new solutions, deployed by Wittel, a Nortel channel partner,
enables Brasil Center to cost-effectively expand its outsourcing
contact center services by creating 200 new agent positions, as
well as 600 new telephone lines by the end of this year. This
growth will increase the center's service capacity by 20 percent
to 1,100 agent positions, and a total of 3,600 available lines.

With this upgrade, Brasil Center will be able to meet customers'
requests faster and more efficiently.  All inbound calls will be
immediately routed to the most appropriate agent using Nortel's
Skill Based Routing technology.  The call center will also have
the flexibility to expand its capabilities quickly, in order to
meet increasing customer demand without major costs for
additional network upgrades.

"This most recent expansion carried out with Nortel will enable
Brasil Center to integrate our site in Rio de Janeiro with our
others in Brazil. It not only increases our total call and agent
capacity but enhances our automatic response system, to
effectively handle increased calls to the center while reducing
wait times through fast call routing," said Luciano Carino,
commercial director, Brasil Center.

Brasil Center first deployed Nortel solutions at the Rio de
Janeiro site in 2000 and last year upgraded to increase capacity
from 400 to 900 agent positions.  Brasil Center currently
handles customers such as Claro, NET, Telmex, Vesper and Rio
Grande Energia S.A. at its five different locations in the
states of Sao Paulo, Rio de Janeiro, Goias, Espirito Santo and
Minas Gerais.

"Nortel is providing Brasil Center with innovative technology
and competitively priced call center upgrades to meet demand for
increased flexibility, productivity and efficiency. These
technologies are essential to maintain and expand the company's
service model," said Juan Chico, president, Nortel Brazil.

Brasil Center's new network includes Nortel's Communication
Server 1000 and Nortel Contact Center platform.

                     About Brasil Center

Brasil Center Comunicacoes is an enterprise of the Embratel
Group, and was created in 1998 to provide Call Center services.  
Currently the company has five sites in Brazil that deploy high-
end technology in medium-sized cities with very high quality of
life, such as Juiz de Fora, Goiania, Vila Velha, Ribeirao Preto
e Macae.
   
                        About Wittel

Wittel is a company that provides corporate communications and
technology solutions, and is specialized in the Contact Center
and Trading Floors fields with a strong presence in the
financial, wireline and wireless telecommunications, and third-
party contact center service provider segments.  Wittel provides
services ranging from design, deployment and maintenance for the
solutions it offers.

                   About Nortel Networks

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

                        *    *    *

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

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

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

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


PETROLEO BRASILEIRO: Confirms Light Oil Find in Santos Basin
------------------------------------------------------------
Petroleo Brasilero S.A. aka Petrobras has confirmed there is a
significant volume of 300 API light oil in a new exploratory
frontier in the Santos Basin.  Testing carried out in a vertical
well revealed a flow of 4,900 barrels of oil and 150,000 cubic
meters of natural gas a day, through a 5/8 inch opening, with
stabilized pressure behavior.

The confirmation was made after the test carried out at the 1-
RJS-628A well was concluded and detected a highly productive
reservoir under a 2,000-meter thick layer of salt ("pre-salt").

The development of the discovery, made by well 1-RJS-628 A in
block BM-S-11, had already been communicated to the market on
June 11, 2006.  This block is operated by Petrobras (65%), in a
consortium with BG (25%), and Petrogal (10%).  The confirmed
discovery was disclosed to the National Petroleum, Natural Gas,
and Biofuel Agency, under the terms of the legislation in
effect.

Additional investments will be necessary, initially with the
drilling of the first extension well for a complete assessment
of the oil volume in the reservoir that was found.

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.


PETROLEO BRASILEIRO: Will Accelerate Santos Basin Exploration
-------------------------------------------------------------
Petroleo Brasileiro SA -- along with its partners BG Group and
Petrogal -- will speed up exploration in Brazil's offshore BM-S-
11 Santos basin block, Business News Americas reports.

BNamericas relates that BM-S-11 is 250 kilometers off the coast
of Rio de Janeiro and Sao Paulo.  It was awarded to the three
firms in 2000.  

Petroleo Brasileiro and BG Group said in separate statements
that the companies decided to accelerate the exploration after
it was confirmed that there were sizeable light crude reserves.

Frank Chapman, the chief executive officer of BG Group, said in
a statement, "The discovery has led to BG and Petrobras agreeing
to an acceleration of their exploration and appraisal program."

According to BNamericas, Petroleo Brasileiro said that the
drilling of the block's Tupi well resulted in a test production
rate of 4,900 barrels per day of API grade 30 crude.  The well
also yielded natural gas at a rate of 150,000 cubic meters per
day.

Mr. Chapman told BNamericas, "This is a very important
discovery.  I am delighted to report BG has built a material
exposure to this new hydrocarbons province."

BNamericas underscores that the operation confirmed a find in
the same block reported on July 11.  The Tupi well will be the
starting point for drilling extension wells to be used to assess
the discovery.

Petroleo Brasileiro, BG Group and Petrogal told BNamericas that
the discovery confirmed similar geological structures in the BM-
S-10 block about 70 kilometers away, where BG and Petrobras also
are partners.  Oil was found at water depths of 2,140 meters and
past a 2,000-meter salt mattress.

BNamericas notes that the three companies believe further
appraisals will identify the presence of significant reserves.

The find confirms the potential of the Santos basin as a
developing oil district, 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.


* BRAZIL: Fitch Comments on Macroeconomic Reforms
-------------------------------------------------
Brazil's first-round national elections on Oct. 1 yielded a
deeply divided Congress lacking clear coalitions, making the
prospect for economic reform challenging.  Fitch Ratings last
upgraded Brazil's sovereign ratings (long-term foreign and local
currency Issuer Default Ratings) to 'BB' from 'BB-' in June,
reflecting the improvement in the country's external finances,
especially the sharp reduction in the public sector's external
exposure.  The Outlook on the Ratings is Stable.  Nevertheless,
uncertain prospects in the next government for the passage of a
pro-growth reform agenda, as well as likely pressures to loosen
macroeconomic policies, could slow improvement in Brazil's
sovereign creditworthiness.

President Lula failed to win a second term in the first round of
voting, and none of the major political parties won
unambiguously in Congressional elections.  By only obtaining
48.6% of the votes, Lula, of the ruling leftist PT party, will
have to face his principal opponent, Geraldo Alckmin of the
opposition PSDB party, who obtained 41.6% of the votes, in a
run-off on Oct. 29.

"Whether Alckmin or Lula wins in the second round," said Roger
Scher, head of Latin American sovereign ratings at Fitch, "the
next president will have great difficulty forging a reform
coalition."

The centrist PMDB party gained seats in the lower house of
Congress and has become the largest single party in that
chamber.  Not currently affiliated with either the government or
the opposition, the PMDB could be the key to governing Brazil in
the next four years.  Yet even this party lost seats in the
Senate (upper house), yielding its leadership position to the
PFL, one of the principal opposition parties.  The current
coalition of opposition parties headed by the PSDB gained seats
in the lower house, but fell some 30 seats short of the ruling
PT coalition, which with 223 seats is itself short of a simple
majority.

Furthermore, a new electoral rule (the 'minimum barrier clause')
will penalize parties that failed to meet a minimum threshold of
votes, making existing coalitions untenable.  Hence, either
Alckmin or Lula as president will not only have to lure the PMDB
party into a coalition, but will have to appeal to opposition
parties to obtain the votes of 60% of both chambers necessary to
reform the constitution.  Brazil's constitution regulates minute
aspects of public policy, necessitating constitutional
amendments for ordinary economic reforms.

"In order to maintain the current level of taxation and ensure
spending flexibility," said Mr. Scher, "Constitutional
amendments extending the term of the CPMF financial transactions
tax and the DRU de-earmarking provision, both of which expire in
2007, will be needed."

Fitch's upgrade of Brazil's sovereign ratings last June
reflected not only improved external finances, but also the
assumption that the country's sound macroeconomic policy
settings would continue into the next administration.  The
commitment to a sizable primary budget surplus target, currently
at 4.25% of GDP, to a prudent inflation-targeting monetary
policy, and to a flexible exchange rate has underpinned lower
inflation and a decline in real interest rates in recent years.  
Yet public spending growth has been very strong in this election
year, with real federal spending rising 9.6% in 1H06.  The
incoming government will likely have to apply the brakes on
spending in order to ensure meeting the primary surplus target
next year.  Any further unwinding of the commitment to sound
macro policies in the coming years would result in a
deterioration in sovereign creditworthiness.  Fitch will closely
monitor the next government's choices to fill key economic
policy posts, as well as their statements about the continuity
of macro policies.

"Over the longer term, however," said M. Scher, "good macro
policies are not enough.  Pro-growth reforms are the only way to
get Brazil's heavy government debt burden, which stands at 70%-
75% of GDP, on a clear downward path.  And that is the only way
for Brazil to experience marked improvement in sovereign
creditworthiness."

The list of reforms that would improve growth prospects and
public debt dynamics is well-known:

   -- central bank independence;

   -- social security reform;

   -- a more pro-business tax regime and ultimately a lower
      tax burden;

   -- permanent de-earmarking of revenues and broad spending
      control;

   -- labor reform easing restrictions on hiring and firing;

   -- microeconomic reforms and policies promoting
      infrastructure investment; and

   -- reforms encouraging financial sector competition.

Given Brazil's heavy electoral calendar, early passage of
reforms is critical to a new government's success.

In addition to economic reform, sovereign creditworthiness in
Brazil would be served by a political reform that strengthens
political parties and reduces the current fragmentation of
power, which would enhance the prospects for substantive public
policy action.




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


BARROW LTD: Proofs of Claim Filing Deadline Is Set for Nov. 2
-------------------------------------------------------------
Barrow Ltd.'s creditors are required to submit proofs of claim
by Nov. 2, 2006, to the company's liquidators:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Limited
          P.O. Box 908, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914-6305  

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Barrow Ltd.'s shareholders agreed on Sept. 6, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


CZ KAPOK: Last Day for Filing of Proofs of Claim Is on Nov. 2
-------------------------------------------------------------
CZ Kapok Ltd.'s creditors are required to submit proofs of claim
by Nov. 2, 2006, to the company's liquidator:

          Trident Directors (Cayman) Ltd.
          P.O. Box 847       
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

CZ Kapok's shareholders agreed on Sept. 4, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Kimbert Solomon
          P.O. Box 847, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 0880
          Fax: (345) 949 0881


LAMONA TRADING: Deadline for Proofs of Claim Filing Is on Nov. 2
----------------------------------------------------------------
Lamona Trading Company Ltd.'s creditors are required to submit
proofs of claim by Nov. 2, 2006, to the company's liquidators:

          Stuarts Corporate Services Ltd.
          P.O. Box 2510, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 3344
          Fax: (345) 949 2888

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Lamona Trading's shareholders agreed on Sept. 20, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


MOLVO: Creditors Must File Proofs of Claim by Nov. 2
----------------------------------------------------
Molvo's creditors are required to submit proofs of claim by
Nov. 2, 2006, to the company's liquidators:

          Linburgh Martin
          Jeff Arkley
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Molvo's shareholders agreed on Sept. 7, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law
(2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Neil Gray
          Close Brothers (Cayman) Ltd.
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


MONTEREY INTERNATIONAL: Proofs of Claim Must be Filed by Nov. 2
---------------------------------------------------------------
Monterey International Ltd.'s creditors are required to submit
proofs of claim by Nov. 2, 2006, to the company's liquidator:

          Anthony David Owens Williams
          Corporate Filing Services Ltd.
          P.O. Box 613, George Town
          Grand Cayman, Cayman Islands
          Tel: 44 1534 630500
          Fax: 44 1534 639669

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Monterey International's shareholders agreed on Sept. 19, 2006,
for the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


MOTHERROCK ENERGY: Proofs of Claim Filing Deadline Is on Nov. 2
---------------------------------------------------------------
Motherrock Energy Master Fund Ltd.'s creditors are required to
submit proofs of claim by Nov. 2, 2006, to the company's
liquidators:

          Stuart K. Sybersma
          Ian A.N. Wight
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Motherrock Energy's shareholders agreed on Sept. 18, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Mervin Solas
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 7500
          Fax: (345) 949 8258


MOTHERROCK (INTERMEDIATE): Proofs of Claim Must be In by Nov. 2
---------------------------------------------------------------
Motherrock Energy Intermediate Fund Ltd.'s creditors are
required to submit proofs of claim by Nov. 2, 2006, to the
company's liquidators:

          Stuart K. Sybersma
          Ian A.N. Wight
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Motherrock Energy's shareholders agreed on Sept. 18, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Mervin Solas
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 7500
          Fax: (345) 949 8258


SAL 93A: Creditors Have Until Nov. 2 to File Proofs of Claim
------------------------------------------------------------
Sal 93A Ltd.'s creditors are required to submit proofs of claim
by Nov. 2, 2006, to the company's liquidator:

          Trident Directors (Cayman) Ltd.
          P.O. Box 847       
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Sal 93A's shareholders agreed on Sept. 12, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Kimbert Solomon
          P.O. Box 847, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 0880
          Fax: (345) 949 0881


SILICON MAGNETIC: Last Day to File Proofs of Claim Is on Nov. 2
---------------------------------------------------------------
Silicon Magnetic Systems (Cayman) Ltd.'s creditors are required
to submit proofs of claim by Nov. 2, 2006, to the company's
liquidators:

          Linburgh Martin    
          Jeff Arkley
          P.O. Box 1034, George Town
          Grand Cayman , Cayman Islands

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Silicon Magnetic's shareholders agreed on Sept. 6, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Neil Gray
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


TOPIX TRADING: Proofs of Claim Filing Deadline Is Nov. 2
--------------------------------------------------------
Topix Trading Ltd.'s creditors are required to submit proofs of
claim by Nov. 2, 2006, to the company's liquidator:

          RTB Secretaries Ltd.
          P.O. Box 10129 APO
          5th Floor Citrus Grove, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Nov. 2 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Topix Trading's shareholders agreed on Sept. 8, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.

Parties-in-interest may contact:

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




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


SHAW GROUP: Plans to Join Toshiba in Westinghouse Acquisition
-------------------------------------------------------------
The Shaw Group Inc. disclosed that, through a 100% owned special
purpose acquisition subsidiary, Nuclear Energy Holdings, L.L.C.,
it will join with Toshiba Corp. to acquire Westinghouse Electric
Co.

Earlier in the year, Toshiba was declared the successful bidder
to acquire Westinghouse from British Nuclear Fuels Limited for
US$5.4 billion.  Toshiba has formed two acquisition companies (a
U.S. entity and a U.K. entity) for the purpose of making the
acquisition.  At closing, expected to occur in October 2006,
Toshiba will own 77% of each of the Westinghouse Acquisition
Companies, Nuclear Energy 20%, and Ishikawajima-Harima Heavy
Industries Co., Ltd. 3%.  Nuclear Energy's participation in this
transaction is conditioned upon successful and timely closing of
a US$1.08 billion private placement bond financing and other
customary closing conditions.

Nuclear Eenergy intends to finance its acquisition with funding
it is seeking to raise through a private placement of Japanese
Yen-denominated bonds with an approximate principal amount of
US$1.08 billion, currently being marketed in Japan and outside
the U.S.  These limited-recourse Bonds are expected to have a
term of approximately 6.5 years.  

In connection with the acquisition, Nuclear Eenergy will have an
option to sell all or part of its 20% ownership interest in the
Westinghouse Acquisition Companies to Toshiba prior to the
maturity of the Bonds.  The Bonds will be secured by the assets
of and 100% of the membership interests in NEH, its shares in
the Westinghouse Acquisition Companies, along with the
corresponding Toshiba option, a US$36 million letter of credit
established by Shaw for the benefit of Nuclear Energyand the
Interest LCs.  The Bonds will have no further recourse to Shaw.

In connection with the issuance of the Bonds, Shaw will
establish one or more letters of credit for the benefit of
Nuclear Energy in an aggregate amount to cover Bond interest
payments for a specified period and certain other transaction
costs and expenses.  The initial Interest LC is expected to be
approximately US$91 million in the aggregate to cover interest
until the beginning of the option period, although the exact
amount will depend upon the Yen coupon rate of the Bonds.  Other
than the Principal LC and the Interest LC delivered at the
closing of the Bonds, Shaw is not required to provide any
additional letters of credit or cash to or for the benefit of
Nuclear Energy.

In addition, in connection with the Westinghouse transaction,
Shaw will execute a Commercial Relationship Agreement that
provides Shaw with certain exclusive opportunities to perform
engineering, procurement and construction services on future
Westinghouse AP 1000 Nuclear Power Plants, along with other
commercial opportunities, such as the supply of piping for those
units.  Westinghouse technology forms the basis for 63 of 104
licensed reactors in the United States and roughly half of those
worldwide.  Westinghouse's AP1000 passive Generation III design,
has obtained Design Certification from the United States Nuclear
Regulatory Commission and is the current technology selection
for 10 proposed new units in the U.S. Westinghouse and Shaw are
consortium partners in proposing the AP1000 technology for 4 new
reactors expected to be built in China.  Shaw has performed as
architect-engineer on 17 nuclear units and is currently
completing the construction restart of the Browns Ferry Unit 1
in Alabama for the Tennessee Valley Authority.

Shaw has received approval from its lenders to amend its
revolving credit agreement to allow for the investment in
Westinghouse and to allow for an increase in the facility from
its current US$750 million to up to US$1 billion.  The company
expects to make effective US$100 million of the approved
increase, thus increasing the capacity of the facility to US$850
million, in conjunction with this amendment.  Subject to
outstanding amounts, the entire credit facility, as amended,
would be available for performance letters of credit, and up to
US$525 million would be available for revolving credit loans and
financial letters of credit until Nov. 30, 2007, and US$425
million thereafter. The amendment and increase will be effective
upon closing of the Westinghouse transaction.

                       About Toshiba

Toshiba -- http://www.toshiba.co.jp/index.htm/-- is a  
diversified manufacturer and marketer of advanced electronic and
electrical products spanning information & communications
equipment and systems, digital consumer products, electronic
devices and components, power systems, industrial and social
infrastructure systems, and home appliances.  

                          About IHI

Established in 1853, IHI is one of Japan's leading heavy
apparatus manufacturers, active in domains as diverse as
airplane engines, power generation plants, and shipbuilding.  
Toshiba and IHI have a long established business relationship,
especially in the nuclear power plant businesses.  IHI
manufactured and supplied reactor pressure vessels for all the
BWR nuclear power systems in Japan where Toshiba was the prime
contractor.  

                    About Westinghouse

Westinghouse Electric Company is the world's pioneering nuclear
power company and is a leading supplier of nuclear plant
products and technologies to utilities throughout the world.  
Today, Westinghouse technology is the basis for approximately
one-half of the world's operating nuclear plants.

                      About Shaw Group

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in annual revenues, Shaw employs approximately 20,000 people at
its offices and operations in Venezuela, Chile, North America,
Europe, the Middle East and the Asia-Pacific region.

On July 27, 2005, Shaw Group was assigned a BB rating by
Standard & Poor's.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the homebuilding and construction-related
sector, the rating agency confirmed its Ba2 Corporate Family
Rating for Shaw Group, Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$750 million
   Gtd. Sr. Sec.
   Revolver
   due 2010               Ba2      Ba2    LGD 3       42%


SHAW GROUP: Discloses EPS & Cash Flow Guidance for Fiscal 2007
--------------------------------------------------------------
The Shaw Group Inc. disclosed that guidance for estimated
earnings per diluted share or EPS is a range of US$1.30 to
US$1.60 for its upcoming fiscal year ending Aug. 31, 2007.  The
company's guidance for estimated operating cash flow for fiscal
2007 is a range of US$300 million to US$350 million.  The
guidance reflects the estimated effect of the inclusion in
Shaw's consolidated financial statements of the planned
acquisition of a 20% interest in Westinghouse Electric Company,
including US$1.08 billion of borrowings for the acquisition
announced earlier this morning.

Shaw Group also announced that its earnings for the fourth
quarter ended Aug. 31, 2006, will reflect a charge related to
additional cost overruns on a domestic clean fuels project.  
These cost overruns are attributable to escalation in costs due
to the impacts of Hurricanes Katrina and Rita, as well as delays
and costs attributable to others. Certain of these cost overruns
may be recoverable through claims against others, including
unapproved change orders, force majeure, and other legal causes
of action.  The company now expects to report approximately
US$0.15 to US$0.18 per diluted share from continuing operations.  
Shaw estimates that its operating cash flow for the fourth
quarter will be approximately US$150 million.  In addition, Shaw
expects to report a record backlog, exceeding US$9 billion as of
Aug. 31, 2006.

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in annual revenues, Shaw employs approximately 20,000 people at
its offices and operations in Venezuela, Chile, North America,
Europe, the Middle East and the Asia-Pacific region.

On July 27, 2005, Shaw Group was assigned a BB rating by
Standard & Poor's.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the homebuilding and construction-related
sector, the rating agency confirmed its Ba2 Corporate Family
Rating for Shaw Group, Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:
   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$750 million
   Gtd. Sr. Sec.
   Revolver
   due 2010               Ba2      Ba2    LGD 3       42%


SHAW GROUP: Westinghouse Buy Cues S&P to Put Ratings on NegWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings for The Shaw Group Inc. on
CreditWatch with negative implications.

"The CreditWatch placement followed followed the company's
announced agreement to take a 20% ownership interest in the
US$5.40 billion acquisition, led by Toshiba Corp.. (BBB/Watch
Neg/A-2), of Westinghouse Electrical Company Co. from British
Nuclear Fuels Ltd.," said Standard & Poor's credit analyst Dan
Picciotto.

Shaw's US$1.08 billion purchase will be funded with proceeds
from a limited-recourse yen-denominated bond.  As part of the
transaction, Shaw will execute an agreement for certain
exclusive and other commercial opportunities.

Standard & Poor's will meet with Shaw management to discuss the
specifics of the acquisition and the company's business and
financial strategies.

"We could modestly downgrade the company if it appears likely or
reasonably possible that Shaw will maintain a sizable equity
interest beyond the life of the bonds, at which time the company
may be required to refinance or repay the bonds, resulting in a
financial profile inconsistent with the current ratings," Mr.
Picciotto said.




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


PARKER DRILLING: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors last week, the rating agency confirmed its B2 Corporate
Family Rating for Parker Drilling Company, as well as it B2
rating on the company's 9.625% Senior Unsecured Guaranteed
Global Notes Due 2013, and Senior Unsecured Guaranteed Floating
Rate Global Notes Due 2010.  Moody's assigned those debentures
an LGD4 rating suggesting noteholders will experience a 55% loss
in the event of default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).  

Headquartered in Houston, Texas, Parker Drilling Company --
http://www.parkerdrilling.com/-- provides contract drilling and  
drilling-related services worldwide.  The company has rigs
located in Colombia and Mexico, among others.




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


* COSTA RICA: Fitch Affirms BB+ Country Ceiling
-----------------------------------------------
Fitch Ratings has revised the Rating Outlook on Costa Rica's
foreign currency and local currency Issuer Default Ratings of
'BB' and 'BB+' respectively, to Stable from Negative. Fitch also
affirms Costa Rica's country ceiling at 'BB+'.

"The revision in the Rating Outlook reflects the improvement in
Costa Rica's fiscal balances over the past two years, an
appreciable decline in its government debt burden, and a further
improvement in its external solvency and liquidity ratios," said
Shelly Shetty, Senior Director at Fitch.

The revision in Outlook also takes into account the greater
economic dynamism of Costa Rica, with its growth expected to
reach close to 7% in 2006 driven by expansion in the tourism,
construction, mobile telecommunication and other export-oriented
industries.  In addition, while Fitch remains concerned about
the Costa Rican banking sector, the recent foreign acquisition
of large local private banks is likely to reduce risks
associated with their offshore banking activities and improve
the technical and risk management capabilities of these banks.
Finally, Costa Rica's relatively mature democratic institutions
and political stability are among its chief credit strengths,
setting it apart from other countries in this rating category.

Even without a tax-enhancing fiscal reform, the government has
been gradually tightening its fiscal belt since 2004, with the
2005 fiscal performance surpassing most expectations.  In 2005,
the central government fiscal deficit declined to 2.1% of GDP
from 2.7% in 2004, reflecting the success of tax administrative
measures as well as tight control over both current and capital
expenditures.  More impressively, fiscal consolidation has been
embraced by all the levels in public sector, with the social
security institute increasing is surplus and ICE (the state
electricity and telecom monopoly) running a balanced position.  
Lower fiscal deficits and a strong growth have led to a decline
in the general government debt from 51% of GDP in 2002 to 46% in
2005, which is in line with the 'BB' median.

Over the past three years, external solvency and liquidity
ratios have also improved due to both robust CXR growth and
increases in international reserves.  Net external debt fell
from 45% of CXR in 2002 to 29% in 2005, and is below the 'BB'
median.  More impressively, the net public external debt has
declined from 16% of CXR in 2002 to 5% in 2005, which is also
below the 'BB' median of 24%.  While Costa Rica's current
account deficit remains large, strong FDI flows financed over
90% of the current account deficit in 2005 and are expected to
finance 80% of the deficits in the coming two years, thereby
reducing the external vulnerability of Costa Rica.  Robust
inflow of FDI has not only fuelled investment growth, it has
also bolstered the diversity of Costa Rica's export base (the
commodity dependence of Costa Rica is 35%), and improved the
resilience of the country to deal with the oil price shock.

On the negative side of the ledger, Costa Rica has suffered from
reform inertia due to its fractious Congress, and cumbersome
legislative rules that prevent early passage of legislation.  
For example, while most of the other countries in Central
America have implemented CAFTA, the Costa Rican Congress has not
even approved the treaty.  The approval of the treaty is
necessary for Costa Rica to integrate further with its main
trading partners and to encourage a greater inflow of FDI.
However, some political parties and the unions remain opposed to
opening the state monopolies and implementing CAFTA, which could
make the approval of CAFTA fairly contentious and a long-drawn
process.

Costa Rica's other credit weaknesses include its high inflation
rate, continued structural weaknesses in its public finances,
and a weak banking sector.  In Fitch's view, tax-enhancing
measures need to be implemented in order to sustain the fiscal
consolidation process, accommodate the rising spending pressures
and to recapitalize the central bank.  However, the political
parties in Congress are divided on tax policy, making it
difficult to predict which of the tax bills submitted by the
Arias government will be passed.  Fitch notes that the central
bank's intention to move toward the exchange rate bands system
from the crawling peg regime in the coming months could improve
its ability to implement monetary policy.  Yet, the
recapitalization of the central bank is a prerequisite for the
institution to fight inflation more aggressively and to further
liberalize the exchange rate regime and adopt inflation
targeting.  Fitch's concern regarding the Costa Rican banking
sector relate to its high incidence of state ownership,
widespread dollarization, and the presence of a largely
unsupervised off-shore banking system.

Fitch will continue to monitor the progress made by the Arias
administration in advancing its reform agenda.  Further
improvements in Costa Rica's creditworthiness would depend on
the ability of the government to increase its tax base,
recapitalize the central bank and implement CAFTA.




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


BANCO INTERCONTINENTAL: Rafael Camilo Reacts to Defense's Claims
----------------------------------------------------------------
Those who spread rumors of bank failures or malaise in the
financial system could be jailed for up to 10 years, Rafael
Camilo, the banks superintendent of the Dominican Republic, told
Dominican Today, as a reaction from the allegation made by
Marino Vinicio Castillo -- the legal representative of Ramon
Baez Figueroa, who was being sued for allegedly defrauding
collapsed bank Banco Intercontinental SA.

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2006, Mr. Castillo alleged that there was a "beastly
kidnapping" of important testimonies.  Mr. Castillo said that
the defense want a collegiate court to hear the trial, which
ensures the right to a defense, saying that the previous
monetary and financial authorities' practices were "poisonous,
malignant, criminal, placing the law aside, burdening the
Dominican Republic as a quasi-fiscal deficit the deposits of
banks which are not guaranteed by law, everything to have their
hands free in the pillage and cannibalization of the assets of
the bank."  Mr. Castillo said the scandal against Banco
Intercontinental resulted from the firm's ownership of the local
paper Listin Diario, 78 radio stations and three TV channels,
which the government needed at that time for the reelections
campaign.

Mr. Camilo told Dominican Today that the Dominican banking
system is solid.  He mocked the allegation made by the defense
lawyers, saying, "I was bad, all the others were bad, we were
all bad."

The allegation causes unrest in the population and an image of
deterioration, which the system doesn't have, Dominican Today
notes, citing Mr. Camilo.

"But, in addition to that, they are reiterative in mentioning a
banking institution specifically, specifically a bank that in
many occasions says that such bank was the same, such bank that
had newspapers, and mentions it by name knowing that it is not
so," Dominican Today quoted Mr. Camilo as saying.

Mr. Camilo told Dominican Today, "The law has a chapter for that
specifically, for those people who spread rumors, who cause
difficult situations; rumors against a bank, an institution or
the system in general, the law is very specific, up to being
sentenced to 10 years."

Dominican Today underscores that Mr. Camilo urged the defense to
stop mentioning the bank's name and lower their tone with
regards to the system.

"They must be convinced of how serious it would be to
destabilize the Dominican financial system only in the
particular interest of exerting the right of defense of an
accused," Mr. Camilo told Matinal Channel 5.

Marino Vinicio Castillo can be reached at:

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

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


DIGICEL LTD: Completes Acquisition of Digicel Holdings Ltd.
-----------------------------------------------------------
Digicel Group has completed the acquisition of El Salvador
mobile operator Digicel Holdings Limited.

Digicel's acquisition of Digicel Holdings marks the company's
first entry into the burgeoning Central American mobile
telecommunications market.  Expected to bring new, increased
competition to the El Salvador mobile market, the acquisition
enables Digicel to expand its mobile services to 21 markets and
acquire a mobile telecommunications license in Guatemala.  The
company has also acquired 160 additional staff employees.

Digicel Group is renowned for offering its customers the best
network, most innovative products and excellent customer
service.  By driving service improvements, increased investment
in the network and offering strong brand support, Digicel aims
to expand its operation in El Salvador and become the people's
choice of mobile operator for El Salvadorians.

Visiting San Salvador, Digicel Group CEO Mr. Colm Delves
welcomed Digicel El Salvador's employees into the Digicel
family.  "El Salvador is a very exciting marketplace for Digicel
and we are looking forward to growing our operation to leverage
its young population, stable currency and low current mobile
penetration.  We are committed to maximizing these market
opportunities and look forward to even more expansion in the
region," he said.

Digicel Group's operation in El Salvador will be led by Mr. Luis
La Rocca, a mobile telecommunications expert with more than 30
years senior management experience.  Mr. Rocca has worked with
leading telecommunications providers such as BellSouth,
Telecarrier and BTS.  He has also served as a consultant with
DHL in El Salvador. Mr. William Nazareth, who previously served
as DHL CEO, will remain as a consultant to Digicel in El
Salvador.

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 US$1.2 billion invested in
the Caribbean over the past five years, Digicel has become one
of the most admired and leading brands in the region as well as
a significant employer of 2,160 staff members.

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% and the sector
continues to enjoy sustained growth with mobile phones
overtaking fixed lines service in 2002.

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 Caribbean countries 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
=================


AFFILIATED COMPUTER: Buys Systech Integrators for US$65 Million
-------------------------------------------------------------
Affiliated Computer Services, Inc., has acquired Systech
Integrators, Inc., an information technology solutions company
offering an array of SAP services.  The terms of the acquisition
specify a purchase price of US$65 million plus contingent
payments based on future financial performance.  The transaction
will be funded with a combination of cash on hand and borrowings
under ACS' existing credit facility.

ACS will leverage this acquisition to increase its stronghold as
a provider of SAP-based solutions, and solidify its market
position with FORTUNE 1000 and mid-market companies.  Systech's
services include SAP consulting services, systems integration,
and custom application development and maintenance.  ACS will
also leverage Systech's SAP footprint to further enhance its BPO
offerings and offshore-based consulting services specific to SAP
solutions.

"The acquisition of Systech furthers ACS' ability to offer cost-
effective, end-to-end IT outsourcing to the rapidly expanding
mid-market," said Ann Vezina, Group President of ACS Commercial
Solutions.  "By augmenting our existing SAP solutions with
advanced systems integration, strategic consulting, onshore &
offshore custom application development, and robust hosting
capabilities, we will enhance our position as a comprehensive
provider of SAP services across numerous markets."

Ms. Vezina also cited Systech's strong relationship with SAP as
a deciding factor in the acquisition.  Systech has long been a
premier partner of SAP America, and is one of the few U.S. IT
services firms focusing exclusively on SAP services.  ACS will
build on Systech's success in shaping what is considered SAP's
most responsive and resourceful consulting alliance.

"Systech Integrators has been an outstanding partner of SAP
America.  Together, we have helped many mid-market customers
achieve increased efficiency and business value," said Greg
Tomb, SAP Executive Vice President Field Services - Americas.  
"The combined strengths of Systech and ACS create an attractive
alternative for end-to-end system integration services in the
market."

"ACS is committed to expanding the market for SAP services.
Systech's services, clients, and affiliation with SAP have
created a solid foundation for ACS to offer a full spectrum of
SAP solutions that will generate ongoing opportunities with
existing customers and success in new markets," said Gary Gauba
and Sam Tyagi, Co-CEOs of Systech Integrators.  "The addition of
our client base and employees will help ACS build upon its
already growing reputation in SAP, and broaden its overall
capabilities as a pioneer in IT outsourcing."

                       About Systech

Systech Integrators, Inc. -- http://www.systechi.com/-- is a  
global IT solutions and services company that offers SAP
solutions in ERP, CRM, BI, SCM, SEM, SRM and Enterprise Portals,
among others, with an emphasis on NetWeaver and emerging
technologies. Systech has offices across the U.S. and
development centers in San Jose and India, and is a Premier
Services, Offshore and Channel Partner for SAP Americas

                 About Affiliated Computer

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides  
business process outsourcing and information technology
solutions to commercial and government clients.  The company's
global presence include operations in Brazil, China, Dominican
Republic, India, Guatemala, Ireland, Philippines, Poland and
Singapore.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 4, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating and senior secured ratings on Dallas, Texas-based
Affiliated Computer Services, Inc. to 'B+' from 'BB'.  The
ratings remain on CreditWatch with negative implications where
they were placed on Jan. 27, 2006.




=========
H A I T I
=========


DYNCORP INT: Lowers Guidance for Year Ending March 30, 2007
-----------------------------------------------------------
DynCorp International Inc. has revised full-year revenue
guidance down from US$2.4 billion to a range of US$2.1 to US$2.2
billion for the fiscal year ending March 30, 2007.  This
estimate is based on current backlog and management's estimate
of future contract awards.

For the second quarter, which ended Sept. 29, 2006, DynCorp will
recognize one-time charges of approximately US$18 million
related to three events:

   -- a US$5 million severance expense as a result of the
      departure of senior executives;

   -- a charge of US$5 million to finish construction for a camp
      in Iraq for the Department of State; and

   -- US$8 million related to a security contract for a customer
      in Saudi Arabia.

As a result of continuing cost reductions and strong program
performance, the one-time charges will be offset during the
balance of the year.  Earnings before interest, taxes,
depreciation and amortization guidance for the full year remains
unchanged at US$163.6 million, and Earnings per share guidance
also is unchanged at US$0.47 per share.

Full year adjusted EBITDA also remains unchanged at US$170.0
million, along with pro forma diluted EPS at US$0.71 and diluted
cash EPS at US$1.48.

Herb Lanese, the DynCorp's President and CEO, said, "I'm very
pleased with the company's cost reduction and streamlining
efforts.  These efforts not only enhance performance on current
contracts, but also improve our competitiveness."

               About DynCorp International Inc.

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized   
mission-critical outsourced technical services to civilian and
military government agencies.  The Company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The Company has more than 14,400 employees in 33
countries including Haiti.  DynCorp International, LLC, is the
operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC.  The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.




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


NATIONAL COMMERCIAL: In Talks with MoneyGram for Partnership
------------------------------------------------------------
National Commercial Bank Jamaica Ltd. is negotiating with
MoneyGram, a global payment service firm, to obtain a part of
the almost US$1.7 billion remittances that flow to the nation
yearly, the Jamaica Gleaner reports.

National Commercial hopes to conclude the talks in two months,
The Gleaner relates, citing Christian Stokes -- the general
manager for the business division of NCB International, a unit
of National Commercial.

According to The Gleaner, the National Commercial said it was
looking for ways to urge Jamaicans outside the country to
channel remittance capital into investments, as a large and
reputable transfer agent like MoneyGram offers leverage.

The Gleaner underscores that National Commercial's drive to
channel remittances into productive activity followed an
international study indicating that more foreign nationals are
willing to invest their earnings in real estate and other
ventures in their own nations.

Mr. Stokes told Wednesday Business, "NCB (National Commercial)
is exploring ways to facilitate the use of remittance inflows
for business development and wealth creation.  We are seeking to
leverage the network of a number of existing money transfer
companies.  We want to make it easier for Jamaicans to consider
to use the remittance platform to invest in the bank."

The wire transfer service of National Commercial generates over
US$1 billion in commercial foreign investments, The Gleaner
says, citing Mr. Stokes.

Mr. Stokes told The Gleaner, "We are still at a stage where we
are looking at what portion of this US$1.7 billion could go into
investment."

It would be a branding and marketing arrangement with the firms,
Mr. Stokes told The Gleaner.  National Commercial did not plan
to invest too much capital if any, in setting up the
arrangement.

However, Mr. Stokes admitted to The Gleaner that National
Commercial would want to target over the US$1.7 billion in
revenue from extending its MoneyGram partnership.

MoneyGram would be an ideal partner because of its track record
of compliance overseas, its network and technological
infrastructure, Mr. Stokes told The Gleaner.

                       About MoneyGram

MoneyGram operates in over 100,000 locations worldwide,
including Jamaica.  It has a global funds transfer division that
serves retail businesses, and a payment systems division that
serves financial institutions.   National Commercial Bank is an
agent for MoneyGram and has its own remittance services from the
United Kingdom and Cayman.

                        *    *    *

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 outlook.


* JAMAICA: Norway to Cancel Country's Debt
------------------------------------------
The government of Norway has disclosed that it will write off
Jamaica's debt, the Jamaica Gleaner reports.

The Gleaner relates that Jamaica incurred the debt from
purchases on shipping in the 1970s.

Jamaica, Ecuador, Egypt, Peru and Sierra Leone owed Norway a
combined US$80 million between 1976 and 1980 when the latter
exported 150 ships to the five nations, The Gleaner notes.  It
was part of an aid program aimed at increasing exports from
Norway's shipyards.

The debt write-offs are little honorable attempts to make
amends, The Gleaner says, citing Erik Solheim, the international
development minister of Norway.  Mr. Solheim said the program
was a mistake.

Minister Solheim told The Gleaner, "This campaign represented a
development policy failure.  As a creditor country, Norway has a
shared responsibility for the debts that followed.  In canceling
these claims, Norway takes the responsibility for allowing these
five countries to terminate their remaining repayments on these
debts."

The Gleaner emphasizes that the cancellation of the debt needs
the approval of the Norwegian Parliament, which will be
presented as part of the government's 2007 budget proposals on
Oct. 6.

Dr. Wesley Hughes -- the director general of the Planning
Institute of Jamaica, which is the government agency responsible
for international cooperation -- said he was aware of the write-
off, but not of the details as they affect Jamaica individually,
The Gleaner states.

                        *    *    *

On May 26, 2006, Moody's Investors Service upgraded Jamaica's
rating under a revised foreign currency ceiling:

   -- Long-term foreign currency rating: Ba3 from B1 with
      stable outlook.




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


BALLY TOTAL: Secures US$280MM New Credit Facility from Lenders
--------------------------------------------------------------
Bally Total Fitness Holding Corp. entered on Oct. 3, 2006, into
a commitment letter with:

   -- JPMorgan Chase Bank, N.A.,
   -- J.P. Morgan Securities Inc.,
   -- Morgan Stanley Senior Funding, Inc.,
   -- Canyon Capital Advisors LLC and
   -- Goldman Sachs Credit Partners L.P.,

with respect to a new senior credit facility that provides for:

   (i) a tranche B term loan facility for US$205,900,000,
  (ii) a delayed-draw term loan facility for US$34,100,000, and
(iii) a revolving credit facility for US$40,000,000.

The proceeds from the new facility will be used to refinance the
credit facilities outstanding under the company's existing
credit agreement, fund capital expenditures and provide for
additional liquidity.

The closing of the new facility is expected to occur on
Oct. 16, 2006.  The obligations of the lenders under the
Commitment Letter are subject to customary conditions.  The
lenders' commitment is not subject to the new facility being
syndicated by them.

The final maturity date for the new facility will be the earlier
of

   (i) Oct. 1, 2010 and

  (ii) the date 14 days prior to the maturity date of the
       company's 9-7/8% Senior Subordinated Notes due 2007,
       including if the Senior Subordinated Notes have been
       extended; provided, however, that the extended maturity
       date for the new facility should not be later than
       Oct. 1, 2010.

To the extent the Senior Subordinated Notes are not otherwise
extended, the Senior Subordinated Notes should be repaid,
renewed or extended on terms reasonably satisfactory to JPMorgan
by their Oct. 15, 2007 maturity date; provided, however, a
refinancing, renewal or other extension on terms consistent with
or better than the existing indenture governing the Senior
Subordinated Notes should be acceptable to the lender.  
Moreover, the consent of JPMorgan shall not be required for:

   (i) the issuance of common equity of the company to holders
       of Senior Subordinated Notes as consideration for
       amendments and or extension,

  (ii) increases in interest rates on the Senior Subordinated
       Notes which are payable in kind at the company's option,

(iii) other amendments or revisions which do not require cash
       payments and which are not adverse to the lenders and

  (iv) reimbursement of out-of-pocket expenses of such holders.

Bally Total Fitness Holding Corp. -- http://www.Ballyfitness.com   
-- is a commercial operator of fitness centers, with over 400
facilities located in 29 states, Mexico, Canada, Korea, the
Caribbean, and China under the Bally Total Fitness, Bally Sports
Clubs and Sports Clubs of Canada brands.

At June 30, 2006, Bally Total's balance sheet showed a
US$1,410,293,000 stockholder's deficit.

                        *    *    *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.


BALLY TOTAL: Shares Rise 50.1% to US$2.51 on NYSE
-------------------------------------------------
Bally Total Fitness Holding Corp.'s shares rose 84 cents, or
50.1%, to US$2.51 with more than four times average daily
trading volume on the New York Stock Exchange, after it
disclosed that it received a loan to refinance debt, the
Associated Press reports.

Bally Total said in a filing with the United States Securities
and Exchange Commission that it secured a US$280 million loan
from:

          -- JPMorgan Chase Bank,
          -- JP Morgan Securities Inc.,
          -- Morgan Stanley Senior Funding Inc.,
          -- Canyon Capital Advisors LLC, and
          -- Goldman Sachs Credit Partners LP.

According to AP, had previously disclosed that it would default
on a credit agreement by April unless its lenders granted
revision.

AP underscores that Bally Total would use the US$280 million
loan to refinance the debt and fund capital expenditures.

Bally Total told AP that it decided to focus on easing debt and
generating financial flexibility.  It has abandoned plans of
pursuing a sale or merger due to lack of interest.

The Bally Total stock traded up to US$9.92 in the past 52 weeks.  
It fell about 73% since the start of 2006, AP states.

Bally Total Fitness Holding Corp. -- http://www.Ballyfitness.com   
-- is a commercial operator of fitness centers, with over 400
facilities located in 29 states, Mexico, Canada, Korea, the
Caribbean, and China under the Bally Total Fitness, Bally Sports
Clubs and Sports Clubs of Canada brands.

At June 30, 2006, Bally Total's balance sheet showed a
US$1,410,293,000 stockholder's deficit.

                        *    *    *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.


DELTA AIR: Posts 3.4% System Traffic Decrease in September 2006
---------------------------------------------------------------
Delta Air Lines reported that system traffic for September 2006
decreased 3.4% from September 2005, with a capacity drop of
5.4%.  Delta's system load factor increased 1.5 points to 74.6%
in September 2006, compared with the same period in 2005.

Domestic traffic in September 2006 dropped 12.2% from September
2005.  Capacity decreased 14.3%.  

Domestic load factor in September 2006 increased 1.7 points to
73.5%, compared with the same period last year.  

International traffic in September 2006 rose 21.6% from
September 2005, with a 21.6% increase in capacity.  
International load factor was 76.9%, which was flat compared to
September 2005.

During September 2006, Delta operated its schedule at a 98.3%
completion rate compared to 96.4% in September 2005.  Delta
boarded 8.1 million passengers during the month of September
2006, a decrease of 9.8% from September 2005.  Detailed traffic
and capacity are attached.

Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 502 destinations
in 88 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  The Company and
18 affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts.  Timothy R. Coleman at The Blackstone
Group L.P. provides the Debtors with financial advice.  Daniel
H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump
Strauss Hauer & Feld LLP, provide the Official Committee of
Unsecured Creditors with legal advice.  John McKenna, Jr., at
Houlihan Lokey Howard & Zukin Capital and James S. Feltman at
Mesirow Financial Consulting, LLC, serve as the Committee's
financial advisors.  As of June 30, 2005, the Company's balance
sheet showed US$21.5 billion in assets and US$28.5 billion in
liabilities.


GENERAL MOTORS: Ends Alliance Talks With Nissan and Renault
-----------------------------------------------------------
General Motors, Renault and Nissan had agreed to terminate
discussions regarding a proposed alliance among the three
companies.

The parties mutually recognized that significant aggregate
synergies might result from the alliance.  However the parties
did not agree on either the total amount of aggregate synergies
or the distribution of those benefits.

Based on its conclusions, General Motors had proposed that
Renault-Nissan provide compensation as part of a potential
alliance and for potentially precluding General Motors from
entering other alliance opportunities if Renault-Nissan had made
a significant investment in the company.

Renault and Nissan consider that the principle of compensation
is contrary to the spirit of any successful alliance.

                     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.

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.


GENERAL MOTORS: U.S. Divisions Deliver 338,380 Vehicles In Sept.
----------------------------------------------------------------
General Motors Corp.'s dealers in the United States sold 338,380
new cars and trucks in September.  The company sold 1,385 more
retail vehicles in September than the year before.  Retail truck
sales, led by full-size pickups and utilities, were up 2%.  
Retail car sales were down 12%, partly due to inventory
constraints of Chevrolet Aveo, Cobalt, and Malibu.  Retail sales
of 246,797 vehicles were down 3% on a sales day-adjusted basis.

"GM's truck business was boosted in September by our segment-
leading fuel economy and the addition of the industry's best
coverage, including the 5-year/100,000 mile warranty program,"
Mark LaNeve, General Motors North America vice president for
vehicle sales, service, and marketing, said.

GM continues to reduce its reliance on low-margin daily rental
sales.  Sales to daily rental companies were down 26% compared
with year-ago levels, while its commercial fleet business was up
12%.  This ongoing planned pull-down of low-margin daily rental
sales resulted in total September sales of 338,380 being down
6.8% compared with a year ago on a sales day-adjusted basis.

"Our retail business was solid in September and in line with
expectations.  Importantly, we continue to experience strong
customer demand for our launch products and industry-leading
lineup of fuel-efficient vehicles.  Having products like the
Chevrolet Cobalt, Malibu, and newly redesigned 2007 Aveo in such
high demand in the market place is gratifying," LaNeve said.

"We're on track to sell more than a million 2006 model year
vehicles this year that achieve 30 mpg or better on the highway.
We will go even further for the 2007 model year by increasing
the number of fuel-sipping vehicle models in the '30 mpg or Over
Club' by 9 vehicles, or more than 60%, to 23 models.  More
Americans every day are realizing we have a great story in fuel
economy.

"In addition to our great lineup of fuel efficient vehicles, we
have launched the best warranty coverage of any full-line
automaker with 5 years/100,000 mile powertrain, courtesy
transportation and roadside assistance for each of our 2007
models," Mr. LaNeve added.  "And, there is no deductible for the
warranty, which is fully transferable."

Due to the success of new products, and recent support of the
best warranty coverage of any full-line automaker, GM has seen
sales over the last few months above the targets set in the
North America Turnaround Plan.  GM market share has improved in
every quarter of 2006, and was at about 25% for the third
quarter 2006.  Calendar year-to-date, GM's retail selling rate
remains above 3 million vehicles on an annualized basis and was
3.15 million in the third quarter.

Saab, Cadillac, Hummer, Buick, and GMC all saw retail sales
increases in September.  Saab led the pack with retail sales up
a powerful 45%, driven by 9-3 and 9-7X.  Cadillac sales are up
22% retail, with strong showings by DTS, STS, SRX, and the
entire Escalade lineup.  Hummer continued to show very positive
results with H3 sales up 19%, helping the division sport an
overall 10% retail hike.  Buick retail sales are up 4% led by
Lucerne, LaCrosse, Rainier, and Terraza.  GMC was up 3% retail,
with sales increases of the Sierra, Yukon, and Yukon XL.

"Customers are recognizing GM's leadership position when it
comes to products that offer outstanding value and fuel economy,
whether that's a small car or a full-size pickup," Mr. LaNeve
said.

"We just revealed our brand new 2007 Chevrolet Silverado and GMC
Sierra full size pickups at the State Fair of Texas -- two
vehicles that lead their segment in estimated highway fuel
economy and outstanding value."  GM has announced carry-over
pricing on the most popular versions of the all-new 2007
Chevrolet Silverado and GMC Sierra pickups.

                     Certified Used Vehicles

September sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were
45,948 units, up 11% from last September.  Total year-to-date
certified GM sales are 393,543 units, down 2% from the same
period last year.

GM Certified Used Vehicles, the industry's top selling certified
pre-owned brand, posted the highest September sales performance
ever for a certified brand with sales of 39,775 units, up over
12% percent from September 2005.  Year-to-date sales for GM
Certified Used Vehicles are 339,980 units, equivalent to the
same period last year.

Cadillac Certified Pre-Owned Vehicles posted 3,818 sales in
September, up 31% from last September.  Saturn Certified Pre-
Owned Vehicles sold 1,483 units, down 37%.  Saab Certified Pre-
Owned Vehicles sold 760 units, down 11%.  In its ninth month of
operation, HUMMER Certified Pre-Owned sold 112 units.

"GM Certified Used Vehicles, the industry's best-selling
manufacturer-certified brand, posted the segment's strongest
September sales performance ever, up more than 12% over
September 2005," Mr. LaNeve said.  "GM Certified continues to
lead the certified category in sales, as more consumers take
advantage of the quality, value and peace of mind offered by
top-quality used vehicles backed by GM."

GM North America Reports September and Third Quarter 2006
Production, 2006 Fourth Quarter Production Forecast Revised at
1.110 Million Vehicles

In September, GM North America produced 387,000 vehicles
(161,000 cars and 226,000 trucks).  This is down 67,000 units or
15% compared to September 2005 when the region produced 454,000
vehicles (165,000 cars and 289,000 trucks).  (Production totals
include joint venture production of 22,000 vehicles in September
2006 and 26,000 vehicles in September 2005.)

GM North America built 1.050 million vehicles (417,000 cars and
633,000 trucks) in the third quarter of 2006.  This is down
96,000 units, or 8%, compared with third quarter 2005 when the
region produced 1.146 million vehicles (423,000 cars and 723,000
trucks).  Additionally, the region's 2006 fourth quarter
production forecast is revised at 1.110 million vehicles
(446,000 cars and 664,000 trucks), down 2% or 20,000 units from
last month's guidance.  In the fourth quarter of 2005, the
region produced 1.281 million vehicles.

GM also announced 2006 revised third and fourth quarter
production forecasts for its international regions.

GM Europe

GM Europe's 2006 third-quarter production forecast is revised at
374,000 vehicles, up 2,000 units from last month's guidance.  In
the third quarter of 2005 the region built 412,000 vehicles.  
The region's 2006 fourth quarter production forecast is revised
at 445,000 units, down 6,000 units from last month's guidance.  
In the fourth quarter of 2005 the region built 443,000 vehicles.

GM Asia Pacific

GM Asia Pacific's 2006 third-quarter production forecast is
revised at 430,000 vehicles, up 5,000 units from last month's
guidance.  In the third quarter of 2005 the region built 409,000
vehicles.  The region's 2006 fourth quarter production forecast
is revised at 496,000 units, down 28,000 units from last month's
guidance.  In the fourth quarter of 2005 the region built
420,000 vehicles.

GM Latin America, Africa, and the Middle East

The region's 2006 third-quarter production forecast is revised
at 216,000 vehicles, down 1,000 units from last month's
guidance.  In the third quarter of 2005 the region built 207,000
vehicles.  The region's 2006 fourth quarter production forecast
is revised at 215,000 units, up 4,000 from last month's
guidance.  In the fourth quarter of 2005 the region built
188,000 vehicles.

                       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 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.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corporation 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.  Moody's said the rating outlook is negative.


HERBALIFE LTD: Appoints Six Doctors to Nutrition Advisory Board
---------------------------------------------------------------
Herbalife Ltd. disclosed the addition of six doctors to its
Nutrition Advisory Board or NAB.

The appointments of Drs. Julian Alvarez Garcia (Spain), Laszlo
Halmy (Hungary), Patricio Kenny (Argentina), Nikolaos Sitaras
(Greece), Pierre Zelissen (Netherlands) and Jean de la Tullaye
(France) reflect the company's commitment to supporting its
independent distributors more closely at both a regional and
local level.

The NAB is made of leading experts around the world in the
fields of nutrition and health who educate and train Herbalife
independent distributors on the principles of nutrition,
physical activity and healthy lifestyle.  The board is chaired
by David Heber, M.D., Ph.D., director of the Center for Human
Nutrition at the University of California, Los Angeles (UCLA).

Alicante-based Mr. Alvarez specializes in sports medicine and
physical education.  Over the past 20 years he has advised a
number of professional and Olympic sports teams in triathlons,
mountain biking, football and basketball.  He currently manages
sports medicine at the Mediterranean Clinic of Neurosciences.

Mr. Halmy is based in Budapest, Hungary where, in addition to
his medical practice, he conducts scientific research into a
number of different areas of human metabolism, including
nutrition, obesity and hypertension.  In 1995 he won the
Hungarian Nutritional Society prize for his work on the short
and long-term effects of Herbalife meal replacements and
multivitamin and mineral supplements, concluding that food
supplementation plays a major role during a weight management
program.  He will assume the presidency of the 15th European
Congress on Obesity in 2007.

In Argentina, Mr. Kenny is an adolescent and young adult
gastroenterologist.  He currently serves at the Buenos Aires
British Hospital, as director of the Center for Adolescent and
Young Adult Digestive and Nutritional Diseases.  He is a faculty
member at the Argentine Catholic University, serving as
associate professor of pediatric gastroenterology and nutrition.

Mr. Sitaras, based in Athens, Greece, is associate professor of
the department of pharmacology at Athens Medical School.  A
practicing physician, author and lecturer with an interest in
digestive disorders and nutrition, he has published extensively
on the subject of nutrition and, since 2002, has focused on the
effects of dietary supplements in healthy adults, 50 and older.

Mr. Zelissen, based in Utrecht, Holland, specializes in
neuroendocrinology in obesity and has practiced in the
department of endocrinology at Utrecht's University Medical
Center for more than 20 years.  He spent 15 years as medical
advisor to the Dutch Society for Addison's and Cushing's Disease
and is on the board of the Netherlands Association for the Study
of Obesity.

Mr. Tullaye is an associate professor at the University of
Montpellier in France where he specializes in the teaching of
nutrition, food and health.  He is a member of various
scientific committees associated with the Department of
Agriculture and Food looking at subjects including food safety
and quality and public research investment in nutrition.

                       About Herbalife

Herbalife (NYSE:HLF) -- http://ir.herbalife.com/-- is a global
network marketing company that sells weight-management,
nutritional supplements and personal care products intended to
support a healthy lifestyle.  Herbalife products are sold in 62
countries through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation and its Casa Herbalife program to bring good
nutrition to children.

Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Los Angeles, Calif., Memphis, Tenn., and
Guadalajara, Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on July 4, 2006,
Moody's Investors Service rated the proposed bank loan of
Herbalife International, Inc. at Ba1 and upgraded the corporate
family rating to Ba1.  Herbalife will use proceeds from the new
debt to repay the existing term loan and to redeem the
US$165 million issue of 9.5% senior subordinated notes.

At the same time, Standard & Poor's Ratings Services raised its
ratings on Herbalife International Inc., including its corporate
credit rating to 'BB+' from 'BB'.  Standard & Poor's also raised
its ratings on Herbalife's parent, Herbalife Ltd., including the
corporate credit rating to 'BB+' from 'BB'.  The outlook is
stable.


NORTEL NETWORKS: Inks Multi-Year Agreement with Videotron Ltd.
-------------------------------------------------------------
Nortel Networks Corp. has signed a multi-year agreement with
Videotron Ltd.

Videotron is a cable operator and integrated communications
supplier in Quebec.  Nortel Networks will become Videotron's
primary VoIP technology and professional services provider to
expand full-featured telephony services to its 1.5 million
customers.

Nortel is providing Videotron with a complete, end-to-end VoIP
solution incorporating Nortel IMS-ready technology and Nortel
Global Services.  This includes project management, multi-vendor
integration and testing, security assessment, and deployment to
help ensure a smooth end-to-end network implementation.  Nortel
is also providing technical support, emergency recovery and
repair services to enhance ongoing reliability.

"Nortel has powerful momentum in the cable VoIP market by
helping cable providers rapidly and cost-effectively offer new
voice, video and data services," said Tom Buttermore, general
manager, Global Cable Solutions, Nortel.  "The strength and
experience of our Global Services gives Vid,otron a powerful
ally in expanding cable telephony offer across their service
area."

Originally launched in January 2005, Videotron's cable telephone
service had 283,000 subscribers on June 30, an increase of
120,000 in the first half of 2006.  Videotron's cable telephony
service is available in 74% of its total service area.

                        About Videotron

Videotron Ltd. -- http://www.videotron.com/-- a wholly owned  
subsidiary of Quebecor Media Inc., is an integrated
communications company engaged in cable television, interactive
multimedia development, Internet access services, residential
telephone service and wireless phone service.  Videotron
provides new technologies with its illico interactive television
system and its broadband network, which supports high-speed
cable Internet access, analog and digital cable television, and
other services.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corp.
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries.

                        *    *    *

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

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

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


NORTEL NETWORKS: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default
rating methodology, the rating agency upgraded its B3 Corporate
Family Rating for Nortel Networks Corp. to B2.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$1.8 billion 4.25%
   Convertible Senior
   Notes 2008              B3      B3      LGD4       67%

   US$200 million 6.875%
   Senior Notes
   due 2023                B3      B3      LGD4       67%

   US$450 million 10.75%
   Senior Notes
   due 2016                B3      B3      LGD4       67%

   US$550 million 10.125%
   Senior Notes
   due 2013                B3      B3      LGD4       67%

   US$1 billion Floating
   Rate Senior
   Notes 2011 (L+425)      B3      B3      LGD4       67%

   US$150 million 7.875%
   Senior Notes
   due 2026                B3      B3      LGD4       67%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Ontario, Canada, Nortel Networks Corp.
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries.


SATELITES MEXICANOS: Taps Boyden Affiliate to Hire CEO
------------------------------------------------------
Satelites Mexicanos, S.A. de C.V., seeks authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Lebra, S.C., an affiliate of Boyden Global Executive Search, to
conduct a search for an individual to serve as the Debtor's
chief executive officer.

Sergio Miguel Angel Autrey Maza, chairman of the board of
directors, was designated by the Board as interim chief
executive officer in February 2005.  Mr. Autrey will step down
from the position upon the hiring of a permanent chief executive
officer.

The Debtor and the other significant parties-in-interest in its
case believe the time is right to begin the process of
identifying appropriate candidates for the chief executive
officer position.  Accordingly, the Debtor seeks Boyden's
assistance in conducting an efficient and expedient search for a
new chief executive officer.

Luis Lezama Cohen, the Boyden managing director assigned to
The Debtor, has extensive experience performing searches in the
telecommunications industry, performing 96 searches and 2,790
interviews for 26 companies, including Avantel, Qualcomm,
Televisa, Motorola, IBM de Mexico, and Skytel.

The Debtor believes that Boyden's advice and services will help
it identify and designate qualified candidates in a cost-
effective, efficient, and expedient manner.

Pursuant to an engagement letter with Boyden dated
Sept. 11, 2006, the firm will be paid a fixed fee of US$184,000,
plus corresponding VAT tax, payable in three equal installments
of US$61,600 on:

    * September 11, 2006;
    * September 25, 2006; and
    * the date when the successful candidate is hired.

No payments have been or will be made pending approval of the
Debtor's request.

Additional expenses like travel on behalf of candidates or
Boyden associates to conduct interviews are billed separately,
with the Debtor's prior consent, although no fees are
anticipated.

If an individual placed by Boyden is terminated for cause or
resigns during the first year of employment, Boyden will perform
a replacement search, charging only for administrative expenses.

                        About Boyden

Boyden Global Executive Search is a global leader in the
executive search industry with more than 65 offices in 40
countries.  Founded in 1946 by Sidney Boyden, a former
consultant with Booz-Allen & Hamilton, Boyden specializes in
high-level executive search, management and human capital
consulting across a broad spectrum of industries, including the
telecommunications industry.  Boyden's clients include the
world's leading Fortune 500 companies, the World Bank, major
universities and medical institutions.

                 About Satelites Mexicanos

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

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

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

On August 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SATELITES MEXICANOS: Galicia Discloses Government Representation
----------------------------------------------------------------
Rafael Robles Miaja, Esq., a partner at Galicia y Robles, S.C.,
in Mexico, disclosed that his firm currently represents the
Secretaria de Comunicaciones y Transportes -- Ministry of
Communications and Transportation -- an agency of the Government
of the United Mexican States with respect to matters unrelated
to Satelites Mexicanos, S.A. de C.V.'s case.

The Mexican Government has an equity interest in the Debtor, and
the SCT is the regulator of the Debtor's satellite operations.

As reported in the Troubled Company Reporter on Sept. 19, 2006
the U.S. Bankruptcy Court for the Southern District of New York,
granted authority to the Debtor, to employ, on a final basis,
Galicia y Robles, as its special counsel for matters pertaining
to Mexican corporate law.

Mr. Robles assures the Court that Galicia has not and will not
represent the SCT in any matters related to the Debtor and to
its Chapter 11 case.

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

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

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

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section
304 of the Bankruptcy Code to commence a case ancillary to the
Concurso Proceeding and a motion for injunctive relief seeking,
among other things, to enjoin actions against Satmex or its
assets (Bankr. S.D.N.Y. Case No. 05-16103).  (Satmex Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


VISTEON CORP: Moody's Reviews Ratings for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service has placed the ratings of Visteon
Corp. under review for possible downgrade.  The action reflects
concern on the extent which lower North American production
volumes from Visteon's largest customer, Ford Motor Company, may
have on the company's performance and capital requirements in
2007 and afterwards.  Moody's also affirmed Visteon's
Speculative Grade Liquidity rating at SGL-3, representing
adequate liquidity over the coming year.

Moody's placed these ratings under review:

   Visteon Corp.

      -- Corporate Family rating, B2;

      -- Probability of default ratings, B2;

      -- Senior Secured Bank term loan, Ba2, LGD2, 22%;

      -- Senior Unsecured Notes, Caa1, LGD6, 91%;

      -- Shelf filings for unsecured, subordinated, and
         preferred; (P)Caa1, LGD6, 91%; (P)Caa1, LGD6, 97%;
         and (P)Caa1, LGD6, 97%, respectively.

   Visteon Capital

      -- Trust preferred shelf, (P)Caa1, LGD6, 97%;

This rating was affirmed:

   -- Speculative Grade Liquidity, SGL-3

The last rating action was on Sept. 22, 2006 when ratings were
revised upon the implementation of Moody's Loss Given Default
methodology.

Ford's announced production cutbacks in North America for the
fourth quarter are approximately 21%.  In response, Visteon has
taken some initial actions to address those lower volumes and
mix changes. In September, Ford announced the broad terms of its
accelerated Way Forward program.  This will involve many steps;
among which will be closure of certain plants to reduce its
North American capacity. Moody's concern focuses on what the
impact which potentially lower Ford volumes in 2007 and beyond
may have on Visteon's financial performance, and any accelerated
or additional restructuring, which may be required in response
to Ford's September announcements beyond those identified at the
time of the 2005 Automotive Component Holdings agreement.  While
Ford North America is a smaller percentage of Visteon's revenues
than prior to the 2005 ACH transaction, and was always planned
to become a smaller portion, the slope of that descent may have
steepened.  Given the level of fixed costs incumbent in the
industry and a supplier's sensitivity to changes in through-put,
expectations on Visteon's prospective performance and capital
requirements need to be reassessed.

In affirming the SGL-3 Speculative Grade Liquidity rating,
Moody's noted that Visteon retains approximately US$836 million
of balance sheet cash and US$553 million of combined unused
availability under its domestic revolving credit facility and
European securitization program (pro forma for US$97 million of
letter of credit issuance and initial borrowings of US$25
million under the domestic facility announced in August), which
will provide some degree of flexibility over the coming year.  
Moreover, Visteon has access to a Ford funded escrow account to
cover the bulk of restructuring actions flowing from the ACH
agreement. In addition, Ford has agreed to share on a 50-50
basis with Visteon the costs of certain restructuring actions.

Consequently, the review will analyze the net effect of any Ford
volume and mix assumptions and incremental Visteon management
plans, if any, to accelerate or supplement the company's
existing restructuring plans in response to changes in Ford
assumptions. The review will also concentrate on the effect
those changes may have on Visteon's earnings, cash flows,
related coverage ratios and liquidity profile.

Visteon Corporation, headquartered in Van Buren Township, MI, is
a global automotive supplier that designs, engineers and
manufactures climate control, interior, electronic and lighting
products for vehicle manufacturers and provides a range of
products and services to aftermarket customers.  The company has
more than 170 facilities in 24 countries and employs 49,000
people.




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


PETROLEOS DE VENEZEULA: Sending Diesel to Nicaragua on Oct. 7
-------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil company of
Venezuela, will be sending about 304,000 liters of diesel to
Nicaragua on Oct. 7, El Universal reports, citing Dionisio
Marenco, a mayor in Managua, Nicaragua.

Mayor Marenco told the press that the delivery accounts for
80,000 gallons, instead of 200,000 gallons previously reported.

The diesel will be apportioned among three transportation
cooperative groups based in Managua, in possession of over 50%
of public transportation vehicles in the capital city, Mayor
Marenco explained to El Universal.

According to El Universal, the fuel will be sold at preferential
prices, as long as fares be lowered to US$0.14 from US$0.17.

Mayor Marenco told El Universal, "If they do not agree to charge
as instructed, no fuel will be delivered."

As agreed, Nicaragua will first pay 60% of the price for the
diesel.  The remaining 40% will be repaid within 25 years, at a
1% interest rate.  It will have two years of grace, El Universal
states.

Petroleos de Venezuela SA is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical and
coal industry, as well as planning, coordinating, supervising
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


* NICARAGUA: IDB Grants US$30 Mil. Loan to Empresa Nicaraguense
---------------------------------------------------------------
The Inter-American Development Bank approved a US$30 million
soft loan for a program to improve the management of Empresa
Nicaraguense de Acueductos y Alcantarillados aka ENACAL, the
state-owned utility that provides potable water and sanitation
services in urban areas of Nicaragua.

The resources will finance, among other activities, an emergency
plan to rehabilitate key facilities and equipment in order to
reestablish minimum service conditions in several cities,
including Managua.  The plan's goal is to eliminate or reduce
the rationing of water affecting more than 300,000 people at
present.

The program will finance repairs or rehabilitation of wells,
repairs or purchases of pumping equipment, the supply of voltage
regulating devices, the substitution of tubes and valves to
enable repairs, the acquisition of chlorination equipment,
accessories for monitoring and occupational safety, cargo
vehicles, excavators and sewage cleaning.

To support a recently launched management modernization effort
at ENACAL, the program will finance the purchase of equipment
for the utility's commercial, operations and maintenance
departments.  Regional offices will be upgraded and training
will be provided to managerial, technical and operations staff.  
Studies will be financed to increase energy efficiency.

The program will also finance rehabilitation work on potable
water and sanitation systems in several cities, starting with
Masaya, as part of a comprehensive strategy to improve the
quality and sustainability of services.

The investments will help improve existing networks to reduce
water losses and ensure potability, as well as finance repairs
of equipment, wells and storage tanks; minor expansions to bring
water to poor neighborhoods and to extend the sewer network to
areas with sanitation problems due to the lack of alternative
systems to dispose of wastewater.

The new program complements an earlier IDB-financed program to
modernize Nicaragua's water and sanitation sector, under which
ENACAL signed a service contract with a consortium led by an
experienced international operator.  The consortium advises
ENACAL and supports, among other activities, the implementation
of management processes to make the state-owned utility more
efficient, the development of a cadastre of users, the
acquisition of computers, water meters and the control of
unbilled water.

The loan is for a 40-year term, with a 10-year grace period.
Annual interest rates will be 1% during the first decade and 2%
thereafter.  The Swiss government might also support the program
with an US$8.7 million grant.

                        *    *    *

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


* NICARAGUA: Posts NIO816 Million Jan. to Aug. 2006 Net Profits
---------------------------------------------------------------
Figures from Siboif, the financial system regulator of
Nicaragua, show that the country's financial system's
consolidated net profits increased 11% to NIO816 million from
January to August 2006, from the NIO734 million recorded in the
same period in 2005, Business News Americas reports.

According to BNamericas, net loans rose 36% to NIO27.8 billion
in August 2006, compared with the same month last year.  
Deposits increased 16% to NIO40.0 billion.

BNamericas underscores that assets increased 21% to NIO53.3
billion in August 2006, compared with the same period last year.  

Liabilities grew 20% to NIO48.3 billion and industry equity rose
29% to NIO5.01 billion in August 2006, compared with August
2005, BNamericas states.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

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




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


CHIQUITA BRANDS: Carries Out Several Organizational Changes
-----------------------------------------------------------
Chiquita Brands International, Inc., disclosed a number of
organizational changes designed to foster further innovation and
growth in its key product segments, bananas and value-added
salads, as well as leverage cold-chain management as a core
global capability.

"The changes announced today are part of our objective to build
a high-performance organization, and are designed to help us
take advantage of market growth opportunities," said Fernando
Aguirre, chairman and chief executive officer.  "First, having
two proven senior-level executives focusing on our key product
segments across all geographies will help us apply best-
practices throughout the organization, develop a sustainable
pipeline of innovative products for each segment, and develop a
growth platform for our key products on a global basis. Second,
as our supply chain becomes more complex, it is critical that we
focus on creating efficiency and ensuring that cold-chain
management remains a core capability.  We believe the changes
announced today will further strengthen our business in these
two critical areas and position us to achieve our goals."

       Focusing on Global Product Growth and Execution

Chiquita Brands has named Jeff Filliater and Scott Komar to
newly created global product leader positions.  Mr. Filliater
becomes vice president, global strategies for bananas, reporting
to Bob Kistinger, president and chief operating officer of
Chiquita Fresh, and Mr. Komar becomes vice president, global
strategies for salads, reporting to Tanios Viviani, president of
Fresh Express.

Mr. Filliater, who previously served as senior vice president of
Chiquita Fresh North America, is responsible for developing
Chiquita's banana business worldwide, including establishing the
growth platform and innovation pipeline for higher-margin,
value-added banana products and applying best practices across
geographies. As the global product leader for the salads, Komar,
who previously served as vice president of operations at Fresh
Express, is responsible for the company's growth strategy in the
value-added salads category, including developing a business
model by geography to extend the company's salad business to new
markets.

Mr. Aguirre commented, "We believe providing global product
support will enable our organization to better capitalize on
growth opportunities and advance our global leadership position
in these two key categories.  We are confident that Jeff and
Scott's experience and leadership will enable them to deliver
tangible benefits to our organization in their new roles."

As Mr. Filliater moves into his new role, Richard M. Continelli,
a veteran with nearly 25 years of experience in the consumer
packaged goods arena, has been hired as president of Chiquita
Fresh North America, reporting to Mr. Kistinger.  In this role,
Mr. Continelli will be responsible for profitability and all
operations of the Chiquita Fresh business in the North American
market.

"Rick's experience in senior sales and marketing roles for
several leading consumer packaged goods companies fits nicely
with our objective of becoming a consumer-driven, innovative and
high-performance organization," said Mr. Aguirre.  "His
expertise in customer, channel and category management and his
outstanding leadership qualities will be assets in helping
expand our North American business through new products,
channels and customer relationship management.  I am confident
that Rick will continue the momentum that Jeff and the North
American team have generated to help Chiquita Fresh North
America reach its goals."

For the last seven years, Mr. Continelli worked for Mars, Inc.,
most recently as vice president of sales for the Masterfoods USA
- Snackfood subsidiary in New Jersey.  While at Mars, Mr.
Continelli was responsible for sales, share and profit targets
in all channels.  He launched a new collaborative planning
process that links top customers to Mars' innovation and
activity-management process.  In addition, he implemented a
customer segmentation process to provide differentiated services
and created a new customization framework that resulted in
increased sales and profitability.

Mr. Continelli's experience also includes two years as vice
president, field sales for Schering-Plough Healthcare Products
and nine years with RJR/Nabisco where he held positions of
increasing responsibility ranging from division sales manager to
vice president of sales for the Central United States.  His
responsibilities included the national SuperValu, Fleming and
Walgreen businesses.  At Nabisco, he had expensive experience in
marketing new products, national/regional trade strategies and
category management programs.  He began his career with Nestle
Frozen and Refrigerated Food Co. as a retail sales
representative, and advanced to Chicago district sales manager.
Mr. Continelli graduated cum laude from Boston University with a
bachelor of arts degree.

               Leveraging Cold-Chain Management

As part of Chiquita Brands' strategic emphasis on excelling in
cold-chain management, Waheed Zaman, senior vice president,
global supply chain organization and procurement, will focus
full time on leading the company's global supply chain.  
Previously, Mr. Zaman had served as CIO in addition to his
supply chain responsibilities.  Mr. Zaman's initial priorities
include achieving in-market transportation and logistics
efficiencies, creating a comprehensive network capacity plan and
supporting co-manufacturing initiatives, focusing first on
combining some supply chain activities that are conducted
separately today in the North American market, later to expand
to other geographies.

As a result of Mr. Zaman's focus on the global supply chain,
Manjit Singh, who joined the company in April as vice president,
corporate information technology, has been promoted to chief
information officer. In his new role, Singh will serve on the
company's management committee, reporting to Mr. Aguirre, and be
responsible for all facets of Chiquita's global commercial and
innovations systems, infrastructure and applications services,
master planning and architecture, web applications and
information delivery.

"Having both world-class information technology and superior
cold-chain management is critical to our success.  As such, we
are pleased to have two proven professionals who will be focused
on leading us forward in each of these areas," Mr. Aguirre said.  
"Under Manjit's leadership, IT will continue to play a crucial
role in facilitating our innovation, growth and cost-saving
initiatives.  Further, we are pleased to have Waheed's full
focus on driving supply chain efficiency and ensuring cold-chain
management remains a core competency."

Mr. Singh came to Chiquita from Gillette in Singapore where he
served as director, Asia Pacific business systems and regional
chief information officer for four years.  He combined three
independent IT organizations into a single unit responsible for
all Asia Pacific IT operations.  In addition, he developed a
regional project management office and drove the creation of a
project development and approval process tailored to Asia
Pacific needs and which incorporated Six Sigma concepts while
also leading the regional SAP, JDE, and Fourth Shift enterprise
resource planning teams.

Before joining Gillette, Mr. Singh worked in Cincinnati as chief
information officer of a company whose operations were acquired
by Broadwing, an organization that provided fixed line,
wireless, Internet, e-commerce and hosting services across the
United States.  He joined Broadwing subsidiary ZoomTown, serving
as director of strategic alliances, where his responsibilities
included directing a venture capital investment fund and
handling mergers and acquisitions.

Prior to that, Mr. Singh worked for Procter & Gamble in
Cincinnati, where he served in positions ranging from systems
analyst to section manager.  Among his accomplishments was the
launch of the first official P&G corporate worldwide web site
and set up of that company's initial Internet e-commerce and
marketing efforts.  He earned a bachelor of science in
mathematics and computer science at the State University of New
York at Binghamton and a master of science in computer science
from Indiana University.

               About Chiquita Brands International

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

                        *    *    *

In June 2006, Standard & Poor's Ratings Services affirmed its
ratings on Chiquita Brands International Inc., including the
'B+' corporate credit rating.  The rating outlook was negative.

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 4006, Moody's Investors Service affirmed all ratings for
Chiquita Brands L.L.C. (senior secured at Ba3), as well as for
its parent Chiquita Brands International, Inc. (corporate family
rating at B2), but changed the outlook to negative from stable.  
This action follows the company's announcement that its
operating performance continues to be negatively affected by
lower pricing in key European and trading markets, as well as
excess fruit supply.

Moody's affirmed ratings with a negative outlook:

   * Chiquita Brands LLC (operating subsidiary)

     -- US$200 million senior secured revolving credit at Ba3
        (LGD2, 26%)

     -- US$24.5 million senior secured term loan B at Ba3 (LGD2,
        26%)

     -- US$372.2 million senior secured term loan C at Ba3
        (LGD2, 26%)

   * Chiquita Brands International, Inc. (holding company
        parent)

     -- US$250 million 7.50% senior unsecured notes due 2014 at
        Caa1 (LGD 5, 89%)

     -- US$225 million 8.875% senior unsecured notes due 2015 at
       (LGD 5, 89%)

     -- Corporate family rating at B2

     -- Probability of default rating at B2


* PANAMA: IDB Approves US$70-Mil. Loan for Road Infrastructure
--------------------------------------------------------------
The Inter-American Development Bank will support with a US$70
million loan the first phase of a program to improve Panama's
road infrastructure and increase its competitiveness.

The program, which will be carried out within the framework of
the Plan Puebla Panama regional integration effort, will finance
the rehabilitation of priority highways as well as the
introduction of new mechanisms to ensure a constant maintenance
of the Panamanian road network.

A specific goal of the program is to cut costs and travel time
for the transportation of passengers and cargo on highways
linking Panama's production centers with its local and external
markets, boosting the competitiveness of a key sector for the
country's economy.

The program also aims to help Panama sustain its network of
paved highways through long-term, standards-based rehabilitation
and maintenance contracts designed to preserve the road
infrastructure. Under such mechanisms, contractors must maintain
roads in better conditions than the base levels required by the
government.

"The idea is to establish maintenance as a priority.  This would
represent a radical change for Panama, since it will preserve
the value of their road network and contain the costs of future
investments in highways," said IDB project team leader Jose
Agustin Aguerre.

"Contracts based on standards have had excellent results in
Argentina, Brazil, Colombia and Uruguay, leading to the
introduction of new technologies and improvements in the
efficiency and quality of road maintenance work," Mr. Aguerre
added.

The program's first phase is expected to rehabilitate around 315
kilometers of paved highways and ensure the constant maintenance
of some 1,135 kilometers of priority roads.

Studies will be financed and technical assistance will be
provided to support the establishment of an autonomous road
maintenance fund with its own funding sources.  The program will
also strengthen the Public Works Ministry so it may carry out
its duties of oversight, planning and management of Panama's
road network.

The loan is for a 20-year term, with a six-year grace period and
a variable interest rate.  Panama will invest US$35 million in
the first phase of the program.  The IDB may approve loans
totaling US$100 million for the following two phases, in which
Panama would invest US$70 million more.

Plan Puebla Panama is sponsored by Belize, Costa Rica, El
Salvador, Guatemala, Honduras, Mexico, Nicaragua and Panama.  
Its projects include the rehabilitation and maintenance of
Mesoamerican integration highways based on technical standards
agreed on by the participating countries.

                        *    *    *

Fitch Ratings assigned these ratings on Panama:

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




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


ADELPHIA COMMS: Liddo Wants to Exercise Termination Rights
----------------------------------------------------------
Liddo LLC, has withdrawn its motion to:

    a. lift the automatic stay to permit Liddo to exercise its
       termination rights under a Cable Agreement; or

    b. shorten the time within which Adelphia Communications
       Corp. must assume or reject the Cable Agreement under
       Section 365.

Andrew L. Morrison, Esq., at Reed Smith LLP, in New York,
relates that on April 3, 1999, Liddo and Benchmark Acquisition
I, Limited Partnership, dba Cablevision of Loudoun, entered into
a Cable Service Agreement.  Cablevision Loudoun agreed to:

    -- install cable within the areas of the Easement to
       provide cable television distribution and transmission
       lines within the Development for the receipt and
       transmission of television signals, cable programming and
       Internet services; and

    -- provide cable programming and other services to the
       residents of the Development.

Pursuant to the terms and conditions of that certain Purchase
and Sale Agreement dated May 18, 1999, the Debtor purchased
substantially all of the assets of Cablevision Loudoun.  In
accordance with the Purchase and Sale Agreement, the Cable
Agreement was assigned to the Debtor and it thereby assumed all
of the rights, liabilities and obligations of Cablevision under
the Cable Agreement.

The Cable Agreement, inter alia, provides that the Debtor, as
successor-in-interest to Cablevision Loudoun, has the sole and
exclusive right to enter into agreements with Liddo to provide
Cable Services or any satellite or other type of pay television
programming to the homeowners in the Development.  The Cable
Agreement obligates the Debtor to pay Liddo US$350 per
constructed home.  The Constructed Home Fee is due and payable
within 30 days of home cable installation occupation.

Moreover, under the Cable Agreement, the Debtor agreed to:

    -- offer optional Internet access service to homeowners in
       the Development at a 15% discount off of its regular
       retail rate for the service in Loudoun County;

    -- cooperate with Liddo in maintaining in effect all rights,
       permits, consents, licenses, authorization, approvals and
       legally permitted easements required by the Debtor for
       the installation and use of the Cable System; and

    -- furnish the services contemplated in the Agreement,
       whether the Rights are from governmental agencies,
       private parties or otherwise.

Mr. Morrison tells the Court that Liddo has the right to
terminate the Cable Agreement by written notice to the Debtor in
the event that the Debtor materially breaches or defaults under
the terms of the Cable Agreement.  Liddo is required to give a
90-day prior written notice of its intention to terminate with
respect to non-monetary defaults and 10 days prior written
notice of its intention to terminate with respect to monetary
defaults.  The Debtor has the right to cure, within those
periods, the defaults identified by Liddo in the notice.

In a letter dated March 25, 2005, Liddo advised the Debtor of
its continuing defaults under the terms of the Cable Agreement.
According to Liddo:

    -- The Debtor has failed to pay the Constructed Home Fees
       accruing and due for Nov. 2004 (totaling US$1,050) and
       Dec. 2004 (totaling US$4,200); and

    -- the Debtor has continually failed to honor the Internet
       Access Discount with respect to homeowners in the
       Development.

In the course of negotiations to address the default issue, the
Debtor steadfastly attempted to limit the application of the
Internet Access Discount to the most recent 12-month period and
failed to provide credits to the Development homeowners even
during this limited period, Mr. Morrison points out.  Liddo
interprets this as a failure of cooperation under the
requirements of the Cable Agreement.

Absent a cure of the defaults, the March 25 letter informed the
Debtor that Liddo would pursue appropriate relief in the
Bankruptcy Court.  As of April 11, 2005, the Debtor failed and
refused to cure any of the defaults.  Despite the continuing
defaults, Liddo is prohibited from enforcing the termination
provisions contained in the Cable Agreement.

Mr. Morrison further notes that the Cable Agreement has not yet
been assumed or rejected by the Debtor under the provisions of
Section 365 of the Bankruptcy Code.  Liddo is aware that the
Debtor's business assets and operations are presently being
marketed for sale.  In the event of a sale, there is equal
chance that the Cable Agreement will be assumed and assigned to
the successful bidder or rejected.  Whatever the outcome, Mr.
Morrison says, there will be substantial delay until the actual
decision is made to assume or reject the Cable Agreement.  In
the interim, if the defaults are permitted to continue without
consequence, Liddo and the homeowners of the Development will
suffer substantial prejudice.

                        About Liddo LLC

Liddo LLC is a Maryland limited liability corporation and is the
owner of an exclusive easement along all of the private roadways
contained within that planned residential development commonly
known as Rivercreek, located in Loudoun County, Virginia.

                 About Adelphia Communications

Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest  
cable television company in the country.  Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks.  The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002.  Those cases
are jointly administered under case number 02-41729.  Willkie
Farr & Gallagher represents the ACOM Debtors.  
PricewaterhouseCoopers serves as the Debtors' financial advisor.  
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases.  (Adelphia Bankruptcy News, Issue Nos. 148; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


ADELPHIA COMMS: Wants SPCP's Motion on Allowance Claims Denied
--------------------------------------------------------------
The Adelphia Communications Corp. Debtors ask the Honorable
Robert E. Gerber, U.S. Bankruptcy Court Judge for the Southern
District of New York, to deny the Motion of SPCP Group, L.L.C.
to reconsider the Order Granting the Debtors' Eighth Omnibus
Objection to the Allowance of Certain Claims.

As reported in the Troubled Company Reporter on July 14, 2006
the SPCP Group, asked the Court to reconsider the disallowance
of a portion of Claim Nos. 4712 and 4714, which reduced the
claims from US$43,946,110 to US$28,302,507.

Shelley C. Chapman, Esq., at Willkie Farr & Gallagher LLP, in
New York, notes that SPCP Group, L.L.C., an experienced claims
buyer, seeks reconsideration of the Order Granting the Debtors'
Eighth Omnibus Objection to the Allowance of Certain Claims,
which reduced and allowed two claims in which it has an
ownership interest, despite the fact that it admittedly received
actual notice of the Claims Objection and failed to respond.

"Not only did Silver Point fail to respond, formally or
informally, to the Claims Objection, but it also may have
violated its contractual obligation to its transferor, the
original claimant, Fox Cable Networks Services LLC and Fox News
Network, L.L.C., by not providing Fox with notice and an
opportunity to respond to the Claims Objection," Ms. Chapman
says.

As a result, Silver Point now seeks to remedy its error vis-a-
vis Fox by asking the Court to force the Debtors to re-open the
merits of the Claims -- to the prejudice of the Debtors and
their creditors, Ms. Chapman points out.

The ACOM Debtors submit that Silver Point's failure to respond
to the Claims Objection does not constitute "excusable neglect"
under the law and, therefore, Silver Point has not established
cause for the Court to reconsider the disallowance of a portion
of the Claims.  Ms. Chapman asserts that the cost of a "mistake"
resulting from lack of communication between a buyer and a
seller of a claim should be borne by the contracting parties,
not by the Debtors.

Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest  
cable television company in the country.  Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks.  The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002.  Those cases
are jointly administered under case number 02-41729.  Willkie
Farr & Gallagher represents the ACOM Debtors.  
PricewaterhouseCoopers serves as the Debtors' financial advisor.  
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases. (Adelphia Bankruptcy News, Issue Nos. 148; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


BUMBLE BEE: Moody's Assigns B1 Corporate Family Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency assigned its
B1 Corporate Family Rating for Bumble Bee(R) Foods.  

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75M Revolving
   Credit due 2011        Ba3      Ba3     LGD2       29%

   US$200M Term Loan B
   due 2012               Ba3      Ba3     LGD2       29%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alpha-numeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Bumble Bee(R) Foods was founded in 1899.  Bumble Bee has over
1,000 employees and is an international company selling canned
tuna and salmon throughout the world under the Bumble Bee Label
and in Canada under the Clover Leaf brand name.  Bumble Bee also
has canning facilities in Mayaguez, Puerto Rico; and Santa Fe
Springs, Ca.


KMART: Court Approves Pact Resolving Conaway's US$19.6MM Claim
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
approved a stipulation resolving Charles Conaway's claim against
Kmart Corporation.

In the Stipulation, the parties agree:

    * that Mr. Conaway's proof of claim is allowed as a general,
      prepetition, unsecured, non-priority Class 5 Claim for
      US$1,250,000, and entitled to the treatment afforded
      holders of allowed Class 5 Claims under the Debtors' Plan
      of Reorganization.  The US$1,250,000 Settlement Amount is
      not subject to set-off, offset, or any other defense of
      any kind;

    * on an initial distribution to Mr. Conaway on account of
      the Allowed Conaway Claim -- in an amount equal to 95% of
      his pro rata share of the trade vendor/lease rejection
      claimholder shares.  The remaining portion of the Allowed
      Conaway Claim will receive distributions as otherwise
      provided for in the Plan;

    * within five business days of payment of the Settlement
      Amount, Mr. Conaway will withdraw with prejudice (i) the
      Conaway Proof of Claim, along with any other outstanding
      claims asserted in any of the Debtors' bankruptcy cases,
      and (ii) his request to overrule; and

    * as of Sept. 11, 2006, Kmart and Conaway forever released
      each other from any liability, including all claims
      relating to, or arising out of the Conaway Proof of Claim
      and the arbitration.

As reported in the Troubled Company Reporter on Aug. 8, 2006,
Kmart asked the Court to disallow Mr. Conaway's Proof of Claim
in its entirety, or, in the alternative, equitably subordinate
the Claim.

Mr. Conaway, Kmart's former chairman and chief executive
officer, filed Claim No. 38498 against Kmart for US$19,635,003.  
Mr. Conway's claim sought recovery of amounts due under his 2000
Employment Agreement.  The Claim also credits all amounts paid
to Mr. Conaway under his March 11, 2002 Separation Agreement, in
accordance with the Court's order authorizing payment of
severance benefits.

The amount of Mr. Conaway's allowable compensation is
US$3,025,000 for wages plus US$5,500 for the value of benefits,
William J. Barrett, Esq., at Barack Ferrazzano Kirschbaum
Perlman & Nagelberg LLP, in Chicago, Illinois, told the Court.

Because Mr. Conaway has alleged no amounts that were actually
due and owing on the Petition Date without acceleration, the
amount subject to Section 502(b)(7)(B) of the Bankruptcy Code
inclusion is zero, Mr. Barrett said.

Mr. Barrett asserted that because Mr. Conaway's receipt of
US$4,039,708 not only resulted in his receiving a full
distribution on his Proof of Claim but also caused him to be
overcompensated, the Proof of Claim should be disallowed in
full, and Mr. Conaway should be required to disgorge the
overage.

To the extent the Proof of Claim is not disallowed, Mr. Barrett
maintained that Mr. Conaway's inequitable conduct toward
creditors requires that any remaining claims for compensation be
equitably subordinated.

"To allow further claims for excessive compensation by an
executive who deliberately misled the very creditors whose
recoveries his claims would dilute, offends the most fundamental
notions of equity upon which the Bankruptcy Code is predicated,"
Mr. Barrett emphasized.

Headquartered in Troy, Michigan, Kmart Corp. nka KMART Holding
Corp. -- http://www.bluelight.com/-- operates approximately  
2,114 stores, primarily under the Big Kmart or Kmart Supercenter
format, in all 50 United States, Puerto Rico, the U.S. Virgin
Islands and Guam.  The Company filed for chapter 11 protection
on January 22, 2002 (Bankr. N.D. Ill. Case No. 02-02474).  Kmart
emerged from chapter 11 protection on May 6, 2003.  John Wm.
"Jack" Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom, LLP, represented the retailer in its restructuring
efforts.  The Company's balance sheet showed US$16,287,000,000
in assets and US$10,348,000,000 in debts when it sought chapter
11 protection.  Kmart bought Sears, Roebuck & Co., for US$11
billion to create the third-largest U.S. retailer, behind Wal-
Mart and Target, and generate US$55 billion in annual revenues.  
The waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act expired on Jan. 27, without complaint by the
Department of Justice.  (Kmart Bankruptcy News, Issue No. 117;
Bankruptcy Creditors' Service Inc. ttp://bankrupt.com/newsstand/
or 215/945-7000)


KMART: GPS Says It Has No Duty to Produce Multiple Doc Forms
------------------------------------------------------------
Global Property Services, Inc., asks the U.S. Bankruptcy Court
for the Northern District of Illinois to deny Kmart
Corporation's request to compel GPS to produce electronic
documents in native, electronic format.

David A. Newby, Esq., at Johnson & Newby, LLC, in Chicago,
Illinois, relates that GPS provided Kmart with unfettered access
to its working accounting database.  Kmart could review,
manipulate, and print financial reports directly from GPS'
accounting database.  Counsel for GPS subsequently labeled and
produced approximately 6,100 pages of documents -- the Peachtree
Documents -- that Kmart generated from its review.

Mr. Newby argues that the fact that Kmart's expert wishes to
manipulate the information does not give rise to a heightened
duty on the part of GPS to produce the information in multiple,
alternative formats.

Moreover, Mr. Newby asserts that Kmart fails to provide the
Court with authority to support its request.

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Kmart asked the Court to compel GPS to produce the responsive
information maintained in GPS' accounting database in its
native, electronic format.

GPS provided landscaping, parking lot sweeping, and snow removal
services for Kmart Corporation before Kmart filed for
bankruptcy.  GPS had individual written standard form contracts
with 230 individual Kmart stores.

George R. Mesires, Esq., at Barack Ferrazzano Kirschbaum Perlman
& Nagelberg LLP, in Chicago, Illinois, told the Court that GPS
continues to defy the rules governing the production of
documents.

Mr. Mesires recounted that GPS initially refused to produce the
financial documents that purportedly support GPS' US$20,000,000
claim until Kmart filed a request to compel.  Now, GPS refuses
to produce the documents in their native, electronic format, Mr.
Mesires said.

Following Kmart's review of GPS' financial data, Kmart
designated numerous reports and data sets for copying.  GPS,
however, refused to copy the documents as it had presented for
inspection, and stripped the financial data from its native,
software environment.  GPS printed hard copies, which differ
vastly from how the financial data is maintained, Mr. Mesires
complained.

The law does not allow GPS to transform a dynamic, electronic
database into plain pieces of paper, Mr. Mesires argued.

The Troubled Company Reporter on Apr. 4, 2006, notes that GPS
filed two claims against Kmart for US$20,000,000 asserting:

   (1) breach of contract,

   (2) promissory estoppel,

   (3) unjust enrichment,

   (4) defamation,

   (5) misappropriation of trade secrets, and

   (6) tortious interference with contracts, business
       relationships and business expectancies.

Kmart asked GPS to produce financial information and other
documents supporting its claim.

GPS said it has not denied Kmart any discovery.  However,
GPS considered Kmart's arguments for the production of financial
information and agreed to produce the requested information.

Headquartered in Troy, Michigan, Kmart Corp. nka KMART Holding
Corp. -- http://www.bluelight.com/-- operates approximately  
2,114 stores, primarily under the Big Kmart or Kmart Supercenter
format, in all 50 United States, Puerto Rico, the U.S. Virgin
Islands and Guam.  The Company filed for chapter 11 protection
on January 22, 2002 (Bankr. N.D. Ill. Case No. 02-02474).  Kmart
emerged from chapter 11 protection on May 6, 2003.  John Wm.
"Jack" Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom, LLP, represented the retailer in its restructuring
efforts.  The Company's balance sheet showed US$16,287,000,000
in assets and US$10,348,000,000 in debts when it sought chapter
11 protection.  Kmart bought Sears, Roebuck & Co., for US$11
billion to create the third-largest U.S. retailer, behind Wal-
Mart and Target, and generate US$55 billion in annual revenues.  
The waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act expired on Jan. 27, without complaint by the
Department of Justice.  (Kmart Bankruptcy News, Issue No. 117;
Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


KMART: Recaps Summary Judgment Request on Eagle's US$329K Claim
---------------------------------------------------------------
Kmart Corp. reiterates its request filed with the U.S.
Bankruptcy Court for the Northern District of Illinois seeking
summary judgment disallowing the claim filed by Eagle Janitorial
Services, Inc., for services performed in California and any
claims for interest.

George R. Mesires, Esq., at Barack Ferrazzano Kirschbaum Perlman
& Nagelberg LLP, in Chicago, Illinois, relates that despite the
Court granting Eagle leave to file an amended response to the
summary judgment request, Eagle again failed to identify the
basis for its claim for interest.  Thus, Eagle fails to defeat
Kmart's summary judgment request with respect to the claim for
interest.

Mr. Mesires points out that instead of marshaling any evidence
of the existence of an "open book account" in its business with
Kmart, Eagle argues that Kmart has failed to sustain its burden
for judgment in its favor on the request.

Mr. Mesires argues that Eagle's arguments are red-herrings and
should not distract the Court from Eagle's own repeated failure
to demonstrate that facts exist to defeat Kmart's request.

As reported in the Troubled Company Reporter on Sept. 13, 2006,
for reasons stated in open court, the Honorable Susan Pierson
Sonderby denied without prejudice Kmart's request to stay
discovery relating to Eagle's invoices and claims against the
Debtor's stores in California.

The Troubled Company Reporter on Aug. 24, 2006 relates that
Kmart sought summary judgment from the Court to disallow:

    (i) Eagle Janitorial's claim for services performed in
        California; and

   (ii) any claim for interest, other charges, or not otherwise
        supported with documentation.

On July 29, 2002, Eagle Janitorial filed Claim No. 36815
asserting US$329,452 for janitorial services provided to Kmart
stores located in four states.

The Claim is based on 201 invoices, of which 193 are for
services provided to Kmart stores in California.  The invoices
show charges totaling US$214,075, which is US$115,377 less than
the face amount of Claim No. 36815.

Of the Total Invoice Amount, US$201,860 is for services rendered
to Kmart stores in California.

Kmart objected to Eagle's claim asserting that the claim lacked
sufficient documentation based on Kmart's books and records.

In response, Eagle contended that its entire claim is valid
based on California's limitation of action statutes and
applicable California case law, which provide that Eagle's
entire Claim is subject to a four-year statute of limitation
that begins to run on the last date of service or payment by
Kmart of the account.

Eagle also contended that it was unable to state what Kmart's
records might show because Kmart has refused to respond
to Eagle's discovery requests and that the non-existence of
documents in Kmart's books and records is far from
conclusive that Kmart is not liable for Eagle's Claim.

Headquartered in Troy, Michigan, Kmart Corp. nka KMART Holding
Corp. -- http://www.bluelight.com/-- operates approximately  
2,114 stores, primarily under the Big Kmart or Kmart Supercenter
format, in all 50 United States, Puerto Rico, the U.S. Virgin
Islands and Guam.  The Company filed for chapter 11 protection
on January 22, 2002 (Bankr. N.D. Ill. Case No. 02-02474).  Kmart
emerged from chapter 11 protection on May 6, 2003.  John Wm.
"Jack" Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom, LLP, represented the retailer in its restructuring
efforts.  The Company's balance sheet showed US$16,287,000,000
in assets and US$10,348,000,000 in debts when it sought chapter
11 protection.  Kmart bought Sears, Roebuck & Co., for US$11
billion to create the third-largest U.S. retailer, behind Wal-
Mart and Target, and generate US$55 billion in annual revenues.  
The waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act expired on Jan. 27, without complaint by the
Department of Justice.  (Kmart Bankruptcy News, Issue No. 117;
Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


MARGO CARIBE: Expects Common Stock to be Delisted from Nasdaq
-------------------------------------------------------------
Margo Caribe, Inc., received on Oct.3, 2006, a notification from
the NASDAQ Stock Market that a Nasdaq Listing Qualifications
Panel had determined to delist the company's common stock, which
will result in a suspension of trading the common stock,
effective Oct. 5, 2006.  

As previously reported, the panel had extended the deadline for
Margo Caribe to file its quarterly report on Form 10-Q for the
first quarter ended March 31, 2006, to Sept. 30, 2006.  Pursuant
to Nasdaq Marketplace Rule 4802(b), the panel's discretion for
allowing the company to remain listed on Nasdaq is limited to 90
days beyond the date of the panel's original determination with
respect to a particular deficiency.

"We are very disappointed that for reasons largely beyond our
control Margo will not be able to regain compliance with Nasdaq
rules in time to avoid a delisting," said Michael J. Spector,
Chairman and Chief Executive Officer of the company.  "We have
made every effort and will continue to work vigorously to
complete the preparation of our interim unaudited financial
statements for the first two quarters of 2006 and file the
necessary reports at the earliest possible time," continued Mr.
Spector.

In its determination to delist Margo Caribe's common stock, the
panel noted that one of the panel members urged the Nasdaq
Listing and Hearing Review Council to exercise the discretionary
authority available to it under Nasdaq rules and consider an
additional extension of time to allow the company to regain
compliance.

Under Nasdaq rules, Margo Caribe may also request that the
Council review the panel's decision to delist the company's
common stock from Nasdaq within 15 days of the Panel's
determination.  However, such request will not stay the panel's
decision.  The company intends to seek the Council's review.

If delisted, Margo Caribe intends to seek a re-listing or
alternative listing of its common stock as soon as practicable.  
The company expects that quotations for its common stock will
appear in the "pink sheets" following a delisting.
    
Headquartered in Vega Alta, Puerto Rico, Margo Caribe, Inc.
-- http://www.MargoCaribe.com-- and its subsidiaries primarily
engage in the production, distribution, and sale of various
tropical plants to the interior and exterior landscapers,
wholesalers, and retailers in Puerto Rico and the Caribbean.
The company also manufactures and distributes a line of planting
media and aggregates; distributes lawn and garden products,
including plastic and terracotta pottery, planting media, and
mulch; and provides landscaping design and installation
services.  In addition, Margo Caribe distributes fertilizers,
pesticides, and various outdoor products.  The company
manufactures potting soils, professional growing mixes, river
rock, gravel, and related aggregates.

                     Material Weakness

Deloitte & Touche noted material weaknesses to the Margo
Caribe's internal controls after auditing the company's
financial reports for the year ended Dec. 31, 2005.  The
material weaknesses noted by Deloitte were the following:

   1) Margo Caribe did not maintain a sufficient complement of
      personnel to maintain an appropriate accounting and
      financial reporting structure commensurate with its
      activities;

   2) the company's limited number of personnel does not allow
      for an appropriate level of segregation of duties;

   3) the company does not have an appropriate fraud detection
      program to address the risk that the financial statements
      may be materially misstated as a result of fraud; and

   4) the company did not maintain adequate controls and
      procedures to assure the identification and reporting of
      certain transactions with related parties.


RENT-A-CENTER: Moody's Rates US$600MM Add-On to Term Loan at Ba2
----------------------------------------------------------------
Moody's Investors Service rated the proposed US$600 million add-
on to the secured term loan B of Rent-A-Center, Inc., at Ba2,
and downgraded the corporate family to Ba3, the existing bank
loan ratings to Ba2, and the senior subordinated notes to B2.  
The ratings reflects both the overall probability of default of
the company of Ba3, and a loss given default of LGD3 for the
secured term loan and LGD 5 for the senior subordinated notes.  

Proceeds from the new debt will be used to finance the purchase
of Rent-Way, Inc. (corporate family rating of B3 under review
for upgrade), a smaller operator of rent-to-own stores,
including its rated senior subordinated notes.  The downgrade of
the ratings is prompted by the increase in financial and
business risk that will occur as a result of the debt-financed
acquisition.  The rating outlook is stable.  This rating action
concludes the review that commenced on Aug. 8, 2006.

Moody's assigned this rating:

   -- US$600 million proposed incremental secured term loan B
      at Ba2 (LGD 3, 39% LGD rate).

These ratings are lowered:

   -- US$400 million secured revolving credit facility to Ba2
      (LGD 3, 39% LGD rate) from Ba1;

   -- US$200 million secured term loan A to Ba2 (LGD 3,
      39% LGD rate) from Ba1;

   -- US$125 million secured term loan B (commitment prior to
      add-on) to Ba2 (LGD 3, 39% LGD rate) from Ba1;

   -- US$300 million 7.5% senior subordinated notes (2010) to
      B2 (LGD 5, 88% LGD rate) from Ba3;

   -- Corporate family rating to Ba3 from Ba2; and

   -- Probability of default rating to Ba3 from Ba2.

The ratings of Rent-Way, Inc. likely will be withdrawn upon
closing of the transaction.

Rent-A-Center's corporate family rating of Ba3 reflects the
balance of certain key quantitative and qualitative rating
drivers.  Key credit metrics such as Debt to EBITDA, interest
coverage, and free cash flow to debt have Ba or B
characteristics, with the exception of retained cash flow to
debt that has an investment grade score.  Also contributing to
the assigned ratings are the unproven success to date of
initiatives designed to stimulate average unit volume growth and
the challenges in expanding the personal loan business beyond
the test stage.  

However, supporting the company's position are:

   -- the leading position of Rent-A-Center in the consumer
      rent-to-own industry in terms of geography, store count,
      sales, and store count;

   -- the lower cyclicality and seasonality of rent-to-own
      stores compared to many other retailing segments; and

   -- the relatively high quality of the store base.  

Moody's anticipates that a portion of operating cash flow will
be used for meaningful debt amortization going forward, in
contrast to the company's historic practice of using virtually
all operating cash flow for share repurchases, capital
investment, and industry consolidation.

The stable outlook anticipates that the company will steadily
grow comparable store sales and cash flow (in spite of the
potentially adverse impact of high motor fuel prices), that the
Rent-Way expansion will achieve a portion of the anticipated
post-merger operating efficiencies, and that the business line
expansion into financial services will prove profitable.  The
outlook also considers Moody's expectation that discretionary
cash flow will be targeted towards debt repayment rather than
share repurchases or further acquisitions, as well as the
assumption that the company will maintain solid liquidity
through moderation of planned growth capital investment if
operating results fall below plan.  Operating pressures that
prevent the company from growing revenue and margin, a financial
policy action such as share repurchases, or a permanent decline
in revolving credit facility availability could cause the
ratings to be lowered.  Specifically, ratings would to be
lowered if operating performance falters such that debt to
EBITDA is above 5 times one year following the transaction, EBIT
to interest expense falls below 1.5 times, or free cash flow
becomes negative.  Ratings could eventually move upward if the
company continues the historical pattern of consistent sales
growth at new and existing stores; if possible acquisitions and
returns to shareholders do not adversely impact credit metrics,
and if financial flexibility strengthens such that EBIT coverage
of interest expense continues to exceed 2 times, leverage falls
toward 4.5 times, and Free Cash to Debt approaches 5% on a
sustainable basis.

Moody's has applied its new Probability-of-Default and Loss-
Given-Default rating methodology to Rent-A-Center.  Moody's
current long-term credit ratings are opinions about expected
credit loss that incorporate both the likelihood of default and
the expected loss in the event of default.  The LGD rating
methodology disaggregates these two key assessments in long-term
ratings.  The LGD rating methodology also enhances the
consistency in Moody's notching practices across industries and
improves the transparency and accuracy of our ratings as our
research has shown that credit losses on bank loans have tended
to be lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to
individual rated debt issues -- loans, bonds, and preferred
stock. Moody's opinion of expected loss are expressed as a
percent of principal and accrued interest at the resolution of
the default, with assessments ranging from LGD1 (loss
anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% -
100%).

Rent-A-Center, Inc, with headquarters in Plano, Texas operates
the largest chain of consumer rent-to-own stores in the U.S.
with 2,749 company operated stores located in the U.S., Canada,
and Puerto Rico. Rent-A-Center also franchises 295 rent-to-own
stores that operate under the "ColorTyme" and "Rent-A-Center"
banners.  Revenue for the twelve months ending June 2006 was
about US$2.3 million.  The company will add 784 stores and sales
of more than US$500 million with the pending Rent-Way
acquisition.




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


DEVELOPMENT FINANCE: Fitch Affirms Low B Issuer Default Ratings
---------------------------------------------------------------
Fitch affirms the ratings of Development Finance Limited as:

   -- Long-Term Issuer Default Rating at 'BB';
   -- Short-Term Issuer Rating at 'B';
   -- Individual Rating at 'D';
   -- Support Rating at '3'.

The Rating Outlook is Stable.

Ratings of Development Finance reflect its ownership, efficient
operating structure, and sizable portion of stable long-term
funding. Offsetting factors include the company's concentration
of exposure, high though improving level of impaired loans,
small size and limited market position.  In 2005, net income
continued to trend higher with an improving ROA.  Earnings
benefited from sharply lower provisions for loan losses combined
with solid growth in net interest income, DFL's primary revenue
source.  In 1H06, earnings remained steady with a favorable
outlook for the rest of 2006.

Development Finance is a specialized lender and investment bank,
providing corporate finance, risk capital, microfinance loans
and strategic management advisory services to private
enterprises in Trinidad & Tobago, as well as in other Caribbean
countries.  The largest shareholders are RBTT Financial Holdings
with a 31% stake, the Government of Trinidad and Tobago with
28%, the European Investment Bank with 8.5%, and the Inter-
American Investment Corporation with 8.5%.  Fitch believes there
is a moderate probability of support from Development Finance's
institutional owners in the event of serious financial
difficulties.  Despite its small systemic and market position,
Development Finance's focus on the private sector is consistent
with the strategic goals of its main shareholders.




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


* URUGUAY: IDB Grants US$50-Million Loan to Modernize Tax System
----------------------------------------------------------------
The Inter-American Development Bank approved a US$50 million
loan to Uruguay for a program to modernize the tax system and
improve public expenditure and the civil service.

The Ministry of Economic Affairs and Finance will execute the
program in conjunction with the Internal Revenue Bureau, the
National Civil Service Office, and the Planning and Budget
Office.

The program will promote policy actions to increase the
efficiency of the central government administration, with
special emphasis on increasing the efficiency and equity of the
tax system, the quality of public expenditures and coordinating
human resources management.

This is the first operation of a flexible programmatic loan that
will consist of three consecutive single-tranche operations for
an estimated total of US$250 million that will be adapted to the
political and economic needs of the country.

"The program will create a more efficient and equitable tax
structure and reduce tax evasion," said IDB Team Leader Ricardo
Gazel.  "It will improve the quality of the expenditure and
budget process, in the context of a stable macroeconomic
framework."

The program is consistent with the IDB strategy in conjunction
with Uruguay of improving governance and modernization of the
state in a context of greater social equity.  This initiative
follows several previous IDB-financed operations designed to
support the reform of Uruguay's public administration system.

The loan is for a 25-year term, with a five-year grace period,
at a variable interest rate.

                        *    *    *

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


CITGO PETROLEUM: Affirms Commitment to General Public in U.S.
-------------------------------------------------------------
CITGO Petroleum Corp. wants to clarify inaccurate and misleading
information about it.

A most recent example was CITGO's decision to allow its supply
agreement with 7-Eleven to expire at the end of September.  It
was misrepresented as a reaction by 7-Eleven to the remarks
recently made by Venezuelan President Hugo Chavez at the United
Nations General Assembly in New York.

The mutual agreement to end the contract was made three months
ago after many months of deliberation.  The 7-Eleven contract
did not fit within CITGO's strategy to balance its sales volumes
with its own refinery production.  Moreover, both 7-Eleven and
CITGO had informed the media of the decision long before
President Chavez's U.N. speech.

There have also been calls for a boycott of CITGO products.  
Such an action could harm American businesses and the general
public.

The following facts demonstrate CITGO's commitment to U.S.
consumers and the energy market:

   * CITGO is incorporated in the United States and is a U.S.
     company extremely proud of a heritage that goes back nearly
     a century.

   * CITGO was purchased by Petroleos de Venezuela, S.A. (PDVSA)
     in 1990, giving the company access to the largest crude oil
     reserves in the Western Hemisphere.

   * Venezuela has been a reliable supplier of crude oil and
     refined products to the U.S. market throughout the years.

   * CITGO's policy includes maintaining and strengthening its
     relationship with its customers in order to ensure that it
     continues to provide quality energy products that benefit
     the U.S. consumer.  This is in alignment with the global
     energy policy of its parent company.

   * While CITGO is a major Venezuelan investment in the United
     States, several American oil and gas companies either have
     significant investments in Venezuela or purchase Venezuelan
     crude oil to satisfy the needs of their customers.  This
     list includes ChevronTexaco, ConocoPhillips, Valero, and
     others.

   * CITGO has approximately 4,000 employees in the United
     States and, through a network of more than 13,000
     independently owned retail locations, CITGO indirectly
     employs roughly another 100,000 people who work hard every
     day to help their neighbors get where they want to go.

   * Many of these dealers selected CITGO because of the fact
     that its crude oil supply comes from its own hemisphere and
     that is precisely one of its key strengths.  Most of its
     competitors, on the other hand, buy their oil from
     countries where ongoing conflicts pose a tangible threat to
     security of supply.

   * CITGO is committed to safe and environmentally responsible
     operations and the company will be investing US$1.2 billion
     in this key area in the coming years.

CITGO has sponsored many important activities in the communities
where it does business:

   * After hurricanes Katrina and Rita, its employees in many
     locations spent countless hours volunteering to help, and
     it donated in excess of US$2 million.  At the time, it is
     also instrumental in ensuring extra cargoes of gasoline
     from its parent company -- roughly totaling one million
     barrels -- to alleviate fuel shortages in the United
     States.  Several U.S. government officials have recognized
     CITGO's efforts in this area.

   * CITGO re-launched its heating oil program in Sept. 21 and
     plans to distribute 100 million gallons of heating oil at a
     40% discount in 18 states.  This will potentially benefit
     1.2 million people, including members of more than 200
     Native American tribes.

   * CITGO recently donated US$5 million to expand the Southwest
     Louisiana Center for Health Services in Lake Charles, which
     serves the uninsured and other people in need.

   * CITGO is the largest corporate sponsor of the Muscular
     Dystrophy Association and it is proud of its 21-year
     relationship with this organization, to which it has
     contributed more than US$83 million.

When taking all these facts into account, it is clear that CITGO
remains committed to its employees, customers, marketing and
retail partners and the general public throughout the United
States.

                         About Citgo

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

PDVSA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical, and coal industry,
as well as planning, coordinating, supervising, and controlling
the operational activities of its divisions, both in Venezuela
and abroad.

                        *    *    *

Standard and Poor's Ratings Services assigned a 'BB' rating on
CITGO Petroleum Corp.

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


PETROLEOS DE VENEZUELA: Cuts Back Oil Production to Stem Prices
---------------------------------------------------------------
Venezuela confirmed that state-oil company Petroleos de
Venezuela SA's daily oil production would be reduced by 50,000
barrels in order to help curb falling oil prices.

The Latin American nation is also encouraging other members of
the Organization of Petroleum Exporting Countries to do the
same.  Nigeria was the first to cut oil output by 120,000
barrels per day.

"Venezuela has formally informed the OPEC secretariat of its
voluntary decision to cut production by 50,000 barrels per day
with effect from Oct. 1, 2006," OPEC spokesman Omar Farouk
Ibrahim told Reuters.

Oil was selling at a peak of US$78.40 but is now falling below
US$60.  This has triggered enough warning bells for Venezuela
and Nigeria to cut output in order to stem the fall.  

But despite its drop, the price of oil -- which has trebled
since 2002 and is still at historically high levels -- remains
of concern to consumer nations, Reuters says.

Reuters says that investors brushed off the news and oil fell
more than US$1.

"People are waiting for evidence that the market is beginning to
tighten or that actual cuts are being instigated, rather than
just talk before prices can be bid up again," Geoff Pyne, a
London-based oil analyst, was quoted by Reuters as saying.  

"There is still plenty of oil around at the moment."

An OPEC official told Reuters that there was no shift in OPEC's
policy.

"There is definitely no agreement -- whether formal or informal
-- within OPEC to cut current production," the unnamed source
said.

Petroleos de Venezuela SA is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical and
coal industry, as well as planning, coordinating, supervising
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Spends More on Social Programs
------------------------------------------------------
Petroleos de Venezuela SA, the state-run oil company of
Venezuela, told Bloomberg that its investments on social
programs surpassed its expenses on oil and natural gas
businesses in 2005.

Petroleos de Venezuela said in a statement that it spent about
US$6.9 billion on social programs in 2005.  Investments on its
domestic oil and natural gas operations totaled US$3.9 billion.  
The company's profit for the year was US$6.5 billion.

According to Bloomberg, Petroleos de Venezuela said that the
situation is a continuing a trend that began in 2004.

Alberto Quiros, an oil analyst in Caracas and a former head of
the Venezuelan operations of Royal Dutch Shell Plc, told
Bloomberg, "This is pure craziness, social spending is greater
than investments, greater than profit.  The impact is already
apparent.  Production is falling and there is a lack of
professionalism in the company."

Bloomberg notes that Venezuela's President Hugo Chavez is using
Petroleos de Venezuela to finance the nation's social programs.  
President Chavez is seeking to avoid the mistakes of former
government leaders who neglected social development during past
oil booms.

The lack of investment caused a string of deadly accidents at
Petroleos de Venezuela's refineries and stalled production at
about 2.6 million barrels daily, Bloomberg says, citing the
critics of President Chavez.

Mr. Quiros told Bloomberg, "They aren't investing enough in
their energy operations to maintain, let alone grow output.  To
do that, they need to invest at least US$5 billion to US$6
billion a year."

Petroleos de Venezuela said in a filing with the United States
Securities and Exchange Commission that it invested about
US$4.35 billion on social programs and some US$2.99 billion on
operating assets in 2004.

Petroleos de Venezuela told Bloomberg that 73% of its
investments in 2005 were on exploration and production.

Venezuela's total average production in 2005 was 3.27 million
barrels per day.  Most agencies as well as the Organization of
Petroleum Exporting Countries disputed that figure, Bloomberg
states, citing Petroleos de Venezuela.

Petroleos de Venezuela SA is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical and
coal industry, as well as planning, coordinating, supervising
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


* VENEZUELA: Closing Gas Plant Construction Accord with Bolivia
---------------------------------------------------------------
Venezuelan Hugo Chavez will wrap up an agreement with Evo
Morales, his Bolivian counterpart, regarding the construction of
a gas plant, Prensa Latina reports.

According to Prensa Latina, the project is under the framework
of the Bolivarian Alternative for Latin America and the
Caribbean.

Carlos Villegas, Bolivia's hydrocarbons minister, told Prensa
Latina that the project would cost almost US$150 million.  It
will process domestic natural gas and that of a similar
installation to be put up on the border with Argentina with
Buenos Aires collaboration for exports.

Prensa Latina relates that the plant will be built in Rio
Grande, Santa Cruz, through a joint venture between Petroleos de
Venezuela SA -- the state-run oil company of Venezuela -- and
Petroliferos Fiscales Bolivianos, its counterpart in Bolivia.

Petroleos de Venezuela will hold 49% of the shares in the
project while Yacimientos Petroliferos will have 51%, Prensa
Latina states.

                        *    *    *

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


* VENEZUELA: Eni Seeks US$830-Mil. Compensation for Dacion Field
----------------------------------------------------------------
Eni SpA said in its first half-year report that it would seek
payment from the Venezuelan government for the Dacion oil field
that it seized early this year, Dow Jones Newswires reports.

Venezuela transferred in April 32 operating agreements into
joint ventures where the state has a majority stake in each
field.  Eni was one of the two companies, which refused the
migration.  The other firm to have its assets seized was Total
SA.  As a result, its operating contract for the Dacion oil
field was rescinded.

"Eni believes it has the right to be entitled to a compensation
proportioned to the fair value of the relevant assets as a
consequence of the expropriation," Dow Jones relates, citing
Eni's report.

"This compensation ... should not be lower than the book value
of assets (EUR654 million or US$830 million)," the company said.

                        *     *     *

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


* VENEZUELA: S&P Affirms Low B Sovereign Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long- and
'B' short-term sovereign credit ratings on the Bolivarian
Republic of Venezuela.  The outlook was revised to positive from
stable.

According to Standard & Poor's credit analyst Richard Francis,
the outlook revision reflects continuing sharp improvements in
Venezuela's external and public debt indicators, with high oil
prices generating large current account surpluses that, in turn,
have boosted the external assets of the public sector.

Net general government debt is expected to fall to below 10% of
GDP in 2006 from nearly 20% in 2005.  The interest burden is
also expected to decline to below 7% of revenue in 2006 from 10%
in 2005.

"Although the government's balance sheet warrants the positive
outlook, Venezuela's policy mix remains problematic and will
become more of a constraint at higher rating levels," Mr.
Francis said. "Fiscal expenditure is expected to rise by nearly
40% in 2006 (not including extra-budgetary expenditures by the
public sector), interest rates are sharply negative in real
terms, administrative controls on the economy have become more
pervasive, and government operations are increasingly opaque,"
he added.

Mr. Francis explained that this policy mix should not unravel as
long as average oil prices remain at current levels, which is
Standard & Poor's base case assumption for the next two years.
An upgrade could follow if the government successfully trims its
spending, which has begun to put significant pressures on
consumer prices and, in turn, led to increased issuance of
certificates of deposit by the central bank (now totaling 30% of
total government debt).  Furthermore, the inflationary pressures
have led the government to contemplate its own debt issuance as
well as to reduce excess liquidity.

"In addition to the build-up in inflationary pressures, the
rapid increase in spending puts the government at greater risk
of a swift reversal of its much-improved debt position if oil
prices should fall sharply," noted Mr. Francis.  "An upgrade
could follow a significant debt buyback program, which would
reduce gross debt levels.  The government has an estimated stock
of liquid assets approaching 30% of GDP," he concluded.  


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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.

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