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

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

          Monday, December 4, 2006, Vol. 7, Issue 240

                          Headlines

A R G E N T I N A

ALBO ASIP: Deadline for Verification of Claims Is on Feb. 13
ATEX SA: Deadline for Verification of Proofs of Claim Is Feb. 19
BANCO RIO: Launches US$1-Million Technological Innovation Fund
BITS TOOLS: Claims Verification Deadline Is on March 1, 2007
COMPUNETWORK SRL: Trustee Verifies Proofs of Claim Until Feb. 8

COR SERVICE: Last Day for Verification of Claims Is on Dec. 26
SIDECO AMERICA: Holds General Shareholders Assemby
TELECOM ARGENTINA: Judge Buchwald Denies Argo Fund's Appeal

B A H A M A S

ISLE OF CAPRI: Posts US$243 Million Second Quarter Net Revenues

B E R M U D A

E-MAX II: Last Day to File Proofs of Claim Is on Dec. 6
E-MAX III: Filing of Proofs of Claim Is Until Dec. 6
FLAG ATLANTIC HOLDINGS: Liquidators Released from Bankr. Case
FLAG ATLANTIC: Liquidators Released from Bankruptcy Proceeding
FLAG TELECOM: Liquidators Released from Bankruptcy Proceeding

HELM CAPITAL: Last Day to File Proofs of Claim Is on December 6
PILOT HOLDINGS: Proofs of Claim Filing Deadline Is on December 6
RAMSEY LTD: Creditors Must File Proofs of Claim by December 6
REFCO INC: Files October 2006 Monthly Operating Report
SCOTTISH RE: Posts US$0.4531 Per Perpetual Pref. Share Dividend

SUTTON CAPITAL: Deadline for Proofs of Claim Filing Is on Dec. 6
WARNER CHILCOTT: Shareholders Sue Firm on Acquired Securities

B O L I V I A

COEUR D'ALENE: Eyes 9 Mil. Ounce Silver Output in San Bartolome

B R A Z I L

ALERIS INT'L: S&P Lowers Corporate Credit Rating to B+ from BB-
BANCO NACIONAL: Grants BRL221 Mil. Financing to Lojas Americanas
COMPANHIA SIDERURGICA: Expected to Outbid Tata in Corus Sale
DEVELOPERS DIVERSIFIED: Acquires 50% Share in Sonae Sierra
DURA AUTOMOTIVE: Hires Togut Segal as Conflicts Counsel

DURA AUTOMOTIVE: Ontario Court Grants Foreign Recognition Order
LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share
LUCENT TECHNOLOGIES: Completes Merger with Alcatel
NOVELL INC: Appoints S. Heystee to Oversee Microsoft Agreement
PETROLEO BRASILEIRO: Admitted to the Corp. Sustainability Index

PETROLEO BRASILEIRO: Oil & Gas Auction Suspension May Harm Firm
UNIAO DE BANCOS: Susep Okays Unibanco AIG Unit's Capital Raise
USINAS SIDERURGICAS: Board Okays BRL300 Mil. Profit Distribution

* BRAZIL: Suspends Annual Oil & Gas Auction

C A Y M A N   I S L A N D S

ALTON HOLDINGS: Liquidator Presents Wind Up Accounts on Dec. 14
CITIGROUP (INSTITUTIONAL): Claims Filing Deadline Is on Dec. 14
CITIGROUP ALTERNATIVE: Proofs of Claim Must be Filed by Dec. 14
CITIGROUP (MASTER): Proofs of Claim Must be Submitted by Dec. 14
EASYJET HAMBURG: Last Day for Proofs of Claim Filing Is Dec. 14

GM CAPITAL: Last Day for Proofs of Claim Filing Is on Dec. 14
GULFSTREAM ENTERPRISES: Final Shareholders Meeting Is on Dec. 8
INNOCAP FUND: Creditors Must File Proofs of Claim by Dec. 14
LIBRAN GLOBAL: Deadline for Proofs of Claim Filing Is on Dec. 14
MILTON ARBITRAGE: Last Day to File Proofs of Claim Is on Dec. 14

MILTON LEVERAGED: Proofs of Claim Filing Deadline Is on Dec. 14
PARADIGM CAPITAL: Last Day for Proofs of Claim Filing Is Dec. 14
PHINITY OFFSHORE: Proofs of Claim Filing Deadline Is on Dec. 14
SEGOES SERVICES: Court Okays Liquidation of Securities in U.S.
TDA EMERGING: Creditors Must Submit Proofs of Claim by Dec. 14

VEGA GLOBAL: Holding Final Shareholders Meeting on Dec. 11

C O L O M B I A

CA INC: Enhancing Microsoft Office SharePoint Server 2007
CA INC: Launching Virus & Spyware Protection for Windows Vista

C O S T A   R I C A

DENNY'S CORP: Reports November Same-Store Sales

D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Wants Saudi Arabia to Build Oil Refinery

E C U A D O R

YPF SA: Ecuador Oil Pact Renegotiation Won't Hurt Parent Firm

E L   S A L V A D O R

DIRECTV GROUP: Launches Assistance Offer to Dish Network Clients

G U A T E M A L A

BANCO INDUSTRIAL: S&P Affirms BB-/B Counterparty Credit Rating

J A M A I C A

AIR JAMAICA: Saving J$70MM on Fleet Change & Maintenance Upgrade
AIR JAMAICA: Wants US$100-Million Reduction in Annual Losses
AIR JAMAICA: Will Rebuild Public Confidence in December
ROYAL CARIBBEAN: Inks J$1B Accord with Jamaican Port Authority

M E X I C O

AMERICAN TOWER: S&P Affirms BB+ Corporate Credit Rating
DELTA AIR: Posts US$88-Million Loss in October 2006
FORD MOTOR: 38,000 Hourly Workers Accept Buyout Offer
FORD MOTOR: Moody's Rates US$15BB Secured Credit Facility at Ba3
GENERAL MOTORS: Kirk Kerkorian Selling 14 Million Shares in Firm

GENERAL MOTORS: Completes US$14B 51% GMAC Stake Sale to Cerberus
GMAC LLC: Completed Stake Sale Cues Fitch to Up Rating to BB+
GMAC LLC: Moodys' Confirmed Ba1 Rating on Completed Stake Sale
GRUPO MEXICO: Expects Copper Output to Increase in 2007
GRUPO SENDA: S&P Affirms & Withdraws B+ Corp. Credit Rating

GUESS? INC: Reports 16.65 Increase in November Retail Sales
HIPOTECARIA CREDITO: Tapping Local Debt Market to Raise MXN2.8B
HOME PRODUCTS: Reaches Restructuring Agreement with Noteholders
HOME PRODUCTS: Interest Nonpayment Prompts S&P's Default Rating
MERIDIAN AUTO: Wants to Assume Add'l. 11 Contracts & Leases

NORTEL NETWORKS: To Establish Joint Venture with SECI in Europe

* MUNICIPALITY OF TONALA: Moody's Issues Joint Default Analysis
* TLALANEPANTLA: Moody's Releases Joint Default Analysis
* TULTITLAN: Moody's Releases Joint Default Analysis
* TUXTLA GUTIERREZ: Moody's Releases Joint Default Analysis

P E R U

DOE RUN: Launches Third Wastewater Treatment Facility in Peru

P U E R T O   R I C O

ADELPHIA: ADDvantage Buys US$1.8 Mil. of Digital Set-Top Boxes
ADELPHIA COMMS: Highland Carlsbad Sells Vacant Lot for $650,000
CONSTRUCTORA AUSUBO: Case Summary & 20 Largest Unsecured Lenders
DELTA MUTUAL: 2006 3rd Quarter Net Loss Decreases to US$531,329
DRESSER INC: Makes Additional US$20MM Prepayment on Term Loan

NBTY INC: Sr. VP Michael Slade Adopts Rule 10b5-1 Trading Plan
NEWCOMM WIRELESS: Case Summary & 20 Largest Unsecured Creditors
PILGRIM'S PRIDE: Gold Kist Stockholders Tender 67% of Shares
SANTANDER BANCORP: Declares US$0.16 Per Share Cash Dividend
SUNCOM WIRELESS: Sept. 30 Balance Sheet Upside-Down by US$378MM

T R I N I D A D   &   T O B A G O

BRITISH WEST: Shareholders May Have Little to Recover

V E N E Z U E L A

INDUSTRIAS METALURGICAS: Gets US$50-Mil. Loan for Hydro Project
PEABODY ENERGY: Inks Powder River Supply Pact with TransAlta
PETROLEOS DE VENEZUELA: Daily Crude Production at 3.2MM Barrels
PETROLEOS DE VENEZUELA: Fully Recovered, Says Rafael Ramirez
UNIVERSAL COMPRESSION: Appoints 3 Independent Directors to Board

* Frost & Sullivan Releases LatAm Biofuels Market Analysis
* Latin American Exports Rise to US$656 Bil. in 2006, IDB Says
* IDB Makes Regional Trade Finance Facilitation Prog. Permanent


                            - - - - -

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


ALBO ASIP: Deadline for Verification of Claims Is on Feb. 13
------------------------------------------------------------
Marina Fernanda Tynik, the court-appointed trustee for Albo Asip SA's
bankruptcy proceeding, will verify creditors' proofs of claim until Feb. 13,
2007.

Ms. Tynik will present the validated claims in court as individual reports
on March 29, 2007.  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 Albo Asip 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 Albo Asip's accounting and
banking records will follow on May 15, 2007.

Ms. Tynik is also in charge of administering Albo Asip's assets under court
supervision and will take part in their disposal to the extent established
by law.

The debtor can be reached at:

          Albo Asip SA
          Sarandi 461
          Buenos Aires, Argentina

The trustee can be reached at:

          Marina Fernanda Tynik
          Avenida Rivadavia 10.444
          Buenos Aires, Argentina


ATEX SA: Deadline for Verification of Proofs of Claim Is Feb. 19
----------------------------------------------------------------
Luis Plizzo, the court-appointed trustee for Atex SA's bankruptcy case, will
verify creditors' proofs of claim until Feb. 19, 2007.

Under the Argentine bankruptcy law, Mr. Plizzo is required to present the
validated claims in court as individual reports.  Court No. 9 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
Atex and its creditors.

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

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

Atex was forced into bankruptcy at the behest of Norberto Pucciano, its
creditor.

Clerk No. 18 assists the court in the proceeding.

The debtor can be reached at:

         Atex SA
         Uriburu 353
         Buenos Aires, Argentina

The trustee can be reached at:

         Luis Plizzo
         Avenida Presidente Roque Saenz Pena 651
         Buenos Aires, Argentina


BANCO RIO: Launches US$1-Million Technological Innovation Fund
--------------------------------------------------------------
Banco Rio del Plata has launched a US$1-million technological innovation
fund aimed at funding technology ventures, La Nacion reports.

According to La Nacion, Banco Rio expects foreign investors to add US$2
million to the fund soon.

Business News Americas relates that initially, the fund will provide funding
to up to six established ventures and to up to nine projects in the startup
phase.

To receive funding, each project should have the support of a university or
a research center, BNamericas says.

Banco Rio will offer US$10,000-100,000 to each established project and
US$30,000-300,000 to each startup project, according to BNamericas.  The
loans will have a 30% yearly return rate.

Headquartered in Buenos Aires, Argentina, Banco Rio de la Plata is an
Argentinean private bank providing a range of financial services, including
retail, corporate, and merchant banking, insurance, credit cards and fund
management, to individuals, companies of all sizes, financial institutions
and the public sector (both provincial and national).  The company has a
network of approximately 280 branches and employs over 5,000 serving over 1
million customers.  It is part of the Latin American franchise of Banco
Santander Central Hispano, which holds over 80% of the bank's share capital.

                        *    *    *

On June 29, 2005, Moody's Investor Service assigned Caa1 ratings on Banco
Rio de la Plata's Issuer and Long-Term Bank Deposits Ratings.


BITS TOOLS: Claims Verification Deadline Is on March 1, 2007
------------------------------------------------------------
Francisco Jose M. Costa, the court-appointed trustee for Bits Tools SA's
bankruptcy proceeding, will verify creditors' proofs of claim until March 1,
2007.

Mr. Costa will present the validated claims in court as individual reports
on April 12, 2007.  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 Bits Tools 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 Bits Tools' accounting and
banking records will follow on May 24, 2007.

Mr. Costa is also in charge of administering Bits Tools' assets under court
supervision and will take part in their disposal to the extent established
by law.

The trustee can be reached at:

          Francisco Jose M. Costa
          Sarmiento 1562
          Buenos Aires, Argentina


COMPUNETWORK SRL: Trustee Verifies Proofs of Claim Until Feb. 8
---------------------------------------------------------------
Manuel Camilo Arias, the court-appointed trustee for Compunetwork SRL's
bankruptcy case, will verify creditors' proofs of claim until Feb. 8, 2007.

Under the Argentine bankruptcy law, Mr. Arias 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
Compunetwork and its creditors.

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

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

The trustee can be reached at:

         Manuel Camilo Arias
         Amenabar 2529
         Buenos Aires, Argentina


COR SERVICE: Last Day for Verification of Claims Is on Dec. 26
--------------------------------------------------------------
Hector Jorge Vegetti, the court-appointed trustee for Cor Service SRL's
bankruptcy case, will verify creditors' proofs of claim until Dec. 26, 2006.

Mr. Vegetti will present the validated claims in court as individual reports
on March 13, 2007.  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 Cor Service 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 Cor Service's accounting and
banking records will follow on April 24, 2007.

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

The debtor can be reached at:

          Cor Service SRL
          Juan Bautista Alberdi 2316
          Buenos Aires, Argentina

The trustee can be reached at:

          Hector Jorge Vegetti
          Montevideo 711
          Buenos Aires, Argentina


SIDECO AMERICA: Holds General Shareholders Assemby
--------------------------------------------------
Sideco Americana held a general shareholders assembly on
Nov. 27, 2006, to discuss the sale of the company's shares at Servicio
Electronico de Pago.

Sideco Americana S.A. is dedicated to the generation and
direction of business related to construction and infrastructure, mainly in
Brazil (55% of the revenues registered
in 2005) and Argentina (40%).  Socma Americana SA, run by the
Macri Family, while the Corporacion Financiera Internacional
holds a 4.36% stake, controls 95.25% of the shares.

As reported on Aug. 25, 2006, Fitch Argentina Calificadora de Riesgo SA
upgraded the rating of Sideco Americana SA's Obligaciones Negociables for
US$13.5 million from B (arg) to B+ (arg).


TELECOM ARGENTINA: Judge Buchwald Denies Argo Fund's Appeal
-----------------------------------------------------------
The Honorable Naomi R. Buchwald of the U.S District Court for the Southern
District of New York, rejected on Nov. 17, 2006, the appeal filed by The
Argo Fund, Ltd., in connection with the petition filed by Telecom Argentina
SA's board of directors on Sept. 13, 2005, commencing an ancillary case to a
foreign proceeding pursuant to Section 304 of the United States Bankruptcy
Code.

Judge Buchwald's order affirmed the judgment issued by Bankruptcy Judge
Burton R. Lifland confirming the petition and ordering:

    (i) that the order issued by the Argentine Bankruptcy
        Judge Adela N. Fernandez approving Telecom Argentina's
        Acuerdo Preventivo Extrajudicial and giving full force
        and effect in the Untied States, to the same degree as
        they are given effect in Argentina;

   (ii) that the Approval Order and the APE are binding on US
        Bank N.A. as Indenture Trustee, and all non-consenting
        holders of bonds restructured pursuant to APE, as they
        are in Argentina; and

  (iii) that all the notes restructured pursuant to the APE have
        been extinguished as a matter of Argentine law and must
        be cancelled.

Argo Fund has 30 days to file an appeal on the District Court's ruling.

Headquartered in Buenos Aires, Telecom Argentina SA --
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'.




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


ISLE OF CAPRI: Posts US$243 Million Second Quarter Net Revenues
---------------------------------------------------------------
Isle of Capri Casinos, Inc., reported that its net revenues from continuing
operations increased 15.8% to US$243.2 million in the second quarter ended
Oct. 29, 2006, compared with US$210.0 million in the same quarter in fiscal
2006.

Isle of Capri's net loss from continuing operations decreased to US$4.2
million during the second quarter of fiscal 2007, compared with US$5.5
million for the second quarter of fiscal 2006.

Isle of Capri's adjusted EBITDA from continuing operations for the second
quarter of fiscal 2007 increased 26.2% to US$41.0 million, compared with
adjusted EBITDA from continuing operations of US$32.5 million for the same
quarter in fiscal 2006.  Hurricanes Katrina and Rita negatively affected
Isle of Capri's operating results for fiscal 2006.

During the quarter ended Oct. 29, 2006, Isle of Capri recognized a pretax
gain of US$13.8 million related to the sale of its Isle-Bossier City and
Isle-Vicksburg properties.  This gain is included in income from
discontinued operations and the impact on net income per diluted common
share was US$0.25 for the three months ended Oct. 29, 2006.

Isle of Capri's continuing operations increased 14.3% to US$517.2 million in
the six months ended Oct. 29, 2006, compared with the US$452.5 million for
the comparable period in 2005.  For the first six months of fiscal 2007,
Isle of Capri reported an increase in income from continuing operations to
US$1.1 million.  Isle of Capri's net loss from continuing operations for the
first six months in fiscal 2006 was US$2.2 million.  Adjusted EBITDA from
continuing operations in the six-month period increased 25.1% to US$97.9
million, compared with US$78.2 million for the comparable six-month period
in fiscal 2006.

During the six months ended Oct. 29, 2006, Isle of Capri recognized a pretax
gain of US$13.8 million related to the sale of its Isle-Bossier City and
Isle-Vicksburg properties.  This gain is included in income from
discontinued operations and the impact on net income per diluted share was
US$0.25 for the six months ended Oct. 29, 2006, with the remaining US$0.12
coming from the discontinued operations.

For the three and six months ended Oct. 29, 2006, and
Oct. 23, 2005, Isle-Bossier City, Isle-Vicksburg and Colorado Grande-Cripple
Creek are reflected as discontinued operations.  The operating results for
these properties are not included in the net revenue, income from continuing
operations and Adjusted EBITDA results.  The sale of Isle-Bossier City and
Isle-Vicksburg closed on July 31, 2006.  Proceeds from the sale were
US$240.0 million.

Bernard Goldstein, Isle of Capri chairperson and chief executive officer,
said, "Fiscal 2007 continues to be a transitional year as we concentrate on
new development projects, future growth opportunities and long-term
strategies.  Our portfolio will soon increase by two as we move closer to
opening gaming properties in Pompano Beach, Fla. and Waterloo, Iowa bringing
the Isle of Capri experience to new markets."

                  Highlights and Updates

   -- The company topped out its slot machine facility at
      Pompano Park Harness Track in Florida on Oct. 4 and
      anticipates opening the facility in early 2007 with
      1,500 slot machines, a poker room and four restaurants
      including Bragozzo, an Italian bistro and wine bar created
      by accomplished chef, Luke Palladino; Farraddays', it's
      signature steakhouse; a tropical-themed Isle Buffet and a
      traditional New York Style delicatessen.

   -- The company's new casino property in Waterloo, Iowa was
      topped out on Nov. 9.  The project will include a 35,000
      square foot single level casino with 1,300 gaming
      positions, three restaurants, a 200-room hotel and 1,000
      parking spaces.  The project scope has recently been
      expanded and will also include a night club, a full
      service spa and a resort pool.  The project cost has been
      increased to US$175 million and the company expects to
      open the casino in 2007.

   -- The US$45 million, 250-room Isle of Capri Hotel in
      Bettendorf, Iowa is on schedule and is expected to open
      in 2007.

   -- The company continues to pursue the one stand-alone slot
      machine gaming license in Pittsburgh, Pennsylvania.  The
      company has received master plan approval from the City
      Planning Commission for its proposed project, and
      participated in a suitability hearing before the
      Pennsylvania Gaming Control Board (PGCB).  The proposed
      project, one of three competing proposals before the
      PGCB, includes a US$450 million casino, a US$290 million
      multi-purpose arena, and more than US$350 million in
      residential, office and retail development by Nationwide
      Realty Investors on the site of the existing Mellon Arena.
      The company expects a licensure decision by late-December.

   -- The company announced a revised agreement in connection
      with resort developer Eighth Wonder's proposal to build an
      integrated resort complex on Sentosa Island in Singapore.
      The proposal is one of three bidders for the project with
      a licensure decision expected in early December.  The
      revised agreement includes equity ownership in the resort
      complex by Melco PBL Entertainment, Eighth Wonder and Isle
      of Capri.  If the project is selected, Isle of Capri would
      own a 13.8% interest for an investment of US$65 million.
      Isle of Capri will receive a payment equal to 2% of casino
      gross revenues for a 15-year period.

   -- The company repurchased 255,721 shares of its common stock
      during the second quarter ended Oct. 29, 2006, at an
      average price of US$21.21 per share.

Tim Hinkley, president and chief operating officer of Isle of Capri, noted,
"Our team is closely monitoring results and managing costs during this
transitional year.  We are facing some near-term challenges due to increased
competition and softness in certain markets that require cost cutting in
operational expenses and broadened marketing strategies. As fiscal 2007
moves forward we will continue to face these challenges head-on, elevate our
brand offerings and position the company for future growth and stability."

                    Operational Review

Isle of Capri's operating results for the second quarter of fiscal 2007
include some significant additional expenses as compared with the second
quarter of fiscal 2006.  These include a US$4.5-million increase in property
insurance expense over the prior year's second quarter, for a six-month
total increase of US$9.0 million over the prior year, which was allocated
across all operating properties.  This increase is expected to continue
through fiscal 2007.  The company also recorded US$1.6 million of stock
compensation expense in the second quarter of fiscal 2007 related to the
adoption of FASB Statement No. 123 (revised 2004) "Share-Based Payment"
(SFAS 123(R)).  These costs will also be recurring.  The company also
recorded US$1.7 million of relocation costs related to moving its corporate
headquarters to Saint Louis, Missouri.  Further office relocation costs will
be recorded in the third fiscal quarter of 2007 and will end with the
completion of the office relocation.

In Mississippi, three continuing operations of Isle of Capri contributed
27.6% of net revenues.  Isle-Biloxi's net revenues and adjusted EBITDA were
up from the prior year period principally due to prior year closure of the
property caused by Hurricane Katrina.  Adjusted EBITDA at the property
increased significantly over the same quarter in fiscal 2006 due to reduced
competition in the market.  Isle-Natchez experienced decreases in both net
revenues and Adjusted EBITDA primarily resulting from the reopening of the
casinos on the Gulf Coast.  Isle-Lula's net revenues rose slightly.
Adjusted EBITDA at the property increased moderately due to more efficient
management of expenses.

In Louisiana, Isle-Lake Charles contributed 16.4% of net revenues.
Isle-Lake Charles experienced an increase in net revenues and Adjusted
EBITDA, compared with the prior year period, primarily due to the closure of
a competitor in the market and the closure of Isle-Lake Charles between
Sept. 22, 2005, and Oct. 8, 2005, due to Hurricane Rita.

In Missouri, Isle of Capri's two properties contributed 16.5% of net
revenues.  Isle-Kansas City's net revenues decreased due to a reduced gaming
patron count attributable to the completion of other expansion projects in
the market and increased marketing intensity by competitors.

Isle-Boonville's net revenues and Adjusted EBITDA increased due to a boost
in marketing efforts and the opening of the new hotel.

In Iowa, Isle of Capri's three casinos contributed 19.5% of net revenues.
Combined, the company's two Quad-City properties and Isle-Marquette showed a
decrease in both net revenues and Adjusted EBITDA due to increased
competition in the key feeder markets.

In Colorado, two Black Hawk casino operations of Isle of Capri contributed
16.2% of net revenues.  The Black Hawk properties experienced a decrease in
net revenues, compared with the prior year period, primarily due to the
opening of competitors' upgraded facilities.  Adjusted EBITDA decreased
primarily due to increased operating costs associated with the company's
expanded facility and marketing expenses associated with the opening of
competitors' expansion projects.

New development expenses increased in the second quarter of fiscal year
2007, compared with the second quarter of fiscal year 2006, primarily due to
an increase in expenses related to the pursuit of the gaming license in
Pittsburgh, Pennsylvania and costs incurred during the second fiscal quarter
of 2007 relating to pursuit of the casino license in Singapore.

The decrease in corporate expenses is primarily due to prior year costs and
reserves related to litigation matters and contributions the company made in
the prior year to Isle team member relief funds from Hurricane Katrina.

Preopening cost increased in the second quarter of fiscal year 2007,
compared with the second quarter of fiscal year 2006, primarily due to costs
related to our casino developments in Coventry, England, Pompano Beach,
Florida and Waterloo, Iowa.

Operating results from the Colorado Grande-Cripple Creek, Isle-Vicksburg and
Isle-Bossier City have been classified as discontinued operations for all
periods presented and are not included in the Operational Review.

Based in Biloxi, Miss., Isle of Capri Casinos, Inc. (Nasdaq: ISLE) --
http://www.islecorp.com/-- a developer and owner of gaming and
entertainment facilities, operates 16 casinos in 14 locations.  The Company
owns and operates riverboat and dockside casinos in Biloxi, Vicksburg, Lula
and Natchez, Miss.; Bossier City and Lake Charles (two riverboats), La.;
Bettendorf, Davenport and Marquette, Iowa; and Kansas City and Boonville,
Mo.  The Company also owns a 57% interest in and operates land-based casinos
in Black Hawk (two casinos) and Cripple Creek, Colorado.  Isle of Capri's
international gaming interests include a casino that it operates in
Freeport, Grand Bahama, and a 2/3 ownership interest in casinos in Dudley,
Walsal and Wolverhampton, England.  The company also owns and operates
Pompano Park Harness Racing Track in Pompano Beach, Fla.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 26, 2005, Standard &
Poor's Ratings Services affirmed its ratings on Isle of Capri Casinos Inc.,
including its 'BB-' corporate credit rating.  At the same time, all ratings
were removed from CreditWatch with negative implications where they were
placed on Sept. 1, 2005.  S&P said the outlook is negative.

As reported in the Troubled Company Reporter-Latin America on Oct. 4, 2006,
in connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
Gaming, Lodging & Leisure sector, the rating agency confirmed Isle of Capri
Casinos, Inc.'s Ba3 Corporate Family Rating.




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


E-MAX II: Last Day to File Proofs of Claim Is on Dec. 6
-------------------------------------------------------
E-Max II Ltd.'s creditors are given until Dec. 6, 2006, to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place of business
on Dec. 29, 2006, at 9:30 a.m., or as soon as possible.

E-Max II's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

E-Max II's shareholders agreed on Nov. 20, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


E-MAX III: Filing of Proofs of Claim Is Until Dec. 6
----------------------------------------------------
E-Max III Ltd.'s creditors are given until Dec. 6, 2006, to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place of business
on Dec. 29, 2006, at 9:30 a.m., or as soon as possible.

E-Max III's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

E-Max III's shareholders agreed on Nov. 20, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


FLAG ATLANTIC HOLDINGS: Liquidators Released from Bankr. Case
-------------------------------------------------------------
The Supreme Court of Bermuda ordered the release of Michael W. Morrison,
Chris Laverty and Richard Heis as joint liquidators in FLAG Atlantic
Holdings Limited's winding up proceeding.  The release order was made after
the company's dissolution.

On April 12, 2002, FLAG Telecom Holdings Limited filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District of New
York.

On April 19, 2002, Flag Telecom and its Bermudan subsidiaries,
Flag Atlantic Limited and Flag Atlantic Holdings Limited, filed for
ancillary petitions pursuant to Section 161 of the Companies
Act 1981 of Bermuda to:

   -- wind-up the companies;
   -- to enforce stay against creditors; and
   -- for the appointment of Joint Provisional Liquidators.

The debtors were represented by:

         Conor D. Reilly, Esq.
         Janet M. Weiss, Esq.
         M. Natasha Labovitz, Esq.
         Craig A. Bruens, Esq.
         Paul H. Guillotte, Esq.
         Sarah K. Larcombe, Esq.
         Joseph Furst, Esq.
         Gibson, Dunn & Crutcher LLP
         200 Park Avenue
         New York, NY 10166
         Tel: (212) 351-4000
         Fax: (212) 351-4035

The liquidators can be reached at:

          Richard Heis
          Chris Laverty
          KPMG
          8 Salisbury Square
          London
          EC4Y 8BB
          Tel: (020) 7311 1000
          Fax: (020) 7311 3311


FLAG ATLANTIC: Liquidators Released from Bankruptcy Proceeding
--------------------------------------------------------------
The Supreme Court of Bermuda ordered the release of Michael W. Morrison,
Chris Laverty and Richard Heis as joint liquidators in FLAG Atlantic
Limited's winding up proceeding.  The release order was made after the
company's dissolution.

On April 12, 2002, FLAG Telecom Holdings Limited filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District of New
York.

On April 19, 2002, Flag Telecom and its Bermudan subsidiaries,
Flag Atlantic Limited and Flag Atlantic Holdings Limited, filed for
ancillary petitions pursuant to Section 161 of the Companies
Act 1981 of Bermuda to:

   -- wind-up the companies;
   -- to enforce stay against creditors; and
   -- for the appointment of Joint Provisional Liquidators.

The debtors were represented by:

         Conor D. Reilly, Esq.
         Janet M. Weiss, Esq.
         M. Natasha Labovitz, Esq.
         Craig A. Bruens, Esq.
         Paul H. Guillotte, Esq.
         Sarah K. Larcombe, Esq.
         Joseph Furst, Esq.
         Gibson, Dunn & Crutcher LLP
         200 Park Avenue
         New York, NY 10166
         Tel: (212) 351-4000
         Fax: (212) 351-4035

The liquidators can be reached at:

          Richard Heis
          Chris Laverty
          KPMG
          8 Salisbury Square
          London
          EC4Y 8BB
          Tel: (020) 7311 1000
          Fax: (020) 7311 3311


FLAG TELECOM: Liquidators Released from Bankruptcy Proceeding
--------------------------------------------------------------
The Supreme Court of Bermuda ordered the release of Michael W. Morrison,
Chris Laverty and Richard Heis as joint liquidators in FLAG Telecom Holdings
Limited's winding up proceeding.  The release order was made after the
company's dissolution.

On April 12, 2002, FLAG Telecom Holdings Limited filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District of New
York.

On April 19, 2002, Flag Telecom and its Bermudan subsidiaries,
Flag Atlantic Limited and Flag Atlantic Holdings Limited, filed for
ancillary petitions pursuant to Section 161 of the Companies
Act 1981 of Bermuda to:

   -- wind-up the companies;
   -- to enforce stay against creditors; and
   -- for the appointment of Joint Provisional Liquidators.

The Debtors were represented by:

         Conor D. Reilly, Esq.
         Janet M. Weiss, Esq.
         M. Natasha Labovitz, Esq.
         Craig A. Bruens, Esq.
         Paul H. Guillotte, Esq.
         Sarah K. Larcombe, Esq.
         Joseph Furst, Esq.
         Gibson, Dunn & Crutcher LLP
         200 Park Avenue
         New York, NY 10166
         Tel: (212) 351-4000
         Fax: (212) 351-4035

The liquidators can be reached at:

          Richard Heis
          Chris Laverty
          KPMG
          8 Salisbury Square
          London
          EC4Y 8BB
          Tel: (020) 7311 1000
          Fax: (020) 7311 3311


HELM CAPITAL: Last Day to File Proofs of Claim Is on December 6
---------------------------------------------------------------
Helm Capital International Ltd.'s creditors are given until
Dec. 6, 2006, to prove their claims to Robin J. Mayor, the company's
liquidator, or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place of business
on Dec. 28, 2006, at 9:30 a.m., or as soon as possible.

Helm Capital's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

Helm Capital's shareholders agreed on Nov. 20, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


PILOT HOLDINGS: Proofs of Claim Filing Deadline Is on December 6
----------------------------------------------------------------
Pilot Holdings Ltd.'s creditors are given until Dec. 6, 2006, to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place of business
on Dec. 28, 2006, at 9:30 a.m., or as soon as possible.

Pilot Holdings Ltd.'s shareholders will determine during the meeting,
through a resolution, the manner in which the books, accounts and documents
of the company and of the liquidator will be disposed.

Pilot Holdings Ltd.'s shareholders agreed on Nov. 20, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


RAMSEY LTD: Creditors Must File Proofs of Claim by December 6
-------------------------------------------------------------
Ramsey Ltd.'s creditors are given until Dec. 6, 2006, to prove their claims
to Robin J. Mayor, the company's liquidator, or be excluded from receiving
any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place of business
on Dec. 28, 2006, at 9:30 a.m., or as soon as possible.

Ramsey Ltd.'s shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

Ramsey Ltd.'s shareholders agreed on Nov. 20, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


REFCO INC: Files October 2006 Monthly Operating Report
------------------------------------------------------
In lieu of comprehensive financial statements, Refco, Inc., and
its debtor-affiliates delivered to the Court a statement of their cash
receipts and disbursements for the period from October 1 to 31, 2006.

Peter F. James, controller of Refco, reports that the company
held a US$1,881,636,000 cash balance at the start of the reporting period.
Refco received US$1,138,362,000 and disbursed
US$1,446,442,000 in cash.  Refco's ending cash balance totals
US$1,575,010,000.

As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed approximately US$4,700,000,000.

Mr. James discloses that Refco paid US$475,000 in gross wages, of which
approximately US$228,000 was paid on behalf of and reimbursed by the
Non-Debtors and Refco LLC.  Refco also withheld US$150,000 in employee
payroll taxes, of which US$16,000 was remitted to a third party vendor.

Mr. James states that all taxes due and owing, as well as tax
returns, have been paid and filed for the current period.

Refco paid US$67,549,000 for professional fees for October, and
US$93,807,000 since the Petition Date.  The Debtors did not pay
professional fees on Refco LLC's behalf.

Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.

A full-text copy of Refco's October 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?15bb

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.

On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement.  On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.

The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006.  Objections to
the plan, if any, must be in by Dec. 1, 2006.

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.

(Refco Bankruptcy News, Issue No. 48; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SCOTTISH RE: Posts US$0.4531 Per Perpetual Pref. Share Dividend
---------------------------------------------------------------
Scottish Re Group Ltd.'s board of directors declared a cash dividend of
US$0.4531 per Perpetual Preferred Share outstanding to be paid on Jan. 15,
2007, to Perpetual Preferred Share shareholders of record as of the close of
business on
Jan. 2, 2007.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a global life
reinsurance specialist.  Scottish Re has operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and Windsor,
England.  At March 31, 2006, the reinsurer's balance sheet showed US$12.2
billion assets and US$10.8 billion in liabilities.

                        *    *    *


On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+' from 'BB+'.

Moody's Investor Service downgraded Scottish Re's senior unsecured debt
rating to Ba3 from Ba2 due to liquidity issues.

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial strength rating
to B+ from B++ and the issuer credit ratings to "bbb-" from "bbb+" of the
primary operating insurance subsidiaries of Scottish Re Group Limited
(Scottish Re) (Cayman Islands).  A.M. Best has also downgraded the ICR of
Scottish Re to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.


SUTTON CAPITAL: Deadline for Proofs of Claim Filing Is on Dec. 6
----------------------------------------------------------------
Sutton Capital Ltd.'s creditors are given until Dec. 6, 2006, to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place of business
on Dec. 28, 2006, at 9:30 a.m., or as soon as possible.

Sutton Capital's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.

Sutton Capital's shareholders agreed on Nov. 20, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


WARNER CHILCOTT: Shareholders Sue Firm on Acquired Securities
-------------------------------------------------------------
Yourman Alexander & Parekh LLP, a law firm with extensive experience in
prosecuting claims for securities and consumer fraud, reported that lawsuits
seeking class action status have been filed on behalf of shareholders who
purchased or otherwise acquired the securities of Warner Chilcott Ltd.
during the period Sept. 20, 2006, through Sept. 26, 2006, inclusive.  The
lawsuits are pending in the United States District Court for the Southern
District of New York.

If shareholders purchased or acquired Warner securities during the Class
Period and either continue to hold those securities or sold them at a loss,
the deadline to move for appointment as Lead Plaintiff is Jan. 2, 2007.

A Lead Plaintiff is the person or entity that the Court appoints to take a
leadership role in prosecuting the case and to represent the interests of
other similarly injured class members.  The Court is required to consider
the persons or entities with the largest financial losses, who express an
interest in taking a leadership role in the litigation, for appointment as
Lead Plaintiff.  However, to serve as Lead Plaintiff, the individual must
meet certain legal requirements and must formally apply to the Court to be
considered for the appointment.  The Lead Plaintiff is responsible for
making important decisions that could affect the overall recovery for class
members, including decisions concerning settlement.

Further, under 15 U.S.C. 78u-4(a)(4) and/or 15 U.S.C. 77z-1(a)(4), in the
event that the case is successfully resolved, the Court may award a Lead
Plaintiff compensation for time spent directly related to the representation
of the class.

The lawsuits allege, in part, that Warner Chilcott and some of its officers
and directors violated federal securities laws by failing to disclose in the
prospectus and registration statement effective on Sept. 20, 2006, that the
company had discontinued shipment of Ovcon 35, one of its key products,
while simultaneously selling over 70 million of its shares for over US$1
billion.  Six days later, when Warner Chilcott disclosed this fact, and
after it had already conducted its offering, its shares plummeted from
US$15.00 per share to US$12.60 per share.

Questions or requests for information may be directed to:

          Vahn Alexander
          Behram Parekh
          Yourman Alexander & Parekh LLP
          3601 Aviation Blvd.
          Suite 3000, Manhattan Beach
          California 90266
          Tel: (800) 725-6020 (toll free)

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a host of
pharmaceutical makers.  Women's health care products, including hormone
therapies (femhrt and Estrace Cream) and contraceptives (Estrostep,
Loestrin, and OvCon), are the company's largest segment.  Other products
include dermatology treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  US subsidiary Warner Chilcott, Inc. makes prescription drugs for
dermatology and women's health; other subsidiaries provide services in data
management systems, pharmaceutical development, manufacturing, and chemical
development.

                        *    *    *

Standard & Poor's Ratings Services raised on Sept. 27, 2006, its ratings on
Warner Chilcott Corp.  The corporate credit rating was raised to 'B+' from
'B'.  At the same time, the ratings were removed from CreditWatch, where
they were placed with positive implications on June 13, 2006, following the
company's announcement that it was planning an IPO, with the bulk of
proceeds to be used for debt reduction.  The rating outlook is stable.

Moody's Investors Service revised on Oct. 9, 2006, the rating outlook on
Warner Chilcott Company, Inc., and related entities to positive from stable,
and affirmed the existing ratings, including the B2 corporate family rating.
At the same time, Moody's upgraded the speculative grade liquidity rating to
SGL-2 from SGL-3.  In addition, Moody's withdrew the B1 senior secured term
loan rating on Warner Chilcott Holdings Company III, Limited following the
repayment of this tranche of debt.




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


COEUR D'ALENE: Eyes 9 Mil. Ounce Silver Output in San Bartolome
---------------------------------------------------------------
Dennis Wheeler, chief executive officer of Coeur D'Alene Mines Corp., told
Business News Americas that the firm expects its San Bartolome mine in
Bolivia to produce 9 million ounces of silver in 2008, its first full year
of production.

According to BNamericas, Mr. Wheeler said at the Bear Stearns Annual
Commodities and Capital Goods Conference, "We are on schedule there and that
will be a major addition to our silver production profile."

BNamericas relates that Coeur d'Alene foresees investment of US$67 million
in 2006 at San Bartolome, which has a total capex tag of US$135 million.
The mine will start operating at the end of next year.  It will produce an
average of 8 million ounces of silver per year at cash costs of US$3.50 per
ounce over its life span.

Mr. Wheeler told BNamericas that San Bartolome has strong government and
community support.  He fully expects the project to go forward as programmed
despite the populist trend of many governments in the region.  In a
worst-case scenario, the company has political risk insurance for the
project.

Mr. Wheeler said he expects tight market conditions to continue due to the
imbalance between mine supply and fabrication demand, which represents 50%
of demand for the metal, BNamericas notes.

Mr. Wheeler told BNamericas, "Mine production has been unable to keep up
with fabrication demand for 17 consecutive years."

The gap is at 200 million ounces per year and is growing, BNamericas says,
citing Mr. Wheeler.  There will be little progress in closing the gap, as
there are few new mines on the horizon, and above ground silver stocks and
inventories are likely to continue declining.

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

                        *    *    *

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




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


ALERIS INT'L: S&P Lowers Corporate Credit Rating to B+ from BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
Beachwood, Ohio-based Aleris International Inc. to 'B+' from 'BB-'and
removed it from CreditWatch, where it was placed with negative implications
on Aug. 9, 2006.  The CreditWatch placement followed the announcement that
Texas Pacific Group had agreed to acquire Aleris' outstanding stock for
nearly US$3.4 billion, consisting of US$1.7 billion in cash plus assumed
debt, representing a 6.8x trailing-12-months EBITDA multiple.  The outlook
is stable.

Standard & Poor's assigned its 'B+' and '2' recovery ratings to Alteris
International's proposed US$1.1 billion senior secured term loan.  The '2'
recovery rating indicates the expectation of a substantial (80%-100%)
recovery of principal in the event of a payment default.  Aleris
International, a U.S. corporation, and Aleris Deutschland Holding GmbH, its
German subsidiary, will be co-borrowers under the term loan facility.  The
company contemplates that Aleris International will borrow US$700 million,
with the remaining US$400 million borrowed in a combination of euros and
dollars by Aleris Deutschland.

Standard & Poor's also assigned its 'B-' ratings to Aleris International's
proposed US$500 million senior subordinated notes and proposed US$600
million senior unsecured notes.  The senior unsecured notes carry a
payment-in-kind "toggle" feature.  The ratings are based on preliminary
terms and conditions and are predicated on the completion of the Texas
Pacific transaction and related financings substantially in the form
currently anticipated.

The proceeds from the issues, along with proceeds from a revolving credit
facility, will primarily be used to refinance existing debt, finance the acq
uisition, and fund working capital and transactions costs.

Marie Shmurak, Standard & Poor's credit analyst, said, "The downgrade
reflects the company's substantial increase in debt leverage stemming from
the Texas Pacific transaction and weakened credit protection measures.  We
remain concerned that management will continue to opportunistically make
cash-financed acquisitions and that economic weakness will cause credit
metrics to decline.  However, we expect Aleris' markets to remain relatively
healthy in the intermediate term, which should enable the company to reduce
leverage.  We could change the outlook to positive if management reaches and
maintains more moderate debt levels. We could change the outlook to negative
and ratings on Aleris could be pressured if the company's debt levels remain
high and performance weakens materially because of intensified competition
or market conditions deteriorate."

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures aluminum
rolled products and extrusions, aluminum recycling and specification alloy
production.  The company is also a recycler of zinc and a leading U.S.
manufacturer of zinc metal and value-added zinc products that include zinc
oxide and zinc dust.

On Aug. 1, 2006, the company acquired the aluminum business of Corus Group
plc for a cash purchase price of approximately US$885.7 million.  The
acquisition included Corus Group plc's aluminum rolling and extrusions
business but did not include Corus's primary aluminum smelters.

Along with company's aluminum recycling operations in Germany, the United
Kingdom, Mexico and Brazil and magnesium recycling operations in Germany and
the Netherlands, with the Corus Aluminum acquisition, the company now has
rolled products and extrusions operations in Germany, Belgium, Canada and
China.  In addition, the company is in the process of constructing a zinc
recycling facility in China.


BANCO NACIONAL: Grants BRL221 Mil. Financing to Lojas Americanas
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES contracted a
BRL221 million financing to Lojas Americanas.  The resources will be used to
expand and modernize the store network in several states and to improve the
information and control systems until December 2008.  The total investments
amounting to BRL378 million will generate roughly 15,000 jobs, which
increases the number of formal workers in the retail market.

The project involves update of the information and control systems, repair
of 11 stores and expansion of sales division.  It is expected that 157
stores will be opened with 117 being traditional stores and 40 as express
stores.  Out of this total, 42 stores have already been opened and 6 have
been repaired.

                   About Lojas Americanas

Lojas Americanas was established in 1929 and operates in 19 states, making
up a network with 212 point of sales in all over the country.  The mix of
products supplied by Lojas Americanas includes entertainment and leisure
articles, domestic utensils, appliances, clothing, convenience foods;
perfume, cosmetic and toy store.  About 200,000 items are sold at
Americanas.com and Shoptime.  The enterprise also operates in e-commerce
through Americanas.com and also conducts sales on TV through Shoptime.  In
the last three years, the enterprise intensified its investments in the
opening of stores. The approval of this project enables Lojas Americanas to
keep its network expansion process.

                    About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's national
development bank.  It provides financing for projects within Brazil and
plays a major role in the privatization programs undertaken by the federal
government.

                        *    *    *

As reported by Troubled Company Reporter-Latin America on
March 3, 2006, Standard & Poor's Ratings Services raised its foreign
currency counterparty credit rating on Banco Nacional de Desenvolvimento
Economico e Social SA 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.


COMPANHIA SIDERURGICA: Expected to Outbid Tata in Corus Sale
------------------------------------------------------------
Companhia Siderurgica Nacional is expected to outbid Tata Steel in the sale
of Corus, LatinLawyer Online reports.

LatinLawyer relates that Companhia Siderurgica is making a counter-bid of
over 5 billion pounds for steel maker Corus, against Tata Steel, which
offered in November 5.1 billion at 455 pence per share including debt with
Corus.

According to LatinLawyer, Companhia Nacional will make a formal offer on
completing a due diligence.   The company is set to offer 475 pence per
share for Corus.

Lawyers close to the case told LatinLawyer that portfolios of Corus and
Companhia Siderurgica are complementary.  The firms held unsuccessful merger
talks in 2002, when competition issues and unfavorable conditions in the
steel industry hindered negotiations.

Published reports say that there will be a bidding war for Corus between
Companhia Siderurgica and Tata Steel.

LatinLawyer underscores that regardless of who would win in the bidding, a
merger with Corus will form the fifth largest steel firm in the world.

Cravath, Swaine & Moore LLP and Ulhoa Canto, Rezende e Guerra-Advogados are
advising Companhia Siderurgica on the bidding for Corus, LatinLawyer states.

The advisers can be reached at:

          Cravath, Swaine & Moore LLP
          Worldwide Plaza
          825 Eighth Avenue
          New York, NY 10019-7475
          USA
          Phone: (212) 474-1000
          Fax: (212) 474-3700
          Email: cravath@cravath.com

          Ulhoa Canto, Rezende e Guerra-Advogados
          Avenida Pres. Antonio Carlos 51,12 andar
          CEP 20020-010 Rio de Janeiro RJ
          Brazil
          Phone: 21 3824 3265
          Fax: 21 2240 7360
          E-mail: ucrgrj@ulhoacanto.com.br

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

                        *    *    *

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 US-based
steel maker Wheeling-Pittsburgh Corp. in the US.  S&P said the outlook is
stable.

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

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


DEVELOPERS DIVERSIFIED: Acquires 50% Share in Sonae Sierra
----------------------------------------------------------
Developers Diversified Realty Corp. has acquired a 50% share in Sonae Sierra
Brazil for US$150 million, LatinLawyer reports.

Coaraci Nogueira do Vale -- a representative of Franca Ribeiro Advocacia,
advisor to Developers Diversified -- told LatinLawyer that Brazil is the
first step in Developers Diversified's plans to expand globally.

Developers Diversified owns 500 retail properties in the United States and
Mexico.  Meanwhile, Sonae Sierra has nine shopping centers in Brazil.  Seven
of Sonae Sierra's shopping centers are in Sao Paulo's metropolitan area, one
is in Brasilia, and the other is in Franco, which is in northeast Sao Paulo.

According to LatinLawyer, Developers Diversified and Sonae Sierra agreed to
double their investments over the next three years and increase Sonae
Sierra's portfolio through third party acquisitions and new developments.

                  About Sonae Sierra Brazil

Sonae Sierra Brazil is a subsidiary of Portuguese retail group Sonae Sierra,
which owns 40 shopping centers in Portugal, Spain, Italy, Greece and Brazil.

                  About Diversified Realty

Based in Beachwood, Ohio, Developers Diversified Realty Corp. --
http://www.ddr.com/-- currently owns and manages over 500 retail operating
and development properties in 44 states, plus Puerto Rico and Brazil,
totaling 118 million square feet.  The company is a self-administered and
self-managed real estate investment trust operating as a fully integrated
real estate company, which acquires, develops and leases shopping centers.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 31, 2006, Fitch Ratings
affirmed Developers Diversified Realty Corp.'s ratings following the
company's announcement of the pending acquisition of Inland Retail Real
Estate Trust Inc.  Ratings affirmed include the Company's BBB Issuer Default
Rating, BBB Senior unsecured debt and BB+ preferred stock rating.


DURA AUTOMOTIVE: Hires Togut Segal as Conflicts Counsel
-------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates obtained authority
from the U.S. Bankruptcy Court for the District of Delaware to employ Togut,
Segal & Segal LLP as their conflicts counsel, nunc pro tunc to Oct. 30,
2006.

The Debtors previously sought to employ Kirkland & Ellis LLP as their lead
counsel.

Keith Marchiando, chief financial officer of Dura Automotive
Systems Inc., relates that the Debtors want Togut Segal to handle matters
that the Debtors may encounter that cannot be handled by Kirkland & Ellis
because of a potential conflict of interest or that can be more efficiently
handled by Togut Segal.

As conflicts counsel, Togut Segal will:

    (a) advise the Debtors regarding their powers and duties as
        debtors-in-possession in the continued management and
        operation of their businesses and properties;

    (b) attend meetings and negotiate with representatives of
        creditors and other parties-in-interest;

    (c) take necessary action to protect and preserve the
        Debtors' estates, including prosecuting actions on the
        Debtors' behalf, defending any action commenced against
        the Debtors and representing the Debtors' interests in
        negotiations concerning litigation in which the Debtors
        are involved, including objections to claims filed
        against the estates;

    (d) prepare, on the Debtors' behalf, motions, applications,
        answers, orders, reports and papers necessary to the
        administration of the estates;

    (e) advise the Debtors in connection with any potential sale
        of assets;

    (f) appear before the courts and protect the interests of
        the Debtors' estates; and

    (g) perform other necessary legal services and provide other
        necessary legal advice to the Debtors in connection with
        the Chapter 11 Cases.

The Debtors will pay Togut Segal:

        Professional                      Hourly Rate
        ------------                      -----------
        Counsel and Partners              US$560 to US$795
        Paralegals and Associates         US$115 to US$540

Albert Togut, Esq., a senior member of the firm, relates that Togut Segal
has received a US$50,000 retainer from the Debtors, and has applied that
retainer to services rendered and expenses incurred before the Debtors'
bankruptcy filing.

Mr. Togut assured the Court that his firm does not hold or represent any
interest adverse to the Debtors, and is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The counsel can be reached at:

          Albert Togut, Esq.
          Togut, Segal & Segal, LLP
          One Penn Plaza
          New York, NY 10119

Rochester Hills, Mich.-based DURA Automotive Systems, Inc. (Nasdaq: DRRA) --
http://www.DURAauto.com/-- is an independent designer and manufacturer of
driver control systems, seating control systems, glass systems, engineered
assemblies, structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries.  DURA sells its
automotive products to North American, Japanese and European original
equipment manufacturers and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. District
of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings.  Mark D. Collins, Esq., Daniel J.
DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger,
P.A. Attorneys are the Debtors' co-counsel.  Baker & McKenzie acts as the
Debtors' special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors' investment
banker.  Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and balloting for
the Debtors and Brunswick Group LLC acts as their Corporate Communications
Consultants for the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities.
(Dura Automotive Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Ontario Court Grants Foreign Recognition Order
---------------------------------------------------------------
The Honorable Justice Sidney N. Lederman of the Ontario Superior Court of
Justice (Commercial List) in Canada ruled that proceedings commenced by Dura
Automotive Systems, Inc., and certain of its affiliates before the U.S.
Bankruptcy Court for the District of Delaware under Chapter 11 of the U.S.
Bankruptcy Code are a "foreign proceeding" as defined in subsection 18.6(1)
of the Companies' Creditors Arrangement Act, R.S.C. 1985, c.
C-36, as amended.

Justice Lederman also holds that until and including
Dec. 15, 2006, creditors and other parties-in-interest subject to the
jurisdiction of the Canadian court are enjoined and restrained from
initiating or continuing actions in any court or tribunal in Canada against
the Debtors or that affect their ability to carry on their business.  Any
actions against the Debtors or their former, current or future officers and
directors are stayed.

Suppliers and other parties providing service to the Debtors are barred from
discontinuing, failing to honor, altering, interfering with, repudiating or
ceasing to perform any right, renewal right, contract, agreement, license or
permit held by the Debtors, absent their written consent or leave of the
CCAA Court.

The CCAA Court authorizes the Debtors to enter into a postpetition Senior
Secured Super-priority DIP Term Loan and Guaranty Agreement with Goldman
Sachs Credit Partners, L.P., as agent; and a Senior Secured Super-priority
DIP Revolving Credit and Guaranty Agreement with General Electric Capital
Corp., as agent.  Goldman Sachs and GECC are granted liens and security
interests on the Debtors' property to secure repayment of the DIP Loans.

The Debtors are also permitted to continue to utilize their central cash
management system currently in place.

                    D&O Indemnification

The CCAA Court authorizes the Debtors to indemnify their directors and
officers from all claims and causes of action with respect to any
liabilities or obligations related to their capacities as directors and
officers of the Debtors, except in the event of the directors and officers'
breach of their fiduciary duties or grossly negligent or willful misconduct.

Justice Lederman also grants the directors and officers of Dura Automotive's
Canadian affiliates a charge on the Applicants' Property not exceeding
US$2,500,000 in the aggregate, as security for the Applicants'
indemnification obligations.

                    Information Officer

The CCAA Court appoints RSM Richter, Inc., as the Debtors' information
officer.  RSM will report to the Court at least once every three months on
the status of the U.S. bankruptcy proceedings and other material
information.

As information officer, RSM will not take possession of the Debtors'
property nor take part in the management or supervision of the Debtors'
business.

Nothing in the Initial CCAA Order, however, will prevent RSM from acting as
interim receiver, receiver, manager, monitor under the CCAA, or trustee in
bankruptcy of the Debtors, or their business or property.

RSM will be paid on a monthly basis for its services.  The Applicants are
authorized to pay a CDN$25,000 retainer to RSM as security for payment of
its fees and disbursements outstanding from time to time.

The CCAA Court also grants RSM an administration charge not exceeding
CDN$250,000 in the aggregate as security for its professional fees and
disbursements incurred.  The Administration Charge will have priority over
the DIP Lender's Charge and the Directors' Charge, in that order.

The Administration Charge, DIP Lender's Charge and Directors'
Charge will rank in priority to all Encumbrances, other security interests,
trusts, liens and charges on the Debtors' property in favor of other
parties, excluding:

    1. existing purchase-money security interests and equipment
       financing leases registered in accordance with applicable
       personal property security legislation and recognized
       under the legislation as being entitled to priority over
       the security in place as of November 1, 2006;

    2. with respect to any real property, (a) existing by-laws
       and regulations as to the use of the Debtors' property;
       (b) notices of lease; (c) subdivision, site plan control,
       development, servicing and other similar agreements with
       municipal and other governmental authorities; (d)
       permits, rights of access or user licenses, easements,
       and rights of way;

    3. future purchase-money security interests registered in
       accordance with applicable personal property security
       legislation and recognized under the legislation as being
       entitled to priority; and

    4. Encumbrances arising by operation of law -- other than as
       a result of a default in payment or performance of an
       obligation by the Debtors -- without any grant of a
       security interest by the Debtors, and that are given
       priority over prior fixed charges by statute or law in
       the event of the Debtors' bankruptcy.

A full-text copy of the Initial Recognition Order is available at no charge
at http://ResearchArchives.com/t/s?15c3.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc. (Nasdaq: DRRA) --
http://www.DURAauto.com/-- is an independent designer and manufacturer of
driver control systems, seating control systems, glass systems, engineered
assemblies, structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries.  DURA sells its
automotive products to North American, Japanese and European original
equipment manufacturers and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006, (Bankr. District
of Delaware Case No. 06-11202).  Richard M. Cieri, Esq., Marc Kieselstein,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland
& Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings.  Mark
D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq.,
of Richards Layton & Finger, P.A. Attorneys are the Debtors' co-counsel.
Baker & McKenzie acts as the Debtors' special counsel.  Togut, Segal & Segal
LLP is the Debtors' conflicts counsel.  Miller Buckfire & Co., LLC is the
Debtors' investment banker.  Glass & Associates Inc., gives financial advice
to the Debtor.  Kurtzman Carson Consultants LLC handles the notice, claims
and balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of July 2, 2006,
the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in
total liabilities.  (Dura Automotive Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share
---------------------------------------------------------------
Lazard Ltd. has priced an offering of 13,000,000 shares of Lazard Ltd Class
A common stock at a price to the public of US$45.42 per share.  Of the
13,000,000 shares, Lazard will sell 7,000,000 shares and the selling
shareholders will sell 6,000,000 shares.  Lazard will not receive any
proceeds from the sale of shares by its selling shareholders.

Lazard also granted the underwriters a 30-day option to purchase an
additional 1,950,000 shares of common stock from the company at the public
offering price to cover over-allotments, if any.

Goldman, Sachs & Co. and Lazard Capital Markets were the underwriters of the
offering.  Copies of the final prospectus relating to the offering may be
obtained by contacting:

          Goldman, Sachs & Co.
          Prospectus Department
          85 Broad Street
          New York, NY 10004
          Tel: (212) 902-1171

Lazard Ltd. -- http://www.lazard.com/-- one of the world's preeminent
financial advisory and asset management firms, operates from 29 cities
across 16 countries in North America, Europe, Asia, Australia and Brazil.
With origins dating back to 1848, the firm provides services including
mergers and acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and individuals.

                        *    *    *

At June 30, 2006, Lazard's balance sheet showed US$2.1 billion in total
assets and US$2.8 billion in total liabilities, resulting in US$745 million
stockholders' deficit.


LUCENT TECHNOLOGIES: Completes Merger with Alcatel
--------------------------------------------------
Alcatel and Lucent Technologies completed their merger transaction and began
operations on Dec. 1, 2006.

Alcatel-Lucent, the new company formed through the merger, has one of the
largest global research and development capabilities in communications and
the broadest wireless, wireline and services portfolio.  It is incorporated
in France, with executive offices located in Paris.  Alcatel-Lucent started
trading on Euronext Paris and the New York Stock Exchange on Dec. 1, 2006,
under a new common ticker (Euronext Paris and NYSE: ALU).

As a result of the merger, each outstanding share of Lucent Technologies
common stock has been converted into the right to receive 0.1952 of an
Alcatel ADS.  In connection with the merger, Alcatel has issued 878 million
shares, which is equivalent to the total number of ADS to be issued to the
holders of Lucent Technologies common stock.  After the completion of the
merger, some 2.31 billion ordinary shares of Alcatel-Lucent are outstanding.

Serge Tchuruk, who was appointed as Chairperson of the Board of
Alcatel-Lucent, said, "Alcatel-Lucent will be for our customers a partner
with the scale and scope to design, build and manage increasingly complex
networks that deliver advanced converged services and communications
experience to the end-user.  That is what Alcatel-Lucent will deliver with
an unparalleled focus on execution, innovation and service for our
customers -- the company will have the most experienced global services team
in the telecommunications industry, as well as one of the largest research,
technology and innovation organizations in the industry.  In fact, our
combined company is ideally positioned to help our customers transform their
networks so they can offer new kinds of personalized, blended applications
and services."

Patricia Russo, who was appointed as Chief Executive Officer of
Alcatel-Lucent, noted, "Through this merger, we are bringing together two
top-ranking companies to form an undisputed leader in the industry, a
company poised to enrich people's lives by transforming the way the world
communicates.  Alcatel-Lucent is a strong and enduring ally that service
providers, governments and enterprises can count on to help them unlock new
market and revenue opportunities.  This combination represents a strategic
fit of vision, geography, solutions and people, leveraging the best of both
companies to deliver meaningful communications solutions that are
personalized, simple to adopt and available globally.  Both Alcatel and
Lucent embraced a common culture of innovation and excellence that will help
ensure the success of our merger."

With a comprehensive and diversified portfolio of complementary products,
Alcatel-Lucent is well positioned to address the fastest growing areas of
network transformation.  The company is a leader in Internet protocol
television, broadband access, carrier Internet protocol, IMS and
next-generation networks, and 3G spread spectrum (UMTS and CDMA).  With over
18,000 employees working in services worldwide, the company has the largest
and most experienced global services team in the industry.

Alcatel-Lucent has more than 250,000 enterprise and government customers
worldwide, as itt has presence in 130 countries.  It has 79,000 employees
(after completion of the Thales transaction) and balanced revenues across
all regions.  Alcatel-Lucent has strong customer relationships with the 100
largest telecommunications operators in the world.  The company will have
four geographic regions:

   -- Asia-Pacific,
   -- Europe and North,
   -- Europe and
   -- South and North America,

to answer the needs of service providers, enterprises and end-users in the
most advanced telecommunication markets, as well as in high-growth
economies.

There will be five Business Groups:

   -- the Wireline Business Group,

   -- the Wireless Business Group

   -- the Convergence Business Group (addressing the needs of
      the carrier market),

   -- the Enterprise Business Group and

   -- the Service Business Group.

Each Business Group will have a decentralized regional organization that
will provide strong local support to customers.

There will be several corporate functions that support Alcatel-Lucent,
including worldwide-integrated supply chain and procurement, finance,
information technology, marketing, human resources, legal and
communications.

Ms. Russo stated, "While our respective corporate structures have changed,
one constant remains -- our commitment to be a first class corporate citizen
and to act in a socially responsible way in interactions with all our
stakeholders."

Approximately 23,000 of the 79,000 total number of employees at
Alcatel-Lucent are in research and development, including global Bell Labs
which will remain headquartered in New Jersey, USA.  With EUR2.7 billion
invested in research and development in calendar year 2005 by Alcatel and
Lucent Technologies and 25,000 active patents, Alcatel-Lucent stands as an
innovation powerhouse, featuring one of the largest global research and
development capabilities in communications ready to partner and collaborate
with customers on breakthrough technology.  Alcatel-Lucent also leads
standards initiatives with some 600 experts participating in 130
standardization bodies.

                  Creating Shareholder Value

Significant cost synergies are expected to be achieved within three years of
closing and will come from several areas, including consolidating support
functions, optimizing the supply chain and procurement structure, leveraging
R&D and services across a larger base, and reducing the combined worldwide
workforce by 9,000 employees.  The merger is expected to result in
approximately EUR1.4 billion in pre-tax annual cost synergies.  A
substantial majority of the restructuring activity is expected to be
completed within 24 months after closing.  The transaction is expected to be
accretive to earnings per share in the first year post closing with
synergies, excluding restructuring charges and amortization of intangible
assets.

                    Corporate governance

The 14 Members of the Board of Directors are:

   -- Daniel Bernard,
   -- W. Frank Blount,
   -- Jozef Cornu,
   -- Linnet Deily,
   -- Robert Denham,
   -- Edward Hagenlocker,
   -- Jean-Pierre Halbron,
   -- Karl Krapek,
   -- Daniel Lebegue,
   -- Patricia Russo,
   -- Henry Schacht and
   -- Serge Tchuruk, and

two additional jointly agreed directors appointed by the Alcatel-Lucent
Board:

   -- Sylvia Jay and
   -- Jean-Cyril Spinetta,

who were not members of either Alcatel Board of Directors or Lucent Board of
Directors prior to the merger.  There will be two Board observers
representing the employee shareholders of the company's Employee Investment
Fund:

   -- Jean-Pierre Desbois and
   -- Thierry de Loppinot.

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.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                        *    *    *

In November 2006, Standard & Poor's Ratings Services said that its 'BB'
long-term corporate credit rating on France-based Alcatel and its 'B'
long-term corporate credit rating on US-based Lucent Technologies Inc.
remain on CreditWatch with negative and positive implications, respectively,
where they were placed on March 24 on news of the two telecoms equipment
makers' plans to merge.

The ratings will remain on CreditWatch until completion of the merger and
clarification of the ranking and support mechanisms for the various debt
classes within the merged group's capital structure.  The ratings on the
individual debt issues of each company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent Technologies, respectively, are not on CreditWatch and
remain unchanged.

In April 2006, Moody's Investors Service placed Lucent'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.


NOVELL INC: Appoints S. Heystee to Oversee Microsoft Agreement
--------------------------------------------------------------
Novell Inc. has appointed Susan Heystee, recently named vice president and
general manager for Global Strategic Partners, to manage the relationship
with Microsoft under the Novell-Microsoft agreement to promote Linux and
Windows interoperability.

Ms. Heystee will oversee both the business and technical cooperation
components of the agreement, ensuring that Novell customers gain the maximum
benefit from interoperability work around Linux.  The appointment of a
senior business leader to the position reflects the significance Novell
places on promoting the adoption and ease of integration of Linux into
customers' mixed environments.

Tom Francese, executive vice president for worldwide sales at Novell, said,
"The Novell-Microsoft agreement promises significant benefits for users of
both Linux and Windows.  We needed someone with a strong business background
and deep customer knowledge to manage this relationship for us.  Having run
Novell Americas until her recent move into the partnering role, Susan was
the perfect choice.  She'll ensure that the benefits of this agreement on
paper get translated into reality for customers."

As vice president and general manager for Global Strategic Partners, Ms.
Heystee supervises Novell's relationships with IBM, HP, Dell and, now,
Microsoft.  She will oversee the multiple facets of the Microsoft agreement,
including technical cooperation efforts on virtualization, web services
management and document compatibility, the business relationship around
Microsoft distribution of SUSE(R) Linux Enterprise Server subscriptions, and
joint marketing and sales cooperation.

Ms. Heystee joined Novell in March 2004 as vice president and area general
manager for the Midwest and was promoted in August 2005 to president, Novell
Americas, overseeing sales, consulting and customer support for Novell in
the region.  Prior to joining Novell, she held senior positions with SSA
global and Baan, where she was executive vice president, worldwide sales and
delivery and also served as president, Baan Americas.

Ms. Heystee noted, "We see this agreement with Microsoft as a fundamental
step forward for Linux, and we're strongly committed to driving Linux more
firmly into enterprise environments, from the desktop to the data center.
For customers who want to use both Linux and Windows, we're going to make
life significantly easier.  We know customers, partners and the community
are looking for concrete results from this agreement, and I'm excited to
help deliver those results."

Novell, Inc. -- http://www.novell.com/-- delivers Software for the Open
Enterprise.  With more than 50,000 customers in 43 countries, Novell helps
customers manage, simplify, secure and integrate their technology
environments by leveraging best-of-breed, open standards-based software.
Novell has sales offices in Argentina, Brazil and Colombia.

As reported in the Troubled Company Reporter on Sept. 29,2006, Novell, has
received a letter from Wells Fargo Bank, NA, the trustee with respect to
company's US$600 million 0.50% convertible senior debentures due 2024, which
asserts that Novell is in default under the indenture because of the delay
in filing its Form 10-Q for the period ended July 31, 2006.

The letter states that this asserted default would not become an "event of
default" under the indenture if the company cures the default within 60 days
after the date of the notice.


PETROLEO BRASILEIRO: Admitted to the Corp. Sustainability Index
---------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras has been admitted to the list of
companies, whose shares compose the Corporate Sustainability Index of (ISE)
BOVESPA that demonstrate a high level of commitment to sustainability.

The ISE was created by BOVESPA, ABRAPP, ANBID, APIMEC, IBGC, IFC, Instituto
ETHOS and the Environment Ministry, which still composes its Deliberative
Council, to be a reference for socially responsible investments in Brazil.
The methodology used for evaluating the companies was developed by
FGV-EAESP.  The questionnaire comprising 120 questions was sent to 120
companies, which are issuers of the 150 shares presenting the highest
marketability ratio of BOVESPA.  The questionnaire was responded by 60
companies.

The ISE is a pioneer enterprise in Latin America, which seeks to create an
investment environment compatible with the demands of sustainable
development of modern society and encourage corporate ethical
responsibility. The ISE is currently in its second edition after a review
process carried out with the participation of interested parties.

As a result of its participation in this index as of
Dec. 1, 2006, Petrobras' investors base is likely to increase to include
those investors who value environmental and social responsibility criteria,
besides the financial performance in their investment decisions.

The common and preferred shares of Petrobras will respectively weigh 10.8%
and 14.2% in the index, totaling 25%, which is the highest individual share
in the ISE.

The 34 companies, whose 43 shares (including the common and preferred
shares) compose the index, were selected based on their:

   -- policies,

   -- management practices,

   -- performance and compliance with legal obligations
      considering criteria of economic efficiency,

   -- environmental balance,

   -- social justice,

   -- product nature and

   -- corporate governance.

The market value of the 34 companies, operating in 14 sectors, corresponds
to BRL700.7 billion, or 48.5 % of BOVESPA total capitalization.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-- 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.

Petrobras has operations in China, India, Japan, and Singapore.

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: Oil & Gas Auction Suspension May Harm Firm
---------------------------------------------------------------
The suspension of Brazil's yearly auction of oil and gas exploration and
production blocks could harm Petroleo Brasileiro SA, the state's oil
company, Dow Jones Newswires says, citing Luiz Broad, an oil analyst at the
Agora brokerage in Rio de Janeiro.

Dow Jones relates that a federal judge issued an injunction suspending the
auction after half a day of auctioning had passed, because a congresswoman
had challenged a rule limiting the number of offers each entity was allowed
to make.

According to Dow Jones, the suspension has frustrated firms and the National
Petroleum Agency, the organizing agency.  It may also have caused damage to
Brazil's positive image as one of the few nations in Latin America with
regulatory stability in the oil sector.

The report says that as in previous years, Petroleo Brasileiro won most
concessions.  It owns several bids, among them one worth BRL167 million for
the SM-855 deep water block in the Santos Basin, which it believes has a
high potential to hit oil or gas deposits.

Mr. Broad told Dow Jones, "It's important that all this will be resolved
rapidly in order to avoid harming companies."

Fabiana D'Atri, an oil analyst with the Tendencias consultancy in Sao Paulo,
told Dow Jones that the maturing of the oil and gas exploration and
production industry in Brazil is now put into question.  She said, "The
confusing way in which this (auction) round has been carried out, may
increase uncertainty."

Ms. D'Atri admitted to Dow Jones that she was uncertain whether this will
diminish the interest of firms at future auctions.

Dow Jones underscores that the Petroleum Agency ended the auction after it
didn't succeed to stop its suspension.  Before the suspension of the
auction, the agency had awarded 38 offshore and onshore exploration and
production blocks worth BRL588 million.

Haroldo Lima, the head of the Petroleum Agency, told Dow Jones that the
agency will try everything to hasten preparations for a new auction, which
could be held in the middle of 2007.

Mr. Lima told Dow Jones that the suspension could indirectly spoil the
Brazilian government's wish for the nation to become self-sufficient in
natural gas.  Many areas that failed to be auctioned were considered to have
a high potential to hit gas.

Brazil imports about 50% of its natural gas needs from Bolivia.  Petroleo
Brasileiro is stepping up plans to bring more Brazilian gas projects on
stream.  To become self-sufficient in gas on a sustained basis, more gas
discoveries are deemed necessary, Dow Jones states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-- 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.

Petrobras has operations in China, India, Japan, and Singapore.

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.


UNIAO DE BANCOS: Susep Okays Unibanco AIG Unit's Capital Raise
--------------------------------------------------------------
The life an private pension unit of Unibanco AIG, Uniao de Bancos
Brasileiros' joint venture with US insurer AIG, has received approval from
Susep, Brazil's insurance regulator, to increase its capital to BRL256
million from BRL72.8 million, Business News Americas reports.

According to BNamericas, Susep also authorized the incorporation of local
insurer Phenix Seguradora by Unibanco AIG Vida e Previdencia.

Unibanco AIG bought Phenix in November 2003 from Fiat, an Italian
conglomerate, BNamericas states.

Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros SA --
http://www.unibanco.com/-- is a full-service financial institution
providing a range of financial products and services to a diversified
individual and corporate customer base throughout Brazil.  The company's
businesses comprise segments: Retail, Wholesale, Insurance and Pension Plans
and Wealth Management.  Uniao de Bancos and its associated companies
FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas) offer a network
composed of 17,000 points of service.  It also counts on 7,580 automated
teller machines and all 30 Hours' products and services, including the
telephone service and the Internet banking.  The company's international
network consists of branches in Nassau and the Cayman Islands;
representatives offices in New York; banking subsidiaries in Luxembourg, the
Cayman Islands and Paraguay; and a brokerage firm in New York -- Unibanco
Securities Inc.

                        *    *    *

As reported on Sept. 4, 2006, Moody's Investors Service upgraded these
ratings of Uniao de Bancos Brasileiros SA:

   -- long-term foreign currency deposits to Ba3 from Ba1; and

   -- long- and short-term global local currency deposit ratings
      to A1/Prime-1 from A3/Prime-2.

Moody's rating action was the direct result of the upgrade of
Brazil's country ceiling for foreign currency bonds and notes to
Ba2, from Ba3, as well as Brazil's country ceiling for foreign
currency bank deposits to Ba3, from B1, and the local currency
bank deposit ceiling to A1, from A3.


USINAS SIDERURGICAS: Board Okays BRL300 Mil. Profit Distribution
----------------------------------------------------------------
Usinas Siderurgicas De Minas Gerais SA aka Usiminas approved, "ad
referendum," on Nov. 29, 2006, the proposal for distribution of profits
referring to the second half of the present year in the form of interest on
equity capital in the amount of BRL300,001,883.35.

The approval entitles each ordinary share to BRL1.30354 and each preferred
share to BRL1.4339.  The amounts will be counted as part of the calculation
of the required minimum dividend for fiscal year 2006, pursuant to the terms
of Section 5 of Article 24 of the Corporate Bylaws.

The board of directors will determine date of payment in its regular meeting
in March 2007, when it will deliberate on the fiscal year 2006 Accounting
Statements.  Payment of the benefit will be entitled to holders of shares on
Dec. 28, 2006.

Income withholding tax will be deducted at a rate of fifteen percent (15%),
subject to applicable legal exceptions.

The shares will be negotiated "ex-interest" as of Dec. 29, 2006.

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

                        *    *    *

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


* BRAZIL: Suspends Annual Oil & Gas Auction
-------------------------------------------
A federal judge has issued an injunction suspending Brazil's yearly auction
of oil and gas exploration and production blocks after half a day of
auctioning had passed, because a congresswoman had challenged a rule
limiting the number of offers each entity was allowed to make, Dow Jones
Newswires reports.

According to Dow Jones, the suspension has frustrated firms and the National
Petroleum Agency, the organizing agency.  It may also have caused damage to
Brazil's positive image as one of the few nations in Latin America with
regulatory stability in the oil sector.

Luis Amorim, vice president for business development in oil and energy at
Norsk Hydro ASA's Brazilian subsidiary, told Dow Jones, "It was frustrating.
We have worked quite a lot, and invested great sums.  A large number of
people in Brazil and Norway were working to prepare Norsk's bids."

Norsk Hydro spent between US$70 million and US$80 million on geological data
like seismic studies to prepare its bids, Dow Jones notes, citing Mr.
Amorim.

Dow Jones emphasizes that before the suspension, Norsk Hydro was awarded
three stakes in the promising blocks in the Santos Basin, one of them as
operator.  It is yet unclear whether companies will be able to keep the
licenses for blocks awarded before the suspension.

Luiz Broad, an oil analyst at the Agora brokerage in Rio de Janeiro, told
Dow Jones, "It's important that all this will be resolved rapidly in order
to avoid harming companies."

The suspension could also harm Petroleo Brasileiro SA, the state-owned oil
company of Brazil, Dow Jones says, citing Mr. Broad.

Dow Jones notes that as in previous years, Petroleo Brasileiro won most
concessions.  It owns several bids, among them one worth BRL167 million for
the SM-855 deep water block in the Santos Basin, which it believes has a
high potential to hit oil or gas deposits.

Eni SpA, an Italian oil firm, made a BRL307-million winning bid for a block
in the Santos Basin, Dow Jones relates.  Eni for the first time had
participated in a Brazilian oil block auction, as did several other foreign
firms -- among them ONGC Videsh, an overseas exploration unit of India's Oil
and Natural Gas Corp.

Fabiana D'Atri, an oil analyst with the Tendencias consultancy in Sao Paulo,
told Dow Jones that the maturing of the oil and gas exploration and
production industry in Brazil is now put into question.  She said, "The
confusing way in which this (auction) round has been carried out, may
increase uncertainty."

Ms. D'Atri admitted to Dow Jones that she was uncertain whether this will
diminish the interest of firms at future auctions.

Dow Jones underscores that the Petroleum Agency ended the auction after it
didn't succeed to stop its suspension.  Before the suspension of the
auction, the agency had awarded 38 offshore and onshore exploration and
production blocks worth BRL588 million.

Haroldo Lima, the head of the Petroleum Agency, told Dow Jones that the
agency will try everything to hasten preparations for a new auction, which
could be held in the middle of 2007.

Mr. Lima told Dow Jones that the suspension could indirectly spoil the
Brazilian government's wish for the nation to become self-sufficient in
natural gas.  Many areas that failed to be auctioned were considered to have
a high potential to hit gas.

Brazil imports about 50% of its natural gas needs from Bolivia.  Petroleo
Brasileiro is stepping up plans to bring more Brazilian gas projects on
stream.  To become self-sufficient in gas on a sustained basis, more gas
discoveries are deemed necessary, Dow Jones states.

As reported on Nov. 24, 2006, Standard & Poor's Ratings Services revised its
outlook on its long-term ratings on the Federative Republic of Brazil to
positive from stable.  Standard & Poor's also affirmed these ratings on the
Republic of Brazil:

   -- 'BB'for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.




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


ALTON HOLDINGS: Liquidator Presents Wind Up Accounts on Dec. 14
---------------------------------------------------------------
Alton Holdings Limited's final shareholders meeting will be on Dec. 14,
2006, at:

          Coutts (Cayman) Limited
          Coutts House, 1446 West Bay Road
          P.O. Box 707, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Royhaven Secretaries Limited
          Attn: Lesley S. Walker
          c/o P.O. Box 707, George Town
          Grand Cayman, Cayman Islands
          Tel: 345-945-4777
          Fax: 345-945-4799


CITIGROUP (INSTITUTIONAL): Claims Filing Deadline Is on Dec. 14
---------------------------------------------------------------
Citigroup Alternative Investments Archer Institutional Investors Ltd.'s
creditors are required to submit proofs of claim by
Dec. 14, 2006, to the company's liquidator:

          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 Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Citigroup Alternative's shareholders agreed on Oct. 30, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


CITIGROUP ALTERNATIVE: Proofs of Claim Must be Filed by Dec. 14
---------------------------------------------------------------
Citigroup Alternative Investments Archer Investors Ltd.'s creditors are
required to submit proofs of claim by
Dec. 14, 2006, to the company's liquidator:

          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 Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Citigroup Alternative's shareholders agreed on Oct. 30, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


CITIGROUP (MASTER): Proofs of Claim Must be Submitted by Dec. 14
----------------------------------------------------------------
Citigroup Alternative Investments Archer Investors Master Company Ltd.'s
creditors are required to submit proofs of claim by Dec. 14, 2006, to the
company's liquidator:

          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 Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Citigroup Alternative's shareholders agreed on Oct. 24, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.


EASYJET HAMBURG: Last Day for Proofs of Claim Filing Is Dec. 14
---------------------------------------------------------------
Easyjet Hamburg Ltd.'s creditors are required to submit proofs of claim by
Dec. 14, 2006, to the company's liquidator:

          Terry W. Carson
          Roy Welsby
          P.O. Box 1044 GT, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-8588
          Fax: (345) 949-7325

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


GM CAPITAL: Last Day for Proofs of Claim Filing Is on Dec. 14
-------------------------------------------------------------
GM Capital Partners Offshore, Ltd.'s creditors are required to submit proofs
of claim by Dec. 14, 2006, to the company's liquidator:

          Gregg Mattner
          Suite 710, 250 Montgomery Street
          San Francisco, California, USA

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

GM Capital's shareholders agreed on Oct. 22, 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:

          Ogier
          Attn: Julie O'Hara
          P.O. Box 1234, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 9876
          Fax: (345) 949 1986


GULFSTREAM ENTERPRISES: Final Shareholders Meeting Is on Dec. 8
---------------------------------------------------------------
Gulfstream Enterprises' final shareholders meeting will be at 12:00 p.m. on
Dec. 8, 2006, at:

           MBT Trustees (Cayman) Ltd
           3rd Floor, Piccadilly Center
           Elgin Avenue George Town
           Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

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

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

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

The liquidator can be reached at:

          Paolo Giacomelli
          MBT Trustees Ltd.
          P.O. Box 30622
          Grand Cayman, Cayman Islands
          Tel: 345-945-8859
          Fax: 345-949-9793/4


INNOCAP FUND: Creditors Must File Proofs of Claim by Dec. 14
------------------------------------------------------------
The Innocap Fund Ltd.'s creditors are required to submit proofs of claim by
Dec. 14, 2006, to the company's liquidator:

          Naul Bodden
          Gordon I. MacRae
          Kroll, Cayman Islands
          P.O. Box 1044 GT, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949-8588
          Fax: (345) 949-7325

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

The Innocap Fund's shareholders agreed on Oct. 27, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Korie Drummond
          Kroll (Cayman) Limited
          4th Floor, Bermuda House
          Dr. Roy's Drive
          Grand Cayman, Cayman Islands
          Tel: +1 (345) 946-0081
          Fax: +1 (345) 946-0082


LIBRAN GLOBAL: Deadline for Proofs of Claim Filing Is on Dec. 14
----------------------------------------------------------------
Libran Global Macro Fund's creditors are required to submit proofs of claim
by Dec. 14, 2006, to the company's liquidator:

          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 Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Libran Global'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.


MILTON ARBITRAGE: Last Day to File Proofs of Claim Is on Dec. 14
----------------------------------------------------------------
Milton Arbitrage Fund, Ltd.'s creditors are required to submit proofs of
claim by Dec. 14, 2006, to the company's liquidator:

          Milton Arbitrage Partners, LLC
          P.O. Box 866, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Milton Arbitrage's shareholders agreed on July 31, 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:

          Truman Bodden & Company
          Attn: Sean Scott
          P.O. Box 866, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 7555
          Fax: (345) 949 8492


MILTON LEVERAGED: Proofs of Claim Filing Deadline Is on Dec. 14
---------------------------------------------------------------
Milton Leveraged Arbitrage Fund, Ltd.'s creditors are required to submit
proofs of claim by Dec. 14, 2006, to the company's liquidator:

          Milton Arbitrage Partners, LLC
          P.O. Box 866, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Milton Leveraged's shareholders agreed on July 31, 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:

          Truman Bodden & Company
          Attn: Sean Scott
          P.O. Box 866, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 7555
          Fax: (345) 949 8492


PARADIGM CAPITAL: Last Day for Proofs of Claim Filing Is Dec. 14
----------------------------------------------------------------
Paradigm Capital Appreciation Fund, Ltd.'s creditors are required to submit
proofs of claim by Dec. 14, 2006, to the company's liquidators:

          Gregory R. Pai
          James E. Francis
          c/o Walkers SPV Limited
          Walker House
          87 Mary Street, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Paradigm Capital's shareholders agreed on Aug. 2, 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:

          Gregory R. Pai
          James E. Francis
          c/o Paradigm Asset Management, LLC
          Hamilton Avenue, White Plains
          New York, NY 10601
          Tel: 212 771 6106
          Fax: 212 771 6143


PHINITY OFFSHORE: Proofs of Claim Filing Deadline Is on Dec. 14
---------------------------------------------------------------
Phinity Offshore Fund Ltd.'s creditors are required to submit proofs of
claim by Dec. 14, 2006, to the company's liquidator:

          David Felman
          c/o 400 Kelby Street
          Fort Lee, NJ, 07024 U.S.A.

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Phinity Offshore's shareholders agreed on Oct. 31, 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:

          Ogier
          Attn: Julie O'Hara
          P.O. Box 1234, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 9876
          Fax: (345) 949 1986


SEGOES SERVICES: Court Okays Liquidation of Securities in U.S.
--------------------------------------------------------------
The Grand Court of Cayman has authorized RSM Cayman Islands -- liquidator of
Segoes Services Ltd. -- and its partners Kenneth M. Krys and Christopher
Stride to liquidate the remaining securities held in disclosed accounts in
the United States, Cayman Net News reports.

Messrs. Krys and Stride were appointed as Joint Provisional Liquidators.

Cayman Net relates that the liquidators were also authorized to hold Segoes
Services' liquid funds in trust subject to certain annual maintenance fees
the Grand Court approved.

According to Cayman Net, the Grand Court ordered that the assets and proofs
of debt relating to undisclosed accounts held with Segoes Services and
Segoes Holdings will be pooled, due to the co-mingling of activities of the
Segoes Group entities.  All admitted unsecured creditors in the estates will
share equally in the net assets recovered.

Messrs. Krys and Stride had asked the court to order the action, saying that
it was necessary to guarantee that all creditors of the various Segoes
entities are treated in a fair and equitable manner, Cayman Net notes.

RSM Cayman told Cayman Net, "These orders also provide a basis for dealing
with proofs of claim and the possibility of paying an initial dividend
during the course of 2007."

The liquidators hoped to pay a distribution before 2006 ends, Cayman Net
says, citing Mr. Krys.

Segoes Services Ltd., fka Segoes Securities Ltd., was put into
joint provisional liquidation on April 29, 2005.  Messrs.
Kenneth M. Krys and Christopher Stride, partners at RSM Cayman
Islands, were appointed as Joint Provisional Liquidators.

The liquidators can be reached at:

         Kenneth M. Krys
         Christopher Stride
         RSM Cayman Islands
         Commerce House, 2nd Floor
         Dr. Roy's Drive
         P.O. Box 1370GT
         Grand Cayman
         Tel: 011 (345) 949 7100


TDA EMERGING: Creditors Must Submit Proofs of Claim by Dec. 14
--------------------------------------------------------------
TDA Emerging Europe Investments' creditors are required to submit proofs of
claim by Dec. 14, 2006, to the company's liquidator:

          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 Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

TDA Emerging's shareholders agreed on Oct. 24, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


VEGA GLOBAL: Holding Final Shareholders Meeting on Dec. 11
----------------------------------------------------------
Vega Global Macro Limited Duration Company's final shareholders meeting will
be at 9:00 a.m. on Dec. 11, 2006, at the company's registered office.

These agendas will be taken during the meeting:

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

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

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

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

The liquidators can be reached at:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, George Town
          Grand Cayman, Cayman Islands




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


CA INC: Enhancing Microsoft Office SharePoint Server 2007
---------------------------------------------------------
CA Inc. will deliver broad-based records management, email archiving and
electronic data discovery solutions that will enhance the built-in
capabilities of Microsoft Office SharePoint Server 2007.  By working
seamlessly with SharePoint Server 2007, the CA solutions will enable
customers to centrally manage all SharePoint Server 2007-based information
throughout its life cycle.

Complementing CA's recently announced solutions for Microsoft Exchange
Server 2007, the new CA solutions minimize a wide range of risks by
fulfilling governance, retention and legal discovery requirements for all
SharePoint Server 2007 information.

Glenn Rhodes, vice president of product marketing at CA, said, "Customers
have to be as diligent about managing SharePoint information as they are
about their Exchange Server environments.  CA continues to work closely with
Microsoft to fully address our mutual customers' needs across all of their
enterprise systems."

CA is coordinating development with Microsoft to create solutions that are
easy to deploy, use and administer.  These solutions include:

   -- CA MDY FileSurf, which provides a centralized retention
      policy engine to manage records "in-place" -- regardless
      of location or origin -- to facilitate discovery, audit
      and business purposes.

   -- CA Message Manager, which provides comprehensive email
      archiving, electronic data discovery and mail box
      management.

CA BrightStor ARCserve Backup high-performance backup and recovery will also
support SharePoint Server 2007.

In addition to its new solutions for SharePoint Server 2007 and Exchange
Server 2007, CA is announcing broad support for Windows Vista across all of
its product lines and CA Business Desktop Deployment Plus (BDD+), a new
solution that dramatically simplifies deployment and management of Windows
Vista.

Kurt DelBene, corporate vice president of the Office Business Platform Group
at Microsoft Corp., noted, "IT (information technology) organizations are
faced with increasingly challenging compliance objectives in managing
information across the enterprise.  The solutions CA is delivering will
enhance the built-in functionality in SharePoint Server 2007, Exchange
Server 2007 and Windows Vista to help ensure that these challenges can be
met as effectively and efficiently as possible."

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

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on
June 30, 2006.  The Ba1 rating confirmation reflects the
company's completed accounting review and reestablishment of
current filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March2006 fiscal year on
July 31, 2006.

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


CA INC: Launching Virus & Spyware Protection for Windows Vista
--------------------------------------------------------------
CA Inc. is launching virus and spyware protection for corporate customers
and consumers using the new Windows Vista operating system.

CA Threat Manager, CA Anti-Virus and CA Anti-Spyware for Windows Vista have
been in beta release since June.  They are also being used by Microsoft in
its enterprise environment to help safeguard Windows Vista resources.

CA's solutions enable IT organizations to make optimal use of security
parameters defined in Windows Vista and extend them across their other
Microsoft platforms across the enterprise -- ensuring that security policies
are consistently enforced before, during and after platform migration.

Ben Fathi, corporate vice president, Security Technology Unit at Microsoft
Corp., stated "CA has been a great Windows Vista partner and we are pleased
to have their solutions available to our customers for Windows Vista.
Partners play a vital role in helping secure the computing ecosystem and CA
has developed innovative solutions with their Threat Manager, Anti-Virus and
Anti-Spyware products that work with the Windows Vista platform to help
protect that ecosystem."

CA's enterprise solutions will be available to corporate customers in nine
languages.  Existing corporate customers with current maintenance agreements
will be able to upgrade to Windows Vista-supported versions of CA Threat
Manager, CA Anti-Virus and CA Anti-Spyware at no cost, since CA does not
license the solutions by platform.

Home and home office users of CA security software -- including CA Internet
Security Suite, CA Anti-Virus, CA Anti-Spyware, CA Anti-Spam and CA Personal
Firewall-will also be able to upgrade to Windows Vista-supported versions of
those products at no cost.

Sam Curry, vice president of security management at CA, noted, CA has taken
the steps necessary to ensure that our business and home users can migrate
without skipping a beat.  This continues our unbroken decades-long
commitment to timely support of our customers' platforms of choice."

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

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on
June 30, 2006.  The Ba1 rating confirmation reflects the
company's completed accounting review and reestablishment of
current filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March2006 fiscal year on
July 31, 2006.

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




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


DENNY'S CORP: Reports November Same-Store Sales
-----------------------------------------------
Denny's Corp. reported same-store sales for its company-owned Denny's
restaurants during the four-week month ended
Nov. 22, 2006, compared with the related period in fiscal year 2005.

Sales:                  Nov. 2006      QTD 2006      YTD 2006

Same-Store Sales           0.1%          1.9%          2.7%
Guest Check Average        0.6%          1.7%          4.6%
Guest Counts     (0.5%)         0.2%         (1.8%)

Restaurant Counts:           11/22/06       12/28/05
Company-Owned                  526            543
Franchised and Licensed       1,024          1,035
                              1,550          1,578

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 22, 2006, Moody's
Investors Service raised Denny's Holdings, Inc., corporate family rating to
B1 from B2 and assigned Ba2 ratings to Denny's, Inc.'s proposed US$350
million senior secured credit facility consisting of a US$50 million
revolver, a US$260 million term loan B and a US$40 million synthetic letter
of credit facility.  At the same time, the senior unsecured notes at
Holdings were upgraded to B3 from Caa1.  The proceeds of the proposed bank
facilities will pay off Denny's existing 1st lien credit facility and the
2nd lien term loan.  Accordingly, Moody's expects to withdraw the ratings on
these issues once the proposed credit facility is closed.  The rating
outlook remains stable. Moody's noted that the rating assignments are
subject to a review of the final documentation.




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


* DOMINICAN REPUBLIC: Wants Saudi Arabia to Build Oil Refinery
--------------------------------------------------------------
Officials of the Dominican Republic want Saudi Arabia to construct an oil
refinery in the country, the Associated Press reports.

AP relates that the officials are hoping to end fuel shortages and take
advantage of a Free Trade Agreement with the United States.

The office of President Leonel Fernandez said in a statement that the
Dominican leader invited Turki al-Faisal, the Saudi ambassador to the US,
for an official lunch at the national palace on Nov. 24.

Ambassador Al-Faisal and President Fernandez had discussed in a Washington
meeting earlier this year the possible construction of a refinery, which
would supply the eastern US and the Dominican Republic, according to a
statement.

                        *    *    *

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

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

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

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

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

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

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

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

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

Fitch also affirmed these ratings:

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

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

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

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




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


YPF SA: Ecuador Oil Pact Renegotiation Won't Hurt Parent Firm
-------------------------------------------------------------
A proposal in Ecuador to renegotiate oil accords will not be hurt
significantly Repsol, the Spanish parent company of YPF SA, Reuters reports.

However, Reuters relates that Repsol will likely postpone any expansion in
Ecuador.

Rafael Correa -- the apparent winner of Ecuador's presidency -- told Reuters
that he would renegotiate foreign oil contracts to more than quadruple the
share of crude volumes the state receives.

According to Reuters, analysts have said that Ecuador could follow Bolivia's
hydrocarbons nationalization move.

Citigroup said in a research note, "This could spell another potentially
negative impact to its (Repsol's) reserves and production base, although in
reality the effect would be small."

Reuters underscores that Repsol has been forced to reduce its reserves in
Bolivia and to pay higher taxes in Venezuela.

Jason Kenney, an oil analyst at ING, told Reuters that he did not expect
Repsol to boost production in Ecuador as long as uncertainty over the terms
remains.

"Obviously there's fiscal uncertainty, so I doubt they're going to invest
until they've got clarity on that," Mr. Kenney commented to Reuters.

Repsol said in its Web site that it produces about 15,000 barrels of oil
daily in Ecuador.  Its proved reserves at the end of 2005 were 27.6 million
barrels.

This amounted to 1% of Repsol's total output and reserves.  The company runs
about 125 service stations in Ecuador, where fuel is sold under price
controls.  It also sells liquefied petroleum gas, analysts told Reuters.

YPF SA is an integrated oil and gas company engaged in the
exploration, development and production of oil and gas and
natural gas and electricity-generation activities (upstream),
the refining, marketing, transportation and distribution of oil
and a range of petroleum products, petroleum derivatives,
petrochemicals and liquid petroleum gas (downstream). Repsol,
which holds 99.04% of YPF's shares, controls YPF.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2006, under the revised foreign currency ceilings,
Moody's Investors Service upgraded YPF Sociedad Anonima's
Foreign Currency Corporate Family Rating to B2 from B3 with
negative outlook.




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


DIRECTV GROUP: Launches Assistance Offer to Dish Network Clients
----------------------------------------------------------------
Directv Group, Inc., has launched a nationwide offer to aid dish network
customers who are losing their distant network channels.  Affected clients
will be provided with US$150 cash back when they make the transition to
Directv(1).

The offer also includes:

          -- no equipment to buy or start-up costs;

          -- free standard professional installation for up to
             four rooms;

          -- 100% digital picture and sound on every channel;
             and

          -- free Digital Video Recorder or High-Definition
             receiver upgrade.

Directv Grouphas also launched a special web site --
htt://www.directv.com/ -- where Dish Network customers can type in their
address or zip code to learn where Directv Group offers local channels and
whether they qualify for a distant network signal.  Affected customers can
also call 1-800-337-4DTV.

The DIRECTV Group, Inc., formerly Hughes Electronics
Corp., headquartered in El Segundo, California, is a
world-leading provider of multi-channel television
entertainment, and broadband satellite networks and services.
The DIRECTV Group, Inc. with sales in 2004 of approximately
US$11.4 billion is 34% owned by Fox Entertainment Group, Inc.,
which is owned by News Corp.  DIRECTV is currently
available in Latin American countries: Argentina, Brazil, Chile,
Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras,
Mexico, Nicaragua, Panama, Puerto Rico, Trinidad & Tobago,
Uruguay, Venezuela and several Caribbean island nations.

                        *    *    *

On June 8, 2005, Moody's assigned a Ba2 rating to DIRECTV's US$1
billion senior unsecured notes.  Moody's said the rating outlook
is stable.




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


BANCO INDUSTRIAL: S&P Affirms BB-/B Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' counterparty credit
rating on Banco Industrial SA.  The rating agency also affirmed its 'BBB-'
Survivability Assessment on Banco Industrial.  The outlook is stable.

Francisco Suarez, Standard & Poor's credit analyst, stated, "The ratings are
limited by the bank's low adjusted capitalization levels and structural
asset concentrations, mainly in its investment portfolio, in addition to
some client concentration in its loan portfolio.  The ratings consider the
bank's leading market position in Guatemala, the support from Banco
Industrial's stockholders, and a financial profile that leverages on
adequate profitability levels and adequate asset quality indicators."

Banco Industrial is the largest bank in Guatemala, and benefits from:

   -- its large, well diversified, and stable deposit base;
   -- its strong brand-name recognition; and
   -- a  sound branch network.

Its leading market position was enhanced by the acquisition of a majority
stake at Occidente.  Large banks in Guatemala did not suffer a major effect
after the intervention of Bancafe and Standard & Poor's believes that the
bank could potentially benefit from flight to quality deposits of Banco
Industrial and Occidente, which accounted for 23% of total deposits in
Guatemala as of September 2006.  Banco Industrial's stockholders have
supported the entity via reinvestment of profits and capital injections, a
policy Standard & Poor's expects to continue.

The outlook is stable.  Standard & Poor's expects Banco Industrial's
financial profile and strong market presence to be maintained.  The rating
agency also expects Banco Industrial to mitigate the negative impact of
goodwill derived from the acquisition of Occidente with capital injections,
reinvestment of profits, and the addition of stronger equity-like
instruments.  This should be enough to maintain overall capitalization
levels for the current rating.  Should asset quality, profitability, or
capitalization ratios deteriorate, ratings could be revised negatively.
Upward rating movement could be the result of substantially higher adjusted
capitalization levels that are comparable to those of other banks in the
region, reduction in client concentration in its loan portfolio, and
maintenance of asset quality and coverage of nonperforming assets.




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


AIR JAMAICA: Saving J$70MM on Fleet Change & Maintenance Upgrade
----------------------------------------------------------------
The management of Air Jamaica told Radio Jamaica that the airline should
save up to J$70 million from the proposed conversion of its fleet and the
upgrading of its maintenance system.

The saving plus aid with fuel under the Petrocaribe fund and other
government support should put Air Jamaica in a good position, Radio Jamaica
says, citing OK Melhado -- the airline's chairperson.

However, Air Jamaica's management commented to Radio Jamaica that an
inefficient maintenance program while the airline was under the management
led by Butch Stewart contributed to some of the problems Air Jamaica is
experiencing.

According to Radio Jamaica, Michael Conway, president and chief executive
officer of Air Jamaica, blamed the poor maintenance program of the past for
the present problems of Air Jamaica.

The board of Air Jamaica would be joining the Parliamentary Committee's
meeting, Radio Jamaica notes.

Mr. Melhado emphasized the board's plans to keep Air Jamaica viable.  He
told Radio Jamaica, "We'd like to convert the present fleet to a more
economic and operational one.  We can upgrade our maintainence services to
be less expensive and more responsive and review our fleet's route network
to maximize the deployment of our aircraft."

Air Jamaica expects to boost revenue by J$35 million, Radio Jamaica states,
citing Mr. Conway.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969.  It flies passengers and
cargo to almost 30 destinations in the Caribbean, Europe, and North America.
Air Jamaica offers vacation packages through Air Jamaica Vacations.  The
company closed its intra-island services unit, Air Jamaica Express, in
October 2005.  The Jamaican government assumed full ownership of the airline
after an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in 1994.  The
Jamaican government does not plan to own Air Jamaica permanently.

                        *    *    *

On July 21, 2006, Standard & Poor's Rating Services assigned B long-term
foreign issuer credit rating on Air Jamaica Ltd., which is equal to the
long-term foreign currency sovereign credit rating on Jamaica, is based on
the government's unconditional guarantee of both principal and interest
payments.


AIR JAMAICA: Wants US$100-Million Reduction in Annual Losses
------------------------------------------------------------
Air Jamaica told the Jamaica Observer that it is aiming for a US$100-million
decrease in yearly losses.

The Observer relates that the Jamaican Cabinet has challenged Air Jamaica to
run within a subsidy of US$30 million yearly.

The Cabinet agreed that Air Jamaica was moving in the right direction when
it presented its business plan to them last month, but called for further
due diligence to provide hard information as to whether the airline will be
able to operate within the subsidy limit, The Observer states.

OK Melhado, chairperson of Air Jamaica, said during the meeting of the Joint
Select Committee of Parliament that the carrier was on the way to achieving
the results based on certain goals, The Observer notes.  The goals include:

          -- saving some US$45 million from refleeting the
             airline with 757s and 737s which were more
             economical than the current Airbuses;

          -- upgrading its maintenance services and systems to
             be less expensive and more responsive; and

          -- to review the routes to optimise resources.

The Observer underscores that Mr. Melhado promised a new cross-island
service between the Norman Manley and Sangster International airports.  The
service would have a segregated area for local passengers to avoid the
delays of customs and immigration before the 2007 Cricket World Cup.

Mr. Melhado said in a statement, "We would like to see the conversion of the
present fleet to a more economic and operationally appropriate one.  We can
upgrade our maintenance services and systems to be less expensive and more
responsive and review our fleet and route network to optimize the deployment
of our aircraft."

When Air Jamaica has completed its change of fleet, which will take two
years, it should save about US$45 million from that activity, The Observer
says, citing Mr. Melhado.

Mr. Melhado told The Observer, "We don't think that this alone will close a
US$100 million gap, but we feel that there is somewhere between US$50 and
US$70 million that will directly come from that and the Petrocaribe
agreement.  We genuinely believe that with the kind of fleet we will then
have, and the kind of service we will provide, we can then build our
revenues to make up the difference.  I genuinely feel, and the Board feels
and our management feels, that by putting the airline on a path of
implementing the fundamental changes required -- to first reduce our costs,
and exploit our franchise and its growth potentials, supported by what we
have today with the Petrocaribe fund and the government support -- that
there is the basis for an airline that can attract capital."

In terms of the fleet, what Air Jamaica needs to do is operate what is
affordable, what is available and what does the best job for the airline,
The Observer says, citing Mr. Melhado.

Mr. Melhado explained to The Observer that the proposal was to change Air
Jamaica's narrow-bodied Airbus fleet to Boeing aircraft.  In the case of the
A-321s, they would be changed to Boeing 757s, which have the advantages of
lower lease cost, greater payload and greater range.

Mr. Melhado said that Jamaicans travel with many bags but the problem was
that the current Air Jamaica planes can't carry the payload, The Observer
notes.

Mr. Melhado told The Observer, "We had an experience about three weeks ago
where an A321 left behind 143 bags belonging to this particular flight which
was full.  The next day we chartered a 757.  It carried a full load to
Jamaica, all their bags and the 143 bags, which had been left behind the day
before.  There are significant advantages to us with the kind of operation
we run and the kind of customers we have with the 757s."

If Air Jamaica will consider flying north to south, the range is
considerably greater, The Observer says, citing Mr. Melhado.  The 737s,
which would replace the A-320s, are slightly smaller planes that would carry
up to 150 passengers.  It would be more efficient for Air Jamaica because
most of the routes are very seasonal.  Using a series of assumptions gained
from lease prices from the market, the annual savings could be about US$23
million.  The improvement in maintenance operation efficiencies would result
in another US$22 million being saved.

Mr. Melhado told The Observer, "At the end of two years, we could get to the
point where the annual savings is about US$45 million, bearing in mind that
we are trying to find US$100 million.  If we can get anywhere near that
US$45 million, and that is not our best estimate, but if we are even short
of our conservative estimate, it is a huge step forward.  If you take that
along with the Petrocaribe of nearly US$20 million, that goes some way
towards closing that US$100 million gap."

However, there are risks associated with the projected changes, Mr. Melhado
admitted to The Observer.  While Air Jamaica has done its market studies on
the cost of a new fleet, nothing is final until it actually goes into the
market to acquire the aircraft to know what the real actual value will be.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969.  It flies passengers and
cargo to almost 30 destinations in the Caribbean, Europe, and North America.
Air Jamaica offers vacation packages through Air Jamaica Vacations.  The
company closed its intra-island services unit, Air Jamaica Express, in
October 2005.  The Jamaican government assumed full ownership of the airline
after an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in 1994.  The
Jamaican government does not plan to own Air Jamaica permanently.

                        *    *    *

On July 21, 2006, Standard & Poor's Rating Services assigned B long-term
foreign issuer credit rating on Air Jamaica Ltd., which is equal to the
long-term foreign currency sovereign credit rating on Jamaica, is based on
the government's unconditional guarantee of both principal and interest
payments.


AIR JAMAICA: Will Rebuild Public Confidence in December
-------------------------------------------------------
Air Jamaica will rebuild public confidence in the airline during the
Christmas season, Radio Jamaica reports, citing Sue Rosen, head of the
airline's Customer Service.

According to Radio Jamaica, members of the Parliamentary Committee looking
at Air Jamaica's operations on Nov. 30 asked if there were plans in place to
rebuild public confidence.

As reported in the Troubled Company Reporter-Latin America on Nov. 28, 2006,
the Joint Select Committee created to review Air Jamaica's financial
situation would hold a meeting at Gordon House on Nov. 30.  The select
committee was created in February but has not had one session.  Although the
government eventually agreed to a bipartisan select committee on Feb. 28 to
examine Air Jamaica's financial and operational status, the group has not
met.  The committee comprises:

          -- Dr. Omar Davies, minister of finance and planning
             and the chairperson of the committee;

          -- Dr. Wykeham McNeil, minister of state for tourism;

          -- Dr. Fenton Ferguson, minister of state for
             transport;

          -- Dr. Morais Guy, government backbencher;

          -- Audley Shaw, opposition spokesperson on finance;


          -- Mike Henry, opposition spokesperson on transport;
             and

          -- Clive Mullings, opposition spokesperson on energy.

Air Jamaica told Radio Jamaica that among the challenges it is facing
includes:

          -- J$100-million yearly deficit,
          -- deflating public confidence, and
          -- reported weak maintenance program by the Gordon
             Butch Stewart-led team, which formerly ran the
             airline.

Ms. Rosen told Radio Jamaica that a specialized crew is in place to deal
with the challenges.

According to Radio Jamaica, Mr. Shaw repeatedly sought clarification on the
J$100 million deficit.  However, the Air Jamaica board expressed confidence
that the airline would not be limping for much longer.

Mr. Henry is also expecting details on the latest business plan of Air
Jamaica, Radio Jamaica relates.

OK Melhado, chairperson of Air Jamaica, was unable to tell Radio Jamaica
when the board's Business Plan will be submitted to Cabinet.  Mr. Melhado
said Air Jamaica was searching for new aircraft in the marketplace at this
time.  However, he asserted that an upgraded maintenance system and a
refreshed fleet would save the airline up to J$70 million.

Dr. Davies has promised to make Air Jamaica's maintenance report available
to members.  Jamaica's Ministry of Finance was expected to present during
the Parliamentary Committee meeting a comprehensive report on the proposals
aimed at improving the viability of Air Jamaica, Radio Jamaica states.

Air Jamaica told Radio Jamaica it is ready for Christmas.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969.  It flies passengers and
cargo to almost 30 destinations in the Caribbean, Europe, and North America.
Air Jamaica offers vacation packages through Air Jamaica Vacations.  The
company closed its intra-island services unit, Air Jamaica Express, in
October 2005.  The Jamaican government assumed full ownership of the airline
after an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in 1994.  The
Jamaican government does not plan to own Air Jamaica permanently.

                        *    *    *

On July 21, 2006, Standard & Poor's Rating Services assigned B long-term
foreign issuer credit rating on Air Jamaica Ltd., which is equal to the
long-term foreign currency sovereign credit rating on Jamaica, is based on
the government's unconditional guarantee of both principal and interest
payments.


ROYAL CARIBBEAN: Inks J$1B Accord with Jamaican Port Authority
--------------------------------------------------------------
Royal Caribbean Cruises Ltd. has formalized a five-year J$1.1 billion accord
with the Jamaican Port Authority that will allow the former's largest
vessels to enter Jamaica during the next four years, the Jamaica Gleaner
reports.

The Gleaner states that the agreement covers these vessels:

          -- Royal Caribbean Cruises,
          -- Celebrity Cruises,
          -- Island Cruises, and
          -- any other vessel newly run by Royal Caribbean.

Robert Pickersgill -- Jamaica's the minister of housing, water, transport
and works -- represented the government in the signing of the agreement at
the Jamaica Pegasus hotel in New Kingston, while Royal Caribbean was
represented by Michael Ronan, its regional vice president.

Minister Pickergill told The Gleaner, "This contract has been the subject of
discussion for some time and the parties have been operating under much of
its basic terms and conditions.  Today's (Nov. 29) signing formalizes the
agreement."

According to The Gleaner, the agreement has been implemented since Jan. 1,
2005.  It will end on Dec. 31, 2009.  It is expected that some 2.25 million
passengers onboard Royal Caribbean ships will disembark at Jamaican ports.

Under the agreement, the Port Authority will improve berthing and security
facilities at the Ocho Rios and Montego Bay terminals, The Gleaner says,
citing Minister Pickersgill.

The Jamaica Observer relates that among the proposed developments will be
the building and renovation of three berths, two of which will accommodate
vessels over 1,000 feet in length and the construction of a second more
user-friendly terminal building.

Minister Pickersgill told The Observer that the present Ocho Rios terminal
will be upgraded to handle the world's largest cruise liner Freedom of the
Seas that has been docking in Montego Bay since June.

Works on the project will be completed by 2008, with total cost of
restructuring estimated at US$67 million, The Gleaner says, citing Minister
Pickersgill.

The accord will ensure a minimum of 2.2 million visitors to Jamaica, The
Observer underscores.

Mr. Pickersgill told The Observer, "There is increasing demand for Jamaica
as a cruise destination and the Port Authority is engaged in comprehensive
planning to facilitate the demand."

The new accord is the first long-term deal between Royal Caribbean and the
Port Authority, The Gleaner notes, citing Mr. Ronan.

"The industry in the 1970s, into the 1980s, did not enter into long-term
agreements with the destinations.  We have fathered a mutual interest, to
agree on terms, that allows us to plan our future better, to plan for
expansion for the services that will ensure we meet those goals," Mr. Ronan
told The Gleaner.

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

                        *    *    *

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




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


AMERICAN TOWER: S&P Affirms BB+ Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed the ratings on Boston-based
wireless communications tower operator American Tower Corp. and its related
entities, including the 'BB+' corporate credit rating.

Standard & Poor's also removed the ratings from CreditWatch.  The outlook is
stable.

The ratings had been placed on CreditWatch with negative implications on May
19, 2006, after American Tower's announcement that it might have to restate
some of its financial statements due to issues surrounding its stock option
practices and related accounting.  Since then the company had to obtain
waivers from its lenders due to delays in filing its second and third
quarter 10-Qs.  However, on Nov. 29, 2006, American Tower filed its amended
financial statements for the 2005 10-K and for the first quarter of 2006.
It also filed its 10-Qs for the second and third quarter of 2006,
incorporating the adjustments made in the previously filed statements.  The
cumulative adjustment to net income for the period 2003 through the first
quarter of 2006 was about US$21 million.

Catherine Cosentino, Standard & Poor's credit analyst, noted, "The ratings
on American Tower reflect the promising prospects of its wireless tower
leasing business, which is expected to generate increasingly stronger levels
of net free cash flow after capital expenditures.  Despite these very
favorable business risk characteristics, American Tower maintains an
aggressive financial policy and is expected to engage in share repurchases
over the next few years now that it has completed its review of its
accounting practices related to stock options and is current on its
financial statement filings."

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


DELTA AIR: Posts US$88-Million Loss in October 2006
---------------------------------------------------
Delta Air Lines reported a net loss of US$88 million in October 2006,
compared with a net loss of US$301 million in October 2005.

Delta Air filed its Monthly Operating Report for October 2006 on Nov. 30
with the U.S. Bankruptcy Court for the Southern District of New York.

Delta Air's net loss before reorganization items was US$64 million for
October 2006, a US$196 million improvement versus the prior year period.
Delta Air's operating loss of US$9 million, a US$187 million improvement
over October 2005, includes the US$43 million negative impact of fuel hedges
for the month.  As of Oct. 31, 2006, Delta Air had US$3.8 billion of cash,
cash equivalents and short-term investments, of which US$2.7 billion was
unrestricted.

In September 2005, Delta Air disclosed a comprehensive restructuring plan
intended to deliver an additional US$3 billion in annual financial benefits
through revenue improvements and cost reductions by the end of 2007.  During
the month of October, Delta Air demonstrated its continuing progress in
restructuring its business.

Delta Air made significant improvements in its unit revenue performance by
restructuring its overall network and rebalancing the mix of domestic and
international flying.  Delta Air's length of haul adjusted consolidated
passenger unit revenue or PRASM increased 15.1% for October 2006 versus
October 2005, as compared to the industry average PRASM increase of 6.2%
over the same period.

Delta Air reduced its operating expenses by 6.9% on a capacity reduction of
4.5%, resulting in a 2.5% reduction in consolidated unit costs in October
2006 compared to October 2005.  Mainline non-fuel CASM was 7.12 cents for
the month, a 4.1% improvement year over year.

"Delta is making strong progress on every front -- solid revenue increases,
meaningful cost reductions, and continually improving customer service and
products.  The momentum that has been created by these achievements
reinforces our confidence that we will emerge from bankruptcy as a strong,
independent, stand-alone competitor in today's global industry," Edward H.
Bastian, Delta Air's executive vice president and chief financial officer,
said.

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 US 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.


FORD MOTOR: 38,000 Hourly Workers Accept Buyout Offer
-----------------------------------------------------
As part of a key objective of its North American turnaround plan, Ford Motor
Co. confirmed Wednesday that, so far this year, about 38,000 of its
UAW-represented hourly workers have accepted package offerings for voluntary
separations from the company.
This figure includes approximately 30,000 buyout offers preliminarily
accepted during the recent system-wide open enrollment period that concluded
this week for Ford hourly workers, including those at the company's
Automotive Components Holdings division.  In addition, the figure includes
about 8,000 acceptances received earlier in 2006 during targeted
plant-by-plant buyout offerings to Ford and ACH employees.  Of the 38,000
total acceptances, approximately 6,000 were by hourly employees at ACH.
Ford began the year with about 83,000 UAW-represented employees.

The open enrollment period that began in October offered eight different
voluntary buyout packages to all of Ford's UAW-represented employees.  The
offers included traditional packages for retirement-eligible employees, as
well as non-traditional packages for employees with at least one year of
service.  Just over half of the buyouts accepted during the recent open
enrollment period were by employees who accepted one of the non-traditional
packages, which provided options such as lump sum payments, tuition
reimbursements or scholarship funds for family members.

The acceptances are preliminary, as all buyout offers are voluntary and
include an employee's opportunity to rescind acceptance up until the time of
their separation from the company. The employee reductions will contribute
toward major objectives of the accelerated Way Forward plan for turning
around the company's North American operations.  On Sept. 15, Ford announced
its intention to reduce its North American hourly workforce by 25,000 to
30,000 employees by the end of 2008, including attrition and excluding
employment reductions at ACH.

"One of Ford's priorities, and a large cost component of our Way Forward
plan for North America, is our ability to adjust manufacturing capacity with
demand, while continuing to reduce operating costs and becoming more
efficient," said Alan Mulally, Ford president and CEO.  "While I know that
in many cases decisions to leave the company were difficult for our
employees, the acceptances received through this voluntary effort will help
Ford to become more competitive.

"We'd also like to thank the UAW for working closely with us in developing
packages that will help employees to move productively into a new phase of
their lives.  It is clear that we were successful in providing appropriate
options; this, in turn, is helping the company to meet its cost objectives."

Hourly employees who accepted buyout packages during the recent enrollment
period will begin to leave the company in January 2007 and through the
course of the year until all separations are completed by Sept. 1, 2007.

"Ford and the UAW have addressed several important issues throughout the
year, which have allowed the company to reduce costs and achieve
efficiencies," Mulally said.  "Though there is more work to be done, recent
history demonstrates that together we can significantly improve Ford's
business."

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


FORD MOTOR: Moody's Rates US$15BB Secured Credit Facility at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3, LGD2,19% rating to Ford Motor
Co.'s proposed US$15 billion of senior secured credit facilities that will
consist of an US$8 billion revolving credit facility and a US$7 billion term
loan.  Moody's also affirmed the company's existing ratings.

The outlook remains negative.

These rating actions reflect Moody's expectation that proceeds from the new
credit facility, and from the potential issuance of US$3 billion in
unsecured capital market transactions, will provide the company with a
year-end 2006 liquidity profile consisting of $30 billion in gross
automotive cash and $8 billion in unused committed credit lines.  This
considerable liquidity cushion should enable Ford to fund the US$17 billion
in operating losses and restructuring expenditures that the company expects
to incur from 2007 through 2009.

"Ford's three-year game plan is to make sure that it has the liquidity it
needs to fund a radical restructuring of its business model.  By giving
secured lenders a lien on essentially all of its assets, Ford has pretty
much covered the liquidity portion of the plan.  The really tough part will
be fixing the business model; this represents a daunting challenge," Bruce
Clark, senior vice president with Moody's said,

The challenges Ford will face during the coming three years include
negotiating a 2007 UAW contract that offers meaningful health care relief,
accelerating the introduction of cars and crossover vehicles, and
establishing strong market acceptance and healthy pricing for those vehicles
despite intense competition from Asian manufacturers.  The company might
also have to contend with a slowdown in the US automotive industry.

"Ford should have the liquidity it needs through 2009. But it is absolutely
critical for the company to have established a solidly competitive cost
structure, share position and product profile by then," Mr. Clark added.

The assignment of the Ba3,LGD2,19% rating to the secured credit facilities
reflects the favorable asset coverage and recovery prospect of these
obligations as modeled under Moody's Loss Given Default Methodology.  The
US$15 billion in facilities will be secured by a lien on essentially all of
Ford Motor's assets, including the shares of Ford Motor Credit Co., and will
be governed by a borrowing base.

The ratings, which are affirmed and remain unchanged are:

   -- corporate family of B3;
   -- senior unsecured of Caa1,LGD4, 62%;
   -- trust preferred of Caa2,LGD6, 93%; and,
   -- speculative grade liquidity rating of SGL-3.

Moody's noted that Ford's ability to maintain a sound liquidity cushion
during the next two years as it implements its restructuring program and
funds the anticipated cash requirements will be an important factor in
supporting the B3 corporate family rating.

This rating anticipates that through 2007, Ford's gross automotive cash
position will remain above $20 billion.  Should Ford's rate of cash
consumption during 2007 make it unlikely that this level of liquidity can be
maintained, the B3 rating could be placed on review for possible downgrade.
The rating could also come under pressure if manned capacity utilization of
the North American operations does not remain on track to hit 100% by 2008,
or if US market share remains below 16.5% for 2007.

Ford Motor Co., headquartered in Dearborn, Michigan, is the world's third
largest automobile manufacturer.


GENERAL MOTORS: Kirk Kerkorian Selling 14 Million Shares in Firm
----------------------------------------------------------------
Billionaire investor Kirk Kerkorian's Tracinda Corp. sold
14 million shares of General Motors Corp.'s common stock in a
private transaction for US$28.75 per share, bringing his stake down to
4.95%.

According to a regulatory filing with the U.S. Securities and Exchange
Commission, Tracinda sold the shares on Nov. 28, 2006, and settled the sale
on Dec. 1, 2006.

Previously, Tracinda sold on Nov. 20, 2006, 14 million shares for US$33.00
per share, and its stake went down to 7.4%.

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 Brazil and Mexico, and
its vehicles are sold in 200 countries.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 16, 2006, Standard &
Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors
Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013,
with a recovery rating of '1'.  The 'B+' rating was placed on Creditwatch
with negative implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

As reported in the Troubled Company Reporter on Nov 16, 2006, Standard &
Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors
Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013,
with a recovery rating of '1'.  The 'B+' rating was placed on Creditwatch
with negative implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's
Investors Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5
Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first priority
perfected security interest in all of the US machinery and equipment, and
special tools of GM and Saturn Corporation.


GENERAL MOTORS: Completes US$14B 51% GMAC Stake Sale to Cerberus
----------------------------------------------------------------
General Motors Corp. completed yesterday the sale of a 51%
interest in GMAC to a consortium of investors led by Cerberus FIM Investors
LLC and including wholly owned subsidiaries of Citigroup Inc., Aozora Bank
Ltd., and The PNC Financial Services Group Inc.

The transaction will preserve the mutually beneficial relationship between
GM and GMAC, while improving GMAC's access to cost-effective funding.  In
addition, the sale of the controlling interest in GMAC will provide
significant liquidity to GM that will support its North American turnaround
plan, finance global growth initiatives, and strengthen its balance sheet.

"This has been a year of significant actions and progress for GM, as we
aggressively execute our North America turnaround plan and position the
company for long-term growth and profitability.
Successfully completing the GMAC transaction has been a key
priority for the company, and an important step to further support GM's
turnaround," GM chairman and chief executive officer Rick Wagoner said.

"This transaction will result in a stronger GMAC, with enhanced
access to funding at lower costs and greater opportunities for
growth, including leveraging their traditionally strong
relationships with GM dealers.

"Although GMAC will have a new majority owner, GM and GMAC will
remain strategic partners through various long-term agreements.
GM will retain a 49% ownership stake in GMAC, and the close
operating relationship between the companies will continue," Mr.
Wagoner said.

"We look forward to working with the Cerberus-led consortium as
majority owners of GMAC in the future.  All the parties are
committed to maintaining a high degree of service to our dealers
by providing the right wholesale, retail, and lease products to
support the sale of GM cars and trucks."

GM expects to receive approximately US$14 billion in net cash
proceeds and distributions over three years, after repayment of
intercompany debt but before purchases of preferred equity in
GMAC.  This includes a US$7.4 billion purchase price, a US$2.7 billion cash
dividend from GMAC, and other transaction related cash flows including the
monetization of certain retained assets.  GM and the Cerberus-led consortium
invested US$1.9 billion of cash in preferred equity in GMAC -- US$1.4
billion by GM and US$500 million by the consortium.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 318,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo,
Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 16, 2006,
Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The 'B+' rating was
placed on Creditwatch with negative implications, consistent with the other
issue ratings of GM, excluding recovery ratings.

As reported in the Troubled Company Reporter on Nov 16, 2006,
Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The 'B+' rating was
placed on Creditwatch with negative implications, consistent with the other
issue ratings of GM,
excluding recovery ratings.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed US$1.5 Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first
priority perfected security interest in all of the US machinery
and equipment, and special tools of GM and Saturn Corporation.


GMAC LLC: Completed Stake Sale Cues Fitch to Up Rating to BB+
-------------------------------------------------------------
Fitch Ratings has upgraded GMAC LLC's Issuer Default Rating to 'BB+' from
'BB' and Residential Capital LLC aka ResCap's to 'BBB' from 'BBB-' following
the closing of the sale of a controlling interest in GMAC to a consortium
led by Cerberus FIM Investors, LLC.  The ratings for GMAC and ResCap have
also been removed from Rating Watch Positive, where they were originally
placed on April 3, 2006.  The Rating Outlook for GMAC, ResCap and related
subsidiaries is Positive.  The ratings of GMAC Bank have been withdrawn as
this entity has been effectively merged into GMAC Automotive Bank.

With the closing of the transaction, the ratings of GMAC will no longer be
directly linked to those of General Motors Corp., in the sense that a rating
action on General Motors will not automatically translate into a similar
action at GMAC.  Rather, Fitch will view GMAC's relationship with General
Motors as one of a significant customer concentration.  Fitch would consider
how issues at GM, such as labor disruption or weakening market share could
impact GMAC's business.  If such events would be material, Fitch would
factor that into the rating.  Nonetheless, Fitch's ratings can withstand a
fair degree of weakening at General Motors.

Fitch's upgrade of GMAC reflects a number of factors.  First, it recognizes
the good record of operating performance the company has demonstrated,
despite significant challenges over the past five years.  The company's most
recent quarter notwithstanding, Fitch expects GMAC will continue to maintain
good operating performance, with solid earnings while maintaining credit and
capital discipline.

Fitch's upgrade also considers the company's capitalization on a
risk-adjusted basis.  Under Fitch's own standards, GMAC has over the past
few years reported solid risk-adjusted capital levels, commensurate with a
higher rating.  Fitch continues to believe that the good capital discipline
witnessed at the company will remain.

Fitch also recognizes the good liquidity management the company has
demonstrated over a very stressful period.  GMAC has been successful
obtaining alternative financing sources such as whole loan sales and greater
use of securitization to fund its balance sheet as access to capital became
more difficult.  In addition, the company has carried significant committed
liquidity support to protect itself.  Fitch notes that the company's dealer
floorplan securitization program, SWIFT, has covenants related to a General
Motors bankruptcy.  Under such a scenario, a filing by General Motors would
accelerate maturities of the notes issued out of the trust, creating a
significant call on liquidity.  At Nov. 30, 2006, there was approximately
US$18 billion of SWIFT notes outstanding.  Although a concern, Fitch expects
GMAC to have in place contingent liquidity to address such a scenario.
Moreover, Fitch expects that future floorplan transactions would not contain
such a General Motors bankruptcy trigger.

Fitch is maintaining its two notch differential between GMAC and ResCap,
however, given certain changes in the operating agreement between GMAC and
ResCap, necessitated by the GMAC Bank restructuring, Fitch may narrow the
notching between GMAC and ResCap over time particularly as ResCap approaches
its stand-alone rating of mid to high 'BBB'.

The Positive Rating Outlook reflects Fitch's view that should GMAC be
successful in prudently growing non-General Motors related financing and
insurance businesses, improving operational efficiencies, and maintaining
disciplined underwriting, ratings could be raised from the current levels.

Fitch has upgraded and removed these ratings from Rating Watch Positive:

   GMAC LLC
   GMAC International Finance B.V.
   GMAC Bank GmbH
   General Motors Acceptance Corp., Australia
   General Motors Acceptance Corp. of Canada Ltd.

   -- Issuer Default Rating to 'BB+' from 'BB'; and
   -- Senior unsecured debt to 'BB+' from 'BB'.

   Residential Capital LLC

   -- Issuer Default Rating to 'BBB' from 'BBB-';
   -- Senior debt to 'BBB' from 'BBB-';
   -- Subordinated debt to 'BBB-' from 'BB+'; and
   -- Short-term Issuer to 'F2' from 'F3'.

The Rating Outlook is Positive.

Fitch affirmed these ratings:

   GMAC LLC
   GMAC International Finance B.V.
   GMAC Bank GmbH
   GMAC Australia Finance
   General Motors Acceptance Corp. (U.K.) Plc.
   General Motors Acceptance Corp. Australia
   General Motors Acceptance Corp. of Canada Ltd.
   General Motors Acceptance Corp. (N.Z.) Ltd.

   -- Short-term Issuer 'B'; and
   -- Short-term debt 'B'.

These ratings are removed from Rating Watch Evolving, affirmed and
subsequently withdrawn:

   GMAC Bank

   -- Issuer Default Rating 'BBB-';
   -- Long-term deposits 'BBB';
   -- Short-term deposits 'F3';
   -- Short-term Issuer 'F3';
   -- Individual 'B/C'; and
   -- Support '3'.

GMAC LLC, headquartered in Detroit, Michigan, provides retail and wholesale
auto financing, primarily in support of General Motors' auto operations, and
is one of the world's largest non-bank financial institutions.  GMAC
reported earnings of US$2.4 billion in 2005.  Its Latin American operations
are located in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela.


GMAC LLC: Moodys' Confirmed Ba1 Rating on Completed Stake Sale
--------------------------------------------------------------
Moody's Investors Service confirmed GMAC LLC's Ba1 senior unsecured ratings,
following General Motors' announcement that it has closed the sale of a 51%
stake in GMAC to FIM Holdings, LLC, an investor consortium led by Cerberus
FIM Investors, LLC.  Moody's also assigned a new rating of Ba3 to GMAC's
US$1.9 billion preferred equity securities, which were issued to GMAC's
owners in connection with the sale transaction.  The outlook for GMAC's
ratings is negative.

Moody's also confirmed Residential Capital LLC aka ResCap's Baa3 unsecured
and Prime-3 short-term ratings, with a stable outlook.  General Motors'
ratings (B3 corporate family, Caa1 senior unsecured) are unchanged as they
already take into consideration the impact of the sale on the company's
credit profile.

Moody's confirmation of GMAC's ratings incorporates these key factors:

   -- General Motors' sale of a 51% stake in GMAC results in
      ratings de-linkage from General Motors on the basis of a
      change in control in favor of the Cerberus consortium.

   -- The transaction reduces GMAC's direct and indirect
      exposure to General Motors and eliminates its potential
      liability for General Motors' pension obligations, which
      improves the firm's risk profile.

   -- GMAC's new owners are expected to have a positive
      influence on GMAC's operating strategy, which will
      emphasize profitability improvements through gains in
      operating and funding efficiency, capital strengthening
      through earnings retention and dividend reinvestment,
      and enhanced liquidity through improved access to the
      capital markets.

   -- GMAC will have a continuing business concentration with
      General Motors, which, given General Motors' operating
      challenges, poses ongoing risks to GMAC's operating
      metrics and access to confidence sensitive funding,
      constraining the rating and outlook.

   -- General Motors' call option on GMAC's automotive
      operations represents an upside ceiling on GMAC's
      unsecured rating (the higher of Baa2 or one-notch higher
      than General Motors' rating) based upon a re-linkage of
      ratings should General Motors exercise the option.

Moody's noted that GMAC's negative rating outlook could improve to stable in
the near term should the firm succeed in strengthening its liquidity
profile, in particular, by mitigating the General Motors bankruptcy risk
embedded within its wholesale receivable funding facility, SWIFT.
Developments in General Motors' condition and performance will also be very
important considerations in reassessing GMAC's rating outlook.

Confirmation of ResCap's ratings reflects these considerations:

   -- The sale of a 51% interest of GMAC to Cerberus will result
      in ratings de-linkage from General Motors and likely
      improve ResCap's access to alternative funding sources.

   -- ResCap has had significant success in gaining strong
      access to diverse funding sources in the global public
      capital markets, thus eliminating its reliance on
      intercompany borrowings from GMAC.

   -- ResCap has made solid progress in integrating its GMAC
      Residential and GMAC RFC mortgage businesses.

   -- However, ResCap has further progress to make to complete
      the integration of its business platforms and reduce
      business infrastructure costs.

   -- ResCap's limited independent operating track record, the
      highly competitive residential mortgage banking
      environment in which it operates and its moderate
      capitalization continue to be rating factors.

ResCap's stable outlook implies that following a change in ownership there
will not be a material alteration to ResCap's leadership, business model or
capital structure.  The stable outlook also reflects a reduction in the
linkage between ResCap and GMAC.  Moody's expects that the sale will lead to
an enhancement of ResCap's operational structure and flexibility, which
should result in further earnings and funding diversity over time.
Nonetheless, ResCap's rating continues to be linked to that of its parent.
Thus, an action regarding GMAC's ratings could result in a similar action
with ResCap's ratings, assuming no material changes in ResCap's corporate
ownership. Notching between the two firms' ratings could increase to as much
as two notches, once existing operational and funding structure
uncertainties are resolved, demonstrating ResCap's independence from GMAC.

GMAC LLC is a Detroit-based provider of retail and wholesale auto financing,
primarily in support of GM's auto operations.  GMAC reported earnings of
US$2.4 billion in 2005.

ResCap is a holding company for the real estate financing businesses of
GMAC, including GMAC-RFC Holding and GMAC Residential Holding Corp.

GMAC LLC, headquartered in Detroit, Michigan, provides retail and wholesale
auto financing, primarily in support of General Motors' auto operations, and
is one of the world's largest non-bank financial institutions.  GMAC
reported earnings of US$2.4 billion in 2005.  Its Latin American operations
are located in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela.


GRUPO MEXICO: Expects Copper Output to Increase in 2007
-------------------------------------------------------
Grupo Mexico SA de CV expects that its copper production next year would
significantly grow as expansion projects come on line at its Peruvian mines,
Reuters reports.

Reuters relates that Grupo Mexico's copper production last year was at
785,196 tons.

Grupo Mexico hopes to reach a similar amount in 2006 after increasing output
at all its mines to make up for production losses during long strikes at its
Mexican operations earlier this year, Reuters says, citing Juan Rebolledo,
the head of the firm's international relations.

The La Caridad mine, which was crippled by a strike for several months, was
now at about 95% of its production.  Meanwhile, the Cananea copper mine was
processing 300,000 tons of rock some days, beating records, Reuters says,
citing Mr. Rebolledo.

"We should be producing much more.  For 2007 we expect to improve these
numbers significantly," Mr. Rebolledo told Reuters.

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

                        *    *    *

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

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


GRUPO SENDA: S&P Affirms & Withdraws B+ Corp. Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate
credit rating on Monterrey, Mexico-based Grupo Senda S.A. de C.V.  At the
same time and at the company's request, the rating was withdrawn, as was the
rating on the proposed US$200-million notes due 2016.

At the time of withdrawal, the ratings reflected Senda's debt increase due
to the Transportes del Norte acquisition, its tight liquidity, relatively
low organic growth, and somewhat small size.  These weaknesses are balanced
by the company's strong position in the northeastern and central regions of
Mexico, young average fleet life that results in strong operational
performance, and somewhat diversified revenue.


GUESS? INC: Reports 16.65 Increase in November Retail Sales
-----------------------------------------------------------
Guess?, Inc., reported total November retail sales for the month ended Nov.
25, 2006, reached US$67.8 million, an increase of 16.6% from sales of
US$58.2 million for the month ended
Nov. 26, 2005.  Comparable store sales for the November 2006 period
increased 12.1%, which follows an increase of 15.8% for the November 2005
period.

Guess?, Inc., -- http://www.guess.com-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world.

                        *    *    *

As reported in the Troubled Company reporter on March 13, 2006,
Standard & Poor's Ratings Services revised its rating outlook on
Guess? Inc. to positive from stable.  At the same time,
Standard & Poor's affirmed the company's ratings, including its
'BB-' corporate credit rating.


HIPOTECARIA CREDITO: Tapping Local Debt Market to Raise MXN2.8B
---------------------------------------------------------------
Agustin Gomez del Campo -- the funding director of Hipotecaria Credito y
Casa, SA De CV, a housing finance firm in Mexico -- told Business News
Americas that the company will tap the local debt market within the next two
weeks to raise MXN2.80 billion.

BNamericas relates that the funds will be raised through securitizations
backed by bridge loans for construction and residential mortgage-backed
securities.

Mr. Gomez del Campo told BNamericas, "During the first week of December, we
plan securitize some MXN1.00 billion in construction bridge loans and in the
second issue about MXN1.80 billion in mortgage-backed securities."

The local press reported in October that Sofol Metrofinanciera had acquired
Hipotecaria Credito.

Shareholders of Hipotecaria Credito are talking with Sofol over its possible
sale but the transaction is not closed and might not be, BNamericas says,
citing Mr. Gomez del Campo.

Carlos Benavides, Latin America structured finance assistant vice president
at Moody's Investors Service, told BNamericas that deals backed by
residential mortgages loans differ substantially from transactions backed by
construction bridge loans.

Mr. Benavides explained to BNamericas, "RMBS (residential mortgage-backed
securities) deals are backed by a well diversified amortizing pool of
mortgage loans, with terms ranging from 15-25 years.  Securitizations of
bridge loans, on the other hand, have revolving structures, with a varying
but smaller number of loans in the pool at any given point in time.  The
term of the underlying construction loans is usually 24 months."

BNamericas underscores that issuances of asset-backed securities and
mortgage-backed securities in Mexico have been growing at a fast pace over
the last few years due to a severe housing deficit and government support
for the housing sector.

AMSFOL, a Sofol association, told BNamericas that Hipotecaria Credito is
Mexico's third largest mortgage Sofol as measured by its total portfolio
including off-balance sheet loans.

The total loan book of Hipotecaria Credito as of Sept. 30 was MXN22.0
billion, of which 83% were mortgage loans and the remainder construction
bridge loans.

Hipotecaria Credito y Casa, based in Culiacan, Sinaloa, Mexico,
started operations in 1997 as a non-bank financial
institution/Sofol Mortgage Company. Hippotecaria Credito's main
activity consists of extending mortgages financed by monies from
SHF to low income households.  As of March 31, 2006, the company
reported assets of MXN19.3 billion and MXN1.3 billion in equity.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on June 27, 2006,
Moody's de Mexico has assigned a (P)B1 senior unsecured debt, and Baa2.mx
ratings to the MXN3 Billion MTN programs of Hipotecaria Credito y Casa, SA
De CV's.  The rating outlook is stable.  The company's MX-2 national scale
and Not Prime global local currency short-term ratings, and the company's
Baa2.mx national scale and B1 global scale local currency issuer ratings,
were also affirmed.  Hipotecraria Credito is a Sociedad Financiera de Objeto
Limitado or Sofol, a special-purpose financial company, also known as a
"non-bank bank." Sofoles' main function is to extend mortgages to low-income
individuals under the auspices of Sociedad Hipotecaria Federal or SHF
financing programs, and to provide construction financing to developers of
low-income housing.  SHF is one of Mexico's most important
government-sponsored programs for low to low-middle income housing.


HOME PRODUCTS: Reaches Restructuring Agreement with Noteholders
---------------------------------------------------------------
Home Products International, Inc., has reached an agreement in principle
with certain noteholders holding a majority of its High Yield bond debt
regarding the terms of a restructuring of the company's outstanding
indebtedness.

Douglas Ramsdale, Chief Executive Officer, said, "This is an important and
positive move in achieving HPI's vision, and we appreciate the support of
our noteholders.  The proposed transaction and related restructuring will
strengthen our financial future and better position the company for
continued success."

The restructuring will reduce the company's indebtedness by significantly
reducing its publicly held unsecured debt while allowing business operations
to continue to operate as usual.  As part of the restructuring, holders of
the company's 9.625% Senior Subordinated Notes would convert their debt
holdings in the company for 95% of the equity of the reorganized company,
subject to dilution.  In addition, pursuant to the agreement in principle,
the company expects that the existing holders of the company's common stock
will receive 5% of the common stock, subject to dilution, of the reorganized
company.  The company's trade debt will not be affected by the
restructuring.  As part of the restructuring, the company also expects to
enter into an amended credit facility with its current lenders to provide
the company with additional liquidity for operations.  The company expects
that the restructuring will have the support of all of its constituencies.

Mr. Ramsdale noted, "We are confident that the recapitalization plan will,
in the long term, serve the interests of our employees, creditors and
customers by improving our capital base and making the company healthier
overall.  We look forward to continuing our solid working relationships with
our customers and suppliers and would like to thank our dedicated employees
for their ongoing commitment to product excellence and outstanding service."

Home Products International, Inc. -- http://www.hpii.com/and
http://www.homz.biz/-- is an international consumer products
company which designs and manufactures houseware products.  The
Company sells its products through national and regional
discounters including Kmart, Wal-Mart and Target, hardware/home
centers, food/drug stores, juvenile stores and specialty stores.
The company has operations in Mexico.


HOME PRODUCTS: Interest Nonpayment Prompts S&P's Default Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
Chicago, Ill.-based household goods manufacturer Home Products International
Inc. to 'D' from 'CCC+'.  At the same time, the subordinated debt rating on
the company was lowered to 'D' from 'CCC-'.

The ratings downgrade reflects Home Products' failure to make a US$5.6
million interest payment to noteholders due in mid November.  "Although the
company is currently in a 30-day cure period that began Nov. 15, we believe
that it is unlikely to make the missed payment," said Standard & Poor's
credit analyst Bea Chiem.  On Nov. 16, Home Products announced that it
reached an agreement in principle with noteholders to restructure its
approximately US$120 million of outstanding notes. As part of the
restructuring, holders of the 9.625% senior subordinated notes would convert
their holdings into 95% of the equity of the reorganized company.  Existing
common shareholders will receive 5% of the common stock.  Terms of the
agreement are still being finalized; the company has until mid December to
reach an agreement.

Home Products International, Inc. -- http://www.hpii.com/and
http://www.homz.biz/-- is an international consumer products
company which designs and manufactures houseware products.  The
Company sells its products through national and regional
discounters including Kmart, Wal-Mart and Target, hardware/home
centers, food/drug stores, juvenile stores and specialty stores.
The company has operations in Mexico.


MERIDIAN AUTO: Wants to Assume Add'l. 11 Contracts & Leases
-----------------------------------------------------------
Meridian Automotive Systems Inc. and its debtor-affiliates seek permission
from the U.S. Bankruptcy Court for the District of Delaware to assume 11
additional contracts and leases.

According to Robert S. Brady, Esq., at Young Conaway Stargatt &
Taylor, LLP, in Wilmington, Delaware, the Additional Contracts
and Leases consist of occurrence-based insurance policies, which
provide the Debtors coverage from certain liabilities arising as
far back as 2003.

The counterparties to the 11 Contracts & Leases are:

   Counterparty           Lease Insurance Policy
   ------------           ------------
   ACE                    Foreign Liability
   Global Aerospace       Non-owned Aircraft Liability
   Great American         Umbrella including Punitive Wrap
   Liberty Mutual         Auto Liability (Canada)
   Liberty Mutual         Auto Liability (U.S.)
   Liberty Mutual         General Liability (Canada)
   Liberty Mutual         General Liability (U.S.)
   Liberty Mutual         Workers' Compensation
   Midwest Employers      Workers' Compensation (MI & OH Excess)
   XL Specialty           Non-owned Aircraft Liability
   Zurich                 Excess including Punitive Wrap

The Policies are necessary to insulate the Debtors from
potentially significant liabilities incurred in the ordinary
course of their businesses during the years for which the
Policies are applicable, Mr. Brady emphasizes.

The Debtors are current on all amounts owing under the Additional Contracts
and Leases, Mr. Brady tells the Court.  The Debtors owe no cure amounts with
respect to the Contracts and Leases.

Headquartered in Dearborn, Mich., Meridian Automotive Systems
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other interior
systems to automobile and truck manufacturers.  Meridian operates 22 plants
in the United States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers.

The Company and its debtor-affiliates filed for chapter 11 protection on
April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168 through 05-11176).  James
F. Conlan, Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan
Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq.,
Edmon L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the Debtors in
their restructuring efforts.  Eric E. Sagerman, Esq., at Winston & Strawn
LLP represents the Official Committee of Unsecured Creditors.  The Committee
also hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden &
Balick, P.A., to prosecute an adversary proceeding against Meridian's First
Lien Lenders and Second Lien Lenders to invalidate their liens.  When the
Debtors filed for protection from their creditors, they listed
$530 million in total assets and approximately $815 million in
total liabilities.  (Meridian Bankruptcy News, Issue No. 44;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


NORTEL NETWORKS: To Establish Joint Venture with SECI in Europe
---------------------------------------------------------------
Nortel Networks and Southeast European Communications and Investments Inc.
aka SECI intend to establish a joint venture in southeast Europe.  The
creation of the joint venture with SECI
-- a company that is actively involved with providing advisory services in
telecommunications, energy and various infrastructure projects in southeast
Europe -- will allow Nortel to reach this rapidly growing regional market.

The proposed joint venture will bring the expertise of SECI's existing broad
network of representatives and contacts in southeastern Europe to drive
sales of Nortel's next-generation Carrier Ethernet, optical, converged
multimedia and mobility solutions to carriers in the region. The parties
have been in discussion for some time and have now summarized their
intentions in a Memorandum of Understanding.  The non-binding MOU is
expected to result in a definitive agreement in early 2007.

The new company formed through the joint venture will operate under the name
Nortel SE and will initially have offices in Bulgaria, Macedonia and Serbia.
Nortel SE will be responsible for driving Nortel sales in Albania,
Bosnia-Herzegovina, Bulgaria, Croatia, Kosovo, Macedonia, Montenegro, Serbia
and Slovenia.  Initial plans are for Nortel SE to have a sales and marketing
staff of approximately 30 people.

"Southeastern Europe is a rapidly growing region of opportunity for Nortel
which is why we are increasing our presence here," said Sorin Lupu, leader
Eastern European Markets, Nortel. "Carriers and enterprises in southeast
Europe are transforming themselves in order to meet the growing need for
anywhere, anytime communications. With a move towards 4G happening, and with
WiMAX licenses to be granted or implemented in almost all countries in
southeast Europe, this new JV will help Nortel address new market
opportunities and deliver improved support for existing customers."

"SECI management has been focusing exclusively on the southeast Europe
region for many years. We have established relationships throughout the
region and have worked in an advisory capacity on several privatizations and
telecommunications restructuring projects," said Constantine Aloupis, CEO,
SECI.  "The opportunity for us to combine local knowledge and industry
expertise with Nortel's technical innovation and global understanding of
carrier needs will be a catalyst for advancing telecommunications in
southeast Europe."

The proposed joint venture is subject to execution of definitive agreements
and required regulatory approvals.

                         About SECI

Southeast European Communications and Investments Inc.'s team of regional
telecommunications experts has provided advisory services for investments
and projects in the Southeast European region in the energy and
telecommunications fields, and has been very active recently in the
development of broadband strategies with a number of operators in the
region.

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.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family Rating for Nortel
Networks Corp. to B2.

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 USUS$2 billion notes.  S&P
said the outlook is stable.


* MUNICIPALITY OF TONALA: Moody's Issues Joint Default Analysis
---------------------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the Municipality of Tonala's issuer ratings at Ba3 and A3.mx, with
a stable outlook.

The rating is based on:

   -- a BCA of 13,
   -- the credit risk profile of Jaliso,
   -- 20% probability of support and,
   -- 90% default dependence.

In October 2006, Moody's published a Special Comment report, entitled "The
Application of Joint Default Analysis to Regional and Local Governments".
The JDA methodology formally disaggregates the ratings of RLGs into four
components:

   (i) an assessment of the RLG's baseline credit risk
       (on a scale of 1 to 21, where 1 represents the equivalent
       risk of Aaa, 2 represents Aa1 and so forth),

  (ii) the higher-tier or supporting government's domestic
       currency rating,

(iii) an estimate of the default dependence between the RLG and
       the supporting government (expressed as a percentage),
       and

  (iv) an estimate of the likelihood of extraordinary support
       from the supporting government (expressed as a
       percentage).

The application of JDA in the Americas resulted in 24 RLG ratings upgraded,
75 RLG ratings affirmed, and ratings on 2 associated entities upgraded.

As a reflection of the application of JDA to government related issuers
(GRIs), for which certain RLGs are the supporting governments, Moody's also
raised the ratings on 6 GRIs.


* TLALANEPANTLA: Moody's Releases Joint Default Analysis
--------------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the Municipality of Tlalanepantla's issuer ratings at Ba2 and
A2.mx, with a stable outlook.

The rating is based on:

   -- a BCA of 12,
   -- Ba3 rating on the State of Mexico,
   -- 20% probability of support and,
   -- 90% default dependence.

In October 2006, Moody's published a Special Comment report, entitled "The
Application of Joint Default Analysis to Regional and Local Governments".
The JDA methodology formally disaggregates the ratings of RLGs into four
components:

   (i) an assessment of the RLG's baseline credit risk
       (on a scale of 1 to 21, where 1 represents the equivalent
       risk of Aaa, 2 represents Aa1 and so forth),

  (ii) the higher-tier or supporting government's domestic
       currency rating,

(iii) an estimate of the default dependence between the RLG and
       the supporting government (expressed as a percentage),
       and

  (iv) an estimate of the likelihood of extraordinary support
       from the supporting government (expressed as a
       percentage).

The application of JDA in the Americas resulted in 24 RLG ratings upgraded,
75 RLG ratings affirmed, and ratings on 2 associated entities upgraded.

As a reflection of the application of JDA to government related issuers
(GRIs), for which certain RLGs are the supporting governments, Moody's also
raised the ratings on 6 GRIs.


* TULTITLAN: Moody's Releases Joint Default Analysis
----------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the Municipality of Tultitlan's issuer ratings at B1 and Baa2.mx,
with a stable outlook.

The rating is based on:

   -- a BCA of 14,
   --Ba3 rating on the Government of Mexico,
   -- 20% probability of support and,
   -- 90% default dependence.

In October 2006, Moody's published a Special Comment report, entitled "The
Application of Joint Default Analysis to Regional and Local Governments".
The JDA methodology formally disaggregates the ratings of RLGs into four
components:

   (i) an assessment of the RLG's baseline credit risk
       (on a scale of 1 to 21, where 1 represents the equivalent
       risk of Aaa, 2 represents Aa1 and so forth),

  (ii) the higher-tier or supporting government's domestic
       currency rating,

(iii) an estimate of the default dependence between the RLG and
       the supporting government (expressed as a percentage),
       and

  (iv) an estimate of the likelihood of extraordinary support
       from the supporting government (expressed as a
       percentage).

The application of JDA in the Americas resulted in 24 RLG ratings upgraded,
75 RLG ratings affirmed, and ratings on 2 associated entities upgraded.

As a reflection of the application of JDA to government related issuers
(GRIs), for which certain RLGs are the supporting governments, Moody's also
raised the ratings on 6 GRIs.


* TUXTLA GUTIERREZ: Moody's Releases Joint Default Analysis
-----------------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the Municipality of Tuxtla Gutierrez's issuer ratings at Ba3 and
Ba3.mx, with a stable outlook.

The rating is based on:

   -- a BCA of 13,
   --Ba3 rating on the State of Chiapas,
   -- 20% probability of support and,
   -- 90% default dependence.

In October 2006, Moody's published a Special Comment report, entitled "The
Application of Joint Default Analysis to Regional and Local Governments".
The JDA methodology formally disaggregates the ratings of RLGs into four
components:

   (i) an assessment of the RLG's baseline credit risk
       (on a scale of 1 to 21, where 1 represents the equivalent
       risk of Aaa, 2 represents Aa1 and so forth),

  (ii) the higher-tier or supporting government's domestic
       currency rating,

(iii) an estimate of the default dependence between the RLG and
       the supporting government (expressed as a percentage),
       and

  (iv) an estimate of the likelihood of extraordinary support
       from the supporting government (expressed as a
       percentage).

The application of JDA in the Americas resulted in 24 RLG ratings upgraded,
75 RLG ratings affirmed, and ratings on 2 associated entities upgraded.

As a reflection of the application of JDA to government related issuers
(GRIs), for which certain RLGs are the supporting governments, Moody's also
raised the ratings on 6 GRIs.




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


DOE RUN: Launches Third Wastewater Treatment Facility in Peru
-------------------------------------------------------------
Doe Run Resources Corp. said in a statement that it has launched a third
wastewater treatment facility near its La Oroya metals processing complex in
Peru.

According to a statement, the facility will lessen discharges into the
Mantaro River from company housing installations and plant sanitation
facilities.

Doe Run has invested US$7.25 million in the construction of the three
facilities in Peru, as one of the nine environmental projects related to its
environmental operating accord with the Peruvian government, Business News
Americas reports.

The Doe Run Resources Corp. is one of the world's providers of premium lead
and associated metals and services.  The company is the largest integrated
lead producer in North America and the largest primary lead producer in the
western world.

Doe Run operates an integrated primary lead operation and a recycling
operation located in Missouri, referred to as Buick
Resource Recycling.

Fabricated Products, Inc., a wholly owned subsidiary of Doe Run, operates a
lead fabrication operation located in Arizona and a lead oxide business
located in Washington.

Doe Run Peru SRL, an indirect Peruvian subsidiary, operates a smelter in La
Oroya, Peru, one of the largest polymetallic processing facilities in the
world, producing an extensive product mix of non-ferrous and precious
metals, including silver, copper, zinc, lead and gold.  Doe Run Peru also
has a copper mining and milling operation in Cobriza, Peru in the region of
Huancavelica, which is approximately 200 miles southeast of La Oroya in
Peru.

              Doe Run Peru Going Concern Doubt

As reported in the Troubled Company reporter-Latin America on
Aug. 10, 2006, Doe Run Peru has significant capital requirements
under environmental commitments and guarantees and substantial
contingencies related to taxes and has significant debt service
obligations under the revolving credit facility, each of which,
if not satisfied, could result in a default under Doe Run Peru's
credit agreement and collectively raise substantial doubt about
Doe Run Peru's ability to continue as a going concern.

Doe Run Peru continues to have substantial cash requirements in
the future, including the maturity of the revolving credit
facility on Sept. 22, 2006, and significant capital requirements
under environmental commitments.  In addition, there are
substantial contingencies related to taxes.

The Doe Run Peru Revolving Credit Facility expires on
Sept. 22, 2006, and will require negotiations to extend its
terms.  There can be no assurance that Doe Run Peru will be
successful in extending the existing credit agreement or
negotiating a new agreement, or if it is successful, that the
extended or new credit agreement would be at terms that are
favorable to Doe Run Peru.

Any default under the requirements of the Environmental
Remediation and Management Program could result in a default
under the Doe Run Peru Revolving Credit Facility.  A default
under the requirements of the Doe Run Peru Revolving Credit
Facility results in defaults under the Doe Run Revolving Credit
Facility and the indenture governing the bonds.




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


ADELPHIA: ADDvantage Buys US$1.8 Mil. of Digital Set-Top Boxes
--------------------------------------------------------------
Broadband Redistribution International, a new subsidiary of ADDvantage
Technologies Group Inc., completed the purchase of 82,034 Scientific-Atlanta
and 16,889 Motorola surplus digital set-top boxes from Adelphia
Communications Corporation for approximately US$1.8 million.

The purchase of the equipment from Adelphia was finalized after the U.S.
Bankruptcy Court for the Southern District of New York approved the sale.

                  About ADDvantage Technologies

Based in Broken Arrow, Oklahoma, ADDvantage Technologies Group, Inc. (Amex:
AEY) -- http://www.addvantagetech.com/-- supplies the cable television
industry with a comprehensive line of new and used system-critical network
equipment and hardware, including Scientific-Atlanta and Motorola, as well
as operating a national network of technical repair centers.  ADDvantage
operates through its subsidiaries, Tulsat, Tulsat-Atlanta, Tulsat-Nebraska,
Tulsat-Texas, NCS Industries, ComTech Services, Jones Broadband
International, and Broadband Redistribution International.

              About Adelphia Communications Corp.

Based in Coudersport, Pa., Adelphia Communications Corporation
(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 No.
150; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


ADELPHIA COMMS: Highland Carlsbad Sells Vacant Lot for $650,000
---------------------------------------------------------------
Adelphia Communications Corporation's debtor affiliate, Highland Carlsbad
Operating Subsidiary Inc., pursuant to an excess assets sale procedures
approved by the U.S. Bankruptcy Court for the Southern District of New York,
informed the Court that it will sell a vacant lot in Carlsbad, California,
for US$650,000 to Hooman Karamian and Amanda Toney.

Highland Carlsbad also told the Court that no appraisal of the property was
conducted.

Based in Coudersport, Pa., Adelphia Communications Corporation
(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 No.
150; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


CONSTRUCTORA AUSUBO: Case Summary & 20 Largest Unsecured Lenders
----------------------------------------------------------------
Debtor: Constructora Ausubo Inc.
        Suite 341
        P.O. Box 4956
        Caguas, PR 00726

Bankruptcy Case No.: 06-04753

Chapter 11 Petition Date: November 28, 2006

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Victor Gratacos Diaz, Esq.
                  Victor Gratacos Law Office
                  P.O. Box 7571
                  Caguas, PR 00726
                  Tel: (787) 746-4772
                  Fax: (787) 746-3633

Total Assets: US$260,420

Total Debts:  US$2,166,454

Debtor's 20 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Recko Build                   Credit line debt        US$254,780
P.O. Box 2128
San Juan, PR 00922-2128

Banco Popular                                         US$178,750
P.O. Box 70100
San Juan, PR 00936

Banco Popular                                         US$178,750
P.O. Box 70100
San Juan, PR 00936

Banco Popular                                         US$178,750
P.O. Box 70100
San Juan, PR 00936

Banco Popular                                         US$178,750
P.O. Box 70100
San Juan, PR 00936

Cemex DE PR                                           US$175,843
P.O. Box 364487
San Juan, PR 00936-4487

Freddy Crane                                          US$117,164

Internal Revenue Service      Tax debt for            US$113,863
                              several years

Toyota Credit                 Car loan debt            US$77,024
                              Value of security:
                              US$10,000

Steel and Service                                      US$63,633

Departamento De Hacienda                               US$61,066

Master Concrete               Service debt             US$56,774

Fondo Del Seguro De Estado    Insurance debt           US$54,585
                              Balance

Corporacion Del Fondo Seguro                           US$54,584
Del Esta

Empresas Terraza                                       US$53,317

Logrobb Scaffold Equipment                             US$52,703

Banco Bilbao Vizcaya                                   US$47,936

Departamento Del Trabajo                               US$42,592

Banco Popular                 Credit card debt         US$24,331

Municipio De Caguas           Municipal patent debt    US$24,069


DELTA MUTUAL: 2006 3rd Quarter Net Loss Decreases to US$531,329
---------------------------------------------------------------
For the third quarter ended Sept. 30, 2006, Delta Mutual Inc.
reported a US$531,329 net loss on US$19,166 of revenues, compared with a
US$1,343,091 net loss on US$0 revenue in the comparable quarter of 2005.

At Sept. 30, 2006, the Company's balance sheet showed US$1,324,842 in total
assets, US$1,668,402 in total current liabilities, and US$448,342 in
minority interest, resulting in a US$791,902 stockholders' deficit.

                        Company Plans

The Company intends to continue its operations in the Far East.  Additional
capital is required to continue these operations as well as its planned
operations in Saudi Arabia and the United States.

The Company's first low-income housing project in Puerto
Rico was rejected for re-zoning and cannot go forward as submitted.  While
the property owners are currently evaluating alternative courses of action
with respect to this project, the Company is seeking a suitable parcel of
land for a new, low-income housing project.

                   Far East Joint Venture

In Indonesia, the Company formed a local joint venture company to commence
energy and waste recovery operations.  The joint venture company, PT.
Triyudha-Envirotech, began operations on Dec. 15, 2005, pursuant to a
contract with Pertamina.

During the third quarter, the operation processed the remaining 190 metric
tons of oil sludge from designated sludge pools under the initial 3,000
metric ton contract.

The Company expects to be awarded a second contract before year-end and
begin processing operations in 2007.

Full-text copies of the Company's third quarter financials are available for
free at http://ResearchArchives.com/t/s?1603

                     Going Concern Doubt

Wiener, Goodman & Company PC raised substantial doubt about
Delta Mutual Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the year ended
Dec. 31, 2005.  The auditing firm pointed to the Company's
deficiency in net assets at Dec. 31, 2005, losses from operations since
inception, and need to obtain additional financing.

                     About Delta Mutual

Delta Mutual Inc. -- http://www.deltamutual.com/-- specializes
in energy recovery and construction services through
environmentally friendly technologies that recover energy sources from soil,
water and other waste streams.  Delta Mutual and its subsidiaries provide
environmental and construction technologies and services to certain
geographic reporting segments in the Far East, the Middle East, the United
States and Puerto Rico.


DRESSER INC: Makes Additional US$20MM Prepayment on Term Loan
-------------------------------------------------------------
Dresser, Inc., made an optional prepayment of US$20 million on its new
US$785 million term loan, reducing the total amount outstanding under the
facility to US$765 million.

On Oct. 31, 2006, Dresser refinanced its U.S. debt with the US$785 million
term loan and a US$150 million revolving credit facility.  Prior to the
refinancing, the company had made optional prepayments totaling US$75
million during 2006 on its then-existing term loan.

The company noted that its operations continue to generate significant
positive cash flow and its backlog and bookings remain strong.

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

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 20, 2006, Moody's
Investors Service assigned a B1, LGD 3 (37%) rating to Dresser, Inc.'s
proposed US$935 million of senior secured bank credit facilities.  At the
same time, Moody's affirmed Dresser's B1 Corporate Family Rating and changed
the company's Probability of Default Rating to B2 from B1.  The outlook
remains negative pending the filing of its restated financial statements.
Proceeds from the new bank credit facility are being used to refinance
Dresser's existing senior secured credit facility, senior unsecured term
loan, and senor subordinated notes.  Moody's will withdraw the ratings on
the existing secured credit facility, senior unsecured term loan, and
subordinated notes upon their redemption.

Standard & Poor's Ratings Services assigned on its 'B' senior secured rating
and its '3' recovery rating to energy and oilfield equipment manufacturer
Dresser Inc.'s US$935 million credit facilities, which are composed of:

   -- a new US$785 million term loan B,
   -- a US$50 million synthetic LOC facility, and
   -- a US$100 million revolving credit facility.


NBTY INC: Sr. VP Michael Slade Adopts Rule 10b5-1 Trading Plan
--------------------------------------------------------------
NBTY, Inc., disclosed that Michael Slade, its Senior Vice President and a
member of the Board of Directors and trustee of a private charitable
foundation, has adopted pre-arranged stock trading plans to sell a portion
of his NBTY stock over time, as part of his individual long-term strategy of
asset diversification and to provide liquidity for the foundation.  These
stock trading plans were adopted in accordance with Rule 10b5-1 of the U.S.
Securities Exchange Act of 1934 and NBTY's policies with respect to insider
trading.

Rule 10b5-1 allows corporate officers and directors to adopt written,
pre-arranged stock trading plans when they do not have material, non-public
information.  Using these plans, insiders can diversify their investment
portfolios and can avoid concerns about whether they had material,
non-public information when they sold their stock.

Under his Rule 10b5-1 plans, which are effective as of
Nov. 30, 2006, Mr. Slade may sell personally up to 250,000 shares and
through the foundation up to 76,900 shares of NBTY stock over a period of
approximately two years, starting in January 2007 and terminating in
December 2008, subject to certain price targets and restrictions.  If all of
the stock eligible for sale under these plans is sold, Mr. Slade will still
directly and indirectly own approximately 1.2 million shares or
approximately 2% of NBTY's current outstanding stock.

Headquartered in Bohemia, New York, NBTY, Inc. (NYSE: NTY) --
http://www.NBTY.com/-- manufactures, markets and distributes
nutritional supplements in the United States and throughout the
world.  As of September 30, 2005, it operated 542 Vitamin World
and Nutrition Warehouse retail stores in the United States,
Guam, Puerto Rico, and the Virgin Islands.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 14, 2006,
Standard & Poor's Ratings Services raised its bank loan rating
for NBTY Inc., to 'BB+' from 'BB', and raised the recovery
rating to '1' from '2'.  At the same time, Standard & Poor's
revised its outlook to stable from negative and affirmed the
'BB' corporate credit rating and all other ratings on NBTY.

The '1' recovery rating indicates the expectation of a full
recovery of principal in the event of a default.  Approximately
US$227.4 million of total debt was outstanding at June 30, 2006.


NEWCOMM WIRELESS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: NewComm Wireless Services, Inc.
        aka MoviStar
        aka NewComm Wireless Puerto Rico
        aka Movistar Puerto Rico
        aka NewComm Wireless Services
        aka NewCommakaNewComm Wireless Services Corporation
        aka NewComm Wireless
        City View Plaza #48
        Calle 165, Suite 700
        Guaynabo, PR 00936

Bankruptcy Case No.: 06-04755

Type of Business: The Debtor is a PCS company that provides
                  wireless service to the Puerto Rico market.
                  The company is a joint venture between
                  ClearComm, L.P. and Telefonica Larga
                  Distancia.

                  On May 16, 2006, Atento De Puerto Rico, Inc.
                  filed an involuntary chapter 11 petition
                  against the Debtor (Bankr. D. P.R. Case No.
                  06-00971).

Chapter 11 Petition Date: November 28, 2006

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsels: Carmen D. Conde Torres, Esq.
                   C. Conde & Assoc.
                   254 San Jose Street, 5th Floor
                   San Juan, PR 00901-1523
                   Tel: (787) 729-2900
                   Fax: (787) 729-2203

                      --- and ---

                   Peter D. Wolfston, Esq.
                   Sonnenschein Nath & Rosenthal LLP
                   1221 Avenue of the Americas
                   New York, NY 10020
                   Tel: (212) 768-6700

Estimated Assets: More than US$100 Million

Estimated Debts:  More than US$100 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
ABN Amro Bank, N.V.           Notes payable        US$94,484,027
Betty Scalisse
ABN Amro Plaza
540 West Madison, 21st Floor
Chicago, IL 60661
Tel: (312) 992-5153

TLD De Puerto Rico            Trade creditor       US$13,267,441
Ricardo Ramos                 Pending litigation
P.O. Box 71314
San Juan, PR 00936-8414
Tel: (787) 749-5800

Puerto Rico Telephone Co.     Trade creditor        US$1,630,541
P.O. Box 71401
San Juan, PR 00936-8501
Tel: (787) 781-1314

Brightstar Corp.              Trade creditor        US$1,473,535
Eduardo Barreto
PMB 163
P.O. Box 4985
Caguas, PR 00726-4985
Tel: (787) 653-5000

Centro De Recaudaction        Real property tax     US$1,183,049
De Ingresos Municipales
Ramon Pagan
P.O. Box 195387
San Juan, PR 00919-5387
Tel: (787) 625-2746

Atento De Puerto Rico         Trade claims            US$934,812
P.O. Box 908                  Pending litigation
Caguas, PR 00726-0908
Tel: (787) 653-2000

Harris Microwave              Trade creditor          US$442,134
Communications Division
Juan Carlos Calle
Research Triangle Park
637 Davis Drive
Morrisville, NC 27560
Tel: (919) 593-2330

Telefonica Data De            Trade creditor          US$284,402
Puerto Rico
P.O. Box 70325
San Juan, PR 00936-8325
Tel: (787) 622-2500

Telefonica Moviles            Trade creditor          US$234,225
Soluciones

Carribean American            Handset insurance       US$213,762
Property Insurance

Lucent Technologies           Trade creditor          US$175,000
Cala Sales Inc.

Media Venture Partners        Consulting              US$150,000

Syniverse Technologies        Trade creditor          US$143,420

Magnetics International       Trade creditor           US$85,160

Royal Finance & Leasing       Trade creditor           US$84,739
Corp.

TISA                          Trade creditor           US$79,176

A.I. Credit Corp.             Insurance policies       US$60,694
                              financing

Munoz Metro Office S.E.       Trade creditor           US$41,823

Lambda Communications Inc.    Trade creditor           US$40,077

High-Tech Technology Center,  Trade creditor           US$15,770
Inc.


PILGRIM'S PRIDE: Gold Kist Stockholders Tender 67% of Shares
------------------------------------------------------------
Pilgrim's Pride Corp. disclosed that a total of 34,219,233 shares of Gold
Kist Inc. common stock, or approximately 67% of Gold Kist's outstanding
shares, have been tendered and not withdrawn as of 5:00 p.m., New York City
Time, Nov. 29, 2006.

"We are very pleased that such a significant majority of outstanding Gold
Kist shares have been tendered into our premium offer," said O.B. Goolsby,
Jr., Pilgrim's Pride president and chief executive officer. "We believe this
strong response is a clear indication that Gold Kist stockholders recognize
the compelling value of our offer and want Gold Kist's board of directors to
waive its takeover defenses, including its poison pill, so stockholders can
receive their money as soon as possible."

Pilgrim's Pride noted that holders of a significant majority of Gold Kist's
outstanding shares believe the Pilgrim's Pride offer is the best
value-creation opportunity available.  Accordingly, both Pilgrim's Pride and
Gold Kist stockholders rightfully expect the Gold Kist directors to listen
to the owners of the company and work with Pilgrim's Pride to complete this
transaction quickly.

Pilgrim's Pride has extended its tender offer to purchase all of the
outstanding shares of Gold Kist common stock for US$20.00 per share in cash.
The offer and withdrawal rights, which were scheduled to expire at 5:00
p.m., New York City Time, on
Nov. 29, 2006, have been extended until 5:00 p.m., New York City Time, on
Dec. 27, 2006, unless further extended.

Gold Kist's stock price, on average, has been approximately 50% of the
Pilgrim's Pride stock price since Gold Kist's initial public offering in
2004.  While stocks in the poultry industry are subject to significant
volatility, applying this average relative trading value of 50% to Nov. 29,
2006, Pilgrim's Pride closing stock price of US$24.78 implies a Gold Kist
stock price of approximately US$12.56.  The offer therefore represents an
approximately 59% premium to this implied Gold Kist stock price.  The offer
also represents a 55% premium over Gold Kist's closing stock price of
US$12.93 per share on Aug. 18, 2006, the last day of trading before
Pilgrim's Pride notified Gold Kist's board of directors in a public letter
that it was offering US$20.00 per share in cash for the company.

On Sept. 29, 2006, Pilgrim's Pride commenced its tender offer to purchase
all of the outstanding shares of Gold Kist common stock for US$20.00 per
share in cash.  The transaction is valued at approximately US$1 billion,
plus the assumption of approximately US$144 million of Gold Kist's debt.

The company also extended its offer to purchase and related consent
solicitation for Gold Kist's outstanding 10-1/4% Senior Notes due March 15,
2014, until 5:00 p.m., New York City Time, on Dec. 27, 2006, unless further
extended.  The debt tender offer is being made in connection with Pilgrim's
Pride's proposed acquisition of Gold Kist.  As of 5:00 pm, New York City
Time, on Nov. 29, 2006, the company had received tenders and related
consents with respect to approximately 99.9% of the aggregate principal
amount of the outstanding Gold Kist Notes.

In accordance with the terms of the Offer to Purchase the Gold Kist Notes,
tenders of the Notes and related consents to proposed amendments to the
indenture governing the Gold Kist Notes became irrevocable as of 5:00 p.m.
on Oct. 13, 2006, and tenders of Notes and consents delivered after that
date will also be irrevocable.  In accordance with the terms of the offer, a
new price determination date for the Gold Kist Notes will be fixed (which
will be 10:00 a.m. New York City time on the eleventh business day
immediately preceding the new expiration date) and the consideration to be
paid to holders of Gold Kist Notes will be re-determined as of the new date.

On Oct. 17, 2006, the Antitrust Division of the Department of Justice has
granted early termination of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 in connection with its tender offer for
the outstanding shares of Gold Kist.

Baker & McKenzie LLP and Morris, Nichols, Arsht & Tunnell, LLP are acting as
legal counsel and Credit Suisse, Legacy Partners Group LLC and Lehman
Brothers Inc. are acting as financial advisors to Pilgrim's Pride.
Innisfree M&A Incorporated is acting as information agent for Pilgrim's
Pride's offer.

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corp.
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the United States,
Mexico and in Puerto Rico.  Pilgrim's Pride employs approximately 40,000
people and has major operations in Texas, Alabama, Arkansas, Georgia,
Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee, Virginia, West
Virginia, Mexico and Puerto Rico, with other facilities in Arizona, Florida,
Iowa, Mississippi and Utah.

                        *    *    *

Moody's Investors Service held its Ba2 Corporate Family Rating for Pilgrim's
Pride Corp. in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. Consumer Products sector.  In addition, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default ratings on
the company's note issues, including an LGD6 rating on its US$100 million
9.250% Sr. Sub. Global Notes Due Nov. 15, 2013, suggesting noteholders will
experience a 95% loss in the event of a default.


SANTANDER BANCORP: Declares US$0.16 Per Share Cash Dividend
-----------------------------------------------------------
Santander BanCorp's board of directors declared a cash dividend amounting to
US$0.16 per common share.  The dividend shall be payable on Jan. 2, 2007, to
shareholders of record as of
Dec. 8, 2006.

Cash dividends on common shares are eligible for direct reinvestment under
the company's Dividend Reinvestment and Cash Purchase Plan.

For information on how to participate in Santander BanCorp's
Dividend Reinvestment and Cash Purchase Plan, shareholders should contact
the transfer agent and registrar at:

          Mellon Investor Services LLC
          Tel: (800) 851-9677.

Santander BanCorp is a publicly held financial holding company
that is traded on the New York Stock Exchange and on Latibex (Madrid Stock
Exchange).  About 91% of the outstanding common stock of Santander BanCorp
is owned by Banco Santander Central Hispano, S.A aka Santander.  The company
has four wholly owned subsidiaries - Banco Santander Puerto Rico, Santander
Securities Corp., Santander Financial Services and Santander Insurance
Agency.

                        *    *   *

As reported in the Troubled Company Reporter on May 30, 2006,
Fitch affirmed the Individual ratings of Santander Bancorp and
Banco Santander Puerto Rico at 'C'.


SUNCOM WIRELESS: Sept. 30 Balance Sheet Upside-Down by US$378MM
---------------------------------------------------------------
SunCom Wireless Holdings Inc. reported 2006 third quarter financial results,
which reflected higher average revenues per user, an increase in the number
of subscribers and higher roaming revenues as compared with the second
quarter of 2006.  These factors contributed to Adjusted EBITDA of US$30.2
million compared with US$24.5 million in the second quarter of 2006, while
net cash used in operating activities improved to US$5.3 million from
US$21.2 million in the second quarter.

During the quarter, the company added a net 15,387 subscribers on gross
additions of 105,564.  Monthly churn was 2.9%, up from 2.2% in the second
quarter of 2006.  Approximately 25% of the increased churn was due to the
planned decommissioning of SunCom's domestic TDMA -- Time Division Multiple
Access -- network.  Additionally, the temporary deployment of service
representatives to help with the transition of customers from the TDMA
network had a negative impact on churn related to non-TDMA customers.

SunCom transitioned more than 40,000 subscribers from its TDMA network to
the GSM network, the most popular standard for mobile phones in the world.
Most of the 40,000 were not under long-term contracts and SunCom
successfully transitioned 84% of those into a one or two-year agreement on
the GSM network.

Deactivations due to the TDMA conversion were 13,667 in the third quarter as
compared with 8,055 in the second quarter of 2006.  "Any time you require
customers to change technology, it has a negative impact on your customer
service support system ... even when the outcome is positive, that is,
converting subscribers to long-term contracts and replacing out-of-date
handsets with newer versions," said Bill Robinson, executive vice president
of operations.

ARPU increased 3.2% to US$54.56 from US$52.89 in the second quarter of 2006,
driven by a combination of higher access revenues, increased feature
revenues and seasonal increases for customer usage and roaming charges.

The ARPU gain along with the higher subscriber count produced a 4.1%
increase in service revenues to US$171.1 million from US$164.4 million in
the second quarter.

"The positive third quarter results are another indication that SunCom is
making gains in growing its cash flows and building its subscriber base,"
said Chairman and Chief Executive Officer Michael E. Kalogris.  "Our
Associates have done a fantastic job of positioning SunCom as a viable
competitor in a very tough industry."

Mr. Kalogris added, "The third quarter demonstrated SunCom has a solid
foundation from which to generate additional growth and we are looking
forward to an exciting fourth quarter."

SunCom recently launched a fresh marketing campaign featuring new equipment
offerings and promotional rate plans and new television advertising.
Additionally, SunCom successfully launched a new prepaid product --
GoodCall -- during the quarter.

                    Financial Highlights

   -- Adjusted EBITDA in the third quarter was US$30.2 million,
      a 23.2% increase from US$24.5 million reported in the
      second quarter of 2006.

      Net cash used in operating activities was US$5.3 million
      in the third quarter of 2006 compared with a use of
      US$21.2 million in the second quarter of 2006.

   -- Service revenues increased 4.1% to US$171.1 million from
      US$164.4 million in the second quarter of 2006, reflecting
      a higher ARPU and the greater number of subscribers in the
      quarter.

   -- Roaming revenues were US$23.5 million compared with
      US$19.5 million in the second quarter of 2006.   The
      quarter-to-quarter increase was due to a higher volume
      of minutes.  Total roaming minutes of use -- MOUs - were
      296 million compared with 256 million in the second
      quarter 2006.

   -- Monthly churn was 2.9% compared with 2.2% in the second
      quarter of 2006.  This increase was due, in part, to the
      planned decommissioning of SunCom's TDMA network.

   -- Cost of service for the third quarter of 2006 was
      US$66.7 million, unchanged from the second quarter.  Lower
      cell site expenses, primarily from the decommissioning of
      the TDMA network, were responsible for the flat quarter-
      over-quarter costs, despite the company's higher
      subscriber count.  Average home MOUs for the quarter was
      1,459 compared with 1,455 in the prior quarter.

   -- Total cost of equipment was US$38 million compared with
      US$32.3 million in the second quarter of 2006.  The
      increase in the third quarter compared with the second
      quarter was due to higher gross additions and increased
      handset upgrades related to retention programs.

   -- Costs per gross addition of US$400 declined from US$409 in
      the second quarter due to increased leverage on
      advertising and fixed costs from higher gross additions.

   -- Capital expenditures in the quarter were US$7.3 million
      versus US$34.9 million a year ago.

   -- The company ended the quarter with US$236.2 million in
      cash and short-term investments.

Based in Berwyn, Pennsylvania, SunCom Wireless Holdings Inc.
(NYSE: TPC) -- http://www.suncom.com/-- offers digital wireless
communications services to more than one million subscribers in
the southeastern United States, Puerto Rico and the U.S. Virgin
Islands.  SunCom is committed to delivering Truth in Wireless by
treating customers with respect, offering simple, straightforward plans and
by providing access to the largest GSM network and the latest technology
choices.

SunCom Wireless' balance sheet showed a stockholders' deficit of
US$378,099,000 at Sept. 30, 2006, compared with a deficit of US$338,223,000
at June 30, 2006.




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


BRITISH WEST: Shareholders May Have Little to Recover
-----------------------------------------------------
It was possible all shareholders of British West Indies Airlines aka BWIA
may have little to recover once the airline is closed, Newsday reports,
citing prominent stockbrokers.

Newsday relates that the Aviation Communication and Allied Workers Union or
ACAWU asked BWIA what will become of the J$38 million in shares held by the
airline's 1,800 workers when the airline closes.

Curtis John, president of ACAWU, told Newsday that part of a pension plan
accord between BWIA and the union in 1995 was the granting of 10% of the
airline's profits to workers.  Outside of the pension plan, many workers
bought individual shares in the company and this amounted to an estimated
J$38 million.

The announcement that BWIA is to be delisted and Caribbean Airlines will not
be listed on the stock market as it starts operating in January has worried
workers, Newsday notes, citing Mr. John.

Workers are concerned over the fate of their shares.  ACAWU will be
exploring its legal options on this issue, Mr. John explained to Newsday.

However, several prominent stockbrokers told Newsday that there was nothing
strange about Caribbean Airlines deciding not to list on the stock market
because no company does this as it begins operations.

Arthur Lok Jack -- the chairperson of Caribbean Airlines -- told Newsday
that Caribbean Airlines may list itself on the stock exchange in the future.

Companies can be delisted from the stock market for many reasons and when
this happens, it does not always mean that the firms are bankrupt, Newsday
notes, citing several prominent stockbrokers.

However, the stockbrokers told Newsday that in BWIA's case, the former
airline is "bust".

Mr. John told Newsday that with the Jamaican government retaining majority
control in Caribbean Airlines, the workers want to know whether their shares
will be transferred to Caribbean Airlines or whether they would be paid for
their shares.

Reports say that BWIA's shareholders would receive nothing once the airline
is closed.

Stockbrokers explained to Newsday that the amount of money that shareholders
would be able to recover depends on what remains after BWIA pays off its
creditors, one of whom is the government.  Once the creditors have been
paid, shareholders would have a claim on BWIA's assets.  Those assets would
be divided amongst them.  Shareholders can also recover monies by trading
among themselves.

Even though Mr. Lok Jack and Peter Davies, the new airline's chief executive
officer, have said there would be no unions in the airline, that does not
mean the end for ACAWU, Mr. John commented to Newsday.

Mr. John admitted to Newsday that ACAWU will suffer financially through loss
of membership.  However, he said that ACAWU is not BWIA.  It was formed as a
separate entity out of BWIA and has members outside of the airline.  What
ACAWU has to do is get back into the airline business and the union would be
ready to assist Caribbean Airlines workers if it became necessary to do so.

The first priority was to launch a new carrier and BWIA's shareholders would
be contacted about their shares, Mr. Lok Jack told Newsday.

British West Indies aka BWIA was founded in 1940, and for more than 60 years
has been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin island
republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

The airline was losing USUS$1 million a week due to poor operational
management.

The Trinidad & Tobago government, which owns 97.188% of BWIA, decided to
shut down the airline on Dec. 31, 2006, and reopen a new airline that will
be called Caribbean Airlines.  The government approved a substantial capital
injection for the creation of Caribbean Airlines.




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


INDUSTRIAS METALURGICAS: Gets US$50-Mil. Loan for Hydro Project
---------------------------------------------------------------
Industrias Metalurgicas Pescarmona has secured a US$50 million syndicated
loan to help fund its hydroelectric project in Venezuela, LatinLawyer Online
reports.

According to LatinLawyer, the first disbursement of the three-year loan was
granted on Oct. 26, with BCP Securities heading the lenders' syndicate.

LatinLawyer relates that the loan will be used to repay existing debts, and
fund a US$200 million contract with Venezuelan hydroelectric supplier
Electrificación del Caroni. IMPSA will supply equipment for the 3,100
megawatt Macagua dam in Venezuela. The loan is based on future services and
cash flows from the project.

Deutsche Bank Trust Co. Americas was the administrative agent and collateral
agent on the deal, LatinLawyer notes.

"It's important that an Argentine company can get financing from
international lenders at this point after the crisis.  It's hard for
Argentine businesses to do that, as it's still seen as quite unstable.  It's
a rare type of company that exports technology, engineering and know-how
from Argentina, and competes with other major companies in the world," Diego
Serrano Redonnet -- a partner at Perez Alati, Grondona, Benites, Arntsen &
Martinez de Hoz, who advised Industrias Metalurgicas -- told LatinLawyer.

The adviser can be reached at:

    Jose Martinez de Hoz
    Damaso A. Pardo
    Perez Alati, Grondona, Benites,
    Arntsen & Martinez de Hoz (h)
    Tte. Gral. Peron 555, Piso 3 "A",
    C1038AAK, Buenos Aires, Argentina
    Phone: 54.11.5.032.3640 x 2025
    Fax: 54.11.5.032.3644
    E-mail: dap@pagbam.com.ar

Industrias Metal£rgicas Pescarmona SAIC& F aka IMPSA --
http://www.impsa.com.ar/ -- is one of the largest worldwide
providers of integrated energy solutions for hydropower and wind
energy projects through the production of capital goods and by
investing in power generation projects.

The company has offices in Malaysia, China, and Argentina.

                        *    *    *

Fitch Argentina confirmed the BB- (arg) rating to the
Obligaciones Negociables Series 8, 9, 10, 11 and 12 issued by
Industrias Metalurgicas Pescarmona SA, and the D (arg) rating
the ONs Series 2 for US$150 million (effective balance
US$804,000).

                        *    *    *

Moody's Latin America rated Industrias Metalurgicas Pescarmona's
US$150 million bond issuance under its US$250 million global
program at D.  The unpaid debt since May 20, 2002, amounts to
US850,000.  The rating action is based on the company's
financial standing at April 30, 2006.


PEABODY ENERGY: Inks Powder River Supply Pact with TransAlta
------------------------------------------------------------
Peabody Energy disclosed that its COALSALES subsidiary has entered into an
agreement with Calgary-based TransAlta Corporation to supply Powder River
Basin coal to the Centralia coal-fueled plant in Washington state.

The agreement continues the long-term trend of coal demand shifting to the
Powder River Basin, the fastest growing coal region in the United States.
The Energy Information Administration estimates that the Powder River Basin
will supply approximately three-fourths of the expected growth in U.S. coal
demand through 2025.  The Powder River Basin is expected to supply the
majority of coal used by new coal plants planned over the next five years.
And test burns for expanded Powder River Basin coal use are scheduled for
electricity generators in New York, Pennsylvania, Maryland, West Virginia,
North Carolina and Kentucky.

TransAlta will stop mining at its Centralia coal mine that was operated to
fuel the Centralia plant.  Coal for the TransAlta contract will be sourced
through Peabody's Rawhide Mine, which is perennially among the nation's most
productive.  The contract may be extended subject to mutually acceptable
terms.

Peabody has the number one position in the Powder River Basin and controls
approximately 3.5 billion tons of Powder River Basin reserves.  Rawhide Mine
shipped 12.4 million tons of coal in 2005.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all US and 3% of worldwide electricity.
The company has coal operations in Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Standard & Poor's Rating Services assigned its 'BB' rating to
Peabody Energy Corp.'s proposed US$2.75 billion of senior
unsecured credit facilities, consisting of a US$1.8 billion
revolving credit facility and US$950 million Term Loan A.  S&P
said the rating outlook is stable.


PETROLEOS DE VENEZUELA: Daily Crude Production at 3.2MM Barrels
---------------------------------------------------------------
Rafael Ramirez -- the president of Petroleos de Venezuela SA, the
state-owned oil firm of Venezuela -- told Agencia Bolivariana de Noticias
that the country is producing about 3.2 million barrels of crude per day.

Business News Americas relates that the 3.2-million barrel production was
lower than the previous estimate of 3.3 million barrels per day.

However, the reported volume is higher than the 2.6-million barrel per day
estimate from OPEC and the International Energy Agency, BNamericas reports.

Petroleos de Venezuela SA -- http://www.pdv.com/-- 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.  The company has a commercial office in China.

                        *    *    *

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: Fully Recovered, Says Rafael Ramirez
------------------------------------------------------------
Rafael Ramirez -- minister of energy and Petroleum in Venezuela and
president of Petroleos de Venezuela SA, the country's state-owned oil
company -- told Venezolana de Television that the company is fully recovered
and in the hands of patriots.

"Pdvsa (Petroleos de Venezuela) is mostly accountable to the Venezuelan
people.  Great social and infrastructure works nationwide mirror these
achievements.  This has been possible thanks to the business recovery and
oil income maximization by the Government of President Hugo Chavez Frias,"
Minister Ramirez commented to El Universal.

Minister Ramirez said that under Venezuela's energy policy, the state has
full management of domestic resources, El Universal states.

Petroleos de Venezuela SA -- http://www.pdv.com/-- 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.  The company has a commercial office in China.

                        *    *    *

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.


UNIVERSAL COMPRESSION: Appoints 3 Independent Directors to Board
----------------------------------------------------------------
The general partner of Universal Compression Partners, L.P., appointed James
G. Crump, G. Stephen Finley and Mark A. McCollum as independent board
members on its Board of Directors and will serve on the board's audit,
compensation and conflicts committees.

"We are pleased that these three talented individuals have joined our board
as independent directors," said Stephen A. Snider, Chairman, President and
Chief Executive Officer of Universal Compression Partners' general partner.
"Their significant experience with financial and corporate governance
matters in the energy industry will be invaluable as we seek to continue to
grow Universal Compression Partners."

Mr. Crump, who was appointed as a director effective Oct. 16, 2006, worked
as an accountant at PricewaterhouseCoopers and its predecessors until his
retirement, including in numerous management and leadership roles such as
Global Energy and Mining Cluster Leader, as a member of the U.S. Management
Committee and the Global Management Committee and as Houston Office Managing
Partner. Mr. Crump also serves as a director of Copano Energy, L.L.C.

Mr. Finley, who was appointed as a director effective
Nov. 20, 2006, is the retired Senior Vice President -- Finance and
Administration and Chief Financial Officer of Baker Hughes Incorporated.
Previously at Baker Hughes, Mr. Finley served as Senior Vice President and
Chief Administrative Officer and also as Controller. Mr. Finley also serves
as a director of Ocean Rig ASA.

Mr. McCollum, who was appointed as a director effective
Oct. 16, 2006, serves as the Senior Vice President and Chief Accounting
Officer of Halliburton Company.  Mr. McCollum previously served as the
Senior Vice President and Chief Financial Officer of Tenneco Automotive,
Inc.

Universal Compression Partners was recently formed by Universal
Compression Holdings, Inc., to provide natural gas contract compression
services to customers throughout the United States and was started with an
initial fleet comprising approximately 330,000 horsepower, or approximately
17% by available horsepower of Universal Compression Holdings' domestic
contract compression business at that time. Universal Compression Holdings
owns approximately 51 percent of Universal Compression Partners.

Headquartered in Houston, Texas, Universal Compression, Inc. --
http://www.universalcompression.com/-- provides natural gas
compression equipment and services, primarily to the energy
industry in the United States, as well as in Canada, Venezuela,
Argentina, Columbia, and Australia.

                        *    *    *

As reported in the Troubled Company reporter on Nov. 23, 2006, Standard &
Poor's Ratings Services raises its corporate credit rating on Universal
Compression Holdings Inc. to 'BB' from
'BB-'.  At the same time, assigns its 'BB' rating and '3' recovery rating to
Universal Compression's US$500 million revolving credit facility.  The
Houston, Texas-based oilfield services company had approximately US$807
million in debt outstanding following the IPO of its subsidiary Universal
Compression Partners L.P.


* Frost & Sullivan Releases LatAm Biofuels Market Analysis
----------------------------------------------------------
The Chemicals, Materials & Food Group at Frost & Sullivan will present its
2006 Quarterly Analyst Briefing Presentation on the Latin America Biofuels
Market on Dec. 6, 2006 at 1:00pm EST.

Few places in the globe have the combination of advantages Latin
America has such as soil, weather, available land and low labor costs for
the production of both bioethanol and biodiesel. In spite of these
advantages, Latin America, with the exclusion of Brazil, has done little to
explore its potential.  However, this situation has begun to change.  In the
last two years a wave of investments and official government plans have
emerged in the region to boost biofuels production in the short to medium
term.

This briefing will benefit biodiesel and bioethanol producing companies,
sugar cane growers, oil seed companies, grain and sugar trading companies,
petrol and oil distilleries, automotive and truck manufacturers, as well as
food companies.

"Most countries in the region are crop suppliers. Hence the opportunity of
producing biofuels is more favorable as it has more value added, has a
potential of generating more employment and increasing incomes.  One of the
reasons why some of the Latin American countries are now following the
Brazilian example is that with a price of petroleum above US$30 per barrel,
most of the farmers could gain more profit from producing value added
biofuels than from selling the crop itself.  Even in Brazil sugarcane
growers are increasingly diverting resources from sugar to ethanol
production," notes Frost & Sullivan Research Team Leader, Tamara Dvoskin.

Frost & Sullivan, a global growth consulting company, has been partnering
with clients to support the development of innovative strategies for more
than 40 years.  The company's industry expertise integrates growth
consulting, growth partnership services, and corporate management training
to identify and develop opportunities. Frost & Sullivan serves an extensive
clientele that includes Global 1000 companies, emerging companies, and the
investment community by providing comprehensive industry coverage that
reflects a unique global perspective and combines ongoing analysis of
markets, technologies, econometrics, and demographics.


* Latin American Exports Rise to US$656 Bil. in 2006, IDB Says
--------------------------------------------------------------
Driven by a combination of favorable factors, Latin American exports rose by
21% this year to a record US$656 billion, according to estimates released by
the Inter-American Development Bank.

A periodic note prepared by the IDB's Integration and Regional Programs
Department highlighted the fact that the region's exports posted their
fourth consecutive year of growth.  Exports between Latin American countries
themselves also saw a strong increase, rising by 25% to US$108 billion.

According to IDB trade specialists, this year's strong export performance
was largely the result of robust economic growth in the United States and
the demand for commodities from rapidly expanding Asian economies,
particularly China and India.

Other factors influencing the increase were the continuing recovery of trade
among sub-regional blocs such as the Andean Community (Bolivia, Colombia,
Ecuador, Peru and Venezuela) and Mercosur (Argentina, Brazil, Paraguay and
Uruguay), as well as the implementation of agreements between Chile and the
United States and between Mercosur and the Andean Community.

However, the outlook for Latin American exports is mixed, the analysts
noted, due to several negative and positive factors that will probably
influence future flows.

"Looking forward, the region's prospects of sustaining such an impressive
performance seem to hang on the complex interplay between the challenges and
opportunities looming in the horizon," the report said.

Among the factors that could dampen future export growth:

   -- a downturn in the prices of key commodities such as
      soybeans and copper,

   -- a slowdown in the U.S. economy, intensified competition
      from Asian textiles and apparel, and

   -- the currency appreciation experienced by most Latin
      American currencies.

Those factors could be counterbalanced, at least in part, if China and India
maintain their high levels of economic growth, as well as by the expanding
access to U.S. and Asian markets under deals such as the Central American
Free Trade Agreement and agreements signed by Chile, Mexico and Peru in the
framework of the Asia-Pacific Economic Cooperation group.


* IDB Makes Regional Trade Finance Facilitation Prog. Permanent
---------------------------------------------------------------
The Inter-American Development Bank approved a permanent extension of its
regional Trade Finance Facilitation Program or TFFP and of the issuance of
IDB guarantees covering up to 100 percent of eligible trade financing
instruments.

Launched in 2005, the TFFP supports economic reactivation and growth
throughout Latin America and the Caribbean by increasing the availability of
funding for international trade.

"Today's (Nov. 30) decision to make the TFFP permanent highlights the IDB's
commitment to support trade and regional integration and is fully consistent
with the Bank's strategy towards developing and implementing private
sector-oriented, market-driven financial services and solutions," said Hans
Schulz, head of the financial markets team of the IDB's Private Sector
Department.

Under the program the IDB issues guarantees to international banks
(confirming banks) to mitigate the risk from eligible Latin American and
Caribbean banks (issuing banks) in export and import contracts with tenors
of up to three years.

To date the TFFP has a network of approximately 20 issuing banks in 11
countries in this region and around 70 confirming banks belonging to 32
international banking groups from 25 countries around the world. Through
these financial institutions the IDB has issued guarantees for nearly US$70
million in support of 80 individual trade transactions totaling US$95
million.

The IDB's Board of Executive Directors also voted to raise the ceiling for
guarantee coverage of individual transactions to 100% from 90%.

"Increasing the maximum guarantee coverage will help reduce entry barriers
for confirming banks and will be particularly helpful for intra-regional
trade and in the smaller IDB borrowing member countries," Mr. Schulz added.



                         ***********


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 Francois Albarracin, Editors.

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

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

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

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


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