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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

          Wednesday, December 12, 2006, Vol. 7, Issue 246

                          Headlines

A R G E N T I N A

BUNGE LIMITED: Moody's Rates New US$690 Mil. Stock Issue at Ba1
DEFENSA Y ENCAUZAMIENTO: Reorganization Proceeding Concluded
FREESCALE SEMICONDUCTOR: Fitch Withdraws Credit Ratings
GRAN TIERRA: Closes Acqusition of Assets in Noroeste Basin
GREEN LAND: Trustee Verifies Proofs of Claim Until Dec. 21

LA DOLCE: Seeks Court Approval to Reorganize Business
MADO SA: Deadline for Claims Verification Is on Feb. 27, 2007
MATRAX SRL: Claims Verification Deadline Is on Feb. 28, 2007

* ARGENTINA: Sells US$500 Million Bonar VII Bonds

B A H A M A S

COMPLETE RETREATS: Ultimate Resort Increases Bid to US$100 Mil.

B E R M U D A

ASPEN INSURANCE: Completes Deutsche Bank Insurance Policy
COUTTS (BERMUDA): Final General Meeting Is Set for Dec. 29
HAND HOLDINGS: Proofs of Claim Filing Deadline Is on Dec. 29
ORIGINALS ONLINE: Creditors Must File Proofs of Claim by Dec. 29
PEMBROKE B737-7002: Claims Filing Deadline Is Set for Dec. 22

REFCO INC: GAIN Capital Wins FXA's Customer List for US$750,000
REFCO INC: To Present 16 Witnesses at Plan Confirmation Hearing
REFCO INC: Wants Abadi's Multi-Debtor Claims Disallowed
SEA CONTAINERS: Received Dividends from GNER Before Bankruptcy
SEA CONTAINERS: Wants Collinson Grant as Human Resource Advisor

B O L I V I A

PETROLEO BRASILEIRO: Expands Scope of Talks with Yacimientos

B O N A I R E

DIGICEL LTD: Acquires Bonaire Telecom Provider TELBO

B R A Z I L

ALCATEL LUCENT: Merger Approval Cues S&P to Pare Rating to BB-
ALCATEL LUCENT: Approved Merger Cues Fitch to Lower Rating to BB
ARACRUZ CELULOSE: Secures BRL595.5-Mil. Financing from BNDES
BANCO BRADESCO: Andean Dev. Corp Opens US$100MM Credit for Banks
BANCO ITAU: Applies BRL440MM Acquisition Charge in 4th Quarter

BANCO NACIONAL: Approves BRL2.25MM Financing to Viva Cred
BANCO NACIONAL: Allocates BRL595.5MM to Increase Aracruz's Prod.
BANCO NACIONAL: Grants BRL23.4MM Financing to Votorantim Project
BRASIL TELECOM: Eyes BRL100MM Data Storage Services Revenues
CHEMTURA CORP: Raising Elemental Bromine Prices Up to 20%

CORUS GROUP: Earns GBP142 Million in Third Quarter of 2006
CORUS GROUP: Tata Increases Bid to 500 Pence Per Share in Cash
DURA AUTOMOTIVE: Taps Brunswick as Communications Consultants
DURA AUTOMOTIVE: Hires David Szczupak as Chief Operating Officer
JABIL CIRCUIT: Provides Update on Late Filing of Form 10-K

LUCENT: Unclear Alcatel Support Cues Fitch's Rating Withdrawal
NET SERVICOS: Closes First Part of Vivax Controlling Stake Buy
PETROLEO BRASILEIRO: Exports 484,000 Barrels Per Day in November
TAM: Posts 51.7% Domestic & 61.2% International Market Shares
TRANSAX: Sept. 30 Balance Sheet Upside-Down by US$4.1 Million

UNIAO DE BANCOS: Andean Dev't Opens US$100MM Credit for Bank
USINAS SIDERURGICAS: Socopa Reiterates Buy Recommendation

C A Y M A N   I S L A N D S

CBO HOLDINGS: Deadline for Proofs of Claim Filing Is on Dec. 15
EXCHANGEABLE (1999-3): Proofs of Claim Filing Is Until Dec. 15
EXCHANGEABLE (JNJ 2001-1): Proofs of Claim Must be In by Dec. 15
EXCHANGEABLE (SBC 2000-2): Claims Filing Is Until Dec. 15
EXCHANGEABLE (XOM 2000-4): Claims Must be Filed by Dec. 15

KENBOW CO: Creditors Must File Proofs of Claim by Dec. 15
KTMGB LIMITED: Last Day for Proofs of Claim Filing Is on Dec. 15
PEGASUS FOUR: Proofs of Claim Filing Deadline Is on Dec. 15
PEGASUS THREE: Last Day for Proofs of Claim Filing Is on Dec. 15
PETROLEUM TRADING: Filing of Proofs of Claim Is Until Dec. 15

REMBRANDT ASSET: Creditors Must File Proofs of Claim by Dec. 15
REMBRANDT PFC: Last Day to File Proofs of Claim Is on Dec. 15
STAR KIDS: Deadline for Filing of Proofs of Claim Is on Dec. 15
STAR SHOP: Creditors Have Until Dec. 15 to File Proofs of Claim
WADSWORTH WAREHOUSE: Creditors Must Submit Claims by Dec. 15

C H I L E

QUEBECOR WORLD: Moody's Lowers Corporate Family Rating to B2
QUEBECOR WORLD: S&P Affirms B+ Corporate Credit Rating

C O S T A   R I C A

DOLE FOOD: Settles 16 US Lawsuits by Foreign Farm Workers

D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Luis Renta Appearing Before US Court
PRC LLC: Moody's Assigns B2 Corporate Family Rating

* DOMINICAN REPUBLIC: Terminating Power Distributors' Contracts

E L   S A L V A D O R

* EL SALVADOR: Selling Chaparral Hydro Project Bidding Rules

J A M A I C A

AIR JAMAICA: Has Not Ruled Out Merger with Other Airlines
AIR JAMAICA: Pilots Uneasy with New Fleet to Have More Training
COURTS (JAMAICA): Cobalt Holdings Secures Over 90% of Shares

M E X I C O

ALLIS-CHALMERS: Extends Exchange Offer Expiration to Dec. 29
AMERICAN AXLE: Moody's Confirms Unsecured Debt Ratings at Ba3
FORD MOTOR: November U.S. Sales Down 10% Compared with Last Year
KRISPY KREME: Posts US$135.8MM Net Loss in Year Ended Jan. 2006
NORTEL NETWORKS: Board Taps KPMG as Independent Auditor

ODYSSEY RE: Fairfax Completes Offering of Firm's Common Shares

* MUNICIPALITY URUAPAN: Moody's Issues Joint Default Analysis
* STATE OF GUERRERO: Moody's Releases Joint Default Analysis
* STATE OF ZACATECAS: Moody's Releases Joint Default Analysis

P A N A M A

CB RICHARD: Completes 9-3/4% Senior Notes Tender Offer
SOLO CUP: Posts US$19.7 Mil. Net Loss in Quarter Ended October 1

P E R U

BANCO CONTINENTAL: Inks US$100 Million Senior A/B Loan from IDB

T R I N I D A D   &   T O B A G O

MIRANT CORP: Unit Trust Buying 39% Stake in PowerGen

U R U G U A Y

INTERPUBLIC GROUP: Gets US$250MM in Tenders on Exchange Offer
INTERPUBLIC GROUP: Moody's Rates US$250MM Floating Notes at Ba3
INTERPUBLIC GROUP: S&P Holds Watch on Ratings on Wal-Mart Review

V E N E Z U E L A

PETROLEO BRASILEIRO: Inks Agreements with Petroleos de Venezuela
PETROLEOS DE VENEZUELA: Inks Four Agreements with Petrobras

* VENEZUELA: Seniat Slams US$11.8M in Back Taxes on Shell's Unit
* BOOK REVIEW: Treatise on the Right of Property in Tide Waters


                          - - - - -


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


BUNGE LIMITED: Moody's Rates New US$690 Mil. Stock Issue at Ba1
---------------------------------------------------------------
Moody's Investors Service confirmed the Baa2 senior unsecured ratings for
Bunge Limited and guaranteed subsidiaries.

Moody's also assigned a Ba1 rating to a new US$690 million issue by Bunge
Limited of perpetual preferred stock.

The outlook on all ratings is negative.

The confirmation reflects Moody's comfort that the Baa2 rating continues to
reflect the company's strong global agribusiness franchise, as well as the
volatility that can occur in the company's earnings and cash flow.

The Ba1 rating on the new preferred stock considers Bunge's underlying Baa2
senior unsecured rating and the relative priority of claim of the preferred
securities within the capital structure.

The negative outlook reflects the deterioration in Bunge's debt protection
measures, the higher-than-expected debt levels, and the expectation that
Bunge's high levels of capital investment and acquisitions could prevent the
company from restoring its debt protection measures to levels sufficient to
maintain its current ratings.

Downward rating pressure could build should the company's operating
performance fail to significantly improve during 2007, leverage increase
such that RCF/Debt fell and likely remain below the 16 -- 20% range, and/or
free cash flow remains negative.

"While earnings and cash flow volatility are normal in commodity processing
industries, Bunge must improve its debt protection measures and financial
flexibility if it is to remain at its current rating levels" stated Peter
Abdill, Senior Vice President at Moody's.

Ratings assigned and confirmed:

   * Bunge Limited

      -- US$690 million perpetual preferred stock at Ba1

   * Bunge Limited Finance Corp.

      -- Senior unsecured at Baa2 under full guarantee of Bunge
         Limited

   * Bunge Master Trust

      -- Senior unsecured at Baa2 under full guarantee of Bunge
         Limited

Bunge's Baa2 rating is supported by its strong position in the agricultural
commodity processing industry, its strong position and competitive
advantages in Brazilian fertilizer, its geographic diversity, as well as its
adequate liquidity profile.

These positives are tempered by Bunge's exposure to commodity markets, which
present a number of uncontrollable and often unpredictable factors which can
result in earnings and cash flow volatility, as well as Bunge's significant
exposure to developing markets -- such as Brazil and Argentina.

Moody's view Bunge's operations as fundamentally less diversified than some
of its competitors.  Ratings are also influenced by the company's
significant capital expenditure program and the negative free-cash flow,
which has resulted.  Bunge's financial profile is characterized by low
margins and weak returns on invested capital.

Moody's rates a US$690 million issue of convertible preferred stock, and has
assigned this security to Basket "C" for analytic purposes, i.e. 50% equity
and 50% debt.

The basket allocation is based on the following rankings for the three
dimensions of equity:

No maturity:

   * Strong

      -- The securities are perpetual and non-callable, and
         convertible by investors at any time or by the company
         under certain circumstances.

No ongoing payments:

   * Weak

      -- Dividends may be paid in cash, or will accrue, at the
         option of the company. If not paid in cash, dividends
         accrue and may only be settled with common stock.
         However the securities do not contain any meaningful
         mandatory caps on the accumulation of dividends not
         paid in cash, thereby weakening this dimension of
         equity.

Loss absorption:

   * Strong

      -- The securities represent a preferred claim in
         bankruptcy, senior only to common equity.

Headquartered in White Plains, New York, Bunge is a global agribusiness
company with operations primarily in commodity grain processing and
fertilizer production.  It has operations in Argentina.


DEFENSA Y ENCAUZAMIENTO: Reorganization Proceeding Concluded
------------------------------------------------------------
Defensa y Encauzamiento SA's reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that
the process was concluded after a court in Salta approved the debt agreement
signed between the company and its creditors.


FREESCALE SEMICONDUCTOR: Fitch Withdraws Credit Ratings
-------------------------------------------------------
Fitch Ratings has withdrawn these ratings of Freescale Semiconductor, Inc:

   -- Issuer Default Rating 'BB+';
   -- Senior Unsecured Bank Credit Facility 'BB+'; and
   -- Senior Unsecured Notes 'BB+'.

Fitch believes that disclosure of financial information will be inadequate
for Fitch to maintain ratings following the company's acquisition by a
consortium of private equity firms led by The Blackstone Group in a deal
valued at approximately US$17.5 billion.  Fitch will no longer provide
ratings coverage of Freescale.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.


GRAN TIERRA: Closes Acqusition of Assets in Noroeste Basin
----------------------------------------------------------
Gran Tierra Energy Inc. has completed the acquisition of exploration and
production assets in Noroeste basin in Argentina from Compania General de
Combustibles, a local oil exploration firm, Business News Americas reports.

As reported in the Troubled Company Reporter-Latin America on Nov. 13, 2006,
Gran Tierra concluded its US$2.1-million purchase of the first of several
exploration and production assets in the Noroeste basin from Compania
General.  As previously reported, Gran Tierra expected to close at the end
of October the purchase of the assets.  Gran Tierra was considering
alternatives to acquire interests in the remaining four properties.

Gran Tierra said in a statement that the total purchase price for the
acquisition of Compania General's interests in all six properties is CDN$4.6
million.

"The CGC (Compania General) acquisitions complete our initial growth
strategy in Argentina, providing us with a production base and a significant
land position for future remedial work, production enhancement and
exploration," Dana Coffield, president and chief executive officer of
Compania General, told BNamericas.

                     About Gran Tierra

Gran Tierra Energy Inc., fka Goldstrike Inc., is an independent
international energy company involved in oil and natural gas exploration and
exploitation.

Gran Tierra's current activities in Argentina and Colombia have been
established via acquisitions.  The Company has also signed a license
contract in Peru and has offered to purchase a mix of producing and
prospective assets in Argentina.

                     Going Concern Doubt

As reported in the Troubled Company Reporter-Latin America on July 27, 2006,
Deloitte & Touche LLP expressed substantial doubt about the ability of Gran
Tierra Energy Inc. fka Goldstrike Inc. to continue as a going concern after
auditing the Company's financial statements for the year ending Dec. 31,
2005.  The auditing firm said that the company's ability to continue as a
going concern is dependent upon obtaining the necessary financing to acquire
oil and natural gas interests and generate profitable operations from the
company's oil and natural gas interests in the future.  The company incurred
a US$2.2 million net loss for the period ended Dec. 31, 2005, negative cash
flows from operations of US$1.9 million, and, as of Dec. 31, 2005, had an
accumulated deficit of US$2.2 million.


GREEN LAND: Trustee Verifies Proofs of Claim Until Dec. 21
----------------------------------------------------------
Nelida Grunblatt de Nobile, the court-appointed trustee for Green Land
Travel SA's bankruptcy proceeding, verifies creditors' proofs of claim until
Dec. 21, 2006.

Ms. Grunblatt de Nobile will present the validated claims in court as
individual reports on March 7, 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 Macon 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 Green Land's accounting and
banking records will follow on Apr. 18, 2007.

Ms. Grunblatt de Nobile is also in charge of administering Grren Land's
assets under court supervision and will take part in their disposal to the
extent established by law.

The trustee can be reached at:

         Nelida Grunblatt de Nobile
         Felipe Vallese 1195
         Buenos Aires, Argentina


LA DOLCE: Seeks Court Approval to Reorganize Business
-----------------------------------------------------
Court No. 21 in Buenos Aires is studying the merits of La Dolce SRL's
petition to reorganize its business after it stopped paying its obligations
on October 2006.

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

The debtor can be reached at:

         La Dolce SRL
         Avenida Presidente Roque Saenz Pena 893
         Buenos Aires, Argentina


MADO SA: Deadline for Claims Verification Is on Feb. 27, 2007
-------------------------------------------------------------
Raquel Esnaola, the court-appointed trustee for Mado SA's bankruptcy
proceeding, will verify creditors' proofs of claim until Feb. 27, 2007.

Under the Argentine bankruptcy law, Ms. Esnaola is required to present the
validated claims in court as individual reports.  Court No. 1 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
Mado SA and its creditors.

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

Raquel Esnaola will also submit a general report that contains an audit of
Mado SA's accounting and banking records.  The report submission dates have
not been disclosed.

Clerk No. 2 assists the court in the proceeding.

The debtor can be reached at:

          Mado S.A.
          Agurre 360
          Buenos Aires, Argentina

The trustee can be reached at:

          Raquel Esnaola
          Parana 489
          Buenos Aires, Argentina


MATRAX SRL: Claims Verification Deadline Is on Feb. 28, 2007
------------------------------------------------------------
Anibal Hugo Rivero, the court-appointed trustee for Matrax SRL's bankruptcy
proceeding, will verify creditors' proofs of claim until Feb. 28, 2007.

Mr. Rivero 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 Matrax SRL 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 Matrax SRL's accounting and
banking records will follow on May 24, 2007.

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

The trustee can be reached at:

          Ruben Leonardro Kwasniewski
          Rauch 925
          Buenos Aires, Argentina


* ARGENTINA: Sells US$500 Million Bonar VII Bonds
--------------------------------------------------
The Argentine government has sold US$500 million of dollar-denominated bonds
due in 2013, known as Bonar bonds with an interest rate of 8.03%.

A total of 161 offers for US$1,634,558,000 were received.  The bonds had a
price of US$962,80 for every nominal value.

The offers within the competitive stage reached US1,384,162,000  while for
the non competitive one they reached US$250,369,000.

The sale comes two months after the government sold its first US$500 million
in bonds.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date

   Country Ceiling     RD      Dec. 14, 2005
   Long Term IDR       B       Dec. 14, 2005
   Short Term IDR      B-      Jun.  3, 2005
   Local Currency
   Long Term Issuer
   Default Rating      B       Jun.  3, 2005




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B A H A M A S
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COMPLETE RETREATS: Ultimate Resort Increases Bid to US$100 Mil.
---------------------------------------------------------------
At the Nov. 29 hearing, Ultimate Resort LLC increased
its bid for substantially all of Complete Retreats LLC and its
debtor-affiliates' assets to US$100,000,000.

Ultimate Resort previously proposed to buy the Debtors' assets for
US$98,000,000.

The Debtors and the Official Committee of Unsecured Creditors have
determined that Ultimate Resort's offer is the highest and best bid for the
assets.

Preeminent Global Experience LP, a qualified bidder, also increased its bid
to US$112,000,000 at the hearing.

Preeminent Global delivered to the U.S. Bankruptcy Court for the District of
Connecticut a proposed asset purchase agreement, which reflects the
differences in its and Ultimate Resort's bids.

Preeminent Global's proposed asset purchase agreement is available for free
at http://researcharchives.com/t/s?1652

Preeminent Global's current bid for the Debtors' assets include, inter alia:

   * a US$10,000,000 higher cash purchase price for the same
     assets and assumption of substantially the same
     liabilities;

   * a US$10,000,000 deposit;

   * no break-up fee;

   * a minimum of 375 consenting Members versus Ultimate
     Resort's 400;

   * a viable destination club with strong financial backing;
     and

   * legally appropriate methodology regarding amendment,
     assumption, and assignment of Member contracts.

The Court will convene a hearing on Dec. 19, 2006, to further consider the
sale of the Debtors' assets.

The Court previously approved the Debtors' request to amend their asset
purchase agreement with Ultimate Resort, under which, the Debtors and
Ultimate Resort agreed to lower:

   (a) the Deposit from US$10,000,000 to US$4,000,000; and
   (b) the Break-Up Fee from US$2,500,000 to US$2,000,000.

If the agreement is terminated because Ultimate Resort is unable
to secure sufficient funds to make the sale payments, then the
Debtors will retain and be paid 50% of the deposit as their sole
right or recourse for the termination.

A full-text copy of the Debtors' amended asset purchase agreement with
Ultimate Resort is available for free at:

               http://researcharchives.com/t/s?1651

                 About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC operates
five-star hospitality and real estate management businesses.  In addition to
its mainline destination club business, the Debtor also operates an air
travel program for destination club members, a villa business, luxury car
rental services, wine sales services, fine art sales program, and other
amenity programs for members.

Complete Retreats and its debtor-affiliates filed for chapter 11 protection
on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso,
Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts.  Michael J. Reilly, Esq., at Bingham McCutchen
LP, in Hartford, Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors.  No estimated assets have been listed in the Debtors'
schedules, however, the Debtors disclosed US$308,000,000 in total debts.

The Debtors' exclusive period to file a plan expires on
February 18, 2007.  They have until April 19, 2007, to solicit acceptance to
that plan.  (Complete Retreats Bankruptcy News, Issue No. 17; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).




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B E R M U D A
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ASPEN INSURANCE: Completes Deutsche Bank Insurance Policy
---------------------------------------------------------
Aspen Insurance Holdings Ltd. reported the completion of an innovative
insurance policy, which has characteristics similar to a credit derivative.
The policy is for up to US$420 million of reinsurance receivables, in a
transaction with Deutsche Bank, an AA rated investment bank.  Pricing terms
of the transaction were not disclosed.

"At Aspen we have embraced the convergence between the traditional
reinsurance market and the capabilities and depth offered by the capital
markets" said Aspen's Chief Executive Officer Chris O'Kane.  "The
ground-breaking insurance policy
we announced [Wednes]day extracts from the best of both markets."

The insurance policy will protect a portfolio of Aspen's reinsurance
contracts against the risk of default because of a reinsurer's inability to
pay.  This transaction provides an AA rated credit wrapper around a
portfolio of Aspen's current reinsurance receivables.

The five-year policy provides cover for current and future receivables under
existing reinsurance policies and reinsurance policies taken out during the
policy term.

"The benefit to Aspen is a clear mechanism for obtaining enhanced recovery
in the event of a reinsurer's default," said Nick Foden-Pattinson, Director
of R K Carvill Ltd., an advisor to Aspen on the transaction.

The policy is triggered by certain non-standard credit events designed to
isolate the specific nature of counterparty risk in the reinsurance market.
Policy payments are made on the basis of a customized methodology developed
between Aspen and Deutsche Bank.

"Tapping into the capital market's appetite for credit products compliments
our approach to attracting capital and managing risk, to which Aspen is
committed," commented Aspen's Chief Financial Officer, Julian Cusack.  "We
are effectively compartmentalizing risk amongst investors with different
risk profiles.  What makes this interesting is that there is no significant
correlation of risk between a major catastrophic event and capital markets
event risk."

As of Sept. 30, 2006, Aspen's reinsurance receivables totalled US$788
million.

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited is the holding company of the Aspen Group the principal
operating entities of which are Aspen Insurance UK Limited and
Aspen Insurance Limited, both rated A2 for insurance financial
strength.  At the end of September 2006, Aspen Group reported
net income of US$259 million and shareholders' equity of
US$2.3 billion.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba1 rating to the proposed
US$200 million Perpetual Non-Cumulative Preference Shares to be
issued by Aspen Insurance Holdings Limited, the existing
perpetual "PIERS" of which are rated Ba1 by Moody's.


COUTTS (BERMUDA): Final General Meeting Is Set for Dec. 29
----------------------------------------------------------
Coutts (Bermuda) Ltd.'s final general meeting will be held at the
liquidator's place of business on Dec. 29, 2006, at 10:00 a.m.

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

The liquidator can be reached at:

         Nigel Chatterjee
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton, HM 11, Bermuda


HAND HOLDINGS: Proofs of Claim Filing Deadline Is on Dec. 29
------------------------------------------------------------
Hand Holdings Ltd.'s creditors are given until Dec. 29, 2006, to prove their
claims to Andrew Whalley, 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 Jan. 11, 2007, at 10:00 a.m., or as soon as
possible.

Hand Holdings' 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.

Hand Holdings' shareholders agreed on Dec. 7, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Andrew Whalley
         AW Legal, Second Floor
         12 Cemetery Road
         Pembroke, Bermuda


ORIGINALS ONLINE: Creditors Must File Proofs of Claim by Dec. 29
----------------------------------------------------------------
Originals Online Barge Ltd.'s creditors are given until Dec. 29 to prove
their claims to Andrew Whalley, 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 Jan. 11, 2007, at 10:00 a.m., or as soon as
possible.

Originals Online'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.

Originals Online's shareholders agreed on Dec. 8, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Andrew Whalley
         AW Legal, Second Floor
         12 Cemetery Road
         Pembroke, Bermuda


PEMBROKE B737-7002: Claims Filing Deadline Is Set for Dec. 22
-------------------------------------------------------------
Pembroke B737-7002 Ltd.'s creditors are given until Dec. 22 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 Jan. 16, 2007, at 9:30 a.m., or as soon as
possible.

Pembroke B737-7002'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.

Pembroke BN737-7002's shareholders agreed on Dec. 7, 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: GAIN Capital Wins FXA's Customer List for US$750,000
---------------------------------------------------------------
Refco Inc. and its debtor-affiliates conducted on Nov. 9, 2006, a
solicitation conference in connection with their request for (i) appointment
of a consumer privacy ombudsman and (ii) approval of FXA's proposed Sale of
its Customer Lists to Saxo Bank, subject to higher and better offers.

At the conclusion of the Solicitation Conference, the Debtors
selected the bid of GAIN Capital Group, LLC, as the highest or
otherwise best bid for the assets.

Accordingly, the U.S. Bankruptcy Court for the Southern District of New York
approves the terms and conditions of FXA's Purchase Agreement with GAIN
pursuant to Section 363(b), other than with respect to matters previously
addressed by an order appointing an ombudsman.

GAIN will pay FXA a US$750,000 upfront fee for the Customer List
plus a US$100 activation fee per account, payable on every account over
4,000 opened before the second anniversary of the Closing Date.

GAIN will pay FXA an Annual Maintenance Fee of 1% of the average
account balance of each Customer, payable on both the first and
second anniversaries of the Closing Date.

The sale closed on Nov. 16, 2006.

Any objections that have not been withdrawn, waived, or settled,
or not otherwise resolved are overruled on the merits with
prejudice.

Judge Drain directs FXA to consummate the Sale transaction with
GAIN.  The Debtors will not transfer or sell to GAIN -- and the
"Purchased Assets" will not include -- any securities, customer
property, other similar instruments, futures, or cash held by
Refco Capital Markets, Ltd., or Refco Securities LLC, wherever
located.  Nothing will constitute a determination as to any
party's rights in those securities, customer property, if any, or cash.

Furthermore, Judge Drain requires Forex Capital Markets, LLC,
under its Facilities Management Agreement with Refco Group Ltd.,
LLC, to cooperate with the Sale consummation.  In addition, FXCM
will not solicit the Debtors' customers in violation of the FMA.
The Order incorporates by reference the FMA provisions governing
the Debtors' rights to their customers and prohibition against
FXCM's solicitation of the Debtors' customers.

All entities, including FXCM, who are presently holding some or
all of the Purchased Assets in which FXA holds an interest are
directed to surrender possession of the Purchased Assets either
to FXA before the closing date of the Sale, or to GAIN on the
Closing Date.

FXA will not make any disbursements of funds, except for the use
of Sale proceeds to pay its allowed administrative expenses
incurred in the ordinary course of its business.

Any and all valid and perfected liens on or interests in the
Purchased Assets will attach to any proceeds of those immediately upon
receipt of the proceeds by priority, and with the same validity, force, and
effect which they now have against the Purchased Assets, subject to any
rights, claims and defenses the Debtors' estates or the Debtors may possess.

FXA will deposit all amounts payable to it under the Purchase
Agreement into a segregated investment account, which may contain the
proceeds of one or more Court-approved sales, but no other cash of the
Debtors' estates, and the proceeds will be invested in accordance with
investment guidelines.

Moreover, Judge Drain permits Saxo Bank to receive a break-up fee and
expense reimbursement under and subject to its
Oct. 25, 2006, Asset Purchase Agreement with FXA.  If payable, the fee and
reimbursement will be allowed as an administrative expense under Sections
503(b) and 507(a)(2) against FXA's estate.

GAIN will adopt and honor its privacy policy effective as of
Nov. 15, 2006.

                      GAIN's Statement

Gain Capital entered into a definitive Purchase Agreement with Refco F/X
Associates LLC to purchase the RFXA retail customer account information and
marketing list.  The Purchase Agreement was approved as submitted by the
Honorable Robert D. Drain, United States Bankruptcy Court for the Southern
District of New York, at a hearing on Nov. 14, 2006.

"Under the terms of the proposed bankruptcy plan for Refco Inc., and its
subsidiaries, the proceeds of the sale of the RFXA Customer List will
enhance distributions to be made to creditors
of RFXA," Said Refco's Chief Restructuring Officer David Pauker.
"We are pleased to have finalized the sale to GAIN Capital," continued Mr.
Pauker.

"In addition to operating within a solid regulatory framework, GAIN offers
RFXA clients a reliable, full service trading solution and a commitment to
the highest professional standards," said GAIN's Chief Executive Officer
Mark Galant.  GAIN Capital Group and FOREX.com are registered with the
National Futures Association as a Futures Commission Merchant.

RFXA clients will be given the option to open an account at either GAIN
Capital or at GAIN's retail division, FOREX.com.

On June 30, 2006, RFXA and GAIN announced they had reached a preliminary
agreement whereby GAIN would acquire the RFXA retail customer account
information and related assets, subject to Court approval.  On July 26,
2006, the two parties announced that the proposed Agreement had been jointly
terminated because the parties were unable to reach terms on a final asset
purchase agreement.  On Oct. 30, 2006, RFXA announced it had entered into an
Agreement with Saxobank to purchase the customer list for US$500,000,
subject to higher and better offers.  GAIN and Saxobank participated in an
auction on Nov. 9, 2006, with GAIN ultimately submitting the highest and
best offer for the RFXA customer list.

                  About Gain Capital Group

GAIN Capital Group LLC is a leading provider of foreign exchange services,
including direct-access trading and asset management.

Founded in 1999 by Wall Street veterans, GAIN Capital Group is one of the
largest, most respected firms in the online forex industry, servicing
clients from more than 140 countries and supporting trade volume in excess
of US$100 billion per month.  Headquartered in Bedminster, New Jersey, the
company operates sales offices in New York and Shanghai.  The company
operates two full service web portals.  FOREX.com services individual
investors of all experience levels with a full-service trading platform,
lower account minimums and extensive education and training.  The company's
flagship service, GAIN Capital focuses on the needs of professional forex
traders, including hedge funds and money managers.

GAIN Capital Group and FOREX.com are registered with the National Futures
Association as a Futures Commission Merchant.

                      About Refco Inc.

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

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

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


REFCO INC: To Present 16 Witnesses at Plan Confirmation Hearing
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York approved
procedures governing discovery with respect to the
confirmation of the Chapter 11 Plan filed by Refco, Inc., and its
debtor-affiliates; Marc S. Kirschner, the Chapter 11 Trustee for Refco
Capital Markets, Ltd.; and the Joint Sub-Committee of the Official and
Additional Committees of Unsecured Creditors, the Troubled Company Reporter
reported on Nov. 17, 2006.

The Court also authorizes the Plan Proponents to file a list of:

   (a) names of witnesses that the Plan Proponents anticipate
       presenting at the December 15, 2006 Plan confirmation
       hearing; and

   (b) specific area for which the testimony of any witness will
       be offered including any opinions that the witnesses will
       offer, provided that, in the event that the Plan
       Proponents determine the need to supplement their Witness
       List based on a need that was not anticipated at the time
       the list was filed, the Debtors will file a supplement to
       that list on or before December 4, 2006, providing
       additional witnesses and the general areas of testimony
       to be offered.

             Plan Proponents Present Witness List

In accordance with the Discovery Order, the Plan Proponents
presented 16 potential witnesses who may testify by direct
testimony, declaration, deposition, or prior testimony before the Court at
the Plan Confirmation Hearing.

The Witnesses are:

   * David Pauker, Refco's Chief Restructuring Officer,
   * the RCM Trustee,
   * Brad Geer of Houlihan Lokey Howard & Zukin Capital, Inc.,
   * Jane Sullivan of Financial Balloting Group,
   * Todd Brents of Alix Partners, LLC,
   * Louis Dudley of Alix Partners, LLC,
   * Brian Osborne of Omni Management,
   * M. Freddie Reiss of FTI Consulting, Inc.,
   * Richard Deitz of VR Global Partners, L.P.,
   * Rodrigo Alvarez of RCM,
   * Juan Carlos Moreno of Inter Financial Services, Ltd.,
   * Gerald Scherer of Refco, Inc.,
   * Vera Kraker of RCM,
   * Thomas Yorke of RCM,
   * Stephen Dispenza of RCM, and
   * Jeffery Leadholm of Leuthold Funds, Inc., and Leuthold
     Industrial Metals Fund, L.P.

Topics of anticipated testimonies, as well as opinions, include:

   -- facts relating to the Section 1129 requirements, including
      assumptions underlying the liquidation analysis;

   -- facts relating to the assets and liabilities of the
      Debtor entities;

   -- fairness of settlements;

   -- claims asserted against RCM and by RCM creditors against
      any of the Debtors;

   -- opinion testimony regarding the creation and reliability
      of computerized recovery model, as used for projecting
      recoveries under the Plan, and in the absence of
      confirmation, including in the event of liquidation;

   -- opinion testimony regarding the reliability of recovery
      model for determining the allocation of joint and several
      liabilities among the Contributing Debtors; and

   -- voting and tabulation of votes accepting or rejecting the
      Plan.

The Plan Proponents reserve the right to modify, supplement or
amend the Witness List.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, in New York, advises the Court that the Witness List
is not a representation or commitment that a person will be
called to testify.  The Witness List also does not include all of the
witnesses that the Plan Proponents may call as rebuttal
witnesses at the Confirmation Hearing.

                      About Refco Inc.

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

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

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


REFCO INC: Wants Abadi's Multi-Debtor Claims Disallowed
-------------------------------------------------------
Refco Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the
Southern District of New York to disallow 27 proofs of claim totaling
US$1,114,798,142 filed by Abadi & Co. Securities, Ltd., that appear to
assert the same aggregate liabilities of 12 other claims filed by Abadi
against Refco Capital Markets, Ltd.

The Debtors want the Remaining Claims allowed for US$41,288,820.

J. Gregory St. Clair, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, relates that the Remaining Claims are the
claims that represent cash and securities in the investment
accounts of Abadi and other account holders with RCM.

Abadi has admitted that the Multi-Debtor Claims were filed as
protective claims to preserve its rights to recover the amounts
owed by the Debtors in the event that any RCM property is
wrongfully transferred to the Debtors, Mr. St. Clair notes.

In the event the Multi-Debtor Claims are not disallowed, the
Debtors ask Judge Drain to estimate those claims at US$0 to
facilitate timely distributions under their First Amended Joint
Chapter 11 Plan.

A complete list of the Multi-Debtor Claims and the Remaining
Claims is available at no charge at:

              http://ResearchArchives.com/t/s?1647

                      About Refco Inc.

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

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

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


SEA CONTAINERS: Received Dividends from GNER Before Bankruptcy
--------------------------------------------------------------
Sea Containers Ltd. received GBP35,700,000 dividend from its
railway subsidiary, Great North Eastern Railway, before SCL filed  for
Chapter 11 protection on Oct. 15, 2006, Mark Smith at The Herald reports.

For the year ended Jan. 7, 2006, GNER's pre-tax profits stood
at GBP8,600,000, compared with GBP22,200,000 for the same period
in 2005.

"Sea Containers' Chapter 11 status does not affect the operations of GNER.
Sea Containers is in Chapter 11, not GNER," Lisa Barnard, SCL's director of
communications was quoted by The
Herald.

Ms. Barnard blamed the sharp decline in GNER's pre-tax profit on
the July 7, 2005, bombings in London.

As per the accounts obtained by the Herald from the Companies
House, GNER's operating expenditure for the year ended
Jan. 7, 2006, was GBP470,500,000 from GBP15,000,000 in 2005.

At 52 weeks to Jan. 7, 2006, GNER paid out a dividend of
GBP8,800,000, compared with the GBP26,900,000 dividend for the
53 weeks to Jan. 8, 2005.

Turnover was GBP477,000,000 in 2006 compared with GBP475,000,000
in 2005.

As reported in the Troubled Company Reporter-Europe on Aug. 15,
2006, GNER must pay the U.K. Department for Transport
GBP1,300,000,000 for the right to run trains on the east coast
main line until 2015.

Sea Containers agreed to stand behind a GBP30,000,000 standby
credit facility during the term of the franchise and a
GBP10,000,000 overdraft facility to provide additional working
capital if needed.

According to The Herald, rivals like FirstGroup and Virgin Rail
were waiting for GNER to falter to take over the east coast
franchise.

                         About GNER

Headquartered in London, United Kingdom, Great North Eastern
Railway (GNER) Limited operates high-speed express train services on the
East Coast Main Line.  Most of their trains run between London King's Cross
and either Edinburgh Waverley or Leeds.

                   About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Wants Collinson Grant as Human Resource Advisor
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S. Bankruptcy Court
for the District of Delaware to employ Collinson Grant Ltd. as their human
resource consultant, nunc pro tunc to Oct. 15, 2006.

Edwin S. Hetherington, vice president, general counsel, and
secretary of Sea Containers Ltd., tells the Court that Collinson
Grant served as the Debtors' human resource consultants since
February 2006 and has thus developed a great deal of
institutional knowledge, an intimate understanding of the
Debtors' business, employees and employment policies and
benefits.

Specifically, Collinson Grant will:

   (a) act as temporary interim head of human resources;

   (b) coordinate and manage the pensions' administration;

   (c) maintain all major human resource systems, policies and
       procedures during the organizational change; and

   (d) provide specialist support on the management of employee
       claims to the U.K. employment tribunal arising from the
       restructuring.

Collinson Grant's services will be paid based on its current
hourly rates, plus taxes applicable in the U.K.:

      Professional                  Hourly Rate
      ------------                  -----------
      Directors                        US$340
      Senior Consultants               US$317
      Consultants                      US$258

The Debtors will also reimburse the firm for necessary out-of-
pocket expenses.

Andrew Collinson, managing director of Collinson Grant, discloses that the
Debtors paid the firm US$1,225,770 in fees and US$263,000 in expenses on
account of human resource consultancy services rendered within a year prior
to the Debtors' filing for bankruptcy.

Mr. Collinson assures the Court that his firm is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code and does not
have an interest materially adverse to the interest of the Debtors or their
estates.

The human resource advisor can be reached at:

          Andrew Collinson
          Collinson Grant Ltd.
          Ryecroft, Aviary Road
          Worsley
          Manchester, Greater Manchester
          M28 2WF


                    About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)




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


PETROLEO BRASILEIRO: Expands Scope of Talks with Yacimientos
------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras and Yacimientos Petrolíferos Fiscales
Bolivianos held conversations on
Dec. 6 2006, in Santa Cruz de La Sierra, Bolivia, giving continuity to the
recent meetings held in the ambit of the GSA (Gas Supply Agreement)
Management Committee.

In an initiative to seek mutually acceptable alternatives to the positions
set forth by the parts in the GSA discussions, the companies decided to
submit a proposal, to their respective boards, to expand the scope of the
conversations in order to include detailing and evaluating potential
projects that may attend to both companies' interests.

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




=============
B O N A I R E
=============


DIGICEL LTD: Acquires Bonaire Telecom Provider TELBO
----------------------------------------------------
Digicel Ltd. has acquired the mobile business from Bonaire telecom provider,
TELBO.  Under the terms of the deal, Digicel has acquired TELBO's existing
mobile subscriber base, spectrum and base station.

Digicel entered the Bonaire market in July 2006, making it the first mobile
operator ever to connect Aruba, Bonaire and Curacao (the ABC islands) under
one seamless GSM network.  Digicel has also increased its commitment to the
island by becoming the official sponsor of the Bonaire national football
team and Bonaire national football league.

Full integration plans are now underway to ensure a smooth and seamless
transition for TELBO customers to the Digicel family, allowing them to keep
all their exiting benefits as well as experience Digicel's leading industry
service, cutting-edge technology and unmatched customer service.

Bonaire Minister of Economic Affairs, Mr. Burney El Hage, welcomes the
acquisition.  "This is a positive development for TELBO and the people of
Bonaire, as it enables TELBO to focus more closely on developing other sides
of their business while Digicel will bring Bonaire mobile customers
additional choice in addition to increased support and involvement in our
community."

According to Hans Lute, CEO of Digicel Dutch Caribbean, "We are delighted to
welcome TELBO's mobile customers into our family and we are putting the
necessary processes in place to ensure a smooth transition with former TELBO
mobile customers being able to keep their mobile phone, telephone number as
well as their current benefits."

TELBO has operated in Bonaire for the past 23 years, providing a diversity
of services such as fixed home connections, mobile telephone, international
traffic, lease lines, public telephones, ISDN, internet dial up and wireless
broadband and ASDL internet broadband.  Digicel has acquired the mobile arm
of the business.

"We are confident that our customers will be in very good hands with
Digicel," says Edsel Winklaar, General Manager of TELBO.  "Digicel has a
five-year track record of providing world-class quality service across the
Caribbean and this acquisition guarantees world-class service and attractive
rates for our customers.  I am sure I speak for all our customers when I say
we look forward to the benefits of top quality coverage, innovative product
offerings and superior customer service -- all of which have become the
hallmarks of Digicel."

Digicel's Bonaire operations are led by Bert Schreuders, former Digicel Head
of Customer Relations Dutch Caribbean.

Digicel currently has operations in 22 markets.  With more than 3 million
subscribers, the company's investment in the region currently stands at
US$1.2 billion.

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

                        *    *    *

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

                        *    *    *

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




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


ALCATEL LUCENT: Merger Approval Cues S&P to Pare Rating to BB-
--------------------------------------------------------------
Standard & Poor's reports, after news that the merger between French
telecoms equipment supplier Alcatel and U.S. peer Lucent Technologies Inc.
has received final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior unsecured debt
ratings on Alcatel -- now named Alcatel Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7, 2006, research update.
The 'B' short-term corporate credit rating on Alcatel Lucent was affirmed.

The outlook is positive.

At the same time, Standard & Poor's equalized its long-term corporate credit
rating on Lucent with that of Alcatel Lucent, raising it to 'BB-' from 'B',
and affirmed its 'B-1' short-term corporate credit rating on the U.S.
company.

The outlook is positive.

Standard & Poor's also raised its long-term ratings on Lucent's senior
unsecured debt to 'B+' from 'B', on its subordinated debt to 'B' from
'CCC+', and on its preferred stock to 'B-' from 'CCC'.

All of the long-term ratings on Alcatel Lucent and on Lucent were removed
from CreditWatch -- except Lucent's senior unsecured debt ratings, which
remain on CreditWatch with positive implications -- where they had been
placed with negative and positive implications, respectively, on
March 24, 2006, on news of the merger plans.

The completion of the proposed consent solicitation for Lucent's 2.75%
Series A and B convertible senior debentures due respectively in 2023 and
2025, in return for a full and unconditional subordinated guarantee from
Alcatel, will be a first step toward resolving the CreditWatch status on
Lucent's senior unsecured debt.

Resolution will also depend on Standard & Poor's analysis of
the ranking and support mechanisms for the various debt classes within the
merged group, in particular Lucent's senior debt.

"The downgrade reflects the challenges that Alcatel Lucent will face
combining two large organizations, integrating different technology
platforms while preserving key customer relationships, implementing a large
restructuring program, and continuing to support significant levels of debt
and unfunded health care obligations," said Standard & Poor's credit analyst
Leandro de Torres Zabala.

"Nevertheless, we believe the merger has a clear logic, given continuing
carrier consolidation and the convergence of fixed-
and mobile-network technologies."

The combined group will have a larger scale, greater product depth, wider
geographic reach, and stronger R&D capability.

Alcatel Lucent will be headquartered in Paris, France.  Pro forma for the
Thales S.A. transaction and the acquisition of Nortel's third-generation
activities, Standard & Poor's  estimate that Alcatel Lucent achieved EUR19
billion in sales in 2005 and had about EUR7.4 billion in debt securities and
bank debt outstanding at Sept. 30, 2006.

The ratings on Alcatel Lucent are supported by Standard & Poor's  assessment
of the industry's moderate revenue growth prospects, as well as by the
group's broad portfolio of wireline and wireless systems, large-scale and
geographically diversified operations, strong customer relations, R&D
capabilities that are
among the largest in the industry, and robust liquidity.

These positive factors are constrained by:

   -- the very competitive telecoms equipment industry, notably
      in the context of continuing carrier consolidation;

   -- ongoing major changes in the industry's technology
      direction, resulting in potential rapid adverse changes in
      demand patterns;

   -- significant gross debt; and uneven free cash flow
      generation, reflecting moderate sales growth, health care,
      restructuring costs, and working-capital changes.

"An upgrade is possible over the next 18 months if the group shows clear
progress in integrating the two former entities and in achieving its
targeted synergies, reaching high-single-digit operating margins and
meaningful sustained free cash flow generation, as well as maintaining solid
liquidity in stable market conditions," said Mr. de Torres.

Conversely, the outlook would be revised to stable if the integration of the
two companies and the extraction of synergies did not proceed apace and had
harmful effects on profitability and free cash flow generation.


ALCATEL LUCENT: Approved Merger Cues Fitch to Lower Rating to BB
----------------------------------------------------------------
Following the completion of Alcatel SA's merger with Lucent Technologies
Inc., at which time Alcatel was renamed Alcatel-Lucent, Fitch Ratings has
downgraded and removed Alcatel from Rating Watch Negative as follows:

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

Alcatel's 'F3' short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn these Lucent ratings due to the lack of clarity
regarding Alcatel's support and, therefore, expected recovery of these
securities in a distressed scenario:

   -- Issuer Default Rating 'BB-';
   -- Senior unsecured debt 'BB-';
   -- Convertible subordinated debt 'B';
   -- Convertible trust preferred securities 'B'.

The ratings and Stable Outlook reflect:

   -- The integration risks associated with the merger, as well
      as Fitch's belief that the combined companies will be
      challenged to achieve their targeted US$1.7 billion of
      annual cost reductions within three years;

   -- The anticipated continuation of a volatile demand
      environment, driven by ongoing carrier consolidation, as
      well as more concentrated and uneven carrier capital
      spending;

   -- Fitch's expectations for continued modest annual free cash
      flow over the next few years, which should be pressured by
      significant cash charges associated with Alcatel-Lucent's
      restructuring program; and

   -- Alcatel-Lucent's limited opportunities to meaningfully
      improve credit protection measures over the intermediate-
      term, driven by a combination of weaker profitability
      metrics and financial profile relative to industry leading
      peers.

Ratings strengths center on:

   -- Fitch's expectations for less volatile operating
      performance and free cash flow over the longer-term,
      driven by cost reductions stemming from the company's
      stated restructuring objectives, as well as a more
      balanced geographic and customer mix;

   -- Alcatel-Lucent's leading industry positions in fixed line
      technologies such as DSL access, next generation networks,
      and optical transmission;

   -- A healthier overall supply and demand balance following
      much needed industry consolidation over the past year,
      resulting in increased market share of top tier companies,
      including Alcatel-Lucent; and

   -- Sufficient liquidity position and manageable debt maturity
      schedule beyond meeting the company's approximately US$1.7
      billion  of short-term debt, which could be funded by a
      combination of Alcatel-Lucent's nearly US$8 billion of
      cash and cash equivalents and approximately EUR710 million
      of anticipated proceeds during the first half of calendar
      year 2007 related to the company's  sale of its satellite,
      transport and security operations to French defense
      company, Thales SA.

Fitch believes significant challenges exist integrating two large
cross-Atlantic, technology companies, although the company's fixed line and
mobile infrastructure positions should strengthen.  Alcatel-Lucent's
position in GSM/WCDMA will remain considerably weaker than market leaders
Ericsson Telefonaktiebolaget LM and Nokia Corporation and significant margin
pressure has resulted from emerging markets, a trend that is expected to
continue.  Furthermore, in spite of recent consolidation, Fitch believes
competition will remain intense, particularly upon the completion of
competitors' integration plans and further albeit less significant carrier
consolidation, resulting in continued pricing pressure across the sector and
limiting prospects for meaningful margin expansion.  Fitch estimates total
adjusted leverage will remain at or above 3x over the intermediate-term
absent any material change in the company's financial policies.

Pro forma liquidity as of Sept. 30, 2006 was sufficient and consisted of:

   -- Cash and equivalents of almost US$8 billion; and

   -- Alcatel's undrawn EUR1 billion senior unsecured revolving
      credit facility maturing 2009.

The aforementioned divestiture proceeds and modest annual free cash flow
will also support liquidity, while pension and post-retirement health care
obligations are not anticipated to be material over the next few years.  Pro
forma for the consummation of the merger, total debt with equity credit for
Lucent's 7.75% convertible trust preferred securities was approximately
US$7.8 billion as of Sept. 30, 2006.  Aside various tranches of Lucent debt,
the support and guarantee structure for which remains uncertain, total debt
includes these Alcatel debt:

    -- EUR154 million of 5.675% senior unsecured bonds due 2007;

    -- EUR805 million of 4.375% senior unsecured bonds due 2009;

    -- EUR1 billion of 4.75% senior unsecured convertible bonds
       due 2011; and

    -- EUR462 million of 6.375% senior unsecured bonds due 2014.

                   About Alcatel-Lucent

Alcatel-Lucent provides solutions that enable service providers, enterprises
and governments worldwide, to deliver voice, data and video communication
services to end-users.  As a leader in fixed, mobile and converged broadband
networking, IP technologies, applications, and services, Alcatel-Lucent
offers the end-to-end solutions that enable compelling communications
services for people at home, at work and on the move.  With 79,000 employees
and operations in more than 130 countries, Alcatel-Lucent is a local partner
with global reach.  Alcatel-Lucent achieved proforma combined revenues of
EUR18.6 billion in 2005, and is incorporated in France, with executive
offices located in Paris.

                 About Lucent Technologies

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


ARACRUZ CELULOSE: Secures BRL595.5-Mil. Financing from BNDES
------------------------------------------------------------
Banco Nacional do Desenvolvimento Economico e Social aka BNDES approved
BRL595.9 million funding to Aracruz Celulose SA, to increase the current
production capacity of Unidade Industrial Barra do Riacho, which is already
the largest cellulose plant in the world, located in the municipality of
Aracruz, in the State of Espirito Santo.

In addition to expanding the industry production potential, which will go
from 2.13 million tons/year to 2.33 million tons/year, the project includes
a forestal program related to 77,900 hectares of eucalyptus forests,
expanding by 9% the area of own forests, and 26,000 hectares for
development, in partnership with small rural producers in the State of
Espirito Santo and in the State of Bahia.  The project also includes the
implementation of a social investment program in several areas under
influence of the company.

Total investment of the project reaches BRL878 million, and Aracruz will
invest BRL282.1 from its own funds.

The paper and cellulose industry in Brazil is facing a new cycle of
expansion, stimulated by the increasing demand from the domestic and foreign
markets.  According to forecasts from BNDES Basic Inputs Area, investments
in the paper and cellulose sector are expected to increase, in average, 17%
per year in the 2007-2010 period, in relation to 2002/2005.  This is
equivalent to investments of about BRL20 billion in the period, an
unprecedented amount in the history of the sector.  Of this total, BNDES is
expected to finance nearly BRL11.7 billion.

The favorable context already produces new investments in paper and
cellulose in the country.  In 2006, BNDES is financing three large projects
of the sector.  In addition to Aracruz, the Bank opened a credit of BRL1.74
billion to Klabin SA, destined to increase the production capacity of Klabin
Papeis Monte Alegre's plant, in Telemaco Borba, from the current 680,000
tons/year of papers and cardboards to 1.1 million tons/year, and to Suzano
Bahia Sul Celulose SA, which will invest BRL3.5 billion in the project for
the productive capacity expansion of its plant in Mucuri, of which BRL2.4
billion will be financed by BNDES.

Presently, Aracruz is the leading global producer of bleached eucalyptus
cellulose, with nominal capacity to produce 3 million tons per year,
distributed among its plants in:

   -- Barra do Riacho (State of Espirito Santo),
   -- Guaiba (State of Rio Grande do Sul) and
   -- Veracel (State of Bahia).

Consequently, the company controls about 27% of the global offer.

The group has slightly over 10,200 employees, of whom nearly 2,200 are
direct employees, and 8,000 are permanently outsourced.  The investment
project will create 1,880 jobs during the plant expansion and guarantee to
keep another 4,000 jobs in the forest area.

The company keeps the largest reserve of native forests in Mata Atlantica
and its planted area of eucalyptus corresponds to about 261,000 hectares,
distributed among several municipalities in the States of Espirito Santo,
Bahia, Rio Grande do Sul and Minas Gerais.

All areas under its own handling are certified by the Brazilian System of
Forest Certification.  In 2005, when joining Chicago Carbon Trading
Exchange, it became the first Latin American company to assume targets of
reducing greenhouse gas emissions.

                         About BNDES

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.


                   About Aracruz Celulose

Aracruz Celulose S.A., with operations in the Brazilian states of Espirito
Santo, Bahia, Minas Gerais and Rio Grande do Sul, is the world's largest
producer of bleached eucalyptus kraft pulp.  All of the highquality hardwood
pulp and lumber supplied by the company is produced exclusively from planted
eucalyptus forests.  The Aracruz pulp is used to manufacture a wide range of
consumer and value-added products, including premium tissue and top quality
printing, writing and specialty papers.  The lumber, produced in a high-tech
sawmill located in the extreme south of the State of Bahia, is sold under
the brand name Lyptus to the furniture and interior design industries in
Brazil and abroad.

                        *    *    *

As reported on Mar. 1, 2006, Standard and Poor's Ratings
Services assigned a 'BB-' rating to Aracruz Celulose S.A.'s
foreign currency.


BANCO BRADESCO: Andean Dev. Corp Opens US$100MM Credit for Banks
----------------------------------------------------------------
The Andean Development Corp. said in a statement that it has launched two
lines of credit for US$100 million each for Banco Bradesco SA and Uniao de
Bancos Brasileiros.

The funds will go towards foreign trade operations in Brazil, according to
the Andean Development statement.

                    About Uniao de Bancos

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.

                    About Banco Bradesco

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

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services maintained
the 'BB+' ratings on both of Banco Bradesco SA's foreign and local currency
counterparty credit rating, however it changed the ratings outlook to
positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1

This is in connection with Standard & Poor's revised outlook on its
long-term foreign and local currency ratings on 16 Brazilian entities to
positive from stable, following the revision of the foreign and local
currency rating outlooks on the Federative Republic of Brazil.


BANCO ITAU: Applies BRL440MM Acquisition Charge in 4th Quarter
--------------------------------------------------------------
Banco Itau Holding Financeira told Business News Americas that it will apply
a BRL440 million acquisition charge to its fourth quarter 2006 financial
statements.

BNamericas relates that the charge stems from Banco Itau's BankBoston
purchase earlier this year, as well as the acquisition of OCA, Uruguay's
largest credit card issuer.

The fourth quarter 2006 results will also reflect a BRL280-million payment
before taxes from Citigroup, which exercised its right to keep the brand
name of credit card issuer Credicard.  Citigroup and Banco Itau purchased a
controlling share in Credicard from Unibanco in November 2004 and shared the
name after dividing the firm in May 2006, BNamericas states.

Banco Itau Holding Financeira SA -- http://www.itau.com.br/--  
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA (Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2006, Standard & Poor's Ratings Services assigned a
'BB' currency credit rating on Banco Itau SA.

                        *    *    *

Fitch affirmed on Aug. 28, 2006, the ratings of the Itau Group
of banks and the National Long- and Short-term ratings of
BankBoston Banco Multiplo SA and its subsidiary, BankBoston
Leasing SA -- Arrendamento Mercantil (BankBoston Leasing).  This
followed the conclusion of the agreement between Banco Itau
Holding Financeira with Bank of America Corp. to acquire BAC's
Brazilian operations (spearheaded by BKB) and its Latin American
subsidiaries.  Central Bank of Brazil approved the BKB
transaction on Aug. 22, 2006, and the acquisition of the local
subsidiaries of BAC is contingent on approval by the Chilean and
Uruguayan regulatory authorities.

The affected ratings of Banco Itau were:

   Banco Itau Holding Financeira

      -- Foreign currency IDR affirmed at 'BB+', Stable Outlook

      -- Short-term foreign currency rating affirmed at 'B'

      -- Local currency IDR affirmed at 'BBB-' (BBB minus),
         Stable Outlook

      -- Short-term local currency rating affirmed at 'F3'

      -- Individual rating affirmed at 'B/C'

      -- National Long-term rating affirmed at 'AA+(bra)',
         Stable Outlook

      -- National Short-term rating affirmed at 'F1+(bra)'

      -- Support rating affirmed at '4'


BANCO NACIONAL: Approves BRL2.25MM Financing to Viva Cred
---------------------------------------------------------
Banco Nacional do Desenvolvimento Economico e Social aka BNDES approved a
credit operation to Viva Cred for BRL2.25 million.  The objective of the
project is to allow new productive microcredit operations in Rio de Janeiro
metropolitan area and in the municipality of Macae, benefiting individuals
and legal entities that undertake small productive activities.

The microcredit total project reaches BRL2.81 million and Viva Cred will
apply BRL563,000 from its own funds.  This Rio institution's target is to
support about 10,600 small undertakers throughout the next five years, upon
32 thousand microcredit operations.  Consequently, it is forecasted to
create around 2,800 jobs and to retain another 11,300.

Viva Cred, which operates in partnership with the NGO Viva Rio, has the
strategy of using microcredit as a supplementary instrument to initiatives
for employment and income generation in needy communities.  It is a
nonprofit institution, classified by the Ministry of Justice as a public
interest civil society organization or OSCIP.

This institution has been operating for over nine years in the productive
microcredit sector, handing over funds directly to undertakers in small
productive activities.  Within this period, BNDES has already released three
credits for the project:

   -- BRL600,000 in 1997;
   -- BRL980,000 in 1999; and
   -- BRL3 million in 2001.

Up to now over 20,000 credit operations have been carried out, at a total
volume of nearly BRL40 million.  In June 2006, its portfolio recorded a
total of 3,081 active clients, with credit operations amounting to BRL3.5
million.

Its field of performance comprises the main low-income slums and communities
of these municipalities, such as Rocinha, Vidigal, Cidade de Deus, Rio das
Pedras, and Mare and Alemao communities.

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 on Nov. 27, 2006, Standard & Poor's Ratings Services changed the
ratings outlook on both of Banco Nacional de Desenvolvimento Economico e
Social SA's foreign and local
currency counterparty credit ratings:

   -- Foreign currency counterparty credit rating
      * to BB/Positive/-- from  BB/Stable/--

   -- Local currency counterparty credit rating
      * to BB+/Positive/-- from BB+/Stable/--


BANCO NACIONAL: Allocates BRL595.5MM to Increase Aracruz's Prod.
----------------------------------------------------------------
Banco Nacional do Desenvolvimento Economico e Social aka BNDES approved a
BRL595.9 million financing to Aracruz Celulose SA, to increase the current
production capacity of Unidade Industrial Barra do Riacho, which is already
the largest cellulose plant in the world, located in the municipality of
Aracruz, in the State of Espirito Santo.

In addition to expanding the industry production potential, which will go
from 2.13 million tons/year to 2.33 million tons/year, the project includes
a forestal program related to 77,900 hectares of eucalyptus forests,
expanding by 9% the area of own forests, and 26,000 hectares for
development, in partnership with small rural producers in the State of
Espirito Santo and in the State of Bahia.  The project also includes the
implementation of a social investment program in several areas under
influence of the company.

Total investment of the project reaches BRL878 million, and Aracruz will
invest BRL282.1 from its own funds.

The paper and cellulose industry in Brazil is facing a new cycle of
expansion, stimulated by the increasing demand from the domestic and foreign
markets.  According to forecasts from BNDES Basic Inputs Area, investments
in the paper and cellulose sector are expected to increase, in average, 17%
per year in the
2007-2010 period, in relation to 2002/2005.  This is equivalent to
investments of about BRL20 billion in the period, an unprecedented amount in
the history of the sector.  Of this total, BNDES is expected to finance
nearly BRL11.7 billion.

The favorable context already produces new investments in paper and
cellulose in the country.  In 2006, BNDES is financing three large projects
of the sector.  In addition to Aracruz, the Bank opened a credit of BRL1.74
billion to Klabin SA, destined to increase the production capacity of Klabin
Papeis Monte Alegre's plant, in Telemaco Borba, from the current 680,000
tons/year of papers and cardboards to 1.1 million tons/year, and to Suzano
Bahia Sul Celulose SA, which will invest BRL3.5 billion in the project for
the productive capacity expansion of its plant in Mucuri, of which BRL2.4
billion will be financed by BNDES.

Presently, Aracruz is the leading global producer of bleached eucalyptus
cellulose, with nominal capacity to produce 3 million tons per year,
distributed among its plants in:

   -- Barra do Riacho (State of Espirito Santo),
   -- Guaiba (State of Rio Grande do Sul) and
   -- Veracel (State of Bahia).

Consequently, the company controls about 27% of the global offer.

The group has slightly over 10,200 employees, of whom nearly 2,200 are
direct employees, and 8,000 are permanently outsourced.  The investment
project will create 1,880 jobs during the plant expansion and guarantee to
keep another 4,000 jobs in the forest area.

The company keeps the largest reserve of native forests in Mata Atlantica
and its planted area of eucalyptus corresponds to about 261,000 hectares,
distributed among several municipalities in the States of Espirito Santo,
Bahia, Rio Grande do Sul and Minas Gerais.

All areas under its own handling are certified by the Brazilian System of
Forest Certification.  In 2005, when joining Chicago Carbon Trading
Exchange, it became the first Latin American company to assume targets of
reducing greenhouse gas emissions.

                   About Aracruz Celulose

Aracruz Celulose S.A., with operations in the Brazilian states of Espirito
Santo, Bahia, Minas Gerais and Rio Grande do Sul, is the world's largest
producer of bleached eucalyptus kraft pulp.  All of the highquality hardwood
pulp and lumber supplied by the company is produced exclusively from planted
eucalyptus forests.  The Aracruz pulp is used to manufacture a wide range of
consumer and value-added products, including premium tissue and top quality
printing, writing and specialty papers.  The lumber, produced in a high-tech
sawmill located in the extreme south of the State of Bahia, is sold under
the brand name Lyptus to the furniture and interior design industries in
Brazil and abroad.

                         About BNDES

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 on Nov. 27, 2006, Standard & Poor's Ratings Services changed the
ratings outlook on both of Banco Nacional de Desenvolvimento Economico e
Social SA's foreign and local
currency counterparty credit ratings:

   -- Foreign currency counterparty credit rating
      * to BB/Positive/-- from  BB/Stable/--

   -- Local currency counterparty credit rating
      * to BB+/Positive/-- from BB+/Stable/--


BANCO NACIONAL: Grants BRL23.4MM Financing to Votorantim Project
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a
financing of BRL23.4 million to Votorantim Celulose e Papel SA, destined to
implement a nursery of eucalyptus buds in the municipality of Capao do Leao,
in the State of Rio Grande do Sul.  Total investment of the project reaches
BRL41.9 million and Votorantim will invest BRL18.4 million from its own
funds.

The unit will have a capacity to produce 30 million buds per year, to allow
the formation of new forests, which will be the basis for the company's
future endeavors, which recently presented to the authorities a request for
a social-environmental licensing to implement a bleached eucalyptus
cellulose plant in the State of Rio Grande do Sul.

Operation of the eucalyptus bud nursery will be sufficient to reforest up to
17,000 hectares per year.  In order to operate this new forest unit, the
company should generate about 250 direct jobs in its installations and
nearly another 1,000 indirect jobs.

The activities of Votorantim Celulose e Papel SAbegan in 1988, with the
acquisition of Celpav Celulose e Papel Ltda., a company installed in the
municipality of Luis Antonio, in the State of Sao Paulo.

Thereafter, in 1992, the group bought Industrias de Papel Simao SA,
incorporating the plants at:

   -- Jacarei,
   -- Piracicaba and
   -- Mogi das Cruzes.

In just four years the group became the third leading producer of cellulose
and paper in the country, with an installed capacity of 570,000 tons/year of
cellulose and 500 thousand tons/year of paper.

Between 1992 and 2001, new investments increased the company's capacity to
1,400 thousand t/year of cellulose and 600 thousand t/year of paper. Still
in 2001, Votorantim acquired 28% of the voting capital of Aracruz Celulose
SA, the leading global producer of bleached eucalyptus cellulose.

By the end of 2004, in partnership with Suzano Bahia Sul Papel e Celulose,
Votorantim bought Ripasa, incorporating four additional plants, all of them
in the State of Sao Paulo.  It started to divide equally with Suzano the
production capacity of Ripasa -- 525,000 t/year of paper and 455,000 t/year
of cellulose.

The most recent strategic activity occurred in September 2006, through an
exchange of assets with International Paper, in which Votorantim will
receive a forestal basis of 121,000 hectares and a plant of 1.1 million
t/year of cellulose in Tres Lagoas, Minas Gerais, expected to start
production in 2009, in exchange of a forest with 57,000 hectares and its
plant in Luis Antonio, which has a capacity to produce 400,000 t/year of
cellulose and 350,000 t/year of uncoated paper.

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 on Nov. 27, 2006, Standard & Poor's Ratings Services changed the
ratings outlook on both of Banco Nacional de Desenvolvimento Economico e
Social SA's foreign and local
currency counterparty credit ratings:

   -- Foreign currency counterparty credit rating
      * to BB/Positive/-- from  BB/Stable/--

   -- Local currency counterparty credit rating
      * to BB+/Positive/-- from BB+/Stable/--


BRASIL TELECOM: Eyes BRL100MM Data Storage Services Revenues
------------------------------------------------------------
Edmond Santiago, commercial director of Brasil Telecom Participacoes, told
Valor Economico that the company expects its revenues from data storage
services to triple to over BRL100 million in 2006, compared with figures in
2005.

Brasil Telecom said in a statement that to meet the demand from clients, it
has invested BRL6 million to double the size of its data storage center in
Sao Paulo.

Business News Americas relates that Brasil Telecom has 266 customers for its
data centers, of which 114 are in Sao Paulo.

Brasil Telecom said in a statement that it expects to inaugurate another
data center in Fortaleza in 2007.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA --
http://www.brasiltelecom.com.br-- is a holding company that conducts
substantially all of its operations through its wholly owned subsidiary,
Brasil Telecom SA.  The fixed-line telecommunications services offered to
the company's customers include local services, including all calls that
originate and terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public telephones and
supplemental local services; intraregional long-distance services, which
include intrastate and interstate calls; interregional and international
long-distance services; network services, including interconnection and
leasing; data transmission services; wireless services, and other services.

                        *    *    *

Brasil Telecom Participacoes' local currency long-term debt carries Fitch's
BB+ rating.


CHEMTURA CORP: Raising Elemental Bromine Prices Up to 20%
---------------------------------------------------------
Chemtura Corp. will increase worldwide delivered bulk elemental bromine
pricing up to 20%, on Dec. 5, 2006, where contracts allow.  Brominated
derivative products will increase accordingly.
Anne Noonan, Vice President and General Manager, Flame Retardants and
Brominated Performance Products, stated, "This price increase is necessary
to recapture the full value of our products and services, cover raw material
inflation and justify reinvestment economics."

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE: CEM) -- http://www.chemtura.com/ -- is a global
supplier of plastic additives, including flame retardants.  The company also
manufactures and markets pool and spa products and  seed treatment and
miticides in the agricultural market.  Chemtura has more than 6,500
employees in research, manufacturing, sales and administrative facilities in
every major market of the world.  In Latin America, Chemtura has facilities
in Brazil and Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 7, 2006, Moody's
Investors Service affirmed its Ba1 Corporate Family Rating for Chemtura
Corp., in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. chemicals and allied products sectors.  Additionally, Moody's held its
Ba1 probability-of-default rating on the company's US$500 Million 6.875%
Guaranteed Senior Notes due June 2016.


CORUS GROUP: Earns GBP142 Million in Third Quarter of 2006
----------------------------------------------------------
Corus Group PLC released its unaudited financial results for the
third quarter ended Sept. 30, 2006.

The group posted GBP142 million in net profit against
GBP2.49 billion in turnover for the third quarter ended
Sept. 30, 2006, compared with GBP50 million in net profit
against GBP2.13 billion in turnover for the same period in 2005.

Group operating profit for the third quarter ended
Sept. 30, 2006, was GBP171 million versus GBP75 million for the same quarter
last year.

At Sept. 30, 2006, the group's unaudited balance sheet showed
GBP7.84 billion in total assets, GBP4.22 billion in total
liabilities and GBP3.62 billion in shareholders' equity.

"As expected, our financial performance has improved in the
third quarter through a combination of better market conditions
and further benefits from our Restoring Success program that is
now drawing to a conclusion.  Overall, the commercial
environment in the fourth quarter remains stable, however our
profitability in this period will reflect seasonal production
shutdowns and the blast furnace reline at IJmuiden," chief
executive Philippe Varin commented.

                  Restoring Success Program

Target EBITDA benefits from the group's Restoring Success
program, launched in June 2003, have been revised to
GBP635 million per annum by the end of 2006, to reflect the
disposal of the downstream aluminium businesses.  At the end of
September, annualized exit rate benefits of GBP620 million were
secured and the group remains confident that the target savings
will be delivered in full.

                      About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its name to Corus
Group after acquiring most of Dutch rival Koninklijke Hoogovens.  Corus
makes coated and uncoated strip products, sections and plates, wire rod,
engineering steels, and semi-finished carbon steel products.  It also
manufactures primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product manufacturing
industries.  The company has sales offices in Brazil and Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 25, 2006,
Moody's Investors Service placed Corus Group plc's Ba2 Corporate
Family and other ratings under review.


CORUS GROUP: Tata Increases Bid to 500 Pence Per Share in Cash
--------------------------------------------------------------
The boards directors of Tata Steel Ltd. and Corus Group plc have agreed the
terms of an increased recommended revised acquisition at a price of 500
pence in cash per Corus share.

Commenting on [yester]day's announcement, Ratan Tata, chairman of Tata
Steel, said: "We remain convinced of the compelling strategic rationale of
this partnership and the revised terms deliver substantial additional value
to Corus shareholders."

Jim Leng, chairman of Corus, said, "The Revised Acquisition terms from Tata
Steel are a substantial increase from the previous offer.  Accordingly, the
Corus Board are pleased to recommend this to Corus Shareholders."

              Terms of the Revised Acquisition

Under the terms of the Revised Acquisition, Corus Shareholders will be
entitled to receive 500 pence in cash for each Corus Share.  This represents
a price of 1000 pence in cash for each Corus ADS.

The terms of the Revised Acquisition value the entire existing issued and to
be issued share capital of Corus at approximately GBP4.7 billion and the
Revised Price represents:

   * an increase of approximately 10% compared with 455 pence,
     being the Price under the original terms of the
     Acquisition;

   * on an enterprise value basis, a multiple of approximately
     7.5x EBITDA from continuing operations for the 12 months to
     Sept. 30, 2006 (excluding the non-recurring pension credit
     of GBP96 million) and a multiple of approximately 5.9x
     EBITDA from continuing operations for the year ended
     Dec. 31, 2005;

   * a premium of approximately 38.7% to the average closing
     mid-market price of 360.5 pence per Corus Share for the
     12 months ended Oct. 4, 2006, being the last business day
     before the announcement by Tata Steel that it was
     evaluating various opportunities including Corus; and

   * a premium of approximately 22.7% to the closing mid-market
     price of 407.5 pence per Corus Share on Oct. 4, 2006, being
     the last business day before the announcement by Tata Steel
     that it was evaluating various opportunities including
     Corus.

The terms of the Revised Acquisition remain subject to the conditions and do
not affect Tata Steel's intentions regarding the business of Corus, its
management, employees and locations, nor the proposals relating to Corus's
pension schemes, the Corus Share Schemes, Convertible Bonds or cancellation
of the Deferred Shares.

On Dec. 4, 2006, the EGM and Court Meeting of Corus were adjourned to Dec.
20, 2006.  Corus intends to advise shareholders as appropriate in due
course, and in any event in advance of the meetings, on the action that
shareholders should take at those meetings.

                       Recommendation

The Corus Directors, who have been advised by Credit Suisse as its lead
financial adviser, JPMorgan Cazenove and HSBC, consider the terms of the
Revised Acquisition to be fair and reasonable, so far as Corus Shareholders
are concerned.

Accordingly, the Corus Directors unanimously recommend that Corus
Shareholders vote in favour of the Revised Acquisition as they have
undertaken to do in respect of their own beneficial holdings of Corus
Shares, representing approximately 0.1% of the existing share capital of
Corus.

Although Credit Suisse is acting as lead financial adviser to Corus, other
members of the Credit Suisse Group are, with the consent of Corus, providing
acquisition finance and related services to Tata Steel in relation to the
Revised Acquisition and, as a consequence, Credit Suisse is a connected
party to Tata Steel.

JPMorgan Cazenove, as part of the JPMorgan group, has historical
relationships with the Tata companies and, as a consequence, is also a
connected party to Tata Steel.

HSBC is providing independent advice to the Board of Corus in connection
with the Revised Acquisition for the purposes of Rule 3 of the Code.

In providing advice to the Corus Directors, Credit Suisse, JPMorgan
Cazenove, and HSBC have taken into account the commercial assessments of the
Corus Directors.

                          Financing

The financing arrangements relating to Tata Steel UK remain in place.  The
additional funding required under the proposed terms of the Revised
Acquisition will be funded by way of two letter of credit facility
agreements dated Dec. 5, 2006, and
Dec. 10, 2006, respectively, among TATASTEEL Asia Holdings Pte. Ltd., Tata
Steel, Standard Chartered Bank, and Standard Chartered First Bank of Korea.

ABN AMRO and Deutsche Bank, as joint financial advisers to Tata Steel and
Tata Steel UK, are satisfied that sufficient resources are available to
satisfy in full the consideration payable to Corus Shareholders under the
proposed terms of the Revised Acquisition.

         Implementation Agreement and Inducement Fee

The Implementation Agreement remains in effect.  The amount of the
Inducement Fee referred to in the Implementation Agreement is 1% of the
value of the Revised Acquisition calculated by reference to the price per
Corus Share and the fully diluted share capital of Corus, together with an
amount equal to any VAT which is recoverable by Corus (if applicable).

                  Disclosure of Interests

Tata Limited, a wholly owned subsidiary of Tata Sons, holds 2,125 Corus
Shares.  Since Corus Shares held either by members of the Tata Steel Group
or by Tata Limited are excluded from the definition of Scheme Shares, Tata
Steel will not be entitled to vote these Shares at the Court Meeting.

Tata Steel UK has received irrevocable undertakings to vote in favor of the
Revised Acquisition and the resolutions at the Court Meeting and EGM from
the directors of Corus in respect of 1,164,416 Corus Shares, representing
approximately 0.1% of the existing issued ordinary share capital of Corus.
These undertakings are in respect of their entire beneficial holdings of
Corus Shares.

The interests of the Deutsche Bank Group consist of, as at
Dec. 7, 2006, a long position of 4,786,061 Corus Shares, a long position of
472,597 Dutch Bonds and a long position of 76,336 Euro Bonds.

                      About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its name to Corus
Group after acquiring most of Dutch rival Koninklijke Hoogovens.  Corus
makes coated and uncoated strip products, sections and plates, wire rod,
engineering steels, and semi-finished carbon steel products.  It also
manufactures primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product manufacturing
industries.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 25, 2006,
Moody's Investors Service placed Corus Group plc's Ba2 Corporate
Family and other ratings under review.

In March 2006, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit rating for Corus Group on
CreditWatch.

At the same time, Fitch Ratings changed Corus Group's outlook
to Positive from Stable and affirmed its Issuer Default Rating at BB-.


DURA AUTOMOTIVE: Taps Brunswick as Communications Consultants
-------------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ Brunswick
Group LLC as corporate communications consultants, nunc pro tunc to Oct. 30,
2006.

Keith Marchiando, chief financial officer, notes that Brunswick has
extensive experience in corporate and crisis communications.

The Company says that since its founding in 1987, Brunswick has provided
public relations services to companies experiencing financial and operating
difficulties.  It has recently provided services in a number of large and
mid-sized bankruptcy restructurings.

As communications consultants, Brunswick will:

    (a) prepare materials to be distributed to the Debtors'
        employees explaining the impact of the Reorganization
        Cases,

    (b) draft correspondence to creditors, vendors, employees
        and other interested parties regarding the
        Reorganization Cases,

    (c) prepare written guidelines for head office and location
        managers to assist them in addressing employee and
        customer concerns,

    (d) prepare news releases for dissemination to the media for
        distribution,

    (e) interface and coordinate media reports to contain the
        correct facts and the Debtors' perspective as an ongoing
        business,

    (f) assist the Debtors in maintaining their public image as
        a viable business and going concern during the Chapter
        11 reorganization process,

    (g) assist the Debtors, and develop internal systems, in
        handling inquiries,

    (h) coordinate public relations services with a third party
        making an investment in the Debtors,

    (i) perform other strategic communications consulting
        services as may be required by the Debtors in the
        Reorganization Cases, and

    (j) provide additional public relations services appropriate
        and necessary to the benefit of the Debtors' estates.

The Debtors will pay Brunswick based on the firm's hourly rates:

             Professional    Hourly Rate
             ------------    -----------
             Partner             US$700
             Director            US$550
             Associate           US$450
             AD                  US$325
             Exec                US$225

The Debtors will also reimburse Brunswick for its actual and
necessary out-of-pocket expenses.  Production-related
expenditures -- e.g., photography, printing, etc. -- will be
charged to the Debtors at cost.

The Debtors have made prepetition payments totaling US$227,917 to Brunswick
in the year preceding the bankruptcy filing date.

The payments have been applied to outstanding invoices and on
account of fees and expenses incurred in providing services to
the Debtors in connection with the restructuring activities.

The payments received include:

    (a) US$91,495 for fees and expenses incurred for periods
        before Oct. 13, 2006, and

    (b) US$136,422 on Oct. 24, 2006.

The Debtors do not owe Brunswick any amount for services
performed or expenses incurred prior to its bankruptcy filing and thus
Brunswick is not a prepetition creditor of the Debtors.

Robert Mead, a partner at Brunswick, assures the Court that his
firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, and it does not hold nor
represent any interest adverse to the Debtors or their estates.

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 October 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: Hires David Szczupak as Chief Operating Officer
----------------------------------------------------------------
DURA Automotive Systems, Inc., disclosed that David T. Szczupak, has joined
the company as chief operating officer, effective immediately.

On Dec. 8, 2006, after a hearing on Dec. 7, 2006, the United States
Bankruptcy Court for the District of Delaware entered an order authorizing
the company to enter into an employment agreement with Mr. Szczupak.

As chief operating officer, Mr. Szczupak will be responsible for all aspects
of DURA's manufacturing, engineering, quality and procurement worldwide.

"David is a seasoned automotive industry executive who will be a great asset
to our leadership team," said Larry Denton, chairman and chief executive
officer of DURA Automotive.  "He brings global operations expertise and will
play a pivotal role in the implementation of DURA's operational
restructuring program and growth initiatives."

Mr. Szczupak's automotive industry experience spans nearly 30 years.  He
joins DURA from the Ford Motor Company, where he most recently served as
Ford's group vice president of manufacturing.  In this capacity, he directed
global strategy and operations for all vehicle manufacturing, engineering
and operations at 31 manufacturing plants worldwide, and directed a major
restructuring of Ford's global manufacturing footprint to reduce costs by
30%, among other initiatives.

"I am excited to join DURA's management," said Mr. Szczupak, "and I look
forward to further strengthening the company's operations and performance,
as we successfully complete the operational restructuring program and build
on the company's reputation for delivering innovative quality products at
competitive prices."

Mr. Szczupak joined Ford in 1990 as chief engineer of Jaguar Cars, following
Ford's acquisition of Jaguar, and has since held increasingly responsible
senior management positions in engineering and manufacturing operations.
Before that, he served in engineering positions with U.K.-based Jaguar Cars
LTD and with Holset Engineering (Cummins).

Mr. Szczupak received a master's degree in automotive engineering from
Cranfield University, U.K.

Mr. Szczupak is a past member of the Volvo Cars Board of Directors and the
Mazda Advisory Board, and past Chairman of the SAE Global Powertrain
Congress 2005.  He was named Engineer of the Year by Autocar Magazine in
1999.

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 October 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).


JABIL CIRCUIT: Provides Update on Late Filing of Form 10-K
----------------------------------------------------------
Jabil Circuit, Inc., disclosed that it was not able to file its annual
report on Form 10-K for its fiscal year ended
Aug. 31, 2006, by Nov. 29, 2006, the date by which the applicable rules of
the U.S. Securities and Exchange Commission required Jabil to file its 2006
Form 10-K in order for it be considered to have filed it in a timely manner.

Jabil is involved in several shareholder derivative and purported securities
class action lawsuits in connection with certain historical stock option
grants.  Jabil is also responding to an informal inquiry from the SEC and
has responded to a subpoena from the U.S. Attorney's office for the Southern
District of New York that relate to such grants.  Separately, a Special
Review Committee of Jabil's Board of Directors was appointed to review the
allegations in certain of the derivative actions.  Jabil said it is
cooperating fully with the Special Review Committee, the SEC and the U.S.
Attorney's office.

In light of these developments, Jabil, through its legal counsel, assisted
by accounting advisors, has been evaluating its historical stock option
grant practices.  The evaluation is not complete.  The Special Review
Committee has largely completed its investigation of the allegations in the
shareholder derivative suits it is acting in response to, and has authorized
Jabil to announce that, "The Special Review Committee has concluded that
there is no merit to the allegations in the State Court derivative
complaints that Jabil's officers issued themselves backdated stock options
or attempted to cause others to issue them."

As a result of Jabil's ongoing review of these matters, Jabil disclosed on
Nov. 14, 2006, that it had concluded that it would need to restate at least
its 2005 financial statements and related disclosures, and that it had not
conclusively determined if financial statements for other time periods might
need to be restated nor the exact amount of required restatements.
Historical stock options grants that could merit an adjustment to Jabil's
historical financial statements date back to 1996.  However, Jabil has thus
far only determined that such adjustments are sufficiently material so as to
require it to restate its 2005 financial statements.  Jabil and its Audit
Committee continue to evaluate the impact of Jabil's historical stock option
grant practices on its financial statements for the periods at issue.  They
are also reviewing unrelated matters for the periods covered by such
financial statements.  Thus far, no stock option related or unrelated issue
reviewed has been determined to be sufficiently material to lead them to
conclude that any additional financial statements need to be restated.

However, because the review of such financial statements remains ongoing,
there can be no assurance that it will not be determined that additional
financial statements may need to be restated due to historical option
practices or unrelated events.  Jabil will not be in a position to determine
the timing of the filing of its 2006 Form 10-K until the evaluation of its
historical financial statements has been completed and its independent
registered public accounting firm is able to complete its audit of the
financial statements to be included in such Form 10-K.

As a result of Jabil not timely filing its 2006 Form 10-K, Jabil received a
letter on Dec. 1, 2006, from the New York Stock Exchange notifying it that
it is subject to the NYSE procedures pursuant to which the NYSE will monitor
Jabil and the filing status of its 2006 Form 10-K.  If Jabil has not filed
its 2006 Form 10-K within six months of the filing due date (as extended by
Form 12b-25), the NYSE will determine whether Jabil should be given up to an
additional six months to file its 2006 Form 10-K.  If the NYSE determines
that such an additional time period is not appropriate, suspension and
delisting procedures could be commenced.

The lenders under Jabil's unsecured revolving credit facility agreed to
waive, without charging a fee, the requirement that Jabil deliver to the
lenders its quarterly and annual financial statements until Feb. 2, 2007.
Approximately US$220 million in borrowings are outstanding under that credit
facility.  In addition, the indenture governing Jabil's $300 million of 5
percent Notes requires Jabil to deliver its 2006 Form 10-K to the bond
trustee within 15 days of the deadline for filing the 2006 Form 10-K with
the SEC (as extended by Form 12b-25).  Hence, if that does not occur by Dec.
14, 2006, the holders of 25 percent of the outstanding amount of the 5
percent Notes could require Jabil to deliver the 2006 Form 10-K within 60
days, and if Jabil fails to satisfy such delivery requirement they can
attempt to accelerate the 5 percent Notes to be immediately due.  Jabil is
assessing what acts it might take in response to those developments should
they occur, which could include seeking a waiver of the requirement to
deliver its 2006 Form 10-K, repaying the 5 percent Notes or contesting the
ability of the 5 percent Notes to be accelerated.

Finally, Jabil's annual shareholders meeting, which was scheduled for
mid-January 2007, will be rescheduled for a later date that will be
determined after it files its 2006 Form 10-K.

Jabil Circuit, Inc. (NYSE:JBL) -- http://www.jabil.com/-- is an electronic
product solutions company providing comprehensive electronics design,
manufacturing and product management services to global electronics and
technology companies.  Jabil Circuit has more than 50,000 employees and
facilities in 20 countries, including Brazil, Mexico, Europe and Asia.

                        *    *    *

Standard & Poor's Ratings Services placed a BB+ preliminary rating on Jabil
Circuit's US$1.5 billion senior and subordinated debts on  Aug. 19, 2005.


LUCENT: Unclear Alcatel Support Cues Fitch's Rating Withdrawal
--------------------------------------------------------------
Following the completion of Alcatel SA's merger with Lucent Technologies
Inc., at which time Alcatel was renamed Alcatel-Lucent, Fitch Ratings has
downgraded and removed Alcatel from Rating Watch Negative as follows:

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

Alcatel's 'F3' short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn these Lucent ratings due to the lack of clarity
regarding Alcatel's support and, therefore, expected recovery of these
securities in a distressed scenario:

   -- Issuer Default Rating 'BB-';
   -- Senior unsecured debt 'BB-';
   -- Convertible subordinated debt 'B';
   -- Convertible trust preferred securities 'B'.

The ratings and Stable Outlook reflect:

   -- The integration risks associated with the merger, as well
      as Fitch's belief that the combined companies will be
      challenged to achieve their targeted US$1.7 billion of
      annual cost reductions within three years;

   -- The anticipated continuation of a volatile demand
      environment, driven by ongoing carrier consolidation, as
      well as more concentrated and uneven carrier capital
      spending;

   -- Fitch's expectations for continued modest annual free cash
      flow over the next few years, which should be pressured by
      significant cash charges associated with Alcatel-Lucent's
      restructuring program; and

   -- Alcatel-Lucent's limited opportunities to meaningfully
      improve credit protection measures over the intermediate-
      term, driven by a combination of weaker profitability
      metrics and financial profile relative to industry leading
      peers.

Ratings strengths center on:

   -- Fitch's expectations for less volatile operating
      performance and free cash flow over the longer-term,
      driven by cost reductions stemming from the company's
      stated restructuring objectives, as well as a more
      balanced geographic and customer mix;

   -- Alcatel-Lucent's leading industry positions in fixed line
      technologies such as DSL access, next generation networks,
      and optical transmission;

   -- A healthier overall supply and demand balance following
      much needed industry consolidation over the past year,
      resulting in increased market share of top tier companies,
      including Alcatel-Lucent; and

   -- Sufficient liquidity position and manageable debt maturity
      schedule beyond meeting the company's approximately US$1.7
      billion  of short-term debt, which could be funded by a
      combination of Alcatel-Lucent's nearly US$8 billion of
      cash and cash equivalents and approximately EUR710 million
      of anticipated proceeds during the first half of calendar
      year 2007 related to the company's  sale of its satellite,
      transport and security operations to French defense
      company, Thales SA.

Fitch believes significant challenges exist integrating two large
cross-Atlantic, technology companies, although the company's fixed line and
mobile infrastructure positions should strengthen.  Alcatel-Lucent's
position in GSM/WCDMA will remain considerably weaker than market leaders
Ericsson Telefonaktiebolaget LM and Nokia Corporation and significant margin
pressure has resulted from emerging markets, a trend that is expected to
continue.  Furthermore, in spite of recent consolidation, Fitch believes
competition will remain intense, particularly upon the completion of
competitors' integration plans and further albeit less significant carrier
consolidation, resulting in continued pricing pressure across the sector and
limiting prospects for meaningful margin expansion.  Fitch estimates total
adjusted leverage will remain at or above 3x over the intermediate-term
absent any material change in the company's financial policies.

Pro forma liquidity as of Sept. 30, 2006, was sufficient and consisted of:

   -- Cash and equivalents of almost US$8 billion; and

   -- Alcatel's undrawn EUR1 billion senior unsecured revolving
      credit facility maturing 2009.

The aforementioned divestiture proceeds and modest annual free cash flow
will also support liquidity, while pension and post-retirement health care
obligations are not anticipated to be material over the next few years.  Pro
forma for the consummation of the merger, total debt with equity credit for
Lucent's 7.75% convertible trust preferred securities was approximately
US$7.8 billion as of Sept. 30, 2006.  Aside various tranches of Lucent debt,
the support and guarantee structure for which remains uncertain, total debt
includes these Alcatel debt:

    -- EUR154 million of 5.675% senior unsecured bonds due 2007;

    -- EUR805 million of 4.375% senior unsecured bonds due 2009;

    -- EUR1 billion of 4.75% senior unsecured convertible bonds
       due 2011; and

    -- EUR462 million of 6.375% senior unsecured bonds due 2014.

                 About Lucent Technologies

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


NET SERVICOS: Closes First Part of Vivax Controlling Stake Buy
--------------------------------------------------------------
Net Servicos de Comunicacao SA said in a statement that it has completed the
first part of its purchase of a controlling stake in Vivax.

As reported in the Troubled Company Reporter-Latin America on Dec. 7, 2006,
Net Servicos completed the acquisition of the minority interest in the
capital of Vivax in accordance with the material fact dated Oct. 12, 2006.
Net Servicos acquired all the shares held by Horizon Telecom International
LLC, becoming the holder of 36.7% of Vivax capital, 14.6% directly and 22.1%
indirectly, through a minority interest in Brasil TV a Cabo Participacoes
SA.

Business News Americas relates that because of the acquisition of the
minority interest, Net Servicos gained a "foothold" in Vivax.

According to BNamericas, Net Servicos will negotiate to acquire another
stake in Vivax from Fernando Norbert, the latter's main shareholder.
Acquisition of the stake will give Net Servicos control.

BNamericas underscores that the acquisition of Vivax will give Net Servicos
access to Sao Paulo, where Vivax has concession licenses for 34 cities and
is the sole cable television operator in 32 of them.

Net Servicos' eligibility for full control of Vivax will require the
approval of Anatel, the telecommunications regulator in Brazil, BNamericas
states.

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

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

                        *    *    *

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

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 8, 2006,
Standard & Poor's Rating Services assigned its 'BB-' senior
unsecured debt rating to the proposed perpetual bonds (up to
US$150 million) to be issued by Brazil's largest cable pay-TV
operator, Net Servicos de Comunicacao S.A.  The proceeds will be
used primarily to fund additional investments in the company's
network and digital services.  NET's total debt amounted to
BRL650 million (approximately US$300 million) in September 2006.


PETROLEO BRASILEIRO: Exports 484,000 Barrels Per Day in November
----------------------------------------------------------------
Petroleo Brasileiro SA, the state-run oil company of Brazil, said in a
statement that it has exported about 484,000 barrels per day in November,
which is an all-time monthly record.

Petroleo Brasileiro told Business News Americas that the previous record was
that of October, which was 453,000 barrels per day.

According to BNamericas, Petroleo Brasileiro has been increasing exports
this year as output has risen.

BNamericas relates that for the rest of November Petroleo Brasileiro
exported about 14.5 million barrels.

Petroleo Brasileiro told BNamericas that exported oil came from the Campos
basin, including:

          -- 259,000 barrels from the Marlim field,
          -- 88,000 barrels from the Albacora Leste,
          -- 56,000 barrels from Roncador,
          -- 16,000 barrels from Bijupira, and
          -- 65,000 barrels from Marlim P-37.

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


TAM: Posts 51.7% Domestic & 61.2% International Market Shares
-------------------------------------------------------------
TAM S.A. disclosed operating data for November 2006, as released by the
National Civil Aviation Agency -- ANAC.  According to ANAC, TAM registered
33.8% growth in domestic RPK (demand) compared with the same period last
year, and a 33.1% increase in domestic ASK (supply).  In November, market
demand increased by 6.7% and market supply increased by 9.8%.  In the
international market, TAM registered 45.5% growth in RPK and 50.5% in ASK,
compared with November 2005.

TAM's domestic load factor was 68.1%, representing 0.3 p.p. growth compared
with November 2005 and higher than the 67.1% market average.

Regarding the international load factor, TAM reached 70.9%, higher than the
market average of 67.4%.

TAM registered a domestic market share (RPK) of 51.7%, a 10.4 p.p. growth
compared with the same period in 2005. Regarding the international market,
the company reached a market share of 61.2%, representing a 40.0 p.p. growth
year on year.

The domestic scheduled yield in November had a slight decrease compared to
the same period in 2005.

The operating data for November are:

Operating data              Nov-2006        Nov-2005      Var. %
Domestic Market
ASK (millions) - Supply        2,439           1.832       33.1%
RPK (millions) - Demand        1,660           1.241       33.8%
Load Factor                    68.1%           67.8%    0.3 p.p.
Market share                   51.7%           41.2%   10.4 p.p.

International Market
ASK (millions) - Supply          855            568        50.5%
RPK (millions) - Demand          606            416        45.5%
Load Factor                    70.9%          73.3%   (2.4) p.p.
Market share                   61.2%          21.2%    40.0 p.p.

TAM SA -- http://www.tam.com.br/-- operates regular flights to
47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

                        *    *    *

Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM SA.  Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM.
Fitch said the rating outlook is stable.


TRANSAX: Sept. 30 Balance Sheet Upside-Down by US$4.1 Million
-------------------------------------------------------------
Transax International Limited filed its third quarter financial statements
for the three months ended Sept. 30, 2006, with the U.S. Securities and
Exchange Commission reporting a US$623,578 net loss on US$1,115,930 of
revenues for the three months ended Sept. 30, 2006, compared with a
US$317,780 net loss on US$948,993 of net revenues in the comparable period
of 2005.

At Sept. 30, 2006, the company's balance sheet showed US$2,003,214 in total
assets, US$6,179,904 in total liabilities, resulting in a US$4,176,690 in
total stockholders' deficit.

The company's September 30 balance sheet also showed strained liquidity with
US$849,421 in total current assets available to pay US$5,222,868 in total
current liabilities.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?165b

                     Going Concern Doubt

Moore Stephens, P.C., in New York, raised substantial doubt about Transax
International Limited's ability to continue as a going concern after
auditing the Company's consolidated financial statements for the year ended
Dec. 31, 2005.  The auditor pointed to the Company's losses, and working
capital and stockholders' deficiencies.

                About Transax International

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


UNIAO DE BANCOS: Andean Dev't Opens US$100MM Credit for Bank
------------------------------------------------------------
The Andean Development Corp. said in a statement that it has launched a
US$100 million line of credit for Uniao de Bancos Brasileiros.

The fund will go towards foreign trade operations in Brazil, according to
the Andean Development statement.

                    About Uniao de Bancos

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: Socopa Reiterates Buy Recommendation
---------------------------------------------------------
Socopa, a brokerage firm in Brazil, has maintained its buy recommendation
for Usinas Siderurgicas de Minas Gerais SA due to the latter's favorable
market position as the main supplier to the nation's auto sector, Business
News Americas reports.

According to BNamericas, Anfavea -- Brazil's national automotive vehicle
manufacturers association -- indicated that the sector's output increased
1.1% year-on-year in November 2006, while vehicle registrations rose 15.3%.

Socopa said in a statement that in the January-November period of 2006,
production increased 4.1% and registrations rose 12.5%, compared with the
year-ago period.

Anfavea predicted that car registrations in Brazil will increase 11.6% in
2006.  The previously forecasted a 7% boost, Socopa said in a statement.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA 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.  The company also sells in China and Japan.

                        *    *    *

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




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


CBO HOLDINGS: Deadline for Proofs of Claim Filing Is on Dec. 15
---------------------------------------------------------------
CBO Holdings IV Ltd.'s creditors are required to submit proofs of claim by
Dec. 15, 2006, to the company's liquidator:

           David Dyer
           Deutsche Bank (Cayman) Limited
           P.O. Box 1984GT, George Town
           Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

CBO Holdings' 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.


EXCHANGEABLE (1999-3): Proofs of Claim Filing Is Until Dec. 15
--------------------------------------------------------------
Exchangeable Certificates Corp. Series BMY 1999-3's creditors are required
to submit proofs of claim by Dec. 15, 2006, to the company's liquidator:

           David Dyer
           Deutsche Bank (Cayman) Limited
           P.O. Box 1984GT, George Town
           Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Exchangeable Certificates' 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.


EXCHANGEABLE (JNJ 2001-1): Proofs of Claim Must be In by Dec. 15
----------------------------------------------------------------
Exchangeable Certificates Corp. Series JNJ 2001-1's creditors are required
to submit proofs of claim by Dec. 15, 2006, to the company's liquidator:

           David Dyer
           Deutsche Bank (Cayman) Limited
           P.O. Box 1984GT, George Town
           Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Exchangeable Certificates' 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.


EXCHANGEABLE (SBC 2000-2): Claims Filing Is Until Dec. 15
---------------------------------------------------------
Exchangeable Certificates Corp. Series SBC 2000-2's creditors are required
to submit proofs of claim by Dec. 15, 2006, to the company's liquidator:

           David Dyer
           Deutsche Bank (Cayman) Limited
           P.O. Box 1984GT, George Town
           Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Exchangeable Certificates' 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.


EXCHANGEABLE (XOM 2000-4): Claims Must be Filed by Dec. 15
----------------------------------------------------------
Exchangeable Certificates Corp. Series XOM 2000-4's creditors are required
to submit proofs of claim by Dec. 15, 2006, to the company's liquidator:

           David Dyer
           Deutsche Bank (Cayman) Limited
           P.O. Box 1984GT, George Town
           Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Exchangeable Certificates' 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.


KENBOW CO: Creditors Must File Proofs of Claim by Dec. 15
---------------------------------------------------------
Kenbow Co., Ltd.'s creditors are required to submit proofs of claim by Dec.
15, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Kenbow Co.'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.


KTMGB LIMITED: Last Day for Proofs of Claim Filing Is on Dec. 15
----------------------------------------------------------------
KTMGB Limited's creditors are required to submit proofs of claim by Dec. 15,
2006, to the company's liquidator:

           David Dyer
           Deutsche Bank (Cayman) Limited
           P.O. Box 1984GT, George Town
           Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

KTMGB Limited'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.


PEGASUS FOUR: Proofs of Claim Filing Deadline Is on Dec. 15
-----------------------------------------------------------
Pegasus Four Ltd.'s creditors are required to submit proofs of claim by Dec.
15, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Pegasus Four's shareholders agreed on Nov. 2, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


PEGASUS THREE: Last Day for Proofs of Claim Filing Is on Dec. 15
----------------------------------------------------------------
Pegasus Three Ltd.'s creditors are required to submit proofs of claim by
Dec. 15, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Pegasus Three's shareholders agreed on Nov. 2, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


PETROLEUM TRADING: Filing of Proofs of Claim Is Until Dec. 15
-------------------------------------------------------------
Petroleum Trading Corp. II 's creditors are required to submit proofs of
claim by Dec. 15, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Petroleum Trading'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.


REMBRANDT ASSET: Creditors Must File Proofs of Claim by Dec. 15
---------------------------------------------------------------
Rembrandt Asset Company Enterprises Ltd.'s creditors are required to submit
proofs of claim by Dec. 15, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

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


REMBRANDT PFC: Last Day to File Proofs of Claim Is on Dec. 15
-------------------------------------------------------------
Rembrandt PFC Ltd.'s creditors are required to submit proofs of claim by
Dec. 15, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Rembrandt PFC'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.


STAR KIDS: Deadline for Filing of Proofs of Claim Is on Dec. 15
---------------------------------------------------------------
Star Kids Corp.'s creditors are required to submit proofs of claim by Dec.
15, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Star Kids' shareholders agreed on Nov. 1, 2006, for the company's voluntary
liquidation under Section 135 of the Companies Law (2004 Revision) of the
Cayman Islands.


STAR SHOP: Creditors Have Until Dec. 15 to File Proofs of Claim
---------------------------------------------------------------
Star Shop Corp.'s creditors are required to submit proofs of claim by Dec.
15, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Star Shop's shareholders agreed on Nov. 1, 2006, for the company's voluntary
liquidation under Section 135 of the Companies Law (2004 Revision) of the
Cayman Islands.


WADSWORTH WAREHOUSE: Creditors Must Submit Claims by Dec. 15
------------------------------------------------------------
Wadsworth Warehouse, Ltd.'s creditors are required to submit proofs of claim
by Dec. 15, 2006, to the company's liquidators:

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

Creditors who are not able to comply with the Dec. 15 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Wadsworth Warehouse'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.




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


QUEBECOR WORLD: Moody's Lowers Corporate Family Rating to B2
------------------------------------------------------------
Moody's Investors Service downgraded Quebecor World Inc.'s Corporate Family
Rating as well as Quebecor World Capital Corp. and Quebecor World Capital
ULC's Senior Unsecured rating to B2 from B1, and also lowered Quebecor World
(USA) Inc.'s Senior Subordinated rating to Caa1 from B3.  The outlook for
all ratings remains negative.

The action is prompted by Moody's belief that Quebecor World will be unable
to make significant progress to lower leverage and improve both interest
coverage and cash flow within the rating horizon of approximately the next
18 months.  The outlook remains negative because Moody's currently expects
Quebecor World's credit metrics in 2007 to be weak for the B2 rating.

Moody's expects Quebecor World's Debt/EBITDA leverage at the end of 2006 to
approximate 7X/Interest to be below 1X and free cash flow to be materially
negative.  Given expectations for continued challenging industry economics,
Moody's does not currently expect much improvement in these and other
metrics over the next several years, although the rating agency acknowledged
that the company's cash burn rate will decline in 2007 with a full year's
elimination of the common stock dividend.  The company will need to improve
its EBITDA margin materially, most likely due to the efficiency of the new
presses that are now largely installed, in order to maintain its B2
Corporate Family Rating.

These ratings were affected by this action:

   Quebecor World Inc.

   -- Corporate Family Rating downgraded to B2 from B1; and
   -- Probability of Default Rating: downgraded to B2 from B1;

   Quebecor World (USA) Inc.;

   -- Senior Subordinate rating downgraded to Caa1 from B3; and

   -- US$130 million Convertible Senior Subordinated Notes,
      LGD6, 94% (unchanged);

   Quebecor World Capital Corporation;

   -- Senior Unsecured rating downgraded to B2 from B1;

   -- US$200 million Senior Notes due 2008, LGD4, 50%
      (unchanged);

   -- US$400 million Senior Notes due 2013, LGD4, 50%
      (unchanged); and

   -- US$150 million Senior Debentures due 2007, LGD4, 50%
      (unchanged);

   Quebecor World Capital ULC;

   -- Senior Unsecured rating downgraded to B2 from B1; and
   -- US$450 million Senior Notes due 2016, LGD4, 50%
      (unchanged);

Quebecor World Inc. is one of the world's largest commercial printers,
headquartered in Montreal, Quebec, Canada.

Quebecor World Inc. -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru,
Spain, Sweden, Switzerland and the United Kingdom.


QUEBECOR WORLD: S&P Affirms B+ Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including its 'B+'
long-term corporate credit rating, on printing company Quebecor World Inc.
At the same time, Standard & Poor's removed the ratings from CreditWatch
with negative implications, where they were placed Sept. 28, 2006.  The
outlook is negative.

The move follows Standard & Poor's review of Quebecor World's operating and
financial strategies, as well as its financial policies, in the context of
an intensely competitive environment.

"Although management must still improve operations, stem the decline in
profitability metrics, and strengthen the balance sheet, we believe the
company's near-term liquidity position is likely to continue to be
adequate," said Standard & Poor's credit analyst Lori Harris.

Into the affirmation, Standard & Poor's incorporated an expectation that
Quebecor World will improve EBITDA as a result of the company's
restructuring and capital investment activities.

"Should Quebecor World's financial performance not be in line with our
expectations in the next several quarters, the ratings could face pressure,"
Ms, Harris added.

The ratings on Quebecor World reflect:

   -- the company's highly leveraged financial profile,

   -- its weakness in revenues and earnings despite
      restructuring efforts,

   -- operating losses in the European division,

   -- inefficiencies related to the installation of new
      printing presses, and

   -- difficult industry conditions.

In addition, unfavorable shifts in product mix and higher energy costs are
adding to the company's challenges and have resulted in margins well below
historical levels.

The negative outlook reflects Standard & Poor's ongoing concerns regarding
the challenges the company faces given its weak operating performance,
including lower earnings, reduced free cash flow because of lower profits
and increased capital expenditure requirements, and difficult industry
fundamentals.  Downward pressure on the ratings could result from the
continued deterioration in Quebecor World's operations or weakness in credit
protection measures.  In the medium term, there are limited prospects for an
upgrade.  The outlook could be revised to stable if the company demonstrates
improved operating performance.

Quebecor World Inc. -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has approximately 29,000 employees working in more than 120
printingand related facilities in the United States, Canada, Argentina,
Austria,Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico,
Peru,Spain, Sweden, Switzerland and the United Kingdom.




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


DOLE FOOD: Settles 16 US Lawsuits by Foreign Farm Workers
---------------------------------------------------------
Dole Food Co., Inc. settled 16 of the 25 U.S. lawsuits by foreign farm
workers who claim injuries from alleged exposure more than 20 years ago to
the agricultural chemical DBCP in countries in which Dole and its
subsidiaries then operated.  One of these lawsuits had been due to go to
trial in Galveston, Texas in January 2007.  The settlements will not have a
material effect on Dole's financial condition or results of operations.

Michael Carter, Dole's Executive Vice President, General Counsel and
Corporate Secretary said, "We are pleased with this successful continuation
of our program of resolving outstanding DBCP claims.  As we announced on
Oct. 23, 2006, Standard Fruit de Honduras, S.A., the Government of Honduras
and representatives of Honduran banana workers reached agreement to
establish a Honduran Worker Program to resolve the claims of male banana
workers alleging sterility as a result of exposure to DBCP.  The lawsuit
settlements announced today build on that success."  Mr. Carter noted,
"Although there is no reliable scientific basis for alleged injuries from
the agricultural field application of DBCP, Dole has continued to seek
reasonable resolution of the pending claims."

Dole Food Company Inc., headquartered in Westlake Village,
California, has revenues of US$5.8 billion.  Dole grows and
sources from independent growers and transports bananas grown
primarily in Colombia, Costa Rica, Ecuador, Guatemala and
Honduras for markets principally in North America, Europe, the
Mediterranean and selected Asian markets.

                        *    *    *
As reported in the Troubled Company Reporter on Dec. 5, 2006, Standard &
Poor's Ratings Services lowered its ratings on Westlake Village,
Calif.-based Dole Food Co. Inc. and Dole Holding Co. LLC, including its
corporate credit rating, to 'B' from 'B+'.  The ratings were removed from
CreditWatch, where they were placed on Aug. 9, 2006, with negative
implications, following materially weaker-than-expected financial
performance in the first half of fiscal 2006, which typically represents a
substantial portion of cash flow.  The outlook is negative.  Total debt
outstanding at the company was about US$2.3 billion as of Oct. 7, 2006.




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


BANCO INTERCONTINENTAL: Luis Renta Appearing Before US Court
------------------------------------------------------------
Luis Alvarez Renta, the former financial advisor of Banco Intercontinental
SA, will again appear before U.S. District Judge Jose E. Martinez on Dec. 13
to respond to allegations of refusing to obey the federal court's final
verdict to pay the Dominican State, Dominican Today reports.

As reported in the Troubled Company Reporter-Latin America on Oct. 3, 2006,
the National District's 1st Collegiate Court in the Dominican Republic
upheld the jury's verdict in the case Miami Judge Jose Martinez heard
against Mr. Renta, forcing the latter to repay the Dominican Central Bank
US$176.9 million for funds presumably taken out before Banco
Intercontinental's collapse.  A federal jury in Miami found Mr. Renta liable
of civil racketeering and illegal money transfers in a conspiracy to plunder
Banco Intercontinental during its final months in 2003.

Dominican Today relates that the Banco Intercontinental Administrative
Liquidation Commission asked the court that Mr. Renta be forced to pay the
US$176.9 million.

The Banco Intercontinental Administrative Liquidation Commission also
demanded that Mr. Renta pay US$10.5 million for money transfers to Miami
accounts with bounced checks from Banco Intercontinental, Dominican Today
notes.

Meanwhile, Banco Intercontinental filed a complaint of contempt against Mr.
Renta, which will be debated during the hearing set for this week before the
federal judge.  Judge Martinez ruled that Mr. Renta will have to appear
personally to the hearing, Dominican Today states.

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


PRC LLC: Moody's Assigns B2 Corporate Family Rating
---------------------------------------------------
Moody's Investors Service assigned PRC, LLC a first time B2 corporate family
rating with a stable outlook.  Moody's assigned a Ba3 rating to its first
lien credit facilities, consisting of:

   -- an undrawn US$20 million revolving credit facility
      (expires 2012),

   -- a US$25 million delayed draw facility for capital
      expenditures (expires 2013), and

   -- a US$105 million term loan (expires 2013).

Moody's also assigned a B3 rating to its US$55 million second lien term loan
facility.  On Nov. 3, 2006, IAC/InterActiveCorp (former parent) agreed to
sell PRC to private equity firm Diamond Castle Holdings and members of PRC's
management team.

The B2 corporate family rating incorporates PRC's high business line and
client concentration, which compares to sector peers rated in the Caa
category.  However, the company's size and financial strength compare to
sector peers rated B2 for the overall B2 corporate family rating assignment.

The ratings reflect both the overall probability of default of the company
at a 50% LGD rate, to which Moody's assigns a PDR of B2, and a
loss-given-default of LGD-3 for the first lien facilities and an LGD-5 for
the second lien term loan.

Moody's assigned these ratings:

   -- Corporate Family Rating B2;

   -- US$20 million first lien revolving credit facility: Ba3,
      LGD-3, 31%;

   -- US$25 million first lien delayed draw capital expenditures
      term loan: Ba3, LGD-3, 31%;

   -- US$105 million first lien term loan: Ba3, LGD-3, 31%; and

   -- US$55 million second lien term loan -- B3, LGD-5, 76%

Plantation, Fla.-based PRC is a business process outsourcing or BPO provider
with operations in the U.S., the Philippines, India, the Dominican Republic,
and Ireland.  The company provides dedicated-agent communication services
focusing on business-to-consumer and business-to-business transactions.


* DOMINICAN REPUBLIC: Terminating Power Distributors' Contracts
---------------------------------------------------------------
Radhames Segura, the Secretary of State and vice president of the Dominican
Corporation of State Electricity Companies disclosed that the government of
the Dominican Republic has been paying out millions of dollars to power
plants since 2001 but has never received power from them, Prensa Latin
reports.

Mr. Segura continued to say that US$120 million dollars was paid to AES
Corp., US$148-million outlay that almost paid out the initial investment of
US$156 million to Smith Enron Company, and US$185.65 million to Cogentrix,
which received 70.6% of the original contribution, Prensa Latin relates.
Still, the country has not received its electricity supply in five years.

In this note, Mr. Segura told Prensa Latin that the government intends to
terminate contracts that were signed by the power-distributing and the
power-generating plants that include:

   -- Palamra-La Vega,
   -- Dominican Powers Partners and
   -- AES Andres.

According to the same report, Mr. Segura laid the blame to former
administration of Pres. Hipolito Mejia for signing those agreements with an
inflated value.  The contracts called for a 3,340-megabyte generating
capacity and a validation until 2016.

                        *    *    *

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

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

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

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

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

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

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

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

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

Fitch also affirmed these ratings:

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

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

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

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




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


* EL SALVADOR: Selling Chaparral Hydro Project Bidding Rules
------------------------------------------------------------
CEL, the state power firm of El Salvador, will sell bidding rules for
US$10,000 from Dec. 11 to 28 to construct the 65.3-megawatt Chaparral hydro
project, Business News Americas reports.

BNamericas underscores that the project is one of four hydroelectric
projects CEL is developing.

CEL said on its Web site that works include:

          -- the power plant, and

          -- a dam to be constructed in the lower zone of the
             Torola river basin between the municipalities of
             San Luis de La Reina and Carolina in San Miguel
             department.

BNamericas relates that the project costs over US$100 million.  Offers are
due and will be opened on March 13, 2007.

The Central American Bank for Economic Integration will help fund the
Chaparral project, which could launch operations in 2010, BNamericas states.

                        *    *    *

As reported on Aug. 11, 2006, Standard & Poor's ratings services
affirmed its 'BB+' long-term and 'B' short-term sovereign credit
rating on the Republic of El Salvador.  S&P said the outlook
remains stable.

El Salvador's country ceiling has been upgraded to BBB- from BB+
by Fitch Ratings.




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


AIR JAMAICA: Has Not Ruled Out Merger with Other Airlines
---------------------------------------------------------
Air Jamaica told the Jamaica Observer that it has not rejected the
possibility of merging with other regional airlines.

Air Jamaica said that it would only do so if it is in its best interest, The
Observer notes.

According to The Observer, Michael Conway -- Air Jamaica chief executive --
said during the parliamentary committee meeting at the Ministry of Finance
and Planning that there were no concrete proposals from the region for a
merger.

Mr. Conway told The Observer, "Air Jamaica is not opposed to anything that
would result in an improved financial condition for the company.  It has
mostly been just a notion from people, easy to throw out but nothing to back
it up."

Working with the merging of large and small airlines, most of the benefits
don't come from having a single accounting department, The Observer notes,
citing Mr. Conway.

Mr. Conway told The Observer, "It comes from the synergies and strategic use
of common equipment and the revenue benefits that come from that."

The Observer underscores that the real benefit was in the manner of serving
routes between the respective regions as well as the manner of affiliating
with frequent flyer programs.

Mr. Conway told The Observer, "I would like to make it clear that myself,
and no one I know of in management or on the board, is opposed to such a
thing, should it make sense.  We are certainly willing to entertain it, but
there really is nothing out there other than a notion."

Dr. Omar Davies, minister of finance and planning, commented to The
Observer, "I have heard this notion of this one regional airline.  I have
asked of CARICOM.  Is there a specific study indicating the cost benefit
analysis?  What I have been told, is that, in terms of concrete proposals,
they relate to standardization of fleets, the issues of maximizing back-room
coordination, etcetera.  But, in terms of the establishment of one regional
airline, I don't know of any technical work that has been carried out."

However, there is room for exploring the possibility, especially in light of
the emergence of Caribbean Airlines, The Observer states, citing Dr. Davies.

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: Pilots Uneasy with New Fleet to Have More Training
---------------------------------------------------------------
"Particular pilots who for whatever reasons have difficulty making the
transition (to the new fleet of Air Jamaica), they will just go through more
training until they are actually put in the cockpit, just like they went
through when the company made the first transition," the Jamaica Gleaner
reports, citing Michael Conway, Air Jamaica chief executive.

The Troubled Company Reporter-Latin America reported on
Nov. 30, 2006 that the pilots under the Jamaica Airline Pilots
Association or JALPA sent on Nov. 14 a letter to Mr. Conway, saying that
they had significant reservations about Air Jamaica's business plan and
re-fleeting.  Air Jamaica considered replacing its modern fleet of Airbus
aircraft with old Boeing 737-300s and 757s to reduce costs and stem its
losses.  Air Jamaica planned to replace A320/321s with the 22-year-old
737-300 and 757s.  The airline would retain two A340s, as no 767
replacements are available.  The replacement of aircrafts was part of a plan
Air Jamaica presented to the Cabinet's sub-committee.  The plan was aimed at
reviving financially troubled Air Jamaica.  The pilots were concerned on
Boeing 737-300s' range, age, safety record, and fuel efficiency and Air
Jamaica's current leases with Airbus and its ability to sub-lease to another
party and the risk factors involved.

According to The Gleaner, the pilots had further indicated that the
transition from the current aircraft fleet to older Boeings would be more
difficult.

The Gleaner underscores that Audley Shaw, opposition spokesperson on
finance, brought the concerns raised by the pilots to the attention of the
parliamentary committee.   The committee met at the Ministry of Finance and
Planning on Dec. 6.

However, Mr. Conway insisted that the pilots would be successfully
transitioned into flying the new fleet as the difference in technology
between the current and the new fleet was very small, The Gleaner notes.  He
dismissed the concerns raised by the pilots, saying that based on accident
rates from 1959 through 2005, the two aircraft series being acquired had the
lowest accident rate per million departures.

Mr. Conway told The Gleaner, "There is absolutely no safety issue with this
transition."

Not all the planes would be older aircraft, The Gleaner notes, citing Mr.
Conway.

Of the 14 new fleet of Air Jamaica, six were 5% less fuel-efficient, while
eight had a fuel efficiency of over 15%.  The acquisition of the new fleet
would allow the firm to fill 50% of the US$100-million financial gap that
the airline is now experiencing, Mr. Conway told The Gleaner.

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.


COURTS (JAMAICA): Cobalt Holdings Secures Over 90% of Shares
------------------------------------------------------------
Over 90% of Courts (Jamaica) Ltd. shareholders have pledge their shares to
Cobalt Holdings, the Jamaica Observer reports, citing Mayberry Investments
Ltd., the lead broker of the deal.

The Jamaica Gleaner relates that Regal Forest, which set up Cobalt Holdings
to acquire Courts Plc's 12 Caribbean operations, locked up the remaining 8%
of shares needed to start proceedings to grab up all the shares, should the
remaining shareholders, who combined hold less than a 10% stake, not take up
the buyout offer.

As reported in the Troubled Company Reporter-Latin America on Nov. 23, 2006,
Courts (Jamaica) received on Nov. 20 an offer from Cobalt Holding to buy all
the ordinary shares in the company.

The Gleaner says that the offer runs until Dec. 18.

A source told The Gleaner that Cobalt Holding, a subsidiary set up by Regal
Forest to acquire Courts Plc's 12 Caribbean operations, had passed the 90%
mark two weeks after opening the offer.

The Gleaner underscores that having received over 90% of Courts (Jamaica)
shares means that Cobalt Holding can exercise its right under the Companies
Act of Jamaica to compulsorily acquire the remaining shares including those
who have expressly dissented or have failed to respond to the offer.

Shareholders who pledged their shares before Dec. 6 will be paid by Dec. 20
in either Jamaican or United States currency.

According to The Observer, shareholders who pledge by Dec. 18 will also have
the option of being paid in either currency.  After Dec. 18, Courts
(Jamaica) will be delisted from the Jamaica Stock Exchange, as Cobalt
Holdings does not included publicly listed firms in its portfolio.

Lance Hylton -- Myers Fletcher and Gordon counsel in the Courts/Cobalt
transaction -- explained to The Observer, "Section 209 of the Companies Act
provides that once 90% of the shareholders of a company have approved an
offer of this kind, the purchaser can acquire the remaining shares by a
process of compulsory acquisition, even if those shareholders dissent or
fail to respond.  Persons who accept by Dec. 18 will get paid on or about
Dec. 29.  It is expected that all other shareholders will be paid in May of
next year," Hylton said.

Gary Peart, Mayberry chief operating officer, told The Observer, "If you
don't tender your shares by the 18th of December you will only be paid in
Jamaican dollars by next year.  Plus, you will have to pay the transfer
tax."

The Observer emphasizes that there is no transfer tax paid on publicly
listed stocks.

Mr. Hylton told The Observer, "This method is quite useful in a situation
such as this one where it seems that every available shareholder wishes to
sell but there are persons who may have simply forgotten that they own
shares, have long since moved away or have died.  These shares can be
'mopped' up by this Compulsory Acquisition process."

According to The Observer, Mr. Hylton outlined the steps involved:

          1. On or before one month after 90% or more of the
             shares have been transferred to Cobalt Holdings
             (e.g. on or about Jan. 21, 2007) a notice will be
             sent to the outstanding shareholders informing them
             that Cobalt Holdings has acquired these shares;

          2. About three months after the offer closes (about
             March 22, 2007), the outstanding shareholders will
             be formally notified by mail and newspaper
             advertisement of Cobalt's intention to acquire
             their shares by this process;

          3. If they wish to dispute Cobalt Holdings' right to
             do so (say on the basis that 90% has not been
             acquired) they have one month to do this;

          4. At the expiration of one month from that notice,
             Cobalt Holdings will then send a notice to Courts
             (Jamaica) setting out the names descriptions and
             shareholdings of the outstanding shareholders,
             along with instruments of transfer and a cheque to
             cover the entire amount due to such persons;

          5. Cobalt Holdings will at that point be empowered by
             law to sign the instruments of transfer on behalf
             of those shareholders and Courts will be obliged to
             enforce those transfers;

          6. The transfers will be done by way of block transfer
             on the Stock Exchange in May 2007.

Courts (Jamaica) is Courts UK's flagship operation in the Caribbean.  The
parent company, Courts UK, collapsed under the weight of a GBP280-million
debt burden in 2004.  The Courts UK board said in 2004 that it had been
informed that the principal lenders refused to grant waivers for the
covenant breaches likely to occur.  The lenders also decided not to provide
immediate additional funding required.

The losses did not carry over into is operations in 20 nations outside of
the United Kingdom.  The Cohen family -- the principal owners of the Courts
brand -- was removed from the board.  KPMG, the lead administrator, put up
Courts' overseas assets on sale.




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


ALLIS-CHALMERS: Extends Exchange Offer Expiration to Dec. 29
------------------------------------------------------------
Allis-Chalmers Energy Inc. extended the expiration of the exchange offer
relating to its 9% Senior Notes due 2014 to 5:00 p.m. (New York City time)
on Dec. 29, 2006.

The extension is made pending dissemination of financial information
relating to the company's recently completed acquisition of Petro-Rentals,
Incorporated and its pending acquisition of substantially all of the assets
of Oil & Gas Rental Services, Inc.

The exchange offer is being made solely by Allis-Chalmers' prospectus with
respect to the exchange offer and the related letter of transmittal.

Copies of the prospectus and letter of transmittal may be obtained from the
exchange at:

           By Registered or Certified Mail:
           Wells Fargo Bank, N.A.
           MAC N9303-121
           P.O. Box 1517
           Minneapolis, MN 55480-1517
           Attn: Corporate Trust Operations

           By Regular Mail/ Hand/ Overnight Delivery:
           Wells Fargo Bank, N.A.
           Sixth and Marquette
           MAC N9303-121
           Minneapolis, MN 55479
           Attn: Corporate Trust Operations

Based in Houston, Texas, Allis-Chalmers Energy Inc. (AMEX: ALY)
-- http://www.alchenergy.com/-- provides oilfield services and equipment to
the oil and gas exploration and development companies primarily in Texas,
Louisiana, New Mexico, Colorado, and Oklahoma; offshore in the United States
Gulf of Mexico; and offshore and onshore in Mexico.  The company offers
directional drilling, compressed air drilling, casing and tubing, rental
tools, and production services.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 27, 2006,
Moody's Investors Service confirmed Allis-Chalmers Energy Inc.'s B3
Corporate Family Rating and B3 rating on the company's 9% Senior Unsecured
Guaranteed Global Notes Due 2014.


AMERICAN AXLE: Moody's Confirms Unsecured Debt Ratings at Ba3
-------------------------------------------------------------
Moody's Investors Service has confirmed American Axle & Manufacturing
Holdings, Inc.'s Corporate Family Rating of Ba3 and affirmed American Axle &
Manufacturing, Inc.'s Speculative Grade Liquidity rating of SGL-2.
Unsecured debt ratings of Ba3 LGD-4 (57%) at both American Axle and Holdings
have also been confirmed.  The outlook is negative.

The actions conclude a ratings review announced on Oct. 5, 2006, following
the company's disclosure of a special attrition program and other
restructuring actions which will be implemented at the end of the fourth
quarter of 2006 and early 2007.  Collectively, the programs are anticipated
to involve special charges of between US$150-US$250.  In confirming the
ratings, Moody's noted that these programs will involve substantial cash
disbursements and cause higher debt levels to persist in the short-term.

However, it will have a relatively quick payback period through establishing
a lower cost structure that is anticipated to improve future performance and
cash flows.  Metrics more consistent with the Ba3 rating category could
develop during 2007 assuming industry conditions stabilize and sufficient
consumer demand for vehicles based on the GMT-900 platform develops.

The Corporate Family rating of Ba3 reflects weighting placed on scores under
the Auto Supplier Methodology for elevated leverage, customer concentration
and deterioration in coverage ratios that has occurred over the last year.
Scores on those factors are partially mitigated by stronger results from the
company's sound capitalization, good liquidity profile, efficient
operations, and the long-term nature of its business awards.

Moody's would expect free cash flow in 2006 to be close to break-even as the
company's investment in organic growth has coincided with sharply lower
production at its major customers.  The rating also emphasizes potential
volatility to the company's cash flows arising from its ongoing customer,
geographic and platform concentration.

American Axle has a capital-intensive business model that creates
significant operating leverage as well as ongoing capital expenditure
requirements.  Those traits tend to compound its exposure to challenges
faced by its largest customer, GM.  Improved customer, geographic and
platform diversification will slowly evolve.  Substantial disbursements to
facilitate those objectives, the SAP and other restructuring actions will be
required.  Weak debt service ratios, elevated leverage and constricted free
cash flows are anticipated to continue over the near term.  However, over
the intermediate period, improvements in the company's cost structure and
enhanced free cash flow generated from the SAP and other restructuring
actions combined with lower capital expenditures in 2007 ought to position
key credit metrics within a more acceptable range for Ba3 rated credits.

The outlook is negative and reflects the company's continued concentration
with GM, whose Corporate Family rating is B3, and issues related to the mix
of vehicles it supports.  While uncertainty exists on what build rates
consumer demand may ultimately support for models based on the GMT-900
platform, the rating agency would expect American Axle to remain profitable
during the intermediate term.  In the near term, the company's leverage and
debt service coverage ratios will remain weak as interest expense will
increase as higher debt levels incurred from funding the combination of 2006
capital expenditures and significant SAP disbursements and other
restructuring actions will continue.  The company remains vulnerable to
downside developments at GM and the potential that labor contract issues in
late 2007 at the Big 3 OEMs could disrupt build-rate assumptions.

The SGL-2 rating represents good liquidity over the coming twelve months.
American Axle should generate internal funds to meet basic operating needs
during the coming year.  However, the cash impact of its SAP and other
restructuring programs are likely to cause incremental borrowings towards
the end of the fourth quarter and early 2007.  While the company maintained
only minimal balance sheet cash it does have access to a US$600 million
unsecured revolving credit facility whose commitment extends to April 2010.
At the end of the third quarter, the company had approximately US$486
million available under the facility.

Moody's confirmed these ratings:

   American Axle & Manufacturing, Inc.

   -- Senior Unsecured notes, Ba3, LGD-4, 57%; and
   -- Senior Unsecured term loan, Ba3, LGD-4, 57%;

   American Axle & Manufacturing Holdings, Inc.

   -- Corporate Family Rating, Ba3;
   -- Probability of Default Rating, Ba3; and
   -- Senior Unsecured convertible notes, Ba3, LGD-4, 57%.

Moody's affirmed these ratings:

   American Axle & Manufacturing, Inc.

   -- Speculative Grade Liquidity rating, SGL-2.

American Axle & Manufacturing, headquartered in Detroit, MI, is a world
leader in the manufacture, design, engineering and validation of driveline
systems and related components and modules, chassis systems, and
metal-formed products for light truck, SUVs and passenger cars.  The company
has manufacturing locations in the U.S.A., Mexico, the United Kingdom and
Brazil.  The company reported revenues of US$3.4 billion in 2005 and has
approximately 10,900 employees.


FORD MOTOR: November U.S. Sales Down 10% Compared with Last Year
----------------------------------------------------------------
Ford Motor Company's dealers delivered 182,259 vehicles to U.S. customers in
November, down 10% compared with a year ago.

November car sales were 3% lower than a year ago, reflecting lower
deliveries to fleet customers.  Sales to individual retail customers were up
reflecting higher sales for the company's new mid-size sedans (Ford Fusion,
Mercury Milan and Lincoln MKZ). Fusion was up 66%, Milan was up 29% and MKZ
was up 83%.  These 2007 models feature standard side-air bags and available
all-wheel drive.

Overall, truck sales were down 13%, but the company's all-new, full-size
sport utility vehicles (Ford Expedition and Lincoln Navigator) posted higher
sales.  Expedition sales were up 14% and Navigator sales were up 65%.

At the end of November, Ford, Lincoln and Mercury inventories were estimated
at 631,000 units.  This level is 122,000 units lower than a year ago.  The
company estimates 85% of the inventory is new 2007 models.

                 North American Production

In the fourth quarter 2006, the company plans to produce 620,000 vehicles
(240,000 cars and 380,000 trucks).  This plan is 15,000 units lower than the
previously announced plan reflecting the temporary suspension of Freestar
production at the Oakville Assembly Plant in Ontario, Canada.

In the first quarter 2007, the company plans to produce 750,000 vehicles
(240,000 cars and 510,000 trucks).  In the first quarter 2006, the company
produced 876,000 vehicles (316,000 cars and 560,000 trucks).  Earlier, the
company indicated first half 2007 production would be 8-12% lower than the
first half 2006.  The first quarter 2007 plan is consistent with the high
end of this range.

                         About Ford

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and distributes
automobiles in 200 markets across six continents.  With more than 324,000
employees worldwide, including Brazil and Mexico, 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.


KRISPY KREME: Posts US$135.8MM Net Loss in Year Ended Jan. 2006
---------------------------------------------------------------
Krispy Kreme Doughnut, Inc. reported a US$135.8 million net loss on US$543.4
million of revenues for the fiscal year ended
Jan. 31, 2006, compared with a US$198.3 million net loss on
US$707.8 million of revenues for the same period in 2005.

Both revenues from company owned stores and franchisee stores
declined in fiscal 2006 compared with fiscal 2005, as did company sales to
franchise stores.  This was offset mainly by lower recorded direct operating
expenses of US$474.6 million in fiscal 2006, compared with US$598.3 million
in fiscal 2005.  In addition, the company recognized lower impairment
charges and lease termination costs of US$55.1 million in 2006 compared to
US$161.8 million in 2005.

At June 30, 2006, the company's balance sheet showed
US$410.8 million in total assets, US$302.2 million in total
liabilities, and US$108.7 million in total stockholders' equity.

The company's balance sheet at Jan. 29, 2006 also showed
US$147 million in total current assets available to pay
US$153.9 million in total current liabilities.

A full-text copy of the company's annual report is available for
free at http://researcharchives.com/t/s?1485

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites operating systemwide
in 43 U.S. states, Australia, Canada, Mexico, the Republic of South Korea
and the United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from franchise stores,
and a vertically integrated supply chain.

Freedom Rings, LLC, company's franchisee in Eastern Pennsylvania, Delaware
and Southern New Jersey, filed on
Oct. 16, 2005 for Chapter 11 protection with the Delaware Bankruptcy Court
(Bankr. D. Del. Case No. 05-14268).  Following closure of its four remaining
stores, the Bankruptcy Court confirmed Freedom Rings' plan of liquidation on
April 20, 2006 and its operations have been substantially wound up.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, filed for
restructuring on April 15, 2005, pursuant to the Companies'
Creditors Arrangement Act with the Ontario Superior Court of
Justice.  Krispy Kreme Doughnut Corp. agreed to pay approximately US$9.3
million to two secured creditors to settle its obligations with respect to
its guarantees pertaining to certain indebteness and related equipment
agreements.  In exchange, a newly formed subsidiary of Krispy Kreme Doughnut
Corp. acquired substantially all of the operating assets of KremeKo, as
authorized by the Ontario Court.

Glazed Investments, LLC, company's franchisee in Colorado,
Minnesota and Wisconsin, filed for Chapter 11 protection on
Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932).  Subsequent to this
filing, Glazed Investments sold its remaining 12 Krispy Kreme stores to
Western Dough, Krispy Kreme's area developer for Nevada, Utah, Idaho,
Wyoming and Montana, for appoximately US$10 million.  This sale was
facilitated by the Chapter 11 filing, by permitting the assets to be sold
free and clear of all liens, claims and encumbrances.

Under the plan of liquidation filed by Glazed Investments, it will be
dissolved after distribution of the sale proceeds to creditors, and Krispy
Kreme will not receive any payment on account of its ownership in Glazed
Investments.  While a substantial portion of Glazed Investments' debts were
retired from the sale proceeds and liquidation of other assets, Krispy Kreme
paid approximately US$1 million of its franchisee's debt which was
guaranteed by it.


NORTEL NETWORKS: Board Taps KPMG as Independent Auditor
-------------------------------------------------------
Nortel Networks Corp.'s Board of Directors has selected KPMG LLP as its
independent auditor commencing with fiscal year 2007.  The selection
concludes a thorough evaluation in which the company conducted as part of
its corporate renewal process.

"Nortel is committed to building a great company founded on world-class
corporate governance.  As such, we conducted a rigorous selection process in
search of an independent auditor with the optimal skills mix to match our
current business requirements," said Peter Currie, executive vice president
and chief financial officer, Nortel.  "We found that KPMG has the expertise
to help us cement a leading-edge corporate governance practice."

The appointment of KPMG as independent auditor is subject to the approval of
the company's shareholders at its next annual shareholder meeting.

Deloitte & Touche LLP is the company's current independent auditor.  The
intended change in independent auditor does not result from any disagreement
or dissatisfaction between Nortel and Deloitte.

"Nortel has been pleased with the service of Deloitte & Touche and, in
particular, with the close collaboration provided in recent years.  Deloitte
helped Nortel overcome significant challenges to ensure that our financial
reporting is accurate and up-to-date.  We thank them for their service and
look forward to continued work with them in other capacities going forward,"
said Mr. Currie.

KPMG was also selected as Nortel Networks Limited's independent auditor
commencing with fiscal 2007.

                   About Nortel Networks

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

                        *    *    *

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.


ODYSSEY RE: Fairfax Completes Offering of Firm's Common Shares
--------------------------------------------------------------
Odyssey Re Holdings Corp. disclosed the completion of an underwritten public
offering by Fairfax Financial Holdings Limited of 9,000,000 ORH common
shares, at a price of US$34.60 per share, resulting in net proceeds to
Fairfax of approximately US$300 million.  Fairfax has granted the
underwriters an option to purchase up to 1,350,000 additional shares of
common stock to cover over-allotments, if any.  The offering was jointly led
by Citigroup Corporate and Investment Banking and Wachovia Capital Markets,
LLC.

Fairfax, which continues to own a majority of the shares of OdysseyRe after
the offering, intends to use the proceeds it received from the offering for
general corporate purposes, which may include opportunistically effecting
open market or privately negotiated repurchases of its outstanding debt or
shares.  Odyssey Re did not receive any proceeds from the sale of the
shares.

A written prospectus relating to the offering may be obtained from:

          Citigroup Corporate and Investment Banking
          Brooklyn Army Terminal
          140 58th Street, 8th Floor
          Brooklyn, NY 11220
          Tel: 718-765-6732

                       -- or --

          Wachovia Capital Markets, LLC
          Attn: Equity Syndicate
          375 Park Avenue, 4th Floor
          New York, NY 10152
          E-mail: equity.syndicate@wachovia.com

Odyssey Re Holdings Corp. is an underwriter of property and
casualty treaty and facultative reinsurance, as well as
specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and Newline Insurance
Co. Ltd.  The Company underwrites through offices in the United States,
London, Paris, Singapore, Toronto and Mexico City.  Odyssey Re Holdings
Corp. is listed on the New York Stock Exchange under the symbol ORH.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 15, 2006, Standard &
Poor's affirmed its 'BBB-' counterparty credit and 'BB' preferred stock
ratings on Odyssey Re Holdings Corp. and removed them from CreditWatch
negative.


* MUNICIPALITY URUAPAN: 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 Uruapan's issuer ratings at Ba2 and A2.mx, with
a stable outlook.

The rating is based on:

   -- a BCA of 12,
   -- Ba1 rating on the State of Michoacan,
   -- 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.


* STATE OF GUERRERO: 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 State of Guerrero's issuer ratings at Ba2 and A2.mx, with a
stable outlook.

The rating is based on:
   -- a BCA of 12,
   -- Baa1 rating on the Government of Mexico,
   -- 5% probability of support and,
   -- 90% default dependence.

Moody's also affirmed senior secured ratings at Baa2/Aa2.mx.

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.


* STATE OF ZACATECAS: 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 State of Zacatecas' issuer ratings at Ba2 and A2.mx, with a
stable outlook.

The rating is based on:

   -- a BCA of 12,
   -- Ba1 rating on the Government of Mexico,
   -- 5% 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 A N A M A
===========


CB RICHARD: Completes 9-3/4% Senior Notes Tender Offer
------------------------------------------------------
CB Richard Ellis Services Inc., a wholly owned subsidiary of CB Richard
Ellis Group Inc., disclosed the completion of the Company's reported cash
tender offer and consent solicitation to purchase all of its 9-3/4% Senior
Notes due 2010.

A total of US$126,690,000 in aggregate principal amount of Notes, or
approximately 97.5% of the outstanding principal amount of the Notes, were
tendered prior to the expiration date of 5:00 p.m., New York City time, on
Dec. 4, 2006.  The company has accepted for purchase and has paid for, all
Notes tendered pursuant to the Offer.

On Nov. 17, 2006, the company, CB Richard Ellis Group, Inc., certain
subsidiary guarantors and the indenture trustee executed a supplemental
indenture effecting certain amendments to the indenture governing the Notes.
The amendments, which eliminate or modify the restrictive covenants and
certain events of default, became operative upon acceptance of the Notes for
purchase.

Credit Suisse Securities (USA) LLC acted as Dealer Manager in connection
with the Offer.

Headquartered in Los Angeles, California, CB Richard Ellis
Services, Inc., provides commercial real estate services.
Services it provides include property sales/leasing brokerage,
property management, corporate services and facilities management, capital
markets advice and execution, appraisal/valuation services, research and
consulting.  CB Richard Ellis has approximately 14,500 employees and over
200 offices across more than 50 countries.  In Latin America, CB Richard
Ellis has operations in Argentina, Brazil, Chile,
Mexico, Panama, Peru, Venezuela and Caribbean countries.

                        *    *    *

As reported in the Troubled Company Reporter on Nov 16, 2006,
Standard & Poor's Ratings Services affirmed its ratings on
CB Richard Ellis Services Inc., including its 'BB+' long-term
counterparty credit rating, and removed them from CreditWatch
Negative where they were placed Oct. 31.  The outlook is stable.


SOLO CUP: Posts US$19.7 Mil. Net Loss in Quarter Ended October 1
----------------------------------------------------------------
Solo Cup Company incurred a US$19.7 million net loss on
US$620.6 million of net revenues for the three months ended
Oct. 1, 2006, compared to a US$9.4 million net loss on US$620.2 million of
net revenues for the same period in 2005.

The company said the net sales reflect an increase in average realized sales
price, partially offset by lower sales volumes.  The increase in average
realized sales price reflects price increases implemented over the past year
in response to higher paper and resin costs.  The volume decrease reflects
general industry trends as well as the effects of competitive pressure in
the marketplace.

The 2006 loss reflects a non-cash charge of US$228.5 million for the
impairment of goodwill and a non-cash charge of US$112.8 million to income
tax expense to increase the valuation allowance for deferred tax assets.
The goodwill impairment charge reflects the results of a previously
announced valuation test performed as of July 2, 2006, which was initiated
based on a combination of factors, including continued net losses and
significant increases in raw material and petroleum prices.

At Oct. 1, 2006, the company's balance sheet showed US$1.6 billion in total
assets and US$1.5 billion in total liabilities and a US$45.6 million
positive equity.

A full-text copy of the company's quarterly report is available for free at
http://researcharchives.com/t/s?1697

Commenting on the company's third-quarter results, Robert M. Korzenski,
Chief Executive Officer, said: "Our results were impacted by a continued
challenging industry environment, increased raw material costs and isolated
inventory management issues.  While we have seen some relief in certain raw
material costs, we expect the challenging business environment to continue
for the remainder of the year.  We intend to address these economic,
competitive and operational issues by improving our manufacturing and supply
chain efficiencies, decreasing our selling, general and administrative
expenses and optimizing our sales and marketing organization.  Through these
efforts, we expect to position the business to meet competitive industry
challenges, improve our overall financial performance, and create value for
our investors in 2007 and beyond."

               Fourth Quarter Expectations

Based on the company's performance year-to-date, the company currently
expects to generate net sales of between US$600 million and US$650 million
for the fourth quarter of 2006. Operating income is expected to increase
slightly versus the third quarter of 2006 due primarily to moderating raw
material costs.  Cash flow from operations is also expected to be positively
impacted by moderating raw material costs, as well as a reduction in
inventory levels.  Capital expenditures are expected to be approximately
US$10 million for the fourth quarter.

In addition, during the balance of the year, the company intends to quickly
implement the previously announced initiatives designed to reduce costs and
improve manufacturing efficiencies.  Mr. Korzenski stated, "The independent
consulting firm that we engaged during the third quarter has completed its
diagnostic work in the supply chain/operations area, and implementation of
the plan developed as a result of that work is under way.  In addition, we
have expanded the scope of the project being led by our consulting firm to
address commercial optimization and general and administrative expenses.
Based on this diagnostic, by year end we expect to launch an integrated
performance improvement program that will be designed to impact all key
value levers, accelerate the company's turnaround and ensure
sustainability."

                 Subsidiary's Assets Sold

In the third quarter of 2006, the company's management approved a plan to
sell certain assets of its Japanese subsidiary, Solo Cup Japan Co. Ltd.
These assets were classified as assets held for sale as of Oct. 1, 2006, and
are included in other current assets on the company's Consolidated Balance
Sheet.  The company recognized an impairment loss of US$5.2 million during
the three month period ended Oct. 1, 2006, to adjust the carrying value of
the assets to their fair value of approximately US$7.9 million.  The company
executed a sale agreement related to these assets in October 2006.

Headquartered in Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- manufactures disposable paper and plastic food
and beverage containers used in the foodservice and retail consumer markets.
Products include cups, lids, straws, napkins, cutlery, and plates.  The
Company was established in 1936 and has a global presence with facilities in
Asia, Canada, Europe, Mexico, Panama and the United States.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 20, 2006
Moody's Investors Service is continuing the review for possible
downgrade of Solo Cup Company first initiated on Aug. 16, 2006 and
reiterated on Sept. 15, 2006.  Although Solo Cup has met its
obligation to file financial statements and has completed its
previously announced review of accounting issues, Moody's
continues to have concerns regarding liquidity and ongoing
business strategy.

Moody's held B2 ratings on US$150 million senior secured revolving credit
facility maturing Feb. 27, 2010, and on US$635 million senior secured term
loan B due Feb. 27, 2011; Caa1 rating on US$80 million senior secured second
lien term loan due Feb. 27, 2012; Caa2 rating on US$325 million 8.5%
subordinated notes due Feb. 15, 2014.

Moody's expects to conclude the review by the end of January 2007.




=======
P E R U
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BANCO CONTINENTAL: Inks US$100 Million Senior A/B Loan from IDB
---------------------------------------------------------------
The Inter-American Development Bank signed of a US$100 million senior A/B
loan to BBVA Banco Continental, S.A. in Peru.

The loan constitutes one component of a long-term financing facility
approved on Dec. 6 by the IDB for the financial institution, to provide
comprehensive support for mortgage origination.  The second portion, a US$30
million subordinated loan is expected to be signed shortly.

General Manager Mr. Jaime Saenz de Tejada Pulido and Finance Manager Mr.
Eduardo Avila Zaragoza, both representatives of Banco Continental, and by
Private Sector Manager Mr. Hiroshi Toyoda, signed the loan.

"This financing will allow us to maintain a strong balance sheet and an
efficient funding platform to advance our future growth that will result
from the significant expansion of mortgage assets to our portfolio.  At the
same time to demonstrate the clear support of the IDB to work with a dynamic
and solvent institution as ours, which is fundamentally involved in the
development of Peru," said Mr. Avila Zaragoza.

Hans Schulz, head of the Financial Markets Team of the IDB's Private Sector
Department said, "This transaction represents the first project under the
extended mandate and signals our new strategy to support the development of
financial markets by structuring solutions tailored to the need of each
client.  It is noteworthy to also mention that the closing of the
transaction occurred in less than two months from the mandate, demonstrating
the important improvements to IDB's responsiveness."

IDB project team leader Daniela Carrera-Marquis added, "A central idea
behind IDB's strategy in the region's mortgage market is to promote an
overall increase in affordable housing finance, thus reducing the currently
existing housing gap.  The project represents an important synergy between
two institutions that play a key role in the region. The project benefits
from jointly concerted efforts by representatives of Banco Continental,
specially Gonzalo Camargo and his team, as well as of the IDB, George
Rogers, Giannina Nunez and Florencia Attademo-Hirt."

Banco Continental is the second largest commercial bank in Peru.  As of June
2006, the bank had total assets of US$5.4 billion and total deposits of
US$4.2 billion.  It has built an extensive network throughout the country
with 215 branches, 332 ATMs and 2,774 employees.

                        *    *    *

Fitch Ratings assigned on Dec. 6, 2006, these ratings to BBVA Banco
Continental:

   -- Individual rating of 'C/D';
   -- Support rating of '2';
   -- Long-term local currency Issuer Default Rating of 'BBB';
   -- Long-term foreign currency IDR of 'BBB-'; and
   -- Short-term foreign and local currency ratings of 'F3'.




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


MIRANT CORP: Unit Trust Buying 39% Stake in PowerGen
----------------------------------------------------
The Unit Trust Corp. wants to acquire Mirant Corp.'s 39% stake in PowerGen,
the Trinidad & Tobago Express reports.

Amoy Chang Fong, Unit Trust's chairman, disclosed the information last month
during the launching of the company's Energy Fund, the Express relates.

"We would be interested in that," Ms. Fong was quoted by the Express as
saying.  The chairman added that a strategic investment team is looking into
it.

"We have limitations on the level of the investment that we can make, in
terms of the exposure to any one company and exposure of the fund size to
any one company.

"I'm not sure what the status of the prospective sale is, but 39 will
probably fall outside," Unit Trust's chairman said.

Mirant announced early this year its intention to shed its Caribbean assets
to enhance shareholder value.

Headquartered in Atlanta, Georgia, Mirant Corp. (NYSE: MIR)
-- http://www.mirant.com/-- is an energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases more than
18,000 megawatts of electric generating capacity globally.  Mirant Corp.
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590), and emerged under the terms of a confirmed Second Amended Plan on
Jan. 3, 2006.  Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed US$20,574,000,000 in assets and
US$11,401,000,000 in debts.  The Debtors emerged from bankruptcy on Jan. 3,
2006.

                        *    *    *

Moody's Investors Service assigned its B2 corporate family rating, effective
July 13, 2006, on Mirant Corp.




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


INTERPUBLIC GROUP: Gets US$250MM in Tenders on Exchange Offer
-------------------------------------------------------------
The Interpublic Group of Companies, Inc., received tenders of US$250 million
aggregate principal amount representing all of its outstanding Floating Rate
Notes due 2008 in connection with its previously announced offer to exchange
the old notes for its new Floating Rate Notes due 2010.  Pursuant to the
terms of the exchange offer, Interpublic has accepted the entire principal
amount of old notes tendered for early settlement.  Settlement was expected
to occur on Dec. 8, 2006.  The exchange offer was conducted on a private
basis in reliance on an exemption from registration under Section 4(2) of
the Securities Act of 1933, as amended, with qualified institutional buyers.

Interpublic offered eligible holders US$1,000 principal amount of its new
notes for each US$1,000 principal amount of its outstanding old notes, plus
an early participation payment of US$41.25 in cash per US$1,000 principal
amount of old notes exchanged.  Exchanging holders will also receive a cash
payment in the amount of accrued but unpaid interest on their old notes up
to, but not including, the settlement date.

The main differences between the new notes and the old notes are that the
new notes will:

   (i) mature in November 2010 (instead of July 2008),

  (ii) bear interest at a per annum rate equal to three-month
       LIBOR plus 200 basis points (instead of three-month LIBOR
       plus 325 basis points) and

(iii) benefit from the terms of a registration rights agreement
       between Interpublic and the dealer manager for the
       exchange offer.

The new notes will be subject to restrictions on transfer as a result of the
private placement.

The new notes have not been and, at the time of their issuance, will not be
registered under the Securities Act or any state securities laws.  They may
not be offered or sold in the United States absent registration under, or an
applicable exemption from, the registration requirements of the Securities
Act and applicable state securities laws.

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading organizations
of advertising agencies and marketing services companies.  The Interpublic
Group has over 43,000 employees working in offices in more than 130
countries around the world, including Argentina, Brazil, Barbados, Belize,
Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador,
Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Puerto
Rico, Peru, Uruguay and Venezuela.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 24, 2006, Standard &
Poor's Ratings Services says that it assigned a 'B' rating to floating-rate
notes due 2010 proposed by Interpublic Group of Cos. Inc. (B/Watch Neg/B-3),
to be issued in exchange for the same principal amount of its old
floating-rate notes due 2008.  At the same time, Standard & Poor's placed
the rating on these notes on CreditWatch with negative implications.  The
new notes differ from the old notes principally in the lower interest rate
and an extension of the maturity date.


INTERPUBLIC GROUP: Moody's Rates US$250MM Floating Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 senior unsecured debt rating to
Interpublic Group of Companies, Inc.'s new US$250 million floating rate
notes due 2010.  The Ba3 rating reflects a loss given default of about 66%
given the company's all-bond debt capital structure.  The rating outlook is
negative.

The new notes are being offered in exhange for Interpublic Groups' US$250
million of floating rate notes due 2008.  The Ba3 rating reflects the senior
priority of the new notes, pari passu with all of IPG's other senior
unsecured debt.  The exchange period expires Dec. 21, 2006, with early
participators receiving a payment of US$41.25 in cash per US$1,000 principal
amount of old notes exchanged.  The early participation payment ended
Dec. 7, 2006, with all US$250 million exchanged.  As compared to the
exchanged floating rate notes, all terms are substantially identical except
the new notes bear a lower interest rate at LIBOR plus 200 versus LIBOR plus
325.

"The exchange is another significant step in reducing the 2008 maturities
and provides IPG with added liquidity headroom to get its house in order,
since it is still in the midst of a significant turnaround and internal
control weakness remediation program", said Moody's Senior Vice President
Neil Begley.

Moody's also notes that the company is showing signs of turnaround traction
despite the recent Draft/FCB surprising loss of Wal-Mart's marketing
account, and stated that the company will need to maintain its momentum
around its other recent notable client wins and the operating performance
improvement of the third quarter in order to remove the negative outlook and
be comfortable within the Ba3 rating category.

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading organizations
of advertising agencies and marketing services companies.  The
InterpublicGroup has over 43,000 employees working in offices in more than
130countries around the world, including Argentina, Brazil, Barbados,
Belize,Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El
Salvador,Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay,
PuertoRico, Peru, Uruguay and Venezuela.


INTERPUBLIC GROUP: S&P Holds Watch on Ratings on Wal-Mart Review
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on The Interpublic
Group of Cos. Inc., including the corporate credit rating of 'B', remain on
CreditWatch with negative implications, where they were placed on March 22,
2006.  The CreditWatch update followed the news that Wal-Mart Stores Inc.
has decided to place under review its business with one of Interpublic's
advertising agencies, although other Interpublic units may pitch for the
business.  The New York-based global advertising agency holding company had
approximately US$2.2 billion in debt outstanding at Sept. 30, 2006.

"Standard & Poor's remains concerned about the resolution of
Interpublic's financial and reporting issues resulting from material
weaknesses in internal controls, the negative trends in auto advertising,
and the overall earnings outlook, especially in light our lower GDP growth
forecast for 2007," said Standard & Poor's credit analyst Deborah Kinzer.

In resolving our CreditWatch listing, Standard & Poor's will evaluate the
sustainability of recent trends in the company's organic revenues, margin,
and cash flow, and monitor its progress in resolving control deficiencies.
The rating agency will also address issues relating to client retention,
including implications, if any, of the Wal-Mart review.

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading organizations
of advertising agencies and marketing services companies.  The Interpublic
Group has over 43,000 employees working in offices in more than 130
countries around the world, including Argentina, Brazil, Barbados, Belize,
Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador,
Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Puerto
Rico, Peru, Uruguay and Venezuela.




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


PETROLEO BRASILEIRO: Inks Agreements with Petroleos de Venezuela
----------------------------------------------------------------
The presidents of Petroleo Brasileiro SA aka Petrobras, Jose Sergio
Gabrielli de Azevedo, and of Petroleos da Venezuela SA, Rafael Ramirez, held
a work meeting on Dec. 7 at the Palacio do Planalto in Brasilia and signed
these four agreements during the event:

   -- Letter of Intent to mobilize good and service vendors, in
      Brazil and Venezuela

      New agreement aimed at encouraging competitiveness among
      Brazilian and Venezuelan vendors for the projects
      developed jointly by Petrobras and PDVSA, in both
      countries.  The agreement foresees wide-ranging and equal
      treatment of issues relative to national good and service
      content, both Brazilian and Venezuelan, in all agreements
      signed by the two companies.

   -- Memorandum of Understanding to develop a Joint Project at
      the Orinoco Range, and the Abreu e Lima refinery, in
      Pernambuco

      Renewal, for another year, of the joint memorandum of
      understanding for the extra-heavy oil exploration projects
      in the Carabobo-1 block, in the Orinoco Range region, in
      Venezuela, and the Abreu e Lima Refinery project, to be
      built in the State of Pernambuco.

   -- Additive to the Agreement to study the joint development
      of the Mariscal Sucre Project, involving Petrobras and
      Petroleos de Venezuela.

      Extension of the pre-agreement for the joint development
      of the Mariscal Sucre project, composed of four gas fields
      located in the Paria Gulf, Venezuela.  The agreement will
      be renewed through March 2007 to give the companies the
      chance to wrap the project's negotiations up.

   -- Additive to the Letter of Intent to Identify Hydrocarbon
      Business Opportunities in Block 5 of the Deltana Platform
      Project

      Renewal of the letter of intent for the exploratory
      activities at Block 5, located in the Deltana Platform
      region, in Venezuela, through March 2007.  The goal of the
      renewal is to allow additional information to be acquired
      to assist the two companies in their decision-making
      process.


               About Petroleos de Venezuela

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.


                 About Petroleo Brasileiro

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


PETROLEOS DE VENEZUELA: Inks Four Agreements with Petrobras
-----------------------------------------------------------
The presidents of Petroleo Brasileiro SA aka Petrobras, Jose Sergio
Gabrielli de Azevedo, and of Petroleos da Venezuela SA, Rafael Ramirez, held
a work meeting on Dec. 7 at the Palacio do Planalto, in Brasilia and signed
these four agreements during the event:

   -- Letter of Intent to mobilize good and service vendors, in
      Brazil and Venezuela

      New agreement aimed at encouraging competitiveness among
      Brazilian and Venezuelan vendors for the projects
      developed jointly by Petrobras and PDVSA, in both
      countries.  The agreement foresees wide-ranging and equal
      treatment of issues relative to national good and service
      content, both Brazilian and Venezuelan, in all agreements
      signed by the two companies.

   -- Memorandum of Understanding to develop a Joint Project at
      the Orinoco Range, and the Abreu e Lima refinery, in
      Pernambuco

      Renewal, for another year, of the joint memorandum of
      understanding for the extra-heavy oil exploration projects
      in the Carabobo-1 block, in the Orinoco Range region, in
      Venezuela, and the Abreu e Lima Refinery project, to be
      built in the State of Pernambuco.

   -- Additive to the Agreement to study the joint development
      of the Mariscal Sucre Project, involving Petrobras and
      Petroleos de Venezuela.

      Extension of the pre-agreement for the joint development
      of the Mariscal Sucre project, composed of four gas fields
      located in the Paria Gulf, Venezuela.  The agreement will
      be renewed through March 2007 to give the companies the
      chance to wrap the project's negotiations up.

   -- Additive to the Letter of Intent to Identify Hydrocarbon
      Business Opportunities in Block 5 of the Deltana Platform
      Project

      Renewal of the letter of intent for the exploratory
      activities at Block 5, located in the Deltana Platform
      region, in Venezuela, through March 2007.  The goal of the
      renewal is to allow additional information to be acquired
      to assist the two companies in their decision-making
      process.

                 About Petroleo Brasileiro

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

               About Petroleos de Venezuela

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.


* VENEZUELA: Seniat Slams US$11.8M in Back Taxes on Shell's Unit
----------------------------------------------------------------
Seniat, Venezuela's taxing authority, has asked the local subsidiary of
Anglo-Dutch oil major Shell to pay US$11.8 million in back taxes related to
transfer prices in 2005, Business News Americas reports, citing a statement
from the agency.

Shell has a joint venture with state oil firm Petroleos de Venezuela for
production on the Urdaneta Oeste field in the Zulia state, BNamericas says.

According to the same paper, the retroactive measure represents the first
time Seniat has called for compensation related to transfer prices.

Tax rates for oil companies was increased in 2005 to 50% from 34%.

                        *    *    *

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


* BOOK REVIEW: Treatise on the Right of Property in Tide Waters
---------------------------------------------------------------
Author:     Joseph K. Angell
Publisher:  Beard Books
Paperback:  440 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/158798105X/internetbankrupt

Joseph Angell's A Treatise on the Right of Property in Tide Waters has been
widely received as a leading authority on this topic both in the United
States and in England.

This was the first detailed work published in the United States concerning
principles, which relate to the right of property in tide waters, i.e.,
those waters in which there is an ebbing and flowing of the tide.

There is a broad scope of topics covering such areas as the development of
common law doctrines, the right of fishery, delimitation, the right to
seaweed, rights acquired by prescription and custom, statutes and usage,
adjoining owner rights, and wrecked property thrown on the shore.


                         ***********


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.


           * * * End of Transmission * * *