TCRLA_Public/080724.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, July 24, 2008, Vol. 9, No. 146

                            Headlines


A R G E N T I N A

AEROLINEAS ARGENTINAS: Gov't Has 60 Days to Control Airline
INTERNET PROJECTS: Claims Verification Deadline Is Sept. 10


B A H A M A S

PRIDE INTERNATIONAL: Rig Unit Bags Contract in West Africa


B E R M U D A

FOSTER WHEELER: Engineering Unit Bags Contracts in Greece
MONTPELIER RE: Earns US$44.1 Million in Quarter Ended June 30


B R A Z I L

BANCO DO BRASIL: Teams With Fiserv to Form Federal Savings Bank
BRASIL TELECOM: Sells Shares to Tele Norte for BRL947 Million
BRASIL TELECOM: Anatel Approves 3.07% Tariff Hike
FAURECIA SA: Posts EUR22.2 Million Net Loss for First Half 2008
FERRO CORP: Extends US$200MM Senior Notes Offering Until Aug. 15

GENERAL MOTORS: Brazilian Unit Inks Supply Deal With MWM Int'l
SADIA SA: Moody's Affirms Ba2 LC Corporate Family Rating
TELE NORTE: Acquires Shares in Brasil Telecom for BRL947 Million
TELE NORTE: Anatel Approves 2.76% Tariff Hike

* BELO HORIZONTE: Moody's Assigns Ba1 Global Currency ID Ratings


C O S T A  R I C A

ANIXTER INT'L: Reports US$66.9 Million Net Income in 2nd Quarter
SIRVA INC: Objects to Timing of Paying OOIDA's US$1.25MM Claim
SIRVA INC: Wes Lucas Succeeds Robert Tieken as Chief Executive


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Fraud Convict Enters Najayo Prison


E L  S A L V A D O R

MILLICOM INT'L: Acquiring Amnet Telecoms for US$510 Million


H O N D U R A S

INTERPUBLIC GROUP: Fitch Rates US$335MM Credit Facility 'BB+'


J A M A I C A

AIR JAMAICA: Hotel Group Upset Over Flight Cancellations


M E X I C O

BALLY TECHNOLOGIES: Fitch Lifts Issuer Default Rating to BB-
BANCO REGIONAL: Moody's Puts D+ Bank Financial Strength Rating
CEMEX SAB: 2008 Second Quarter Net Income Drops to US$444 Mil.
DYNAMERICA MANUFACTURING: Files Chapter 11 Petition in Delaware
DYNAMERICA MANUFACTURING: Voluntary Chapter 11 Case Summary

GRUPO CASA SABA: Files Form 20-F; Books MXN905MM Income in 2007
HIPOTECARIA SU: Caja Madrid to Acquire 60% Stake in Firm
HIPOTECARIA SU: S&P Puts BB Counterparty Rating on WatchPositive
HIPOTECARIA SU: Reports MXN42MM Net Profits in 1st Quarter 2008
BANCO MULTIVA: Moody's Assigns Currency Deposit Ratings at B2

SEMGROUP LP: Case Summary & 30 Largest Unsecured Creditors
SEMGROUP LP: Files for Chapter 11 Reorganization in Delaware
SEMGROUP LP: IDR Rating Tumbles to D Due to Bankruptcy Filing
SEMGROUP LP: Moody's Junk Rtgs. Affect Rated Debt at Other Units
SEMGROUP LP: Sunoco Logistics Says Credit Exposure is Minimal

TV AZTECA: Net Income Up 44% to MXN323 Million in 2nd Qtr. 2008


P U E R T O  R I C O

DORAL FIN'L: Declares Dividend on Four Preferred Stock Series


U R U G U A Y

BANCO BILBAO VIZCAYA: S&P Ups Counterparty Credit Rating to BB-
CITIBANK (URUGUAY): S&P Lifts Counterparty Credit Rating to BB-
DISCOUNT BANK: S&P Ups Counterparty Credit Rating to BB- From B+

* URUGUAY: S&P Upgrades Credit Rating to BB- From B+


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Inks Deals With Three Russian Firms


V I R G I N  I S L A N D S

DIGICEL GROUP: Unit Reports on Cell Tower Sharing Results


* S&P to Host Telephone Conference for Latin America on July 30
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

AEROLINEAS ARGENTINAS: Gov't Has 60 Days to Control Airline
-----------------------------------------------------------
The Associated Press reports that Argentine Planning Minister  
Julio de Vido has signed a deal with Aerolineas Argentinas'
owner, Spanish travel group Marsans, to give the government
control of the airline within 60 days.

As reported in the Troubled Company Reporter-Latin America on
July 22, 2008, Transport Secretary Ricardo Jaime said Marsans
agreed to sell the airline to the Argentine government.  The
government would send a bill to congress seeking authorization
for the purchase of Aerolineas Argentinas.  Mr. Jaime said the
government will purchase all of Marsans' shares.  

The AP relates that Argentine President Cristina Fernandez would
ask the congress to support the sale in coming days.

Aerolineas Argentinas' assets and liabilities are being assessed
to determine a price, the AP states, citing Minister de Vido.  

Aerolineas Argentinas is controlled by Spanish tourism group
Marsans, which purchased the airline in 2001 when the Argentine
company was bankrupt.  Aerolineas Argentinas has 80% of the
domestic flights in Argentina.

Aerolineas Argentinas is behind on the payment of its June 2008
salary and other benefits.  The airline has been facing protests
and complaints about poor service.  It was forced to run under
state-controlled fares.  Despite subsidized jet fuel, it has
accumulated growing debts.  Aerolineas Argentinas declared
operating losses of US$100 million in the first half of the
year.

Aerolineas Argentinas had financial problems in the past.  As
reported in the Troubled Company Reporter on June 15, 2000,
Aerolineas Argentinas needed a US$650 million capital injection
and sweeping cost cuts to save it from bankruptcy.  Aerolineas'
biggest shareholder covered a bulk of its losses, which Spanish
sources put at US$300 million in 2000.  Aerolineas Argentinas
also defaulted on a US$50 million bonds due on Dec. 23, 2003.
In 2005 the airline admitted the possibility of letting
Argentine partners into the company.  Earlier in 2008, Marsans
reached a preliminary accord to reduce its stake in Aerolineas
Argentinas to 35% from 95% including a local private investor
(35%) and greater participation of the Argentine state and
provinces.


INTERNET PROJECTS: Claims Verification Deadline Is Sept. 10
-----------------------------------------------------------
Jose Maria Larrory, the court-appointed trustee for Internet
Projects SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until Sept. 10, 2008.

Mr. Larrory will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Internet Projects 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 Internet Projects'
accounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

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

The debtor can be reached at:

       Internet Projects SA
       Leandro N. Alem 1074
       Buenos Aires, Argentina

The trustee can be reached at:

       Jose Maria Larrory
       Rodriguez Pena 231
       Buenos Aires, Argentina



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

PRIDE INTERNATIONAL: Rig Unit Bags Contract in West Africa
----------------------------------------------------------
Pride International Inc. disclosed that its deepwater
semisubmersible rig, the Pride South Pacific, has been awarded a
two-well, estimated 90-day contract by an international oil and
gas exploration and production company for drilling operations
offshore West Africa.  The contract is expected to commence
during early July 2009, following the completion of an existing
contract commitment offshore Angola and mobilization to the
new location.

The contract also provides for two one-well options that if
exercised, would extend the firm period of the contract by an
estimated 75 days.  Revenues that could be generated over the
estimated 90-day firm contract period are approximately US$58.5
million, excluding revenues for mobilization, demobilization and
client reimbursables.

The Pride South Pacific is one of eight deepwater
semisubmersibles and drillships in the Pride International
fleet.  The rig, which completed a significant upgrade in 1998,
utilizes a conventional chain and wire mooring system and is
capable of operating in water depths of up to 6,500
feet.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides    
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 64 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs
and seven Eastern Hemisphere-based land rigs.  The company has
subsidiaries in France, Netherlands, Venezuela, Bahamas, Mexico,
Malaysia, and Singapore.

                        *     *     *

To date, Pride International carries Standard & Poor's Ratings
Service's BB+ corporate credit rating.  The company's unsecured
debt is also rated BB+ by S&P.  The outlook on the ratings is
stable.



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

FOSTER WHEELER: Engineering Unit Bags Contracts in Greece
---------------------------------------------------------
Foster Wheeler Ltd. said that Italian and Greek subsidiaries of
its Continental Europe operating unit, part of its Global
Engineering and Construction Group, have been awarded
engineering, procurement and construction management contracts
by HELLENIC PETROLEUM S.A. for a refinery upgrading project at
one of the company's refineries, at Thessaloniki in Northern
Greece.

The scope of the project is the production of low sulphur fuels,
which also results in significant environmental improvements.  
HELLENIC PETROLEUM S.A., an energy company, primarily engages in
refining and marketing of petroleum products, petrochemicals,
power production and natural gas, as well as other sectors, in
southeastern Europe.

The terms of the awards were not disclosed and the contracts
will be included in Foster Wheeler's second-quarter 2008
bookings.

Foster Wheeler's scope comprises a new 15,000 barrels per stream
day (BPSD) continuous catalytic reformer, modification of the
existing atmospheric distillation unit in order to switch the
operation from high to low sulphur crudes and revamp of the
existing naphtha hydrofiner and crude light ends processing unit
to increase to 26,000 BPSD the refinery's processing capacity
for the light products.

“Foster Wheeler has maintained a strong presence in the South
Mediterranean region and, in particular, in the vibrant Greek
refinery market,” said Marco Moresco, chief executive officer of
Foster Wheeler Italiana.  HELLENIC PETROLEUM is an important
client with whom we have a long-standing relationship, and we
look forward to delivering a strong performance which meets our
client's high expectations.”

“We have selected Foster Wheeler because of its ability to
provide qualified and professional services and to make
available skilled and experienced resources,” said Mr. S.
Kyriakopoulos, general director of refineries, HELLENIC
PETROLEUM.

The refinery upgrading project, which will increase gasoline and
diesel oil production, is expected to be completed by the end of
2010.

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 28, 2008, Moody's Investors Service upgraded Foster
Wheeler LLC's corporate family rating to Ba2 from Ba3, and
raised its probability of default Rating to Ba2 from Ba3.  The
outlook continues to be positive.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2008, Standard & Poor's Ratings Services revised its
outlook on Foster Wheeler Ltd. to positive from stable.  At the
same time, S&P affirmed its 'BB' corporate credit rating on the
company.  The company reported total debt of approximately
US$150 million at Sept. 30, 2007.


MONTPELIER RE: Earns US$44.1 Million in Quarter Ended June 30
-------------------------------------------------------------
Montpelier Re Holdings Ltd. reported US$44.1 million of net
income for the three months ended June 30, 2008, compared to
US$50.7 million of net income for the same period in 2007.

The company's operating income, which excludes net investment
and foreign exchange gains and losses, income taxes and
extraordinary gains, for the quarter ended June 30, 2008, was
US$63 million.  Comprehensive income was US$44 million.

The company's loss ratio for the quarter was 20.5% versus 38.9%
for the comparable 2007 period.  The current period includes a
US$15 million provision for weather-related losses in the U.S.
which was more than offset by US$28 million of net subrogation
collections and favorable releases from prior year reserves.  
The combined ratio was 57.7% compared to 70.0% in the second
quarter of 2007.

Chris Harris, President and Chief Executive Officer, commented,
“We achieved a strong second quarter operating result,
benefiting from low catastrophe losses and favorable prior
period reserve development.  Notwithstanding the difficult
investment markets, the total return on our investment portfolio
was a slightly positive 0.1%.”

Mr. Harris continued, “During the second quarter we repurchased
2,341,651 shares at an average price per share of US$16.05 and
since the quarter-end we have repurchased a further 672,404
shares at an average price of US$14.87.”

                About Montpelier Re Holdings Ltd.

Headquartered in Bermuda, Montpelier Re Holdings Ltd. --
www.montpelierre.bm -- through its operating subsidiary
Montpelier Reinsurance Ltd., provides customized, innovative,
and timely reinsurance and insurance solutions to the global
market.  The company has operations in the United States and
Europe.

                            *     *     *

To date, Montpelier Re Holdings holds A.M. Best's “bb+”
subordinated debt rating and “bb” preferred stock rating.



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

BANCO DO BRASIL: Teams With Fiserv to Form Federal Savings Bank
---------------------------------------------------------------
Banco do Brasil has entered into a new partnership with Fiserv
Inc.  The financial institution has been operating successfully
in the U.S. since 1969, but this year, the US$160 billion bank
has a new initiative for its U.S. division, to focus on
underserved Brazilian immigrants through the creation of Federal
Savings Bank.

Subject to regulatory approval, the new financial institution
will deploy the Premier(R) core banking system from Information
Technology, Inc., a business unit of Fiserv, and pursue an
ambitious plan to open five branches in the coming months.  
Federal Savings Bank will offer mortgages and deposit accounts,
and will utilize a range of other Fiserv solutions to enhance
their services, including Fiserv Credit Processing, IPS-Sendero
for enterprise risk management, Fiserv EFT for ATM and debit
cards, and Fiserv Lending Solutions.

“We found large pockets of Brazilian immigrants throughout the
U.S. who are not adequately served by existing banking
institutions, mostly because they are primarily Portuguese-
speaking,” explained Leonard Whyte, deputy general manager for
Banco do Brasil.  “This market is an obvious niche for the bank,
and we chose Fiserv and ITI because they have a strong
reputation for supporting clients serving niche markets.  They
will be an important partner to us, as we work to serve the
Brazilian community in the U.S., and give immigrants a financial
institution they can call their own.”

Since the bank has an enterprising growth plan, scalability was
also a deciding factor in choosing the Fiserv ITI Premier suite
and outsourced processing services through the ITI data center
in Glastonbury, Conn.  Available for either outsourced or in-
house account processing, Premier offers products and associated
consulting services for virtually every banking function.

“Opening five branches nearly simultaneously is not a typical
situation,” said Mr. Whyte.  “We obviously need state-of-the-art
solutions able to accommodate such rapid expansion, which is why
we selected Fiserv solutions.”

“Banco do Brasil demands high levels of scalability and
integration to accomplish their ambitious growth plan,”
according to Mike Young, president of the Fiserv Bank & Thrift
Division.  “Not only is Premier the most widely used core
banking suite in the nation, serving financial institutions of
all sizes, technology and business models, but Fiserv delivers a
large and comprehensive set of solutions, all built around a
dynamic core and outsourced services.”

                  About Information Technology

A business unit of Fiserv, Information Technology, Inc. (ITI) --
http://www.itiwnet.com/-- is offering several core solutions  
for either outsourced or in-house account processing, including
the SOA-based Premier(R) and PCS Vision(TM) suites.  Serving
more U.S. banks and savings institutions than any other vendor,
the company's highly scalable software and advanced consulting
services support virtually every banking function, including
core accounting, branch and Internet banking, business
intelligence, risk and compliance, remote capture and
transaction management, enterprise business process and content
management – all available on the industry's most popular
hardware platforms for financial institutions of all types and
sizes.

                          About Fiserv

Headquartered in Brookfield, Wiscconsin, Fiserv, Inc. --
http://www.fiserv.com/-- (NASDAQ: FISV), is the leading  
provider of core processing solutions for U.S. banks, credit
unions and thrifts.  A Fortune 500 company, which provides
information management and electronic commerce systems and
services to the financial and insurance industries.  Leading
services include transaction processing, outsourcing, electronic
bill payment and presentment, investment management solutions,
business process outsourcing (BPO), software and systems
solutions.  Fiserv was ranked the largest provider of
information technology services to the financial services
industry worldwide in the 2004, 2005 and 2006 FinTech 100
surveys. In 2007, the company completed the acquisition of
CheckFree, a leading provider of electronic commerce services.  
Fiserv reported nearly US$4 billion in total revenue from
continuing operations for 2007.

                      About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                        *     *     *

On Feb. 29, 2008, Moody's Investors Rating Service assigned a
Ba2 foreign currency deposit rating to Banco do Brasil.


BRASIL TELECOM: Sells Shares to Tele Norte for BRL947 Million
-------------------------------------------------------------
Brasil Telecom Participacoes SA has sold preferential shares in
the firm to Tele Norte Leste Participacoes S.A. for
BRL947 million as part of the planned takeover by Tele Norte,
Reuters reports, citing the BM&F Bovespa stock exchange.

Reuters relates that Tele Norte bought the shares through a
voluntary offer.  The firm acquired about 20.8 million
preferential shares of Brasil Telecom for BRL30.47 each.  It
purchased 13.4 million preferred shares in Brasil Telecom unit
Brasilia Telecom SA for BRL23.42 each.  Tele Norte paid “a
significant premium over Tuesday's market price and bought up
more shares than initially intended”.  Tele Norte wants to buy
one-third of the shares in circulation of the two Brasil Telecom
firms and buy up the remainder on the spot market.

According to Reuters, Tele Norte will pay BRL5.86 billion for
Brasil Telecom.  The amount could increse to BRL12.3 billion,
“taking into consideration a buyout offer for minority
shareholders”.

Headquartered in Brasilia, Brasil Telecom S.A. --
http://www.brasiltelecom.com.br-- is an integrated
telecommunications company operating in nine states in the
southern, mid-western and northern regions of Brazil.  In 2007,
the company reported consolidated net revenues of
BRL11.1 billion.

                        *     *     *

In April 2008, Moody's Investors Service continues to review
Brasil Telecom SA's Ba1 rating for possible upgrade after the
announced acquisition of Brasil Telecom Participacoes SA by Tele
Norte Leste Participacoes SA.


BRASIL TELECOM: Anatel Approves 3.07% Tariff Hike
-------------------------------------------------
Dow Jones Newswires reports that Brazilian telecoms regulator
Anatel has authorized Brasil Telecom Participacoes SA to
increase its tariffs by 3.07%.

According to Anatel, an average tariff hike of 3.01% was
approved for fixed-line phone companies.  Dow Jones relates that
long-distance fixed-line phone tariffs could be raised by up to
9.7%, but the average must not top 3.01%.

Dow Jones relates that Anatel said the tariff increases will be
implemented after the publication on the official government
diary, and 48 hours after the announcement by each firm in
Brazil's largest news dailies.

Anatel authorized a 2.76% tariff hike for Tele Norte Leste
Participacoes S.A.  The regulator also allowed a 3.07% tariff
increase for Telecommunicacoes de Sao Paulo.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
involved in the telecommunications sector.  Its main activity is
the management of Brasil Telecom SA (BrT), which operates a
local fixed-line telephone in Brazil.  BrT also provides data
and voice, broadband and Internet services.  It also owns Nova
Tarrafa Participacoes Ltda and Nova Tarrafa Inc., which provide
Internet services.

                         *     *     *

In April 2008, Moody's Investors Service placed Brasil Telecom
Participacoes S.A.'s Ba1 rating on review for possible upgrade
after the announced acquisition by Tele Norte Leste
Participacoes S.A.


FAURECIA SA: Posts EUR22.2 Million Net Loss for First Half 2008
---------------------------------------------------------------
Faurecia S.A. posted EUR22.2 million in net group losses on
EUR6.67 billion in net revenues for the first half 2008,
compared with EUR47.4 million in net group losses on
EUR6.51 billion in net revenues for the same period in 2007.

This improvement is attributable to the upturn in the operating
income in North America.  During the first half of 2008, it
reached EUR10 million, compared with a loss of 54.3 million
during the first half of 2007.

This growth is due to a rise in volumes and a reduction in
production costs, improved industrial efficiency, and
procurement performance.

Restructuring charges amounted to EUR30.6 million for the first
half of 2008, down from the 2007 figure of EUR39.9 million.

Sales for the first half of 2008 broken down geographically as:

    * in Europe, sales on a like-for-like basis excluding
      monoliths fell by 1.1%.  The increase in new models
      released in 2007 (Audi A4, Peugeot 308, etc.) has been
      offset by the decrease in other vehicles reaching their
      end of life;

    * in North America business remained buoyant in a difficult
      market environment.  Sales rose by 19.6% like-for-like
      excluding monoliths after the reprocessing of a strong
      negative exchange rate effect of 14.9%.  This growth is
      associated with new vehicle releases including the BMW X6,
      the ramp-up of programs launched in 2007 at General Motors
      (Cadillac CTS, Chevrolet Malibu), and good sales with Ford
      and Volkswagen, which helped offset the decline of sales
      to Chrysler;

    * in South America, sales during the first half of 2008 grew
      by 23.9% like for like excluding monoliths (positive
      exchange rate impact of 3.1%); and

    * in Asia, sales rose by 13.4% like for like excluding
      monoliths. Sales in China rose by 19.8% while they fell
      back slightly in Korea by 1.3%.

                              Debt

First half 2008 net cash flow, excluding the impact of
variations in the sale of receivables, improved compared with
the first half of 2007.  

Negative variation for the first half fell by EUR60.5 million in
2007 to EUR31.8 million in 2008.  Net financial debt totaled
EUR1.65 billion at June 30, 2008.


                             Outlook

In the second half of the year, against a backdrop of rising raw
materials prices whose impact is expected to be under control,
Faurecia is aiming -– versus the second half of 2007 -– for a
significant improvement in operating income in both North
America and Europe.

Faurecia confirms its sales growth target for the full year
together with an improvement in operating income and a reduction
in net debt.

                         About Faurecia

Headquartered in Nanterre, France, Faurecia S.A. --
http://www.faurecia.com/-- designs and manufactures six major  
vehicle modules, namely seats, cockpits, door panels, acoustic
packages, front ends and exhaust systems for General Motors,
Ford Motor and Chrysler.  The company has over 100 manufacturing  
sites in 28 countries including France, Germany, U.S.A., Poland,
Brazil, Japan and China.

Faurecia S.A. has been posting annual net losses since 2005:
EUR182.5 million in 2005, EUR447.9 million in 2006, and
EUR237.5 million in 2007.


FERRO CORP: Extends US$200MM Senior Notes Offering Until Aug. 15
----------------------------------------------------------------
Ferro Corporation extended the expiration date of its tender
offer and consent solicitation with respect to its outstanding
US$200 million aggregate principal amount of 9-1/8% Senior Notes
due 2009.  The expiration date has been extended to 5:00 p.m.,
New York City time, Aug. 15, 2008.

As a result of the extension, holders of Notes must validly
tender their Notes and deliver their consents by the Expiration
Date, unless further extended or terminated earlier by the
company, in order to receive the tender offer consideration of
US$1,013.96 per US$1,000 aggregate principal amount of Notes
validly tendered.  All holders of Notes who have validly
tendered their Notes prior to the Expiration Date will also
receive accrued and unpaid interest on their tendered Notes up
to, but not including, the applicable payment date, which is
expected to occur promptly after the Expiration Date in regard
to Notes validly tendered prior to the Expiration Date.

As of 5:00 p.m., New York City time, on July 18, 2008, the
company had received tenders and consents for US$199,887,000.00
in aggregate principal amount of the Notes, representing 99.444%
of the Notes outstanding.

The tender offer and consent solicitation remains open and is
scheduled to expire at the Expiration Date.  The company
reserves the right to terminate, withdraw or amend the tender
offer and consent solicitation at any time subject to applicable
law.  The company's obligation to accept for purchase and to pay
for Notes validly tendered and not withdrawn pursuant to the
tender offer and the consent solicitation is subject to the
satisfaction or waiver, in the company's discretion, of certain
conditions, including, among others, (i) the execution by the
company and The Bank of New York Trust company N.A., as trustee,
of the Supplemental Indenture which sets out the proposed
amendments to the indenture governing the Notes, (ii) holders of
the Notes having delivered by July 3, 2008, consents
representing not less than a majority in aggregate principal
amount of the Notes, (iii) holders of the Notes having tendered
(and not withdrawn) by the Expiration Date Notes representing
not less than a majority in aggregate principal amount of the
Notes, and (iv) the company's receipt of sufficient proceeds
from a new issuance of senior debt on or prior to the Early
Acceptance Time or the Final Acceptance Time, as the case may
be, to fund substantially all of the tender offer and the
consent solicitation.

The complete terms and conditions of the tender offer and the
consent solicitation are set forth in the tender offer
documents, and no assurance can be given that the new issuance
will be completed, or the other conditions will be satisfied or
waived, in a timely manner or at all.

The company has retained Credit Suisse to serve as the dealer
manager and solicitation agent for the tender offer and the
consent solicitation.  Questions regarding the tender offer and
the consent solicitation may be directed to 212-325-4951
(collect).  Requests for documents may be directed to Morrow &
Co., the Information Agent for the tender offer, at 800-607-
0088.  The tender offer and consent solicitation is being made
solely by means of the tender offer documents.

                    About Ferro Corporation

Based in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) --
http://www.ferro.com/-- is a producer of specialty chemicals   
including coatings, enamels, pigments, plastic compounds, and
specialty chemicals for use in industries ranging from
construction, pharmaceuticals and telecommunications.  The
company has approximately 6,300 employees worldwide.  Ferro
operates through these five primary business segments:
Performance Coatings, Electronic Materials, Color and
Performance Glass Materials, Polymer Additives, and Specialty
Plastics.  Ferro Corp. has locations in Argentina, Australia,
Belgium, Brazil, and China.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2008, Moody's Investors Service assigned a B2 rating to
Ferro Corporation's new US$200 million senior unsecured notes
due 2016.  Moody's also affirmed the company's other ratings (B1
corporate family rating).


GENERAL MOTORS: Brazilian Unit Inks Supply Deal With MWM Int'l
--------------------------------------------------------------
The board of directors of General Motors Brazil and MWM
International Motores, an affiliate of Navistar Inc., have
signed a strategic agreement to manufacture 420,000 units of a
completely new diesel engine to serve GM's new vehicle line to
be launched by 2011.  The engines will be supplied for GM in
Brazil and the vehicles will also serve export markets.

The directors for both companies signed the seven-year engine
supply contract at GM headquarters in Sao Caetano do Sul, Sao
Paulo, Brazil.  Considering the current conditions of the global
vehicle market, both companies estimate that volumes can reach
60,000 units per year.  This represents the largest contract
between GM and a supplier in Brazil.

“This partnership demonstrates the confidence of GM Brazil in
its long-standing supplier, MWM International, which has
supplied GM with diesel engines since 1964.  To put it in
perspective, during these 44 years of partnership, nearly
780,000 engines for GM trucks, pick-ups and SUVs have been
supplied,” said Jaime Ardila, president of General Motors in
Brazil and Mercosul.  Ardila said the partnership “is aligned
with our strategic objective to have all Chevrolet lines
completely renewed by 2012.”

“We're proud to work with automotive leaders like GM,” said Jack
Allen, president of Navistar Engine Group.  “This agreement
helps both companies to expand business in global markets and
furthers Navistar's global diversification strategy.”

Waldey Sanchez, president and CEO of MWM International Motores,
said that for the production of the new 2.8 liter, four-cylinder
diesel engine to GM, the company will dedicate investments
equivalent to US$80 million in its plants in Canoas, Rio Grande
du Sul, Brazil; Santo Amaro, SAo Paulo, Brazil; and Jesus Maria,
Argentina; and will generate 400 new direct jobs.  According to
Sanchez, “The new agreement with GM represents the biggest
contract in MWM International's history.”

Jose Carlos Pinheiro Neto, vice-president of GM Brazil, said the
historical agreement between both companies “reinforces the
resolve of GM Brazil to invest permanently in its strategic
partnerships, such as the agreement with MWM International.”

Adhemar Nicolini, general director of GM Powertrain Latin
America, Africa and Middle East (GM LAAM) emphasizes that this
contract extends GM's capacity to supply Chevrolet vehicle
production for the Brazilian market.

In addition to the already announced project to establish a new
engine plant in Joinville, Santa Catarina, “this new contract
will assure the availability of engines to maintain the strong
expansion that we intend to have in Brazil and the Mercosur
region,” said Mr. Nicolini.

Johnny Saldanha, purchasing and supply chain vice president of
GM LAAM said the contract “is the highest value contract that GM
has signed with a supplier in the 84 years the company has been
in Brazil.”

"The new engines will have the most modern design and technology
used by the global automotive industry,” said Mr. Nicolini.  MWM
International will be responsible for the new diesel engine
machining and assembly, as it does for the Sprint 4.07 TCE
engine it supplies for Chevrolet S10 pick-ups and Blazer SUVs in
Brazil.

MWM International's Waldey Sanchez added that “the partnership
will expand our production scale and recognizes our quality in
manufacturing processes, logistics and technology excellence, as
well as our competitive cost structure."

                     About General Motors

Based in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 18, 2008, Standard & Poor's Ratings Services said that its
'B' corporate credit and senior unsecured debt ratings and 'BB-'
senior secured debt rating on General Motors Corp. remain on
CreditWatch with negative implications, where they were placed
June 20, 2008.  The update follows GM's announcement of a series
of cost reductions and other initiatives aimed at saving
US$10 billion in cash from operations by the end of 2009.  GM
also announced plans to obtain US$4 billion to US$7 billion in
cash from capital market transactions and asset sales.

The TCR-AP reported on July 17, 2008, that Moody's Investors
Service reviewed the ratings of General Motors Corporation for
possible downgrade.  Ratings under review include its B3
Corporate Family Rating, B3 Probability of Default Rating, Ba3
rating for secured debt, and Caa1 rating for senior unsecured
debt.


SADIA SA: Moody's Affirms Ba2 LC Corporate Family Rating
--------------------------------------------------------
Moody's affirmed its Ba2 local currency corporate family rating
and senior unsecured foreign currency rating for Sadia S.A., but
changed the rating outlook to stable from positive.  The change
in outlook was primarily prompted by Moody's view that margin
pressure and negative free cash flow will postpone Sadia's
attainment of improved credit metrics.

These ratings were affirmed:

  -- Local currency corporate family rating, at Ba2;

  -- US$250 million in guaranteed senior unsecured notes due
     2017 issued by Sadia Overseas Ltd. with an unconditional
     and irrevocable guarantee from Sadia

"The change in outlook was prompted by our view that the sharp
rise in soy and corn prices (the main raw material input costs
for poultry and pork production) observed over the past months,
along with Sadia's capital intensive growth plans for the next
few years, are likely to pressure the company's operating
margins and free cash flow, thus hindering improvement in credit
metrics in the near term" affirmed Moody's analyst, Soummo
Mukherjee.

With the rise of soy and corn prices of approximately 45% and
36% in the local markets, respectively, from the first quarter
of 2007 till the first quarter of 2008, Sadia's margins are
likely to come under pressure unless it manages to successfully
pass on such raw material price increases to its clients.  Soy
and corn represent approximately 30% of Sadia's total costs.  
Moody's note, however, that Sadia's strong brand and leading
market position in most of its product segments have
historically allowed pass through of raw material price
increases, although recent grain cost increases are
unprecedented.

At the same time, the company has announced planned investments
of BRL1.6 billion in 2008 to complement its growth strategy of
doubling revenues in five years, based on the
internationalization of its operations and growth in the
Brazilian market.  While Moody's has a positive view with regard
to Sadia's mostly organic growth strategy and efforts to
diversify its production base internationally, the rating agency
believes that the related additional capital expenditures and
working capital needs will require additional financing, and
thus current debt protection measures are unlikely to improve
significantly in the near-term.

For the first quarter of 2008, Sadia reported a 21% increase in
net revenues vs. first quarter 2007 driven primarily by higher
sales volumes and prices in all of its divisions (processed
products, poultry, and pork) except in the beef segment, where
it experienced a 5.7% revenue decline impacted by the European
trade embargo and lower availability of cattle.

At the same time, higher grain costs and the BRL appreciation
against the USD pressured Sadia's gross margin, causing it to
drop to 24.2% in the 1Q08 from 25.8% in first quarter 2007.  At
the same time, higher working capital needs and the company's
higher capital expenditures due to its growth plans led leverage
(Gross Debt/EBITDA) to increase to 3.6 and 1.9 on a Net
Debt/EBITDA basis in the last twelve months ended in March 2008
compared to 3.2 and 1.4 in Fiscal Year 2007, on a gross debt and
net debt basis, respectively.

Moody's analysis of Sadia's and other natural food processors,
however, are more based on gross debt ratios rather than net
debt ratios since many companies in this sector keep large
balances of cash and investments for liquidity or acquisition
purposes with no guarantee that such cash balances will be used
for debt reduction.  In Sadia's case, besides using its current
cash and investments for liquidity purposes, the company also
invests a part of its balance in different funds, according to
the company's financial policies.

Upward pressure on Sadia's existing rating or outlook is likely
to arise due to a successful implementation of its
internationalization strategy with the commencement of its
operations in Russia in a seamless manner and overall
improvement of its product portfolio with over 50% of its
revenues derived from processed products (currently 48% from
processed products).  Quantitatively, upward pressure would
require Gross Debt to EBITDA below 3.5 times, 3-year average
EBITA to Interest above 2.5 times and FFO to Debt above 20% on a
sustainable basis.

On the contrary, Sadia's outlook or rating could come under
downward pressure due to higher than expected working capital
needs or debt-financed acquisitions that lead Gross Debt to
EBITDA be above 4.0 times on a last-twelve month basis for two
consecutive quarters or if LTM EBITA to Interest falls below 2.0
times.

Headquartered in Sao Paulo, Brazil, Sadia S.A. --
http://www.sadia.com-- operates in the agro industrial and food
processing sectors in Brazil and primarily produces a range of
processed products, poultry, and pork.  The company distributes
around 1,000 different products through distribution and sales
centers located in Brazil, China, Japan and Italy.


TELE NORTE: Acquires Shares in Brasil Telecom for BRL947 Million
----------------------------------------------------------------
Tele Norte Leste Participacoes S.A. has purchased preferential
shares in Brasil Telecom Participacoes SA for BRL947 million as
part of its takeover of the telecom, Reuters reports, citing the
BM&F Bovespa stock exchange.

Reuters relates that Tele Norte bought the shares through a
voluntary offer.  The firm acquired about 20.8 million
preferential shares of Brasil Telecom for BRL30.47 each.  It
purchased 13.4 million preferred shares in Brasil Telecom unit
Brasilia Telecom SA for BRL23.42 each.  Tele Norte paid "a
significant premium over Tuesday's market price and bought up
more shares than initially intended".  Tele Norte wants to buy
one-third of the shares in circulation of the two Brasil Telecom
firms and buy up the remainder on the spot market.

According to Reuters, Tele Norte will pay BRL5.86 billion for
Brasil Telecom.  The amount could increse to BRL12.3 billion,
"taking into consideration a buyout offer for minority
shareholders."

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services placed on CreditWatch with negative implications the
'BB+' corporate credit rating on Tele Norte Leste Participacoes
S.A.  The creditwatch resulted from TmarPart's decision to buy
out its holding company's preferred shares.


TELE NORTE: Anatel Approves 2.76% Tariff Hike
---------------------------------------------
Dow Jones Newswires reports that Brazilian telecoms regulator
Anatel has authorized Tele Norte Leste Participacoes S.A. to
increase its tariffs by 2.76%.

According to Anatel, an average tariff hike of 3.01% was
approved for fixed-line phone companies.  Dow Jones relates that
long-distance fixed-line phone tariffs could be raised by up to
9.7%, but the average must not top 3.01%.

Dow Jones relates that Anatel said the tariff increases will be
implemented after the publication on the official government
diary, and 48 hours after the announcement by each firm in
Brazil's largest news dailies.

Anatel authorized a 3.07% tariff hike for Brasil Telecom
Participacoes SA.  The regulator also allowed the same tariff
increase for Telecommunicacoes de Sao Paulo.

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services placed on CreditWatch with negative implications the
'BB+' corporate credit rating on Tele Norte Leste Participacoes
S.A.  The creditwatch resulted from TmarPart's decision to buy
out its holding company's preferred shares.


* BELO HORIZONTE: Moody's Assigns Ba1 Global Currency ID Ratings
----------------------------------------------------------------
Moody's Investors Service has assigned Ba1 global scale foreign
and domestic currency issuer ratings and a Aa2.br national scale
rating to the City of Belo Horizonte in Brazil.  The ratings
have a stable outlook.  The ratings reflect the city's moderate
debt burden, satisfactory financial performance and a diverse
economic base that supports the city's finances.

The ratings also incorporate an expectation of increased
borrowing activity over the next several years as the city
upgrades and expands its infrastructure; this borrowing is not
expected to significantly affect indebtedness levels relative to
its revenues.  Credit quality is also affected by the country of
Brazil's operating environment, which is typical of emerging
market countries and suggests a relatively high level of
systemic risk.

As the third largest city in Brazil, Belo Horizonte, the capital
of the State of Minas Gerais, has a diverse economic base that
supports the city's financial operations.  The city benefits
from its strategic location in the center of the state and
access is enhanced by a network of national highways and an
airport linking the city to the rest of the country.  As a
capital city, Belo Horizonte gains from a large government
presence, in addition to functioning as a service hub for Minas
Gerais' large mining, steel making, transport and other
manufacturing activities.  It is an important educational center
with prominent universities and other higher education
institutions.

The city's rating is supported by its moderate debt burden,
which amounts to approximately 30% of total annual city
revenues.  This compares favorably to other regional and local
governments in Brazil and to international peers.  The debt
burden rose in 2007 as the city officially recognized amounts
owed to local and state entities and entered into debt
agreements to repay amounts owed.  Borrowing is expected to rise
over the next two years as the city takes on loans from BNDES as
part of the federal government's program to accelerate capital
investments country-wide, and also draws on an Interamerican
Development Bank loan.  The debt burden, however, should remain
manageable given debt amortization and the pace of revenue
growth.

The city's financial performance has been satisfactory,
bolstered by taxes on services and property as well as reliable
state and federal transfers.  Revenue growth has been enhanced
by the city government's efforts to modernize tax collections
and reduce tax evasion.  At the same time, expenditures have
been pressured by rising personnel costs and critical
infrastructure needs.

Operating surpluses (including interest payments), averaging
just over 8% of revenues from 2002 through 2007, have allowed
the city to finance a significant portion of capital investments
with its own funds.  When capital expenditures are included,
however, the city has generated financing deficits, although
they have averaged a manageable 3.7% of revenues since 2002.

Belo Horizonte has projected a smaller operating surplus in 2008
-- equal to 2.6% of total revenues -- in part due to the
expected full year impact of salary increases awarded in the
prior year.  The city plans to embark on a significant capital
investment program to improve the condition of and expand roads,
sewer systems and urban housing infrastructure.  Funding for the
near doubling in capital spending will come from special federal
transfers and other one-time capital revenues which should allow
the city to meet its budgeted financing deficit of -3.1% of
revenues.  Over the medium term, Moody's anticipates that the
city's financial performance will remain stable given ongoing
efforts to improve controls over tax collections and
expenditures along with continued economic expansion.



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

ANIXTER INT'L: Reports US$66.9 Million Net Income in 2nd Quarter
----------------------------------------------------------------
Anixter International Inc. has released its results for the
quarter ended June 27, 2008.

                 Second Quarter Highlights:

  -- Sales of US$1.62 billion increased 7% compared to
     sales of US$1.51 billion in the year ago quarter.

  -- Quarterly operating income of US$121.8 million, inclusive
     of the US$4.2 million noncash expense related to the
     retirement of the company's former Chief Executive Officer,
     reflected a 5% increase from the US$116.1 million
     reported in the second quarter of 2007.

  -- Net income in the quarter increased 4% to US$66.9
     million from US$64.6 million in the year ago quarter.  The
     second quarter 2008 results include after tax expense of
     US$2.6 million related to the previously noted CEO
     retirement.  After excluding the effects of these
     retirement-related expenses, second quarter 2008 net income
     rose 8% and diluted earnings per share rose 16% year over
     year.

  -- Cash flow generated from operations was US$43.5 million
     compared to the US$30.5 million used for operations in the
     year ago quarter.

President and Chief Executive Officer, Robert Eck stated, “We
are pleased with the 10% increase in sales from the first to the
second quarter of this year, which despite continuing
macroeconomic uncertainty, exceeded longer-term seasonal trends.  
Also, while the second quarter year-on-year sales growth was
modest due to the difficult comparison to last year's
exceptionally strong second quarter, it was, however, stronger
than we anticipated.  The multiple end markets we serve, the
diversity of vertical end markets that our customers operate in
and the breadth of geographies in which we conduct our business
continue to support the company's ongoing revenue and earnings
growth.”

                    Second Quarter Results

For the three-month period ended June 27, 2008, sales of US$1.62
billion produced net income of US$66.9 million, compared to
sales of US$1.51 billion that generated net income of US$64.6
million, in the prior year period.  Primarily as a result of the
company's share repurchases during the last year, the diluted
weighted shares declined by 7% during the second quarter versus
the respective prior year period which produced a favorable
impact on net income per diluted share of 9 cents.

Included in the current year's second quarter results were
incremental sales of US$4.2 million from acquisitions completed
in the past year.  After adjusting for acquisitions as well as
the favorable foreign exchange impact of US$43.1 million, second
quarter sales grew at a year-over-year organic rate of 4%.  As
previously announced on May 19, 2008, the current quarter
results include an after tax charge of US$2.6 million, related
to amendments made to the employment contract of the company's
recently retired Chief Executive Officer, which extended the
terms of his non-competition and non-solicitation restrictions
in exchange for extended vesting and termination provisions of
previously granted equity awards.

Operating income in the second quarter increased 5% to US$121.8
million as compared to US$116.1 million in the year ago quarter.
Operating margins were 7.5% during the recent period compared
to 7.7% in the second quarter of 2007. Excluding the former
CEO's retirement-related pre-tax costs of US$4.2 million
recorded in the second quarter of this year, operating income
growth would have been 8% and operating margins would have been
7.8%.

                     First Six Month Results

For the six-month period ended June 27, 2008, sales of US$3.09
billion produced net income of US$124.6 million.  In the prior
year period, sales of US$2.84 billion generated net income of
US$118.2 million.  Primarily as a result of the company's share
repurchases during the last year, the diluted weighted shares
declined by 6% during the six-month period versus the respective
prior year period which produced a favorable impact on net
income per diluted share of 12 cents.

Included in the 2008 six-month results were incremental sales of
US$16.5 million from acquisitions completed in the past year.
After adjusting for acquisitions and the favorable foreign
exchange impact of US$86.6 million, sales in the first six
months grew at a year-over-year organic rate of 5%.  Earnings in
the first six months of 2008 were affected by the previously
noted after-tax expense of US$2.6 million, related to the
retirement of the company's former CEO and favorable tax
adjustments of US$1.6 million, associated with recognition of
foreign net operating loss carryforwards recorded in the first
quarter of 2008.  Excluding these items, net income in the first
six months of 2008 would have been US$125.6 million.

Earnings in the year ago period were favorably affected by US$2
million for net tax benefits related to the settlement of
certain income tax audits.  Excluding these tax benefits, net
income in the year ago period would have been US$116.2 million.  
After excluding the above noted unusual tax items from both
years and the former CEO retirement-related costs in 2008, net
income and diluted earnings per share in the first six months of
2008 increased 8% and 15%, respectively, versus the year ago
period.

Operating profits in the first six months of 2008 were US$223.3
million versus US$206.5 million in the year-earlier period.
Operating margins were 7.2% in the first six months of 2008 as
compared to 7.3% in the year ago period.  Excluding the CEO
retirement-related expense in 2008, operating income was
US$227.5 million, or an increase of 10%, and operating margins
were 7.4%.

                  Second Quarter Sales Trends

Commenting on second quarter sales trends, Mr. Eck said, “Second
quarter sales growth, which increased 10% on a consecutive
quarter basis from the first quarter of this year, exceeded the
longer-term seasonal trends of a mid-to-high single digit growth
rate from the first to second quarter.  However, as we have
noted over the past year, our consecutive quarter growth of 14%
from the first to second quarter of 2007 was well above that
historical trend line, which presented us with a difficult year-
on-year comparison.  Even with that in mind, however, second
quarter 2008 sales were still up 7% compared to the year-ago
quarter.”

Mr. Eck stated, “The comparatively lower year-on-year growth
rates were most pronounced in the North American enterprise
cabling and security solutions end market, where the year ago
period benefitted from a number of large projects.  As a result,
North American enterprise cabling and security solution sales of
US$592 million were just 2% higher than the year ago quarter.  
Growth of 16% in the security portion of this market was offset
by lower volumes of large projects in the overall enterprise
cabling market.  In the North American electrical wire & cable
market we saw strong levels of project activity that produced
sales of US$395.6 million in the current quarter.  This reflects
an increase of 8% versus the year ago quarter despite a
difficult comparison against exceptionally strong second quarter
sales in 2007.  Lastly, in the OEM Supply market in North
America, we had sales of US$125.7 million, which represented an
increase of 5% over the prior year.  In this end market,
sustained growth in the aerospace and defense markets continued
to offset lower production rates for customers in other vertical
markets.  Foreign exchange contributed US$16.1 million to total
North American sales in the second quarter as compared to the
year ago quarter.”

“Total European sales rose 12% versus the year ago quarter to
US$366 million,” Mr. Eck said.  “European sales were aided by
favorable foreign exchange and acquisitions, which added
US$21.2 million and US$4.2 million, respectively, to second
quarter 2008 sales.  Sales growth in Europe was highest in the
OEM Supply end market, where we reported sales of
US$172.4 million, representing a 16% year-on-year increase as a
result of adding business with existing customers and the
addition of new accounts.  Sales in the electrical wire & cable
end market were US$68.5 million, or 12% higher than the year ago
period.  Importantly, electrical wire & cable sales outside of
the U.K. grew by 48% as we continue to focus on expanding the
scope of efforts in this market beyond its historical base.  
Sales in the enterprise cabling and security market of US$125.1
million grew by 7% versus the second quarter in 2007.”

Mr. Eck added, “In the emerging markets, sales of US$140.5
million grew 23%, including US$5.8 million from favorable
effects related to foreign exchange rates.  Growth rates in Asia
Pacific and Latin America individually approximated the overall
emerging market growth rate.”

                Second Quarter Operating Results

“Second quarter operating margins of 7.8%, exclusive of the
previously noted expense related to the retirement of my
predecessor, compared to 7.7% in the year ago quarter,”
commented Mr. Eck.  “As compared to the second quarter of last
year, gross margins declined from 24% to 23.8% due to lower
supplier volume growth incentives and continued pressure from
rising steel and specialty metal prices in our OEM Supply
business.  At the same time, we have continued to invest in
people to drive our initiatives of expanding our security
business, the global reach of the electrical wire & cable
business, our initial efforts in the factory automation market
and expansion of our business in emerging markets.  Despite the
slight drop in gross margins and continued investment in growth
initiatives, we were able achieve a modest improvement in
operating margins due to the increased operating leverage coming
from growth in sales and sound expense management.”

“In North America, our operating margins excluding the expense
associated with the retirement of our prior CEO were 8.6%, which
matched that in the year ago quarter.  Good expense control in
North America offset the effects of slower growth and slight
downward pressure on gross margins.  In Europe, operating
margins in the most recent quarter were 5.3
percent as compared to 4.6% in the year ago quarter.  This
improvement in European operating margins reflects good sales
growth and expense controls, which offset the gross margin
pressures in the OEM Supply business.  In the emerging markets,
operating margins of 7.6% in the second quarter compared to 7.7%
in the year ago period.  The slight decrease reflects higher
operating costs associated with investments for future growth in
this part of our business.”

                     Cash Flow and Leverage

“In the second quarter we generated US$43.5 million in cash from
operations as compared to the US$30.5 million used in operations
in the year ago quarter.  During the current quarter we needed
less working capital to support our sales growth,” said Chief
Financial Officer, Dennis Letham.  “We used the cash flow from
operations and a small increase in borrowings in the second
quarter to repurchase 1,000,000 of the company's outstanding
shares at a cost of US$62.9 million, which reflects our strong
confidence in the company's long-term prospects.”

Mr. Letham added, “At the end of the second quarter the company
had a debt-to-total capital ratio of 49% as compared to 49.4% at
the end of 2007.  Furthermore, for the second quarter, the
weighted-average cost of borrowed capital was 4% as compared to
4.2% in the year ago quarter.  At the end of the second quarter,
approximately 75% of our total borrowings of US$1.06 billion had
fixed interest rates, either by the terms of the borrowing
agreements or through hedging contracts.  We also had
US$240 million of available, unused credit facilities at
June 27, 2008, which provide us with the resources to support
continued strong organic growth and to pursue other strategic
initiatives, such as acquisitions, throughout the remainder of
the year.”

                       Business Outlook

Mr. Eck stated, “Given that the second quarter year-on-year
comparisons were difficult because of the exceptional growth in
the prior year, especially on larger projects, we are encouraged
by the higher than historical trend line growth in consecutive
quarter sales from the first to second quarter of this year as
well as the growth we realized over the unusually strong second
quarter of 2007.  While we continue to see select customer
situations where sales are softer, we have not observed any
broad-based negative trends in the various end markets and
geographical regions where we have a business presence.  We
believe the overall market conditions, as they currently exist,
should allow for consecutive quarter sales growth from the
second to third quarter of this year.  If we achieve a modest
level of consecutive quarter growth it will move our third
quarter year-on-year growth rates closer to our longer-term
target of 8 to 12% yearly growth.”

Mr. Eck said, “Going forward through the next few quarters, we
will remain focused on building on our strategic initiatives,
which include growing our security and OEM Supply businesses,
initiating a factory automation network sales effort, adding to
our supply chain services offering, enlarging the geographic
presence of our electrical wire & cable business, and expanding
our product offering.  We are confident that continued focus on
these investments and successful execution on these strategies
will help drive full-year and longer-term growth of the
business.  At the same time we believe the breadth of the end
markets we serve, the diversity of the vertical markets our
customers operate in and the broad geographical scope of our
business will continue to provide excellent opportunities for
growth.”

                        About Anixter

Anixter International Inc. -- http://www.anixter.com/-- is the
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5 million square feet of space.  It has operations in Latin
American countries including Mexico, Costa Rica, Brazil and
Chile.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 2, 2007, Fitch Ratings affirmed these ratings for
Anixter International Inc. and its wholly owned operating
subsidiary, Anixter Inc.:

Anixter International Inc.

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

Anixter Inc.

  -- Issuer Default Rating  'BB+';
  -- Senior unsecured notes 'BB+';
  -- Senior unsecured bank credit facility at 'BB+'.


SIRVA INC: Objects to Timing of Paying OOIDA's US$1.25MM Claim
--------------------------------------------------------------
Sirva Inc. and its debtor-affiliates oppose the motion of the
Owner Operator Independent Drivers Association for an order
directing the Debtors to comply with the distribution provisions
under the confirmed First Amended Prepackaged Joint Plan of
Reorganization.

Marc Kieselstein, P.C., at Kirkland and Ellis LLP in Chicago,
Illinois, states that the dispute is about the timing of
payments, and nothing more.  The Debtors do not contest their
obligation to satisfy the full amount of OOIDA's claim in the
ordinary course, and as its matures in less than one year,
pursuant to the Plan.  This is consistent with the settlement
agreed to by OOIDA, the Official Committee of Unsecured
Creditors, and other Class 5 creditors, which resolved their
objections and led to the amendment of the terms of the Plan.

Mr. Kieselstein says that OOIDA improperly demands the immediate
full payment of an unmatured and undiscounted claim,
notwithstanding the clear terms of the Settlement, the Plan, and
the Plan Confirmation Order.  He adds that OOIDA's position is
inconsistent with the Bankruptcy Code's requirement that the
"full amount" of the claim must reflect the time value of money,
either by payment over time or by payment of its present value
as
of the Petition Date.

Mr. Kieselstein asserts that OOIDA has disavowed its previous
agreements and representations upon which the compromise in the
Plan was achieved.  According to Mr. Kieselstein, OOIDA has
taken
the position that the Plan no longer means what it says, and
that
the agreement, entered into by all parties including OOIDA, no
longer exists.

The Debtors submit that nothing supports OOIDA's demand for an
immediate distribution of an unmatured claim; neither does the
Settlement, the Plan that embodies that settlement, the Plan
Confirmation order, nor the Bankruptcy Code.  The Debtors insist
that OOIDA's inequitable conduct should not be countenanced, and
the Motion should be denied.

                 OOIDA Insists on Payment

In response to the Debtors' objection, OOIDA tells the U.S.
Bankruptcy Court for the Southern District of New York that
OOIDA's US$1,250,000 undisputed claim was due for payment on the
Plan Effective Date.  OOIDA does not concede that its claim is
an
unmatured claim that must be discounted.

OOIDA relates that at the Debtors' demand, it has forfeited 75%
of its liquidated claim in exchange for the Debtors' commitment
to pay the remaining 25%, or US$1,250,000.  OOIDA insists that
the
Debtors should pay the full amount of the distribution due on
its
claim.

                        About Sirva Inc.

Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base.  The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers.  SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement.  The company has operations in Costa Rica.

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  When the Debtors filed for
bankruptcy, it reported total assets of US$924,457,299 and total
debts of US$1,232,566,813 for the quarter ended Sept. 30, 2007.  
The Court confirmed the Debtor's First Amended Prepackaged Plan
on
May 7, 2008.  The Debtors' First Amended Prepackaged Joint Plan
of
Reorganization became effective on May 12, 2008.  

(Sirva Inc. Bankruptcy News; Bankruptcy Creditors' Services Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


SIRVA INC: Wes Lucas Succeeds Robert Tieken as Chief Executive
--------------------------------------------------------------
SIRVA, Inc. appointed Wes Lucas as its new chief executive
officer and member of its board of directors.  Mr. Lucas
succeeds Robert W. Tieken, who led SIRVA through its successful
financial reorganization.

Kevin Dowd, SIRVA's chairman of the board, said, “[Mr. Lucas']  
strong leadership, deep operational experiences, and
capabilities to grow businesses will serve the company well as
we continue to improve our operational performance, competitive
position, and increase the value we provide our customers.  The
board is unanimous in its decision that Wes is the right person
to provide the sound leadership to build on SIRVA's core
strengths and successfully grow our company.  We are pleased to
welcome Wes to SIRVA.”

Mr. Lucas said, “I am honored to have the opportunity to join
SIRVA's team.  It is a testament to the quality of SIRVA's
people, and the longstanding excellence of service to customers
and agents, that SIRVA is well positioned for success in the
future.  Under the leadership of the board and the management
team, SIRVA has recently taken decisive actions, and I am
delighted to build on that progress and work with this highly
talented team.  In SIRVA, I see a company with great strengths
and outstanding potential to create value for our customers and
our agents.”

Mr. Lucas is a seasoned executive with strong leadership
experiences as CEO, chairman, and president, and with world-
class companies, Fortune 500 corporations, and small private
companies.  Mr. Lucas comes with a deep experience in growing
companies, building execution capabilities, and developing
superior customer value.  A significant example is his tenure as
the chairman, president, and CEO for Sun Chemical, the world's
largest color company, with about US$4 billion in sales and 300
plants, from 2001 up to 2006.  Another significant leadership
position during this period was as the co-chairman of Kodak
Polychrome, a joint venture with Kodak and the world's largest
provider of imaging equipment and materials for commercial
media.  Other substantial leadership experiences include holding
the positions of: the CEO and president of Quebecor World (a
US$6 billion printing services company); the president of
Sytrenics, Nova Chemicals (a leader in plastics and materials);
vice president at AlliedSignal (a multi-billion dollar leading
industrial company); and also a management consultant with
McKinsey & Company.  Mr. Lucas received his MBA from the Harvard
Business School, and a BS in finance and accounting from the
University of California, Berkeley.

Mr. Dowd stated, “I also want to thank Bob Tieken for his
service as SIRVA's CEO; we have been very fortunate to have his
leadership and support during our financial restructuring.  [Mr.
Tieken] was instrumental in positioning SIRVA for success in the
future.”

Mr. Tieken has served on the company's board since July 2006 and
became SIRVA's CEO in August 2007, after holding the role on an
interim basis since March 2007.  Mr. Tieken assumed the position
of CEO to lead SIRVA through a successful financial
restructuring which was completed on May 12, 2008 and resulted
in an improved debt profile for SIRVA.

                        About Sirva Inc.

Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base.  The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers.  SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement.  The company has operations in Costa Rica.

The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433).  Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor.  When the Debtors filed for
bankruptcy, it reported total assets of US$924,457,299 and total
debts of US$1,232,566,813 for the quarter ended Sept. 30, 2007.  
The Court confirmed the Debtor's First Amended Prepackaged Plan
on May 7, 2008.  The Debtors' First Amended Prepackaged Joint
Plan of Reorganization became effective on May 12, 2008.  

(Sirva Inc. Bankruptcy News; Bankruptcy Creditors' Services Inc.
http://bankrupt.com/newsstand/or 215/945-7000)



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

BANCO INTERCONTINENTAL: Fraud Convict Enters Najayo Prison
----------------------------------------------------------
Dominican Today reports that Vivian Lubrano de Castillo, who was
found guilty of committing fraud in Banco Intercontinental, has
entered the Najayo prison.

The Supreme Court of the Dominican Republic upheld last Friday
the National District Court of Appeals sentence, according to
Elnacional.com.do.  As reported in the Troubled Company
Reporter-Latin America on April 23, 2008, the appellate court
upheld the 10-year prison sentence against former Banco
Intercontinental officials Marcos Baez Cocco and Luis Alvarez
Renta, in the bank's fraud case.  The prosecution appealed the
sentences against the Banco Intercontinental officials and also
appealed Ms. Lubrano del Castillo's acquittal, seeking six years
in prison.

Dominican Today relates that the Ms. Lubrano de Castillo was
sentenced to five years of imprisonment.  

According to Dominican Today, Ms. Lubrano del Castillo was later
returned to the Abel Gonzalez clinic, where she was previously
hospitalized due to health problems.  National District
Sentencing Judge Saulo Ysabel Diaz had acknowledged Ms. Lubrano
del Castillo's health problems as her doctors reported, but
concluded that she was apt to enter prison.  However, the
Justice Ministry's Penitentiary School director Ismael Paniagua
said that the ministry's doctors determined that Ms. Lubrano del
Castillo wasn't physically nor mentally fit to remain in the
prison.  Mr. Panaguia decided to let Ms. Lubrano del Castillo be
hospitalized again as the prison lacked the conditions for the
medical attentions she needs.  

Located in the Dominican Republic, Banco Intercontinental a.k.a.
Baninter collapsed in 2003 as a result of a massive fraud and a
resulting deficit of US$2.2 billion.  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.  The resulting deficit was
equal to 12% to 15% of the country's national GDP.  It costs
Dominican taxpayers DOP55 billion and resulted to the country's
worst economic crisis.



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

MILLICOM INT'L: Acquiring Amnet Telecoms for US$510 Million
-----------------------------------------------------------
Millicom International Cellular S.A. is acquiring 100% of Amnet
Telecommunications Holding Limited for an enterprise value of
US$510 million.

Completion of the acquisition, which is subject to customary
approvals, is expected within three months.  Amnet began
operations in Central America in 1997 and is owned by private
investors.  It is the leading provider of broadband and cable
television services in Costa Rica, Honduras and El Salvador,
provides fixed telephony in El Salvador and Honduras, and
provides corporate data services in the above countries as well
as Guatemala and Nicaragua.  Across its various markets and
product offerings, it has in excess of 350,000 corporate and
residential customers.  In the 12 months ended December 2007, it
reported revenue of US$143 million and EBITDA of US$56 million.

Central America is Millicom's most important region, accounting
for 43% of the group's worldwide revenue, 55% of EBITDA and 38%
of subscribers.  At Dec. 31, 2007, Millicom's business in
Central America had 8.8 million subscribers contributing US$1.2
billion in revenue and US$608 million in EBITDA for the year.  
Millicom operates under the Tigo brand across Central America
and is the number one mobile operator in Guatemala, El Salvador
and Honduras.

Marc Beuls, President and CEO of Millicom commented, “This
transaction is an important step in the development of our
strategy for Central America.  There is today a lack of fixed
line infrastructure to carry broadband services but customers in
these markets are increasingly demanding access to broadband
services, and in order to satisfy this demand we are launching
3G services across the region in the second half of 2008.  The
acquisition of Amnet will bring us in excess of 350,000 high
ARPU customers, and also dramatically extend our IP network,
thereby enabling us to provide enhanced broadband and cable
television in conjunction with our new 3G mobile service.”

Mike Kazma, a founder of Amnet who will continue to support the
company as a consultant, stated, “In recent years, Amnet has
established a leading franchise in Central America due to the
tremendous effort of its employees and the support of its
customers.  Millicom is ideally placed to take this company to
the next stage and to take advantage of the exciting growth
opportunities in these markets for broadband and cable TV
services.”

                  About Millicom International

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications       
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                            *     *     *

As reported in the Troubled Company Reporter-Europe on
Nov. 16, 2007, Moody's Investors Service upgraded ratings of
Millicom International Cellular S.A.  The corporate family
rating was upgraded to Ba2 from Ba3 and the rating on the
existing senior notes was upgraded to B1 from B2.  Moody's said
the outlook on the ratings is stable.



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

INTERPUBLIC GROUP: Fitch Rates US$335MM Credit Facility 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the Interpublic
Group of Companies' US$335 million three year revolving credit
facility.  The Rating outlook remains positive.

Fitch's rates IPG as:

-- Issuer Default Rating 'BB+';
-- Enhanced Liquidity Facility 'BB+';
-- Credit Facility 'BB+';
-- Senior unsecured notes (including convertibles) 'BB+';
-- Cumulative convertible perpetual preferred stock 'BB-';

Fitch has rated the US$335 million credit facility, due in 2011,
'BB+' as this facility is pari pasu with the existing
US$750 million ELF and other unsecured indebtedness.  The ELF is
expected to remain in place through its expiration in June 2009.  
In the past five years IPG has only used bank and ELF capacity
for letters of credit.  The new facility will provide US$200
million in LOC capacity.  The establishment of the credit
facility is in line with Fitch's expectations that IPG would be
proactive in addressing its backup liquidity position in advance
of the ELF expiration.

The credit facility contains three key covenants which provide
limited room for deterioration in operating performance.  First,
the facility includes a minimum Last Twelve Months EBITDA of
US$600 million, which excludes up to US$75 million of non-cash
impairments.  On an LTM basis, this covenant is relatively tight
(Fitch estimates that all else equal, a 15% decline in EBITDA
could position the company to violate the covenant), however
Fitch expects further growth in EBITDA through 2008 and 2009
from cost rationalization and operating leverage even amid a
weakening economy.  The second covenant is a maximum total debt
to LTM EBITDA of 3.5times in 2008, stepping down to 3.25x in
2009 and to 3.0x in 2010.  Based on Fitch calculations, leverage
for the last twelve months ended March 31, 2008, was 3.25x.

The company should have the flexibility to meet the step downs
through EBITDA growth and some modest debt repayment.  The third
covenant is minimum LTM EBITDA to interest coverage of 4.5x.  
Fitch notes the ratio is calculated on a net basis and includes
preferred dividends.  Fitch's current estimate is approximately
4.8x, also providing limited room for deterioration.  The
facility also allows for a restricted payments basket of US$600
million that can be used for capital expenditures, cash
acquisitions, share repurchases and dividends on common stock.  
If leverage is below 2.75x the company has the ability to roll
US$200 million of the unused balance to the subsequent year.

As of March 31, 2008, IPG's liquidity position is supported by
US$1.5 billion in cash and equivalents.  Net of US$223 million
in LOC, the company had approximately US$527 million available
under its US$750 million ELF.  Near-term maturities include
US$250 million notes due November 2009, and the ELF facility,
which expires in June 2009.

Separately, Fitch also reiterates that while IPG's 2008 goals of
peer level organic growth and operating margin above 8.5% could
be attainable, Fitch recognize that there could be some slowdown
in client spending in the current economic environment.  Taking
on low-margin business or cutting staff costs imprudently to
meet growth or margin targets may not be best for the longer
term health of the company.  Fitch is satisfied with the
trajectory of progress even if IPG were to fall short of meeting
its 2008 goals.  The prospect of an economic downturn is
factored into Fitch's current rating and outlook.

New York-based, 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.  Major global brands include Draftfcb, FutureBrand,
GolinHarris International, Initiative, Jack Morton Worldwide,
Lowe Worldwide, MAGNA Global, McCann Erickson, Momentum, MRM
Worldwide, Octagon, Universal McCann and Weber Shandwick.
Leading domestic brands include Campbell-Ewald, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and
R/GA.  Revenues and EBITDA for the LTM period ended March 31,
2008 were US$6.7 billion and US$1 billion respectively.

The company has operations in 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.



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

AIR JAMAICA: Hotel Group Upset Over Flight Cancellations
--------------------------------------------------------
Radio Jamaica reports that Air Jamaica's increasing flight
cancellations have upset the Jamaica Hotel and Tourist
Association.

As reported in the Troubled Company Reporter-Latin America on
July 22, 2008,  Don Wehby, Minister Without Portfolio in the
Finance Ministry, said Air Jamaica's expenses were almost
US$1.4 million in the first four months of this year.  The
expenses were due to flight cancellations.  Air Jamaica spent
for the re-routing, accommodation, and the issuing of travel
certificates to passengers inconvenienced by the 300
cancellations over the same period.  Minister Wehby said the
cancellations included 141 scheduled changes.

Radio Jamaica relates that JHTA said Air Jamaica is being
mismanaged, as indicated by the flight cancellations.  JHTA
President Wayne Cummings said, "Air Jamaica seems to be spending
most of its time focusing on the longer term role of divestment
rather than focusing on its customers and its role of airlift to
Jamaica.  We have to find a way through the Board and the
management for them to recognize that if they don't run the
airline efficiently, people are going to get turned off  ...
Jamaica's one asset that flies is going to become a liability
for all of us."

According to Radio Jamaica, JHTA is worried that Air Jamaica's
flight problems will affect the tourism sector.  Mr. Cummings
admitted he is concerned that the flight cancellations will ruin
Jamaica's reputation in the international tourism market.  
"People are inconvenienced every time that it [Air Jamaica]
cancels a flight.  People are inconvenienced by getting home two
days after they set out at the airport ... that is not a good
recommendation to give to friends and family," Mr. Cummings
added.  

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.

                          *    *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a B1 rating
to Air Jamaica Limited's guaranteed senior unsecured notes.

On July 21, 2006, Standard & Poor's Rating Services assigned a
"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, based on the government's
unconditional guarantee of both principal and interest payments.



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

BALLY TECHNOLOGIES: Fitch Lifts Issuer Default Rating to BB-
------------------------------------------------------------
Fitch Ratings has upgraded Bally Technologies, Inc.'s Issuer
Default Rating and senior secured bank debt ratings as:

-- IDR to 'BB-' from 'B';
-- Secured bank credit facilities to 'BB+' from 'BB/RR1'.

The secured credit facilities are comprised of a term loan with
US$290 million outstanding as of March 31, 2008 and a
US$75 million revolver.

The rating outlook remains positive.

The two-notch IDR upgrade and Bally's credit profile continues
to be fueled by the significant improvement in its operating and
financial performance that has been driven by its substantially
improved product pipeline and solid acceptance of the Alpha
operating platform over the past couple of years.  Bally's
credit profile continues to improve rapidly since Fitch
previously upgraded its IDR seven months ago, in December 2007.

As of March 31, 2008, Bally's latest twelve month reported
adjusted EBITDA increased to US$249 million from US$138.5
million as of the end of its 2007 fiscal year (June 30, 2007).  
Bally's leverage ratio according to its credit facility
calculation as of March 31, 2008 was 1.3 times versus a maximum
allowable of 3.50x, while Fitch calculates LTM interest coverage
of roughly 8.8x.  Given Bally's current operating momentum,
Fitch believes that credit metrics as of fiscal year-end
June 30, 2008, will show further improvement.

Bally's credit metrics remain strong for the 'BB-' IDR level.  
Many company-specific issues that weighed on Bally's IDR while
it was in the 'B' category are now largely resolved or
incorporated into a low 'BB' category risk profile, in Fitch's
view.  These include:

-- Execution risk from an operating turnaround.  Given the
    company's continued market share gains in recent quarters,
    Bally has completed a successful operating turnaround.  
    Still, there are segments that present additional
    opportunities for improvement and growth, including video
    products, progressives, and international.  As a result,
    Fitch believes the company's positive operating momentum can
    continue in the near term, but believes it is also likely
    that the considerable pressure facing casino operators may
    dampen the momentum somewhat.

-- Accounting issues. Bally's accounting issues caused
    financial restatements and significant delays in financial
    reporting.  The company's auditors have cited material
    weaknesses in the company's internal control over financial
    reporting with revenue recognition, inventory valuation, and
    personnel resources.  Fitch believes Bally has made adequate
    progress with remediation activities and will review the
    auditor's opinion when the fiscal 2008 year-end financial
    statements are filed next month.  Bally is now a timely SEC
    filer.

-- Refinancing risk.  The company's US$75 million untapped
    revolver expires in September 2008 and its US$290 million
    term loan matures in September 2009.  Given the operating
    and financial improvement, Fitch believes Bally will not
    have difficulty refinancing its bank facility at adequate
    terms.

-- Pending litigation risk. Fitch remains concerned about the
    potential impact of an adverse outcome related to patent
    litigation with industry leader, International Game
    Technology.  Given Bally's operational and financial
    improvement and its strong credit metrics for its 'BB-' IDR,
    current ratings incorporate the potential for some impact of
    an adverse outcome.  However, meaningful uncertainty remains
    regarding the scope and impact of any resolution.

-- Execution risk with respect to the upcoming server-based
    product cycle.  The implementation and commercial rollout of
    the server-based gaming product cycle has been pushed back
    meaningfully, which enables Bally to continue to invest in      
    product and game development and protect its competitive
    position.  Due to its larger size, greater financial
    resources, and broader product pipeline, Fitch remains
    concerned that IGT could strengthen its competitive
    advantage in a replacement cycle driven by server-based
    gaming.  However, Bally's product platform improvement over
    the past couple of years, its strength in its systems
    business, and recent success with products that offer some
    server-based functionality mitigates this risk somewhat.  
    Still, the economics, timing, and market impact of server-
    based gaming have yet to be determined.

The resolution of or additional comfort with the issues above,
combined with continued positive operational and financial
momentum, provides the basis for Fitch's Positive Outlook and
the potential for a further upgrade of the IDR.

Bally's bank facility rating was upgraded to 'BB+' from 'BB/RR1'
due to Fitch's continued view of strong over collateralization
of that debt.  In accordance with Fitch's Recovery Rating
methodology, the Recovery Rating was removed because of the IDR
upgrade to 'BB-'.  While concepts of Fitch's RR methodology are
considered for all companies, explicit recovery ratings are
assigned only to those companies with an IDR of 'B+' or below.  
At the lower IDR levels, Fitch believes there is greater
probability of default so the impact of potential recovery
prospects on issue-specific ratings becomes more meaningful.  
Therefore, as a company's IDR improves, there is compression
with respect to the notching from the IDR.  As a result, an
additional upgrade of the IDR to 'BB' is unlikely to result in
an upgrade to the bank facility debt.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--   
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.

Bally Total and its affiliates filed for Chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


BANCO REGIONAL: Moody's Puts D+ Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of D+ to Banco Regional de Monterrey, S.A.  At the same
time, Moody's assigned long- and short-term global local
currency deposit ratings of Baa3 and Prime-3, respectively.  The
bank was also assigned foreign currency deposit ratings of Baa3/
Prime-3.  On its Mexican National Scale, Moody's assigned long
and short-term deposit ratings of Aa3.mx and MX-1, respectively.  
All these ratings have stable outlooks.

Moody's said that Banco Regional's D+ BFSR reflects the bank's
good financial profile overall, and its profitability and
capitalization, in particular.  Moreover, asset quality has been
strong historically as demonstrated by consistently-low loan
delinquency ratios and very conservative reserve coverage.

The rating is also underpinned by the bank's important regional
foothold and market presence in one of the most prosperous
regions of Mexico, which supports the bank's business focus on
commercial lending.  A track record of sound operations along
with the benefits drawn from the bank's experienced management
team are also positive considerations that add to the bank's
relatively good financial flexibility.

The rating agency noted that Banco Regional's ratings are
constrained by its relative small scale and marginal systemic
presence as demonstrated by its modest share of the Mexican
deposits market.  The bank's limited business scope -- which is
geared specially towards commercial lending in the North of
Mexico - is a limiting factor relative to more diversified
peers.  Moody's also noted that the bank's still-developing
retail banking component makes it more vulnerable to increasing
competition by more dominant players.

Moreover, Moody's has indicated that the bank's family ownership
structure and notable exposure to related party loans weight
negatively on the ratings, because they raise concerns about the
bank's board independence and corporate governance.  Large loan
exposures and Moody's opinion of Banco Regional's modest ability
to fund itself under stress relative to larger peers, could
increase credit and liquidity risks and thus limit the ratings.

Moody's Baa3 GLC deposit rating for the bank incorporates the
rating agency's assessment of a moderate probability of systemic
support in the event of systemic stress because of the bank's
smaller significance to the country's national payment system.

These ratings were assigned to Banco Regional de Monterrey,
S.A.:

  -- Bank Financial Strength Rating: D+
  -- Global Local Currency deposits, long term: Baa3
  -- Global Local Currency deposits, short term: Prime-3
  -- Foreign Currency deposits, long term: Baa3
  -- Foreign Currency deposits, short term: Prime-3
  -- Mexican National Scale, long term: Aa3.mx
  -- Mexican National Scale, short term: MX-1
  -- Outlook: Stable

Headquartered in Monterrey, Nuevo Leon, Mexico, Banco Regional
de Monterrey SA -- http://www.banregio.com-- provides  
commercial banking products in northern Mexico, offering  
factoring, home loans, trusts and leasing services.  Founded in
1994, the bank reported nearly MXN15.6 billion (US$1.49 billion)
in assets, as of March 2008.


CEMEX SAB: 2008 Second Quarter Net Income Drops to US$444 Mil.
--------------------------------------------------------------
CEMEX, S.A.B. de C.V., disclosed that its consolidated net sales
increased 29% in the second quarter of 2008 to US$6.3 billion
versus US$4.9 billion in the comparable period in 2007.  EBITDA
increased 21% in the second quarter of 2008 to US$1.4 billion
from US$1.1 billion in the same period of 2007.

Majority net income decreased 27% to US$444 million in second
quarter 2008 from US$611 million in the same period a year ago.

Hector Medina, Executive Vice President of Planning and Finance,
said, “Our consolidated results for the second quarter show the
strength of our business model, characterized by our
international presence and diverse asset portfolio.  We achieved
significant increases in net sales while further reducing our
debt level, even in the face of the continued downturn in the
United States' residential sector and the downturn in the
Spanish economy.  Looking ahead, we remain focused on
strengthening our financial flexibility while continuing to
drive solid returns for our shareholders.”

Net debt at the end of the second quarter was US$17.6 billion,
representing a reduction of US$1.2 billion during the quarter.  
The net-debt-to-EBITDA ratio reached 3.5 times for second
quarter 2008 compared with 3.7 times in first quarter 2008.  
Interest coverage reached 4.4 times during the quarter, down
from 8.9 times a year ago.

Major Markets Second Quarter Highlights:

Net sales in our operations in Mexico increased 12% in the
second quarter of 2008 to US$1.1 billion, compared with
US$967 million in the second quarter of 2007.  EBITDA increased
16% to US$413 million versus the same period of last year.

CEMEX's operations in the United States reported net sales of
US$1.3 billion in the second quarter of 2008, up 38% from the
same period in 2007.  EBITDA decreased 4% to US$233 million,
from US$242 million in the second quarter of 2007.

In Spain, net sales for the quarter were US$481 million, down 8%
from the second quarter of 2007, while EBITDA decreased 10% to
US$140 million.

Net sales in the Rest of Europe region increased 27% during the
second quarter of 2008 versus the comparable period in the
previous year, reaching US$1.3 billion.  EBITDA was $208 million
for the region in the second quarter of 2008, up 29% from the
same period in the previous year.

CEMEX's operations in South/Central America and the Caribbean
reported net sales of US$607 million during the second quarter
of 2008, representing an increase of 20% over the same period of
2007.  EBITDA increased 19% for the quarter to US$205 million
versus the same period in 2007.

Second-quarter net sales in Africa and the Middle East were
US$286 million, up 60% from the same quarter of 2007.  EBITDA
increased 69% to US$78 million for the quarter versus the
comparable period in 2007.

Operations in Asia and Australia reported a 468% increase in net
sales, reaching US$614 million, versus the second quarter of
2007, and EBITDA was US$119 million, up 303% from the same
period in the previous year.  This increase was mainly due to
the integration of Rinker's Australian operations.

Headquartered in Mexico, CEMEX S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions    
company that provides high quality products and reliable service
to customers and communities in more than 50 countries
throughout the world, including Argentina, Colombia and
Venezuela.  Commemorating its 100th anniversary in 2006, CEMEX
has a rich history of improving the well-being of those it
serves through its efforts to pursue innovative industry
solutions and efficiency advancements and to promote a
sustainable future.

                        *     *     *

On May 30, 2005, Moody's Investors Service revised the
ratings outlook on Cemex S.A. de C.V.'s Ba1 ratings to positive
from stable.  Ratings affected include the company's Ba1 ratings
on approximately US$110 million in senior unsecured Euro notes
and its senior implied rating.


DYNAMERICA MANUFACTURING: Files Chapter 11 Petition in Delaware
---------------------------------------------------------------
DynAmerica Manufacturing LLC asked the U.S. Bankruptcy Court for
the District of Delaware in Wilmington for authority to tap
US$1.77 million out of a US$2.62 million debtor-in-possession
financing through Aug. 9, 2008, Mike Schoeck writes for The
Deal.

The DIP financing will be provided by the Debtor's customers TRW
Vehicle Safety Systems Inc., Autoliv ASP Inc. and Quality Safety
Systems Co., The Deal says.

The Debtor sought bankruptcy protection three days after the
expiration of a forbearance pact with its secured lender,
Comerica Bank, The Deal relates.  On April 7, DynAmerica missed
a payment on its US$5.25 million prepetition debt owed to
Comerica, according to the report.  Comerica informed the Debtor
on May 6 to seek another lender, The Deal notes.  Based on the
report, Comerica is currently owed US$2.8 million.

Muncie, Indiana-based DynAmerica Manufacturing LLC --
http://www.dynamericamfg.com/-- has been providing safety
components, such as seat belt buckles, motor housings and brake
parts, to the automotive industry for more than 20 years.  Its
customers include Delphi Corp. and Visteon Corp.  DynAmerica
also produces electrical parts.  DynAmerica also operates a
warehouse in West Milton, Ohio, and a manufacturing facility in
Monterrey, Mexico.  TMB Industries LLC --
http://www.tmbindustries.com/partners.html-- has been investing
in the company since 2005.

DynAmerica filed its chapter 11 petition on July 18, 2008
(Bankr. D. Del. Case No. 08-11515).  Marc S. Casarino, Esq., and
James S. Yoder, Esq., Robert A. Kargen, Esq., and Amy E. Vulpio,
Esq., at White and Williams LLP represent the Debtor in its
restructuring efforts.


DYNAMERICA MANUFACTURING: Voluntary Chapter 11 Case Summary
-----------------------------------------------------------
Debtor: DynAmerica Manufacturing, Inc.
       401 South Blaine Street
       Muncie, IN 47302

Bankruptcy Case No.: 08-11515

Related Information: Kelly Bodway, president and CEO, filed the
                    petition on the Debtor's behalf.

Type of Business: The Debtor has been providing safety
                 components, such as seat belt buckles, motor
                 housings and brake parts, to the automotive
                 industry for more than 20 years.  Its customers
                 include Delphi Corp. and Visteon Corp.  
                 DynAmerica also produces electrical parts.
                 DynAmerica also operates a warehouse in West
                 Milton, Ohio, and a manufacturing facility in
                 Monterrey, Mexico.  See
                 http://www.dynamericamfg.com/

                 TMB Industries LLC has been investing in the
                 company since 2005.  See
                 http://www.tmbindustries.com/partners.html

Chapter 11 Petition Date: July 18, 2008

Court: District of Delaware (Delaware)

Debtor's Counsel: Marc Stephen Casarino, Esq.
                 (casarinom@whiteandwilliams.com)
                 White and Williams LLP
                 824 Market Street, Suite 902
                 Wilmington, DE 19899
                 Tel: (302) 467-4520
                 Fax: (302) 467-4550

Estimated Assets: US$1 million to US$10 million

Estimated Debts: US$1 million to US$10 million

A list of the Debtor's largest unsecured creditors is available
for free at http://bankrupt.com/misc/deb08-11515.pdf


GRUPO CASA SABA: Files Form 20-F; Books MXN905MM Income in 2007
---------------------------------------------------------------
Grupo Casa Saba, S.A.B. de C.V., has filed its annual report on
Form 20-F for the fiscal year ended Dec. 31, 2007, with the U.S.
Securities and Exchange Commission.

According to the report, the group's net income in 2007 amounted
to MXN905 million, a decrease of 1.25% as compared to 2006.  Net
profit as a percentage of sales, or net margin, in 2007 was
3.74 %, 16 basis points lower than the 3.58% margin in 2006.

Grupo Casa Saba's total net sales amounted to MXN25,259 million
for the year ended Dec. 31, 2007, an increase of 3.16% as
compared to the same period for 2006. The increase was primarily
due to the continued growth of its Private Pharma division,
which increased 3.72%, the company explained.

Cost of sales in 2007 amounted to MXN22,775 million, 3.21%
higher than in 2006.  As a result of the high level of
competition within the sector, Grupo Casa Saba's gross margin
decreased by 5 basis points, from 9.88% in 2006 to 9.83% in
2007.  The company's gross profit totaled MXN2,484 million for
the year ended Dec. 31, 2007, an increase of 2.65% as compared
to the same period in 2006.

Grupo Casa Saba continues to exert strict control over its costs
and expenses, which has enabled us to successfully confront the
challenges presented by the business environment.  Operating
expenses amounted to MXN1,424 million for the year ended
Dec. 31, 2007, an increase of 4.31% as compared to the year
ended Dec. 31, 2006.

Operating income in 2007 was MXN1,059 million, an increase of
0.50% as compared to 2006.  According to the company, the
increase was due to the pressure it confronted in terms of its  
commercial margins.  As a result, the operating margin for 2007
was 4.19%, a decline of 11 basis points as compared to 2006.
The Form 20-F report is available for free at the investor
relations section of Grupo Casa Saba's Web site
http://www.casasaba.com

Founded in 1892 and based in Mexico City, Mexico, Grupo Casa
Saba, SAB de CV (fka. Grupo Casa Autrey, SA de CV) through its
subsidiaries, operates as a multi-channel, multi-product
wholesale distributor in Mexico.  It distribute pharmaceutical
products, health, beauty aids and consumer goods, general
merchandise, and publications, as well as office, electronic,
and other products, including keyboards, audio and television
equipment, and related accessories.  The company also offers
freight services to third parties; real estate services; a range
of value added services, including multiple daily deliveries,
emergency product replacement, merchandising, marketing support,
and other customer counseling services; and training,
conferences, and trade fairs.  It serves privately-owned and
government pharmacies, mass merchandisers, regional and national
supermarkets, department stores, convenience stores,
wholesalers, and other specialized channels.

                         *     *     *

As of March 30, 2007, Moody's Investors Service maintains a Ba2
global scale and A1.mx national scale corporate family rating
for Grupo Casa Saba, S.A. de C.V. with a stable ratings outlook.  
The rating action still holds to date.


HIPOTECARIA SU: Caja Madrid to Acquire 60% Stake in Firm
--------------------------------------------------------
Caja de Ahorros y Monte de Piedad de Madrid, a.k.a. Caja Madrid,
will acquire the remaining 60% stake it hasn't yet own in
Hipotecaria Su Casita S.A. de C.V.

Business News Americas relates that Caja Madrid acquired a 25%
stake in Hipotecaria Su in 2005.  The firm then increased its
interest in Hipotecaria Su to 40% in 2006.  According to Caja
Madrid, its total acquisition amounts to US$530 million, 1.8x
Hipotecaria Su's book value.

Hipotecaria Su Casita, S.A. de C.V. (BMV: CASITA) is Mexico's
second largest specialized mortgage lending institution by
market share.  Its main function is to extend mortgage loans to
low-income individuals under the auspices of Sociedad
Hipotecaria Federal financing programs, and to provide
construction financing to developers of low-income housing.  It
controls approximately 18% of the mortgage market served by
Sofoles, based on total loan portfolio.  It has 107 offices in
Mexico.  Hipotecaria Su Casita was established in 1994.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2008, Standard & Poor's Ratings Services affirmed its
ratings, including the 'BB' long-term counterparty credit
rating, on Hipotecaria Su Casita S.A. de C.V.  At the same time,
S&P affirmed its long and short-term national scale ratings at
'mxA' and 'mxA-2', respectively.  S&P said the outlook is
stable.


HIPOTECARIA SU: S&P Puts BB Counterparty Rating on WatchPositive
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its long-term 'BB'
counterparty credit rating on Hipotecaria Su Casita S.A. de C.V.
on CreditWatch with positive implications.  The senior unsecured
debt rating and the 'mxA/mxA-2' national scale rating (CaVal) on
the company are also on CreditWatch Positive.
     
The rating action follows a widely publicized announcement by
the media that Caja de Ahorros y Monte de Piedad de Madrid's
(Caja Madrid; AA-/Negative/A-1+) board agreed to buy out the
rest of Hipotecaria Su's stockholders.  With this action, Caja
Madrid would increase its indirect stake to 100% from 40%.  If
approved by both boards of directors and after being formalized,
the transaction will still be pending regulatory approval.
      
“As soon as the transaction formalizes and we meet with the
respective administrations, we will resolve the CreditWatch,”
said S&P's credit analyst Francisco Suarez.  

Although this is a positive event for Hipotecaria Su, by itself
it is not enough to change S&P's “nonstrategic” status that the
company currently holds for Caja Madrid.  This event does not
have any financial impact on the company at this stage.  An
improvement in Hipotecaria Su's financial profile in terms of
capitalization, liquidity, and asset quality; or a change in th
company's status to “strategically important” from
“nonstrategic” could be reflected in S&P's rating.  However,
Caja Madrid does not have a strong commitment to explicitly
support the company and, as a result, S&P could maintain its
current ratings.

Hipotecaria Su Casita, S.A. de C.V. (BMV: CASITA) is Mexico's
second largest specialized mortgage lending institution by
market share.  Its main function is to extend mortgage loans to
low-income individuals under the auspices of Sociedad
Hipotecaria Federal financing programs, and to provide
construction financing to developers of low-income housing.  It
controls approximately 18% of the mortgage market served by
Sofoles, based on total loan portfolio.  It has 107 offices in
Mexico.  Hipotecaria Su Casita was established in 1994.


HIPOTECARIA SU: Reports MXN42MM Net Profits in 1st Quarter 2008
---------------------------------------------------------------
Hipotecaria Su Casita S.A. de C.V. reported  that its net profit
decreased 47% to MXN42 million in the first quarter 2008,
compared to the same period last year.

Business News Americas relates that as of March 31, 2008,
Hipotecaria Su had MXN37.2 billion in assets, a loan book of
MXN31.3 billion, and MXN3.09 billion in equity.  

According to BNamericas, Hipotecaria Su's on and off-balance
loans totaled MXN50.8 billion in March 2008, with the loan
delinquency ratio standing at 4.4%.  Hipotecaria Su's first
quarter 2008 earnings release indicated that its loan
delinquency ratio worsened 120 basis points in the 12 months
ended March 2008.

BNamericas notes that Standard & Poor's Associate Director
Francisco Suarez said that Hipotecaria Su's loan book has grown
at a yearly compound rate of around 30% over the past six years,
putting pressure on its capitalization levels.   

Hipotecaria Su's main challenges include strengthening its
capital base and controlling asset quality deterioration,
BNamericas reports, citing two S&P analysts.  The two analysts
said that Hipotecaria Su, which can't take deposits from the
public, had been absorbing a significant increase in funding
costs.

Hipotecaria Su Casita, S.A. de C.V. (BMV: CASITA) is Mexico's
second largest specialized mortgage lending institution by
market share.  Its main function is to extend mortgage loans to
low-income individuals under the auspices of Sociedad
Hipotecaria Federal financing programs, and to provide
construction financing to developers of low-income housing.  It
controls approximately 18% of the mortgage market served by
Sofoles, based on total loan portfolio.  It has 107 offices in
Mexico.  Hipotecaria Su Casita was established in 1994.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2008, Standard & Poor's Ratings Services affirmed its
ratings, including the 'BB' long-term counterparty credit
rating, on Hipotecaria Su Casita S.A. de C.V.  At the same time,
S&P affirmed its long and short-term national scale ratings at
'mxA' and 'mxA-2', respectively.  S&P said the outlook is
stable.


BANCO MULTIVA: Moody's Assigns Currency Deposit Ratings at B2
-------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating  of E+ to Banco Multiva, S.A. At the same time, Moody's
assigned long and short-term global local currency and foreign
currency deposit ratings of B2/Not Prime, respectively to the
bank.  On its Mexican National Scale, Moody's assigned long- and
short-term ratings of Baa3.mx and MX-3, respectively to Banco
Multiva. All these ratings have stable outlooks.

According to Moody's, the BFSR of E+ reflects Banco Multiva's
absolute small scale and still developing banking franchise as
well as Multiva's short history of only 15 months of operations
as a bank.  In this context, Banco Multiva faces the challenges
of developing further its market position in deposits and loans.

Moody's also notes that the bank's financial metrics still
reflect the initial stage of operations (e.g. operating losses).
Although actual asset quality, liquidity and capital adequacy
metrics may seem appropriate, no clear trends or comparisons can
be established at this point, and the bank remains challenged to
prove its ability to generate sustainable high-quality earnings
over time.  The rating agency indicated that Banco Multiva's
credit underwriting and risk management practices are largely
untested, because its current loan book contains large single
exposures and loans to related parties.  Moody's views these
large credit concentrations with concern.

Banco Multiva is a small universal bank and its product offering
is simple at this point.  The bank, however, is expected to
benefit from business and economic synergies derived from
sharing infrastructure and customers with other companies of the
Camino Real Group, which is one of Mexico's most important
economic conglomerates.  Initially, management aims at growing
the bank's operations by exploiting the chain of business
available in its economic group, with further expansion based on
servicing the general public.

Moody's highlights the bank's experienced managerial team and
the recognition of the Multiva brand name in the domestic market
as positive considerations.  Moody's also cited that to the
extent these benefits help strengthening the bank's franchise
that could benefit the ratings, going forward.

The assigned B2 GLC deposit rating incorporates no external
support and thus the deposit rating is at the same level of the
bank's Baseline Credit Assessment of B2.

These ratings were assigned:

  -- Bank Financial Strength Rating: E+
  -- Global Local Currency Deposits, long term: B2
  -- Global Local Currency Deposits, short term: Not Prime
  -- Foreign Currency deposits, long term: B2
  -- Foreign Currency deposits, short term: Not Prime
  -- Mexican National Scale, long term: Baa3.mx
  -- Mexican National Scale, long term: MX-3
  -- Outlook: Stable

Banco Multiva -- http://www.multiva.com.mx-- is headquartered  
in Mexico City.  As of March 2008, the bank reported
MXN2.4 billion in assets.


SEMGROUP LP: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: SemCrude, L.P.
            aka Seminole Transportation & Gathering, L.P.
            aka Notti Gathering Co., Inc.
            aka SemCrude, L.P.
            aka NOTTI Gathering Co., Inc.
            aka Seminole Transportation & Gathering, L.P.
            aka Dynegy Gathering Services, Inc.
            aka Seminole Transportation & Gathering, Inc.
            aka Seminole Transportation & Gathering, L.P.
            aka STG
            aka Dynegy Crude Gathering Services, Inc.
            Two Warren Place
            6120 South Yale Ave., Ste. 700
            Tulsa, OK 74136-4216

Bankruptcy Case No.: 08-11525

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                     Case No.
       ------                                     --------
       Chemical Petroleum Exchange, Inc.          08-11526
       Eaglwing, L.P.                             08-11527
       Grayson Pipeline, L.L.C.                   08-11528
       Greyhawk Gas Storage Co., L.L.C.           08-11529
       K.C. Asphalt, L.L.C.                       08-11530
       SemCanada II, L.P.                         08-11531
       SemCanada L.P.                             08-11532
       SemCrude Pipeline, L.L.C.                  08-11533
       SemFuel Transport, L.L.C.                  08-11534
       SemMaterials Vietnam, L.L.C.               08-11535
       SemGas Gathering, L.L.C.                   08-11536
       SemKan, L.L.C.                             08-11537
       SemFuel, L.P.                              08-11538
       SemManagement, L.L.C.                      08-11539
       SemGas Storage, L.L.C.                     08-11540
       SemMaterials, L.P.                         08-11541
       SemGas, L.P.                               08-11542
       SemTrucking, L.P.                          08-11543
       SemGroup Asia, L.L.C.                      08-11544
       SemStream, L.P.                            08-11545
       Steuben Development Co., L.L.C.            08-11546
       SemGroup, L.P.                             08-11547
       SemOperating G.P., L.L.C.                  08-11548
       SemGroup Finance Corp.                     08-11549

Type of Business: The Debtors provide gathering, transportation,
                 storage, distribution, marketing and other
                 midstream services primarily to independent
                 producers and refiners of petroleum products in
                 the North American energy corridor from the
                 Gulf Coast region to central Canada and along
                 the West Coast of the U.K.  See
                 http://www.semgrouplp.com/

Chapter 11 Petition Date: July 22, 2008

Court: District of Delaware (Delaware)

Judge: Brendan Linehan Shannon

Debtors' Counsel: John H. Knight, Esq.
                    Email: knight@rlf.com
                 L. Katherine Good, Esq.
                    Email: good@rlf.com
                 Mark D. Collins, Esq.
                    Email: collins@RLF.com
                 Richards Layton & Finger
                 One Rodney Square
                 P.O. Box 551
                 Wilmington, DE 19899
                 Tel: (302) 651-7700
                 Fax: (302) 651-7701
                 http://www.rlf.com

                       -- and --

                 Harvey R. Miller, Esq.
                 Michael P. Kessler, Esq.
                 Sherri L. Toub, Esq.
                 Weil, Gotshal & Manges LLP
                 767 Fifth Ave.
                 New York, NY 10153
                 Tel: (212) 310-8000
                 Fax: (212) 310-8007
                 http://www.weil.com

                       -- and --
                 Martin A. Sosland, Esq.
                 Sylvia A. Mayer, Esq.
                 Weil, Gotshal & Manges LLP
                 200 Crescent Ct., Ste. 300
                 Dallas, TX 75201
                 Tel: (214) 746-7700
                 Fax: (214) 746-7777
                 http://www.weil.com

Claims Agent: Kurtzman Carson Consultants, L.L.C.

Financial Advisor: The Blackstone Group, L.P.

                        -- and --

                  A.P. Services LLC

Prepetition
Lenders'
Counsel:    Margot B. Schonholtz, Esq.
           Scott D. Talmadge, Esq.
           Kaye Scholer, LLP
           425 Park Avenue, New York

           -- and --

           Laurie Selber Silverstein, Esq.
           Potter Anderson & Corroon, LLP
           Hercules Plaza, 6th Floor
           1313 North Market Street
           Wilmington, Delaware

The Debtors' consolidated, unaudited financial conditions as of
June 30, 2007, showed US$5,429,038,000 in total assets and
US$5,033,214,000 in total debts.  In their petition, they showed
more than US$1,000,000,000 in estimated total assets and more
than US$1,000,000,000 in total debts.

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

  Entity                      Nature of Claim       Claim Amount
  ------                      ---------------       ------------
BP Oil Supply Co.              trade debt         US$159,004,586
Attn: Dan Rosen
28301 Ferry Rd., 126 P.
Warrenville, IL 60555
Tel: (630) 836-4544
Fax: (630) 836-4600

Sunoco Partners Marketing &    trade debt          US$88,894,558
Terminals, LP
Attn: Tony Gallo
1801 Market St., 25th Fl.
Philadelphia, PA 19103
Tel: (215) 977-6897

PIMCO                          bond debt           US$86,000,000
Attn: Mark Afrasiabi
840 Newport Ctr. Dr.,
Ste. 300
Newport Beach, CA 92660
Tel: (949) 720-6052
Fax: (949) 720-6244

Valero, L.P.                   trade debt          US$79,256,580
Attn: Belinda Haecker
P.O. Box 696000
San Antonio, TX 78269
Tel: (210) 345-2064
Fax: (210) 444-8511

Western Asset Management Co.   bond debt           US$77,000,000
Attn: Gibson Cooper
385 East Colorado Blvd.
Tel: (626) 844-9672
Fax: (626) 844-9909

ConocoPhillips                 trade debt          US$74,178,604
Attn: Craig Cooper
315 Johnstone, 1350C P.O. Box
Bartlesville, OK 74004
Tel: (918) 661-1559
Fax: (918) 661-6143

Noble Energy, Inc.             trade debt          US$60,606,786
Attn: Dan Cooper
100 Glenbourgh Dr., Ste. 100,
13th Fl.
Houston, TX 77067
Tel: (281) 876-8844
Fax: (281) 876-8845

Plans All Americna Pipeline,   trade debt          US$59,810,095
LP
Attn: Mike McBride
333 Clay St., Ste. 1600
Houston, TX 77002
Tel: (713) 646-4178
Fax: (713) 646-4564

Merrill Lynch Asset Management bond debt           US$55,000,000
Attn: Paul Sharkey
4 World Financial Ctr.,
7th Fl.
New York, NY 10080
Tel: (212) 449-9208
Fax: (212) 449-7148

National Refinery Assn.        trade debt          US$53,733,667
Attn: Mary Minor
1391 Iron Horse Rd.
McPherson, KS 67460
Tel: (620) 241-2340

Central Crude Corp.            trade debt          US$52,196,576
Attn: Sally Phillips
2020 N. Bramblewood
Wichita, KS 67206
Tel: (316) 337-8378
Fax: (316) 265-8690

Husky Energy Marketing, Inc.   trade debt          US$50,137,776
Attn: Steve Downing
707-8th Ave. S.W.
Box 6525, Station D.
Calgary, Alberta T2P 3G7
Tel: (403) 298-6727
Fax: (403) 298-6178

Crescent Point Energy Trust    trade debt          US$42,528,685
Attn: Barb Berry, Consultant
111-5th Ave. S.W., Ste. 2800
Calgary, Alberta T2P 3Y6
Tel: (403) 815-4839

Crude Marketing &              trade debt          US$40,841,569
Transportation
Attn: Credit Dept.
16 E. 16th St., Ste. 300
Tulsa, OK 74119
Tel: (918) 585-6790

ChevronTexaco Corp.            trade debt          US$37,239,528
Attn: Brian DePriest
1500 Louisiana St., 4th Fl.
Houston, TX 77002
Tel: (832) 854-5278

Alon USA, L.P.                 trade debt          US$36,455,472
Attn: Michael Dodson
7616 LBJ Freeway, Ste. 300
Dallas, TX 75251
Tel: (972) 367-3621
Fax: (972) 367-3737

Eaton Vance Management         bond debt           US$28,000,000
Attn: David Zimmerman
225 State St.
Boston, MA 02109
Tel: (617) 598-8107
Fax: (617) 482-6811

Bain Capital/Sankaty           bond debt           US$27,500,000
Attn: David Stein
111 Huntington Ave.
Boston, MA 02199
Tel: (617) 516-2690
Fax: (617) 516-2710

Apache Canada, Ltd.            trade debt          US$27,150,273
Attn: John Chung, Houston
Office
700-9th Ave., S.W.
Calgary, Alberta T2P 3V4
Tel: (713) 296-6615
Fax: (713) 296-6675

Fountain Capital Management    bond debt           US$27,000,000
Attn: Zachary Hamel
10801 Mastin Blvd., Ste. 220
Overland Park, KS 66210
Tel: (913) 345-2766
Fax: (913) 345-2763

Arc Energy Trust               trade debt          US$26,248,628
Attn: Credit Dept.
2100-440 2nd Ave. S.W.
Calgary, Alberta T2P 5E0
Tel: (403) 503-8600
Fax: (403) 503-8705

Muzinich & Co.                 bond debt           US$25,000,000
Attn: Anthony Iorfino
450 Park Ave.
New York, NY 10022
Tel: (212) 204-0092
Fax: (212) 888-4368

Legal & General Investment     bond debt           US$25,000,000
Management
Attn: David North
3 Queens Victoria St.
London, England EC4N 8NH
Tel: 44-20-7528-6676

Teppo Crude Oil, LLC           trade debt          US$24,872,656
Attn: Gary Yager
1100 Louisiana St., Ste. 8160
Houston, TX 77002
Tel: (713) 381-3639
Fax: (713) 381-7907

Deutsche Capital               bond debt           US$24,000,000
Attn: Angelo D'Urso
60 Wall St.
New York, NY 10005
Tel: (212) 250-5843

Pioneer Natural Resources USA, trade debt          US$23,206,840
Inc.
Attn: Jamie Fuselier
5205 N. O'Connor Blvd.,
Ste. 1400
Dallas, TX 75039
Tel: (972) 969-3671
Fax: (972) 969-3590

Cimmaron Transportation, LLC   trade debt          US$22,816,846
Attn: John Schmitz
3314 E. Hwy. 82
Gainesville, TX 76240
Tel: (940) 665-4373

Nexen Marketing, Inc.          trade debt          US$22,348,621
Attn: Fred Pacione
801-7th Ave. S.W., Ste. 1700
Calgary, Alberta T2P 3P7
Tel: (403) 699-4075
Fax: (403) 303-2230

Central Kansas Crude, LLC      trade debt          US$21,778,329
920 East First St.
Pratt, KS 67124
Tel: (620) 672-9484

Royal Dutch Petroleum Co.      trade debt          US$17,492,529
(Shell)
Attn: Miguel Correa
Plaza Level One
909 Fannin St.
Houston, TX 77010
Tel: (713) 230-5120
Fax: (713) 265-5120


SEMGROUP LP: Files for Chapter 11 Reorganization in Delaware
------------------------------------------------------------
SemGroup L.P. said that the company and certain of its North
American subsidiaries filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the District of Delaware.  The company also filed an application
for creditor protection under the Companies' Creditors
Arrangement Act in Canada.

Bloomberg reported that trading losses in SemGroup's crude-oil
hedging business cramped its ability to support US$3.1 billion
in debt.

As reported by the Troubled Company Reporter on July 18, 2008,
SemGroup experienced liquidity issues and was exploring various
alternatives, including raising additional equity, debt
capital or the filing of a voluntary petition for reorganization
under Chapter 11 of the Bankruptcy Code.

Bloomberg, citing Terry Ronan, SemGroup's acting president and
chief executive officer, added that SemGroup faced margin calls
of massive proportions on New York Mercantile Exchange and OTC
futures, and options positions.

The report stated that on July 16, the company transferred its
Nymex account to London-based bank Barclays Plc, with a loss of
more than US$2.4 billion, and defaulted on its secured debt.  
Bloomberg pointed out that a trading company controlled by co-
founder and former chief executive officer Thomas Kivisto owed
SemGroup US$290 million.
   
The company's debt included US$2 billion in secured debt and
US$594 million of 8.75 percent unsecured senior notes, Bloomberg
added.

In a press statement, Mr. Ronan said, “Our core business in
energy distribution and storage remains strong, and we are
taking aggressive steps to address our financial challenge.  We
have determined that the best way to maximize value for our
creditors is to undertake a sales process that will transition
our valuable businesses to well-established companies that can
carry forward the mission we undertook.  We believe there will
be significant interest in our assets because of our talented
and experienced employees, unique industry position, expansive
customer base and premiere service capabilities.”

Along with its voluntary petitions, SemGroup filed first-day
motions covering employees and business operations, post-filing
use of cash collateral, continuing supplier relations, customer
practices, taxes and related matters, utilities and case
administration matters.  The company expects to receive Court
approval of its motions, including the continuation of all
employee wages and benefits.

According to Bloomberg, SemGroup L.P. asked the bankruptcy court
permission to extend to 60 days the usual 30-day window in which
it has to file a complete list of creditors, assets and
liabilities, citing numerous assets and contracts and more
than 1,500 creditors.

                     Supplier Protection Plan

SemGroup stated in statement that it created a Supplier
Protection Plan for suppliers, as a key part of its Chapter 11
filing.  Under the plan, certain suppliers who contractually
commit to continue doing business with SemGroup, on the same
terms as before the Chapter 11 filing, will be eligible to
receive full payment, as due, for goods and services that were
delivered before the filing, but for which the supplier has not
yet been paid.

The Supplier Protection Program will not take effect until it
has been approved by the Bankruptcy Court.  The company
requested approval of the Program on July 22.

                            Liquidity

SemGroup is in negotiations with lenders to secure sufficient
debtor-in-possession financing.  The company anticipates
obtaining a DIP facility within a week.  In the interim, the
company is working with its existing bank lenders -- led by Bank
of America, N.A., as administrative agent under an Amended and
Restated Credit Agreement dated as of Oct. 18, 2005 -- to use
cash collateral which, upon Court approval, will enable SemGroup
to utilize existing cash and cash generated through normal
business operations to fund trade and employee obligations after
the Chapter 11 filing.  The company expects to continue
negotiations with its banks regarding the terms on which the
banks' interest will be adequately protected during the
proceedings.

The Debtors need immediate access to cash collateral to fund
payroll and other critical operating expenses.

Use of the cash collateral will terminate on the earliest of
Aug. 15, 2008, or the effective date of a reorganization plan.  
The Debtors propose to provide replacement liens to adequately
protect the interest of their prepetition lenders.

As of the bankruptcy filing date, the Debtors remained obligated
to the prepetition secured lenders for these amounts under the
BofA Loan Agreement:

  US$1,720,000,000 to the working capital lenders;
  US$665,000,000 to the revolving lenders;
  US$141,000,000 to the U.S. term lenders
  US$___________ to holders of Lender Swap Obligations
  US$___________ to holders of Secured Account Exposure for any
                 account funding or overdraft arrangement;
                 amount includes certain accrued and unpaid
                 interest and costs and expenses.

The Debtors granted first priority and second priority liens
upon and security interests in their assets to BofA for the
lenders' benefit.

The other members of the prepetition lending syndicate are:

  * Banc of America Securities LLC, as joint lead arranger and
    sole book manager;

  * BNP Paribas, as joint lead arranger and co-syndication
    agent;

  * Bank of Montreal, dba Harris Nesbitt, as co-syndication
    agent;

  * Bank of Oklahoma, N.A. and Bank of Nova Scotia, as
    co-documentation agents.

A full-text copy of the Debtors' request to use Cash Collateral,
including a copy of their four-week cash flow forecast until the
week ended August 15, 2008, is available at no charge at:

    http://ResearchArchives.com/t/s?2fd3

      Foreign Assets and SemGroup Energy Partners Unaffected

Affiliates of SemGroup L.P. in Mexico, the United Kingdom and
Asia were not included in the filing.  These entities are self-
funding and profitable and will continue their business
operations without supervision from the U.S. Bankruptcy Court.  
SemGroup Energy Partners L.P., is also not included in the
Chapter 11 proceedings.  SemGroup Energy Partners is a Master
Limited Partnership whose units are traded on NASDAQ under the
symbol SGLP.

                     Case Against Affiliate

General Electric Capital Corp., as agent for a lenders on a
US$120 million loan has sued SemCrude Pipeline LLC, an
affiliate, in Delaware Chancery Court, Bloomberg reported.  GECC
said in the suit that in January, it removed SemCrude as manager
of White Cliffs Pipeline LLC, which is 99.2% controlled by
SemCrude, Bloomberg related.  GECC, according to Bloomberg, is
seeking affirmation from the Chancery Court of its decision to
replace SemCrude as manager.

                      About SemGroup L.P.

SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream   
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace.  
SemGroup provides diversified services for end users and
consumers of crude oil, natural gas, natural gas liquids,
refined products and asphalt.  Services include purchasing,
selling, processing, transporting, terminaling and storing
energy.  SemGroup serves customers in the United States, Canada,
Mexico, Wales, Switzerland and Vietnam.  SemMaterials Mexico, S.
de R.L. de C.V. is a major subsidiary of the company.


SEMGROUP LP: IDR Rating Tumbles to D Due to Bankruptcy Filing
-------------------------------------------------------------
Fitch Ratings lowered the Issuer Default Ratings of SemGroup
L.P., SemCrude L.P, and SemCAMS Midstream Co. to 'D' following
the bankruptcy petition by SemGroup and most of units on
July 22, 2008.

These ratings are removed from Rating Watch where they were
placed on July 17, 2008.  The bank facility and securities
ratings of SemGroup and units remain on Rating Watch Negative
pending a review of the bankruptcy court petition.  Ratings
affected by this action are as follows:

SemGroup L.P.
SemCrude L.P.
SemCAMS Midstream Co.
--IDR lowered to 'D' from 'B-'.

Ratings remaining on Rating Watch Negative:

SemGroup L.P.
--Senior unsecured 'B/RR3'.

SemCrude L.P.
--Senior secured working capital facility 'BB-/RR1';
--Senior secured revolving credit facility 'B+/RR1';
--Senior secured term loan B 'B+/RR1'.

SemCAMS Midstream Co. (SemCAMS)
--Senior secured working capital facility 'BB-/RR1';
--Senior secured revolving credit facility 'B+/RR1';
--Senior secured term loan B 'B+/RR1'.

SemGroup L.P. is a privately held midstream energy partnership
focused on providing gathering, transportation, processing, and
marketing services for crude oil and refined products in the
U.S. Midcontinent region and Canada.  SemGroup Energy Partners
L.P., a publicly traded Master Limited Partnership affiliate,
was not included in the bankruptcy petition and is not rated by
Fitch.


SEMGROUP LP: Moody's Junk Rtgs. Affect Rated Debt at Other Units
----------------------------------------------------------------
Moody's Investors Service downgraded SemGroup's Corporate Family
Rating to Caa2 from B2, its Probability of Default Rating to
Caa3 from B2; its senior unsecured rating to Ca (LGD 4; 69%)
from Caa1 (LGD 5; 79%), and its first secured bank facilities to
B3 (LGD 2; 21%) from B1 (LGD 3; 39%).  These actions affect
rated cross guaranteed debt at parent SemGroup, SemCams Holding
Company, and SemCrude, L.C.  The ratings had been under review
for downgrade and remain on review for further downgrade.

Moody's first downgraded SemGroup's ratings on July 17, 2008,
after receiving on July 15, 2007, SemGroup's May 2008
consolidating financial statements.  Subsequently, SemGroup
reported that it was evaluating filing Chapter 11 bankruptcy
protection and continuing negotiations to raise new capital.  
The review for further downgrade will continue to assess the
possibility of a Chapter 11 filing, SemGroup's covenant coverage
and liquidity profile, and the prospects for losses for
creditors.  Preferably after receiving information more current
than that received on July 15, 2008, the ratings review may
result in either further downgrade, a ratings confirmation, or
an upgrade.

In Moody's view, a major part of SemGroup's liquidity crisis was
the large rapid rise in oil prices this year and that the
extreme volatility of those prices, which would have been
particularly challenging to its hedged trading business.  

Additionally, “it would appear that SemGroup's cash margin
requirements exceed what Moody's would have expected given the
scale and other characteristics of SemGroup's hedged trading
activity in the past,” Andrew Oram, Moody's vice president and
senior credit officer, commented.

SemGroup's ratings have always been restrained by SemGroup's
comparatively large proportion of earnings from volatile
merchant activity; the highly working capital intensive, price
sensitive, and market confidence sensitive nature of that
merchant activity; very large liquidity needs for cash margin
deposits and working capital funding during surging oil, natural
gas liquids, refined product, and natural gas markets, which
consumed virtually all cash flow after capital spending in first
half 2006; and elevated leverage when including its funding for
working capital and margin deposits.

These rating actions also reflect Moody's concern for SemGroup's
ability to meet its bank covenant tests at a time when higher
oil prices had already driven major increases in borrowing
requirements under expanded bank facilities.  If SemGroup were
to breach covenants, given conditions in the debt, equity, and
commodity markets Moody's believes it would be a difficult time
to seek covenant waivers and arrange more borrowing capacity or
alternative equity funding.

In support of SemGroup's hedged middleman functions in the oil,
refined product, natural gas, and asphalt businesses, it is
constantly hedging long positions by using futures and other
hedge products to lock in hydrocarbon prices.  When prices rise
above the hedged price, hedges effected through the futures
exchanges are subject to daily cash margin calls.  Oil prices
rose from approximately US$97 per barrel at the end of first
quarter 2008, to US$122 per barrel at the end of May, US$128 per
barrel at the end of June and peaked at roughly US$147 per
barrel before settling back to a still high US$129 per barrel so
far this week.  Moody's does note that SemGroup would realize
substantial cash from declining working capital and margin
deposits needs if hydrocarbon prices were to retreat back to
first quarter 2008 let alone still low fourth quarter 2007
levels.

The bank facilities are first secured by all working capital and
fixed assets.  All bank debt is borrowed under bank monitored
working capital secured borrowing bases, providing important
protections, and risk of loss should there be a shortfall in
value coverage receives important support from the banks' first
security in fixed assets.  Most of those fixed assets have long
served important regional roles in the midstream functions of
moving hydrocarbons from point of production to point of
consumption.

SemGroup, L.P. is headquartered in Tulsa, Oklahoma.


SEMGROUP LP: Sunoco Logistics Says Credit Exposure is Minimal
-------------------------------------------------------------
Sunoco Logistics Partners L.P. relates that it has minimal
credit exposure to SemGroup LP and its affiliates.  Affiliates
of Sunoco Logistics conduct business with SemCrude LP for the
purchase and sale of crude oil.

SemCrude LP is one of the affiliates of SemGroup LP, which filed
petitions for reorganization under Chapter 11 of the U.S.
Bankruptcy Code.  

Sunoco Logistics has a net-out agreement with SemCrude LP,
pursuant to which receivables and payables are set-off.  As of
the Chapter 11 filing date, Sunoco Logistics estimates that it
is in a net payable position with SemCrude LP, with limited
credit exposure, if any.

In the July 22, 2008, press statement, SemGroup LP stated that
SemGroup created a Supplier Protection Plan for suppliers.  
Under the plan, certain suppliers who contractually commit to
continue doing business with SemGroup, on the same terms as
before the Chapter 11 filing, will be eligible to receive full
payment, as due, for goods and services that were delivered
before the filing, but for which the supplier has not yet been
paid.

The Supplier Protection Program will not take effect until it
has been approved by the Bankruptcy Court.  The company
requested approval of the Program on July 22.

              About Sunoco Logistics Partners L.P.

Headquartered in Philadelphia, Sunoco Logistics Partners L.P. --
http://www.sunocologistics.com/-- (NYSE: SXL) is a master  
limited partnership formed to acquire, own and operate refined
product and crude oil pipelines and terminal facilities,
including those of Sunoco Inc.

                      About SemGroup L.P.

SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream   
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace.  
SemGroup provides diversified services for end users and
consumers of crude oil, natural gas, natural gas liquids,
refined products and asphalt.  Services include purchasing,
selling, processing, transporting, terminaling and storing
energy.  SemGroup serves customers in the United States, Canada,
Mexico, Wales, Switzerland, and Vietnam.  SemMaterials Mexico,
S. de R.L. de C.V. is a major subsidiary of the company.


TV AZTECA: Net Income Up 44% to MXN323 Million in 2nd Qtr. 2008
---------------------------------------------------------------
TV Azteca, S.A. de C.V., reported its net sales of
MXN2,448 million and EBITDA of MXN934 million for the second
quarter of 2008. EBITDA margin for the period was 38%.

In nominal terms -- considering figures for each quarter in
current pesos -- sales grew 9%, EBITDA increased 10%, and net
income rose 48%.

“During the quarter we offered superior advertising plans to
satisfy the continuous demand of our advertisers in all of our
time slots, which translated into robust sales growth,” TV
Azteca's Chief Executive Officer, Mario San Roman commented.
“The increase further strengthened our market positioning and
was key in the solid EBITDA and net income growth.”

                      Second Quarter Results

As detailed in previous financial reports, changes in financial
reporting standards were implemented this year.  Under the new
rules, 2008 figures are expressed in current pesos, while 2007
figures are reported in constant pesos as of December 2007.

Net Sales:

“Our sales force offered ad options designed to achieve superior
impact in the target segment of each one of our clients in
Mexico, contributing to optimally positioning their brands in
the viewership's preference, and positively impacting the demand
for commercial airtime in TV Azteca,” added Mr. San Roman.

Second quarter revenue includes sales of MXN54 million from
Proyecto 40, which have been consolidated in TV Azteca results
beginning this year.

TV Azteca also reported net sales from Azteca America -- the
company's wholly owned broadcast television network focused on
the United States Hispanic market -- of MXN116 million, compared
to MXN145 million a year ago.  The reduction this quarter is
related to the adverse economic environment in the U.S.

Programming sales to other countries were MXN18 million in the
period, compared to MXN25 million the prior year.  Revenue this
quarter resulted from the sale of the shows Cambio de Vida, Lo
que Callamos las Mujeres and Vivir por Ti, in Central and South
America, and Bellezas Indomables in Asia and Europe.

Revenue from barter sales was MXN88 million, 40% above the MXN63
million from the previous year.

Costs and Expenses:

Total costs and expenses grew 6% in the quarter, as a result of
an increase in the same proportion of programming, production
and transmission costs -- to MXN1,212 million, from MXN1,138
million in the same period a year ago -- and a 3% raise in
selling and administrative expenses -- to MXN302 million,
compared with MXN294 million in the same quarter of 2007.

The increase in costs mainly reflects the consolidation of
Proyecto 40 in TV Azteca results, and the broadcast of important
sports events this quarter.

Growth in selling and administrative expenses was primarily due
to a raise in personnel expenses, travel and advisory fees, in
line with increased operations this quarter.

EBITDA and Net Income:

EBITDA was MXN934 million, 7% above the MXN876 million in the
same period of the prior year.  EBITDA margin was 38%, constant
compared with the same quarter of 2007.

Below EBITDA the main changes were: i) reduction of MXN84
million in other expenses; ii) increase of MXN23 million in
comprehensive cost of financing, mainly derived from increased
foreign exchange loss this quarter; and iii) a reduction of
MXN16 million in net income of minority stockholders.

Net income for the period was MXN323 million, 44% above the
MXN225 million from a year ago.

Outstanding Debt:

As of June 30, 2008, TV Azteca's outstanding debt -- excluding
MXN1,232 million debt due 2069 -- was MXN6,302 million.  The
cash balance was MXN2,230 million, which resulted in net debt of
MXN4,072 million.

Debt to last twelve months EBITDA ratio was 1.6 times, and net
debt to EBITDA was 1.0 time.

                       Six Months Results

Net sales in the first six months of the year were MXN4,292
million, up 4% from the MXN4,138 million of the same period of
2007.  Total costs and expenses were MXN2,825 million, from
MXN2,651 million in the same period a year ago.  As a result, TV
Azteca recorded EBITDA of MXN1,467 million, compared with
MXN1,487 million in the first half of the prior year.  The
company recorded a majority net loss of MXN302 million, compared
with net income of MXN409 million in the same period of 2007.  
This year's loss was due to an extraordinary increase in the
deferred income tax of MXN474 million in the first quarter of
2008 -- due to presales registered in the period -- as well as
the creation of a reserve of prior years' Proyecto 40
preoperating expenses of MXN234 million, also in the first
quarter of the year.

                       About TV Azteca

TV Azteca (BMV: TVAZTCA) (Latibex: XTZA) is one of the two
largest producers of Spanish-language television programming in
the world, operating two national television networks in Mexico
-- Azteca 13 and Azteca 7 -- through more than 300 owned and
operated stations across the country.  TV Azteca affiliates
include Azteca America Network, a new broadcast television
network focused on the rapidly growing US Hispanic market, and
Todito, an Internet portal for North American Spanish speakers.

                        *     *     *

Moody's Investor Services rated TV Azteca's senior unsecured
debt at B1.



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

DORAL FIN'L: Declares Dividend on Four Preferred Stock Series
-------------------------------------------------------------
Doral Financial Corporation has declared the regular monthly
cash dividends on the company's:

   * 7% Noncumulative Monthly Income Preferred Stock, Series A,

   * 8.35% Noncumulative Monthly Income Preferred Stock,
     Series B and

   * 7.25% Noncumulative Monthly Income Preferred Stock,
     Series C

for the months of July, August and September.

The monthly dividend for the Series A, B and C preferred stock
is US$0.2917, US$0.173958, US$0.151042 per share, respectively
and payable on July 31, 2008, Sept. 1, 2008 and Sept. 30, 2008.  
In the case of Series A Preferred Stock, the dividend is payable
holders of record as of close of business on July 29, Aug. 28,
and September 26, 2008, with respect to the July, August, and
September monthly dividends respectively.  In the case of the
Series B and Series C Preferred Stock, the dividend is payable
to holders of record as of close of business on July 15, Aug. 15
and Sept. 15, 2008, with respect to the July, August and
September monthly dividends respectively.

Doral Financial Corporation also declared the quarterly dividend
on the company's 4.75% Perpetual Cumulative Convertible
Preferred Stock, in the amount of US$2.96875 per share.  The
dividend is payable on September 15, 2008 to holders of record
as of the close of business on September 1, 2008.

Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank; Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm; Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Doral Financial Corp. to
'B+' from 'B' and removed it from CreditWatch Positive, where it
had been placed July 20, 2007.  S&P said the outlook is stable.



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

BANCO BILBAO VIZCAYA: S&P Ups Counterparty Credit Rating to BB-
---------------------------------------------------------------
On July 22, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit ratings on Banco Bilbao Vizcaya
Argentaria Uruguay S.A., Discount Bank Latin America S.A., and
Citibank N.A. (Uruguay Branch) to 'BB-' from 'B+' following the
upgrade of the Oriental Republic of Uruguay (FC: BB-/Stable/B;
LC: BB-/Stable/B; see “Oriental Republic of Uruguay Long-Term
Ratings Raised to 'BB-' From 'B+'; Outlook Stable", published
July 22, 2008, on RatingsDirect).  S&P affirmed its 'B' short-
term counterparty credit ratings on the three Uruguayan banks.  
The outlook for all the banks was revised to stable from
positive.
     
The rating actions reflect Uruguay's diminishing economic
vulnerabilities in a context of a solid commitment to sound
macroeconomic policies, which supported the sovereign upgrade.
The upgrades incorporate the country's stronger operating
environment, the improvements in the Uruguayan financial
system, and its benefit to the creditworthiness of banks
operating in the country.  In addition to a better economic
environment, S&P thinks that Uruguayan banks are now subject to
stricter prudential regulations that, along with an overall
improvement in risk management, is lessening the financial
system's intrinsic risk.  The rated Uruguayan banks' business
and financial profiles are adequate to support the new ratings
given their comfortable liquidity, good asset quality, and sound
financial flexibility.

                             Outlook

The outlook on Banco Bilbao Vizcaya Argentaria Uruguay S.A.,
Discount Bank Latin America S.A., and Citibank N.A. (Uruguay
Branch) is stable.  Future upgrades of the banks would depend
not only on the upgrade of the sovereign, but also on the banks'
stand-alone creditworthiness, especially as measured by the
quality and sustainability of asset quality, funding, and
profitability.

Ratings Raised, Outlook Revised To Stable:

Banco Bilbao Vizcaya Argentaria Uruguay SA:

  -- Counterparty credit rating: to BB-/Stable/B from
     B+/Positive/B

Discount Bank Latin America SA:

  -- Counterparty credit rating: to BB-/Stable/B from
     B+/Positive/B

Citibank N.A. (Uruguay Branch):
  -- Counterparty credit rating: to BB-/Stable/B from
     B+/Positive/B


CITIBANK (URUGUAY): S&P Lifts Counterparty Credit Rating to BB-
---------------------------------------------------------------
On July 22, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit ratings on Banco Bilbao Vizcaya
Argentaria Uruguay S.A., Discount Bank Latin America S.A., and
Citibank N.A. (Uruguay Branch) to 'BB-' from 'B+' following the
upgrade of the Oriental Republic of Uruguay (FC: BB-/Stable/B;
LC: BB-/Stable/B; see “Oriental Republic of Uruguay Long-Term
Ratings Raised to 'BB-' From 'B+'; Outlook Stable”, published
July 22, 2008, on RatingsDirect).  S&P affirmed its 'B' short-
term counterparty credit ratings on the three Uruguayan banks.  
The outlook for all the banks was revised to stable from
positive.
     
The rating actions reflect Uruguay's diminishing economic
vulnerabilities in a context of a solid commitment to sound
macroeconomic policies, which supported the sovereign upgrade.
The upgrades incorporate the country's stronger operating
environment, the improvements in the Uruguayan financial
system, and its benefit to the creditworthiness of banks
operating in the country.  In addition to a better economic
environment, S&P thinks that Uruguayan banks are now subject to
stricter prudential regulations that, along with an overall
improvement in risk management, is lessening the financial
system's intrinsic risk.  The rated Uruguayan banks' business
and financial profiles are adequate to support the new ratings
given their comfortable liquidity, good asset quality, and sound
financial flexibility.

                              Outlook

The outlook on Banco Bilbao Vizcaya Argentaria Uruguay S.A.,
Discount Bank Latin America S.A., and Citibank N.A. (Uruguay
Branch) is stable.  Future upgrades of the banks would depend
not only on the upgrade of the sovereign, but also on the banks'
stand-alone creditworthiness, especially as measured by the
quality and sustainability of asset quality, funding, and
profitability.

Ratings Raised, Outlook Revised To Stable:

Banco Bilbao Vizcaya Argentaria Uruguay SA:

  -- Counterparty credit rating: to BB-/Stable/B from
     B+/Positive/B

Discount Bank Latin America SA:

  -- Counterparty credit rating: to BB-/Stable/B from
     B+/Positive/B

Citibank N.A. (Uruguay Branch):
  -- Counterparty credit rating: to BB-/Stable/B from
     B+/Positive/B


DISCOUNT BANK: S&P Ups Counterparty Credit Rating to BB- From B+
----------------------------------------------------------------
On July 22, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit ratings on Banco Bilbao Vizcaya
Argentaria Uruguay S.A., Discount Bank Latin America S.A., and
Citibank N.A. (Uruguay Branch) to 'BB-' from 'B+' following the
upgrade of the Oriental Republic of Uruguay (FC: BB-/Stable/B;
LC: BB-/Stable/B; see “Oriental Republic of Uruguay Long-Term
Ratings Raised to 'BB-' From 'B+'; Outlook Stable”, published
July 22, 2008, on RatingsDirect).  S&P affirmed its 'B' short-
term counterparty credit ratings on the three Uruguayan banks.  
The outlook for all the banks was revised to stable from
positive.
     
The rating actions reflect Uruguay's diminishing economic
vulnerabilities in a context of a solid commitment to sound
macroeconomic policies, which supported the sovereign upgrade.
The upgrades incorporate the country's stronger operating
environment, the improvements in the Uruguayan financial
system, and its benefit to the creditworthiness of banks
operating in the country.  In addition to a better economic
environment, S&P thinks that Uruguayan banks are now subject to
stricter prudential regulations that, along with an overall
improvement in risk management, is lessening the financial
system's intrinsic risk.  The rated Uruguayan banks' business
and financial profiles are adequate to support the new ratings
given their comfortable liquidity, good asset quality, and sound
financial flexibility.

                              Outlook

The outlook on Banco Bilbao Vizcaya Argentaria Uruguay S.A.,
Discount Bank Latin America S.A., and Citibank N.A. (Uruguay
Branch) is stable.  Future upgrades of the banks would depend
not only on the upgrade of the sovereign, but also on the banks'
stand-alone creditworthiness, especially as measured by the
quality and sustainability of asset quality, funding, and
profitability.

Ratings Raised, Outlook Revised To Stable:

Banco Bilbao Vizcaya Argentaria Uruguay SA:

  -- Counterparty credit rating: to BB-/Stable/B from
     B+/Positive/B

Discount Bank Latin America SA:

  -- Counterparty credit rating: to BB-/Stable/B from
     B+/Positive/B

Citibank N.A. (Uruguay Branch):
  -- Counterparty credit rating: to BB-/Stable/B from
     B+/Positive/B


* URUGUAY: S&P Upgrades Credit Rating to BB- From B+
----------------------------------------------------

Standard and Poor's Ratings Services has raised its foreign debt
rating of the Republic of Uruguay to BB- from B+.  S&P said the
outlook is stable.

The credit rating upgrade reflects the country's economic
expansion and its reduction in international debts.

S&P's noted that Uruguay's gross domestic product rose 10.9
percent in the first quarter from a year ago, according to the
central bank.  The country's US$23.1 billion economy is heading
toward its sixth year of expansion.  Meanwhile, annual inflation
rate quickened to 8.4% in June.  Foreign-currency obligations
make up 67% of the national debt, down from 94% in 2003.

Uruguay's economy suffers from low investment and a dependence
on commodities that will limit possible credit-rating increases
from S&P.

S&P relates that Uruguay's biggest investment to date -- a pulp
mill worth US$1.1 billion in the city of Fray Bentos, near the
Uruguay River -- has started its operations in November.  The
mill is built by Metsae-Botnia Oy from Finland.

S&P's credit analyst, Lester Pimentel said, "Over the last four
years, Uruguay has achieved high economic growth levels with
only moderate inflation within a context of balanced fiscal
accounts and only minor current account deficits, significantly
reducing both fiscal and external debt levels."



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

PETROLEOS DE VENEZUELA: Inks Deals With Three Russian Firms
-----------------------------------------------------------
Petroleos de Venezuela S.A. has signed pacts with three Russian
energy companies, TNK-BP Ltd., Lukoil Overseas, and OAO Gazprom,
as Venezuelan President Hugo Chavez visited Moscow, Alexander
Kolyandr of the Wall Street Journal reports.

The Journal states that Mr. Chavez, President Dmitry Medvedev,
Prime Minister Vladimir Putin and several top managers of
Russian corporations have made proposals for military, aviation,
transport and space cooperation.

According to the Journal, the deals would aim on exploration of
Venezuela's Orinoco basin and set no production or sales
targets.

According to an OilVoice report, Petroleos de Venezuela is going
to prepare technical and commercial proposals with TNK-BP.  The
proposals will be for a prospective joint project that will
provide for production of extra heavy crude, improvement of the
crude quality, and export sales of the improved crude at a
commercial value.  Petroleos de Venezuela and TNK-BP will form a
steering committee to manage activities of a joint Working
Group, which will conduct the research and design activity
needed for the project evaluation and optimal ways of its
implementation.

OilVoice notes that the joint study accord is a continuation of
the memorandum on assessment and certification of reserves at
the Ayacucho-2 block that Petroleos de Venezuela signed with
TNK-BP in October 2007.  Under that memorandum, TNK-BP had
obligations to aid Petroleos de Venezuela in reserve assessment
and certification of the Ayacucho-2 block.  

Lukoil Overseas, a subsidiary of OAO Lukoil, inked a two-year
contract on joint study of the Junin-3 block.  In 2005, Lukoil
Overseas-PdVSA deal has occurred on the quantitative assessment
and certification of heavy-oil reserves at the block and started
exploration drilling in December 2006, the journal adds.

Gazprom disclosed that the company will jointly run an
evaluation of the Ayacucho-3 block with Petroleos de Venezuela,
adding that the russian firm is interested in developing a
liquefied-natural-gas project in Venezuela, the journal relates.


Petroleos de Venezuela S.A. -- http://www.pdvsa.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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 28, 2008, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Petroleos de
Venezuela S.A.  S&P said the outlook is stable.

Also in March 2007, Fitch Ratings gave a BB- rating to PdVSA's
Senior Unsecured debt.

On Feb. 7, 2007, Moody's Investors Service affirmed the
company's B1 global local currency rating.



==========================
V I R G I N  I S L A N D S
==========================

DIGICEL GROUP: Unit Reports on Cell Tower Sharing Results
---------------------------------------------------------
BVI Platinum News reports that the British Virgin Islands
subsidiary of Digicel Group Ltd. has has concluded its
negotiations with bmobile for the sharing of 13 towers all over
the island.

According to BVI Platinum, Digicel BVI is considering 13 more
sites pending an outcome on a technical review.

Platinum News relates that Digicel BVI Chief Executive Officer
Alan Bates said, “We had a very positive meeting today, which
was well attended by both parties.  I am delighted to say that
we have both agreed on 13 sites that we will co locate on as
soon as possible, with an additional 13 sites that we are
considering pending further technical review.”

Digicel agreed to co-locate 9 sites with CCT and 13 towers with
bmobile, BVI Platinum says, citing Mr. Bates.  The company has
reached an agreement with other cellular providers to co-locate
22 of 37 Digicel sites.  Digicel said it will submit
applications to the Telecommunications Regulatory Commission on
July 23 for the co-location of the 22 sites, Platinum News
notes.

The report says that Digicel and CCT Global Communications
agreed during a meeting on Tuesday to co-locate nine cellular
sites and potentially 13 others.  “Having now met with both
providers, the TRC and Town and Country Planning, we feel that
Digicel has fully complied with everything requested and urge to
TRC and T&CP to expedite the approval on the co location sites
submitted so that the construction of The Bigger Better Network
can continue and real competition can begin,” Platinum New
states, citing Mr. Bates.



* S&P to Host Telephone Conference for Latin America on July 30
---------------------------------------------------------------
Standard & Poor's Ratings Services will host a telephone
conference call on July 30, 2008, at 10 a.m. EDT to discuss the
credit impact of global inflation on the Latin American region.  
The rising cost of energy, food, and raw materials will be
highlighted from the point of view of regional analysts
responsible for rating corporations, banks, and sovereign
governments.  The analysts will also provide an overview of
rating trends in the region as well as discuss the second half
of 2008.  Moreover, S&P will cover the Mexican RMBS and
Construction Bridge Loan market, as well as Brazilian consumer
finance securitization.  Upon completion of the presentations,
S&P's regional team of analysts will be available to answer
questions on industry-related matters and credit direction for
the various sectors.

The presenters will include:

  * Jane Eddy: Managing Director & Latin America Region Head

  * Joydeep Mukherji: Director & Latin America Sovereign Team
                      Leader

  * Milena Zaniboni: Managing Director, Corporate & Government
                     Ratings
  * Jose Coballasi: Director, Corporate & Government Ratings

  * Pablo Lutereau: Director, Corporate & Government Ratings

  * Juan De Mollein: Managing Director, Latin America/Emerging
                     Markets Structured Finance

The call will begin promptly at the time indicated.  Please call
at least 15 minutes before the scheduled start of the call to
complete the pre-call registration process.

Live Dial-in Numbers:

   U.S./All Others: 1-210-795-0624
   U.K.: 44-20-7108-6390
   Mexico: 001-866-839-3438
   Argentina: 0800-777-0466
   Conference ID#: 2452339
   Passcode: SANDP

Net Enhanced: This conference call will allow participants to
view a slide presentation by logging into
www.mymeetings.com/nc/join.  The conference name is PG2452339.
Passcode is SANDP.  To view the presentations, you must have
either Netscape Navigator or Microsoft Internet Explorer version
4.0 or later, and your computer must be java enabled.

Replays: Recorded replays of the call are made available about
an hour after the call concludes and are available until Aug. 6,
2008.  Replay number: 1-203-369-3740.

Streaming Audio: The call will also be available live in
“listen-only” mode at www.mymeetings.com, Under Participant,
select join an event Conference ID#: 2452339 and Passcode:
SANDP.  The Streaming Audio playback is available at
www.mymeetings.com/nc/join, Conference ID#: PG2452339, and
Passcode: SANDP until Aug. 27, 2008.  These features require
listeners to have the Real PlayerTM software, sound card, and
speakers.

If you have any questions about the conference call, please
e-mail: eventsmarketing@standardandpoors.com.

Please send any address corrections via e-mail to:
eventsmarketing@standardandpoors.com.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Employment Issues Following Hurricanes & Disasters
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/


Aug. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Do's and Don'ts of Investing in a Turnaround
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org//

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate / Condo Restructuring Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org//

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 15th Annual Fall Conference
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Sept. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Private Equity Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org//

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org//

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 30 & 31, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Physicians Agreements and Ventures
            Contact: 800-726-2524; 903-595-3800;
               http://www.renaissanceamerican.com/

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
         Restructuring/Bankruptcy
            Bankers Club, Miami, Florida
               Contact: 312-578-6900; http://www.turnaround.org/
  
Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library  
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
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            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
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   Changes to Cross-Border Insolvencies
      Audio Conference Recording
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   Changing Roles & Responsibilities of Creditors' Committees
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BEARD AUDIO CONFERENCES
   Chinas New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency  Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings   
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergersthe New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Todays Legal
      Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
      Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
             http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                      *********************


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


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.  Tara Eliza E. Tecarro, Sheryl Joy P. Olano,
Rizande de los Santos, and Pamella Ritah K. Jala, Editors.

Copyright 2008.  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$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


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