TCRLA_Public/080807.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, August 7, 2008, Vol. 9, No. 156

                            Headlines


A R G E N T I N A

ALITALIA SPA: Italy Denies Extraordinary Administration Plans
EASTMAN KODAK: S&P Says Full-Year Guidance No Effect on Rating
TELECOM ARGENTINA: Net Income Grows to ARS613MM in Half Yr. 2008


B A R B A D O S

CONEXANT SYSTEMS: Posts US$132.5MM Capital Deficit at June 27


B E R M U D A

FOSTER WHEELER: Diane Creel Leaves From Board of Directors
FOSTER WHEELER: Subsidiary Bags Contract From Isolux Ingenieria
SYNCORA HOLDINGS: Closes XL Capital & Merrill Lynch Transactions
XL CAPITAL: Completes Deals on Credit Default Swaps & Offerings
XL CAPITAL: Unit Reveals Environmental Insurance Programs


B R A Z I L

BRASIL TELECOM: BrT Eyes PLC Expansion, IPTV Offering
COMPANHIA ENERGETICA: To Issue 2nd Qtr. 2008 Results on Aug. 12
CIA. SIDERURGICA: OKs 10K Shares Purchase to be Held in Treasury
COMPANHIA SIDERURGICA: Eyes Purchase of AK Steel
FORD MOTOR: S&P Cuts Ratings on Nine Transactions to CCC

FORD MOTOR: S&P Cuts Freedom Certificates Classes A, X to B-
GENERAL MOTORS: Board Backs Rick Wagoner Amid 2nd Quarter Loss
GENERAL MOTORS: S&P Cuts Rating on Classes A-1, A-2 Certs to B-
GENERAL MOTORS: S&P Lowers Freedom Certs. Classes A, X to B-
JBS SA: Industrial Beef Exports to U.S. Temporarily Delayed

MULTIPLAN EMPREENDIMENTOS: S&P Puts BB Corporate Credit Rating


C A Y M A N  I S L A N D S

BAE SYSTEMS: To Hold Final Shareholders Meeting on Aug. 8
CAM ENERGY: Will Hold Final Shareholders Meeting on Aug. 8
CLEAR SPRINGS: To Hold Final Shareholders Meeting on Aug. 8
CLEAR SPRINGS ACQUISITION: Final Shareholders Meeting on Aug. 8
CLEAR SPRINGS EQUITY: Sets Final Shareholders Meeting for Aug. 8

CLEAR SPRINGS HOLDINGS: Final Shareholders Meeting Is on Aug. 8
DIVERSIFIED EQUITY: Sets Final Shareholders Meeting for Aug. 8
GSC CREDIT: To Hold Final Shareholders Meeting on Aug. 8
IJARA EQUITY: Will Hold Final Shareholders Meeting on Aug. 8
MV FUNDING: Sets Final Shareholders Meeting for Aug. 8

SEDGEWOOD EQUITY: To Hold Final Shareholders Meeting on Aug. 8
SEDGEWOOD INVESTMENTS: Final Shareholders Meeting Is on Aug. 8
SIXTINA 12: Sets Final Shareholders Meeting for Aug. 8
SIXTINA 12: To Hold Final Shareholders Meeting on Aug. 8
SIXTINA 16: Sets Final Shareholders Meeting for Aug. 8

SIXTINA 16 CAMPBELL: Final Shareholders Meeting Is on Aug. 8
SIXTINA 18: Will Hold Final Shareholders Meeting on Aug. 8
SIXTINA 18 ANAKENA: Sets Final Shareholders Meeting for Aug. 8
SPENCER HOUSE: Final Shareholders Meeting Is on Aug. 8
SPENCER HOUSE EUROPEAN: To Hold Final Holders Meeting on Aug. 8

SPENCER HOUSE JAPAN: Sets Final Shareholders Meeting for Aug. 8
SPENCER HOUSE JAPAN MASTER: Final Shareholders Meeting on Aug. 8
SPENCER HOUSE MALACCA: Final Shareholders Meeting Is on Aug. 8
SPENCER HOUSE MALACCA MASTER: Final Holders Meeting on Aug. 8


C O L O M B I A

BANCOLOMBIA: Reports COP375.3BB Net Income in Qtr. Ended June 30
BANCOLOMBIA SA: Research Oracle Keeps Buy Rating on Shares
BRIGHTPOINT INC: Posts US$2.3 Million Net Loss in Second Quarter
DOLE FOOD: Board Panel Adopts Incentive Plans for Executives

* COLOMBIA: Moody's Ba1 Bond Rating Reflects Growth Potential


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Hipolito Mejia Denies Fraud Accusations
PRC LLC: Court Okays Stipulation Resolving BGTX Project's Claim
PRC LLC: Spirit Air Seeks Clarification on Possible Overcharging


E C U A D O R

FILANBANCO: Gov't to Seize Isaias' Stock Shares to Pay Debts


H O N D U R A S

DIGICEL LTD: Wins US$2 Million WiMAX License in Honduras


J A M A I C A

AIR JAMAICA: Owes Kingston & St. Andrew Corp. J$10 Million
AIR JAMAICA: Names Edward Wegel as New Chief Executive Officer
DELTA AIR: Adds Flights to Seven Caribbean Destinations


M E X I C O

CORPORACION DURANGO: Fitch Junks Currency Ratings to CC From B-
MOVIE GALLERY: Changes Board of Directors & Management Team
MOVIE GALLERY: COO Mityas Lays Out Going-Forward Plans


P U E R T O  R I C O

CARRIBEAN RESTAURANT: Moody's Rates US$149 Million Lien Notes B3
DIRECTV GROUP: Will Sustain Strong Revenue & Earnings Growth
FIRST BANCORP: Board Declares Preferred Dividends Payment Date
PUERTO RICO DIAGNOSTICS: Voluntary Chapter 11 Case Summary
TIRARI FOOD: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

FIRST NATIONAL: Venture Credit Seizes Firm's Assets
HINDU CREDIT: Chief to Try to Overturn Liquidator Appointment
NEAL & MASSY: Shareholders May Get Back US$100K From T&T Credit


V E N E Z U E L A

BANCO DE VENEZUELA: To Copy Model of Brazil's Federal Bank
PETROLEOS DE VENEZUELA: Workers Settle Dispute With Weatherford


* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ALITALIA SPA: Italy Denies Extraordinary Administration Plans
-------------------------------------------------------------
The Italian government is not planning to place Alitalia S.p.A.
under extraordinary administration on Aug. 29, 2008, Bloomberg
News reports.

Agenzia Giornalistica Italia had reported that the national
carrier will be placed under administration of an external
commissioner during a meeting of Prime Minister Silvio
Berlusconi's cabinet.

According to Bloomberg, Mr. Berlusconi's office denied the
report, saying it was “without foundation”.

As reported in the Troubled Company Reporter-Europe on July 24,
2008, Intesa Sanpaolo S.p.A.'s “Fenice” rescue plan entails that
the Italian government will amend a law used to reorganize
Parmalat S.p.A.  The government tapped Intesa Sanpaolo as
adviser for the sale of its 49.9% stake in Alitalia.

According to the outline of the “Alitalia Law”, the company will
seek protection from creditors and be placed in extraordinary
administration.  Alitalia's core business -- flight operations
-- will be separated from its debt and placed them under a new
company created with the buyer of the Italian government's 49.9%
stake in the carrier.  The old company will shoulder the cost of
the planned 5,000 job cuts and take on Alitalia's EUR1.1 billion
debt -- including the recent EUR300 million loan from the
government and a EUR750 million convertible bond.  The new
company, meanwhile, will inherit Alitalia's fleet and real
estate assets as well as the remaining employees and up to
EUR500 million in debt.

Under the plan, AGI relates, the new company would be launched
with initial capital of EUR1 billion -- EUR700 million of which
will be provided by an Italian consortium planning to acquire
the company while the remaining EUR300 million will be charged
on the emergency financing provided by the government.

AGI named businessmen Salvatore Ligretsi, Gilbeto Benetton and
Gianluigi Aponte as members of the consortium.  

Carlo Toto will also invest in the new company, but through
bidding vehicle AP Holding S.p.A. since his other firm, AirOne
S.p.A., has too much debt, AGI relates.

Intesa Sanpaolo has until Aug. 10, 2008, to submit Alitalia's
rescue plan to the government.

                          About Alitalia

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The
Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.


EASTMAN KODAK: S&P Says Full-Year Guidance No Effect on Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that Eastman Kodak Co.'s
(B+/Stable/--) weak second-quarter results and updated earnings
and cash flow guidance for the full year do not affect the
rating or outlook on the company at this time.

For the second quarter, revenue increased by 1%, but EBITDA,
excluding restructuring charges and including cash restructuring
payments, declined by 34%.  Eastman Kodak stated that it now
expects to achieve EBIT before restructuring charges at the
lower end of its guidance because of higher commodity costs.

Eastman Kodak also said that it expects free cash flow
(including proceeds from asset sales and a US$575 million tax
settlement) to be in the range of US$725 million to
US$825 million, versus its original estimate of US$400 million
to US$500 million.  Excluding the one-time tax settlement, this
translates to a revised guidance of US$150 million to
US$250 million in free cash flow (including proceeds from asset
sales); previously, the company guided that it expected to
receive between US$100 million and US$200 million from asset
sales.  Standard & Poor's does not include proceeds from asset
sales in its calculation of free cash flow and, therefore, it
expects discretionary cash flow, after dividend payments of
US$145 million, to be negative this year.  Management expects
cash flow generation to be negatively affected by higher
commodity costs, as well as increased investments in consumer
inkjet, digital printing, and workflow products.

At June 30, 2008, the company had US$1.4 billion in debt and
US$1.4 billion in debt-like obligations, including unfunded
postretirement obligations (retiree health care), the present
value of operating lease obligations, guarantees of third-party
obligations, and asset retirement obligations.  For the last 12
months ended June 30, 2008, adjusted leverage and interest
coverage were 5.8x and 3.4x, respectively.

“We expect Eastman Kodak's cash balance, which was
US$2.3 billion at June 30, 2008, to remain substantial despite
the revised cash flow guidance and its planned US$1 billion
share repurchase program.  If operating performance and cash
flow generation do not stabilize and the company's liquidity
contracts or financial policy becomes more aggressive, we could
revise the rating outlook to negative,” S&P says.

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.


TELECOM ARGENTINA: Net Income Grows to ARS613MM in Half Yr. 2008
----------------------------------------------------------------
Telecom Argentina SA reported a net income of ARS613 million for
the six-month period ended June 30, 2008, or +58% when compared
to same period of the previous year, which included
ARS102 million that resulted from discontinued operations.

  -- Telecom Argentina group continued the expansion of its
     business in the six-month period ended June 30, 2008.  Net
     Revenues grew 20% when compared to same period of the
     previous year (six-month period ended June 30, 2007),
     amounting to ARS5,051 million.  Revenues generated by the
     Cellular business grew 26% and by the Internet business  
     36%.

  -- The cellular subscribers totaled 13.1 million (+16%), while
     broadband subscribers reached 902,000 (+50%).  Fixed lines
     in service also increased by 3% to 4.3 million.
    
  -- Operating Profit before Depreciation and Amortization
     (OPBDA) reached ARS1,687 million (+19% vs. first half
     2007), equivalent to 33% of Net Revenues, mainly fueled by
     the cellular telephony growth.  On the contrary, fixed
     telephony profitability continues to weaken due to frozen
     tariffs of regulated services and the inflation effect on
     the cost structure.

  -- Operating Profit amounted ARS1,049 million (+44%),
     equivalent to 21% of Net Revenues (+400 bps. vs. first half
     2007).

  -- Net Income reached ARS613 million (+58% vs. first half
     2007).

  -- Investments totaled ARS716 million during first half 2008
     (+67% vs. first half 2007 ), where ARS337 million were
     allocated to fixed telephony (+48% vs. first half 2007).

  -- Net Financial Debt (before NPV effect) declined to ARS1,330
     million (-ARS1,455 million vs. June 2007).  The Net
     Financial Debt to OPBDA ratio declined from 1.0 as of the
     end of June 2007, to 0.4 as of the end of June 2008.
    
  -- On May 15, 2008, Standard & Poor's International Ratings
     LLC upgraded the long-term debt rating of Telecom Argentina
     and Telecom Personal to AA- from A+ on the local scale.

During first half 2008, Consolidated Net Revenues increased by
20% (+ARS849 million vs. first half 2007) to ARS5,051 million,
mainly fueled by the cellular and broadband businesses.
    
Moreover, OPBDA increased by 19% (+ARS273 million) to
ARS1,687 million (33% of Consolidated Net Revenues).

            Consolidated Net Revenues

The evolution in Consolidated Net Revenues by reportable segment
was:

Voice, Data Transmission & Internet

During the first six-month period of 2008, revenues generated by
these services amounted to ARS1,764 million, +11% vs. first half
2007.

Voice

Total Revenues for this service reached ARS1,322 million (+5%
vs. first half 2007).  The results of this line of business are
still affected by frozen tariffs of regulated services.

During this three-month period, Telecom Argentina continued with
the marketing of innovative handsets and equipment and value-
added services, which before were available only for cellular
telephony such as fixed SMS services and video calls.  An
example is the fixed-line handset that integrates photo frame,
video and MP3.  Bundling promotions of equipments plus SMS
packages were also successfully marketed.  Other offered
products combine voice minutes packages and broadband internet
access.

Moreover, during this period, the company continued with the
deployment of the next generation network in its fixed telephony
network that will allow the offering of convergent state-of-the-
art services.

Simultaneously, Telecom Argentina set up a project oriented to
improve the quality of voice and data transmission services.

Monthly Charges and Supplementary Services increased by
ARS27 million, or 7%, to ARS393 million, as a consequence of a
higher number of lines in service (+3%), reaching 4.3 million of
lines.

Revenues generated by traffic (Local Measured Service, Domestic
Long Distance and International Telephony) totaled ARS605
million, an increase of 1% vs. first half 2007, partially
affected by a slight decrease in local traffic volume.

Interconnection revenues amounted to ARS190 million (+9%),
mainly as a consequence of traffic originated in cellular lines
but transported by and terminated in the company's fixed-line
network.

Other revenues, including public telephony reached
ARS134 million (+12% vs. first half 2007).  This amount is the
consequence of an increase in billing and collection fees as
well as voice, data and internet handset sales despite a
decrease in Public Telephony revenues (-ARS15 million).

Data Transmission and Internet

Revenues generated by Data transmission amounted to
ARS103 million, (+27% vs. first half 2007).

Related to the corporate market, during the second quarter of
2008, the company continued enhancing its position as integrated
provider of innovative ICT solutions or Information and
Communication Technology, conceived to satisfy specific needs
from each business segments, medium and large companies and
oriented to contribute in the improvement of governmental
administration at the different national, provincial and
municipal levels.

In addition, Telecom Argentina was selected by the provincial
government of Corrientes to implement the 911 Urban Emergencies
Integral Management System and the Control & Tracing Urban
System in the city of Corrientes.  Both systems are turnkey
integral solutions that include the reception and administration
of police emergencies as well as the control and video-
surveillance tracking.  The solution also includes the
subsequent capitalization of statistic information and capture
of images in order to optimize the human and material resources
and delinquency preventive actions.

Revenues related to Internet reached ARS339 million (+36% vs.
first half 2007), mainly due to the substantial expansion of
broadband service, driven by better network coverage, commercial
promotions and innovation of the service portfolio.

The company recently renewed the offer of broadband products
with two innovative options: one is Arnet Recargable, the first
internet service in the market that is prepaid and without
monthly charge.  The other product is Arnet Go, which makes
possible both in-house broadband access and mobile internet.  
This is the first broadband service that combines ADSL
technology with the benefit coming from the domestic internet
access by Wi-Fi modem and the mobile internet access through
Telecom Personal's 3G network.

Telecom Argentina's broadband subscribers reached 902,000 as of
June 30, 2008 (+50% vs. first half 2007).  Therefore, lines with
this type of connection represent approximately 21% of the
company's fixed-lines in service.

Cellular Telephony

Cellular Telephony continues with its expansion, increasing its
participation in the Group's total revenues (65% vs. 62% in
first half 2007 and 0.5 million or 5% vs. first quarter 2008).  
During first half 2008, this business generated revenues of
ARS3,287 million (+26% vs. first half 2007).  As of the end of
June 2008 total subscribers reached 13.1 million.

                 Telecom Personal in Argentina

As of the end of June 2008, Personal's subscribers reached
11.4 million in Argentina (+1.5 million or +15% vs. first half
2007).  Approximately 66% of the overall subscriber base is
prepaid and 34% is postpaid.

Total voice traffic increased by 21% vs. first half 2007 while
outgoing SMS traffic increased from a monthly average of
784 million messages in first half 2007 to 1,062 million (+35%)
in first half 2008.  Because of this enhancement in traffic and
the use of value-added services, the Average Monthly Revenue per
User increased to ARS40 in first half 2008, compared to ARS37 in
first half 2007.

Revenues totaled ARS3,072 million (+ARS636 million or +26% vs.
first half 2007).  Service revenues increased by ARS580 million
or 27% vs. first half 2007, reaching ARS2,749 million;
furthermore, value-added services totaled ARS790 million
(+ARS249 million or 46%, vs. first half 2007), 29% of service
revenues.  In addition, handset sales grew by ARS56 million
(+21%) compared to first half 2007, reaching ARS323 million.

During second quarter 2008, Personal continued focusing its
commercial efforts in customer caring outreach as well as in
offers to stimulate consumption by existing clients.

Moreover, an upgrade handset campaign was implemented, helping
clients to use the wide variety of value-added services offered
by the company.

For the retail segment, Personal launched a line of packages for
calls, SMS messages and internet, all within an innovative and
flexible offer oriented to satisfy the client's communication
needs yet without changing the subscriber's current plan.  The
launch, also furthered by the national communication campaign
under the idea “Personal te conviene”, was accepted positively
by the market.

Regarding the corporate segment, “Personal Soluciones Express”
was introduced, an application oriented to SME's and large
company sales forces.  This tool covers connectivity and on-line
information exchange needs among the company and its in-field
personnel.

Personal also implemented a campaign oriented to expanding
BlackBerry use permitting the increase of smartphone sales in
customer offices.

In addition, Personal continued the expansion of its commercial
network by opening two new customer offices -- one in Posadas
and the other in Bahia Blanca -- together with extension of 3G
network coverage.  Also, the remaining client migration from
TDMA to GSM technology ended in June 2008.

                           Nucleo

Personal's controlled subsidiary that operates in Paraguay
generated revenues equivalent to ARS215 million during first
half 2008 (+21% vs. first half 2007).

By the end of June 2008, the subscriber base reached
approximately 1.7 million, +24% vs. first half 2007.  Prepaid
and Postpaid customers represented 90% and 10%, respectively.

                 Consolidated Operating Costs

The Cost of Services Provided, Administrative Expenses and
Selling Expenses totaled ARS4,002 million in first half 2008,
which represents an increase of ARS527 million, or +15%, vs.
first half 2007.

The cost breakdown is:

  -- Salaries and Social Security Contributions: totaled
     ARS563 million (+22%), affected by increases in salaries
     and, marginally, in personnel (+364 employees vs. first
     half 2007).
  
  -- Taxes: reached ARS402 million (+25%), in line with the
     general evolution of revenues.

  -- Agents and Prepaid Card Commissions: were ARS350 million
     (+3%), mainly due to the increase in prepaid card
     commissions, partially compensated by reduction in total
     commission paid to commercial agents.

  -- Advertising: amounted ARS190 million (+48%) oriented to
     strengthen institutional brand and to support the
     commercial activity in the cellular telephony and internet.

  -- Cost of handsets sold: totaled ARS448 million (+9%) mainly
     due to increased handset unit cost.  Despite this, handset
     subsidy represented ARS102 million (-ARS32 million vs.
     first half 2007).

  -- TLRD and Roaming: ARS449 million (+29%) due to increased
     traffic among cellular operators.

  -- Depreciation of Fixed and Intangible Assets: totaled  
     ARS638 million (-7% vs. first half 2007).  Fixed-line
     telephony totaled ARS391 million (-7%) and Cellular
     telephony ARS247 million (-8%), due to TDMA technology
     depreciation charges ended in first half 2008.

           Consolidated Financial and Holding Results

Financial and Holding Results resulted in a loss of
ARS8 million, -ARS210 million vs. first half 2007.  Such
improvement was due to positive effect of foreign currency
exchange generated by liabilities and a reduction in net
interests.

                 Consolidated Net Financial Debt

As of June 30, 2008, Net Financial Debt (Loans before the effect
of NPV valuation, minus Cash, Cash Equivalents and Other credits
from derivative Investments) amounted to ARS1,330 million, a
reduction of ARS1,455 million as compared to June 2007.

In April 2008, Telecom Argentina made a principal payment of
Notes in the amount equivalent to $822 million.  Consequently,
it has cancelled up to 45% of the principal amortization payment
scheduled for October 15, 2011.

In addition, on May 15, 2008, Standard & Poor's International
Ratings LLC upgraded the long-term debt rating of Telecom
Argentina and Telecom Personal to AA- from A+ on the Local
Scale.

                Consolidated Capital Expenditures

During first half 2008, the company invested ARS716 million, in
fixed and intangibles assets.  This amount was allocated to the
Voice, Data and Internet businesses (ARS337 million) and the
cellular business (ARS379 million).

Main capex projects are related to the expansion of broadband
services and to the upgrade of the network for next generation
services, the improvement of the network (capacity, coverage and
3G), and the launch of new and innovative value-added services.

                    Recent Relevant Matters

Cubecorp Argentina S.A. Acquisition: On July 15, 2008 Telecom
acquired the shares of Cubecorp for a maximum amount of
US$35 million, subject to a price adjustment process. As of the
date of the Financial Statements, Telecom Argentina has
transferred 5% of such shares to Telecom Personal S.A.

Within the brand positioning of the company as an integrated ICT
solutions provider for the corporate wholesale segment and for
Government segment Telecom Argentina acquires with Cubecorp a
Data Center that provides IT world class outsourcing services
which include: equipment, connectivity, information security,
monitoring, storage, backboard and data recovery, support,
operation and administration.

Consequently, with this acquisition Telecom Argentina
strengthens its market position, while it can count with world
class infrastructure in Data Center services, which permits it
to offer its clients high reliability, availability and
scalability customized to their needs.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides      
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2008, Fitch Ratings upgraded Telecom Argentina's
foreign and local currency issuer default ratings to 'B+' from
'B'.  Fitch said the outlook is positive.



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

CONEXANT SYSTEMS: Posts US$132.5MM Capital Deficit at June 27
---------------------------------------------------------------
Conexant Systems Inc. disclosed Thursday its earnings for the
third fiscal quarter ended June 27, 2008.

At June 27, 2008, the company's consolidated balance sheet
showed US$624.7 million in total assets and US$757.2 million in
total liabilities, resulting in a US$132.5 million stockholders'
deficit.

The company's consolidated balance sheet at June 27, 2008, also
showed strained liquidity with US$428.0 million in total current
assets available to pay US$471.4 million in total current
liabilities.

On April 29, 2008, Conexant announced the planned sale of its
Broadband Media Processing (BMP) product lines to NXP
Semiconductors in a transaction valued at up to US$145 million.
The transaction is expected to be completed in August 2008, and
the financial results of the BMP business unit have been
classified as discontinued operations in the company's third
fiscal quarter financial statements.  

GAAP net loss from continuing operations was US$126.4 million
for the quarter ended June 27, 2008, compared with GAAP net loss
from continuing operations of US$8.2 million in the same period
last year.  Including discontinued operations, GAAP net loss was
US$149.9 million, compared to GAAP net loss of US$142.0 million
in the same period last year.

The GAAP net loss in the quarter included asset impairment
charges of US$120.4 million related to the write-down of
goodwill and certain tangible and intangible assets associated
with the company's Broadband Access business.

On a GAAP basis, net revenues for the third quarter of fiscal
2008 were US$115.6 million, compared with net revenues of
US$118.5 million in the same period last year.

Conexant also presents financial results based on select non-
GAAP financial measures intended to reflect its core results of
operations.  The company believes these core financial measures,
which excludes non-cash and other non=core items, provide
investors with additional insight into its underlying operating
results.  

Including results from discontinued operations related to the
BMP business, Conexant's non-GAAP core revenues for the third
quarter of fiscal 2008 were US$171.1 million.  Core gross
margins were 47.1 percent of revenues, and core operating
expenses were US$69.6 million.  Core operating income was
US$11.0 million, and core net income was US$2.0 million.

Excluding results from discontinued operations related to the
BMP business, Conexant's core net revenues for the third quarter
of fiscal 2008 were US$115.6 million.  Core gross margins were
50.6 percent of revenues.  Core operating expenses were
US$46.0 million, and core operating income was US$12.5 million.
Core net income was US$6.0 million.
   
The company ended the quarter with US$134.6 million in cash and
cash equivalents due to the reclassification of US$29.0 million
to restricted cash.

                      Business Perspective

“During the third fiscal quarter, the Conexant team continued to
make outstanding progress across multiple fronts,” said Scott
Mercer, Conexant's chief executive officer.  “For the third
consecutive quarter, we met or exceeded our expectations on
every major financial metric.  Revenues of US$171.1 million,
which included our Broadband Media Processing business, came in
at the high end of the range we previously provided.  Core gross
margins of 47.1 percent of revenues exceeded the high end of our
expectations by 160 basis points, and core operating expenses of
US$69.6 million were below the low end of the range we provided
entering the quarter.  During the quarter, we also introduced
innovative new products targeted at high-growth market segments,
and we executed a 1-for-10 reverse stock split.”

“After the close of the quarter, we announced the acquisition of
Freescale Semiconductor's 'SigmaTel' multi-function printer
imaging business, which is consistent with our strategy of
augmenting our investments in new-product development with
select acquisitions in the high-growth market segments we
address,” Mr. Mercer said.

“Moving forward, we will continue to focus on delivering
improved financial performance,” Mr. Mercer stated.

                         About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -- http://www.conexant.com/-- has a     
comprehensive portfolio of innovative semiconductor solutions
which includes products for Internet connectivity, digital
imaging, and media processing applications.  Conexant is a
fabless semiconductor company that recorded revenues of
US$809.0 million in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                         *     *     *

Conexant currently carries Standard & Poor's Ratings Services'
B- rating with a negative outlook.

Moody's Investor Service placed Conexant Systems Inc.'s long
term corporate family and probability of default ratings at
'Caa1' in October 2006.  The ratings still hold to date with a
stable outlook.



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

FOSTER WHEELER: Diane Creel Leaves From Board of Directors
----------------------------------------------------------
Diane C. Creel has submitted her resignation from Foster Wheeler
Ltd.'s board of directors, effective Sept. 3, 2008.

“Diane made consistent and meaningful contributions to the board
since joining us in 2004,” said Raymond J. Milchovich, Foster
Wheeler's chairperson and chief executive officer.  “She has
been an integral part of our turnaround story.  I speak for all
of the board members in expressing our deepest appreciation for
her service to the company and in wishing her all the best in
her future endeavors.”

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.


FOSTER WHEELER: Subsidiary Bags Contract From Isolux Ingenieria
---------------------------------------------------------------
The subsidiary of Foster Wheeler Ltd.'s unit, Global Power
Group, has been awarded a contract by Isolux Ingenieria S.A. and
Tecna Proyectos y Operaciones, S.A., for the design and supply
of two circulating fluidized bed steam generators for the Rio
Turbio Power Project to be located near the Rio Turbio mine in
Santa Cruz, Argentina.  Isolux Ingenieria and Tecna Proyectos
are member companies of Grupo Isolux Corsan S.A.

Foster Wheeler has received a full notice to proceed on this
contract.  The terms of the award were not disclosed, and the
contract value will be included in the company's third-quarter
2008 bookings.

Construction of the two 120 MWe (gross megawatt electric) CFB
steam generators is expected to begin in the spring of 2009 with
commercial operations scheduled for 2012.

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.


SYNCORA HOLDINGS: Closes XL Capital & Merrill Lynch Transactions
----------------------------------------------------------------
Syncora Holdings Ltd. disclosed the closure of the formerly
reported transactions with XL Capital Ltd. pursuant to the
Master Commutation, Release and Restructuring Agreement of
July 28, 2008, and the related transactions intended to close
concurrently with the XL transaction.  The company also reported
that the transaction with Merrill Lynch & Co., Inc. pursuant to
the agreement with Merrill Lynch dated July 28, 2008, also
closed.  In addition, the waivers and related transactions under
the company's Credit Agreement Amendment with its lenders,
described in the company's press release of July 28, 2008, went
into effect as of Aug. 5.

In conjunction with the closing of the transaction with XL
Capital and as contemplated by the Master Transaction Agreement,
the following members of Syncora Holdings' Board of Directors
have resigned: Fred Corrado, Paul E. Hellmers, Gardner L. Grant,
Jr., and Jonathan F. Bank.

                Second Quarter Results Announcement
                   and Investor Conference Call

Separately, the company announced that it will release its
second quarter 2008 results after the close of regular stock
market hours on Aug. 11, 2008.  

Paul S. Giordano, President and Chief Executive Officer, Syncora
Holdings; Edward B. Hubbard, Executive Vice President, Syncora
Holdings and President of Syncora Guarantee Inc.; and Elizabeth
A. Keys, Senior Vice President and Chief Financial Officer,
Syncora Holdings, will host an earnings conference call to
discuss Syncora Holdings' second quarter 2008 results on
Aug. 12, 2008, at 8:30 am Eastern Daylight Time (EDT).

                      About Syncora Holdings

Syncora Holdings Ltd., formerly Security Capital Assurance Ltd.,
is a Bermuda-domiciled holding company whose primary operating
subsidiaries, XL Capital Assurance Inc. and XL Financial
Assurance Ltd, provide credit enhancement and protection
products to the public finance and structured finance markets
throughout the United States and internationally.  SCA has
announced that it will formally change its corporate name to
Syncora Holdings Ltd. on Aug. 4, 2008.  XLCA and XLFA will be
renamed Syncora Guarantee Inc. and Syncora Guarantee Re Ltd,
respectively.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
Aug. 1, 2008, Moody's Investors Service placed these ratings
Security Capital Assurance Ltd. under review for possible
downgrade: (P)Caa3 provisional rating on senior debt, (P)Ca
provisional rating on subordinated debt, and Ca rating on
preference shares.

In August 2008, Fitch Ratings downgraded these ratings on
Security Capital Assurance Ltd. and its financial guaranty
insurance subsidiaries and placed all ratings on Rating Watch
Evolving:

  -- Long Term Issuer Rating to 'CCC-' from 'B-';
  -- US$250 million Fixed/Floating Series A Perpetual
     Non-cumulative Preference Shares to 'CCC-' from 'CCC'.

TCR-Latin America reported on July 31, 2008, that Standard &
Poor's Ratings Services said its 'C' long-term credit rating on
Security Capital Assurance Ltd. remains on CreditWatch with
negative implications.


XL CAPITAL: Completes Deals on Credit Default Swaps & Offerings
---------------------------------------------------------------
XL Capital Ltd. has closed the previously announced transactions
with Security Capital Assurance Ltd (SCA), and certain
counterparties to credit default swaps with SCA as well as its
offerings of ordinary shares and equity security units.

Commenting on the closing of the transactions, XL Chief
Executive Officer Michael S. McGavick said, “The support for our
capital raise has been tremendous.  I believe its success is a
clear endorsement of the XL franchise, of our re-focused
strategy and commitment to our dual insurance and reinsurance
platform, and a vote of confidence in our ability to compete and
win business.  With SCA behind us and with our enhanced
commitment to risk management, XL will concentrate on doing what
it does best, which is underwriting the risks of our customers.  
I would like to personally thank our investors, old and new, and
our customers, brokers and employees for helping to make XL one
of the leading underwriting organizations in the world.”

XL closed the above-mentioned transactions pursuant to the
Master Commutation, Release and Restructuring Agreement dated
July 28, 2008, among XL and certain of its subsidiaries,
Security Capital Assurance Ltd (now known as Syncora Holdings
Ltd.) and certain of its subsidiaries and certain counterparties
to credit default swap agreements with SCA.  The offerings of
ordinary shares and equity security units resulted in total
gross proceeds to the Company of approximately US$2.875 billion
(including the proceeds from the exercise of the underwriters'
over-allotment option in full).  A portion of the proceeds of
the offerings were utilized by XL in connection with funding the
transactions contemplated by the Master Agreement.

The joint book-running managers for the offerings were Goldman,
Sachs & Co. and UBS Investment Bank.  The Blackstone Group, L.P.
acted as advisor in connection with the SCA transactions and
Cadwalader, Wickersham & Taft, LLP, acted as XL's counsel in
connection therewith. Cahill, Gordon & Reindel LLP acted as XL's
counsel in connection with the offerings.

In addition, the company announced that it has received net
proceeds of approximately US$500 million in exchange for the
issuance by the company of 20,000,000 Series C Preference
Ordinary Shares in connection with the company's exercise of the
put option under its Mangrove Bay contingent capital facility
entered into in July 2003.

Headquartered in Bermuda, XL Capital Ltd. -
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2008, Fitch Ratings downgraded XL Capital Ltd.'s Class
A1 to 'BB' from 'A' and Class A2 to 'BB' from 'A' and removed it
from rating watch negative.  Fitch also downgraded XLCA's
Insurer Financial Strength rating to 'BB' and removed the IFS
from rating watch negative.


XL CAPITAL: Unit Reveals Environmental Insurance Programs
---------------------------------------------------------
XL Insurance, XL Capital Ltd's global insurance operations, has
disclosed the availability of a specialized environmental
insurance program that addresses pollution liability and clean-
up expenses for U.S. warehouses, storage and distribution
facilities.

Underwritten by Greenwich Insurance Company and Indian Harbor
Insurance Company, the environmental insurance policy provides
coverage for remediation expense, bodily injury and property
damage, and legal defense for pollution conditions resulting at
or from the insured warehouse or distribution center.  Both
companies are member insurers of the XL Capital Ltd group of
companies.

“While environmental incidents tend to be low frequency events
for businesses, when they do occur they can be high cost events
that can severely impact a company's profitability,” said Rich
Corbett, head of XL Insurance's Global Environmental Insurance
unit.

“Tasked with storing products that can often pose pollution
risks, operators of warehouses and distribution centers often
pay close attention to the proper storage and handling of
possibly harmful materials to prevent such incidents,” said Mr.
Corbett.  “Likewise, as a result of what they have witnessed or
read in news reports, warehouse operators have a growing concern
about the potential pollution conditions that could stem
from products stored at their facilities if they suffer a
catastrophic events such as fire, flood or windstorm.”

“With XL Insurance's new environmental insurance program,
warehouse and distribution center operators have an affordable
option to enhance their environmental risk management efforts
with environmental insurance that can help quickly and
effectively address an environmental incident should it occur,”
Mr. Corbett added.

Common environmental risks faced by warehouses and distribution
centers include:

    * Spills or leaks during the loading or unloading of
      materials from trucks and railcars,

    * Contamination as a result of a fire at the facility,

    * Waste from on-site vehicle or forklift maintenance and
      storage, and

    * Gradual leaks from material containers stored at the
      facility.

“This is particularly worthwhile coverage for facilities when
they realize the limited environmental insurance coverage that
their general liability (GL) insurance offers,” said Mr.
Corbett.  “Most GL policies offer very limited or no
environmental insurance coverage at all as a result of
policies' absolute pollution exclusion.”

Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2008, Fitch Ratings downgraded XL Capital Ltd.'s Class
A1 to 'BB' from 'A' and Class A2 to 'BB' from 'A' and removed it
from rating watch negative.  Fitch also downgraded XLCA's
Insurer Financial Strength rating to 'BB' and removed the IFS
from rating watch negative.



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

BRASIL TELECOM: BrT Eyes PLC Expansion, IPTV Offering
-----------------------------------------------------
Brasil Telecom SA expects to increase the availability of its
indoor power line communication (PLC) solution shortly, due to
the forthcoming expansion of its IPTV service Videon beyond
Brasilia, Phil Anderson of Business News Americas reports,
citing BrT network engineering director Sebastiao Nascimento.

Mr. Nascimento told BNamericas that Brasil Telecom launched the
PLC option in September 2007 at the same time as launching the
IPTV service in capital Brasília but the operator has almost
finished upgrading the Videon platform to include new features
and will soon launch the new platform in nine states.

According to BNamericas, BrT is planning to supply high
bandwidth to homes via fiber (FTTH) and offer PLC as a
distribution option within the home since IPTV and HDTV require
much higher bandwidth than normal broadband connections.

PLC is an option for broadband connection that goes to the modem
near the household computer, and not necessarily near the TV.  
PLC could extend the connection to the TV without installing
additional cabling, BNamericas adds.

BNamericas relates that the government is in talks for a new
law, bill PL29, to allow telcos to offer the full range of
channels rather than Video on Demand only.  Operators, Mr.
Nascimento says, can offer the maximum range of content once the
bill is approved and there will be even more need for a high
bandwidth indoor distribution system such as PLC.

Citing Mr. Nascimento, BNamericas says BrT will be testing a PLC
gateway, which can manage distribution of broadband to homes in
an apartment building.

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.


COMPANHIA ENERGETICA: To Issue 2nd Qtr. 2008 Results on Aug. 12
---------------------------------------------------------------
Companhia Energetica de Minas Gerais, a.k.a. Cemig, has reported
this webcast alert:

  What:  Companhia Energetica de Minas Gerais (Cemig) Second
         Quarter 2008 Results

  When:  Aug. 12, 2008, at 08:00 AM EDT

  Where: http://prnewswire.isat.com.br/?palestra_id=383

  How:  Log on to the Web at the address above.

Contact:  

          Patricia Nobre
          Tel. Number: (+55) 31-3506-5024,
          E-mail: pnobre@cemig.com.br
    
For those unable to participate during the live webcast, the
call will be archived for 90 days at:

     http://www.cemig.infoinvest.com.br

To access the replay, click on the Investor Relations section.

    Tel. Number:  (55-11) 4688-6301
    Password: CEMIG

    Playback Conference Call
    Tel. Number: (55-11) 4688-6312
    Password: 443
    Available:  Aug. 12 to Aug. 18, 2008

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in  
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                          *     *     *

In March 2007, Moody's Investors Service assigned corporate
family ratings of Ba2 on its global scale and Aa3.br on its
Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


CIA. SIDERURGICA: OKs 10K Shares Purchase to be Held in Treasury
----------------------------------------------------------------
Companhia Siderurgica Nacional SA's board of directors have
authorized the acquisition of up to 10,800,000 company shares to
be held in treasury for subsequent sale or cancellation.

The acquisition shall obey these limits and conditions, pursuant
to Comissao de Valores Mobiliarios Instruction 10/80:

   I – The company's objective: to maximize the creation of
                                shareholder value through
                                efficient capital structure
                                management.

  II – Number of shares to be acquired: up to 10,800,000 shares.

III – Maximum term for the completion of the authorized
       operations: from Aug. 4, 2008, inclusive, to
       Aug. 27, 2008.

  IV – Number of shares outstanding: 455,343,843

   V – Acquisition location: Stock Exchange

  VI – Maximum share price: the share acquisition price cannot
                            exceed its stock market price.

VII - Brokers: Itau Corretora de Valores S.A., located at Av.
                Engenheiro Armando de Arruda Pereira, Sao Paulo;
                UBS Pactual Corretora de Mercadorias Ltda.,  
                located at Av. Brigadeiro Faria Lima 3729, Sao
                Paulo; Credit Suisse First Boston CTVM S.A.,
                located at Av. Brigadeiro Faria Lima 3064, Sao
                Paulo; and Itau USA Securities Inc., located at
                540 Madison Avenue, 23rd Floor, New York City.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets, tin
mill products and tinplate.  The company also runs its own iron
ore, manganese, limestone and dolomite mines and has strategic
investments in railroad companies and power supply projects.
The group also operates in Brazil, Portugal and the U.S.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2008, Standard & Poor's Ratings Services raised its
corporate credit rating on Brazil-based steelmaker Companhia
Siderurgica Nacional to 'BB+' from 'BB' and removed it from
CreditWatch.  S&P had placed the ratings on CreditWatch with
positive implications on May 30, 2008, for better cash flow
protection measures.  The outlook is positive.  At the same
time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


COMPANHIA SIDERURGICA: Eyes Purchase of AK Steel
------------------------------------------------
Companhia Siderurgica Nacional (CSN) is one of the several
parties interested in purchasing assets of AK Steel Holdings
Corp. along with OAO Severstal from Russia, The Economic Times
reports citing the Financial Times.

The Times says AK Steel held preliminary talks of possible sale
of the company.  

According to a dealReporter article cited by the Times,
unnamed sources said AK Steel was seeking an all-cash deal.

Severstal declined to comment and a spokeswoman for CSN said the
company has a policy to not comment on market rumors, Ecomonic
Times relates.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets, tin
mill products and tinplate.  The company also runs its own iron
ore, manganese, limestone and dolomite mines and has strategic
investments in railroad companies and power supply projects.
The group also operates in Brazil, Portugal and the U.S.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2008, Standard & Poor's Ratings Services raised its
corporate credit rating on Brazil-based steelmaker Companhia
Siderurgica Nacional to 'BB+' from 'BB' and removed it from
CreditWatch.  S&P had placed the ratings on CreditWatch with
positive implications on May 30, 2008, for better cash flow
protection measures.  The outlook is positive.  At the same
time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


FORD MOTOR: S&P Cuts Ratings on Nine Transactions to CCC
--------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
nine Ford Motor Co.-related transactions to 'CCC' from 'CCC+'
and removed them from CreditWatch, where they were placed with
negative implications on July 2, 2008.

The rating actions reflect the July 31, 2008, lowering of the
long-term corporate credit and senior unsecured debt ratings on
Ford Motor Co. (Ford; B-/Negative/NR) and its related entities
and their removal from CreditWatch with negative implications.

The nine transactions are pass-through transactions, and the
ratings on the trusts are based solely on the senior unsecured
ratings assigned to the underlying collateral. The underlying
collateral consists of securities issued by Ford.

The corporate rating actions on Ford and its affiliates have no
immediate rating impact on the Ford-related asset-backed
securities (ABS) supported by collateral pools of consumer auto
loans or auto wholesale loans.

Ratings lowered and removed from creditwatch negative include:

-- Corporate Backed Trust Certificates Ford Motor Co. Debenture-
   Backed Series 2001-36 Trust

         Rating
Class   To    From            Underlying collateral

A1      CCC   CCC+/Watch Neg  7.7% deb due 05/15/2097
A2      CCC   CCC+/Watch Neg  7.7% deb due 05/15/2097

-- Corporate Backed Trust Certificates Ford Motor Company Note-
   Backed Series 2003-6 Trust

         Rating
Class   To    From            Underlying collateral

A-1     CCC   CCC+/Watch Neg  7.45% Global Landmark Secs
                              (GlobLS) notes due 07/16/2031

-- CorTS Trust For Ford Debentures

         Rating
Class   To    From            Underlying collateral

Certs   CCC   CCC+/Watch Neg  7.4% deb due 11/01/2046

-- CorTS Trust II For Ford Notes Series 2003-3

         Rating
Class   To    From            Underlying collateral

Certs   CCC   CCC+/Watch Neg  7.45% Global Landmark Secs
                              (GlobLS) notes due 07/16/2031

-- PPLUS Trust Series FMC-1

         Rating
Class   To    From            Underlying collateral

Certs   CCC   CCC+/Watch Neg  7.45% Global Landmark Secs
                              (GlobLS) notes due 07/16/2031

-- PreferredPlus Trust Series FRD-1

         Rating
Class   To    From            Underlying collateral

Certs   CCC   CCC+/Watch Neg  7.4% deb due 11/01/2046

-- Public STEERS Series 1998 F-Z4 Trust

         Rating
Class   To    From            Underlying collateral

A       CCC   CCC+/Watch Neg  7.7% deb due 05/15/2097
B       CCC   CCC+/Watch Neg  7.7% deb due 05/15/2097

-- SATURNS Trust No. 2003-5

         Rating
Class   To    From            Underlying collateral

Units   CCC   CCC+/Watch Neg  7.45% Global Landmark Secs
                              (GlobLS) notes due 07/16/2031

-- Trust Certificates (TRUCs) Series 2002-1 Trust
         Rating

Class   To    From            Underlying collateral
A-1     CCC   CCC+/Watch Neg  7.7% deb due 05/15/2097

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.  
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions.  It has a subsidiary in Brazil,
Ford Motor Company Brasil Ltda.


FORD MOTOR: S&P Cuts Freedom Certificates Classes A, X to B-
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
classes A and X from Freedom Certificates US Autos Series 2004-1
Trust to 'B-' from 'B' and removed them from CreditWatch, where
they were placed with negative implications on July 2, 2008.

The rating actions reflect the July 31, 2008, lowering of the
long-term corporate credit and other ratings on Ford Motor
Credit Co. (Ford Credit; B-/Negative/NR), a subsidiary of Ford
Motor Co. (Ford; B-/Negative/NR), and GMAC LLC (GMAC; B-
/Negative/C), a subsidiary of General Motors Corp. (GM; B-
/Negative/NR), and their removal from CreditWatch with negative
implications.

Freedom Certificates US Autos Series 2004-1 Trust is a pass-
through transaction, and the ratings on classes A and X are
based solely on the lower of the ratings assigned to the
underlying securities, the 7.375% bonds due Feb. 1, 2011, issued
by Ford Credit and the 7.25% notes due March 2, 2011, issued by
GMAC.

The corporate rating actions on Ford and GM and their affiliates
have no immediate rating impact on the Ford and GM-related
asset-backed securities (ABS) supported by collateral pools of
consumer auto loans, auto leases, or auto wholesale loans.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.  
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions.  It has a subsidiary in Brazil,
Ford Motor Company Brasil Ltda.


GENERAL MOTORS: Board Backs Rick Wagoner Amid 2nd Quarter Loss
--------------------------------------------------------------
General Motors Corp.'s board continue to stand by chief
executive Rick Wagoner after the company reported a
US$15.5 billion loss in the second quarter, The Wall Street
Journal states.

WSJ, citing GM spokesman Steve Harris, said that the board
remains supportive to Mr. Wagoner and the GM management team.

One person close to the directors said the board “is totally
behind [Mr. Wagoner], realizing nobody could deal with this
situation any better than he.  It's a case of an excellent plan,
[and] delivering on all promises,” according to WSJ.

WSJ quoting Calyon auto analyst Mark Warnsman says, “They're
probably in a bit of a bind.  It might be good to change horses,
but disruptive to do so -- a disruption that they cannot afford
just at the moment.”

According to WSJ, Mr. Wagoner has been with GM as CEO since mid-
2000 and some of his accomplishments included a US$9 billion cut
in structural costs; contract reworked with the United Auto
Workers union and an accelerated growth in markets outside the
U.S. business.  The UAW deal, WSJ says, could save GM
US$5 billion by 2011 and add needed flexibility to its
manufacturing footprint.

Amid all these, WSJ notes that Mr. Wagoner has struggled to
produce the desired results.  WSJ states that GM's cumulative
losses for 2005, 2006 and 2007, was approximately US$50 billion
and  so far this year, GM has lost more than US$18 billion.

GM shares were up 59 cents, or 5.8%, to US$10.69 apiece in 4
p.m. New York Stock Exchange composite trading Tuesday, WSJ
relates.  A drop in the price of oil has helped push up GM
shares in recent trading, WSJ adds.  The stock, according to
WSJ, also got a boost after GM stated its liquidity plan last
month, still, the market capitalization of about US$6 billion is
near the lowest point in five decades.

                       About General Motors

Headquartered 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.  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.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

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 disclosed in the Troubled Company Reporter-Latin America on
Aug. 4, 2008, Standard & Poor's Ratings Services lowered the
ratings on General Motors Corp., Ford Motor Co., and Chrysler
LLC, all to 'B-' from 'B'.  The ratings on GM and Ford were
removed from CreditWatch with negative implications, where they
had been placed on June 20, 2008.  Chrysler will remain on
CreditWatch pending the renewal of certain bank lines at
DaimlerChrysler Financial Services Americas LLC, which S&P
expects to be completed in the next few days.  If the bank lines
are renewed as expected, S&P would affirms the ratings on
Chrysler and DCFS and remove them from CreditWatch.

As related in the Troubled Company Reporter-Latin America on
June 6, 2008, Standard & Poor's Ratings Services said that its
ratings on General Motors Corp. (B/Negative/B-3) are not
immediately affected by the company's announcement that it will
cease production at four North American truck plants over the
next two years.  These closures are in response to the re-
energized shift in consumer demand away from light trucks.  GM
previously said only one shift was being eliminated at each of
the four truck plants.  Production is being increased at plants
producing small and midsize cars, but the cash contribution
margin from these smaller vehicles is far less than that of
light trucks.


GENERAL MOTORS: S&P Cuts Rating on Classes A-1, A-2 Certs to B-
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
the class A-1 and A-2 certificates from Corporate Backed Trust
Certificates Series 2001-8 Trust to 'B-' from 'B' and removed
them from CreditWatch, where they were placed with negative
implications on July 2, 2008.

The rating actions follow the July 31, 2008, lowering of the
long-term corporate credit and other ratings on General Motors
Corp. (GM; B-/Negative/NR) and their removal from CreditWatch
negative.        

Corporate Backed Trust Certificates Series 2001-8 Trust is a
pass-through transaction, and the ratings on the certificates
are based solely on the rating assigned to the underlying
securities, the 8.10% debentures due June 15, 2024, issued by
GM.

The corporate rating actions on GM have no immediate rating
impact on the GM-related asset-backed securities (ABS) supported
by collateral pools of consumer auto loans, auto leases, or auto
wholesale loans.

Headquartered 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.  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.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.


GENERAL MOTORS: S&P Lowers Freedom Certs. Classes A, X to B-
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
classes A and X from Freedom Certificates US Autos Series 2004-1
Trust to 'B-' from 'B' and removed them from CreditWatch, where
they were placed with negative implications on July 2, 2008.

The rating actions reflect the July 31, 2008, lowering of the
long-term corporate credit and other ratings on Ford Motor
Credit Co. (Ford Credit; B-/Negative/NR), a subsidiary of Ford
Motor Co. (Ford; B-/Negative/NR), and GMAC LLC (GMAC; B-
/Negative/C), a subsidiary of General Motors Corp. (GM; B-
/Negative/NR), and their removal from CreditWatch with negative
implications.

Freedom Certificates US Autos Series 2004-1 Trust is a pass-
through transaction, and the ratings on classes A and X are
based solely on the lower of the ratings assigned to the
underlying securities, the 7.375% bonds due Feb. 1, 2011, issued
by Ford Credit and the 7.25% notes due March 2, 2011, issued by
GMAC.

The corporate rating actions on Ford and GM and their affiliates
have no immediate rating impact on the Ford and GM-related
asset-backed securities (ABS) supported by collateral pools of
consumer auto loans, auto leases, or auto wholesale loans.

Headquartered 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.  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.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.


JBS SA: Industrial Beef Exports to U.S. Temporarily Delayed
-----------------------------------------------------------
JBS SA reported that Brazilian industrialized beef exports to
the U.S. market were temporarily suspended due to differences
between the inspection structure of the Brazilian Agricultural
Ministry and the U.S. Department of Agriculture.

The company advised that it will continue to supply its
customers of industrialized beef, including canned meats and
cooked frozen beef, through its plants in Argentina where JBS is
leader, and also from its plants inside the U.S.

Headquartered in Sao Paulo, Brazil, JBS SA --
http://www.jbs.com.br/ir/-- is a public company with its shares
listed on Bovespa's Novo Mercado under the symbol JBSS3.  The
company operates 23 plants in Brazil and six plants in Argentina
in addition to its operations in Australia and the United States
resulting from last year's purchase of Swift & Company.  In the
12 months ending September 2007, JBS generated pro forma net
revenue of US$11.9 billion and processed nine million head of
cattle.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, Moody's Investors Service's ratings for JBS S.A.,
including its B1 local currency corporate family rating and B1
senior unsecured bond rating, remained under review for possible
downgrade following the company's announced agreement to acquire
National Beef Packing Company, LLC; Smithfield Beef Group Inc.,
including full ownership of its subsidiary, Five Rivers Ranch
Cattle Feeding; and Tasman Group for a total consideration of
approximately US$1.8 billion.


MULTIPLAN EMPREENDIMENTOS: S&P Puts BB Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB' long-
term corporate credit rating on Multiplan Empreendimentos
Imobiliarios S.A.  S&P also assigned its 'brAA-' national scale
long-term corporate credit rating to Multiplan.  The outlook is
stable.
      
“The rating on Multiplan reflects the company's aggressive
growth plans, including expansion, greenfield projects, and
opportunistic acquisitions; intense consolidation trends in the
shopping mall industry in Brazil; and the company's intention of
growing its real estate operations, which are capital intensive
and riskier than mature shopping mall operations,” said S&P's
credit analyst Vivian Zietemann.  

These negative rating factors are partly offset by Multiplan's
favorable position in the relatively stable shopping mall
industry, based on its sound shopping mall portfolio, strong
brand recognition in its higher-income target segment, and
stable historical margins.  The ratings also take account of
Multiplan's prudent financial policy, characterized by strong
cash flows and liquidity.
     
Multiplan's net revenues were about US$340 million in fiscal
2007 (ended Dec. 31, 2007) and S&P expects the company to
deliver about US$380 million of net revenues in the current
fiscal year.  Multiplan's existing shopping mall portfolio is
sound and has a positive track record.  The company is one of
the most traditional shopping mall operators in Brazil and
benefits from strong brand recognition in its target markets.  
The shopping mall industry in Brazil has benefited from
favorable macroeconomic conditions in the past several years,
and Multiplan's shopping malls are well-established enterprises
with solid and stable cash flows.
     
Most of the company's assets are located in Southeastern Brazil,
the wealthiest region of the country, targeting the high-income
segment, which remains the most attractive in the industry.
Moreover, Multiplan's business strategy distinguishes itself
from other shopping mall companies in Brazil by focusing on the
development of integrated projects that combine real estate
development (both commercial and residential) with its shopping
mall projects to benefit from synergies from both businesses
(mixed-use projects).
     
The stable outlook reflects S&P's expectations that Multiplan
will keep an intense growth pace that will have a temporary
negative impact on its leverage and cash-flow protection
measures.  S&P expects debt leverage ratios and liquidity to
remain satisfactory.  A positive change of the ratings or
outlook would depend on Multiplan delivering stronger cash-flow
protection measures than originally expected, such as an
FFO-to-total debt ratio consistently above 40% and lower
leverage (total debt-to-EBITDA ratio continuously below 2.0).  
S&P would lower the ratings or outlook if the company's growth
plans negatively affect its cash-flow generation in the next
years, resulting in an FFO-to-total debt ratio consistently in
the 20% area or lower, but especially if the majority of the
company's growth is financed with more debt than originally
expected, reflected by a total debt-to-EBITDA ratio of more than
4.0.

Headquartered in Rio de Janeiro, Brazil, Multiplan
Empreendimentos Imobiliarios SA -- http://www.multiplan.com.br/
-- develops, operates, and owns shopping center portfolios in
Brazil, including BHShopping, BarraShopping, RibeiraoShopping,
MorumbiShopping and DiamondMall.  Multiplan specializes in the
prospecting of land plots; planning, development, marketing and
supervision of construction work, and management of the shopping
facilities, as well as its immediate surrounding areas and
parking spaces.



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

BAE SYSTEMS: To Hold Final Shareholders Meeting on Aug. 8
---------------------------------------------------------
Bae Systems (Hong Kong) Ltd. will hold its final shareholders
meeting on Aug. 8, 2008, at 10:00 a.m., at 8th Floor, Gloucester
Tower, The Landmark, 15 Queen's Road Central, Hong Kong.

The accounting of the wind-up process will be taken up during
the meeting.

Bae Systems' shareholders agreed on June 10, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Thomas Andrew Corkhill and Iain Ferguson Bruce
               c/o KCS Hong Kong Limited
               8th Floor, Gloucester Tower, The Landmark
               15 Queen's Road Central, Hong Kong


CAM ENERGY: Will Hold Final Shareholders Meeting on Aug. 8
----------------------------------------------------------
Cam Energy Products Ltd. will hold its final shareholders
meeting on Aug. 8, 2008, at 1:00 p.m., at the registered office
of the company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Cam Energy's shareholders agreed on June 27, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Walkers SPV Limited
                 Walker House, 87 Mary Street
                 George Town Grand Cayman
                 Cayman Islands


CLEAR SPRINGS: To Hold Final Shareholders Meeting on Aug. 8
-----------------------------------------------------------
Clear Springs Ltd. will hold its final shareholders meeting on
Aug. 8, 2008, at 10:30 p.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of six years from the
      dissolution of the company, after which they may be  
      destroyed.

Clear Springs' shareholders agreed on May 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               
                Westport Services Ltd.
                P.O. Box 1111
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Bonnie Willkom
                Telephone: (345) 949-5122
                Facsimile: (345) 949-7920


CLEAR SPRINGS ACQUISITION: Final Shareholders Meeting on Aug. 8
---------------------------------------------------------------
Clear Springs Acquisition Ltd. will hold its final shareholders
meeting on Aug. 8, 2008, at 9:00 a.m., at the registered office
of the company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of six years from the
      dissolution of the company, after which they may be  
      destroyed.

Clear Springs' shareholders agreed on May 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Westport Services Ltd.
                P.O. Box 1111
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Bonnie Willkom
                Telephone: (345) 949-5122
                Facsimile: (345) 949-7920


CLEAR SPRINGS EQUITY: Sets Final Shareholders Meeting for Aug. 8
----------------------------------------------------------------
Clear Springs Equity Ltd. will hold its final shareholders
meeting on Aug. 8, 2008, at 9:30 a.m., at the registered office
of the company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of six years from the
      dissolution of the company, after which they may be  
      destroyed.

Clear Springs' shareholders agreed on May 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Westport Services Ltd.
                P.O. Box 1111
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Bonnie Willkom
                Telephone: (345) 949-5122
                Facsimile: (345) 949-7920


CLEAR SPRINGS HOLDINGS: Final Shareholders Meeting Is on Aug. 8
---------------------------------------------------------------
Clear Springs Holdings Ltd. will hold its final shareholders
meeting on Aug. 8, 2008, at 10:00 a.m., at the registered office
of the company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of six years from the
      dissolution of the company, after which they may be  
      destroyed.

Clear Springs' shareholders agreed on May 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Westport Services Ltd.
                P.O. Box 1111
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Bonnie Willkom
                Telephone: (345) 949-5122
                Facsimile: (345) 949-792


DIVERSIFIED EQUITY: Sets Final Shareholders Meeting for Aug. 8
--------------------------------------------------------------
Diversified Equity Ltd. will hold its final shareholders meeting
on Aug. 8, 2008, at 11:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of six years from the
      dissolution of the company, after which they may be  
      destroyed.

Diversified Equity's shareholders agreed on May 29, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Westport Services Ltd.
                P.O. Box 1111
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Bonnie Willkom
                Telephone: (345) 949-5122
                Facsimile: (345) 949-792


GSC CREDIT: To Hold Final Shareholders Meeting on Aug. 8
--------------------------------------------------------
GSC Credit Strategies Fund Ltd. will hold its final shareholders
meeting on Aug. 8, 2008, at the offices of Maples Finance
Limited, Boundary Hall, Cricket Square, George Town, Grand
Cayman, Cayman Islands.

The accounting of the wind-up process will be taken up during
the meeting.

GSC Credit Strategies' shareholders agreed on June 26, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Bobby Toor
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


IJARA EQUITY: Will Hold Final Shareholders Meeting on Aug. 8
------------------------------------------------------------
Ijara Equity Ltd. will hold its final shareholders meeting on
Aug. 8, 2008, at 11:30 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of six years from the
      dissolution of the company, after which they may be  
      destroyed.

Ijara Equity's shareholders agreed on May 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Westport Services Ltd.
                P.O. Box 1111
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Bonnie Willkom
                Telephone: (345) 949-5122
                Facsimile: (345) 949-792


MV FUNDING: Sets Final Shareholders Meeting for Aug. 8
------------------------------------------------------
MV Funding Ltd. will hold its final shareholders meeting on
Aug. 8, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

The accounting of the wind-up process will be taken up during
the meeting.

MV Funding's shareholders agreed on June 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Mora Goddard and Emile Small
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SEDGEWOOD EQUITY: To Hold Final Shareholders Meeting on Aug. 8
--------------------------------------------------------------
Sedgewood Equity Ltd. will hold its final shareholders meeting
on Aug. 8, 2008, at 1:00 p.m., at the registered office of the
company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of six years from the
      dissolution of the company, after which they may be  
      destroyed.

Sedgewood Equity's shareholders agreed on May 29, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Westport Services Ltd.
                P.O. Box 1111
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Bonnie Willkom
                Telephone: (345) 949-5122
                Facsimile: (345) 949-792


SEDGEWOOD INVESTMENTS: Final Shareholders Meeting Is on Aug. 8
--------------------------------------------------------------
Sedgewood Investments Ltd. will hold its final shareholders
meeting on Aug. 8, 2008, at 1:30 p.m., at the registered office
of the company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of six years from the
      dissolution of the company, after which they may be  
      destroyed.

Sedgewood Investments' shareholders agreed on May 29, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Westport Services Ltd.
                P.O. Box 1111
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Bonnie Willkom
                Telephone: (345) 949-5122
                Facsimile: (345) 949-792


SIXTINA 12: Sets Final Shareholders Meeting for Aug. 8
------------------------------------------------------
Sixtina 12 QI Capital Asia Fund Ltd. will hold its final
shareholders meeting on Aug. 8, 2008.

The accounting of the wind-up process will be taken up during
the meeting.

Sixtina 12's shareholder agreed on June 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Bobby Toor
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SIXTINA 12: To Hold Final Shareholders Meeting on Aug. 8
--------------------------------------------------------
Sixtina 12 QI Capital Asia Master Fund Ltd. will hold its final
shareholders meeting on Aug. 8, 2008.

The accounting of the wind-up process will be taken up during
the meeting.

Sixtina 12's shareholder agreed on June 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Bobby Toor
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SIXTINA 16: Sets Final Shareholders Meeting for Aug. 8
------------------------------------------------------
Sixtina 16 Campbell Global Fund Ltd. will hold its final
shareholders meeting on Aug. 8, 2008.

The accounting of the wind-up process will be taken up during
the meeting.

Sixtina 16's shareholder agreed on June 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Bobby Toor
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SIXTINA 16 CAMPBELL: Final Shareholders Meeting Is on Aug. 8
------------------------------------------------------------
Sixtina 16 Campbell Global Master Fund Ltd. will hold its final
shareholders meeting on Aug. 8, 2008.

The accounting of the wind-up process will be taken up during
the meeting.

Sixtina 16's shareholder agreed on June 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Bobby Toor
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SIXTINA 18: Will Hold Final Shareholders Meeting on Aug. 8
----------------------------------------------------------
Sixtina 18 Anakena Global Fund Ltd. will hold its final
shareholders meeting on Aug. 8, 2008.

The accounting of the wind-up process will be taken up during
the meeting.

Sixtina 18's shareholder agreed on June 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Bobby Toor
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SIXTINA 18 ANAKENA: Sets Final Shareholders Meeting for Aug. 8
--------------------------------------------------------------
Sixtina 18 Anakena Global Master Fund Ltd. will hold its final
shareholders meeting on Aug. 8, 2008.

The accounting of the wind-up process will be taken up during
the meeting.

Sixtina 18's shareholder agreed on June 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Bobby Toor
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SPENCER HOUSE: Final Shareholders Meeting Is on Aug. 8
------------------------------------------------------
Spencer House Capital Management European Fund Ltd. will hold
its final shareholders meeting on Aug. 8, 2008, at the offices
of Maples Finance Limited, Boundary Hall, Cricket Square, George
Town, Grand Cayman, Cayman Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Spencer House's shareholders agreed on June 26, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SPENCER HOUSE EUROPEAN: To Hold Final Holders Meeting on Aug. 8
---------------------------------------------------------------
Spencer House Capital Management European Master Fund Ltd. will
hold its final shareholders meeting on Aug. 8, 2008, at the
offices of Maples Finance Limited, Boundary Hall, Cricket
Square, George Town, Grand Cayman, Cayman Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Spencer House's shareholders agreed on June 26, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SPENCER HOUSE JAPAN: Sets Final Shareholders Meeting for Aug. 8
---------------------------------------------------------------
Spencer House Capital Management Japan Fund Ltd. will hold its
final shareholders meeting on Aug. 8, 2008, at the offices of
Maples Finance Limited, Boundary Hall, Cricket Square, George
Town, Grand Cayman, Cayman Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Spencer House's shareholders agreed on June 26, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SPENCER HOUSE JAPAN MASTER: Final Shareholders Meeting on Aug. 8
----------------------------------------------------------------
Spencer House Capital Management Japan Master Fund Ltd. will
hold its final shareholders meeting on Aug. 8, 2008, at the
offices of Maples Finance Limited, Boundary Hall, Cricket
Square, George Town, Grand Cayman, Cayman Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Spencer House's shareholders agreed on June 26, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SPENCER HOUSE MALACCA: Final Shareholders Meeting Is on Aug. 8
--------------------------------------------------------------
Spencer House Capital Management Malacca Fund Ltd. will hold its
final shareholders meeting on Aug. 8, 2008, at the offices of
Maples Finance Limited, Boundary Hall, Cricket Square, George
Town, Grand Cayman, Cayman Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Spencer House's shareholders agreed on June 26, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SPENCER HOUSE MALACCA MASTER: Final Holders Meeting on Aug. 8
-------------------------------------------------------------
Spencer House Capital Management Malacca Master Fund Ltd. will
hold its final shareholders meeting on Aug. 8, 2008, at the
offices of Maples Finance Limited, Boundary Hall, Cricket
Square, George Town, Grand Cayman, Cayman Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Spencer House's shareholders agreed on June 26, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands



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

BANCOLOMBIA: Reports COP375.3BB Net Income in Qtr. Ended June 30
----------------------------------------------------------------
(PRNewswire-FirstCall/Pam)

Bancolombia S.A. reported its financial results for the second
quarter of fiscal year 2008, ended June 30, 2008.

                           Summary:

During the quarter ended June 30, 2008, the company recorded net
income of COP375.3 billion, an increase of 55.6% as compared to
the pro forma COP241.3 billion for the quarter ended June 30,
2007.  Net income for the first six months of 2008 totaled
COP629.2 billion, increasing 40.6% as compared to the same
period of 2007.

As of June 30, 2008, bancolombia's gross loans totaled
COP39,327 billion, increasing 22% as compared to second quarter
2007.  Loan growth pace, although lower than recent years'
levels, increased from the 21.5% year over year loan growth
presented in the quarter ended March 31, 2008.

The company's ratio of past due loans to total loans as of
June 30, 2008, increased slightly to 3.5% from 3.4% in first
quarter 2008. Charge-offs for second quarter 2008 totaled
COP104 billion and coverage ratio, measured as the ratio between
allowances for loan and accrued interest losses and past due
loans, increased to 120.1% from 115.2% in first quarter 2008.

Bancolombia's efficiency ratio, measured as the ratio between
operating expenses and net operating income, reached 45.8% for
second quarter 2008 compared to the 56.7% pro forma efficiency
ratio for second quarter 2007.

The company's annualized average return on equity for second
quarter 2008 was 29.5% increasing considerably from 19.7% for
first quarter 2008.  The bank's earnings per share for second
quarter 2008 were COP476.43 or US$0.99 per ADR.    

The bank's positive performance in second quarter 2008 was
mainly driven by strong growth in the main lines of revenue,
such as:

  -- Net interest income that totaled COP857.8 billion in
     second quarter 2008, resulting in an increase of 24.6% as
     compared to the pro forma figures for second quarter 2007.

  -- Fees and income from services that amounted to
     COP346.5 billion in second quarter 2008, representing an
     increase of 18% as compared to the pro forma figures for
     second quarter 2007.

  -- Other operating income that amounted to COP195.8 billion
     in second quarter 2008, representing an increase of 314%
     as compared to the pro forma figures for second quarter
     2007.

The bank's performance in second quarter 2008 was partially
off-set by:

  -- Total net provisions that amounted to COP241.7 billion
     for second quarter 2008, representing an increase of 96.2%
     when compared to the pro forma figures for second quarter
     2007.

  -- Fees and other service expenses that amounted to
     COP47.6 billion, increasing 113.9% as compared to the pro
     forma figures for second quarter 2007.

During second quarter 2008, Bancolombia executed an agreement to
sell 100% of its interest in Multienlace S.A, company that
provides business process outsourcing and contact center
services to corporate clients.  As a partial result of this
deal, the bank had non-recurring net income of COP21 billion in
second quarter 2008.  In addition, the bank recorded
COP19.7 billion as non-recurring net income as a consequence of
the VISA initial public offering.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York S0tock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2008, Moody's Investors Service upgraded Bancolombia's
foreign currency subordinated bond rating to Baa3 from Ba1.
Moody's said the outlook is stable.


BANCOLOMBIA SA: Research Oracle Keeps Buy Rating on Shares
----------------------------------------------------------
(sheryl/Research Oracle News pr)

Research Oracle News keeps its “buy” recommendation on
Bancolombia S.A.'s shares.  

Bancolombia's second quarter 2008 top- and bottom-lines exceeded
Research Oracle's estimates.  As a result, Research Oracle
expects to raise its estimates and target price when it revalue
the company in its next full update report.  

Research Oracle continues to anticipate a significant positive
currency impact on the American Depository Receipt over its
investment horizon.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York S0tock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2008, Moody's Investors Service upgraded Bancolombia's
foreign currency subordinated bond rating to Baa3 from Ba1.
Moody's said the outlook is stable.


BRIGHTPOINT INC: Posts US$2.3 Million Net Loss in Second Quarter
----------------------------------------------------------------
Brightpoint Inc. posted a net loss of US$2.3 million for the
three months ended June 30, 2008, compared to net income of
US$17.7 million for the same period in 2007.

Because of the acquisition of Dangaard Telecom on July 31, 2007,
the company believes that it is meaningful to compare financial
results for the second quarter of 2008 to the first quarter of
2008 as well as to the second quarter of 2007.

Revenue was US$1.2 billion for the second quarter of 2008, an
increase of 2% from the first quarter of 2008 and an increase of
43% from the second quarter of 2007.

Adjusted income from continuing operations (non-GAAP) of US$4.7
million compared to US$7.3 million for the first quarter of 2008
and US$5.4 million for the second quarter of 2007.  Adjustments
to income from continuing operations for the second quarter of
2008 include:

* A US$3.0 million restructuring charge (pre-tax) consisting
   primarily of a US$1.6 million charge in connection with the
   previously announced sale of certain assets in Colombia and a
   US$1.1 million charge to write-off IT projects that were
   abandoned after the acquisition of Dangaard Telecom.

* US$4.7 million (pre-tax) of non-cash amortization expense
   related to acquired intangible assets.

* US$1.8 million (pre-tax) of non-cash stock based compensation
   expense.

Additionally, second quarter 2008 results were impacted by the
following items:

* A US$7.5 million (pre-tax) charge in Slovakia related to the
   liquidation of slow moving locally branded notebook PCs in
   advance of the roll-out of a new microchip platform from
   Intel.  The company is currently in discussions with its
   partners to evaluate the future of this program.  The company
   expects to be completely sold through this inventory by the
   end of the third quarter of 2008.

* A US$0.9 million (pre-tax) loss from the sale of shares of
   Tessco, Inc. common stock resulting from a privately
   negotiated transaction with Tessco, Inc. to sell these
   shares.

* A US$1.0 million (pre-tax) inventory obsolescence charge in
   Poland due to the unsuccessful negotiation of price
   protection with a mobile virtual network operator and related
   manufacturers.  The company has taken steps to mitigate
   future risks associated with this program.

* An income tax benefit of US$5.0 million, which includes a
   US$3.0 million benefit from the reversal of a valuation
   allowance on deferred tax assets resulting from previous net
   operating losses in Germany

Cash provided by operating activities was US$259.8 million for
the six months ended June 30, 2008, compared to cash used in
operating activities of US$11.9 million for same period in the
prior year.  Cash provided by operating activities as well as
cash on hand was used to pay down borrowings by US$235.0 million
as of June 30, 2008.

The company handled 19.9 million wireless devices for the second
quarter of 2008 compared to 21.8 million for the first quarter
of 2008 and 19.4 million for the second quarter of 2007, a
decrease of approximately 9% from the first quarter of 2008 and
an increase of 2% from the second quarter of 2007.  The sale of
certain assets in Colombia resulted in approximately 1.0 million
fewer units handled in the second quarter of 2008 compared to
the first quarter of 2008 and 0.8 million fewer units compared
to the second quarter of 2007.

Gross margin was 6.5% for the second quarter of 2008, a decrease
of 0.8 percentage points from the first quarter of 2008 and an
increase of 1.6 percentage points from the second quarter of
2007.  Gross margin was negatively impacted by approximately 0.8
percentage points due to the loss related to the liquidation of
locally branded PC notebooks in Slovakia.

SG&A expenses of US$71.4 million for the second quarter of 2008
were relatively flat compared to the first quarter of 2008 and
increased 118% compared to the second quarter of 2007.  SG&A
expenses increased compared to the second quarter of 2007
primarily because of the acquisition of Dangaard Telecom.  SG&A
expenses as a percent of revenue were 5.9% for the second
quarter of 2008 compared to 6.0% for the first quarter of 2008
and 3.8% compared to the second quarter of 2007.

Interest expense was US$6.9 million for the second quarter of
2008 compared to US$7.5 million for the first quarter of 2008
and US$2.3 million for the second quarter of 2007.

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                         *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


DOLE FOOD: Board Panel Adopts Incentive Plans for Executives
------------------------------------------------------------
The Corporate Compensation and Benefits Committee of Dole Food
Company adopted a One-Year Management Incentive Plan for 2008
and a Sustained Profit Growth Plan for the 2008—2010 incentive
period, both of which are applicable to the company's Named
Executive Officers and other selected employees.  The 2008 One-
Year Management Incentive Plan is substantially similar to the
One-Year Management Incentive Plan disclosed in the 2007 Form
10-K, except that the 2008 target bonuses for the Named
Executive Officers range from 75% to 110% of salary.

The Sustained Profit Growth Plan for the 2008—2010 incentive
period is substantially similar to the Sustained Profit Growth
Plan disclosed in the 2007 Form 10-K, except that the financial
performance measures used in the performance matrix have been
changed to earnings before interest expense and income taxes,
plus depreciation and amortization and the leverage ratio of
OPBD to net debt.  The target payout under the Sustained Profit
Growth Plan for the Named Executive Officers continues to range
from 115% to 150% of salary.

                  Grants of Plan-Based Awards

     Estimated Future Payout Under Non-Equity Incentive Awards
     ---------------------------------------------------------

  Plan                    Threshold      Target       Maximum
  ----                    ---------      ------       -------

* David H. Murdock
     
  2008 One-Year Plan      US$313,500  US$1,045,000  US$3,135,000

  2008-2010 Growth Plan   US$498,750  US$1,425,000  US$4,275,000

* David A. DeLorenzo

  2008 One-Year Plan      US$396,000  US$1,320,000  US$3,960,000

  2008-2010 Growth Plan   US$630,000  US$1,800,000  US$5,400,000

* C. Michael Carter

  2008 One-Year Plan      US$153,000    US$510,000  US$1,530,000

  2008-2010 Growth Plan   US$262,500    US$750,000  US$2,250,000

* Joseph S. Tesoriero

  2008 One-Year Plan      US$112,500    US$375,000  US$1,125,000

  2008-2010 Growth Plan   US$181,125    US$517,500  US$1,552,500

                        About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/--  is a producer of fresh       
fruit and fresh vegetables, and markets a line of value-added
products.  The company operates in four business segments: fresh
fruit, fresh vegetables, packaged foods and fresh-cut flowers.
The fresh fruit segment contains operating divisions that
produce and market fresh fruit to wholesale, retail and
institutional customers worldwide.  The fresh vegetables segment
contains two operating divisions that produce and market
commodity and fresh-cut vegetables to wholesale, retail and
institutional customers, primarily in North America, Europe and
Asia.  The packaged foods segment contains operating divisions
that produce and market packaged foods, including fruit, juices
and snack foods.  The fresh-cut flowers segment sources, imports
and markets fresh-cut flowers, grown mainly in Columbia,
primarily to wholesale florists and retail grocers in the United
States.

In Latin America, Dole owns and operates 11 packing and cold
storage facilities, a corrugated box plant and a wooden box
plant in Chile.  The Company also operates a fresh-cut salad
plant and a small local fruit distribution company in Chile.
Dole also owns and operates corrugated box plants in Colombia,
Costa Rica, Ecuador and Honduras and a value-added vegetable
plant in Costa Rica.

                          *     *     *

As disclosed in the Troubled Company Reporter-Latin America on
April 22, 2008, Standard & Poor's Ratings Services assigned
recovery ratings to Dole Food Co. Inc.'s unsecured debt issues
and raised the issue-level ratings on this debt.  The issue-
level ratings on the unsecured debt were raised to 'B-' from
'CCC+'.  Recovery ratings of '4' were assigned to this debt,
indicating the expectation of average (30%-50%) recovery in the
event of a payment default.
     
In addition, Dole Food Company Inc. carries Moody's Investors
Service's Caa1 Senior Unsecured Debt rating assigned on Feb. 25,
2008.  Rating holds to date.


* COLOMBIA: Moody's Ba1 Bond Rating Reflects Growth Potential
-------------------------------------------------------------
Moody's Investors Service says in its annual report on Colombia
that the country's Ba1 foreign currency government bond rating
reflects the potential for continued strong growth, policy
predictability, a strong debt service track record, and support
from the United States.

Among the key constraints identified in the report are
challenges to the fiscal consolidation in place since 2003,
particularly in light of increasing inflexibility in
expenditures, and a structural central government deficit of
around 5% of GDP.  In addition, Colombia's external imbalance
and its growing dependence on trade with Venezuela underscore
the vulnerability to a turn in the commodity cycle and lack of
diversification.

“Over the past few years, the combination of extremely positive
debt dynamics, skillful liability management and ample global
appetite for emerging market risk has led to considerable
improvements in Colombia's debt profile, thus lowering
refinancing risk,” said Moody's Vice President and Senior
Analyst Alessandra Alecci, author of the report.  “This has
included the reduction of the public's exposure to foreign
currency debt, which is now around 30% of the total, from 50% in
2002, in part driven by the massive deepening of the domestic
financial system, which has expanded the government's ability to
finance itself in local currency.”

These developments, she said, coupled with Colombia's own
reduction in its gross financing requirements, were key elements
in the recent decision to upgrade the foreign currency
government bond rating to Ba1 from Ba2.

“While there is some risk that inflation -- now well above the
upper bound of the target -- could lead to more aggressive and
sudden tightening and a sharper-than-expected slowdown in
economic activity, these are not issues that would lead to a
change in ratings because they are not expected to fundamentally
change Colombia's fiscal and debt position,” said Ms. Alecci.

She added that an outright recession due to a collapse of
domestic and foreign investment is a low-probability scenario.
Also, there are no evident excesses in the financial system and
in the real economy that risk severely affecting the
government's balance sheet even in the event of a hard landing.
Lastly, while the external imbalance and its financing remain a
source of concern, the impact of a steep depreciation of the
currency, albeit unlikely, due to runaway inflation or a slowing
of capital inflows on government debt metrics is mitigated by
the currency composition of the public debt stock, which is less
than 30% in foreign currency.

“Although its creditworthiness has improved significantly over
the past few years, Colombia's public and external debt
positions do not yet support the sovereign's rating in the
investment grade category,” said Ms. Alecci.  “The combination
of inflexible public spending and a relatively narrow tax base
poses ongoing risks to fiscal sustainability.”  On the external
front, she said, the country runs a current account deficit and
is increasingly dependent on a single market, Venezuela, for its
non-oil export sales.

“The persistence of these twin deficits -- in a context of easy
spillover of one to the other -- makes Colombia vulnerable to a
sudden and sharp adjustment in the event of a global liquidity
crisis that could negatively affect the availability of
financing,” said the analyst.

Regarding the remarkable advances in the war against anti-
government guerrillas, the impact on the ratings is indirect,
particularly through economic growth and the greater
availability of resources in the fiscal accounts -- around 5% of
GDP is devoted to defense spending.

“However, this is a 40-year old conflict that has not precluded
Colombia from reaching investment grade status in the past.  Its
end will not, in and of itself, lead to an upgrade,” concluded
Ms. Alecci.



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

BANCO INTERCONTINENTAL: Hipolito Mejia Denies Fraud Accusations
---------------------------------------------------------------
Dominican Today reports that Hipolito Mejia, the former
president of the Dominican Republic, has defended his
administration and himself against President Leonel Fernandez's
fraud accusations related to Banco Intercontinental.

According to Dominican Today, Mr. Mejia described President
Fernandez's allegations as “unfounded and politicking” and said
he is satisfied with the conviction of those implicated in the
Banco Intercontinental fraud.

The World Bank, International Monetary Fund, and foreign
embassies supported the previous government's decisions to deal
with the fraud, “because it avoided the collapse of the national
financial system and protected more than 700,000 depositors,”
Dominican Today says, citing a letter Mr. Mejia sent to
President Fernandez.  According to the report, Mr. Mejia said in
the letter, “The decision of Dominican justice, complemented by
that group of totally independent opinions, shows that the
accusation by you and some of your economic team officials
against my government is totally unfounded and politicking”
adding that “It was possible to be conclude from the analysis of
those experts that the banking crisis was the result of a fraud
that began in 1989 and exploded in 2003 when the intervention of
the government that I presided takes place.”

Mr. Mejia said that as soon as his administration noticed the
insolvency of the three banks which then collapsed, they
“intervened to protect the depositors and the financial system,”
Domincian Today notes.  The Central Bank could confirm if 19
savings and loans associations, three multi-banks, and several
pension funds, retirement plans, and foundations, non-government
organizations and churches, had substantial deposits in the
collapsed banks, the report states, citing Mr. Mejia.

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.


PRC LLC: Court Okays Stipulation Resolving BGTX Project's Claim
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a stipulation between PRC LLC and its debtor-affiliates
and BGTX Project L.P. that resolves BGTX's US$1.6 million claim.

Prior to the confirmation of the Debtors' Joint Plan of
Reorganization, BGTX Project delivered to the Court its
objection to the Plan.  BGTX also filed an amended proof of
claim for US$696,250 for damages to certain Leased Premises and
US$1,060,712 in damages arising from the Debtors' rejection of
the premises at 3350 Boyington, in Carrolton, Texas.

The Debtors disputed BGTX's amended proof of claim.

In an effort to resolve their disputes, the Parties entered into
a stipulation that provides that:

   (1) The Amended Proof of Claim is reduced and will be allowed
       as a Class 6 General Unsecured Claim under the Plan for
       US$937,055 in full and final satisfaction of Amended
       Proof of Claim;

   (2) The Debtors will vacate the Leased Premises by July 31,
       2008;

   (3) The Debtors are current on all postpetition rent and
       lease obligations.  Except for the Allowed Claim, BGTX
       agrees to relinquish any claim, lien, or encumbrance it
       may have arising under or relating to the Lease;

   (4) The Debtors will purchase and pay for the installation of
       a light post on the Leased Premises.  BGTX will cooperate
       in the installation and testing of the light post;

   (5) The Debtors will not remove any of the cubicles in the
       Leased Premises, and BGTX may take possession of the
       cubicles as-is, where-is, without any warranty, in
       partial satisfaction of BGTX's claim, provided that the
       non-removal of the cubicles will not reduce the Allowed
       Claim;

   (6) The Debtors may remove from the Leased Premises personal
       property, including task chairs, computers and servers,
       files and business records, file cabinets, signage, any
       personal property which the Debtors are not a lessee or
       custodian, and miscellaneous furniture other than the
       cubicles;

   (7) Except to disconnect and remove the Removable Property
       from the Leased Premises, the Debtors will not interfere
       with any existing wiring; and

   (8) BGTX and its affiliates will forever release and
       discharge the Debtors from all claims and causes of
       actions arising under the Lease and the Amended Proof of
       Claim.  BGTX, however, reserves its right to file a
       request for payment of an administrative claim in
       accordance with the Plan, solely in connection with the
       damages to the Leased Premises arising from the Debtors
       vacating the Leased Premises.

                           About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer       
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  The Court confirmed that Plan
mid-June 2008.  (PRC LLC Bankruptcy News, Issue
No. 18; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Spirit Air Seeks Clarification on Possible Overcharging
----------------------------------------------------------------
Spirit Airlines, Inc., asks the U.S. Bankruptcy Court for the
Southern District of New York for a true-up of April 2008
services for which PRC LLC and its debtor-affiliates billed it
US$679,122.

As reported in the Troubled Company Reporter on April 21, 2008,
the Debtors entered into a stipulation with Spirit Airlines
resolving a dispute related to services the Debtors provide to
Spirit Air Lines.

The parties executed the Letter of Authorization on June 8,
2007, to formalize a master services agreement, statements of
work, and other documents relating to services to be rendered by
the Debtors.  Counsel to the Debtors related that the parties
could not formalize the letter of authorization because they did
not agree on profitable terms for the Debtors to provide the
services Spirit Air Lines required.  There is little value in
the Spirit Air Lines Agreement for the Debtors' reorganization,
the Debtors' counsel maintained.  

Spirit Air relates that it deposited with the Bankruptcy Court
Registry Check No. 700492 for US$679,122 as “good faith deposit”
for the Debtors' invoice dated June 5, 2008.  Spirit Airlines
says the payment is pursuant to its stipulation with the Debtors
for the termination of the Debtors' call center services to
Spirit Air effective March 31, 2008.  

Spirit Air also seeks for a true-up of the June 2008 services,
which the Debtors have yet to invoice.

In addition, Spirit Air seeks relief for potential overcharging
the Debtors may have made under the Stipulation.

                           About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer       
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  The Court confirmed that Plan
mid-June 2008.  (PRC LLC Bankruptcy News, Issue
No. 18; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)



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

FILANBANCO: Gov't to Seize Isaias' Stock Shares to Pay Debts
------------------------------------------------------------
The Ecuadorian government said it would confiscate Grupo Isaias'
stock shares in 58 firms to help pay for debts generated by the
collapse of the group's bank, Filanbanco, Jeanneth Valdivieso at
the Associated Press reports.

As reported in the Troubled Company Reporter-Latin America on
July 10, 2008, the Ecuadorian government confiscated about 195
companies allegedly operated by relatives of William and Roberto
Isaias, who fled to the U.S. after being charged with
embezzlement after their bank Filanbanco collapsed in 1998.  
U.S. government officials estimated losses of US$661 million for
Filanbanco.  According to Filanbanco Shareholders Association's
President Oscar Ayerve, the bank owes creditors about US$350
million and about 60,000 clients lost money when the bank
collapsed.  Ecuadorian President Rafael Correa said that the
seized companies would likely be auctioned off to repay
Filanbanco's depositors.

According to the national agency in charge of insuring deposits,
authorities are seizing Grupo Isaias' shares in the private
electric firm Electroquil and publishing companies Edimpres SA,
which prints the national news daily Hoy, and the Editorial
Minotauro SA, which prints the national daily newspaper La Hora.  
The AP relates that the agency said the other stock shares being
confiscated include those in agricultural, automotive, real
estate, tobacco, and communications businesses.

The Isaias brothers' legal representatives argue that the
seizures are illegal, the AP states.

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2003, Filanbanco was intervened by authorities during
the 1998-1999 financial crisis.  Authorities ran the loss-making
operation until the bank's closure on July 17, 2001.  Three
firms -- Thesis Antares, Gomez Giraldo y Asociados, and Hunton &
William American Services -- had been awarded a contract to
recover US$392 million in bad loans.  But the contract process
was drawn out for several months because of legal problems and
requests for more information by interested companies.



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

DIGICEL LTD: Wins US$2 Million WiMAX License in Honduras
--------------------------------------------------------
Digicel Ltd. has won a license in the 2.5 gigahertz spectrum to
deliver low cost broadband internet services using WiMAX
technology in Honduras.

Digicel secured the only license that covers the eight most
densely populated areas of Honduras including Atlantida, Bay
Islands, Choluteca, Comayagua, Cortes, Francisco Morazan, La Paz
and Valle, representing nearly 60% of the country's population
of 7.64 million.  The license was obtained by Digicel for
US$2 million through a competitive bid process which saw it
going head to head with America Movil/Claro, Autoconsa, Axioma
Empresarial, Lumelsa and Millicom/Tigo.

WiMAX not only delivers a wireless broadband internet service
comparable to what users are accustomed to getting in the office
or at home, but also integrates high speed voice and data
serving up a fast, cost-efficient and seamless wireless mobile
communications experience.

With mobile WiMAX forecast to undergo a compound annual growth
rate of 198% between 2008 and 2012 according to the “Telecom
Application Report 2008”, Digicel's customers in Jamaica and the
Cayman Islands -- where demand has been phenomenal -- are
already seeing the multiple benefits of this technology in terms
of cost, coverage, bandwidth and security.

Miguel Garcia, CEO of Digicel Honduras, commented, “This is a
very important step for Digicel.  While we are committed to
offering the best services and value for money to our customers,
with WiMAX, we will also be able to contribute further to the
economic growth and social development of Honduras by delivering
broadband mobile internet access to customers in the most
densely populated locations across Honduras.”

Mr. Garcia said, “In other markets where we've rolled out WiMAX
services, the response has been fantastic.  We're looking
forward to delighting our customers in Honduras in a similar
way.”  WiMAX is a standards-based wireless technology that
provides high-throughput broadband connections over long
distances and can be used for a number of applications,
including “last mile” broadband connections and high-speed
enterprise connectivity for business.

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

                         *     *     *

In February 2007, Moody's Investors Service affirmed its Caa2
senior unsecured rating to Digicel Group Limited's
US$1.4 billion senior unsecured notes offering.



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

AIR JAMAICA: Owes Kingston & St. Andrew Corp. J$10 Million
----------------------------------------------------------
Radio Jamaica reports that Air Jamaica owes Kingston and St.
Andrew Corporation, a.k.a. KSAC, about J$10 million.

The Kingston and St. Andrew local governments were amalgamated
by the Kingston and St. Andrew Corporation Act of 1923, to form
KSAC.  Greater Kingston, or the “corporate area” refers to KSAC,
but doesn't solely refer to Kingston Parish.

According to Radio Jamaica, Kingston's Mayor Desmond McKenzie is
angry at several entertainment venues and promoters due to their
refusal to pay advertising fees since 1998.  The report says
that the mayor told journalists that the council is owed in
excess of J$50 million.

Radio Jamaica relates that companies who haven't paid KSAC
include Air Jamaica.  Mayor McKenzie said the council will be
“taking the fight to these companies to ensure compliance,” the
report notes.  According to Radio Jamaica, the mayor said that
KSAC's lawyers have been instructed to act immediately to ensure
compliance.

Mayor McKenzie said that KSAC wants Air Jamaica to pay its debt
before the company is wound up, Radio Jamaica states.

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.


AIR JAMAICA: Names Edward Wegel as New Chief Executive Officer
--------------------------------------------------------------
Financially-troubled Air Jamaica has named Edward Wegel as the
airline's new Chief Executive Officer, Radio Jamaica reports.

According to RJR News, the company's Board of Directors selected
Mr. Weger over Executive Vice President and former Chief
Operating Officer, David Banmiller.

Mr. Weger, who will assume the executive post by end of August,
will be responsible for heading the company until the
privitization plans pushes through next year, RJR relates.

Radio Jamaica notes that Mr. Wegel, who has 25 years experience
in the airline industry, was the President and member of the
Board at BWIA International Airways from 1994-1996.  He also
served as Eartern Airlines' Director of Finance between 1985 and
1987 prior to working as Vice President in the investment
banking/restructuring division of Lehman Brothers in New York.

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.


DELTA AIR: Adds Flights to Seven Caribbean Destinations
-------------------------------------------------------
Delta Air Lines has added seasonal frequencies to its current
schedule to seven Caribbean destinations to satisfy the rising
demand for warm destinations during the winter season.

Starting Dec. 20, 2008, Delta will add nonstop service from
Hartsfield-Jackson Atlanta International Airport to each of the
following destinations where it already offers service:

-- Aruba (second daily flight);
-- George Town, Cayman Islands (second Saturday flight);
-- Montego Bay, Jamaica (third daily flight);
-- Providenciales; Turks and Caicos (second Saturday flight);
-- Punta Cana, Dominican Republic (second daily flight); and
-- St. Maarten (second Saturday flight).

Delta also will add four weekly flights between Atlanta and St.
Thomas effective Dec. 18.  Schedule details are available at the
company's Web site.

“The Caribbean is a perennial favorite spot for tourists during
the winter months, and Delta is making it easier and more
convenient for customers to reach their preferred beach
destination,” said Miguel Lopez, Delta's Regional Director of
Sales for Central America and the Caribbean.

Delta also will inaugurate in December new year-round nonstop
service between New York's John F. Kennedy International Airport
(JFK) and Buenos Aires, Argentina (Dec. 18); Atlanta and
Tegucigalpa, Honduras (Dec. 18); New York-JFK and Bonaire
(Dec. 20), and Atlanta and Santiago de los Caballeros, Dominican
Republic (Dec. 20).

                        About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.



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

CORPORACION DURANGO: Fitch Junks Currency Ratings to CC From B-
---------------------------------------------------------------
Fitch Ratings has downgraded these credit ratings of Corporacion
Durango S.A. de C.V.:

  -- Foreign Currency issuer default rating to 'CC' from 'B-';
  -- Local Currency issuer default rating to 'CC' from 'B-';
  -- Notes due in 2017 to 'CC/RR4' from 'B/RR3'.

All of the above ratings remain on rating watch negative.

The downgrades reflect the continued deterioration of
Corporacion Durango's business and financial profile.  The cash
flow stress the company is undergoing is due to continued high
prices for old corrugated containers and rising energy costs.  
The prices for these two key components of the company's cost
structure are not expected to abate in the near future, which
heightens risk that the company will not be able to meet its
near-term debt obligations.

Corporacion Durango ended June 30, 2008 with US$35 million of
cash and marketable securities and US$12 million of short-term
debt.  On Oct. 5, 2008, the company is scheduled to make a
US$26.5 million coupon payment on its notes due in 2017.  During
the latest 12 months ended June 30, 2008, the company generated
US$65 million of EBITDA, a decline from US$126 million of EBITDA
during the LTM ended June 30, 2007.  During this time period,
the company's per-ton production cost increased to US$619 from
US$502, while the average prices that it sold its product only
increased to US$655 per ton from US$595 per ton.  The company's
LTM EBITDA is expected to continue to decline, as it generated
US$13 million of EBITDA during the first quarter of 2008 and
only US$9 million during the second quarter of 2008.

The 'RR4' issue rating is consistent with an anticipated
recovery in the event of default of between 31% and 50%.  The
downgrade of the recovery rating of the company's 2017 note to
'RR4' from 'RR3' is due to lower expectations of the company's
future enterprise valuation due to the impact of rising energy
costs on the company's long-term cost structure.

Corporacion Durango, S.A. de C.V. (BMV: CODUSA), a vertically
integrated producer of paper and packaging products in Mexico,
previously announced that the First Federal District Court in
Durango, Mexico, has approved the company's plan of
reorganization and declared the termination of its “Concurso
Mercantil” proceeding.


MOVIE GALLERY: Changes Board of Directors & Management Team
-----------------------------------------------------------
Joe T. Malugen resigned as member of Movie Gallery Inc.'s Board
of Directors on July 28, 2008, the company disclosed in a
statement.  S. Page Todd, executive vice president, secretary,
general counsel and chief compliance officer, also left the
company effective July 30.

“We appreciate all that Joe and Page have done for this
company,” said C.J. “Gabe” Gabriel, president and chief
executive officer of Movie Gallery.

“As a founder, Joe played an instrumental role in creating Movie
Gallery.  Similarly, Page has been a key member of the senior
management team for the last 14 years.  On behalf of the Board
and all of our talented partners and associates, I thank Joe and
Page for their service and wish them well in their future
endeavors,” Mr. Gabriel added.

Prior to this, Movie Gallery named Lucinda “Cindy” M. Baier as
executive vice president and chief financial officer effective
July 28, 2008.  Ms. Baier reports directly to Mr. Gabriel.

Ms. Baier succeeds Thomas D. Johnson, Jr., who has served as the
Movie Gallery's chief financial officer since June 2006.  Mr.
Johnson, who joined Movie Gallery in April 2004, will be leaving
the company following a brief transition period.

“Cindy is an outstanding addition to our already strong team,”
Mr. Gabriel stated.  “Her broad range of financial, operational
and strategic experience makes her the ideal candidate to lead
our finance and accounting organization.  Cindy shares our
vision for the future direction of the company and we are
confident that she is well-suited to drive forward the important
work already underway to enhance our financial performance.”

“I want to thank Thomas for his significant contributions to the
company over the last four years.  Thomas has been an invaluable
member of our team and we wish him all the best in his future
endeavors,” Mr. Gabriel said.

Ms. Baier was most recently senior vice president and chief
financial officer of World Kitchen, LLC.  She previously served
as president and chief operating officer of Whitehall Jewelers
Inc., where she strengthened the Company's overall financial and
business management.  Earlier in her career, at Sears, Roebuck
and Co., Ms. Baier served in a variety of capacities, including
general manager for the company's credit and financial products
business and chief financial officer for credit and financial
products, with responsibilities ranging from managing the
company's strategic planning process to negotiating the sale of
its Credit business.  Ms. Baier, who is a certified public
accountant, began her career at Arthur Andersen & Company.  She
received Bachelor's and Master's degrees in Accounting from
Illinois State University.

A full-text copy of the Employment Agreement governing Ms.
Baier's engagement with Movie Gallery is available for free at:

               http://researcharchives.com/t/s?3068

As reported in the Troubled Company Reporter on July 7, 2008, Bo
Loyd, Executive Vice President and Chief Merchandising Officer
of Movie Gallery, resigned as of June 20, 2008, according to a
press statement.  Sherif Mityas, the chief operating officer and
president of Retail Operations, will assume Mr. Loyd's
responsibilities.

                       About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment     
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.
The company has operations in Mexico.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853).  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kurtzman Carson Consultants LLC.  
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.

The U.S. Bankruptcy Court for the Eastern District of Virginia
confirmed the Debtors' Second Amended Chapter 11 Plan of
Reorganization on April 9, 2008.  (Movie Gallery Bankruptcy News
Issue No. 32; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: COO Mityas Lays Out Going-Forward Plans
------------------------------------------------------
As Movie Gallery, Inc., exits bankruptcy, it “is moving forward
a very coordinated event and merchandising plan for [its]
stores”, the company's chief operations officer and retail
operations president Sherif Mityas said in an interview with
Home Media Magazine.

As part of its going-forward plans, Movie Gallery will redesign
or reformat its store operations, and continue to leverage its
Game Crazy brand as a stand-alone concept alongside the movie
business, according to the interview.

Mr. Mityas points out that the company focuses on providing its
customers “a full breadth of movie and game product and a movie
theater experience” and will continue to focus “on all areas of
movie and game products, including game hardware”.

Mr. Mityas clarified that as Movie Gallery is zeroing in on
singular shopping experience for its customers, it is not
pursuing consumer electronics retail.  Going forward, sell-
through of DVDs can survive, given the fact that “more consumers
build their own libraries at home”, Mr. Mityas told the
Magazine.

Mr. Mityas said that Movie Gallery is not keen on pursuing kiosk
opportunities, as it looks into strengthening its 3,300 stores.
The Company, however, is working on improving the e-commerce
aspect of the business, he added.
                                    
Additionally, Mr. Mityas muses that the new wave of high-
definition Blu-ray Disc that is set to hit the market involves
synergistic opportunities with studios and consumer electronics
companies.

Blu-ray Disc gives consumers a relatively different viewing
experience from the standard DVD, which the Internet does not
offer; hence, Movie Gallery “[is] going to be very aggressive in
getting our customers to try it”, Mr. Mityas disclosed to Home
Media.
                                 
Mr. Mityas admitted that despite MovieBeam's inclination to the
digital aspect of the business, Movie Gallery's acquisition of
the service “was premature”.
                                  
According to Mr. Mityas, Movie Gallery will need to instill a
greater focus on its customers in the first few months after its
emergence from bankruptcy.

“We are going to start caring more...[with] much more focus
on our events and merchandising... [and create] more synergies
between the brands, including Gallery, Hollywood Video and Game
Crazy to leverage the power we have across our customer base
across all three areas,” Mr. Mityas said.

                       About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment     
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.
The company has operations in Mexico.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853).  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kurtzman Carson Consultants LLC.  
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.

The U.S. Bankruptcy Court for the Eastern District of Virginia
confirmed the Debtors' Second Amended Chapter 11 Plan of
Reorganization on April 9, 2008.  (Movie Gallery Bankruptcy News
Issue No. 32; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)



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

CARRIBEAN RESTAURANT: Moody's Rates US$149 Million Lien Notes B3
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Caribbean
Restaurants, LLC's proposed US$149 million senior secured 2nd
lien notes due 2012, while affirming its Corporate Family Rating
of Caa1, Probability of Default rating of Caa1, and
US$210 million senior secured credit facilities of B2.  The
rating outlook is stable.  Moody's does not rate the new
revolver. Moody's also notes that the rating assignment is
subject to a review of the final documentation.

The proposed capital structure is the result of the company's
intended refinancing of its existing bank credit facilities due
2009 (US$30 million revolver and US$180 million term loan,
US$140 million outstanding as of April 2008), with a
US$149 million senior secured 2nd lien notes to be issued as
144A private placement with no registration rights and a new
US$30 million 1st lien senior secured revolving credit facility
due 2012.

The affirmation of CFR to Caa1 recognizes the potential
improvement in liquidity upon the transaction closing, in
particular, the refinancing will extend the debt maturity into
2012 and the revolver is anticipated to be structured with one
financial covenant on minimum EBITDA.  However, these benefits
would be offset by the incremental interest burden arising from
higher coupon on the proposed notes which is expected to be
sizable relative to the company's EBITDA generation (25-30%
increase from its current level per Moody's estimate).

The B3 rating on the senior secured notes reflects the
facilities' perfected second lien priority security interest in
substantially all the assets of the company as well as guarantee
provided by its parent and subsidiaries.  The B3 rating on the
facilities benefits from their priority position in the capital
structure relative to its substantial junior debt obligation
such as US$73.5 million subordinated notes, lease obligation and
trade payables.

Rating assigned:

  --US$149 million senior secured second lien notes due 2012 --
    B3 (LGD3, 39%)

Rating affirmed:

  -- Corporate Family Rating at Caa1

  -- Probability of Default Rating at Caa1

  -- US$$210 million senior secured credit facilities due July
   2009 at B2 (LGD3, 32%)

  -- Rating outlook: stable

Based in San Juan, Puerto Rico, Caribbean Restaurants, LLC,
through an exclusive territorial development agreement with
Burger King Corporation, is the sole franchisee of Burger King
restaurants in Puerto Rico with approximately 172 units as of
fiscal year-end April 30, 2008.


DIRECTV GROUP: Will Sustain Strong Revenue & Earnings Growth
------------------------------------------------------------
Zacks Investment Research said that The DirecTV Group, Inc.,
will sustain its strong revenue and earnings growth.

According to Zacks, DirecTV has vigorously grown its free cash
flow and earnings over the last two years.  It is now cutting
churn-related costs, and raising the quality of its subscriber
base by tightening credit standards.

Zack notes that DirecTV is on track to roll out up to 150 high-
definition (HD) channels in 2008 and 200 channels in 2009, which
should continue raising average revenue per user and help stem
decelerating subscriber growth as DirecTV overtakes EchoStar
Communications Corp's HD lead with twice as many HD channel
offerings, while the cable companies are several years away from
catching up.

Zacks thinks the HD roll out with the Regional Bell Operating
Companies as partners, will defend DirecTV's market share
against cable's ability to offer video, voice and data (triple
play), which together with recently tightened credit standards
have been impeding subscriber growth.

DirecTV shares trade at a discount to Zacks' estimate of its 5-
year earnings per share growth rate and will outperform the
market.  Zacks' six-month target price for DirecTV shares is
US$29.

Headquartered in El Segundo, California, The DirecTV Group Inc.
(NASDAQ:DTV) -- http://www.DirecTV.com/-- provides digital
television entertainment in the United States and Latin America.
The company's two business segments, DirecTV U.S. and DirecTV
Latin America, are engaged in acquiring, promoting, selling
and/or distributing digital entertainment programming via
satellite to residential and commercial subscribers.  DirecTV
Holdings LLC and its subsidiaries are a provider of direct-to-
home digital television services and a provider in the multi-
channel video programming distribution industry in the United
States.  DTVLA is a provider of DTH digital television services
throughout Latin America.  In January 2007, the company acquired
Darlene Investments LLC's 14.1% equity interest in DirecTV Latin
America, LLC.  DirecTV Latin America LLC is a multinational
company, which, as a result of this transaction, became a wholly
owned subsidiary of the company.  The DIRECTV Latin America
segment provides digital direct-to-home digital television
services to approximately 1.6 million subscribers in 27
countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2008, Moody's Investors Service assigned DIRECTV
Holdings, LLC's proposed new US$1 billion senior secured Term
Loan C maturing in 2013, and US$1.35 billion senior unsecured
notes maturing in 2016, which may increase to US$1.5 billion,
Baa3 (LGD2-19%) and Ba3 (LGD5-73%) ratings, respectively, and
affirmed all existing ratings for the company.  Moody's also
assigned the company an SGL-1  speculative grade liquidity
rating and changed its ratings outlook from negative to stable.

As of Feb. 9, 2008, The DIRECTV Group Inc. still carries
Standard & Poor's Ratings Services' 'BB' corporate credit and
'BB-' senior unsecured debt rating given on April 3, 2007.  
Moody's said the outlook remains stable.


FIRST BANCORP: Board Declares Preferred Dividends Payment Date
--------------------------------------------------------------
First BanCorp Board of Directors has declared the next payment
of dividends on First BanCorp's Series A through E Preferred
Shares.

The estimated dividend amounts per share, record dates and
payment dates for the Series A through E Preferred Shares are:

  Series  US$Per/share     Record Date      Payment Date
  -------------------------------------------------------
    A      0.1484375      Aug. 28, 2008     Sept. 2, 2008
    B      0.17395833     Aug. 15, 2008     Sept. 2, 2008
    C      0.1541666      Aug. 15, 2008     Sept. 2, 2008
    D      0.15104166     Aug. 15, 2008     Sept. 2, 2008
    E      0.14583333     Aug. 15, 2008     Sept. 2, 2008

    Recent Developments -- Paseo Caribe Construction Project

The Supreme Court of Puerto Rico, in a decision dated July 31,
2008, declared that the parcels of land on which the Paseo
Caribe construction project is underway are not in the public
domain.  The Court declared that San Geronimo Caribe Project,
Inc. is the title owner of the tracts of land and that FirstBank
holds the mortgage titles as registered in the Registry of the
Property.

“FirstBank sought to protect its security interest in the
financing of the Paseo Caribe project and is pleased with the
decision of the Supreme Court,” commented First Bancorp's Senior
Vice President of Marketing and Public Relations, Alan Cohen.

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is   
the parent corporation of FirstBank Puerto Rico, a state
chartered commercial bank with operations in Puerto Rico, the
Virgin Islands and Florida; of FirstBank Insurance Agency; and
of Ponce General Corporation.  First BanCorp, FirstBank Puerto
Rico and FirstBank Florida, formerly UniBank, the thrift
subsidiary of Ponce General, all operate within U.S. banking
laws and regulations.

                        *     *     *

First Bancorp. currently carries Fitch Ratings' BB long-term
issuer default rating and B short-term issuer default rating.


PUERTO RICO DIAGNOSTICS: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Debtor: Puerto Rico Diagnostics Imaging, Inc.
        Urb Cana, RR 13 Calle 11
        Bayamon, PR 00957

Bankruptcy Case No.: 08-05012

Related Information: Angel De Jesus, authorized agent, filed the
                     petition on the Debtor's behalf.

Chapter 11 Petition Date: Aug. 1, 2008

Court: District of Puerto Rico (Old San Juan)

Judge: Sara E. De Jesus Kellogg

Debtor's Counsel: Luisa S. Valle Castro, Esq.
                  (notices@condelaw.com)
                  C Conde & Associates
                  254 Calle San Jose 5th Floor
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900

Estimated Assets: US$16

Estimated Debts: US$1,536,423

A list of the Debtor's largest unsecured creditors is available
for free at http://bankrupt.com/misc/PRb08-05012.pdf


TIRARI FOOD: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Tirari Food Corp.
        140 Calle Liceo
        Mayaguez, PR 00680
        Tel: (787) 717-9086

Bankruptcy Case No.: 08-05022

Chapter 11 Petition Date: August 2, 2008

Court: District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtor's Counsel: Winston Vidal-Gambaro, Esq.
                  (wvidal@prtc.net)
                  Winston Vidal Law Office
                  P.O. Box 193673
                  San Juan, PR 00919-3673
                  Tel: (787) 751-2864
                  Fax: (787) 763-6114

Estimated Assets: US$1,000,000 to US$10,000,000

Estimated Debts:  US$10,000,000 to US$50,000,000

A copy of Tirari Food Corp.'s petition is available for free at:

             http://bankrupt.com/misc/prb08-05022.pdf



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

FIRST NATIONAL: Venture Credit Seizes Firm's Assets
---------------------------------------------------
Radhica Sookraj at The Trinidad Guardian reports that Venture
Credit Union Cooperative Society Limited has seized Point
Fortin-based First National Credit Union Cooperative's assets.

The Guardian relates that Venture Credit's legal representative,
Dave Persad, said that First National owes the company almost
US$2.8 million, which was due on July 9, 2008.  As a result,
Venture Credit sought and secured the San Fernando High Court's
permission to confiscate First National's assets to try to
recover monies owed, The Guardian says, citing Mr. Persad.  

Ramkarran Ramparas, which sources say was hired by Venture
Credit, moved into the premises of First National Credit with
Court Marshal Ralph Ramlal to seize the firm's assets, The
Guardian states.  According to The Guardian, First National's
Chief Executive Officer Mayon Murray held a meeting with Messrs.
Ramparas and Ramlal and made arrangements to repay the debt.

The Guardian reports that while the meeting took place, several
credit union shareholders complained that they didn't have
access to their funds.  The Guardian notes that Mr. Murray
explained that under the Cooperative Societies Act, any member
who applied for shares had to wait six months.  According to the
report, Mr. Murray said, “To join as a member, they are
presented with by-laws and they are made aware of this.”  In an
emergency situation, First National would first make an
assessment, then schedule payments, The Guardian states, citing
Mr. Murray.


HINDU CREDIT: Chief to Try to Overturn Liquidator Appointment
-------------------------------------------------------------
Hindu Credit Union Co-Operative Society Ltd.'s President Harry
Harnarine said he will ask Justice Nolan Bereaux to revoke the
appointment of Provisional Liquidator Ramdath Dave Rampersad,
Verne Burnett at The Trinidad Guardian reports.

According to The Guardian, Justice Bereaux appointed on July 23,
2008, Mr. Rampersad as the Provisional Liquidator for Hindu
Credit.

The Guardian relates that Mr. Harnarine will ask Justice Bereaux
to put Hindu Credit into voluntary liquidation and appoint a
liquidator for some of the firm's assets to repay its depositors
and shareholders.  According to the report, Mr. Harnarine said
this was the arrangement he had proposed in talks with Trinidad
and Tobago Finance Minister Karen Nunez-Tesheira when he sought
the government's help in June 2008 to resolve Hindu Credit's
problems.

The Guardian notes that under Mr. Harnarine's proposed voluntary
liquidation plan, Hindu Credit's biggest depositors will be
given some assets to settle the firm's debt to them, while other
assets would be sold to repay smaller depositors and creditors.  
Mr. Harnarine also proposed a recovery plan that would rebrand
Hindu Credit as the Human Capital Credit Union to rid the firm
of any religious connections, the report says.  The name change
was approved during an annual general meeting in 2005, according
to The Guardian.

Headquartered in Borough, Chaguanas, Hindu Credit Union Co-
Operative Society Limited -- www.ourhcu.com -- has an asset base
of more than US$1.7 billion and a membership totaling more than
200,000.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants
Ernst and Young inspected Hindu Credit's books, accounts, and
records after a public outcry and calls for an internal audit.
Charles Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


NEAL & MASSY: Shareholders May Get Back US$100K From T&T Credit
---------------------------------------------------------------
The Neal and Massy South Credit Union Cooperative Society
Limited's shareholders could get back as much as US$100,000 each
from the T&T Credit Union Stabilization Fund, Adrian Boodan at
the Trinidad Guardian reports, citing Dr. Anthony Ellias, the
fund's chief, during a press conference at Plaza De Montrose,
Chaguanas Main Road, Chaguanas.

According to The Guardian, Dr. Ellias said the money should be
paid to 350 beneficiaries before year-end.  Each of Neal and
Massy's shareholder would get 100% of the value of their shares
in the credit union and 100% of their deposits up to the maximum
of US$50,000, the report says citing Dr. Ellias.  

“Based on lists of members' shares and deposits at Nov. 30,
2007, the liability of the stabilization fund amounts to
US$614,797.06.  As per the guarantee offered to credit unions,
the stabilization fund provides coverage to individual
shareholders of credit unions who are members of the fund up to
a maximum of US$50,000 in shares and a maximum of US$50,000 in
deposits,” The Guardian quoted Dr. Ellias as saying.  According
to the report, Dr. Ellias said many credit unions were invited
to join the T&T Credit but they never responded and it wasn't
mandatory for credit unions to join the fund, which monitors its
members and offers technical assistance to those that are
experiencing difficulty in meeting prudential standards.

Dr. Ellias said that The Neal and Massy South Credit Union had
been forced to cope with management and financial challenges
from 1999 to 2006, and this made it difficult for the fund to
properly monitor and supervise its performance, The Guardian
relates.  According to the report, Dr. Ellias said the
challenges included the board of directors' lack of meaningful
supervision to complete audited statements of accounts on time.

                       About Neal and Massy

The Neal and Massy South Credit Union Cooperative Society
Limited is a firm in Trinidad and Tobago.  It was placed into
liquidation by the Commissioner of Co-operative Development in
November 2007.



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

BANCO DE VENEZUELA: To Copy Model of Brazil's Federal Bank
----------------------------------------------------------
Venezuelan President Hugo Chavez said that once Banco de
Venezuela is nationalized, the financial institution would be
turned into "an ultramodern entity" that would replicate the
model of Brazil federal bank, Caixa Economica Federal, Victor
Salmeron of El Universal reports.

According to El Universal, Mr. Chavez has held meetings with top
officials of the Brazilian financial institution, the largest
public bank in Latin America.

Caixa, serving 33.6 million people, mainly from poor sectors and
lower middle class, has developed projects to give three million
Brazilians access to the banking system.  It manages US$93
billion, reports earnings, manages public lotteries and
encourages investment in municipalities, El Universal relates.

The report says Mr. Chavez is planning to expand Banco de
Venezuela's network of offices to all Venezuelan municipalities,
adding that it would be "a socialist bank."

After the bank's nationalization, earnings would be used for the
"socialist social development," which will be stronger, the
report relates, citing Mr. Chavez.

Meanwhile, El Universal says Financial Analyst Jose Grasso
Vecchio buys the concept, which works successfully in Brazil's
Caixa; but in Venezuela, "there is concern about the managerial
and professional skills to carry out the project."

Headquartered in Caracas, Venezuela, Banco de Venezuela S.A. --
http://www.mercantil.com.br-- provides banking services to     
private, institutional and commercial clients.  It offers
investment and financing services along with the provision of
insurance and credit card products.  

                        *     *     *

In April 2008, Moody's Investors Service assigned a B3 foreign
currency deposit rating to Banco de Venezuela S.A.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2007, Fitch Ratings affirmed its B+ long-term foreign
and local currency issuer default ratings on Banco de Venezuela
S.A.  Fitch also affirmed its B short-term foreign and local
currency rating on the bank.


PETROLEOS DE VENEZUELA: Workers Settle Dispute With Weatherford
---------------------------------------------------------------
Pedro Leon, director of the Venezuelan Petroleum Corporation
(CVP), said that a group of workers, along with Petroleos de
Venezuela S.A., agreed to resolve a conflict with foreign
contractor company Weatherford, which brought the operations of
four drills at the Orinoco Oil Belt to a halt last week, El
Universal reports.

The report relates that the dispute resulted from a group of oil
workers demanding payment of salaries and bonuses in order to
comply with the sector's current collective bargaining
agreement.

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.

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.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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/

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
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      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.  Marie Therese Profetana, 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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