TCRLA_Public/080812.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

             Tuesday, August 12, 2008, Vol. 9, No. 159

                             Headlines


A R G E N T I N A

AEROLINEAS ARGENTINAS: Gov't Pays US$14MM in Salaries & Bills
AEROLINEAS ARGENTINAS: Congress Studying Renationalization Plan
XERIUM TECHNOLOGIES: Earns US$14.1 Mil. in 2008 Second Quarter


B A H A M A S

PRIDE INT'L: Earns US$187.7 Million in Second Qtr. Ended June 30


B E R M U D A

BALLANTYNE RE: S&P Cuts BB Debt Rating on Class A-1 Notes to B1
VALIDUS HOLDINGS: A.M. Best Rates Sub. Debt BB+ & Pref. Stock BB


B R A Z I L

BANCO NACIONAL: Okays BRL1.4 Million Loan for Edza Planejamento
CIA. DE SANEAMENTO: EBITDA Slides to BRL636 Million in 2Q 2008
DELPHI CORP: Gets US$300 Million Additional Exit Funding from GM
DELTA AIR: To Add Weekly Flights to St. Thomas and St. Croix
DIRECTV GROUP: Earns US$455 Million in Quarter Ended June 30

GENERAL MOTORS: Asks Advertising Agencies for 20% Fees Discount
GENERAL MOTORS: Provides US$300MM to Help Delphi Exit Bankruptcy
GOL FINANCE: Moody's Cuts Corporate Family Rating to B1 From Ba3
SPECTRUM BRANDS: Posts US$283.9MM Net Loss in Qtr. Ended June 29
UNIAO DE BANCOS: Targets 40% Growth in Loans & Mortgage Porfolio


C A Y M A N  I S L A N D S

ALL POINTS: Will Hold Final Shareholders Meeting on Aug. 14
BANCROFT IAM: To Hold Final Shareholders Meeting on Aug. 14
THAMES RIVER: Deadline for Proofs of Claim Filing Is Aug. 14
TRUE NORTH: Final Shareholders Meeting Is on Aug. 14


C H I L E

COEUR D'ALENE: Posts US$5.4 Million Net Loss in Second Quarter


C O S T A  R I C A

ALCATEL-LUCENT: Zacks Keeps Hold Recommendation on Firm's Shares


E L  S A L V A D O R

AES CORP: Second Quarter Net Income Rose to US$903 Mil. in 2008


G U A T E M A L A

BRITISH AIRWAYS: Four Executives Charged Over Price-Fixing


M E X I C O

DUERR GROUP: Earns EUR10.8 Million for the First Half of 2008
FRONTIER AIRLINES: Bares Amendment to Annual Report for Yr. 2008
METROFINANCIERA SA: S&P Lowers Loan Servicer Rank to Average
RADIOSHACK CORP: Fitch Affirms 'BB' Rtgs. on Adequate Liquidity
VISTA GOLD: Posts US$2.2MM Consolidated Net Loss in 2nd Quarter


P U E R T O  R I C O

DORAL FINANCIAL: Reports US$1.6 Mil. Net Income in Second Qtr.
NUTRITIONAL SOURCING: Files Ch. 11 Plan and Disclosure Statement
R&G FIN'L: To Restate Filings in Yrs. Ended Dec. 31, 2002 to '04
REXVILLE OPEN: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Audit Discloses Flaws in Firm's Payment System
HINDU CREDIT: Authorities May Seize Harry Harnarine's Passport


V E N E Z U E L A

RESIDENTIAL CAPITAL: DBRS Keeps 'CCC' Rating with Negative Trend

* VENEZUELA: New Laws Didn't Affect Oil & Gas Biz, Analyst Says

* Large Companies With Insolvent Balance Sheet


                          - - - - -


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

AEROLINEAS ARGENTINAS: Gov't Pays US$14MM in Salaries & Bills
-------------------------------------------------------------
Latin Business Chronicle reports that the Argentine government
paid about US$14 million in back salaries to workers, unpaid
bills for fuel, and rental fees for aircraft and replacement
parts.

As reported in the Troubled Company Reporter-Latin America on
July 24, 2008, Argentine Planning Minister Julio de Vido signed
a deal with Aerolineas Argentinas' owner, Spanish travel group
Marsans, to give the government control of the airline within 60
days.  Transport Secretary Ricardo Jaime said Marsans agreed to
sell the airline to the Argentine government.  Mr. Jaime said
the government will purchase all of Marsans' shares.

According to Latin Business, the Argentine government has not
agreed with Marsans about whether the combined debt of
Aerolineas Argentinas is US$890 million.  The company could have
a daily loss of about US$1 million, Latin Business says, citing
the Argentine Association of Airline Pilots.

Latin Business notes that the Argentine government sent the
nationalization plan for Aerolineas Argentinas to the Congress
for the approval of the transfer of ownership.  The report says
that in two months, an auditing process will be conducted to
determine the real value of Aerolineas Argentinas, evaluate its
equipment and other assets, and to assess its operations.

Latin Business relates that San Marin National University
researcher Enrique Dentice said, ?The absence of competition and
the decline of airplane equipment were the basic causes for the
decline of the flagship airline.  There's not much pressure by
the government to take over the flagship airline again; it's
more a case of a business that has stopped being profitable for
a private-sector operator.  This way, it can take part in a re-
nationalization process that is still not very well defined.?

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

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

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


AEROLINEAS ARGENTINAS: Congress Studying Renationalization Plan
---------------------------------------------------------------
Mercopress reports that the Argentine Congress has started
discussing President Cristina Fernandez de Kirchner's proposal
to renationalize Aerolineas Argentinas.

As reported in the Troubled Company Reporter-Latin America on
July 24, 2008, Argentine Planning Minister Julio de Vido signed
a deal with Aerolineas Argentinas' owner, Spanish travel group
Marsans, to give the government control of the airline within 60
days.  Transport Secretary Ricardo Jaime said Marsans agreed to
sell the airline to the Argentine government.  Mr. Jaime said
the government will purchase all of Marsans' shares.

Mr. Jaime, along with Aerolineas Argentinas' President Julio
Alak and advisors, presented the proposal for the
renationalization before the Lower House Transport and Budget
commissions, Mercopress states.

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

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

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


XERIUM TECHNOLOGIES: Earns US$14.1 Mil. in 2008 Second Quarter
--------------------------------------------------------------
Xerium Technologies Inc. reported Wednesday results for the
second quarter ended June 30, 2008.

Net income increased 83.1% to US$14.1 million for the 2008
quarter, compared to net income of US$7.7 million for the 2007
quarter.  The increase in net income was largely due to a
US$13.7 million pre-tax, non-cash credit to interest expense
reflecting the mark-to-market increase in the fair value of the
company's interest rate swaps.

Net sales for the 2008 quarter were US$170.4 million, a 10.9%
increase from net sales for the 2007 quarter of
US$153.7 million.  Excluding the effects of currency on pricing
and translation, second quarter 2008 net sales increased 2.8%
from the second quarter of 2007, with a decline of 1.8% and an
increase of 12.2% in the clothing and roll covers segments,
respectively.

?The transformation that we began in early 2008 is starting to
show results,? said Stephen Light, president, chief executive
officer and chairperson.  ?While the market continues to remain
challenging, we believe we have improved our ability to compete
effectively.  We anticipate that most of the hard work to
restructure certain operations and execute an amended credit
agreement is now largely behind us.  We've begun to reduce
working capital as Xerium's employees remain focused on
delivering the results we expect in our new business plan and
paying down our debt.?

Gross margins were US$68.8 million or 40.4% of net sales for the
2008 quarter, compared to US$64.2 million or 41.8% of net sales
for the 2007 quarter.

Income from operations declined by 25.9% to US$17.7 million for
the 2008 quarter from US$23.9 million for the 2007 quarter.
During the second quarter of 2008, the company expensed
approximately US$5.2 million to general and administrative
expenses in connection with the amendments to its credit
facility.  In addition, for the second quarter of 2008,
restructuring and impairment expenses increased by
US$1.5 million to US$2.7 million from US$1.2 million in the
second quarter of 2007.

Net cash generated by operating activities was US$11.2 million
for the 2008 quarter, which compares to US$14.8 million for the
2007 quarter.  Cash provided by operating activities was
decreased by approximately US$4.4 million related to amendment
costs in the second quarter of 2008.  The company has reduced
working capital from 30% of revenues in the year-ago quarter to
27%.

Adjusted EBITDA (as defined in the company's amended credit
facility) was US$50.2 million for the 2008 quarter, compared to
US$38.2 million for the 2007 quarter.

Cash on hand at June 30, 2008, was US$25.4 million, compared to
cash on hand at March 31, 2008, of US$31.0 million.  Cash on
hand at June 30, 2007, was US$24.7 million.

During the 2008 quarter, Xerium made senior debt principal
repayments of US$2.3 million.  During the six months ended
June 30, 2008, the company made senior debt repayments of
US$13.5 million.

Capital expenditures during the 2008 quarter were
US$8.8 million, compared to US$7.3 million during the 2007
quarter.

                           Balance Sheet

At June 30, 2008, the company's consolidated balance sheet
showed US$932.6 million in total assets, US$911.9 million in
total liabilities, and US$20.7 million in total stockholders'
equity.

                     About Xerium Technologies

Based on Youngsville, North Carolina, Xerium Technologies Inc.
(NYSE: XRM) -- http://www.xerium.com/-- manufactures and
supplies two types of consumable products used in the production
of paper: clothing and roll covers.  With 35 manufacturing
facilities in 15 countries around the world, Xerium has
approximately 3,700 employees.

In Europe the company has subsidiaries in Austria, Italy,
Germany, Sweden, Spain, the United Kingdom, Finland, France,
Switzerland and Ireland.  Xerium also has subsidiaries in Asia,
particularly in China, Hong Kong, Australia, Japan and Vietnam.
Three subsidiaries are meanwhile located in Central and South
America, specifically Brazil, Mexico and Argentina.

                          *      *     *

As disclosed in the Troubled Company Reporter-Latin America on
June 10, 2008 , Moody's Investors Service revised Xerium
Technologies, Inc.'s outlook to positive from negative, upgraded
its speculative grade liquidity rating to SGL-3 from SGL-4, and
upgraded its probability of default rating to Caa1 from Caa2.
The rating action reflects the company's recent amendment to its
credit agreement on May 30, 2008, the completion of its goodwill
impairment test, and the recent filing of its delinquent
financial statements.  Under the new amendment, credit agreement
covenant compliance becomes more certain as financial covenants
have been loosened.  As a result, Moody's believes that over the
next twelve months Xerium will possess adequate liquidity and
likely comply with its financial covenants.  At the same time,
Xerium will likely rely on its revolving credit facility as it
remains unclear if the company can cover all cash requirements
from internal sources with the burden posed by the increased
debt service.  All other ratings have been affirmed.



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

PRIDE INT'L: Earns US$187.7 Million in Second Qtr. Ended June 30
----------------------------------------------------------------
Pride International Inc. reported US$187.7 million of net income
on US$560.3 million of net revenues for the three months ended
June 30, 2008, compared to US$146.1 million of net income on
US$530.0 million of net revenues for the same period in 2007.

Cash flows from operating activities were US$165.6 million
during the three months ended June 30, 2008, while capital
expenditures totaled US$187.8 million.  Capital expenditures for
the remainder of 2008 are expected to total approximately
US$505 million, or US$995 million for the year, including an
estimated US$610 million in 2008, excluding capitalized
interest, related to the construction of three ultra-deepwater
drillships.

Total debt at June 30, 2008, was US$737.9 million, down US$453.6
million, or 38 percent, from total debt at Dec. 31, 2007.  The
decline was primarily attributable to the retirement in May 2008
of US$300 million outstanding principal amount of the company's
3.25 percent convertible senior notes due 2033.  In connection
with the retirement, the company delivered an aggregate of
US$300 million in cash and approximately 5.0 million in shares
of common stock.  At June 30, 2008, and following the effect of
the retirement, shares of common stock outstanding were
172.9 million.  Beginning with the third quarter of 2008, the
company expects its fully diluted share count to be 1.0 million
to 1.5 million greater than the shares outstanding, inclusive of
common stock equivalents, representing an estimated 5.0 million
share reduction from the weighted average fully diluted share
count at March 31, 2008.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc. commented, ?Second quarter 2008 results once
again established record levels for revenues and income from
continuing operations and were underscored by excellent
performance in our deepwater fleet, where five out of eight
units achieved utilization of 98 percent or higher, including
100 percent utilization of the Pride North America.  In
addition, our Gulf of Mexico jackup rig fleet registered notable
improvement in utilization, achieving 83 percent in the second
quarter of the year following utilization of 58 percent as
recently as the fourth quarter of 2007.?

Mr. Raspino stated, ?As we look forward to the second half of
2008, several developments strongly support further improvement
in our financial results.  We are expected to begin benefiting
from the commencement of new contracts with significantly higher
dayrates on a number of our floating rigs, including our
deepwater semisubmersible rigs Pride Brazil and Pride Carlos
Walter and the drillship Pride Angola.  In our midwater fleet,
the semisubmersible rig Pride Mexico commenced in July 2008 a
five-year contract offshore Brazil.  In addition, following the
improvement in utilization seen to date in our US Gulf of Mexico
jackup rig fleet, dayrates are now increasing to levels not seen
in 24 months, as evidenced by recent contract awards at dayrates
of up to US$90,000.?

?The improving Gulf of Mexico jackup market provides a strong
backdrop to continue pursuing alternatives for divesting our
mat-supported jackup fleet based in the region, as we believe
today's share price does not properly reflect the true value of
our core business and our Gulf of Mexico mat-supported jackup
business when valued separately.  While divestiture alternatives
include a variety of capital market and private sale
transactions, a tax-free distribution to our shareholders
appears most attractive, and when completed, would allow our
shareholders to more fully realize the value of these two
businesses,? Mr. Raspino said.

In closing, Mr. Raspino added, ?With the company's improved
operating performance, growing cash flow and expanding contract
backlog, coupled with the addition of three ultra-deepwater
drillships beginning in 2010, all of which have attractive
multi-year contracts, and the repricing of our existing fleet,
we believe our earnings growth prospects are among the best in
the offshore drilling industry.?

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

                         *     *     *

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



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

BALLANTYNE RE: S&P Cuts BB Debt Rating on Class A-1 Notes to B1
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its senior debt
rating on Ballantyne Re plc's Class A-1 notes to 'B-' from 'BB'.

S&P also said that the rating on the notes remains on
CreditWatch, where it was placed on Nov. 21, 2007, with negative
implications.

?We are taking this action in response to the continuing mark-
to-market losses experienced on the assets in the underlying
collateral accounts,? explained S&P's credit analyst Gary
Martucci.  Since May 20, 2008, mark-to-market losses have
increased, putting additional strain on the structure.

As set forth in the most recent Scottish Re Group Ltd. 10K,
US$375 million of excess reserves have been recaptured from
Ballantyne Re.  The 10K also said the transaction parties
executed a binding letter of intent whereby they can recapture
an additional US$200 million of excess reserves from Ballantyne
Re, most likely in the third quarter of 2008.  Although the
Class A-1 notes have continued to receive interest payments,
S&P's concern is that if the contemplated recapture does not
occur, or if there is a continuing decline in the underlying
asset values, even with the temporary relief provided by the
recapture, it could result in an interest payment limitation
trigger being breached.

S&P will continue to monitor the developments related to this
latest disclosure and take future ratings actions as warranted.

Ballantyne Re plc and Orkney Re II plc are public limited
companies established in Ireland as special purpose vehicles
associated with Scottish Re (US), Inc., a subsidiary of Scottish
Re Group Limited.  Scottish Re Group Ltd. is a Cayman Islands
company with principal executive offices located in Bermuda.


VALIDUS HOLDINGS: A.M. Best Rates Sub. Debt BB+ & Pref. Stock BB
----------------------------------------------------------------
A.M. Best Co. has assigned indicative ratings of ?bbb-? on
senior debt, ?bb+? on subordinated debt and ?bb? on preferred
stock of Validus Holdings, Ltd's recently filed universal shelf
registration.  The outlook for all ratings is stable.

The shelf registration allows Validus to issue the following
securities: common shares, preferred shares, depositary shares,
debt securities and other securities.  The terms of any offering
by Validus under the registration statement will be established
at the time of the offering. The net proceeds from any issuance
would be used for general corporate purposes.  It is A.M. Best's
expectation that any issuance under the registration will be
used to support growth and enhance financial flexibility.  There
are no plans to offer or sell any securities at this time.
Following any debt issuances, Validus' debt-to-adjusted capital
would be expected to be in the mid 20% range or better, with
fixed charge coverage sustained in the high single digit range.

Based in Hamilton, Bermuda, Validus Holdings Ltd. (NYSE: VR)
offers both primary and reinsurance coverage for property,
marine and specialty lines of business on a worldwide basis
through its Bermuda and Lloyd's operating platforms.



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

BANCO NACIONAL: Okays BRL1.4 Million Loan for Edza Planejamento
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has
approved BRL1.4 million financing for Edza Planejamento,
Consultoria e Informatica Ltda., from Salvador.  The main
purpose of this project is to open the way for the
implementation of the infrastructure required to start selling
Metropolis system on a web platform.

Metropolis web is a new product designed to small-sized city
halls (cities with less than 50 thousand inhabitants) with
greater investment capacity.  It can also be used by medium and
large sized city halls requiring more features.  Metropolis web
has a strong advantage as compared to Metropolis
(client/server), currently sold by Edza: is does not require
installing the application and the data in the clients'
computer.  This distinguishing feature provides great cost
savings, as it does not require investments in acquisition,
maintenance and administration of robust IT equipment to process
and manage networks, once it will be used through the Internet.

BNDES funds, approved under Prosoft (Software and IT program),
correspond to 68% of total investments to be made in the
project, BRL2 million, and will be used in the acquisition of
national equipment, civil works and facilities, personnel
training, marketing and trading.  Edza will inject BRL648,000.
By implementing the project, 27 new direct employment
opportunities will be generated.

Founded in 1992, Edza aims to provide consulting and urban
planning services for city administration, developing and
selling applications, and data handling services.  The company
has a network of quick-connection computers and servers that
enable remote access to clients and partners, and provide
security features, performance, scalability and technical
support.

Its main clients are: city halls located in Bahia such as
Salvador, Camacari, Lauro de Freitas, Ilheus, Porto Seguro,
Juazeiro, Candeias, Cairu and Senhor do Bonfim.  The solutions
offered cover the tax, human resources, overall administration,
health, education, planning, social work, urban cleaning and
technical city registration.

                       About Banco Nacional

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

                         *     *     *

Banco Nacional currently carries a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


CIA. DE SANEAMENTO: EBITDA Slides to BRL636 Million in 2Q 2008
--------------------------------------------------------------
Companhia de Saneamento Basico do Estado de Sao Paulo a.k.a.
Sabesp released today its results for the second quarter of
2008.

In second quarter 2008, net operating revenue totaled
BRL1.5 billion, a 4.5% increase compared to second quarter 2007.
Costs and expenses stood at BRL1,032.2 million, 10.4% higher
than in second quarter 2007.

Earnings before financial expenses (EBIT) dropped 6.1%, from
BRL512.5 million in second quarter 2007 to BRL481.1 million in
this quarter.  EBITDA moved from BRL671.3 million in second
quarter 2007 to BRL636 million in second quarter 2008, a 5.3%
drop.

In second quarter 2008, gross operating revenue grew BRL63.6
million, or 4.1%, from BRL1,563.7 million in second quarter 2007
to BRL1,627.3 million in second quarter 2008.  The main reasons
for this increase were: (i) The 4.1% tariff adjustment as of
September 2007; and (ii) The 1.9% increase in billed water and
sewage volume, 1.4% of which corresponded to the retail segment
and 6% to wholesale.

The complete version of the release is available at the
company's website at: http://www.sabesp.com.br

Companhia de Saneamento Basico do Estado de Sao Paulo, a.k.a.
Sabesp (Bovespa: SBSP3; NYSE: SBS) -- http://www.sabesp.com.br
-- is one of the largest water and sewage service providers in
the world based on the population served in 2005.  It operates
water and sewage systems in Sao Paulo, Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 12, 2007, Fitch Ratings affirmed the 'BB' Local Currency
and Foreign Currency Issuer Default Ratings and the Long-Term
National Scale Rating 'A+(bra)' of Companhia de Saneamento
Basico do Estado de Sao Paulo.  In addition, Fitch affirmed the
'BB' Long-Term International Rating for US$140 million in notes
issued by the company, as well as the 'A+(bra)' on National
Scale for its sixth debenture issuance.  Fitch said the rating
outlook is stable.


DELPHI CORP: Gets US$300 Million Additional Exit Funding from GM
----------------------------------------------------------------
General Motors Corp. will grant Delphi Corp. an additional
US$300 million on top of the US$650 million already promised to
help its former parts unit exit bankruptcy protection, The Wall
Street Journal reports.

WSJ, citing court papers, says that GM may increase its loans to
its top supplier to US$950 million through the end of 2008 to
reimburse Delphi for labor-related costs and other liabilities.
WSJ relates that GM had agreed to assume these liabilities under
a settlement entered into during the Chapter 11 case.

The US$950 million, WSJ indicates, represents a portion of the
amount GM would have paid Delphi had the supplier emerged from
Chapter 11.  GM will receive a top priority claim under
bankruptcy law for the advances, WSJ notes.

The agreement comes amid GM reporting a US$15.5 billion loss for
the second quarter, US$2.8 billion of which was related to
adjusting the accounting for its relationship with Delphi.

GM agreed to increase the loan in July, at about the time the
auto maker was patching together its own plan to boost liquidity
by US$15 billion through 2009, The Journal states according to
GM spokeswoman Julie Gibson.

                       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.

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.

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.

                           About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.


DELTA AIR: To Add Weekly Flights to St. Thomas and St. Croix
------------------------------------------------------------
Delta Air Lines will add weekly flights to the British Virgin
Islands territories of St. Thomas and St. Croix in December up
to tourist season, The Virgin Islands Daily News reports.

According to the Daily, starting Dec. 20, Delta will add 13
weekly flights to St. Thomas, with:

   * One daily roundtrip flight between St. Thomas and Atlanta.

   * Two weekend roundtrip flights between John F. Kennedy
     Airport in New York and St. Thomas.

   * Four weekly flights landing on St. Thomas at night and
     depart for Atlanta the next morning.

Delta will also add its service to St. Croix with:

   * One weekly flight between St. Croix and Atlanta for the high
     season.

   * A larger plane for its scheduled Saturday flight between St.
     Croix and Atlanta.

The Daily relates that Tourism Commissioner Beverly Nicholson
Doty said that after American Airlines' announcement to cut its
flight services to the Caribbean, Delta representatives met at
the company's headquarters for talks of expanding its flight
plan to the Virgin Islands.

Commissioner Doty added that the island spent US$1 million to
promote Delta Vacations.  "It's part of our commitment to
support airlines with flights to the Virgin Islands," Ms. Doty
said.

Meanwhile, Governor John deJongh Jr. said a public-private
committee has been formed to increase services to the islands,
the Daily adds.

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.


DIRECTV GROUP: Earns US$455 Million in Quarter Ended June 30
------------------------------------------------------------
(BUSINESS WIRE)

The DIRECTV Group, Inc. reported that second quarter 2008
revenues increased 16% to US$4.81 billion, operating profit
before depreciation and amortization increased 20% to
US$1.36 billion and operating profit increased 8% to
US$801 million compared to last year's second quarter.  The
DIRECTV Group reported that second quarter net income of
US$455 million increased 2%.

?DIRECTV's strong second quarter results again point to the
successful execution of our strategy to offer the nation's best
television experience to higher quality subscribers.  In
particular, our industry-leading content, HD, DVR and
interactive services are driving strong top-line growth, higher
operating margins and most importantly, substantial cash
flow growth,? said Chase Carey, president and CEO of The DIRECTV
Group, Inc.

?DIRECTV U.S. revenues were up 13% to US$4.2 billion driven by
solid subscriber growth -- due in large part to the lowest
second quarter monthly churn rate in four years of 1.49% -- as
well as a 7.0% increase in ARPU.  Much of our success in adding
new subscribers, reducing churn and increasing household revenue
can be attributed to the significant increase in subscribers
with HD and/or DVR services over the past year,? Mr. Carey
stated.

?In addition to the strong revenue growth, we're continuing to
drive margin expansion through greater operating efficiencies
and cost controls leading to a 15% increase in DIRECTV U.S.
OPBDA to US$1.22 billion,? Mr. Carey said.  ?More importantly,
the higher profitability and a 35% reduction in capital
expenditures drove DIRECTV U.S. cash flow before interest and
taxes to US$618 million, twice last year's level.?

Mr. Carey added, ?Our DIRECTV Latin America business also had a
strong quarter as gross subscriber additions increased 45% and
net subscriber additions increased 30% to 378,000 and 184,000
respectively, mostly due to strong growth in Brazil, Argentina
and Venezuela. In addition, revenues grew 49% to US$611 million
and operating profit before depreciation and amortization
increased 69% to US$161 million primarily due to strong
subscriber and ARPU growth, as well as favorable exchange rates
and margin improvement.?

Mr. Carey concluded, ?As we head into the second half of 2008,
we are poised to extend our video leadership position as we
significantly expand our industry-leading HD lineup with the
launch next week of more than 30 new channels, bringing our
total HD offering to 130 channels.  In addition, we recently
launched DIRECTV On Demand and our most popular promotion of the
year linked to our exclusive NFL SUNDAY TICKET(TM) package.
With these in place, we expect to build on the momentum
established in the first half of the year to continue delivering
strong financial results and substantial cash flow growth going
forward.?

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.


GENERAL MOTORS: Asks Advertising Agencies for 20% Fees Discount
---------------------------------------------------------------
General Motors Corp., in its latest attempt to save money, has
asked advertising agencies for a 20% discount this year and the
next, The Wall Street Journal reports.

The Journal, citing a spokesperson, relates that the car maker
has asked its agency partners to work with them to eliminate
low-value work and find creative solutions to go to market more
efficiently.

WSJ, citing people familiar with the matter, says the cuts could
result to more than US$20 million in total savings for General
Motors, but will likely mean layoffs for the agencies involved.

WSJ indicates that GM also has pulled out of September's Emmy
broadcast on Walt Disney's ABC; it has advertised on the star-
studded program for about a decade.

Auto makers account for more than 12% of all ad spending in the
country -- more than any other single industry, WSJ notes.

The owner of Cadillac and Chevrolet, WSJ indicates, works with
dozens of agencies around the country, including Publicis
Groupe's Leo Burnett and Interpublic Group's McCann Erickson and
Campbell-Ewald.

Michael Nathanson, a senior analyst at Bernstein Research, in a
report to investors this week predicts U.S. auto advertising
will fall to US$15 billion in 2008 from US$18 billion last year
-- a noticeable drop from US$24 billion in 2004, WSJ relates.

                       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: Provides US$300MM to Help Delphi Exit Bankruptcy
----------------------------------------------------------------
General Motors Corp. will grant Delphi Corp. an additional
US$300 million on top of the US$650 million already promised to
help its former parts unit exit bankruptcy protection, The Wall
Street Journal reports.

WSJ, citing court papers, says that GM may increase its loans to
its top supplier to US$950 million through the end of 2008 to
reimburse Delphi for labor-related costs and other liabilities.
WSJ relates that GM had agreed to assume these liabilities under
a settlement entered into during the Chapter 11 case.

The US$950 million, WSJ indicates, represents a portion of the
amount GM would have paid Delphi had the supplier emerged from
Chapter 11.  GM will receive a top priority claim under
bankruptcy law for the advances, WSJ notes.

The agreement comes amid GM reporting a US$15.5 billion loss for
the second quarter, US$2.8 billion of which was related to
adjusting the accounting for its relationship with Delphi.

GM agreed to increase the loan in July, at about the time the
auto maker was patching together its own plan to boost liquidity
by US$15 billion through 2009, The Journal states according to
GM spokeswoman Julie Gibson.

                           About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

                       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.


GOL FINANCE: Moody's Cuts Corporate Family Rating to B1 From Ba3
----------------------------------------------------------------
Moody's Investors Service has downgraded all debt ratings of GOL
Linhas Aereas Inteligentes S.A. and GOL Finance -- Corporate
Family Rating to B1 from Ba3.  At the same time, all ratings
were placed under review for possible further downgrade.

The rating downgrade reflects the continued deterioration in
financial strength of GOL Linhas and prospects for a further
decline in the financial metrics absent a significant
improvement in the company's cost structure.  Despite these
pressures, the ratings acknowledge the company's low-cost
business model and strong brand and market share in Brazil.
Although the company's labor costs remain low relative to other
airlines, the company's wage and benefit costs have increased
due to a large, non-unionized workforce.  As well, incremental
costs associated with the integration and realignment of the
route network of VRG Linhas Aereas S.A. and ongoing regulatory
restrictions on GOL Linhas' operations at Congonhas Airport have
pressured operating profits and generated negative free cash
flow.  Although the company has represented that the integration
of VRG is progressing and regulatory issues are being addressed,
absent a material reduction in fuel costs, VRG's operations are
expected to continue to pressure GOL Linhas' consolidated
financial results and generate cash operating losses.

The review process will focus on the ability of GOL Linhas to
successfully integrate VRG and make that operation profitable in
2008.  As well, the review will focus on the company's ability
to improve profitability and key credit metrics during the 3rd
and 4th quarters as a result of higher yields.  The review will
also consider the company's liquidity profile, with a focus on
expected free cash flow in 2008-2009 and the likelihood that GOL
Linhas will be able to access revolving lines of credit if
necessary.  Moody's believes the outcome of these issues may
well be challenged by the difficult operating environment facing
the company due to ongoing air traffic control issues and
infrastructure problems, the impact of higher fuel costs and
slowing demand as the weaker growth in other economies spreads
to the Brazilian economy.  Moody's notes that weakening demand
could affect the company's ability to raise fares to offset
lower load factors and higher fuel costs.

The company has increased its fuel hedges, which are now
comparable to other airlines, and initiated a program under
which the level of hedges is sustained at the higher levels to
provide improved insulation from fuel cost volatility.  GOL
Linhas' exposure to fuel costs has been further moderated by the
strength of the Brazilian Real relative to the U.S. dollar in
2007 and 2008.  The company has slowed its ambitious expansion
plan and now plans to expand the fleet by a net 11 aircraft
through 2010.  Nonetheless, costs have risen due to meaningful
increases in the size of the company's route network and
aircraft fleet, wage increases and lower aircraft productivity
due to continuing inefficiencies associated with the Brazilian
air traffic control and regulatory restrictions placed on
Congonhas Airport during 2007.  Although the company has
eliminated most of VRG international routes, GOL Linhas' unit
costs have increased due to the challenges of realigning the
operations of VRG.  GOL Linhas has several planned initiatives
to increase revenues by increasing sales to customers through
its installment-purchase plan and increasing cargo and ancillary
revenues.  However, these efforts to boost sales are unlikely to
offset incremental costs, primarily fuel-related.  Absent a
material decline in fuel costs, these actions may not be
sufficient to allow the company to improve levels of
profitability and cash flow generation to levels consistent with
the B1 rating category.  Debt to EBITDA of 8.6 and EBIT to
interest expense of 0.7 for the 12 months to March 31, 2008,
both weakened from the previous year.

While GOL Linhas reported retained cash and cash equivalents of
approximately BRL1.2 billion at March 31, 2008, the company's
liquidity is expected to weaken over the course of the next 12
months in light of the likelihood of continued negative
consolidated cash flow from operations.  As well, although the
company expects to refinance all debt maturing in 2008, the
company's financial flexibility has deteriorated due to an
increase in debt and meaningful debt maturities and capital
spending needs. The company faces approximately BRL189 million
in planned capital spending relating to spare parts and
inventories, expansion of its aircraft maintenance center and
investment in new information technology systems in 2008, and
approximately BRL285 million of aircraft deliveries have been
financed through a combination of sale-leasebacks and financings
supported by the U.S. Exim Bank.  As well, the company has
approximately BRL188 million in debt maturing in 2008 and BRL
206 million of debt maturities in 2009.  The company's 3
revolving lines of credit, which allow for total borrowings of
BRL577 million and under which approximately BRL500 million is
available, contain no financial covenants.  Nonetheless, other
loans contain a number of covenants that require GOL Linhas to
maintain defined debt leverage, minimum cash and interest
expense coverage ratios.  Although the company was in compliance
with all of the covenants at March 31, 2008, the lenders could
accelerate their demand for repayment of principal and interest
on the loans under certain circumstances, including the failure
to comply with financial metrics, which would increase its cash
requirements.  The company's recent decision to suspend
dividends for the remainder of 2008 provides additional
financial flexibility for liquidity management.

Moody's notes that former employees of the old (pre-bankruptcy)
VRG have filed numerous claims against GOL Linhas seeking
reimbursement of wages and other compensation.  Although
following emergence from bankruptcy VRG was structured to limit
its exposure to the pre-bankruptcy liabilities of the former
Varig and GOL Linhas believes these claims are without merit,
Brazil's bankruptcy law does not provide solid precedent
governing these issues.  As a result, the legal process is
likely to be prolonged, and the claims, if successful, could
cause a moderate increase in the company's adjusted total debt.

Downgrades:

Gol Finance:

     -- Senior Unsecured Regular Bond/Debenture, Downgraded to B1
        from Ba3

Gol Linhas Aereas Inteligentes S.A.:

     -- Corporate Family Rating, Downgraded to B1 from Ba3

Outlook Actions:

Gol Finance:

     -- Outlook, Changed To Rating Under Review From Negative

Gol Linhas Aereas Inteligentes S.A.:

     -- Outlook, Changed To Rating Under Review From Negative

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.


SPECTRUM BRANDS: Posts US$283.9MM Net Loss in Qtr. Ended June 29
----------------------------------------------------------------
Spectrum Brands Inc. disclosed its financial results for its
third fiscal quarter ended June 29, 2008.

The company reported a net loss of US$283.9 million for the
fiscal 2008 third quarter, compared with a net loss of
US$7.5 million in the same period of fiscal 2007.

Results for the fiscal 2008 third quarter include:

   -- Goodwill and trade names impairment charges of
      US$253.7 million, primarily related to the company's Home &
      Garden and Global Pet Supply businesses;

   -- Adjustments to income tax expense of US$19.1 million to
      exclude the effect of the impact of the valuation allowance
      against deferred taxes and other tax related items;

   -- Restructuring and related charges of US$14.3 million,
      primarily associated with the company's strategy to exit
      Ningbo Baowang, a battery manufacturing facility in China,
      and company-wide cost reduction initiatives;

   -- Professional fees of US$2.9 million incurred in connection
      with the proposed sale of the company's Global Pet Supplies
      business;

   -- other items netting to a benefit of US$2.8 million

With strong top-line growth in all three business segments, the
company's third quarter net sales of US$729.6 million
represented a 10.5 percent increase over the prior year, after
excluding the Canadian division of the Home & Garden Business,
which the company sold in November 2007.  Favorable foreign
currency exchanges contributed US$29.6 million.

?I'm pleased with our strong sales growth for the quarter, which
I believe reflects the strength of our new product offerings and
marketing programs as well as a consumer shift towards value
brands during this tough economic time,? said Kent Hussey, chief
executive officer of Spectrum Brands.

The company saw strong adjusted EBITDA growth, a non-GAAP
measurement which the company believes is a useful indicator of
the operating health of the business and its trajectory, in both
its Global Batteries & Personal Care and its Global Pet Supplies
segments.  These results were offset, however, by significant
raw material input cost pressures in the company's Home & Garden
Business segment.  Consolidated adjusted EBITDA was
US$81.2 million as compared with US$87.7 million in the third
quarter of the prior year, a 7.4 percent decline driven by the
unprecedented cost increases in the company's fertilizer
operations within its Home & Garden Business segment.

Gross profit and gross margin for the quarter were
US$261.4 million and 35.8 percent, respectively, versus US$253.9
million and 38.5 percent for the same period last year.  Within
cost of sales, the company incurred restructuring and related
charges of approximately US$13.9 million, negatively impacting
this quarter's margin by 190 basis points, primarily related to
the company's strategy to exit the Ningbo battery manufacturing
facility in China.  During the third quarter of fiscal 2007,
cost of sales included US$4.1 million of restructuring and
related charges.  The remainder of the variance was primarily
driven by extremely volatile commodity costs.

The company generated a third quarter operating loss from
continuing operations of US$259.8 million versus operating
income of US$45.6 million in the same period last year.  The
primary reasons for the decline were US$303.3 million in
goodwill and trade names impairments.

Interest expense was US$57.1 million compared to US$59.4 million
in the same period last year.

                       About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of
consumer batteries, lawn and garden care products, specialty pet
supplies, shaving and grooming products, household insect
control products, personal care products and portable lighting.

The company's European unit, Rayovac Europe GmbH, is
headquartered in Sulzbach, Germany.  Outside the United States,
the company also has manufacturing facilities in Brazil,
Columbia and China.

At March 30, 2008, the company's consolidated balance sheet
showed US$3.31 billion in total assets and US$3.54 million in
total liabilities, resulting in a US$232.9 million total
stockholders' deficit.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2008, Moody's Investors Service affirmed Spectrum
Brands Inc.'s  Corporate family rating at Caa1 and Probability-
of-default rating at Caa2.


UNIAO DE BANCOS: Targets 40% Growth in Loans & Mortgage Porfolio
----------------------------------------------------------------
Uniao de Bancos Brasileiros a.k.a Unibanco expects around 40%
growth in its auto loans, SME loans, payroll loans and mortgage
portfolio this year, Business News Americas reports, citing
Chief
Financial Officer, Geraldo Travaglia.

"Our guidance in terms of growth rate in our loans for 2008 was
in a range of 20-25[%].  I think we're comfortable in giving the
information that we plan on closing this year with a 25% growth
rate," BNamericas quoted Mr. Travaglia as saying.

BNamericas relates that the bank targets a 45% growth rate in
its auto loans, 43% growth its SME loans, hopes for a 40% growth
in its consolidated payroll loans and another 40% in its
mortgage portfolio this year.

Mr. Travaglia told BNamericas that the company can't predict a
25% growth each year saying, "We don't have a clue if in 2009
we'll have a 25% growth rate.  We don't know, but I tell you
that at a 25% growth rate [we have the capital] to support these
increases."

To keep up loan growth, BNamericas says Uniao de Bancos plans to
expand to 72 new branches in 2008 and 105 in 2009 closing on the
first phase of the expansion by March 2010.

The bank is also mentioned of a partnership with Wal-Mart, the
report adds.

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

                            *     *     *

In April 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating to Uniao de Bancos Brasileiros SA.



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

ALL POINTS: Will Hold Final Shareholders Meeting on Aug. 14
-----------------------------------------------------------
All Points Ltd. will hold its final shareholders meeting on
Aug. 14, 2008, at 10:30 a.m., at the offices of Ogier,
Attorneys, Queensgate House, South Church Street, Grand Cayman,
Cayman Islands.

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.

All Points' shareholder decided on April 7, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                 R.A. Holdsworth
                 c/o Garden House
                 2 Boulevard Hector Otto
                 MC98000, Monaco

Contact for inquiries:

                 Bryant Terry
                 c/o Ogier
                 P.O. Box 1234
                 Queensgate House, South Church Street
                 Grand Cayman, Cayman Islands
                 Telephone: (345)949-9876
                 Fax: (345)949-1986


BANCROFT IAM: To Hold Final Shareholders Meeting on Aug. 14
-----------------------------------------------------------
Bancroft Iam Ltd. will hold its final shareholders meeting on
Aug. 14, 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.

Bancroft Iam's shareholders agreed on June 3, 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
                 Fax: (345)949-7920


THAMES RIVER: Deadline for Proofs of Claim Filing Is Aug. 14
------------------------------------------------------------
Thames River Tybourne Fund Ltd.'s creditors have until
Aug. 14, 2008, to prove their claims to David A.K. Walker and
J.I. Nicholas Freeland, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

Thames River's shareholder decided on July 3, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               David A.K. Walker and J.I. Nicholas Freeland
               PwC Corporate Finance & Recovery (Cayman) Ltd.
               Strathvale House
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Telephone: (345)914-8694
               Fax: (345)945-4237


TRUE NORTH: Final Shareholders Meeting Is on Aug. 14
----------------------------------------------------
True North Ltd. will hold its final shareholders meeting on
Aug. 14, 2008, at 10:30 a.m., at the offices of Ogier,
Attorneys, Queensgate House, South Church Street, Grand Cayman,
Cayman Islands.

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.

True North's shareholder decided on April 7, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                 R.A. Holdsworth
                 c/o Garden House
                 2 Boulevard Hector Otto
                 MC98000, Monaco

Contact for inquiries:

                 Bryant Terry
                 c/o Ogier
                 P.O. Box 1234
                 Queensgate House, South Church Street
                 Grand Cayman, Cayman Islands
                 Telephone: (345)949-9876
                 Fax: (345)949-1986



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

COEUR D'ALENE: Posts US$5.4 Million Net Loss in Second Quarter
--------------------------------------------------------------
Coeur d'Alene Mines Corporation has posted a net loss of
US$5.4 million on net sales of US$50 million for the second
quarter of 2008, compared to net income of US$11.9 million on
net sales of US$51.7 million for the same quarter in 2007.

The second quarter results include US$10.7 million of pre-
development expenses at the Palmarejo project in Mexico.  These
costs are now being to be capitalized going forward due to the
completion of the Palmarejo feasibility study during the second
quarter.  Excluding these pre-development costs, second quarter
net income would be US$5.3 million.

?Although production at San Bartolome is ramping up more slowly
than anticipated, the Company's overall growth strategy remains
intact.  We expect to see the remaining start-up issues at San
Bartolome resolved during the third quarter, and we look forward
to the mine contributing production, revenues, and cash flow in
the balance of the year and achieving its production levels next
year,? commented Dennis E. Wheeler, Coeur's Chairman, President
and Chief Executive Officer.  ?At Palmarejo, our next major
silver mine to come online, we are pleased to report that
the Palmarejo project remains on-budget and has now accelerated
its start-up timetable to March 2009.  Palmarejo is expected to
be one of the world's top five silver mines.?

?Finally, at our Kensington gold mine, we were delighted to
learn during the second quarter that the U.S. Supreme Court has
granted the State of Alaska and Coeur Alaska's Petitions for a
writ of certiorari to review a Ninth Circuit Court of Appeals
decision relating to the mine's 404 tailings permit.  With
construction of all surface facilities already completed, a
final Supreme Court decision or completion of alternative
permitting plans may allow for construction of the tailings
facility to take place next year, leading to potential
production in later 2009.  Kensington is expected to produce up
to 140,000 ounces of gold annually and contains approximately
1.4 million ounces of gold mineral reserves,? Mr. Wheeler said.

Highlights:

    -- San Bartolome now in production with first silver dore
       shipment made on July 25th; estimated 2008 production of
       3.2 million ounces; targeted 2009 production of 9 million
       ounces.

    -- Palmarejo construction on-budget and on-schedule for
       March 2009 start-up; feasibility study completed during
       quarter resulting in 29% increase in Company-wide silver
       mineral reserves and 51% increase in Company-wide gold
       mineral reserves; Guadalupe mineral resources expanded and
       upgraded.

    -- Kensington achieved major milestone regarding tailings
       facility with U.S. Supreme Court decision to hear case;
       company continues to pursue alternative tailings plan.

    -- Second quarter production of 2.5 million ounces of silver
       ? 5% higher than prior quarter.

    -- Full-year company-wide production guidance of 13 million
       ounces of silver.

    -- US$186.5 million of cash, equivalents and short-term
       investments at end of second quarter.

                        About Coeur d'Alene

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

                          *     *     *

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



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

ALCATEL-LUCENT: Zacks Keeps Hold Recommendation on Firm's Shares
----------------------------------------------------------------
Zacks Investment Research has maintained its ?hold?
recommendation on Alcatel-Lucent S.A.'s shares.

Alcatel-Lucent reported weaker-than-expected revenues for the
second quarter of 2008 and its earnings were additionally hit by
restructuring charges of US$414 million.  The company is
progressing on its restructuring plans by cutting costs and
streamlining layers of management although the related expenses
continue to drive earnings lower.

While the company is the market share leader in several
categories of telecom equipment (including DSL gear), we are
concerned about the pressure on operating margins due to the
challenging competitive environment, the recent softness in
pricing, and the short-term disruptions from the Alcatel-Lucent
merger that appear to continue.

In the long term, this merger is positive for Alcatel-Lucent,
although it will take several quarters for the synergies to be
realized and Zacks Investment believes that the market's
expectations are for the integration and consolidation to go
smoother than Zacks Investment expects.  These types of mergers
take several quarters before earnings growth is restored, and
Zacks Investment believes the added cultural problems of a large
U.S.-based firm with a France-based firm may also cause
disruptions.

Zacks Investment has maintained its revenue and earnings
estimates for remainder of 2008 although it is concerned about
the continued pricing pressure and the geographic mix of growth
as the company competes to win business in Asia based on price.
The stock is trading at 51.2x Zacks Investment's new 2008
earnings estimate of US$0.12.  Zacks Investment has fixed its
target price at US$6.50 per American Depository Receipt over the
next six months, or approximately 0.53x its 2008 sales estimate
as it believes that the company is fairly-valued at these
levels.

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 5, 2008, Standard & Poor's Ratings Services revised to
negative from stable its outlook on telecommunications equipment
supplier Alcatel Lucent.  At the same time, the 'BB-/B' long-
and short-term corporate credit ratings on Alcatel Lucent, the
'BB-/B-1' long and short-term corporate credit ratings on
subsidiary Lucent Technologies Inc., and all issue ratings on
both companies were affirmed.



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

AES CORP: Second Quarter Net Income Rose to US$903 Mil. in 2008
---------------------------------------------------------------
The AES Corporation reported US$903 million of net income on
US$4.1 billion of net revenues for the second quarter of 2008,
compared to US$254 million on US$3.3 billion for the same
quarter of 2007.

?Our year-to-date results are ahead of expectations and we are
increasing our full year earnings guidance accordingly.
Guidance for free cash flow will come in at the lower end of our
range due to higher fuel and energy costs, which are mostly
recoverable,? said Paul Hanrahan, AES President and Chief
Executive Officer.  ?We continue to make good progress on the
growth front.  This past quarter we achieved simple cycle
operation on our 370 MW [megawatt] plant in Jordan and began
construction on four power plants with a total capacity of 953
MW. We also acquired a stake in a 49.5 MW wind project in China.
And our Climate Solutions group achieved a notable milestone by
registering its first methane recovery project in Malaysia with
the UN, a major step in creating Certified Emission Reductions.?

                   Second Quarter 2008 in Review

During the second quarter 2008, the Company benefited from
higher demand in Latin America, as well as higher pricing in
Europe and Latin American generation businesses, offset in part
by planned outages at North American generation businesses, the
July 2007 tariff reset at Eletropaulo, one of our utilities in
Brazil, and increased corporate overhead costs related primarily
to SAP implementation worldwide.

                             Cash Flow

Second quarter 2008 net cash flow from operating activities was
US$320 million as compared to $514 million in second quarter
2007.  Excluding an US$18 million contribution from EDC, a
business sold in May 2007 but which is included in the
consolidated statement of cash flows for second quarter 2007,
net cash from operating activities would have decreased by
approximately US$176 million.

The period over period change in cash flow from operating
activities in second quarter 2008 primarily reflects planned
outages at its North America generation businesses, previously
announced tariff resets and an increase in regulatory assets
primarily comprised of recoverable purchased energy costs at its
Latin America utilities, higher fuel costs in Asia, and
additional interest associated with higher average Parent debt
balances, offset in part by improved net working capital as a
result of improved margin performance at its Latin America
generation businesses.

Second quarter 2008 free cash flow (a non-GAAP financial
measure) was US$135 million as compared to US$207 million in
second quarter 2007.  Excluding any contribution from EDC, free
cash flow (a non-GAAP financial measure) would have decreased by
approximately US$67 million.

Free cash flow in second quarter 2008 reflects the decrease in
cash flow from operating activities offset in part by a decrease
in maintenance capital expenditures.

                           2008 Outlook

On the basis of strong performance in the first half of the
year, combined with a positive outlook regarding the next two
quarters, the company increased guidance for full-year 2008
adjusted earnings per diluted share by US$0.02 to US$1.16.

The company also updated its full-year 2008 cash flow guidance,
reflecting its year-to-date performance and outlook for the
remainder of the year.  The revised 2008 estimates for cash flow
from operating activities and free cash flow (a non-GAAP
financial measure) are US$2.2 billion and US$1.4 billion,
respectively.  This compares to the previous guidance issued in
March 2008 of US$2.3 to 2.4 billion for cash flow from operating
activities and US$1.4 to 1.6 billion for free cash flow (a non-
GAAP financial measure).

                    Stock Buyback Authorization

AES's Board of Directors has approved a share repurchase plan
for up to US$400 million of its outstanding common stock.  The
Board authorization permits the Company to effect the
repurchases from time to time for the next six months through a
variety of methods, including open market repurchases and
privately negotiated transactions.  There can be no assurance as
to the amount, timing or prices of repurchases, which may
vary based on market conditions and other factors.  The stock
repurchase program may be modified, extended or terminated by
the Board of Directors at any time.

                             About AES

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
power company with operations in South America, Europe, Africa,
Asia, and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES has been in Eastern Europe for more than ten years since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve
1.2 million customers and generation plants in the Czech
Republic and Hungary.  AES is also the leading company in
biomass conversion in Hungary, generating 37% of the nation's
total renewable generation in 2004. The company has Latin
America operations in Argentina, Brazil, Chile, Dominican
Republic, El Salvador, and Panama.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, India,
Kazakhstan, Oman, Qatar, Pakistan and Sri Lanka.  Fuels include
coal, diesel, hydro, gas and oil. AES has been in the region
since 1994, when it acquired the Cili generation plant in China.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's Investors Service assigned a B1 rating to
The AES Corporation's proposed issuance of US$600 million senior
unsecured notes due 2020.  In addition, Moody's has affirmed the
ratings of AES, including the company's Corporate Family Rating
at B1, its Probability of Default Rating at B1, its senior
secured credit facilities at Ba1, its second priority senior
secured notes at Ba3, its senior unsecured notes at B1 and its
trust preferred securities at B3.  Moody's said the rating
outlook for AES is stable.

The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, AES Corporation was in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as stated in the credit agreements.  As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007.  There are no outstanding borrowings
under the senior unsecured facility.



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

BRITISH AIRWAYS: Four Executives Charged Over Price-Fixing
----------------------------------------------------------
Four men have been charged with cartel offenses under the
Enterprise Act in connection with the Office of Fair Trading's
criminal investigation into price-fixing of fuel surcharges for
long haul passenger flights.

Martin George, Andrew Crawley, Alan Burnett and Iain Burns are
charged with having dishonestly agreed with others to make or
implement arrangements which directly or indirectly fixed the
price for the supply in the United Kingdom of passenger air
transport services by British Airways plc and Virgin Atlantic
Airways Ltd.

The charges relate to the period between July 2004 and April
2006 when the defendants were employed by British Airways.

They will appear at City of London Magistrates' Court on
Sept. 24, 2008.

                    Price-Fixing Collusion

As reported in the TCR-Europe on Aug. 2, 2007, British Airways
admitted that between August 2004 and January 2006, it colluded
with Virgin Atlantic over the surcharges which were added to
ticket prices in response to rising oil prices.  Over that
period, the surcharges rose from GBP5 to GBP60 per ticket for a
typical British Airways or Virgin Atlantic long-haul return
flight.

The OFT imposed a GBP121.5 million penalty on British Airways.

The OFT's investigation was prompted after Virgin Atlantic came
forward with information about price fixing with British Airways
over the surcharges.  Virgin Atlantic was not expected to pay
any penalty as it qualifies in principle for full immunity under
the OFT's leniency policy.

                        U.S. DOJ Probe

A TCR-Europe report disclosed that on Aug. 1, 2007, British
Airways has agreed to plead guilty and pay US$300 million
criminal fines for its role in conspiracies to fix the prices of
passenger and cargo flights.

The charges against the airline were filed in the U.S. District
Court for the District of Columbia.

The court approved the plea agreement between British Airways
and the U.S. Department of Justice on fines of US$300 million
for infringements of competition law in the company's long-haul
passenger and cargo businesses.

The court agreed that the substantial cooperation provided by
British Airways to the U.S. government justified a significant
reduction in fines which under Sentencing Guidelines ranged from
US$450 million to US$900 million.

                   Class Action Settlement

According to a TCR-Europe report, Cohen, Milstein, Hausfeld &
Toll negotiated on Feb. 15, 2008, a ground breaking legal
settlement that, for the first time ever, resolves a class
action lawsuit on a collective basis under both U.S. and U.K.
law.

The agreement, which affects over 8 million people in the U.S.
and U.K., provides US$59 million for American ticket purchasers
and GBP73.5 million for U.K. purchasers who bought tickets from
either British Airways or Virgin Atlantic Airways between
Aug. 11, 2004, and March 23, 2006, with no deductions for
attorneys' fees or other costs.  This settlement marks the first
collective settlement of its kind for British consumers.

                     About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
-- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.   The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd. and British Airways
Travel Shops Ltd.   BA has offices in India and Guatemala.

                         *     *     *

British Airways Plc continues to carry ?Ba1? senior
unsecured debt rating from Moody's with a stable outlook.



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

DUERR GROUP: Earns EUR10.8 Million for the First Half of 2008
-------------------------------------------------------------
The Duerr Group achieved strong sales and earnings growth in the
first half of 2008.  While sales revenues were up 15.7% to
EUR752.7 million compared to the previous year's period,
earnings before interest and tax more than doubled to
EUR24.6 million.  Earnings after tax were well into positive
territory at EUR10.8 million after just breaking even in the
first half of 2007.

Ralf Dieter, Duerr AG's CEO, commented, ?We are fully on track
at the mid-year mark and momentum will pick up in the second
half.  Demand in the automobile industry's growth markets
remains strong so we are also optimistic for order intake in the
coming months.  As far as earnings generation is concerned we
expect the acceleration in the third and fourth quarters usual
in our business.?

               Positive Full-Year Outlook for 2008

For 2008, Duerr expects new orders more or less on a level with
last year provided the economic conditions and exchange rate
situation do not take a decisive turn for the worse.  Sales
revenues will rise by up to 10%.  Duerr continues to expect a
further strong improvement in earnings, to which a higher gross
margin should contribute.  Duerr aims to achieve a cash flow at
least at the 2007 level.  The company expects to be able to
completely run off its net financial debt by the end of the year
and post a positive net cash position for the first time since
1998.

Chief Financial Officer Ralph Heuwing commented on Duerr's
refinancing, ?The combination of capital increase and bond
redemption will probably yield significant relief in our
interest expense already in 2009.  It will also make for greater
long-term security while providing us with financial
flexibility.?

                           About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group --
http://www.Duerr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea, and the U.S.A.

                           *     *     *

Duerr AG still carries B long-term corporate credit rating with
positive outlook from Standard & Poor's Ratings Services.

Duerr AG also carries B2 Corporate Family, B2 Probability of
Default, and Caa1 Senior Subordinate ratings from Moody's
Investor Service, which said the outlook is stable.


FRONTIER AIRLINES: Bares Amendment to Annual Report for Yr. 2008
----------------------------------------------------------------
Frontier Airlines Holdings Inc. and its debtor-affiliates
reported amendments to their annual report for the fiscal year
ended March 31, 2008, with respect to compensation, initial
reports of, and changes in, stock ownership of the company's
directors and officers.

According to Frontier chief executive officer and director
Sean T. Menke, a compensation committee reviews the make-up of
the peer companies on an on-going basis to evaluate compensation
trends in the airline industry, and to review total compensation
levels for fiscal year 2008.

The peer companies consisted of Airtran Holdings Inc., Alaska
Air Group Inc., ATA Airlines, Champion Air, Compass Airlines,
Continental Airlines Inc., Expressjet Holdings Inc., JetBlue
Airways Corp., Mesa Air Group Inc., Republic Airways Holdings
Inc., Skywest Inc., Virgin America and US Airways.

As of March 31, 2008, the principal components of the executive
officers' compensation were base salary, performance-based
annual cash incentive compensation, long-term equity incentive
compensation, and long-term cash incentive compensation,
Mr. Menke said.

According to the SEC filing, Frontier instituted a salary
reduction program after the Petition Date, pursuant to which
Mr. Menke agreed to a 20% reduction in his base salary, and
other officers agreed to a 10% reduction in their base salary
for the fiscal year ending March 31, 2009.

Frontier did not achieve a pre-tax profit margin of 2% and no
annual cash incentive was awarded as of the fiscal year ended
March 31, 2008, Mr. Menke said.

Frontier's long-term incentive program -- consisting of annual
awards of stock-only stock appreciation rights, restricted stock
units and a performance-based cash incentive -- was designed to:

           (i) retain the named executive officers and other
               executives, as well as to focus their attention on
               long-term performance, and

          (ii) directly align the executive officers's financial
               interests with those of stockholders.

The performance-based cash incentive for the fiscal year ended
March 31, 2008, were established with average pre-tax profit
margin over the three-year performance period as the performance
metric and set minimum, target, and maximum pre-tax profit
margins of 4%, 8%, and 12% as the performance levels, Mr. Menke
told the SEC.

Certain awards made under Frontier's 2004 Equity Incentive Plan
may qualify as performance-based compensation that will be fully
deductible for federal income tax purposes under the
US$1,000,000 cap rules of Section 162(m) of the Internal Revenue
Code.  However, Frontier did not establish a policy that
mandates that all compensation must be deductible under the IRS
provision to retain flexibility to design compensation programs.
Frontier granted some equity awards, including restricted stock,
that are not eligible for the Section 162(m) exception.

Effective on Mr. Menke's hiring date on Sept. 7, 2007, he
received an annual salary of US$325,000, and was eligible to
participate in the executive bonus and equity incentive plan,
and received initial grants of 100,000 SOSARs and 30,000 RSUs.

The SOSARs have a 10-year expiration term and will vest 20% on
each of the first five anniversaries of the grant, while the
RSUs vest 100% on the fifth anniversary of the grant.  In
addition, Frontier paid certain expenses related to Mr. Menke's
transition from Air Canada to Frontier.  Due to the company's
Chapter 11 filing, however, the SOSARs or RSUs granted to Mr.
Menke will not have any value, according to the SEC.

Frontier's NEOs did not have, as of March 31, 2008, any special
guaranteed payments due on retirement or change of control.
Pursuant to a Severance Plan approved by the Bankruptcy Court in
June 2008, Frontier would provide its executive officers and
other employees with severance if they were terminated without
cause or terminated for ?good reason? following a change in
control.

Mr. Menke further disclosed that as of July 28, 2008, 15 of
Frontier's directors and officers beneficially owned 578,418
shares of the company's common stock.  The number of shares of
Frontier's common stock outstanding as of July 28, was
36,945,744.

As of March 31, 2008, Frontier paid KPMG LLC, as the Company's
independent auditors, a total of US$1,023,100 for audit services
that the firm rendered to the Debtors, Mr. Menke added.

A full-text copy of Frontier's amendments to the Annual Report
on Form 10-K/A is available for free at:

http://sec.gov/Archives/edgar/data/1351548/000110465908048351/a0
8-20284_110ka.htm#Item10_DirectorsExecutiveOfficers_152402

                    About Frontier Airlines Inc.

Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provides air transportation
for passengers and freight.  It operates jet service carriers
linking a Denver, Colorado hub to 46 cities coast-to-coast,
eight cities in Mexico, and one city in Canada, as well as
provides service from other non-hub cities, including service
from 10 non-hub cities to Mexico.  As of May 18, 2007 it
operated 59 jets, including 49 Airbus A319s and 10 Airbus A318s.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08-
11297 thru 08-11299.)  Hugh R. McCullough, Esq., at Davis Polk &
Wardwell, represents the Debtors in their restructuring efforts.
Togul, Segal & Segal LLP is the Debtors' Conflicts Counsel,
Faegre & Benson LLP is the Debtors' Special Counsel, and Kekst
and Company is the Debtors' Communications Advisors.  At
Dec. 31, 2007, Frontier Airlines Holdings Inc. and its
subsidiaries had total assets of US$1,126,748,000 and total
debts of US$933,176,000.

(Frontier Airlines Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


METROFINANCIERA SA: S&P Lowers Loan Servicer Rank to Average
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ranking on
Metrofinanciera S.A. de C.V. SOFOM to AVERAGE from ABOVE AVERAGE
as a construction loan servicer in the Mexican market.  At the
same time, S&P affirmed its ABOVE AVERAGE ranking on the company
as a residential mortgage loan servicer in the Mexican mortgage
market.  The outlook for both rankings is stable.

The AVERAGE and ABOVE AVERAGE rankings are based on S&P's
evaluation of Metrofinanciera's capacity to maintain its very
solid asset management operations and reflect these primary
strengths:

   -- The management team's high level of industry experience;

   -- Very good employee turnover statistics, a stable work
      environment, and good formal and informal training
      programs for all staff members;

   -- Very good documented policies and procedures that cover all
      key servicing activities;

   -- Well-defined and actualized business contingency and
      disaster recovery plans;

   -- A highly automated operation and servicing environment that
      is supported by solid IT systems and continual
      enhancements; and

   -- Good customer service practices and good collection
      procedures for residential loans.

The lowered ranking for construction loan servicing reflects the
nonperforming loan statistics and delinquency ratios within the
company's construction loan portfolio.  S&P believes these
statistics are the result of the company's preference to grant
loan extensions rather than initiate foreclosure actions.  The
company's foreclosure practices are not as proactive as those
observed S&P has observed by the company's peers operating in
Mexican market.

The downgrade also reflects reporting problems that the company
has been facing for the past year, precluding a ranking better
than AVERAGE.

Some constraints to the rankings for construction loan servicing
include:

   -- Slightly elevated delinquency levels.  Nonperforming loan
      statistics in the residential loan portfolio, however, are
      stable;

   -- Higher-than-above average nonperforming and delinquency
      statistics than those observed for other servicers in the
      construction loan sector;

   -- Response times could be improved and the company could make
      certain individual and construction loan reporting
      information more precise.

                             Outlook

The outlook is stable.  Metrofinanciera has almost achieved its
goal of evenly balancing the amount of residential and
construction loans in its portfolio at 50%-50%.  The strategy
contemplates less risk and provides a constant source of revenue
through residential loans.

The company infrastructure and presence around the country, its
Web systems, as well as its capabilities with flexible design
in products and prices provides adaptability capacity for future
changes.  The housing and construction sectors will continue to
grow and will likely focus on improving cash flows.

S&P believes Metrofinanciera has a stable servicing operation.
While the company has made continuing constant enhancements
recently, they have not affected business servicing.  While the
current rankings are in line with the company's corresponding
peers, it should be noted that they can deteriorate.  As such,
S&P will conduct regular follow-ups of Metrofinanciera's
operation and comment and/or adjust its rankings accordingly.

S&P has made selective recommendations regarding
Metrofinanciera's efficiency and business controls and believes
the company has a good and stable base to effectively service
home construction loans and residential loans.

Companies must maintain criteria for an AVERAGE ranking and a
stable outlook to be included on S&P's Select Servicer List.
Metrofinanciera's inclusion on the list means the company is
operating in an effective and controlled manner.  When
performing its analyses, S&P takes into account differences
between Servicer Evaluations among countries.

Headquartered in Monterrey, Mexico, Metrofinanciera, S. A. de
C.V., Sociedad Financiera de Objeto Multiple, Entidad no
Regulada -- http://www.metrofinanciera.com.mx/-- specializes in
real estate credit and housing development in Mexico.  Founded
in 1996 in Monterrey, it offers financial services and
consulting for all phases of real estate projects: housing
construction, advance sales, public works and commercialization.
The company also offers products in life, damage and
unemployment insurance.


RADIOSHACK CORP: Fitch Affirms 'BB' Rtgs. on Adequate Liquidity
---------------------------------------------------------------
Fitch Ratings has affirmed these ratings for RadioShack
Corporation:

   -- Long-term Issuer Default Rating at 'BB';
   -- Bank credit facility at 'BB';
   -- Senior unsecured notes at 'BB'.

The short-term IDR and commercial paper ratings have been
withdrawn as the commercial paper program has been terminated.
The rating outlook is negative.  RadioShack had US$381.3 million
in debt outstanding at June 30, 2008.

The affirmation reflects RadioShack's broad geographic store
base, the recent improvement in the company's operating results
and credit metrics due to management's turnaround plan, and
adequate liquidity to meet its capital needs.  The ratings also
consider the continued soft operating trends in many of
RadioShack's business segments, Fitch's concern about
RadioShack's long-term ability to produce sustainable revenue
growth and profitability, and a highly competitive operating
environment.

As of June 30, 2008, RadioShack operated 4,439 stores that are
conveniently located across the United States.  As a result of
the company's ongoing efforts to reduce costs and improve
operational efficiency, which included the closure of
underperforming stores, reduction in headquarters staffing, an
updated inventory mix and newly-remodeled stores, RadioShack's
operating margins improved.  EBIT margin increased to 8.9% in
the last 12 months ending June 30, 2008 from 4.2% in fiscal
2006.  This resulted in credit metrics strengthening with LTM
total adjusted debt/EBITDAR of 3.6 times versus 4.8x in 2006 and
LTM EBITDAR to interest plus rent of 2.3x versus 1.8x during the
comparable time period.

In addition, RadioShack's liquidity increased with cash of
approximately US$578 million and availability of around
US$625 million under its credit facilities as of June 30, 2008.
Fitch expects RadioShack will remain prudent in its financial
management and cash usage, including the level of share
repurchases.

Despite the improvement in profitability, the company's sales
performance remained weak in 2007 with same store sales
declining 8.2%.  While RadioShack's same store sales trend
turned positive with the company reporting a 1.3% increase in
the first half of 2008, the improvement was primarily driven by
converter box sales in the second quarter in anticipation of the
digital transition that will occur in February 2009.  Excluding
converter box sales, Fitch expects sustaining the positive top-
line momentum could remain challenging for RadioShack in the
intermediate term as sales in many of its business segments
remain negative.

For example, RadioShack's core wireless business, which accounts
for approximately one-third of its total revenues, continues to
be pressured by the declines in the Sprint wireless business.
Fitch remains cautious about the company's long-term
profitability given expected soft revenue trends.

Of ongoing concern is the increasing competition in the consumer
electronics and wireless businesses from national big-box
retailers and discounters as well as wireless carriers and other
new wireless distribution channels.  These retailers offer a
wide selection of consumer electronics and wireless products
and, as they expand their store bases, are becoming increasingly
convenient to customers.

RadioShack Corporation (NYSE: RSH) -- http://radioshack.com/--
retails consumer electronics specialty products through almost
6,000 company-operated stores and dealer outlets in the United
States, over 100 RadioShack locations in Mexico and nearly 800
wireless phone kiosks.


VISTA GOLD: Posts US$2.2MM Consolidated Net Loss in 2nd Quarter
---------------------------------------------------------------
Vista Gold Corp. reported its financial results for the quarter
and six months ended June 30, 2008, as filed on Aug. 8, 2008,
with the United States Securities and Exchange Commission and
the relevant securities commissions in Canada in the company's
Quarterly Report on Form 10-Q.

Vista Gold's consolidated net loss for the three-month period
ended June 30, 2008, was US$2.2 million, compared to a
consolidated net loss of US$3.2 million for the same period in
2007.  The company's consolidated net loss for the six-month
period ended June 30, 2008, was US$4.1 million, which was
approximately level with the consolidated net loss of US$4
million for the same period in 2007.

For the three-month period, the decrease in the consolidated
loss of US$1 million from the respective prior period is
primarily due to a decrease in costs of US$2.4 million related
to the completion in May 2007 of the Plan of Arrangement
involving Vista, Allied Nevada Gold Corp. and the Pescios, which
is partially offset by an increase in interest expense of
US$585,000, an increase in fees associated with the disposal of
Vista Gold's Amayapampa project of US$132,000, an increase in
corporate administration and investor relations costs of
US$336,000, an increase in the loss on disposal of marketable
securities of US$88,000 and a decrease in interest income of
US$171,000.

The slight increase in the consolidated net loss of US$74,000
for the six-month period from the prior year period is largely
due to an increase in corporate administration and investor
relations costs of US$905,000, an increase in interest expense
of US$769,000 paid on Vista Gold's outstanding US$30 million
aggregate principal amount of convertible notes, an increase in
the loss on disposal of marketable securities of US$207,000, an
increase in fees associated with the disposal of the company's
Amayapampa Project of US$132,000 and a decrease in interest
income of US$478,000.  These amounts are offset by the decrease
in costs related to the Plan of Arrangement of US$2.4 million,
as noted above.

At June 30, 2008, Vista Gold's total assets were US$80.9 million
compared to US$51.3 million at Dec. 31, 2007, representing an
increase of US$29.6 million.  This increase from the end of the
year relates primarily to an increase of cash of US$6.5 million,
an increase of plant and equipment for the purchase of US$16
million at Paredones Amarillos and an increase of US$6.5 million
for mineral properties.  At June 30, 2008, Vista Gold had
working capital of US$33.4 million compared to US$27.3 million
at Dec. 31, 2007, representing an increase of US$6.1 million.
These increases relate primarily to an increase in cash balances
from year end as a result of the completion in March 2008 of the
brokered private placement of the Notes.

The principal component of working capital at both June 30,
2008, and Dec. 31, 2007, is cash and cash equivalents of
US$23.2 million and US$16.7 million, respectively.  Other
components include marketable securities (June 30, 2008 at
US$10.2 million; Dec. 31, 2007, at US$10.9 million) and other
liquid assets (June 30, 2008, at US$1.1 million; Dec. 31, 2007,
at US$380,000).

As previously reported, on March 4, 2008, Vista Gold completed a
private placement in which the company issued and sold
US$30 million in aggregate principal amount of the Notes.  The
Notes mature at face value on March 4, 2011.  The Notes pay
interest of 10% per annum, payable semi-annually on June 15 and
Dec. 15.  The Notes are convertible at the holder's or issuer's
discretion in accordance with the terms of the Notes.  The
holder can convert all or part of the debt at any time prior to
March 4, 2011, or the business day immediately preceding the
Redemption Date at a price of US$6 per common share, subject to
adjustment in certain circumstances.  The Redemption Date
represents the date that the Notes will be redeemed in the event
that the company redeem the Notes.

Vista Gold used approximately US$16 million of the proceeds from
the sale of the Notes for advance payments towards the purchase
of gold processing equipment to be used at the company's
Paredones Amarillos Project.  The remaining balance of the funds
raised from the private placement will be used on capital
expenditures for the development of the Paredones Amarillos
Project.

Net cash used in operating activities was US$2.1 million for the
three-month period ended June 30, 2008, compared to
US$1.8 million for the same period in 2007.  The increase of
US$318,000 is the result of an interest payment of US$842,000
made on June 15, 2008, for the Notes and a decrease of non-cash
items of US$1.2 million which is offset by a decrease in the
loss for the period from continuing operations of US$958,000 and
a decrease in cash used for accounts payable, accrued
liabilities and other of US$757,000.

Net cash used in operating activities was US$3.3 million for the
six-month period ended June 30, 2008, compared to US$2.7 million
for the same period in 2007.  The increase of US$573,000 is
mostly the result of the interest payment of US$842,000 noted
above, which is partially offset by a decrease in cash used for
receivables of US$310,000.

Net cash used in investing activities decreased to
US$3.2 million for the three-month period ended June 30, 2008,
from US$26.3 million for the same period in 2007.  The decrease
of US$23.1 million mostly reflects the US$24.4 million cash
transferred to Allied Nevada in conjunction with the completion
of the Plan of Arrangement in May 2007, which was partially
offset by:

   -- An increase in the additions to mineral properties of
      US$682,000, which is mostly the result of an increase in
      expenditures at the Paredones Amarillos Project as Vista
      Gold moves towards a production decision.

   -- An increase of US$350,000 for a loan made to Republic Gold
      Limited in conjunction with the disposal of the Amayapampa
      project, this loan is due and payable on the release of a
      bankable feasibility study or Sept. 30, 2008, which ever
      occurs first.

   -- An increase in the additions to plant and equipment of
      US$269,000, which is mostly the result of an increase in
      equipment purchases at the Paredones Amarillos Project and
      the Mt. Todd Project.

Net cash used for investing activities decreased to
US$21.3 million for the six-month period ended June 30, 2008,
from US$28.2 million for the same period in 2007.  The decrease
of US$6.9 million is mostly the result of a decrease of
US$24.4 million in the cash transferred to Allied Nevada as
noted above, which has been offset by:

   -- An increase in additions to plant and equipment of
      US$16.3 million.  In April 2008, Vista Gold finalized the
      US$16 million purchase of gold processing equipment to be
      used on its Paredones Amarillos Project.  There were no
      similar purchases during the 2007 period.

   -- An increase in the acquisition of mineral properties of
      US$452,000.  On Jan. 24, 2008, the company completed the
      acquisition of interests in various mineral properties
      adjacent to its Guadalupe de los Reyes Project in Mexico.
      The consideration paid by Vista for the acquisition of
      these interests included cash payments totaling US$452,000
      and the issuance of a total of 213,503 common shares of
      Vista (with an aggregate fair value of US$1 million) to
      various parties.

   -- An increase in the additions to mineral properties of
      US$264,000.

   -- An increase of US$350,000 for a loan made to Republic in
      connection with the disposal of the Amayapampa Project.

Net cash used in financing activities was US$144,000 for the
three-month period ended June 30, 2008, as compared to net cash
provided by financing activities of US$250,000 for the same
period in 2007.  During the three-month period ended June 30,
2008 cash was used in financing activities, reflecting the
payment of additional debt issuance costs resulting from the
completion of the brokered private placement of the Notes during
the first quarter.  For the same period in 2007, cash was
provided by financing activities due to proceeds received from
the exercise of warrants.

Net cash provided by financing activities was US$31.4 million
for the six-month period ended June 30, 2008, as compared to
US$1.5 million for the same period in 2007.  This increase is
primarily the result of the completion of the brokered private
placement of the Notes, having an aggregate principal amount of
US$30 million.  Proceeds to Vista after legal and other fees
were US$28.4 million.  There were no similar transactions during
the 2007 period.

There were no warrant exercises during the three-month period
ended June 30, 2008, as compared to US$250,000 for the same
period in 2007.  Warrant exercises during the six-month period
ended June 30, 2008, produced cash proceeds of US$2.9 million as
compared to US$1.5 million for the same period in 2007.

                         About Vista Gold

Vista Gold Corp. (Amex: VGZ; TSX), based in Littleton, Colorado,
evaluates and acquires gold projects with defined gold
resources.  Additional exploration and technical studies are
undertaken to maximize the value of the projects for eventual
development.  The corporation's holdings include the Maverick
Springs, Mountain View, Hasbrouck, Three Hills, Wildcat projects
and Hycroft mine, all in Nevada, the Long Valley project in
California, the Yellow Pine project in Idaho, the Paredones
Amarillos and Guadalupe de los Reyes projects in Mexico, the
Amayapampa project in Bolivia, and the Awak Mas deposit in
Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter on April 1, 2004,
Vista Gold's independent auditors expressed doubt about the
company's ability to continue as a going concern after reviewing
its financial statements for the year ending Dec. 31, 2003.

Vista Gold reported US$14.2 million net loss in the year ended
Dec. 31, 2007, US$2.2 million net loss for the three-month
period ended Sept. 30, 2007, and US$3.23 million net loss for
three-month period ended June 30, 2007.



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

DORAL FINANCIAL: Reports US$1.6 Mil. Net Income in Second Qtr.
--------------------------------------------------------------
Doral Financial Corporation has earned US$1.6 million (before
the payment of preferred stock dividends) for the second quarter
ended June 30, 2008, an improvement of US$39.1 and
US$3.9 million compared to the second quarter 2007 and first
quarter 2008, respectively.

Having successfully raised US$610 million of equity capital in
July 2007, Doral and Doral Bank maintain regulatory capital
ratios substantially above well capitalized requirements.

Glen R. Wakeman, President and CEO of Doral Financial
Corporation, said, ?We are pleased with the execution of our
strategy to transform Doral from a monoline business to a
traditional full service community bank.  We have made solid
progress in our key fundamentals, including higher core
operating income and net interest margin, and improvements in
compliance and controllership.?

?To that end, we've added thousands of new banking customers and
increased mortgage production, all while reducing expenses.
We've also launched innovative programs, including loss
mitigation and restructuring programs, to assist homeowners and
positively impact the quality of life in our communities.  There
is more work to be done and we remain cautious about the
economic environment as we move forward,? Mr. Wakeman stated.

Doral experienced significant improvements in key fundamentals:

   -- Expanded Net Interest Margin from 1.30% in the second
      quarter of 2007 to 2.02% in the second quarter of 2008

   -- Increased mortgage production by 56% to US$256.2 million in
      the second quarter of 2008, from US$164.6 million in the
      same period in 2007

   -- Opened more than 55,000 new retail deposit accounts since
      the beginning of the year.  Increased retail banking and
      insurance fees 22% to US$9.4 million for the second quarter
      2008, compared to US$7.7 million for the same period in
      2007

   -- Lowered non-interest expense as a result of the company's
      effort to control costs and the elimination of expenses
      related to its recapitalization efforts; non-interest
      expense fell 27.4% to US$55.6 million in the second quarter
      2008, from US$76.6 million for the same period in 2007

   -- Implemented innovative community programs, including ?Ruta
      Pink?, a community program that aims to promote early
      detection of breast cancer, the second highest cause of
      death of women in Puerto Rico.  Doral, in association with
      Susan G. Komen for the Cure Puerto Rico, is providing free
      mammograms to women without health insurance.  The seven-
      month program is visiting Doral Bank branches island wide
      and is accompanied by an educational publicity campaign on
      breast cancer awareness.  Doral also implemented a loss
      mitigation and restructuring program to help Doral clients
      who are having difficulties paying their mortgage.  So far,
      Doral's loss mitigation and restructuring programs have
      helped more than 4,000 families stay in their homes.

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

                            *     *     *

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


NUTRITIONAL SOURCING: Files Ch. 11 Plan and Disclosure Statement
----------------------------------------------------------------
Nutritional Sourcing Inc. and its debtor-affiliates together
with the Official Committee of Unsecured Creditors delivered to
the United States Bankruptcy Court for the District of Delaware
a joint Chapter 11 plan of liquidation and a disclosure
statement explaining that plan.

A hearing is set for Sept. 4, 2008, at 3:30 p.m., to consider
the adequacy of the Debtors and Panel's disclosure statement.
Objections, if any, are due Aug. 28, 2008, by 4:00 p.m.

The Debtors and the Panel ask the Court to establish these dates
and deadlines relating to the confirmation of their plan:

    -- Sept. 4, 2008     voting record date
    -- Sept. 8, 2008     distribution of solicitation packages
    -- Oct.  3, 2008     voting and plan objection deadlines
    -- Oct. 10, 2008     deadline for Debtors reply to plan
                         objections
    -- Oct. 14, 2008     confirmation hearing

The Chapter 11 plan provides separate treatments for Nutritional
Sourcing, Pueblo International LLC, and FLBN LLC because their
estate are not being substantively consolidate.  The Debtors
remind the creditors that they may be paid only out of the
estate in which they have a claim.

The terms of the Chapter 11 plan represent the settlement, among
other things:

    i) of several of the largest claims against the Debtors'
       estates -- including a US$1,125,000 claim of Pension
       Benefit Guaranty Corporation, holders of senior secured
       notes and the Debtors' two executive officers, and

   ii) resolution of certain issues that have been disputed
       throughout the case, the amount of the FLBN intercompany
       claims that should be classified as a Pueblo trade claim
       and the bonus to be paid to Debtors' two executive
       officers.

In 2006, the Debtors conducted an auction for the sale of
substantially all of their grocery stores and their distribution
center.  During the action, PS Acquisition Inc. made a
US$139,000,000 offer for the Debtors' assets topping Pueblo and
Supermercados Econo Inc.'s US$89,750,000 bid.  The Court
approved the sale on Sept. 25, 2007.  The sale closed on
Oct. 31, 2008.

The sale generated about US$32,181,628 in proceeds.  The
proceeds were net of, among other things:

    -- repayment of all obligations owed to the lender of
       US$101,200,000;

    -- break-up fee and expense reimbursement for Pueblo and
       Supermercados of US$4,200,000;

    -- paid and escrowed cure amounts for assumed contracts and
       leases;

    -- other fees and expenses, and

    -- the addition to the purchase price for inventory of
       US$4,876,643.

                  Treatment of Interests and Claims

A. Nutritional Sourcing Inc.

                 Type
    Class        of Claims                     Treatment
    -----        ---------                     ---------
    1C           other priority claims         unimpaired
    2B           senior secured note claims    impaired
    3C           other secured claims          unimpaired
    4D           general unsecured claims      impaired
    5C           penalty and subordinated      impaired
                  claims
    6C           equity securities interests   impaired

Holders of Class 4D general unsecured claims, totaling
US$17 million, will not receive any distribution on account of
their allowed unsecured claims.

B. Pueblo International LLC

                 Type
    Class        of Claims                     Treatment
    -----        ---------                     ---------
    1A           other priority claims         unimpaired
    2A           mirror loan claims            impaired
    3A           other secured claims          unimpaired
    4A           trade claims                  impaired
    4B           general unsecured claims      impaired
    5A           penalty and subordinated      impaired
                  claims
    6A           equity securities interests   impaired

Holders of Class 4B general unsecured claims, totaling
US$79.22 million, will receive their pro rata share of the net
proceeds of the Pueblo liquidation trust assets.  Holders are
expected to recover 13.2% under the plan.

C. FLBN LLC

                 Type
    Class        of Claims                     Treatment
    -----        ---------                     ---------
    1B           other priority claims         unimpaired
    3B           other secured claims          unimpaired
    4C           general unsecured claims      impaired
    5B           penalty and subordinated      impaired
                  claims
    6B           equity securities interests   impaired

Holders of Class 4C general unsecured claims, totaling
US$32.9 million, will receive their pro rata share of the assets
in FLBN's chapter 11 estate.  Holders are expected to recover
25.1% under the plan.

Holders of Class 2B, 4A, 4B and 4C claims are entitled to vote
for the plan.

A full-text copy of the Debtors' and Panel's disclosure
statement is available for free at
http://ResearchArchives.com/t/s?308a

                    About Nutritional Sourcing

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba
Pueblo Xtra International, Inc. -- http://www.puebloxtra.com/--
owns and operates supermarkets and video rental shops in Puerto
Rico and the US Virgin Islands.  The company and two affiliates,
Pueblo International, L.L.C., and F.L.B.N., L.L.C., filed for
chapter 11 protection on Aug. 3, 2007 (Bankr. D. Del. Case Nos.
07-11038 through 07-11040).  Kay Scholer LLC represents the
Debtors in their restructuring efforts.  Pepper Hamilton LLP
serves as their Delaware counsel.  The U.S. Trustee for Region 3
appointed eight creditors to serve on an Official Committee of
Unsecured Creditors.  Skadden, Arps, Slate, Meagher & Flom LLP
represent the Official Committee of Unsecured Creditors.  The
company has disclosed US$130.8 million in assets and debt
totaling US$266.5 million with the Court.


R&G FIN'L: To Restate Filings in Yrs. Ended Dec. 31, 2002 to '04
----------------------------------------------------------------
R&G Financial Corporation has disclosed in its regulatory filing
the need to restate its audited consolidated financial
statements for the years ended Dec. 31, 2002, 2003, and 2004.

On Nov. 2, 2007, the company filed its amended Annual Report for
the year ended Dec. 31, 2004, on Form 10-K/A.  The company is
working to file its subsequent periodic reports as soon as
practicable.  Due to the work involved in the restatement
process and the consequent delay in completing its subsequent
financial statements, the company did not file its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2008 by the
deadline.

Headquartered in San Juan, Puerto Rico, R&G Financial Corp.
(PNK: RGFC.PK) -- http://www.rgonline.com/-- is a financial
holding company with operations in Puerto Rico and the United
States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the company operated 37 bank branches
in Puerto Rico, 36 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 44 mortgage offices in Puerto Rico.

                        *       *      *

As reported in the Troubled Company Reporter-Latin America on
July 18, 2008, R&G Financial Corporation reported that its
wholly-owned Puerto Rican mortgage subsidiary, R&G Mortgage
Corporation and R-G Premier Bank, and its wholly-owned chartered
commercial bank, R-G Premier Bank, received notices from the
Federal Home Loan Mortgage Corporation of immediate termination
of their respective eligibility to sell mortgages to and service
mortgages for Federal Home.  Federal Home indicated that it has
taken these actions due to its concerns regarding the entities'
ability to continue to act as servicer and to meet their
obligations to Federal Home, among other reasons.


REXVILLE OPEN: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Rexville Open MRI & CT Center, Inc.
         Urb Cana, RR 13 Calle 11
         Bayamon, PR 00957

Bankruptcy Case No.: 08-05015

Type of Business: The Debtor provides medical imaging services.

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.
                      Email: notices@condelaw.com
                   C. Conde & Associates
                   254 Calle San Jose 5th Fl.
                   San Juan, PR 00901-1523
                   Tel: (787) 729-2900
                   http://www.condelaw.com/

Total Assets: US$691,309

Total Debts:  US$2,967,120

A copy of Rexville Open MRI & CT Center, Inc.'s petition is
available for free at http://bankrupt.com/misc/prb08-05015.pdf



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

HINDU CREDIT: Audit Discloses Flaws in Firm's Payment System
------------------------------------------------------------
A 2005 management audit conducted by PricewaterhouseCoopers on
Hindu Credit Union Co-Operative Society Ltd. has revealed flaws
in the firm's payment system, Peter Balroop at The Trinidad
Guardian reports.

The Guardian relates that Hindu Credit's President, Harrypersad
Harnarine, and the credit union board hired
PricewaterhouseCoopers to assess the internal financial
arrangements.  According to The Guardian, the audit revealed
that millions of dollars ?were being siphoned? from Hindu Credit
and gave the company guidelines to prevent making the firm
?vulnerable?.

The Guardian notes that PricewaterhouseCoopers presented on
April 6, 2005, a report focused on 62 cheques issued from
January to December 2004, for a total of US$27,935,987 to a
Laventille man who began at Hindu Credit as a cleaner and
messenger and became the firm's contractor in 2004 to carry out
projects worth tens of millions of dollars.  The
PricewaterhouseCoopers report says that the contractor
collected:

           -- two cheques worth over US$1 million each,

           -- 11 cheques valued between US$750,000 and
              US$1 million,

           -- 34 cheques worth between US$250,000 and US$750,000;
              and

           -- 15 cheques that were less than US$250,000.

According to The Guardian, the auditors found out that the man
wasn't registered as a member of the T&T Contractors
Association.  He was was hired to construct:

           -- Orange Field warehouse;
           -- HCU Food Corporation;
           -- Printing press room;
           -- Multi-purpose hall, Convention Center No. 2;
           -- Shakti Foods/Chase Foods;
           -- Administrative Center; and
           -- Jovi's Water Park.

Almost US$28 million was paid in 2004 for the first four
projects, The Guardian states, citing the auditors.  The report
says that the auditors also found out that the contractor didn't
pay Value Added Tax to the Board of Inland Revenue and that
there was no evidence that Hindu Credit's board of directors
approved the contracts.  Hindu Credit didn't invite other
contractors to tender and bid for the jobs, The Guardian quoted
the auditors as saying..

According to The Guardian, the auditors sad that the flaws they
had discovered could lead to:

           -- increased risk of fraud and non-detection of
              irregularities due to the absence of an audit
              trail; and

           -- increased risk of financial losses due to
              undetected cheque payments made.

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.


HINDU CREDIT: Authorities May Seize Harry Harnarine's Passport
--------------------------------------------------------------
The Trinidad Guardian reports that authorities may confiscate
Hindu Credit Union Co-Operative Society Ltd. President Harry
Harnarine's passport if he will try to escape from the country.

According to The Guardian, Director of Public Prosecutions
Geoffrey Henderson sent a letter to an attorney of one of Hindu
Credit's depositors on Aug. 5, saying, ?There may be a threat of
persons attempting to place themselves beyond the reach of local
law enforcement officials.?

The Guardian relates that Mr. Henderson then instructed the
police to start investigating Hindu Credit and Mr. Harnarine.
The probe revealed that Mr. Harnarine has a property in Miami,
as well as his close relatives.  Sources said he also has assets
in Costa Rica, which Mr. Harnarine denied.

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.



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

RESIDENTIAL CAPITAL: DBRS Keeps 'CCC' Rating with Negative Trend
----------------------------------------------------------------
DBRS commented on the second quarter 2008 results of Residential
Capital, LLC.  DBRSs CCC Issuer Rating for ResCap and Negative
trend remain unaffected.

This comment follows ResCaps earnings release, which indicates a
loss of US$1.9 billion for the second quarter of 2008,
representing an approximate US$1.0 billion increase from the
previous quarter.  Driving this quarters loss were increased
loan provisioning, realized losses on asset sales and an
increase in reserves for loan repurchases.

The ongoing weakness in the U.S. housing market and the
difficult operating environment continues to negatively impact
ResCaps performance.  Credit performance of the portfolio assets
continued to weaken, while house price declines increased loss
severity, driving higher loan loss provisions and other
impairments.  During the quarter, ResCap recorded US$467 million
in loan loss provisions for its held for investment portfolio
and US$397 million of impairment related to the value of its
held for sale mortgage portfolio.  The company was successful in
selling non-conforming assets, which generated substantial cash,
however, resulted in ResCap incurring approximately US$1.0
billion of losses associated with these sales.

DBRS recognizes that these transactions represent progress in
managements efforts to reduce the size of the company's balance
sheet.  Partially offsetting these aforementioned losses was a
gain of US$647.0 million associated with the early retirement of
debt.  DBRS views this quarters loss as outsized, given the
company's reduced equity base and, in DBRSs opinion, the company
has limited ability to manage additional sizable losses.

While DBRS recognizes that the debt restructuring and the other
liquidity initiatives implemented during the quarter  combined
with support gained from GMAC and its shareholders have improved
ResCaps near-term liquidity profile, in DBRSs opinion the
company still faces very significant liquidity pressures.  Given
the current environment, DBRS views ResCaps ongoing business
fundamentals as weak, as ResCap continues to face pressures from
its legacy portfolios, the slowed U.S. housing market and the
difficult capital markets environment.

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by
GMAC LLC.  Its Latin American operations are located in
Argentina, Brazil, Chile, Colombia, Mexico and Venezuela.


* VENEZUELA: New Laws Didn't Affect Oil & Gas Biz, Analyst Says
---------------------------------------------------------------
A Caracas-based oil analyst told Business News Americas that 26
new laws signed by Venezuela's President Hugo Chavez did not
affect the oil and gas sector.

According to Venezuelan law, Petroleos de Venezuela S.A. were
mandated to control at least 60% of JVs formed with private oil
companies, and more than 40% stakes in natural gas projects,
BNamericas relates.

In addition, the constitution allows for 100% private ownership
of natural gas projects provided the operator pays a 20% royalty
and 34% income tax, BNamericas states.

The analyst disclosed that only titles of the 26 new laws were
published, adding that the articles of each law would be posted
a couple of days, BNamericas adds.

The report says most of the 26 reforms dealt with country's food
industry and provided the government greater powers to hold
prices.

BNamericas says that some country analysts thought PDVSA would
push to have at least a 60% stake in all projects.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2008, Fitch Ratings assigned 'BB-' long-term foreign
currency issuer default ratings to the Bolivarian Republic of
Venezuela's international bond combined offer -- 15-year, US$2
billion Eurobond (9% coupon) and 20-year, US$2 billion Eurobond
(9.25% coupon).  The ratings are in line with Venezuela's
foreign currency issuer default rating.  The rating outlook is
negative.


* Large Companies With Insolvent Balance Sheet
----------------------------------------------

                                      Total
                                Shareholders       Total
                                     Equity        Assets
Company                 Ticker      (US$MM)       (US$MM)
-------                 ------  ------------      -------
Arthur Lange             ARLA3       (24.32)        34.09
Kuala                    ARTE3       (33.57)        11.86
Bombril                  BOBR3      (480.75)       423.86
Caf Brasilia             CAFE3      (949.47)        40.58
Chiarelli SA             CCHI3       (73.37)        44.84
Ceper-Inv                CEP          (7.77)       120.08
Ceper-B                  CEP/B        (7.77)       120.08
Telefonica Hldg          CITI     (1,481.31)       307.89
Telefonica Hldg          CITI5    (1,481.31)       307.89
SOC Comercial PL         COME       (783.92)       448.06
Marambaia                CTPC3        (1.38)        79.73
DTCOM-DIR To Co          DTCY3       (13.89)        13.03
Aco Altona               ESTR        (41.68)       144.91
Estrela SA               ESTR3       (77.08)       107.43
Bombril Holding          FPXE3    (1,064.31)        41.97
Fabrica Renaux           FTRX3       (40.90)       127.74
Cimob Partic SA          GAFP3       (56.35)        92.77
Gazola                   GAZ03       (43.13)        22.28
Haga                     HAGA3      (116.89)        20.31
Hercules                 HETA3      (245.33)        45.85
Doc Imbituba             IMB13       (21.11)       215.55
IMPSAT Fiber Networks    IMPTQ       (17.17)       535.01
Minupar                  MNPR3       (27.58)       158.43
Wetzel SA                MWET3       (15.02)       137.09
Nova America SA          NOVA3      (300.97)        41.80
Paranapamema SA          PMAM3      (105.13)     3,724.69
Paranapamema-PRF         PMAM4      (105.13)     3,724.69
Recrusul                 RCSL3       (67.90)        27.89
Telebras-CM RCPT         RCTB30     (171.66)       230.92
Rimet                    REEM3      (219.34)        93.47
Schlosser                SCL03       (84.39)        44.57
Tecel S Jose             SJ0S3       (26.86)        80.42
Sansuy                   SNSY3       (63.13)       235.18
Teka                     TEKA3      (347.07)       538.30
Telebras SA              TELB3      (171.66)       230.92
Telebras-CM RCPT         TELE31     (171.66)       230.92
Telebras SA              TLBRON     (171.66)       230.92
TECTOY                   TOYB3        (1.43)        39.50
TEC TOY SA-PREF          TOYB5        (1.43)        39.50
TEC TOY SA-PF B          TOYB6        (1.43)        39.50
TECTOY SA                TOYBON       (1.43)        39.50
Texteis Renaux           TXRX3      (118.94)        84.92
Varig SA                 VAGV3    (8,194.58)     2,169.10
FER C Atlant             VSPT3      (123.44)     2,012.29
Wiest                    WISA3      (140.97)        71.37


                             ***********

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.


            * * * End of Transmission * * *