TCRLA_Public/080821.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, August 21, 2008, Vol. 9, No. 166

                            Headlines


A R G E N T I N A

PROMOCIONES PROMARK: Claims Verification Deadline Is Oct. 14
TRANSPORTADORA MENDOZA: Claims Verification Deadline Is Dec. 11

* ARGENTINA: S&P Reviews Law of Insolvency for Recovery Ratings


B A R B A D O S

CABLE & WIRELESS: Appoints Seven Executives


B E R M U D A

BLUEPOINT RE: S&P Cuts Rating to 'R' After Liquidator Named


B O L I V I A

SEGUROS ILLIMANI: Moody's Affirms IFS Rating at Caa1/Stable
SEGUROS PROVIDA: Moody's Shifts Outlook to Positive From Stable


B R A Z I L

BANCO BRADESCO: Inks Operating Alliance With Mitsubishi UFJ
BANCO DO BRASIL: Reports BRL4BB Net Income in First Six Months
BLOUNT INT'L: June 30 Balance Sheet Upside-Down by US$33.3 Mil.
CIA. SIDERURGICA: To Accept Binding Offers for Namisa in Sept.
FORD MOTOR: S&P Holds Rtg. on Plan to Buy Back Ford Credit Debt

FORD MOTOR: Auto Owner Trust Class D Notes Get S&P's BB+ Rating
UAL CORP: Names Kathryn Mikells as Senior Vice President and CFO
UNIAO DE BANCOS: Eyes Credit Card Biz Expansion in Mexico


C A Y M A N  I S L A N D S

CAMBRIDGE PACIFIC: Proofs of Claim Filing Deadline Is Aug. 24
CITY LEASING: Holding Final Shareholders Meeting on Aug. 22
DURANT CDO: Will Hold Final Shareholders Meeting on Aug. 22
GATKO GLOBAL: Deadline for Proofs of Claim Filing Is Aug. 22
GATKO GLOBAL OPPORTUNITIES: Claims Filing Deadline Is Aug. 22

GOLDEN SHRINE: Deadline for Proofs of Claim Filing Is Aug. 23
GOLDEN SHRINE: Holding Final Shareholders Meeting on Aug. 23
HANTEC BALANCED: Holds Final Shareholders Meeting on Aug. 22
NET263 HOLDINGS: Sets Final Shareholders Meeting on Aug. 22
NORTH AMERICAN: To Hold Final Shareholders Meeting on Aug. 22

NORTH AMERICAN CARRIERS: Final Shareholders Meeting Is Aug. 22
ODSF (EURO): Will Hold Final Shareholders Meeting on Aug. 22
ORIGIN INVESTORS: Sets Final Shareholders Meeting on Aug. 22
RESOLUTION WORLD: Proofs of Claim Filing Is Until Aug. 22
UNITED ASIAN: Holding Final Shareholders Meeting on Aug. 22


C O L O M B I A

QUEBECOR WORLD: Long-Term Partnership With PARADE Extended


C O S T A  R I C A

CLOROX COMPANY: June 30 Balance Sheet Upside-Down by US$350 Mil.


D O M I N I C A N   R E P U B L I C

PRC LLC: Inks Stipulation Resolving Sprint Comms Dispute
PRC LLC: Names Steve K. Richards as Chief Executive Officer


J A M A I C A

CABLE & WIRELESS: Net Losses Continue for Jamaican Biz in 2Q '08


M E X I C O

CEMEX SAB: Concedes Implementation of Takeover Rule in Venezuela
MEGA BRANDS: Amends Deal, Closes CUS$75MM Debentures Offering
SEMGROUP LP: Section 341(a) Meeting Scheduled for September 9
SEMGROUP LP: U.S. Trustee Wants Chapter 11 Examiner Appointed
SEMGROUP LP: Bankruptcy Cues Unit to Delay Quarterly Filing

SEMGROUP LP: More Parties Oppose US$250,000,000 DIP Financing


P A N A M A

BANCO INTERNACIONAL: S&P Holds BB/B Counterparty Credit Rating
CHIQUITA BRANDS: Selling Atlanta AG to UNIVEG for US$92 Million


P A R A G U A Y

* PARAGUAY: Venezuela Vows to Ship Up to 23,500 Oil Barrels/Day


P E R U

* PERU: Moody's Lifts Foreign Currency Rating to Ba1 From Ba2


P U E R T O  R I C O

ADELPHIA COMMS: Reports on Status of Distributions Under Plan
ADELPHIA COMMS: Delivers Plan Status Reports for 2nd Qtr. 2008
ADELPHIA COMMS: Court Finds Insufficient Basis for US$44MM Claim

* PUERTO RICO: Gov. Anibal Acevedo Faces Fraud Charges


U R U G U A Y

NAVIOS MARITIME: Reports US$79.2 Mln Net Income in 2nd Qtr. 2008


V E N E Z U E L A

CHRYSLER LLC: In Talks With Mahindra Over Infringement Issue
CHRYSLER LLC: Financial Unit Changes Top Management Line-Up
GENERAL MOTORS: Unlikely to Resume Operations Soon Due to Strike
PETROLEOS DE VENEZUELA: May Consider Output Cut, Chief Says

* VENEZUELA: To Pay Ternium US$1.65 Billion for Sidor Stock

* Canada Approves CDN7 Mil. for ECCU Debt Mgt. Advisory Service
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

PROMOCIONES PROMARK: Claims Verification Deadline Is Oct. 14
------------------------------------------------------------
Edgardo Borghi, the court-appointed trustee for Promociones
Promark SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until October 14, 2008.

Mr. Borghi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Promociones Promark and
its creditors.

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

A general report that contains an audit of Promociones Promark's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Promociones Promark SRL
                     Olleros 1850
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Edgardo Borghi
                     Viale 2176
                     Buenos Aires, Argentina


TRANSPORTADORA MENDOZA: Claims Verification Deadline Is Dec. 11
---------------------------------------------------------------
The court-appointed trustee for Transportadora Mendoza's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 11, 2008.

The trustee will present the validated claims in court as
individual reports on February 26, 2009.  A court in Argentina
will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by [company] and its creditors.

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

A general report that contains an audit of Transportadora
Mendoza's accounting and banking records will be submitted in
court on April 14, 2009.

The trustee is also in charge of administering Transportadora
Mendoza's assets under court supervision and will take part in
their disposal to the extent established by law.


* ARGENTINA: S&P Reviews Law of Insolvency for Recovery Ratings
---------------------------------------------------------------
As part of a continuing series of articles on insolvency regimes
around the world, Standard & Poor's Ratings Services has
recently published an article that reviews the distinctive
characteristics of Argentina's insolvency regime from a secured
and unsecured creditor's perspective and assesses how they may
affect post-default recovery prospects.

As a result of insolvency regime reforms implemented in the
aftermath of the acute economic and financial crisis in 2002,
Argentina has become an increasingly friendly jurisdiction for
secured creditors in Latin America.  The centerpiece of the
reforms enacted that year was the introduction of a new and
enhanced acuerdo preventivo extrajudicial (APE) proceeding under
the Argentine bankruptcy law, which allowed a spate of major
Argentine companies in distress to successfully restructure
their businesses.  The changes to the APE provided greater
flexibility to debtors to reorganize outside of formal court
proceedings by enabling them to negotiate directly with their
creditors and, subject to certain conditions, obtain court
approval of their restructuring plans to bind all unsecured
creditors, which is similar to 'pre-packaged' reorganizations
under Chapter 11 in the United States.  Although the APE has
improved recovery prospects for creditors in general, its use
thus far has been limited to large company insolvencies
undergoing financial restructurings and its effectiveness for
more complex reorganizations is still uncertain.  Other
insolvency cases, which undergo formal court-supervised
proceedings, are more likely to be subject to extensive delays,
the results of which remain highly unpredictable.

In connection with its global assignment of recovery and issue
ratings, S&P has assessed Argentina's insolvency regime as a
Group B jurisdiction, based on its relative degree of "creditor-
friendliness" as defined in its report titled "Jurisdiction-
Specific Adjustments To Recovery And Issue Ratings," published
June 20, 2008, and available on RatingsDirect.



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

CABLE & WIRELESS: Appoints Seven Executives
-------------------------------------------
Cable & Wireless Caribbean has appointed seven executives in the
top managerial levels, the Telecom Tiger News Bureau reports.

According to the report, Donald Austin, who used to operate in
St. Lucia and St. Vincent & the Grenadines, will be Vice
Chairman of Cable & Wireless Caribbean and is also appointed as
Executive Vice President, Corporate Affairs and Regulatory of
the Barbados operations.

The report also says Ian Blanchard was appointed as Executive
Vice President, Transformation.  He was earlier the Chief
Executive for Grenada and has handled Cable and Wireless
International operations in the US and the Middle East, the
report notes.

Telecom Tiger News Bureau adds that Lawrence McNaughton, the
resident of Jamaica, continues to be the Executive Vice
President of Carrier Services and International Facilities while
Marsha Lewis holds the Executive Vice President of Human
Resources, while Marsha Lewis will look after the manpower
requirements of the company and has been appointed as the Vice
President Human Resources for the new pan-Caribbean business.

The role of Executive Vice President for Enterprise Sales will
be handled by Jesus Luzardo who has similar experience in this
stream for over 20 years, the report says.

In addition, the report says the responsibility as the new
Executive Vice President for Commercial has been assigned to
Mariano Doble who will see to it that any functions performed
are truly customer-driven, said the company.  He has prior work
experience of 20 years in sales, marketing and management in
Jamaica, the Dominican Republic and Puerto Rico.

Further, the report says Tom Hatfield, who has been appointed as
the Executive Vice President, will look after the Strategy and
Business Development.  He has been with the organization since
2005.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & U.S.  The
International business unit operates integrated
telecommunications companies in 33 countries, with principal
operations in the Caribbean, Panama, Macau, Monaco and the
Channel Islands.  The Europe, Asia & U.S. business units provide
enterprise and carrier solutions to the largest users of
telecoms services across the U.K., U.S., continental Europe and
Asia -- and wholesale broadband services in the U.K.  The
company also has operations in India, China, the Cayman Islands
and the Middle East.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
May 26, 2008, Standard & Poor's Ratings Services has revised its
outlook on Cable & Wireless PLC to developing from stable.  The
developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.



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

BLUEPOINT RE: S&P Cuts Rating to 'R' After Liquidator Named
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its financial
strength and financial enhancement ratings on BluePoint Re Ltd.
to 'R' from 'A'. An insurer rated 'R' is under regulatory
supervision because of its financial condition.

"The rating action follows the Supreme Court of Bermuda's order
on Aug. 7 appointing a provisional liquidator for the company,"
said Standard & Poor's credit analyst Dick Smith.  BluePoint Re
had petitioned for the appointment of a provisional liquidator.
The provisional liquidator will assess the operations and
finances of the company in anticipation of liquidating the
company.  BluePoint Re has also filed for Chapter 15 Bankruptcy
protection in New York.  Chapter 15 is used in circumstances
where a bankruptcy filing has taken place in another country and
the entity is seeking to have those actions recognized in the
U.S.

During the regulatory supervision, the regulators may have the
power to favor one class of obligors over others or pay some
obligations and not others. BluePoint Re is wholly owned by
BluePoint Holdings Ltd., which in turn is wholly owned by
Wachovia Corp. (A+/Stable/A-1).

BluePoint Re Ltd. -- http://www.bluepointre.bm/-- is owned by
BluePoint Holdings Limited which, in turn, is owned by Wachovia
Corporation, the fourth largest financial holding company in the
United States based on assets.  The company is in Hamilton,
Bermuda.

The company sought for Chapter 15 bankruptcy protection
before the United States Bankruptcy Court for the Southern
District of New York (Bankr. S.D. N.Y. 08-13169) on
Aug. 13, 2008.  John C. McKeena, the Debtor's provisional
liquidator, filed the Chapter 15 petition on BluePoint's behalf



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

SEGUROS ILLIMANI: Moody's Affirms IFS Rating at Caa1/Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed Seguros Illimani S.A.'s
Caa1 insurance financial strength rating (global local currency
scale), and downgraded the company's IFS rating on Bolivia's
national scale to Baa1.bo. from A3.bo.  Both ratings have a
stable outlook.

Seguros Illimani is a property and casualty insurer that is
focused primarily on motor and car accident liability insurance,
and it is privately owned by several Bolivian businessmen.

According to Moody's, Seguros Illimani's rating affirmation for
the Caa1 IFS rating and downgrade to Baa1.bo from A3.bo on the
national scale primarily reflects its relatively weak business
and financial fundamentals in comparison with other insurers in
the Bolivian market, as well as on a global basis.

A key credit concern is Seguros Illimani's weak capital
position, as well as its poor profitability -- highlighted by
net losses in several recent years and high earnings volatility.
Another credit concern is the fact that Seguros Illimani is one
of the smallest participants in the property and casualty
market, with a market share of 3.8% (as of Dec. 31, 2007),
ranking it sixth among eight competitors.  Moody's said that
Seguros Illimani's sustained weak market position, which implies
the lack of economics of scale and pricing power, constrains the
company's ability to reverse its poor performance in the medium
term.  Finally, Moody's noted that Seguros Illimani's weak
credit profile continues to reflect its significant and
concentrated investment risk in Bolivian government bonds and
bank deposits -- which is common for every Bolivian insurer--,
the company's modest product diversification, and its
substantial country-specific exposure to Bolivia.

Moody's noted that, for the six months ended June 30, 2008,
Seguros Illimani experienced large underwriting losses resulting
in a decrease of capital which caused the company to operate
with a narrow regulatory capital margin surplus.  According to
the rating agency, this large capital loss was largely due to an
increase in incurred claims in the motor and mandatory
automobile accident insurance segment (i.e. SOAT).  This is a
compulsory insurance coverage that has shown a declining price
trend and elevated loss ratios recently because of increased
competition among major local players.  Management's inability
to successfully diversify its product focus and hence reduce the
drain of SOAT's ebbing performance on the company's financial
profile is also a matter of concern to the rating agency.

Nevertheless, Moody's noted that Seguros Illimani is a long-
standing traditional insurance company in the marketplace, being
one of the leading SOAT coverage providers for many years.
Despite the fact that the competitive SOAT market has been
causing poor results for Seguros Illimani, it is also important
to note that its compulsory nature provides some stability in
the company's business volume, and allows for the possibility of
an improvement in its performance in the future, under certain
conditions.

Based in La Paz, Bolivia, Seguros Illimani SA reported net
written premiums of BOB16.4 million as of June 30, 2008, up 15%
from the BOB14.2 million posted in the same period of the
previous year.   The company's shareholder's equity fell 2% to
BOB13.2 million as of June 30, 2008, from BOB13.5 million at
year-end 2007.


SEGUROS PROVIDA: Moody's Shifts Outlook to Positive From Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlook of Seguros Provida
S.A. to positive from stable, and affirmed its Caa1 global local
currency insurance financial strength rating and the A2.bo IFS
rating on Bolivia's national scale.

Seguros Provida, which is privately owned, is one of the two
companies that administer annuity funds in the pay-out phase for
pensioners in Bolivia, holding about 25% of the market's
reserves in this segment.  This type of insurance coverage was
created by Bolivia's Pension Funds Act in 1996.  The company
also distributes other types of life insurance policies to the
general population in Bolivia.

According to Moody's, the change in Seguros Provida's outlook to
positive primarily reflects the company's continuing trend of
strong financial fundamentals as seen by its solid
capitalization and sustained levels of good profitability.  The
company's strong return on equity over the past five years has
been boosted by the high investment returns associated with
Bolivian sovereign assets.  In addition, the rating agency
positively noted the sound market position of Seguros Provida as
the second largest life insurer in Bolivia, based both on assets
and shareholders' equity, despite the fact that the company's
new business sales volume has declined substantially over the
past two years given the legal/regulatory changes mandated for
the provisional life segment and Seguros Provida's heavy
concentration in that business segment.

Moody's pointed out that these credit strengths are
significantly tempered by these highly negative factors:

  -- Seguros Provida's current low market position, based on new
     premiums written;

  -- the company's significant and concentrated investment risk
     in Bolivian government bonds and local bank deposits, which
     is common for every Bolivian insurer;

  -- the volatility in the company's business profile given the
     recent legal/regulatory changes; d) the company's asset-
     liability management challenges given its inflation-
     adjusted annuities with spread compression and reinvestment
     risk; and

  -- the significant country-specific risk of doing business in
     Bolivia.

Moreover, Moody's said that the significant decrease in Segruros
Provida's market share -- based on premiums -- since November
2006 represents an important challenge for the company.  The
company had been the second largest life insurer in terms of
premiums based on its focus on the provisional life segment,
selling death and disability policies to the participants in the
local Bolivian pension funds.  Since November 2006, when the
regulator stopped all life insurers from issuing new provisional
business, Seguros Provida's premium levels dropped
precipitously, and it currently ranks last among the six
licensed Bolivian life insurers in terms of premiums.  Moody's
said that although the company has attempted to diversify its
business strategy to other segments, the results to date have
been only modestly successful.

The rating agency said that Seguros Provida's ratings could be
upgraded if the company successfully diversified and
significantly increased its premium composition, while
sustaining its strong financial fundamentals.  In addition,
upward rating pressure could be driven by an improvement in the
rating of the Bolivian sovereign bonds and/or bank deposits, or
by a significant shift of the company's invested portfolio
towards investment-grade assets.

Moody's noted that downward rating pressure could develop in the
event of weakening profits, impairment in the company's strong
capital position, failure to achieve greater market presence, or
a deterioration in Bolivia's government bond rating and/or
operating environment.

Based in La Paz, Bolivia, Seguros Provida SA reported revenues
of BOB8.2 million as of end-June 2008, similar to the BOB8.3
million posted in the same period of the previous year.
Shareholders' equity was BOB127.1 million, rising 16.2% from the
BOB109.4 million reported as of Dec. 31, 2007.



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

BANCO BRADESCO: Inks Operating Alliance With Mitsubishi UFJ
-----------------------------------------------------------
Published reports say that Banco Bradesco SA has signed an
operating alliance with Mitsubishi UFJ Financial Group.

A report posted on Gazeta Mercantil states that under the
agreement, Bradesco Asset Management (BRAM) will form a fixed-
income investment fund in Japan with Mitsubshi UFJ Asset
Management (MUAM).  According to the report, the fund will
invest in assets in Brazil aimed at Japanese retail investors.

The fund will initially target Brazilian bonds, Reuters relates,
citing Banco Bradesco.

The report says that through Mitsubishi UFJ Financial's
distribution network, the Japanese investors will be able to
access Brazilian assets.  The alliance seeks to take advantage
of an extensive network by Mitsubishi UFJ to distribute the
funds, Reuters states, citing Banco Bradesco.

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

                          *     *     *

In February 2008, Moody's Investors Service assigned a Ba2
foreign currency deposit rating to Banco Bradesco S.A.


BANCO DO BRASIL: Reports BRL4BB Net Income in First Six Months
--------------------------------------------------------------
Banco do Brasil SA reported net income of BRL4 billion in the
first half of 2008 (1H08), with an annualized return on
shareholders' equity of 34%, maintaining the profitability trend
observed in past few years.

BRL1.6 billion was destined on a remuneration basis to the
shareholders as -- BRL731.9 million as interest on own capital
and BRL864.7 million as dividends.

The loan portfolio grew by 30.9% in 12 months, surpassing
BRL190 billion.  With this result, Banco do Brasil recorded
16.9% of share in the Financial System Market.  The expansion of
45.1% in loans to individuals and of 38.9% in loans to legal
entities deserves special attention.  The growth in the
portfolio was accompanied by the reduction in default (loans
overdue for more than 60 days/total portfolio), which dropped
from 3.3% in June 2007 to 2.8% in June 2008.

With a total turnover of BRL28.9 billion in during the period, a
28.3% growth in relation to 1H07 (first half of 2007), Banco do
Brasil advanced its market share (Brazilian Credit Card
Companies Association - Abecs data) from 15.9% in 1H07 to 16.4%
in 1H08.

Banco do Brasil reached BRL245.9 billion in assets under
management, growth of 17.7% in 12 months.  With this result,
Banco do Brasil maintained its leadership as the largest asset
manager in the country, with a 19.4% market share.

The business expansion was accomplished through stringent
control of expenses.  As a result, there was a significant
improvement in the efficiency ratio, which measures the relation
between administrative expenses, including personnel expenses,
and operating revenues, which went from 49.1% in the first half
of 2007 to 44.5% in this period.  During the period, operating
revenues increased 11.8%, while administrative expenses
increased 3.2%.

Banco do Brasil decided to expand the incorporation of support
services by the Operating Support Service Centers for the whole
branch network.  With the implementation of the centers, Banco
do Brasil hopes to reduce expenses and to reinforce the
branches' focus on business.
As one of the main agents of social justice promotion, Banco do
Brasil maintained its investments in culture initiatives
(BRL12.1 million), sports marketing (BRL22.2 million) and in
educational and job and income generation programs of Fundacao
Banco do Brasil (BRL26.5 million) in the half.

Banco do Brasil recorded net income of BRL4 billion in the first
half of 2008, 61.1% higher than the one recorded in the same
period of 2007.  The result was extraordinarily affected in
approximately BRL970 million by the sale of Visa International's
interest, the sale of Telemar Participacoes' shares, the
revaluation of equity interest, the economic plans and the
expense of cards' base substitution, among others.

The shareholders' equity increased by 18.2% in the 12 months,
amounting to BRL26.4 billion in June.  Annualized return on
shareholders' equity reached 34%, as opposed to 24.3% reached in
the same period of 2007.

In the half, Banco do Brasil sustained its leadership in assets,
with BRL416.5 billion (economic and financial consolidation), in
operations with loan characteristics, with a portfolio of
BRL190.1 billion, in funding with BRL288.3 billion and in third-
party asset management, with BRL245.9 billion.

Income from loan operations totaled BRL13.9 billion, an increase
of 14.3% in relation to the same period in the prior-year, which
was in line with the increase in the loan portfolio.  Service
revenues (SR), including banking income fees, totaled  BRL5.8
billion, an increase of 20.9% in relation to June 2007, which
was a reflection of the increased volume of assets under
management and the increased base of account holders and cards.
The performance of revenues was negatively affected by CMN
Resolution 3518/07, which published new regulations for the
collection of bank tariffs from individuals.

The administrative expenses, which comprise personnel expenses
and other administrative expenses, totaled BRL7.7 billion, which
represents growth of 3.2% in 12 months.

The efficacy in the process of loan grant, collection and
recovery and the renegotiation of debts in the rural sector
enabled the control of default.  These loan losses provisions
reached the amount of BRL3.3 billion in the half, growth of
14.8% in 12 months accounting for 1.7% of the loan portfolio.
The Basel ratio reached 13.1%, in comparison with the 15.9%
obtained in the previous year.  As a result, the excess capital
rose to BRL5.4 billion, providing leverage of BRL48.9 billion in
new loan operations.

During the half, Banco do Brasil's investments amounted
BRL283.7 million, a growth of 63.6% in relation to the same
period of 2007.  It is worth to highlight the investments of
BRL173.6 million in properties (constructions and reforms), of
BRL51.1 million in equipments and of BRL53.6 million in
information technology (IT).

Banco do Brasil's loan portfolio (domestic and overseas) reached
BRL190.1 billion, an increase of 30.9% if compared to the same
period of the previous year.

The domestic loan portfolio grew by 35.6% in 12 months, in
comparison with the 33.4% growth in the country's Financial
System (SFN), consolidating Banco do Brasil's leadership in
operations involving loan grant in Brazil.

The default decreased.  The average loan portfolio risk remained
at 5.4%. The rate for 90-day-past due items reached 2.5%,
compared to 2.4% recorded in the same period of the prior year.
Loans rated at risk levels AA, A, B, and C accounted for 90% of
Banco do Brasil's portfolio, lower than the 92.2% verified in
the Financial System (SFN).

Banco do Brasil developed and deployed a statistical template
for collection scoring for definition of the chances for the
regularization of individual customer's loan payments.  With a
basis on the customer profile, the tool enables a more effective
steering of collection strategies.  During the half, Banco do
Brasil recovered BRL847.3 million in written-off transactions,
an increase of 15.8% compared to 1H07.

The new regulations of the Brazilian Central Bank (Bacen) for
the collection of individual tariffs produced impacts on the
National Financial System.  Explanations can be found on the
Banco do Brasil site about the main modifications that occurred,
particularly in relation to the creation of the Total Effective
Cost (CET).  At this site customers can also compare the terms
offered by Banco do Brasil with those offered by other banks.
With a focus on loans to individuals, the vehicle financing
portfolio reached the amount of BRL4.7 billion, which
represented growth of 60.7% in one year.  The strategy of
partnerships through which financing is offered at one-brand and
multi-brand car dealers accounted for 33.5% of the total
contracted in 1H08, or 25.3% of the total vehicle financing
portfolio.

The portfolio of payroll loans totaled BRL14 billion at the end
of the first half of 2008, an increase of 37.9% (BRL3.9 billion)
in relation to 1H07.  The bank disbursed BRL12.5 billion in
payroll loans, corresponding to 1.5 million of executed
contracts in the period, reaching a market share of 19.3% in
this market.

Civil servants, main target niche of the bank in the market
payroll loans, accounted for 82.2% of the volume of the
portfolio: INSS's retirees and pensioners accounted for 7.5%
while workers from private enterprise accounted for 10.3%.
The microcredit portfolio of Banco do Brasil reached
BRL574 million approximately in the half, benefiting customers
from the lower income audience.  Disbursements in this form of
loan totaled over BRL311.1 million, showing the adherence of the
Bank's guidelines to the Federal Government Policies.

The balance of the operations with working capital lines for
micro and small enterprises, including receivables backed
operations, reached BRL20 billion, an increase of 34.9% as
compared to 1H07.  Highlights of the first half are Banco do
Brasil Giro Rápido, flagship in this segment, whose balance
reached BRL5.3 billion and Banco do Brasil Giro Empresa Flex,
which attained a volume of BRL3.7 billion.

Regarding operations with working capital lines for mid-size and
large companies, and corporate clients, including operations
backed by receivables, they attained BRL34.6 billion, up 81.5%
over 1H07.

The portfolio of investment financing operations for micro and
small enterprises accumulated a balance of BRL7.5 billion in
1H08.  Highlights of the period are Proger Urbano Empresarial,
which uses funds from the Fund for Workers' Assistance (FAT),
involving BRL4.6 billion, growth of 30% in 12 months, and Finame
Empresarial, which presented growth of 122.7% in relation to
June 2007 and a balance of BRL603 million.

By the end of the half, Banco do Brasil totaled BRL7.4 billion
inloans for investments to mid-size and large companies,
and corporate clients, growth of 38.6% in relation to the
previous half.  The 1H08 operations which deserve
being highlighted are the ones involving on lending from BNDES
and Finame, which attained a balance of BRL5.2 billion, as
opposed to the BRL3.4 billion obtained in 1H07.
In 1H08 Banco do Brasil sustained its position as the leader in
the foreign trade financing.  The loan portfolio in this
segment closed the half with a balance of BRL10.8 billion, a
decreased of 1.6% in relation to 1H07.

As a repeat of the performance recorded at the end of the
previous year, Banco do Brasil maintained its leadership in the
export and import foreign exchange market, with shares of 27%
and 23.9%, respectively.

The volumes of operations attained US$26.7 billion in exports
and US$15.9 billion in imports.  Worth mentioning are the
Advance on Foreign Exchange Contracts (ACC) and the Advances on
Export Contracts (ACE), which accounted for 59.2% of the
portfolio.  The volume contracted of ACC/ACE reached
US$5.6 million.

The leadership in the ranking of financial agents in foreign
trade operations of BNDES was also maintained, with
disbursements of US$612,4 billion in BNDES-Exim operations.  As
the exclusive financial agent of the Union's Export Financing
Program (Proex), which offers credit terms compatible with those
practiced in the international market for Brazilian exporters,
the bank disbursed US$115.8 million in the Financing category,
and US$81.5 million in the Equalization category.

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

                        *     *     *

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


BLOUNT INT'L: June 30 Balance Sheet Upside-Down by US$33.3 Mil.
---------------------------------------------------------------
Blount International Inc.'s consolidated balance sheet at
June 30, 2008, showed US$482.3 million in total assets and
US$515.6 million in total liabilities, resulting in a
US$33.3 million stockholders' deficit.

Including discontinued operations, the company reported net
income of US$10.1 million for the second quarter ended June 30,
2008, compared with net income of US$11.2 million in the same
period last year.

Second quarter income from continuing operations was
US$10.2 million, an increase from US$9.9 million in the second
quarter of 2007.

The company's sales in the second quarter were US$155.1 million,
compared to US$135.6 million in 2007, a 14.4% increase.  This
year's second quarter includes US$10.3 million of sales from
Carlton Holdings Inc., beginning on the date of acquisition,
which was May 2 of this year.  Operating income in this year's
second quarter was US$21.6 million compared to US$22.7 million
last year.  This year's second quarter operating income was
adversely impacted by US$2.0 million in acquisition-related
charges as a result of the Carlton purchase and approximately
US$1.9 million from changes in foreign currency exchange rates
compared to last year.

Debt at the end of the second quarter was US$340.4 million, a
decrease of US$19.7 million from last year's second quarter and
an increase of US$43.4 million from Dec. 31, 2007.  The net
increase in debt during this year was related to the financing
of the Carlton acquisition.

Commenting on the second quarter results, James S. Osterman,
chairman and chief executive officer, stated: "The second
quarter performance of our company was good.  Healthy demand in
most geographic markets enabled the Outdoor Products segment to
achieve record sales for one quarter.  The strong sales
performance in international markets was aided somewhat by the
relatively weak US dollar, as well as the acquisition of
Carlton, with over 80% of its sales taking place overseas.  Our
significant order backlog indicates solid top line growth in the
second half of the year, although operating margins will be
pressured by higher raw material costs."

                     Outdoor Products Segment

The Outdoor Products segment's second quarter sales of
US$146.4 million represent an increase of 14.2% from last year.
Segment international sales were up 15.1% versus last year,
excluding Carlton.  Comparable domestic sales were down 10.4%
versus last year.  Increased volumes and selling prices drove
the comparable year-over-year improvement.  Foreign exchange
rates and a better sales mix also contributed to the increased
sales.

Sales order backlog for the segment was US$121.6 million at the
end the second quarter compared to US$71.8 million in the
comparable period last year and US$63.3 million as of Dec. 31,
2007.  June 30, 2008 backlog includes US$24.6 million related to
Carlton.

Segment contribution to operating income was US$24.6 million in
the second quarter compared to US$26.7 million in the comparable
period of 2007.  The decline in contribution includes
acquisition-related charges of US$2.0 million relating to the
Carlton purchase and US$1.9 million of adverse foreign currency
exchange rate impacts compared to last year, partially offset by
higher unit volumes.

The effects of the stronger year-over-year Canadian dollar
(+11%) and Brazilian real (+18%) on the segment's manufacturing
costs more than offset the positive impact on revenue caused by
a weaker US dollar.  Additionally, in the second quarter, the
segment experienced approximately US$600,000 of steel cost
increases and continued to experience increases to logistics
costs consistent with the higher prices of fuel worldwide.
Segment operating margins as a percentage of sales declined in
this year's second quarter to 16.8%, from 20.8% in 2007.

                   Other and Corporate Expense

The corporate and other category includes centralized
administrative functions and a gear components manufacturing
business.  In the second quarter, contribution from other and
corporate expense totaled a loss of US$3.0 million compared to a
loss of US$4.0 million last year.  These results include year-
over-year improvement in profit from the sales of gear
components of US$500,000 and a reduction in overhead expenses of
US$500,000.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2008, are available
for free at http://ResearchArchives.com/t/s?30e3

Blount International Inc. (NYSE: BLT) -- http://www.blount.com/
-- is a diversified international company operating in two
principal business segments: Outdoor Products and Industrial and
Power Equipment.  The company's Outdoor Products segment
provides  chain, bars and sprockets to the chainsaw industry,
accessories to the lawn care industry and concrete cutting saws.
Blount manufactures its products in the United States, Canada,
China, and Brazil, and sells them in more than 100 countries.


CIA. SIDERURGICA: To Accept Binding Offers for Namisa in Sept.
--------------------------------------------------------------
Diana Kinch at Bloomberg News reports that Companhia Siderurgica
Nacional S.A., a.k.a. CSN, will accept binding offers for a
stake in its iron ore unit Nacional Minerios SA, a.k.a. Namisa,
in September.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2008, CSN hired Goldman Sachs to sell some or all of
its stake in Namisa.  Goldman Sachs had put a US$10 billion
price tag on the unit, the top end of analysts' range of values.

Bloomberg relates that CSN is seeking for funds to help pay for
its Casa de Pedra iron-ore mine and the Itaguai port expansion
projects, which cost US$3 billion through 2011.

Merrill Lynch & Co. analyst Felipe Hirai said that Namisa could
be worth at least US$6.7 billion because a strategic buyer might
pay a premium to ensure iron-ore supply, Bloomberg relates.

CSN's Business Development Executive Director Juarez Saliba said
the company already received non-binding offers and will
consider binding bids, Bloomberg notes.  The sale will include
non-voting shares in the MRS Logistica railway and a contract to
use CSN's Itaguai port terminal in Rio de Janeiro, Bloomberg
says, citing Mr. Saliba.

Bloomberg reports that Mr. Saliba said during a conference call
with analysts, “We originally set up an operation to sell
between 40 and 50 percent of Namisa.  Now we are open to
proposals for up to 100 percent of the company to help cash
flow.”  Todd Benson at Reuters relates that Mr. Saliba said that
“it's a matter of choosing one, two or maybe three of those bids
to start final negotiations.”

According to TCR-LA, Russia's Severstal and India's Essar, and
China's Shagang Group are among the groups that are in the
second round of bidding for Namisa.  A Japanese consortium also
reached the second round.  A trading house reportedly leads the
consortium, which includes domestic steelmakers.

Various reports say that a CSN official said the company expects
to reach a deal for Namisa by the end of September or early
October.

“It's taking longer than we initially expected because we had so
many participants in the second round of bidding,” Reuters
quoted Mr. Saliba as saying.

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

                        *     *     *

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


FORD MOTOR: S&P Holds Rtg. on Plan to Buy Back Ford Credit Debt
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on Ford
Motor Co. (B-/Negative/--) and related entities are not affected
by Ford's intention to use up to US$500 million of new common
equity issuance to make purchases of Ford Motor Credit Co.'s
debt.  Debt due before 2012 will be the focus of the
repurchases.  Any such purchases in the open market or in
private transactions will likely be at a discount from par,
given current prices.  S&P views such purchases as a modest
positive for Ford's consolidated credit quality.

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

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


FORD MOTOR: Auto Owner Trust Class D Notes Get S&P's BB+ Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to Ford
Credit Auto Owner Trust 2008-3's US$1.057 billion asset-backed
notes series 2008-3.

The ratings reflect:

   -- The characteristics of the pool being securitized;

   -- The credit enhancement in the form of subordination, cash,
      and excess spread, which is augmented through yield
      supplement overcollateralization;

   -- Ford Motor Credit Co.'s extensive securitization
      performance history;

   -- The timely interest and principal payments made under
      stressed cash flow modeling scenarios appropriate to the
      rating category; and

   -- The sound legal structure.

RATINGS ASSIGNED
Ford Credit Auto Owner Trust 2008-3

Class                Rating        Amount (mil. US$)
-----                ------        ---------------
A                    AAA                     984.4
B                    AA+                      15.6
C                    BBB+                     36.3
D                    BB+                      20.7

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

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


UAL CORP: Names Kathryn Mikells as Senior Vice President and CFO
----------------------------------------------------------------
UAL Corporation appointed Kathryn Mikells as senior vice
president and chief financial officer, succeeding Jake Brace,
executive vice president and chief financial officer, who is
retiring November 1.  In her new position, Ms. Mikells, who has
held several leadership roles in the finance organization, will
be responsible for treasury, tax, the controller function,
budgets, financial planning and analysis, accounting, external
financial reporting, and, for administrative purposes, internal
audit.  She also will be responsible for mergers and
acquisitions, fleet planning, corporate development and investor
relations.

Mr. Brace has served since 2001 as CFO, well as in the role of
chief restructuring officer, leading the company's US$23 billion
restructuring.  Since joining United in 1988, Mr. Brace has held
several leadership positions, including vice president --
Corporate Development, vice president -- Financial Analysis and
controller and senior vice president -- Finance.  Prior to
joining United, Mr. Brace also held leadership positions with
American Airlines.  He will continue to serve in an advisory
role to the chairman and the company's board of directors.

"[Mr. Brace] has brought significant capability to the role of
CFO, combining strong business acumen, a solid financial
background and critical thinking at a time when the company was
going through a complex restructuring," Glenn Tilton, United
chairman, president and CEO, said.  "We thank [Mr. Brace] for
his unwavering commitment to United, and for leading the work
that enabled this company to restructure and compete in a
challenging competitive environment.  We wish him well in the
next phase of his career.  [Ms. Mikells] is a demonstrated
leader who successfully managed critical departments within the
finance organization.  She is well suited and well prepared to
take on the role of chief financial officer."

Ms. Mikells served as vice president of Investor Relations,
representing United to the business and financial analyst
community, and working closely with investors.  Prior to that,
Ms. Mikells held the role of vice president of Financial
Planning and Analysis, responsible for business development and
analytical support for business decisions and financial
planning, including overseeing the company's operating and
capital budgeting functions.  She was vice president and
treasurer for United, where she was responsible for United's
treasury department, including corporate finance, risk
management, cash management, insurance and corporate tax.

"I have worked with [Ms. Mikells] for more than 10 years, and
this is a role that she has prepared for, worked hard for, and
that is well deserved," Mr. Brace said.

Ms. Mikells joined United in 1994 as a financial analyst. She
has held several leadership positions, including vice president
of Corporate Real Estate, director of Corporate Planning,
managing director of United NetVentures, chief financial officer
of Mileage Plus, director of Financial Analysis, and manager of
Operating Budgets and Treasury.

Prior to joining United, Ms. Mikells spent six years in the
financial services sector, including positions at GE Capital's
Corporate Finance Group, Household International and Canadian
Imperial Bank.  She holds a master's of business administration
from the University of Chicago and a bachelor's of science
degree in finance from the University of Illinois at Urbana-
Champaign.  In her new role, Mikells will report to Tilton and
will continue to be based at the company's corporate
headquarters in Chicago.

                      About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.

Judge Eugene R. Wedoff confirmed the Debtors' Second Amended
Plan on Jan. 20, 2006.  The company emerged from bankruptcy
protection on Feb. 1, 2006.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2008, Standard & Poor's Ratings Services lowered its
ratings on UAL Corp. and subsidiary United Air Lines Inc. (both
rated B- /Negative/--), including lowering the long-term
corporate credit ratings on both entities to 'B-' from 'B', and
removed the ratings from CreditWatch, where they had been placed
with negative implications May 22, 2008, as part of an
industrywide review.  The outlook is negative.


UNIAO DE BANCOS: Eyes Credit Card Biz Expansion in Mexico
---------------------------------------------------------
Uniao de Bancos Brasileiros SA (Unibanco) is seeking to expand
its credit card business by offering services in Mexico,
Bloomberg News reports.

The report, citing Corporate Vice President Geraldo Travaglia,
says Unibanco opened an office in Mexico City about two months
ago to conduct market research.

“We need first to understand the market and check if it combines
the conditions for us to be in that market with our business
model,” Mr. Travaglia told the news agency.  “The natural choice
was Mexico” because it's similar to Brazil, he said.

Central bank data cited by Bloomberg News showed that Mexican
credit card purchases reached MXN91 billion (US$8.9 billion) in
the first quarter of this year, 12 percent higher than the same
period in 2007 and almost doubled the MXN46 billion in the first
quarter of 2005.

Should the plan push through, Unibanco will be facing fierce
competition with Mexico's biggest credit cards providers
including Grupo Financiero BBVA Bancomer, Banco Nacional de
Mexico SA and Banco Mercantil del Norte SA, Bloomberg News says
citing data from The Nilson Report, an industry newsletter based
in Carpinteria, California.

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
==========================

CAMBRIDGE PACIFIC: Proofs of Claim Filing Deadline Is Aug. 24
-------------------------------------------------------------
Cambridge Pacific Fund Ltd.'s creditors have until Aug. 24,
2008, to prove their claims to Walkers SPV Limited, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Cambridge Pacific's shareholder decided on July 23, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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

Contact for inquiries:

                Anthony Johnson
                Telephone: (345)914-6314


CITY LEASING: Holding Final Shareholders Meeting on Aug. 22
-----------------------------------------------------------
City Leasing (International) Ltd. will hold its final
shareholders meeting on Aug. 22, 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 five years from the
      dissolution of the company, after which they may be
      destroyed.

City Leasing's shareholder decided on Oct. 19, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jeremy Simon Spratt and Finbarr Thomas O'Connell
               c/o KPMG LLP
               8 Salisbury Square, London EC4Y 8BB
               United Kingdom

Contact for inquiries:

               Beth Grayland
               Telephone: (01144)207-694-3731
               Fax: (01144)207-694-3533


DURANT CDO: Will Hold Final Shareholders Meeting on Aug. 22
-----------------------------------------------------------
Durant CDO 2007-1 Ltd. will hold its final shareholders meeting
on Aug. 22, 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 five years from the
      dissolution of the company, after which they may be
      destroyed.

Durant'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 liquidator can be reached at:

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


GATKO GLOBAL: Deadline for Proofs of Claim Filing Is Aug. 22
------------------------------------------------------------
Gatko Global Opportunities Fund Ltd.'s creditors have until
Aug. 22, 2008, to prove their claims to DMS Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

               DMS Corporate Services Ltd.
               c/o dms House, 2nd Floor
               P.O. Box 1344
               George Town, Grand Cayman
               Cayman Islands

Contact for inquiries:

               Neil Ross
               Telephone: (345)946-7665
               Fax: (345)946-7666


GATKO GLOBAL OPPORTUNITIES: Claims Filing Deadline Is Aug. 22
-------------------------------------------------------------
Gatko Global Opportunities Master Fund Ltd.'s creditors have
until Aug. 22, 2008, to prove their claims to DMS Corporate
Services Ltd., the company's liquidator, or be excluded from
receiving any distribution or payment.

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

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

The liquidator can be reached at:

               DMS Corporate Services Ltd.
               c/o dms House, 2nd Floor
               P.O. Box 1344
               George Town, Grand Cayman
               Cayman Islands

Contact for inquiries:

               Neil Ross
               Telephone: (345)946-7665
               Fax: (345)946-7666


GOLDEN SHRINE: Deadline for Proofs of Claim Filing Is Aug. 23
-------------------------------------------------------------
Golden Shrine Ltd.'s creditors have until Aug. 23, 2008, to
prove their claims to Mohit Asarpota, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Golden Shrine's shareholders agreed on July 4, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Mohit Asarpota
               c/o Woodward Terry & Company
               Telephone: (345)945-2800
               Fax: (345)945-2727

                       or

               Electronic Financial Services Limited
               c/o Suite #10, 2nd Floor
               Jack & Jill Building, 19 Fort Street
               P.O. Box 822GT
               Grand Cayman, Cayman Islands


GOLDEN SHRINE: Holding Final Shareholders Meeting on Aug. 23
------------------------------------------------------------
Golden Shrine Ltd. will hold its final shareholders meeting on
Aug. 23, 2008, at 10:00 a.m., at the offices of 10 Coptic
Street, London, WC1A 1NH, United Kingdom.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process,

   2) hearing of any explanation that may be given by the
      Liquidator, and

   3) the manner in which the books, accounts and documentation
      of the Company and of the Liquidator should be maintained
      and subsequently disposed of.

Golden Shrine's shareholders agreed on July 4, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Mohit Asarpota
               c/o Woodward Terry & Company
               Suite #10, 2nd Floor
               Jack & Jill Building, 19 Fort Street
               P.O. Box 822GT
               Grand Cayman, Cayman Islands
               Telephone: (345)945-2800
               Fax: (345)945-2727


HANTEC BALANCED: Holds Final Shareholders Meeting on Aug. 22
------------------------------------------------------------
Hantec Balanced Growth Fund Ltd. will hold its final
shareholders meeting on Aug. 22, 2008, at 10:30 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

Hantec Balanced's shareholder decided on July 8, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NET263 HOLDINGS: Sets Final Shareholders Meeting on Aug. 22
-----------------------------------------------------------
Net263 Holdings Ltd. will hold its final shareholders meeting on
Aug. 22, 2008, at 11:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

Net263 Holdings' shareholder decided on July 9 , 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NORTH AMERICAN: To Hold Final Shareholders Meeting on Aug. 22
-------------------------------------------------------------
North American Carriers Ltd. will hold its final shareholders
meeting on Aug. 22, 2008, at 9:00 a.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

North American's shareholders agreed on July 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:

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


NORTH AMERICAN CARRIERS: Final Shareholders Meeting Is Aug. 22
--------------------------------------------------------------
North American Carriers II Ltd. will hold its final shareholders
meeting on Aug. 22, 2008, at 9:30 a.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

North American's shareholders agreed on July 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:

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


ODSF (EURO): Will Hold Final Shareholders Meeting on Aug. 22
------------------------------------------------------------
ODSF (Euro) Ltd. will hold its final shareholders meeting on
Aug. 22, 2008, at 12:00 p.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

ODSF's shareholder decided on July 9, 2008, to place the company
into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


ORIGIN INVESTORS: Sets Final Shareholders Meeting on Aug. 22
------------------------------------------------------------
Origin Investors Ltd. will hold its final shareholders meeting
on Aug. 22, 2008, at 11.30 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

Origin Investors' shareholder decided on July 4, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


RESOLUTION WORLD: Proofs of Claim Filing Is Until Aug. 22
---------------------------------------------------------
Resolution World Sector Master Fund Ltd.'s creditors have until
Aug. 22, 2008, to prove their claims to S.L.C. Whicker and K.D.
Blake, 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.

Resolution World's shareholder decided on July 8, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               S.L.C. Whicker and K.D. Blake
               c/o  KPMG
               P.O. Box 493
               Grand Cayman, Cayman Islands
               Telephone: (345)949-4800
               Fax: (345)949-7164

Contact for inquiries:

               Alex Watkins
               Telephone: (345)914-4421
               Fax: (345)949-7164


UNITED ASIAN: Holding Final Shareholders Meeting on Aug. 22
-----------------------------------------------------------
United Asian CBO 1 Ltd. will hold its final shareholders meeting
on Aug. 22, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

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

United Asian' shareholders agreed on June 9, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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



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

QUEBECOR WORLD: Long-Term Partnership With PARADE Extended
----------------------------------------------------------
Quebecor World Inc. has renewed and extended its long-term
partnership with PARADE Publications, to print 100% of PARADE
Magazine in the U.S. PARADE, a division of Advance Magazine
Publishers, Inc.

"We are very pleased to be able to extend this important and
valued partnership with PARADE.  The relationship between PARADE
and Quebecor World spans 35 years and we are proud to continue
to produce PARADE Magazine," said Jacques Mallette, President
and CEO Quebecor World.  "Quebecor World's commitment to
customer service and quality were the key factors in our
decision to renew with Quebecor World.  In addition to
consistent performance, Quebecor World provided us with
capabilities unmatched in the marketplace," said John Beni, Vice
Chairman PARADE Magazine.

"Our coast-to-coast manufacturing platform creates significant
value for national customers such as PARADE.  Every week we are
able to provide PARADE and its readers with a top-quality
product that is produced closer to their readers thereby
reducing cycle time and delivery costs.  Our national platform
and our commitment to customer service are what makes us the
leader in the production of Sunday Magazines and retail
inserts," said Brian Freschi, President Marketing Solutions
Group.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case.  The Debtors' CCAA stay
has been extended to Sept. 30, 2008.



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

CLOROX COMPANY: June 30 Balance Sheet Upside-Down by US$350 Mil.
----------------------------------------------------------------
The Clorox Company's balance sheet at June 30, 2008, showed
total assets of US$4.73 billion and total liabilities of
US$5.08 billion, resulting in a stockholders' deficit of
US$350 million.

Clorox reported fourth-quarter net earnings of US$158 million.
Current quarter earnings were reduced by US$10 million in pretax
charges associated with the restructuring-related charges,
including consolidation of the company's manufacturing network
and other charges, and US$3 million associated with the Burt's
Bees acquisition.  In the year-ago quarter, Clorox reported net
earnings of US$164 million.

For fiscal year 2008, Clorox reported net earnings of
US$461 million.  Earnings for the fiscal year were reduced by
US$59 million in pretax charges associated with the
restructuring-related charges, including consolidation of the
company's manufacturing network and other charges; and
US$20 million associated with the Burt's Bees acquisition.  In
fiscal year 2007, the company reported net earnings of
US$501 million.

For the fourth quarter, other income results reflected
US$9 million in net foreign exchange transaction gains in the
current quarter versus a US$3 million net loss in the year ago
period.  For fiscal year 2008, net foreign exchange transaction
losses reflected in other income were US$2 million versus a net
loss of US$4 million in fiscal 2007.

"I'm pleased with our performance for the quarter," Don Knauss,
chairman and CEO, said.  "We delivered strong total company and
base business top-line growth.  Our market shares held steady
overall, despite continued economic pressure on consumers.  Cost
savings and the benefit of recent price increases helped lessen
the impact of intense pressure from commodity and energy cost
increases."

"I feel very good about our overall performance for the year,
particularly given unprecedented cost pressures," Mr. Knauss
said.  Importantly, we made very good progress against our
Centennial Strategy.  We drove growth on core businesses,
including the new Green Works(TM) line of natural cleaners and
the Brita(R) brand.  We also continued to position our portfolio
for faster growth through the Burt's Bees(R) acquisition, which
has done extremely well to date.  I'm very proud of the hard
work and dedication of Clorox employees around the world."

                     Fourth-quarter highlights

Fourth-quarter sales grew 11% to US$1.50 billion, compared with
US$1.34 billion in the year-ago quarter.  Excluding the Burt's
Bees acquisition, sales in the current quarter grew 8%.

Fourth quarter total volume increased 6%.  Excluding Burt's
Bees(R) products, volume was up 4%.  Sales growth outpaced
volume growth primarily due to price increases and favorable
foreign exchange rates.

Gross margin in the fourth quarter decreased 210 basis points to
42.1% from 44.2%.  Excluding the impact of US$8 million of the
restructuring-related charges reflected in cost of goods sold,
gross margin was 42.7%.  The year-over-year decrease was
primarily due to the impact of higher costs for commodities,
manufacturing and logistics, including diesel fuel.  These
factors were partially offset by the benefits of cost savings
and price increases.  During the quarter, Clorox generated cost
savings of US$29 million, of which US$25 million was included in
gross profit and the remaining US$4 million in other lines of
the income statement.

Net cash provided by operations was US$254 million, compared to
US$282 million in the year-ago quarter.  The year-over-year
decrease was primarily due to the timing of tax payments,
partially offset by improvements in working capital.

                     Fiscal year 2008 results

Fiscal year 2008 sales grew 9% to US$5.27 billion.  Excluding
the Burt's Bees and bleach business acquisitions, sales grew 6%.

Volume for the fiscal year increased 6% compared with the prior
year.  Excluding Burt's Bees(R) products and the bleach
acquisition, shipments were up 3% due to growth in core brands
including Fresh Step(R) scoopable cat litter, Green Works(TM)
natural cleaners, Brita(R) products, Hidden Valley(R) salad
dressings and Clorox(R) disinfecting wipes.  Sales growth
outpaced volume growth primarily due to the benefit of favorable
foreign exchange rates and price increases.

Gross margin for the fiscal year decreased 190 basis points to
41.2% from 43.1%.  Excluding the impact of the previously
announced restructuring-related charges and Burt's Bees purchase
accounting step-up in inventory values, gross margin was 42.1%.
The decrease was primarily due to the impact of unfavorable
commodity and energy-related costs, partially offset by cost
savings and price increases.  For the fiscal year, Clorox
generated cost savings of US$93 million, of which US$81 million
was included in gross profit and the remaining US$12 million in
other lines of the income statement.

Net cash provided by operations in fiscal year 2008 was
US$730 million, compared to US$709 million in the prior fiscal
year.  The increase was due to improvements in working capital,
offset by the timing of tax payments.

During the year, Clorox repurchased 2 million shares of the
company's common stock at a cost of US$118 million under its
ongoing program to offset stock option dilution.  In addition,
under the ASR agreement, the company repurchased 12 million of
its shares at a cost of US$750 million.

                    About The Clorox Company

Headquartered in Oakland, California, The Clorox Company (NYSE:
CLX) -- http://www.thecloroxcompany.com/-- manufactures and
markets household cleaning products with fiscal year 2007
revenues of US$4.8 billion.  Clorox markets some of consumers'
most trusted and recognized brand names, including its namesake
bleach and cleaning products, Green Works(TM) natural cleaners,
Armor All(R) and STP(R) auto-care products, Fresh Step(R) and
Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden
Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R)
water-filtration systems, Glad(R) bags, wraps and containers,
and Burt's Bees(R) natural personal care products.

Clorox has manufacturing facilities in China, Costa Rica,
Dominican Republic, Malaysia, Mexico, Panama, Peru, United
Kingdom, among others.



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

PRC LLC: Inks Stipulation Resolving Sprint Comms Dispute
--------------------------------------------------------
PRC LLC and its debtor-affiliates, PRC LLC's former parent
IAC/InterActive Corp., and Sprint Communications Company L.P.
entered into a stipulation that resolves a service dispute
between the parties.

Before the date of bankruptcy, IAC/InterActive and Sprint were
parties to a Master Services Agreement, under which the Debtors
received and purchased wireline and wireless telecommunication
services from Sprint.

The Debtors paid Sprint US$107,000 as adequate assurance deposit
for future services pursuant to a Court order.

Sprint filed amended Claim No. 403 -- superseding Claim Nos.
254, 204, 341, 108, and 105 -- for the Debtors' prepetition
default amounting to US$403,054 under the Master Services
Agreement.

The Debtors filed a motion seeking to reject the Sprint Master
Services Agreement effective September 30, 2008, which motion
was objected by Sprint.

The Reorganized Debtors later informed Sprint that they want to
continue receiving wireless telecommunication services, but want
to stop receiving Sprint's wireline services.

On July 28, 2008, the Reorganized Debtors and Sprint entered
into a Master Service Agreement under which Sprint will supply
the Reorganized Debtors wireless telecommunication services for
three years.

The parties later entered into a Court-approved stipulation
providing that:

   (a) The Reorganized Debtors will pay US$42,000 for unpaid
       prepetition wireless telecommunication services owing to
       Sprint.  To effect payment, Sprint will subtract the
       US$42,000 from the Utility Deposit and apply to the
       amount to the wireless account.

   (b) The Reorganized Debtors will provide Sprint a US$35,000-
       deposit as adequate assurance of future payment under the
       Wireless Contract.  Sprint will subtract the US$35,000
       deposit from the Utility Deposit and hold the US$35,000
       as the new deposit.  Sprint will apply the remainder of
       the Utility Deposit to future invoices beginning with the
       September 2008 invoice until the remainder of the Utility
       Deposit has been applied.

   (c) Claim Nos. 254, 204, 341, 108, and 105, and all scheduled
       claims on behalf of Sprint are expunged.  Claim No. 403
       is reduced and allowed as a Class 6 General Unsecured
       Claim for US$367,054 in full and final satisfaction of
       Sprint's Claim, and will be paid according to the Plan.

   (d) The Reorganized Debtors may reject the Master Services
       Agreement effective September 30, 2008.  Until the
       rejection date, Sprint will continue to provide the
       Reorganized Debtors wireline telecommunication service,s
       and the Reorganized Debtors will pay Sprint for the
       services in the ordinary course of business.  Sprint will
       not have any claim or right to early termination charges
       or similar charges relating to the wireline services or
       the termination or disconnection of the services.  To
       avoid any doubt, Sprint will not have any claim against
       the Reorganized Debtors or the Debtors relating to the
       rejection of the Master Services Agreement.

   (e) Sprint will release and discharge the Reorganized
       Debtors, the Debtors, and their assigns from all actions,
       judgments, claims, and causes of action, with respect to
       the Master Services Agreement.

   (f) The Reorganized Debtors will release and discharge Sprint
       and their assigns from all actions, judgments, claims,
       and causes of action with respect to the Master Services
       Agreement.

                           About PRC LLC

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

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

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

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

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

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

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  The Court confirmed that Plan
mid-June 2008.  (PRC LLC Bankruptcy News, Issue No. 19;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Names Steve K. Richards as Chief Executive Officer
-----------------------------------------------------------
PRC LLC has appointed Steven K. Richards as the company's chief
executive officer effective August 5.  He succeeds Jerry
McElhatton, who served as PRC's chief executive officer during
the company's recently-completed reorganization.  Mr. McElhatton
will remain with the company in an advisory capacity during a
transitional period.

Prior to joining PRC, Mr. Richards served as president of
Transworld Systems, where he led an expansion of the business
and delivered record revenues and earnings.  He also served as
chief operations officer at RMH Teleservices, a North American
call center outsourcer.  Additionally, he has held key positions
with AT&T and with Excel Communications, a unit of BCE Inc.

"I am delighted to join PRC as we embark on an exciting new
stage in the Company's history," Mr. Richards said in the
company's press release.  "PRC has a well-deserved reputation
for delivering superior customer satisfaction for its marquee
clients and providing outstanding service to their customers.
Our top priority will be to continue to deliver on PRC's
commitment to 100%, across-the-board client satisfaction.  PRC
has an excellent team of talented, forward-thinking
professionals, and I look forward to working closely with them
as we grow the business together."

Mr. McElhatton said of Mr. Richards, "Steve brings a wealth of
experience in the BPO industry and outstanding leadership
credentials to PRC.  I am confident that Steve and his team will
capitalize on PRC's financial stability and operational
effectiveness to realize PRC's ambitious growth and
profitability objectives."

Mr. Richards earned a Business degree with honors at Penn State
and has completed Executive Programs at Duke, UVA and Penn
State.

He will join the Board of PRC's parent company.

                           About PRC LLC

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

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

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

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

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

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

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  The Court confirmed that Plan
mid-June 2008.  (PRC LLC Bankruptcy News, Issue No. 19;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)



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

CABLE & WIRELESS: Net Losses Continue for Jamaican Biz in 2Q '08
----------------------------------------------------------------
Cable & Wireless Jamaica Ltd. still continues to incur losses in
relation to its financial statements for the quarter ended
June 30, 2008 and June 30, 2007, Jamaica Gleaner reports.

On Aug. 18, 2008, the Troubled Company Reporter-Latin America,
citing Radio Jamaica, reported that Cable and Wireless Jamaica
Limited incurred a net loss of US$27.4 million for the three
months ended June 30, 2008.

The Jamaica Observer relates that the telecom company is
building
its new network resulting in financial costs doubling to
J$420.7 million in the second quarter 2008 and non-cash
depreciation and amortisation charges of J$748 million.  These
costs were deducted from revenues resulting to an increase at
EBITDA earning to J$1.14 billion.

According to The Gleaner, the company's revenues declined 16% to
J$1.3 billion from its falling mobile sales.  Group sales fell
4% to J$5.7 billion.

The Gleaner notes that the Jamaican unit has restructured its
debts, with a J$6 billion debt from J$11 billion in first
quarter 2008, to its parent company Cable & Wireless Plc.
Current assets are worth J$5.8 billion and total liabilities
close to J$100 million and total equity at below J$15 billion
with J$4.6 billion in accumulated losses.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries, with principal
operations in the Caribbean, Panama, Macau, Monaco and the
Channel Islands.  The Europe, Asia & U.S. business unit provides
enterprise and carrier solutions to the largest users of
telecoms services across the U.K., U.S., continental Europe and
Asia -- and wholesale broadband services in the U.K.  The
company also has operations in India, China, the Cayman Islands
and the Middle East.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
May 26, 2008, Standard & Poor's Ratings Services revised its
outlook on Cable & Wireless PLC to developing from stable.  The
developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.



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

CEMEX SAB: Concedes Implementation of Takeover Rule in Venezuela
----------------------------------------------------------------
CEMEX S.A.B. de C.V. said that, according to a press release
issued by Petroleos de Venezuela S.A., PDVSA has proceed to take
operational control of the plants of CEMEX Venezuela, on behalf
of the Government of Venezuela.

In other news, Minister Ali Rodriguez disclosed that the
recently nationalized Venezuelan division of Cemex is worth less
than US$400 million, Reuters says.

The TCR-LA reported on Aug. 20, 2008, that the Venezuelan
government seized control of cement plants owned by Mexico's
Cemex SAB after failing to reach a deal on terms for
nationalizing them.

The government moved to take control of Cemex's subsidiary in
the country after a 60-day period for negotiating compensation
laid out in a June nationalization decree by President Hugo
Chavez.

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

                        *     *     *

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


MEGA BRANDS: Amends Deal, Closes CUS$75MM Debentures Offering
-------------------------------------------------------------
MEGA Brands Inc. received lender approval for certain amendments
to its senior secured credit facilities maturing in 2012.  On
Aug. 18, 2008, the company executed a sixth amending agreement
to its Credit Agreement dated July 26, 2005 providing for
certain changes to the terms and conditions of its senior
secured Credit Facilities maturing in 2012, including a waiver
of the cumulative minimum EBIDTA ratio covenant for the period
ended June 30, 2008.

Additionally, the Sixth Amendment introduces the concept of a
new definition of the calculation of EBIDTA allowing for the
add-back of certain non-recurring and non-cash items.  The
covenant includes a minimum EBITDA at the end of each quarter up
to and including June 30, 2010, at which point more stringent
covenants previously in place under the Credit Agreement become
effective.  The revolving credit facility has been reduced to
US$100 million.

Concurrently, the company has closed the private placement
offering of senior unsecured convertible debentures with Fairfax
Financial Holdings Ltd., Chiefswood Holdings Limited, The Owners
Fund and Victor J. Bertrand Sr., the founder and chairman of the
board of directors of the Corporation, reported on Aug. 11,
2008, which will generate gross proceeds of CUS$75 million and
mature on Aug. 31, 2013.

The debentures will bear interest at a rate of 8% payable semi-
annually in arrears and will be convertible at the option of the
holder at any time prior to the maturity date based on a
conversion price equal to approximately CUS$3.19 per common
share, subject to customary anti-dilution adjustments.  The
debentures will be convertible into 23,512,500 common shares,
representing 39% of the common shares of the Corporation on an
as converted basis.

Assuming full conversion of the debentures to be issued to them,
Fairfax would hold 20,064,000 common shares or 35.4% of the
outstanding shares of the Corporation and such a conversion may
have a material effect on control, Victor J. Bertrand Sr. would
hold an additional 2,194,500 common shares which, with his
current holding, will represent 11% of the outstanding shares of
the Corporation and each of Chiefswood and The Owner Group would
receive 627,000 common shares which represent approximately 1 %
of the outstanding shares of the Corporation.

BMO Capital Markets acted as exclusive placement agent and
financial advisor to MEGA Brands in connection with the
Offering.  The proceeds of the offering, combined with the
amendments to the Corporation's Credit Facility, provide the
Corporation with the financial resources and flexibility to meet
working capital requirements leading up to the peak toy selling
season and to continue the implementation of its Value
Enhancement Plan.

MEGA Brands Inc. (TSE: MB) -- http://www.megabrands.com/--
designs, manufactures and markets high quality toys and
stationery products.  Headquartered in Montreal, the company has
approximately 4,500 employees with offices, manufacturing
facilities or distribution centers in 14 countries, including
Belgium, United Kingdom, Germany, France, Spain, Mexico, and
Australia.  The Corporation's products are sold in over 100
countries and had sales of US$525 million in 2007.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 18, 2008,
Standard & Poor's Ratings Services lowered its corporate credit
and bank loan ratings on Montreal-based MEGA Brands Inc. and its
subsidiaries to 'B-' from 'B'.  The ratings remain on
CreditWatch with negative implications, where they were placed
Nov. 9, 2007.  The '3' recovery rating on the bank loan is
unchanged.


SEMGROUP LP: Section 341(a) Meeting Scheduled for September 9
-------------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will convene a meeting of creditors of SemGroup, L.P., and its
24 debtor affiliates on Sept. 9, 2008, at 1:00 p.m., at Room
5209, J. Caleb Boggs Federal Building, Fifth Floor, in
Wilmington, Delaware.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in the Debtor's bankruptcy cases.

Attendance by the Debtor's creditors at the meeting is welcome,
but not required.  The Sec. 341(a) meeting offers the creditors
a one-time opportunity to examine the Debtor's representative
under oath about the Debtor's financial affairs and operations
that would be of interest to the general body of creditors.

                        About SemGroup L.P.

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

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525).  These represent the Debtors' restructuring efforts:
John H. Knight, Esq., L. Katherine Good, Esq. and Mark D.
Collins, Esq. at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A.
Mayer, Esq. at Weil Gotshal & Manges LLP.  Kurtzman Carson
Consultants L.L.C. is the Debtors' claims agent.  The Debtors'
financial advisors are The Blackstone Group L.P. and A.P.
Services LLC.  Margot B. Schonholtz, Esq., and Scott D.
Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber
Silverstein, Esq., at Potter Anderson & Corroon LLP, represent
the Debtors' prepetition lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.
The CCAA stay expires on Aug. 20, 2008.

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

(SemGoup Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEMGROUP LP: U.S. Trustee Wants Chapter 11 Examiner Appointed
-------------------------------------------------------------
Roberta A. DeAngelis, Acting U.S. Trustee for Region 3, asked
the U.S. Bankruptcy Court for the District of Delaware to direct
the appointment of a chapter 11 examiner to investigate the
trading practices and the prepetition transactions of SemGroup
LP and its debtor affiliates.

"The dearth of information available regarding the Debtors'
trading activities has caused significant unrest and concern
among their customers, suppliers, lenders and investors," the
U.S. Trustee told Judge Brendan L. Shannon.  The U.S. Trustee
noted that the Debtors have not addressed the allegations of
fraudulent transactions in the two weeks since the Petition
Date.

The U.S. Trustee related that the Debtors' Chapter 11 filings
were caused, in large part, by a severe liquidity crisis
occasioned by massive margin calls related to large New York
Mercantile Exchange and Over-the-Counter futures and options
positions they held before the Petition Date.  The Debtors sold
their NYMEX trading account to Barclays approximately one week
before the Petition Date.

Parties-in-interest raised fraud and impropriety allegations
against the Debtors with respect to their prepetition trading
strategy, the transfer of their trading account to Barclays, and
the propriety of the use of a trading firm owned by the Debtors'
former chief executive officer in the trades.

General Electric Capital Corporation alleged that the Debtors
used US$50,000,000 of the US$120,000,000 loan to fund the
transfer of the NYMEX trading account to Barclays.  GECC said
the loan was for the construction of a 580-mile pipeline.  The
Debtors' financial advisor acknowledged GECC's allegations;
however, despite the acknowledgment, the US$50,000,000 was not
included in the cash budget submitted in connection with the DIP
Financing and Cash Collateral Motions, the U.S. Trustee noted.

The Debtors' non-debtor publicly trading affiliate, SemGroup
Energy Partners, L.P., was also named in several lawsuits
charging the company and its officers and directors of
violations of Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934.  The lawsuits also alleged that Energy
Partners engaged in a series of insider transactions -- which
grossed more than US$700,000,000 -- for the sole purpose of
providing cash to cover margin calls related to the Debtors'
trading strategy.  The U.S. Trustee pointed out that:

   (a) In July 2007, SemGroup Holdings raised US$275,000,000
       through the public offering for the sale of 12,500,000
       common stocks of Energy Partners.  Prior to the public
       offering, SemGroup contributed its crude business to
       Energy Partners.  In exchange, SemGroup Holdings was
       issued 12,570,504 subordinated units and 549,908 general
       partners units of Energy Partners and at least
       US$137,000,000 in cash.

   (b) In January 2008, Energy Partners acquired the Debtors'
       asphalt assets for US$378,800,000.

   (c) In May 2008, Energy Partners purchased SemCrude LP's
       interest in SemGroup Crude Storage, LLC, for
       US$90,000,000.

   (d) In June 2008, hedge funds Manchester Securities Corp. and
       Alerian Finance Partners, LP, extended US$150,000,000 to
       the Debtors.

Under the loan agreement with Manchester and Alerian, the hedge
funds would get the Debtors' interest in Energy Partners once
the Debtors default on the debt.  The Debtors' bankruptcy filing
triggered an event of default under the loan; subsequently, the
hedge funds took control over Energy Partners.

The U.S. Trustee told Judge Shannon that it is in the best
interests of creditors, equity holders, and other interested
parties to have an examiner appointed given the allegations that
the Debtors' liquidity problems were improperly hidden from
their lenders and investors.   The Debtors' bankruptcy filings,
according to the U.S. Trustee, have had a significant effect on
the energy futures market and the sale of crude oil
domestically.  The U.S. Trustee said appointment of an examiner
to investigate the issues will shed light and produce a report
that informs the Court and the public whether culpable conduct
occurred.

In seeking for the appointment of an examiner, the U.S. Trustee
invoked Section 1104(c)(1) of the Bankruptcy Code, which
provides that the court can direct the appointment of an
examiner, at any time before the confirmation of a plan of
reorganization, to investigate on any allegations of fraud or
misconduct in the management of the affairs of the debtor of or
by current or former management of the debtor, if (1) the
appointment is in the interests of creditors, any equity
security holders, and other interests of the estate; or (2) the
debtor's fixed, liquidated, unsecured debts, other  than debts
for goods, services, or taxes, or owing to an insider, exceed
US$5,000,000.

The U.S. Trustee said there is no dispute that the Unsecured
Notes of the Debtors exceed US$5,000,000.  In November 2005, two
of the Debtors, SemGroup LP and SemGroup Finance Corp. issued
approximately US$600,000,000 of unsecured notes that mature in
2015.

SemGroup spokesman Lance Ignon told News OK.com that the company
will assist any federal authority assigned to examine its
activities.  "If indeed an examiner is appointed, we would be
happy to cooperate fully with any subsequent probe," he said.

As previously reported, the Securities and Exchange Commission
is also conducting an investigation regarding the allegations
that Energy Partners did not properly disclose its parent's
liquidity troubles to investors in mid-July.  Several
shareholders have filed lawsuits against Energy Partners and its
officers and directors, most of which are also officers and
directors of the Debtors, alleging that the non-disclosure of
the parent's liquidity issues misled the investors into buying
Energy Partners' securities.

Energy Partners has also received Grand Jury subpoenas from the
U.S. Attorney's Office in Oklahoma City, Oklahoma, directing the
company to produce financial and other records.

According to Bloomberg News, SemGroup's downfall is the biggest
energy-trading collapse since hedge-fund manager Amaranth
Advisors LLC of Greenwich, Connecticut folded under
US$6,600,000,000 of wrong-way natural-gas bets in 2006.

                        About SemGroup L.P.

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

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525).  These represent the Debtors' restructuring efforts:
John H. Knight, Esq., L. Katherine Good, Esq. and Mark D.
Collins, Esq. at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A.
Mayer, Esq. at Weil Gotshal & Manges LLP.  Kurtzman Carson
Consultants L.L.C. is the Debtors' claims agent.  The Debtors'
financial advisors are The Blackstone Group L.P. and A.P.
Services LLC.  Margot B. Schonholtz, Esq., and Scott D.
Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber
Silverstein, Esq., at Potter Anderson & Corroon LLP, represent
the Debtors' prepetition lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.
The CCAA stay expires on Aug. 20, 2008.

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

(SemGoup Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEMGROUP LP: Bankruptcy Cues Unit to Delay Quarterly Filing
-----------------------------------------------------------
SemGroup Energy Partners, L.P., U.S. told the the Securities and
Exchange Commission that it is unable to timely file its Form
10-Q for the period ended June 30, 2008, due to its ongoing
evaluation of the effect of SemGroup LP's bankruptcy filing to
the company's financial statements.

As a result of the parent's bankruptcy, events of default exist
in Energy Partners' credit agreements.  Alex Stallings, Energy
Partners' chief accounting officer, said the company is in
dialogs with its lenders regarding the events of default under
the Credit Agreement, but no assurance can be given as to the
outcome of these discussions.  The existing events of default
under the credit agreement, as well as the parent's bankruptcy,
raise substantial doubt about Energy Partner's ability to
continue as a going concern, Mr. Stallings said.

Energy Partners, according to the SEC filing, derived about 82%
of its revenues from the services it provided to its parent and
the parent's subsidiaries.

Energy Partners, according to the SEC filing, expects increased
revenues and costs during the quarter ended June 30, 2008, as
compared to the quarter ended June 30, 2007, because of the
company's acquisition of properties, machinery, pipelines and
facilities during the quarter.  According to Mr. Stallings,
Energy Partners is currently pursuing various strategic
alternatives for its business and assets including the
possibility of entering into storage contracts with third party
customers and the sale of all or a portion of its assets.
However, he said, the uncertainty relating to the parent's
bankruptcy may make it more difficult to pursue merger
opportunities or enter into storage contracts with third party
customers.

"Finding new customers to replacing its parent will be more
difficult than investors once believed," Mark L. Reichman, an
analyst with Sanders Morris Harris Group, Inc., told Bloomberg
News in an interview relating to SemGroup.  "[Bankruptcy]
highlights the fact that [SemGroup and its affiliates] may be
encountering some difficulty growing their third-party customer
base, he added.

Energy Partners, according to the SEC filing, said it did not
make a distribution to its unitholders for the quarter ended
June 30, 2008, due to the existing events of default under its
credit agreement and the uncertainty of its future cash flows
relating to the parent's bankruptcy.

                        About SemGroup L.P.

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

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525).  These represent the Debtors' restructuring efforts:
John H. Knight, Esq., L. Katherine Good, Esq. and Mark D.
Collins, Esq. at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A.
Mayer, Esq. at Weil Gotshal & Manges LLP.  Kurtzman Carson
Consultants L.L.C. is the Debtors' claims agent.  The Debtors'
financial advisors are The Blackstone Group L.P. and A.P.
Services LLC.  Margot B. Schonholtz, Esq., and Scott D.
Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber
Silverstein, Esq., at Potter Anderson & Corroon LLP, represent
the Debtors' prepetition lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.
The CCAA stay expires on Aug. 20, 2008.

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

(SemGoup Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEMGROUP LP: More Parties Oppose US$250,000,000 DIP Financing
-----------------------------------------------------------
The Official Committee of Unsecured Creditors; SemGroup LP's
non-debtor affiliate, SemGroup Energy Partners, L.P.; more than
20 suppliers of oil to the Debtors; and several taxing
authorities filed objections to the SemGroup entities' request
to obtain DIP financing and use of cash collateral.

Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware previously granted interim authority for
the Debtors to obtain US$150,000,000 from the proposed
US$250,000,000 of DIP Loans from Bank of America.

(1) Creditors' Committee

The Creditors' Committee complainsed that it has not been given
the opportunity to review the DIP Budget, and seeks assurance
that the additional US$100,000,000 of DIP Loans is provided to
benefit all constituencies, not just the prepetition lenders.

The Committee said it is uncertain what the additional
US$100,000,000 of DIP Loans will be used for.  Susheel
Kirpalani, Esq., at Quinn Emanuel Urquhart Oliver & Hedges, LLP,
in New York, related that, during the Aug. 6, 2008, hearing on
the DIP Motion, the Debtors have indicated that the primary
intended use of the additional funds beyond a letter of credit
facility of US$150,000,000 was to pay critical vendors.
However, Mr. Kirpalani noted that the Debtors have only used
approximately US$8,000,000 for critical vendor payments.

The Committee also tells the Court that it needs to understand
whether the Debtors can comfortably comply with the Agreed
Budget within the confines of the variance negotiated, which was
a point left unclear at the August 6 Hearing.  Mr. Kirpalani
said the Court should not approve an Agreed Budget that will be
violated out of the gate, and should ensure it is reasonable and
appropriate.

Accordingly, the Committee reserves the right to raise concerns
with respect to upsizing of the DIP financing unless it is
convinced that the proposed final facility is being used to
maximize value and provides sufficient flexibility for the
Debtors and their estates.  The Committee's professionals,
Mr. Kirpalani said, should be consulted by those employed by the
Debtors and the agent for the DIP Lenders as they formulate and
refine the final budget, to ensure that the DIP financing will
be used to maximize value for all stakeholders, and will not
foreclose any restructuring alternatives.

(2) SemGroup Energy

SemGroup Energy complained that certain provisions in the
Interim DIP Order and the DIP Agreement conflict with the
concept that prepetition liens are not being primed.

Jack L. Kinzie, Esq., at Baker Botts L.L.P., in Dallas, Texas,
on behalf of SemGroup, pointed out that:

   (a) the DIP Agreement provides that 100% of all proceeds from
       any sale must be applied to the outstanding balance of
       the DIP Loan;

   (b) the Interim DIP Order provides that, once the DIP Loan is
       repaid, all proceeds from any sale must be paid to the
       Prepetition Lenders; and

   (c) the Interim DIP Order provides that all payments made to
       either the DIP Lenders or the Prepetition Lenders will be
       "free and clear of any claim, charge, assessment or other
       liability . . ."

Mr. Kinzie said these provisions conflict with the DIP Lenders'
position that prepetition liens are not being primed by either
the Cash Collateral Motion or the DIP Financing Motion.
Repeated assurance that prepetition liens are not being primed
offers little comfort to prepetition lien holders if the DIP
Lenders' true intent is to take 100% of all sale proceeds,
without first accounting for valid prepetition liens, Mr. Kinzie
argued.

Instead of applying 100% of sale proceeds to the DIP Lenders on
a free and clear basis, Energy Partners suggests that the DIP
Lenders should be required to escrow those proceeds pending a
determination by the Court of relative lien priorities.

Alternatively, Energy Partners asserted that the DIP Lenders
should be required to first pay all known prepetition lien
holders before applying the balance of the proceeds to the DIP
Lenders' accounts and also provide a carve out in the "free and
clear" language to account for unknown prepetition lien holders.

(3) Suppliers

More than 20 independent oil producers who supplied, or
currently supplies, oil to the Debtors object to the adequate
protection provision for suppliers included in the Interim DIP
Order.  The suppliers complain that the adequate protection
included in the Interim DIP Order does not provide the
protection required by Sections 361 and 364(d)(1)(B) of the
Bankruptcy Code.

The Objecting Suppliers are:

   * Clipper Energy, LLC
   * ConocoPhillips Company
   * Titan Energy, Inc.
   * Quinque Operating Company
   * Huntington Energy, L.L.C.
   * Commonwealth Edison Company
   * Wadi Exploration and Production, LLC
   * Alon USA, LP
   * Benson Mineral Group, Inc.
   * Prima Exploration, Inc.
   * Rosewood Resources, Inc.
   * New Dominion
   * TGT Petroleum Corporation
   * Mercuria Energy Canada, Inc.
   * JMA Energy Company, L.L.C. and LCS Production Co.
   * Copano Energy, L.L.C., DBGG, L.L.C., and River View
     Pipelines, L.L.C.
   * Samson Resources Company, Samson Lone Star LLC, and Samson
     Contour Energy E&P LLC
   * South Burbank Petroleum Corporation and Abraxas Petroleum
     Corporation
   * Altex Energy Corp., Blue Dolphin Production, LLC, and Lobar
     Oil Co., Inc.
   * Star Production, Inc., Southlake Exploration, Inc.,
     Spalding Energy, Inc., BL Oil Company, Inc., Bell Energy,
     Tracker Mineral LLC, Holley Operating LLC, Sojourner
     Enterprises, Inc., Valley Operating, and P,B&B Operating,
     Inc.
   * Murfin Drilling Company, Inc., Vess Oil Corporation, LD
     Drilling, Inc., Davis Petroleum, Inc., RAMA Operating Co.,
     Inc., Central Crude Corporation, Redwing Gas Systems, Inc.
   * Williams NGL Marketing, LLC; Williams Energy Canada, Inc.;
     Mid-Con Frac & Storage; Williams Field Services and
     Williams Production RMT Company
   * Veenker Resources, Inc., Statewide Crude, Inc., U.S. Oil &
     Gas Acquisition and Development L.P. I & II, MM Resources,
     Inc., Taylor Gas Liquids, Inc., and DCP NGL Services, L.P.
   * Triad Energy, Inc.; Q.T. Oil Ltd. Co.; Black Gold Oil Co.,
     Inc.; Producers Crude Marketing, Inc.; Wildhorse Operating
     Company; Conner Production Co., L.L.C.; Bill Weems Oil Co.,
     Inc.; J.M.G. Vacuum Trucks, Inc.; Tommy Taylor, Bonnie
     Taylor, Karlos Quillin, Bill Laird, Anita Laird, Dan
     Wallace Inc.; JKJ Oil & Gas, LLC; TLC Oil, Inc.; Venis
     Exploration Company; and Native American Marketing, LLC

The suppliers asserted that they hold prepetition liens on the
Debtors' Cash Collateral.  The suppliers also asserted that they
are entitled rights to reclaim the goods they delivered to the
Debtors 45 days before the Petition Date.

ConocoPhillips, in particular, said it believes that the Court
still needs to evaluate and consider what adequate protection
needs to be provided to prepetition lienholders in the event of
a sale of the Debtors' assets.  Conoco added that there are
budgetary issues that need to be addressed.  Conoco complained
that it has not taken hold of the DIP Budget for it to review
and evaluate the propriety of how the Debtors propose to utilize
the DIP Loans.

(4) Taxing Authorities

Potter County, Moore County Tax Office, Carson County Tax
Office, Carson County Appraisal District, Hutchinson County Tax
Office, Hutchinson County Appraisal District, Gray County Tax
Office, Ochiltree County Appraisal District, Canadian
Independent School District, and Hemphill County Tax Office; and
Fort Bend County, Gregg County, Harris County, Northeast Texas
Community College District, Red River County Appraisal District,
Talco, Wood County, Dallas County, Tarrant County, Archer
County, Wise County Appraisal District, Wise County, Camp County
Appraisal District, Hopkins County, Smith County, and Upshur
County complained that the DIP Financing proponents have failed
to demonstrate that their liens are adequately protected.

The Taxing Authorities asserted that they have liens on the
Debtors' property to the extent the Debtors have not paid the
taxes on their properties.  The Taxing Authorities have also
filed secured claims for unpaid ad valorem property taxes.

The Taxing Authorities suggested that a segregated account must
be established from the sale of any of their collateral to
comply with the requirements of Section 363(c)(4).

(5) RZB Finance

RZB Finance LLC, one of the lenders who extended to the Debtors
certain prepetition loans, maintained that the Debtors have not
demonstrated, and cannot demonstrate, adequate protection of its
interest in the Collateral.  RZB, thus, reserves its rights with
respect to the DIP Motion.

Judge Shannon convened a status conference with respect to
scheduling on Aug. 18, 2008.  The hearing to consider final
approval of the request is adjourned to Sept. 10, 2008, SemGroup
L.P.'s spokesperson, Lance Ignon, told The Journal Record.

                        About SemGroup L.P.

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

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525).  These represent the Debtors' restructuring efforts:
John H. Knight, Esq., L. Katherine Good, Esq. and Mark D.
Collins, Esq. at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A.
Mayer, Esq. at Weil Gotshal & Manges LLP.  Kurtzman Carson
Consultants L.L.C. is the Debtors' claims agent.  The Debtors'
financial advisors are The Blackstone Group L.P. and A.P.
Services LLC.  Margot B. Schonholtz, Esq., and Scott D.
Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber
Silverstein, Esq., at Potter Anderson & Corroon LLP, represent
the Debtors' prepetition lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.
The CCAA stay expires on Aug. 20, 2008.

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

(SemGoup Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)



===========
P A N A M A
===========

BANCO INTERNACIONAL: S&P Holds BB/B Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB/B'
counterparty credit rating on Banco Internacional de Costa Rica
S.A.  The outlook was revised to positive from stable.

"The change in the outlook to positive is based on new
management focus on corporate governance, credit, and
operational risk.  We think that there will be tangible effects
in BICSA's financial profile, especially in profitability, in
the next 12 to 18 months and that adequate asset quality will be
maintained," said S&P's credit analyst Leonardo Bravo.

S&P's ratings on Banco Internacional de Costa Rica are
constrained by its concentrated loan and deposit base,
relatively low profitability levels, and below-average risk-
management policies.  The ratings are supported by good regional
prospects, the short-term nature of its portfolio, and its focus
on trade finance.

The bank's below-average risk management policies assessment was
based on a history of credit risk events that affected its
overall performance, as well as a strategy that did not improve
its financial or operating performance.  However, S&P believes
there is now a clear focus on improving risk management,
especially credit and operational risk, and it expects that new
expertise and focus brought into the bank will have a positive
impact in the overall performance of its credit portfolio and
profitability levels.

Although Banco Internacional de Costa Rica SA is located in
Panama, it is focused on its trade finance business throughout
Central America.  Most of the countries in the region have
performed well economically in the past few years, and S&P
believes there are good regional business prospects in the area
where the bank operates.

In addition, the short-term nature of its loan portfolio gives
Banco Internacional more flexibility than other banks to adapt
to changing market conditions.  The bank's refocus in trade
finance and reorganization of its loan origination group are
bringing the bank back to its core business and maintaining
lower levels of loan portfolio risk.

"The positive outlook reflects our expectation that the bank's
financial performance will improve because of its expansion
strategies, tighter operational controls, and its disciplined
approach to loan portfolio growth," Mr. Bravo added.  If the
bank is able to obtain a recurrent profitability level of 1.5%
with the consolidation of all the changes in terms of risk
management practices along with a more diversified deposit base,
the ratings could be raised.  On the other hand, the ratings
could be negatively affected if the positive trend in the bank's
financial performance.  That is, profitability, asset quality,
and capitalization deteriorates.

Based in Panama City, Banco Internacional de Costa Rica SA (aka
BICSA) -- http://www.bicsapan.com/-- was established in 1976 to
serve as a financing vehicle for global trade of Central
American corporations.  The bank's shareholders are Banco de
Costa Rica with 51% and Banco Nacional de Costa Rica with 49% of
the shares.  Banco Internacional has an office with an
international banking license in Miami (BICSA Miami) that
accounts for 30% of total loans and half of the correspondent
banking business.  It also has representative offices in
Guatemala, Nicaragua, El Salvador, and Costa Rica.


CHIQUITA BRANDS: Selling Atlanta AG to UNIVEG for US$92 Million
---------------------------------------------------------------
Chiquita Brands International Inc. has completed the previously
announced sale of its wholly-owned German distribution business,
Atlanta AG to UNIVEG Fruit and Vegetables BV for net proceeds of
approximately EUR65 million, or US$92 million, including working
capital and net debt adjustments.

The parties also entered a long-term strategic agreement in
which Atlanta will continue to serve as Chiquita's preferred
supplier of banana ripening and distribution services in
Germany, Austria and Denmark.  The company continues to
anticipate that the sale and related entry into the long-term
banana ripening and distribution services agreement will result
in a gain as well as a one-time tax benefit.  Net proceeds are
expected to be used primarily for debt reduction, and the sale
and related use of proceeds are anticipated to be accretive to
future earnings.

                       About Chiquita Brands

Headquartered in Cincinnati, Ohio, Chiquita Brands International
Inc. (NYSE: CQB) -- http://www.chiquita.com/-- is a marketer
and distributor of high-quality fresh and value-added food
products.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama.

At March 31, 2008, the company's consolidated balance sheet
showed US$2.80 billion in total assets, US$1.87 billion in total
liabilities, and US$933.0 million in total shareholders' equity.

                           *     *     *

In March 2008, Moody's Investors Service affirmed Chiquita
Brands International, Inc.'s B3 corporate family and B3
probability of default ratings.  Moody's said the rating outlook
remains negative.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.
S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26, 2007.



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

* PARAGUAY: Venezuela Vows to Ship Up to 23,500 Oil Barrels/Day
---------------------------------------------------------------
Venezuelan President Hugo Chavez has promised Paraguay’s
president a steady supply of fuel to prevent shortages that
could cause civil unrest, the Associated Press reports.
Paraguay, with no reserves and depends solely on imports for its
petroleum needs, consumed 27,410 barrels of oil products a day
in July according to U.S. Energy Department data cited by the
AP.

According to the report, Chavez said ex–priest President
Fernando Lugo will receive "all the oil Paraguay needs" from
Venezuela.  Venezuela’s state oil company later announced that
an accord signed by the two leaders guarantees Paraguay up to
23,500 barrels of oil and derivatives a day, the report says.

The pledged shipment is a huge increase from the 1,000 barrels
of oil products a day Petroleos de Venezuela SA shipped the
South American country in 2007.

The deal, the report relates, would significantly boost the
amount of oil Venezuela sends to Paraguay, if the promised
supply is delivered.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 15, 2008, Moody's Investors Service said Paraguay's B3
foreign and local currency ratings are constrained by Paraguay's
low levels of economic development, its vulnerabilities to
external shocks, and the narrow foreign-currency earnings base.

According to Moody's, Paraguay's highly dollarized economy and
very large share of
government foreign currency debt represent an external
vulnerability if there is a sudden and steep devaluation of the
currency.  The relative importance of dollar deposits and
lending in the financial system is falling but the shares of
both remain above 40%.

Despite above-trend growth since 2003, Moody's said GDP per
capita was still below US$2,000 last year.



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

* PERU: Moody's Lifts Foreign Currency Rating to Ba1 From Ba2
-------------------------------------------------------------
Moody's Investors Service has upgraded the foreign-currency bond
rating of the government of Peru to Ba1 from Ba2 in light of
significant and sustained reductions in foreign-currency related
credit vulnerabilities.

The foreign-currency country ceiling for bonds and notes was
also upgraded to Baa3 from Ba1, and the country ceiling for
foreign-currency bank deposits was raised to Ba2 from Ba3.
Also, the short-term foreign-currency bond ceiling was raised to
Prime-3 (P-3) from Not Prime.  All ratings have a stable
outlook.

The upgrade was prompted by steady improvement in Peru's
sovereign credit profile driven by a continued and accelerated
strengthening in the balance sheet of the government and the
local banks," said Moody's Vice President-Senior Credit Officer
Mauro Leos.  "Dollarization of both government debt and bank
deposits continues to trend downwards."

Improvements observed to date, coupled with the expectation that
continued favorable trends will reinforce persistent though
gradual reductions in Peru's foreign currency exposure, support
the narrowing of the gap to one notch between the government's
foreign-currency rating (Ba1) and its higher domestic-currency
rating (Baa3) with Moody's latest rating action.

He said that the reduction in the share of foreign-currency
denominated government debt has been a direct result of
liability management operations carried out by the authorities.
Prepayments of external debt obligations have been funded by
long-dated domestic debt placements and by out-of-pocket cash
coming from the Peruvian Treasury.  "As a result, the currency
composition of the government debt has improved markedly in
recent years," said Mr. Leos.

The degree of financial dollarization in Peru's banking system,
measured by the share of dollar-denominated loans and deposits,
has trended downwards in recent years.  "More important," Mr.
Leos noted, "the ongoing de-dollarization process accelerated
markedly during 2008 in terms of both deposits and loans."

In line with this development, for the first time in more than
two decades, dollar deposits account for less than half of the
deposit base, a condition that reduces currency mismatches and
credit risks associated with contingent liabilities stemming
from financial dollarization.

"Peru's foreign-currency ratings incorporate an export profile
dominated by traditional, mostly mining, exports, which
introduces medium-term vulnerabilities should commodity prices
deteriorate seriously," said Mr. Leos.  "Still, the current
ratings adequately capture those credit risks as they take into
consideration compensating factors, including a robust
international reserve position that leaves Peru on the verge of
becoming a net external creditor country," said Mr. Leos.

He indicated that, while lower, the degree of dollarization
prevailing in Peru remains high in absolute and relative terms.
In particular, Mr. Leos noted that "although current trends
point towards a more balanced currency structure of government
debt in the coming years, more than half of the debt will
continue to be denominated in foreign currency.  This situation
introduces credit vulnerabilities and marks an important
difference with respect to other governments where this
condition is not present," said Mr. Leos.

In spite of recent improvement in social indicators, Peru
continues to face significant socio-economic challenges,
including the need to more aggressively reduce poverty levels
that reflect regional inequalities.  Those conditions pose
potential political risks to the country's medium-term outlook
and, in Moody's opinion, continue to operate as important
constraints on the ratings.

Unaffected by the actions are the governments' local-currency
government bond rating (Baa3) and Peru's A3 country ceiling for
local currency bonds.  Both ratings have a stable outlook.



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

ADELPHIA COMMS: Reports on Status of Distributions Under Plan
-------------------------------------------------------------
Pursuant to (i) the confirmed First Modified Fifth Amended Joint
Chapter 11 Plan of Adelphia Communications Corporation and its
affiliates, and (ii) the confirmed Third Modified Fourth Amended
Joint Chapter 11 Plan of the Century-TCI Debtors and Parnassos
Debtors, the Reorganized Debtors relate that they have sent
distributions to holders of allowed claims under the Plan.

The Reorganized Debtors, however, notify the U.S. Bankruptcy
Court for the Southern District of New York that since the Plan
effective date:

   (a) The distribution of cash and shares of Time Warner Cable
       Inc. was returned by 36 holders of allowed claims for one
       or more reasons.

       A list of Refused Funds is available for free at:

               http://researcharchives.com/t/s?30e7

   (b) The distribution of cash and shares of Time Warner Cable
       to 460+ holders of allowed claims were returned to the
       Debtors as undeliverable to the claim holders.

       A list of the Undeliverable Funds is available for free
       at http://researcharchives.com/t/s?30e8

   (c) Checks intended for cash distributions to 500 allowed
       claims remain uncashed since the Checks were neither
       negotiated within 120 days after the date of the
       issuance, nor did the Plan Administrator receive request
       for reissuance within 300 days after the Checks were
       issued.

       A list of the Uncashed Funds is available for free at:

              http://researcharchives.com/t/s?30e9

   (d) The cash distribution in the form of a check to 66
       allowed claim holders was either returned to the
       Century-TCI Debtors and Parnassos Debtors or the Joint
       Venture Debtors as undeliverable to the claimholder or
       remains uncashed.

       A list of the JV Unclaimed or Undelivered Funds is
       available for free at:

              http://researcharchives.com/t/s?30ea

The Reorganized Debtors assert that as the distributions of the
Undeliverable Funds were sent six months ago, the Plan
Administrator can now utilize those distributions for other
holders of allowed claims.

The Uncashed Funds, the Reorganized Debtors add, are now
available for distribution by the Plan Administrator to other
holders of allowed claims.

As the JV Checks have been unclaimed for over one year, the
Reorganized Debtors maintain those checks are available for
distribution to other holders of allowed claims.

Objections to the Claim Satisfaction Notice were due by
August 11, 2008.  If no party objects, the Reorganized Debtors
will pronounce the claims to have been satisfied and that they
will have no further obligation to make distributions under the
JV Plan.

                           Responses

In separate filings, BellSouth Telecommunications, Inc., doing
business as AT&T Southeast and Park Stanton Place, Ltd., and
Park Stanton Place, LP, dispute the Claim Satisfaction Notice.

AT&T Southeast notes the Debtors has sought to void these
distributions:

   Entity                  Amount       Reason
   ------                  ------       ------
   AT&T Language Line      US$875 &       Returned as
   Services               2 shares      undeliverable & no valid
                                        address provided

   BellSouth                US$31         Uncashed for
                                        more than 120 days

   BellSouth               US$422         Uncashed for
                                        more than 120 days

   BellSouth               US$805         Uncashed for
                                        more than 120 days

   BellSouth Professional  US$144         Uncashed for
   Services                             more than 120 days

AT&T explains that the Debtors made the distribution for AT&T
Language Line to a company that is no longer affiliated with
AT&T.  Furthermore, AT&T avers, the other distributions were
either mailed by the Debtors to AT&T payment lockboxes or
directed to a non-existent entity.  AT&T asserts the Debtors has
known AT&T's address since January 2003, but instead of being
alerted that the distributions remained uncashed, the Debtors
made no attempt to determine the correct address of AT&T.
Hence, AT&T asks the Court to allow the AT&T distributions, and
direct the Debtors to make the payments to it without delay.

George Morrison, controller of Park Stanton, complains that the
delivery address for the distributions for the Undeliverable and
Uncashed Funds to Park Stanton are erroneous.  He avers that the
correct address is 8383 Wilshire Blvd., Suite 630, in Beverly
Hills, California 90211.  Accordingly, Park Stanton asks the
Court to:

   -- compel the Debtors to use the correct address on its
      records; and

   -- direct the Debtors to reissue the funds and shares to Park
      Stanton using the correct address.

                      About Adelphia Comms

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/--
is a cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases.

The Bankruptcy Court confirmed the Debtors' Modified Fifth
Amended Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007.
That plan became effective on Feb. 13, 2007.  (Adelphia
Bankruptcy News, Issue No. 189; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ADELPHIA COMMS: Delivers Plan Status Reports for 2nd Qtr. 2008
--------------------------------------------------------------
Adelphia Communications Corporation and its affiliates have
delivered to the U.S. Bankruptcy Court for the Southern District
of New York post-confirmation status reports to apprise the
Honorable Robert E. Gerber of their consummation of the
confirmed First Modified Fifth Amended Joint Chapter 11 Plan.

The Reorganized Debtors filed their latest post-confirmation
reports on July 18, 2008, covering developments in their Chapter
11 cases for the period from March 31, 2008, through June 30,
2008.

The Reorganized Debtors relate they have taken these steps in
connection with the consummation of the Plan:

   * Completed the fifth newly Allowed Claims Distribution on
     May 6, 2008, distributing US$900,000 in cash and 782 shares
     of Time Warner Cable Class A Common Stock to holders of the
     Newly Allowed Claims.

   * Obtained Bankruptcy Court approval for supplemental claim
     orders, stipulations and settlements resolving 45 Disputed
     Claims, including the claims of General Dynamics and QVC
     totaling US$53.7 million.  The Debtors aver they yet have
     to resolve 130 Disputed Claims.

   * Distributed US$2 million in principal and pre-effective
     date interest to the Allowed Bank Claim holders, which
     complied with the submission of Section 5.2(c)(v)
     certificates.  About US$68.8 million in principal and pre-
     effective date interest, including US$5,100,000 under the
     JV Plan, remains undistributed.

   * Released US$5.7 million of holdbacks of certain
     professionals retained in the Debtors' Chapter 11 cases,
     including the final fee applications of 45 professionals.
     Remaining holdbacks to be released total US$4.4 million for
     12 professionals.

   * Closed sale of the Adelphia headquarters building for
     US$3.6 million on April 3, 2008.

   * Relocated administrative offices in Denver reducing square
     footage by 30,000 square feet and operating expenses by
     US$57,000 per month.

Jeffrey A. Brodsky of Quest Turnaround Advisors, LLC, as Plan
Administrator of the Reorganized Debtors, reports these activity
for the period from March 31, 2008, through June 30, 2008.

                          Cash         Stock         Total
                      ------------  ------------  ------------
Balance at 3/31/08 US$736,504,899 US$138,088,549 US$874,593,448
Additions               5,919,314             0     5,919,314
Interest Income         4,684,800             0     4,684,800
Plan Disbursements    (18,109,849)  (23,329,444)  (41,439,293)
Operating Costs        (7,592,167)            0    (7,592,167)
                      ------------   -----------  ------------
Balance at 06/30/08 US$721,406,997 US$114,759,105 US$836,166,102

The amounts listed under the column "Stock" reflect the New
Deemed Value of the TWC Class A Common Stock for US$37 and its
closing price for US$26 at June 30, 2008, Mr. Brodsky explains.
Thus, the fair market value of the remaining stock on June 30,
2008 was US$80.4 million.  The "Additions" included net cash
receipts for US$3.4 million from the Headquarters Sale,
Hurricane Wilma insurance refund for US$1.8 million, QVC
receivable settlement for US$500,000 and other miscellaneous
cash receipts for US$200,000.

"Operating Costs" include professional expenses for
US$4.4 million, payroll, benefits and bonus payments for US$2.1
million, professional expenses related to pre-emergence periods
of US$700,000 and other overhead expenses for US$400,000.

                      About Adelphia Comms

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/--
is a cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases.

The Bankruptcy Court confirmed the Debtors' Modified Fifth
Amended Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007.
That plan became effective on Feb. 13, 2007.  (Adelphia
Bankruptcy News, Issue No. 189; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ADELPHIA COMMS: Court Finds Insufficient Basis for US$44MM Claim
----------------------------------------------------------------
The Honorable Cecelia Morris of the U.S. Bankruptcy Court for
the Southern District of New York denied a US$44 million claim
asserted by Lucent Technologies Inc. and sustained Adelphia
Communications Corp.'s objection to that claim.

The matter before the Court is Adelphia Communication Corp.'s
objection to the proof of claim of Lucent for US$44,721,519.
The Lucent Claim is primarily based on Delaware's Revised
Uniform Limited Partnership, where under the DLPA, Lucent seeks
to hold ACOM liable for the debt of Devon Mobile Communications,
L.P., under an agreement between Lucent and Devon.

The Lucent-Devon Contract was inked in October 2000, where
Lucent provided a wireless network or sold wireless equipment to
Devon.  Devon was formed by ACOM and Devon G.P. as a Delaware
limited partnership in 1995.

Lucent had the burden of proof.  If Lucent was to prevail on its
claim under the DLPA, it had to:

    -- prove the threshold issue of "control" under the DLPA;
       and

    -- show reasonable belief that ACOM is a general partner of
       Devon.

Through a five-day trial in June 2008, Judge Morris listened to
live testimony from several witnesses and reviewed numerous
exhibits.  Upon deliberation, Judge Morris opined that Lucent
has failed to establish a prima facie case under the DLPA.

The Court found that majority of the evidence offered by Lucent
at the trial failed to differentiate as to conduct of ACOM or
Adelphia Business Solutions, Inc., an ACOM affiliate.

Much of the remaining evidence revealed that Lucent's confusion
as to which entity was responsible for the debts of Devon was
due to its own internal miscommunication or misplaced
priorities, Judge Morris held.

"Still other documents suggest," Judge Morris said, "Lucent knew
perfectly well that AC[OM] was a limited partner of Devon; in
other words, these documents suggest that Lucent had no belief,
reasonable or otherwise, that AC[OM] was the general partner of
Devon or that AC[OM] would be liable for the debts of Devon."

Further undermining Lucent's "reasonable belief" claim is its
conduct, Judge Morris asserted.   The Court noted that after
the signing of the Lucent-Devon Contract, during the time that
Lucent was required to fulfill Devon purchase orders but prior
to the time when Lucent could begin issuing invoices under that
contract, ABIZ announced the cancellation of about
US$110 million of orders.  "This circumstance caused Lucent to
begin re-evaluating ABIZ's credit-worthiness and ultimately its
exposure under the Lucent-Devon Contract.  Lucent then devised a
series of 'strategies' to obtain payment from ABIZ and/or
AC[OM]," Judge Morris pointed out.

Evidence at trial, the Court held, suggests that Lucent did not
transact business based on a belief that ACOM would be liable as
a general partner of Devon.  "Rather Lucent's decisions appear
to have been motivated by its aggressive sales department that
ignored or strong-armed its billing and credit department, and
did not involve the legal department until it was too late,"
Judge Morris said.

A full-text copy of the 71-page Memo Decision on Lucent's "Prima
Facie Case" argument of its claim is available for free at:

              http://researcharchives.com/t/s?30e6

Lucent subsequently informed the Court of its withdrawal of the
DLPA Claim to the extent that it was based on the other theories
of liability.

Against these backdrop, the Court granted summary judgment of
the Lucent's DLPA Claim in ACOM's favor.  Judge Morris denied
the Lucent Claim in its entirety and sustains ACOM's objection
to the Claim.

                      About Adelphia Comms

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/--
is a cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases.

The Bankruptcy Court confirmed the Debtors' Modified Fifth
Amended Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007.
That plan became effective on Feb. 13, 2007.  (Adelphia
Bankruptcy News, Issue No. 189; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


* PUERTO RICO: Gov. Anibal Acevedo Faces Fraud Charges
------------------------------------------------------
Puerto Rico Gov. Anibal Acevedo Vila could face up to 60 years
in prison after a U.S. federal grand jury handed down a new
indictment against him on four counts of wire fraud and one
count of conspiracy to commit money laundering in connection
with alleged campaign finance violations, the Associated Press
reports.

According to the report, Mr. Acevedo and others in his campaign
are accused of receiving some US$250,000 in illegal funds from a
local businessman, whom Acevedo later helped as governor without
disclosing the financial relationship.  A senior aide and former
campaign director were also charged.

The indictment, the report relates, also contends that a media
company used by Mr. Acevedo's campaign created about US$250,000
in fake invoices, stating it had provided services when it had
done no work for the businessman or his company.  The money was
allegedly used to pay off campaign debts.

Mr. Acevedo, who is running for re-election in November, was
previously indicted in March on 19 other counts including
conspiracy to violate federal campaign laws and defraud the
Internal Revenue Service, as well as giving false testimony to
the FBI, the AP report says.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America,
Standard & Poor's Ratings Services downgraded Puerto Rico's GO
rating to 'BBB-' from 'BBB' in May 2007, citing the continuing
difficulties with reducing the accrued deficit, and its
expectation that the commonwealth's goal of a structurally
balanced budget by fiscal 2010 would be difficult to achieve.
S&P anticipated structural imbalance
persisting.

While having chronic budget deficits is not new for Puerto Rico,
S&P said the nature of the deficit in the past two fiscal years
has been substantially different from years prior.  In the late
1990s and early 2000s the budget deficit was primarily the
result of lax expenditure controls and a ballooning payroll.
However, since the budget impasse that led to the government
shutdown and the
adoption of the Fiscal Reform Law of 2006, expenditure controls
have improved, while revenue projections have been off due to
the island's economic recession.



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

NAVIOS MARITIME: Reports US$79.2 Mln Net Income in 2nd Qtr. 2008
----------------------------------------------------------------
Navios Maritime Holdings Inc. reported its financial results for
the second quarter ended June 30, 2008.

"During the second quarter of 2008, we delivered excellent
financial and operational performance, as evidenced by the 6%
increase in Adjusted EBITDA to US$48.2 million," stated Navios
Holdings Chairperson and Chief Executive Officer, Angeliki
Frangou.  "Furthermore, we continue to strike a favorable
balance of spot exposure and long-term cash flow generation as
illustrated by our chartering strategy."

Ms. Frangou continued, "For example, and as we announced
yesterday, we renewed charters-out on two of our vessels at an
80% premium to their previous rates and also chartered out two
newbuilding capesize vessels well before their expected
delivery.  These secure charters are complemented by new vessels
to be delivered charter-free to Navios Holdings' fleet in the
fourth quarter of 2008 and first quarter of 2009.  This
advantageous time-charter and spot mix should continue to
enhance our financial flexibility as we continue to pursue our
growth strategy and provide returns to shareholders."

                 Second Quarter 2008 Highlights

Financial Highlights

  -- Revenues increased by 161% to US$354.4 million in the
     second quarter of 2008 from US$135.9 million in the same
     period in 2007

  -- Adjusted EBITDA increased by 6% to US$48.2 million in the
     second quarter of 2008 from US$45.6 million for the same
     period in 2007

  -- Net debt to book capitalization was 21.7% at June 30,
     2008 compared with 7.4% at Dec. 31, 2007

  -- Shareholders' Equity increased by 10.6% to US$850.4 million
     at June 30, 2008 compared with US$769.2 million at Dec.
     31, 2007

Revenue from vessels operations for the three months ended June
30, 2008 was US$328.9 million as compared to US$132.5 million
for the same period during 2007.  The increase in revenue is
mainly attributable to the increase in TCE per day and the
increase in the available days of the fleet in 2008 as compared
to 2007.  The achieved TCE rate per day, excluding FFAs,
increased 113.2% from US$22,193 per day in the second quarter of
2007 to US$47,313 per day in the same period of 2008. The
available days for the fleet increased by 44.1% to 5,987 in the
second quarter of 2008 from 4,155 days in the same period of
2007.

Revenue from the logistics business was approximately US$25.5
million for the three months ended June 30, 2008 as compared to
US$3.4 million during the same period of 2007.  This is due to
the acquisition of Horamar Group in January 2008.

EBITDA for the second quarter of 2008 and 2007 was US$46.2
million and US$42.6 million, respectively. EBITDA for the
quarters do not include US$2 million and US$2.9 million,
respectively, related to finance lease accounting.  Taking into
account these items, Adjusted EBITDA for the second quarter of
2008 would have been US$48.2 million as compared to US$45.6
million for the same period in 2007.  The increase in Adjusted
EBITDA of US$2.6 million was primarily due to an increase in
revenue by US$218.6 million from US$135.9 million in the second
quarter of 2007 to US$354.4 million for the same period in 2008,
a decrease in direct vessel expenses by US$1 million from US$7.4
million in the second quarter of 2007 to US$6.4 million for the
same period in 2008, an increase in equity in net earnings from
affiliated companies by US$5.9 million and a decrease in other
expense of US$1.6 million.

This overall favorable variance of US$227.1 million was
mitigated mainly by a decrease in gain of FFA trading by
US$0.8 million from US$7.2 million for the second quarter of
2007 to US$6.4 million for the same period in 2008, an increase
in time charter, voyage and port terminal expenses by
US$216.7 million from US$90.2 million in the second quarter of
2007 to US$306.9 million for the same period in 2008, an
increase in general and administrative expenses by
US$4.3 million from US$4.6 million in the second quarter of 2007
to US$8.9 million for the same period in 2008 (excluding the
US$0.7 million share-based compensation for the second quarter
of 2008), a decrease of US$0.9 million relating to finance lease
accounting described herein, an increase in minority interest of
US$1.3 million and a net decrease of US$0.5 million in all other
categories.

Net income for the second quarter ended June 30, 2008 was
US$79.2 million as compared to US$23.2 million for the
comparable period in 2007.  Net income for the quarter of 2008
includes a US$57.3 million write-off of deferred Belgian taxes
and excludes US$2 million relating to finance lease accounting.
Net income for the second quarter of 2007 excludes
US$2.9 million relating to finance lease accounting.  Adjusting
for these items, net income for the second quarter of 2008 and
2007 would have been US$24 million and US$26.1 million,
respectively.

The decrease of Adjusted Net income by US$2.1 million was mainly
affected by a US$6.4 million increase in depreciation and
amortization expense, and a US$0.7 million increase in
share-based compensation expense. This was mitigated by a US$2.6
million increase in Adjusted EBITDA, the increase in interest
income by US$1.3 million, the US$0.4 million decrease in
interest expense and the US$0.7 million decrease in income
taxes.

                             Dividend

On Aug. 18, 2008, the Board of Directors declared a quarterly
cash dividend with respect to the second quarter of 2008 of
US$0.09 per common share payable on Sept. 12, 2008 to
stockholders of record as of Sept. 2, 2008.

                             Financing

In June 2008, Navios Holdings entered into a new term loan
agreement with DnB Nor Bank ASA of up to US$133 million to
finance the construction of two capesize bulk carriers scheduled
to be delivered in March and June 2010.  The term of the loan is
8 years and commences upon delivery of the vessels.  The
interest rate of the facility is LIBOR plus a margin of 100
basis points.

                        Recent Developments

Sale of Navios Aurora I

On July 1, 2008, Navios Holdings sold the Navios Aurora I, a
75,397 dwt Panamax vessel built in 2005, to Navios Partners for
approximately US$80 million, consisting of US$35 million cash
and 3,131,415 common units.  The number of the common units
issued was calculated using the US$14.3705 volume weighted
average trading price for the 10 business days immediately
before the closing date.  Following the sale of Navios Aurora I,
Navios Holdings owns a 51.6% equity interest in Navios Partners
which includes 2% general partner interest.

Acquisition of Vessels

In June 2008, Navios Holdings entered into agreements to buy two
Ultra Handymaxes for total consideration of approximately
US$152.5 million.  The first is a 2007 built, 55,728 dwt, vessel
built in Japan, expected to be delivered by October of 2008. The
second is a 2009 built, 58,500 dwt, vessel built at
Tsuneishi-Cebu, expected to be delivered in the first quarter of
2009.

Update on Navios Maritime Acquisition Corporation

The initial public offering of Navios Maritime Acquisition Corp.
priced on June 25, 2008 and closed on July 1, 2008.  The
offering raised gross proceeds of US$253 million. The units,
common shares and warrants trade on the NYSE under the symbols
NNA.U, NNA, and NNA WS, respectively.  Navios Holdings has a 19%
ownership position in Navios Maritime Acquisition Corp.  In
addition, Navios Holdings has purchased 7.6 million warrants for
US$1 per warrant.

Update on Navios South American Logistics

Navios Logistics acquired a total of 6 push boats, 108 dry
barges and 3 self-propelled barges anticipated to be fully
operational sometime during the fourth quarter of 2008.

Navios Logistics also took delivery of Estefania H on July 25,
2008, a 12,000 dwt Product Oil Tanker, built in 2008 which was
employed as of Aug. 2, 2008.

Changes in Capital Structure

Share Repurchase Program: On Feb. 14, 2008, the Board of
Directors approved a share repurchase program of up to US$50
million of the Navios Holdings' common stock.  Share repurchases
have been made pursuant to a program adopted under Rule 10b5-1
under the Securities Exchange Act.  As of Aug. 18, 2008, a total
of 3,164,440 shares had been repurchased under this program, for
total consideration of approximately US$29 million.

Warrant Exercises

During the six months ended June 30, 2008, the company issued
898,775 shares of common stock following the exercise of
warrants.  The exercise of these warrants generated US$4.5
million of cash proceeds.

As of June 30, 2008, Navios Holdings had 106,350,115 shares of
common stock outstanding and 6,903,930 warrants remaining
outstanding.  The warrants expire in accordance with their terms
on Dec. 9, 2008.

Time Charter Coverage

Navios Holdings has extended its long-term fleet employment by
entering into agreements to charter out vessels for periods
ranging from one to five years.  As a result, as of Aug. 19,
2008, Navios Holdings has currently contracted 98.6%, 68.7% and
47% of its available days on a charter-out basis for 2008, 2009
and 2010, respectively, equivalent to US$217.3 million, US$204.4
million and US$213.4 million in revenue, respectively.  The
average contractual daily charter-out rate for the core fleet is
US$24,760, US$32,594 and US$35,726 for 2008, 2009 and 2010,
respectively.  The average daily charter-in rate for the active
long term charter-in vessels for 2008 is US$9,727.  The figures
do not include vessels servicing the COA business.

Purchase Option

Navios Holdings has options to acquire four of the 17
chartered-in vessels currently in operation within the next two

years (two Ultra-Handymaxes, one Panamax and one Capesize) and
16 of the 19 long-term chartered-in vessels on order (on 11 of
the 16 purchase options Navios Holdings holds a 50% initial
purchase option).

Fleet Profile

Navios Holdings controls a fleet of 62 vessels totaling 5.8
million dwt, of which 26 are owned and 36 are chartered-in under
long term charters.  The company currently operates 33 vessels
totaling 2.6 million dwt and has 29 newbuildings to be
delivered.  One of these vessels is expected to be delivered in
2008 and the remaining 28 at various dates through 2013.  The
average age of the operating fleet is 4.5 years.

                    About Navios Maritime

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW)
(NYSE: NM) -- http://www.navios.com/-- is a vertically
integrated global seaborne shipping company, specializing in the
worldwide carriage, trading, storing, and other related
logistics of international dry bulk cargo transportation.  The
company also owns and operates a port/storage facility in
Uruguay and has in-house technical ship management expertise.
It maintains offices in Piraeus, Greece, South Norwalk,
Connecticut and Montevideo, Uruguay.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2007, Standard & Poor's Ratings Services has revised
its outlook on Greece-based dry-bulk shipping company Navios
Maritime Holdings Inc. to positive from stable.  At the same
time the 'BB-' corporate credit ratings on the company were
affirmed.  In addition, the senior unsecured debt rating was
raised to 'B+' from 'B'.



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

CHRYSLER LLC: In Talks With Mahindra Over Infringement Issue
------------------------------------------------------------
Mahindra & Mahindra Limited said the company was in dialog with
Chrysler LLC after the US auto company accused it of design
infringement, The Times of India reports.

According to the report, Mr. Anand Mahindra, Managing Director
and Vice Chairman, Mahindra & Mahindra, insisted there was "no
infringement" on the part of the Mahindras, though the companies
were sorting out an issue related to the design of Mahindra
Scorpio's front grill design.

"We have some issues with Chrysler over the grill design of
Scorpio, but we are confident that there is absolutely no
infringement of any intellectual property," Mahindra was cited
by The Times of India as saying, adding that "dialog is on to
resolve the issue."

The Economic Times relates that Chrysler alleges M&M copied the
design from its automobile marquee, Jeep.

According to the Economic Times, when M&M founders, brothers JC
Mahindra and KC Mahindra, started out in 1945 just after the
war, they began by assembling completely knocked-down (CKD)
Willys Jeeps imported from the US.  Chrysler pointed out that
until 1994, M&M could use the word, Jeep, but after 1994, it
belonged only to Chrysler.

Auto experts, the Economic Times says, indicate that M&M will
have to redesign the grill, as the US auto maker Chrysler is
keen to make its presence in emerging markets like India and
China.

There is even speculation that Chrysler could initiate legal
action against the Indian utility vehicle major, The Times of
India adds.

The Hindu Business Line also reports that sources familiar with
the issue indicated that there was no question of legal battle
over the design dispute although there were a few e-mail
correspondence between Mahindra and Chrysler at the middle
management level.

A Chrysler official, when contacted by the Economic Times,
declined to comment.

                About Mahindra & Mahindra Limited

Headquartered in Mumbai, India, Mahindra & Mahindra Limited
manufactures a range of automotive vehicles, agricultural
tractors, implements and industrial engines, and is also engaged
in dealing in property development/construction activities.  Its
farm equipment sector designs, develops, manufactures and
markets tractors for Indian and overseas markets.  Its
automotive sector makes a range of vehicles, including multi-
utility vehicles (MUVs), light commercial vehicles (LCVs) and
three wheelers.  During the fiscal year ended March 31, 2007,
the Company produced 1,44,090 vehicles, which included MUVs,
cars and LCVs, including 8,811 LCVs produced for Mahindra
International Limited, a subsidiary of the Company and 614 cars
produced for Mahindra Renault Private Limited, another
subsidiary of the Company, and 34,892 three wheelers.  In April
2008, it launched the After Market Sector, comprising of various
business units, including Mahindra First Choice Services Ltd.,
Mahindra First Choice Ltd. and Mahindra Spares Business.

                      About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2008, Standard & Poor's Ratings Services said lowered
its ratings on Chrysler LLC, including the corporate credit
rating, to 'CCC+' from 'B-'.

As reported in the Troubled Company Reporter June 24, 2008,
Moody's Investors Service affirmed the B3 corporate family
rating and probability of default rating of Chrysler LLC, but
changed the outlook to negative from stable.  The change in
outlook reflects the increasingly challenging environment faced
by Chrysler as the outlook for US vehicle demand falls, and as
high fuel costs drive US consumers away from light trucks and
SUVs, and toward more fuel efficient vehicles.

As reported in the Troubled Company Reporter on May 9, 2008,
Fitch Ratings downgraded the issuer default rating of Chrysler
LLC to 'B' from 'B+', with a negative rating outlook.  Fitch
also downgraded the senior secured bank facilities, including
senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1';
and senior secured second-lien bank loan to 'CCC+/RR6' from
'BB+/RR1'.  The recovery rating on the second lien was also
downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset
value assumptions and associated recoveries in the event of a
stress scenario.


CHRYSLER LLC: Financial Unit Changes Top Management Line-Up
-----------------------------------------------------------
Chrysler Financial, the financing arm of Chrysler LLC, appointed
Thomas F. Gilman as vice chairperson and chief executive and
Darryl R. Jackson as chief operating officer, The Wall Street
Journal reports.

As part of the executives revamp, Paul Knauss, president and
CEO, and William F. Jones Jr., chief operating officer, are
retiring, WSJ adds.

According to WSJ, the position of vice chairman and CEO is a
combination of the former roles of executive vice chairman and
president and CEO.  Mr. Gilman had been executive vice chairman,
WSJ notes.  WSJ says that in his new role, Mr. Gilman will set
the strategic direction and ensure that the company's
performance is in line with investors' expectation.

Mr. Jackson was previously the vice president-U.S. sales of
Chrysler LLC.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2008, Standard & Poor's Ratings Services said lowered
its ratings on Chrysler LLC, including the corporate credit
rating, to 'CCC+' from 'B-'.

As reported in the Troubled Company Reporter June 24, 2008,
Moody's Investors Service affirmed the B3 corporate family
rating and probability of default rating of Chrysler LLC, but
changed the outlook to negative from stable.  The change in
outlook reflects the increasingly challenging environment faced
by Chrysler as the outlook for US vehicle demand falls, and as
high fuel costs drive US consumers away from light trucks and
SUVs, and toward more fuel efficient vehicles.

As reported in the Troubled Company Reporter on May 9, 2008,
Fitch Ratings downgraded the issuer default rating of Chrysler
LLC to 'B' from 'B+', with a negative rating outlook.  Fitch
also downgraded the senior secured bank facilities, including
senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1';
and senior secured second-lien bank loan to 'CCC+/RR6' from
'BB+/RR1'.  The recovery rating on the second lien was also
downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset
value assumptions and associated recoveries in the event of a
stress scenario.


GENERAL MOTORS: Unlikely to Resume Operations Soon Due to Strike
----------------------------------------------------------------
General Motors Corp. asked workers not to show up to work,
without giving specific date of return, as armed protesting
trade union workers positioned at the gates of its assembly
plant in Valencia, central Venezuela, El Universal reports.

According to the report, the automaker said that members of the
trade union have sabotaged the processes and products of GM.
However, Adam Tortolero, the secretary general trade union
Socialistas Vencedores, has rejected the claims.

The union representative said that the strike will continue
according to the law, adding that they have not caused any
damage to the company, they just want a fair pay, the El
Univeral relates.

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.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 19, 2008, Moody's Investors Service lowered the ratings of
General Motors Corporation: Corporate Family to Caa1 from B3;
Probability of Default to Caa1 from B3; senior unsecured to Caa2
from Caa1; and, senior secured credit facility to B1 from Ba3.
The company's Speculative Grade Liquidity rating remains at
SGL-2.  Moody's said the outlook is Negative.


PETROLEOS DE VENEZUELA: May Consider Output Cut, Chief Says
-----------------------------------------------------------
Venezuelan Oil Minister and Petroleos de Venezuela SA's
President Rafael Ramirez said that Venezuela could consider
reducing its production if oil prices “continue trending down”.

According to the oil and energy ministry Menpet, Venezuela could
ask for a an output cut during the Organization of the Petroleum
Exporting Countries' meeting in Austria on Sept. 9, 2008.

Nathan Crooks at Business News Americas reports that relates
that Minister Ramirez said the decline of over US$20 in the
price of oil per barrel is a clear sign that oil markets are
“being manipulated by speculative trading.”  According to
BNamericas, Minister Ramirez said, “Prices have to stay around
US$100 per barrel.  Costs to produce oil are skyrocketing.”

The report says that Venezuela's oil export basket price dropped
to US$107.96 per barrel from Aug. 11-15, compared to US$126.46
per barrel from July 14-18.  Venezuela's average oil export was
US$103.59 per barrel this year, compared to US$64.74 per barrel
last year, BNamericas notes.

An oil analyst in Venezuela said that the country “could not
live with less than US$60 per barrel a year ago”, BNamericas
relates.  According to the report, the analyst stated,
“Considering the government closed the first half of the year
with a deficit and upcoming regional elections, I am not
surprised the Chavez administration considers that US$100 per
barrel creates a fragile equilibrium for the Venezuelan
economy.”

Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                          *     *     *

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

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

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


* VENEZUELA: To Pay Ternium US$1.65 Billion for Sidor Stock
-----------------------------------------------------------
Argentinean Media said Venezuela's government will pay
US$1.65 billion to Ternium for a 50 percent stake in Venezuelan
subsidiary Sidor, that was nationalized this year by Venezuelan
President Hugo Chavez, El Universal reports.

According to the report, negotiations between the Venezuelan
government and Argentinean industrial group Techint, which owns
a majority stake in Ternium, would be completed for some months.

The report states that Mr. Chavez offered to pay no more than
US$800 million for a 50 percent stake in Sidor while Ternium
asked US$3.1 billion for the firm.

                          *     *     *

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.


* Canada Approves CDN7 Mil. for ECCU Debt Mgt. Advisory Service
---------------------------------------------------------------
Caribbean Net News reports that the government of Canada has
funded a Debt Management Advisory Service for the member
countries of the Eastern Caribbean Currency Union (ECCU).

The report, citing St Kitts-based Eastern Caribbean Central Bank
(ECCB), says the Canadian government through the Canadian
International Development Agency (CIDA) has approved a
contribution of CDN7,200,000 for the establishment of a “Canada
- Eastern Caribbean Debt Management Advisory Service.”

The ECCB said the service is designed to support measures to
improve debt management in the Eastern Caribbean Currency Union
(ECCU), the report says.

The Caribbean Net News relates that CIDA, represented by the
Canadian High Commissioner for Barbados and the Eastern
Caribbean, David Marshall and Trevor Brathwaite, Deputy Governor
of the Eastern Caribbean Central Bank (ECCB) noted the
importance of debt management among the member countries of the
Currency Union to enable the region to achieve a sustainable
rate of economic growth.

According to the report, the Canada-Eastern Caribbean Debt
Advisory Service will help to:

   -- establish appropriate institutional arrangements
      for effective debt management at the national
      level to aggressively manage and adjust debt
      portfolios;

   -- increase awareness and understanding of the
      implications of debt on growth and development;

   -- establish consistent standards for debt management
      among ECCB member states; and

   -- ensure up-to-date statistics and data on national
      debt, including consistent application of the Debt
      Recording and Management System developed by the
      Commonwealth Secretariat.

The project, the report says, reflects the joint commitment of
the Canadian Government and the member countries of the ECCU
towards maintaining stability in the region through management
of sustainable debt levels.


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

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

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

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

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

Aug. 27-28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA 4th Annual Northeast Regional Conference
         Gideon Putnam Resort & Spa, Saratoga Springs, New York
            Contact: www.turnaround.org

Aug. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Arizona Chapter Mixer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dallas / Fort Worth Restructuring Workshop
         Belo Mansion Dallas, Texas
            Contact: www.turnaround.org

Sept. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Lenders Forum
         TBD, Long Island, New York
            Contact: www.turnaround.org

Sept. 11-12, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Mid-America Regional Conference
         Oak Brook Hills Marriott Resort, Oak Brook, Illinois
            Contact: www.turnaround.org

Sept. 11-14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cross Border Conference
         Grand Okanagan Resort, Kelowna, British Columbia
            Contact: www.turnaround.org

Sept. 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 16-18, 2008
   ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS
      2nd Annual Restructuring & Investing Conference
         Shanghai, China
            Contact: http://www.airacira.org/

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

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
      Maplewood Country Club, Maplewood, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Chapter Lunch Program
         Nashville City Center, Nashville, Tennessee
            Contact: 615-850-8678 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Healthcare Industry Update - Panel Discussion
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A View From US Trustees
         TBA, Syracuse, New York
            Contact: www.turnaround.org

Sept. 18-19, 2008
   AMERICAN CONFERENCE INSTITUTE
      Advanced Insolvency Law and Practice Conference
         Paris, France
            Contact: www.americanconference.com

Sept. 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow Workshop: An Overview
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Sept. 24-25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Florida Annual Golf Tournament
         Champions Gate Golf Club, Orlando, Florida
            Contact: 561-882-1331 or www.turnaround.org

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

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

Sept. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Case Study with Tom Kim, TMA Small Business of the Year
         Turnaround Award - TMA Arizona Chapter Meeting
            TBD, Phoenix, Arizona
               Contact: www.turnaround.org

Sept. 26, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Marriott Desert Ridge, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Oct. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/UMKC Midwestern Bankruptcy Institute
         H. Roe Bartle Hall Convention Center, Kansas City
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Oct. 13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         Standard Club, Chicago, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Charity Golf Event
         Forest Park Golf Course, St. Louis, Missouri
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Billiards Networking Night
         Herbert's Billiards, Secaucus, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Member Social
         Davenport Press, Mineola, New York
            Contact: 631-251-6296 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      View from the Bench - Bankruptcy Update
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      How to Contract with a Turnaround Manager
         University Club, Portland, Oregon
            Contact: www.turnaround.org

Oct. 22, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Nevada Award Night
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Election Oriented
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A Panel of Professionals
         TBA, Rochester, New York
            Contact: www.turnaround.org

Oct. 23-24, 2008
   AMERICAN CONFERENCE INSTITUTE
      Distressed Assets Boot Camp
         TBD, London, United Kingdom
            Contact: www.americanconference.com

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

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

Oct. 29-30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Corporate Governance Meetings
         Marriott, New Orleans, Louisiana
            Contact: www.turnaround.org

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

Oct. 31, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         Hilton, Frankfurt, Germany
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Coach House Diner & Restaurant, Hackensack, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Case Study
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds:A View From Workout Consultants
         TBA, Buffalo, New York
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Social
         TBD, Melville, New York
            Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         Tournament Players Club at Jasna Polana, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Housing & Long Term Care
         Washington Athletic Club,Seattle, Washington
            Contact: www.turnaround.org

Nov. 27, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Chris Kaup
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         Terminal City Club, Vancouver, British Columbia
            Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

Dec. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Gathering
         TBD, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         Washington Athletic Club, Seattle, Washington
            Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Casurina, Grand Cayman Island, AL
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Valcon
         Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Beverly Wilshire, Beverly Hills, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
   NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
      NABT Spring Seminar
         The Peabody, Orlando, Florida
            Contact: http://www.nabt.com/

Apr. 20, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         John Adams Courthouse, Boston, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

Apr. 28-30, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

May 14-16, 2009
   ALI-ABA
      Chapter 11 Business Reorganizations
         Langham Hotel, Boston, Massachusetts
            Contact: http://www.ali-aba.org

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

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

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

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

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

Apr. 15-18, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Brewster, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay, Cambridge, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Dec. 2-4, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Chinas New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                   Featured Conferences

Renaissance American Management and Beard Conferences presents

Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!

Nov. 17-18, 2008
Distressed Investing
The Helmsley Park Lane - New York
Brochure will be available soon!

                     *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR



                            ***********

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

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

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

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese Profetana, Sheryl Joy P. Olano,
Rizande de los Santos, and Pamella Ritah K. Jala, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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


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