TCRLA_Public/080822.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

             Friday, August 22, 2008, Vol. 9, No. 167

                             Headlines


A R G E N T I N A

AUTIMOTORES TRESAL: Trustee Verifies Claims Until Oct. 22
EL CORRAL: Proofs of Claim Verification Deadline Is Nov. 12
ESSER SA: Proofs of Claim Verification Deadline Is October 28
GLOBALCALL ARGENTINA: Claims Verification Deadline Is Sept. 29
HOLGER JENSEN: Trustee Verifies Proofs Claims Por Via Incidental

INARGIND SA: Trustee Verifies Proofs of Claim Until October 28
RECOLETO SA: Files for Reorganization in Buenos Aires


B E R M U D A

XL CAPITAL: Insurance Unit Taps H. Mahler as Global Product Head
XL CAPITAL: Insurance Unit Names D. Molitano as Tech E&O Manager


B R A Z I L

BANCO DO BRASIL: Citigroup Puts Buy Recommendation on Shares
BANCO NACIONAL: Okays BRL540 Million Loan for Two Power Plants
BANCO NACIONAL: OKs BRL30MM Funding for Usina Siderurgica Plant
BANCO NOSSA: Hires JPMorgan & Morgan Stanley as Sale Advisers
COMPANHIA SIDERURGICA: Deutsche Bank Put Buy Rating on Stocks

COREL CORP: S&P Says 'B' Rating Still on CreditWatch Negative
FORD MOTOR: DBRS Confirms B Issuer Rating, Trend Changed to Neg.
GENERAL MOTORS: DBRS Cuts Issuer Rating to B, Trend Now Negative
KLABIN SA: S&P Shifts Outlook, Holds BB Counterparty Credit Rtg.
SHARPER IMAGE: Putative Class Rep. Wants Case Converted to Ch. 7

SHARPER IMAGE: Court Approves US$500MM Settlement with Creditors
SHARPER IMAGE: Court Approves Hiring of DJM/Hilco as Consultant
SHARPER IMAGE: States Object to Hilco/GB, Panel Letter Agreement
TELE NORTE: NYSE Suspends Unit's American Depositary Shares
UNIAO DE BANCOS: Citigroup Puts Buy Recommendation on Shares


C A Y M A N  I S L A N D S

ASILOMAR LTD: Holding Final Shareholders Meeting on Aug. 25
CONDO APARTMENTS: Holds Final Shareholders Meeting on Aug. 25
CONDO APARTMENTS FINANCE: Final Shareholders Meeting Is Aug. 25
CONDO RESIDENTIAL: Sets Final Shareholders Meeting on Aug. 25
FOXWOOD (FP): Deadline for Proofs of Claim Filing Is Aug. 25

IRONWOOD (FP): Proofs of Claim Filing Deadline Is Aug. 25
PMDC AGUAYTIA: Deadline for Proofs of Claim Filing Is Aug. 25
PROCIFIC MAINSTREAM: Proofs of Claim Filing Is Until Aug. 25
SILVERWOOD (FP): Proofs of Claim Filing Deadline Is Aug. 25
TOPANGA INC: Deadline for Proofs of Claim Filing Is Aug. 25

TOPANGA II: Proofs of Claim Filing Deadline Is Aug. 25
TOPANGA III: Proofs of Claim Filing Is Until Aug. 25
TOPANGA IV: Proofs of Claim Filing Deadline Is Aug. 25
TOPANGA V: Deadline for Proofs of Claim Filing Is Aug. 25
TOPANGA VI: Proofs of Claim Filing Deadline Is Aug. 25

TOPANGA VII: Filing for Proofs of Claim Is Until Aug. 25
TOPANGA VIII: Proofs of Claim Filing Is Until Aug. 25
TOPANGA IX: Filing for Proofs of Claim Is Until Aug. 25
TOPANGA X: Deadline for Proofs of Claim Filing Is Aug. 25
TOPANGA XII: Proofs of Claim Filing Deadline Is Aug. 25

TOPANGA XIII: Proofs of Claim Filing Is Until Aug. 25
TOPANGA XIV: Proofs of Claim Filing Deadline Is Aug. 25
TOPANGA XVI: Filing for Proofs of Claim Is Until Aug. 25
TOPANGA XVII: Proofs of Claim Filing Deadline Is Aug. 25
TOPANGA XVIII: Proofs of Claim Filing Is Until Aug. 25

VILLA EMERALD: To Hold Final Shareholders Meeting on Aug. 25


C O L O M B I A

BANCOLOMBIA INC: Issues and Offers Ordinary Notes


D O M I N I C A N   R E P U B L I C

EMPRESA GENERADORA: Fitch Affirms B- Issuer Default Ratings
FALCONDO: High Operating Costs Prompt Temporary Shut Down


E C U A D O R

DEL MONTE: Fitch Holds BB Issuer Default Rating; Outlook Stable


M E X I C O

CORPORACION INTERAMERICANA: Inks Touring Biz Deal w/ Live Nation
DELTA AIR: Adds Non-Stop Flights Between Nashville and Cancun
INT'L RECTIFIER: Gets US$21/Share Unsolicited Bid From Vishay
INT'L RECTIFIER: S&P Says 'BB' Corp. Credit Rating on Watch Neg.
LEAR CORPORATION: Names New Global Electronics Vice President


P A N A M A

CHIQUITA BRANDS: Gov't to Question Officials in Terrorism Case


P E R U

BANCO DE CREDITO: Moody's Ups Foreign Curr. Deposit Rtg. to Ba2


P U E R T O  R I C O

ADELPHIA COMMS: Rigases Face New Tax Evasion Allegations
ORIENTAL FINANCIAL: Board Declares US$0.14 Per Share Dividend


V E N E Z U E L A

CHRYSLER LLC: DBRS Junks Issuer Rating to CCC, Trend Now Neg.
PEABODY ENERGY: Fitch Affirms Issuer Default Rating at BB+

* VENEZUELA: Ternium Says Talks on Stake Sale Still Under Way


                          - - - - -


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

AUTIMOTORES TRESAL: Trustee Verifies Claims Until Oct. 22
---------------------------------------------------------
Liliana Quiroga, the court-appointed trustee for Automotores
Tresal SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until October 22, 2008.

Ms. Quiroga will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29, 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 Automotores Tresal 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 Automotores Tresal's
accounting and banking records will be submitted in court.

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

Ms. Quiroga is also in charge of administering Automotores
Tresal's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

                     Automotores Tresal SRL
                     Raul Scalabrini Ortiz 3054
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Liliana Quiroga
                     Joaquin V. Gonzalez 1429
                     Buenos Aires, Argentina


EL CORRAL: Proofs of Claim Verification Deadline Is Nov. 12
-----------------------------------------------------------
Francisco Vazquez, the court-appointed trustee for El Corral del
Pata Negra SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until November 12, 2008.

Mr. Vazquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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 El Corral 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 El Corral's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     El Corral del Pata Negra SRL
                     Av. Scalabrini Ortiz 3096
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Francisco Vazquez
                     Rodriguez Pena 110
                     Buenos Aires, Argentina


ESSER SA: Proofs of Claim Verification Deadline Is October 28
------------------------------------------------------------
Silvia Muavero, the court-appointed trustee for Esser SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until October 28, 2008.

Ms. Muavero will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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 Esser SA 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 Esser SA's accounting
and banking records will be submitted in court.

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

Ms. Muavero is also in charge of administering Esser SA's assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

                     Esser SA
                     Riobamba 340
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Silvia Muavero
                     Av. Rivadavia 1615
                     Buenos Aires, Argentina


GLOBALCALL ARGENTINA: Claims Verification Deadline Is Sept. 29
--------------------------------------------------------------
The court-appointed trustee for Globalcall Argentina S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until September 29, 2008.

The trustee will present the validated claims in court as
individual reports on November 10, 2008.  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 Globalcall Argentina 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 Globalcall
Argentina's accounting and banking records will be submitted in
court on December 23, 2008.

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


HOLGER JENSEN: Trustee Verifies Proofs Claims Por Via Incidental
----------------------------------------------------------------
The court-appointed trustee for Holger Jensen e Hijos S.H.'s
bankruptcy proceeding will be verifying creditors' proofs of
claim "por via incidental".

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Cordoba, 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 Vantrade 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 Holger Jensen's
accounting and banking records will be submitted in court.

Infobae didn't state the submission dates for the reports.


INARGIND SA: Trustee Verifies Proofs of Claim Until October 28
--------------------------------------------------------------
Moises Gorelik, the court-appointed trustee for Inargind SA's
reorganization proceeding will be verifying creditors' proofs of
claim until October 28, 2008.

Mr. Gorelik will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29, 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 Inargind SA 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 Inargind SA's
accounting and banking records will be submitted in court.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 25, 2009.

The debtor can be reached at:

                      Inargind SA
                      Peru 590
                      Buenos Aires, Argentina

The trustee can be reached at:

                      Moises Gorelik
                      Lavalle 1675
                      Buenos Aires, Argentina


RECOLETO SA: Files for Reorganization in Buenos Aires
-----------------------------------------------------
Recoleto S.A. has requested for reorganization approval after
failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Recoleto S.A. to negotiate a settlement with its
creditors in order to avoid a straight liquidation.

The case is pending in a court in Argentina.



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

XL CAPITAL: Insurance Unit Taps H. Mahler as Global Product Head
----------------------------------------------------------------
XL Capital Ltd.'s global insurance operations, XL Insurance has
appointed Harry E. Mahler to a newly created post to direct
Global Product Management.  Mr. Mahler will be based in
Hartford, reporting to XL Insurance's Chief Underwriting Officer
John Glancy.

Mr. Glancy said: "We're thrilled to have Harry join XL
Insurance's management team.  His leadership experience and
strong technical underwriting background add more strength to XL
Insurance's prowess to help businesses manage their most
complicated risks.  I look forward to working with Harry to
facilitate XL Insurance's response to client needs, market
activities and product management efforts across our global
underwriting platform."

XL Capital's Chief Executive of global insurance operations,
David Duclos said:  "As Global Head of Product Management, Harry
will support and coordinate XL Insurance's global underwriting,
product development, cycle management and regulatory activities
to assure that we are meeting the needs of the markets we serve
with quality and innovative property, casualty and specialty
coverages."

"We're pleased Harry has chosen to join XL Insurance.  His
industry and management expertise, technical underwriting skill
and leadership style will fit well into XL's culture, a culture
that emphasizes and rewards effective teamwork," added Mr.
Duclos.

Mr. Mahler brings to XL Insurance more than 30 years of industry
experience holding numerous senior executive positions including
tenure as the Chief Underwriting Officer of Royal & SunAlliance,
as well as underwriting positions with Great American, Fireman's
Fund, Chubb and various mutual insurance companies.

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. has assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications. Concurrently A.M. Best has withdrawn the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.


XL CAPITAL: Insurance Unit Names D. Molitano as Tech E&O Manager
----------------------------------------------------------------
XL Capital Ltd.'s global insurance operations, XL Insurance has
appointed David J. Molitano to the new position of Technology
Errors & Omissions (E&O) manager in its Select Professional
underwriting group.  Mr. Molitano, based in Boston, will report
to XL Insurance's Chief Underwriting Officer for Select
Professional, Donald Allard.

According to Mr. Allard: "XL Insurance is well-known for its
tailored, industry-specific E&O insurance programs.  With David
onboard, adding his considerable experience in underwriting
technology risks, we continue to expand our specialized
underwriting capabilities and are well-equipped to develop the
right insurance programs to address the tech industry's evolving
E&O exposures."

Senior Vice President and head of XL Insurance's Select
Professional group, Reina Gregorio said:  "Professional
liability risks differ by industry.  Providing quality service
and coverage to address those needs requires the level of
industry knowledge and insight that David has about tech E&O
risks.  We're pleased to have David join our Select Professional
team as we continue to expand our leadership in the professional
liability marketplace."

XL Insurance's Select Professional group works with various
brokers and wholesalers to address the E&O insurance needs of
small to mid-size service providers including lawyers,
consultants, TPAs, ad agencies, franchisers, real estate agents,
insurance agents, and many other non-medical service providers.

Mr. Molitano joins XL Insurance from Beasley USA where he
managed a book of miscellaneous, technology and media
professional liability business.  His professional career
includes tenure in various underwriting and management positions
with Lexington Insurance Company, Chubb, and The Hartford.  He
earned his undergraduate degree from Central Connecticut State
University and his MBA from Rensselaer Polytechnic Institute.

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

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. has assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications. Concurrently A.M. Best has withdrawn the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.



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

BANCO DO BRASIL: Citigroup Puts Buy Recommendation on Shares
------------------------------------------------------------
Citigroup Inc. analyst Daniel Abut said that the firm has
upgraded its recommendation on Banco do Brasil SA's shares to
?buy? from ?hold?, Alexis Xydias and Telma Marotto at Bloomberg
News report.

Bloomberg News relates that Citigroup said ?Brazil's inflation
is peaking and valuations? for the stocks of Banco do Brasil and
Uniao de Bancos Brasileiros SA are ?compelling after a slump.?

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.


BANCO NACIONAL: Okays BRL540 Million Loan for Two Power Plants
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will
build two power plants in the total amount of BRL540 million, in
Goias.  The Bank?s support will allow total investments of
BRL749 million, creating 3,200 direct and indirect employment
opportunities during the works.

Both projects, Rio Verde Energia S/A (Salto Power Plant) and Rio
Verdinho Energia S/A (Salto do Rio Verdinho), are included in
the Growth Acceleration Program (PAC) and will amount to 201 MW
of installed power and an average of 122 MW of power assured to
the Brazilian Interconnected System.

Both financing arrangements are granted to Rio Verde Energia S/A
and Rio Verdinho Energia S/A, two companies set up by Triunfo
Participacoes e Investimentos S.A and CBA, which belongs to
Grupo Votorantim, intended to invest in both power plants.  The
power plants will be built in Rio Verde, between the cities of
Itaruma and Cacu (GO).

The funds approved for Salto Power Plant amount to
BRL290 million and correspond to 71.2% of total investments,
BRL406.7 million.  Investments will also cover a 22.8 kilometer
long transmission system.  The construction of the power plant
will create 800 direct and indirect jobs.

BNDES financing to Salto do Rio Verdinho Power Plant, of
BRL250 million, corresponds to 73% of the project?s total
investment, of BRL342.4 million.  The works will call for 800
direct jobs and 1,600 thousand indirect jobs.

To the south of the state of Goias, several electric power
production projects will be developed.  Altogether, these
projects will produce around 1,600 MW in the forthcoming years.
A 500 KW transmission line will be laid to distribute such
power.

                         About Banco Nacional

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

                           *     *     *

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


BANCO NACIONAL: OKs BRL30MM Funding for Usina Siderurgica Plant
---------------------------------------------------------------
According to a report posted in Gazeta Mercantil, Banco Nacional
de Desenvolvimento Economico e Social, a.k.a. BNDES, has
authorized a BRL30 million funding to Usina Siderurgica do
Para's steel plant.

The BRL30 million financing is 11.9% of the BRL251.3 million
total investment in the project, the report says.

The report states that the funds will be used in the
construction of:

           -- two high furnaces for the production of 500,000
              tons per year of pig iron using coking coal; and

           -- a ?sintering? plant in Para.

                      About Banco Nacional

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

                        *     *     *

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


BANCO NOSSA: Hires JPMorgan & Morgan Stanley as Sale Advisers
-------------------------------------------------------------
Dow Jones Newswires reports that Banco Nossa Caixa SA said it
hired  JPMorgan Chase & Co. and Morgan Stanley as advisers in
its upcoming sale to Banco do Brasil SA.

According to Dow Jones, Banco do Brasil and Banco Nossa are
currently negotiating the sale.  ?We are talking internally
about price and expect to close this deal by the end of the
year,? Dow Jones quoted Banco do Brasil's President Antonio
Francisco de Lima Neto as saying.

Dow Jones notes that the agreement Banco do Brasil and Banco
Nossa will need the appoval of the federal and Sao Paulo
governments.

On Aug. 20, 2008, the Troubled Company Reporter-Latin America,
citing published reports, said Banco do Brasil SA's President
Antonio Francisco de Lima Neto said that the bank seeks to have
the sale price of Banco Nossa negotiated by the end of November,
if there is to be any chance of a deal this year.

A TCR-LA report on May 26, 2008, said Banco do Brasil SA started
negotiations for the takeover of Banco Nossa.  Banco do Brasil
previously depended on organic growth to stay the biggest bank
in Brazil as it is barred by law from acquiring or merging with
other banks.  However, the Brazilian federal government
authorized Banco do Brasil to incorporate other federal and
state-owned banks in 2007.  Banco do Brasil said it proposed
talks for the incorporation of Banco Nossa, which the Sao Paulo
state government approved.  The approval has ?no binding
effects?.

Headquartered in Sao Paulo, Brazil, Banco Nossa Caixa SA --
http://www.nossacaixa.com.br/-- operates as a multiple bank
offering banking and financial services through commercial and
loan portfolios, including real estate and foreign exchange, as
well as administering credit cards. Through its subsidiary, it
operates with private pensions. Nossa Caixa uses demand, saving
and time deposits, which include judicial deposits, to fund its
operations. The main focus of Nossa Caixa is to attend
individuals, especially public employees and small and medium-
sized companies in Sao Paulo, as well as state and municipal
government agencies. As the official bank for the government of
the State of Sao Paulo, it administers the state's resources and
state lotteries and takes care of the payroll of the indirect
state administration and part of the direct administration. As
of Dec. 31, 2005, the Bank's network consisted of 2,579
attendance points in its distribution network.

                             *     *     *

In April 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating on Banco Nossa Caixa SA, which is
constrained by the country's foreign currency deposit ceiling.


COMPANHIA SIDERURGICA: Deutsche Bank Put Buy Rating on Stocks
-------------------------------------------------------------
James Attwood at Bloomberg News reports that Deutsche Bank AG
has placed a ?buy? recommendation on Companhia Siderurgica
Nacional S.A.'s stocks.

Bloomberg quoted analysts David Martin and Jorge Beristain as
saying, ?CSN [Companhia Siderurgica] remains one of the lowest
cost and, in our opinion, best positioned steel companies
globally.  Prior concerns about rising input costs have eased
and CSN now appears poised to benefit from rising steel prices
in Brazil.?

Companhia Siderurgica could benefit from higher iron-ore
production and prices, while the sale of a stake in an iron-ore
unit Namisa could be a ?near-term catalyst?, Bloomberg states,
citing the analysts.

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.


COREL CORP: S&P Says 'B' Rating Still on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said it kept its ratings on
Ottawa-based packaged software provider Corel Corp., including
its 'B' long-term corporate credit and senior secured debt
ratings, on CreditWatch with negative implications where they
were placed March 31, 2008. The recovery rating on the senior
secured debt is unchanged at '3'.

The ratings were initially placed on CreditWatch following the
announcement of an unsolicited bid by Cayman Islands-based Corel
Holdings L.P. (CHLP) to acquire all of Corel's common shares
outstanding that it doesn't hold already. However, on Aug. 18,
CHLP announced that it will withdraw its offer so Corel can
pursue alternative methods of maximizing shareholder value; CHLP
is controlled by an affiliate of San Francisco-based private
equity investment company Vector Capital Corp.

"In response to the original bid, Corel's board of directors
formed a special committee to evaluate CHLP's proposal as well
other strategic alternatives," said Standard & Poor's credit
analyst Madhav Hari. "Following the bid withdrawal (because of
new options identified), Corel's board of directors dissolved
the special committee and will now oversee alternative measures,
which have yet to be disclosed," Mr. Hari added.

"Corel's financial and operating results for first-half 2008,
ended May 31, are in line with our expectations. Reported
revenues and EBITDA for the period are up 12.7% and 10.5%,
respectively, from the same period the previous year, driven
primarily by contribution from the InterVideo acquisition.
Organic revenue growth overall has been modest at low-to-mid-
single digits.  Operating margins of about 18% have been hurt as
Corel's product mix has been affected by lower-margin digital
products (from InterVideo); however, the shift is consistent
with our expectations and margins are expected to remain
relatively stable in the foreseeable future," S&P says.

"Adjusted debt leverage of 2.9x as of May 31, is conservative
for the rating and remains an important ratings mitigant given
our ongoing view that the company's business risk profile is
vulnerable.  Furthermore, with more than US$33 million in cash
and full availability under its US$75 million revolving credit
facility, Corel's liquidity position is adequate."

"The CreditWatch listing primarily reflects our lack of
sufficient information regarding the third-party strategic
alternatives that Corel's board might consider which could
impact its business strategy as well as financial policies. We
will resolve the CreditWatch once we meet with management and
fully evaluate the strategic direction that it plans to pursue,"
S&P says.

Corel Corp. (NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/--
is one of the world's top software companies with more than 100
million active users in over 75 countries.  The company provides
high quality, affordable and easy-to-use Graphics and
Productivity and Digital Media software.  The company's products
products are sold through a scalable distribution platform
comprised of Original Equipment Manufacturers (OEMs), the
company's global e-Stores, and the company's international
network of resellers and retail vendors.

The company's award-winning product portfolio includes some of
the world's most widely recognized and popular software brands,
including CorelDRAW(R) Graphics Suite, Corel(R) Paint Shop
Pro(R) Photo, Corel(R) Painter(TM), VideoStudio(R), WinDVD(R),
Corel(R) WordPerfect(R) Office and WinZip(R).  The company's
global headquarters are in Ottawa, Canada, with major offices in
the United States, United Kingdom, Brazil, Mexico, Germany,
China, Taiwan and Japan.


FORD MOTOR: DBRS Confirms B Issuer Rating, Trend Changed to Neg.
----------------------------------------------------------------
DBRS confirmed the ratings of Ford Motor Company, including
Ford's Issuer Rating at B (low).  Ford Motor Credit Company LLC
and Ford Credit Canada Limiteds short- and long-term debt are
confirmed at B and R-4, respectively.  The trends are changed to
Negative.  (This confirmation reflects the maintenance of the
one notch rating differential between the parent company and the
credit company).  Additionally, based on DBRSs Leveraged Finance
Rating Methodology, DBRS has assigned recovery and instrument
ratings to Fords Senior Secured Credit Facilities and Long-Term
Debt of RR3/B (previously rated B (high), the new rating a
result of the Leveraged Finance Rating Methodology) and RR5/CCC
(high).  Notwithstanding the challenging environment, DBRS is
confirming the Issuer Rating, albeit with a Negative trend,
(which is assigned to all ratings).  The ratings action reflects
our opinion that for the time being, past rating downgrades are
sufficient in light of Fords ongoing positive performance in
automotive markets outside North America, progress in cost
reductions and the continuing (albeit reduced) liquidity
position.  All the ratings are now on Negative trend, reflecting
the sharp downturn in the U.S. automotive industry, combined
with the dramatic shift in vehicle segmentation toward smaller
vehicles and away from SUVs and pick-up trucks, which represent
the company's traditional product strengths. With this rating
action, Ford is removed from Under Review with Negative
Implications, where it was placed on June 20, 2008.

The company's business profile has been significantly undermined
by the dramatic deterioration of the automotive industry in
North America, where aggregate demand has dropped sharply given
the well-documented economic concerns in the United States.
Light vehicle sales in this market are estimated to be in the
range of 14.0 million units, which represents the lowest total
in well over a decade.  This has been exacerbated by the sharp
rise in oil and fuel prices, which has resulted in a significant
acceleration of the shift away from larger vehicles (such as
SUVs and pickup trucks) and toward smaller vehicles (e.g.,
passenger cars and crossover utility vehicles).  Ford has been
materially adversely impacted by these market developments as it
previously focused on the larger (and typically more profitable)
vehicles and as such is currently under-represented in the
smaller vehicles segment.  The shift in vehicle segmentation has
been so dramatic that it compelled the company to actually delay
the introduction of the new F150 (given high inventories of the
existing model), Fords flagship model that was previously also
the best-selling vehicle in the United States for more than
twenty consecutive years.  Through July 2008, the company's unit
sales for the year dropped 15%, relative to a total decline of
11% in the U.S. market. (Fords retail market share has, however,
held relatively firm, with much of the lost sales being
attributable to a deliberate reduction in fleet activities,
particularly daily rental.)

In the second quarter (ending June 30) of 2008, the company
posted a record loss of US$8.6 billion.  DBRS notes that the
results incorporate large (albeit non-cash) impairments for both
Fords automotive operations and Ford Motor Credit Company LLC in
the amounts of US$5.3 billion and US$2.1 billion; the
impairments can also be attributed to the sharp shift in vehicle
segmentation described previously.  Fords North American
automotive operations incurred a second quarter loss of US$1.3
billion (vis-a-vis a loss of US$300 million in the second
quarter of 2007).

In reaction to the deteriorating U.S. market, Ford last month
unveiled an accelerated Transformation Plan.  The Transformation
incorporates a stronger shift toward lean manufacturing (i.e.,
matching capacity to demand), smaller vehicles and fuel-
efficient powertrains.  Key components of the Transformation
include:

    -- Additional small cars and CUVs to be introduced in North
       America, including several models in the B and C segments
       that will be transitioned from Europe.

    -- Three truck and SUV plants to be converted to small cars,
       with retooling to begin in December 2008.

    -- Hybrid vehicle production and lineup to double by 2009.

    -- Four-cylinder engine capacity in North America to double
       by 2011.

While DBRS views positively the measures put forward by the
Transformation, it has also noted that most of the associated
benefits are not expected to result prior to 2010, when Ford
will also gain significant cash savings as its new labour
agreement with the United Auto Workers comes into full effect.
However, DBRS views the 18 months prior to 2010 as the most
challenging period confronting the company, with industry
conditions in North America expected to remain severe.

While North America remains Fords core market (with a turnaround
in this region vital for the company's long-term viability), its
business profile does benefit from significant international
operations.  DBRS notes that the foreign operations now
represent approximately 45% of total revenues and generated more
than US$4 billion in pre-tax profits in the 18 month period
ending June 2008.

While Fords cash burn rate going forward remains a significant
concern, liquidity would appear to be satisfactory for the
short-term, with the company's liquidity position being stronger
than either that of Chrysler LLC or General Motors Corporation.
As of June 30, 2008, Fords cash position totaled
US$26.6 billion, with an additional US$11.6 billion available in
secured and unsecured credit lines.  Taking into account first
half results with anticipated further losses through the end of
the year, DBRS expects cash balances of approximately US$20
billion as of year-end 2008.

DBRS notes that as most of Fords assets are already encumbered,
the company has little room to raise additiona1 debt. Similarly,
while Ford is said to be considering further asset sales, DBRS
does not expect significant proceeds to be generated from such
divestitures, which would more likely be executed to reduce the
distraction of senior management as it proceeds further with the
company's restructuring activities.  Notwithstanding, Fords
liquidity position should suffice through 2010, particularly in
light of the remaining credit availability. (DBRS notes that the
Company remained well in compliance with its borrowing base
requirements as of June 30, 2008.)  Fords debt maturity schedule
is also favorable, with no significant maturities over the next
four years.

The ratings trend is Negative. In the event that losses and
associated cash outflows escalate well above the level already
anticipated, a downgrade would be likely.  DBRS notes, however,
that as of Jan. 1, 2010, Fords prospects will improve
considerably as its revised labour agreement with the United
Auto Workers comes into effect, substantially reducing the
Company's cash outflow.  Furthermore, there may also be a
significant level of pent-up demand for automotive vehicles by
this timeframe in light of the depressed sales levels (i.e.,
well below secular trend) expected to persist for the remainder
of 2008 and through 2009.

Issuer: Ford Motor Company
Debt Rated: Issuer Rating
Rating Action: Trend Change
Rating: B (low)
Trend: Neg
Recovery Rating: --
Notes:
Latest Event: Aug. 18, 2008

Issuer: Ford Motor Company
Debt Rated: Senior Secured Credit Facilities
Rating Action: Downgraded
Rating: B
Trend: Neg
Recovery Rating: RR3
Notes:
Latest Event: Aug. 18, 2008

Issuer: Ford Motor Company
Debt Rated: Long-Term Debt
Rating Action: Trend Change
Rating: CCC (high)
Trend: Neg
Recovery Rating: RR5
Notes:
Latest Event: Aug. 18, 2008

Issuer: Ford Motor Credit Company LLC
Debt Rated: Issuer & Long-Term Debt
Rating Action: Trend Change
Rating: B
Trend: Neg
Recovery Rating:
Notes:
Latest Event: Aug. 18, 2008

Issuer: Ford Motor Credit Company LLC
Debt Rated: Short-Term Debt
Rating Action: Trend Change
Rating: R-4
Trend: Neg
Recovery Rating:
Notes:
Latest Event: Aug. 18, 2008

Issuer: Ford Credit Canada Limited
Debt Rated: Long-Term Debt (guar. by Ford Motor Credit Co.)
Rating Action: Trend Change
Rating: B
Trend: Neg
Recovery Rating:
Notes:
Latest Event: Aug 18, 2008

Issuer: Ford Credit Canada Limited
Debt Rated: Commercial Paper (guar. by Ford Motor Credit Co.)
Rating Action: Trend Change
Rating: R-4
Trend: Neg
Recovery Rating:
Notes:
Latest Event: Aug. 18, 2008

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

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


GENERAL MOTORS: DBRS Cuts Issuer Rating to B, Trend Now Negative
----------------------------------------------------------------
DBRS downgraded the long-term ratings of General Motors
Corporation, including the Issuer rating to B (low) from B
(high). Additionally, based on DBRSs Leveraged Finance Rating
Methodology, DBRS has assigned recovery and instrument ratings
to GMs Secured Credit Facilities and Long-Term Debt of RR2/B
(high) and RR4/CCC (high) respectively, (the secured credit
rating is a newly assigned rating, while DBRS is confirming the
long-term unsecured debt).  All trends are Negative.  The
ratings action reflects the sharp downturn in the U.S.
automotive industry, combined with the dramatic shift in vehicle
segmentation toward smaller vehicles and away from SUVs and
pick-up trucks, which represent the company's traditional
product strengths.  This has resulted in significant cash burn
associated with poor operating results (considerably below DBRSs
expectations) in the company's core North American operations.
With this rating action, GM is removed from Under Review with
Negative Implications, where it was placed on June 20, 2008.

The company's business profile has been significantly undermined
by the dramatic deterioration of the automotive industry in
North America, where aggregate demand has dropped sharply given
the well-documented economic concerns in the United States.
Light vehicle sales in this market are estimated to be in the
range of 14.0 million units, which represents the lowest total
in well over a decade.  This has been exacerbated by the sharp
rise in oil and fuel prices, which has resulted in a significant
acceleration of the shift away from larger vehicles (such as
SUVs and pickup trucks) and toward smaller vehicles (e.g.,
passenger cars and crossover utility vehicles).  GM has been
materially adversely impacted by these market developments as it
focused on the larger (and typically more profitable) vehicles
and as such is currently under-represented in the smaller
vehicles segment.  Accordingly, through June 2008, the company's
unit sales for the year dropped 17%, relative to a total decline
of 10% in the U.S. market, with GMs market share through this
period dropping to 21.3% vis-à-vis a level of 22.8% through June
2007.  (DBRS notes that a portion of the lost sales is
attributable to a deliberate reduction in fleet activities.)

In the second quarter (ending June 30) of 2008, the company
posted a loss of US$15.5 billion.  While this figure
incorporates several special items that total US$9.1 billion,
even excluding such adjustments, GMs loss for the quarter was
US$6.3 billion, of which more than US$4 billion was attributable
to GMs core North American operations.  Perhaps even more
alarming was the very sharp drop in North American revenue,
which totaled US$29.7 billion in the second quarter of 2007 but
plummeted to US$19.8 billion in that period this year.  While
this decrease may be slightly exaggerated given the effects of
the twelve-week long strike at American Axle & Manufacturing
Holdings Inc., DBRS notes that much of the lost production would
likely have had to be undertaken by GM in any event over the
course of this year.  This drop in revenue aptly illustrates the
challenge facing the company, with significantly reduced volumes
in addition to sharply lower average transaction prices as
consumers move toward smaller vehicles.  Additionally, while GM
has several new car models in its product pipeline over the next
18 months, DBRS notes few of the planned introductions are
expected to be high-volume models, such that they would
significantly offset lost sales in the truck and SUV segments.

While North America remains GMs core market, with a turnaround
in this region vital for the company's long-term viability, its
business profile does benefit from significant international
operations, which in 2007 represented 39% of total revenues and
generated US$2.1 billion in earnings before taxes.  (DBRS notes
that the 2008 profitability of the foreign operations trails
previous-year levels as of the end of the first half; however
this is largely attributable to adverse currency effects and
losses resulting from a one-time adjustment related to hedge
accounting.)

Liquidity would appear to be satisfactory for the short-term,
with the company's liquidity position as of June 30, 2008,
totaling US$21 billion. However, this represents a sharp
decrease from the 2007 year-end level of US$27 billion.  GM
recently publicly announced that its operations require a
minimum level of cash in the range of US$11 billion to US$14
billion, (the majority of which is allocated toward supplier
payments due each month).  DBRS notes that given the company's
recent cash burn rate in the context of expected severe
conditions in North America through the end of 2009, GM could
potentially face a liquidity crisis as 2010 approaches, absent
any counteractive measures executed by the company.
Additionally, the company's ongoing commitments to Delphi
Corporation as it attempts to emerge from Chapter 11 bankruptcy
proceedings further strain GMs liquidity.

To help alleviate such concerns, in mid-July several new
initiatives were announced in order to bolster GMs liquidity.
These initiatives consisted of operating actions, potential
asset sales and financing activities that total approximately
US$15 billion through the end of next year.  When assessing the
company's proposed liquidity plan, DBRS notes that there is
considerable execution risk with respect to the recently
announced initiatives.  However, DBRS also observes that GM has
access to approximately US$5 billion in undrawn and committed
bank lines. Moreover, the company still has in excess of US$20
billion in unencumbered assets that could support future secured
debt financings.  Further taking into account possible
divestitures of non-core assets, DBRS believes that GM has
sufficient measures at its disposal to ensure an adequate
liquidity position through 2010.

The ratings trend remains Negative.  In the event that losses
and associated cash outflows escalate well above the level
already anticipated, a further downgrade would be likely.  DBRS
notes, however, that as of Jan. 1, 2010, GMs prospects improve
considerably as its revised labor agreement with the United Auto
Workers comes into effect, substantially improving the company's
cost position.  Furthermore, there may also be a significant
level of pent-up demand for automotive vehicles by this
timeframe in light of the depressed sales levels (i.e., well
below secular trend) expected to persist for the remainder of
2008 and through 2009.

Issuer: General Motors Corporation
Debt Rated: Issuer Rating
Rating Action: Downgraded
Rating: B (low)
Trend: Neg
Recovery Rating: --
Notes:
Latest Event: Aug. 18, 2008

Issuer: General Motors Corporation
Debt Rated: Long-Term Debt
Rating Action: Downgraded
Rating: CCC (high)
Trend: Neg
Recovery Rating:RR4
Notes:
Latest Event: Aug. 18, 2008

Issuer: General Motors Corporation
Debt Rated: Convertible Debentures
Rating Action: Downgraded
Rating: CCC (high)
Trend: Neg
Recovery Rating: RR4
Notes:
Latest Event: Aug. 18, 2008

Issuer: General Motors Corporation
Debt Rated: Ind. Dev. Empower. Zone Rev. Bds., S2004 (Issued by
NYC Ind. Dev. Agency, Guar. by GM)
Rating Action: Downgraded
Rating: CCC (high)
Trend: Neg
Recovery Rating: RR4
Notes:
Latest Event: Aug. 18, 2008

Issuer: General Motors Corporation
Debt Rated: Commercial Paper
Rating Action: Confirmed
Rating: R-5
Trend: --
Recovery Rating: --
Notes:
Latest Event: Aug. 18, 2008

Issuer: General Motors Corporation
Debt Rated: Secured Bank Facilities
Rating Action: New Rating
Rating: BB (low)
Trend: Neg
Recovery Rating: RR2
Notes:
Latest Event: Aug. 18, 2008

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.


KLABIN SA: S&P Shifts Outlook, Holds BB Counterparty Credit Rtg.
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its global scale
outlook on Klabin S.A. to stable from positive.  At the same
time, S&P affirmed its 'BB' long-term global scale, and 'brAA'
Brazil national scale, counterparty credit ratings on the
company.

"The outlook revision reflects our view that, although Klabin's
business fundamentals remain constructive after the conclusion
of its carton board expansion project, within the company's
current financial position, it will take somewhat longer than
anticipated to post the cash generation and credit metrics
expected for an upgrade to 'BB+'," said S&P's credit analyst
Marcelo Costa.

S&P based this expectation on delays in completing the carton
board expansion project, cost inflation, and, to some extent,
the appreciation of the Brazilian currency, which have affected
Klabin and other Brazilian corporations.

The ratings reflect the company's exposure to cost increases in
some important inputs such as energy, fuel, and chemicals,
although the new expansion project should start reducing this
exposure.  S&P also considers the fragmented market for
corrugated boxes, which does not allow for pricing policies
consistent with the company's leading market share, and the
volatile nature of the Kraftliner business.

These risks are partially offset by Klabin's competitive cost
position, some diversification into exports, its comfortable
liquidity and capital structure, and active liability management
through its current peak debt period, cash holdings able to
cover scheduled amortizations through 2011.  S&P also sees
Brazil's reduced country risks and favorable economic prospects
as the company's main market, and the conclusion of the carton
board expansion project, as additional positive factors.

Headquartered in Sao Paulo, Brazil, Klabin SA --
http://www.klabin.com.br/-- produces and exports paper
products.  The company is structured in four business areas:
forestry, paper, packaging and industrial sacks.  It has 17
plants located in eight Brazilian states, as well as one plant
in Argentina.  Its subsidiaries include Klabin Ltd., Klabin do
Parana Produtos Florestais Ltda., Centaurus Holdings SA and
Renascenca Participacoes SA.


SHARPER IMAGE: Putative Class Rep. Wants Case Converted to Ch. 7
----------------------------------------------------------------
Frederic B. Prohov, representing a putative class of Sharper
Image Gift Card holders, asks the U.S. Bankruptcy Court for the
District of Delaware to convert the Debtor's Chapter 11 case to
a case under Chapter 7 of the Bankruptcy Code.

Mr. Prohov tells the Court that the Debtor is in a precarious
financial condition, indicated by its operating reports, filed
fee applications, and the proceeds from asset sales.

Specifically, Mr. Prohov points out that the Debtor's June
operating report shows a negative net cash flow of
US$16,000,000.  The Debtor also has no unrestricted cash, and
most of its assets consist of prepaid expenses and professional
retainers.  Moreover, it shows in excess of US$7,000,000 post-
petition debts, and over US$3,000,000 in professional fees that
have been paid.  The Debtor's quarterly financial report on Form
10Q filed with the Securities and Exchange Commission stated
that its deferred revenue, representing uncashed gift cards, was
US$34,000,000.  The Debtor's operating report for April 2008
also listed deferred revenue at US$36,044,290.

Mr. Prohov also related that the counsel for the Official
Committee of Unsecured Creditors had intimated that despite cash
coming into the estate, there might not be anything left for
priority claimants.  He adds that the Debtor's counsel has also
told him to seek further continuance of the automatic stay of
his requests for class certification and stay relief because
asset sales were going very poorly and the estate was becoming
administratively insolvent.

The Debtor's counsel suggested that the Chapter 11 case may be
headed toward a Chapter 7 case, in which priority creditors
would receive nothing, Mr. Prohov tells the Court.

Section 1112(b)(4)(A) of the Bankruptcy Code provides that
"cause" for conversion exists if the estate is experiencing
substantial or continuing loss, and there is no reasonable
likelihood of rehabilitation, Mr. Prohov notes.

The case should be converted simply because the Debtor and the
Committee have acknowledged there is a significant risk of
administrative insolvency, Mr. Prohov asserts.  A Chapter 7
trustee is likely to retain counsel at rates that are
economically in line with the estate's available resources, he
adds.

Mr. Prohov points out that the Debtor is in the process of
liquidating its assets.  It has sold its trademark, much of its
inventory, and is now in the process of rejecting or selling
leases.  He says it is beyond dispute that any plan of
reorganization in the Debtor's case will be a plan of
liquidation and will not "rehabilitate" the Debtor.

                         About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Judge Kevin Gross presides
over the case.  Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel.  Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.

An Official Committee of UnsecuredCreditors has been appointed
in the case.  Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel.  Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.

When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  As of
June 30, 2008, the Debtor listed US$52,962,174 in total assets
and US$39,302,455 in total debts.

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its
name to "TSIC, Inc." in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.

(Sharper Image Bankruptcy News, Issue 18; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SHARPER IMAGE: Court Approves US$500MM Settlement with Creditors
----------------------------------------------------------------
According to Bankruptcy Law360, the U.S. Bankruptcy Court for
the District of Delaware approved US$500,000 settlement between
unsecured creditors of The Sharper Image Corp. and a joint
venture approved to buy the Debtors' assets.  The Court, the
report says, dismissed objections by the U.S. Trustee for
Region 3.

Separately, ABIWorld.org relates that plaintiffs in two putative
class actions against The Sharper Image Corp. have asked a court
to certify the class for the purpose of seeking US$767 million
in damages.  The class actions were related to Sharper Image's
Ionic Breeze air purifier, ABIWorld.org notes.

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Judge Kevin Gross presides
over the case.  Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel.  Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.

An Official Committee of UnsecuredCreditors has been appointed
in the case.  Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel.  Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.

When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  As of
June 30, 2008, the Debtor listed US$52,962,174 in total assets
and US$39,302,455 in total debts.

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its
name to "TSIC, Inc." in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.


SHARPER IMAGE: Court Approves Hiring of DJM/Hilco as Consultant
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
the application of The Sharper Image Corp., now known as TSIC,
Inc., to retain a joint venture between DJM Asset Management,
LLC, and Hilco Real Estate, its exclusive real estate
consultant, nunc pro tunc to June 16, 2008.

DJM and Hilco will be compensated pursuant to a real estate
consulting and advisory services agreement between the Debtor
and the Joint Venture dated June 13, 2008.  However, DJM and
Hilco will file separate fee applications, in accordance with
the Bankruptcy Code and the Federal Rules of Bankruptcy
Procedure.

                         About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Judge Kevin Gross presides
over the case.  Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel.  Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.

An Official Committee of UnsecuredCreditors has been appointed
in the case.  Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel.  Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.

When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  As of
June 30, 2008, the Debtor listed US$52,962,174 in total assets
and US$39,302,455 in total debts.

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its
name to "TSIC, Inc." in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.

(Sharper Image Bankruptcy News, Issue 18; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SHARPER IMAGE: States Object to Hilco/GB, Panel Letter Agreement
----------------------------------------------------------------
The states of Washington, New Mexico, Hawaii, Maryland, Ohio,
Oregon, Connecticut, Missouri and Tennessee support the U.S.
Trustee's objection to the letter agreement between the Joint
Venture and the Official Committee of Unsecured Creditors.

According to the states, if the Letter Agreement is approved and
is used as a model by other entities in future cases, it will
raise issues in connection with other priority claims that
states may assert or support, including consumer priority
claims, tax claims, and domestic support obligations.

Laura McCloud, Esq., at the Office of the Attorney General of
Tennessee, in Nashville, Tennessee, notes that while the states
have been involved in the Debtor's case to support the proper
treatment of consumers holding gift card and merchandise
certificate claims, there are likely to be priority tax claims
at issue which could be affected by the letter agreement.  The
states' opposition to the Letter Agreement is based not only on
whether it benefits particular creditors, but also on the
precedent it will create.

The states believe that the Court should condition its approval
on the Committee's agreement to have funds applied according to
the Bankruptcy Code's priorities.  Ms. McCloud says that it is
critical for the issue to be fully analyzed, and the problems
inherent in the Committee's motion to be exposed.

The states also seek permission from the Court to file an amicus
curiae brief, a full-text copy of which is available at no
charge at http://bankrupt.com/misc/SharperStatesJVBrief.pdf

          Debtor Assigns Seven Leases to American Apparel

The Debtor sought and obtained the Court's authority to assume
and assign seven non-residential real property leases to
American Apparel Retail, Inc., which timely submitted an offer
aggregating US$630,000 for the use of the Leases pursuant to the
Court-approved Asset Sale Procedures.

The Leases are:

    Landlord                       Address
    --------                       --------
    The Town Center at          276 Town Center
    Boca Raton Trust            Boca Raton, FL 33431

    Fashion Valley              7007 Friar's Road
    Mall LLC                    San Diego, CA 92108

    Sunrise Mills               12801 West Sunrise Boulevard
    Limited Partnership         Sunrise, FL 33323

    Fashion Mall Partners LP    125 Westchester Avenue
                                White Plains, NY 10601

    The Retail Property Trust   Roosevelt Field Mall
                                Garden City, NY 11530

    Southpark Mall              4400 Sharon Road
    Limited Partnership         Charlotte, NC 28211

    Shopping Center             55 Parsonage Road
    Associates                  Edison, NJ 08837

Four landlords -- Bellevue Square Managers, Inc., General Growth
Properties, Inc., and The Macerich Company and the Forbes
Company -- opposed the proposed assumption and assignment of the
Leases to American Apparel.

Bellevue objected to the assumption and assignment request to
the extent the Debtor seeks to assume a lease it entered into
with Bellevue for a store located in Washington.  Bellevue
asserted that American Apparel has limited experience operating
in malls and its product line and atmosphere do not fit the
tenant mix at the Bellevue Square Mall.

General Growth Properties objected to the assumption and
assignment of the Leases asserting that American Apparel does
not intend to use the GGP premises as a high quality gift shop
as required by the Lease, but primarily for the sale of apparel.
GGP maintained that American Apparel cannot provide adequate
assurance of future performance because its proposed use of the
GGP Premises as an apparel store would violate the use
provisions of the Sharper Image Leases, which limits the
permitted use of the Premises to a specialty merchandise gift
store.

Macerich and Forbes opposed the assumption and assignment of
three leases to American Apparel asserting that the Debtor has
failed to sustain its burden to provide adequate assurance of
future performance.

Judge Gross overruled the objections after finding that the
Debtor has provided adequate assurance of American Apparel's
future performance under the Leases.

Pursuant to the Lease Purchase Agreement and the satisfaction of
the cure amounts under the leases, the Debtor will be released
from its obligations under the leases.  American Apparel will
compensate the Debtor for rent and operating expenses until the
effective date of the assumption and assignment.

           More Landlords Object to Assignment of Leases

The Taubman Landlords ask the Court to deny the Debtor's motion
to assume and assign the Short Hills and Cherry Creek Leases to
the Joint Venture asserting that the Debtor failed to cure the
existing defaults under the Taubman Leases.  The Taubman
Landlords also seek payment of US$21,680 for their attorneys'
fees.

CVM Holdings, LLC, in a separate filing, objects to the sale of
assets and assumption of real property leases, and submits a
counter-bid for the lease between CVM and the Debtor for Store
No. 306 at the Crabtree Valley Mall in Raleigh, North Carolina.

CVM tells the Court that it has discussed with the Debtor and
the Joint Venture a possible lease termination, in exchange for
a US$25,000 cash payment to the Debtor.  Pursuant to those
discussions, CVM submits a bid for the termination of the CVM
Lease for US$25,000, and offers to waive any and all claims it
holds against the Debtor.  Further, it states that it is
prepared to increase its bid to US$52,000, with no exchanges
other than the lease termination.

Kravco Simon Company and UBS Realty Investors LLC object to the
Debtors' proposal to assume and assign certain leases.  Kravco
and UBS tell the Court that neither of their leases has been
identified as subject to assumption and assignment to any
designated assignee.  However, UBS was advised that at least one
bid has been submitted for its Lease, which will be for a use
contrary to the UBS Lease, and in violation of a radius
restriction contained in the UBS Lease.

MC NYC LLC, after insisting that it is owed US$18,514 for
adequate assurance of future performance under a sublease in New
York, withdrew its objection.  MC NYC says the Debtor has agreed
to pay for all outstanding cure amounts due as of July 31, 2008.


                         About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Judge Kevin Gross presides
over the case.  Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel.  Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.

An Official Committee of UnsecuredCreditors has been appointed
in the case.  Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel.  Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.

When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  As of
June 30, 2008, the Debtor listed US$52,962,174 in total assets
and US$39,302,455 in total debts.

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its
name to "TSIC, Inc." in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.

(Sharper Image Bankruptcy News, Issue 18; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


TELE NORTE: NYSE Suspends Unit's American Depositary Shares
-----------------------------------------------------------
The Financial, Business News & Multimedia reports that the New
York Stock Exchange suspended the American Depositary Shares of
Tele Norte Leste Participacoes SA's subsidiary, Tele Norte
Celular Participacoes S.A., on Aug. 20.

According to the NYSE, it usually considers suspending the
securities of a firm when the number of outstanding shares
doesn't reach 600,000.  NYSE said that a security could be
suspended if continued dealings in the security on the NYSE are
not advisable.

The Financial relates that due to the completion by Telemar
Norte Leste S.A., another unit of Tele Norte Leste, of the
tender offer to buy Tele Norte Celular's outstanding preferred
shares, fewer than 600,000 American Depositary Shares remain
publicly held.

An application will be filed to the U.S. Securities and Exchange
Commission to delist the issue, The Financial states.

                    About Tele Norte Celular

Tele Norte Celular Participacoes S.A. provides cellular
telecommunications services in a region covering the states of
Para, Amazonas, Maranhao, Amapa and Roraima in the north and
northeast of Brazil.  The company is a provider of cellular
telecommunications services in its region.  Its mobile services
use the second generation (2G) technology, which combines
economy of scale, quality of service for voice and high-speed
data, global roaming capabilities and future-proof migration
path to advanced data capabilities, which is the global system
for mobile communication (GSM)/ enhanced data rates for global
evolution (EDGE) technology.

                     About Tele Norte Leste

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

                         *     *     *

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


UNIAO DE BANCOS: Citigroup Puts Buy Recommendation on Shares
------------------------------------------------------------
Citigroup Inc. placed a ?buy? recommendation on Uniao de Bancos
Brasileiros SA's shares, Alexis Xydias and Telma Marotto at
Bloomberg News reports.

Bloomberg relates that Citigroup said ?Brazil's inflation is
peaking and valuations? for the stocks of Banco do Brasil and
Uniao de Bancos Brasileiros SA are ?compelling after a slump.?

                     About Uniao de Bancos

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

                          *     *     *

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

ASILOMAR LTD: Holding Final Shareholders Meeting on Aug. 25
-----------------------------------------------------------
Asilomar Ltd. will hold its final shareholders meeting on
Aug. 25, 2008, at 10:00 a.m., at 1631 South Sinclair Street,
Anaheim, California 92806, USA.

These matters will be taken up during the meeting:

    1) accounting of the wind-up process, and

    2) determining the manner in which the books, accounts and
       documentation of the Company, and of the liquidator should
       be disposed of.

Asilomar'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:

                 Mark G. Wels
                 c/o 1631 South Sinclair Street
                 Anaheim, California 92806
                 USA


CONDO APARTMENTS: Holds Final Shareholders Meeting on Aug. 25
-------------------------------------------------------------
Condo Apartments Equity Ltd. will hold its final shareholders
meeting on Aug. 25, 2008, at 10:00 a.m., at the offices of Gulf
Investment House K.S.C., Souk Al-Safat, 1st Floor, P.O. Box
28808, Safat 13149, Kuwait.

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.

Condo Apartments' shareholder decided on June 20, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Mohamed Mahsoom M. Ameen
                c/o Gulf Investment House K.S.C.
                P.O. Box 28808
                Souk Al-Safat, 1st Floor
                Safat 13149, Kuwait


CONDO APARTMENTS FINANCE: Final Shareholders Meeting Is Aug. 25
---------------------------------------------------------------
Condo Apartments Finance Ltd. will hold its final shareholders
meeting on Aug. 25, 2008, at 10:00 a.m., at the offices of Gulf
Investment House K.S.C., Souk Al-Safat, 1st Floor, P.O. Box
28808, Safat 13149, Kuwait.

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.

Condo Apartments' shareholder decided on June 20, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Mohamed Mahsoom M. Ameen
                c/o Gulf Investment House K.S.C.
                P.O. Box 28808
                Souk Al-Safat, 1st Floor
                Safat 13149, Kuwait


CONDO RESIDENTIAL: Sets Final Shareholders Meeting on Aug. 25
-------------------------------------------------------------
Condo Residential Ltd. will hold its final shareholders meeting
on Aug. 25, 2008, at 10:00 a.m., at the offices of Gulf
Investment House K.S.C., Souk Al-Safat, 1st Floor, P.O. Box
28808, Safat 13149, Kuwait.

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.

Condo Residential's shareholder decided on June 20, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Mohamed Mahsoom M. Ameen
                c/o Gulf Investment House K.S.C.
                P.O. Box 28808
                Souk Al-Safat, 1st Floor
                Safat 13149, Kuwait


FOXWOOD (FP): Deadline for Proofs of Claim Filing Is Aug. 25
------------------------------------------------------------
Foxwood (FP) Ltd.'s creditors have until Aug. 25, 2008, to prove
their claims to Ferrybridge Investments 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.

Foxwood's shareholder decided on Aug. 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:

                 Ferrybridge Investments Limited
                 c/o Merrill Lynch Financial Center
                 2 King Edward Street, London EC1A 1HQ

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


IRONWOOD (FP): Proofs of Claim Filing Deadline Is Aug. 25
---------------------------------------------------------
Ironwood (FP) Ltd.'s creditors have until Aug. 25, 2008, to
prove their claims to Breckenridge Investments 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.

Ironwood's shareholder decided on Aug. 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:

                 Breckenridge Investments Limited
                 c/o Merrill Lynch Financial Center
                 2 King Edward Street, London EC1A 1HQ

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


PMDC AGUAYTIA: Deadline for Proofs of Claim Filing Is Aug. 25
-------------------------------------------------------------
PMDC Aguaytia Ltd.'s creditors have until Aug. 25, 2008, to
prove their claims to Robert W. Burke Jr., 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.

PMDC Aguaytia's shareholder decided on July 22, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Robert W. Burke Jr.
                 c/o PPLG Latin America Holdings, LLC
                 835 Hamilton Street, 2nd Floor
                 Allentown, PA 18101
                 Tel: (610)774-5418
                 Fax: (610)774-7376


PROCIFIC MAINSTREAM: Proofs of Claim Filing Is Until Aug. 25
------------------------------------------------------------
Procific Mainstream Ltd.'s creditors have until Aug. 25, 2008,
to prove their claims to Ahmed Ghubash, 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.

Procific Mainstream's shareholders agreed on July 15, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Ahmed Ghubash
                 c/o Charles Adams, Ritchie & Duckworth
                 P.O. Box 709
                 Zephyr House, Mary Street
                 George Town, Grand Cayman
                 Cayman Islands

Contact for inquiries:

                 Alan G. de Saram
                 Tel: 949-4544
                 Fax: 949-8460


SILVERWOOD (FP): Proofs of Claim Filing Deadline Is Aug. 25
-----------------------------------------------------------
Silverwood (FP) Ltd.'s creditors have until Aug. 25, 2008, to
prove their claims to Stourbridge Investments 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.

Silverwood's shareholder decided on Aug. 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:

                 Stourbridge Investments Limited
                 c/o Merrill Lynch Financial Center
                 2 King Edward Street, London EC1A 1HQ

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA INC: Deadline for Proofs of Claim Filing Is Aug. 25
-----------------------------------------------------------
Topanga Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA II: Proofs of Claim Filing Deadline Is Aug. 25
------------------------------------------------------
Topanga II Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga II's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA III: Proofs of Claim Filing Is Until Aug. 25
----------------------------------------------------
Topanga III Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga III's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA IV: Proofs of Claim Filing Deadline Is Aug. 25
------------------------------------------------------
Topanga IV Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga IV's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA V: Deadline for Proofs of Claim Filing Is Aug. 25
---------------------------------------------------------
Topanga V Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga V's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA VI: Proofs of Claim Filing Deadline Is Aug. 25
------------------------------------------------------
Topanga VI Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga VI's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA VII: Filing for Proofs of Claim Is Until Aug. 25
--------------------------------------------------------
Topanga VII Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga VII's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA VIII: Proofs of Claim Filing Is Until Aug. 25
-----------------------------------------------------
Topanga VIII Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga VIII's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA IX: Filing for Proofs of Claim Is Until Aug. 25
-------------------------------------------------------
Topanga IX Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga IX's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA X: Deadline for Proofs of Claim Filing Is Aug. 25
---------------------------------------------------------
Topanga X Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga X's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA XII: Proofs of Claim Filing Deadline Is Aug. 25
-------------------------------------------------------
Topanga XII Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga XII's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA XIII: Proofs of Claim Filing Is Until Aug. 25
-----------------------------------------------------
Topanga XIII Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga XIII's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA XIV: Proofs of Claim Filing Deadline Is Aug. 25
-------------------------------------------------------
Topanga XIV Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga XIV's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA XVI: Filing for Proofs of Claim Is Until Aug. 25
--------------------------------------------------------
Topanga XVI Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga XVI's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA XVII: Proofs of Claim Filing Deadline Is Aug. 25
--------------------------------------------------------
Topanga XVII Inc.'s creditors have until Aug. 25, 2008, to prove
their claims to Matthew Smith, 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.

Topanga XVII's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


TOPANGA XVIII: Proofs of Claim Filing Is Until Aug. 25
------------------------------------------------------
Topanga XVIII Inc.'s creditors have until Aug. 25, 2008, to
prove their claims to Matthew Smith, 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.

Topanga XVIII's shareholder decided on Aug. 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:

                 Matthew Smith
                 c/o Bank of America Securities LLC
                 One Bryant Park Plaza
                 3rd Floor, New York, NY 10036
                 USA

Contact for inquiries:

                 Marc Koyanagi
                 c/o Treasury Department
                 Tel: (+44 20)7995-4495
                 Fax: (+44 20)7995-1070


VILLA EMERALD: To Hold Final Shareholders Meeting on Aug. 25
------------------------------------------------------------
Villa Emerald Ltd. will hold its final shareholders meeting on
Aug. 25, 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.

Villa Emerald's shareholders decided on May 20, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Rene K. Hislop
                c/o 13 Cardinal Avenue, Waterford Building
                P.O. Box 1775
                Grand Cayman, Cayman Islands
                Tel: (345)949-7677
                Fax: (345) 949-2634



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

BANCOLOMBIA INC: Issues and Offers Ordinary Notes
-------------------------------------------------
Bancolombia S.A. announced the issuance and offering of Bonos
Ordinarios Bancolombia.  This issuance and offering is the
second of multiple and successive issuances of global
Bancolombia Ordinary Notes which are limited to an aggregate
principal amount of COP1,500,000,000,000.

In the Second Offering, Bancolombia will issue and offer 400,000
Bancolombia Ordinary Notes with an aggregate principal
amount of COP400,000,000,000, and up to 600,000 Bancolombia
Ordinary Notes with an aggregate principal amount of
COP600,000,000,000 if the over-allotment option is exercised in
full.

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

                           *     *     *

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



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

EMPRESA GENERADORA: Fitch Affirms B- Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed Empresa Generadora de Electricidad
Itabo S.A.'s 'B-' international foreign and local currency
Issuer Default Ratings and revised its Rating Outlook to Stable
from Positive.  Fitch also affirms at 'B-/RR4' the
US$125 million of senior notes due 2013 issued by Itabo Finance
S.A. Concurrently, Fitch has affirmed Itabo's 'BBB (dom)'
national scale rating.

The Rating Outlook revision reflects the potential need for
additional working capital in light of low collections from
distribution companies.  Itabo's average collection from
distribution companies during the second quarter 2008 was 74%, a
decline from 93% during the same period last year and
significantly below 2007 average collection rate of 101%.  This
reduction reflects the inability of Dominican Republic state-
owned distribution companies to pass through increasing cost of
electricity to end users.  The rating outlook change also
reflects the higher working capital needs due to rising coal
prices, which also increase collections risk as fuel prices are
passed through to the off-takers, increasing Itabo's electricity
prices.

Itabo's ratings incorporate the risks of operating electric
generation assets in the Dominican Republic, where distribution
companies have historically reported poor operating performance,
characterized by very high losses and low collections.  The
company's ratings are supported by its strong competitive
position as the lowest cost thermoelectric generator in the
country, as well as its somewhat solid financial profile and
experienced management team.  Itabo operates two low-cost, coal-
fueled electric generation units and sells electricity to three
distribution companies through well-structured, long-term U.S-
dollar-denominated purchase power agreements.

Itabo is a thermo-electric generator in the DR and the second
largest generation plant in the country. The company has a total
installed capacity 433 MW of thermo-electric generation as of
December 2007.  The company is currently owned 50% by AES
Corp.'s subsidiaries and 49.97% by the DR government, which has
one sit on the board of directors.  The balance is owned by
former employees of CDE (Corporacion Dominicana de
Electricidad).  AES Dominicana manages the company under a
management contract, for a fee of 2.95% of Itabo's sales, while
AES Corp. indirectly controls Itabo's management board.

Itabo's RR of 'RR4' is constrained by the DR's RR cap.  The
company's recovery analysis is based on the lowest EBITDA
reported by ITABO during the past three years to estimate a
stressed enterprise value.

Empresa Generadora de Electricidad Itabo, S.A. is a
thermoelectric generation company based in the Dominican
Republic.  The company consists of 5 thermal power stations,
three of them stationed in Santo Domingo (Santo Domingo,
Timbeque and Los Mina), Itabo 20 km. (the largest) and  Higuamo,
with a total nominal capacity of 586MW.  It is currently owned
50% by AES Corp.'s subsidiaries and 49.97% and 0.03% by former
state employees by the Dominican Republic government.  The
balance is owned by former employees of Corporacion Dominicana
de Electricidad (CDE).  As previously noted, AES Dominicana
manages the company under a management contract, for a fee of
2.95% of Itabo's sales, while AES Corp. indirectly controls
Itabo's management board.


FALCONDO: High Operating Costs Prompt Temporary Shut Down
---------------------------------------------------------
Xstrata PLC is temporarily suspending operations at its
Falconbridge Dominicana C x A (Falcondo) unit in the Dominican
Republic as a result of market conditions.

Falcondo, a nickel mining and processing operation with an
annual capacity of 29,000 tonnes of nickel in ferronickel, is
being battered by extremely high oil prices, which represent the
majority of the site?s costs, and lower nickel prices.

The shutdown, Xstrata says, is anticipated to last for four
months, during which time furnace repairs and crucial
maintenance activities will be conducted.  The suspension will
also enable the acceleration of feasibility studies into the
energy conversion project, to switch the operation?s power
source from oil to coal, and the development of the Loma Miranda
project, which will provide a new higher-grade mining area for
Falcondo and extend the mine life.

?Falcondo has implemented various measures to alleviate the
negative impact of record high oil prices on its financial
position.  These actions have resulted in approximately US$20
million of cost savings,? said Ian Pearce, CEO of Xstrata
Nickel.  ?Nonetheless, in the light of current market conditions
and the requirement to conduct maintenance and repairs, we have
decided to temporarily suspend operations as the best option for
the long-term future of Falcondo.  Importantly, the suspension
will provide us with an opportunity to further advance the
energy conversion and Loma Miranda projects, both of which are
critical to ensure the long-term future of Falcondo as a stable
producer throughout the nickel and oil price cycle.  The
resumption of activities will be assessed based on market
conditions, which are expected to improve towards the end of
2008.?

?During this period, in excess of 90% of Falcondo?s full-time
workforce will be engaged to perform maintenance activities,
development of our two major projects, earthworks, mine
rehabilitation and reforestation activities, and wherever
possible Falcondo employees will be used to replace
contractors,? said Ernest Mast, President and General Manager of
Falcondo.  ?Falcondo will continue to maintain rural roads,
support cultural, sports and other community activities and
continue to fund the Falcondo Foundation, which supports local
development in health, education, environment and culture.  The
site will also continue to generate power to help regulate and
stabilize the national grid.?

Ernest Mast added, ?Feasibility studies and development work
into the energy conversion project and the Loma Miranda
development area, situated 25 kilometres from the Falcondo site,
are well advanced.  The successful development of these critical
projects will reposition Falcondo on the cost curve and secure
the long-term economic prosperity of our nickel business in the
Dominican Republic.?

                          About Falcondo

Falcondo is a surface mining operation with a workforce of more
than 1,800 that has the capacity to produce 29,000 tonnes of
nickel contained in ferronickel annually. Ferronickel is a
combination of iron and nickel used almost exclusively by the
stainless steel industry. The property is situated in the
Dominican Republic, in the town of Bonao, 80 kilometres north of
Santo Domingo. The facilities include a metallurgical treatment
plant, a crude oil refinery and a 200 megawatt thermal power
plant. Xstrata owns 85.26% of the outstanding shares of
Falcondo.

                       About Xstrata Nickel

Xstrata Nickel, headquartered in Toronto, Canada, is one of
Xstrata Group?s global commodity businesses, comprising five
mines and processing facilities in Ontario and Québec, Canada; a
ferronickel mine and processing facility in Bonao, Dominican
Republic; a high-grade sulphide mine and processing facility in
Western Australia and a refinery in Kristiansand, Norway.
Xstrata Nickel has a significant portfolio of growth projects,
including Koniambo in New Caledonia, Nickel Rim South in Canada,
Kabanga in Tanzania, Araguaia in Brazil and Sinclair in
Australia. Xstrata Nickel is the world?s fourth largest nickel
producer, with annual managed production of more than 116,000
tonnes of refined nickel.

                        About Xstrata plc

Xstrata is a global diversified mining group, listed on the
London and Swiss Stock Exchanges, with its headquarters in Zug,
Switzerland. Xstrata?s businesses maintain a meaningful position
in seven major international commodity markets: copper, coking
coal, thermal coal, ferrochrome, nickel, vanadium and zinc, with
a growing platinum group metals business, additional exposures
to gold, cobalt, lead and silver, recycling facilities and a
suite of global technology products, many of which are industry
leaders. The Group's operations and projects span 18 countries:
Argentina, Australia, Brazil, Canada, Chile, Colombia, the
Dominican Republic, Germany, New Caledonia, Norway, Papua New
Guinea, Peru, the Philippines, South Africa, Spain, Tanzania,
the USA and the UK. Xstrata employs approximately 56,000 people,
including contractors.



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

DEL MONTE: Fitch Holds BB Issuer Default Rating; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Del Monte
Foods Company and Del Monte Corporation.  The Rating Outlook is
Stable.

Del Monte Foods Company (Parent)
   -- Long-term Issuer Default Rating at 'BB'.

Del Monte Corporation (Operating Subsidiary)
   -- Long-term IDR at 'BB';
   -- Senior secured bank facility at 'BB+';
   -- Senior subordinated notes at 'BB-'.

At April 27, 2008, Del Monte's debt totaled approximately
US$1.9 billion.  All of Del Monte's debt was issued by Del Monte
Corporation, a wholly-owned operating subsidiary, and is
guaranteed by Del Monte Foods Company, the parent corporation.

Del Monte's ratings reflect the company's balanced financial
strategy, solid cash flow generation, and leading number-one and
number-two market positions in many of the categories in which
it competes.  While acquisition activity has led to periods of
higher than normal leverage, Del Monte's prudent use of
internally generated cash flow and the application of proceeds
from occasional divestitures for debt reduction has enabled it
to protect its credit profile.

The ratings and Outlook also incorporate Fitch's expectation
that, given continued industry-wide commodity and packaging cost
pressures, Del Monte's margins will remain under pressure. Also
considered is the company's plan to increase advertising and
marketing spend in order to support key brand equities and
enhance its ability to take pricing.  However, additional
pricing actions, new product volume and productivity related
savings are not anticipated to fully offset these incremental
costs in the near term.

On June 29, 2008, Del Monte entered an agreement to sell its
seafood business, including StarKist, to Dongwon Enterprises
Co., Ltd. for 6-7 times the average of the trailing three-year
EBITDA or US$363 million, subject to working capital
adjustments.  The transaction received regulatory approval on
Aug. 14, 2008, and is expected to close during the second fiscal
quarter of 2009.

Del Monte's credit measures are currently adequate for the
rating category.  Given the anticipated weakness in operating
margins, the company's plan to use the approximate
US$300 million in net after-tax StarKist proceeds for debt
reduction will help strengthen its position within the current
rating category.

For the fiscal year ended April 27, 2008, total debt-to-
operating earnings before interest taxes depreciation and
amortization (EBITDA) was 4.0 times (x), funds from operations
(FFO) adjusted leverage was 4.7x, and EBITDA-to-gross interest
expense was 3.2x.  Del Monte generated US$158 million in free
cash flow (defined as cash flow from operations less capital
expenditures and dividends) of which approximately
US$111 million or 70% was used for debt reduction.

Del Monte's secured bank facility requires the company to
maintain a total debt-to-EBITDA ratio equal to or less than
5.25x through Jan. 25, 2009.  The requirement gradually steps
down to 3.75x for the period ending May 1, 2011, and thereafter.
Del Monte must also maintain a minimum fixed charge coverage
ratio of 1.15x.  The bank agreement contains a material adverse
effect clause.  Upon the occurrence of both a change of control
and a ratings decline, subordinated noteholders can require Del
Monte to redeem the notes after all secured obligations have
been satisfied.

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.



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

CORPORACION INTERAMERICANA: Inks Touring Biz Deal w/ Live Nation
----------------------------------------------------------------
The Wall Street Journal reports that in a bid to strengthen its
global touring business, Live Nation Inc. has formed a
partnership with Corporación Interamericana de Entretenimiento
SAB de C.V., known as CIE.

According to WSJ, the arrangement gives Live Nation the
exclusive right to book world tours into CIE venues -- nearly
all the major concert halls and arenas in Mexico, and a large
percentage in Brazil and other big markets.  Competitors with
acts on world tours wouldn't be able to use CIE's venues, the
report notes.

Terms of the agreement weren't disclosed, however, WSJ says CIE
is to pay Live Nation a percentage of revenue when acts promoted
by Live Nation play at CIE's venues.

                         About Live Nation

Live Nation Inc., headquartered in Beverly Hills, California,
(NYSE:LYV) -- http://www.livenation.com/-- operates as a live
music and venue management company. It operates through three
segments: Events, Venues and Sponsorship, and Digital
Distribution.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 8, 2007,
Standard & Poor's Rating Services lowered its corporate credit
rating on Live Nation Inc. to 'B' from 'B+'.

                             About CIE

Corporacion Interamericana de Entretenamiento is a Mexican
entertainment company involved in the promotion of live events,
including concerts, theatrical productions, amusement parks,
betting on foreign sports and number games, trade fairs and
exhibitions, as well as sporting and other events.  The
company's operations are divided into five strategic areas:
Corporacion Interamericana Entertainment, which promotes musical
concerts, theatrical productions, family shows and other live
events; Corporacion Interamericana Las Americas, which centers
on the operation and development of the Las Americas Complex in
Mexico City, including the Las Americas Hippodrome; Corporacion
Interamericana Amusement Parks, which operates nine parks in
Mexico and two in Columbia and has also opened the Wannado City
Theme Park in Fort Lauderdale, Florida; Corporacion
Interamericana Commercial, which attracts and channels customers
via advertising and public relations, and Corporacion
Interamericana International, which develops live events outside
of Mexico, mainly in Argentina, Brazil, Colombia and the United
States.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America
Jan. 21, 2008, Moody's Investors Service downgraded the ratings
of Corporacion Interamericana de Entretenimiento, S.A.B. de
C.V., including its Corporate Family Rating, downgraded to Ba3
from Ba2 and US$186 million Senior Unsecured Notes due 2015,
downgraded to Ba3 from Ba2.  Moody's changed the outlook to
stable from negative.


DELTA AIR: Adds Non-Stop Flights Between Nashville and Cancun
-------------------------------------------------------------
Delta Air Lines Inc. will expand service to Cancun, Mexico,
with new nonstop flights from Nashville International Airport
beginning on Dec. 20, 2008.  The Nashville, Tenn. flight brings
to 10 the number of U.S. cities from which Delta serves the
popular destination in Mexico's Riviera Maya.

Delta currently serves Cancun from Atlanta; Boston; Cincinnati;
Hartford, Conn.; Los Angeles; Orlando, Fla.; Raleigh/Durham,
N.C.; Salt Lake City, and Washington, DC.

For a limited time, Delta is offering a special introductory
fare of US$159 one-way for travel from Nashville to Cancun
between Jan. 10 and Mar. 28, 2009.  A round-trip ticket purchase
is required to take advantage of the introductory fare, and
additional taxes, fees, restrictions, and baggage charges may
apply.

"Cancun is a favorite travel destination for U.S. travelers, and
we are making it easy to reach from different points in the
United States," said Pam Elledge, senior vice president-Global
Sales and Distribution.  "Delta's introductory fare allows
travelers from Nashville to get acquainted with the convenience
of the new flight and accessibility of the destination."

The new flight between Nashville and Cancun is part of Delta's
ongoing international expansion, of which Latin America is a key
component.  Delta also will start flights between New York-JFK
and Buenos Aires, Argentina (Dec. 18); New York-JFK and Bonaire
(Dec. 20); New York-JFK and Bogota, Colombia (Dec. 18); and
Atlanta and Santiago, Dominican Republic (Dec. 20).  With the
additional service to Cancun, in December Delta will offer more
than 500 weekly nonstop flights to more than 50 destinations
across Latin America and the Caribbean.

Service subject to foreign government approval.

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

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

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


INT'L RECTIFIER: Gets US$21/Share Unsolicited Bid From Vishay
-------------------------------------------------------------
International Rectifier Corporation has received an unsolicited,
non-binding proposal from Vishay Intertechnology, Inc., to
acquire all of the outstanding shares of International Rectifier
for US$21.22 per share in cash.  Vishay's proposal is subject to
due diligence and other customary terms and conditions.

International Rectifier said that its board of directors will
evaluate the proposal in consultation with its financial and
legal advisers, and make a determination in due course.  The
Board urges shareholders to take no action until that
determination has been made.

As part of its evaluation, the board will thoroughly review the
prospects and potential of IR's current strategic plan,
including management's recently disclosed turnaround strategy
and the nature and terms of Vishay's non-binding proposal.  The
Company also noted that it has received, correspondence from
Vishay setting out certain claims against IR arising from the
prior sale of an IR unit to Vishay as well as an additional
claim for rescission of the prior transaction.  IR intends to
vigorously dispute and defend these claims.

                   About International Rectifier

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.


INT'L RECTIFIER: S&P Says 'BB' Corp. Credit Rating on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating on El Segundo, Calif.-based International
Rectifier Corp. (IR) would remain on CreditWatch with negative
implications, where it was placed on April 9, 2007, because of
an accounting investigation that prevented the company from
filing financial statements.

"That matter has been resolved as the company is current in its
financial statements and has restated prior financial statements
to correct for accounting irregularities," said Standard &
Poor's credit analyst Lucy Patricola. "Current financial
information suggests that the company is facing significant
operational challenges, with excess inventories and capacity
causing low profitability."

The company remains on CreditWatch negative following Vishay
Intertechnology Inc.'s announced proposal on Aug. 15, 2008, to
acquire IR's stock for about US$1.6 billion in cash. As a result
of that action, Vishay's 'BB' corporate credit rating was also
placed on CreditWatch with negative implications.

If the Vishay offer is accepted, IR's corporate credit rating
will be withdrawn. If the offer is not accepted, the rating will
be based on our evaluation of IR's future operating prospects as
an independent company and its ongoing financial profile.

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.


LEAR CORPORATION: Names New Global Electronics Vice President
-------------------------------------------------------------
Lear Corporation has appointed Jason Forcier as new vice
president and general manager - Global Electronics, effective
August 18, 2008.  He will report to Ray Scott, Lear Senior Vice
President and President of Lear's Global Electrical and
Electronics Division.

In his new role, Mr. Forcier will oversee all aspects of Lear's
Global Electronics business, which includes products such as
smart junction boxes, body controllers and gateway modules,
wireless devices, lighting electronics and infotainment systems.

Mr. Scott, said, "We believe there is tremendous opportunity to
grow our core body electronics business as customers seek
innovative solutions that provide improved functionality as well
as cost, weight and packaging advantages.  Jason's background
and experience make him perfectly suited for leading the growth
strategy in this segment that we announced earlier this year and
we look forward to his contributions to Lear's long-term
success."

Prior to joining Lear, Mr. Forcier was regional president,
automotive electronics for Robert Bosch LLC, with responsibility
for Bosch's North American automotive electronics business.

                      About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems,
electrical distribution systems and related electronic products.
The company has around 91,000 employees at 215 facilities in 35
countries.  Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.

                           *     *     *

Lear Corp. still carries Standard & Poor's Ratings Services' B+
corporate credit, Long-Term Foreign and Local Issuer Credit
ratings, which the rating agency affirmed in May 2008.

Lear Corp. also carries B2 Corporate Family, Bank Loan Debt and
Probability-of-Default ratings, and B3 Senior Unsecured Debt
rating from Moody's Investors Service, which said the outlook is
stable.



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

CHIQUITA BRANDS: Gov't to Question Officials in Terrorism Case
--------------------------------------------------------------
A Colombian prosecutor will interrogate ten managers of Chiquita
Brands International Inc. next week in the company's terrorism
involvement, according to Colombia Reports.

As reported in the Troubled Company Reporter-Latin America on
May 15, 2008, Chiquita Brands'Chief Executive Officer Fernando
Aguirre admitted that the firm made payments to Colombian
terrorist groups to save the lives of its workers.  Chiquita
Brands cooperated in an investigation by U.S. Justice Department
and agreed to pay a US$25 million fine for its actions.  The
Colombian government's probe on the payments is still ongoing.
The government threatened to extradite Chiquita Brands
officials.

Colombia Reports says managers of Chiquita Brands' Colombian
partner, Banacol, will also be interrogated.

The report relates that prosecutors are aiming to have the
executives reveal which U.S. chief executive officer was
responsible for the deals made with the paramilitaries.

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 E R U
=======

BANCO DE CREDITO: Moody's Ups Foreign Curr. Deposit Rtg. to Ba2
---------------------------------------------------------------
Moody's Investors Service has upgraded the long term foreign
currency deposit rating of Banco de Credito del Peru to Ba2 from
Ba3, following the same action taken on Peru's sovereign ceiling
for foreign currency deposits.

Moody's also raised its rating for Banco de Credito del Peru
Panama Branch's foreign currency subordinated notes maturing in
2021 to Baa3 from Ba1, based on the upgrade of Peru's foreign
currency bond ceiling.  The subordinated debt rating is no
longer constrained by the country ceiling.  The outlook on both
ratings is stable.

The bank's financial strength rating and local currency ratings
were not affected by this action, and remain on stable outlook.

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.



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

ADELPHIA COMMS: Rigases Face New Tax Evasion Allegations
--------------------------------------------------------
Fresh tax evasion charges were brought to the U.S. District
Court of the Middle District Court of Pennsylvania against
former Adelphia Communications Corp. founder John Rigas and his
son, Timothy, according to Bloomberg News.

Under the Pennsylvania charges, the Rigases are accused of
"evad[ing] and caus[ing] other members to fail to report more
than US$1.85 billion on federal tax returns," Bloomberg notes.
If convicted, the Rigases can be sentenced to five years in
prison.

The Pennsylvania complaint is under District Judge John Jones
III.

The Rigases were previously sentenced by a New York court to
serve prison time for securities fraud and conspiracy in
Adelphia, Bloomberg notes.  They are currently serving jail time
in a low-security prison in North Carolina.

                       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)


ORIENTAL FINANCIAL: Board Declares US$0.14 Per Share Dividend
-------------------------------------------------------------
Oriental Financial Group Inc.'s Board of Directors declared a
regular quarterly cash dividend of US$0.14 per common share for
the third quarter ending September 30, 2008, payable on
October 15, 2008, to holders of record on September 30, 2008,
with an ex-dividend date of September 26, 2008.

Oriental Financial Group Inc. (NYSE: OFG) --
http://www.www.orientalfg.com/-- is a diversified financial
holding company operating under U.S. and Puerto Rico banking
laws and regulations.  Oriental provides comprehensive financial
services to its clients throughout Puerto Rico and offers third
party pension plan administration through its wholly owned
subsidiary, Caribbean Pension Consultants, Inc.  The group's
core businesses include a full range of mortgage, commercial and
consumer banking services offered through 25 financial centers
in Puerto Rico, as well as financial planning, trust, insurance,
investment brokerage and investment banking services.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2008, Standard & Poor's Ratings Services affirmed its
'BB+' long-term counterparty credit rating on Puerto Rico-based
Oriental Financial Group.  At the same time, S&P revised the
outlook to stable from negative.



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

CHRYSLER LLC: DBRS Junks Issuer Rating to CCC, Trend Now Neg.
-------------------------------------------------------------
DBRS downgraded the ratings of Chrysler LLC, including the
Issuer rating to CCC (high) from B.  Additionally, based on
DBRSs Leveraged Finance Rating Methodology, DBRS has assigned
recovery and instrument ratings to Chryslers First Lien Secured
Credit Facility and Second Lien Secured Credit Facility of RR1/B
(high) and RR5/CCC (previously rated B low).  All trends are now
Negative.  The ratings action reflects the sharp downturn in the
U.S. automotive industry, Chryslers core market, combined with
the dramatic shift in vehicle segmentation toward smaller
vehicles and away from SUVs and pick-up trucks, which represent
the Company's traditional product strengths.  With this rating
action, Chrysler is removed from Under Review with Negative
Implications, where it was placed on June 20, 2008.

The company's business profile has been significantly undermined
by the dramatic deterioration of the automotive industry in
North America, where aggregate demand has dropped sharply, given
the well-documented economic concerns in the United States.
Light vehicle sales in this market are estimated to be in the
range of 14.0 million units, which represents the lowest total
in well over a decade.  This has been exacerbated by the sharp
rise in oil and fuel prices, which has resulted in a significant
acceleration of the shift away from larger vehicles (such as
SUVs and pickup trucks) and toward smaller vehicles (e.g.,
passenger cars and crossover utility vehicles).  Chrysler has
been materially adversely impacted by these market developments
as it previously focused on the larger (and typically more
profitable) vehicles and, as such, is currently under-
represented in the smaller vehicles segment.  While this under-
representation currently affects each of the Detroit 3, DBRS
notes that the relative overweighting of pick-up trucks and SUVs
is slightly higher with Chrysler than with either of Ford Motor
Company or General Motors Corporation.  Accordingly, the
company's unit sales through the first seven months of 2008
dropped 23%, relative to a total decline of 11% in the U.S.
market; with Chryslers market share through this period dropping
to 11.3% vis-à-vis a level of 13.1% through July 2007. (DBRS
notes that some of the company's models that are classified as
trucks (e.g., selected CUV and minivan models) have sold
reasonably well, given respectable fuel economy measures and
further observes that a portion of Chryslers lost sales is
attributable to a deliberate reduction in fleet activities,
particularly daily rental.)

Despite the drop in sales and market share performance below the
company's expectations, DBRS acknowledges that, as of June 30,
2008, Chrysler remained in line with most of its budgeted
parameters.  This is a function of the ongoing cost-cutting
efforts of the company, combined with initial assumptions for
2008 that were considerably more conservative than in the case
of Ford and GM.  Furthermore, in reaction to the sharp change in
U.S. market conditions, Chrysler is reducing its hourly and
salaried workforce by approximately 26,000 workers.  The company
is reducing its capacity as well, mostly in the
truck/SUV/minivan segments.  Additional production through
global partnerships with various OEMs has also helped increase
capacity utilization.

Notwithstanding the above, DBRS considers Chrysler to be the
most exposed of the Detroit 3 to the challenging market
conditions in the United States.  In addition to its current
product portfolio, DBRS notes that Chryslers announced future
product pipeline is also very heavily skewed toward truck-based
vehicles and, as such, is misaligned with the apparent change in
sentiment of the U.S. market toward smaller vehicles.  Moreover,
due to funding constraints and high potential losses associated
with the leasing of pick-up trucks and SUVs (given the alarming
drop in residual values of these vehicles), Chryslers financial
services affiliate, Chrysler Financial LLC (Chrysler Financial,
a sister company in which Chrysler has no beneficial interest),
recently announced its exit from leasing activities.  As
consumers are already burdened with reduced access to credit,
DBRS notes that Chrysler Financials leasing exit could further
erode demand in a very weak market.  DBRS further notes that the
overwhelming majority of the company's sales are sourced from
North America.  As such, unlike GM and Ford, Chrysler does not
have the benefit of significant international operations to
partially offset the sizeable losses incurred in its native
market.

The company's liquidity would appear to be satisfactory for the
short-term.  As of June 30, 2008, Chryslers cash balance totaled
US$9.4 billion (excluding restricted cash).  While this amount
is relatively unchanged from the 2007 year-end level, DBRS notes
that the June 2008 balance was augmented by working capital
improvements as well as the expected US$2 billion drawdown of
term debt and Chrysler Group note.  Chryslers debt maturity
schedule is also favourable, with no significant near-term
maturities.  However, the company's liquidity going forward will
likely be significantly undermined by sizeable cash outflows to
fund operating losses that may increase substantially in the
near term.  While U.S. automotive sales are currently expected
to reach approximately 14 million units in 2008, DBRS notes that
the rate of sales the past few months has fallen precipitously,
with the annual rate of sales recorded in July 2008 dropping
below 13 million units.  For 2009, the outlook is such that
total unit sales are at best expected to be relatively flat with
2008 levels.

Absent a capital infusion from its parent company (CG, Investor,
LLC, an affiliate of Cerberus Capital Management L. P.),
Chrysler would appear to have few additional sources of
liquidity.  Most of the company's U.S. assets are already
encumbered; similarly, any divestitures are unlikely to generate
significant proceeds.

The ratings trend remains Negative.  However, in light of todays
rating actions, future losses and associated cash outflows would
have to be considerably below DBRSs expectations to prompt a
further downgrade.  DBRS notes, however, that as of January 1,
2010, Chryslers prospects improve considerably as its revised
labor agreement with the United Auto Workers comes into effect,
substantially improving the company's cost position.
Furthermore, there may also be a significant level of pent-up
demand for automotive vehicles by this timeframe in light of the
depressed sales levels (i.e., well below secular trend) expected
to persist for the remainder of 2008 and through 2009.

Issuer: Chrysler LLC
Debt Rated: Issuer Rating
Rating Action: Downgraded
Rating: CCC (high)
Trend: Neg
Recovery Rating: --
Notes:
Latest Event: Aug. 18, 2008

Issuer: Chrysler LLC
DebtRated: First Lien Secured Credit Facility
Rating Action: Trend Change
Rating: B (high)
Trend: Neg
Recovery Rating: RR1
Notes:
Latest Event: Aug. 18, 2008

Issuer: Chrysler LLC
DebtRated: Second Lien Secured Credit Facility
Rating Action: Downgraded
Rating: CCC
Trend: Neg
Recovery Rating: RR5
Notes:
Latest Event: Aug. 18, 2008

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.


PEABODY ENERGY: Fitch Affirms Issuer Default Rating at BB+
----------------------------------------------------------
Fitch Ratings has affirmed these ratings for Peabody Energy
Corporation:

   -- Issuer Default Rating (IDR) at 'BB+';
   -- Senior unsecured notes at 'BB+';
   -- Senior unsecured revolving credit and term loan at 'BB+';
   -- Convertible junior subordinated debentures due 2066 at
      'BB-'.

The Outlook is Stable.

The ratings reflect Peabody's large, well-diversified
operations, good control of low-cost production, strong
liquidity and moderate leverage.  In particular, Peabody ranks
first in the Wyoming Powder River Basin with 2007 sales of
139.8 million tons and reserves of 3.3 billion tons and first in
the Midwest with 2007 sales of 30.9 million tons and reserves of
3.7 billion tons.

Liquidity at quarter end was strong with cash on hand of US$74.8
million and availability under its revolver of US$1.3 billion.
Total Debt with Equity Credit/EBITDA for the latest 12 months
(LTM) ended June 30, 2008 was 2.8 times (x).  However, Peabody
has substantial legacy liabilities and adjusted leverage is
estimated at 3.6x for LTM June 30, 2008.  While Peabody has
generally been free cash flow negative, Fitch expects lower
capital spending and higher earnings to result in positive free
cash flows over the next 12 to 18 months.

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.
The company has coal operations in Australia and Venezuela.  In
2007, Peabody sold 237.8 million tons of coal and had year-end
reserves of 9.3 billion tons.


* VENEZUELA: Ternium Says Talks on Stake Sale Still Under Way
-------------------------------------------------------------
Ternium SA said negotiations with the Venezuelan government to
sell its 50 percent stake in subsidiary Siderurgica del Orinoco
are still under way, El Universal reports.

El Universal says the company made the statement after
Argentinean Media reported that the two parties had reached a
final deal, under which Venezuela's government would pay
US$1.65 billion to Ternium.

Argentine newspapers cited by El Universal said a final
agreement for the nationalization of Venezuelan steelmaker
Siderúrgica del Orinoco (Sidor) was about to be signed.
However, the report relates, the moves ministers and senior
officials have made this week related to the nationalization of
three foreign cement firms left little room for progress in the
sale of Sidor, just days before the deadline announced by
Venezuelan President Hugo Chávez to complete a friendly
negotiation.

Unofficial sources told El Universal that top officials of the
interim board of directors of Sidor met on Tuesday with the
board of directors of Argentinean Techint to refine the details
of the agreement to be initialed.

                           *     *     *

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.



                             ***********

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

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

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

                             ***********


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

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

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

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

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

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


            * * * End of Transmission * * *