TCRLA_Public/080825.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

             Monday, August 25, 2008, Vol. 9, No. 168

                            Headlines


A R G E N T I N A

ALITALIA SPA: Italy May Ask Parmalat CEO to Lead Carrier
ARMSTRONG ALIMENTOS: Trustee Verifies Claims Until Oct. 1
COMPANIA LATINOAMERICANA: Individual Reports Filing Is Oct. 20
DANA CORP: Posts US$140 Mil. Net Loss in Quarter Ended June 30
DANGER PRODUCCIONES: Individual Reports Filing Is on Nov. 19

RED NEOGAR: Trustee to File Individual Reports on Oct. 20
SERTEX SRL: Trustee Verifies Proofs of Claim Until September 8
SHARPER IMAGE: ARG Seeks Payment of US$2.6M Admin. Expense Claim


B A H A M A S

CLICO (BAHAMAS): A.M. Best Cuts BBB- Issuer Credit Rating to BB


B E R M U D A

BLUEPOINT RE: Court to Hear Petition for Liquidation on Aug. 29
BERMUDA BOND: Holding Final Shareholders Meeting for Sept. 24
DILMUN TECHNOLOGY: Proofs of Claim Filing Deadline Is Sept. 3
FOSTER WHEELER: U.S. Operation Bags Contract From BP Products
LAIF XIV: Deadline for Proofs of Claim Filing Is Aug. 29

SEA CONTAINERS: Wants Disclosure Statement Approved
SEA CONTAINERS: Wants GECC Tolling Agreement Approved
SEA CONTAINERS: Wants Voting and Solicitation Procedures Okayed


B R A Z I L

BRASIL TELECOM: UBS Reiterates Short-Term Buy Rating on Shares
CENTRAIS ELETRICAS: To Pay BRL2.8 Billion in Dividends
ENERGIAS DO BRASIL: Inks MoU With MPX Energia for Joint Project
FERRO CORP: Closes US$150 Mil. Convertible Senior Notes Offering
GENERAL MOTORS: Allows Navistar Medium Duty Truck MOU to Expire

GENERAL MOTORS: Navistar Deal Canceled; S&P Ratings Unaffected
PARANA BANCO: Launches American Depository Receipt Issue at NYSE
PROPEX INC: May Employ Richard Franks as Sales and Marketing VP
TELE NORTE: Telemar Buys 3,951,923 Shares of TNCP for BRL130.4MM


C A Y M A N  I S L A N D S

BOMBAY COMPANY: Court Confirms Amended Chapter 11 Plan
CREAFUND: Deadline for Proofs of Claim Filing Is Aug. 26
FDVG EQUITY: Proofs of Claim Filing Deadline Is Aug. 29
FDVG LOW VOLATILITY: Proofs of Claim Filing Is Until Aug. 29
HSBC INVESTOR: Deadline for Proofs of Claim Filing Is Aug. 28

IBERAVILA LTD: Proofs of Claim Filing Deadline Is Aug. 29
IBERBURGOS LTD: Proofs of Claim Filing Is Until Aug. 29
IBERCACERES LTD: Deadline for Claims Filing Is Aug. 29
P6 KYIV CABLE: Filing for Proofs of Claim Is Until Aug. 26
PARMALAT SPA: CEO Enrico Bondi to Resign for Alitalia Post

PHALANX FUND: Deadline for Proofs of Claim Filing Is Aug. 28
PHALANX FUND: Holding Final Shareholders Meeting on Aug. 29


C O L O M B I A

BANCOLOMBIA: Closes COP600 Billion Offering of Ordinary Notes


J A M A I C A

CASH PLUS: Chief Has No Authority to Deal With Firm's Assets


M E X I C O

CHEROKEE INT'L: Posts US$600,000 Net Loss in Qtr. Ended June 29
CONSTELLATION COPPER: Liquidity Woes Cues Possible Bankruptcy
FEDERAL-MOGUL: Earns US$90 Mil. in Second Quarter Ended June 30
FEDERAL-MOGUL: Admin Claims Objection Period Extended to Dec. 27
NAVISTAR INT'L: Allows GM Medium Duty Truck MOU to Expire

NAVISTAR INT'L: GM Deal Canceled; S&P Ratings Unaffected
RADIOSHACK CORP: Hires Phyllis Proffer as VP-Investor Relations
SEMGROUP ENERGY: Receives Delisting Notice From Nasdaq


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Will Create Two JVs With Petrovietnam

* VENEZUELA: CEMEX to File Complaint Seeking Int'l Arbitration

* BOND PRICING: For the Week August 18 - August 22, 2008


                         - - - - -


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

ALITALIA SPA: Italy May Ask Parmalat CEO to Lead Carrier
--------------------------------------------------------
Enrico Bondi would resign as Chief Executive Officer of Parmalat
S.p.A. to head national carrier Alitalia S.p.A., Bloomberg News
cites an unsourced Milano Finanza report.

Mr. Bondi was appointed Parmalat's extraordinary commissioner in
December 2003, when the dairy concern's finances collapsed.  Mr.
Bondi restructured Parmalat's operation and returned it to
profitability, earning him the CEO post.

According to the weekly journal, the Italian government may ask
Mr. Bondi to help save Alitalia from bankruptcy.

As appeared in the TCR-Europe, the Italian government denied
plans to place Alitalia under extraordinary administration on
Aug. 29, 2008.

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

Intesa Sanpaolo S.p.A.'s "Fenice" rescue plan entails that
the Italian government will amend a law used to reorganize
Parmalat.  The government tapped Intesa Sanpaolo as
adviser for the sale of its 49.9% stake in Alitalia.

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

                        About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.

                          About Alitalia

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

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


ARMSTRONG ALIMENTOS: Trustee Verifies Claims Until Oct. 1
---------------------------------------------------------
Maria Ines Perna, the court-appointed trustee for Armstrong
Alimentos S.A.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until October 1, 2008.

Ms. Perna will present the validated claims in court as
individual reports on October 20, 2008.  The National Commercial
Court of First Instance in Sante Fe 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 Armstrong Alimentos 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 Armstrong Alimentos'
accounting and banking records will be submitted in court.

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

Ms. Perna is also in charge of administering Armstrong
Alimentos' assets under court supervision and will take part in
their disposal to the extent established by law.


COMPANIA LATINOAMERICANA: Individual Reports Filing Is Oct. 20
--------------------------------------------------------------
Marcelo Carlos Rodriguez, the court-appointed trustee for
Compania Latinoamericana de Asfaltos y Lubricantes SA's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, on Oct. 20, 2008.

Mr. Rodriguez is verifying creditors' proofs of claim until
Oct. 1, 2008.  He will also submit to court a general report
containing an audit of Compania Latinoamericana's accounting and
banking records on Dec. 29, 2008.

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

The debtor can be reached at:

     Compania Latinoamericana de Asfaltos y Lubricantes SA
     Avenida Callao 1755
     Buenos Aires, Argentina

The trustee can be reached at:

     Marcelo Carlos Rodriguez
     Cerrito 146
     Buenos Aires, Argentina


DANA CORP: Posts US$140 Mil. Net Loss in Quarter Ended June 30
--------------------------------------------------------------
Dana Holding Corporation announced its second-quarter 2008
results.

Second-quarter highlights include:

  -- Sales of US$2,333 million, a 2-percent increase compared to
     2007, primarily because of currency effects;

  -- Net loss of US$140 million, including an US$82 million non-
     cash impairment charge.  This compares to a net loss of
     US$133 million in the second quarter of 2007;

  -- Earnings before interest, taxes, depreciation,
     amortization, and restructuring (EBITDA) of US$128 million,
     compared with US$143 million in 2007;

  -- Strong cash balance of US$1.2 billion and total liquidity
     of US$1.6 billion at June 30, 2008; and

  -- Free cash flow of US$38 million.

              Dana Making Progress in Turnaround

"We are making progress in our turnaround despite unprecedented
headwinds in North America," said Executive Chairman John
Devine.  "The combination of much lower production volumes and
higher steel costs has put considerable pressure on our 2008
operating results."

"But we are working to offset these challenges through pricing,
additional restructuring, and cost reductions," he added.  "And
we remain focused on our game plan to turn around Dana by
rebuilding the management team, improving operations, tightening
our strategic direction, and employing a strong balance sheet."

Added Chief Executive Officer Gary Convis, "For the near term,
we continue to scale our North American operations -- through
facility consolidations and workforce reductions -- to reflect a
market that's very different than what was expected just six
months ago.  This will necessitate the reduction of
approximately 3,000 positions over the course of 2008, including
the planned reduction of 500 salaried positions announced last
week.  At the same time, we are experiencing modest employment
growth in the markets where our business is performing better."

"Longer term, we're picking up speed with introducing what is
essentially a new way of managing our business, manufacturing
our products, and measuring our performance worldwide," he
added.  "The new Dana Operating System is already enabling our
people to drive improved product quality, customer satisfaction,
and financial performance."

                        Business Highlights

Total EBITDA of US$128 million in the second quarter was
US$15 million below 2007 results for the same period.  This
primarily reflected higher steel costs of US$25 million (net of
recovery actions), lower North American production of US$22
million, unfavorable currency effects of US$26 million, and
reduced non-steel pricing of US$6 million.  These negative
developments were partially offset by cost savings of US$64
million.

At June 30, 2008, cash balances remained strong at
US$1.2 billion, with available global liquidity of
US$1.6 billion.  Free cash flow was US$38 million for the second
quarter, which was largely achieved through reduced working
capital of US$69 million during the period.

                       Six-Month Results

Sales for the six months ended June 30, 2008 were
US$4,645 million which compares to US$4,434 million for the same
period in 2007.  For the first six months of 2008, the company
reported net income of US$545 million compared to a net loss of
US$225 million for the same period in 2007.  The six-month 2008
results include a net gain of US$754 million recognized in
connection with the company's emergence from bankruptcy and
application of fresh start accounting in January.

EBITDA of US$275 for the first six months of 2008 improved from
the US$247 million for the same period in 2007, as cost
reduction actions initiated during the first half of 2008,
combined with previously achieved annual cost savings and
pricing improvements more than offset the earnings reduction
attributable to lower North American production levels and
higher steel costs.

                    Dana Holding Corporation
              Unaudited Consolidated Balance Sheet
                      As of June 30, 2008

ASSETS

CURRENT ASSETS
   Cash and cash equivalents                    US$1,191,000,000
   Restricted cash                                             0
   Accounts receivable
    Trade, net of US$23,000,000 allowance          1,431,000,000
    Other                                            295,000,000
   Inventories
    Raw materials                                    401,000,000
    Work in process and finished goods               640,000,000
   Assets of discontinued operations                           0
   Other current assets                              147,000,000
                                                  --------------
      Total current assets                         4,105,000,000

   Goodwill                                          248,000,000
   Intangibles                                       649,000,000
   Investments and other assets                      269,000,000
   Investments in affiliates                         172,000,000
   Property, plant and equipment, net              2,039,000,000
                                                 ---------------
   Total Assets                                 US$7,482,000,000
                                                 ===============

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
   Notes payable, including current portion
   of long-term debt                               US$62,000,000
   Debtor-in-possession financing                              0
   Accounts payable                                1,203,000,000
   Accrued payroll and employee benefits             265,000,000
   Liabilities of discontinued operations                      0
   Taxes on income                                   160,000,000
   Other accrued liabilities                         501,000,000
                                                  --------------
      Total current liabilities                    2,191,000,000

Liabilities subject to compromise
   Deferred employee benefits
   and other non-current liabilities                 879,000,000
   Long-term debt                                  1,318,000,000
   Minority interest in consolidated subsidiaries    115,000,000
   Commitments and contingencies                               0
                                                  --------------
      Total liabilities                            4,503,000,000

Shareholders' Equity:
Preferred Stock, Series A                            242,000,000
Preferred Stock, Series B                            529,000,000
Common stock                                           1,000,000
Prior Dana common stock                                        0
Additional paid-in capital                         2,310,000,000
Retained earnings (deficit)
(177,000,000)
Accumulated other comprehensive income                74,000,000
                                                  --------------
   Total stockholders' equity                      2,979,000,000
                                                  --------------
Total Liabilities & Stockholders' Equity        US$7,482,000,000
                                                  ==============

                    Dana Holding Corporation
       Unaudited Consolidated Statement of Operations
              For Three Months Ended June 30, 2008


Net sales                                       US$2,333,000,000
Costs and expenses
   Cost of sales                                   2,206,000,000
   Selling, general and administrative expenses       84,000,000
   Amortization of intangibles                        19,000,000
   Realignment charges, net                           40,000,000
   Impairment of goodwill                             75,000,000
   Impairment of intangible assets                     7,000,000
   Other income, net                                  20,000,000
                                                  --------------

Loss from continuing operations before interest,
reorganization items and income taxes               (78,000,000)
Interest expense                                      35,000,000
Reorganization items, net                             12,000,000
                                                  --------------
Loss from continuing operations
before income axes                                 (125,000,000)

Income tax expense                                  (12,000,000)
Minority interests                                   (3,000,000)
Equity in earnings of affiliates                       2,000,000
                                                  --------------
Loss from continuing operations                    (138,000,000)

Loss from discontinued operations                    (2,000,000)
                                                  --------------
Net income (loss)                               (US$140,000,000)
                                                  ==============

                    Dana Holding Corporation
          Unaudited Consolidated Statement of Cash Flows
               For Three Months Ended June 30, 2008

OPERATING ACTIVITIES:
Net income                                      (US$140,000,000)
Depreciation and amortization expense                 72,000,000
Amortization of intangibles                           23,000,000
Amortization of inventory valuation                            0
Amortization of deferred financing charges
and original issue discount                           7,000,000
Impairment of goodwill and other intangible assets    82,000,000
Non-cash portion of U.K. pension charge                        0
Minority interest                                      3,000,000
   Reorganization:
    Gain on settlement of liabilities
    subject to compromise                                      0
    Payment of claims                                (9,000,000)
    Reorganization items net of cash payments        (5,000,000)
    Fresh start adjustments                                    0
    Payments to VEBAs                                          0
   Loss on sale of businesses and assets                       0
   Changes in working capital                         69,000,000
   Other, net                                       (26,000,000)
                                                   -------------
   Net cash provided by
    (used for ) operating activities                  76,000,000
                                                   -------------

INVESTING ACTIVITIES:
Purchase of property, plant and equipment        (US$47,000,000)
Proceeds from sale of businesses and assets                    0
Change in restricted cash                                      0
   Other adjustments                                (12,000,000)
                                                   -------------
   Net cash provided by
   (used for) investing activities               (US$59,000,000)
                                                  --------------

FINANCING ACTIVITIES:
Proceeds from (repayment of) DIP  facility                     0
Net change in short-term debt                       (81,000,000)
Payment of DCC Medium Term Notes                               0
Proceeds from Exit Facility Debt                               0
Original issue discount fees                                   0
Deferred financing fees                              (1,000,000)
Repayment of Exit Facility Debt                      (3,000,000)
Issuance of Series A and Series B preferred stock              0
Preferred dividends paid                            (11,000,000)
Other adjustments                                    (7,000,000)
                                                   -------------
     Net cash provided by
     (used for) financing activities               (103,000,000)
                                                   -------------

Net (decrease) in cash and cash equivalents         (86,000,000)

Cash and cash equivalents, beginning of period     1,283,000,000
Effect of exchange rate changes on cash balances     (6,000,000)
Net change in cash of discontinued operations                  0
                                                  --------------
Cash and cash equivalents, end of period        US$1,191,000,000
                                                  ==============

                         About DANA

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than
60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
June 30, 2008, the Debtors listed US$7,482,000,000 in total
debts, resulting in US$2,979,000,000 in total shareholders'
deficit.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  Judge Burton
Lifland of the U.S. Bankruptcy Court for the Southern District
of New York entered an order confirming the Third Amended Joint
Plan of Reorganization of the Debtors on Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 80; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DANGER PRODUCCIONES: Individual Reports Filing Is on Nov. 19
------------------------------------------------------------
Otto Reinaldo Munch, the court-appointed trustee for
Danger Producciones SRL's bankruptcy proceeding, will present
the validated claims as individual reports in the National
Commercial Court of First Instance No. 1 in Buenos Aires, with
the assistance of Clerk No. 1, on Nov. 19, 2008.

Mr. Munch is verifying creditors' proofs of claim until
Oct. 8, 2008.  He will also submit to court a general report
containing an audit of Danger Producciones' accounting and
banking records on Feb. 3, 2008.

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

The debtor can be reached at:

     Danger Producciones SRL
     Avenida Cordoba 652
     Buenos Aires, Argentina

The trustee can be reached at:

     Otto Reinaldo Munch
     Maipu 509
     Buenos Aires, Argentina


RED NEOGAR: Trustee to File Individual Reports on Oct. 20
---------------------------------------------------------
Marta Susana Polistina, the court-appointed trustee for
Red Neogar SA's bankruptcy proceeding, will present the
validated claims as individual reports in the National
Commercial Court of First Instance No. 5 in Buenos Aires, with
the assistance of Clerk No. 10, on Oct. 20, 2008.

Ms. Polistina is verifying creditors' proofs of claim until
Oct. 1, 2008.  She will also submit to court a general report
containing an audit of Red Neogar's accounting and banking
records on Dec. 29, 2008.

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

The debtor can be reached at:

     Red Neogar SA
     Av. Luis Maria Campos 1001
     Buenos Aires, Argentina

The trustee can be reached at:

     Marta Susana Polistina
     H. Yrigoyen 4027
     Buenos Aires, Argentina


SERTEX SRL: Trustee Verifies Proofs of Claim Until September 8
--------------------------------------------------------------
The court-appointed trustee for Sertex S.R.L.'s reorganization
proceeding will be verifying creditors' proofs of claim until
September 8, 2008.

The trustee will present the validated claims in court as
individual reports on October 30, 2008.  The National Commercial
Court of First Instance in Rosario, Santa Fe, 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 Sertex 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 Sertex's accounting
and banking records will be submitted in court.

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

Creditors will vote to ratify the completed settlement plan
during the assembly.


SHARPER IMAGE: ARG Seeks Payment of US$2.6M Admin. Expense Claim
----------------------------------------------------------------
ARG Manufacturing, Inc., seeks the allowance and payment of a
US$2,651,230 administrative expense in connection with the
breach of a postpetition license agreement by The Sharper Image,
Corp., now known as TSIC, Inc.

David W. Carickhoff, Esq, at Blank Rome LLP, in Wilmington,
Delaware, relates that on March 11, 2008, the Debtor and ARG
entered into a License Agreement, pursuant to which ARG may use
"The Sharper Image" name and logos on manual, non-electric
kitchen and food preparation tools and utensils and bakeware, as
well as manual non-electric and non-battery powered barbecue
tools.

The initial term of the License Agreement was March 11, 2008
through December 31, 2011, subject to a renewal period from
January 1, 2012 though December 31, 2014.  Under the agreement,
ARG will pay Sharper Image a royalty in the form of a percentage
of the net sales of the Licensed Products.  The License
Agreement required ARG to make a US$37,500 advance royalty
payment on March 21, 2008, to be applied against future royalty
payments due and payable for the first contract year.  ARG made
the Advance Royalty Payment on March 18, 2008.

To meet its obligations under the License Agreement, ARG
incurred upfront tooling costs for approximately US$217,100, and
package development costs for US$10,043, Mr. Carickhoff relates.
He notes that prior to the License Agreement, ARG shared its
projected sales, profits, and royalty calculations with the
Debtor.  The projections formed the basis of the parties
reasonable expectations under the License Agreement.  ARG
projected that it would have average profits of US$2,651,230.

According to Mr. Carickhoff , the sale of the Licensed
Trademarks to the Joint Venture has rendered it impossible for
the Debtor to meet its obligations under the License Agreement,
and its material breach of the contract entitles ARG to damages.

                    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; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)



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

CLICO (BAHAMAS): A.M. Best Cuts BBB- Issuer Credit Rating to BB
---------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B
from B+ and issuer credit rating to "bb" from "bbb-" of CLICO
(Bahamas) Limited.  The outlook for both ratings is negative.

The downgrades reflect the significant exposure CLICO Bahamas
has to affiliated loans as a percentage of assets and capital,
the volatility of earnings in its international operations and
its somewhat modest market share in the Bahamas, when compared
to its competitors.  CLICO Bahamas' loan to a real estate
subsidiary, which represents a concentration risk and high
exposure to the depressed Florida real estate market, has been
revalued to reflect the current market conditions.  A.M. Best
feels that given most of its reserves are fixed annuities, this
real estate exposure represents a mismatch to CLICO Bahamas'
liabilities.  In addition, certain of its non-Bahamas regions
have produced operating losses.

CLICO Bahamas' ratings recognize its ownership by CL Financial,
as well as its overall insurance premium growth and
profitability. CLICO Bahamas benefits from being part of CL
Financial by leveraging information technology, administration,
actuarial, investment and other group resources to effect
operating efficiencies in its operations.

Headquartered in Nassau, Bahamas, CLICO Bahamas Limited is an
insurance member company of CL Financial Limited, a diversified
holding company based in Trinidad and Tobago.



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

BLUEPOINT RE: Court to Hear Petition for Liquidation on Aug. 29
---------------------------------------------------------------
Bluepoint Re Limited's petition for voluntary liquidation
presented to the Supreme Court of Bermuda on August 7, 2008,
will be heard at 9:30 a.m., on August 29, 2008.

Any creditor or representative thereof, may appear before the
court for the hearing of the petition to pay regulated charges.

The petition must be served in writing by the creditor, stating
the name and address of the person and the company not later
than 4.00 p.m. (Bermuda time), on August 28, 2008.

The liquidator can be reached at:

               Robin J. Mayor
               Conyers Dill & Pearman
               Clarendon House, 2 Church Street
               Hamilton, Bermuda


BERMUDA BOND: Holding Final Shareholders Meeting for Sept. 24
-------------------------------------------------------------
Bermuda Bond Funds Limited will hold its final shareholders
meeting on September 24, 2008, at 9:30 a.m. at Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda.

These matters will be taken up during the meeting:

   -- receiving an account showing the manner in which
      the winding-up of the company has been conducted
      and its property disposed of and hearing any
      explanation that may be given by the liquidator;

   -- determination by resolution the manner in
      which the books, accounts and documents of the
      company and of the liquidator shall be
      disposed; and

   -- passing of a resolution dissolving the
      company.

Bermuda Bond's shareholders decided to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

               Robin J. Mayor
               Conyers Dill & Pearman
               Clarendon House, Church Street
               Hamilton, Bermuda


DILMUN TECHNOLOGY: Proofs of Claim Filing Deadline Is Sept. 3
-------------------------------------------------------------
Dilmun Technology's creditors are given until Sept. 3, 2008, to
prove their claims to Robin J. Mayor, 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.

Dilmun Technology's shareholder decided on Aug. 19, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

               Robin J. Mayor
               Conyers Dill & Pearman
               Clarendon House, Church Street
               Hamilton, Bermuda


FOSTER WHEELER: U.S. Operation Bags Contract From BP Products
-------------------------------------------------------------
Foster Wheeler USA Corporation, Foster Wheeler Ltd.'s subsidiary
and part of its Global Engineering and Construction Group, has
been awarded contracts by BP Products North America for the
engineering, procurement and fabrication of a 102,000 barrels
per stream day (bpsd) six-drum delayed coking unit and gas plant
facilities at BP’s Whiting refinery in Indiana, U.S.

This is an integral part of the BP Whiting Refinery
modernization project which will increase Whiting gasoline
production by 1.7 million gallons a day and equip the refinery
to process increased amounts of secure Canadian crude oil.

The terms of the award were not disclosed. Foster Wheeler USA
has been working on this project since 2005 and a number of
bookings have been made as work was released in stages by BP,
including a release for the thermal design, engineering,
procurement, and material supply of three delayed coker heaters.
The largest booking, which followed the final approval to
proceed with this project by BP, was included in Foster
Wheeler’s second-quarter 2008 bookings.

“Foster Wheeler is pleased to be playing a key role in this
strategic project for BP,” said Troy Roder, chief executive
officer of Foster Wheeler USA Corporation.  “We have developed
an excellent working relationship with BP at the Whiting
refinery over the past three years, during which time we have
undertaken the design for this coking facility and have
developed a modular fabrication strategy for the coker in line
with BP’s objectives for this project.  This final release to
proceed confirms BP’s continued confidence in the quality of our
team, our in-depth technical expertise, our project execution
track record and our module fabrication experience.”

Foster Wheeler's SYDEC(SM) process is a thermal conversion
process used by refiners worldwide to upgrade heavy residue feed
and process it into high-value transport fuels.  The SYDEC(SM)
process achieves maximum clean liquid yields and minimum fuel
coke yields.  Foster Wheeler is a market leader in delayed
coking and has supplied its delayed coking process technology
worldwide for more than 80 new cokers and has worked on more
than 70 delayed coker revamps.

The Foster Wheeler delayed coker heaters, which use its
proprietary Terrace-WallTM design, are an integral component of
the company’s SYDEC(SM) process technology.  Foster Wheeler is a
market leader in the supply of delayed coking fired heaters and
has supplied more than 100 coker heaters worldwide.

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

                        *     *     *

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

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


LAIF XIV: Deadline for Proofs of Claim Filing Is Aug. 29
--------------------------------------------------------
LAIF XIV Ltd.'s creditors are given until August 29, 2008, to
prove their claims to Robin J. Mayor, 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.

LAIF XIV's shareholders agreed on Aug. 13, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

               Robin J. Mayor
               Conyers Dill & Pearman
               Clarendon House, 2 Church Street
               Hamilton, Bermuda


SEA CONTAINERS: Wants Disclosure Statement Approved
---------------------------------------------------
Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, informed the U.S. Bankruptcy Court for
the District of Delaware that the disclosure statement
accompanying the joint plan of reorganization filed by Sea
Containers Caribbean Inc., Sea Containers Ltd., and Sea
Containers Services Ltd. on July 31, 2008 contains "adequate
information" within the meaning of Section 1125 of the U.S.
Bankruptcy Code.

Mr. Brady relates that before filing the Plan and Disclosure
Statement, the Debtors shared Plan term sheets with the Official
Committee of Unsecured Creditors and its advisors, and have
worked diligently to ensure that the Disclosure Statement
contains pertinent information necessary for holders of allowed
Claims to make informed decisions about whether to vote to
accept or reject the Plan.

The Debtors, therefore, asks the Court to approve the Disclosure
Statement.

The Court will convene a hearing on Sept. 4, 2008, to consider
the adequacy of the Disclosure Statement.  The deadline for
filing objections to the Disclosure Statement is August 28.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants GECC Tolling Agreement Approved
-----------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve an
agreement among Sea Containers Ltd., Sea Container Services
Ltd., Quota Holdings Ltd., Sea Containers SPC Ltd., Sea
Containers America, Inc., General Electric Capital Corporation
and its subsidiaries, GE SeaCo SRL, and GE SeaCo America LLC
tolling the statute of limitations of certain claims to be
released pursuant to the Debtors' global settlement agreement
with the GECC Parties.

On June 4, 2008, the Court approved the Debtors' entry into a
framework agreement with the GECC Parties, and authorized the
Debtors to perform all obligations under that agreement.  Over
the last four months, the Debtors and the GECC Parties have
negotiated and finalized the definitive documents contemplated
by the Framework Agreement.

One of the definitive documents is a mutual release agreement
through which the Parties will agree to mutually settle and
release outstanding claims among them, including claims related
to the joint venture documents, the business of GE SeaCo, the
various arbitrations between the Parties, and any claims or
causes of action under Chapter 5 of the Bankruptcy Code.  The
Mutual Release will be executed and become effective with other
definitive documents contemporaneously with the substantial
consummation of the Debtors' recently-filed plan of
reorganization, relates Robert S. Brady, Esq., at Young Conaway
Stargatt & Taylor LLP, in Wilmington, Delaware.

Pending confirmation and substantial consummation of the Plan
and the Mutual Release becoming effective, the Parties desire to
preserve, without concern as to the passing of any statutes of
limitation in the interim, any claims they have or may have
against each other in the presumably unlikely event that the
global settlement is not consummated, Mr. Brady tells the Court.
He explains that in the event that the Debtors have any
avoidance actions against the GECC Parties, the deadline for the
Debtors to commence those actions under Sections 544, 545, 547,
548 and 550 of the Bankruptcy Code might otherwise pass before
the Plan is confirmed and the settlement realized.

Mr. Brady contends that absent the Tolling Agreement, the GECC
Parties might see a need to assert new claims against the
Debtors.  He notes that the Parties do not believe it would be
productive to commence any actions against each other at this
time, or to be forced to defend against new actions filed by
another Party, when those actions will be rendered moot upon
execution of the Mutual Release.  Thus, he says, the Parties
have agreed to toll the statute of limitations for all possible
claims to be released by the Mutual Release.

The Debtors, hence, ask the Court to approve the Tolling
Agreement executed on Aug. 14, 2008, which tolls the statute of
limitations period for all possible claims to be released by the
Mutual Agreement, pursuant to Rule 9019 of the Federal Rules of
Bankruptcy Procedure and Section 363(b) of the U.S. Bankruptcy
Code.

For claims for which the statute of limitations had not expired
as of August 14, Mr. Brady elaborates that the statute of
limitations will be tolled from that date until 30 days after
the termination or expiration of the stay of:

   (a) all proceedings in the arbitrations;

   (b) the commencement or continuation of any actions or claims
       that would be released by the Mutual Release; and

   (c) the pursuit of any discovery relating to any actions or
       claims that would be released by the Mutual Release.

The Debtors believe the Tolling Agreement benefits the
bankruptcy estates by allowing them to preserve any claims or
causes of action against the GECC Parties in the event the
Framework Agreement terminates prior to execution of the Mutual
Release.  The Tolling Agreement also preserves the current
cooperative relationship between the Parties as they work
together to realize the global settlement between them, and
avoids the unnecessary expenditure of estate assets that would
occur if the Debtors had to institute or defend actions that
most likely will never be brought.

To the extent that the relief requested is deemed a settlement
subject to Section 363(b) and Rule 9019, the Debtors believe
that entry of the Tolling Agreement is supported by sound
business judgment and is in the best interest of the estates and
creditors.  They add that the the Tolling Agreement represents
the most practical means to ensure that the rights of their
estates are preserved without having to incur needless expense.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for Chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants Voting and Solicitation Procedures Okayed
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to:

   (a) approve their solicitation and notice procedures with
       respect to the confirmation of their joint plan of
       reorganization;

   (b) approve the forms of various ballots and notices of the
       solicitation packages that will be distributed; and

   (c) fix:

       -- Sept. 4, 2008, as the Disclosure Statement hearing;

       -- September 22, as the deadline for distributing
          Solicitation Packages;

       -- November 1, as the deadline for filing objections to
          the Plan;

       -- November 1, as the deadline for voting on the Plan;

       -- November 10, as the hearing for the confirmation of
          the Plan; and

       -- the date that is 10 business days prior to the Plan's
          effective date, as the distribution record date.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, says that the Debtors' proposed
Solicitation Procedures will allow them to distribute
solicitation materials and tabulate acceptances of the Plan
effectively and consistently with the requirements of the
Bankruptcy Code and due process.  He adds that the Solicitation
Procedures and the Debtors' proposed Confirmation Hearing
Notice, provide adequate notice to all holders of claims
regarding the solicitation process as well as the relevant dates
associated with the Solicitation Procedures.

The Solicitation Procedures authorize and direct BMC Group,
Inc., the Debtors' claims and solicitation agent, to assist them
in distributing the Solicitation Packages, and tabulating
ballots cast for or against the Plan.  The Solicitation Package
will contain copies of:

   -- a cover letter describing the contents of the Package and
      instructions on how paper copies of any materials that may
      be provided in CD-Rom format can be obtained at no charge,
      and urging holders in each of the voting classes to vote
      to accept the Plan, the Bermuda Scheme of Arrangement, and
      the U.K. Scheme of Arrangement, as applicable;

   -- an appropriate form of Ballot and Master Ballot, and
      applicable voting instructions, together with a pre-
      addressed postage pre-paid return envelope;

   -- the Solicitation Procedures and the order approving them;

   -- the approved form of the Disclosure Statement;

   -- the proposed forms of the Bermuda Scheme of Arrangement
      and U.K. Scheme of Arrangement, and their explanatory
      statements; and

   -- the Confirmation Hearing Notice.

Mr. Brady says that the Disclosure Statement and Plan are more
than 200 pages combined, and the Bermuda and U.K. Scheme of
Arrangement are more than 175 pages combined.  Thus, the Debtors
seek the Court's approval to serve those documents in CD-Rom
format instead of paper format.  He contends that courts
commonly permitted a debtor to transmit solicitation documents
in CD-Rom format to save printing and mailing costs.

The Debtors note that their proposed forms of the Ballots and
the Master Ballot are based on Official Form No. 14, but have
been modified to address the particular circumstances of their
Chapter 11 cases, and to include certain additional information
they believe to be relevant and appropriate for each class of
claims entitled to vote on the Plan.

Pursuant to the Solicitation Procedures, BMC Group will
distribute the appropriate Ballots to holders of claims in
Classes 2B, 2C, 3A, 3B, and 4A, who are entitled to vote on the
Plan.  All other Classes either are conclusively presumed to
have (i) accepted the Plan because they are unimpaired or
unclassified, or (ii) rejected the Plan because no distributions
will be made on account of claims or interests in those Classes.
Thus, holders of claims and interests in the non-voting Classes
will receive the applicable notice of non-voting status in lieu
of the Solicitation Package.

Under the Plan, Class 2B or the SCL other unsecured claims
consists, in part, of the senior note claims, which are based on
publicly issued securities.  In many instances, nominees of
record hold the relevant securities rather than the beneficial
holders themselves.  Hence, to tabulate votes for the Beneficial
Holders of securities in Class 2B, BMC Group will deliver
Solicitation Packages to both Beneficial Holders and Nominees.
A Master Ballot will also be distributed to Nominees.

Pursuant to Section 502(a) of the Bankruptcy Code, a claim or
interest is deemed allowed, unless a party-in-interest objects.
Thus, Mr. Brady avers that holders of claims for which an
objection is pending are not entitled to vote on the Plan.  He
notes, however, that Rule 3018(a) of the Federal Rules of
Bankruptcy Procedure allows for temporary allowance of claims
with pending objection, so that holders may vote on the Plan
with their claims at a temporarily allowed amount.  Accordingly,
the Debtors will send the Confirmation Hearing Notice and a
"Notice of Non-Voting Status with Respect to Disputed Claims" to
the holders of the disputed claims, in lieu of the Solicitation
Package.

The Disputed Claim Notice will inform the relevant holders that
their claim is subject to an objection, and that the holder
cannot vote any disputed portion of its claim unless one or more
of these resolution events has taken place at least five
business days before the Voting Deadline:

   -- a Court order allowing the Claim;

   -- a Court order temporarily allowing the claim for voting
      purposes only;

   -- a stipulation or other agreement is executed between the
      claim holder and the Debtors:

      * resolving the objection, and allowing the disputed claim
        in an agreed upon amount; or

      * temporarily allowing the holder to vote its claim in an
        agreed upon amount; or

   -- the pending objection is voluntarily withdrawn by the
      Debtors.

Because holders of claims or interests in Classes 1, 2A, 4B, and
5 are not entitled to vote on the Plan, the Debtors will not
solicit votes from those holders.  The Debtors propose, however,
to send to the holders a Confirmation Hearing Notice, and a
Notice of Non-Voting Status, in lieu of the Solicitation
Package.

In tabulating votes, the Debtors propose that this hierarchy
will be used to determine the claim amount associated with each
holder's vote:

   (1) the claim amount settled or agreed upon by the Debtors;

   (2) the claim amount allowed pursuant to a Resolution Event
       under the Solicitation Procedures;

   (3) the claim amount contained in a proof of claim that has
       been timely filed by the bar date, or deemed timely filed
       by the Court under applicable law;

   (4) the claim amount listed in the Debtors' schedules of
       assets and liabilities, provided that the claim is not
       scheduled as contingent, disputed, or unliquidated, and
       has not been paid; and

   (5) in the absence of any of the applicable claim amount,
       zero.

For votes to be counted, all Ballots and Master Ballot must be
properly executed, completed, and delivered by the Voting
Deadline on November 1, 2008.

Moreover, in addition to mailing the Confirmation Hearing
Notice, the Debtors propose to publish the notice within 15 days
prior to the Voting Deadline in The Wall Street Journal (Global
Edition), Financial Times, London Gazette, Royal Gazette, and
Lloyd's List.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for Chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 47; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)



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

BRASIL TELECOM: UBS Reiterates Short-Term Buy Rating on Shares
--------------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that UBS AG has
reiterated its “short-term buy” on Brasil Telecom Participacoes
S.A. on expectation that the deal for the firm's sale to Tele
Norte Leste Participacoes S.A. will be completed by year-end.

Anatel, Brazil's  telecommunications regulator, is likely to
change its “general plan of concessions by September” to allow
the Brasil Telecom's sale, Bloomberg relates, citing analyst
Carlos Sequeira.  Once the plan gets authorization from
Brazilian President Luiz Inacio Lula da Silva, the deal may be
approved within two months, Mr. Sequeira adds.

According to Bloomberg, Mr. Sequeira said that Tele Norte will
pay BRL58.50 -- 13% more than current prices -- for voting
shares of Brasil Telecom, plus adjustments for the benchmark
Selic rate.  “We consider 13 percent plus Selic rate an
attractive return,” the same report quoted Mr. Sequeira as
saying.

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

                         *     *     *

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


CENTRAIS ELETRICAS: To Pay BRL2.8 Billion in Dividends
------------------------------------------------------
News daily Valor Economico reports that Centrais Eletricas
Brasileiras SA, a.k.a. Eletrobras, will pay BRL2.8 billion of
dividends in cash.

Valor Economico relates that Eletrobras has reached an agreement
with the Brazilian National Treasury on dividend payments that
the firm hasn't paid out since the 1970s.  Eletrobras owes a
total of BRL8.5 billion in dividends, Valor Economico notes.

According to the same report, Eletrobras' Chief Financial
Officer Astrogildo Quental said that the firm will also issue
new shares for the remainder.  That report states that the
payments may be made by September, as the agreement needs to be
authorized by the board in a meeting on Aug. 29.

Eletrobras' planned pay out of its unpaid dividends may be “very
positive” for its common shares, Telma Marotto and Alexander
Ragir at Bloomberg News relates, citing UBS AG.  “At market
price, it would imply a dividend yield of about 35 percent” for
common shares, Bloomberg says, citing analyst Eduardo Haiama.

Centrais Eletricas Brasileiras SA, a.k.a. Eletrobras, operates
in the electric power sector in Brazil.  The objective of
Eletrobras is to perform activities involving studies, projects,
construction and operation of electric power plants,
transmission and distribution lines as well as underlying trade
operations arising therefrom.  Eletrobras is tasked with the
preparation of studies and with drawing up construction projects
for hydroelectric generation, transmission lines and substations
to supply Brazil.  It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked to the generation,
transmission and distribution of electric power.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, Standard & Poor's Ratings Services raised its
long-term foreign currency counterparty credit rating on
Centrais Eletricas Brasileiras S.A. aka Eletrobras to 'BB+' from
'BB'.  S&P said that the outlook is positive.


ENERGIAS DO BRASIL: Inks MoU With MPX Energia for Joint Project
---------------------------------------------------------------
Energias do Brasil S.A. has signed a Memorandum of Understanding
(MoU) with MPX Energia S.A. for the joint development of Porto
do Pecem II TPP.  The MoU foresees the acquisition by Energias
do Brasil of a 50% stake in the project.  Pecem II will have an
installed capacity of 360 MW and will be located in Sao Goncalo
do Amarante, State of Ceara.

The first phase of UTE Porto do Pecem TPP (Pecem I), a 720MW
coal-fired plant project, is a 50/50 partnership between MPX
Energia and Energias do Brasil.  Pecem I sold 615 average MW in
the A-5 energy auction, held in October 2007 and its
construction is already under way.

MPX Energia S.A. disclosed that the Ceara State Environmental
Superintendency Superintendencia Estadual do Meio Ambiente do
Estado do Ceara (SEMACE), issued the Preliminary License for
Pecem II in July 2008.  The license enables the participation of
the unit in the next new energy auction, A-5, expected to occur
in September 2008.  Citibank has been hired to act as financial
advisor for the Pecem II in the auction.

Porto do Pecem II TPP foresees the installation of an additional
360 MW coal-fired generation unit and should benefit from capex
and opex synergies with Pecem I.  MPX Energia will eventually
disclose the estimated value of these synergies, as well as the
terms and conditions of the partnership, in case the project is
successful in the A-5 energy auction, to be held in September
2008, and after the signing of the definite partnership
agreement.

Energias do Brasil S.A. is an integrated utility group
controlled by Energias de Portugal, with activities in
generation, distribution and commercialization of electricity.
Its power distribution subsdiaries Bandeirante, Escelsa and
Enersul represent altogether some 64% of consolidated total
assets, while the power generation assets represent some 31%.

                          *      *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 13, 2008, Moody's Investors Serive has placed its Ba2 and
Aa3.br Corporate Family Ratings of Energias do Brasil S.A. under
review for possible upgrade.

In May 2007, Moody's Investors Service assigned a Ba2 long-term
corporate family rating on Energias do Brasil.


FERRO CORP: Closes US$150 Mil. Convertible Senior Notes Offering
----------------------------------------------------------------
Ferro Corporation completes its offering of US$150 million
aggregate principal amount of 6.50% Convertible Senior Notes due
2013, and that it accepted and paid for the 9-1/8% Senior Notes
due 2009 validly tendered and not withdrawn as of Aug. 18, 2008,
pursuant to the tender offer and consent solicitation commenced
June 20, 2008.

The Company has granted the underwriters an option to purchase
US$22.5 million aggregate principal amount of Convertible Notes,
within 30 days of the initial issuance of the Convertible Notes,
to cover over-allotments.

The net proceeds to the Company from the sale of the Convertible
Notes were approximately US$145.4 million.  The Company used the
net proceeds from the sale of the Convertible Notes and
available cash, including borrowings under the Company's
revolving credit facility, to purchase the 9-1/8% Notes tendered
and accepted in the tender offer and consent solicitation, to
pay accrued and unpaid interest on all such indebtedness, and to
pay all premiums and transaction expenses associated therewith.

The Convertible Notes are convertible, at the holder's option
under certain circumstances, using a net share settlement
process, into a combination of cash and, if applicable, shares
of the Company's common stock.  The initial base conversion rate
for the Convertible Notes is 30.9253 shares of the Company's
common stock per US$1,000 principal amount of Convertible Notes,
subject to adjustment upon the occurrence of certain events.

In addition, if the price of the Company's common stock exceeds
the base conversion price during the settlement averaging period
applicable to a conversion, holders who convert will receive up
to an additional 18.5552 shares of the Company's common stock
per US$1,000 principal amount of Convertible Notes, as
determined pursuant to a specified formula.

The initial base conversion price represents a premium of
approximately 60% based on the closing sale price of US$20.21
per share of the Company's common stock on Aug. 13, 2008.  The
Convertible Notes may not be redeemed by the Company.  Holders
of the Convertible Notes may require the Company to repurchase
their Convertible Notes at a purchase price equal to the
principal amount, plus accrued and unpaid interest, if any, if
the Company is involved in certain types of corporate
transactions that constitute a fundamental change, as defined by
the terms of the Convertible Notes.

A total of US$198,987,000, or approximately 99.494% of the
aggregate principal amount of the 9-1/8% Notes, were validly
tendered and not withdrawn prior to the Early Acceptance Date.
The tender offer and consent solicitation is scheduled to expire
at 5:00 p.m., New York City time, on Aug. 26, 2008.

The final settlement with respect to the 9-1/8% Notes validly
tendered and not withdrawn after the Early Acceptance Date and
prior to the Expiration Date will be made promptly following the
Expiration Date. T he Company has called any remaining 9-1/8%
Notes that are not tendered and purchased in the tender offer
and consent solicitation for redemption on Sept. 18, 2008
pursuant to the terms of the 9-1/8% Notes.

The Company received valid tenders and a sufficient number of
consents to adopt the proposed amendments to the indenture
governing the 9-1/8% Notes.  Such amendments were adopted on
Aug. 19, 2008 pursuant to a supplemental indenture entered into
with the 9-1/8% Notes trustee.  The amendments to the indenture
have eliminated certain restrictive covenants, events of
default, conditions to legal and covenant defeasance and related
provisions with respect to the 9-1/8% Notes.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets
Inc. and J.P. Morgan Securities Inc.  acted as joint bookrunning
managers for the Convertible Notes offering.

                     About Ferro Corporation

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

                             *   *   *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2008, Standard & Poor's Ratings Services assigned a 'B'
rating to Ferro Corp.'s proposed US$150 million 6.5% convertible
senior unsecured notes and a recovery rating of '5', indicating
the expectation for modest (10% to 30%) recovery in the event of
a payment default.  At the same time, S&P affirmed its 'B+'
corporate credit and secured debt ratings on the company.  The
outlook is stable.  S&P also withdrew ratings on the proposed
US$200 million senior unsecured notes due 2016 which the company
no longer plans to issue.

Proceeds from the offering, along with cash and borrowings under
the revolving credit facility, will be used to redeem
US$200 million of secured debt maturing in January 2009.  The
notes are convertible into Ferro common stock at a specified
threshold price at the option of the holder.


GENERAL MOTORS: Allows Navistar Medium Duty Truck MOU to Expire
---------------------------------------------------------------
Due to significant marketplace and economic changes, General
Motors Corp. and Navistar International Corp. have decided not
to renew the memorandum of understanding to purchase GM's medium
duty truck business, which has expired.  GM will continue to run
the medium duty business as it has in the past, including
providing sales, service and marketing support to GM dealers for
its medium duty trucks.

GM will continue to review strategic options for the business,
including continued discussions with Navistar.

Navistar International Corporation (NYSE: NAV) produces
International(R) brand commercial and military vehicles,
MaxxForce(TM) brand diesel engines, IC brand school and
commercial buses, and Workhorse(R) brand chassis for motor homes
and step vans, and is a private label designer and manufacturer
of diesel engines for the pickup truck, van and SUV markets.
Navistar is also a provider of truck and diesel engine parts.
Another affiliate offers financing services. On the Net:
http:www.navistar.com/

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.


GENERAL MOTORS: Navistar Deal Canceled; S&P Ratings Unaffected
--------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on General
Motors Corp. (B-/Negative/--) and Navistar International Corp.
(BB-/Negative/--) and are not affected by the companies'
announcement that the companies are exiting a preliminary
agreement for Navistar to purchase GM's medium-duty truck
business.

"The GM unit produces about 25,000 to 35,000 Class 4-7 medium-
duty trucks per year, depending on the phase of the industry
cycle.  Demand in these segments has been under severe pressure
because of the weak U.S. economy and high diesel fuel prices,
which have reduced freight volumes and deterred trucking
companies from ordering new equipment.  We do not expect a
meaningful rebound in demand until early 2009 at the earliest.
Although the acquisition would have provided Navistar with
substantial additional revenues and some long-term potential to
reduce its per-unit manufacturing costs, cash flow and
profitability likely would have been minimal
to negative for the first few years.  We had factored neither
potential benefits nor much incremental acquisition-related
financial risk into Navistar's ratings," S&P relates.

"For GM, proceeds from the unit's sale would not have provided a
significant source of increased liquidity. GM recently announced
that it is exploring making between $2 billion and $4 billion of
asset sales by the end of 2009 as part of a series of actions to
bolster liquidity, but we believe the medium-duty truck business
proceeds would have been small to negligible."

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.


PARANA BANCO: Launches American Depository Receipt Issue at NYSE
----------------------------------------------------------------
Parana Banco S.A. has launched its American Depository Receipt
(ADR) issue on the New York Stock Exchange.

Parana Banco S.A. reported that its level I ADR program,
approved on July 14, 2008, was also made effective by the U.S.
Securities and Exchange Commission.  With this, Parana Banco
becomes one of the first medium-sized banks to trade ADRs,
bringing greater visibility to the bank in the international
capital markets, and making it easier for the bank to
trade its shares in those markets.

Parana Banco believes that the program will result in greater
liquidity and in the appreciation of its shares.

ADRs started trading on Aug. 19, 2008.  Each ADR represents one
preferred share of Parana Banco and is traded in the over-the-
counter market under the symbol “PARPY” and CUSIP number
699352100.  The depository bank of the ADRs is the Bank of New
York Mellon, and the custodian is Banco Itau S.A.

Investors who want to issue ADRs, must do so through brokerage
firms, depositing shares at Banco Itau.  The Electronic
Declaratory Registry to be used at the closure of foreign
exchange is R0800115, issued on July 21, 2008.

Headquartered in Curitiba, Brazil, Parana Banco --
http://www.paranabanco.com.br/-- is a niche bank in the segment
of payroll discount lending, primarily to public-sector
employees with adjusted assets of BRL1.9 billion (US$1.1
billion) as of March 2008.  The bank is a relevant part of a
broader conglomerate (J. Malucelli), with operations in
different sectors and concentrated in the South of Brazil.
Standard & Poor's does not assign ratings to any company in the
J. Malucelli group, and the ratings assigned to the bank do not
incorporate potential support from shareholders.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2008, Standard & Poor's Ratings Services assigned its
'B+' foreign-currency debt rating to US$50 million in unsecured,
unsubordinated, three-year notes of Parana Banco S.A. (global
scale: B+/Stable/B, Brazil national scale: brBBB+/Stable/--)


PROPEX INC: May Employ Richard Franks as Sales and Marketing VP
---------------------------------------------------------------
Propex Inc. and its debtor-affiliates sought and obtained
authority from the U.S. Bankruptcy Court for the Eastern
District of Tennessee to employ Richard Franks as their
executive vice president of Sales and Marketing for Flooring/FBA
as of July 1, 2008.  According to the Debtors, Mr. Franks'
employment is vital to their reorganization efforts and is in
the best interest of their creditors and estates.

Henry J. Kaim, Esq., at King & Spalding, LLP, in Houston, Texas,
relates that the Debtors have executed an employment agreement
with Mr. Franks whose contract expires in one year.  The
agreement provides a six-month extension unless terminated by
either party with a 90-day written notice.  Mr. Franks will be
entitled to a US$190,000 annual base salary, and will be
included in the Debtors' Key Employee Incentive Plan.

If terminated, Mr. Franks will be paid half the annual base
salary together with the payment of other benefits not satisfied
up to the date of termination.  A non-compete provision also
prevents Mr. Franks from pursuing similar profession within one
year after his termination.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The Debtors have selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

As of Sept. 30, 2007, the Debtors' balance sheet showed total
assets of US$585,700,000, and total debts of US$527,400,000.
The Debtors' exclusive period to file a plan of reorganization
will expire on Aug. 21, 2008.

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


TELE NORTE: Telemar Buys 3,951,923 Shares of TNCP for BRL130.4MM
----------------------------------------------------------------
Telemar Norte Leste S.A. has acquired 3,951,923 preferred shares
of Tele Norte Celular Participacoes S.A. for BRL130,413,459, or
BRL33 each, in the auction of the voluntary tender offer made by
Telemar for the preferred shares of TNCP, held on the electronic
trading system of the Bolsa de Valores de Sao Paulo.

The shares Telemar acquired correspond to 93.9% of the
outstanding preferred shares of TNCP.

As a result of the acquisitions made through the tender offer,
Telemar now holds 3,955,638 preferred shares of TNCP,
corresponding to approximately 94.0% of the preferred shares and
59.0% of the capital stock of TNCP.

The number of preferred shares of TNCP tendered for sale in the
auction represented over two-third of the outstanding preferred
shares of TNCP (except for those preferred shares already owned
by Telemar).  As a result, Telemar acquired all the tendered
preferred shares.

The number of American Depository Shares of TNCP tendered in the
auction was 794,236.41 (representing 794,236.41 preferred shares
of TNCP), all of which were acquired by Telemar.

Under applicable Brazilian rules, all remaining holders of TNCP
preferred shares will be entitled to exercise the “shareholder
put right” described in the notice of the tender offer dated
July 19, 2008, and the offer to purchase, dated July 19, 2008,
and require Telemar to purchase such shares for the tender offer
price of BRL33.00 per preferred share, including preferred
shares represented by American Depository Shares, plus an
adjustment at the Brazilian Certificado de Deposito
Interbancario rate from the settlement date of the auction
(Aug. 22, 2008) to the date of payment and net of certain fees
and expenses described in the notice of the tender offer and the
offer to purchase.

The period for exercising the shareholder put right, which will
be treated as a subsequent offering period for U.S. regulatory
purposes, has begun and will expire on Nov. 19, 2008, upon the
terms and subject to the conditions set forth in the notice of
the tender offer and the offer to purchase.  Telemar will
immediately accept and will promptly pay for all preferred
shares for which the shareholder put right is exercised, upon
the terms and subject to the conditions set forth in the notice
of the tender offer and the offer to purchase.

A holder who tenders preferred shares in exercise of the put
right will not be able to withdraw such preferred shares.

Holders of preferred shares held in the form of American
Depository Shares should contact The Bank of New York, the ADS
Tender Agent, at 1-888-BNY-ADRS, for assistance in exercising
the shareholder put right and to obtain a letter of transmittal
to be used in that connection.

All other holders of preferred shares should contact the
Shareholder Department of Telemar by phone at (21) 3131-4513 or
through E-mail at cscfalecomacionistas@oi.net.br, for
information regarding the exercise of the shareholder put right.

                    About Tele Nore 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.  As of Dec. 31, 2007, the company had
1,416,620 subscribers, representing an estimated market share of
20.3% in its region.  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.  It has been involved in the
process of overlaying GSM technology onto its time division
multiple access (TDMA)/advanced mobile phone system (AMPS),
which incorporates updated versions of EDGE, technology for data
transmission.

                      About Telemar Norte

Telemar Norte Leste SA is a Brazil-based company involved in the
telecommunications sector.  It operates a local fixed-line
telephone in Brazil.  The company is a subsidiary of Tele Norte
Leste Participacoes SA.  Telemar Norte Leste SA operates in the
states of Rio de Janeiro, Minas Gerais, Espirito Santo, Bahia,
Sergipe, Alagoas, Pernambuco, Paraiba, Rio Grande do Norte and
Amazonas, among others.  Its subsidiaries include Telemar
Internet Ltda., which provides Internet services.

                      About Tele Norte

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.



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

BOMBAY COMPANY: Court Confirms Amended Chapter 11 Plan
------------------------------------------------------
The Bombay Company Inc. said that it obtained a commitment from
the United States Bankruptcy Court for the Northern District of
Texas to sign a confirmation order approving the Debtor's
amended Chapter 11 plan, Bloomberg News reports.

All objections to the plan were resolved before the August 20
confirmation hearing, according to a person with knowledge of
the matter.

John Franks, director of AlixPartners LLP, disclosed that
majority of holders of Class 3 general unsecured claims and
Class 4 Bombay Gift Card Convenience claims accepted the plan.

                         Accepted                 Rejected
                     -------------------     ------------------
   Classes           Amount       Number     Amount      Number
   -------           -------------------     ------------------
   3               US$20,077,717  174        US$161,295    6
   4               US$183,680     2,297      US$44,722     613

A full-text copy of the AlixPartners' ballot tabulation summary
is available for free at http://ResearchArchives.com/t/s?3102

As reported in the Troubled Company Reporter on July 9, 2008,
the Court approved an amended disclosure statement explaining an
amended Chapter 11 plan of liquidation filed by the Debtor
together with the Official Committee of Unsecured Creditors, as
co-proponent, on July 2, 2008.  The Court held that the
proponents' amended disclosure statement contains adequate
information within the meaning of Section 1125 of the U.S.
Bankruptcy Code.

                      Postpetition Financing

On Oct. 11, 2007, the Court authorized the Debtors to obtain, on
a final basis, up to US$115 million in postpetition financing
from GE Corporate Lending and GE Canada Finance Holdings
Company.  The loan incurs interest rate of the higher of bank
prim loan rate and the Federal Fund Rate plus 0.50% per annum,
according the Debtors' regulatory filing with the Securities and
Exchange Commission.

The loan will be used to fund operations, including employees
salaries and benefits as well as postpetition vendor payments
during Chapter 11 reorganization process.

                           Asset Sales

During an October 2007 auction, the Debtors accepted a bid by a
joint venture comprised of Gordon Brothers Retail Partners LLC
and Hilco Merchants Resources LLC of 109.5% of the actual cost
value of the Debtors' United States inventory.  Furthermore, the
Debtors also shared with GB Hilco Merchants in proceeds of the
inventor liquidation after GB Hilco recovered its investment
plus an agreed return.

On Nov. 8, 2007, the Court authorized the Debtors to sell their
corporate headquarters located at 550 Bailey Avenue in Fort
Worth, Texas, to Goff Capital Inc. for US$16.35 million.  The
Debtors realized at least US$1.8 million in the disposition of
lease designation rights.  As reported in the Troubled Company
Reporter, Goff Capital will be assuming the unexpired leases of
office spaces at the complex.  The Debtor also provided adequate
assurance of future performance pursuant to Section 365(f)(2) of
the U.S. Bankruptcy Code, and no cure amounts are required to be
paid to the office tenants pursuant to Section 365(b)(1).

On Oct. 11, 2007, the Debtors began negotiations with a Canadian
bidder -- Benix & Co. and affiliates of Hilco Consumer Capital
-- for the sale of their Canadian operations.  The bidder
offered to pay 110% of the cost value of the Canadian inventory
and proposed to assume all of the obligations of the Debtors'
Canadian assets.  The sale of the Debtors' Canadian assets was
approved by the Canadian Bankruptcy Court on Oct. 23, 2007.

The Court approved on Jan. 23, 2008, the sale of the Debtors'
intellectual property to Bombay Brands LLC for US$2 million.
The Debtors retained a 25% ownership in Bombay Brands.

                      Overview of the Plan

Under the Plan, Elaine D. Crowley, the appointed liquidation
trustee, will issue a share of common stock for The Bombay
Company Inc. and become the sole shareholders, officer and
director of The Bombay Company Inc. replacing its existing
shareholders and company officers.  All other shares of any
class of stock of each of the Debtors will be canceled on the
Plan's effective date.

A liquidation trust will be created for the benefit of all
creditors of the estates holding allowed claims.

According to the Plan, the Debtors are expected to transfer any
of their assets including (i) cash and accounts, (ii) litigation
causes of action, (iii) ownership interest in Bombay Brands LLC,
(iv) all other property interests, rights, claims, defenses and
causes of action with respect to any and all non-debtor
intercompany claims or the Debtors.

The amended plan classifies interests against and liens in the
Debtors in seven classes.  The classification of interests and
claims are:

                 Treatment of Claims and Interests

     Class            Type of Claims             Treatment
     -----            --------------             ---------
     unclassified     administrative claims

     unclassified     priority tax claims

     1                priority-non-tax claims    unimpaired

     2                secured claims             unimpaired

     3                general unsecured claims   impaired

     4                unsecured Bombay Gift      impaired
                       Card Convenience Class

     5                subordinated claims        impaired

     6                intercompany claims        impaired

     7                interests                  impaired

Classes 1, 2, 5, 6 and 7 are not entitled to vote on the
proponents Chapter 11 Plan.

Each holder in Class 1 will be paid 100% of the unpaid amount of
allowed claim in cash after the distribution date.  Holders may
receive other less favorable treatment as may be agreed upon by
the claimant and the liquidation trustee.

At the liquidation trustee's option, holders of Class 2 Secured
Claims are entitled to get, either:

   a) 100% of the net proceeds from the sale of relevant
      collateral, up to the unpaid allowed amount of the claims;

   b) the return of the relevant collateral; or

   c) an alternative treatment as leaves unaltered the legal,
      equitable and contractual rights of the holder of the
      allowed claim.

On the effective date, holders of Class 3 General Unsecured
Creditors are expected to receive between 16.4% and 28.9% of the
allowed amount of their claims, plus their pro rata shares of
any value realized from the litigation causes of action.  The
earlier plan version provides a recovery to Class 3 holders
between 18.5% and 31.5% of the allowed amount of their claims.

Each holder of Class 4 Bombay Gift Card Convenience Claim will
get cash equal to 25% of the allowed amount of its claim in full
on the plan's effective date.  Class 4 holders will not be
entitled to any future distribution from the liquidation truste.

Holders of classes 5, 6 and 7 will not receive any distribution
from the Debtors.

A full-text copy of the Amended Disclosure Statement is
available for free at:

              http://ResearchArchives.com/t/s?2f37

A full-text copy of the Amended Joint Chapter 11 Plan of
Reorganization is available for free at:

              http://ResearchArchives.com/t/s?2f38

                      About Bombay Company

Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.

The company and five of its debtor-affiliates filed for Chapter
11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084).  Robert D. Albergotti, Esq., John D. Penn, Esq., Ian
T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone,
LLP, represent the Debtors.

The Bombay Furniture Company of Canada Inc. - La Compagnie de
Mobilier Bombay Du Canada Inc., sough protection from its
creditors from the Ontario Superior Court of Justice on
Sept. 20, 2007.

The U.S. Trustee for Region 6 appointed seven creditors to serve
on an Official Committee of Unsecured Creditors.  Attorneys at
Cooley, Godward, Kronish LLP act as counsel to the Unsecured
Creditors Committee.  As of May 5, 2007, the Debtors listed
total assets of US$239,400,000 and total debts of
US$173,400,000.

                           *    *    *

The Debtors' consolidated monthly operating report for April 30,
2008, showed total assets of US$34,100,177 and total liabilities
of US$31,780,942.


CREAFUND: Deadline for Proofs of Claim Filing Is Aug. 26
--------------------------------------------------------
Creafund Ltd.'s creditors have until Aug. 26, 2008, to prove
their claims to David A.K. Walker and Lawrence Edwards, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

                David A.K. Walker and Lawrence Edwards
                c/o PricewaterhouseCoopers Cayman Islands
                Strathvale House, George Town
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Prue Lawson
                P.O. Box 258
                Grand Cayman, Cayman Islands
                Tel: (345)914-8662
                Fax: (345)945-4237


FDVG EQUITY: Proofs of Claim Filing Deadline Is Aug. 29
-------------------------------------------------------
FDVG Equity Investments Ltd.'s creditors have until Aug. 29,
2008, to prove their claims to James Keyes, 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.

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

The liquidators can be reached at:

                James Keyes
                c/o Canon’s Court, 22 Victoria Street
                P.O. Box HM 1179
                Hamilton, Bermuda


FDVG LOW VOLATILITY: Proofs of Claim Filing Is Until Aug. 29
------------------------------------------------------------
FDVG Low Volatility Investments Ltd.'s creditors have until
Aug. 29, 2008, to prove their claims to James Keyes, 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.

FDVG Low Volatility's shareholder decided on June 18, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                James Keyes
                c/o Canon’s Court, 22 Victoria Street
                P.O. Box HM 1179
                Hamilton, Bermuda


HSBC INVESTOR: Deadline for Proofs of Claim Filing Is Aug. 28
------------------------------------------------------------
HSBC Investor International Fixed Income Fund Ltd.'s creditors
have until Aug. 28, 2008, to prove their claims to Walkers SPV
Limited, the company's liquidator, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

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

Contact for inquiries:

                Anthony Johnson
                Telephone: (345)914-6314


IBERAVILA LTD: Proofs of Claim Filing Deadline Is Aug. 29
---------------------------------------------------------
Iberavila Ltd.'s creditors have until Aug. 29, 2008, to prove
their claims to David Dyer, 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.

Iberavila's shareholders agreed on July 11, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                David Dyer
                c/o Deutsche Bank (Cayman) Limited
                P.O. Box 1984
                George Town, Grand Cayman
                Cayman Islands


IBERBURGOS LTD: Proofs of Claim Filing Is Until Aug. 29
-------------------------------------------------------
Iberburgos Ltd.'s creditors have until Aug. 29, 2008, to prove
their claims to David Dyer, 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.

Iberburgos' shareholders agreed on July 11, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                David Dyer
                c/o Deutsche Bank (Cayman) Limited
                P.O. Box 1984
                George Town, Grand Cayman
                Cayman Islands


IBERCACERES LTD: Deadline for Claims Filing Is Aug. 29
------------------------------------------------------
Ibercaceres Ltd.'s creditors have until Aug. 29, 2008, to prove
their claims to David Dyer, 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.

Ibercaceres' shareholders agreed on July 11, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                David Dyer
                c/o Deutsche Bank (Cayman) Limited
                P.O. Box 1984
                George Town, Grand Cayman
                Cayman Islands


P6 KYIV CABLE: Filing for Proofs of Claim Is Until Aug. 26
----------------------------------------------------------
P6 KYIV Cable Ltd.'s creditors have until Aug. 26, 2008, to
prove their claims to Walkers SPV Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

P6 KYIV Cable's shareholder decided on July 18, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Raymond Mathieu
                c/o Providence Equity Partners Inc.
                50 Kennedy Plaza, Providence
                Rhode Island 02903, USA


PARMALAT SPA: CEO Enrico Bondi to Resign for Alitalia Post
----------------------------------------------------------
Enrico Bondi would resign as Chief Executive Officer of Parmalat
S.p.A. to head national carrier Alitalia S.p.A., Bloomberg News
cites an unsourced Milano Finanza report.

Mr. Bondi was appointed Parmalat's extraordinary commissioner in
December 2003, when the dairy concern's finances collapsed.  Mr.
Bondi restructured Parmalat's operation and returned it to
profitability, earning him the CEO post.

According to the weekly journal, the Italian government may ask
Mr. Bondi to help save Alitalia from bankruptcy.

As appeared in the TCR-Europe, the Italian government denied
plans to place Alitalia under extraordinary administration on
Aug. 29, 2008.

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

Intesa Sanpaolo S.p.A.'s "Fenice" rescue plan entails that
the Italian government will amend a law used to reorganize
Parmalat.  The government tapped Intesa Sanpaolo as
adviser for the sale of its 49.9% stake in Alitalia.

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

                          About Alitalia

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

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

                        About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


PHALANX FUND: Deadline for Proofs of Claim Filing Is Aug. 28
------------------------------------------------------------
The Phalanx Fund Ltd.'s creditors have until Aug. 28, 2008, to
prove their claims to Peadar De Barra, 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.

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

The liquidator can be reached at:

                Peadar De Barra
                37 Fitzwilliam Place
                Dublin 2, Ireland


PHALANX FUND: Holding Final Shareholders Meeting on Aug. 29
-----------------------------------------------------------
The Phalanx Fund Ltd. will hold its final shareholders meeting
on Aug. 29, 2008, at 1:00 p.m. (Dublin time), at 37 Fitzwilliam
Place, Dublin 2, Ireland.

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 three years from
      the dissolution of the company, after which they may be
      destroyed.

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

The liquidator can be reached at:

                Peadar De Barra
                37 Fitzwilliam Place
                Dublin 2, Ireland



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

BANCOLOMBIA: Closes COP600 Billion Offering of Ordinary Notes
-------------------------------------------------------------
Bancolombia S.A. has successfully completed the issuance and
offering of Bonos Ordinarios Bancolombia for an aggregate
principal amount of six hundred billion pesos (COP600 billion).
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 one trillion
five hundred billion pesos (COP1,500 billion).  Bancolombia
offered the Bancolombia Ordinary Notes with an aggregate
principal amount of four hundred billion pesos (COP400 billion)
and up to six hundred billion pesos (COP600 billion) if the
over-allotment option was exercised.  The over-allotment option
was fully exercised.  The subscription for the offering was for
one trillion six hundred and forty two billion pesos (COP1,642
billion) equivalent to 4.1 times the size of the offering.

The Ordinary Notes are issued in registered form (a la orden)
and negotiable in the secondary market and have these terms:


Series       Aggregate Principal    Maturity     Coupon Rate
             Amount (COP Millions)
---------------------------------------------------------------
A18                47,30            18 months      11.74% E.A.
A10                64,10            10 years       12.59% E.A.
B18              105,043            18 months  DTF + 2.24% T.A.
B3               110,375             3 years   DTF + 2.55% T.A.
B5                65,541             5 years   DTF + 2.69% T.A.
C5               143,210             5 years   IPC + 6.15% E.A.
C10               64,430            10 years   IPC + 6.39% E.A.

The proceeds from the offering will be used for general
corporate purposes of Bancolombia, including all the business
and operational transactions available to banking institutions
in accordance with the terms and requirements established by
applicable law.

The lead coordinator and lead book-running manager for the
transaction was Banca de Inversion Bancolombia S.A. Corporacion
Financiera.  Valores Bancolombia S.A., Correval S.A. y Serfinco
S.A. also participated in the transaction as book-running
managers.  In addition, the treasury of Bancolombia S.A. acted
directly as book-running manager of part of the offering.

The Bancolombia Ordinary Notes were rated AAA by Duff & Phelps
of Colombia.

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.



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

CASH PLUS: Chief Has No Authority to Deal With Firm's Assets
------------------------------------------------------------
Cash Plus Limited's provisional liquidator, Monty Kandekore,
said that the firm's former president, Carlos Hill, has no
authority to deal with company assets, The Jamaica Gleaner
reports.

“Unauthorized dealings by Mr. Hill are null and void,” The
Gleaner says, citing Mr. Kandekore, who is also the trustee in
bankruptcy.

The Gleaner relates that companies that Mr. Hill is also not
authorized to deal with assets of firms that are part of the
Cash Plus Group.

                      About Cash Plus Group

Cash Plus Group Limited holds 50% of the estimated real assets
of Cash Plus Limited, which collected the bulk of lenders funds.
Cash Plus Limited was the major source of financing for Cash
Plus Group's acquisitions and investments.

                     About Cash Plus Limited

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous
acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be
able to pay its lenders until April 14. The firm has 40,000
lenders with loans totaling J$4 billion.  Cash Plus was unable
to repay its investors.  The Financial Services Commission said
it was informed by the attorney acting on behalf of Cash Plus
that the investment club lacked the funds to start the repayment
of the principal and interest owing to its investors.
PricewaterhouseCoopers' accountant Kevin Bandoian was appointed
as joint receiver-manager for Cash Plus.



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

CHEROKEE INT'L: Posts US$600,000 Net Loss in Qtr. Ended June 29
---------------------------------------------------------------
Cherokee International Corporation disclosed its financial
results for the second quarter ended June 29, 2008, marked by
record global sales and further improvement in its gross
margins.

Net loss for the second quarter of 2008 was US$600,000.
Included in these results is a non-cash impairment charge,
related to the company's European operation, for goodwill under
SFAS 142 of US$1.1 million, and a non-cash US$1.7 million charge
for a valuation allowance against the company's European
deferred tax assets, as required by SFAS No. 109.  Net of these
non-recurring items, the company had non-GAAP net income for the
second quarter of 2008 of US$2.2 million.  The company reported
a GAAP net loss of US$1.7 million for the second quarter of
2007, and GAAP net income of US$12 thousand for the first
quarter of 2008.

Net sales for the second quarter of 2008 were US$40.5 million,
up 37% compared to US$29.6 million for the second quarter ended
July 1, 2007.  Sequentially, net sales for the second quarter of
2008 were up US$5.8 million or 17% when compared to
US$34.7 million for the first quarter of 2008.

The company's backlog at June 29, 2008 was US$54.1 million
compared with US$47.6 million at July 1, 2007.  The book to bill
for the second quarter of 2008 was 0.98 to 1.00, compared to
0.94 to 1.00 for the second quarter of 2007.

"We experienced continued improvement in our operating results,
in which sales, gross margin, and operating profit all improved
significantly and continue on a positive trend," Jeffrey M.
Frank, Cherokee's President and Chief Executive Officer, said.
"We were pleased to report non-GAAP net income of US$2.2 million
or $0.11 per share, net of the non-recurring items.  We continue
to experience improved gross margin and operating leverage
through increased production levels at our China facility."

Gross profit for the second quarter of 2008 was US$11.3 million,
up 104%, or US$5.8 million, compared to US$5.6 million for the
same period in 2007, and up 31% sequentially from the first
quarter of 2008.  Gross profit was higher sequentially during
the second quarter due primarily to higher net sales from
existing programs along with the continued introduction of new
programs.

Gross margin increased to 28.0% for the second quarter of 2008,
up from the 18.8% realized in the second quarter of 2007 and up
sequentially from 24.9% in the first quarter of 2008.  Gross
margins improved due primarily to increased production volumes
in China, the introduction of new models and better overall
volumes of products.

Operating expenses were US$9.5 million for the second quarter of
2008.  Excluding the non-cash impairment charge for goodwill of
US$1.1 million, operating expenses, on a non-GAAP basis, were
US$8.4 million for the second quarter of 2008.  This compares to
GAAP operating expenses of US$8.1 million for the second quarter
of 2007, and US$8.1 million for the first quarter of 2008 on a
GAAP basis.  As a percentage of sales, operating expenses were
23.5% on a GAAP basis and 20.7% net of non-recurring items.
This compares to GAAP operating expenses as a percentage of
sales of 27.2% in the second quarter of 2007 and 23.3%
sequentially for the first quarter of 2008.

Operating income increased by US$4.3 million to US$1.8 million
for the second quarter of 2008 compared to a loss of
US$2.5 million in the second quarter of 2007.  Excluding the
non-cash impairment charge for goodwill of US$1.1 million, non-
GAAP operating income increased by US$5.4 million to
US$2.9 million.  This compares to a GAAP operating loss of
US$2.5 million for the second quarter of 2007.  GAAP operating
margin for the second quarter of 2008 increased to 4.5% income
from an 8.5% loss in the prior year period.  On a non-GAAP
basis, the operating margin was 7.2% for the second quarter of
fiscal 2008, net of non-recurring items.

"Overall, we experienced anywhere from 20% to 40% growth in each
of our markets, and more importantly, a 104% increase in gross
profit over the second quarter last year," Mr. Frank added.

For the six months ended June 29, 2008, net sales increased
approximately 26.3%, or US$15.7 million, to US$75.3 million,
compared to US$59.6 million for the same period in 2007.  Gross
profit increased by 77.3%, or US$8.7 million, to US$20.0 million
compared to US$11.3 million for the six months ended July 1,
2007.  Gross margin for the six months ended June 29, 2008
increased to 26.5% from 18.9% in the prior year period.
Operating income on a GAAP basis increased by US$7.0 million to
US$2.4 million for the six months ended June 29, 2008, compared
to an operating loss of US$4.6 million for the same period in
2007.  Excluding the non-cash impairment charge for goodwill of
US$1.1 million, non-GAAP operating income for the six months
ended June 29, 2008 increased to US$3.5 million.

Net loss for the six months ended June 29, 2008 was
US$0.6 million. Excluding the non-cash impairment charge for
goodwill of US$1.11 million and the non-cash valuation allowance
charge of US$1.7 million, non-GAAP net income for the six months
ended June 29, 2008 was US$2.2 million.  This compares to a GAAP
net loss of US$3.7 million for the six months ended July 1,
2007.

At June 29, 2008, the company's balance sheet showed total
assets of US$95.8 million and total debts of US$83.9 million,
resulting in a stockholders' equity of US$11.8 million.

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer
and manufacturer of a range of switch mode power supplies for
original equipment manufacturers in the telecommunications,
networking, high-end workstations and other electronic equipment
industries.  The company has offices and manufacturing plants in
Tustin and Irvine, California, Wavre, Belgium, Bombay, India,
Guadalajara, Mexico, and Penang, Malaysia.

                         Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California,
expressed substantial doubt about the company's ability to
continue as a going concern after auditing the consolidated
financial statements of Cherokee International Corporation and
subsidiaries as of Dec. 30, 2007, and Dec. 31, 2006.  The
company's management anticipates that there will be insufficient
cash balances available to repay the outstanding debt at its
maturity.


CONSTELLATION COPPER: Liquidity Woes Cues Possible Bankruptcy
-------------------------------------------------------------
Constellation Copper Corporation stated that it may consider
filing for legal protection from its creditors in both Canada
and the United States if cash liquidity problems can not be
resolved.

At June 30, 2008, the company's balance sheet showed total
assets of C$61.2 million and total liabilities of
C$99.0 million, resulting in a stockholders' deficit of
approximately C$37.8 million.

The company indicated that there is significant doubt about the
company's ability to continue as a going concern.  The company
continues to pursue various near term financing alternatives,
including bank financing, equity investment, mergers, and sale
of certain assets or sale of the entire company.

On March 31, the company said that approximately C$1.9 million
of interest due on March 31, 2008, on its C$69 million
convertible unsecured senior debentures has not been paid,
resulting in a default under the terms of the convertible
debentures.

The outstanding principal and accrued interest on the
convertible debentures is C$68,310,000 and C$2,820,000 as of
June 30, 2008.

Computershare Trust Company of Canada, the trustee under the
indenture governing the convertible debentures, has been
notified of the Event of Default.

In addition to not paying interest on its convertible debentures
and only paying a portion of forward sales settlements, the
company has been unable to pay many of its vendor obligations
when they were originally due, which may eventually result in
vendors requiring payment before delivery of goods and services
necessary to continue operations.  The company, however, has
made substantial progress in reducing its vendor payables.

On July 28, Glencore International AG and Jaguar Financial
Corporation and four holders representing over two-thirds of
Constellation Copper Corporation's outstanding convertible
unsecured senior debentures have entered into a letter agreement
for a proposed restructuring of the company.  The letter
agreement has been provided to Constellation and has been
forwarded to the special committee of the board of directors for
their review and response. Todate, no update has been provided
on this matter.

Glencore-Jaguar and the Debenture Holders have indicated that
this restructuring is subject to certain conditions, including
satisfactory completion of due diligence which will begin soon
as possible.

                             Delisting

In July 2008, the company was notified by the Toronto Stock
Exchange that the TSX had further extended their review of the
common shares of the company with respect to meeting the
continued listing requirements until Sept. 1, 2008.  The TSX has
advised the company that the reason for this review is that it
believes the financial condition and operating results of the
company do not meet the continued listing requirements under
sections 709 and 710(a)(i) of the TSX Company Manual and the
price of the company's securities have been reduced so as not to
warrant continued listing pursuant to section 711 of the TSX
Company Manual.

                  About Constellation Copper

Headquartered in Lakewood, Colorado, Constellation Copper
Corporation (CCU: TSX) -- http://www.constellationcopper.com/--
evaluates and develops mineral properties in the United States
and Mexico.  The company holds its properties primarily through
three of its wholly owned subsidiaries, Lisbon Valley Mining Co.
LLC, Minera Terrazas S.A. de C.V. and San Javier del Cobre S.A.
de C.V. LVMC operates the Lisbon Valley copper mine, which
comprises three main deposits: Sentinel, Centennial and GTO,
plus the Cashin satellite deposit, with reserves and resources
totaling +50 million tons and grading an average 0.48% copper.
Minera Terrazas holds the company's interest in the Terrazas
zinc-copper project located in north- central Mexico.  The
property has a total resource of 90 million tonnes grading 1.37%
zinc and 0.32% copper in two adjacent deposits.  San Javier del
Cobre S.A. de C.V. Holds the company's interest in the San
Javier copper property located in northwestern Mexico.

Constellation Copper Corporation's balance sheet at March 31,
2008, showed total assets of US$65.6 million and total
liabilities of US$105.0 million, resulting in a total
shareholders' deficit of US$39.4 million.

                        Going Concern

As reported in the Troubled Company Reporter on Jan. 15, 2008,
the company related that there is significant doubt about its
ability to continue as a going concern.  The cash balance of
US$10.87 million at September 30, has been reduced further to
approximately US$3.20 million at Dec. 31, 2007, and in order to
provide liquidity, the company is pursuing various near term
financing alternatives, including bank financing, equity
investment, mergers, and sale of certain assets or sale of the
entire company.

In late November 2007, as a result of a comprehensive management
evaluation of Lisbon Valley operations, the company disclosed
its decision to cease mining and crushing activities and convert
the Lisbon Valley mine to a leach only operation in early 2008.

The evaluation included analyses of various mining plans, waste
stripping requirements, contract mining arrangements, available
mining equipment, projected copper prices and extensive
operating cost and cash flow projections.  In connection with
the evaluation and conversion to a leach only operation, the
company recorded an asset impairment of US$92.9 million.


FEDERAL-MOGUL: Earns US$90 Mil. in Second Quarter Ended June 30
---------------------------------------------------------------
Federal-Mogul Corporation (NASDAQ: FDML) reported record second
quarter sales of US$2,000,000,000 and an eighth consecutive
quarter of year-over-year increased sales combined with a sharp
rise in quarterly net income to US$90,000,000.

Highlights of Federal-Mogul's Q2 financial performance include:

   * Record quarterly sales of US$2,000,000,000, a 13% increase,
     versus US$1,800,000,000 in Q2 2007 and eighth consecutive
     quarter of year-over-year sales increase;

   * Gross margin improved by 23% or US$74,000,000 to
     US$396,000,000 or 19.8%, compared to US$322,000,000 in
     second quarter 2007;

   * SG&A at 10.6% of sales, compared to 12.1% of sales during
     the same period in 2007;

   * Operational EBITDA increased 21% to US$257,000,000 from
     US$212,000,000 in Q2 2007;

   * Net income improved to US$90,000,000 or earnings per share
     of US$0.90, compared to US$4,000,000 in Q2 2007;

   * Strong balance sheet and liquidity of US$1,300,000,000; and

   * Market, customer and product diversification with no
     single customer accounting for more than 6% of revenue.

Sales for the three-month period ending June 30, 2008, were a
record US$1,995,000, an increase of 13%, compared to
US$1,763,000 for the same period a year ago.   Federal-Mogul
reported a gross margin of US$396,000,000 or 19.8% of sales,
compared to US$322,000,000 or 18.3% of sales, representing an
increase of US$74,000,000, or 23% over the prior year.  Federal-
Mogul's Operational EBITDA was US$257,000,000 or 12.9% of sales,
compared to US$212,000,000 or 12.0% of sales during the same
period in 2007, representing an increase of US$45,000,000 or
21%.  The company recorded net income of US$90,000,000 or
earnings per share of US$0.90, up from US$4,000,000 in second
quarter 2007.

"We experienced another record sales quarter with strong
earnings performance.  We have anticipated and reacted to
changing market conditions including a market downturn in mature
automotive markets.  We implemented numerous successful actions
to offset macro-economic factors and benefited from our strong
market, customer and product diversification," said Jose Maria
Alapont, Federal-Mogul President and Chief Executive Officer.

"Federal-Mogul's global market presence and customer base is
well diversified.  We serve over 250 vehicle platforms and over
700 vehicle powertrain programs.  No single customer represents
more than 6% of our global revenue and over 60% of our revenue
is generated from sales outside the United States and Canada.
Further, we have a significant global aftermarket business with
well-recognized leading brands and we generate over 10% of our
revenue from a global commercial and industrial customer base.
This diversification strengthens our performance and compensates
for market and customer volatility," Mr. Alapont continued.

                       Financial Summary
                         (in millions)

                          Three Months Ended   Six Months Ended
                         ---------------------------------------
                                 June 30             June 30
                         ---------------------------------------
                           2008       2007       2008       2007
                         ---------------------------------------
Net sales              US$1,995   US$1,763   US$3,854   US$3,480
Gross margin                396        322        662        630
Adjusted gross margin       396        322        730        630
Selling, general and
administrative expenses   (212)      (213)      (421)     (420)
Net income                   90          4         58          9
Adjusted net income          90          4        121          9
Operational EBITDA          257         212       462        412

Federal-Mogul reported sales of US$1,995,000 for the three-month
period ending June 30, 2008, up from US$1,763,000 in the same
period of 2007.  Sales increased by US$232,000,000 or 13% and
were positively impacted by favorable foreign exchange of
US$125,000,000.  The company has reported year-over-year
quarterly sales increases for eight consecutive quarters as a
result of expanding sales to customers in Europe, Asia and South
America.

Gross margin for the quarter was US$396,000,000 or 19.8% of
sales, as compared to US$322,000,000 or 18.3% of sales during
the same period a year ago, an increase of 23% or US$74,000,000.
The automotive market has faced decreasing regional production
volumes, rising energy prices, inflationary raw material costs
and other economic challenges. The company effectively offset
the impact of these and other macro-economic factors through
profitable incremental revenue from new business contracts and
improved productivity from operations.  Gross margin was also
favorably impacted by reduced depreciation and foreign exchange.

Selling, General and Administrative, SG&A expenses were reduced
to 10.6% of sales during the quarter, compared to 12.1% of sales
in the same period of 2007.  The company realized a reduction in
SG&A expense despite an adverse foreign exchange impact of
US$11,000,000.

Federal-Mogul's Operational EBITDA for the second quarter was
US$257,000,000, a 21% or US$45,000,000 increase, compared to
US$212,000,000 during the same period in 2007.

Net income was US$90,000,000 in the second quarter 2008, with
earnings per share of US$0.90, compared to US$4,000,000 of net
income in second quarter 2007.

Federal-Mogul continued to make progress executing its
sustainable global profitable growth strategy by growing in
emerging markets and strengthening its presence in mature
markets.  The company achieved 50 percent growth in sales to
customers in BRIC (Brazil, Russia, India and China) markets
during the quarter.  The company recently completed the
successful launch of a new powertrain component plant in Araras,
Brazil and launched its new portfolio of wipers and brake pads
in the Russian market.

Federal-Mogul reported sales of US$3,854,000 for the six-month
period ending June 30, 2008, an increase of US$374,000,000 or
11% versus US$3,480,000 for the same period in 2007.

Gross margin increased to US$662,000,000 in the first half of
2008 versus US$630,000,000 in 2007, despite a non-cash charge of
US$68,000,000 recorded in the first quarter of 2008 relating to
re-valuation of inventory, as required by fresh-start reporting.

Operational EBITDA increased 12%, or US$50,000,000, to
US$462,000,000 in the first half of 2008, as compared to
US$412,000,000 in the same period the prior year.

Adjusted net income rose US$112,000,000 to US$121,000,000 or
3.1% of sales during the first half of 2008, versus US$9,000,000
in the first half of 2007.

The company recorded strong operating cash flow of
US$116,000,000 in the first half of 2008, which compares to
US$79,000,000 in the same period of 2007.

"Federal-Mogul's results demonstrate the solid foundation we
have put in place through our sustainable global profitable
growth strategy.  Global customer, regional and product
portfolio diversification, together with leading product
technologies and brands, development in best cost locations and
strong commitment to customer service differentiate Federal-
Mogul and contribute to our strong performance in this
challenging market environment," Mr. Alapont said.

Federal-Mogul held a conference call on July 24 to discuss the
the second quarter financial results.  An audio replay of the
call will be available beginning two hours following the call
and will be accessible until August 7, 2008 at:

     Domestic calls: 888-286-8010
     International calls: 617-801-6888
     Pass code I.D.: 35689660

A full-text-copy of Federal-Mogul Corp.'s Second Quarter 2008
Results filed on Form 10-Q is available at no charge at:

             http://ResearchArchives.com/t/s?30ff

             Reorganized Federal-Mogul Corporation
                          Balance Sheet
                          (In millions)

                              ASSETS

                                             Successor
Company
                                            June 30     Dec. 31
                                              2008        2007
                                           ---------    --------
Current assets:
  Cash and equivalents                      US$843.9    US$425.4
  Accounts receivable, net                   1,382.6     1,095.9
  Inventories, net                           1,052.6     1,074.3
  Prepaid expenses and other current assets    357.6       526.4
                                           ---------    --------
Total current assets                         3,636.7     3,122.0

Property, plant and equipment, net           2,094.7     2,061.8
Goodwill & indefinite-lived
  intangible assets                          1,636.7     1,852.0
Definite-lived intangible assets, net          577.9       310.0
Other non-current assets                       486.4       520.5
                                           ---------    --------
Total Assets                              US$8,432.4  US$7,866.3
                                           =========    ========

               LIABILITIES & SHAREHOLDERS' EQUITY

Current Liabilities:
  Short-term debt, including current
   portion of long-term debt                US$128.2    US$117.8
  Accounts payable                             707.3       726.6
  Accrued liabilities                          505.5       496.0
  Current portion of postemployment
   benefit liability                            62.3        61.2
  Other accrued liabilities                    194.9       167.3
                                           ---------    --------
Total current liabilities                    1,598.2     1,568.9

Long-term debt                               2,806.2     2,517.6
Post-employment benefits                       965.7       936.9
Long-term portion of deferred income taxes     350.7       331.4
Other accrued liabilities                      289.7       300.3
Minority interest in consolidated affiliates    98.2        87.5

Shareholders' equity:
  Common Stock                                   1.0         1.0
  Additional paid-in capital,
   including warrants                        2,122.7     2,122.7
  Retained earnings                             58.1           -
  Accumulated other comprehensive income       141.9           -
                                           ---------    --------
Total Shareholders' Equity                   2,323.7     2,123.7
                                           ---------    --------
Total Liabilities & Shareholders' Equity  US$8,432.4  US$7,866.3
                                           =========    ========

                    Federal-Mogul Corporation
                     Statement of Operations
                          (In millions)

                                      Successor     Predecessor
                                        Company        Company
                                      ---------     -----------
                                          Six Months Ended
                                              June 30
                                      -------------------------
                                         2008           2007
                                      ----------     ----------

Net sales                             US$3,854.4     US$3,479.9
Cost of products sold                   (3,192.4)      (2,849.7)
                                      ----------     ----------
Gross margin                               662.0          630.2

Selling, general & admin expenses         (421.1)        (419.6)
Interest expense, net                      (90.6)        (101.9)
Amortization expense                       (35.3)
(9.3)
Chapter 11 & U.K. Administration expenses  (13.0)         (41.2)
Equity earnings of
unconsolidated affiliates                  16.5           18.0
Restructuring expense, net                  (2.7)         (29.6)
Other income (expense), net                 (4.3)          14.1
                                      ----------     ----------
Income before income taxes                 115.5           60.7

Income tax expense, net                    (53.4)         (52.2)
                                      ----------     ----------
Net income                               US$58.1         US$8.5
                                      ==========     ==========

                   Federal-Mogul Corporation
                Unaudited Statement of Cash Flows
                            (In Millions)

                                       Successor     Predecessor
                                        Company        Company
                                       ---------     -----------
                                           Six Months Ended
                                                June 30
                                       -------------------------
                                           2008           2007
                                        ----------    ----------
Cash Provided From (Used By)
Operating Activities:
Net earning (loss)                        US$58.1        US$8.5
Adjustments to reconcile
net earnings to net cash
from (used by)
operating activities:
   Depreciation and amortization            171.1         172.1
   Cash received from 524(g) Trust          225.0            -
   Change in postemployment benefits          4.1         (27.1)
   Changes in deferred taxes                  3.9           3.8
Changes in operating assets & liabilities:
   Accounts receivable                     (249.8)       (157.8)
   Inventories                               55.0           0.9
   Accounts payable                         (49.1)        106.5
   Other assets & liabilities                39.3          79.0
                                        ----------    ----------
Net Cash Provided
From Operating Activities                  257.6         185.9

Cash Provided From (Used By)
Investing Activities:

Expenditures for property,
plant & equipment                         (148.0)       (132.0)
Net proceeds from the sale of
property, plant & equipment                 10.9          18.1
Proceeds from sale of investment                -          13.8
Payments to acquire minority interests          -          (6.8)
Payments to acquire business                 (4.7)            -
                                        ----------    ----------
Net Cash Used By Investing Activities      (141.8)       (106.9)

Cash Provided From (Used By)
Financing Activities:
Proceeds from borrowings on exit facility 2,082.0             -
Repayment of Tranche A,
   Revolver & PIK Notes                  (1,790.8)            -
Proceeds from borrowings
   on DIP credit facility                       -         550.0
Principal payments on
   DIP credit facility                          -        (228.1)
Repayment of pre-petition
   Tranche C debt                               -        (330.4)
Increase in short-term debt                   2.4           8.7
Decrease in other long-term debt             (7.9)         (5.8)
Increase (decrease) in
factoring arrangements                       6.3         (58.9)
Debt refinance fees                          (0.4)         (0.3)
                                        ----------    ----------
Net Cash Provided From
  (Used By) Financing Activities            291.6         (64.8)
Effect of foreign currency exchange
  rate fluctuations on cash                  11.1           4.6
                                        ----------    ----------
Increase in cash and equivalents            418.5          18.8

Cash and equivalents at
beginning of period                        425.4         359.3
                                        ----------    ----------
Cash and equivalents at end of period    US$843.9      US$378.1
                                        ==========    ==========

                     About Federal-Mogul

Federal-Mogul Corporation (OTCBB: FDMLQ) -- http://www.federal-
mogul.com/ -- is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin LLP,
and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones,
LLP, represent the Debtors in their restructuring efforts.  When
the Debtors filed for protection from their creditors, they
listed US$10.15 billion in assets and US$8.86 billion in
liabilities.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  Peter D. Wolfson,
Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis,
Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The
Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Fourth Amended Plan was confirmed by the Bankruptcy Court on
Nov. 8, 2007, and affirmed by the District Court on November 14.
Federal-Mogul emerged from chapter 11 on Dec. 27, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 170; Bankruptcy
Creditors' Service Inc.,http://bankrupt.com/newsstand/or
215/945-7000)


FEDERAL-MOGUL: Admin Claims Objection Period Extended to Dec. 27
----------------------------------------------------------------
Federal-Mogul Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to extend the
period within which they may object to administrative claims
until Dec. 27, 2008.  A previous objection deadline expired on
July 24, 2008.

The Court will convene a hearing on the Debtors' request on
Sept. 12, 2008.  By application of Rule 9006-2 of the Local
Rules of Bankruptcy Practice and Procedures of the U.S.
Bankruptcy Court for the District of Delaware, the Debtors'
administrative claims objection deadline is automatically
extended through the conclusion of that hearing.  Objections to
the Debtors' extension request were due August 15.

The Reorganized Debtors clarify that the the proposed extension
is without prejudice to their right to seek further extensions
of the Administrative Claims Objection Deadline.

James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, states that the Confirmation Order set a
bar date for Administrative Claims against the U.S. Debtors on
April 25, 2008.  However, he says the April 25 Administrative
Claims Bar Date applied only to administrative expense claims
incurred outside the ordinary course of the Reorganized Debtors'
business and was not intended to apply to ordinary course
vendor, tax, or similar claims.

The Plan provides that the Reorganized Debtors and any other
party-in-interest had until July 24, 2008, to review and object
to the Administrative Claims . . . provided that the 90-day
period of review may be extended by the Court upon request of
any of the Plan Proponents.

The Reorganized Debtors relate that 23 claims were timely
submitted.  Most of the claims, Mr. O'Neill says, were submitted
by state taxing authorities, as a protective measure so as not
to have any potential rights cut off by the Administrative
Claims Bar Date.  The Reorganized Debtors believe that all of
the state tax claims are ordinary course claims that are not
subject to the Administrative Claims Bar Date.  The Debtors have
been working with the state tax authorities asserting the claims
to obtain either the withdrawal of the claims or other
comparable consensual resolutions of the claims, with several
withdrawals already obtained, Mr. O'Neill tells the Court.

Mr. O'Neill adds that the Administrative Claims that were non-
tax related have already been satisfied or will not result in a
payment by the Reorganized Debtors.  He says the Reorganized
Debtors have contacted the claimants asserting the claims to
obtain the consensual resolution or withdrawal of those claims.
With respect to both the tax and non-tax claims, the Debtors
seek an extension of the Administrative Claims Objection
Deadline to allow time for the process to be completed.

The Reorganized Debtors also relate that 335 claims are
purported to have some postpetition or administrative component.
The Reorganized Debtors believe that most of the claims were
resolved through payment of the claim in the ordinary course of
business during their Chapter 11 cases.  Many of the claims are
asbestos-related claims that will be addressed by the Federal-
Mogul Asbestos Personal Injury Trust established under the Plan,
Mr. O'Neill says.  The Reorganized Debtors have notified the
holders of the claims.

Although the Debtors have been able to obtain the consensual
resolution of many of the purported Administrative Claims prior
to the July 24 deadline, Mr. O'Neill says there remain a number
of pending Administrative Claims that remain to be addressed.
Without the requested extension, the Debtors will be forced to
file numerous objections to the Administrative Claims that will
increase the costs to the Reorganized Debtors and the claimants,
and the administrative burdens on the Court.  Rather than
subject all parties to the costs and burdens, the Court should
extend the Administrative Claims Objection Deadline for the
period requested, he asserts.

Federal-Mogul Corporation (OTCBB: FDMLQ) -- http://www.federal-
mogul.com/ -- is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin LLP,
and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones,
LLP, represent the Debtors in their restructuring efforts.  When
the Debtors filed for protection from their creditors, they
listed US$10.15 billion in assets and US$8.86 billion in
liabilities.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  Peter D. Wolfson,
Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis,
Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The
Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Fourth Amended Plan was confirmed by the Bankruptcy Court on
Nov. 8, 2007, and affirmed by the District Court on November 14.
Federal-Mogul emerged from chapter 11 on Dec. 27, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 170; Bankruptcy
Creditors' Service Inc.,http://bankrupt.com/newsstand/or
215/945-7000)


NAVISTAR INT'L: Allows GM Medium Duty Truck MOU to Expire
---------------------------------------------------------
Due to significant marketplace and economic changes, General
Motors Corp. and Navistar International Corp. have decided not
to renew the memorandum of understanding to purchase GM's medium
duty truck business, which has expired.  GM will continue to run
the medium duty business as it has in the past, including
providing sales, service and marketing support to GM dealers for
its medium duty trucks.

GM will continue to review strategic options for the business,
including continued discussions with Navistar.

Based in Warrenville, Illinois, Navistar International
Corporation (Other OTC: NAVZ) -- http://www.navistar.com/-- is
a holding company whose wholly owned subsidiaries produce
International(R) brand commercial and military trucks,
MaxxForce(TM) brand diesel engines, IC brand school and
commercial buses, and Workhorse brand chassis for motor homes
and step vans.  It also is a private-label designer and
manufacturer of diesel engines for the pickup truck, van and SUV
markets.  The company also provides truck and diesel engine
parts and service.  Another affiliate offers financing services.
The company has operations in Mexico, Brazil, Iceland and India.


NAVISTAR INT'L: GM Deal Canceled; S&P Ratings Unaffected
--------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on General
Motors Corp. (B-/Negative/--) and Navistar International Corp.
(BB-/Negative/--) and are not affected by the companies'
announcement that the companies are exiting a preliminary
agreement for Navistar to purchase GM's medium-duty truck
business.

"The GM unit produces about 25,000 to 35,000 Class 4-7 medium-
duty trucks per year, depending on the phase of the industry
cycle.  Demand in these segments has been under severe pressure
because of the weak U.S. economy and high diesel fuel prices,
which have reduced freight volumes and deterred trucking
companies from ordering new equipment. We do not expect a
meaningful rebound in demand until early 2009 at the earliest.
Although the acquisition would have provided Navistar with
substantial additional revenues and some long-term potential to
reduce its per-unit manufacturing costs, cash flow and
profitability likely would have been minimal to negative for the
first few years. We had factored neither potential benefits nor
much incremental acquisition-related financial risk into
Navistar's ratings," S&P relates.

"For GM, proceeds from the unit's sale would not have provided a
significant source of increased liquidity. GM recently announced
that it is exploring making between $2 billion and $4 billion of
asset sales by the end of 2009 as part of a series of actions to
bolster liquidity, but we believe the medium-duty truck business
proceeds would have been small to negligible."

Based in Warrenville, Illinois, Navistar International
Corporation (Other OTC: NAVZ) -- http://www.navistar.com/-- is
a holding company whose wholly owned subsidiaries produce
International(R) brand commercial and military trucks,
MaxxForce(TM) brand diesel engines, IC brand school and
commercial buses, and Workhorse brand chassis for motor homes
and step vans.  It also is a private-label designer and
manufacturer of diesel engines for the pickup truck, van and SUV
markets.  The company also provides truck and diesel engine
parts and service.  Another affiliate offers financing services.
The company has operations in Mexico, Brazil, Iceland and India.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 3, 2008, Fitch affirmed Navistar International Corp.'s
'BB-' Issuer Default and 'BB-' Senior unsecured bank facility
ratings.


RADIOSHACK CORP: Hires Phyllis Proffer as VP-Investor Relations
---------------------------------------------------------------
RadioShack Corporation has named Phyllis Proffer as its Vice
President – Investor Relations.  Ms. Proffer, who will oversee
the company's investor relations function, earned her MBA from
the Fuqua School of Business at Duke University in Durham, N.C.

She most recently served as Vice President of Investor Relations
and Corporate Communications of Longs Drug Stores Corporation in
Walnut Creek, Calif.

RadioShack Corporation (NYSE: RSH) -- http://radioshack.com/--
retails consumer electronics specialty products through almost
6,000 company-operated stores and dealer outlets in the United
States, over 100 RadioShack locations in Mexico.  Its retail
network include 4,439 retail stores, 721 kiosks, and 1,444
dealer and other outlets throughout the United States, and
generated LTM June 2008 revenues of US$4.27 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 19, 2008, Standard & Poor's Ratings Services revised its
outlook on RadioShack Corp. to stable from negative.  At the
same time, S&P affirmed our ratings on the company, including
the 'BB' corporate credit and senior unsecured ratings.

The TCR-LA reported on Aug. 15, 2008, that Moody's Investors
Service affirmed RadioShack Corporation's Ba1 Corporate Family
Rating and SGL-1 Speculative Grade Liquidity rating; the outlook
is stable.


SEMGROUP ENERGY: Receives Delisting Notice From Nasdaq
------------------------------------------------------
SemGroup Energy Partners, L.P. disclosed in a regulatory SEC
filing Wednesday that on Aug. 19, 2008, it received a Staff
Determination Letter from The NASDAQ Stock Market, stating that
the company is not in compliance with NASDAQ's Marketplace Rule
4310(c)(14) because it did not timely file its Quarterly Report
on Form 10-Q for the quarterly period ended June 30, 2008, with
the Securities and Exchange Commission, and that its common
units representing limited partner interests are therefore
subject to delisting from NASDAQ.

NASDAQ rules permit a company that has received a delisting
notification to request a hearing with the NASDAQ Listing
Qualifications Panel to appeal the staff's determination to
delist its securities.  The company intends to request such a
hearing.  There can be no assurance that the Panel will grant
the company's request for continued listing.  Pending a decision
by the Panel, the company's common units will remain listed on
NASDAQ.

As previously disclosed, the company was unable to timely file
the Form 10-Q due to uncertainties surrounding the filing of
voluntary petitions SemGroup, L.P. and certain of its
subsidiaries for reorganization under Chapter 11 of the
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware on July 22, 2008.

The company said its management and the board of directors of
its general partner are currently evaluating the impact of the
bankruptcy filings and certain related matters on the financial
statements.  The company expects to file its Form 10-Q for the
quarter ended June 30, 2008, as soon as is reasonably
practicable after such evaluation has been completed.

                  About SemGroup Energy Partners

Headquartered in Tulsa, Oklahoma, SemGroup Energy Partners, L.P.
-- http://www.SGLP.com/-- owns and operates a diversified
portfolio of complementary midstream energy assets.  SemGroup
Energy Partners provides crude oil and liquid asphalt cement
terminalling and storage services and crude oil gathering and
transportation services.  SemGroup serves customers in the
United States, Canada, Mexico, Wales, Switzerland and Vietnam.
SemMaterials Mexico, S. de R.L. de C.V. is a major subsidiary of
the company.

As a publicly traded master limited partnership, SemGroup Energy
Partners' common units are traded on the NASDAQ Global Market
under the symbol SGLP.  The general partner of SemGroup Energy
Partners is a subsidiary of SemGroup, L.P.

On July 22, 2008, the company's parent, SemGroup, L.P., filed a
voluntary petition for reorganization under Chapter 11 of the
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware.  Various subsidiaries of SemGroup, L.P.
also filed voluntary petitions for reorganization under Chapter
11 of the Bankruptcy Code on such date.  None of the company,
the general partner of the company, nor any of the subsidiaries
of the company or the general partner were included in the
bankruptcy filings.

At March 31, 2008, SemGroup Energy Partners, L.P.'s consolidated
balance sheet showed US$262.0 million in total assets and
US$316.6 million in total liabilities, resulting in a
US$54.6 million partners' deficit.



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

PETROLEOS DE VENEZUELA: Will Create Two JVs With Petrovietnam
-------------------------------------------------------------
Agence France-Presse reports that Venezuelan Energy and Oil
Minister and Petroleos de Venezuela SA's President Rafael
Ramirez said the company will form two joint oil refining firms
with Petrovietnam.

According to Agence France, Minister Ramirez said after a
meeting with Vietnamese officials, “PDVSA (Petroleos de
Venezuela) and Petrovietnam will work together to build the two
joint companies -- one to transport oil to Vietnam and the other
to refine that oil in Vietnam, at a refinery we jointly own.”

Agence France relates that Venezuela and Vietnam will disclose
on Sept. 15 a new oil exploration accord in the Orinoco basin.
Petrovietnam already has a concession in Venezuela, Agence
France adds.

Petroleos de Venezuela will also construct a production facility
with Petrovietnam to make energy-saving light bulbs in
Venezuela, the same report states, citing Minister Ramirez.

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

                          *     *     *

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

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

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


* VENEZUELA: CEMEX to File Complaint Seeking Int'l Arbitration
--------------------------------------------------------------
CEMEX S.A.B. de C.V. will submit a complaint seeking
international arbitration before the International Center for
Settlement of Investment Disputes following the Venezuelan
Government’s confiscation of assets, deprivation of rights of
CEMEX Venezuela as well as the initiation of the expropriation
of CEMEX’s business.

CEMEX believes the confiscation and subsequent start of the
expropriation process is a flagrant violation of the
Constitution, Law of Expropriation and other laws of Venezuela.
CEMEX also believes the Venezuelan Government’s actions
highlight a lack of respect for the principles of international
law and the treaties relating to reciprocal protection of
investments which forbid the occupation of goods and deprivation
of rights without fair and effective compensation and without an
expropriation procedure.

CEMEX has always been respectful of legally based sovereign
decisions, as well as the legal and regulatory frameworks that
exist within the countries in which it maintains an operational
presence, but it has an obligation to its shareholders to defend
its business interests.

After careful analysis, CEMEX determined that it could not
accept the compensation proposal offered by the Government of
Venezuela as part of its ongoing process to nationalize its
assets.  CEMEX believes that the offer of US$650 million
significantly undervalues its business in Venezuela.

In addition, the offer presented to CEMEX is lower,
proportionally, than the ones offered to the European cement
companies, considering value per ton of installed capacity and
EBITDA multiple.

CEMEX has always been open to engage in dialogue with the
Government of Venezuela and intends to continue to seek an
equitable resolution for all parties.

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

                          *     *     *

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.


* BOND PRICING: For the Week August 18 - August 22, 2008
--------------------------------------------------------

   Issuer               Coupon    Maturity   Currency    Price
   ------               ------    --------   --------    -----

   ARGENTINA
   ---------
Alto Palermo SA          7.875     5/11/17     USD      66.67
Argnt-Bocon PR11         2.000     12/3/10     ARS      52.29
Argnt-Bocon PR13         2.000     3/15/24     ARS      49.88
Arg Boden                2.000     9/30/08     ARS      15.57
Arg Boden                7.000     10/3/15     USD      64.85
Autopistas Del Sol      11.500     5/23/17     USD      52.90
Bonar Arg $ V           10.500     6/12/12     ARS      67.75
Bonar VII                7.000     9/12/13     USD      73.75
Bonar X                  7.000     4/17/17     USD      68.54
Inversiones y Rep        8.500      2/2/17     USD      68.00
Argent-EURDIS            7.820    12/31/33     EUR      59.45
Argent-$DIS              8.280    12/31/33     USD      73.00
Argent-Par               0.630    12/31/38     ARS      32.77
Banco Hipot SA           9.750     4/27/16     USD      68.17
Banco Macro SA           9.750    12/18/36     USD      61.35
Buenos-EURDIS            8.500     4/15/17     EUR      63.52
Buenos-$DIS              9.250     4/15/17     USD      70.50
Buenos Aire Prov         9.375     9/14/18     USD      62.37
Buenos Aire Prov         9.625     4/18/28     USD      60.25
Mendoza Province         5.500     9/04/18     USD      65.75

   BERMUDA
   -------
XL Capital Ltd           6.500    12/31/49     USD      60.15

   BRAZIL
   ------
CESP                     9.750     1/15/15     BRL      65.88
Gol Finance              7.500     4/03/17     USD      67.02
Gol Finance              7.500     4/03/17     USD      64.67
Gol Finance              8.750     4/29/49     USD      64.25

   CAYMAN ISLANDS
   --------------
Barion Funding           0.100    12/20/56     EUR       6.98
Barion Funding           0.250    12/20/56     USD       6.28
Barion Funding           0.250    12/20/56     USD       6.28
Barion Funding           0.250    12/20/56     USD       6.28
Barion Funding           0.250    12/20/56     USD       6.28
Barion Funding           0.250    12/20/56     USD       6.28
Barion Funding           0.250    12/20/56     USD       6.28
Barion Funding           0.630    12/20/56     GBP      16.12
Barion Funding           1.440    12/20/56     GBP      28.61
Mazarin Fdg Ltd          0.100     9/20/68     EUR       4.28
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.67
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.67
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.67
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.67
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.67
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.67
Mazarin Fdg Ltd          0.510     9/20/68     EUR      10.92
Mazarin Fdg Ltd          0.630     9/20/68     GBP      13.34
Mazarin Fdg Ltd          1.440     9/20/68     GBP      26.28
Shimao Property          8.000     12/1/16     USD      62.12
Shinsei Fin Caym         6.418     1/29/49     USD      60.72
Shinsei Fin Caym         6.418     1/29/49     USD      60.92
Shinsei Finance          7.160     7/29/49     USD      67.26

   JAMAICA
   -------
Jamaica Govt LRS         7.500     10/6/12     JMD      72.42
Jamaica Govt LRS        12.750     6/29/22     JMD      70.42
Jamaica Govt LRS        12.750     6/29/22     JMD      70.43
Jamaica Govt LRS        12.850     5/31/22     JMD      70.98
Jamaica Govt LRS        13.375    12/15/21     JMD      74.01
Jamaica Govt            13.375     4/27/32     JMD      69.13

  PUERTO RICO
  -----------
Puerto Rico Cons         6.200      5/1/17     USD      73.00

   VENEZUELA
   ---------
Petroleos de Ven         5.250     4/12/17     USD      64.76
Petroleos de Ven         5.375     4/12/27     USD      54.88
Petroleos de Ven         5.500     4/12/37     USD      53.85
Venezuela                6.000     12/9/20     USD      68.25
Venezuela                7.000     3/31/38     USD      66.92
Venezuela                7.650     4/21/25     USD      75.00



                            ***********

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 * * *