TCRLA_Public/080826.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Tuesday, August 26, 2008, Vol. 9, No. 169

                             Headlines


A R G E N T I N A

PETROBRAS ENERGIA: Citigroup Raises Rating on Shares to Hold

* ARGENTINA: Drought Batters Agriculture in Five Provinces


B E R M U D A

BLANCA FLOR: Will Hold Final Shareholders Meeting on Sept. 10
CRONOS FINANCE: Proofs of Claim Filing Deadline Is Aug. 27
CRONOS FINANCE: Sets Final Shareholders Meeting for Sept. 17
D & N INSURANCE: Holds Final Shareholders Meeting on Sept. 16
ETABLISSEMENT ASAMAR: Final Shareholders Meeting Is on Sept. 10

INTERNATIONAL TECHNOLOGY: Claims Filing Deadline Is Sept. 4
INTERNATIONAL TECHNOLOGY: Final Shareholders Meeting Is Sept. 6
NCS ENVIRONMENTAL: Proofs of Claim Filing Deadline Is Sept. 4
NCS ENVIRONMENTAL: Sets Final Shareholders Meeting for Sept. 5
NCS HOLDINGS: Deadline for Proofs of Claim Filing Is Sept. 4

NCS HOLDINGS: Will Hold Final Shareholders Meeting on Sept. 5
PHARMAPEP RESEARCH: Sets Final Shareholders Meeting on Sept. 10
PLAYTEX ENTERPRISE: Filing for Proofs of Claim Is Until Aug. 29
PLAYTEX ENTERPRISE: Final Shareholders Meeting Is on Sept. 10
ROCHE INTERFINANCE: Sets Final Shareholders Meeting on Sept. 16

ROCHE INTERIVESTMENT: Final Shareholders Meeting Is on Sept. 16
SHOOTER MULTI-STRATEGY: Proofs of Claim Filing Is Until Sept. 5
SHOOTER MULTI-STRATEGY: Final Shareholders Meeting Is Sept. 9
SHOOTER MASTER: Deadline for Proofs of Claim Filing Is Sept. 5
SHOOTER MASTER: Holding Final Shareholders Meeting on Sept. 9


B R A Z I L

BANCO BRADESCO: To Pay BRL0.012 Per Share Dividend on October 1
CENTRAIS ELETRICAS: Says Almost Paying BRL8.5 Billion Dividends
COMPANHIA SIDERURGICA: Says No Formal Offers for Namisa Unit
PARANA BANCO: Reports BRL25.4 Million Second Quarter Net Income
TELE NORTE: Ministry Probing Firm for Stifling Competition

UNIALCO SA: Moody's Drops Corporate Family Rating to B3 From B2


C A Y M A N  I S L A N D S

IBERAVILA LTD: Holding Final Shareholders Meeting on Aug. 29
IBERBURGOS LTD: To Hold Final Shareholders Meeting on Aug. 29
IBERCACERES LTD: Sets Final Shareholders Meeting for Aug. 29
IBERCUENCA LTD: Proofs of Claim Filing Deadline Is Aug. 29
IBERCUENCA LTD: Holding Final Shareholders Meeting on Aug. 29

IBERLEASING 2000-3: Proofs of Claim Filing Is Until Aug. 29
IBERLEASING 2000-3: Sets Final Shareholders Meeting on Aug. 29
IBERSEGOVIA LTD: Filing for Proofs of Claim Is Until Aug. 29
IBERSEGOVIA LTD: To Hold Final Shareholders Meeting on Aug. 29
IBERSORIA LTD: Deadline for Proofs of Claim Filing Is Aug. 29

IBERSORIA LTD: Will Hold Final Shareholders Meeting on Aug. 29
IBERTOLEDO LTD: Proofs of Claim Filing Deadline Is Aug. 29
IBERTOLEDO LTD: Holding Final Shareholders Meeting on Aug. 29
IBERZAMORA LTD: Deadline for Proofs of Claim Filing Is Aug. 29
IBERZAMORA LTD: To Hold Final Shareholders Meeting on Aug. 29


C O L O M B I A

BANCOLOMBIA SA: To Sell Mortgage Loans to Titularizadora


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Incurs DOP11.9 Bil. Deficit as of Aug. 8


G U A T E M A L A

BRITISH AIRWAYS: Seeks Tougher Airport Regulation


M E X I C O

CABLEMAS SA: To Release Second Quarter 2008 Earnings on Aug. 28
CONSORCIO HOGAR: Moody's Cuts Currency Issuer Ratings to Ba2/B2
FOAMEX INT'L: Unable to Toss Out ERISA Class Action Claims
FRONTIER AIRLINES: Shareholder Says Equity Has Been Neglected
FRONTIER AIRLINES: Posts US$57MM Net Loss in Qtr. Ended June 30

FRONTIER AIRLINES: Teamsters Balk at Demand for Protective Order
METROFINANCIERA SA: Fitch Lowers Individual Rating to D/E from D


P E R U

BANCO INTERNACIONAL: Moody's Puts Ba2 Foreign Curr. Deposit Rtg.


P U E R T O  R I C O

AFC ENTERPRISES: July 13 Balance Sheet Upside-Down by US$44.8MM


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Accounts Receivable Up 54.9% as of June
PETROLEOS DE VENEZUELA: Will Supply Fuel to Paraguay

* VENEZUELA: Eyes Oil Output Cut if Crude Prices Slide Further

* Large Companies With Insolvent Balance Sheet


                          - - - - -


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

PETROBRAS ENERGIA: Citigroup Raises Rating on Shares to Hold
------------------------------------------------------------
James Attwood at Bloomberg News reports that Citigroup INc. has
raised its recommendation on Petrobras Energia Participaciones
S.A. shares to ?hold? from ?sell?.

Bloomberg News relates that Petrobras Energia's second-quarter
earnings this year surpassed estimates, which analyst Tereza
Mello says was due to higher fuel prices.  According to
Petrobras Energia, profit rose fourfold to ARS397 million from
ARS101 million in the year-earlier quarter.

Citigroup then raised Petrobras Energia's earnings estimates for
2008 and 2009 after second-quarter results exceeded expectations
on higher fuel prices, the  report says, citing Ms. Mello.

The firm's American depository receipts could rise to US$13,
compared with the previous US$12 estimate, the same report says,
citing analyst Tereza Mello.  According to that report, the
American depository receipts dropped 26% this year to US$10.35.

According to Bloomberg News, Ms. Mello said, ?While we remain
cautious on PZE, we would advise investors to maintain current
positions as the 32% decline in the past two months, seems
slightly overdone.  We highlight the potential of a dividend
payment from Venezuela as a possible short term catalyst.?

Argentina-based Petrobras Energia Participaciones S.A. (Buenos
Aires: PBE, NYSE:PZE) a holding company that operates through
its subsidiaries.  The company's principal assets is 75.8% of
the equity interest of Petrobras Energia S.A., an integrated
energy company, focused in oil and gas exploration and
production, refining, petrochemical activities, generation,
transmission and distribution of electricity and sale and
transmission of hydrocarbons.

                          *     *     *

Petrobras Energia Participaciones S.A. still carries a 'B'
Long-Term Issuer Default Rating placed by Fitch Ratings on
Oct. 14, 2004.


* ARGENTINA: Drought Batters Agriculture in Five Provinces
----------------------------------------------------------
A Xinhua News report posted in People's Daily Online said
Argentine President Cristina Fernandez has declared a state of
emergency in five provinces hit by a months-long drought.

The government also granted ARS25 million (over US$8 million) in
aid to the five provinces of Cordoba, Buenos Aires, Santa Fe, La
Pampa and Chaco, the report says.

The report relates that the presidential decree came after the
provincial governments launched a bail-out program to defer some
obligations and credit payment of grain producers in the region.

According to the report, the drought, the worst in 50 years, has
left 10 percent of the farm land in the five provinces sterile
and 400,000 livestock dead prompting the President of the
Agrarian Federation (FAA), Eduardo Buzzi, to appeal for a
government aid of ARS500 million (about US$160 million) to help
affected grain producers avoid going bankrupt.

                           *     *     *

The Troubled Company Reporter-Latin America reported on Aug. 13,
2008, that Standard & Poor's Ratings Services said that its
lowering of the sovereign ratings on the Republic of Argentina
will not immediately affect ratings on Argentine corporate
entities.  S&P lowered the global scale ratings on Argentina to
'B' from 'B+' and the national scale ratings to 'raAA-' from
'raAA'.  The outlook on the sovereign is stable, and the 'B'
short-term global scale rating remains unchanged.



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

BLANCA FLOR: Will Hold Final Shareholders Meeting on Sept. 10
-------------------------------------------------------------
Blanca Flor Private Trustee Company Ltd. will hold its final
shareholders meeting on Sept. 10, 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.

Blanca Flor's shareholders agreed on Aug. 4, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

                Francois Diederik Rosendaal
                c/o 28-30 Boulevard des Moulins
                98000 Monaco

Contact for inquiries:

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


CRONOS FINANCE: Proofs of Claim Filing Deadline Is Aug. 27
----------------------------------------------------------
Cronos Finance (Bermuda) Ltd.'s creditors are given until
Aug. 27, 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.

Cronos Finance's shareholders agreed on Aug. 11, 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


CRONOS FINANCE: Sets Final Shareholders Meeting for Sept. 17
------------------------------------------------------------
Cronos Finance (Bermuda) Ltd. will hold its final shareholders
meeting on Sept. 17, 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.

Cronos Finance's shareholders agreed on Aug. 11, 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


D & N INSURANCE: Holds Final Shareholders Meeting on Sept. 16
-------------------------------------------------------------
D & N Insurance (Bermuda) Ltd.  will hold its final shareholders
meeting on Sept. 16, 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.

D & N Insurance's shareholders agreed on Aug. 5, 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


ETABLISSEMENT ASAMAR: Final Shareholders Meeting Is on Sept. 10
---------------------------------------------------------------
Etablissement Asamar Ltd.  will hold its final shareholders
meeting on Sept. 10, 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.

Etablissement Asamar's shareholders agreed on Aug. 5, 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


INTERNATIONAL TECHNOLOGY: Claims Filing Deadline Is Sept. 4
-----------------------------------------------------------
International Technology Investment Group Ltd.'s creditors are
given until Sept. 4, 2008, to prove their claims to Samir
Badawi, 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.

International Technology's shareholder decided on July 21, 2008,
to place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

                Samir Badawi
                c/o Mello Jones & Martin
                Thistle House, 4 Burnaby Street
                Hamilton, Bermuda


INTERNATIONAL TECHNOLOGY: Final Shareholders Meeting Is Sept. 6
---------------------------------------------------------------
International Technology Investment Group Ltd. will hold its
final shareholders meeting on Sept. 6, 2008, at 9:30 a.m., at
the offices of Mello Jones & Martin, 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.

International Technology's shareholder decided on July 21, 2008,
to place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

                Samir Badawi
                c/o Mello Jones & Martin
                Thistle House, 4 Burnaby Street
                Hamilton, Bermuda


NCS ENVIRONMENTAL: Proofs of Claim Filing Deadline Is Sept. 4
-------------------------------------------------------------
NCS Environmental Services Ltd.'s creditors are given until
Sept. 4, 2008, to prove their claims to Mindy Choe, 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.

NCS Environmental's shareholder decided on July 21, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

                Mindy Choe
                c/o Mello Jones & Martin
                Thistle House, 4 Burnaby Street
                Hamilton, Bermuda


NCS ENVIRONMENTAL: Sets Final Shareholders Meeting for Sept. 5
--------------------------------------------------------------
NCS Environmental Services Ltd. will hold its final shareholders
meeting on Sept. 5, 2008, at 9:30 a.m., at the offices of Mello
Jones & Martin, 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.

NCS Environmental's shareholder decided on July 21, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

                Mindy Choe
                c/o Mello Jones & Martin
                Thistle House, 4 Burnaby Street
                Hamilton, Bermuda


NCS HOLDINGS: Deadline for Proofs of Claim Filing Is Sept. 4
------------------------------------------------------------
NCS Holdings Ltd.'s creditors are given until Sept. 4, 2008, to
prove their claims to Mindy Choe, 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.

NCS Holdings' shareholder decided on July 21, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

                Mindy Choe
                c/o Mello Jones & Martin
                Thistle House, 4 Burnaby Street
                Hamilton, Bermuda


NCS HOLDINGS: Will Hold Final Shareholders Meeting on Sept. 5
-------------------------------------------------------------
NCS Holdings Ltd. will hold its final shareholders meeting on
Sept. 5, 2008, at 9:30 a.m., at the offices of Mello Jones &
Martin, 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.

NCS Holdings' shareholder decided on July 21, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

                Mindy Choe
                c/o Mello Jones & Martin
                Thistle House, 4 Burnaby Street
                Hamilton, Bermuda


PHARMAPEP RESEARCH: Sets Final Shareholders Meeting on Sept. 10
---------------------------------------------------------------
Pharmapep Research & Development International Ltd. will hold
its final shareholders meeting on Sept. 10, 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.

Pharmapep Research's shareholders agreed on Aug. 4, 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


PLAYTEX ENTERPRISE: Filing for Proofs of Claim Is Until Aug. 29
---------------------------------------------------------------
Playtex Enterprise Risk Management Ltd.'s creditors are given
until Aug. 29, 2008, to prove their claims to Mike Morrison, 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.

Playtex Enterprise's shareholder decided on July 23, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

                Mike Morrison
                c/o KPMG Advisory Limited
                Crown House, 4 Par-La-Ville Road
                Hamilton, Bermuda


PLAYTEX ENTERPRISE: Final Shareholders Meeting Is on Sept. 10
-------------------------------------------------------------
Playtex Enterprise Risk Management Ltd. will hold its final
shareholders meeting on Sept. 10, 2008, at 10:00 a.m., at KPMG
Advisory Limited, Crown House, 4 Par-la-Ville Road, 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.

Playtex Enterprise's shareholder decided on July 23, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

                Mike Morrison
                c/o KPMG Advisory Limited
                Crown House, 4 Par-La-Ville Road
                Hamilton, Bermuda


ROCHE INTERFINANCE: Sets Final Shareholders Meeting on Sept. 16
---------------------------------------------------------------
Roche Interfinance Ltd. will hold its final shareholders meeting
on Sept. 16, 2008, at 10:00 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.

Roche Interfinance's shareholders agreed on Aug. 6, 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


ROCHE INTERIVESTMENT: Final Shareholders Meeting Is on Sept. 16
---------------------------------------------------------------
Roche Interinvestment Ltd. will hold its final shareholders
meeting on Sept. 16, 2008, at 10:30 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.

Roche Interinvestment's shareholders agreed on Aug. 6, 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


SHOOTER MULTI-STRATEGY: Proofs of Claim Filing Is Until Sept. 5
---------------------------------------------------------------
Shooter Multi-Strategy Fund Ltd.'s creditors are given until
Sept. 5, 2008, to prove their claims to Paul McCann, 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.

Shooter Multi-Strategy's shareholder decided on Aug. 6, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

                Paul McCann
                c/o Mello Jones & Martin
                Bermuda


SHOOTER MULTI-STRATEGY: Final Shareholders Meeting Is Sept. 9
-------------------------------------------------------------
Shooter Multi-Strategy Fund Ltd. will hold its final
shareholders meeting on Sept. 9, 2008, at 9:30 a.m. at the
offices of Mello Jones & Martin in 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.

Shooter Multi-Strategy's shareholder decided on Aug. 6, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

                Paul McCann
                c/o Mello Jones & Martin
                Bermuda


SHOOTER MASTER: Deadline for Proofs of Claim Filing Is Sept. 5
--------------------------------------------------------------
Shooter Multi-Strategy Master Fund Ltd.'s creditors are given
until Sept. 5, 2008, to prove their claims to Paul McCann, 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.

Shooter Multi-Strategy's shareholder decided on Aug. 6, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

                Paul McCann
                c/o Mello Jones & Martin
                Bermuda


SHOOTER MASTER: Holding Final Shareholders Meeting on Sept. 9
-------------------------------------------------------------
Shooter Multi-Strategy Master Fund Ltd. will hold its final
shareholders meeting on Sept. 9, 2008, at 9:30 a.m. at the
offices of Mello Jones & Martin in 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.

Shooter Multi-Strategy's shareholder decided on Aug. 6, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

                Paul McCann
                c/o Mello Jones & Martin
                Bermuda



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

BANCO BRADESCO: To Pay BRL0.012 Per Share Dividend on October 1
---------------------------------------------------------------
Banco Bradesco S.A. will pay its 2008 dividends, on October 1,
related to the month of September 2008, for BRL0.012017500 per
common share and BRL$0.013219250 per preferred share to the
shareholders registered in the company?s records on September 1,
2008.  This is in conformity with the System for Monthly Payment
to Shareholders.

The payment will be made according to the declared amount, with
no Withholding Income Tax, under the terms of the Article 10 of
Law # 9,249/95, as:

    * credit in the current account informed by the shareholder;

    * the shareholders who do not inform their banking data or do
      not hold a current account in a Financial Institution must
      go to a Bradesco Branch on their preference having their
      identification document and the ?Notice For Receipt of
      Earnings from Book-Entry Shares?, sent by mail to those
      having their address updated in the Company?s records;

    * to those with shares held on custody with the CBLC -
      Companhia Brasileira de Liquidacao e Custodia (CBLC -
      Brazilian Clearing and Depository Corporation), the payment
      of Dividends will be made to CBLC, which will transfer them
      to the shareholders through the Depository Agents.

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

                           *     *     *

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


CENTRAIS ELETRICAS: Says Almost Paying BRL8.5 Billion Dividends
---------------------------------------------------------------
Bloomberg News reports that Centrais Eletricas Brasileiras SA,
a.k.a. Eletrobras, said it is close to reaching an accord on a
BRL8.5 billion dividend payment to shareholders.

According to the report, Eletrobras owed dividends to
shareholders since the 1970s.  ?An understanding between the
Ministries of Mines and Energy and of Finance are very
advanced,? Bloomberg News quoted Eletrobras' Chief Executive
Officer Jose Antonio Muniz Lopes as saying.  Mr. Lopes told
reporters in Sao Paulo that Eletrobras hopes that Mines and
Energy Minister Edison Lobao will announce an agreement before
year-end.

Eletrobras also denied that a plan will be voted at its next
meeting, Bloomberg News says.  News daily Valor Economico had
reported that the payment of BRL2.8 billion in cash and BRL5.7
billion in new shares would be voted on at Eletrobras' Aug. 29
board meeting.  According to Eletrobras, its dividend plan is
not on its Aug. 29 agenda, and the company didn't disclose a
date on when the plan will be discussed.

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.


COMPANHIA SIDERURGICA: Says No Formal Offers for Namisa Unit
------------------------------------------------------------
Companhia Siderurgica Nacional S.A. has not received any formal
offers for its Nacional Minerios SA (Namisa) unit, though plans
are on the way to sell it since there was a strong interest from
potential buyers, Bloomberg News reports.

Bloomberg News says CSN sought to sell Namisa to help raise cash
to expand its larger iron-ore unit, Casa de Pedra, which started
exporting in 2007.  Namisa has a goal to sell 40 million metric
tons per year of iron ore from its own mines and third parties
by 2011.

An investor relations official, Bloomberg News relates, said CSN
may complete the sale by late September.  The bidding process
will be announced in October, said Juarez Saliba, executive
director of business development.

The report says Rogerio Zarpao, a Unibanco analyst in Sao Paulo,
predicted that Namisa may be worth as much as US$8.5 billion.

Nippon Steel Corp., JFE Holdings Inc. and a Japanese trading
company are among the bidders for Namisa.  The deal may be worth
as much as US$10 billion, Reuters states, citing unidentified
people in the industry.

Reuters also reports that OAO Severstal, Essar Steel Ltd, Tata
Steel Ltd., JSW Energy Ltd., ArcelorMittal, Baosteel Group Corp.
and Shougang Group have also showed interest in the unit.

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

                          *     *     *

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


PARANA BANCO: Reports BRL25.4 Million Second Quarter Net Income
---------------------------------------------------------------
Parana Banco S.A. reported second quarter 2008 net income of
BRL25.4 million and net margin of 15.8%.

Parana Banco released its results for the second quarter of 2008
(2Q08).  The financial information is presented on a
consolidated basis and includes the financial statements of the
bank, its subsidiaries, the Credit Receivables Investment Fund
(FIDC) Parana Banco I, the Credit Receivables Investment Fund
Parana Banco II (FIDCs), the insurer J. Malucelli Seguradora and
J. Malucelli Re.

In 2Q08, Parana Banco continued to pursue the strategy to
consolidate its expansion in the credit and insurance segments.
Data from the Central Bank Inflation Report, posted in June
2008, show that the credit market remains strong in spite of the
higher benchmark interest rate (Selic) intended to check
inflation.  Also according to the Central Bank, loans with free
and allocated funds totaled BRL1,067 billion in June, up 7.5% in
the quarter and 33.4% in twelve months.  The ratio between the
total credit volume and the gross domestic product totaled to
36.5%, versus 32.0% in May 2007.  To take advantage of these
opportunities, Parana Banco actively sought efficient and cost-
effective alternatives for credit origination, so that credit
operations will both increase in volume and be more profitable
for the bank's shareholders, highlighting the activity of the
alternative channels.  In July 2008, the bank already held 92
franchises in 17 states, another 26 approved franchises in the
opening process, three own stores, in addition to 636 signed
agreements for payroll deduction.

Parana Banco anticipates a promising future in the insurance
segment, after the merger of J. Malucelli Seguradora and the
incorporation of J. Malucelli Resseguradora, the first private
capital reinsurer authorized to operate in Brazil.  The
maintenance of investments in industry and infrastructure will
benefit the issue of surety bonds, the core business of J.
Malucelli Seguradora.  These factors, in addition to our new
investments, will enable Parana Banco to achieve a sustainable
profitability, with the confidence and liquidity for which it
has always been renowned.

Interest on Equity and Tax Benefit

According to the minutes of the Board of Executive Officers'
meeting held on June 30, 2008, the officers approved by
unanimity of votes the payment of Interest on Equity in the
amount of BRL18,186,214.44 million, or BRL0.17 per share,
corresponding to the first half of 2008 income.  Company shares
were traded ?ex-interest on equity? starting July 7, 2008.
With the payment of Interest on Equity on July 3, the bank will
use a BRL7.3 million tax benefit.

Consequently, Parana Banco closed the first half of 2008 with
57.5% dividend pay-out and 2.6% dividend yield, on July 4, 2008.

Payroll-deductible Credit Card

In January 2008, the National Institute of Social Security
introduced new rules for granting payroll-deductible loans to
its beneficiaries, reserving 10% of the loan-deductible
portion for credit card loans.  Parana Banco maintains a credit-
card agreement with Mastercard, allowing it to explore its
current base of 180,000 INSS beneficiary clients, since
March 27, 2008.  This is a new trend in the payroll-deductible
credit market.  The regulation process in under way in
Maranhao and Santa Catarina States, while other states, like Rio
de Janeiro and Paraiba, can already offer it.  Parana Banco is
prepared to meet this demand.

The credit card portfolio, with 27,236 issued cards, totaled
BRL10.8 million on June 30, 2008.

Middle-Market

In the third quarter 2007, Parana Banco began operating in the
middle-market segment, establishing its first platform for this
type of operation.  In 2Q08, the segment loan portfolio stood at
BRL73.1 million, 5% of the total portfolio.  Synergies with J.
Malucelli Seguradora, such as the sharing of expertise in credit
analysis and a 20,000-strong client base, should drive further
growth.  Yet in 2008, Parana Banco will begin operations through
a second platform in order to expand its share of this market.
In 2Q08, middle-market origination came to BRL27.6 million,
versus BRL23.5 million in the first quarter 2008, a 17.4% rise.

Net Premiums Written

In recent years, J. Malucelli Seguradora has consistently held
the leadership position in the surety bond market.  According to
SUSEP's late May 2008 figures, it had a 41% market share.
Claims The increase in surety bond premiums between 2000 and
2007 has been accompanied by low claims ratios, which shows the
Insurer's efficient risk appraisal.

Insurance claims refer to the indemnification paid by insurance
companies to insured parties following the occurrence of an
event covered by the insurance policy in question.  The claims
ratio is the ratio between claims paid and the volume of
premiums written.  Both indicators show the insurer's strong
situation.

According to Brazilian insurance regulator SUSEP's data, by May
2008, the Insurer had a reversal or denial of claims totaling
BRL939 million and insurance claims amounting to
BRL732 million, which results in a claims ratio of -0.3%.

J. Malucelli Resseguradora

Parana Banco, through its wholly-owned subsidiary J. Malucelli
Participacoes em Seguros e Resseguros S.A., has filed with SUSEP
a request for authorization to establish Brazil's first private
capital reinsurance company, J. Malucelli Resseguradora S/A.
Through Administrative Rule 2,942, publish the Brazil's Federal
Register on May 23, 2008, J. Malucelli Resseguradora S/A was
authorized by SUSEP to operate as a local reinsurance company.
J. Malucelli Re focuses exclusively on the Surety Bond market
and the opportunities arising from the opening of the
reinsurance market in Brazil.

Parana Banco's decision to intensify its Insurance/Reinsurance
operations was mainly due to the new opportunities after the
recent opening of the Reinsurance market and the end of the
sector monopoly by the IRB ? Brasil Resseguros S/A.  Instead of
being submitted to the market reserves created by the new sector
legislation, the strategy is to take advantage of these
reserves as a local reinsurance company.  J. Malucelli Re began
operations with the guarantee of 100% of reinsurance premiums
generated by J. Malucelli Seguradora, which represent 41% of
Brazil's surety bond market.  It already provides reinsurance
capacity to a great number of insurance companies in Brazil.
Moreover, rating agencies were contracted, with an aim to become
capacitated to win clients in other countries, thus expanding J.
Malucelli Re's operations into other Latin American countries.
In recent years, J. Malucelli Seguradora has paid the Reinsurers
with whom it works more than BRL470 million in reinsurance
premiums, generating about BRL300 million in profits for them.
Part of those profits will henceforth be retained by Parana
Banco's Reinsurer, which intends to maintain partnerships with
IRB and international Reinsurers, albeit in the Retrocession
segment (Insurance of Reinsurance).

As a local reinsurer, J. Malucelli Re belongs to the group of
reinsurers granted the Right of First Refusal of 60% of
reinsured premiums until 2012 and 40% after that, pursuant to
SUSEP's Dispatch # 168.

In one month of operations, the company has already achieved a
volume of issued reinsurance premiums of BRL16.8 million, net
income of BRL0.9 million and return on average equity of 16%.

Total Assets

Parana Banco's total assets amounted to BRL2,160.3 million in
late June, versus BRL1,656.9 recorded in second quarter 2007, a
30.4% increase.  Worth of note is the expansion of the credit
portfolio, which recorded a 63.5% rise in the period.

The marketable securities portfolio fell by 34.6% due to the
large amount of funds from the initial public offering in late
second quarter 2007.  Other assets rose by 76.9%.

Performance

Loan operations closed the second quarter of 2008 at
BRL1,416.4 million, up 63.5% year-on-year and 8.05% over first
quarter 2008.  Payroll deductible loans in 2Q08 accounted for
95% of the overall portfolio.

Payroll deductible loan originations continued to rise, totaling
BRL337.7 million in 2Q08, 58.7% more than the BRL212.8 million
recorded second quarter 2007.  Commissions on the origination of
payroll-deductible loans have fallen in the last few quarters.
That fall was largely due to the greater share of the
alternative channels in origination.  In the second quarter of
2008, the bank's commission payments came to 5.98% of the
payroll deductible loan origination, versus 7.1% in first
quarter 2008 and 8.1% in second quarter 2007.

Of the higher funding costs due to the increase in the SELIC
rate, Parana Banco has no problems concerning availability of
funds.  Despite its low leverage, the bank successfully
concluded a new foreign issue totaling US$300 million, with
initial funding of US$35 million finished on Aug. 6, with 3-year
maturity and 7.75% coupon.  As a result, a new FIDC will not be
structured soon.

Marketable Securities

Parana Banco's securities portfolio is classified under
?Available for Sale?, and in June 2008 this portfolio amounted
to BRL382.9 million, 34.6% less than the BRL585.5 million
recorded in the second quarter 2007.  This drop is explained by
the increase in loan operations.  The marketable securities
portfolio is basically composed of repurchase operations
ballasted in Financial Treasury Bills with maturities of more
than one year.

Income from Financial Operations

Income from Financial Operations rose by 30.5% in 2Q08 when
compared with the second quarter 2007 and came to
BRL98.5 million.  In the year, income from financial operations
totaled BRL184.9 million, versus BRL140.5 million in
1H07, which is a 31.7% rise.  In comparison to the previous
quarter, income from financial operations recorded a 13.9%
increase, which is mainly due to the expansion of the credit
portfolio.  The income from loan operations accounted for 88.3%
of total income, while that from securities operations for
11.7%, totaling BRL86.9 million and BRL11.5 million
respectively.

Expenses from financial operations remained virtually stable
year-on-year in 2Q08, with a slight 2.5% drop.  The expenses
from financial operations totaled BRL70.2 million in the first
half of 2008, 7.8% more than in the first half of 2007,
BRL65.1 million.

The allowance for doubtful loans fell by 27.7% in spite of the
portfolio expansion.  The increase in expenses was lower than
that in revenues, largely due to the fall in provisions for
doubtful loans and amounted to BRL7.5 million in 2Q08, versus
BRL10.3 million, which reflected the portfolio expansion and the
income from derivative financial instruments, which recorded
losses of 1.4 million in 2Q08, versus BRL5.3 million in the
second quarter 2007, corresponding to swap operations to hedge
the bank dollar-denominated issues from exchange exposure.
Expenses increased by 4.8% year-on-year.

Income from financial operations after the allowance for
doubtful loans totaled BRL55.1 million in 2Q08, 42.7% more than
in the second quarter 2007.  Income rose by 19.9% when compared
with the previous quarter.  In the first half of 2008, income
from financial operations after the allowance for doubtful loans
totaled BRL98.1 million, versus BRL75.3 million in the first
half of 2007, which represents a 50.2% increase.

Compliance with Banco Central do Brasil rules: Refund of Early
Settlement Fees

In 2Q08, Parana Banco reviewed its payroll-deductible loan
agreements signed while Article 2 of Dispatch No. 3,401 of
09.06.2006 was effective, in compliance with BACEN's request.
This review showed that there were contracts that did not comply
with BACEN's rules concerning early settlement fees.

For regularization purposes, Parana Banco made a provision for
the refund of the Early Settlement Fee.  The BRL7.2 million
provision was based on May figures and was reversed from other
operating revenues in the financial statements in 2Q08, which
resulted in a BRL4.4 million drop in the bank's net income.

The purpose of the full provision for these debts in May is to
show greater transparency in information disclosure and allow a
clearer analysis of the quarterly financial statements.

Operating expenses

Operating expenses came to BRL33.7 million in 2Q08, up from
BRL12.7 million in the second quarter 2007.  The main
contributing factor for this increase was other administrative
expenses, which came to BRL38.2 million in 2Q08, versus
BRL18.7 million in the second quarter 2007.  When compared with
the first quarter 2008, operating expenses increased by 76.5%,
due higher technical insurance provisions.  Operating expenses
totaled BRL52.8 million in the first half of 2008, up from
BRL29.0 million in the first half of 2007.  These increases were
due to the bank's growth and the investments to fuel the rise in
operations, which caused an impact.

Net Income

Net income totaled BRL25.4 million in 2Q08, which corresponds to
a 38.0% rise in comparison to the second quarter 2007 net
income, not including the initial public offering.  When
compared with the first half of 2008, net income was 54.1%
higher than that in the first half of 2007 and came to
BRL49.0 million.  This performance resulted from the great
expansion of the credit portfolio and the lower rise in
operating expenses in relation to the increase in the income
from financial operations.  In comparison to the first quarter
2008, net income increased by 7.3% and reflected higher
revenues from financial operations.

As of May 2008, taxation of Parana Banco's income rose by 6 p.p.
due to the increase in the social contribution on net income,
which also negatively impacted net income.

Capital Adequacy Ratio -? Basel Index

In June 2008, Parana Banco's capital adequacy ratio stood at
52.2%, versus 97.1% in the second quarter 2007.  Since the
initial public offering, the ratio has consistently risen in
line with the expansion of the bank's operations towards the
strategic target between 20% and 25%.  The Central Bank requires
a minimum ratio of 11%.

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/--), to
be issued through its principal office in Brazil.


TELE NORTE: Ministry Probing Firm for Stifling Competition
----------------------------------------------------------
Laura Price at Bloomberg News reports that the Brazilian Justice
Ministry's antitrust unit is conducting a probe on Tele Norte
Leste Participacoes SA for allegedly stifling competition.

Bloomberg relates that Tim Participacoes SA, Vivo Participacoes
SA, and America Movil SAB's Brazilian unit Claro are also being
investigated on similar charges.

Ana Paula Martinez, the director of the Department of Economic
Protection and Defense, part of SDE, said that the firms may be
charging high interconnection tariffs to competitors, Bloomberg
states.

According to SDE, Global Village Telecom, Intelig
Telecomunicacoes, Transit do Brasil, and Easytone
Telecomunicacoes have made the complaint to SDE.

                      About Tele Norte Leste

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

                          *     *     *

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


UNIALCO SA: Moody's Drops Corporate Family Rating to B3 From B2
---------------------------------------------------------------
Moody's downgraded Unialco S.A. Alcool e Açucar's corporate
family rating to B3 from B2. The rating remains on review for
possible further downgrade.

The downgrade reflects primarily the deterioration of Unialco's
liquidity profile, credit metrics and operating performance, due
primarily to the impact of lower than expected sugar and ethanol
prices for the fiscal year ending on March 31, 2008.  Moody's
observes that the proposed guaranteed US$150 million senior
unsecured note issuance announced by the company in October 2007
was never placed with investors due to adverse market
conditions, thus resulting in a weaker liquidity profile.

Unialco's reported net sales of BRL237 million and EBITDA of
BRL36 million for its Fiscal Year ending on March 31, 2008,
dropped 20.3% and 53.3%, respectively compared to Fiscal Year
2007.  Meanwhile, total financial debt increased to BRL408
million in Fiscal Year 2008 from BRL206 million in Fiscal Year
2007, resulting in an increase in Debt to EBITDA to 11.3 times
from 2.7 times in 2007.  Due to this increase in leverage,
Unialco has been forced to request waivers on its bank loan
financial covenants.  This comes at a time when the company
recently changed its senior management team leading to possible
changes in operating strategy.

The review for further downgrade will focus on the company's
business plan and projections to be provided by Unialco's new
management team, as well as its ability to improve its debt
maturity profile and renegotiate financial covenants.

Headquartered in Sao Paulo, Brazil, Unialco S.A. Alcool e Acucar
is a sugar and an ethanol producer.  Unialco had revenues of
BRL298 million (US$155 million) for the fiscal year ending on
Mar. 31, 2007.  62% of revenues are from sugar and 38% from
ethanol, with 62% of sales to the export market.



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

IBERAVILA LTD: Holding Final Shareholders Meeting on Aug. 29
------------------------------------------------------------
Iberavila Ltd. will hold its final shareholders meeting on
Aug. 29, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

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

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
                 Tel: (345)949-8244
                 Fax: (345)949-5223


IBERBURGOS LTD: To Hold Final Shareholders Meeting on Aug. 29
-------------------------------------------------------------
Iberburgos Ltd. will hold its final shareholders meeting on
Aug. 29, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

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

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
                 Tel: (345)949-8244
                 Fax: (345)949-5223


IBERCACERES LTD: Sets Final Shareholders Meeting for Aug. 29
------------------------------------------------------------
Ibercaceres Ltd. will hold its final shareholders meeting on
Aug. 29, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

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

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
                 Tel: (345)949-8244
                 Fax: (345)949-5223


IBERCUENCA LTD: Proofs of Claim Filing Deadline Is Aug. 29
----------------------------------------------------------
Ibercuenca 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.

Ibercuenca'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


IBERCUENCA LTD: Holding Final Shareholders Meeting on Aug. 29
-------------------------------------------------------------
Ibercuenca Ltd. will hold its final shareholders meeting on
Aug. 29, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

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

Ibercuenca'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
                 Tel: (345)949-8244
                 Fax: (345)949-5223


IBERLEASING 2000-3: Proofs of Claim Filing Is Until Aug. 29
-----------------------------------------------------------
Iberleasing 2000-3 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.

Iberleasing'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


IBERLEASING 2000-3: Sets Final Shareholders Meeting on Aug. 29
--------------------------------------------------------------
Iberleasing 2000-3 Ltd. will hold its final shareholders meeting
on Aug. 29, 2008, at the offices of Deutsche Bank (Cayman)
Limited, Boundary Hall, Cricket Square, George Town, Grand
Cayman, Cayman Islands.

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

Iberleasing'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
                 Tel: (345)949-8244
                 Fax: (345)949-5223


IBERSEGOVIA LTD: Filing for Proofs of Claim Is Until Aug. 29
------------------------------------------------------------
Ibersegovia 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.

Ibersegovia'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


IBERSEGOVIA LTD: To Hold Final Shareholders Meeting on Aug. 29
--------------------------------------------------------------
Ibersegovia Ltd. will hold its final shareholders meeting on
Aug. 29, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

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

Ibersegovia'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
                 Tel: (345)949-8244
                 Fax: (345)949-5223


IBERSORIA LTD: Deadline for Proofs of Claim Filing Is Aug. 29
-------------------------------------------------------------
Ibersoria 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.

Ibersoria'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


IBERSORIA LTD: Will Hold Final Shareholders Meeting on Aug. 29
--------------------------------------------------------------
Ibersoria Ltd. will hold its final shareholders meeting on
Aug. 29, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

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

Ibersoria'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
                 Tel: (345)949-8244
                 Fax: (345)949-5223


IBERTOLEDO LTD: Proofs of Claim Filing Deadline Is Aug. 29
----------------------------------------------------------
Ibertoledo 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.

Ibertoledo'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


IBERTOLEDO LTD: Holding Final Shareholders Meeting on Aug. 29
-------------------------------------------------------------
Ibertoledo Ltd. will hold its final shareholders meeting on
Aug. 29, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

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

Ibertoledo'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
                 Tel: (345)949-8244
                 Fax: (345)949-5223


IBERZAMORA LTD: Deadline for Proofs of Claim Filing Is Aug. 29
--------------------------------------------------------------
Iberzamora 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.

Iberzamora'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


IBERZAMORA LTD: To Hold Final Shareholders Meeting on Aug. 29
-------------------------------------------------------------
Iberzamora Ltd. will hold its final shareholders meeting on
Aug. 29, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

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

Iberzamora'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
                 Tel: (345)949-8244
                 Fax: (345)949-5223



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

BANCOLOMBIA SA: To Sell Mortgage Loans to Titularizadora
--------------------------------------------------------
BANCOLOMBIA S.A. will sell mortgage loans to Titularizadora
Colombiana S.A. amounting to approximately COP191,098 million.
These mortgage loans will be secured by Titularizadora through
the issuance of TIPS (Colombia's mortgage-backed securities).

The purpose of this transaction is to continue the transfer of
BANCOLOMBIA's mortgage loans to the capital markets.

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

                            *     *     *

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



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

* DOMINICAN REPUBLIC: Incurs DOP11.9 Bil. Deficit as of Aug. 8
--------------------------------------------------------------
The Dominican Republic has reported total expenses of DOP164.9
billion and total revenues of DOP153 billion resulting in a
deficit of DOP11.88 billion, as of Aug. 8, 2008, according to
dr1 newsletter.

The newsletter, citing the Ministry of Hacienda, says the bulk
of the spending was directed towards energy and petroleum
subsidies. 31% or DOP51.1 billion was spent on electricity and
petroleum, transport and bread subsidies.

Meanwhile, the report says the Central Bank's reserves decreased
11% and 0.5% between December 2007 and July 2008.  Gross
reserves in 2007 were registered at US$2.95 billion and in 2008
registered at US$2.7 billion for a US$282.8 million, or an 11%
decrease while net reserves went from US$2.41 bullion in 2007 to
DOP2.4 billion in 2008 for an DOP11.7 million decrease, or 0.5%.



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

BRITISH AIRWAYS: Seeks Tougher Airport Regulation
-------------------------------------------------
British Airways plc said the Competition Commission should focus
on strengthening the regulatory system at Britain's airports,
claiming it was a bigger issue than BAA's ownership structure,
Reuters reports.

"We think the ownership structure is secondary," a spokeswoman
for BA was quoted by Reuters as saying.

BA, Reuters discloses, supports the introduction of a license
system, which would help to measure an airport operator's
performance and impose sanctions if targets were not hit.

                Competition Commission Ruling

As reported in the TCR-Europe on Aug. 22, 2008, the Competition
Commission has provisionally found that there are competition
problems at each of BAA's seven UK airports (Heathrow, Gatwick,
Stansted and Southampton in England, and Edinburgh, Glasgow and
Aberdeen in Scotland) with adverse consequences for passengers
and airlines.  A principal cause is their common ownership by
BAA.  There are also competition problems arising from the
planning system, aspects of Government policy and the system of
regulation.

The CC has also published its proposed remedies on which it will
now consult.  If these are implemented, the CC will order BAA to
sell two of its three London airports, and also either Edinburgh
or Glasgow airport.  The CC will reach its decisions on remedies
on the basis of responses to its consultation at the same time
as it makes its final decisions on the competition issues and
publishes its final report in the first quarter of 2009.

The CC is now seeking views on which two of BAA's three London
airports should be sold and similarly which of Edinburgh or
Glasgow airports should be sold.  The CC is also seeking views
on improvements to the effectiveness of the current system of
regulation.

                      About British Airways

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

                          *     *     *

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



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

CABLEMAS SA: To Release Second Quarter 2008 Earnings on Aug. 28
---------------------------------------------------------------
Cablemas, S.A. de C.V. will hold its fiscal 2008 second
quarter conference call on Aug. 29, 2008 at 11:30 am U.S. ET
(10:30 am Mexico City Time) for the release of its second
quarter ending June 30, 2008 results, on Aug. 28, 2008.

The conference call can be accessed by:

     Tel. Numbers: (888)680-0879 (United States)
                   (617)213-4856 (International)
     Passcode: 66419487.

To pre-register for the conference call, go to:

https://www.theconferencingservice.com/prereg/key.process?key=PK
EKXG4N4

A replay of the call will be available between 1:30 pm ET on
Aug. 29 and 11:59 pm ET on Sept. 5 and is accessible through:

     Tel. Numbers: (888)286-8010 (United States)
                   (617)801-6888 (International)
     Passcode: 17366726.

Headquartered in Mexico City, Cablemas SA de CV --
http://www.cablemas.com-- is the second largest Cable TV
service providers in Mexico servicing over 797,018 cable tv
subscribers and 220,446 high-speed Internet subscribers as well
as 41,062 IP telephony lines with 2,204,603 homes passed.
Cablemas is the concessionaire with the broadest coverage in
Mexico, operating in 46 cities throughout the country's oil,
maquiladora and tourist regions as of Dec. 31, 2007.

                          *      *      *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2008, Moody's Investors Service has upgraded Cablemas
S.A. de C.V.'s corporate family rating and the senior unsecured
rating on its 9.375% US$175 million of global notes due November
2015 to Ba3 from B1.  Simultaneously, Moody's changed the rating
outlook to positive and concluded its review for possible
upgrade which began March 4, 2008.  Moody's rating outlook is
positive.

At the same time, Standard & Poor's Ratings Services has placed
its 'BB-' long-term corporate credit rating and its 'mxA-'
long-term national scale rating (CaVal) on Cablemas S.A. de C.V.
(Cablemas) on CreditWatch with positive implications.  S&P also
placed its 'BB-' rating on Cablemas' US$175 million senior notes
due 2015 on CreditWatch Positive.

TCRLA reported on June 2, 2008, Cablemas had MXN2.42 billion
consolidated gross debt, as of March 31, 2008.


CONSORCIO HOGAR: Moody's Cuts Currency Issuer Ratings to Ba2/B2
---------------------------------------------------------------
Moody's de Mexico has downgraded to Ba2.mx from Baa3.mx the
national scale issuer rating, and to B2 from B1 the global scale
local currency issuer rating, of Consorcio Hogar, S.A.B. de CV.
The rating outlook is negative.

Moody's stated that these rating actions reflect Consorcio
Hogar's substantial decline in home sales coupled with a
reported net loss in year ended 2007 and second quarter 2008.
This decline in home sales resulted from changes to the way the
company was previously accounting for sales, as well as sale
cancellations as the construction of some projects was delayed,
which indicate operating challenges.  These operating challenges
have translated into a substantial deterioration of the
company's credit metrics.  Additionally, it has postponed its
plans to access the capital markets, limiting its funding
options.

The B2 global scale/Ba2.mx national scale ratings reflect these
challenges, in addition to Consorcio Hogar's reliance on the
Mexican economic and political environment, and the high costs
of land and land development.  This is mitigated by the
important role the government plays in supporting housing.
Furthermore, the company is one of the largest housing
developers in Mexico, with a focus on entry-level and low
middle-income housing.  It is a public company traded on the BMV
(Bolsa Mexicana de Valores), which enhances transparency and
governance.

The negative outlook reflects the possibility of further
declines in sales and credit metrics due to delays in
construction deliveries.  Moody's will continue to monitor the
company's business strategy and liquidity position.

Ratings improvements are unlikely in the intermediate term, but
a stable outlook could be possible with increased home unit
sales and revenue growth, as well as positive profit margins and
improved credit metrics.  Moody's is encouraged by recent
changes in Consorcio Hogar's management.  Further downgrades
would result should the company face any further construction
disruptions or liquidity issues that lead to a slowdown in
current home sales and the recording of these sales, while
EBITDA margins remain negative, without any improvements in its
credit metrics.

These ratings were downgraded with a negative outlook:

   -- National scale issuer rating to Ba2.max from Baa3.mx
   -- Globalscale local currency issuer rating to B2 from B1.

Headquartered in Guadalajara, Mexico, Consorcio Hogar, S.A.B. de
CV -- http://www.hogar.com.mx-- is a homebuilder engaged in the
development, construction, marketing and sale of affordable
housing in Mexico.  The firm reported total assets of MXN1.36
billion and total equity of MXN397 million at June 30, 2008.


FOAMEX INT'L: Unable to Toss Out ERISA Class Action Claims
----------------------------------------------------------
A class action brought by a former Foamex LP worker accusing the
bankrupt foam maker of breaches of duty stemming from its
management of an employee savings plan has survived a motion to
dismiss, with a federal judge letting stand six of eight claims
in the suit, says Bankruptcy Law360.

                            About Foamex

Headquartered in Linwood, Pennsylvania, Foamex International
Inc. (FMXIQ.PK) -- http://www.foamex.com/-- produces cushioning
for bedding, furniture, carpet cushion and automotive markets.
The company also manufactures polymers for the industrial,
aerospace, defense, electronics and computer industries.  The
company's Latin American subsidiary is in Mexico.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. became effective and the company
emerged from chapter 11 bankruptcy protection on Feb. 12, 2007.

                           *     *     *

As reported in the Troubled Company Reporter on April 8, 2008,
Foamex International Inc.'s consolidated balance sheet at
Dec. 30, 2007, showed US$430.6 million in total assets and
US$728.7 million in total liabilities, resulting in a
US$298.1 million total stockholders' deficit.


FRONTIER AIRLINES: Shareholder Says Equity Has Been Neglected
-------------------------------------------------------------
In a letter addressed to the U.S. Bankruptcy Court for the
Southern District of New York dated Aug. 15, 2008, Edward Ken
Mauzy, a shareholder at Frontier Airlines Holdings Inc., says
that Frontier Airlines Holdings Inc. and its subsidiaries'
bankruptcy cases show an "apparent overlooking of the interests
of shareholders."

Mr. Mauzy admits that under Chapter 11 law, the stockholders are
not first in line.  However, options to preserve their interests
in the company must be considered.

In this regard, Mr. Mauzy suggests the option of selling
Frontier to another airline or entity, with the stockholders
receiving the proceeds of the sale or shares in the acquiring
company.  Being a "highly regarded airline with new
opportunities for expansion," Frontier will be marketable, Mr.
Mauzy says.

In the alternative, Frontier can offer additional shares to its
stockholders through a stock offering, recapitalizing as
required to satisfy the credit markets, Mr. Mauzy tells Judge
Robert D. Drain.

Mr. Mauzy believes that a "new share distribution," if any,
should include a certain amount of new shares to be given for
each old share owned, even if a rescuing entity obtains the
majority of the new shares.

                 About Frontier Airlines Inc.

Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provide air transportation
for passengers and freight.  They operate jet service carriers
linking their Denver, Colorado hub to 46 cities coast-to-coast,
8 cities in Mexico, and 1 city in Canada, well as provide
service from other non-hub cities, including service from 10
non-hub cities to Mexico.  As of May 18, 2007 they operated 59
jets, including 49 Airbus A319s and 10 Airbus A318s.

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

(Frontier Airlines Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


FRONTIER AIRLINES: Posts US$57MM Net Loss in Qtr. Ended June 30
---------------------------------------------------------------

         FRONTIER AIRLINES HOLDINGS, INC., AND SUBSIDIARIES
                Unaudited Consolidated Balance Sheets
                         As of June 30, 2008

                               ASSETS

CURRENT
ASSETS:
    Cash and cash equivalents                       US$59,314,000
    Investment securities                               7,480,000
    Restricted investments                            115,503,000
    Receivables, net                                   60,690,000
    Prepaid expenses and other assets                  29,280,000
    Inventories, net                                   18,883,000
    Assets held for sale                                  958,000
                                                   --------------
Total current assets                                 292,108,000

Property and other equipment, net                    811,547,000
Security and other deposits                           25,499,000
Aircraft pre-delivery payments                        13,985,000
Restricted investments                                 2,845,000
Deferred loan expenses and other assets               15,511,000
                                                   --------------
Total Assets
US$1,161,495,000
                                                   ==============

                LIABILITIES AND STOCKHOLDERS' DEFICIT

Liabilities not subject to compromise:

CURRENT LIABILITIES:
    Accounts payable                                US$40,722,000
    Air traffic liability                             236,904,000
    Other accrued expenses                             58,872,000
    Current portion of long-term debt                           -
    Pre-delivery payment financing                      3,139,000
    Deferred revenue and other liabilities             18,352,000
                                                   --------------
Total current liabilities                            357,989,000

Long-term debt related to aircraft notes                       -
Convertible notes                                              -
Deferred revenue and other liabilities                23,462,000
                                                   --------------
Total liabilities not subject to compromise          381,451,000
                                                   --------------
Liabilities subject to compromise                    684,802,000
                                                   --------------
Total Liabilities                               US$1,066,253,000
                                                   --------------

STOCKHOLDERS' EQUITY:
    Preferred stock, no par value, authorized
    1,000,000 shares; none issued                               -
    Common stock, no par value, stated value of
     US$0.001 per share, authorized 100,000,000
     shares; 36,945,744 shares issued and
     outstanding at March 31, 2008                         37,000
    Additional paid-in capital                        196,232,000
    Unearned ESOP shares                                (411,000)
    Accumulated other comprehensive loss, net                   -
    Retained deficit                                (100,616,000)
                                                   --------------
Total Stockholders' Equity                            95,242,000
                                                   --------------
Total Liabilities and Stockholders' Equity      US$1,161,495,000
                                                   ==============


         FRONTIER AIRLINES HOLDINGS INC., AND SUBSIDIARIES
            Unaudited Consolidated Statement of Operations
                  Three Months Ended June 30, 2008

Revenues:
    Passenger                                      US$349,091,000
    Cargo                                               1,699,000
    Other                                               9,697,000
                                                   --------------
Total revenues                                       360,487,000

Operating expenses:
    Flight operations                                  46,465,000
    Aircraft fuel                                     174,389,000
    Aircraft lease                                     29,524,000
    Aircraft and traffic servicing                     46,422,000
    Maintenance                                        29,736,000
    Promotion and sales                                32,889,000
    General and administrative                         12,832,000
    Operating expense -- regional partners             26,650,000
    Employee separation and exit costs                    574,000
    Gains on sales of assets, net                     (8,833,000)
    Depreciation                                       11,327,000
                                                   --------------
Total operating expenses                             401,975,000
                                                   --------------
Operating loss                                      (41,488,000)

Non-operating income (expense):
    Interest income                                     1,291,000
    Interest expense                                  (7,294,000)
    Loss from early extinguishment of debt              (239,000)
    Other, net                                        (1,422,000)
                                                   --------------
Total non-operating expense, net                     (7,664,000)

Loss before reorganization items
    and income tax expense                           (49,152,000)

Reorganization expenses                                8,587,000
                                                   --------------
Net Loss                                         (US$57,739,000)
                                                   ==============


         FRONTIER AIRLINES HOLDINGS INC., AND SUBSIDIARIES
           Unaudited Consolidated Statement of Cash Flow
                  Three Months Ended June 30, 2008

Cash flows from operating activities:
    Net Loss                                      (US$57,739,000)

    Adjustments to reconcile net loss to net cash
     and cash equivalents:
      Compensation expense under long-term
      incentive  and employee stock ownership plans       563,000
      Depreciation and amortization                    11,536,000
      Provisions recorded on inventories                  395,000
      Gains on disposal of equipment and other, net   (8,833,000)
      Mark to market adjustments on derivative gains  (7,352,000)
      Proceeds received from settlement of
       derivative contracts                            23,151,000
      Loss on early extinguishment of debt                239,000
      Unrealized loss on short-term investments         1,320,000
      Reorganization items                              8,587,000

      Changes in operating assets and liabilities:
       Restricted investments                        (41,384,000)
       Receivables                                        624,000
       Security and other deposits                      (800,000)
       Prepaid expenses and other assets              (2,852,000)
       Inventories                                    (1,453,000)
       Other assets                                     (146,000)
       Accounts payable                                14,271,000
       Air traffic liability                           10,886,000
       Other accrued expenses                        (14,422,000)
       Deferred revenue and other liabilities           (773,000)
                                                   --------------
Net cash used by operating activities               (64,182,000)

Cash flows from reorganization activities:
Net cash used by reorganization activities           (3,871,000)

Cash flows from investing activities:
    Aircraft lease and purchase deposits made         (1,247,000)
    Proceeds from the sale of property
     and equipment assets held for sale                59,304,000
    Capital expenditures                              (4,949,000)
                                                   --------------
Net cash provided by investing activities             53,108,000

Cash flows from financing activities:
    Net proceeds from issuance of common stock                  -
    Proceeds form long-term borrowings                          -
    Extinguishment of long-term borrowings           (33,754,000)
    Principal payments on long-term borrowings       (12,741,000)
    Payment of financing fees                            (83,000)
                                                   --------------
Net cash used by financing activities               (46,578,000)

Net decrease in cash and cash equivalents           (61,523,000)
Cash and cash equivalents, beginning of period       120,837,000
                                                   --------------
Cash and cash equivalents, end of period           US$59,314,000
                                                   ==============

                 About Frontier Airlines Inc.

Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provide air transportation
for passengers and freight.  They operate jet service carriers
linking their Denver, Colorado hub to 46 cities coast-to-coast,
8 cities in Mexico, and 1 city in Canada, well as provide
service from other non-hub cities, including service from 10
non-hub cities to Mexico.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08-
11297 thru 08-11299.)  Benjamin S. Kaminetzky, Esq., and Hugh R.
McCullough, Esq., at Davis Polk & Wardwell, represent the
Debtors in their restructuring efforts.  Togul, Segal & Segal
LLP is the Debtors' Conflicts Counsel, Faegre & Benson LLP is
the Debtors' Special Counsel, and Kekst and Company is the
Debtors' Communications Advisors.

(Frontier Airlines Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


FRONTIER AIRLINES: Teamsters Balk at Demand for Protective Order
----------------------------------------------------------------
The International Brotherhood of Teamsters asked the U.S.
Bankruptcy Court for the Southern District of New York to deny
Frontier Airlines Holdings Inc. and its subsidiaries' request
for a protective order, pursuant Section 1113(d)(3) of the
Bankruptcy Code, blocking the Teamsters from sharing
confidential data.

Frontier delivered its proposal to modify both the economic and
non-economic terms of the CBAs to the Teamsters on July 29,
2008.  To comply with Section 1113(b)(1)(B) of the Bankruptcy
Code, which requires the provision of information that are
necessary to evaluate the Proposed Modifications, Frontier
delivered to the Union a draft agreement containing standard
confidentiality terms, Benjamin S. Kaminetzky, Esq., at Davis
Polk & Wardwell, in New York, relates, on behalf of the Debtors.

Pursuant to the Debtors' proposed Confidentiality Agreement, the
Debtors will provide confidential, proprietary or other non-
public confidential information to an executive committee
authorized by the Teamsters to evaluate the Proposed
Modifications.  Any documents designated as "confidential" or
"highly confidential" information that are produced to the
Executive Committee will be subject to the Agreement.

A full-text copy of the Proposed Confidentiality Agreement is
available at no charge at: http://ResearchArchives.com/t/s?311f

Mr. Kaminetzky says the Teamsters has asserted that it is
"entitled to all relevant information immediately and
unconditionally," which it can share with anyone it deems
desirable, and in any forum it deems advisable.  Moreover, the
Teamsters also demands that Frontier immediately provide highly
confidential and commercially sensitive competitive information,
including, among other things, the Company's business plan,
projected statements of income and all liquidation and valuation
analyses.

"Unless we have the information, there's no reason to meet
with them," Teamsters Local 961 President Matthew Fazakas told
Bloomberg News, adding that the union had proposed bargaining
sessions begin next week.

The Teamsters has also declined Frontier's efforts to engage in
negotiations over confidentiality terms, which refusal has
caused delay and frustrated the confidentiality process pursuant
to Section 1113 of the Bankruptcy Code, Mr. Kaminetzky adds.

Section 1113 requires the Debtors to "provide the Union with
relevant information as is necessary to evaluate the proposal,"
and authorizes the Court to prevent disclosure of information,
as necessary to avoid compromising the position of the Debtors
with respect to their competitors in the industry.

"Frontier only seeks to comply with its statutory duty under
Section 1113 to share certain highly confidential information
and commence negotiations with the Teamsters; however, it cannot
do so in the absence of confidentiality protections, as
disclosure could threaten Frontier's competitive position and
survival in the airline industry," Mr. Kaminetzky explains.

Teamsters contended that the Debtors' request for a protective
order is "antithetical" to Section 1113(d)(3) of the Bankruptcy
Code.  The Teamsters asserted that it is "entitled to all
relevant information immediately and unconditionally," and
demanded disclosure of, among other things, the company's
business plan, forecasted statements of income and all
liquidation and valuation analyses -- information that are
"highly confidential and commercially sensitive" according to
the Debtors.

Marianne Goldstein Robbins, Esq., at Previant Goldberg, Uelmen,
Gratz, Miller & Brueggemen, S.C., in Milwaukee, Wisconsin,
contends on the Teamsters' behalf, that the Debtors have neither
presented an argument that their proposed Protective Order is
consistent with the Teamsters' needs, nor that it is necessary
to protect them from disclosure to competitors.

Ms. Robbins points out that airlines are required to report to
the Department of Transportation and make available to the
public, their financial information, including balance sheets,
statements of cash flow, financial statements of operation,
employment statistics, U.S. and foreign carrier traffic and
capacity information, and report of financial data.

There was no method to challenge designations of confidential
information, or any procedure by which the Debtors would make
the showing, as required by Section 1113(d)(3), Ms. Robbins told
Judge Robert D. Drain.

Pursuant to Section 1113(b), any proposal for modifications to
the Debtors' CBAs with the Teamsters must be "based upon the
most complete and reliable information available at the time of
the Proposal," thus, protection against information disclosure
applies against third parties only, not against the Teamsters,
Ms. Robbins contends.

Specifically, Section 1113 prohibits the disclosure of
information that applies only to those that harm the Debtors'
position versus their direct competitors in the same industry,
which are limited to matters that involve "trade secrets," Ms.
Robbins says.

Ms. Robbins adds that the Debtors' proposed Confidentiality
Agreement has a category of "highly confidential" information
that could only be filed under seal.  In this regard, the
proposed Agreement purported to cover documents that have
already been produced retroactively, she maintained.

Furthermore, "rank-and-file members have a federally-protected
right to participate in union affairs which cannot be impaired
by the federal courts . . . and mandates that [the C]ourt
protect union democracy and the rank-and-file's right to know,"
Ms. Robbins told Judge Drain.

                 About Frontier Airlines Inc.

Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provide air transportation
for passengers and freight.  They operate jet service carriers
linking their Denver, Colorado hub to 46 cities coast-to-coast,
8 cities in Mexico, and 1 city in Canada, well as provide
service from other non-hub cities, including service from 10
non-hub cities to Mexico.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08-
11297 thru 08-11299.)  Benjamin S. Kaminetzky, Esq., and Hugh R.
McCullough, Esq., at Davis Polk & Wardwell, represent the
Debtors in their restructuring efforts.  Togul, Segal & Segal
LLP is the Debtors' Conflicts Counsel, Faegre & Benson LLP is
the Debtors' Special Counsel, and Kekst and Company is the
Debtors' Communications Advisors.

(Frontier Airlines Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


METROFINANCIERA SA: Fitch Lowers Individual Rating to D/E from D
----------------------------------------------------------------
Fitch has taken various rating actions on Mexican mortgage
company Metrofinanciera S.A. de C.V.  Its Individual rating was
downgraded to 'D/E' from 'D', given continued pressures on its
capital adequacy, asset quality, liquidity and refinancing
needs.  In view of increasing support mechanisms from the
housing development bank SHF, Fitch has upgraded Metro's support
rating to '4' from '5' and simultaneously assigned a support
rating floor at 'B+'.  Metro's Issuer Default Ratings (IDRs) are
at the support rating floor.  Therefore, the IDRs and the
national-scale ratings were affirmed and the Outlook remains
Stable, since downside risk is unlikely unless Fitch's opinion
on the potential of external support changes.  The rating of the
perpetual subordinated securities was downgraded to 'CCC-/RR6'
from 'B-/RR6'.  The rating actions are:

   -- Foreign currency long-term IDR affirmed at 'B+';
   -- Foreign currency short-term IDR affirmed at 'B';
   -- Local currency long-term IDR affirmed at 'B+';
   -- Local currency short-term IDR affirmed at 'B';
   -- US$100 million 11.25% perpetual non-cumulative subordinated
      step-up notes downgraded to 'CCC-/RR6' from 'B-/RR6';
   -- Individual rating downgraded to 'D/E' from 'D';
   -- Support rating upgraded to '4' from '5';
   -- Support rating floor assigned at 'B+';
   -- Long-term national-scale issuer rating, including local
      senior debt issues affirmed at 'BBB(mex)';
   -- Short-term national-scale issuer rating, including the
      company's commercial paper affirmed at 'F3(mex)';

The Rating Outlook is Stable.

Given Metro's important presence in the local capital markets,
both in terms of unsecured issuance and origination of
structured transactions, and as a significant provider of
financing for socially important housing, Metro's Support rating
was upgraded to '4', and a Support Floor of 'B+' was assigned.
SHF's higher propensity to support is already evident in Metro's
increased use of secured SHF funding.  SHF support today is
principally made available under facilities and conditions that
are approved on a case-by-case basis, which currently limits the
support available to Metro and its peers.  Bilateral and
industry-wide discussions are underway between SHF and
individual mortgage companies aimed at making clearer the
potential support available from SHF for systemically important
companies that consistently operate following SHF guidelines;
should such discussions result in a clearer and/or broader
approach to support for mortgage and construction finance
companies, the Support rating would benefit and the Support
Floor could increasingly weigh over time the rating of SHF,
currently rated 'AAA(mex)'.

The downgrade of the Individual rating reflects continued
weakening of asset quality, liquidity, capital adequacy,
profitability and business risk.  Asset quality in both the
mortgage and construction loan portfolios has deteriorated at a
relatively fast pace and the worsening credit environment puts
additional pressure on the company's liquidity and refinancing
risk.  Metro has taken recent actions to contain asset quality
deterioration, although these will take some time to prove their
effectiveness.  However, Metro's capacity to absorb losses has
also declined.  The amount of net past due loans, net foreclosed
and deferred assets, well as the on-balance equity tranches from
securitizations, together accounted for 95% of eligible capital
as of June 2008.  Fitch expects capital adequacy will remain
very limited despite a planned upcoming capital infusion by a
foreign private equity fund.  Moreover, refinancing risk remains
ample, although short-term debt outstanding has been reduced
since mid-2007, but the worsening credit environment exacerbates
Metro's lack of financial flexibility.  Fitch also believes that
profitability could further deteriorate, given the increase in
funding costs, fierce price competition on the asset side,
expected higher provisions in the foreseeable future and the
volatile nature of valuation gains on the first loss pieces,
which have largely explained Metro's net income since 2007.

Since the perpetual subordinated notes are unlikely to benefit
from external support, this rating reflects both its degree of
subordination and the company's financial condition.  The
weakening on the latter indicates that the probability of
default on the notes has increased to a level that Fitch
considers is consistent with the 'CCC-/RR6' rating category.

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



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

BANCO INTERNACIONAL: Moody's Puts Ba2 Foreign Curr. Deposit Rtg.
----------------------------------------------------------------
Moody's Investors Service has assigned a D+ bank financial
strength rating to Banco Internacional del Peru S.A.  Moody's
also assigned a Baa3 long term global local currency rating to
Banco Internacional for local currency deposits and a Ba2 rating
for the bank's foreign currency deposits.  All ratings have
stable outlooks.

The D+ BFSR for Banco Internacional is based on the bank's
established franchise as the fourth largest commercial bank in
Peru, with important deposit and loan market shares overall, a
strong niche specialization in consumer credit, and solid
financial metrics.

Moody's said the bank's Baa3 local currency deposit rating
incorporates a Baseline Credit Assessment (stand-alone rating)
of Ba1 and assumes a moderate probability of systemic support of
its local currency obligations in the event of high stress.
This view is supported by the bank's importance as a major
deposit-taking institution and a leading lender to the consumer
and to commercial enterprises in Peru.  While financial
dollarization continues on the decline in Peru, Moody's assesses
the country as a highly dollarized financial system.

The Ba2 foreign currency deposit rating assigned to the bank is
constrained by the Peruvian country ceiling for deposits in
light of the bank's higher GLC of Baa3.

Moody's noted that the principal challenges facing the bank are
the maintenance of good asset quality while rapidly expanding
its credit business with Peru's emerging consumer and middle
market companies and its lower capitalization relative to that
of peers.  The continuing high loan growth trend of the Peruvian
banks could lead to asset quality deterioration as portfolios
season, particularly in light of the bank's higher than average
exposure to higher risk business segments and of the rise in
borrowing costs in Peru.

Intensifying competition from local and international banks
within Peru's growing financial market may also threaten the
banks' market shares while putting pressure on margins, or in a
worst case, may lead to less prudent underwriting practices.

The rating agency indicated that the risk of higher non-
performing loans is, however, partly mitigated by the bank's
diversified asset mix including secured and unsecured loans, as
well as its solid and improving risk management structure and
practices.  Management is also seeking to fortify its long term
funding profile by broadening its access to financing through
securitizations and through bond issues in both local and
international capital markets, which should also support balance
sheet growth.

The bank reported reported US$9.7 billion in assets, US$284
million in equity and US$78.5 million in net income as of Dec.
31, 2007.

These ratings were assigned to Banco Internacional del Peru, SA:

   -- Bank Financial Strength: D+, stable outlook

   -- Short Term Global Local Currency Deposits: Prime-3

   -- Long Term Global Local Currency Deposits: Baa3, stable
      outlook

   -- Short Term Foreign Currency Deposits: Not Prime

   -- Long Term Foreign Currency Deposits: Ba2, stable outlook

Headquartered in Lima, Peru, Banco Internacional del Peru SA
(a.k.a. Interbank) -- http://www.interbank.com.pe-- offers both
personal and corporate banking services.  The bank operates 161
branches in Peru.  It is a subsidiary of Intergroup Financial
Services Corp and a parent company of Grupo Interbank.



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

AFC ENTERPRISES: July 13 Balance Sheet Upside-Down by US$44.8MM
---------------------------------------------------------------
AFC Enterprises Inc.'s consolidated balance sheet at July 13,
2008, showed US$145.2 million in total assets, and US$190.0
million in total liabilities, resulting in a US$44.8 million
shareholders' deficit.

At July 13, 2008, the company's consolidated balance sheet also
showed strained liquidity with US$42.9 million in total current
assets available to pay US$53.2 million in total current
liabilities.

Net income was US$6.6 million for the fiscal second quarter
ended July 13, 2008, compared to US$6.6 million last year.

Total system-wide sales increased by 1.5 percent.  This increase
in system-wide sales was comprised of a 1.4 percent increase in
franchisee restaurant sales to US$387.4 million (which are not
recorded as revenue by the company), and a 3.9 percent increase
in company-operated restaurant sales to US$18.8 million.

Total domestic same-store sales decreased 1.7 percent compared
to a decrease of 2.1 percent last year, and total global same-
store sales decreased 1.4 percent compared to a decrease of 1.7
percent last year.  Same-store sales performance continues to be
impacted by lower transactions as traffic continues to slow due
to challenges in the economy and to industry-wide pricing
increases to offset rising commodity costs.

Total revenues were US$39.3 million, compared to US$38.3 million
last year.  This increase was comprised of approximately
US$800,000 from new openings of company-operated restaurants in
the Atlanta and Tennessee markets, US$600,000 from the timing of
temporary restaurant closures primarily in New Orleans, and
US$700,000 primarily from royalties and fees from new franchised
restaurants, partially offset by a US$900,000 decrease in same-
store sales.

Company-operated restaurant expenses for food, beverages and
packaging as a percentage of sales were 35 percent compared to
34 percent last year, increasing primarily due to commodity
costs for chicken, wheat and shortening.  Restaurant employee,
occupancy and other expenses as a percentage of sales were 53
percent compared to 51 percent last year, increasing primarily
due to utilities and insurance related reserves.

General and administrative expenses were US$12.0 million, or 3.0
percent of system-wide sales, compared to US$9.5 million, or 2.4
percent of system-wide sales last year.  This increase was due
primarily to costs of new management talent and non-recurring
marketing and menu professional fees.

Other income was US$3.8 million, which includes a net favorable
settlement of a US$12.3 million related to a director and
officers insurance claim and an US$8.1 million impairment charge
associated with the the negotiation of definitive agreements to
refranchise and sell company-operated restaurant assets in
Atlanta, Georgia and Nashville, Tennessee.

Second quarter year-to-date EBITDA was US$29.9 million,
including US$5.1 million for other non-operating income, at a
margin of 32.3 percent of total revenues, compared to last
year's EBITDA of US$29.4 million, at a margin of 32.9 percent.

Operating profit was US$12.9 million, compared to
US$12.7 million last year.

Income tax expense was US$4.4 million, an effective tax rate of
40.0 percent, compared to an effective tax rate of 38.3 percent
last year.

Cheryl Bachelder, AFC chief executive officer, stated, "We were
pleased with our earnings performance for the second quarter.
Our same-store sales continue to be impacted by the current
economic environment; however, we believe our marketing and
messaging helped us during the quarter as our comparable sales
performance continued to outpace the chicken QSR segment.  As we
move into the second half of this year, we are excited to be
rolling-out three new menu platforms designed to generate
incremental sales with a focus on portability, value, and lunch
occasions."

The company said its second quarter year-to-date free cash flow
remains strong at US$16.8 million, including US$5.1 million for
other non-operating income, compared to US$15.4 million last
year.

The company recorded an additional US$2.3 million payment for
the final installment related to the company's previously
announced accelerated stock repurchase program which was
completed on July 7, 2008.  Second quarter year-to-date, the
company repurchased 2.1 million shares of common stock for
US$18.9 million.  Under the terms of its current credit
facility, the company has the ability to repurchase an
additional US$19.3 million of shares during fiscal year 2008.
As of Aug. 8, 2008, there were approximately 25.2 million shares
of the company's common stock outstanding.

Effective June 30, 2008, through June 30, 2010, the company
entered into an interest rate swap agreement on an amount of
US$100.0 million.  The effect of the agreement is to limit
interest rate exposure on this portion of the 2005 Credit
Facility to a fixed rate of 4.87 percent, compared to 6.40
percent on the previous interest rate swap agreement.

The Popeyes system opened 32 new restaurants, including 17 units
domestically and 15 units internationally, compared to 24 new
restaurants last year, and reported 31 permanent restaurant
closures.

On a system-wide basis, Popeyes had 1,901 units operating at the
end of the second quarter, compared to 1,878 units last year.
Total unit count was comprised of 1,576 domestic units and 325
international units in 25 foreign countries and two territories.
Of this total, 1,834 were franchised and 67 were company-
operated restaurants.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 13, 2008, are available
for free at http://researcharchives.com/t/s?3114

                    About AFC Enterprises Inc.

Headquartered in Atlanta, Georgia, AFC Enterprises Inc. (Nasdaq:
AFCE) -- http://www.afce.com/-- is the franchisor and operator
of Popeyes(R) restaurants.  As of July 13, 2008, Popeyes had
1,901 restaurants in the United States, Puerto Rico, Guam and 25
foreign countries.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 4, 2008,
Moody's Investors Service assigned a Speculative Grade Liquidity
rating of SGL-3 to AFC Enterprises Inc., indicating Moody's
belief that the company should maintain adequate liquidity over
the upcoming four quarters.



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

PETROLEOS DE VENEZUELA: Accounts Receivable Up 54.9% as of June
---------------------------------------------------------------
El Universal reports that Petroleos de Venezuela S.A.'s
accounts receivable between the end of December 2007 and June
2008 increased by 54.9 percent, from US$13.051 billion to
US$20.224 billion.

According to the report, Gustavo García, a professor at the
Institute for Advances Studies in Administration (IESA),
says the increase of the "accounts receivable" justifies part of
PDVSA's inconsistencies in its statistics.

Meanwhile, El Universal relates that data from the Central Bank
of Venezuela showed that for the second quarter of 2008, public
sector resources abroad jumped 38.4 percent, among other
factors, due to "the increase in oil industry's accounts
receivable".

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.


PETROLEOS DE VENEZUELA: Will Supply Fuel to Paraguay
----------------------------------------------------
Petroleos de Venezuela SA will supply fuel to Paraguay, PressTV
reports.

According to PressTV, Venezuelan President Hugo Chavez promised
to supply fuel to Paraguay ?to prevent shortages and civil
unrest?.  President Chavez said that his country will supply the
fuel Paraguay needs.

Paraguay has no oil reserves of its own, PressTV notes, citing
the U.S. Energy Department.  The Department said in July that
the Latin American nation consumes about 27,410 barrels of oil
products per day.

PressTV relates that Petroleos de Venezuela said an accord
President Chavez signed with Paraguayan President Fernando Lugo
ensures up to 23,500 barrels of oil and derivatives per day to
Paraguay.

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: Eyes Oil Output Cut if Crude Prices Slide Further
--------------------------------------------------------------
The Associated Press reports that Venezuela may ask OPEC to cut
oil output if crude prices continue to slide.

According to the report, Energy Minister Rafael Ramírez said
Venezuela would ask the cartel to consider production cuts at
its next meeting in Vienna in September if a downward trend
prevails noting that benchmark crude prices should hover ?near
US$100 a barrel.?

The report relates that Mr. Ramírez is blaming speculators for
this year's record oil prices, pointing to a 23 percent dip from
July 11's US$147.27 per barrel peak as ?clearest evidence? that
bidding has been driving the market.

                           *     *     *

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


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

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



                             ***********

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

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

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

                             ***********


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

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

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

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

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

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


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