TCRLA_Public/080902.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, September 2, 2008, Vol. 9, No. 174

                             Headlines

A R G E N T I N A

ALITALIA SPA: Italy Amends Bankruptcy Law to Fit Company's Rescue
ALITALIA SPA: Passenger Traffic Rise at Fiumicino, Linate Airports
DANA CORP: To Sell Offices in Toledo, Ohio to Health Care REIT
DREYER 58: Proofs of Claim Verification Deadline Is October 20
MARVIN TRADE: Trustee Verifies Proofs of Claim Until October 10

PLAYAS ARGENTINAS: Claims Verification Deadline Is October 14
PROMICIONES PROMARK: Trustee to File Individual Reports on Nov. 25


B E R M U D A

GENERAL MILLS: Proofs of Claim Filing Deadline Is Sept. 12
GENERAL MILLS: Holding Final Shareholders Meeting on Sept. 30


B R A Z I L

AMAZONIA CELULAR: S&P Holds BB+ Long-Term Corp. Credit Ratings
AMR CORP: Confirms Pact with Merrill Lynch on Stock Issuance
BANCO NACIONAL: Coutinho Predicts BRL1.5T Investments for 2008-11
CIA. SIDERURGICA: Delays Dividend Payment Due to Tax-Court Ruling
COMPANHIA ENERGETICA: Ups 2008 Investment Plan to BRL2.13 Billion

DELPHI CORP: ADAH Wants to Re-Argue Court's Decree on Fraud Suit
DELPHI CORP: Creditors Want Court to Deny US$300MM Loan From GM
DELPHI CORP: PBGC Wants GM to Assume Delphi's Pension Liabilities
DUKE ENERGY: Will Sell BRL300 Million of Local Debts
TELEMAR NORTE: S&P Affirms BB+/Positive Corporate Credit Rating

TELE NORTE: S&P Shifts Outlook, Affirms BB+ Corp. Credit Ratings


C A Y M A N  I S L A N D S

ACA CAPITAL: Deadline for Proofs of Claim Filing Is Sept. 4
AQR GLOBAL FIXED: Proofs of Claim Filing Is Until Sept. 3
AQR OFFSHORE: Deadline for Proofs of Claim Filing Is Sept. 3
AQR SMID CAP: Proofs of Claim Filing Deadline Is Sept. 3
ASC PARTNERS: Deadline for Proofs of Claim Filing Is Sept. 3

MINIMAX HOLDINGS: Proofs of Claim Filing Deadline Is Sept. 3
NIHON (CAYMAN ISLANDS): Final Shareholders Meeting Is on Sept. 3
O'CONNOR BUYOUT: Proofs of Claim Filing Deadline Is Sept. 4
O'CONNOR CREDIT: Proofs of Claim Filing Is Until Sept. 4
O'CONNOR CREDIT MASTER: Claims Filing Deadline Is Sept. 4

OMNIBUS FUNDING: Holding Final Shareholders Meeting on Sept. 3


C H I L E

AES GENER: Invests More Than US$3 Bil. in Seven Power Stations
METHANEX CORP: Hires Robert Kostelnik to Board of Directors


E C U A D O R

* ECUADOR: Seizes More Companies to Pay Off Debt


J A M A I C A

AIR JAMAICA: Edward Weigel Resumes President and CEO Posts


M E X I C O

BLUE WATER: General Motors Wants Chapter 7 Trustee Appointed
CABLEMAS SA: Earns MXN48.6 Mil. in Second Quarter Ended June 30
CABLEMAS SA: S&P Assigns '3' Recovery Rating on US$175MM Notes
DURA AUTOMOTIVE: GE Commercial Heads US$110MM Exit Credit Facility
SEMGROUP LP: Suppliers Demand Formation of Special Committee

* MEXICO: S&P Assigns Recovery Ratings to 11 Major Companies


P E R U

QUEBECOR WORLD: Sets Final Conversion Rate of Preferred Shares


V E N E Z U E L A

* VENEZUELA: Reaches Deal With CEMEX on Nationalization Terms

* Large Companies with Insolvent Balance Sheets


                          - - - - -


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

ALITALIA SPA: Italy Amends Bankruptcy Law to Fit Company's Rescue
-----------------------------------------------------------------
The Italian government has amended its bankruptcy law to hasten
the sale of its 49.9% stake in Alitalia and turn around the loss-
making national carrier, various reports say.

Under Intesa Sanpaolo S.p.A.'s "Phoenix" rescue plan, Italy
government amended the Marzano Law, which was used to reorganize
Parmalat.  The government tapped Intesa Sanpaolo as adviser for
the sale of its 49.9% stake in Alitalia.

The amended law will allow Alitalia to be split into two -- an
oldco and a newco, Reuters reports.

The oldco will shoulder the cost of the planned 5,000-7,000 job
cuts and take on Alitalia's EUR1.1 billion debt -- including the
recent EUR300 million loan from the government and a EUR750
million convertible bond.  The government will place the oldco
under extraordinary administration and appoint an extraordinary
commissioner to oversee the sale of unprofitable assets.

The law will allow Alitalia's extraordinary commissioner to sell
its assets through private talks and without holding public
auction.

Transport Minister Altero Matteoli told Bloomberg News that Italy
may appoint Augusto Fantozzi, a former finance ministeras
commissioner.

The newco, meanwhile, will inherit Alitalia's fleet and
real estate assets as well as the remaining employees and up to
EUR500 million in debt.  It would receive around EUR300 million in
assets from AirOne S.p.A., which would be folded under the newco.
AirOne leads a group of 16 local investors who pledged to inject
around EUR1 billion into the newco in exchange for shares.

The investor group includes:

     * IMMSI S.p.A. -- EUR150 million;
     * Atlantia S.p.A. -- EUR100 million to EUR150 million;
     * Intesa Sanpaolo S.p.A. -- EUR100 million; and
     * Fondiaria SAI S.p.A. -- EUR30 million to EUR50 million.

Air France-KLM S.A., meanwhile, renewed interest in acquiring a
stake in Alitalia, although Italian Prime Minister Silvio
Berlusconi commented that foreign investors could only acquire a
minority stake in the national carrier, the Wall Street Journal
reports.

Mr. Matteoli was quoted by Bloomberg News as saying that the
investor group plans to sign an industrial agreement with an
international partner like Air France or Deutsche Lufthansa AG.

The amended law exempts Alitalia from anti-trust rules for six
months, allowing its merger with AirOne to push through without
problems, Reuters reports.

The revised law also binds investors from selling their shares in
Alitalia for five years.

IMMSI's Roberto Colaninno will become executive chairman of the
newco, the firm said in a statement.

                           About Alitalia

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

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


ALITALIA SPA: Passenger Traffic Rise at Fiumicino, Linate Airports
------------------------------------------------------------------
As part of the upward trend in traffic at Rome Fiumicino airport,
Alitalia reported a 35.6% rise in passengers carried for the
period August 1-24, against a 29.1% increase in the number of
seats offered, compared to the same period in 2007.

The load factor (seat occupancy index) also went up by 3.5
percentage points to 74.5%.

In more detail, international traffic rose by 42.8% with a load
factor of 79.3% (for Malpensa, during the same period in 2007, the
load factor was 75.7%) and intercontinental traffic increased by
121.1% with a load factor of 84.6% (for Malpensa, during the same
period in 2007, it was 81.2%).

These figures show that the increased number of seats offered by
Alitalia has led to a more than proportional growth of its
passenger traffic at Fiumicino.

At the same time, overall performance has also improved as shown
by a 16% decrease in the amount of mislaid luggage, compared to
August 2007.

Marked progress was also made at Milan Linate airport where
passenger traffic was up by 29.7% against a 29.1% increase in the
number of seats offered.  The load factor at Milan Linate also
increased by +0.3 percentage points, compared to August 2007.

Improved overall performance is also confirmed by the 2008 figures
for regularity (98.8% January-August; up by +0.8 points compared
to 98% in 2007) and punctuality (79.4% January-August, up by +5.7
points compared to 73.7% in 2007) in line with major European
airlines.

                          About Alitalia

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

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


DANA CORP: To Sell Offices in Toledo, Ohio to Health Care REIT
--------------------------------------------------------------
Dana Holding Corporation said in a press release that it reached
a contingent agreement for the sale of its Toledo, Ohio corporate
headquarters building and grounds to Health Care REIT, Inc., for
an undisclosed amount.

The sale, according to the press release, is contingent on the
support of state and local authorities.  In conjunction with the
agreement, Dana will relocate its corporate headquarters staff
to its existing Automotive Systems Technology Center in Maumee,
Ohio by mid-2009.

"The relocation of Dana's corporate headquarters facility enables
us to consolidate its local operations and make the most
efficient use of our Toledo-area footprint," Dana Executive
Chairman John Devine said.  "This move provides Dana with a
headquarters facility that more appropriately reflects our
company's profile, while also providing an excellent new home for
a respected and growing Toledo-based company."

"This is an opportunity to secure a unique property in the city
of Toledo that would accommodate our growth.  The campus could
play a key role in supporting our corporate objectives," added
Health Care REIT Chairman and Chief Executive Officer George L.
Chapman.  "We're pleased that this transaction would maintain a
strong corporate presence at this prominent Toledo landmark,"
Mr. Chapman added.

Under terms of the sale agreement, Dana would vacate its facility
located at 4500 Dorr Street facility by September 2009.  Health
Care REIT plans to transfer its headquarters workforce from its
current location in One SeaGate to Dorr Street.  Health Care REIT
employs approximately 200 people nationwide, including 75 people
at its One SeaGate corporate headquarters.

Dana established its global headquarters at the Dorr Street
location in 1970, after spending the previous 40 years at the
company's former Bennett Road complex in north Toledo.  Located
directly across from Inverness Club golf course, the 200,000
square-foot Georgian Colonial-style building opened in the fall
of 1970 and currently houses approximately 175 employees,
including the company's executive leadership and a variety of
corporate-based functions like Accounting, Finance, Law, Tax, and
Corporate Communications.  In 2006, Dana sold its former Dana
Commercial Credit headquarters facility located adjacent to the
current Dorr Street campus to ProMedica Health System, which
utilizes the building as its corporate headquarters.

Dana's decision to sell its Toledo, Ohio headquarters will leave
Owens Corning as the city's lone Fortune 500 firm, The Toledo
Blade said.

                           About DANA

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

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

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

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer. -- pls. delete this,
Tar, kai not applicable na.

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

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

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

(Dana Corporation Bankruptcy News, Issue No. 81; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


DREYER 58: Proofs of Claim Verification Deadline Is October 20
--------------------------------------------------------------
The court-appointed trustee for Dreyer 58 S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 20, 2008.

The trustee will present the validated claims in court as
individual reports.  A court in Argentina will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Dreyer 58 and its creditors.

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

A general report that contains an audit of Dreyer 58's accounting
and banking records will be submitted in court.

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

The trustee is also in charge of administering Dreyer 58's assets
under court supervision and will take part in their disposal to
the extent established by law.


MARVIN TRADE: Trustee Verifies Proofs of Claim Until October 10
---------------------------------------------------------------
Nadia Botana, the court-appointed trustee for Marvin Trade SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until October 10, 2008.

Ms. Botana will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by Marvin Trade and its creditors.

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

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

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

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

The debtor can be reached at:

                      Marvin Trade SA
                      Paraguay 346
                      Buenos Aires, Argentina

The trustee can be reached at:

                      Nadia Botana
                      Tucuman 540
                      Buenos Aires, Argentina


PLAYAS ARGENTINAS: Claims Verification Deadline Is October 14
-------------------------------------------------------------
The court-appointed trustee for Playas Argentinas S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until October 14, 2008.

The trustee will present the validated claims in court as
individual reports on November 25, 2008.  A court in Argentina
will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Playas Argentinas and its creditors.

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

A general report that contains an audit of Playas Argentinas'
accounting and banking records will be submitted in court on
February 10, 2009.

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


PROMICIONES PROMARK: Trustee to File Individual Reports on Nov. 25
------------------------------------------------------------------
Edgardo Borghi, the court-appointed trustee for Promociones
Promark SRL's bankruptcy proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance No. 19 in Buenos Aires, with the assistance of
Clerk No. 38, on November 25, 2008.

Mr. Borghi is verifying creditors' proofs of claim until
October 14, 2008.  He will also submit to court a general
report containing an audit of Promociones Promark's accounting and
banking records on February 10, 2009.

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

The debtor can be reached at:

                      Promociones Promark SRL
                      Olleros 1850
                      Buenos Aires, Argentina

The trustee can be reached at:

                      Edgardo Borghi
                      Viale 2176
                      Buenos Aires, Argentina



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

GENERAL MILLS: Proofs of Claim Filing Deadline Is Sept. 12
----------------------------------------------------------
General Mills Finco Ltd.'s creditors are given until Sept. 12,
2008, to prove their claims to Ernest A. 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.

General Mills' shareholder decided on Aug. 25, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

                Ernest A. Morrison
                c/o Milner House
                18 Parliament Street
                Hamilton, Bermuda


GENERAL MILLS: Holding Final Shareholders Meeting on Sept. 30
-------------------------------------------------------------
General Mills Finco Ltd. will hold its final shareholders meeting
on Sept. 30, 2008, at 10:00 a.m., at the offices of Mello Jones &
Martin, Thistle House, 4 Burnaby 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.

General Mills' shareholder decided on Aug. 25, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

                Ernest A. Morrison
                c/o Milner House
                18 Parliament Street
                Hamilton, Bermuda



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

AMAZONIA CELULAR: S&P Holds BB+ Long-Term Corp. Credit Ratings
--------------------------------------------------------------
On Aug. 29, 2008, Standard & Poor's Ratings Services said that it
revised its outlooks on Tele Norte Leste Participacoes S.A. And
Telemar Norte Leste S.A. (collectively, Telemar), and Amazonia
Celular S.A. to positive from stable, while affirming the 'BB+'
long-term corporate credit ratings on the companies.  S&P also
affirmed its 'brAA+' national scale corporate credit rating on
Tele Norte Leste Participacoes SA.

"The rating action reflects the group's improved business profile,
taking into account its progress in establishing wireless services
in the State of Sao Paulo and in acquiring the Brasil Telecom
companies," said S&P's credit analyst Victor Saulytis.

Telemar has moved forward in the process to acquire Brasil Telecom
S.A. (brAA+/Stable/--) and Brasil Telecom Participacoes S.A.
(BRTP; brAA+/Stable/--) (collectively, Brasil Telecom) since the
announcement in April 2008.  Although the transaction depends on
events external to the company -- changes in the regulatory
framework and the availability of funds to finance the acquisition
-- the recent developments have been favorable.  So far, the
process of changing the Brazilian National Plan of Concessions
(Plano Geral de Outorgas or PGO) has evolved as expected, and
Telemar has already raised most of the necessary resources to
acquire a controlling stake in Brasil Telecom S.A. and one-third
of the preferred shares of BRTP.

S&P does not expect Telemar's completing the acquisition of Brasil
Telecom in itself to prompt us to raise the ratings, in particular
because Telemar will likely report a significantly more leveraged
capital structure, at least in the short term.  However, S&P
expects the combined company to report improved cash flow
fundamentals, even considering the company's high capital
expenditure program and significant projected dividend
distributions.  Better cash flow could support stronger credit
metrics as financial leverage is gradually paid down.

The current ratings the Telemar entities reflect the companies'
exposure to significant competition in the fast-growing broadband
and wireless niches, in which Telemar has expanded its operations;
some negative pressure on operating margins because of increasing
competition in company's fixed-line operations from competitive
local exchange carriers and cable companies; and an expected
aggressive dividend policy after the restructuring at the group's
ultimate holding company, Telemar Participacoes.

These risks are partially offset by Telemar's dominant market
position in fixed-line and data services within Region I, solid
position in wireless that provides it with a fairly diversified
revenue mix supporting strong cash generation, and appropriate
liquidity based on a still substantial cash position and wide
access to financing sources.

Currently, Telemar is one of Brazil's largest integrated
telecommunications carriers, with approximately 13.9 million fixed
lines in service, more than 20 million active mobile subscribers,
and about 1.8 million broadband (ADSL) subscribers.  The new
company will have pro forma revenues of about US$17 billion
(BRL29 billion), operations in virtually all states of the
country, including some niches in Sao Paulo, more than 21 million
fixed lines in service, and 25 million mobile phone subscribers.

Headquartered in Belem, Brazil, Amazonia Celular SA provides
mobile communications services in the states of Maranhao, Para,
Amazonas, Amapa and Roraima in the northern region of Brazil.
With 1.4 million subscribers and a 20% market share in its
concession area as of Dec. 31, 2007, Amazonia reported net
revenues of BRL487 million in 2007.


AMR CORP: Confirms Pact with Merrill Lynch on Stock Issuance
------------------------------------------------------------
AMR Corporation confirmed its agreement with Merrill Lynch,
Pierce, Fenner & Smith Incorporated as sales agent.

Pursuant to the Agreement, the company proposes to issue and sell
from time to time through the Agent, shares of the company's
common stock, par value US$1.00 per share, having an aggregate
offering price of up to US$300,000,000.

The company has prepared and filed on Form S-3 with the Securities
and Exchange Commission a registration statement (File Nos. 333-
136563 and 333-136563-01) relating to the company's debt
securities, Common Stock and other securities and the offering
from time to time in accordance with Rule 415 under the Securities
Act of 1933, as amended.

                        About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                           *     *     *

As reported in the Troubled Company Reporter on August 5, 2008,
the TCR said that Moody's Investors Service downgraded the
Corporate Family and Probability of Default Ratings of AMR Corp.
and its subsidiaries to Caa1 from B2, and lowered the ratings of
its outstanding corporate debt instruments and certain equipment
trust certificates and Enhanced Equipment Trust Certificates of
American Airlines Inc.  The company still carries Moody's Negative
Outlook.


BANCO NACIONAL: Coutinho Predicts BRL1.5T Investments for 2008-11
-----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA President,
Luciano Coutinho, attended Aug. 28, the meeting of the Economic
and social Development Board (CDES), in Brasilia

Usually composed of 13 state ministers and civil society
representatives, the meeting was expanded, to include the business
community, authorities and politicians.

Invited by President Lula to deliver a presentation on current
public and private investments in Brazil, Mr. Coutinho highlighted
the good situation of the Brazilian economy and the ?wide and
sturdy? incoming flow of investments.

Mr. Coutinho forecasts BRL1.5 trillion investments between 2008
and 2011.

                           About Banco Nacional

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

                             *     *     *

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


CIA. SIDERURGICA: Delays Dividend Payment Due to Tax-Court Ruling
-----------------------------------------------------------------
Companhia Siderurgica Nacional has suspended its dividends payment
due to a tax-court ruling, Dow Jones Newswires reports.

CSN, Dow Jones says, is studying the necessary measures to defend
its shareholders interest.  Details of tax court decision were not
disclosed.

According to the report, the payment of the dividend was due on
Aug 27.  Earlier this month, CSN said it would pay a total of
BRL160 million (US$98 million), or a BRL0.20 per share dividend.

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.


COMPANHIA ENERGETICA: Ups 2008 Investment Plan to BRL2.13 Billion
-----------------------------------------------------------------
Companhia Energetica de Minas Gerais is increasing its 2008
investment plan to BRL2.13 billion from BRL1.56 billion as part of
its proposal to acquire transmission assets in the second half,
Bloomberg News reports.

According to Bloomberg, the investment will be made in Cemig
Distribuicao, Cemig Geracao e Transmissao and in Cemig.

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

In March 2007, Moody's Investors Service assigned corporate
family ratings of Ba2 on its global scale and Aa3.br on its
Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


DELPHI CORP: ADAH Wants to Re-Argue Court's Decree on Fraud Suit
----------------------------------------------------------------
A-D Acquisition Holdings, LLC, and Appaloosa Management L.P. seek
the Bankruptcy Court's approval to re-argue the August 11 decision
of the U.S. Bankruptcy Court for the Southern District of New York
on their request for dismissal of the US$2,550,000,000 adversary
complaints filed against them by Delphi Corporation, saying that
they both deserve more than a dismissal of the fraud complaint
against them.

ADAH and AMLP also ask the Court to strike certain allegations in
Delphi's complaint pursuant to Rule 12(f) of the Federal Rules of
Civil Procedure, which allows a court to strike any redundant,
immaterial, impertinent, or scandalous matter.

Judge Drain's August 11 order only dismissed Delphi's fraud
complaint against ADAH and AMLP, but not Delphi's claim for
(i) specific performance, (ii) piercing the corporate veil and
(iii) equitable subordination, a ruling for which were issued in
favor of the other defendants involved in the same adversary
complaint filed by Delphi.

J. Christopher Shore, Esq., at White & Case LLP, in New York,
informs the Court that Appaloosa's request to re-argue stems from
the premise that Appaloosa is also entitled to the same rulings
issued in favor of the other defendants regarding Delphi's
claims.  Mr. Shore adds that re-argument is appropriate where the
Court has "overlooked controlling decisions or factual matters
that might materially have influenced its earlier decision".

Mr. Shore asserts certain statements by Delphi should be stricken
because they fail to satisfy Civil Rule 9(b), which provides that
a party must state with particularity, the circumstances
constituting fraud or mistake.  Mr. Shore stresses Delphi's
allegations are highly inflammatory, particularly as to a
financial institution dependent on its reputation to attract
investors.

Appaloosa wants these paragraphs stricken:

    1. Paragraphs 71 to 83, which detailed on "Appaloosa's
       Clandestine Efforts to Avoid its Obligations".  Delphi
       said it "was deceived as a result of its trust" in
       Appaloosa and David Tepper, the firm's principal.  Despite
       assurances by Mr. Tepper that Appaloosa would honor its
       funding commitment and efforts by the Delphi to fulfill
       its own obligations under the EPCA, "Appaloosa and its
       allies were secretly working behind the scenes to
       undermine all of the efforts to achieve Plan consummation
       that the Debtors and their employees and other
       stakeholders were trying so hard to complete in good
       faith."

    2. Paragraph 129, which said that by virtue of its role as
       Plan sponsor and its relationship of trust with Delphi,
       Appaloosa had a duty not to omit to disclose to Delphi, in
       the period from on or about Dec. 1, 2007 to April 4, 2008,
       that Appaloosa, in concert with other Plan investors, had
       decided to seek to avoid their commitments rather than
       fulfill such commitments that were necessary for the
       consummation of the Plan.

   3.  Paragraph 130, which stated that during the critical
       period from Dec. 1, 2007 to April 4, 2008, Appaloosa
       deliberately, intentionally and knowingly concealed from
       Delphi that they had decided to pursue a plan of avoiding
       rather than fulfilling their investment obligations and
       commitments with respect to Delphi's equity financing
       necessary for consummation of the Plan.

    4. Paragraph 132, which said that if Delphi had known the
       truth about Appaloosa's plans and actions to avoid its
       commitment, Delphi would have, among other things, pursued
       legal relief and alternative business plans well before
       April 4, 2008, and would not have pushed for confirmation
       of the Plan in January 2008.

                         About Delphi Corp.

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

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

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

(Delphi Bankruptcy News, Issue No. 142; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Creditors Want Court to Deny US$300MM Loan From GM
---------------------------------------------------------------
CR Intrinsic Investors, LLC and Highland Capital Management,
L.P., ask the U.S. Bankruptcy Court for the Southern District of
New York to deny Delphi Corp.'s request to incur a US$300,000,000
administrative priority debt to General Motors Corp. in order to
cover losses generated after its reorganization plan failed.

CR and Highland hold US$495,000,000 in principal amount of senior
notes issues by Delphi.

Pursuant to Section 1104(c) of the Bankruptcy Code, CR and
Highland ask the Court to order the appointment of an examiner to
ensure that the interests of all creditor bodies are adequately
protected and see to it that the subsidiaries that own the
profitable global operations are not raided to prop up the
corporations that own the "money-losing and cash-guzzling" North
American operations.

Isaac M. Pachulski, Esq., at Stutman, Treister & Glatt P.C., in
Los Angeles, California, says Delphi's proposal to amend its deal
with GM to increase the loan to US$950,000,000 does not fix
anything -- it is merely a band-aid.  "It is a truism that
borrowing to fund losses is a loser's bet", Mr. Pachulski says,
adding further that the borrowing proposed by GM cannot and will
not benefit the Debtors' estates.

Mr. Pachulski informs the Court that the Debtors' willingness to
operate a money-losing business for the benefit of GM is beyond
comprehension.  He said that the Debtors should stop layering on
increasing amounts of debts to pay for the losses, and explore
other avenues to restructure their North American operations
instead.

                         About Delphi Corp.

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

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

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

(Delphi Bankruptcy News, Issue No. 142; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: PBGC Wants GM to Assume Delphi's Pension Liabilities
-----------------------------------------------------------------
The Pension Benefit Guaranty Corp. has asked General Motors Corp.
to assume pension liabilities from Delphi Corp. by Sept. 30 or
risk bearing additional costs from Delphi, Bloomberg News
reports.

PBGC Director Charles Millard told GM that it "has grown
increasingly concerned that there has been no indication that a
resolution of the proposed transfer is imminent."

Delphi had about US$3,300,000,000 in unfunded pension liabilities
at the end of 2007, spokesman Lindsey Williams said, according to
Bloomberg.  GM has already agreed to assume US$1,500,000,000 in
hourly worker pension benefits, and Delphi said it is negotiating
with GM about an additional transfer that may aid Delphi's exit
from bankruptcy.

Mr. Millard warned that if the transfer isn't completed in time
and the pension plans fail, it will become more difficult for
Delphi to complete its reorganization because the PBGC would move
ahead of other creditors with a claim of as much as
US$8,000,000,000.

Delphi previously obtained waivers from the U.S. Internal Revenue
Service and the PBGC to defer funding contributions to its
pension plans -- the Delphi Hourly-Rate Employees Pension Plan
and the Delphi Retirement Program for Salaried Employees -- until
its emergence from Chapter 11.  But the waivers expired May 9,
2008, following delays in its bankruptcy exit due to, among other
things, difficulties in obtaining exit financing.

The waivers were required to facilitate the Debtors' option to
effectuate the transfer of certain hourly pension obligations to
General Motors in an economically efficient manner.

In its latest 10-Q filed before the Securities and Exchange
Commission, Delphi said it believes the Employee Retirement
Income Security Act and the U.S. Internal Revenue Code will
still, under most circumstances, post-June 15, 2008, permit it to
be able to effect the planned transfer of the maximum amount of
its hourly pension obligations to GM in an economically efficient
manner prior to September 30, 2008.  However, by permitting the
waivers to lapse, Delphi admitted it is potentially exposed to
excise taxes as a result of accumulated funding deficiencies for
the its pension plans:

                             Accumulated      Potential IRS
     Period                   Deficiency         Excise Tax
     ------                   ----------         ----------
     Ended 9/30/05          US$173,000,000       US$17,000,000
     Ended 9/30/06        US$1,220,000,000      US$122,000,000
     Ended 9/30/07        US$2,440,000,000      US$244,000,000

Delphi said that assuming it is assessed an excise tax for all
plan years through 2007, the total range of exposure would
approximate between US$380,000,000 and US$3,800,000,000.

Delphi expects the pension that the Hourly and Salaried Plans
will have accumulated funding deficiencies for the plan year
ending Sept. 30, 2008, should it not emerge from chapter 11.

"Any transfer of hourly pension obligations to a GM pension plan
will mitigate such deficiency for the Delphi Hourly Plan," Delphi
said.

                         About Delphi Corp.

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

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

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

(Delphi Bankruptcy News, Issue No. 142; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DUKE ENERGY: Will Sell BRL300 Million of Local Debts
----------------------------------------------------
Duke Energy International Geracao Paranapanema SA, the Brazilian
unit of Duke Energy Corp., is planning to sell BRL300 million
(US$185 million) of bonds due in 2013 and 2015, Bloomberg News
reports.

According to the report, the debt will be issued in two parts and
pricing will be set after investors have placed orders.

Bloomberg News relates that Banco Citibank SA will manage the
transaction with Banco Itau BBA SA.

Duke Energy International Geracao Paranapanema SA is engaged in
the generation of electric power in Sao Paulo, Brazil.  The
Company is a subsidiary of Duke Energy International,
representing its primary interest in the Brazilian market.  The
Company operates eight hydroelectric generation facilities with
2,237 net megawatts of capacity on the Paranapanema River in
southwestern Sao Paulo.  Its Paranapanema River facilities
include Canoas I, generating 83 megawatts; Canoas II, generating
72 megawatts; Capivara, generating 640 megawatts; Chavantes,
generating 414 megawatts; Jurumirim, generating 98 megawatts;
Rosana, generating 372 megawatts; Salto Grande, generating 74
megawatts, and Taquarucu, generating 554 megawatts.  All of the
plants encompass reservoirs.  Harnessing the river has enabled
stabilization of 90.5% of the average flow, which helps flood
prevention and irrigation of the surrounding region.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 13, 2008, Moody's Investors Service placed Duke Energy
International, Geracao Paranapanema S.A. S.A.'s Corporate Family
Ratings at Ba2 and A1.br under review for possible upgrade.


TELEMAR NORTE: S&P Affirms BB+/Positive Corporate Credit Rating
---------------------------------------------------------------
On Aug. 29, 2008, Standard & Poor's Ratings Services said that it
revised its outlooks on Tele Norte Leste Participacoes S.A. And
Telemar Norte Leste S.A. (collectively, Telemar), and Amazonia
Celular S.A. to positive from stable, while affirming the 'BB+'
long-term corporate credit ratings on the companies.  S&P also
affirmed its 'brAA+' national scale corporate credit rating on
Tele Norte Leste Participacoes SA.

"The rating action reflects the group's improved business profile,
taking into account its progress in establishing wireless services
in the State of Sao Paulo and in acquiring the Brasil Telecom
companies," said S&P's credit analyst Victor Saulytis.

Telemar has moved forward in the process to acquire Brasil Telecom
S.A. (brAA+/Stable/--) and Brasil Telecom Participacoes S.A.
(BRTP; brAA+/Stable/--) (collectively, Brasil Telecom) since the
announcement in April 2008.  Although the transaction depends on
events external to the company -- changes in the regulatory
framework and the availability of funds to finance the acquisition
-- the recent developments have been favorable.  So far, the
process of changing the Brazilian National Plan of Concessions
(Plano Geral de Outorgas or PGO) has evolved as expected, and
Telemar has already raised most of the necessary resources to
acquire a controlling stake in Brasil Telecom S.A. and one-third
of the preferred shares of BRTP.

S&P does not expect Telemar's completing the acquisition of Brasil
Telecom in itself to prompt us to raise the ratings, in particular
because Telemar will likely report a significantly more leveraged
capital structure, at least in the short term.  However, S&P
expects the combined company to report improved cash flow
fundamentals, even considering the company's high capital
expenditure program and significant projected dividend
distributions.  Better cash flow could support stronger credit
metrics as financial leverage is gradually paid down.

The current ratings the Telemar entities reflect the companies'
exposure to significant competition in the fast-growing broadband
and wireless niches, in which Telemar has expanded its operations;
some negative pressure on operating margins because of increasing
competition in company's fixed-line operations from competitive
local exchange carriers and cable companies; and an expected
aggressive dividend policy after the restructuring at the group's
ultimate holding company, Telemar Participacoes.

These risks are partially offset by Telemar's dominant market
position in fixed-line and data services within Region I, solid
position in wireless that provides it with a fairly diversified
revenue mix supporting strong cash generation, and appropriate
liquidity based on a still substantial cash position and wide
access to financing sources.

Currently, Telemar is one of Brazil's largest integrated
telecommunications carriers, with approximately 13.9 million fixed
lines in service, more than 20 million active mobile subscribers,
and about 1.8 million broadband (ADSL) subscribers.  The new
company will have pro forma revenues of about US$17 billion (BRL29
billion), operations in virtually all states of the country,
including some niches in Sao Paulo, more than 21 million fixed
lines in service, and 25 million mobile phone subscribers.

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; Tele Norte
Leste Participacoes PCS SA; Telemar Internet Ltda.; and Companhia
AIX Participacoes SA.


TELE NORTE: S&P Shifts Outlook, Affirms BB+ Corp. Credit Ratings
----------------------------------------------------------------
On Aug. 29, 2008, Standard & Poor's Ratings Services said that it
revised its outlooks on Tele Norte Leste Participacoes S.A. And
Telemar Norte Leste S.A. (collectively, Telemar), and Amazonia
Celular S.A. to positive from stable, while affirming the 'BB+'
long-term corporate credit ratings on the companies.  S&P also
affirmed its 'brAA+' national scale corporate credit rating on
Tele Norte Leste Participacoes SA.

"The rating action reflects the group's improved business profile,
taking into account its progress in establishing wireless services
in the State of Sao Paulo and in acquiring the Brasil Telecom
companies," said S&P's credit analyst Victor Saulytis.

Telemar has moved forward in the process to acquire Brasil Telecom
S.A. (brAA+/Stable/--) and Brasil Telecom Participacoes S.A.
(BRTP; brAA+/Stable/--) (collectively, Brasil Telecom) since the
announcement in April 2008.  Although the transaction depends on
events external to the company -- changes in the regulatory
framework and the availability of funds to finance the acquisition
-- the recent developments have been favorable.  So far, the
process of changing the Brazilian National Plan of Concessions
(Plano Geral de Outorgas or PGO) has evolved as expected, and
Telemar has already raised most of the necessary resources to
acquire a controlling stake in Brasil Telecom S.A. and one-third
of the preferred shares of BRTP.

S&P does not expect Telemar's completing the acquisition of Brasil
Telecom in itself to prompt us to raise the ratings, in particular
because Telemar will likely report a significantly more leveraged
capital structure, at least in the short term.  However, S&P
expects the combined company to report improved cash flow
fundamentals, even considering the company's high capital
expenditure program and significant projected dividend
distributions.  Better cash flow could support stronger credit
metrics as financial leverage is gradually paid down.

The current ratings the Telemar entities reflect the companies'
exposure to significant competition in the fast-growing broadband
and wireless niches, in which Telemar has expanded its operations;
some negative pressure on operating margins because of increasing
competition in company's fixed-line operations from competitive
local exchange carriers and cable companies; and an expected
aggressive dividend policy after the restructuring at the group's
ultimate holding company, Telemar Participacoes.

These risks are partially offset by Telemar's dominant market
position in fixed-line and data services within Region I, solid
position in wireless that provides it with a fairly diversified
revenue mix supporting strong cash generation, and appropriate
liquidity based on a still substantial cash position and wide
access to financing sources.

Currently, Telemar is one of Brazil's largest integrated
telecommunications carriers, with approximately 13.9 million fixed
lines in service, more than 20 million active mobile subscribers,
and about 1.8 million broadband (ADSL) subscribers.  The new
company will have pro forma revenues of about US$17 billion (BRL29
billion), operations in virtually all states of the country,
including some niches in Sao Paulo, more than 21 million fixed
lines in service, and 25 million mobile phone subscribers.

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; Tele Norte
Leste Participacoes PCS SA; Telemar Internet Ltda.; and Companhia
AIX Participacoes SA.



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

ACA CAPITAL: Deadline for Proofs of Claim Filing Is Sept. 4
-----------------------------------------------------------
ACA Capital Partners I Ltd.'s creditors have until Sept. 4, 2008,
to prove their claims to Linburgh Martin and Roger Priaulx, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

                Linburgh Martin and Roger Priaulx
                c/o Close Brothers (Cayman) Limited
                P.O. Box 1034
                Fourth Floor, Harbour Place
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Kim Charaman
                Tel: (345)949-8455
                Fax: (345)949-8499


AQR GLOBAL FIXED: Proofs of Claim Filing Is Until Sept. 3
---------------------------------------------------------
AQR Global Fixed Income Offshore Fund (US$) III Ltd.'s creditors
have until Sept. 3, 2008, to prove their claims to Bradley D.
Asness, 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.

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

The liquidator can be reached at:

                Bradley D. Asness
                c/o AQR Capital Management LLC
                3rd Floor, Two Greenwich Plaza
                Greenwich, Connecticut
                USA

Contact for inquiries:

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


AQR OFFSHORE: Deadline for Proofs of Claim Filing Is Sept. 3
------------------------------------------------------------
AQR Offshore Currency Fund (US$) Ltd.'s creditors have until
Sept. 3, 2008, to prove their claims to Bradley D. Asness, 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.

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

The liquidator can be reached at:

                Bradley D. Asness
                c/o AQR Capital Management LLC
                3rd Floor, Two Greenwich Plaza
                Greenwich, Connecticut
                USA

Contact for inquiries:

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


AQR SMID CAP: Proofs of Claim Filing Deadline Is Sept. 3
--------------------------------------------------------
AQR Smid Cap Fund Ltd.'s creditors have until Sept. 3, 2008, to
prove their claims to Bradley D. Asness, 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.

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

The liquidator can be reached at:

                Bradley D. Asness
                c/o AQR Capital Management LLC
                3rd Floor, Two Greenwich Plaza
                Greenwich, Connecticut
                USA

Contact for inquiries:

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


ASC PARTNERS: Deadline for Proofs of Claim Filing Is Sept. 3
------------------------------------------------------------
ASC Partners LDC's creditors have until Sept. 3, 2008, to prove
their claims to Jonathan Calley, 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.

ASC Partners' shareholders decided on Aug. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Jonathan Calley
                c/o Tax Manager Apex Silver Mines Corporation
                1700 Lincoln Street, Suite 3050
                Denver, Colorado
                USA

Contact for inquiries:

                David Marshall
                c/o Walker House
                87 Mary Street, George Town
                Grand Cayman, Cayman Islands
                Tel: (345)814-4582
                Fax: (345)814-8245


MINIMAX HOLDINGS: Proofs of Claim Filing Deadline Is Sept. 3
-------------------------------------------------------------
Minimax Holdings Ltd.'s creditors have until Sept. 3, 2008, to
prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Minimax Holdings' shareholders agreed on July 17, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Westport Services Ltd.
                P.O. Box 1111
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Bonnie Willkom
                Tel: (345)949-5122
                Fax: (345)949-7920


NIHON (CAYMAN ISLANDS): Final Shareholders Meeting Is on Sept. 3
----------------------------------------------------------------
Nihon (Cayman Islands) Company Ltd. will hold its final
shareholders meeting on Sept. 3, 2008, at the offices of Maples
Finance Limited, Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands.

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

Nihon's shareholders decided on June 12, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                  Mark Hill and Giles Le Sueur
                  c/o Maples Finance Limited
                  P.O. Box 1093GT
                  Grand Cayman, Cayman Islands


O'CONNOR BUYOUT: Proofs of Claim Filing Deadline Is Sept. 4
-----------------------------------------------------------
O'Connor Buyout And Acquisition Trading Master Ltd.'s creditors
have until Sept. 4, 2008, to prove their claims to  Stuart K.
Sybersma and Ian A.N. Wight, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

O'Connor Buyout's shareholders agreed on July 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Stuart K. Sybersma and Ian A.N. Wight
                c/o Deloitte
                P.O. Box 1787GT
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Jessica Turnbull
                Telephone: (345)949-7500
                Fax: (345)949-8258


O'CONNOR CREDIT: Proofs of Claim Filing Is Until Sept. 4
--------------------------------------------------------
O'Connor Credit Arbitrage Ltd.'s creditors have until Sept. 4,
2008, to prove their claims to  Stuart K. Sybersma and Ian A.N.
Wight, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

O'Connor Buyout's shareholders agreed on July 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Stuart K. Sybersma and Ian A.N. Wight
                c/o Deloitte
                P.O. Box 1787GT
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Jessica Turnbull
                Telephone: (345)949-7500
                Fax: (345)949-8258


O'CONNOR CREDIT MASTER: Claims Filing Deadline Is Sept. 4
---------------------------------------------------------
O'Connor Credit Arbitrage Master Ltd.'s creditors have until
Sept. 4, 2008, to prove their claims to  Stuart K. Sybersma and
Ian A.N. Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

O'Connor Buyout's shareholders agreed on July 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Stuart K. Sybersma and Ian A.N. Wight
                c/o Deloitte
                P.O. Box 1787GT
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Jessica Turnbull
                Telephone: (345)949-7500
                Fax: (345)949-8258


OMNIBUS FUNDING: Holding Final Shareholders Meeting on Sept. 3
--------------------------------------------------------------
Omnibus Funding Corp. will hold its final shareholders meeting on
Sept. 3, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

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


Omnibus Funding's shareholders decided on June 12, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                  Mark Hill and Giles Le Sueur
                  c/o Maples Finance Limited
                  P.O. Box 1093GT
                  Grand Cayman, Cayman Islands



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

AES GENER: Invests More Than US$3 Bil. in Seven Power Stations
--------------------------------------------------------------
AES Gener SA has invested more than US$3 billion in Chile through
2011 to build seven new mainly coal-fired power stations, Monica
Vargas at Reuters reports.

Reuters says AES GEner general manager Luis Felipe Ceron, told
reporters the plants would have a combined capacity of nearly
1,500 megawatts.

"We have seven projects in construction right now, seven power
stations with a total capacity of 1,500 megawatts, with a total
investment of more than US$3 billion and which will be going into
production in 2008, 2009, 2010, 2011," Reuters states, citing Mr.
Ceron.

Mr. Ceron, as cited by Reuters, added that the Santa Lidia diesel-
power plant would begin operating in central Chile at the end of
2008, to be followed by:

    * start-ups of the Guacolda III station in 2009,
    * Nuevas Ventanas by the end of 2009 or early in 2010,
    * Guacolda IV in mid 2010,
    * Campich and Angamos I a year later
    * and Angamos II in October 2011.

Citing Mr. Ceron, Reuters relates that the seven projects lead the
company with the most new power generation under construction in
Chile, which will help resolve the energy deficit situation.

According to Mr. Ceron, the firm did not reject the option of
going back to markets to raise funding, however, it was looking
into alternatives to use its water rights in central and southern
Chile to build hydro power stations, Reuters notes.

The U.S. company's Chief Operating Officer Andres Gluski disclosed
parent AES Corp. is planning a total investment of US$3.6 billion
in Latin America through 2014, the report adds.

AES Gener SA is the second-largest electricity generation group
in Chile in terms of generating capacity (20% market share) with
an installed capacity of 2,428 megawatts. Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary. TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line. Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts). Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                          *     *     *

To date, AES Gener carries Moody's Investors Service's Ba2 long-
term foreign bank deposit rating with a stable outlook. The firm
also carries Standard & Poor's Ratings Services' BB+ long-term
foreign issuer credit rating with a positive outlook.


METHANEX CORP: Hires Robert Kostelnik to Board of Directors
-----------------------------------------------------------
Methanex Corporation has appointed Robert Kostelnik to its Board
of Directors effective September 1, 2008.

Mr. Kostelnik has been actively involved in the petrochemical
industry for over 30 years.  Mr. Kostelnik began his career at
Shell and has been with CITGO since 1992 where he held a number of
senior positions including Vice President for Health, Safety,
Security and Environment.  Most recently he was Vice President of
Refining with responsibility for all of CITGO's refining and
lubricants businesses.  Mr. Kostelnik retired from CITGO in 2008
and now resides in Houston, Texas where he pursues a variety of
business interests.

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- is a publicly-traded company engaged
in the production, distribution, and marketing of methanol.  The
company's stock also trate on foreign securities market of the
Santiago Stock Exchange in Chile under the trading symbol
"Methanex."

                          *     *     *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.



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

* ECUADOR: Seizes More Companies to Pay Off Debt
------------------------------------------------
The government of Ecuador has seized more companies for payment of
debt, which could boost President Rafael Correa's popularity
before a vote on a new constitution that would give him more
power, Reuters reports.

Ecuador, Reuters says, is taking control of the Penafiel group's
six companies as payment for millions of dollars the government
invested in a bank the group owned about 10 years.  The bank later
closed.  The government also grabbed stakes held by the Penafiel
group in 413 companies, including several gas stations.

The report relates that China Petroleum Technology and Development
Corp Ecuador S.A., a subsidiary of China's National Petroleum Corp
(CNPC), the parent of listed PetroChina, is one of the seized
companies.

Ecuadorean oil officials could not verify if the company is
affiliated with CNPC or if it had been bought by the Penafiel
group.  CNPC is part owner of an oil consortium, Andes Petroleum,
that extracts crude from several fields in Ecuador, Reuters
states.

The government also took small oil service operators from the
Penafiel companies, Reuters says.

The report says the government, at the behest of Correa, in July,
took over more than 200 companies, including two television
stations, owned by the Isaias group.  Ecuador, at the time,
claimed the seizure was to pay debts, which the group argued.

According to the report, the government has vowed to keep seizing
companies owned by powerful business groups linked to a financial
crisis that gripped the country about a decade ago.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 25, 2008, Moody's Investors Service upgraded Ecuador's
foreign currency government bond rating, foreign currency bank
deposit ceiling and foreign currency country bond ceilings to B3
from Caa2.  Moody's said the outlook on all the ratings is stable.

In December 2007, Standard & Poor's Ratings Services assigned a
B- long-term sovereign local and foreign currency ratings and C
short-term sovereign local and foreign currency ratings on
Ecuador.



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

AIR JAMAICA: Edward Weigel Resumes President and CEO Posts
----------------------------------------------------------
Edward Weigel now sits as President and Chief Executive Officer of
Air Jamaica, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2008, citing RJR News, the airline's Board of Directors
named Edward Wegel as the new Chief Executive Officer over
Executive Vice President and David Banmiller.

Radio Jamaica quoted chairperson Shirley Williams as saying that
Mr. Weigel's primary task is to prepare the airline for
privatization.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in
1994.  The Jamaican government does not plan to own Air Jamaica
permanently.

                           *    *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a B1 rating
to Air Jamaica Limited's guaranteed senior unsecured notes.

On July 21, 2006, Standard & Poor's Rating Services assigned a
"B" long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, based on the government's
unconditional guarantee of both principal and interest payments.



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

BLUE WATER: General Motors Wants Chapter 7 Trustee Appointed
------------------------------------------------------------
General Motors Corp., a customer and creditor of Blue Water
Automotive Systems Inc., and its debtor-affiliates filed papers in
court on Aug. 22 stating it wants a Chapter 7 trustee appointed in
the case, the Detroit Free Press reports.  GM said Blue Water has
no hope of being sold as a going concern and its plan to liquidate
under Chapter 11 protection is unrealistic and "fraught with
costly legal maneuvering."

Blue Water is seeking buyers for its plants after rejecting a
US$40-million offer for the entire business by partsmaker Flex-N-
Gate LLC.  As reported by the Troubled Company Reporter on Aug.
29, 2008, the U.S. Bankruptcy Court for the Eastern District of
Michigan authorized the Debtors to sell a plant and equipment for
US$6 million to CIT Group Inc. and Engineered Plastic Components
Inc.

Detroit Free Press says that CIT, an investment firm and Blue
Water's biggest creditor, agreed to buy the plant in St. Clair in
exchange for US$3 million in debt, while Engineered Plastic bought
machinery and equipment for US$3 million in cash.  The sales were
approved by U.S. Bankruptcy Judge Marci McIvor, Detroit
Free Press adds.

As reported in the Troubled Company Reporter on Aug. 13, 2008,
Blue Water delivered to the Court an amended joint plan of
liquidation to contemplate a wind-down of the Debtors' assets.

                        About CIT Group

Headquartered in New York City, CIT Group Inc. (NYSE: CIT) --
http://www.cit.com/-- is a commercial finance company that
provides financial products and advisory services to more than one
million customers in over 50 countries across 30 industries.

              About Engineered Plastic Components Inc.

Engineered Plastic Components Inc. is a privately held company
based in Grinnell, Iowa.

                    About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry.  The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies.  They are
supported by full-service design, program management,
manufacturing and tooling capabilities.  With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million.  The company's headquarters and technology
center is located in Marysville, Mich.  The company has
operations in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies. KPS then set about reorganizing the
company.  The company implemented a program to improve operating
performance and address its liquidity issues.  During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case
No. 08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at
Foley & Lardner, LLP, serve as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million.

The Debtors filed their Liquidation Plan on May 9, 2008.  The
Plan contemplates a sale of substantially all of the Debtors'
assets and equity interests, except for a piece of real property
located at Yankee Road, in St. Clair, Michigan.  The Plan has
been confirmed by the Court.


CABLEMAS SA: Earns MXN48.6 Mil. in Second Quarter Ended June 30
---------------------------------------------------------------
Cablemas, S.A. de C.V. reported net income of MXN48.6 million on
net revenues of MXN674.6 million for the three-month period ending
June 30, 2008, compared to net income of MXN41.5 million on net
revenues of MXN769.6 million for the same period in 2007.

Cablemas CEO Carlos M. Alvarez Figueroa commented, "We are pleased
to report another quarter of strong revenue growth.  As expected,
Adjusted EBITDA margin was 38.1% compared to 39.1% in 2Q07."

"We continue to grow our customer base. Cable television
subscribers rose 6.9%, high speed internet 10.3% and IP telephony
121.9% year-on-year."

"To continue making the most of the opportunities present in our
markets, we have decided to step up the roll out of our IP
telephony services, and we will be adding new cities in the second
half of the year."

Consolidated gross debt as of June 30, 2008, totaled
MXN2,329.3 million, of which MXN2,323.2 million was long-term and
MXN6.1 million  was short term.  Consolidated gross debt rose
year-over-year by 5.8%, from MXN2,201.7 million as of June 30,
2007.  This was mainly the result of the 5-year term syndicated
loan facility for US$50 million entered with JP Morgan on December
21, 2007, which funds were used to finance our proportionate
ownership share of Cablestar, S.A. de C.V. in the acquisition of
the majority of the assets of Bestel, S.A. de C.V. On a sequential
basis, however, consolidated debt declined by 3.8%, from
MXN.2,420.3 as of March 31, 2008.

Net debt, which is calculated as total debt minus cash and cash
equivalents, decreased year-over-year by 12.7% to MXN1,875.7
million, from MXN2,149.0 million as of June 30, 2007.  As of June
30, 2008, Cablemas had a cash balance of MXN453.6 million.

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.


CABLEMAS SA: S&P Assigns '3' Recovery Rating on US$175MM Notes
--------------------------------------------------------------
On Aug. 29, 2008, Standard & Poor's Ratings Services affirmed
its senior unsecured debt rating and assigned a recovery rating
to Cablemas S.A. de C.V.'s US$175 million senior unsecured notes
maturing in 2015.  The notes are rated 'BB' (the same as the
long-term corporate credit rating) with a recovery rating of
'3', indicating that lenders can expect a meaningful (50%-70%)
recovery in the event of payment default.

The distinctive characteristics of particular jurisdictions'
insolvency regimes have a significant effect on the amounts
ultimately recovered, the time to recover such amounts, and the
overall predictability of the process.  Based on its review, S&P
has assessed Mexico's insolvency regime as a Group B jurisdiction,
resulting in the capping of both recovery and
issue ratings.

S&P's classification results in jurisdiction-specific adjustments
to its recovery ratings, namely the capping of both
recovery ratings and the differential between the issuer credit
and issue ratings in countries where S&P expects debtor-friendly
insolvency regimes to affect the recovery process and actual
recovery rates negatively.  These caps increase the transparency
and consistency of S&P's assessments of the effect of countries'
insolvency rules -- especially countries that are less
creditor-friendly -- when assigning recovery and issue ratings.

The affirmation of the senior unsecured debt rating and the
assignment of the recovery rating follow the introduction of the
new recovery methodology that replaces the traditional notching
guidelines S&P has been using for speculative-grade issuers in
Mexico.

The notes are senior unsecured obligations, ranking equally in
right of payment with all Cablemas' other existing and future
senior indebtedness; rank senior in right of payment to all
existing and future subordinated indebtedness; are effectively
subordinated to all existing and future secured indebtedness of
the company to the extent of the value of the assets securing
such Indebtedness; and are unconditionally guaranteed on a
senior unsecured basis by CC Campeche, CC Merida, Inmobiliaria
Cablemas, Constructora Cablemas, TC Chihuahua, T Chilpancingo,
TC Mexicano, TC Morelos, TV Cable, VC Oaxaca, Cuernamu,
Inmobiliaria Cablemas, and TV Transmisiones de Chihuahua.

The likelihood of default for Cablemas is reflected in the
'BB/Stable/--' corporate credit rating, which has not changed.

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.


DURA AUTOMOTIVE: GE Commercial Heads US$110MM Exit Credit Facility
------------------------------------------------------------------
GE Commercial Finance Corporate Lending said that it led a
US$110 million plan of reorganization credit facility for DURA
Automotive Systems Inc.  The financing will be used to complete
the company's reorganization as it emerges from bankruptcy.

GE Capital Markets arranged the transaction.

In 2006, GE Commercial also provided the company with a
US$115 million debtor-in-possession credit facility to support the
company's Chapter 11 filing.

"Decreasing market demand, a change in the types of vehicles being
sold and rising raw material prices are making this a tougher
market for auto suppliers," said Beth Brockmann, automotive
industry leader for GE Corporate Lending.  "However, suppliers
with strong technology and solid balance sheets should be able to
endure this transitionary period and ultimately benefit from a
stronger market environment."

"Leveraging our auto industry expertise and restructuring
specialization helped provide DURA with smarter capital," said Tom
Quindlen, chairman and CEO of GE Corporate Lending.  "We continue
to work closely with clients through good and challenging times to
provide them with the capital they require to meet their business
objectives."

                           About DURA

Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry.  The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries. DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.

The company has three locations in Asia -- China, Japan and Korea.
It has locations in Europe and Latin-America, particularly in
Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C., Esq.,
Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., at
Kirkland & Ellis LLP are lead counsels for the Debtors' bankruptcy
proceedings. Daniel J. DeFranseschi, Esq., and Jason M. Madron,
Esq., at Richards Layton & Finger, P.A. Attorneys are the Debtors'
co-counsels. Baker & McKenzie acts as the Debtors' special
counsel.  Togut, Segal & Segal LLP is the Debtors' conflicts
counsel.  Miller Buckfire & Co., LLC is the Debtors' investment
banker.  Glass & Associates Inc., gives financial advice to the
Debtor.  Kurtzman Carson Consultants LLC handles the notice,
claims and balloting for the Debtors and Brunswick Group LLC acts
as their Corporate Communications Consultants for the Debtors.

As of Jan. 31, 2008, the Debtor had US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.   On June 27, 2008, the Debtors emerged from
Chapter 11 bankruptcy protection.


SEMGROUP LP: Suppliers Demand Formation of Special Committee
------------------------------------------------------------
The producers and suppliers of oil and gas to SemGroup, L.P. ask
the U.S. Bankruptcy Court for the District of Delaware to appoint
a special committee of producers pursuant to Section 1102(a)(2) of
the Bankruptcy Code, allowing the producers to adequately
represent the creditor class, and protect the rights and interests
that will not be safeguarded by the Official Committee of
Unsecured Creditors.

Michael G. Busenkell, Esq., at Womble Carlyle Sandridge & Rice,
PLLC, in Wilmington, Delaware, told the Court that the Producers
have two primary types of relationships with the Debtors in the
ordinary course of business:

   (1) in which they are owners of working interests in oil and
       gas wells, and sell oil, natural gas, or other liquid
       hydrocarbons to the Debtors; and

   (2) in which they sell propane, butane, drip liquids, field
       condensate, slop oil, and other refined or unrefined
       products from liquid processing plants or gas gathering
       systems.

The Producers have at least four types of claims arising from
their ordinary course business relationships with the Debtors:

     (i) administrative expense claims under Section 503(b)(9),
         for products received within 20 days prior to the
         Debtors' bankruptcy;

    (ii) reclamation claims under Section 546(c);

   (iii) liens under applicable state law; and

    (iv) a constructive trust on proceeds, until the Debtors
         have been paid under applicable state law.

Mr. Busenkell stated that the Producers' claims are substantially
different from the claims of general unsecured creditors.  The
Producers are a relatively numerous and homogenous group, but
their interests differ markedly from those of general unsecured
creditors.

Mr. Busenkell argued that the Producers are entitled to assert
rights to administrative expense priority, whereas unsecured
creditors generally are not entitled to administrative expense
priority.  Similarly, all Producers have the right to assert
reclamation claims against the Debtors, and the Debtors have
represented that a great number have done so.  The Producers are
also entitled to assert oil and gas liens, entitling them to
claim secured status that, by definition, unsecured creditors
cannot claim.  Moreover, some state laws grant producers a
constructive trust on the oil and gas they supply, as well as on
their proceeds.  Unsecured creditors lack those rights, Mr.
Busenkell asserted.

According to Mr. Busenkell, the number of suppliers and producers
is very large, and their interests are very substantial.  The
Debtors had estimated that before the bankruptcy filing, they
purchased oil and gas from approximately 1,000 Producers.
Because of the nature of the oil and gas business, Mr. Busenkell
states the debt held by the Producers is in the hundreds of
millions of dollars.

Mr. Busenkell insisted that the appointment of a Producers
Committee will assist in the administration of the Debtors
estate.  He says that due to the absence of a Producers
Committee, the Producers have been compelled to file a multitude
of pleadings addressing the various issues of their claims, and
this will likely increase as more and more Producers become aware
of the proceedings.

Mr. Busenkell maintained that having a committee will serve to
alleviate the compulsion to file individual pleadings.  He
submits that absent a producers' committee, the Debtors will not
have a single representative of the  1,000 Producers with whom to
negotiate plan provisions relating to the multitude of interim
motions and procedures that will arise.

                        About SemGroup L.P.

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

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

Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.

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

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

(SemGoup Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


* MEXICO: S&P Assigns Recovery Ratings to 11 Major Companies
------------------------------------------------------------
Standard & Poor's Ratings Services has assigned recovery ratings
to secured and unsecured loan and bond issues of 11 speculative-
grade Mexican corporations.

In all, S&P assigned recovery ratings to 14 issues.  S&P also
began to apply its recovery rating scale and issue rating
criteria guidelines to the debt.  This resulted in 12 affirmations
of issue-level ratings and the raising of two.

"The launch of our recovery ratings in Mexico represents a new
stage in our efforts to keep ahead of Mexico's evolving debt
markets," said S&P's credit analyst Jose Coballasi.  "Our recent
review of Mexico's insolvency regime, analysis of past debt
recoveries in the country, and fundamental issuer and instrument-
specific, scenario-based recovery analyses support
this initiative."

Recovery ratings are indicators of estimated recovery prospects
for creditors in the event of a debt issuer's payment default
and are inputs to S&P's traditional issue-level ratings.  Going
forward, in determining the global-scale issue ratings for
speculative-grade Mexican issuers, S&P will consider both the
corporate credit rating, which indicates its view of the entity's
likelihood of default, and the issue-specific recovery
rating.  S&P has not assigned recovery ratings under the Mexican
(CaVal) national rating scale.

S&P published a recovery report for each issuer to which it
assigned a new recovery rating.  These reports, which explain
the rationale behind S&P's recovery rating conclusions, can be
found on RatingsDirect, the real-time Web-based source for its
credit ratings, research, and risk analysis.

S&P assigned recovery ratings to debt issues of Axtel S.A.B. de
C.V., Cablemas S.A. de C.V., Corporacion Durango S.A.B. de C.V.,
Desarrolladora Homex S.A.B. de C.V., Grupo KUO S.A.B. de C.V.,
Industrias Unidas S.A. de C.V., Maxcom Telecomunicaciones S.A.B.
de C.V., Urbi Desarrollos Urbanos S.A.B. de C.V., and Vitro
S.A.B. de C.V.  S&P assigned recovery ratings and raised the
issue-level ratings on Corporación Interamericana de
Entretenimiento S.A.B. de C.V. and Xignux S.A. de C.V.

The rollout of recovery ratings on Mexican speculative-grade
debt issues follows the release of recovery ratings in the U.S.,
Europe, and other markets.  It reflects S&P's belief that
postdefault principal recovery has become a key factor in the
decisions of local and international investors and creditors.



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

QUEBECOR WORLD: Sets Final Conversion Rate of Preferred Shares
--------------------------------------------------------------
Quebecor World Inc. determined the final conversion rate
applicable to the 744,124 Series 5 Cumulative Redeemable First
Preferred Shares that will be converted into Subordinate Voting
Shares effective as of Sept. 1, 2008.

Taking into account all accrued and unpaid dividends on the Series
5 Preferred Shares up to and including Sept. 1, 2008, Quebecor
World has determined that, in accordance with the provisions
governing the Series 5 Preferred Shares, each Series 5 Preferred
Share will be converted effective as of September 1, 2008 into
13.3625 Subordinate Voting Shares.

Registered holders of Series 5 Preferred Shares who submitted
notices of conversion on or prior to June 27, 2008 will receive in
the coming days from Quebecor World's transfer agent and
registrar, Computershare Investor Services Inc., certificates
representing their Subordinate Voting Shares resulting from the
conversion.

Approximately 9.9 million new Subordinate Voting Shares will thus
be issued by Quebecor World to holders of Series 5 Preferred
Shares effective as of Sept. 1, 2008.

                       About Quebecor World

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

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

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

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

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

As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000, total
liabilities of US$4,326,500,000, preferred shares of
US$62,000,000,
and total shareholders' deficit of US$976,400,000.

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



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

* VENEZUELA: Reaches Deal With CEMEX on Nationalization Terms
-------------------------------------------------------------
Venezuelan government and CEMEX have signed to agree on the terms
of the process to transfer the firm to the Venezuelan state after
nationalizing Cemex's local unit, El Universal reports.

Venezuelan President Hugo Chavez, El Universal says, disclosed
part of the agreement initialed by Hector Medina Aguiar, a
representative of the Mexican company, and Rafael Ramirez, the
Venezuelan Minister of Energy and Petroleum and President of
Petroleos de Venezuela, on behalf of the Executive Branch.

The officials were accompanied by some members of the boards
managing the transfer of the nationalized units of Switzerland's
Holcim Ltd., France's Lafarge SA and CEMEX cement makers, the
report adds.

According to the report, the terms of the deal state that:

    -- the Venezuelan government will take control of the plants,
       offices and other assets owned by Cemex in the country;

    -- the transition board replaces the board of directors of
       Cemex;

    -- "non-binding" legal, accounting  and financial audits may
       be requested; and,

    -- the parties do not waive their right to defense.

                           *     *     *

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 Sheets
-----------------------------------------------

                                        Total
                                 Shareholders       Total
                                       Equity       Assets
Company             Ticker           (US$MM)      (US$MM)
-------             ------       ------------     -------
NOVA AMERICA SA     1NOVON BZ        (174.82)       20.83
NOVA AMERICA-PRF    1NOVPN BZ        (174.82)       20.83
IMPSAT FIBER NET    330902Q GR        (17.17)      535.01
TELECOMUNICA-ADR    81370Z BZ         (98.28)      132.21
ARTHUR LANGE SA     ALICON BZ         (13.92)       19.52
ARTHUR LANGE-PRF    ALICPN BZ         (13.92)       19.52
ARTHUR LANG-RT C    ARLA1 BZ          (13.92)       19.52
ARTHUR LANG-RC P    ARLA10 BZ         (13.92)       19.52
ARTHUR LAN-DVD C    ARLA11 BZ         (13.92)       19.52
ARTHUR LAN-DVD P    ARLA12 BZ         (13.92)       19.52
ARTHUR LANG-RT P    ARLA2 BZ          (13.92)       19.52
ARTHUR LANGE        ARLA3 BZ          (13.92)       19.52
ARTHUR LANGE-PRF    ARLA4 BZ          (13.92)       19.52
ARTHUR LANG-RC C    ARLA9 BZ          (13.92)       19.52
BOMBRIL             BMBBF US         (275.24)      242.67
BOMBRIL SA-ADR      BMBBY US         (275.24)      242.67
BOMBRIL SA-ADR      BMBPY US         (275.24)      242.67
BOMBRIL-RIGHTS      BOBR1 BZ         (275.24)      242.67
BOMBRIL-RGTS PRE    BOBR2 BZ         (275.24)      242.67
BOMBRIL             BOBR3 BZ         (275.24)      242.67
BOMBRIL-PREF        BOBR4 BZ         (275.24)      242.67
BOMBRIL CIRIO SA    BOBRON BZ        (275.24)      242.67
BOMBRIL CIRIO-PF    BOBRPN BZ        (275.24)      242.67
SOC COMERCIAL PL    CAD IX           (247.81)      141.64
SOC COMERCIAL PL    CADN SW          (247.81)      141.64
CAF BRASILIA        CAFE3 BZ          (543.6)       23.23
CAF BRASILIA-PRF    CAFE4 BZ          (543.6)       23.23
CONST A LINDEN      CALI3 BZ           (1.55)       29.62
CONST A LIND-PRF    CALI4 BZ           (1.55)       29.62
COBRASMA            CBMA3 BZ       (1,686.13)        12.3
COBRASMA-PREF       CBMA4 BZ       (1,686.13)        12.3
TELEBRAS-PF RCPT    CBRZF US          (98.28)      132.21
CHIARELLI SA        CCHI3 BZ          (42.01)       25.67
CHIARELLI SA-PRF    CCHI4 BZ          (42.01)       25.67
CHIARELLI SA        CCHON BZ          (42.01)       25.67
CHIARELLI SA-PRF    CCHPN BZ          (42.01)       25.67
COBRASMA SA         COBRON BZ      (1,686.13)        12.3
COBRASMA SA-PREF    COBRPN BZ      (1,686.13)        12.3
SOC COMERCIAL PL    COME AR          (247.81)      141.64
COMERCIAL PLA-BL    COMEB AR         (247.81)      141.64
COMERCIAL PL-C/E    COMEC AR         (247.81)      141.64
COMERCIAL PLAT-$    COMED AR         (247.81)      141.64
CAFE BRASILIA SA    CSBRON BZ         (543.6)       23.23
CAFE BRASILIA-PR    CSBRPN BZ         (543.6)       23.23
SOC COMERCIAL PL    CVVIF US         (247.81)      141.64
DOCAS SA-RTS PRF    DOCA2 BZ           (4.51)      120.81
DOCA INVESTIMENT    DOCA3 BZ           (4.51)      120.81
DOCA INVESTI-PFD    DOCA4 BZ           (4.51)      120.81
DOCAS SA            DOCAON BZ          (4.51)      120.81
DOCAS SA-PREF       DOCAPN BZ          (4.51)      120.81
ESTRELA SA          ESTR3 BZ           (44.13)      61.51
ESTRELA SA-PREF     ESTR4 BZ           (44.13)      61.51
ESTRELA SA          ESTRON BZ          (44.13)      61.51
ESTRELA SA-PREF     ESTRPN BZ          (44.13)      61.51
FABRICA RENAUX      FRNXON BZ          (23.42)      73.14
FABRICA RENAUX-P    FRNXPN BZ          (23.42)      73.14
FABRICA TECID-RT    FTRX1 BZ           (23.42)      73.14
FABRICA RENAUX      FTRX3 BZ           (23.42)      73.14
FABRICA RENAUX-P    FTRX4 BZ           (23.42)      73.14
TECEL S JOSE        FTSJON BZ          (15.38)      46.04
TECEL S JOSE-PRF    FTSJPN BZ          (15.38)      46.04
CIMOB PARTIC SA     GAFON BZ           (32.26)      53.11
CIMOB PARTIC SA     GAFP3 BZ           (32.26)      53.11
CIMOB PART-PREF     GAFP4 BZ           (32.26)      53.11
CIMOB PART-PREF     GAFPN BZ           (32.26)      53.11
GAZOLA-RCPT PREF    GAZO10 BZ          (27.59)       9.36
GAZOLA SA-DVD CM    GAZO11 BZ          (27.59)       9.36
GAZOLA SA-DVD PF    GAZO12 BZ          (27.59)       9.36
GAZOLA              GAZO3 BZ           (27.59)       9.36
GAZOLA-PREF         GAZO4 BZ           (27.59)       9.36
GAZOLA-RCPTS CMN    GAZO9 BZ           (27.59)       9.36
GAZOLA SA           GAZON BZ           (27.59)       9.36
GAZOLA SA-PREF      GAZPN BZ           (27.59)       9.36
HAGA                HAGA3 BZ           (66.92)      11.63
FER HAGA-PREF       HAGA4 BZ           (66.92)      11.63
FERRAGENS HAGA      HAGAON BZ          (66.92)      11.63
FERRAGENS HAGA-P    HAGAPN BZ          (66.92)      11.63
HERCULES SA         HERTON BZ          (140.46)     26.25
HERCULES SA-PREF    HERTPN BZ          (140.46)     26.25
HERCULES            HETA3 BZ           (140.46)     26.25
HERCULES-PREF       HETA4 BZ           (140.46)     26.25
DOC IMBITUBA-RTC    IMBI1 BZ           (12.09)     123.41
DOC IMBITUBA-RTP    IMBI2 BZ           (12.09)     123.41
DOC IMBITUBA        IMBI3 BZ           (12.09)     123.41
DOC IMBITUB-PREF    IMBI4 BZ           (12.09)     123.41
DOCAS IMBITUBA      IMBION BZ          (12.09)     123.41
DOCAS IMBITUB-PR    IMBIPN BZ          (12.09)     123.41
IMPSAT FIBER-CED    IMPT AR            (17.17)     535.01
IMPSAT FIBER-BLK    IMPTB AR           (17.17)     535.01
IMPSAT FIBER-C/E    IMPTC AR           (17.17)     535.01
IMPSAT FIBER-$US    IMPTD AR           (17.17)     535.01
IMPSAT FIBER NET    IMPTQ US           (17.17)     535.01
CONST A LINDEN      LINDON BZ           (1.55)      29.62
CONST A LIND-PRF    LINDPN BZ           (1.55)      29.62
MINUPAR             MNPR3 BZ           (15.79)       90.7
MINUPAR-PREF        MNPR4 BZ           (15.79)       90.7
MINUPAR SA          MNPRON BZ          (15.79)       90.7
MINUPAR SA-PREF     MNPRPN BZ          (15.79)       90.7
WETZEL SA           MWELON BZ            (8.6)      78.49
WETZEL SA-PREF      MWELPN BZ            (8.6)      78.49
WETZEL SA           MWET3 BZ             (8.6)      78.49
WETZEL SA-PREF      MWET4 BZ             (8.6)      78.49
NOVA AMERICA SA     NOVA3 BZ          (174.82)      20.83
NOVA AMERICA-PRF    NOVA4 BZ          (174.82)      20.83
NOVA AMERICA SA     NOVAON BZ         (174.82)      20.83
NOVA AMERICA-PRF    NOVAPN BZ         (174.82)      20.83
TELEBRAS-CEDE BL    RCT4B AR           (98.28)     132.21
TELEBRAS-CED C/E    RCT4C AR           (98.28)     132.21
TELEBRAS-CEDEA $    RCT4D AR           (98.28)     132.21
TELEBRAS-RTS CMN    RCTB1 BZ           (98.28)     132.21
TELEBRAS-RTS PRF    RCTB2 BZ           (98.28)     132.21
TELEBRAS-CM RCPT    RCTB30 BZ          (98.28)     132.21
TELEBRAS-CM RCPT    RCTB31 BZ          (98.28)     132.21
TELEBRAS-CM RCPT    RCTB32 BZ          (98.28)     132.21
TELEBRAS-RCT        RCTB33 BZ          (98.28)     132.21
TELEBRAS-CEDE PF    RCTB4 AR           (98.28)     132.21
TELEBRAS-PF RCPT    RCTB40 BZ          (98.28)     132.21
TELEBRAS-PF RCPT    RCTB41 BZ          (98.28)     132.21
TELEBRAS-PF RCPT    RCTB42 BZ          (98.28)     132.21
TEXTEIS RENAUX      RENXON BZ          (68.09)      48.62
TEXTEIS RENAUX      RENXPN BZ          (68.09)      48.62
TELEBRAS-ADR        RTB US             (98.28)     132.21
SOC COMERCIAL PL    SCDPF US          (247.81)     141.64
SCHLOSSER SA        SCHON BZ           (48.31)      25.52
SCHLOSSER SA-PRF    SCHPN BZ           (48.31)      25.52
SCHLOSSER           SCLO3 BZ           (48.31)      25.52
SCHLOSSER-PREF      SCLO4 BZ           (48.31)      25.52
COMERCIAL PL-ADR    SCPDS LI          (247.81)     141.64
TECEL S JOSE        SJOS3 BZ           (15.38)      46.04
TECEL S JOSE-PRF    SJOS4 BZ           (15.38)      46.04
SANSUY              SNSY3 BZ           (35.49)      132.2
SANSUY-PREF A       SNSY5 BZ           (35.49)      132.2
SANSUY-PREF B       SNSY6 BZ           (35.49)      132.2
SANSUY SA-PREF A    SNSYAN BZ          (35.49)      132.2
SANSUY SA-PREF B    SNSYBN BZ          (35.49)      132.2
SANSUY SA           SNSYON BZ          (35.49)      132.2
TELEBRAS-PF RCPT    TBAPF US           (98.28)     132.21
TELEBRAS-ADR        TBAPY US           (98.28)     132.21
TELEBRAS SA         TBASF US           (98.28)     132.21
TELEBRAS-ADR        TBASY US           (98.28)     132.21
TELEBRAS-ADR        TBH US             (98.28)     132.21
TELEBRAS/W-I-ADR    TBH-W US           (98.28)     132.21
TELEBRAS-ADR        TBRAY GR           (98.28)     132.21
TELEBRAS-CM RCPT    TBRTF US           (98.28)     132.21
TELEBRAS-ADR        TBX GR             (98.28)     132.21
TELEBRAS-RTS CMN    TCLP1 BZ           (98.28)     132.21
TEKA                TEKA3 BZ          (214.16)     308.19
TEKA-PREF           TEKA4 BZ          (214.16)     308.19
TEKA                TEKAON BZ         (214.16)     308.19
TEKA-PREF           TEKAPN BZ         (214.16)     308.19
TEKA-ADR            TEKAY US          (214.16)     308.19
TELEBRAS-CED C/E    TEL4C AR           (98.28)     132.21
TELEBRAS-CEDEA $    TEL4D AR           (98.28)     132.21
TELEBRAS-COM RTS    TELB1 BZ           (98.28)     132.21
TELEBRAS-RCT PRF    TELB10 BZ          (98.28)     132.21
TELEBRAS SA         TELB3 BZ           (98.28)     132.21
TELEBRAS-BLOCK      TELB30 BZ          (98.28)     132.21
TELEBRAS-CEDE PF    TELB4 AR           (98.28)     132.21
TELEBRAS SA-PREF    TELB4 BZ           (98.28)     132.21
TELEBRAS-PF BLCK    TELB40 BZ          (98.28)     132.21
TELEBRAS-CM RCPT    TELE31 BZ          (98.28)     132.21
TELEBRAS-PF RCPT    TELE41 BZ          (98.28)     132.21
TEKA-PREF           TKTPF US          (214.16)     308.19
TEKA-ADR            TKTPY US          (214.16)     308.19
TEKA                TKTQF US          (214.16)     308.19
TEKA-ADR            TKTQY US          (214.16)     308.19
TELEBRAS SA         TLBRON BZ          (98.28)     132.21
TELEBRAS SA-PREF    TLBRPN BZ          (98.28)     132.21
TELEBRAS-RECEIPT    TLBRUO BZ          (98.28)     132.21
TELEBRAS-PF RCPT    TLBRUP BZ          (98.28)     132.21
TELEBRAS-RTS PRF    TLCP2 BZ           (98.28)     132.21
TECTOY-RTS/3        TOYB1 BZ            (0.82)      22.62
TECTOY-RCT PREF     TOYB10 BZ           (0.82)      22.62
TECTOY-PF-RTS5/6    TOYB11 BZ           (0.82)      22.62
TECTOY-RCPT PF B    TOYB12 BZ           (0.82)      22.62
TECTOY-BONUS RTS    TOYB13 BZ           (0.82)      22.62
TECTOY              TOYB3 BZ            (0.82)      22.62
TECTOY-PREF         TOYB4 BZ            (0.82)      22.62
TEC TOY SA-PREF     TOYB5 BZ            (0.82)      22.62
TEC TOY SA-PF B     TOYB6 BZ            (0.82)      22.62
TECTOY-RCT ORD      TOYB9 BZ            (0.82)      22.62
TECTOY SA           TOYBON BZ           (0.82)      22.62
TECTOY SA-PREF      TOYBPN BZ           (0.82)      22.62
TEC TOY SA-PREF     TOYDF US            (0.82)      22.62
TEXTEIS RENAUX      TXRX3 BZ           (68.09)      48.62
TEXTEIS RENAU-PF    TXRX4 BZ           (68.09)      48.62
VARIG SA            VAGV3 BZ        (4,523.46)     823.49
VARIG SA-PREF       VAGV4 BZ        (4,523.46)     823.49
VARIG SA            VARGON BZ       (4,523.46)     823.49
VARIG SA-PREF       VARGPN BZ       (4,523.46)     823.49
WIEST               WISA3 BZ           (66.01)      33.42
WIEST-PREF          WISA4 BZ           (66.01)      33.42
WIEST SA            WISAON BZ          (66.01)      33.42
WIEST SA-PREF       WISAPN BZ          (66.01)      33.42
IMPSAT FIBER NET    XIMPT SM           (17.17)     535.01



                             ***********

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 V. Profetana, Sheryl Joy P. Olano,
Rizande de los Santos, and Pamella Ritah K. Jala, Editors.

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

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

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

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


            * * * End of Transmission * * *