TCRLA_Public/080905.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, September 5, 2008, Vol. 9, No. 177

                            Headlines

A R G E N T I N A

AGENCIA DE INVESTIGACIONES: Claim Verification Deadline Is Oct. 20
B ACTION: Proofs of Claim Verification Deadline Is October 24
CNS SEGURIDAD: Proofs of Claim Verification Deadline Is October 22
GABIKAR SRL: Trustee Verifying Proofs of Claim Until October 22
PETROBRAS ENERGIA: To Merge With Petrobras Energia Participacoes

PETROBRAS ENERGIA PARTICIPACOES: To Merge With Petrobras Energia
TRANSPORTADORA NUEVA: Claims Verification Deadline Is October 27
TRINTER REPUESTOS: Trustee Verifying Proofs of Claim Until Oct. 16

* ARGENTINA: Will Meet Debt Obligations in 2008 & 2009


B E R M U D A

AUGMENTATION INVESTMENTS: Claims Filing Deadline Is Sept. 17
COM TEL: Deadline for Proof of Claim Filing Is Sept. 17
CONVERGENCE CAPITAL: Proof of Claim Filing Deadline Is Sept. 17
CONVERGENCE CAPITAL: Filing for Proof of Claim Is Until Sept. 17
FIRST NATIONAL: Proof of Claim Filing Deadline Is Sept. 17

GAMMA CAPITAL: Deadline for Proof of Claim Filing Is Sept. 17
IPOC CAPITAL: Deadline for Proof of Claim Filing Is Sept. 17
IPOC INTERNATIONAL: Proof of Claim Filing Deadline Is Sept. 17
REFCO INC: Allied World to Resume Payment of Grant's Defense Costs
REFCO INC: Trustee Fights Motions to Dismiss Fraud Lawsuit

SEA CONTAINERS: PBGC Says Disclosure Statement Lacks Information
SEA CONTAINERS: Recovery Under Chapter 11 Plan Beats Liquidation
SEA CONTAINERS: PBGC & SPCP Objects to Disclosure Statement
SEA CONTAINERS: Balks at US$500 Million Securities Fraud Claim
SEA CONTAINERS: Files Notice of Bermuda Scheme of Arrangement

TELCO OVERSEAS: Deadline for Proof of Claim Filing Is Sept. 17
TICOR (BERMUDA): Proof of Claim Filing Deadline Is Oct. 1
TICOR (BERMUDA): Holding Final Shareholders Meeting on Oct. 3


B R A Z I L

BANCO BRADESCO: Ups 2.7% on Plans to Sell Cia. Brasileira Stake
BANCO DO BRASIL: Ups 0.9% on VisaNet's Move to Sell Shares
BANCO NACIONAL: BNDESpar Funds Infrastructure Studies Project
COMPANHIA PARANAENSE: Eyes Broadband Expansion in 2009
COSAN SA: Discloses Formation of Radar Propriedades

DELPHI CORP: Reaches Agreement With Panel & WTC to Stay Process
DELPHI CORP: In Talks to Modify Bankruptcy Exit Plan
FORD MOTOR: Names Stephen Odell as Volvo Car's President and CEO
FORD: Michigan Plant Gets US$75MM Infusion to Build Small Cars
GENERAL MOTORS: Offering Retirement Incentives to Workers

MARFRIG FRIGORIFICOS: Fitch Puts B+ Foreign & Local Currency IDRs
SHARPER IMAGE: Vornado Air Slams US$1 Million Legal Fee Requests
SOLUTIA INC: Addresses "Last Few" Bankruptcy Claims
TAM SA: Says Shares Issued May be Converted Into Preferred Shares
TELE NORTE: Picks Informatica to Boost Revenue & Market Share

* BRAZIL: Securitization Market Is Steady in 2008, S&P Reports


C A Y M A N  I S L A N D S

AVIACORP: Deadline for Proof of Claim Filing Is Today
AVIACORP: Holding Final Shareholders Meeting Today
BLUE MOUNTAIN: Deadline for Proof of Claim Filing Is Today
CAMBRIDGE PACIFIC: Holds Final Shareholders Meeting Today
CENTERLIGHT CORE: Holding Final Shareholders Meeting Today

CENTERLIGHT CORE MASTER: Final Shareholders Meeting Is Today
FFTW DIVERSIFIED: Proof of Claim Filing Deadline Is Today
FFTW DIVERSIFIED CLASS A: Claims Filing Deadline Is Today
FFTW DIVERSIFIED CLASS C: Final Shareholders Meeting Is Today
HSBC REPUBLIC: Holds Final Shareholders Meeting Today

JEFFERIES HYDE: Holding Final Shareholders Meeting Today
LUSIADAS LIMITED: Holds Final Shareholders Meeting Today
NATIXIS INVESTMENT: Holding Final Shareholders Meeting Today
NS INVESTMENTS II: Holding Final Shareholders Meeting Today
NS INVESTMENTS III: Sets Final Shareholders Meeting Today

NS INVESTMENTS IV: Holds Final Shareholders Meeting Today
NS INVESTMENTS V: Holding Final Shareholders Meeting Today
NS INVESTMENTS VII: Holds Final Shareholders Meeting Today
NS INVESTMENTS IX: Holding Final Shareholders Meeting Today
NS INVESTMENTS XII: Holds Final Shareholders Meeting Today

NS INVESTMENTS XIII: Final Shareholders Meeting Is Today
NS INVESTMENTS XV: Holding Final Shareholders Meeting Today
NS INVESTMENTS XVI: Holds Final Shareholders Meeting Today
P6 KYIV CABLE: Holding Final Shareholders Meeting Today
PONCE COMPANY: Deadline for Proof of Claim Filing Is Today

PONCE COMPANY: Holding Final Shareholders Meeting Today
SOCIEDAD AUSTRAL: Proof of Claim Filing Deadline Is Today
SEAROCK PLUS: Holding Final Shareholders Meeting Today
SOCIEDAD AUSTRAL: Holds Final Shareholders Meeting Today
ZAIS INVESTMENT: Deadline for Proof of Claim Filing Is Today

ZAIS INVESTMENT: Holding Final Shareholders Meeting Today
FFTW DIVERSIFIED: To Hold Final Shareholders Meeting on Sept. 5
FFTW DIVERSIFIED ALPHA: Final Shareholders Meeting Is on Sept. 5
SNIPER FUND: Deadline for Proof of Claim Filing Is Sept. 6


C O L O M B I A

BANCOLOMBIA SA: Gets COP5.5 Bil. Fine From Colombian Tax Authority


D O M I N I C A N  R E P U B L I C

DELTA AIR: To Begin 2 Add'l Dominican Republic Flights in December
TRICOM SA: Court Denies Summary Judgment Motion
TRICOM SA: Produce Special Committee Report, Says Court Ruling


J A M A I C A

GOODYEAR TIRE: Unit to Ram Up Oversight of Caribbean Operations


M E X I C O

ASARCO LLC: Court Finds Grupo Mexico, AMC Guilty of Fraud
ASARCO LLC: Grupo Mexico to Appeal District Court Ruling
DURA AUTOMOTIVE: SEC Filing Reveals CEO Compensation Package
QUAKER FABRIC: Court Confirms Joint Liquidating Plan
SEMGROUP LP: Seeks Court Approval to Reject Contracts

VISTA GOLD: Updates Exploration Results on Mt. Todd Project


P U E R T O  R I C O

FIRST BANCORP: To Pay 3rd Quarter Preferred Dividends on Sept. 30
PORTOLA PACKAGING: Trustee Sets Sept. 8 Organizational Meeting
PORTOLA PACKAGING: Moody's Lowers POD Rating to D from Ca


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Geoffrey Henderson Wants More Information on Firm


V E N E Z U E L A

DIRECTV GROUP: Extends Deal With Tivo to Launch New DVR Platform
CITGO PETOLEUM: US Gov't Grants Requested 250,000 Barrels of Oil


                         - - - - -


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

AGENCIA DE INVESTIGACIONES: Claim Verification Deadline Is Oct. 20
------------------------------------------------------------------
The court-appointed trustee for Agencia de Investigaciones y
Seguridad Privada Anton 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 on December 1, 2008.  The National Commercial
Court of First Instance in de la Matanza, Buenos Aires, 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 Agencia de Investigaciones and its
creditors.

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

A general report that contains an audit of Agencia de
Investigaciones' accounting and banking records will be submitted
in court on February 13, 2009.

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


B ACTION: Proofs of Claim Verification Deadline Is October 24
-------------------------------------------------------------
The court-appointed trustee for B. Action S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 24, 2008.

The trustee will present the validated claims in court as  
individual reports on December 10, 2008.  A court in Argentina
will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by B. Action and its creditors.

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

A general report that contains an audit of B. Action's
accounting and banking records will be submitted in court on
February 26, 2009.

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


CNS SEGURIDAD: Proofs of Claim Verification Deadline Is October 22
------------------------------------------------------------------
Gisela Corradini, the court-appointed trustee for C.N.S. Seguridad
Sociedad Anonima's bankruptcy proceeding, will be verifying
creditors' proofs of claim until October 22, 2008.

Ms. Corradini will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12 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 C.N.S. Seguridad and its
creditors.

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

A general report that contains an audit of C.N.S. Seguridad's
accounting and banking records will be submitted in court.

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

Ms. Corradini is also in charge of administering C.N.S.
Seguridad's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

                     C.N.S. Seguridad Sociedad Anonima
                     Avenida de Mayo 1437
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Gisela Corradini
                     Albania 4518
                     Buenos Aires, Argentina


GABIKAR SRL: Trustee Verifying Proofs of Claim Until October 22
---------------------------------------------------------------
The court-appointed trustee for Gabikar S.R.L.'s reorganization
proceeding will be verifying creditors' proofs of claim until
October 22, 2008.

The trustee will present the validated claims in court as  
individual reports on December 4, 2008.  The National Commercial
Court of First Instance in Buenos Aires 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
Gabikar and its creditors.

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

A general report that contains an audit of Gabikar's accounting
and banking records will be submitted in court on February 25,
2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on August 21, 2008.

The debtor can be reached at:

                     Gabikar S.R.L.
                     Avenida de los Constituyentes 5918
                     Buenos Aires


PETROBRAS ENERGIA: To Merge With Petrobras Energia Participacoes
----------------------------------------------------------------
Reuters reports that directors of Petrobras Energia SA and
Petrobras Energia Participacoes SA have agreed to merge.

According to the two companies, Petrobras Energia would absorb
Petrobras Energia Participaciones in a reorganization aimed at
cutting costs and simplifying their structures.

Reuters states that Petrobras Energia Participaciones owns a 75.8%
stake in Petrobras Energia.  The company has oil and gas
exploration and production ventures in South America as well as
Argentine refineries, petrochemicals and electric power holdings,
and a chain of gasoline stations, according to the report.

Petrobras Energia would apply for its shares to be listed on the
New York stock exchange under the same conditions that shares in
Petrobras Energia Participaciones are listed.

Reuters notes that the merger will take effect on Jan. 1, 2009.  
It is awaiting shareholders' approval, the report states.

Headquartered in Buenos Aires, Argentina, Petrobras Energia S.A.
-- http://www.petrobras.com.ar/-- is an integrated company
engaged in energy sector.  The company's activities are divided
into four segments.  The oil and gas exploration and production
segment is responsible for the acquisition, exploration and
maintenance of oil and gas reserves, as well as the production
of fuels.  The refining and distribution segment is engaged in
the refining of crude oils and their processing into lubricants.
It is represented by Refineria del Norte SA and Empresa
Boliviana de Refinacao SA.  The petrochemistry segment is
engaged in the production of styrene, polystyrene, rubber,
fertilizers and polypropylene through Innova SA and Petroquimica
Cuyo SA.  The gas and energy segment is involved in the
production of gas and electric energy, and energy transportation
through Transportadora de Gas del Sur SA.  The company also
operates in Bolivia, Ecuador, Peru, Colombia and Venezuela.

                         *     *     *

In October 2007, Moody's Investors Service assigned a 'Ba1'
issuer rating on Petrobras Energia S.A.

In April 2007, Standard & Poor's assigned a 'BB' long-term
foreign issuer credit rating on the company.

In May 2007, Fitch Ratings assigned a 'BB' long-term foreign
currency issuer default rating on the company.


PETROBRAS ENERGIA PARTICIPACOES: To Merge With Petrobras Energia
----------------------------------------------------------------
Reuters reports that directors of Petrobras Energia SA and
Petrobras Energia Participacoes SA have agreed to merge.

According to the two companies, Petrobras Energia would absorb
Petrobras Energia Participaciones in a reorganization aimed at
cutting costs and simplifying their structures.

Reuters states that Petrobras Energia Participaciones owns a 75.8%
stake in Petrobras Energia.  The company has oil and gas
exploration and production ventures in South America as well as
Argentine refineries, petrochemicals and electric power holdings,
and a chain of gasoline stations, according to the report.

Petrobras Energia would apply for its shares to be listed on the
New York stock exchange under the same conditions that shares in
Petrobras Energia Participaciones are listed.

Reuters notes that the merger will take effect on Jan. 1, 2009.  
It is awaiting shareholders' approval, the report states.

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

                          *     *     *

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


TRANSPORTADORA NUEVA: Claims Verification Deadline Is October 27
----------------------------------------------------------------
The court-appointed trustee for Transportadora Nueva Alianza
S.A.'s bankruptcy proceeding, will be verifying creditors' proofs
of claim until October 27, 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
Transportadora Nueva and its creditors.

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

A general report that contains an audit of Transportadora Nueva'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 Transportadora
Nueva's assets under court supervision and will take part in their
disposal to the extent established by law.


TRINTER REPUESTOS: Trustee Verifying Proofs of Claim Until Oct. 16
------------------------------------------------------------------
The court-appointed trustee for Trinter Repuestos S.A.'s
reorganization proceeding will be verifying creditors' proofs of
claim until October 16, 2008.

The trustee will present the validated claims in court as  
individual reports on November 27, 2008.  The National Commercial
Court of First Instance in Buenos Aires 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
Trinter Repuestos and its creditors.

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

A general report that contains an audit of Trinter Repuestos'
accounting and banking records will be submitted in court on
February 11, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on August 3, 2009.

The debtor can be reached at:

                     Trinter Repuestos S.A.
                     Lavalle 1675
                     Buenos Aires, Argentina


* ARGENTINA: Will Meet Debt Obligations in 2008 & 2009
------------------------------------------------------
Mercopress reports that Argentina's Cabinet Chief Sergio Massa
said the country will meet all its debt obligations in 2008 and
2009.

According to Mercopress, investors were concerned that political
tensions could reduce Argentina's budget surplus and slow its debt
payments.  Mercopress notes that this year, Argentina suffered
four months of farm strikes that stalled exports, slashed export
tax income, caused  food shortages, and a run on bank deposits.  
The report says that investors warned that slowing tax income
could narrow the country's fiscal surplus and force the president
to choose between public spending and debt payments.  According to
the same report, investors were worried that the president would
continue spending rather than honor 18 billion U.S. dollars and
peso-denominated bonds that mature in 2008 and 2009.

Mercopress relates that Mr. Massa told investors in Buenos Aires
that given foreign currency reserves of about US$47 billion “no
well-intentioned person can doubt that Argentina is going to meet
each and every one of its commitments.”

                           *     *     *

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



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

AUGMENTATION INVESTMENTS: Claims Filing Deadline Is Sept. 17
------------------------------------------------------------
Augmentation Investments Ltd.'s creditors have until Sept. 17,
2008, to prove their claims to Dudley R. Cottingham and Christoper
C. Morris, 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.

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

The liquidators can be reached at:

              Dudley R. Cottingham and Christoper C. Morris
              Attn: Mark Diel
              c/o Marshall Diel & Myers
              Sofia House, 48 Church Streeet
              Hamilton, Bermuda
              Fax: (+1 441) 292-6814
              Email: ipoc@law.bm


COM TEL: Deadline for Proof of Claim Filing Is Sept. 17
-------------------------------------------------------
Com Tel Eastern Ltd.'s creditors have until Sept. 17, 2008, to
prove their claims to Dudley R. Cottingham and Christoper C.
Morris, 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.

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

The liquidators can be reached at:

              Dudley R. Cottingham and Christoper C. Morris
              Attn: Mark Diel
              c/o Marshall Diel & Myers
              Sofia House, 48 Church Streeet
              Hamilton, Bermuda
              Fax: (+1 441) 292-6814
              Email: ipoc@law.bm


CONVERGENCE CAPITAL: Proof of Claim Filing Deadline Is Sept. 17
---------------------------------------------------------------
Convergence Capital Ltd.'s creditors have until Sept. 17, 2008, to
prove their claims to Dudley R. Cottingham and Christoper C.
Morris, 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.

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

The liquidators can be reached at:

              Dudley R. Cottingham and Christoper C. Morris
              Attn: Mark Diel
              c/o Marshall Diel & Myers
              Sofia House, 48 Church Streeet
              Hamilton, Bermuda
              Fax: (+1 441) 292-6814
              Email: ipoc@law.bm


CONVERGENCE CAPITAL: Filing for Proof of Claim Is Until Sept. 17
---------------------------------------------------------------
Convergence Capital Management Ltd.'s creditors have until
Sept. 17, 2008, to prove their claims to Dudley R. Cottingham and
Christoper C. Morris, 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.

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

The liquidators can be reached at:

              Dudley R. Cottingham and Christoper C. Morris
              Attn: Mark Diel
              c/o Marshall Diel & Myers
              Sofia House, 48 Church Streeet
              Hamilton, Bermuda
              Fax: (+1 441) 292-6814
              Email: ipoc@law.bm


FIRST NATIONAL: Proof of Claim Filing Deadline Is Sept. 17
----------------------------------------------------------
First National Telecommunications Fund Ltd.'s creditors have until
Sept. 17, 2008, to prove their claims to Dudley R. Cottingham and
Christoper C. Morris, 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.

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

The liquidators can be reached at:

              Dudley R. Cottingham and Christoper C. Morris
              Attn: Mark Diel
              c/o Marshall Diel & Myers
              Sofia House, 48 Church Streeet
              Hamilton, Bermuda
              Fax: (+1 441) 292-6814
              Email: ipoc@law.bm


GAMMA CAPITAL: Deadline for Proof of Claim Filing Is Sept. 17
-------------------------------------------------------------
Gamma Capital Fund Ltd.'s creditors have until Sept. 17, 2008, to
prove their claims to Dudley R. Cottingham and Christoper C.
Morris, 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.

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

The liquidators can be reached at:

              Dudley R. Cottingham and Christoper C. Morris
              Attn: Mark Diel
              c/o Marshall Diel & Myers
              Sofia House, 48 Church Streeet
              Hamilton, Bermuda
              Fax: (+1 441) 292-6814
              Email: ipoc@law.bm


IPOC CAPITAL: Deadline for Proof of Claim Filing Is Sept. 17
------------------------------------------------------------
IPOC Capital Partners Ltd.'s creditors have until Sept. 17, 2008,
to prove their claims to Dudley R. Cottingham and Christoper C.
Morris, 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.

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

The liquidators can be reached at:

              Dudley R. Cottingham and Christoper C. Morris
              Attn: Mark Diel
              c/o Marshall Diel & Myers
              Sofia House, 48 Church Streeet
              Hamilton, Bermuda
              Fax: (+1 441) 292-6814
              Email: ipoc@law.bm


IPOC INTERNATIONAL: Proof of Claim Filing Deadline Is Sept. 17
--------------------------------------------------------------
IPOC International Growth Fund Ltd.'s creditors have until
Sept. 17, 2008, to prove their claims to Dudley R. Cottingham and
Christoper C. Morris, 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.

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

The liquidators can be reached at:

              Dudley R. Cottingham and Christoper C. Morris
              Attn: Mark Diel
              c/o Marshall Diel & Myers
              Sofia House, 48 Church Streeet
              Hamilton, Bermuda
              Fax: (+1 441) 292-6814
              Email: ipoc@law.bm


REFCO INC: Allied World to Resume Payment of Grant's Defense Costs
------------------------------------------------------------------
Bankruptcy Law360 reports that the Hon. Gerard E. Lynch of the
U.S. District Court for the Southern District of New York upheld a
ruling by the U.S. Bankruptcy Court in Manhattan that directed
Allied World Assurance Co. Inc. to continue paying Refco Inc.
President Tone N. Grant's defense costs.

According to Bankruptcy Law360, Refco had suspended coverage for
Mr. Grant in the wake of his criminal conviction for securities
fraud.

Headquartered in New York, Refco Inc. -- http://www.refco.com/  
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Trustee Fights Motions to Dismiss Fraud Lawsuit
----------------------------------------------------------
Bankruptcy Law360 reports that Marc S. Kirschner, the Plan
Administrator for Refco Capital Markets, Ltd., filed on Friday a
response in the U.S. District Court for the Southern District of
New York on several motions to dismiss a lawsuit alleging that
outside auditors, legal counsel, and investment banks knew that a
multimillion-dollar fraud was taking place at Refco Inc. that
would eventually lead to the firm's collapse.

According to Bankruptcy Law360, Mr. Kirschner "pushed back hard"
against the motions.

In August, Bankruptcy Law 360 said the District Court once again
tossed complaints by the shareholders of now-defunct futures
brokerage Refco Inc. against three of the world's largest
investment banks, marking the second time that the plaintiffs in
the case have been denied.

Headquartered in New York, Refco Inc. -- http://www.refco.com/  
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: PBGC Says Disclosure Statement Lacks Information
----------------------------------------------------------------
The Pension Benefit Guaranty Corporation complains that the
disclosure statement explaining the joint plan of reorganization
filed by Sea Containers Ltd. and two subsidiaries violates Section
1125(a)(1) of the Bankruptcy Code.

The PBGC says the disclosure statement fails to adequately
disclose the Debtors' responsibilities and liabilities under the
Employee Retirement Income Security Act and Internal Revenue Code
with regard to the currently underfunded Sea Containers America
Pension Plan.

"In particular, the Disclosure Statement fails to fully account
for the Debtors' statutory liabilities under ERISA and IRC that
continue to accrue should the Pension Plan remain ongoing or
liabilities that arise should the Pension Plan terminate in a
distress termination or PBGC-initiated termination," Charles L.
Finke, Esq., PBGC's deputy chief counsel, tells the U.S.
Bankruptcy Court for the District of Delaware.  He notes that PBGC
has contacted the Debtors' counsel to resolve the issues
consensually, but files the objection as a protective measure.

ERISA provides the exclusive means for a plan sponsor to
terminate a pension plan by a standard termination, a distress
termination, or a PBGC-initiated termination.  PBGC is a U.S.
Government agency that administers pension plan termination
insurance program under ERISA.

Non-Debtor Sea Containers America, Inc., is the Pension Plan's
contributing sponsor, Mr. Finke relates.  As a subsidiary of
Debtor Sea Containers, Ltd., however, SCA and all of the Debtors
are under common control for purposes of ERISA and IRC, and thus,
are members of the same controlled group that are jointly and
severally liable for certain statutory obligations in relation to
the Pension Plan, including contributions necessary to satisfy
the Pension Plan's minimum funding standards under the IRC and
ERISA, and variable-rate and flat-rate premiums owed to PBGC.

If the Pension Plan terminates in a Distress or PBGC Termination,
Mr. Finke explains, SCA, the Debtors, and their controlled group
members would be jointly and severally liable for all unpaid
minimum funding contributions, which would become immediately due
and payable upon termination and are typically owed to PBGC, who
would become the Pension Plan's statutory trustee upon
termination.  He says that SCA, et al., would also incur joint
and several liability to PBGC for the total amount of the Pension
Plan's unfunded benefit liabilities, which is the excess of a
pension plan's "benefit liabilities" over the value of the
pension plan's assets.

Mr. Finke discloses that after the Debtors filed for bankruptcy
protection, PBGC timely filed proofs of claims, on its own behalf
and on behalf of the Pension Plan, for (i) the Pension Plan's
unfunded benefit liabilities, (ii) unpaid minimum funding
contributions, and (iii) unpaid premiums owed to PBGC.  However,
he notes, the Disclosure Statement does not provide that SCA, et
al., are jointly and severally liable for certain liabilities and
contributions with respect to the Pension Plan.

PBGC, therefore, suggests that certain language should be added
to the Disclosure Statement regarding the Pension Plan, including
the fact that the Pension Plan is underfunded on a termination
basis for US$2,047,651, and that US$10,469 in unpaid minimum
funding contributions are due.

If the Debtors include the suggested language, PBGC would
withdraw its objection, Mr. Finke assures the Court.  PBGC
expects its concerns will be reflected in the Debtors' Chapter 11
Plan.

PBGC also objects to the Disclosure Statement because it fails to
disclose ERISA's effect on the Chapter 11 Plan's provision titled
"Employee Benefits."  Mr. Finke contends that the provision
clearly violates ERISA, which provides the exclusive means to
terminate a defined benefit pension plan.  Thus, the Pension Plan
cannot be summarily terminated "pursuant to the [Debtors' Plan of
Reorganization]" without satisfying ERISA's statutory
requirements and corresponding regulations, he adds.

PBGC further complains that the Disclosure Statement and the
Chapter 11 Plan provide for broad releases of non-debtor
liability.  Mr. Finke notes that the Disclosure Statement does
not even mention the claims that are being released, and does not
discuss whether the proposed release applies to PBGC's claims and
any claims of the Pension Plan's participants.  He adds that the
Disclosure Statement does not even discuss why the releases are
appropriate.

The Debtors have failed to provide "adequate information" as
defined in Section 1125, Mr. Finke points out.  

Mr. Finke says PBGC is willing to withdraw its objections if its
suggested language were included in the Disclosure Statement and
the Chapter 11 Plan.

                      About Sea Containers

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

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for Chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

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

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

The Debtors delivered a joint plan of reorganization and
disclosure statement to the Bankruptcy Court on July 31, 2008.  
The Plan contemplates the transfer of the Debtors' direct and
indirect interests in their marine and land container leasing
business to Newco, the entity to which SCL will transfer its
remaining container interests, and certain additional
consideration, in exchange for Newco (i) equity, and (ii) cash,
which will be funded from an exit facility, that will be used
for, among other things, repayment of the Debtors' DIP Facility.

SCL's Container Interests include equity interests in SPC
Holdings, Ltd., and SCL's indirect ownership of Classes A and B
Quotas in GE SeaCo SRL, the joint-venture entity between SCL and
General Electric Capital Corporation.

(Sea Containers Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Recovery Under Chapter 11 Plan Beats Liquidation
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates delivered to the
U.S. Bankruptcy Court for the District of Delaware a liquidation
analysis in support of their Chapter 11 plan of reorganization.

Under the "best interests of creditors" test set forth under
Section 1129(a)(7) of the U.S. Bankruptcy Code, the U.S.
Bankruptcy Court for the District of Delaware may not confirm a
Chapter 11 plan of reorganization unless it provides each holder
of a claim or interest that does not accept the plan with property
of a value, as of the effective date of the plan, that is not less
than the amount that the holder would receive or retain if the
debtor was liquidated under Chapter 7 of the Bankruptcy Code.

To demonstrate that their Joint Plan of Reorganization satisfies
the "best interests of creditors" test, the Debtors -- with the
assistance of their advisors, including PricewaterhouseCoopers
LLP and Kirkland & Ellis LLP -- prepared and delivered to the
Court a hypothetical liquidation analysis, which is based upon
certain assumptions.

The Liquidation Analysis assumes conversion of the Debtors'
Chapter 11 cases to Chapter 7 liquidation cases on November 30,
2008.  Due to the potentially competing interests between Sea
Containers Ltd. and Sea Containers Services Ltd., it is possible
that upon conversion to Chapter 7, separate trustees would be
appointed to the SCL and SCSL estates.  In addition to the costs
associated with both Chapter 7 trustees familiarizing themselves
with the cases, it could be assumed that each trustee would
appoint a separate set of legal and professional advisors.  This
would lead to a further increase in administrative costs.  
Administration of the Chapter 7 estates would be expected to
continue for a period of at least two years and possibly longer.  
During this time, the Liquidation Analysis assumes that the
Chapter 7 trustees would conduct a liquidation of the assets under
the Chapter 7 trustees' control and endeavor to repatriate cash
from the Non-Debtor Subsidiaries.  However, the majority of the
NonContainer Leasing Businesses and assets are held by Non-Debtor
Subsidiaries over which the Chapter 7 trustees are unlikely to
have direct control.  Furthermore, it is possible that certain
creditors may seek the appointment of a Bermudian liquidator for
SCL, resulting in a cross-border competition for control of SCL,
implicating complex issues of jurisdiction and comity that could
drain remaining resources rapidly through litigation, and
otherwise delay any residual distributions to creditors.

                      Sea Containers Ltd.
                     Liquidation Analysis
                    As of November 30, 2008

                                               Value
                                     --------------------------
                                     Ch. 7 High       Ch. 7 Low
                                     ----------       ---------
Cash                             US$30,100,000     US$30,100,000
Net receivables - group companies    100,700,000      75,300,000
Investment in GESeaCo                315,800,000     228,800,000
Containers                           104,000,000      85,300,000
Other assets                           5,400,000       5,400,000
                                    -----------     -----------
Est. gross liquidation proceeds      556,000,000     424,900,000
                                                                   
DIP claims                          (145,500,000)   (145,500,000)
Other administrative claims          (84,200,000)    (92,700,000)
Est. Chapter 7 trustee fee            (8,800,000)     (4,300,000)
Est. Chapter 7 costs and fees        (21,800,000)    (39,500,000)
                                    -----------     -----------
                                   (260,300,000)   (282,000,000)
Estimated proceeds available         -----------     -----------
to 3rd party unsecured claims        295,700,000     142,900,000

3rd party unsecured claims:
Noteholder claims                    420,900,000     420,900,000
Pension fund claims                  261,200,000     245,800,000
Guarantee claims                      21,900,000      28,000,000
Other claims                          18,400,000      63,400,000
                                    -----------     -----------
                                  US$722,400,000  US$758,100,000
Est. % recovery to
3rd party unsecured claims                   41%             19%

Estimated proceeds
available to interests                        -               -

                 Sea Containers Services Ltd.
                     Liquidation Analysis
                    As of November 30, 2008

                                               Value
                                     --------------------------
                                     Ch. 7 High       Ch. 7 Low
                                     ----------       ---------
Net receivables - group companies  US$21,000,000   US$42,500,000
Other assets                           1,700,000       1,700,000
                                    -----------     -----------
Est. gross liquidation proceeds       22,700,000      44,200,000

Other administrative claims          (16,300,000)     (1,100,000)
Est. Chapter 7 trustee fee              (100,000)       (700,000)
Est. Chapter 7 costs and fees         (4,000,000)    (18,000,000)
                                    -----------     -----------
                                    (20,400,000)    (19,800,000)
Estimated proceeds available         -----------     -----------
to 3rd party unsecured claims          2,300,000      24,400,000
                                                                   
3rd party unsecured claims:
Pension claims                                 -     207,400,000
Other claims                           6,400,000       6,400,000
                                     -----------     -----------
                                   US$6,400,000   US$213,800,000

Est. % recovery to
3rd party unsecured claims                   36%             11%

Est. proceeds available to interests          -               -

                 Sea Containers Caribbean Inc.
                     Liquidation Analysis
                    As of November 30, 2008

                                               Value
                                     --------------------------
                                     Ch. 7 High       Ch. 7 Low
                                     ----------       ---------
Cash                                           -               -
Net receivables - group companies              -               -
Other assets                                   -               -
                                    -----------     -----------
Est. gross liquidation proceeds                -               -

Other administrative claims                    -               -
Est. Chapter 7 trustee fee                     -               -
Est. Chapter 7 costs and fees                  -               -
                                    -----------     -----------
                                              -               -

Estimated proceeds available         -----------     -----------
to 3rd party unsecured claims                  -               -

3rd party unsecured claims:                                          
Pension claims                                 -               -
Other claims                                   -               -
                                    -----------     -----------
                                              -               -

Est. % recovery to
3rd party unsecured claims                     -               -

Est. proceeds available to interests           -               -

According to the Analysis, the Plan assumes that Intercompany
Claims will pass through the Debtors' Chapter 11 cases, pursuant
to an agreed-to standstill with the Non-Debtor Subsidiaries, to
be resolved post-Confirmation.  In a Chapter 7 liquidation,
however, it is possible that Claims otherwise settled under the
Plan may be asserted against the Non-Debtor Subsidiaries, leading
to those companies to set aside the Intercompany Standstill and,
instead, assert Claims against the Debtors or other Non-Debtor
Subsidiaries, resulting in a cascading call on Intercompany
Claims across the SCL group.  These Intercompany Claims could be
asserted and pursued through contested legal proceedings,
including competing proceedings in non-U.S. jurisdictions.  
Within a contested environment, asset values and costs discussed
in the Liquidation Analysis may differ materially from estimates
referred to in the Plan and Disclosure Statement.  

A full-text copy of the Debtors' Liquidation Analysis is
available at no charge at http://researcharchives.com/t/s?3190

                      About Sea Containers

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

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

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

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

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: PBGC & SPCP Objects to Disclosure Statement
-----------------------------------------------------------
Two parties-in-interest have objected to Sea Containers Ltd. and
its debtor-affiliates' disclosure statement explaining their joint
plan of reorganization.

1) Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corporation complains that the
disclosure statement violates Section 1125(a)(1) of the U.S.
Bankruptcy Code by failing to adequately disclose the Debtors'
responsibilities and liabilities under the Employee Retirement
Income Security Act and Internal Revenue Code with regard to the
currently underfunded Sea Containers America Pension Plan.

"In particular, the Disclosure Statement fails to fully account
for the Debtors' statutory liabilities under ERISA and IRC that
continue to accrue should the Pension Plan remain ongoing or
liabilities that arise should the Pension Plan terminate in a
distress termination or PBGC-initiated termination," Charles L.
Finke, Esq., PBGC's deputy chief counsel, tells the Court.  He
notes that PBGC has contacted the Debtors' counsel to resolve the
issues consensually, but files the objection as a protective
measure.

ERISA provides the exclusive means for a plan sponsor to
terminate a pension plan by a standard termination, a distress
termination, or a PBGC-initiated termination.  PBGC is a U.S.
Government agency that administers pension plan termination
insurance program under ERISA.

Non-Debtor Sea Containers America, Inc., is the Pension Plan's
contributing sponsor, Mr. Finke relates.  As a subsidiary of
Debtor Sea Containers, Ltd., however, SCA and all of the Debtors
are under common control for purposes of ERISA and IRC, and thus,
are members of the same controlled group that are jointly and
severally liable for certain statutory obligations in relation to
the Pension Plan, including contributions necessary to satisfy
the Pension Plan's minimum funding standards under the IRC and
ERISA, and variable-rate and flat-rate premiums owed to PBGC.

If the Pension Plan terminates in a Distress or PBGC Termination,
Mr. Finke explains, SCA, the Debtors, and their controlled group
members would be jointly and severally liable for all unpaid
minimum funding contributions, which would become immediately due
and payable upon termination and are typically owed to PBGC, who
would become the Pension Plan's statutory trustee upon
termination.  He says that SCA, et al., would also incur joint
and several liability to PBGC for the total amount of the Pension
Plan's unfunded benefit liabilities, which is the excess of a
pension plan's "benefit liabilities" over the value of the
pension plan's assets.

Mr. Finke discloses that after the Debtors filed for bankruptcy
protection, PBGC timely filed proofs of claims, on its own behalf
and on behalf of the Pension Plan, for (i) the Pension Plan's
unfunded benefit liabilities, (ii) unpaid minimum funding
contributions, and (iii) unpaid premiums owed to PBGC.  However,
he notes, the Disclosure Statement does not provide that SCA, et
al., are jointly and severally liable for certain liabilities and
contributions with respect to the Pension Plan.

PBGC, therefore, suggests that certain language should be added
to the Disclosure Statement regarding the Pension Plan, including
the fact that the Pension Plan is underfunded on a termination
basis for US$2,047,651, and that US$10,469 in unpaid minimum
funding
contributions are due.

If the Debtors include the suggested language, PBGC would
withdraw its objection, Mr. Finke assures the Court.  PBGC
expects its concerns will be reflected in the Debtors' Chapter 11
Plan.

PBGC also objects to the Disclosure Statement because it fails to
disclose ERISA's effect on the Chapter 11 Plan's provision titled
"Employee Benefits."  Mr. Finke contends that the provision
clearly violates ERISA, which provides the exclusive means to
terminate a defined benefit pension plan.  Thus, the Pension Plan
cannot be summarily terminated "pursuant to the [Debtors' Plan of
Reorganization]" without satisfying ERISA's statutory
requirements and corresponding regulations, he adds.

PBGC further complains that the Disclosure Statement and the
Chapter 11 Plan provide for broad releases of non-debtor
liability.  Mr. Finke notes that the Disclosure Statement does
not even mention the claims that are being released, and does not
discuss whether the proposed release applies to PBGC's claims and
any claims of the Pension Plan's participants.  He adds that the
Disclosure Statement does not even discuss why the releases are
appropriate.

The Debtors have failed to provide "adequate information" as
defined in Section 1125, Mr. Finke points out.

Mr. Finke says PBGC is willing to withdraw its objections if its
suggested language were included in the Disclosure Statement and
the Chapter 11 Plan.

2) SPCP Group, et al.

Pursuant to an assignment of claim agreement, Papenburger
Fahrschiffsreederei GMBH & Co., transferred and assigned to SPCP
Group, L.L.C, all of its right, title and interest in and to a
claim against Sea Containers Ltd.  The claim relates to a certain
sale and purchase agreement, Paul Traub, Es q., at Dreier LL, in
New York, relates.  

SPCP Group subsequently sold 75% of the Papenburger Claim to  
various third parties, with SPCP Group retaining 25% of the claim
for its own account.

In April 2007, SPCP Group filed a proof of claim, designated as
Claim No. 25, evidencing its portion of the Papenburger Claim,
against SCL, Mr. Traub informs the Court.  On August 21, 2008,
SPCP Group amended Claim No. 25 to correct the claim amount,
which was listed in U.S. dollars, as opposed to Euros.  He
declares that the correct claim amount should be EUR3,951,335.

The Debtors' proposed plan of reorganization contains the
definition "Allowed SPCP Group Claim" with a proposed allowed
claim amount erroneously listed as US$3,951,335, Mr. Traub
relates.  

He contends that the claim amount should be in Euros and not in
dollars.

Mr. Traub further relates the that the "Allowed JMB Capital
Claim" and "Allowed Trilogy Claim" defined in the Plan represent
two 25% portions of the Papenburger Claim, which have been
converted from EUR3,951,335 to US$4,951,813.  Since Claim No. 25
is
identical to the JMB and Trilogy claims, the definition of
"Allowed SPCP Group Claim" in the Plan should match the two
claims' definitions, so that the "Allowed SPCP Group Claim"
should be listed in the aggregate allowed amount of US$4,951 ,813,
or the Euro equivalent of EUR3,951,335, Mr. Traub points out.

Accordingly SPCP Group, as agent for Silver Point Capital Fund,
L.P., and Silver Point Capital Offshore Fund, Ltd., as assignee
of Papenburger, ask Judge Carey to:

  (a) direct the Debtors to amend the Plan and Disclosure
      Statement to define the "Allowed SPCP Group Claim" as
      EUR3,951,335, or the identical definition used to define
      "Allowed JMB Capital Claim" and "Allowed Trilogy Claim";
      or

  (b) deny the approval of the Disclosure Statement based on the
      incorrect and inadequate information it contained with
      respect to the "Allowed SPCP Group Claim".

                      About Sea Containers

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

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

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

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

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Balks at US$500 Million Securities Fraud Claim
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to disallow Claim
No. 116, which was asserted in amounts "in excess of US$500
million," and filed on behalf of a putative plaintiff class, whose
consolidated action at the U.S. District Court for the Southern
District of New York was dismissed with prejudice by the Honorable
Richard Berman.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that the Claim is based entirely
on allegations of securities law violations that Judge Berman has
twice dismissed.  Accordingly, he says, the long-standing
principles of res judicata and collateral estoppel mandate that
the Claim be disallowed.

In the alternative, the Claim should be disallowed for the same
carefully considered reasons that the New York District Court has
repeatedly found the Plaintiffs' allegations to be deficient, Mr.
Brady tells the Bankruptcy Court.  Any contrary result not only
would be legally inconsistent, but also would place a needless
burden on the bankruptcy estates, he continues.

The putative class action complaint named Sea Containers Ltd.,
its former chief executive officer and chairman, and two of its
former chief financial officers as defendants.  The complaint
asserts that the defendants made false and misleading statements
in violation of Sections 11, 12(a)(2) and 15 of the Securities
Act of 1933 and Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934.

The principles of res judicata bar the assertions set out in the
Claim because it is based entirely on allegations that the New
York District Court twice rejected for failure to state any claim
upon which relief can be granted, Mr. Brady contends.  He notes
that the Plaintiffs have had two full and fair opportunities to
state a cognizable basis for liability under the federal
securities laws, and have failed to do so.

Thus, Mr. Brady states, permitting the Plaintiffs to relitigate
the issues in the Bankruptcy Court would constitute an end run of
the New York District Court's opinions, and result in the
Plaintiffs receiving an unjustified third "bite at the apple."

Mr. Brady further argues that the allegations set out in the
Claim are barred under the principles of collateral estoppel
because the claims at issue are identical to those involved in
the District Court action.  Accordingly, the Debtors submit that
the elements for issue preclusion have clearly been satisfied,
and thus, the Claim must be disallowed.

The Debtors reserve all of their rights to file any request,
pleading or brief with respect to any further consideration the
Bankruptcy Court may give to the Claim.  To the extent the
Bankruptcy Court allows any portion of the Claim, the Debtors
reserve the right to file an adversary proceeding to subordinate
the allowed portion of the Claim pursuant to Section 510(b) of
the U.S. Bankruptcy Code.

                      About Sea Containers

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

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

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

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

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Files Notice of Bermuda Scheme of Arrangement
-------------------------------------------------------------
Sea Containers Limited has notified parties-in-interest that
in line with its Plan of Reorganization filed with the United
States Bankruptcy Court for the District of Delaware, and its
winding up proceedings in Bermuda, it anticipates entering into a
Scheme of Arrangement with certain of its creditors, pursuant to
Section 99 of the Companies Act 1981 of Bermuda, for the purpose
of implementing the Plan in Bermuda.

According to SCL, it is likely that an application to the Supreme
Court of Bermuda will be made during this month to convene one or
more meetings of creditors, as applicable.

SCL proposes that, if approved, the Scheme will become effective
in or around mid to late November this year and have a Scheme bar
date in or around mid to late December.  The Scheme Bar Date is
the date by which any claims against SCL not currently filed in
the Chapter 11 proceedings must be submitted by creditors to be
taken into account for distribution purposes.

SCL says that notwithstanding the substantial efforts made to date
to identify all creditors, SCL is keen to identify any remaining
person or persons who believe they have a claim against SCL and
who have not already submitted claims in respect of the Chapter 11
proceedings.  These person or persons may be eligible to submit a
claim in respect of the Scheme if their failure to participate in
the Chapter 11 Proceedings is not a result of willful default or
lack of reasonable diligence, according to the notice.

Accordingly, SCL urges creditors who have not previously filed a
claim in the Chapter 11 proceedings to contact its claims and
solicitation agent:

  BMC Group, Inc.
  31 Southampton Row, 4th Floor
  Holborn WC1B 5HJ, England
  Tel. No.: +44-20-7000-1214

or at:

  444 Nash Street
  El Segundo, California 90245
  Tel. No.: 001-888-909-0100

or at:

  http://www.bmcgroup.com/scl

The bar date for filing claims against SCL under the Chapter 11
Proceedings was set at July 16, 20, 2007, and a subsequent bar
date for claims by employees was set at August 28, 2008.

                      About Sea Containers

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

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

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

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

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.


TELCO OVERSEAS: Deadline for Proof of Claim Filing Is Sept. 17
--------------------------------------------------------------
Telco Overseas Ltd.'s creditors have until Sept. 17, 2008, to
prove their claims to Dudley R. Cottingham and Christoper C.
Morris, 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.

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

The liquidators can be reached at:

              Dudley R. Cottingham and Christoper C. Morris
              Attn: Mark Diel
              c/o Marshall Diel & Myers
              Sofia House, 48 Church Streeet
              Hamilton, Bermuda
              Fax: (+1 441) 292-6814
              Email: ipoc@law.bm


TICOR (BERMUDA): Proof of Claim Filing Deadline Is Oct. 1
---------------------------------------------------------
Ticor (Bermuda) Minerals Ltd.'s creditors have until Oct. 1, 2008,
to prove their claims to Lynda Milligan-Whyte, 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.

Ticor's shareholder decided on Sept. 2, 2008, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

               Lynda Milligan-Whyte
               c/o Emporium Building
               Third Floor, 69 Front Street
               Hamilton, Bermuda


TICOR (BERMUDA): Holding Final Shareholders Meeting on Oct. 3
-------------------------------------------------------------
Ticor (Bermuda) Minerals Ltd. will hold its final shareholders
meeting on Oct. 3, 2008, at 4:00 p.m., at the offices of Lynda
Milligan-Whyte & Associates, Third Floor Emporium Building, 69
Front 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.

Ticor's shareholder decided on Sept. 2, 2008, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

               Lynda Milligan-Whyte
               c/o Emporium Building
               Third Floor, 69 Front Street
               Hamilton, Bermuda



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

BANCO BRADESCO: Ups 2.7% on Plans to Sell Cia. Brasileira Stake
---------------------------------------------------------------
Banco Bradesco SA led gains for lenders in Sao Paulo trading,
adding 2.7 percent to BRL30.29, its highest in four weeks, on
plans to sell part of its stake in credit-card network Cia.
Brasileira de Meios de Pagamento, Bloomberg News reports.

Meanwhile, the report says VisaNet, a credit card company in which
Banco Bradesco owns a 39 percent stake, has filed a request with
Brazil's securities regulator to sell existing voting shares.

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

                           *     *     *

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


BANCO DO BRASIL: Ups 0.9% on VisaNet's Move to Sell Shares
----------------------------------------------------------
Banco do Brasil SA shares added 0.9 percent to BRL23.34 after
credit card company VisaNet filed a request with Brazil's
securities regulator to sell existing voting shares, Bloomberg
News reports.  Banco do Brasil holds a 32 percent stake in
VisaNet.

The market value of VisaNet was estimated at up to BRL30 billion
(US$18.3 billion), Bloomberg News says citing Banco do Brasil
Senior Vice President Aldo Luiz Mendes.

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

                            *     *     *

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


BANCO NACIONAL: BNDESpar Funds Infrastructure Studies Project
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA's private
equity branch, BNDESpar, has established Estruturadora Brasileira
de Projetos (EBP) to develop infrastructure studies, Business News
Americas reports, citing news service Agencia Estado.

According to the report, EBP, with an initial budget of BRL100
million (US$60.8 million), will operate and be used to fund
project studies that have more appeal to the private sector.  The
entity's operation will begin within the next few days.

EBP, which has an initial projected period of 10 years, is in
partnership with eight other private banks:

    -- Bradesco,
    -- Unibanco,
    -- Santander,
    -- Banco do Brasil,
    -- Citibank,
    -- Itau,
    -- Votorantim and
    -- Banco do Espírito Santo.

BNAmericas says BNDESpar also developed a non-reimbursable, BRL20
million fund to finance the elaboration of logistics projects and
the bank has also created an authority to supervise the area of
project structuring in a little less than two months.

Area Supervisor Henrique Amarante, as cited by BNamericas, said
the bank will motivate the development of infrastructure projects
that are considered strategic through the project structuring
fund, adding that they will work in partnership with the
government which is asking for highway, rail and port projects and
others.

Mr. Amarante disclosed that the technical studies, which the cost
is equivalent to 0.5-3% of a project's total cost, will be carried
out directly by BNDES.  The bank will hire specialist consultants
Through tender calls, BNamericas notes.

                      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 continues to carry 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.


COMPANHIA PARANAENSE: Eyes Broadband Expansion in 2009
------------------------------------------------------
Companhia Paranaense de Energia SA is planning to expand its
broadband over powerline (BPL) pilot program to cover an entire
city in 2009, Business News Americas reports.

Copel's telecoms consultant Orlando Cesar de Oliveira told
BNamericas that the company would build on the 300 homes that are
expected to have signed up by the year's end.

The expansion, BNamericas says, would be located in Copel's home
state of Parana but the city is unnamed although Mr. Oliveira
confirmed it will be a small city in the north of the state, and
not the capital Curitiba.  The expansion will be stage two of
Copel's plan to become a fully fledged telecoms operator but it is
still effectively a test phase.

The telecoms team, in the third stage, will propose mass market
expansion of the service, and Copel's board would move a decision
whether to make the necessary investments, BNamericas notes.

According to the report, the first stage for Copel is connecting
its fiber network to 20 transformers, each of which then sends
broadband via the PLC platform to some 60 homes.  An estimation of
30% of the 1,200 homes was made by Copel.  The homes covered in
the pilot program would register for the service.

The report says that Copel has picked BPL Global as its supplier
with a BRL1 million (US$607,000) investment for stage one,
providing connections of 50Mbps to end users.

Meanwhile, BNamericas says Copel intends to raise the capacity of
its international connections so that its backbone operates at
1Gbps by year-end, which means applying for more capacity with
current partners Global Crossing and GVT and seeking two more
connectivity partners.

                    About Companhia Paranaense

Headquartered in Parana, Brazil, Companhia Paranaense de Energia
SA aka COPEL -- http://www.copel.com/ir-- (NYSE: ELP/LATIBEX:
XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes
electricity to more than 3 million customers in the state of
Parana and has a generating capacity of nearly 4,600 megawatts,
primarily from hydroelectric plants.  The company also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, Copel is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of Copel.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 13, 2008, Moody's Investors Service placed Companhia
Paranaense de Energia's Ba2 Corporate Family Rating and Ba1 Senior
Secured Rating under review for possible upgrade.


COSAN SA: Discloses Formation of Radar Propriedades
---------------------------------------------------
Cosan S.A. Industria e Comercio disclosed the constitution of its
subsidiary Radar Propriedades Agricolas S.A., whose
corporate purpose is to identify and acquire rural properties with
high appreciation potential for subsequent leasing or sale.

Over the last decade, Cosan has developed a technical center
specialized in evaluating the agricultural potential of rural
properties through the use of internally designed tools, including
georeferencing and agricultural and weather modeling, enabling a
rapid and precise evaluation of arable land for crops, including
sugarcane.

This excellence center will be made available to Radar through a
service agreement under market conditions.  Cosan will have
preference rights regarding the leasing of sites owned by Radar,
also under market conditions.  Radar’s management will be
independent, with dedicated and exclusive professionals.

Cosan will retain approximately 18.9% of Radar’s capital, with the
remaining 81.1% being divided among other investors.  Cosan will
initially invest US$35,000,000 and the other investors,
US$150,000,000.  A second investment is expected within the next
two years.  According to the shareholders’ agreement executed on
this date, Cosan will retain the majority of votes on Radar’s
Board of Directors, thereby retaining control of the company.  In
addition, COSAN has a 10-year option to subscribe 20% of RADAR’s
capital stock for the same amount as the initial capitalization.

                        About Cosan S.A.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio produces sugar and ethanol.  The company cultivates
harvests and processes sugarcane, the main raw material for
sugar and ethanol manufacturing.  With 17 manufacturing units
and two port terminals in the city of Santos, Cosan says it is
currently the largest individual group in the world in terms of
sugarcane byproducts manufacturing.  With capacity to grind more
than 40 million tonnes of sugarcane, the group represents 12% of
overall production in the mid-southern region of the country.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 29, 2008, Moody's Investors Service placed the Ba2 local
currency corporate family rating and foreign currency senior
unsecured rating, as well as the A1.br Brazilian national scale
corporate family rating of Cosan S.A. Industria e Comercio on
review for possible downgrade.

TCR-LA related on April 28, 2008, that Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Cosan S.A. Industria e Comercio, as well as its 'BB' rating on
the company's outstanding debt issues, which amount to
US$950 million, on CreditWatch with negative implications.  At
the same time, S&P placed its 'BB' long-term corporate credit
rating on Bermudas-based sugar-cane processor Cosan Ltd. on
CreditWatch with negative implications.


DELPHI CORP: Reaches Agreement With Panel & WTC to Stay Process
---------------------------------------------------------------
In light of the ongoing negotiations surrounding the Debtors'
Chapter 11 cases, Delphi Corp. and its debtor-affiliates, the
Official Committee of Unsecured Creditors, and Wilmington Trust
Company all agree to stay all further proceedings with respect to
the calls for revocation of Delphi's Plan of Reorganization,
subject to these terms:

  * All activity in either the WTC or Committee's complaint
    under Section 1144 of the Bankruptcy Code will be stayed
    until the earlier of (i) the service by the Committee or WTC
    of a written notice terminating the stay with respect to
    the Revocation Complaint or (ii) further order of the
    U.S. Bankruptcy Court for the Southern District of New York;

  * Upon receipt of a notice of termination of stay, the Debtors
    will have 30, or other period of time as the parties may
    agree or may be ordered by the Bankruptcy Court, to answer
    or otherwise file a responsive pleading as to each
    particular Revocation Complaint.

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: In Talks to Modify Bankruptcy Exit Plan
----------------------------------------------------
According to Bankruptcy Law360, Delphi Corp. said it is plotting
changes to its reorganization plan to try to better position
itself to successfully emerge from Chapter 11.  Bankruptcy Law360
relates that Delphi's spokesperson, Lindsey Williams, said on
Friday the firm is discussing with stakeholders on making the
necessary revisions.

Delphi has yet to emerge from bankruptcy despite obtaining
confirmation of its reorganization plan from the Bankruptcy Court
in January 2008, after Appaloosa Management, L.P. and other
investors withdrew funding of US$2,550,000,000 in exit financing.  
Delphi has sued Appaloosa, which asserts that its liabilities, if
any, is only up to US$250,000,000 pursuant to the terms of their
deal.

Last week, The Wall Street Journal reported that people involved
with Delphi's bankruptcy process said that odds are increasing
that Delphi will be liquidated, with some U.S. plants being taken
over by its former parent, General Motors Corp.

Even if a liquidation does not happen, General Motors' financial
obligation could grow by billions, WSJ said, citing people
familiar with the matter.

The Pension Benefit Guaranty Corp. has already asked GM to assume
Delphi's pension plan liabilities by Sept. 30, 2008.  GM has
already agreed to assume US$1,500,000,000 of Delphi's pension
liabilities but Delphi's pension debts have reached
US$3,300,000,000 as of the end of 2007.  GM also recently agreed
to provide additional US$300,000,000 loan to Delphi to help
address its former unit's liquidity needs.  The US$300,000,000
loan is in addition to the up to US$650,000,000 in extensions of
credit which GM had advanced in anticipation of the effectiveness
of their Master Restructuring Agreement and Global Settlement
Agreement, which is tied up to Delphi's plan of reorganization.  
GM said in its second quarter 2008 results that its Delphi-related
charges have now reached approximately US$11,000,000,000.

Delphi's US$4,100,000,000 debtor-in-possession facility expires
Dec. 31, 2008.  Delphi refinanced its existing DIP facility in
late April to extend the July 1 maturity date to be able to have
time to consummate its restructuring.  Delphi in May 2008
increased the size of the facility by US$254,000,000 following an
oversubscription of its three-tranche loans, and unexpected
market support.  However, according to WSJ, there are indications
that its current lenders may balk at renewing the bankruptcy
loans.

"We've not thrown that word around," Delphi spokesman Lindsey
Williams, told WSJ, "If that were our intent, we would not be
working as feverishly as we are.  We've been going down a lot of
avenues to emerge from bankruptcy."

Delphi's competitors in the U.S. have been facing similar
problems.  Progressive Moulded Products, Intermet Corp., Blue
Water Automotive Systems, and Plastech Engineered Products, which
all have exposure to the Big-3 Michigan automakers -- GM, Corp.,
Ford Motor Company, and Chrysler LLC -- have filed for bankruptcy
protection.  Blue Water and Plastech are selling their key
assets.  Progressive has ceased operations.

According to WSJ, Ray Young, the chief financial officer of
General Motors, said this month that U.S.' largest auto maker was
having a "constructive dialogue" with Delphi, but "they have to
understand there is only so much that we can do.  They're going
to have to do their own form of self help here."

According to filings with the U.S. Securities and Exchange
Commission, Delphi's pension plan covers about 85,000 and had
obligations of US$14.05 billion at year-end, but was underfunded
by US$3.3 billion.  WSJ noted that Delphi's DIP financing trades
in the secondary market at about 82 cents on the dollar, a
discount that indicates doubts about Delphi's solvency.

                        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)


FORD MOTOR: Names Stephen Odell as Volvo Car's President and CEO
----------------------------------------------------------------
Ford Motor Company disclosed the appointment of Stephen Odell as
president and chief executive officer of Volvo Car Corporation,
replacing Fredrik Arp, who has decided to leave the company.

Effective Oct. 1, Mr. Odell will be responsible for Volvo's global
operations out of its headquarters in Gothenburg, Sweden, and lead
the company's drive toward sustained profitability through
continued restructuring and the accelerated development of high-
quality, fuel-efficient and safe vehicles in the premium end of
the market.

Mr. Odell, who has played a key role in Ford of Europe's
resurgence as its chief operating officer, will report to Lewis
Booth, executive vice president of Ford Motor Company and chairman
of Volvo Car Corporation, who will continue to oversee the
strategic direction of Volvo.

"Stephen Odell brings to Volvo a wealth of experience of strong
leadership in the automotive industry," Alan Mulally, president
and CEO, Ford Motor Company, said.  "Given his strong track record
at Ford, Jaguar and Mazda, the time is now right for Stephen to
take up this new challenge at Volvo.  I believe that Stephen is
the right person -- together with Lewis Booth and the Volvo Cars
Management Team -- to take Volvo forward and to return the
business to sustainable profitability."

Mr. Booth thanked Fredrik Arp for his leadership of Volvo over the
past three years, a period in which Volvo reduced costs and
strengthened its product lineup despite a difficult business
environment and challenges presented by adverse currency exchange
rates and other external factors.

"Fredrik has steered the Volvo team through some difficult times
since joining the company three years ago.  His wide experience in
business has been a strong asset in helping to develop and
implement Volvo's plan to improve its business results.

"Fredrik has decided that now is the right time to hand over to a
new president and CEO, Stephen Odell, who will lead the Volvo team
through the next stage of its recovery."

Mr. Odell said he is excited to lead Volvo at an important time in
the company's history.

"Volvo is one of the great iconic automotive brands," Mr. Odell
said. "The very attributes that make Volvo distinctively Swedish
-- its heritage of safety, environmental concern and its
Scandinavian design -- appeal to customers around the globe.  Our
strategy is to enhance the premium nature of Volvo by further
strengthening these attributes.  Volvo really is the auto brand
for today's customers.

"We have a restructuring plan in place that will help to deliver a
more competitive business and that enables Volvo to continue to
build upon its core strengths.  Volvo will adopt a more stand-
alone approach within Ford Motor Company, while still leveraging
product development and purchasing synergies with other Ford
operations."

Before he was appointed chief operating officer of Ford of Europe
in April 2008 responsible for product development, manufacturing,
purchasing, and marketing, sales and service operations, Odell
served as Ford of Europe's vice president of marketing, sales and
service for nearly three years.

Prior to that, he held several senior level positions at Mazda
Motor Corporation from 2000 to 2005.  From 1997 to 2000, Odell was
vice president, marketing and sales, Jaguar North America.  
Stephen Odell joined Ford of Britain in 1980 as a graduate
trainee.  A native of London, he is married with two children.

                      About Ford Motor

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

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.  
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


FORD: Michigan Plant Gets US$75MM Infusion to Build Small Cars
--------------------------------------------------------------
Ford Motor Company will invest US$75 million in Michigan Truck
Plant's body shop to prepare for small-vehicle production.

The plant will begin converting its body shop in November when the
tooling and equipment specific to the Ford Expedition and Lincoln
Navigator will be disassembled and transferred to Kentucky Truck
Plant, which begins producing the large SUVs in the second quarter
of 2009.

The move paves the way for Michigan Truck to convert to a car
plant that will begin producing global C-car based vehicles in
2010.

In the interim, the plant's 1,000 employees will be transferred
next door to Wayne Assembly Plant where a third crew will be added
in January to accommodate increased production of the hot-selling
Ford Focus.  When completed, Michigan Truck's flexibility will
allow it to augment current Ford Focus production if necessary.

"This is the best plan to meet consumer demand and utilize our
assets at Michigan Truck and other facilities, both in the near
term and long term," Joe Hinrichs, Ford group vice president,
Global Manufacturing and Labor Affairs, said.  "Consumers will
benefit through increased production of the strong-selling Focus
at Wayne, the continuation of the popular Expedition and Navigator
for those who need a large SUV at Kentucky Truck, and more world-
class C-cars at Michigan Truck."

Michigan Truck is one of three truck and SUV plants in North
America that will be converted to build small fuel-efficient
compact and subcompact vehicles.  In 2010, Cuautitlan Assembly,
which currently produces F-Series pickups, will begin building the
new Fiesta subcompact car for North America.  Louisville Assembly,
home of the Ford Explorer mid-size SUV, is slated to start
production of yet more unique small vehicles from the automakerÿs
global C-car platform the following year.  

At the heart of this manufacturing transformation is a flexible
operation, which uses reprogrammable tooling in the body shop,
standardized equipment in the paint shop and common-build sequence
in final assembly, enabling production of multiple models in the
same plant.

Aiding the implementation of flexible manufacturing is Ford's
industry-leading virtual manufacturing technology.  In the virtual
world, engineers and plant operators evaluate tooling and product
interfaces before costly installations are made on the plant
floor.  This method of collaboration improves launch quality and
enables speed of execution.  

In a flexible body shop, at least 80% of the robotic equipment can
be reprogrammed to weld various sized vehicles.  This "non-product
specific" equipment gives the body shop its flexibility and
provides more efficient use of the facility.  

In 2005, Ford invested US$300 million in Michigan Truck to build a
new, flexible body shop.  That investment will help streamline the
conversion to small vehicles and will require an additional body
shop investment of approximately US$75 million.  This is part of a
larger investment planned for the plant.  Meanwhile, Ford
continues to work with state and local governments on the scope of
incentive support.

Today, nearly 87% of Ford's assembly plants around the world have
flexible body shops.  By 2012, the number will grow to 100%.

  * Michigan Truck Plant Facts

    Location: Wayne, Michigan

    Number of Employees: 1,000

    Year Opened: 1957

    Plant Size (Sq. Ft.): 2,866,000

    Current Products: Ford Expedition, Lincoln Navigator

    Future Products: Small vehicles based on Ford's global C-car  
                     platform

                    About Ford Motor Co

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

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.  
The Rating Outlook remains Negative.  The downgrade reflects
these: (i) the further deterioration in Ford's U.S. sales as a
result of economic conditions, an adverse product mix and the most
recent jump in gas prices; (ii) portfolio deterioration at Ford
Credit and heightened concern regarding economic access to capital
to support financing requirements; and (iii) escalating commodity
costs that will remain a significant offset to cost reduction
efforts.


GENERAL MOTORS: Offering Retirement Incentives to Workers
---------------------------------------------------------
Reuters reports that General Motors Corp. is offering early
retirement incentives to about 28% of its 32,000 U.S. work force,
as part of its effort to reduce payroll expenses and conserve
cash.

GM spokesperson Dan Flores said on Friday that the offers would be
made to workers in areas where the firm wants to reduce work
force, KansasCity.com relates.  According to Reuters, a person
familiar with the plan said that the incentives were offered to
about 9,000 workers, who are given 45 days to consider the
package.  GM spokesperson Tom Wilkinson said that workers eligible
for the incentives will receive sealed, individualized offers
based on age, years of service and work history, Free Press
states.

The retirement incentives GM is offering includes an option to
roll over lump-sum severance payments into employees' 401(k) plans
or Individual Retirement Accounts, Jeff Green at Bloomberg News
relates, citing Mainstay Capital Management, LLC's Chief Executive
Officer and Chief Investment Strategist, David Kudla.

GM said on July 15 it would cut 20% of its salaried-worker costs
in the U.S. and Canada by Nov. 1, according Edomonton Journal.  GM
aims to boost liquidity by US$15 billion through the end of 2009,
Bloomberg states.  

                   About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs         
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.  
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.


MARFRIG FRIGORIFICOS: Fitch Puts B+ Foreign & Local Currency IDRs
-----------------------------------------------------------------
Fitch Ratings assigned Marfrig Frigorificos e Comercio de
Alimentos LTDA  Foreign and Local Currency Issuer Default Ratings
of 'B+'.  Fitch has also assigned a 'B+/RR4' rating to the US$375
million senior unsecured bonds due 2016 issued by Marfrig Overseas
Limited, a special-purpose vehicle wholly owned by Marfrig in the
Cayman Islands, unconditionally guaranteed by Marfrig.
Additionally, Fitch assigned Marfrig a National Scale rating at
'BBB+(bra)'.  The Rating Outlook is Stable.

The ratings of Marfrig are supported by the company's business
position as one of Brazil's largest producers of beef and beef by-
products, the country's third-largest exporter of fresh and
chilled beef, and a growing share of its future revenues coming
from the sale of poultry meat through the acquisition of OSI
Group.  The ratings also reflect Marfrig's low cost structure in
line with other Brazilian beef producers, and a more diversified
business profile than many of its peers including assets overseas
and a wider range of products.

The company's activities are evenly distributed between the
domestic market and export sales.  The ratings incorporate
Marfrig's above-average geographical diversification, both
domestically with plants in six Brazilian States, and
internationally, with plants in Uruguay, Argentina, Chile, and
Europe.  Diversification of sales by country is important in order
to mitigate risks related to the government's imposition of
sanitary restrictions.

The ratings reflect Marfrig's aggressive growth strategy based on
acquisitions, which have totaled 17 since the beginning of 2007.  
Revenues have almost doubled during the last 12 months ended
June 30, 2008, versus full-year 2006.  Growth has been financed by
increased debt and a 2007 IPO, at which time the company raised
BRL600 million.  Its growth strategy has led to increasing working
capital requirements and resulted in negative free cash flow
generation in the past few years.  Fitch would expect free cash
flow generation to improve as the company finalizes the
consolidation of all its acquisitions, including its latest
acquisition of OSI Group's businesses in Brazil and in several
European countries for US$680 million announced in June 2008 and
fully financed with equity.  Fitch does not expect any major
acquisitions in the near term because of the company's need to
concentrate its efforts on consolidating existing purchases and
its lack of financial flexibility.

The ratings also reflect Marfrig's exposure to the volatility of
raw material costs and of domestic and international beef prices,
supply and demand imbalances in the protein market due to factors
such as disease and adverse weather conditions, unfavorable global
economic conditions, changes in beef consumption habits,
government-imposed sanitary and trade restrictions, and
competitive pressures from other Brazilian or international beef
producers and exporters.

Marfrig's capital structure is highly leveraged with BRL2.5
billion total debt on its balance sheet at the end of June 30,
2008.  At the end of the same period, total-debt-to-EBITDA was 5.3
times and net-debt-to-EBITDA was 3.7x.  Debt maturities are
staggered and consist of 20% in 2008, 3.4% in 2009, 9.2% in 2010,
16.8% in 2011, 12% in 2012, and the rest after that, with over 25%
maturing in 2016.  Fitch expects much improved credit metrics in
the near future as the company begins to consolidate the results
from the OSI acquisition, which should add at least BRL120 million
of annual EBITDA and was fully financed with equity.

Headquartered in Sao Paulo, Brazil, Marfrig Frigorificos e
Comercio de Alimentos S.A. (Bovespa's Novo Mercado: MRFG3) --
http://www.marfrig.com.br/ir-- is one of the largest beef
processing companies in Brazil.  With processing plants in
Brazil, Argentina, Uruguay and Chile, Marfrig processes,
prepares packages and delivers fresh, chilled and processed beef
products to customers in Brazil and abroad, with approximately
50% of its sales derived from exports.  Along with its beef
products, the company also delivers additional food products
that it imports or acquires in the local market.


SHARPER IMAGE: Vornado Air Slams US$1 Million Legal Fee Requests
----------------------------------------------------------------
According to Bankruptcy Law360, Vornado Air LLC told the U.S.
Bankruptcy Court for the District of Delaware that it is opposing
the US$1 million in fee requests by lawyers and advisers to
Sharper Image Corp.

Bankruptcy Law360 relates that Vornado told the court that its
US$50,000 claim on the Debtor takes precedence.

                    About Sharper Image

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

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

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

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

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

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


SOLUTIA INC: Addresses "Last Few" Bankruptcy Claims
---------------------------------------------------
Michael A. Cohen, Esq., at Kirkland & Ellis LLP, told Judge
Prudence C. Beatty of the U.S. Bankruptcy Court for the Southern
District Court of New York that Solutia Inc. is working towards
getting the "last few claims resolved" in order to seek a final
decree closing its Chapter 11 cases.

Mr. Cohen told the Court that aside from their agreement with
E.I. DuPont de Nemours and Company, the Debtors have reached a
settlement agreement with the Dickerson claim, and will present
the settlement to Judge Beatty upon the district court's approval
of the settlement.

"And we do have a few claims that are left out there, but we are
working to get those resolved in as efficient a manner as
possible with regard to the estate, and we're working with our
claim's monitor in that regard," Mr. Cohen stated.  "And it
really is a very small number of claims, especially for a case of
Solutia's size."

Judge Beatty said that she'd be extremely gratified if the entire
case could be closed by Dec. 31, 2008, about 13 months since
the confirmation of Solutia's Reorganization Plan on Nov. 29,
2008.  Judge Beatty noted that NRG Energy, Inc., which were
represented by Kirkland & Ellis, and Mr. Cohen in their bankruptcy
cases, was able to quickly close its Chapter 11 cases.  Mr. Cohen
agreed to a Dec. 31 target for closing of Solutia's Chapter 11
case.

Judge Beatty noted that Solutia won't continue paying fees to the
U.S. Trustee once it closes its Chapter 11 cases.

In a discussion with Mr. Cohen about how Solutia is doing post-
emergence, Judge Beatty said at the hearing that she'd expect
Solutia to continue to do well, notwithstanding the difficult
economic times in the United States., noting that some of its
products are not U.S. dependent, and the company could increase
prices because its products are not easily produced by other
firms.

                       About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,       
manufactures and sells chemical-based materials, which are used in
consumer and industrial applications worldwide.  Solutia has
operations in Malaysia, China, Singapore, Belgium, and Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000
in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP,
in New York, as lead bankruptcy counsel, and David A. Warfield,
Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St.
Louis Missouri, as special counsel.  Trumbull Group LLC is the
Debtor's claims and noticing agent.  Daniel H. Golden, Esq., Ira
S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss
Hauer & Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.  The Official Committee of Retirees of Solutia, Inc., et
al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke,
Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne,
LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E.
Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter
Young & Rediker, LLC, in Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22, 2007,
the Debtor re-filed a Consensual Plan & Disclosure Statement and
on Nov. 29, 2007, the Court confirmed the Debtors' Consensual
Plan.  Solutia emerged from chapter 11 protection Feb. 28, 2008.

Solutia's US$2.05 billion exit financing facility was funded by
Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P.,
and Deutsche Bank Securities Inc.  The exit financing is being
used to pay certain creditors, and for ongoing operations.

(Solutia Bankruptcy News, Issue No. 130; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

Standard & Poor's Ratings Services said its ratings on Solutia
Inc. (B+/Stable/--) will not change as a result of the company's
recent announcement of a public offering of common shares.


TAM SA: Says Shares Issued May be Converted Into Preferred Shares
-----------------------------------------------------------------
TAM S.A. has disclosed that a Shareholders' Agreement was filed
with the registered office of the company stipulating the terms
under which the common shares issued by the company may be
converted into preferred shares, as well as the terms under which
the common shares covered by such Shareholders' Agreement may be
purchased, sold or encumbered.

The company noted that a full copy of such Shareholders' Agreement
is on file at the IPE System maintained by CVM.

TAM S.A. -- http://www.tam.com.br/-- has business
agreements with the regional airlines Pantanal, Passaredo,
Total and Trip.  As of Jan. 14, the daily flight on the Corumba
-- Campo Grande route in Mato Grosso do Sul began to be operated
by a partnership with Trip.  With the expansion of the agreement
with NHT, TAM will now be serving 82 destinations in Brazil,
45 of which with its own flights.  In addition, the company is
strengthening its presence in Rio Grande do Sul and Santa
Catarina.

The company's international operations include direct flights
to 17 destinations: New York and Miami (USA), Paris (France),
London (England), Milan (Italy), Frankfurt (Germany), Madrid
(Spain), Buenos Aires and Cordoba (Argentina), Santiago (Chile),
Caracas (Venezuela), Montevideo and Punta del Este (Uruguay),
AsunciOn and Ciudad del Este (Paraguay), and Santa Cruz de
la Sierra and Cochabamba (Bolivia)

                              *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based airline TAM
S.A. to 'BB-' from 'BB'.  S&P's outlook is revised to stable
from negative.

As reported in the TCR-Latin America on June 23, 2008, Fitch
Ratings affirmed the 'BB' Foreign and Local Currency Issuer
Default Ratings of TAM S.A.  Fitch also affirmed the 'BB' rating
of its US$300 million senior unsecured notes due in 2017 as well
as the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch revised its rating
outlook to negative from stable.


TELE NORTE: Picks Informatica to Boost Revenue & Market Share
-------------------------------------------------------------
Tele Norte Leste Participacoes S.A. has selected Informatica
Corporation's data integration platform to simplify its IT
infrastructure and help increase revenue, market share and
customer loyalty.

Created from the consolidation of 16 state state-run
utilities into a single private entity in 1998, the
US$14.5 billion company leverages the Informatica platform to
enable the right-time business intelligence and single views of
customers that drive its highly competitive program and service
plan offerings, targeted marketing and sales activities, and
exemplary customer service.    

“Our competitive advantage is the ability to mix bundles,
combining wire line, wireless, broadband, and television; this
increases customer loyalty and reduces churn.  But we needed a
single view of the customer and near real-time updates to our
enterprise data warehouse to support these programs,” said Vera
Helena de Avila Duarte, enterprise IT manager, Oi.  “Informatica
gave us the single platform we needed. It has also given us
agility so we can continue to lead in our market.”

“Oi” is Portuguese for “Hi,” and the company’s tagline is “Oi, as
simple as that.”  Seeking to maximize business agility and
competitiveness, Oi implemented the Informatica platform to
simplify the consolidation and management of data across its
numerous predecessor companies and multiple incompatible systems,
including information on more than 36 million customers.  The
Informatica PowerCenter platform now provides the underpinnings
for Oi’s right-time enterprise data warehouse, leveraged by
management for timely business intelligence, and by sales and
marketing for consolidated customer and household views to power
marketing campaigns and fuel up-sell and cross-sell activities.  
Customer service also leverages these up-to-the-minute
consolidated views to respond quickly and decisively to customer
requests.

Additionally, Oi leverages the integration of its various
disparate systems to help power competitive new product and
service initiatives, including bringing advantageous new programs,
plans and product bundles to market faster and supporting them
effectively.  For example, when the company launched a prepaid
service plan called “Oi Controle,” it used PowerCenter to link its
CRM, billing and in-house pre-paid systems.  The billing system
flags customers eligible for a credit recharge, the recharge
notice is validated against business rules in the CRM system, and
the notice is sent over the pre-paid system to enable recharge for
voice and data services.  Consequently, Oi Controle customers are
able to recharge their credits on schedule while the company has
been able to respond to the ramping demand for recharging, thus
helping to drive the on-going success of the Oi Controle program.

Robust, scalable infrastructure Informatica has also provided Oi
with a robust, scalable infrastructure to help sustain its
business agility and growth.  For example, the PowerCenter
Pushdown Optimization option has enabled Oi to take advantage of
the processing power of its Teradata data warehouse platform when
running data integration and loading routines.  This has allowed
Oi to accelerate its warehousing loading process by a factor of
2x, which in turn has resulted in faster answers to sales and
marketing queries and more rapid updates to customer views.  
Similarly, Oi is taking advantage of Informatica’s Enterprise Grid
option to help optimize both the performance and scalability of
its data integration environment.

Oi is also using Informatica PowerExchange data access software to
source difficult-to-access mainframe data for subsequent
integration with other enterprise data.

“Oi’s impressive post-merger growth underscores the value of the
Informatica platform in making complex environments appear simple
to internal data users and, ultimately, to customers,” said Girish
Pancha, general manager, Enterprise Data Integration, Informatica.  
“Encapsulating the former operations of well over a dozen separate
enterprises, Oi now presents a single, responsive face to
customers across South America’s largest economy—a unified image
anchored in the ability to integrate and deliver comprehensive,
accurate data in right time across a widely divergent spectrum of
information sources.”

                         About Informatica

Informatica Corporation (NASDAQ: INFA) --
http://www.informatica.com/-- is the leading independent provider  
of enterprise data integration software and services.  With
Informatica, organizations can gain greater business value by
integrating all their information assets from across the
enterprise.  More than 3,300 companies worldwide rely on
Informatica to reduce the cost and expedite the time to address
data integration needs of varying complexity and scale.


                      About Tele Norte Leste

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

                          *     *     *

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


* BRAZIL: Securitization Market Is Steady in 2008, S&P Reports
--------------------------------------------------------------
Despite the ongoing liquidity squeeze and uncertainties facing the
global financial markets, securitization in Brazil is on track to
have a banner year in 2008.  This year's steady stream of new
issuance, which may exceed last year's transaction volume, has
been fueled by a continuously favorable economic environment,
increased investor interest in domestic transactions, a growing
origination base, and the upgrade of the Federal Republic of
Brazil to investment grade in April.
     
To date, Standard & Poor's Ratings Services has assigned its
ratings to 29 Brazilian domestic and cross-border structured
finance transactions this year, and currently monitors 76
Brazilian securitization programs, some of which have multiple
series outstanding.  Based on current trends within the country,
S&P believes that the uncertainties affecting the global finance
market will continue to have only a limited impact on Brazil's
local financial and securitization markets going forward.
     
According to a recently published report, S&P believes the ongoing
strength of securitization in Brazil will help the country enter
the so-called "third market stage" of Latin American
securitizations within the next couple of year.  In this stage,
issuers gain access to international capital markets through
securitizations of existing assets denominated in local currency.
     
"When compared with other domestic securities, however,
securitization still accounts for a relatively small portion of
Brazil's overall bond market, even after a 40% growth in issuance
volume since December of 2007," said S&P's credit analyst Jean-
Pierre Cote Gil.  "While large banks and companies often opt to
use other types of domestic securities for their funding
strategies, securitization remains attractive to small and midsize
banks and companies because it's often less expensive and because
it's frequently the sole option for entities with low or no credit
ratings."
     
S&P has been constantly inquired about singular Brazilian
structures and asset classes, which reflect the innovative
characteristics of local market participants.
     
"While the activity in traditional asset classes such as consumer
loans, corporate loans, and trade receivables remains solid, we
are continually engaged in analyzing transactions backed by less-
traditional asset classes, such as tax liens, precatorios,
royalties, agribusiness assets, and public transportation future
flows," said Mr. Cote Gil.  "The prospect of an authentic
residential mortgage-backed securities market gets closer to
becoming a reality every day, largely because of the strong
homebuilding and residential loan activity," he added.



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

AVIACORP: Deadline for Proof of Claim Filing Is Today
-----------------------------------------------------
Aviacorp's creditors have until Sept. 5, 2008, to prove their
claims to Commerce Corporate Services Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

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

The liquidator can be reached at:

               Commerce Corporate Services Limited
               P.O. Box 694GT
               Grand Cayman, Cayman Islands
               Tel: 949-8666
               Fax: 949-0626


AVIACORP: Holding Final Shareholders Meeting Today
--------------------------------------------------
Aviacorp will hold its final shareholders meeting on Sept. 5,
2008.

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

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

The liquidator can be reached at:

               Commerce Corporate Services Limited
               P.O. Box 694GT
               Grand Cayman, Cayman Islands
               Tel: 949-8666
               Fax: 949-0626


BLUE MOUNTAIN: Deadline for Proof of Claim Filing Is Today
----------------------------------------------------------
Blue Mountain Australian Absolute Return Fund Ltd.'s creditors
have until Sept. 5, 2008, to prove their claims to Mark Newman,
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.

Blue Mountain'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 liquidator can be reached at:

               Mark Newman
               c/o Maples and Calder
               P.O. Box 309
               Ugland House, Grand Cayman
               Cayman Islands


CAMBRIDGE PACIFIC: Holds Final Shareholders Meeting Today
---------------------------------------------------------
Cambridge Pacific Fund Ltd. will hold its final shareholders
meeting on Sept. 5, 2008, at 4:30 a.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

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

The liquidator can be reached at:

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


CENTERLIGHT CORE: Holding Final Shareholders Meeting Today
----------------------------------------------------------
CenterLight Core MultiStrategy Offshore Fund Ltd. will hold its
final shareholders meeting on Sept. 5, 2008, at 10:00 a.m., at the
offices of Ogier, Attorneys, Queensgate House, South Church
Street, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Centerlight Core's shareholder decided on July 15, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Centerlight Capital Management LLC
               c/o Ogier
               P.O. Box 1234
               Grand Cayman, Cayman Islands


CENTERLIGHT CORE MASTER: Final Shareholders Meeting Is Today
------------------------------------------------------------
CenterLight Core MultiStrategy Master Fund Ltd. will hold its
final shareholders meeting on Sept. 5, 2008, at 10:00 a.m., at the
offices of Ogier, Attorneys, Queensgate House, South Church
Street, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Centerlight Core's shareholder decided on July 15, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Centerlight Capital Management LLC
               c/o Ogier
               P.O. Box 1234
               Grand Cayman, Cayman Islands


FFTW DIVERSIFIED: Proof of Claim Filing Deadline Is Today
---------------------------------------------------------
FFTW Diversified Alpha Fund Ltd.'s creditors have until Sept. 5,
2008, to prove their claims to William Vastardis, 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.

FFTW Diversified's shareholders agreed 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:

               William Vastardis
               c/o Vastardis Fund Services LLC
               30th Floor, 41 Madison Avenue
               New York, NY 10010
               USA


FFTW DIVERSIFIED CLASS A: Claims Filing Deadline Is Today
---------------------------------------------------------
FFTW Diversified Alpha Class A Ltd.'s creditors have until
Sept. 5, 2008, to prove their claims to William Vastardis, 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.

FFTW Diversified's shareholders agreed 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:

               William Vastardis
               c/o Vastardis Fund Services LLC
               30th Floor, 41 Madison Avenue
               New York, NY 10010
               USA


FFTW DIVERSIFIED CLASS C: Final Shareholders Meeting Is Today
-------------------------------------------------------------
FFTW Diversified Alpha Class C Ltd. will hold its final
shareholders meeting on Sept. 5, 2008, at 10:40 a.m., at 41
Madison Avenue, 30th Floor, New York, New York.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of three years from the
      dissolution of the company, after which they may be  
      destroyed.

FFTW Diversified's shareholders agreed 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:

               William Vastardis
               c/o Vastardis Fund Services LLC
               30th Floor, 41 Madison Avenue
               New York, NY 10010
               USA


HSBC REPUBLIC: Holds Final Shareholders Meeting Today
-----------------------------------------------------
The HSBC Republic Latin America Short Duration Income Fund Ltd.
will hold its final shareholders meeting on Sept. 5, 2008, at
10:00 a.m., at 452 Fifth Avenue, New York, New York.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

HSBC Republic's shareholders agreed on July. 9, 2008, for the
company's voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Anna Goubault
          c/o Ogier
          P.O. Box 1234
          Grand Cayman, Cayman Islands
          Tel: (345) 949-9876
          Fax: (345) 949-1986


JEFFERIES HYDE: Holding Final Shareholders Meeting Today
--------------------------------------------------------
Jefferies Hyde Park Master Fund Ltd. will hold its final
shareholders meeting on Sept. 5, 2008, at 3:00 p.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Jefferies Hyde's shareholder decided on June 5, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


LUSIADAS LIMITED: Holds Final Shareholders Meeting Today
--------------------------------------------------------
Lusiadas Ltd. will hold its final shareholders meeting on Sept. 5,
2008, at 3:00 p.m., at the registered office of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Lusiadas' shareholder decided on July 1, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NATIXIS INVESTMENT: Holding Final Shareholders Meeting Today
------------------------------------------------------------
Natixis Investment Services Japan Ltd. will hold its final
shareholders meeting on Sept. 5, 2008, at 9:00 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NS INVESTMENTS II: Holding Final Shareholders Meeting Today
-----------------------------------------------------------
NS Investments II Inc. will hold its final shareholders meeting on
Sept. 5, 2008, at 2:00 p.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NS INVESTMENTS III: Sets Final Shareholders Meeting Today
---------------------------------------------------------
NS Investments III Inc. will hold its final shareholders meeting
on Sept. 5, 2008, at 1:30 p.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NS INVESTMENTS IV: Holds Final Shareholders Meeting Today
---------------------------------------------------------
NS Investments IV Inc. will hold its final shareholders meeting on
Sept. 5, 2008, at 1:00 p.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NS INVESTMENTS V: Holding Final Shareholders Meeting Today
----------------------------------------------------------
NS Investments V Inc. will hold its final shareholders meeting on
Sept. 5, 2008, at 12:30 p.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NS INVESTMENTS VII: Holds Final Shareholders Meeting Today
----------------------------------------------------------
NS Investments VII Inc. will hold its final shareholders meeting
on Sept. 5, 2008, at 12:00 p.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NS INVESTMENTS IX: Holding Final Shareholders Meeting Today
-----------------------------------------------------------
NS Investments IX Inc. will hold its final shareholders meeting on
Sept. 5, 2008, at 11:30 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NS INVESTMENTS XII: Holds Final Shareholders Meeting Today
----------------------------------------------------------
NS Investments XII Inc. will hold its final shareholders meeting
on Sept. 5, 2008, at 11:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NS INVESTMENTS XIII: Final Shareholders Meeting Is Today
--------------------------------------------------------
NS Investments XIII Inc. will hold its final shareholders meeting
on Sept. 5, 2008, at 10:30 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NS INVESTMENTS XV: Holding Final Shareholders Meeting Today
-----------------------------------------------------------
NS Investments XV Inc. will hold its final shareholders meeting on
Sept. 5, 2008, at 10:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NS INVESTMENTS XVI: Holds Final Shareholders Meeting Today
----------------------------------------------------------
NS Investments XVI Inc. will hold its final shareholders meeting
on Sept. 5, 2008, at 9:30 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Natixis Investment's shareholder decided on July 1, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


P6 KYIV CABLE: Holding Final Shareholders Meeting Today
-------------------------------------------------------
P6 KYIV Cable Ltd. will hold its final shareholders meeting on
Sept. 5, 2008, at the offices of Providence Equity Partners, Inc.,
50 Kennedy Plaza, Providence, Rhode Island, USA.

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

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

The liquidator can be reached at:

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


PONCE COMPANY: Deadline for Proof of Claim Filing Is Today
----------------------------------------------------------
Ponce Company Ltd.'s creditors have until Sept. 5, 2008, to prove
their claims to Commerce Corporate Services Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Ponce Company's shareholders agreed on May 8, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Commerce Corporate Services Limited
               P.O. Box 694GT
               Grand Cayman, Cayman Islands
               Tel: 949-8666
               Fax: 949-0626


PONCE COMPANY: Holding Final Shareholders Meeting Today
-------------------------------------------------------
Ponce Company Ltd. will hold its final shareholders meeting on
Sept. 5, 2008.

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

Ponce Company's shareholders agreed on May 8, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Commerce Corporate Services Limited
               P.O. Box 694GT
               Grand Cayman, Cayman Islands
               Tel: 949-8666
               Fax: 949-0626


SOCIEDAD AUSTRAL: Proof of Claim Filing Deadline Is Today
---------------------------------------------------------
Sociedad Austral de Electricidad Overseas Ltd.'s creditors have
until Sept. 5, 2008, to prove their claims to CDL Company 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.

Sociedad Austral's shareholders agreed on May 8, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               CDL Company Ltd.
               P.O. Box 31106SMB
               Grand Cayman, Cayman Islands
  

SEAROCK PLUS: Holding Final Shareholders Meeting Today
------------------------------------------------------
Searock Plus Fund Ltd. will hold its final shareholders meeting on
Sept. 5, 2008, at 2:30 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be  
      destroyed.

Searock Plus' shareholder decided on July 1, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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

     
SOCIEDAD AUSTRAL: Holds Final Shareholders Meeting Today
--------------------------------------------------------
Sociedad Austral de Electricidad Overseas Ltd. will hold its final
shareholders meeting on Sept. 5, 2008, at Citco Trustees
(Cayman) Limited, Regatta Office Park, West Bay Road, Windward
One, Grand Cayman, Cayman Islands.

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

Sociedad Austral's shareholders agreed on May 8, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               CDL Company Ltd.
               P.O. Box 31106SMB
               Grand Cayman, Cayman Islands
      

ZAIS INVESTMENT: Deadline for Proof of Claim Filing Is Today
------------------------------------------------------------
Zais Investment Grade Ltd. XI's creditors have until Sept. 5,
2008, to prove their claims to David Dyer, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Zais Investment's shareholders agreed on July 22, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


ZAIS INVESTMENT: Holding Final Shareholders Meeting Today
---------------------------------------------------------
Zais Investment Grade Ltd. XI will hold its final shareholders
meeting on Sept. 5, 2008, at the offices of Deutsche Bank (Cayman)
Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman,
Cayman Islands.

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

Zais Investment's shareholders agreed on July 22, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


FFTW DIVERSIFIED: To Hold Final Shareholders Meeting on Sept. 5
---------------------------------------------------------------
FFTW Diversified Alpha Fund Ltd. will hold its final shareholders
meeting on Sept. 5, 2008, at 10:30 a.m., at 41 Madison Avenue,
30th Floor, New York, NY 10010, USA.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of three years from the
      dissolution of the company, after which they may be  
      destroyed.

FFTW Diversified's shareholders agreed on Sept. 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:

               William Vastardis
               c/o 30th Floor, 41 Madison Avenue
               New York, New York 10010
               USA


FFTW DIVERSIFIED ALPHA: Final Shareholders Meeting Is on Sept. 5
----------------------------------------------------------------
FFTW Divessified Alpha Class A Ltd. will hold its final
shareholders meeting on Sept. 5, 2008, at 10:35 a.m., at 41
Madison Avenue, 30th Floor, New York, NY 10010, USA.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of three years from the
      dissolution of the company, after which they may be  
      destroyed.

FFTW Diversified's shareholder decided on July 2, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               William Vastardis
               c/o 30th Floor, 41 Madison Avenue
               New York, New York 10010
               USA


SNIPER FUND: Deadline for Proof of Claim Filing Is Sept. 6
----------------------------------------------------------
Sniper Fund's creditors have until Sept. 6, 2008, to prove their
claims to Walkers SPV Limited, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Sniper Fund's shareholders agreed on July 23, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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



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

BANCOLOMBIA SA: Gets COP5.5 Bil. Fine From Colombian Tax Authority
------------------------------------------------------------------
Bancolombia S.A. hereby announces that, on Aug. 27, 2008, the
Colombian tax authority (Departamento de Impuestos y Aduanas
Nacionales or DIAN) issued Resolution No. 0007968, which imposed
a fine on Bancolombia for the amount of COP5,529,399,458
(approximately US$2.86 million) due to the late filing of
certain Colombian tax returns for 2006.

The Colombian Superintendency of Industry and Trade ruled
against Credibanco, Redeban Multicolor and its legal
representatives, in an investigation regarding alleged
violations to antitrust regulations (Resolution).

The Resolution declares the breach of several undertakings by
Credibanco, Red Multicolor, its legal representatives and the
associated banks, among them Bancolombia.  Additionally, the
Resolution orders the specific performance of such undertakings
and the creation of new insurance policies in favor of the
Colombian Superintendency of Industry and Trade.

Bancolombia will study the Resolution and will analyze the
possibility of contesting it in accordance with applicable law.

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

                            *     *     *

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



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

DELTA AIR: To Begin 2 Add'l Dominican Republic Flights in December
------------------------------------------------------------------
Delta Air Lines Inc. will add two new flights between New York's
John F Kennedy (JFK) International airport and Santo Domingo and
Santiago starting December 13 to cater to customers who "fly home
to visit friends and family" during the Christmas period,  
Dominican Today reports citing Christophe Didier, Delta's vice-
president for sales and government affairs for Latin America and
the Caribbean.

The report says at present, the company operates daily non-stop
flights between JFK and Santo Domingo which will be suspended
until mid-September and return as a weekly service at the end of
the year.

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

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 1, 2008, Standard & Poor's Ratings Services affirmed its
ratings on Delta Air Lines Inc. (B/Negative/--), including the 'B'
long-term corporate credit rating.


TRICOM SA: Court Denies Summary Judgment Motion
-----------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
denied Tricom S.A., and its U.S. affiliates' summary judgment on
the proposed estimation of the claims filed by Bancredit Cayman
Limited and Bancredito (Panama), S.A.  The Debtors asked the Court
to (i) estimate the claims at zero, and (ii) determine that no
reserve should be set aside for those claims.

The Court clarified that the order does not constitute a ruling
on the merits regarding the nature, validity or amount of Claim
Nos. 8 filed by Bancredito (Panama) S.A., and Claim No. 10 filed
by Bancredit Cayman Limited against Tricom, S.A.

The Debtors filed their summary judgment motion to resolve the
proposed estimation of claims of Bancredit Cayman and Bancredito
Panama.  The claims, aggregating US$178,000,000, allegedly
resulted
from Tricom's issuance in December 2002 of more than 21,000,000
shares of stock to investors.

Bancredito Panama seeks to recover US$92,000,339 while Bancredit
Cayman asserts US$86,525,273.  Both banks allege that the
transaction was part of a fraudulent scheme to enrich Tricom at
their expense while Tricom argues the stock issuance was made to
inject "badly needed equity" into the company.  

Prior to the Court's decision, Bancredito Panama questioned the
provision concerning the validity or nature of Claim Nos. 8 and
10.  The bank described the provision as "surplusage" that was
never discussed during the August 13, 2008 hearing.

In response, the Debtors through a letter dated August 27, 2008,
said the provision is necessary to clarify the effect of the
denial of the proposed summary judgment.  "This language is
appropriate in order to fully preserve Tricom's right to object
to the claims filed by Bancredito Panama and Bancredit Cayman,"
the Debtors stated in the letter.

According to the letter, the Debtors have received comments from
counsel for Bancredito Panama in the proposed summary judgment
and incorporated those comments in the proposed order.  The
Debtors said they have not received any objection from Bancredit
Cayman to the proposed summary judgment order.

The Official Liquidator of Bancredito Panama filed under seal a
memorandum of law in opposition to Tricom's summary judgment
motion.  Richard Smolev, Esq., at Kaye Scholer LLP, in New
York, Bancredito Panama's counsel, also filed under seal a
declaration in support of the Liquidator's memorandum of law.

On behalf of Bancredit Cayman Limited, its counsel Glenn C.
Edwards, Glenn Edwards, Esq., at Satterlee Stephens Burke & Burke
LLP, in New York; Nigel K. Meeson, Esq.; Amauri A. Castillo,
secretary general of the Panamian Superintendency of Banks;
Carlos Enrique Munoz, Esq.; Luis Guinard; Richard L. Fogerty; and
Peter Haviland filed declarations supporting Bancredit Cayman's
opposition to the summary judgment request.

Mr. Meeson, in his expert testimony, said that, as a matter of
Cayman Islands law, Bancredit would have restitutionary claim
against Tricom to recover the US$70,000,000 transferred.

Kelvin D. Chen, Esq., and Robert J. McMillan, Esq., at Morrison &
Foerster LLP, filed declarations in support of Tricom's summary
judgment motion.

                       About Tricom S.A.

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.  

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.

Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720).  Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors.  When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.

As of June 30, 2008, Tricom had US$316,325,466 in assets and
US$771,970,349 in liabilities.

(Tricom Bankruptcy News, Issue No. 13; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


TRICOM SA: Produce Special Committee Report, Says Court Ruling
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has issued a ruling approving Bancredito (Panama) S.A.'s request
for a special committee report.  The Court directed Tricom SA, and
its U.S. debtor-affiliates to deliver the draft and the final
special committee reports and their accompanying exhibits to
Bancredito Panama and Bancredit Cayman Limited.  The Court
authorized the banks to use the draft and the final reports but
only for purposes of the estimation proceedings and other
proceedings in the Debtors' bankruptcy cases.

The reports contain the findings of the Special Committee
appointed by Tricom S.A.'s Board of Directors to investigate into
a private placement of shares of the company's common stock in
December 2002, wherein Bancredito Panama allegedly loaned off
US$70,000,000 to investors to purchase the stock.

During the August 13, 2008 hearing, the Court ruled that Tricom
failed to sustain the burden of proof that the privilege ever
attached.  The Court noted that there is no evidence in record to
support that conclusion that the special report was prepared in
contemplation of any litigation.  The report, he said, was
prepared to address an accounting issue.  There's no evidence
that anybody would have done anything differently if they thought
about, for instance, the claims estimation litigation.

The Debtors, in a letter dated August 27, 2008, told the Court
that after the August 13 hearing, Bancredito Panama circulated a
proposed order granting the motion to compel and engaged in
discussions with the Debtors regarding the terms of the proposed
order.  The Debtors said the parties were able to reach an
agreement regarding the majority of the provisions in the
proposed order, but there were two unresolved issues:

  (1) The Tricom Proposed Order specifically identifies what
      documents must be produced, while the Panama Proposed
      Order simply refers to the production of "Special
      Committee Report, all drafts and accompanying exhibits."

  (2) The Tricom Proposed Order includes language limiting the
      uses to which the Draft Report and the Final Report can be
      put in accord with the protective order, which provides
      that all information and documents produced in connection
      with Tricom's bankruptcy case "shall be used for no
      purpose other than the Estimation Proceedings . . ."

As reported in the Troubled Company Reporter on Aug. 27, 2008,
Bancredit Cayman Limited said that Tricom S.A. failed to prove
that the attorney-client and work-product privileges had not been
waived when it disclosed the special committee report to the
counsel for the Ad Hoc Committee of Unsecured Creditors and
Sotomayor & Associates LLP.

Tricom previously urged the Court to deny the proposed production
of the special committee report because it is protected from
disclosure by attorney-client and work product privileges.  

                       About Tricom S.A.

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.  

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.

Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720).  Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors.  When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.

As of June 30, 2008, Tricom had US$316,325,466 in assets and
US$771,970,349 in liabilities.

(Tricom Bankruptcy News, Issue No. 13; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)



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

GOODYEAR TIRE: Unit to Ram Up Oversight of Caribbean Operations
---------------------------------------------------------------
The Jamaica Gleaner reports that Goodyear Tire & Rubber Co.'s
Jamaican unit will be able to ramp up oversight of all its
business in the Caribbean, after the firm hired Tropical Battery
as the new marketer and distributor of Goodyear tyres in Jamaica.

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2008, Goodyear Jamaica hired Tropical Battery as its
distributor to try to strengthen its position in the Jamaican
market.  Tropical Battery started distributing Goodyear products
in Jamaica on Sept. 1, replacing Tyre Sales Limited, which served
Goodyear Jamaica for many years in a similar capacity.

According to The Gleaner, Goodyear Jamaica's General Manager
Steven Miller, “We will have a role as an administrative arm for
the Caribbean to ensure our outlets have the supply needed across
the Caribbean and to bring best practices across the region.”

The Gleaner relates that Goodyear Jamaica will concentrate on
developing its business in 20 English, Dutch, and French Caribbean
territories.  Goodyear Jamaica officials said that the firm long
had oversight of the Caribbean markets, the report says.  Mr.
Miller expected that hiring Tropical Battery as the distributor
would increase Goodyear Jamaica's holding in a market where it is
already the biggest supplier of tyres, according to the same
report.

Tropical Battery would likely have to construct additional
warehousing space to accommodate the new business, The Gleaner
states, citing Mr. Miller.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26
countries and employs 80,000 people worldwide.  Goodyear has
subsidiaries in New Zealand, Australia, Venezuela, Peru, Mexico,
Luxembourg, Finland, Korea, and Japan.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on March 6,
2008, Fitch Ratings upgraded The Goodyear Tire & Rubber
Company's Issuer Default Rating to 'BB-' from 'B+' and senior
unsecured debt rating to 'B+' from 'B-/RR6'.

Goodyear Tire & Rubber Company continues to carry Moody's "Ba3"
senior secured debt, senior unsecured debt, probability of
default and long term corporate family ratings.

In addition, the company still carries Standard & Poor's "BB-"
long term local and foreign issuer credit ratings and Fitch's
"B+" senior unsecured debt rating.



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

ASARCO LLC: Court Finds Grupo Mexico, AMC Guilty of Fraud
---------------------------------------------------------
Judge Andrew Hanen of the U.S. District Court for the Southern
District of Texas found ASARCO LLC's parent companies, Americas
Mining Corporation and Grupo Mexico, S.A.B. de C.V., guilty of
intentionally defrauding ASARCO LLC and its creditors when they
transferred ASARCO's 54.18% ownership interest in Southern Peru
Copper Corporation, now known as Southern Copper Corporation.

Judge Hanen, in a 190-page opinion, said AMC and Grupo were aware
that the transaction, as it was structured, would leave ASARCO
with less cash and less ability to pay its creditors.  The
transaction, Judge Hanen noted, was structured in a way that
benefited AMC and Grupo and other "key creditors" -- those
creditors who needed to be paid to close the transaction -- but
evidence, he said, did not show that AMC and Grupo targeted any
specific creditors that it wanted to hinder, delay, or defraud.

The District Court found that the transfer was a legitimate means
by which to restructure ASARCO, thus Judge Hanen denied ASARCO's
constructive fraudulent transfer claim, saying that ASARCO
received reasonably equivalent value for its SPCC Stake.

The District Court ruled that the transfer was not actuated with
"actual malice."  AMC and Grupo's decision to close the
transaction despite knowing that the transaction would leave
ASARCO deeper into debt can be best characterized as apathy or
indifference, not malice or wantonness, Judge Hanen said.    

Judge Hanen noted from the evidence and testimonies presented
during the trial in mid-May 2008 that ASARCO was "insolvent" at
the time of the transfer, which was completed on March 31, 2003.  
He noted that ASARCO's reasonable projected cash flows made by
competent experts prior to the transaction indicated there were
insufficient operating funds to meet the company's capital needs.  
He also noted that ASARCO was unable to pay its debts prior to
the transaction and had extensive "hold lists" during that time.  
He cited that from 2001 until the day of the transfer, ASARCO was
unable to make any payments to AMC on the $41,750,000
intercompany loan provided by the Larrea family through AMC.  
Likewise, he noted that there are numerous creditors in ASARCO's
bankruptcy case who filed proofs of claim based on non-payment of
debts incurred prior to March 31, 2003.

The structure of the transaction demonstrates that AMC and Grupo
and the "inside" directors did not engage in fair dealing with
ASARCO's creditors, and that the directors breached their
fiduciary duties to ASARCO and all of its creditors, Judge Hanen
ruled.  AMC and Grupo and the inside directors forced the closing
of the transaction at a time when ASARCO was insolvent and
suffering from a severe liquidity crisis.  The key terms of the
transaction was negotiated with the U.S. Department of Justice,
which had numerous environmental claims against ASARCO, but did
not include other unsecured creditors of ASARCO.  Also, Judge
Hanen noted that the transaction closed despite the disapproval
and resignation of the two only independent directors on ASARCO's
board of directors.

Judge Hanen ruled that the damages ASARCO suffered as a result of
the transaction was a "proximate result of conspiracy between AMC
and the ASARCO directors.

"AMC/Grupo concealed and manipulated information, broke promises,
and ultimately closed the transfer of the SPCC stocks over the
objections and contrary to the advice of the independent
directors, Ernst & Young, Squire Sanders, and members of ASARCO's
management," Judge Hanen said.

The District Court, however, said that AMC and Grupo, as parent
corporations, do not owe fiduciary duties to ASARCO or its
creditors.

           ASARCO Received "Reasonably Equivalent"
                  Value for its SPCC Stake

Judge Hanen found that the $727,790,000 ASARCO received for its
SPCC Stake was not "unreasonably less" than the value of the SPCC
shares during the time the transaction was completed on March 31,
2003.  On the day the transfer closed, SPCC's price per share was
$14.60.  ASARCO and SPHC transferred 43,348,949 shares to AMC on
that day, valuing the stocks at $632,984,655.

Taking into consideration several stock pricing methodologies,
the Court said ASARCO's stake in SPCC at that time would be worth
between $811,400,000 and $853,000,000.

Although the difference in price is at least $83,000,000, ASARCO
received 85% to 90% of the value of the SPCC stock.  Judge Hanen
said "the law does not demand that a plaintiff receive an amount
equal to the fair market value of the asset it transfers; the
consideration must only be reasonably equivalent."

As of September 3, 2008, SCC shares are trading at $24.69 per
share.  As of July 31, 2008, there were outstanding 883,410,150
shares of SCC common stock.  According to Bloomberg News, the
disputed shares would be worth $6.64 billion on the last closing
price.  The Olympian said the disputed shares could be valued
between $8 billion to $10 billion.

              No Ruling on Punitive Damages Issue

Judge Hanen deferred ruling on the punitive damages issue and
directed the parties to file any additional briefing they find
necessary on the issues of damages, including kinds and amounts,
and the propriety and amount of attorney's fees and costs.  The
briefs are due September 15.

ASARCO's directors, according to The Wall Street Journal, are
seeking $8,000,000,000 in damages following the ruling.  ASARCO
is seeking to recover its ownership interest in SCC and
$1.8 billion in dividends and interest.

Grupo Mexico's lawyers, the Journal reported, dispute the damages
claim, arguing that ASARCO should not recover more than its
parent corporation already has guaranteed ASARCO's creditors
under the plan of reorganization it filed with the U.S.
Bankruptcy Court for the Southern District of Texas on August 26,
2008.

                   Ruling Confused Investors

Bloomberg said analysts and stock traders who sell Grupo Mexico
shares said that the District Court's ruling confused investors
because Grupo Mexico already claimed victory.  "If [Grupo Mexico]
lost in terms of [the District Court] saying it was a fraudulent
transaction, I think it will hurt," Inigo Cossio, an analyst at
Actinver SA, told Bloomberg.

                         About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--   
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.  The
Company filed for Chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.  When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and $1
billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525).  They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Stutzman,
Bromberg, Esserman & Plifka, APC, represents the Official
Committee of Unsecured Creditors for the Asbestos Debtors.
Former judge Robert C. Pate was appointed as the future claims
representative.  Details about their asbestos-driven Chapter 11
filings have appeared in the Troubled Company Reporter since
April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006.  (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008.  The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for $2,600,000,000.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, also submitted a competing Chapter 11 plan to retain its
equity interest in ASARCO LLC, its wholly owned indirect
subsidiary.


ASARCO LLC: Grupo Mexico to Appeal District Court Ruling
--------------------------------------------------------
Americas Mining Corporation and Grupo Mexico, S.A.B. de C.V., said
that they are pleased the U.S. District Court for the Southern
District of Texas found that "AMC paid reasonably equivalent value
for the Southern Copper Corporation shares in 2003 and that the
transfer was executed for the legitimate business purpose of
preserving ASARCO."

However, AMC said it is surprised by and intends to appeal that
part of the decision adverse to AMC's interests.  Grupo said it
believes that the use of the consideration received by ASARCO to
pay substantial debts which were due, like the $450 million
revolving credit facility, the $100 million in Yankee Bonds, and
the $100 million used for an environmental trust under the
agreement with the Department of Justice, benefited all major
creditors at that time, and was essential to help put ASARCO in a
better position to generate enough cash to pay all creditors.

Today's Troubled Company Reporter relates that Judge Andrew Hanen
of the U.S. District Court for the Southern District of Texas
found ASARCO LLC's parent companies guilty of intentionally
defrauding ASARCO LLC and its creditors when they transferred
ASARCO's 54.18% ownership interest in Southern Peru Copper
Corporation, now known as Southern Copper Corporation.

Judge Hanen, in a 190-page opinion, said AMC and Grupo were aware
that the transaction, as it was structured, would leave ASARCO
with less cash and less ability to pay its creditors.  The
transaction, Judge Hanen noted, was structured in a way that
benefited AMC and Grupo and other "key creditors" -- those
creditors who needed to be paid to close the transaction -- but
evidence, he said, did not show that AMC and Grupo targeted any
specific creditors that it wanted to hinder, delay, or defraud.

AMC and Grupo reiterated that because they have already proposed
a plan of reorganization that pays ASARCO's creditors in full and
because creditors are not entitled to recover under the
Bankruptcy Code more than the amount of their claims, they
believe that the District Court's decision should not have a
material impact on AMC.

"We remain committed to retaining our ownership of ASARCO and
believe that the certainty and superior value offered by our
reorganization plan should accord us that right," Grupo told
the Journal.

                         About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--   
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.  The
Company filed for Chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.  When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and $1
billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525).  They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Stutzman,
Bromberg, Esserman & Plifka, APC, represents the Official
Committee of Unsecured Creditors for the Asbestos Debtors.
Former judge Robert C. Pate was appointed as the future claims
representative.  Details about their asbestos-driven Chapter 11
filings have appeared in the Troubled Company Reporter since
April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006.  (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008.  The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for $2,600,000,000.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, also submitted a competing Chapter 11 plan to retain its
equity interest in ASARCO LLC, its wholly owned indirect
subsidiary.


DURA AUTOMOTIVE: SEC Filing Reveals CEO Compensation Package
------------------------------------------------------------
Dura Automotives Systems, Inc. entered into separate executive
employment term sheet agreements, on Aug. 29, 2008, with Timothy
D. Leuliette, the President and Chief Executive Officer of the
Company, and Theresa L. Skotak, the company's Executive Vice
President and Chief Administrative Officer, a Securities and
Exchange Commission filing disclosed.

According to The Detroit Free Press, the agreement provides Mr.
Leuliette a US$1 million salary, a US$44,000 expense account for
country club memberships and vehicles, and a US$1.5 million bonus
depending on company performance.

The regulatory filing relates that the executive employment term
sheet agreements detailed for the job position and employment and
compensation arrangements for each of Mr. Leuliette and Ms.
Skotak.  The agreements provide for the participation of each
executive in the company's Annual Performance Bonus Plan for each
calendar year commencing Jan. 1, 2009.  The agreements also
provide for an at will employment arrangement between the company
and each executive, subject to certain severance obligations in
the event the company terminates the employment of the executive
without cause.

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.


QUAKER FABRIC: Court Confirms Joint Liquidating Plan
----------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware confirmed a second amended joint liquidating plan of
Quaker Fabric Corporation and Quaker Fabric Corporation of Fall
River.

As reported in the Troubled Company Reporter July 18, 2008, the
amended Plan contemplates the liquidation of assets of the
Debtors for the benefit of their creditors and the appointment of
a liquidating agent.

                      Initial Distribution

On the plan's effective date, the liquidating agent, on behalf
of the Debtors, will pay in cash in full all (i) administrative
expense claims, (ii) priority tax claims, and (iii) secured
claims.  Holders of unsecured claims will receive their pro rata
share of available cash, if any.

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

                Treatment of Claims and Interests

             Types of                    Estimated    Estimated
Class         Claims          Treatment   Amount       Recovery
-----         --------        ---------   ----------   ---------
unclassified  administrative              US$1,600,000      100%
              claims

unclassified  priority tax                US$200,000        100%  
              claims
             
  1          priority        unimpaired  US$155,386        100%
              claims

  2          secured         unimpaired  US$0              N/A
              claims

  3          WARN Act        impaired    US$6,000,000      5%-15%
              claims

  4          unsecured       impaired    US$25,000,000     6%
              claims
             
  5          equity          impaired    Not Estimated   0%
              interest

Holders of Class 1 allowed priority claims will receive in full
satisfaction of and exchange for their claim (i) the amount of the
allowed priority claim, without interest, in cash after the Plan's
effective date, or (ii) other treatment as may be agreed upon in
writing by the holder, the Debtors and the Committee.

                       About Quaker Fabric

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com/-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and spun
products for use in the production of its fabrics, as well as for
sale to distributors of craft yarns, and manufacturers of
homefurnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
andindependent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr. D.
Del. Case No. 07-11146).  John D. Sigel, Esq. at Wilmer Cutler
Pickering Hale and Dorr LLP and Joel A. Waite, Esq. at Young
Conaway Stargatt & Taylor LLP are co-counsels to the Debtors.  
Epiq Bankruptcy Solutions is the Debtors' claims agent.  The
Official Committee of Unsecured Creditors has selected Shumaker,
Loop & Kendrick, LLP, as its bankruptcy counsel and Benesch,
Friedlander, Coplan & Aronoff, LLP, as co-counsel.

The Debtors' schedules reflect total assets of US$41,375,191 and
total liabilities of US$54,435,354.


SEMGROUP LP: Seeks Court Approval to Reject Contracts
-----------------------------------------------------
Marie Price at The Journal Record reports that SemGroup, L.P., and
its debtor-affiliates are asking the permission of the U.S.
Bankruptcy Court for the District of Delaware to reject certain
executory contracts.

The Journal Record states that the contracts involve several
SemGroup companies and are grouped into consulting and service,
employment, and sales agreements.

With court approval and within certain limitations, debtors can
assume or reject executory contracts or unexpired leases, as
stated in the federal bankruptcy code.

The Debtors said in a court filing that they have started a
comprehensive review of its contracts to determine which to assume
and which to reject.  According to The Journal, the Debtors
decided to reject contracts that involve:

         -- SemMaterials LP,
         -- SemGas LP,
         -- SemManagement LLC, and
         -- SemGroupLP.

The Debtors, says The Journal, claim that those agreements don't
benefit the their estates.  The Journal relates that the Debtors
entered into the agreements before the commencement of their
bankruptcy case.  The contracts include several sales, employment,
and separation agreements, according to the report.

Debtors said in the court filing, "As the debtors continue their
review, they anticipate rejecting additional executory contracts
pursuant to rejection procedures to be approved by the court."

The Journal states that the Debtors also asked the Court to
approve expedited procedures for rejection of contracts and
unexpired leases and abandonment of related property.  According
to the report, the Debtors explained that the procedures would
streamline their ability to reject burdensome contracts that
provide no benefit to the bankruptcy estate, minimizing
unnecessary post-petition obligations.  The Journal adds that the
procedures would provide affected parties with adequate notice of
rejection and an opportunity to object within a reasonable time
period.

                       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)


VISTA GOLD: Updates Exploration Results on Mt. Todd Project
-----------------------------------------------------------
Vista Gold Corp. has reported the results of five core holes
drilled as part of an 8,000 meter program being undertaken at
its Mt. Todd Project in Northern Territory, Australia.

The results of the four completed holes are encouraging,
confirming the continuity of mineralization at depth and showing
the same pattern of higher gold grades at depth that was evident
in the 2007 program results as previously reported in Vista's
May 30, 2007 and Sept. 4, 2007 press releases.  Preliminary
copper assays also demonstrate a pattern of higher grades
compared to the previously reported resource estimates as
referenced below.  All four holes had long intercepts of
mineralization over 100 meters including hole VB08027 which
averaged 102 meters (332 ft) at 1.85 g/t (0.054 opt) and hole
VB08031 which averaged 162 meters (531 ft) at 1.28g/t (0.037
opt).  

All holes were angle holes drilled to intersect mineralization
at close to right angles; however, due to physical constraints
and the complex nature of the deposit, true thickness of the
drilled intervals cannot be assumed from the measured
intercepts.  

The program is designed to increase the sampling density to
support the conversion of inferred gold resources to measured
and indicated resources at depth, and to explore for additional
resources down dip.  At present, 13 holes have been completed
with gold and preliminary copper assays received for the first
five holes completed.  The results from the first hole were
reported in Vista's press release dated July 21, 2008.

The assay analysis has been completed by ALS Chemex in
accordance with industry accepted standards and has been
reviewed by and prepared under the supervision of Tim Tuba, P.
Geo., a qualified person under National Instrument 43-101.

The current drilling program began in April 2008, under the
direct supervision of Tim Tuba, Vista's Exploration Manager in
Australia.  The core drilling is being completed by Boart
Longyear Australia Pty Ltd., with the sample preparation being
completed by ALS Chemex in Adelaide, South Australia, followed
by assaying for gold by ALS Chemex in Perth, Western Australia.
A sample quality control/quality assurance program has been
implemented and check assaying is being done by Genalysis
Laboratory Services Pty Ltd. in Perth.  Multi-element analyses,
including copper, are being done by ALS Chemex, also in Perth.
Sampling and assaying methods are being conducted in accordance
with the CIM Mineral Exploration Best Practices Guidelines.  

All samples taken were one meter in length, except the last
interval of the drill hole. For further information on the Mt.
Todd project, see our technical report filed on SEDAR on June 4,
2008, entitled the "Mt. Todd Gold Project, Resource Update,
Northern Territory, Australia, dated May 15, 2008."

The company is currently conducting technical programs that
management expects will lead to the completion of a preliminary
feasibility study early in 2009.  The company is currently
reviewing proposals and hopes to announce the award of a
contract for the completion of a preliminary feasibility study
shortly.

President and Chief Operating Officer, Fred Earnest stated, "We
are very pleased with these results as they confirm the down-dip
extension, and most importantly, the increase in grade at depth,
which was noted in last season's drilling results." He
continued, "We welcome Frank Fenne to our team.  We expect that
his unique combination of exploration, project development and
operations experience will prove to be valuable not only in the
present and future exploration programs at the Mt. Todd Project
but also in all of Vista's exploration and development programs,
including the Paredones Amarillos Project in Mexico."

Vista Gold also announced that Frank K. Fenne, P.G., has
accepted the position of Vice President, Exploration effective
Aug. 25, 2008.  Mr. Fenne brings over 25 years of U.S. and
international experience in exploration, project development and
mine operations. Mr. Fenne was most recently employed by Kinross
Gold Corporation as the Technical ServicesManager at the Round
Mountain Gold Mine in Nevada. Mr. Fenne replaces Robert Perry,
who resigned to pursue other professional interests.

                       About Vista Gold

Vista Gold Corp. (Amex: VGZ; TSX), based in Littleton, Colorado,
evaluates and acquires gold projects with defined gold
resources.  Additional exploration and technical studies are
undertaken to maximize the value of the projects for eventual
development.  The corporation's holdings include the Maverick
Springs, Mountain View, Hasbrouck, Three Hills, Wildcat projects
and Hycroft mine, all in Nevada, the Long Valley project in
California, the Yellow Pine project in Idaho, the Paredones
Amarillos and Guadalupe de los Reyes projects in Mexico, the
Amayapampa project in Bolivia, and the Awak Mas deposit in
Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter on April 1, 2004,
Vista Gold's independent auditors expressed doubt about the
company's ability to continue as a going concern after reviewing
its financial statements for the year ending Dec. 31, 2003.

Vista Gold reported US$2.2 million consolidated net loss for the
three-month period ended June 30, 2008, US$14.2 million net loss
in the year ended Dec. 31, 2007 and US$2.2 million net loss for
the three-month period ended Sept. 30, 2007.



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

FIRST BANCORP: To Pay 3rd Quarter Preferred Dividends on Sept. 30
-----------------------------------------------------------------
First BanCorp Board of Directors has declared the next payment
of dividends on Common, Series A through E Preferred and Trust
Preferred I & II shares.  Common stockholders of record as of
Sept. 15, 2008 will receive the 53rd consecutive quarterly
dividend payment declared by First BanCorp's Board of Directors,
in the amount of US$0.07 per share for the third quarter of
2008, payable on Sept. 30, 2008.

The estimated dividend amounts per share, record dates and
payment dates for the Series A through E Preferred Shares are:

Series   US$Per/share       Record Date         Payment Date
-------------------------------------------------------------
A        0.1484375     Sept. 26, 2008   Sept. 30, 2008
B        0.17395833    Sept. 15, 2008   Sept. 30, 2008
C        0.1541666     Sept. 15, 2008   Sept. 30, 2008
D        0.15104166    Sept. 15, 2008   Sept. 30, 2008
E        0.14583333    Sept. 15, 2008   Sept. 30, 2008

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is    
the parent corporation of FirstBank Puerto Rico, a state
chartered commercial bank with operations in Puerto Rico, the
Virgin Islands and Florida; of FirstBank Insurance Agency; and
of Ponce General Corporation.  First BanCorp, FirstBank Puerto
Rico and FirstBank Florida, formerly UniBank, the thrift
subsidiary of Ponce General, all operate within U.S. banking
laws and regulations.

                        *     *     *

First Bancorp. currently carries Fitch Ratings' BB long-term
issuer default rating and B short-term issuer default rating.


PORTOLA PACKAGING: Trustee Sets Sept. 8 Organizational Meeting
--------------------------------------------------------------
Roberta A. DeAngelis, the acting United States Trustee for
Region 3, will hold an organizational meeting in the Chapter 11
case of Portola Packaging Inc. on Sept. 8, 2008, at 11:00 a.m. at
J. Caleb Boggs Federal Building at 844 King Street, Room 2112, in  
Wilmington, Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting,
and provide background information regarding the bankruptcy
cases.

                    About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.  The company and 6 of its debtor-affiliates
filed for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D.
Del. Lead Case No. 08-12001).  Edmon L. Morton, Esq., Robert S.
Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as counsel.  When the
Debtors filed for protection from their creditors, they listed
assets of between US$50 million and US$100 million, and debts of
between US$100 million and US$500 million.  The company has
locations in Puerto Rico and Mexico.


PORTOLA PACKAGING: Moody's Lowers POD Rating to D from Ca
---------------------------------------------------------
Moody's Investors Service lowered the Probability of Default
Rating for Portola Packaging, Inc. to D following the company's
announcement that it filed a voluntary petition for Chapter 11
reorganization.  Moody's will withdraw all the company's ratings
within several days.

Moody's took these rating actions:

  -- Downgraded, Probability of Default Rating, to D from Ca

The company announced that holders of approximately 90% of the
principal amount of its 8-1/4% Senior Notes due 2012 agreed to a
restructuring of the company as outlined in the previously
announced restructuring agreement dated July 24, 2008.  According
to the plan, holders of the Senior Notes will receive 100% of the
common stock of reorganized Portola in exchange for their claims.
Wayzata Investment Partners LLC is expected to be Portola's
controlling shareholder upon its emergence from bankruptcy.  The
company anticipates completing its pre-packaged reorganization and
emerging from Chapter 11 in mid-October 2008.

Portola also announced that it has reached agreement with its
existing secured lenders to provide a US$79 million debtor-in-
possession facility to pay off the outstanding indebtedness under
the existing secured facilities and finance its ongoing
operations.

Moody's had previously downgraded the Corporate Family Rating and
other ratings of Portola on July 25, 2008, following the company's
announcement that it intended to file for bankruptcy.

Portola Packaging, Inc. designs, manufactures, and markets a broad
range of products and services including tamper evident plastic
closures, bottles, and related equipment and services for the
dairy, fruit juice, bottled water, sports drinks, and other non-
carbonated beverage markets.  Headquartered in Batavia, Illinois,
Portola had consolidated revenue of approximately US$280 million
for the 12 months ended Feb. 29, 2008.  The company has locations
in Puerto Rico and Mexico.



===============================
T R I N I D A D  &  T O B A G O
===============================

HINDU CREDIT: Geoffrey Henderson Wants More Information on Firm
---------------------------------------------------------------
Juhel Browne at The Trinidad & Tobago Express reports that
Director of Public Prosecutions Geoffrey Henderson is asking Hindu
Credit Union Co-Operative Society Ltd. shareholders and staff
members, or anyone else with “relevant information” on the company
to contact him or the police.

The Express relates that Mr. Henderson sent a file on Hindu Credit
to the police in July and since then, the Fraud Squad has been
investigating the company.  According to the report, Hindu Credit
is also being audited by Ernst and Young.

“I am . . . prepared to say that the investigation is proceeding
and that persons who may have relevant information and who may
desire to assist are welcome to contact the Trinidad and Tobago
Police Service or provide my office with the requisite information
and it would be treated with the utmost confidence,” The Express
quoted Mr. Henderson as saying.

Joel Julien at The Express relates that frustration for answers on
the next step Hindu Credit should take have angered depositors, as
they met with the firm's shareholders at the Divali Nagar site in
Chaguanas.  The Express notes that the Hindu Credit Union
Depositors and Shareholders Group's meeting continued after Harry
Harnarine, Hindu Credit's president, disrupted it and was then
banned from talking before the group.   

Headquartered in Borough, Chaguanas, in Trinidad and Tobago, Hindu
Credit Union Co-Operative Society Limited -- www.ourhcu.com --
reportedly has between US$115.2 million and US$131.6 million in
assets and a total of US$32.9 million in liabilities.  It has a
membership totaling more than 200,000.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants
Ernst and Young inspected Hindu Credit's books, accounts, and
records after a public outcry and calls for an internal audit.
Charles Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



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

DIRECTV GROUP: Extends Deal With Tivo to Launch New DVR Platform
----------------------------------------------------------------
DIRECTV Inc. and TiVo Inc. have extended their current agreement,
which includes the development, marketing and distribution of a
new HD DIRECTV DVR featuring the TiVo Service, as well as the
extension of mutual intellectual property arrangements.

Under the terms of the non--exclusive arrangement, DIRECTV and
TiVo will work together to develop a version of the TiVo(R)
service for DIRECTV's broadband-enabled HD DVR platform.  The
product will support the latest TiVo and DIRECTV features and
services, including TiVo's Universal Swivel Search and TiVo
KidZone.  TiVo will develop the new HD DVR for an expected
launch in the second half of 2009.

DIRECTV will continue to develop and offer its own portfolio of
industry leading set top boxes as primary offerings to both new
and existing customers.  This new TiVo box will be offered as an
alternative choice to those DIRECTV customers who would like to
add TiVo to a full line up of DIRECTV services.

"We have had a very successful history with DIRECTV.  Together we
brought the TiVo experience to millions of DIRECTV customers and
now we look forward to launching a next generation product that
uses TiVo's latest features to truly showcase DIRECTV's broad
selection of high-definition programming — all stitched together
with the elegance of TiVo's renowned user experience," said Tom
Rogers, TiVo's CEO and president.  "This agreement demonstrates
our continued embrace of mass distribution
opportunities in cooperation with major multichannel operators who
recognize the value of giving their customers a choice of
compelling user experiences."

Like prior products developed by TiVo and DIRECTV, the new HD
offering will be marketed and sold by DIRECTV nationally to its
entire customer base as part of its growing portfolio of brand
name video offerings.  Specific consumer pricing and packaging
will be announced in conjunction with DIRECTV's launch of the
product.

"As the industry's content and technology leader, DIRECTV has a
long-standing reputation for developing innovative, advanced
products and services, including our highly successful series of
DVRs and HD DVRs," said Chase Carey, president and CEO, DIRECTV,
Inc.  "We will continue to work with TiVo and make this new
product available to all new and existing DIRECTV customers who
may want to add TiVo on top of our industry leading experience."

DIRECTV and TiVo began their relationship in 2000 with the launch
of the first DIRECTV DVR with TiVo service. In April 2006, the
companies announced an extension of their commercial and
advertising relationship and those commercial and advertising
capabilities are further extended, and now include the new HD
platform.  DIRECTV and TiVo also recently deployed a software
update to existing DIRECTV with TiVo boxes, which enables new
features like DIRECTV's Remote Booking.

Financial terms of the deal were not disclosed.

Headquartered in El Segundo, California, The DirecTV Group Inc.
(NASDAQ:DTV) -- http://www.DirecTV.com/-- provides digital
television entertainment in the United States and Latin America.
The company's two business segments, DirecTV U.S. and DirecTV
Latin America, are engaged in acquiring, promoting, selling
and/or distributing digital entertainment programming via
satellite to residential and commercial subscribers.  DirecTV
Holdings LLC and its subsidiaries are a provider of direct-to-
home digital television services and a provider in the multi-
channel video programming distribution industry in the United
States.  DTVLA is a provider of DTH digital television services
throughout Latin America.  In January 2007, the company acquired
Darlene Investments LLC's 14.1% equity interest in DirecTV Latin
America, LLC.  DirecTV Latin America LLC is a multinational
company, which, as a result of this transaction, became a wholly
owned subsidiary of the company.  The DIRECTV Latin America
segment provides digital direct-to-home digital television
services to approximately 1.6 million subscribers in 27
countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2008, Moody's Investors Service assigned DIRECTV
Holdings, LLC's proposed new US$1 billion senior secured Term
Loan C maturing in 2013, and US$1.35 billion senior unsecured
notes maturing in 2016, which may increase to US$1.5 billion,
Baa3 (LGD2-19%) and Ba3 (LGD5-73%) ratings, respectively, and
affirmed all existing ratings for the company.  Moody's also
assigned the company an SGL-1  speculative grade liquidity
rating and changed its ratings outlook from negative to stable.

As of Feb. 9, 2008, The DIRECTV Group Inc. still carries
Standard & Poor's Ratings Services' 'BB' corporate credit and
'BB-' senior unsecured debt rating given on April 3, 2007.
Moody's said the outlook remains stable.


CITGO PETOLEUM: US Gov't Grants Requested 250,000 Barrels of Oil
----------------------------------------------------------------
Ayesha Rascoe at Reuters reports that the U.S. Department of
Energy spokesperson Andrew Beck said on Tuesday the department
would grant Citgo Petroleum Corp.'s request for 250,000 barrels of
crude oil from the Strategic Petroleum Reserve, an emergency depot
that can hold 727 million barrels of oil in salt caverns along the
Coast of Mexico.

Katc.com relates that Citgo Petroleum was unable to secure crude
in the aftermath of Hurricane Gustav.  According to Reuters, Citgo
Petroleum asked for crude for its Lake Charles plant, who's oil
supply was disrupted when the Calacasieu Ship channel was closed.  
Reuters notes that Calacasieu Ship was reopened on Tuesday but was
restricted to ships with a draft of 16 feet or less.

According to Katc.com, Citgo Petroleum was the only firm to
request for fuel from the Strategic Petroleum Reserve.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

Petroleos de Venezuela is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical, and
coal industry, as well as planning, coordinating, supervising,
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, CITGO Petroleum Corporation's Issuer Default
Rating was lowered by Fitch to 'BB-' from 'BB' following the
company's announcement that it has taken out a US$1 billion
bridge loan and used the proceeds to make a US$1 billion loan to
parent Petroleos de Venezuela SA (PDVSA IDR 'BB-', Negative
Outlook).



                            ***********

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 * * *