TCRLA_Public/080908.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, September 8, 2008, Vol. 9, No. 178

                             Headlines

A R G E N T I N A

AEROLINEAS ARGENTINAS: Congress Okays Airline's Renationalization
ALITALIA SPA: Commissioner Confirms Offer From Italian Consortium
DROGUERIA UNIFARMA: Trustee to File Individual Reports on Feb. 2
KONINKLIJKE AHOLD: Earns EUR13.3 Billion for Half Year 2008
SIDIPEL SA: Trustee Verifying Proofs of Claim Until November 7

TYSON FOODS: To Offer Common Stock & Convertible Senior Notes

* ARGENTINA: Approves Aerolineas Argentinas Nationalization


B E R M U D A

ABSOLUTE RETURNS: Proof of Claim Filing Deadline Is Sept. 17
ABSOLUTE RETURNS: Holds Final Shareholders Meeting on Oct. 15
ABSOLUTE RETURNS: Court Names Beverly Mathias as Liquidator
BEACON SELECTIVE: Proof of Claim Filing Deadline Is Sept. 17
BEACON SELECTIVE: Sets Final Shareholders Meeting on Oct. 15

BEACON TRADING: Filing for Proof of Claim Deadline Is Sept. 17
BEACON TRADING: To Hold Final Shareholders Meeting on Oct. 15
BLUEPOINT RE: Court Appoints John C. McKenna as Liquidator
BLUEPOINT RE: Hearing to Consider Chapter 15 Petition Set Sept. 29
CORANGE LTD: Deadline for Proof of Claim Filing Is Sept. 17

CORANGE LTD: Will Hold Final Shareholders Meeting on Oct. 9
DIGICEL GROUP: Launches BlackBerry Bold Smartphone Handsets
FOSTER WHEELER: Global Power Unit Reaches Deal With Bumwoo ENG
GLOBAL FUTURES: Proof of Claim Filing Deadline Is Sept. 17
GLOBAL FUTURES: Holding Final Shareholders Meeting on Oct. 15

GLOBAL FUTURES TRADING: Proof of Claim Filing Is Until Sept. 17
GLOBAL FUTURES: Holding Final Shareholders Meeting on Oct. 15
INTELSAT LTD: Signs Service Contract With SkyVision Global
INTELSAT LTD: Bags Expansion Contract With RCS & RDS
NEW CAP: Court Grants Recognition to Scheme of Arrangement in U.S.

YOUNG AMERICA: Deadline for Proof of Claim Filing Is Sept. 17
YOUNG AMERICA: To Hold Final Shareholders Meeting on Oct. 9


B O L I V I A

COEUR D'ALENE: Expects Silver Mine to Produce 3.2 Million Ounces


B R A Z I L

BANCO DO BRASIL: Working on Text Message Card Payment Service
BRASIL TELECOM PARTICIPACOES: Zacks Keeps "Buy" Recommendation
CHRYSLER LLC: Discloses Leadership Appointments in Finance Office
DELPHI CORP: Appaloosa Insists Right to Cancel Funding Pledge
EL PASO: To Begin Pinauna Production in Late 2009

FORD MOTOR: August 2008 Vehicle Sales Drop 25.6% to 151,021
GENERAL MOTORS: Flint Okays Tax Incentives for Proposed Plant
GENERAL MOTORS: August Total Vehicle Sales Down 20% to 308,817


C A Y M A N  I S L A N D S

AENEAS SEPERATE: Holds Final Shareholders Meeting Today
CAYMAN ISLANDS CROSSROADS: Claims Filing Deadline Is Sept. 9
CROSSROADS II: Deadline for Proof of Claim Filing Is Sept. 9
EDEN SEPARATE: Holding Final Shareholders Meeting Today
FDVG EQUITY: Holding Final Shareholders Meeting Today

FDVG LOW VOLATILITY: Holds Final Shareholders Meeting Today
QSF SEPARATE: Is Holding Final Shareholders Meeting Today
SPARX SEPARATE: Holding Final Shareholders Meeting Today
STEPNEXUS HOLDINGS: Filing for Proof of Claim Is Until Sept. 9
TOPANGA INC: Holding Final Shareholders Meeting Today

TOPANGA II: IS Holding Final Shareholders Meeting Today
TOPANGA III: Holds Final Shareholders Meeting Today
TOPANGA IV: Holding Final Shareholders Meeting Today
TOPANGA V: Is Holding Final Shareholders Meeting Today
TOPANGA VI: Holding Final Shareholders Meeting Today

TOPANGA VII: Holds Final Shareholders Meeting Today
TOPANGA VIII: Holding Final Shareholders Meeting Today
TOPANGA X: Is Holding Final Shareholders Meeting Today
TYCHE MULTI-STRATEGY: Proof of Claim Filing Deadline Is Sept. 9
VARDON SEPARATE: Holds Final Shareholders Meeting Today


C H I L E

AES CORP: Shuts Down Redondo Beach Unit


C O L O M B I A

* COLOMBIA: Fitch Affirms Foreign Currency ID Rating at BB/Stable


C O S T A  R I C A

HILTON HOTELS: Inks Management Pact With Hoteles Aeropuerto


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: S&P's Neg. Outlook Shows Widening Deficits


G U A T E M A L A

BRITISH AIRWAYS: Strong Dollar Offset Oil Price Drop Benefit


M E X I C O

DISTRIBUTED ENERGY: Northern Power Unit Will Keep Workers
KEY ENERGY: Unit Bags US$68MM Specialized Services Deal for PEMEX
MERIDIAN AUTOMOTIVE: Delaware Court Closes Chapter 11 Cases Anew
MERIDIAN AUTOMOTIVE: Michigan Court Nixes Lorro's US$32 Mil. Claim
MERIDIAN AUTOMOTIVE: Second Quarter 2008 Post-Confirmation Report

POWERMATE CORP: Committee Sues Sun Capital for Fraudulent Transfer


P A N A M A

CABLE & WIRELESS: Assessing Damage by Hurricane Gustav in Cayman


P U E R T O  R I C O

ROYAL CARIBBEAN: To Pay US$0.15 Per Share Dividend on Sept. 29
TENDER MILLS: Case Summary & 20 Largest Unsecured Creditors


V E N E Z U E L A

CITGO PETROLEUM: Cancels Request for Oil from Strategic Reserves

* VENEZUELA: Lawmakers Approve Gov't Control of Fuel Distribution
* VENEZUELA: Bonds Slide as Declining Oil Prices Lower Demand

* BOND PRICING: For the Week September 1 - September 5, 2008


                          - - - - -


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

AEROLINEAS ARGENTINAS: Congress Okays Airline's Renationalization
-----------------------------------------------------------------
DPA reports that the Argentine National Congress has authorized
the renationalization of Aerolineas Argentinas.

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2008, National Transport Secretary Ricardo Jaime said
that reports of Aerolineas Argentinas' renationalization are
false, adding he would present documents proving the allegations
as untrue.  Mr. Jaime was shocked by the false report, stating
that the alleged secret deal ?is just a preliminary draft on the
financial feasibility of an agreement whereby the shareholding
stock would be redistributed; (the document) has nothing to do
with the renationalization issue.  There's no secret about this
agreement, either.  It was signed on May 15 between Air Comet
(part of the Marsans group), Interinvest (a U.S. asset management
firm) and Federal Planning Minister Julio De Vido.?

DPA relates that the Senate approved Aerolineas Argentinas'
renationalization on Wednesday, after the Chamber of Deputies
passed it.  According to the report, the Chamber made changes to
the legislation that the Senate must yet approve, and both houses
will still vote on the sale price for the airline, which has yet
to be negotiated with the current owner, Grupo Marsans.  The same
report says that the changes the Chamber made to the legislation
was a ban on another privatization of Aerolineas Argentinas.

The government didn't resolve serious financial and labor woes in
Aerolineas Argentinas before taking over the airline, BBC News
reports, citing critics.  Aerolineas Argentinas is overstaffed,
heavily unionized and more than 50% its aging fleet of 67 planes
are grounded, BBC News states.

Aerolineas Argentinas had financial problems in the past.  As
reported in the Troubled Company Reporter on June 15, 2000,
Aerolineas Argentinas needed a US$650 million capital injection
and sweeping cost cuts to save it from bankruptcy.  Aerolineas'
biggest shareholder covered a bulk of its losses, which Spanish
sources put at US$300 million in 2000.  Aerolineas Argentinas
also defaulted on a US$50 million bonds due on Dec. 23, 2003.
In 2005 the airline admitted the possibility of letting
Argentine partners into the company.  Earlier in 2008, Marsans
reached a preliminary accord to reduce its stake in Aerolineas
Argentinas to 35% from 95% including a local private investor
(35%) and greater participation of the Argentine state and
provinces.


ALITALIA SPA: Commissioner Confirms Offer From Italian Consortium
-----------------------------------------------------------------
Augusto Fantozzi, Alitalia S.p.A.'s extraordinary commissioner,
confirmed that a preliminary offer was received on Sept. 1, 2008,
from Compagnia Aerea Italiana s.r.l. for the purchase of business
assets forming a significant part of the activities of the
Alitalia Group.

As a preliminary step, the extraordinary commissioner takes note
that the offer received seems to meet the requirements contained
in legislative decree no. 347 of Dec. 23, 2003, with recent
amendments.  The contents of the offer are confidential.

The extraordinary commissioner, reserves the right to examine the
offer and to undertake negotiations on the basis of its contents,
bearing in mind creditors? interests, safeguarding company
assets as well as the continuity of public service.

As appeared in the Troubled Company Reporter Europe on Sept. 3,
CAI, a consortium of local investors planning to acquire Alitalia,
has submitted a EUR400 million conditional offer to acquire some
assets of the national carrier.

The consortium includes:

     * AirOne S.p.A. of Carlo Toto;
     * IMMSI S.p.A. of Roberto Colaninno;
     * Atlantia S.p.A. of the Benetton family;
     * Intesa Sanpaolo S.p.A.;
     * Fondiaria SAI S.p.A.; and
     * 11-12 other investors.

The offer, valid for a few weeks, is subject to several conditions
including:

     * approval from Italian anti-trust agency and from the
       European Commission; and

     * acceptance by the trade union of 5,000-7,000 job cuts.

Pursuant to the amended Marzano bankruptcy, Alitalia will be split
into two -- an oldco and a newco.  The law allows Mr. Fantozzi to
sell Alitalia's assets through private talks without holding
public auction.

The amended law exempts Alitalia from anti-trust rules for six
months, allowing its merger with CAI, particularly AirOne, to push
through without problems.  The revised law also binds investors
from selling their shares in Alitalia for five years.

                           About Alitalia

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

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

Alitalia S.p.A. declared insolvency on Aug. 29, 2008, and filed
for commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi has
appointed Augusto Fantozzi as extraordinary commissioner.


DROGUERIA UNIFARMA: Trustee to File Individual Reports on Feb. 2
----------------------------------------------------------------
Carlos Ayuso, the court-appointed trustee for Drogueria Unifarma
S.A.'s bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, on February 2, 2009.

Mr. Ayuso is verifying creditors' proofs of claim until
November 14, 2008.  He will also submit to court a general report
containing an audit of Drogueria Unifarma's accounting and
banking records on March 16, 2009.

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

The debtor can be reached at:

                      Drogueria Unifarma SA
                      J.B. Justo 6186
                      Buenos Aires, Argentina

The trustee can be reached at:

                      Carlos Ayuso
                      Tucuman 1455
                      Buenos Aires, Argentina


KONINKLIJKE AHOLD: Earns EUR13.3 Billion for Half Year 2008
-----------------------------------------------------------
Koninklijke Ahold N.V. has published its interim financial report
for the second quarter and half year 2008.

"We continued to invest in price and gave increased focus to
promotions, both of which helped to drive sales and win customers
but, as anticipated, impacted margins," Ahold CEO John Rishton
said.

"In Europe, as part of Albert Heijn's price positioning strategy,
food price inflation was only partially passed on to customers
during the quarter, and strong promotions including the Euro 2008
Football Championships temporarily impacted margins.  At
Albert/Hypernova, we also did not pass on all food price inflation
to customers this quarter, as we continued the repositioning
started a year ago.

"In the United States, the Value Improvement Program has now
expanded beyond price repositioning to marketing and branding.  We
unveiled new logos and a number of brand initiatives for Stop &
Shop and Giant-Landover last week as a further step in Ahold's
global strategy to build powerful local consumer brands.
Giant-Carlisle continued to gain share in a highly competitive
market.

"We are confident we will manage the balance between sales growth
and margin and deliver our underlying retail operating margin
guidance for 2008 of 4.8-5.3%."

                        Second Quarter 2008

Net sales were EUR5.8 billion, down 0.8% from the same period last
year.  At constant exchange rates, net sales increased by 7.3%.

Operating income was EUR235 million, EUR39 million lower than in
the same period last year.  Retail operating income was EUR247
million, an operating margin of 4.3% compared to 5.1% in the same
period last year.  Corporate Center costs were EUR12 million for
the quarter, down EUR7 million from the same period last year.

Income from continuing operations was EUR177 million, EUR7 million
higher than the same period last year.  Net income was EUR338
million, which includes EUR162 million related to the divestment
of Schuitema.  Net income is down EUR1.9 billion compared to the
same quarter last year, which included EUR2 billion related to the
divestment of U.S. Foodservice and the Company?s operations in
Poland.

Cash flow before financing was EUR635 million, EUR5 billion lower
than the same period last year, which included EUR5.2 billion
proceeds from the divestment of U.S. Foodservice and the Company's
operations in Poland.  In the second quarter of 2008 EUR952
million of debt was repaid as part of our targeted EUR2 billion
debt reduction.

                         Half year 2008

Net sales were EUR13.3 billion, down 1.1% from the same period
last year.  At constant exchange rates, net sales increased by
7.0%.

Operating income was EUR571 million, EUR16 million lower than in
the same period last year. Retail operating income was EUR617
million, an operating margin of 4.6% compared to 4.9% in the same
period last year.  Corporate Center costs were EUR46 million, down
EUR15 million from the same period last year.

Income from continuing operations was EUR398 million, EUR72
million higher than the same period last year.  Net income was
EUR599 million, down EUR1.9 billion compared to the same period
last year, which included a EUR2 billion result on divestments.

Cash flow before financing was EUR906 million, EUR4.8 billion
lower than the same period last year which included EUR5.2 billion
proceeds from the divestment of U.S. Foodservice and the Company?s
operations in Poland.


(EUR in millions)  Q2    Q2    % Change  HY      HY     %Change
                    2008  2007            2008    2007
                   -----  ----  --------  ----    ----   -------
Net sales         5,783  5,832 (0.8%)*   13,321  13,466 (1.1%)*

Operating
income            235    274   (14.2%)   571     587    (2.7%)

Income from
continuing
operations        177    170    4.1%     398     326     22.1%

Net income        338    2,228 (84.8%)   599     2,469  (75.7%)


* At constant exchange rates, net sales increased by 7.3% in the
second quarter and 7.0% in the first half year.


                 Performance by business segment

Stop & Shop/Giant-Landover

For the second quarter, net sales of US$4 billion were up 1.7%
compared with the same period last year.  Net sales included US$29
million of sales to Tops (prior to its divestment, such sales were
recorded as inter-company sales).  Identical sales were up 2.2% at
Stop & Shop (1.0% excluding gasoline net sales) and down 1.5% at
Giant-Landover (1.7% excluding gasoline net sales), impacted by
lower pharmacy sales.  Operating income was US$125 million (or
3.1% of net sales), down US$36 million from the same period last
year.  Margins were impacted by price investments related to the
roll-out of the Value Improvement Program, with improvements
expected later in the year.  Furthermore, operating income in the
quarter included restructuring, severance and related charges of
US$37 million and impairment charges of US$7 million, partially
offset by gains on the sale of assets of US$22 million.

For the first half, net sales of US$9.2 billion were up 1.5%
compared with the same period last year.  Net sales included US$85
million of sales to Tops.  Identical sales were up 1.6% at Stop &
Shop (0.6% excluding gasoline net sales) and down 1.5% at Giant-
Landover (1.6% excluding gasoline net sales).  Operating income
was US$327 million (or 3.6% of net sales), down US$62 million from
the same period last year.

Giant-Carlisle

For the second quarter, net sales of US$1.1 billion were up 11.5%
compared with the same period last year.  Identical sales were up
7.0% (4.1% excluding gasoline net sales).  Operating income was
US$51 million (or 4.6% of net sales), down US$10 million compared
to the same period last year.  Operating income in the quarter
included restructuring related charges of US$8 million.

For the first half, net sales of US$2.5 billion were up 10.2%
compared with the same period last year.  Identical sales were up
6.3% (3.9% excluding gasoline net sales).  Operating income was
US$123 million (or 4.9% of net sales), and was flat compared to
the same period last year.

Albert Heijn

For the second quarter, net sales of EUR2.1 billion were up 14.2%
compared with the same period last year.  Net sales increased at
Albert Heijn supermarkets by 14.4% to EUR1.9 billion.  Identical
sales at Albert Heijn supermarkets increased 11.8%.  Operating
income was EUR138 million (or 6.6% of net sales), up EUR8 million
from the prior year, primarily due to lower pension charges.
Second quarter 2008 operating income included gains on the sale of
assets of EUR10 million (Q2 2007: EUR9 million).

For the first half, net sales of EUR4.8 billion were up 13.8%
compared with the same period last year.  Identical sales at
Albert Heijn supermarkets were up 11.5%.  Operating income was
EUR327 million (or 6.9% of net sales), up EUR47 million compared
to the same period last year.

Albert/Hypernova (Czech Republic and Slovakia)

For the second quarter, net sales increased 20.2% to EUR411
million.  At constant exchange rates net sales increased 4.6%.
Identical sales were up 5.6%.  Operating losses were EUR4 million
compared to an operating income of EUR5 million in the same
quarter last year.

For the first half, net sales increased 18.9% to EUR923 million.
At constant exchange rates net sales increased 6.4%.  Identical
sales were up 6.8%.  Operating losses were EUR5 million compared
to nil in the same period last year.

Schuitema

They completed the sale of our majority interest in Schuitema to
CVC Capital Partners on June 30, 2008.  They expect to complete
the transfer of stores and conversion to the Albert Heijn brand by
the end of 2008.

                   Unconsolidated joint ventures

For the second quarter, Ahold's share in income of joint ventures
increased 15.6% to EUR37 million.  The increase was primarily due
to ICA, mainly as a result of strong performance in Sweden and the
Baltics.

For the first half, Ahold's share in income of joint ventures was
down 7.4% to EUR50 million, mainly due to lower gains on the sale
of assets at ICA.

Headquartered in Amsterdam, Netherlands, Koninklijke Ahold N.V.
-- http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  It has operations in Argentina.  The company's chain
stores include Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                           *     *     *

Koninklijke Ahold carries BB+ issuer default and senior unsecured
ratings with positive outlook from Fitch.  The company also
carries a short-term rating of B from Fitch.


SIDIPEL SA: Trustee Verifying Proofs of Claim Until November 7
--------------------------------------------------------------
Carlos Ayuso, the court-appointed trustee for Sidipel SA's
reorganization proceeding will be verifying creditors' proofs of
claim until November 7, 2008.

Mr. Ayuso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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 Sidipel SA 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 Sidipel SA's
accounting and banking records will be submitted in court.

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

Creditors will vote to ratify the completed settlement plan
during the assembly on October 8, 2009.

The debtor can be reached at:

                      Sidipel SA
                      Bulnes 1918
                      Buenos Aires, Argentina

The trustee can be reached at:

                      Carlos Ayuso
                      Tucuman 1455
                      Buenos Aires, Argentina


TYSON FOODS: To Offer Common Stock & Convertible Senior Notes
-------------------------------------------------------------
Tyson Foods Inc. has intended to offer, subject to market and
other conditions, 20 million shares of its Class A common stock in
a registered underwritten public offering.  Tyson has intended to
grant the underwriters an option to purchase up to an additional
3 million shares of its Class A common stock to cover over-
allotments, if any.

An entity controlled by Don Tyson, the company's former Chairman
and current director, has indicated it intends to purchase
3 million shares in the offering of Class A common stock.

Concurrently with the offering of Class A common stock, Tyson also
intended to offer, subject to market and other conditions,
US$450 million aggregate principal amount of its convertible
senior notes due 2013 in a registered underwritten public
offering.  Tyson has intended to grant the underwriters an option
to purchase up to an additional US$67.5 million aggregate
principal amount of such convertible notes to cover over-
allotments, if any.

The Class A common stock offering and convertible notes offering
are being conducted as separate public offerings and are not
contingent upon each other.

Net proceeds from the offerings are expected to be used to repay
portions of the outstanding borrowings under Tyson's accounts
receivable credit facility and for other general corporate
purposes such as acquisitions, strategic investments and
initiatives to grow the company's business.  To reduce potential
dilution from the conversion of the notes, Tyson has expected to
use a portion of the proceeds from the convertible notes offering
to fund the net cost of convertible note hedge and warrant
transactions (representing the cost to Tyson of the convertible
note hedge transactions, partially offset by the proceeds to Tyson
of the warrant transactions) that Tyson expects to enter into with
counterparties, which are affiliates of certain underwriters of
the convertible notes.  These counterparties or their respective
affiliates expect to enter into various derivative transactions
with respect to Tyson's Class A common stock concurrently with, or
shortly after, the pricing of the notes.

In addition, the counterparties or their respective affiliates may
modify their hedge positions by entering into or unwinding various
derivative transactions with respect to Tyson's Class A common
stock or by selling or purchasing Tyson's Class A common stock in
secondary market transactions following the pricing of the notes
and are likely to do so during any observation period related to
the conversion of the notes.  These transactions could adversely
affect the market price of Tyson's Class A common stock and of the
notes, could have the effect of increasing or preventing a decline
in the price of Tyson's Class A common stock and could, under
certain circumstances, affect noteholders' ability to convert
the notes.

J.P. Morgan Securities Inc. and Merrill Lynch & Co. will act as
the joint book-running managers of the offerings.

The Class A common stock offering and the convertible notes
offering are being made pursuant to a prospectus supplement and
accompanying prospectus filed with the Securities and Exchange
Commission and available for review on the U.S. SEC's website at
http://www.sec.gov/

Any offer of the securities will be made only be means of a
prospectus, forming a part of the effective registration
statement, the applicable prospectus supplement and other related
documents.  Copies of these documents can be obtained from:

                 J.P. Morgan Securities Inc.
                 National Statement Processing
                 Prospectus Library
                 4 Chase Metrotech Center, CS Level
                 Brooklyn, NY 11245
                 Tel: (718) 242-8002

                            -- or  --

                 Merrill Lynch & Co.
                 Attn: Prospectus Department
                 4 World Financial Center
                 New York, New York 10080
                 Tel: (212) 449-1000.

                         About Tyson Foods

Headquartered in Springdale, Arkansas, Tyson Foods Inc.
(NYSE:TSN) -- http://www.tysonfoods.com/-- is a processor and
marketer of chicken, beef, and pork. The company makes a wide
variety of protein-based and prepared food products at its 123
processing plants.  Tyson has approximately 114,000 Team Members
employed at more than 300 facilities and offices in 26 states
and 80 countries.

Tyson's U.S. beef plants are located in Amarillo, Texas; Dakota
City, Nebraska; Denison, Iowa; Finney County, Kansas; Joslin,
Illinois, Lexington, Nebraska and Pasco, Washington. The
company also has a beef complex in Canada, and is involved in a
vertically integrated beef operation in Argentina.

                         *     *     *

As reported in the Troubled Company Reporter on April 7, 2008,
Moody's Investors Service confirmed Tyson Foods, Inc.'s
corporate family rating and probability of default rating at
Ba1.  Moody's said the rating outlook remains negative.


* ARGENTINA: Approves Aerolineas Argentinas Nationalization
-----------------------------------------------------------
The Argentine government has approved the nationalization of
Aerolineas Argentinas and its subsidiary Austral airlines with a
46-21 senate vote in favor of the takeover, Associated Press
reports.

According to AP, the airline, owned by Spanish travel conglomerate
Grupo Marsans, is struggling with financial woes and labor
conflicts and has an estimated US$900 million debt.

Argentina?s lower house, AP relates, approved the measure last
month, which requires that the state hold a majority of company
shares.  Congress will now set the purchasing price for the
airlines.

Some Argentines have agreed with the result.  However, the
opposition has questioned the government?s decision to take on the
airline before it has resolved the debt and labor issues, AP says.

Senator Ernesto Ricardo Sanz, as cited by AP, told Union Civic
Radial radio: ?There are some who would not permit the payment of
a single cent for Aerolineas Argentinas.?

Government supporters, AP states, responded that financial
considerations come secondary to providing a public service.

Aerolineas Argentinas and Austral together account for about 85%
of domestic air traffic, AP notes.

                            *     *     *

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.



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B E R M U D A
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ABSOLUTE RETURNS: Proof of Claim Filing Deadline Is Sept. 17
------------------------------------------------------------
Absolute Returns Bond Portfolio Ltd.'s creditors have until
Sept. 17, 2008, to prove their claims to Beverly Mathias, 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.

Absolute Returns' shareholders agreed on Aug. 28, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


ABSOLUTE RETURNS: Holds Final Shareholders Meeting on Oct. 15
-------------------------------------------------------------
Absolute Returns Bond Portfolio Ltd. will hold its final
shareholders meeting on Oct. 15, 2008, at 9:30 a.m., at the
offices of Argonaut Limited, Argonaut House, 5 Park Road,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the
       company.

Absolute Returns' shareholders agreed on Aug. 28, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


ABSOLUTE RETURNS: Court Names Beverly Mathias as Liquidator
-----------------------------------------------------------
The Supreme Court of Bermuda has appointed Beverly Mathias of
Argonaut Limited as the provisional liquidator of Absolute Returns
Bond Portfolio Trading Ltd.

The court ordered the wind up of Absolute Returns on Aug. 28,
2008, under the provisions of the Companies Act 1981 of Bermuda.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


BEACON SELECTIVE: Proof of Claim Filing Deadline Is Sept. 17
------------------------------------------------------------
Beacon Selective Guaranteed Fund I Ltd.'s creditors have until
Sept. 17, 2008, to prove their claims to Beverly Mathias, 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.

Beacon Selective's shareholders agreed on Aug. 28, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


BEACON SELECTIVE: Sets Final Shareholders Meeting on Oct. 15
------------------------------------------------------------
Beacon Selective Guaranteed Fund I Ltd. will hold its final
shareholders meeting on Oct. 15, 2008, at 9:30 a.m., at the
offices of Argonaut Limited, Argonaut House, 5 Park Road,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the
       company.

Beacon Selective's shareholders agreed on Aug. 28, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


BEACON TRADING: Filing for Proof of Claim Deadline Is Sept. 17
--------------------------------------------------------------
Beacon Trading I Ltd.'s creditors have until Sept. 17, 2008, to
prove their claims to Beverly Mathias, 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.

Beacon Trading's shareholders agreed on Aug. 28, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


BEACON TRADING: To Hold Final Shareholders Meeting on Oct. 15
-------------------------------------------------------------
Beacon Trading I Ltd. will hold its final shareholders meeting on
Oct. 15, 2008, at 9:30 a.m., at the offices of Argonaut Limited,
Argonaut House, 5 Park Road, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the
       company.

Beacon Trading's shareholders agreed on Aug. 28, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


BLUEPOINT RE: Court Appoints John C. McKenna as Liquidator
---------------------------------------------------------
The Supreme Court of Bermuda has appointed John C. McKenna of
Finance & Risk Services Ltd. as the provisional liquidator of
Bluepoint Re Limited.

The court ordered the wind up of Bluepoint Re on Aug. 29, 2008,
under the provisions of the Companies Act 1981 of Bermuda.

The liquidator can be reached at:

             John C. McKenna
             c/o Finance & Risk Services Ltd.
             Conyers Dill & Pearman
             Clarendon House, 2 Church Street
             Hamilton, Bermuda


BLUEPOINT RE: Hearing to Consider Chapter 15 Petition Set Sept. 29
------------------------------------------------------------------
A hearing is set for Sept. 29, 2008, at 9:45 a.m. before Judge
Robert E. Gerber of the U.S. Bankruptcy Court for the Southern
District of New York to consider (i) the Chapter 15 petition filed
for BluePoint Re, Ltd., and the Petitioner's request for
recognition of the Bermuda Proceeding as a foreign main proceeding
for a permanent injunction and related relief; and (ii) the
Petitioner's request for a Preliminary Injunction Order.

The hearing will be at Room 621 of the Bankruptcy Court at One
Bowling Green, New York, N.Y.

The Court has issued an Order to Show Cause with Temporary
Restraining Order.

On Aug. 7, 2008, the Debtor requested and obtained an order from
the Supreme Court of Bermuda to be wound up pursuant to the
Bermuda Companies Act of 1981.  The Court also appointed John C.
McKeena as the Debtor's provisional liquidator on the same day.

As reported by the Troubled Company Reporter on Aug. 15, BluePoint
Re, sought for Chapter 15 bankruptcy protection before the United
States Bankruptcy Court for the Southern District of New York
(Bankr. S.D. N.Y. 08-13169) on Aug. 13, 2008.  Mr. McKeena filed
the Chapter 15 petition on BluePoint's behalf.

Based in Bermuda, the Debtor provides insurance and reinsurance of
all kinds, and in particular to underwrite third party financial
insurance, mostly with underlying risks of structured finance and
municipal transactions.  It is a wholly owned subsidiary of
BluePoint Holdings Ltd. in Bermuda, which in turn is wholly owned
by Wachovia Corp.  The Petitioner's Counsel is Howard Seife, Esq.
at Chadbourne & Parke, LLP.  BluePoint Re's asset is estimated at
more than US$100,000,000 and its debts at more than
US$100,000,000.


CORANGE LTD: Deadline for Proof of Claim Filing Is Sept. 17
-----------------------------------------------------------
Corange Ltd.'s creditors have until Sept. 17, 2008, to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded
from receiving any distribution or payment.

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

Corange's shareholders agreed on Aug. 29, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


CORANGE LTD: Will Hold Final Shareholders Meeting on Oct. 9
-----------------------------------------------------------
Corange Ltd. will hold its final shareholders meeting on Oct. 9,
2008, at 9:30 a.m., at the offices of Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the
       company.

Corange's shareholders agreed on Aug. 29, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


DIGICEL GROUP: Launches BlackBerry Bold Smartphone Handsets
-----------------------------------------------------------
Caribbean Net News reports that Digicel Group has launched
BlackBerry Bold Smartphone handsets.

According to Caribbean Net, BlackBerry Bold is the first
BlackBerry to support tri-band high-speed networks around the
world and comes with integrated GPS and Wi-Fi and a rich set of
multimedia capabilities.

Caribbean Net notes that BlackBerry Bold has:

      -- Superior Performance, with more memory, making it easier
         to download e-mail attachments, stream video or load Web
         pages;

      -- Desktop-style Web Pages, giving users an on-the-go web
         browsing experience with desktop-style depiction;

      -- Rich Multimedia, featuring a two-megapixel camera with
         video recording capabilities, built-in flash and digital
         three levels zoom;

      -- First Class Phone, featuring a new acoustic design that
         increases the size of the phone's audio, improving
         listening quality and clarity;

      -- Robust E-mail and Messaging, that works with BlackBerry
         Enterprise Server, enabling advanced security and
         information technology administration within IBM Lotus
         Domino, Microsoft Exchange and Novell GroupWise
         environments, and BlackBerry Professional Software for
         small businesses.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao.  Digicel finished FY2005 with
1.722 million total subscribers -- 97% pre-paid -- estimated
market share of 67% and revenues and EBITDA of US$478 million
and US$155 million, respectively.

                          *     *     *

In February 2007, Moody's Investors Service affirmed its Caa2
senior unsecured rating to Digicel Group Limited's
US$1.4 billion senior unsecured notes offering.


FOSTER WHEELER: Global Power Unit Reaches Deal With Bumwoo ENG
--------------------------------------------------------------
Foster Wheeler Ltd. reported that a subsidiary of its Global Power
Group has entered into a fifteen-year agreement with Bumwoo ENG
Co., Ltd. to provide an advanced technology license for wall-fired
subcritical and supercritical pulverized-coal (PC) steam
generators to be sold in South Korea.

The terms of the agreement were not disclosed.  The contract value
will be included in the company?s third-quarter 2008 bookings and
future royalty payments will be recorded over the life of the
agreement.

?This license agreement opens up an additional market for Foster
Wheeler in Korea and further demonstrates Foster Wheeler?s world-
class advanced boiler technology in the global marketplace,? said
David J. Parham, executive vice president of Global Sales and
Marketing, Foster Wheeler Global Power Group.  ?This strategically
important agreement strengthens both companies and further extends
our successful long term relationship.?

During the signing ceremony, Geun Heung Lee, president of Bumwoo
ENG Co., Ltd. stated, ?Bumwoo ENG is excited by the opportunity to
work together with a worldwide technology leader like Foster
Wheeler in the PC steam generator market.?

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

                         *     *     *

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

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


GLOBAL FUTURES: Proof of Claim Filing Deadline Is Sept. 17
----------------------------------------------------------
Global Futures Fund V Ltd.'s creditors have until Sept. 17, 2008,
to prove their claims to Beverly Mathias, 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.

Global Futures' shareholders agreed on Aug. 28, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


GLOBAL FUTURES: Holding Final Shareholders Meeting on Oct. 15
-------------------------------------------------------------
Global Futures Fund V Ltd. will hold its final shareholders
meeting on Oct. 15, 2008, at 9:30 a.m., at the offices of Argonaut
Limited, Argonaut House, 5 Park Road, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the
       company.

Global Futures's shareholders agreed on Aug. 28, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


GLOBAL FUTURES TRADING: Proof of Claim Filing Is Until Sept. 17
---------------------------------------------------------------
Global Futures Fund V Trading Ltd.'s creditors have until
Sept. 17, 2008, to prove their claims to Beverly Mathias, 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.

Global Futures' shareholders agreed on Aug. 28, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


GLOBAL FUTURES: Holding Final Shareholders Meeting on Oct. 15
-------------------------------------------------------------
Global Futures Fund V Trading Ltd. will hold its final
shareholders meeting on Oct. 15, 2008, at 9:30 a.m., at the
offices of Argonaut Limited, Argonaut House, 5 Park Road,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the
       company.

Global Futures's shareholders agreed on Aug. 28, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

                Beverly Mathias
                c/o Argonaut Limited
                Argonaut House, 5 Park Road
                Hamilton, Bermuda


INTELSAT LTD: Signs Service Contract With SkyVision Global
----------------------------------------------------------
Intelsat Ltd. has signed a multi-year, multi-transponder
contract with SkyVision Global Networks LLC for C- and Ku-band
transponder services on Intelsat?s IS-4 satellite, located at 72
degrees East.

?SkyVision?s business in broadband applications has grown by more
than 700% in the last three years and Intelsat has enabled us to
expand and to meet that demand,? said Mark Gazit, CEO of
SkyVision.  ?This contract will further enable SkyVision to deploy
IP infrastructure for the innovative VPN services which it now
provides to its customers in Africa and the Middle East, in
support of their private networks.?

?Broadband connectivity demand continues to be a significant
driver for our business.  We are seeing growth accelerating
worldwide, particularly in the Middle East and Africa,? said Jean-
Philippe Gillet, Intelsat?s Regional Vice President, Europe and
Middle East.  ?Intelsat?s competitive strength in providing a
satellite infrastructure to service operators in high-demand
regions enables these operators to launch applications that
fuel corporate networks.  Applications include Internet access and
connectivity, digital media streaming, distance learning, data
file transfers and voice-based services.?

Intelsat will be exhibiting in Hall 1, Stand C71 at IBC 2008, the
international tradeshow for professionals involved in the
creation, management and delivery of content for the broadcasting
industry, which is being held at the RAI Centre in Amsterdam on
12-16 September.

                           About SkyVision

SkyVision -- http://www.sky-vision.net/-- is a leading global
service provider of telecommunication services to Internet service
providers and also provides global telecommunication solutions to
enterprises and NGOs.  SkyVision maintains an active presence in
more than 50 countries in the developing Internet regions of
Eastern Europe, Africa, the Middle East and Asia.  Its services
are ?end-to-end? solutions, deploying standard and customized IP
service platforms managed from its key gateways in Europe, the
United States and the Middle East.

                            About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira.  The company has a
sales office in Brazil.

Intelsat Ltd.'s June 30 balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Moody's Investors Service assigned ratings to
approximately US$1.2 billion of new debt instruments issued by
Intelsat Corporation, an indirect wholly-owned subsidiary of
Intelsat, Ltd.  At the same time, Moody's also affirmed
Intelsat's Caa1 corporate family rating, Caa1 probability of
default rate and SGL-3 speculative grade liquidity rating while
maintaining the stable ratings outlook.  The rating action was
prompted by refinance activity resulting from required change of
control offers applicable to debt instruments that were
outstanding prior to Intelsat's recent acquisition by private
equity investors.

As reported in the Troubled Company Reporter-Latin America on
June 27, 2008, Standard & Poor's Ratings Services assigned
ratings on an aggregate US$7.1 billion in proposed new debt
instruments issued by various subsidiaries of Bermuda-based
Intelsat Ltd.  Proceeds from the new debt will be used to
replace existing credit agreements and bridge facilities.  The
credit agreements were put in place to finance the change of
control provisions under three separate debt issues that were
triggered by the Feb. 4, 2008, acquisition of the company by an
investor group led by BC Partners.  At the same time, S&P
affirmed the 'B' corporate credit rating on Intelsat, as these
proposed debt issuances were already incorporated into S&P's
rating.  S&P said the outlook is stable.


INTELSAT LTD: Bags Expansion Contract With RCS & RDS
----------------------------------------------------
Intelsat Ltd. reported that Romania Cable Systems and Romania Data
Systems S.A. (RCS & RDS) signed a multi-year, multi-transponder
expansion contract for capacity at 1 degree West.  The additional
capacity will be used to offer a larger DTH bouquet for RCS & RDS?
DigiTV service and also introduce new sports channels for its
Romanian audience.

RCS & RDS launched its service at the 1 degree West neighborhood
in 2004 and has become a fast-growing video provider in Romania,
Hungary, the Czech Republic, Slovakia, Serbia and Croatia.  RCS &
RDS offers more than 130 channels of primarily European and North
American programming.

                      1 degree West Neighborhood

The 1 degree West neighborhood, one of the fastest growing
platforms for video distribution in the region, serves nearly 5
million DTH households and more than 10 million cable homes
throughout Central and Eastern Europe and the Nordic region.  The
1 degree West neighborhood is served by Intelsat?s IS-10-02
satellite, along with Telenor Satellite Broadcasting?s THOR
satellites.  Intelsat expects to expand its capacity serving the
region through ownership of 10 transponders on THOR 6, which is
scheduled for launch in 2009.

?We continue to expand our content offering within Eastern Europe
through what we believe to be the strongest neighborhood, 1º
West,? said Alexandru Oprea, President and CEO of RCS & RDS.
?With our long-term Intelsat agreement, we will be able to
introduce more programming at a quicker rate, like we are in
Romania with our new sports channels.  Now, Romanian soccer fans
will have access to all the games of the country?s first national
league.?

?1 degree West quickly has become a leading video neighborhood for
Eastern Europe, one of the industry?s fastest growing markets,?
said Mike DeMarco, Intelsat?s Vice President, Video Services.
?The 1 degree West neighborhood delivers more than 400 of the
leading names in regional and international programming and offers
premium coverage of the region, making it a premier choice for
video content providers seeking access to Eastern European
subscribers.?

Intelsat will be exhibiting in Hall 1, Stand C71 at IBC 2008, the
international tradeshow for professionals involved in the
creation, management and delivery of content for the broadcasting
industry, which is being held at the RAI Centre in Amsterdam on
September 12-16.

                            About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira.  The company has a
sales office in Brazil.

Intelsat Ltd.'s June 30 balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Moody's Investors Service assigned ratings to
approximately US$1.2 billion of new debt instruments issued by
Intelsat Corporation, an indirect wholly-owned subsidiary of
Intelsat, Ltd.  At the same time, Moody's also affirmed
Intelsat's Caa1 corporate family rating, Caa1 probability of
default rate and SGL-3 speculative grade liquidity rating while
maintaining the stable ratings outlook.  The rating action was
prompted by refinance activity resulting from required change of
control offers applicable to debt instruments that were
outstanding prior to Intelsat's recent acquisition by private
equity investors.

As reported in the Troubled Company Reporter-Latin America on
June 27, 2008, Standard & Poor's Ratings Services assigned
ratings on an aggregate US$7.1 billion in proposed new debt
instruments issued by various subsidiaries of Bermuda-based
Intelsat Ltd.  Proceeds from the new debt will be used to
replace existing credit agreements and bridge facilities.  The
credit agreements were put in place to finance the change of
control provisions under three separate debt issues that were
triggered by the Feb. 4, 2008, acquisition of the company by an
investor group led by BC Partners.  At the same time, S&P
affirmed the 'B' corporate credit rating on Intelsat, as these
proposed debt issuances were already incorporated into S&P's
rating.  S&P said the outlook is stable.


NEW CAP: Court Grants Recognition to Scheme of Arrangement in U.S.
-----------------------------------------------------------------
In accordance with Section 304 of the Bankruptcy Code, the U.S.
Bankruptcy Court for the Southern District of New York, upon the
request of John Gibbons, the duly appointed liquidator and scheme
administrator of New Cap Reinsurance Corporation Limited, has
granted recognition and given effect in the United States to the
scheme of arrangement between the company and its creditors
pursuant to section 411 of the Australian Corporations Act 2001
and a permanent injunction, dated July 25, 2008.

Copies of the order, which is dated Aug. 12, 2008, the Scheme and
the motion, are available upon request to the petitioner's United
States counsel, Chadbourne & Parke LLP:

             Chadbourne & Parke LLP
             Attn: Howard Seife, Esq.
             Francisco Vazquez, Esq.
             30 Rockefeller Plaza
             New York, N.Y. 10012
             Tel: (212) 408-5100

New Cap Reinsurance Corp. (Bermuda) Ltd. and its New Cap
Reinsurance Corp. Ltd. subsidiary filed chapter 11 petitions in
the U.S. Bankruptcy Court in Manhattan on April 27, 1999, with
the parent estimating both assets and liabilities at over
US$100 million.  The parent company, based in Hamilton, Bermuda,
is engaged in the business of insurance and reinsurance whereas
the Sydney, Australia-based subsidiary, founded in 1997, writes
worldwide casualty, catastrophe, marine, occupational, and
personal insurance policies.

The Supreme Court of Bermuda and the High Court of Justice of
England and Wales sanctioned on Feb. 23, 2006, a Scheme of
Arrangement between New Cap Reinsurance Corporation (Bermuda)
Limited, and the scheme creditors of the company.

Copies of the orders sanctioning the Scheme were delivered to
the registrars of companies in Bermuda and England on the same
day.  The Scheme became effective in both Bermuda and England on
that date.


YOUNG AMERICA: Deadline for Proof of Claim Filing Is Sept. 17
-------------------------------------------------------------
Young America Reinsurance Co. Ltd.'s creditors have until
Sept. 17, 2008, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Young America's shareholders agreed on Aug. 29, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


YOUNG AMERICA: To Hold Final Shareholders Meeting on Oct. 9
-----------------------------------------------------------
Young America Reinsurance Co. Ltd. will hold its final
shareholders meeting on Oct. 9, 2008, at 9:30 a.m., at the offices
of Argonaut Limited, Argonaut House, 5 Park Road, Hamilton,
Bermuda.

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the
       company.

Young America's shareholders agreed on Aug. 29, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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



=============
B O L I V I A
=============

COEUR D'ALENE: Expects Silver Mine to Produce 3.2 Million Ounces
----------------------------------------------------------------
Coeur d?Alene Mines Corporation has disclosed that output
continues to increase at its San Bartolome silver mine in Bolivia
and expects the operation to achieve full capacity in the fourth
quarter.  For the year, Coeur anticipates the mine will produce
3.2 million ounces of silver and that it will achieve its 2009
production estimate of approximately 9 million silver ounces.

As of today, the processing facility has operated twelve days
since the new bearings were installed for the ball mill without
any unanticipated interruption.  Daily silver production has
steadily increased up to a current level of 15,000 ounces, which
is expected to result in approximately 500,000 ounces of silver
production during the month of September.  Through the end of
August, San Bartolomé produced approximately 390,000 ounces of
silver year-to-date. Recoveries are now consistently achieving the
planned levels of 70% to 80%, and head grades of 250 grams per
tonne are in line with expectations.  As previously announced,
Coeur Senior Vice President Leon Hardy is heading up the operation
as Interim General Manager.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                            *     *     *

Coeur d'Alene Mines Corp.'s US$180 million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.



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

BANCO DO BRASIL: Working on Text Message Card Payment Service
-------------------------------------------------------------
Finextra reports that Banco do Brasil SA is working with VisaNet
Brasil on a system that will let the bank's cardholders pay with
their mobile phone and confirm the transactions through text
message.

According to Finextra, the service is accessible through
Brazilian mobile carriers, with VisaNet Brasil running the
deployment of the technology.

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.


BRASIL TELECOM PARTICIPACOES: Zacks Keeps "Buy" Recommendation
--------------------------------------------------------------
Zacks Investment Research said Thursday it is keeping its current
"Buy" recommendation on Brasil Telecom Participacoes SA noting the
company's better-than-expected results in the second quarter of
2008 with a positive short-term outlook as well as its solid cash
flow, decent operating margins in the wireline business, and an
attractive valuation.

Additionally, the investment firm said the growth in the wireless
and the broadband segments are encouraging and should continue in
future quarters.  The merger with Telemar and the voluntary public
tender offer creates a positive environment for the stock in the
very short term.  With the creation of a subsidiary in Colombia
recently, the merged company is planning for international
expansion as well.

Brasil Telecom Participacoes is trading at 7.8 Zacks Investment's
2008 EPS estimate, a huge discount to the industry mean and
median, and an enterprise value to EBITDA of just 2.6 our 2008
estimate.  The EV/2008 EBITDA valuation remains well below the
industry mean, and is lower than the historical range of 3.0 to
6.0 for most of the wireline Latin American telecom operators.

The company is also trading at just 0.7 its price/sales ratio,
well below the industry median and also below other Latin American
telecom operators.

Zacks Investment says as the stock is trading at a highly
attractive valuation,
its target price is US$84.50, which is based on an EV/2008
estimated EBITDA of 3.5, close to the industry mean.

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

                          *     *     *

As of Sept. 5, 2008, Moody's Web site says the rating agency
continues to review Brasil Telecom Participacoes S.A.'s "Ba1"
global scale senior unsecured rating for possible upgrade after
the announced acquisition by Telemar.  Moody's review of the
company's rating was initiated on March 28, 2008.


CHRYSLER LLC: Discloses Leadership Appointments in Finance Office
-----------------------------------------------------------------
Chrysler LLC disclosed a series of leadership appointments in the
company's Finance and Diversity Offices.

Kim Harris Jones is appointed Senior Vice President ? Corporate
Controller and Auditor as part of an on-going initiative to
streamline functions for greater organizational efficiency and
drive corporate strategy.  Chrysler also has named Laurie A.
Macaddino Vice President ? Finance Operations.

Under this structure, Harris Jones will oversee the consolidation
of the Corporate Controller's office and Audit operations.  She is
responsible for the company's corporate financial activities,
including business planning, short- and medium-term financial
forecasting as well as all internal and external audit functions.

Harris Jones was most recently Vice President and Chief
Controller.  She was recently named to the list of "25 Women to
Watch" by CFO Magazine.  In 2006, she was named the "African
American Executive of the Year" by On Wheels, Inc. and in 2005 was
named to the Automotive News list of "100 Leading Women in the
North American Auto Industry."  She joined Chrysler in 1992.

In her new role, Ms. Macaddino is responsible for ensuring that
all vehicles produced and sold by Chrysler meet financial
requirements, including cost, investment and profitability.  Ms.
Macaddino is also responsible for overseeing Manufacturing,
Engineering, Research and Development budgets.  Ms. Macaddino
formerly was Vice President ? Corporate Audit and Compliance.  She
joined the company in 1986.

Also in the Finance organization, Steven E. Bell was appointed
Director ? Corporate Audit and Compliance.  He is responsible for
managing the day-to-day internal and external audit functions,
including financial, operational, and process audits, dealer and
supplier audits, business ethics, compliance operations and fraud
and forensic investigations.  Mr. Bell joined the company in 1988.

"[The] announcement allows us to maximize the talents of our
management team," Ronald E. Kolka, Executive Vice President and
Chief Financial Officer, Chrysler LLC, said.  "Both Kim and Laurie
are strong leaders who have made valuable contributions to this
company. Both are strategic thinkers with a keen sense of
financial control.  In their new roles they will bring a laser
focus to their respective areas."

Chrysler LLC also disclosed that Monica E. Emerson, Executive
Director ? Corporate Diversity Office, has decided to retire after
33 years with the company.  With Ms. Emerson's departure, Chrysler
has named Lisa J. Wicker, Director ? Corporate Diversity.

"Monica has been a true leader and champion in developing
Chrysler's diversity and inclusion in the workplace strategy,"
said Nancy Rae, Executive Vice President ? Human Resources and
Communications, Chrysler LLC.  "Through Monica's efforts, the
company has been honored at the highest level?we thank her for her
contributions and wish her the best in her retirement. We have
every confidence that Lisa will continue this legacy."

Ms. Emerson has received several honors including the Leadership
in Diversity Award by the Career Communication Group.  Recently,
she was named to Savoy Professional Magazine's "Top 100 Blacks in
Corporate America."

As Director ? Corporate Diversity, Ms. Wicker will be responsible
for the overall design, development and deployment of Chrysler's
corporate diversity strategies.  This includes facilitating short-
and long-term strategies for implementing cultural change in all
aspects of how the company leverages diversity for a competitive
advantage throughout its entire business enterprise.  In addition,
she will be responsible for Equal Employment Opportunity
Commission Compliance and Governance and Work/Life Policies and
Programs.

Ms. Wicker joined the company in 2001 and most recently was Senior
Manager ? Manufacturing Group HR, Stamping and Components.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2008, Standard & Poor's Ratings Services said lowered
its ratings on Chrysler LLC, including the corporate credit
rating, to 'CCC+' from 'B-'.

As reported in the Troubled Company Reporter June 24, 2008,
Moody's Investors Service affirmed the B3 corporate family
rating and probability of default rating of Chrysler LLC, but
changed the outlook to negative from stable.  The change in
outlook reflects the increasingly challenging environment faced
by Chrysler as the outlook for US vehicle demand falls, and as
high fuel costs drive US consumers away from light trucks and
SUVs, and toward more fuel efficient vehicles.

As reported in the Troubled Company Reporter on May 9, 2008,
Fitch Ratings downgraded the issuer default rating of Chrysler
LLC to 'B' from 'B+', with a negative rating outlook.  Fitch
also downgraded the senior secured bank facilities, including
senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1';
and senior secured second-lien bank loan to 'CCC+/RR6' from
'BB+/RR1'.  The recovery rating on the second lien was also
downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset
value assumptions and associated recoveries in the event of a
stress scenario.


DELPHI CORP: Appaloosa Insists Right to Cancel Funding Pledge
-------------------------------------------------------------
Appaloosa Management L.P. and A-D Acquisition Holdings, LLC,
together with the other defendants, have denied Delphi Corp.'s
allegations and claims that it is entitled to specific performance
by investors of their commitment to provide US$2,550,000,000 in
exit equity financing.

Appaloosa says that it had grounds to terminate their agreement
after Delphi allowed General Motors Corp. to participate in the
exit financing process, which undermined their agreed objective
of Delphi's reorganization -- to disentangle itself from its
former parent and increase penetration of non-GM customers.

The parties earlier entered a stipulation extending the
defendants' deadline to submit their answers to the Complaints to
September 2.

Appaloosa, et al., deny Delphi's claims for:

   (i) breach of contract in connection with the Equity Purchase
       and Commitment Agreement dated of August 3, 2007, as
       amended on December 10, 2007, which sets forth the
       obligation of ADAH, Harbinger Del-Auto Investment Company,
       Ltd., Pardus DPH Holding LLC, Merrill Lynch, Pierce,
       Fenner & Smith Incorporated, and Goldman Sachs & Co. to
       invest up to US$2,550,000,000 in reorganized Delphi;

  (ii) breach of contract by Appaloosa, Harbinger Capital
       Partners Master Fund I, Ltd., and Pardus Special
       Opportunities Master Fund L.P., in connection with the
       Commitment Letter Agreements;

(iii) relief against all defendants pursuant to Section 1142 of
       the Bankruptcy Code, which empowers the U.S. Bankruptcy
       Court for the Southern District of New York to direct any
       necessary party to perform any act that is necessary for
       the consummation of a plan;

  (iv) fraud against Appaloosa because it (i) deceived Delphi by
       concealing its plans, decision and actions to undermine
       the EPCA, and the Plan and the equity financing needed for
       the consummation of the Plan, and (ii) assured Delphi that
       it will fulfill its investment obligations, despite its
       plans to the contrary, resulting to Delphi refraining from
       pursuing alternatives, to its own detriment and the
       detriment of all its stakeholders; and

   (v) equitable subordination or disallowance of the claims of
       the defendants for acting inequitably and breaching their
       duties to the Debtors and causing substantial harm to the
       Debtors, their employees, creditors and other
       stakeholders.

UBS Securities, LLC, also refutes Delphi's assertions that (i)
UBS breached its obligations by failing to use its reasonable
best efforts to consummate the EPCA, (ii) the Court should
exercise its equitable authority under Section 1142 to order UBS
to comply with its obligations under the Plan and the EPCA, and
(iii) UBS' claims or interests should be equitably subordinated
or disallowed.  UBS denies that Delphi is entitled to specific
performance ordering UBS to invest US$166,866,749, and says, among
its affirmative defenses, that the EPCA limits Delphi's claims
against UBS to US$16,358,805.

Representing Appaloosa and ADAH, J. Christopher Shore, Esq., at
White & Case LLP, in New York, asserts 12 affirmative defenses
that would bar, in whole or in part, Delphi's claims:

   (1) the failure to state a claim;

   (2) the doctrine of estoppel;

   (3) the doctrine of election of remedies;

   (4) the doctrine of judicial estoppel;

   (5) the doctrine of law of the case;

   (6) the doctrine of laches;

   (7) the doctrine of unclean hands;

   (8) waiver and release of Delphi's claims pursuant to the
       EPCA;

   (9) Delphi's alleged harm and damages were due to, and
       caused by, events, conditions, instrumentalities or
       omisssions of individuals or entities other than the
       Appaloosa defendants;

  (10) Delphi has failed to mitigate its alleged damages;

  (11) Delphi is not entitled to specific performance because it
       cannot, currently or at the time of judgment in this
       action, fulfill all of the conditions of the Investment
       Agreement; and

  (12) Delphi's claims for specific performance are barred in
       whole or in part by the doctrine of impossibility.

In view of these defenses, Mr. Shore says, Appaloosa brings these
counterclaims against Delphi to recover damages caused by
Delphi's material and willful breaches of the EPCA:

     * Delphi willfully violated the EPCA and thwarted
       Appaloosa's contractual expectation of investing in a
       viable Delphi that was separated from its wholesale
       dependence on and control by General Motors -- by bringing
       GM in for more than US$2,600,000,000 of long-term, non-
       market financing;

     * Delphi violated other provisions of the EPCA including
       its obligation to obtain exit financing on the terms
       agreed to by the parties, which would have provided Delphi
       with the liquidity it clearly needs while at the same time
       not saddling it with interest payments beyond its capacity
       to repay; and

     * as a result of Delphi's multiple breaches, Appaloosa
       terminated the EPCA for a cause, triggering Delphi's
       obligation to pay US$82,500,000 Alternate Transaction Fee
       and other transaction expenses as those terms are defined
       in the EPCA.

According to Mr. Shore, on Jan. 30, 2008, Delphi approached ADAH
with an exit financing proposal reflecting its agreement with GM
and contemplating that US$1,700,000,000 would be raised from the
public markets.  At a meeting on Feb. 6, ADAH expressed its
concerns with the proposal, including that it:

   (i) contemplated higher interest than permitted under the
       December 10, 2007 EPCA,

  (ii) anticipated issuing the first and second lien paper at a
       significant original issue discount,

(iii) overly concentrated GM's participation in the capital
       structure, and

  (iv) left Delphi insufficiently capitalized.

ADAH also expressed concern that GM's participation to that
degree would undermine a key objective of Delphi's reorganization
plan, which was for the company to disentangle itself from its
former parent and that such participation might also threaten the
execution of Delphi's portion of the business plan that
contemplated increased penetration of non-GM customers as a
result of no longer being a "GM captive."

Delphi, however, ignored those concerns by filing a motion under
Section 1142(b) of the Bankruptcy Code seeking an order, among
other things, that an exit financing that would provide for
additional funding by GM complies with the Plan and the EPCA.
Mr. Shore says that the Court denied the Motion and acknowledged
at the hearing that the US$2,000,000,000 in additional notes to GM
appeared to be outside the ordinary course of business, which is
precluded by paragraph 5(p)(ii) of the EPCA.  Mr. Shore adds that
changing the terms to have a GM subsidiary, GM Product Services,
Inc., to hold the Delphi-issued note, was still in violation of
the EPCA as (i) the GMPSI Proposal was, in reality, still an
agreement with GM, and provides for greater involvement and
control by GM, and (ii) Delphi obtained debt financing from
GMPSI, which was not a financial institution.

UBS seeks damages from Delphi arising from its breach of the
EPCA.  Other than Goldman Sachs, the Plan Investors want their
proportionate share from the US$82,500,000 Alternative Transaction
Fee.  Goldman Sachs seeks reimbursement of US$798,571 and Merrill
Lynch seeks an undisclosed amount for fees and expenses of
counsel in connection with investigating, negotiating, and
preparing to complete the transactions contemplated by the EPCA.

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


EL PASO: To Begin Pinauna Production in Late 2009
-------------------------------------------------
El Paso Corporation will start production in late 2009 the Pinauna
oil project in Brazil, Randy Woods at Business News Americas
reports, citing company president and CEO Doug Foshee at the
Lehman Brothers CEO Energy/Power Conference.

The report says that Pinauna, which is in the Camamu-Almada basin,
will produce 15,000-20,000boe/d net to El Paso when it hits its
peak and boasts a 59M-90Mboe total resource potential.

Citing Mr. Foshee, the report relates that the firm holds a 100%
working interest in Pinauna, which will be "far and away our
largest crude oil production worldwide."

Meanwhile, the report says El Paso is drilling 3-4 exploratory
wells in Brazil this year, including a dry hole and a second hole
in the Pinauna region that is nearing total depth.

El Paso, the report adds, is also planning to start production at
its Camarupim offshore natural gas field in the Espírito Santo
basin in the 2009 first quarter.

Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP)
-- http://www.elpaso.com/-- provides natural gas and related
energy products.  El Paso owns North America's largest
interstate natural gas pipeline system and one of North
America's largest independent natural gas producers.

El Paso's exploration and production business is focused on the
exploration for and the acquisition, development and production
of natural gas, oil and natural gas liquids in the United
States, Brazil and Egypt.  It operates in three business
segments: Pipelines, Exploration and Production and Marketing.
It also has a Power segment, which holds its remaining interests
in international power plants in Brazil, Asia and Central
America.  As of March 31, 2008, El Paso had US$12.7 billion of
total debt.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 7, 2008, Standard & Poor's Ratings Services revised the
outlook on El Paso Corp. to stable from positive.  At the same
time, S&P affirmed the ratings on the company and its
subsidiaries, including the 'BB' corporate credit rating.

The TCR-LA reported on May 27, 2008, that Fitch Ratings assigned a
rating of 'BB+' to El Paso's Corp.'s proposed issuance of
US$500 million in unsecured senior notes.  Proceeds from the
issuance will be used for general corporate purposes, including
the repayment of debt maturing during the remainder of 2008.  In
addition, El Paso intends to apply the net proceeds to reduce
outstanding borrowings under its revolving credit facility and
under the revolving credit facility of its El Paso Exploration &
Production Co. subsidiary.  Fitch said El Paso's Outlook remains
Stable.

At the same time, Moody's Investors Service affirmed the Ba3
corporate family (CFR) and probability of default ratings (PDR)
for El Paso Corporation (EP, the parent company), the Ba1 (LGD 2,
26%) secured credit facility rating, and the Baa3 rating for all
four of its majority-owned pipeline subsidiaries (El Paso Natural
Gas company, Southern Natural Gas, Tennessee Gas Pipeline Company,
and Colorado Interstate Gas Company).  Simultaneously, Moody's
assigned a Ba3 (LGD 4, 51%) rating to EP's proposed US$500
million notes offering while affirming the Ba3 (LGD 4, 51%)
ratings on the existing senior notes at the parent. The outlook
remains positive.


FORD MOTOR: August 2008 Vehicle Sales Drop 25.6% to 151,021
-----------------------------------------------------------
Ford Motor Company reported total vehicle sales for August 2008 at
151,021, down 25.6% from August last year's 203,001 vehicle sales.
Total August 2008 vehicle sales by brand, constituting Ford,
Lincoln, Mercury and Volvo, is 155,690 units, down 26.6% compared
to August last year's 212,120 vehicles.

Higher demand for the fuel-efficient Ford Focus and Ford Escape
continued in August, as consumers continued moving to smaller and
more fuel-efficient vehicles.

Ford Focus sales were up 23% and Escape sales were up 17% versus a
year ago, while the impact of a weak economy and lower demand for
large trucks and SUVs resulted in double-digit sales declines for
Ford and the auto industry.

"The Focus and Escape offer the features and fuel economy today's
consumer's want," said Jim Farley, Ford group vice president,
Marketing and Communications.

The 2009 Escape, with its new 2.5-liter four-cylinder engine and
six-speed transmission, delivers class-leading highway fuel
economy of 28 mpg -- matching the 2009 Toyota RAV4 and topping the
Honda CR-V.  The 2009 Escape Hybrid delivers 34 mpg in the city
and 31 mpg on the highway, making it the most fuel-efficient
utility vehicle available.

The 2009 Focus has similarly impressive fuel economy with an EPA
highway fuel economy of 35 mpg -- equal to the Toyota Corolla and
the smaller 2009 Honda Fit.

Overall, during August, Ford, Lincoln and Mercury vehicle sales
totaled 151,021, down 26%.  The decline primarily reflects lower
demand for SUVs (down 53%) and trucks (down 39%) and lower sales
to fleet customers (down 31%).

"We expect the second half of 2008 will be more challenging than
the first half, as weak economic conditions and the consumer
credit crunch continues," Mr. Farley said.

                    North American Production

Ford now plans to produce 890,000 vehicles in the second half of
2008 (420,000 vehicles in the third quarter and 470,000 vehicles
in the fourth quarter).

The second-half plan is 50,000 vehicles lower than the previous
plan (20,000 vehicles in the third quarter and 30,000 vehicles in
the fourth quarter).  The reduction primarily reflects lower sales
to daily rental companies, lower production associated with the
transfer of the Ford Expedition and Lincoln Navigator from
Michigan Truck Plant to Kentucky Truck Plant, and a downward
revision to the company's U.S. industry sales forecast (to the low
end of the previously provided range of 14.0 to 14.5 million).

                      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-Latin America on
Aug. 21, 2008, Standard & Poor's Ratings Services said its
ratings on Ford Motor Co. (B-/Negative/--) and related entities
are not affected by Ford's intention to use up to US$500 million
of new common equity issuance to make purchases of Ford Motor
Credit Co.'s debt.  Debt due before 2012 will be the focus of
the repurchases.  Any such purchases in the open market or in
private transactions will likely be at a discount from par,
given current prices.  S&P views such purchases as a modest
positive for Ford's consolidated credit quality.

The TCR-LA reported Aug. 6, 2008, that Fitch Ratings 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: Flint Okays Tax Incentives for Proposed Plant
-------------------------------------------------------------
Detroit Free Press reports that Flint City Council has approved
tax incentives to help persuade General Motors Corp. to build a
US$350 million engine plant.  The facility will build the gas
engine for the Chevrolet Volt range-extended electric car and the
Chevrolet Cruze compact car.  GM expects to operate it by 2010 in
line with a plan to begin selling the Cruze and the Volt by that
time.  The overall plan is dependent on GM and its partners
figuring out the battery technology, according to the report.

                    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.


GENERAL MOTORS: August Total Vehicle Sales Down 20% to 308,817
--------------------------------------------------------------
General Motors Corp. dealers in the United States delivered
308,817 vehicles in August, making it GM's best monthly total,
retail and fleet sales performance so far in 2008.  The strong
showing was spurred by GM's Employee Discount for Everyone sale in
celebration of GM's Centennial later this month.  In response to
ongoing customer and dealer demand, the sale is being extended
through Sept. 30, 2008 and a number of 2009 models are being added
due to dwindling 2008 inventories.

Compared with an exceptionally strong retail and fleet month last
year, August total sales were down 20%.  However, when compared
with July, 2008, total sales were up 31%, retail sales were up 32%
and fleet sales were up 29%.  Last August's sales performance was
influenced by significantly lower fuel prices and a 0% APR for 60
months offer on pickups.

Notably in August, Chevrolet Silverado, Avalanche and GMC Sierra
had their strongest total sales month since last August, with more
than 80,000 vehicles sold, as GM full-size pickups continue to
build market share calendar-year-to-date.  Silverado sales were up
69%, Avalanche was up 59% and Sierra sales increased 75% compared
with July, 2008.

Chevrolet Tahoe, Suburban and GMC Yukon full-size utilities had
their best performance of the year with total sales up 33%
compared with July with more than 22,000 vehicles sold.  Overall,
GM August truck sales (excluding crossovers) declined 25.6%
compared with a year ago.

"Our award-winning lineup of new products, combined with the GM
Employee Discount for Everyone sale that started August 20th,
helped drive additional showroom traffic and our dealers are
giving us some very enthusiastic feedback.  We had our best sales
month so far in 2008.  We're announcing the extension of the sale
through September 30, and we've added 19 additional 2009 models to
the eligible list of vehicles because our 2008 stock on dealer
lots is rapidly disappearing," Mark LaNeve, vice president, GM
North America Vehicle Sales, Service and Marketing, said.

"With the recent moderation in fuel prices, we're seeing some
relaxation of pent-up demand in pickups and utilities.  Our August
sales of these segment-leading trucks and utilities has been the
best in nearly a year and August marked the fourth consecutive
month that truck sales as a%age of GM and industry sales
increased. We also saw double-digit retail increases in our
crossovers compared with July," Mr. LaNeve added.  "We saw great
car retail performance in our launch products, including the
Chevrolet Malibu, Cadillac CTS, Pontiac Vibe and G8, and Saturn
Astra, and continued strong retail demand for our fuel efficient
Chevrolet Aveo and HHR."

Chevrolet retail car sales were up 18%, Pontiac retail car sales
increased 11% and Cadillac retail car sales were up 10% compared
with last August.

Cadillac CTS dominated the mid-car luxury category with retail
sales increasing 87% compared with the same month a year ago.

Saturn Astra monthly sales of more than 1,900 vehicles were the
best to date, and show a 28% increase compared with July 2008
(Astra was not available last August).

GM's popular midsized crossovers -- Buick Enclave, GMC Acadia and
Saturn Outlook -- together accounted for more than 14,600 vehicle
sales in the month, with a retail sales increase of 29% compared
with a year ago.

GM hybrid vehicles continue to gain in popularity in the
marketplace with 530 hybrid Chevrolet Tahoe, 267 GMC Yukon and 1
Cadillac Escalade 2-mode SUVs delivered.  There were 388 Chevrolet
Malibu, 26 Saturn Aura and 417 Vue hybrids sold in August. For the
month, a total of 1,629 hybrid vehicles were delivered, with 7,096
hybrids sold so far this year.

"Customers are responding to our six hybrid models -- vehicles
that provide industry-leading value, great fuel economy and the
best warranty coverage of any full-line automaker," Mr. LaNeve
added.  "We're working hard to change perceptions and gain
awareness of GM as the leader in advanced propulsion technology
and fuel efficiency."

GM has aggressively managed inventories to low levels.  In August,
only about 736,000 vehicles were in stock -- the lowest August
level since 1998 -- down about 209,000 vehicles (22%) compared
with last August.  There were about 256,000 cars and 480,000
trucks (including crossovers) in inventory at the end of August.

                       Certified Used Vehicles

August 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,238
vehicles, down 8% from August 2007.  Year-to-date sales are
339,375 vehicles, down 5% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted August sales of 35,168 vehicles, down 12% from a
strong August 2007 sales performance. Saturn Certified Pre-Owned
Vehicles sold 1,005 vehicles, down nearly 6%.  Cadillac Certified
Pre-Owned Vehicles sold 4,023 vehicles, up 27%.  Saab Certified
Pre-Owned Vehicles sold 791 vehicles, up 32%, and HUMMER Certified
Pre-Owned Vehicles sold 251 vehicles, up 130%.

"The Cadillac, Saab and HUMMER programs posted robust sales
increases in August, while GM Certified Used Vehicles continues to
lead the certified pre-owned segment in sales," Mr. LaNeve.  "The
launch this month of a new 12-month/12,000-mile bumper-to-bumper
warranty on all Saturn Certified Pre-Owned and GM Certified Used
Vehicles, effective September 13, will provide shoppers a range of
peace-of-mind assurances as strong as those provided by any
certified program in America."

            GM North America August 2008 Production

In August, GM North America produced 341,000 vehicles (158,000
cars and 183,000 trucks).  This is down 96,000 vehicles or 22%
compared with August 2007 when the region produced 437,000
vehicles (152,000 cars and 285,000 trucks).  (Production totals
include joint venture production of 18,000 vehicles in August 2008
and 21,000 vehicles in August 2007.)

The GM North America third-quarter production forecast is at
920,000 vehicles (443,000 cars and 477,000 trucks) which is down
about 10% compared with a year ago, due to production adjustments
in response to market changes that will reduce the number of
trucks produced by about 176,000 and increase the number of cars
by about 76,000.  GM North America built 1.020 million vehicles
(367,000 cars and 653,000 trucks) in the third-quarter of 2007.

The initial GM North America fourth-quarter production forecast is
875,000 vehicles (436,000 cars and 439,000 trucks) which is down
about 16% compared with a year ago.  GM North America built 1.042
million vehicles (358,000 cars and 684,000 trucks) in the fourth-
quarter of 2007.

                    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.

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.

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.



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

AENEAS SEPERATE: Holds Final Shareholders Meeting Today
-------------------------------------------------------
Aeneas Separate Account Ltd. will hold its final shareholders
meeting on Sept. 8, 2008, at 10:00 a.m., at the office of the
Liquidator, 2nd Floor, Boundary Hall, Cricket Square, Hutchins
Drive, George Town, 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 six years from the
       dissolution of the company, after which they may be
       destroyed.

Aeneas Separate'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:

                Richard Finlay
                c/o Conyers Dill & Pearman
                P.O. Box 2681
                Grand Cayman, Cayman Islands
                Tel: (345) 945-3901
                Fax: (345) 945-3902


CAYMAN ISLANDS CROSSROADS: Claims Filing Deadline Is Sept. 9
------------------------------------------------------------
Cayman Islands Crossroads International Ltd.'s creditors have
until Sept. 9, 2008, to prove their claims to David A.K. Walker
and J.I. Nicholas Freeland, 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.

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

The liquidators can be reached at:

               David A.K. Walker and J.I. Nicholas Freeland
               c/o PwC Corporate Finance & Recovery (Cayman)Ltd.
               P.O. Box 258
               PricewaterhouseCoopers Cayman Islands
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Prue Lawson
               Tel: (345) 914-8662
               Fax: (345) 945-4237


CROSSROADS II: Deadline for Proof of Claim Filing Is Sept. 9
------------------------------------------------------------
Crossroads II International Ltd.'s creditors have until Sept. 9,
2008, to prove their claims to David A.K. Walker and J.I. Nicholas
Freeland, 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.

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

The liquidators can be reached at:

               David A.K. Walker and J.I. Nicholas Freeland
               c/o PwC Corporate Finance & Recovery (Cayman)Ltd.
               P.O. Box 258
               PricewaterhouseCoopers Cayman Islands
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Prue Lawson
               Tel: (345) 914-8662
               Fax: (345) 945-4237


EDEN SEPARATE: Holding Final Shareholders Meeting Today
-------------------------------------------------------
Eden Separate Account Ltd. will hold its final shareholders
meeting on Sept. 8, 2008, at 10:00 a.m., at the office of the
Liquidator, 2nd Floor, Boundary Hall, Cricket Square, Hutchins
Drive, George Town, 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 six years from the
       dissolution of the company, after which they may be
       destroyed.

Eden Separate'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:

                Richard Finlay
                c/o Conyers Dill & Pearman
                P.O. Box 2681
                Grand Cayman, Cayman Islands
                Tel: (345) 945-3901
                Fax: (345) 945-3902


FDVG EQUITY: Holding Final Shareholders Meeting Today
-----------------------------------------------------
FDVG Equity Investments Ltd. will hold its final shareholders
meeting on Sept. 8, 2008, at 11:30 a.m., at Canon's Court, 22
Victoria Street, P.O. Box 1179, Hamilton,  Bermuda.

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.

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

The liquidators can be reached at:

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


FDVG LOW VOLATILITY: Holds Final Shareholders Meeting Today
-----------------------------------------------------------
FDVG Low Volatility Investments Ltd. will hold its final
shareholders meeting on Sept. 8, 2008, at 11:45 a.m., at Canon's
Court, 22 Victoria Street, P.O. Box 1179, Hamilton,  Bermuda.

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.

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

The liquidators can be reached at:

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


QSF SEPARATE: Is Holding Final Shareholders Meeting Today
---------------------------------------------------------
QSF Separate Account Ltd. will hold its final shareholders meeting
on Sept. 8, 2008, at 10:00 a.m., at the office of the
Liquidator, 2nd Floor, Boundary Hall, Cricket Square, Hutchins
Drive, George Town, 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 six years from the
       dissolution of the company, after which they may be
       destroyed.

QSF Separate'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:

                Richard Finlay
                c/o Conyers Dill & Pearman
                P.O. Box 2681
                Grand Cayman, Cayman Islands
                Tel: (345) 945-3901
                Fax: (345) 945-3902


SPARX SEPARATE: Holding Final Shareholders Meeting Today
--------------------------------------------------------
Sparx Separate Account Ltd. will hold its final shareholders
meeting on Sept. 8, 2008, at 10:00 a.m., at the office of the
Liquidator, 2nd Floor, Boundary Hall, Cricket Square, Hutchins
Drive, George Town, 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 six years from the
       dissolution of the company, after which they may be
       destroyed.

Sparx Separate'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:

                Richard Finlay
                c/o Conyers Dill & Pearman
                P.O. Box 2681
                Grand Cayman, Cayman Islands
                Tel: (345) 945-3901
                Fax: (345) 945-3902


STEPNEXUS HOLDINGS: Filing for Proof of Claim Is Until Sept. 9
--------------------------------------------------------------
Stepnexus Holdings' creditors have until Sept. 9, 2008, to prove
their claims to John Dukellis, 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.

Stepnexus Holdings' shareholders agreed on June 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:

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


TOPANGA INC: Holding Final Shareholders Meeting Today
-----------------------------------------------------
Topanga Inc. will hold its final shareholders meeting on Sept. 8,
2008, at 10:00 a.m., at the offices of Bank of America Securities
LLC, One Bryant Park Plaza, 3rd Floor, New York, NY USA.

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

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

The liquidator can be reached at:

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


TOPANGA II: IS Holding Final Shareholders Meeting Today
-------------------------------------------------------
Topanga II Inc. will hold its final shareholders meeting on
Sept. 8, 2008, at 10:00 a.m., at the offices of Bank of America
Securities LLC, One Bryant Park Plaza, 3rd Floor, New York, NY
USA.

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

Topanga II's shareholder decided on Aug. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


TOPANGA III: Holds Final Shareholders Meeting Today
---------------------------------------------------
Topanga III Inc. will hold its final shareholders meeting on
Sept. 8, 2008, at 10:00 a.m., at the offices of Bank of America
Securities LLC, One Bryant Park Plaza, 3rd Floor, New York, NY
USA.

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

Topanga III's shareholder decided on Aug. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


TOPANGA IV: Holding Final Shareholders Meeting Today
----------------------------------------------------
Topanga IV Inc. will hold its final shareholders meeting on
Sept. 8, 2008, at 10:00 a.m., at the offices of Bank of America
Securities LLC, One Bryant Park Plaza, 3rd Floor, New York, NY
USA.

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

Topanga IV's shareholder decided on Aug. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


TOPANGA V: Is Holding Final Shareholders Meeting Today
------------------------------------------------------
Topanga V Inc. will hold its final shareholders meeting on
Sept. 8, 2008, at 10:00 a.m., at the offices of Bank of America
Securities LLC, One Bryant Park Plaza, 3rd Floor, New York, NY
USA.

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

Topanga V's shareholder decided on Aug. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


TOPANGA VI: Holding Final Shareholders Meeting Today
----------------------------------------------------
Topanga VI Inc. will hold its final shareholders meeting on
Sept. 8, 2008, at 10:00 a.m., at the offices of Bank of America
Securities LLC, One Bryant Park Plaza, 3rd Floor, New York, NY
USA.

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

Topanga VI's shareholder decided on Aug. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


TOPANGA VII: Holds Final Shareholders Meeting Today
---------------------------------------------------
Topanga VII Inc. will hold its final shareholders meeting on
Sept. 8, 2008, at 10:00 a.m., at the offices of Bank of America
Securities LLC, One Bryant Park Plaza, 3rd Floor, New York, NY
USA.

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

Topanga VII's shareholder decided on Aug. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


TOPANGA VIII: Holding Final Shareholders Meeting Today
------------------------------------------------------
Topanga VIII Inc. will hold its final shareholders meeting on
Sept. 8, 2008, at 10:00 a.m., at the offices of Bank of America
Securities LLC, One Bryant Park Plaza, 3rd Floor, New York, NY
USA.

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

Topanga VIII's shareholder decided on Aug. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


TOPANGA X: Is Holding Final Shareholders Meeting Today
------------------------------------------------------
Topanga X Inc. will hold its final shareholders meeting on
Sept. 8, 2008, at 10:00 a.m., at the offices of Bank of America
Securities LLC, One Bryant Park Plaza, 3rd Floor, New York, NY
USA.

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

Topanga X's shareholder decided on Aug. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


TYCHE MULTI-STRATEGY: Proof of Claim Filing Deadline Is Sept. 9
---------------------------------------------------------------
Tyche Multi-Strategy Fund's creditors have until Sept. 9, 2008, to
prove their claims to David A.K. Walker and J.I. Nicholas
Freeland, 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.

Tyche Multi-Strategy's shareholder decided on July 29, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               David A.K. Walker and J.I. Nicholas Freeland
               c/o PwC Corporate Finance & Recovery (Cayman)Ltd.
               P.O. Box 258
               PricewaterhouseCoopers Cayman Islands
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Prue Lawson
               Tel: (345) 914-8662
               Fax: (345) 945-4237


VARDON SEPARATE: Holds Final Shareholders Meeting Today
---------------------------------------------------------
Vardon Separate Account Ltd. will hold its final shareholders
meeting on Sept. 8, 2008, at 10:00 a.m., at the office of the
Liquidator, 2nd Floor, Boundary Hall, Cricket Square, Hutchins
Drive, George Town, 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 six years from the
       dissolution of the company, after which they may be
       destroyed.

Vardon Separate'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:

                Richard Finlay
                c/o Conyers Dill & Pearman
                P.O. Box 2681
                Grand Cayman, Cayman Islands
                Tel: (345) 945-3901
                Fax: (345) 945-3902



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

AES CORP: Shuts Down Redondo Beach Unit
---------------------------------------
The AES Corp. has closed down its 480-megawatt Unit 8 at Redondo
Beach natural gas-fired power station in California for unplanned
reasons, Reuters reports, citing the California Independent System
Operator.

Reuters states that the station is in Redondo in Los Angeles
County, about 20 miles south of downtown Los Angeles.  Other units
at Redondo are available for service, the report states.

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
power company with operations in South America, Europe, Africa,
Asia, and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES has been in Eastern Europe for more than ten years since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004. The company has Latin America
operations in Argentina, Brazil, Chile, Dominican Republic, El
Salvador, and Panama.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, India,
Kazakhstan, Oman, Qatar, Pakistan and Sri Lanka.  Fuels include
coal, diesel, hydro, gas and oil. AES has been in the region
since 1994, when it acquired the Cili generation plant in China.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's Investors Service assigned a B1 rating to
The AES Corporation's proposed issuance of US$600 million senior
unsecured notes due 2020.  In addition, Moody's has affirmed the
ratings of AES, including the company's Corporate Family Rating
at B1, its Probability of Default Rating at B1, its senior
secured credit facilities at Ba1, its second priority senior
secured notes at Ba3, its senior unsecured notes at B1 and its
trust preferred securities at B3.  Moody's said the rating
outlook for AES is stable.

The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, AES Corporation was in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as stated in the credit agreements.  As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007.  There are no outstanding borrowings
under the senior unsecured facility.



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

* COLOMBIA: Fitch Affirms Foreign Currency ID Rating at BB/Stable
-----------------------------------------------------------------
Fitch Ratings affirmed Colombia's foreign currency sovereign
Issuer Default Rating at 'BB+' and the local currency Issuer
Default Rating at 'BBB-'.  The Rating Outlook remains Stable.  At
the same time, the agency maintained the sovereign's country
ceiling at 'BBB-', and affirmed the short-term IDR at 'B'.

Colombia's ratings are supported by its macroeconomic stability,
much-improved growth performance, as well as its disciplined
fiscal policies and deft liability management.  Nevertheless, a
less robust monetary and exchange rate policy framework as well as
relatively high fiscal and external solvency ratios represent
credit weaknesses.  Colombia also remains vulnerable to external
shocks due to limited trade integration, high commodity
dependence, and considerable trade exposure to Venezuela.

The 'Democratic Security' policy's success has benefited
consumption and investment confidence, which has fueled the
current growth cycle.  The country's investment rate increased to
23% of GDP from 13% of GDP in 1999, underpinning the higher growth
potential of the economy.  Colombia's GDP growth reached 8.2% in
2007, and the country's five-year growth average of 6% is in line
with the peer median.

In recent years, fiscal performance has improved in tandem with
economic growth, efficiency gains in tax collection, and restraint
in discretionary spending.  At the same time, the composition of
government debt has improved with local currency debt representing
69% of the total, reducing the vulnerability of public debt
dynamics to exchange rate volatility.

Nevertheless, 'Colombia's central government deficit, at 3.2% of
GDP in 2007, is structural in nature due to high budgetary
rigidity, which limits further fiscal consolidation, and hence,
faster debt reduction,' said Erich Arispe, Associate Director in
Fitch's Sovereign Group.  Interest payments, transfers to local
and regional governments, and pensions represented 73% of central
government revenues in 2007.  In addition, while general
government debt continued declining from the peak of 58.4% of GDP
in 2002 to 45.3% in 2007, it remains above the 'BB' median of
33.8%. 'In the absence of automatic expenditure adjustment
mechanisms for low-growth years, Colombia needs to sustain higher
growth rates to ensure fiscal sustainability,' added Mr. Arispe.

Although external solvency indicators have improved in recent
years, they remain higher than peer medians.  For example, the
public sector remains a net external debtor at 18.8% of current
external receipts, while most 'BB' peers and 'low investment
grade' commodity exporters are net public external creditors.  In
addition, export growth and further improvement in external
solvency ratios could potentially be hit by a sharp decline in
commodity prices as well as a correction in Venezuela's economy,
as 30% of the country's manufacturing exports were destined for
its Andean neighbor in 2007.

While macroeconomic stability is entrenched, signs of weakening
monetary and exchange rate policy are emerging.  The average
inflation rate in Colombia is forecasted to reach 6% in 2008,
which is below the 7.2% for the 'BB' median.  Nevertheless,
progressive tightening of capital controls as well as the
perception that the central bank is pursuing multiple objectives
has led to greater exchange rate volatility and hurt inflation
expectations in recent months.

Further strengthening of monetary and exchange rate policy
framework, a sustained reduction in fiscal and external debt
burden, as well as continued higher growth trajectory would be
viewed positively.  In addition, further institutionalization of
the country's trade links, for example through the passage of the
FTA with the United States, would also bode well for future
foreign direct investment and further diversification of the
country's export base.



==================
C O S T A  R I C A
==================

HILTON HOTELS: Inks Management Pact With Hoteles Aeropuerto
-----------------------------------------------------------
Hilton Hotels Corporation, under a wholly owned subsidiary of the
company, has signed a multi-year management agreement with Hoteles
Aeropuerto H.A.L., S.R.L., a partnership of Enjoy Group and DWL,
for the first Hilton Garden Inn property in Central America.

The Hilton Garden Inn Liberia Airport located in Liberia,
Guanacaste, Costa Rica, was originally signed as a franchise
agreement last year and represents an extension of the
relationship with the owners to include Hilton as a management
company. The hotel is scheduled for completion in Fall 2008 and
will be the fifth Hilton Family hotel in the country.

?This newest addition to our portfolio supports Hilton?s
commitment to grow its family of hotels throughout Latin America,?
commented Danny Hughes, senior vice president, Caribbean, Mexico,
and Latin America, for Hilton Hotels Corporation.  ?Costa Rica
continues to experience tremendous growth with a need for mid-
priced quality accommodations.  We look forward to meeting this
demand and welcoming business and leisure travelers to the
first Hilton Garden Inn in the country.?

Located in close proximity to the Liberia International Airport ?
the gateway to Guanacaste, Costa Rica - the hotel will feature 169
guest rooms including 10 suites boasting the Garden Sleep
System(R) bed, Mirra(R) chair by Herman Miller, high definition
television, clock that allows guests to play their MP3 or portable
CD player, a spacious work desk, air conditioning and a
?hospitality center? that features a microwave, mini refrigerator
and coffee maker.  The hotel will offer signature Hilton Garden
Inn brand attributes including complimentary Wi-Fi, 24-hour
business center, a full service restaurant, evening room service,
the ?Pavilion? lobby which features a comfortable living room area
and the Pavilion Pantry(R) shop offering a selection of delicious
ready made meals, beverages and snacks.  Travelers to the Hilton
Garden Inn Liberia Airport will also enjoy flexible meeting
spaces, a complimentary workout facility and swimming pool, 170
on-site parking spaces, and complimentary airport shuttle.

?We look forward to bringing our upscale mid-priced brand to Costa
Rica with the Hilton Garden Inn Liberia Airport.  This new
property signifies our brand?s continued growth in new regions
where we have the opportunity to introduce Hilton Garden Inn and
our key brand attributes like complimentary Wi-Fi, 24-hour
business center, the Garden Sleep System bed and Mirra chair by
Herman Miller, to both business and leisure travelers in Central
America,? said Adrian Kurre, senior vice president ? brand
management, Hilton Garden Inn.

The Hilton Garden Inn Liberia Airport will form part of the
Solarium Technology Park, the most important mixed-use development
in the area, and an ideal starting point to explore the eco-
tourism infrastructure in the province of Guanacaste.  With an
area of 6,933 square miles, Guanacaste, Costa Rica, is home to a
world of natural surroundings, including pristine beaches,
national parks and wildlife refuges, coral reefs, deciduous and
tropical forests, and volcanoes.  For the active at heart,
Guanacaste is perfect for fishing, diving, biking, hiking, and
more.

?We are confident that the launch of our new mid-market Hilton
Garden Inn Liberia Airport will complement the growing demand of
corporate and leisure travelers seeking quality accommodations in
Central America.  We are delighted to be working with Hilton once
again as we introduce this exciting brand into Costa Rica,? said
Javier Pacheco, operations and marketing director for Enjoy Group.

With Hoteles Aeropuerto H.A.L., S.R.L., Enjoy Group is extending
its relationship with the Hilton Family of Hotels.  Enjoy Group is
also a partner in the Hilton Papagayo Resort Costa Rica and the
Doubletree Resort by Hilton Puntarenas which opened in January
2008.

                    About Hilton Central America

Hilton Hotels Corporation currently owns, manages, or franchises
seven hotels in Central America, including Hilton full-service
hotels in Guanacaste, Costa Rica; San Pedro Sula, Honduras;
Managua, Nicaragua; San Salvador, El Salvador; Doubletree by
Hilton full-service properties in Puntarenas and San Jose Costa
Rica; and a Hampton Inn & Suites hotel in San Jose, Costa Rica.

                       About Hilton Garden Inn

Hilton Garden Inn -- http://www.HGI.com/-- is the award-winning,
mid-priced brand which is part of Hilton Hotels Corporation.
Hilton Garden Inn continually strives to ensure today?s busy
travelers have everything they need to be most productive on the
road ? from complimentary wired and Wi-Fi Internet access in all
guestrooms and PrintSpots(TM) mobile printing to the hotel?s
complimentary 24-hour business center to one of the most
comfortable beds with the Garden Sleep System(R). So whether on
the road for personal or business reasons, Hilton Garden Inn
offers the amenities and services for travelers to sleep deep,
stay fit, eat well and work smart.

                        About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                         *     *     *

In October 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.



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

* DOMINICAN REPUBLIC: S&P's Neg. Outlook Shows Widening Deficits
----------------------------------------------------------------
The rating on the Dominican Republic reflects the country's weak
institutions and poor governance that can undermine macroeconomic
stability; monetary constraints because of the large quasi-fiscal
deficits of the central bank; and poor external liquidity as a
result of growing current account deficit and falling net
international reserves.  The ratings are supported by the
country's solid growth prospects, with an annual per-capita GDP
growth rate of more than 3% (although it is expected to fall below
potential in 2008-09); and high levels of foreign direct
investment that support growth prospects and partially mitigate
its poor external liquidity.

In July 2008, the government announced a package of fiscal
measures to address imbalances that had been growing in the first
half of 2008.  A combination of increased government spending and
higher fuel prices has led to widening fiscal and current account
deficits and a concomitant erosion of external liquidity.  Net
international reserves fell to nearly US$1.2 billion as at July
31, 2008, from more than US$1.6 billion at year-end 2007.  The
central bank has significantly tightened monetary policy to reduce
demand and control inflation since April 2008.

Standard & Poor's Ratings Services expects that the fiscal
measures announced in July 2008 -- including controls on spending
-- could, if successfully implemented, reduce the overall fiscal
deficit to about 4% of GDP in 2008 and perhaps 3.4% in 2009 versus
a projected 6% deficit in 2008 without corrective fiscal measures.
Similarly, the current account deficit could reach 7% of GDP this
year versus a projected 8.5% deficit without corrective measures.

Implementation of austerity measures could help stabilize
international reserves at roughly their current levels throughout
the rest of 2008.  Although these policies should reduce external
vulnerabilities, the economy will slow markedly in the second half
of 2008 and in 2009, increasing economic uncertainty.

S&P placed the rating on CreditWatch with negative implications
on Feb. 8, 2008 because of uncertainty concerning the payment and
legality of government promissory notes due between March and July
2008.  The outstanding promissory notes, part of a series totaling
US$130 million issued over the course of 2006 to SunLand Corp. and
subsequently sold to nonresident investors, fell into arrears in
September 2007.  The arrears were cleared by early 2008, and a
local bank bought the notes in February 2008.

Subsequently, the notes that matured during the course of 2008
have been fully paid, based on information currently available to
S&P.  Hence, the rating agency believes the remaining notes are
likely to be fully paid, and therefore removed the rating from
CreditWatch on July 18, 2008.  Nevertheless, this matter
highlights the Dominican Republic's institutional weakness, which
is a significant rating constraint.

                            Outlook

The negative outlook reflects the Dominican Republic's widening
fiscal and current account deficits, which have led to increased
debt and declining international reserves, resulting in
diminishing external liquidity.  It also reflects the growing risk
that lower external liquidity and rising macroeconomic strain
could hurt creditworthiness.

Failure to stabilize the economy and reverse the deterioration in
external liquidity could lead to lower credit quality.  If the
government's measures announced in 2008 are insufficient or if
economic performance declines more than expected, the sovereign's
creditworthiness could be negatively affected.  On the other hand,
successful implementation of policies that lower fiscal and
external vulnerabilities but do not lead to a hard landing of the
economy could result in a reversion of the outlook to stable.



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

BRITISH AIRWAYS: Strong Dollar Offset Oil Price Drop Benefit
------------------------------------------------------------
In August 2008, British Airways Plc's passenger capacity, measured
in Available Seat Kilometers, was 1.9% above August 2007.

Traffic, measured in Revenue-Passenger-Kilometers, fell by 1.6%.
This resulted in a passenger load factor decrease of 2.7 points
versus last year, to 77.3%.  Traffic comprised a 2.2% increase in
premium traffic and a 2.1% fall in non-premium traffic.

Cargo, measured in Cargo Ton Kilometers, rose by 1.1%.

                          Market conditions

Market conditions for the industry remain very difficult, with the
strong dollar largely offsetting the benefit of the recent fall in
oil prices.  The outlook for premium bookings is uncertain as
forward booking patterns for business travel develop after the
summer break.

                       Strategic Developments

British Airways, American Airlines and Iberia signed a joint
business agreement on flights between North America and Europe and
plan to expand their global cooperation.  The relationship will
benefit consumers by providing easy, seamless and convenient
travel to more global destinations with better connections,
improved flight schedules and enhanced frequent flyer benefits.

Shannon Airport was announced as the re-fueling stop for British
Airways' planned business-class only flights from London City to
New York.  During the stop customers will be allowed to complete
USA arrivals checks, meaning they will by-pass the normal arrivals
checks when they land in New York.  The airline plans to launch
twice-daily business class flights between London City and New
York.  It is expected the new service will launch in autumn 2009.

Team GB flew home with British Airways from Beijing to a heroes'
welcome.

British Airways was voted Best Transatlantic Airline by air
travelers in this year's Skytrax survey.

British Airways celebrated GBP25 million raised since the 'Change
for Good' partnership between the airline and UNICEF began in
1994.


                      About British Airways

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

                          *     *     *

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



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

DISTRIBUTED ENERGY: Northern Power Unit Will Keep Workers
---------------------------------------------------------
Mel Huff at Times Argus reports that Northern Power Systems, Inc.,
will keep its 91 employees, after the company was sold by
Distribution Energy Systems Corp. to CB Wind Acquisition Corp.

As reported in the Troubled Company Reporter on Aug. 28, 2008,
Distribution Energy completed the sale of substantially all of the
assets of Northern Power to CB Wind for US$12,900,000.  CB Wind
has changed its corporate name to Northern Power Systems, Inc.,
according to Times Argus.  The report adds that the sale brought
Northern Power out of Chapter 11 protection.

"They wanted to keep the entire team, including the management,
together.  We have a really large demand that we're trying to
(meet).  We've really just been capital-challenged.  Now that we
have a good financial partner, we expect to be able to grow our
staff," Times Argus quoted Northern Power Systems' Marketing
Director Maureen McCracken as saying.

Northern Power designed and built a variety of power generation
systems in the past, but "in the last 12 to 18 months, we've
developed a laser focus on wind. This is where we expect to
continue to grow" as "there's an excellent market for wind
turbines in general, and there's great demand for our Northwind
100," Times Argus relates, citing Ms. McCracken.

Based in Wallingford, Connecticut, Distributed Energy Systems
(Nasdaq: DESC) -- http://www.distributed-energy.com/-- through
its subsidiaries, engages in the design, development, manufacture,
and sale of on-site hydrogen gas delivery systems worldwide.  It
has operations in Mexico.

Distributed Energy Systems Corp. and its wholly owned subsidiary,
Northern Power systems Inc., filed for Chapter 11 bankruptcy
protection on May 4, 2008 (Bankr. D. Del. Lead Case No. 08-11101).
Robert S. Brady, Esq., and Robert F. Poppiti, Jr., at Young,
Conaway, Stargatt & Taylor represent the Debtors in their
restructuring efforts.  The Debtors selected Epiq Bankruptcy
Solutions LLC as their claims agent.  The U.S. Trustee for Region
3 appointed three creditors to serve on an Official Committee of
Unsecured Creditors.  Schuyler G. Carroll, Esq., Robert M. Hirsh,
Esq. , and Karen McKinley, Esq., at Arent Fox LLP, in New York,
and John V. Fiorella, Esq., Charles C. Brown, III, Esq., and "J"
Jackson Shrum, Esq., at Archer & Greiner, P.C., in Wilmington,
Delaware, represent the Committee.  The Debtors disclosed in its
schedules, assets of US$19,593,387 and debts of US$43,558,713.


KEY ENERGY: Unit Bags US$68MM Specialized Services Deal for PEMEX
-----------------------------------------------------------------
Key Energy Services Inc.'s Mexican subsidiary, Key Energy
Services de Mexico S. de R.L. de C.V. has been awarded a 24-month
contract valued at US$68 million by Petroleos Mexicanos a.k.a.
Pemex to provide field production solutions and well workover
products and services.  The new project will cover Pemex's North
Region assets and will initially focus on oil wells in the Poza
Rica-Altamira and Cerro Azul assets.  Under the terms of the
contract, Key will initially provide four well service rigs
outfitted with its proprietary KeyView system and will install
five KeyView systems on Pemex-owned well service rigs.  The
contract grants Pemex the option to call for additional rigs and
KeyView systems in the future.  This work is in addition to the
US$46 million Pemex contract awarded to Key in early 2007.  Key
currently has nine rigs working for Pemex.

Key Energy's Chairperson and Chief Executive Officer, Dick Alario
stated, "We are proud of the working relationship we have
established with Pemex over the last 18 months and look forward to
providing even more well workover services to Pemex.  Our work in
Mexico demonstrates Key's ongoing commitment to quality and
safety, as well as our determination to provide Pemex with the
most technologically advanced well service solutions available to
the industry."

Mr. Alario continued, "We are in discussions with other
international operators about our proprietary KeyView(R) system
and believe that our technology, combined with our workover
expertise, is of great value to international operators like
Pemex."

Key Energy Services, Inc. (NYSE: KEG) is the world's largest
rig-based well service company.  The company provides oilfield
services including well servicing, pressure pumping, fishing and
rental tools, electric wireline and other oilfield services.
The company has operations in all major onshore oil and gas
producing regions of the continental United States and
internationally in Argentina and Mexico.

                         *     *     *

As reported in the Troubled Company Reporter on July 7, 2008,
Standard & Poor's Ratings Services raised its corporate credit
rating on oilfield services provider Key Energy Services Inc. to
'BB-' from 'B+'.  At the same time, S&P raised the issue-level
rating on the company's senior unsecured notes to 'BB-' from 'B+'.
S&P's outlook is positive.


MERIDIAN AUTOMOTIVE: Delaware Court Closes Chapter 11 Cases Anew
----------------------------------------------------------------
Chief Bankruptcy Judge Mary F. Walrath of the U.S. Bankruptcy
Court for the District of Delaware has approved a request by
Meridian Automotive Systems-Composites Operations, Inc., and its
affiliates to close their Chapter 11 cases.

A minutes of the hearing held on July 29, 2008, before Judge
Walrath indicated that the request to close the Debtors'
bankruptcy cases has been approved pending a written court order
under a certification to be filed by the Debtors' counsel.

The Court previously entered a final decree order in October 2007
closing the Reorganized Debtors' Chapter 11 cases.  In December
2007, the bankruptcy cases were re-opened solely to allow the
Court to consider the settlement agreement entered into by the
Reorganized Debtors and Plastech Engineered Products, Inc.

Robert S. Bradey, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, asserted that it is rightful to close the
Reorganized Debtors' Chapter 11 cases since:

   (a) the Reorganized Debtors' estates have been fully
       administered and substantially consummated;

   (b) the Confirmation Order has become final and the Effective
       Date of the Plan has occurred;

   (c) there are no deposit requirements in the Plan;

   (d) the property required to be transferred under the Plan has
       been transferred and the Reorganized Debtors have assumed
       the management of the property dealt with by the Plan;

   (e) distributions to be made pursuant to the Plan will be made
       by the litigation trust in accordance with the terms of
       the Litigation Trust Agreement;

   (f) the Debtors have no remaining motions, contested matters
       or adversary proceedings by or against them pending before
       the Court; and

   (g) all expenses arising from the administration of the
       Debtors' estates, including court fees, U.S. Trustee fees,
       professional fees, and expenses, have been paid.

Mr. Bradey relates that Plastech has withdrawn its certification
of counsel in support of entry of a vacatur order.  Plastech is
currently undergoing bankruptcy proceedings before the U.S.
Eastern District of Michigan (Detroit), Southern Division.  In
addition, the Reorganized Debtors have paid Sherwin Williams
Company's administrative claim, which was filed in March 2008.

The Debtors asked the Court to enter a final decree closing their
Chapter 11 cases pursuant to Section 350 of the Bankruptcy Code
and Rule 3022 of the Federal Rules of Bankruptcy Procedures:

   Case No.   Debtor Entity
   --------   -------------
   05-11168   Meridian Automotive
              Systems-Composites Operations, Inc.

   05-11169   Meridian Automotive Systems, Inc.

   05-11170   Meridian Automotive
              Systems-Angola Operations, Inc.

   05-11171   Meridian Automotive
              Systems-Construction, Inc.

   05-11172   Meridian Automotive
              Systems-Detroit Operations, Inc.

   05-11173   Meridian Automotive
              Systems-Grand Rapids Operation Inc.

   05-11174   Meridian Automotive
              Systems-Heavy Truck Operations Inc.

   05-11175   Meridian Automotive
              Systems-Shreveport Operations, Inc.

   05-11176   Meridian Automotive
              Systems-Mexico Operations, LLC

The Kansas City Business Journal reported in July 2008 that
Meridian Automotive Systems, Inc., was scaling back operations,
including at its Kansas City, Kansas, plant, and expects to lay
off employees in eight phases, which began July 3, 2008, and would
end October 3, 2008.  Shelly MacDonald, adult services coordinator
at the Kansas Department of Commerce, told the newspaper agency
that Meridian didn't specifically state whether it would shut down
the Kansas City plant.  However, Meridian explained in a state
filing that the layoffs were due to "severe production cuts by
customers, particularly Ford Motor Co.," the report said.
Meridian is one of Ford's largest suppliers of bumpers for trucks
and SUVs, according to the report.  Ford has cut production of
many of these vehicles as consumers flock to smaller, more fuel-
efficient vehicles, the report said.

                About Meridian Automotive Systems

Headquartered in Dearborn, Mich., Meridian Automotive Systems
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers.  Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers.

The Company and its debtor-affiliates filed for chapter 11
protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168
through 05-11176).  James F. Conlan, Esq., Larry J. Nyhan, Esq.,
Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley Austin
Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton,
Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at
Young Conaway Stargatt & Taylor, LLP, represent the Debtors in
their restructuring efforts.  Eric E. Sagerman, Esq., at Winston &
Strawn LLP represents the Official Committee of Unsecured
Creditors.  The Committee also hired Ian Connor Bifferato, Esq.,
at Bifferato, Gentilotti, Biden & Balick, P.A., to prosecute an
adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens.  When the Debtors
filed for protection from their creditors, they listed US$530
million in total assets and approximately US$815 million in total
liabilities.

The Hon. Mary Walrath confirmed Meridian's Revised Fourth Amended
Reorganization Plan on Dec. 6, 2006.  The company emerged from
chapter 11 protection on Dec. 29, 2006.  The Plan established The
Meridian Automotive Systems, Inc., Litigation Trust, which would
pursue claims and causes of action on behalf of the estate.  Ocean
Ridge Capital Advisors, LLC, was named litigation trustee.
(Meridian Bankruptcy News, Issue No. 63; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


MERIDIAN AUTOMOTIVE: Michigan Court Nixes Lorro's US$32 Mil. Claim
------------------------------------------------------------------
Judge Marci McIvor of the U.S. Bankruptcy Court for the Eastern
District of Michigan dismissed a complaint filed by Mark H.
Shapiro, Chapter 7 trustee  for Lorro, Inc., against Meridian
Automotive Systems (Delaware), Inc.

Meridian, in 1998, acquired a 49% equity interest in Lorro.
Meridian assisted Lorro in supplying parts to automotive
manufacturers and other auto suppliers.  Lorro entered into
purchase orders and other contracts with customers, and Meridian
shipped the parts directly to the customers.  The customers paid
Lorro for the parts, and Lorro, after retaining a profit mark-up,
paid Meridian for the parts.  Meridian filed for Chapter 11
bankruptcy in the U.S. Bankruptcy Court for the District of
Delaware on April 26, 2005.  In December 2006, the Delaware Court
confirmed Meridian's plan of reorganization.

While Meridian was in bankruptcy, Lorro paid US$32,742,785 to
Meridian for the auto parts.  Lorro filed a Chapter 7 bankruptcy
in the Michigan Court on April 28, 2006.  Lorro's bankruptcy
Schedules of Assets and Liabilities listed Meridian as a party to
previous litigation with Lorro, and as a creditor of Lorro.  In
September 2006, Meridian filed a US$10,930,535 claim in Lorro's
bankruptcy.

In April 2008, Lorro filed the adversary proceeding against
Meridian seeking the recovery of the US$32,742,785 Lorro paid to
Meridian between June 1, 2005, and April 28, 2006.  The
transfers, according to Lorro, were made prior to the February
12, 2007 administrative claims bar date in Meridian's case, and
the entry of the confirmation order of Meridian's Plan.

Meridian contended that Lorro's complaint should be dismissed
because the US$32 million claims are administrative expenses,
which
are barred, discharged and enjoined by the express terms of
Meridian's confirmed Plan.

Judge McIvor determined that Lorro's causes of action are
administrative expense claims in Meridian's bankruptcy.  However,
Judge McIvor dismissed Lorro's complaint because the claims and
causes of action was untimely filed.

According to Judge McIvor, Lorro was well aware of Meridian's
bankruptcy proceeding, thus it could have asserted the claims
before the confirmation of Meridian's Plan.

                         About Lorro Inc.

Lorro, Inc. specialized in the design, engineering, program
management, manufacturing, and management of sub-suppliers for
automotive and non-automotive systems. It was a minority-owned
supplier of energy-absorbing plastic foam products for automotive
bumpers.

Lorro filed for chapter 7 liquidation before the U.S. Bankruptcy
Court for the Eastern District of Michigan on April 28, 2008.
Randolph Wright, Esq., a partner with Berry Moorman P.C.,
represented the Debtor.

According to a May 2006 article from Automotive News, Lorro
supplied General Motors Corp., Ford Motor Co. and the Chrysler
group, and billed itself as the world's largest supplier of
energy-absorbing foam.  It sold nearly all of its manufacturing
assets and a large ownership stake in the company in 1998 to
Meridian Automotive Systems.

                About Meridian Automotive Systems

Headquartered in Dearborn, Mich., Meridian Automotive Systems
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers.  Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers.

The Company and its debtor-affiliates filed for chapter 11
protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168
through 05-11176).  James F. Conlan, Esq., Larry J. Nyhan, Esq.,
Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley Austin
Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton,
Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at
Young Conaway Stargatt & Taylor, LLP, represent the Debtors in
their restructuring efforts.  Eric E. Sagerman, Esq., at Winston &
Strawn LLP represents the Official Committee of Unsecured
Creditors.  The Committee also hired Ian Connor Bifferato, Esq.,
at Bifferato, Gentilotti, Biden & Balick, P.A., to prosecute an
adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens.  When the Debtors
filed for protection from their creditors, they listed US$530
million in total assets and approximately US$815 million in total
liabilities.

The Hon. Mary Walrath confirmed Meridian's Revised Fourth Amended
Reorganization Plan on Dec. 6, 2006.  The company emerged from
chapter 11 protection on Dec. 29, 2006.  The Plan established The
Meridian Automotive Systems, Inc., Litigation Trust, which would
pursue claims and causes of action on behalf of the estate.  Ocean
Ridge Capital Advisors, LLC, was named litigation trustee.
(Meridian Bankruptcy News, Issue No. 63; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


MERIDIAN AUTOMOTIVE: Second Quarter 2008 Post-Confirmation Report
-----------------------------------------------------------------
The Meridian Automotive Systems, Inc., Litigation Trust, through
Ocean Ridge Capital Advisors, LLC, as litigation trustee,
delivered to the U.S. Bankruptcy Court for the District of
Delaware a post-confirmation disbursement report for the quarter
ending June 30, 2008.

                     MAS Litigation Trust
            Quarterly Receipts/Disbursement Report
                 Quarter Ended June 30, 2008

   Litigation Trust Assets
      General Trust Account
      Additional Funding Accounts                     US$274,836
      Undeliverable Cash Trust Account                         0
      Other property                                           0
   Actions:                                                    0
      Potential Avoidance Actions                              0
      Additional Preference Actions                       82,403
      Potential Reserved Actions                               0
                                                      ----------
      Total Litigation Trust Assets at 06/30/08       US$357,239
                                                      ==========

   Litigation Trust Assets Received
   General Trust Account
      Wilmington Trust Company, Interest Income         US$3,595
      Settlements with Defendants                      5,020,694
                                                      ----------
      Total Litigation Trust Assets Received           5,024,290
                                                      ==========

   Litigation Trust Assets Disbursed
   General Trust Account
      Barlit Beck Herman Palenchar & Scott LLP fees      324,357
      Digital Legal fees                                  37,566
      First Advantage fees                                 4,900
      Halperin Battaglia Raicht, LLP fees                 84,372
      Irish Data Services fees                            37,902
      LECG, LLC fees                                      42,840
      Meridian Automotive Systems, Inc. loan           1,972,253
      Ocean Ridge Capital Advisors, LLC fees              23,779
                                                      ----------
      Total Litigation Trust Assets Disbursed       US$2,527,969
                                                      ==========

                     MAS Litigation Trust
                      At June 30, 2008

   Litigation Trust Assets
   Trust Accounts:
      General Trust Account                         US$2,771,157
      Additional Funding Accounts                              0
      Undeliverable Cash Trust Account                         0
      Other property                                           0
   Actions:
      Potential Avoidance Actions
        LTA Actions                                    9,024,093
        Additional Preference Action                      37,800
      Potential Reserved Actions                               0
                                                      ----------
      Total Litigation Trust Assets at 06/30/08    US$11,833,050
                                                      ==========

   Litigation Trust Liabilities
   Loans:
      Initial Funding Loan                                  US$0
   Bills received/not paid:
      Bartlit Beck Herman Palenchar & Scott LLP fees     205,093
      Halperin Battaglia Raicht, LLP fees                 21,195
      LECG                                                 3,090
      Ocean Ridge Capital Advisors, LLC fees               6,859
                                                      ----------
   Total Litigation Trust Liabilities at 06/30/08     US$236,237
                                                      ==========

                About Meridian Automotive Systems

Headquartered in Dearborn, Mich., Meridian Automotive Systems
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers.  Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers.

The Company and its debtor-affiliates filed for chapter 11
protection on April 26, 2005 (Bankr. D. Del. Case Nos. 05-11168
through 05-11176).  James F. Conlan, Esq., Larry J. Nyhan, Esq.,
Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley Austin
Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton,
Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at
Young Conaway Stargatt & Taylor, LLP, represent the Debtors in
their restructuring efforts.  Eric E. Sagerman, Esq., at Winston &
Strawn LLP represents the Official Committee of Unsecured
Creditors.  The Committee also hired Ian Connor Bifferato, Esq.,
at Bifferato, Gentilotti, Biden & Balick, P.A., to prosecute an
adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens.  When the Debtors
filed for protection from their creditors, they listed US$530
million in total assets and approximately US$815 million in total
liabilities.

The Hon. Mary Walrath confirmed Meridian's Revised Fourth Amended
Reorganization Plan on Dec. 6, 2006.  The company emerged from
chapter 11 protection on Dec. 29, 2006.  The Plan established The
Meridian Automotive Systems, Inc., Litigation Trust, which would
pursue claims and causes of action on behalf of the estate.  Ocean
Ridge Capital Advisors, LLC, was named litigation trustee.
(Meridian Bankruptcy News, Issue No. 63; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


POWERMATE CORP: Committee Sues Sun Capital for Fraudulent Transfer
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Powermate Corp.
sued Sun Capital Partners alleging fraudulent transfer and breach
of fiduciary duty, William Rochelle of Bloomberg News relates.

The Committee alleged that Sun Capital caused Powermate to
distribute US$20 million dividend, according to the report.  On
Aug. 29, 2008, the Committee related to the U.S. Bankruptcy Court
in Delaware that the Debtor used US$15 million in secured loan
from a Sun Capital affiliate to pay the dividend, Mr. Rochelle
notes.

The Committee also asserted that Sun Capital made "low margin"
sales to Home Depot Inc. and Lowe's Cos. in order to sell
Powermate, Mr. Rochelle notes.  That process drained away working
capital, based on the report.  As a result, Powermate made another
US$10 million loan to address its liquidity problems, Mr. Rochelle
adds.

The loans from Sun Capital must either be "recharacterized as
equity" or "equitably subordinated" to other loans, the Committee
pressed, Mr. Rochelle reports.  The Committee demands recovery of
the dividend and knock out Sun Capital's secured liens.  According
to the Committee, as of the bankruptcy filing, the Debtor owes Sun
Capital US$28 million and suppliers US$45 million.

Mr. Rochelle notes that six companies controlled by Sun Capital
filed for chapter 11 protection this year.

                          About Powermate

Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, and pressure washers.
Powermate Holding Corp. is the parent of Powermate Corp.  In
turn, Powermate Corp. owns 100% of Powermate International Inc.
Powermate Corp. operates the companys assets located in the
United States. Powermate International has sales employees in
Hong Kong and the Philippines.  Powermate Holding has no
employees or operations.  Sun Capital Partners bought 95% of
Powermate in 2004.

Powermate Holding has two other non-debtor subsidiaries,
Powermate Canadian Corp., located in Canada and Powermate S. de
R.L. de C.V., which is domiciled in Mexico.

The three companies filed for chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498).  Kenneth J. Enos,
Esq.. and Michael R. Nestor, Esq., at Young, Conaway, Stargatt &
Taylor, represent the Debtors.  The Official Committee of
Unsecured Creditors, which has seven creditor members, is
represented by Monika J. Machen, Esq., at Sonnenschein Nath
Rosenthal LLP.

On May 23, 2008, the Debtors' summary of schedules posted total
assets of US$60,139,442 and total debts of US$85,700,759.



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

CABLE & WIRELESS: Assessing Damage by Hurricane Gustav in Cayman
----------------------------------------------------------------
Cayman Net News reports that Cable & Wireless PLC's Grand Cayman
unit is assisting teams in assessing damage caused by Hurricane
Gustav in Cayman Brac and Little Cayman.

According to Cayman Net, Cable & Wireless said its
telecommunication systems kept the people of the Cayman Islands
connected throughout the storm, but the firm admitted that some
customers have experienced intermittent landline service due to
downed utility poles that support some of the telecommunications
transmission and distribution cables, and the loss of power in
Cayman Brac and Little Cayman.

Cable & Wireless said that a couple of smaller cell sites were
affected by lengthy power outages, Cayman Net notes.  Larger cell
sites with additional standby power continued operating so that
mobile clients on the islands had mobile service throughout the
event, the report says.

Cayman Net quoted Cable & Wireless Caribbean Networks Senior Vice
President Albert Anderson as saying, ?Our crews got to work right
away with assessing the damage as well as confirming what
resources would be required to reconnect customers as soon as
possible.  While extensive, the damage was not as detrimental as
originally thought.  The majority of our landline voice and
broadband customers in Cayman Brac did not lose service during the
storm, and our teams have already made significant strides in
reconnecting most of those who did.  With respect to mobile
service, we are now back to 100 percent availability on all our
sites.?

According to the report, Mr. Anderson admitted that the biggest
challenge for the restoration crews would be in Little Cayman, but
?we have already reconnected a large of customers and we are
committed to working with Cayman Brac Power and Light Company to
expedite this process.?

Cable & Wireless said it allowed Cayman Brac Power & Light to use
one of its bucket trucks in Little Cayman to help to accelerate
the return of power to all residents, Cayman Net states.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries, with principal
operations in the Caribbean, Panama, Macau, Monaco and the
Channel Islands.  The Europe, Asia & U.S. business unit provides
enterprise and carrier solutions to the largest users of
telecoms services across the U.K., U.S., continental Europe and
Asia -- and wholesale broadband services in the U.K.  The
company also has operations in India, China, the Cayman Islands
and the Middle East.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on
May 26, 2008, Standard & Poor's Ratings Services revised its
outlook on Cable & Wireless PLC to developing from stable.  The
developing outlook means ratings can be raised, lowered, or
affirmed.  The 'BB-' long-term and 'B' short-term corporate
credit ratings remain unchanged.



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

ROYAL CARIBBEAN: To Pay US$0.15 Per Share Dividend on Sept. 29
--------------------------------------------------------------
The Board of Directors of Royal Caribbean Cruises Ltd. has
declared a quarterly dividend of US$0.15 per share payable on
Sept. 29, 2008, to shareholders of record at the close of business
on Sept. 15, 2008.

This is the 60th consecutive quarter Royal Caribbean's Board of
Directors has voted to declare a dividend to shareholders.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF
Croisieres de France.  The company has a combined total of 35
ships in service and seven under construction.  It also offers
unique land-tour vacations in Alaska, Australia, China, Canada,
Europe, Latin America and New Zealand.  The company has
operations in Puerto Rico.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 8, 2008, Standard & Poor's Ratings Services lowered the
corporate credit rating on Royal Caribbean Cruises Ltd. to
'BB+' from 'BBB-'.  S&P said the rating outlook is stable.


TENDER MILLS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Tender Mills Inc.
        P.O. Box 508
        Moca, PR 00676

Bankruptcy Case No.: 08-05780-11

Chapter 11 Petition Date: September 3, 2008

Court: District of Puerto Rico

Debtors' Counsel: Francisco J. Ramos Gonzalez, Esq.
                  (fjramos@coqui.net)
                  P.O. Box 371
                  Puerto Real
                  Fajardo, PR 00740
                  Tel: (787) 860-1719

Total Assets: US$860,962

Total Debts: US$1,890,626

A copy of the Debtor's petition is available for free at:

           http://bankrupt.com/misc/prb08-05780-11.pdf



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

CITGO PETROLEUM: Cancels Request for Oil from Strategic Reserves
----------------------------------------------------------------
Citgo Petroleum Corp. has taken back its request for 250,000
barrels of oil from the U.S. strategic reserves, United Press
International reports, citing U.S. Department of Energy chief
spokesperson Andrew Beck.

As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2008, the U.S. Department of Energy spokesperson Andrew
Beck said 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.  Citgo
Petroleum was unable to secure crude
in the aftermath of Hurricane Gustav.  Citgo Petroleum asked for
crude for its Lake Charles plant, who's oil supply was disrupted
when the Calacasieu Ship channel was closed.

According to UPI, Mr. Beck said that Citgo Petroleum decided it
didn't need the reserves oil as the Calcasieu Channel in Louisiana
had been partially re-opened since Hurricane Gustav hit the
region.  Citgo Petroleum will then be able to supply its Lake
Charles plant, the report says, citing Mr. Beck.

Citgo Petroleum said it had found oil supplies to meet the needs
of the Lake Charles plant, Reuters states.

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).


* VENEZUELA: Lawmakers Approve Gov't Control of Fuel Distribution
-----------------------------------------------------------------
Venezuelan government has won approval from lawmakers loyal to
President Hugo Chavez on a bill allowing the state to seize total
control of the nation's fuel distribution, Fabiola Sanchez at
Associated Press reports.

The law, AP says, gave distributors including subsidiaries of
British Petroleum, Exxon Mobil Corp. and Chevron Corp., 60 days to
negotiate the sale of their businesses to the government or face
expropriation.

With a near unanimous vote, the National Assembly, which is
controlled by Chavez allies, approved the legislation.  Seven
lawmakers belonging to Podemos, the only opposition party
represented in the 167-seat assembly, voted against the bill, AP
states.

Under the law, Petroleos de Venezuela SA was permitted to take
over all wholesale fuel distribution, but allows 67 percent of the
country's gas stations to be privately owned.  Wholesale
distributors were forced to sell storage tanks and gasoline pumps
to PDVSA, AP adds.

According to AP, Venezuela, under President Hugo Chavez's reign,
has nationalized largest telephone, electricity, steel and cement
companies and has assumed majority control over four major oil
projects.

The move, critics say, could cause shortages at gas stations
because the government is not prepared to take full control over
distribution.  However Mr., Chavez has defended the law, accusing
operators of making an easy buck at the country's expense, the
report notes.

PDVSA is planning to spend US$325 million acquiring 1,200 fuel
transport trucks currently owned by private wholesalers, the
report says, citing Pro-Chavez lawmaker Angel Rodriguez.

According to the report, Trebol and Llano Petrol holds the highest
market share of 26% while smaller Venezuelan companies control
10 percent of the market.  British Petroleum, Exxon and Chevron
each hold less than 10%.

                            *     *     *

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


* VENEZUELA: Bonds Slide as Declining Oil Prices Lower Demand
-------------------------------------------------------------
Bloomberg News reports that Venezuela's bonds fell, pushing yields
relative to Treasuries to their widest in week, as a decline in
crude oil, the South American country's biggest export, saps
government revenue.  Oil, which accounts for about 90 percent of
Venezuela's exports and about half of government revenue, slid for
a fourth day, to US$109.47, leaving it 26 percent lower than its
July 11 record.

The report says, citing JPMorgan Chase & Co. data, the extra yield
investors demand to own Venezuela's debt rather than Treasuries
swelled 13 basis points, or 0.13 percentage point, to 6.57
percentage points at 4:05 p.m. Sept. 3, in New York, the biggest
spread since Aug. 27.

"Such a violent move to the downside" is curbing demand for
Venezuela's bonds,
Enrique Alvarez, head of Latin America fixed-income research at
IDEAglobal Inc. in New York, told Bloomberg News.

According to the report, the yield on Venezuela's benchmark 9.25
percent securities maturing in 2027 climbed 5 basis points, or
0.05 percentage point, while the bond's price fell 0.4 cent to
91.40 cents on the dollar, the lowest since Aug. 26.

Bloomberg News relates that the risk of owning Venezuela's bonds
increased for a third day as five-year credit-default swaps based
on the country's debt rose 7 basis points to 5.88 percentage
points.

                            *     *     *

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


* BOND PRICING: For the Week September 1 - September 5, 2008
------------------------------------------------------------

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

    ARGENTINA
    ---------
Alto Palermo SA          7.875     5/11/17     USD      65.37
Argnt-Bocon PR11         2.000     12/3/10     ARS      50.12
Argnt-Bocon PR13         2.000     3/15/24     ARS      48.13
Arg Boden                2.000     9/30/08     ARS      15.52
Arg Boden                7.000     10/3/15     USD      63.49
Autopistas Del Sol      11.500     5/23/17     USD      50.25
Bonar Arg $ V           10.500     6/12/12     ARS      68.41
Bonar X                  7.000     4/17/17     USD      69.22
Inversiones y Rep        8.500      2/2/17     USD      67.52
Argent-EURDIS            7.820    12/31/33     EUR      58.37
Argent-$DIS              8.280    12/31/33     USD      73.65
Argent-Par               0.630    12/31/38     ARS      32.89
Banco Hipot SA           9.750     4/27/16     USD      68.05
Banco Macro SA           9.750    12/18/36     USD      58.12
Buenos-EURDIS            8.500     4/15/17     EUR      61.77
Buenos-$DIS              9.250     4/15/17     USD      67.17
Buenos Aire Prov         9.375     9/14/18     USD      62.25
Buenos Aire Prov         9.625     4/18/28     USD      59.00
Mendoza Province         5.500     9/04/18     USD      65.00

    BERMUDA
    -------
XL Capital Ltd           6.500    12/31/49     USD      60.50

    BRAZIL
    ------
CESP                     9.750     1/15/15     BRL      65.04
Gol Finance              7.500     4/03/17     USD      66.23
Gol Finance              7.500     4/03/17     USD      66.75
Gol Finance              8.750     4/29/49     USD      63.75

    CAYMAN ISLANDS
    --------------
Barion Funding           0.100    12/20/56     EUR       7.24
Barion Funding           0.250    12/20/56     USD       6.40
Barion Funding           0.250    12/20/56     USD       6.40
Barion Funding           0.250    12/20/56     USD       6.40
Barion Funding           0.250    12/20/56     USD       6.40
Barion Funding           0.250    12/20/56     USD       6.40
Barion Funding           0.250    12/20/56     USD       6.40
Barion Funding           0.630    12/20/56     GBP      15.84
Barion Funding           1.440    12/20/56     GBP      28.25
Mazarin Fdg Ltd          0.100     9/20/68     EUR       4.45
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.74
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.74
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.74
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.74
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.74
Mazarin Fdg Ltd          0.510     9/20/68     EUR      11.17
Mazarin Fdg Ltd          0.630     9/20/68     GBP      13.13
Mazarin Fdg Ltd          1.440     9/20/68     GBP      25.97
Shimao Property          8.000     12/1/16     USD      57.00
Shinsei Fin Caym         6.418     1/29/49     USD      61.45
Shinsei Fin Caym         6.418     1/29/49     USD      62.38
Shinsei Finance          7.160     7/29/49     USD      67.26

    JAMAICA
    -------
Jamaica Govt LRS         7.500     10/6/12     JMD      72.71
Jamaica Govt LRS        12.750     6/29/22     JMD      70.47
Jamaica Govt LRS        12.750     6/29/22     JMD      70.48
Jamaica Govt LRS        12.850     5/31/22     JMD      71.04
Jamaica Govt LRS        13.375    12/15/21     JMD      74.08
Jamaica Govt            13.375     4/27/32     JMD      69.24

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

    VENEZUELA
    ---------
Petroleos de Ven         5.250     4/12/17     USD      66.60
Petroleos de Ven         5.375     4/12/27     USD      54.70
Petroleos de Ven         5.500     4/12/37     USD      52.96
Venezuela                6.000     12/9/20     USD      68.35
Venezuela                7.000     3/31/38     USD      67.72



                             ***********

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 * * *