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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, September 9, 2008, Vol. 9, No. 179

                            Headlines

A R G E N T I N A

ALITALIA SPA: Bidder Presents Rescue Plan to European Commission
ALITALIA SPA: Compagnia Aerea Italiana Eyes 3,250 Job Cuts
COMPANIA DE ALIMENTOS: Noteholders Meeting Set for October 7
COOPERATIVA DE TRABAJO: Trustee Verifying Claims Until November 5
DEFUEN SA: Files for Reorganization in Buenos Aires Court

DELTAMATICA SRL: Proofs of Claim Verification Deadline Is Oct. 24
ESSER SA: Individual Reports Filing Deadline Is on December 10
JAGUAR ARGENTINA: Individual Reports Filing Deadline Is on Oct. 31
NAVALYA SA: Files for Reorganization in Buenos Aires Court
NEGOCIOS TECNOLOGICOS: Trustee to File Reports on December 22

SISTEMAS CONSTRUCTIVOS: Trustee Verifying Claims Until October 22
TECSE SRL: Individual Reports Filing Deadline Is on December 4
TELECOM ARGENTINA: Zacks Investment Reiterates "Hold" Rating
VIALECO SA: Proofs of Claim Verification Deadline Is November 6
VINALTERRA SA: Trustee Verifying Proofs of Claim Until October 10


B A H A M A S

PRIDE INTERNATIONAL: Says Rigs Accounted For; No Damage to Units


B R A Z I L

BANCO NACIONAL: Grants BRL700,000 Loan to Restore Two Properties
BANCO NACIONAL: Inquiry Letters Submission Deadline Is on Sept. 12
BANCO NACIONAL: Extends US$200 Mln Credit for Argentine Projects
SADIA SA: Mulls Further Expansion of Middle East Market
SHARPER IMAGE: Plaintiffs Seek US$767 Million in Class Action

* BRAZIL: S&P Says Reinsurance Market Open to Global Competition


C A Y M A N  I S L A N D S

ACA CAPITAL: Holding Final Shareholders Meeting on Sept. 12
ACA CAPITAL MASTER: Final Shareholders Meeting Is on Sept. 12
ENTERGY POWER: Holds Final Shareholders Meeting on Sept. 12
HUDSON SEVEN: Deadline for Proof of Claim Filing Is Sept. 15
LAVENDER LLC: Proof of Claim Filing Deadline Is Sept. 15

OBJECTSTAR INTERNATIONAL: Final Shareholders Meeting Is Sept. 15
PACTUAL MULTI: Proof of Claim Filing Deadline Is on Sept. 12
QUATTRO MULTI-STRATEGY: Proof of Claim Filing Is Until Sept. 12


C H I L E

GLOBAL CROSSING: Holds 2nd Qtr. 2008 Conference Call on Sept. 11


C O L O M B I A

GMAC LLC: To Streamline Mortgage Operations, Close Retail Offices
GMAC LLC: Cutbacks to Curb Earnings, WSJ Report Says


G U A T E M A L A

BRITISH AIRWAYS: American Air Denies Tie Up Will Create Monopoly
GUATEMALA ELECTRICITY: S&P Chips Rating on US$100 Mln Notes to BB-


J A M A I C A

AIR JAMAICA: Tourism Minister Says AA Deal Won't Hurt Carrier


M E X I C O

CONSTELLATION COPPER: TSE to Delist Common Shares by Oct. 2
FOREST OIL: Zacks Investment Maintains "Hold" Recommendation
GRUPO POSADAS: S&P Puts 3 Recovery Rating on US$225 Million Notes
OCEANOGRAFIA SA: S&P Puts 3 Recovery Rating on B+/Rated Sr. Notes
SEMGROUP LP: Michael Dell Increases Shareholding in Subsidiary

* MEXICO: S&P Assigns Recovery Ratings on 13 Corporations


P E R U

LEVI STRAUSS: CFO Resigns; Appoints Heidi Manes as Interim CFO


P U E R T O  R I C O

ZAP IMPORT: Case Summary & 19 Largest Unsecured Creditors


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Inks Pact With ANCAP for Crude Production

* VENEZUELA: May Give Banks Extension to Sell $-Linked Securities

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ALITALIA SPA: Bidder Presents Rescue Plan to European Commission
----------------------------------------------------------------
Compagnia Aerea Italiana s.r.l. president Roberto Colaninno has
presented the group's rescue plan for Alitalia S.p.A. to the
European Commission, Agenzia Giornalistica Italia reports.

Mr. Colaninno discussed details of the plan with Intesa Sanpaolo
S.p.A., which prepared rescue plan, and Commission's experts, who
will examine it, AGI reports.

AGI said the presentation included general orientation and goals
of plan as well as possible buyers of Alitalia's assets.

Italian Economy Minister Claudio Scajola earlier expressed
confidence that the Commission will approve the rescue plan since
it does not involve state funds.

As reported 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 to Augusto Fantozzi, the company's
extraordinary commissioner.

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.


ALITALIA SPA: Compagnia Aerea Italiana Eyes 3,250 Job Cuts
----------------------------------------------------------
Compagnia Aerea Italiana s.r.l. has proposed to shed off off
around 3,250 employees at Alitalia S.p.A. as part of the rescue
plan that aims to return the national carrier into profitability
within two-to-three years, Agenzia Giornalistica Italia reports
citing Italian Labor Minister Maurizio Sacconi.

As reported in the Troubled Company Reporter-Europe, the rescue
plan for Alitalia had entailed 5,000-6,000 job cuts.

"Redundancies are much less that what was estimated months ago,
but this does not mean that we will not do a point by point
verification," Raffaele Bonanni, CISL union representative, was
quoted by AGI as saying after a meeting with co-unions, Italian
government, Alitalia and CAI.

Mr. Sacconi said that following the merger between Alitalia and
AirOne S.p.A., around 14,250 would continue to work for the newco.
Around 11,500 will be placed at the newco while 2,750 will be
outsourced.

Of the outsourced jobs, 1,600 will be in ordinary maintenance, 450
in cargo, and 700 in administration, call center, and information
technology, Mr. Sacconi was quoted by AGI as saying.

                          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.


COMPANIA DE ALIMENTOS: Noteholders Meeting Set for October 7
------------------------------------------------------------
The holders of the 13.25% notes due on Aug. 1, 2008, issued by
Compania de Alimentos Fargo, S.A., will have a meeting on
Oct. 7, 2008, at 12:00 a.m., Buenos Aires time, at the offices of:

     Marval O'Farrell & Mairal
     Leandro N. Alem 928
     7th floor, Room 1
     Buenos Aires, Argentina

The a simultaneous meeting will also be held at 11:00 a.m., New
York time, at the offices of:

     Marval O'Farrell & Mairal
     509 Madison Avenue, Suite 506
     New York City

These will be considered during the meeting:

     -- designation of two persons to execute the minutes of the
        meeting along with the person to be appointed by Compania
        de Alimentos as chairperson of the meeting;

     -- acceptance or rejection of the proposed consolidated
        reorganization plan of Compania de Alimentos and
        Panificacion Argentina S.A.

     -- instructions to Citibank N.A. (as Trustee under the Notes)
        to inform the court in Argentina the results of the vote
        at the meeting in accordance with section 45bis
        subsection.

Compania de Alimentos issued the notes for an outstanding
aggregate principal amount of $120,000,000.

If the reorganization plan contemplate another type of instruction
to the Trustee, that instruction shall be given to the Trustee
within the limits and in accordance with the requirements and the
formalities provided in the existing and applicable indenture
including, without limitation, the indemnitites.  

The Reorganization Plan, together with the supplemental plan of
Sanalp 2005 SL, are available in full text, can be obtained from
the offices of Marval O' Farrelll at Madison Avenue and at
http://www.fargo.com.ar.

The noteholders as of Sept. 2, 2008, who will attend the meeting
must inform  the offices of Marval O' Farrell at Madison Avenue by
Oct. 1, 2008, Monday to Friday, from 10:00 a.m. to 18:00 p.m.  The
noteholders must provide evidence of ownership.  Those who fail to
do so won't be able to participate in the meeting.  For purposes
of calculating the majorities, the notes of those holders who do
not attend the meeting or who abstain from voting will be
excluded.  

Headquartered in Buenos Aires, Argentina, Compania de Alimentos
Fargo, S.A., is controlled by the Mexican investor Chico Pardo
(70%) and the Bimbo group (30%).  The company is restructuring
$185 million in debts, from which $120 million belong to
Obligaciones Negociables.

Fargo's bondholders comprised of Rainbow Global High Yield Fund,
Argo Capital Investors Fund SPC, The Star Fund and The Rainmac
Fund filed an involuntary chapter 11 case against the company on
Sept. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12128).  David
Eaton, Esq., at Kirkland & Ellis LLP represents the petitioners.
The petitioners hold approximately US$82,390,000 in bonds.

                           *     *     *

In August 2008, Fitch Ratings affirmed its D (ARG) national long-
term rating on Compania de Alimentos Fargo SA.  

As reported in the Troubled Company Reporter-Latin America on
May 17, 2007, Fitch confirmed the D(arg) ratings for the
US$120 million bonds issued by Argentina's breadmaker Compania de
Alimentos Fargo SA.


COOPERATIVA DE TRABAJO: Trustee Verifying Claims Until November 5
-----------------------------------------------------------------
Luis Kuklis, the court-appointed trustee for Cooperativa de
Trabajo y Consumo Textil del Oeste Ltda.'s reorganization
proceeding will be verifying creditors' proofs of claim until
November 5, 2008.

Mr. Kuklis will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12 will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by Cooperativa de Trabajo 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 Cooperativa de
Trabajo'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 August 18, 2009.

The debtor can be reached at:

        Cooperativa de Trabajo y Consumo Textil del Oeste Ltda.
        Aranguren 1307
        Buenos Aires, Argentina

The trustee can be reached at:

        Luis Kuklis
        Lavalle 1619
        Buenos Aires, Argentina


DEFUEN SA: Files for Reorganization in Buenos Aires Court
---------------------------------------------------------
Defuen S.A. has requested for reorganization approval after
failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Defuen S.A. to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance No. 5 in Buenos Aires.  Clerk No. 9 assists the court
in this case.

The debtor can be reached at:

                Defuen S.A.
                Tucuman 1584
                Buenos Aires, Argentina


DELTAMATICA SRL: Proofs of Claim Verification Deadline Is Oct. 24
-----------------------------------------------------------------
Maria Amandule, The court-appointed trustee for Deltamatica SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until October 24, 2008.

Ms. Amandule will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16 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 Deltamatica SRL 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 Deltamatica SRL's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Deltamatica SRL
                     Avda. Belgrano 615
                     Buenos Aires, Argentina


ESSER SA: Individual Reports Filing Deadline Is on December 10
--------------------------------------------------------------
Silvia Muavero, the court-appointed trustee for Esser SA'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 December 10, 2008.

Ms. Muavero is verifying creditors' proofs of claim until
October 28, 2008.  She will also submit to court a general report
containing an audit of Esser SA's accounting and banking records
on February 25, 2009.

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

The debtor can be reached at:

                     Esser SA
                     Riobamba 340
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Silvia Muavero
                     Av. Rivadavia 1615
                     Buenos Aires, Argentina


JAGUAR ARGENTINA: Individual Reports Filing Deadline Is on Oct. 31
------------------------------------------------------------------
Nelida Grunblatt de Nobile, the court-appointed trustee for Jaguar
Argentina SA'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 October 31, 2008.

Ms. Grunblatt de Nobile is verifying creditors' proofs of claim
until September 19, 2008.  She will also submit to court a general
report containing an audit of Jaguar Argentina's accounting and
banking records on December 15, 2008.

Ms. Grunblatt de Nobile is also in charge of administering Jaguar
Argentina's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

                     Jaguar Argentina SA
                     Avenida Corrientes 2621
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Nelida Grunblatt de Nobile
                     Felipe Vallese 1195
                     Buenos Aires, Argentina


NAVALYA SA: Files for Reorganization in Buenos Aires Court
---------------------------------------------------------
Navalya S.A. has requested for reorganization approval after
failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Navalya S.A. to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance No. 4 in Buenos Aires.  Clerk No. 7 assists the court
in this case.

The debtor can be reached at:

                Navalya S.A.
                Viamonte 524
                Buenos Aires, Argentina


NEGOCIOS TECNOLOGICOS: Trustee to File Reports on December 22
-------------------------------------------------------------
Antonio Canada, the court-appointed trustee for Negocios
Tecnologicos SRL'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 December 22, 2008.

Mr. Canada is verifying creditors' proofs of claim until Nov. 7,
2008.  He will also submit to court a general report containing an
audit of Negocios Tecnologicos' accounting and banking records on
March 5, 2009.

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

The debtor can be reached at:

                     Negocios Tecnologicos SRL
                     Manuel Ricardo Trelles 2749
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Antonio Canada
                     Dr. Luis Belaustegui 4531
                     Buenos Aires, Argentina


SISTEMAS CONSTRUCTIVOS: Trustee Verifying Claims Until October 22
-----------------------------------------------------------------
The court-appointed trustee for Sistemas Constructivos Estudios
S.R.L.'s bankruptcy proceeding will be verifying creditors' proofs
of claim until October 22, 2008.

The trustee will present the validated claims in court as  
individual reports on December 4, 2008.  A court in Argentina will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Sistemas Constructivos 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 Sistemas Constructivos'
accounting and banking records will be submitted in court on
February 25, 2009.

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


TECSE SRL: Individual Reports Filing Deadline Is on December 4
--------------------------------------------------------------
Adriana Gallo, the court-appointed trustee for Tecse SRL'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 December 4, 2008.

Ms. Gallo is verifying creditors' proofs of claim until October
22, 2008.  She will also submit to court a general report
containing an audit of Tecse SRL's accounting and banking records
on February 25, 2009.

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

The debtor can be reached at:

                     Tecse SRL
                     Soldado de la Independencia 1009
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Adriana Gallo
                     Roque Saenz Pena 651
                     Buenos Aires, Argentina


TELECOM ARGENTINA: Zacks Investment Reiterates "Hold" Rating
------------------------------------------------------------
Zacks Investment Research reiterated its Hold rating on Telecom
Argentina SA (TEO) noting that the company's recent operating
results are being driven by the growing domestic cellular
telephony market, the largest in Latin America in terms of mobile
penetration.

According to the investment firm, although Telecom Argentina's
wireless and Internet subscriber base continues to increase at a
respectable pace, frozen fixed-line tariff and inflationary
conditions impacting the cost structure may limit profitability
levels for the remainder of 2008.  Additionally, the uncertain
economic outlook and challenging competitive environment are
considerations that
Zacks believes may limit valuation levels.  Moreover, capital
spending for the full year 2008 is expected to increase on a year-
over-year basis due to cellular and broadband infrastructure
requirements.

Telecom Argentina is trading at 6.6x estimated earnings for fiscal
year 2008, which represents a significant discount to the forward
P/E ratio of the peer group and S&P 500 averages.  The company's
stock price fell by approximately 25% since Zacks'
last reporting time and is currently near the lower limit of its
52-week range.   Zacks' six-month target price of US$15.00 is
based on a 2008 P/E multiple of 7.2.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2008, Fitch Ratings upgraded Telecom Argentina's
foreign and local currency issuer default ratings to 'B+' from
'B'.  Fitch said the outlook is positive.


VIALECO SA: Proofs of Claim Verification Deadline Is November 6
---------------------------------------------------------------
Adrian Benze, the court-appointed trustee for Vialeco SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until November 6, 2008.

Mr. Benze will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11 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 Vialeco 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 Vialeco SA's
accounting and banking records will be submitted in court.

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

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

The trustee can be reached at:

                     Adrian Benze
                     Suipacha 576
                     Buenos Aires, Argentina


VINALTERRA SA: Trustee Verifying Proofs of Claim Until October 10
-----------------------------------------------------------------
The court-appointed trustee for Vinalterra S.A.'s reorganization
proceeding will be verifying creditors' proofs of claim until
October 10, 2008.

The trustee will present the validated claims in court as  
individual reports on November 24, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Vinalterra S.A. 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 Vinalterra S.A.'s
accounting and banking records will be submitted in court on
February 9, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on August 18, 2009.

The debtor can be reached at:

                     Vinalterra S.A.
                     Avenida Figueroa Alcorta 3355
                     Buenos Aires, Argentina



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

PRIDE INTERNATIONAL: Says Rigs Accounted For; No Damage to Units
----------------------------------------------------------------
Pride International Inc. reported that an air reconnaissance
effort in the U.S. Gulf of Mexico was completed on September 2 and
that its jackup rigs located in or near the path of Hurricane
Gustav have been accounted for.

The reconnaissance, conducted from a fixed-wing aircraft, found no
visible damage to the units.  Offshore personnel have begun
returning to the rigs and will conduct a more thorough inspection
of each unit.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 64 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs
and seven Eastern Hemisphere-based land rigs.  The company has
subsidiaries in France, Netherlands, Venezuela, Bahamas, Mexico,
Malaysia, and Singapore.

                          *     *     *

To date, Pride International carries Standard & Poor's Ratings
Service's BB+ corporate credit rating.  The company's unsecured
debt is also rated BB+ by S&P.  The outlook on the ratings is
stable.



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

BANCO NACIONAL: Grants BRL700,000 Loan to Restore Two Properties
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA officers
approved, in the scope of Rouanet Act, funding amounting
BRL700,000 to the Association for Sao Luis Strategic Development
Promotion, aiming at completing restoration and adjustment works
of two properties in City of Sao Luis do Maranhao Historical
Center, recorded as historical heritage.  After restored, the
properties will be used as head office for Azulejar Reference
Center, which will shelter the tile museum, auditorium,
specialized library and store for selling pieces produced by the
Tiling School.  The initiative will call for 20 direct jobs.

Total amount approved by the Ministry of Culture for the
contiguous buildings restoration, which form the Azulejar
Reference Center, was of around BRL3 million, granted in three
stages.  In 2005, Ministry of Culture approved the amount of
BRL800,000 for recovering the property of Rua da Palma.  In 2006,
the contiguous building was incorporated to the project, which
restoration, approved by the Ministry of Culture, was of
BRL750,000.  In 2007, after investment of funding approved in the
two first PRONACs (Brazilian National Programs of Support to
Culture), the Ministry granted more BRL1.6 million, once it found
out more funding would be needed to complete the unfinished work.  
Funding will also be destined to the space adjustment to ongoing
tile exhibit.

BNDES support represents 44.3% of the amount of BRL1.6 million
needed for completing restoration and adjustment of facilities.  
Other institutions are also granting funding to the project.  
Azulejar Reference Center will be furnished with a lifter, sound
and video system, air-conditioning, furniture, in addition to
tiles restoration and a new coat of painting.  The space will also
be equipped with facilities necessary for the exhibit.  
The complex role is to disclose knowledge on tiles and integrates
the tourist circuit with other centers.  It will also supply tiles
equal to those found in typical houses, preventing thefts, which
are rather common in the city.

The Bank supports this initiative, given the importance of the
buildings, recorded as historical heritage by IPHAN (Brazilian
National Historical and Artistic Heritage Institute) and part of
the architectural complex known as Sao Luis Historical Center,
recorded as historical heritage by Unesco. The property will draw
the attention of tourists and other people interested in
technique, and will be associated to the tiling school.  Azulejar
will be managed by Historical Heritage City Foundation,
associated to the City Hall of Sao Luis.

Azulejar Reference Center has direct relationship with the Tile
Workshop, which provides the youngsters with training in tile
manufacture and restoration, an activity highly demanded in Sao
Luis.  The school will be founded in February 2005, the output of
the partnership sealed by Program Monumenta, of the Ministry of
Culture, and the City Hall.  The initiative fosters the
youngsters’ inclusion in the job market and the value enhancement
of tiling as an employment and income generator.

                      About Banco Nacional

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

                        *     *     *

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


BANCO NACIONAL: Inquiry Letters Submission Deadline Is on Sept. 12
------------------------------------------------------------------
The deadline to submit inquiry letters to Banco Nacional de
esenvolvimento Economico e Social SA is extended to September 12.  
The inquiry letters are intended to get funding for oil & gas
studies and research on institutional and financial regulatory
alternatives concerning exploration and production and the
industrial development of the oil & gas production chain in
Brazil.  The previous deadline has ended on September 5.

The institution selected is required to submit a detailed design
on technical studies, to be examined by the Selection Committee
composed of managers from the Bank, and later submitted to BNDES
directors.  After approval, the beneficiary institution will have
a two-month deadline to submit the deliverables from the studies
and researches.

The funding will be granted through the Fundo de Estruturacao de
Projetos (Project Structuring Fund - FEP) and disbursements must
be made as project phases are completed.  Formed with a portion of
BNDES annual income, FEP is intended to provide support, with non-
reimbursable funds, studies or research on public policymaking or
projects designed to foster the Brazilian and Latin American
economic and social development.

Such financial support is intended to reach three goals:

   1) assess oil & gas exploration and production legal and
      regulatory systems;

   2) analyze funds based on oil and gas revenues; and

   3) analyze policies for the support and development of the
      production chain and investments in exploration and
      production.

In the three cases above, the institution will review the
international experience our country has.  The studies, must also
provide recommendations for the Brazilian case.

                      About Banco Nacional

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

                        *     *     *

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


BANCO NACIONAL: Extends US$200 Mln Credit for Argentine Projects
----------------------------------------------------------------
Brazilian Development Bank, Banco Nacional de Desenvolvimento
Economico e Social SA a.k.a. BNDES is extending a US$200 million
credit line for infrastructure projects and export promotions in
Argentina, the Buenos Aires Herald reports.

The report relates that Brazilian President Luiz Ignacion Lula da
Silva met with its Argentine counterpart, Cristina Fernandez de
Kirchner, to sign the credit agreement on Sunday, Sept. 7.

The Herald quoted President Kirchner as saying that the
consolidated integration of the two Latin countries will usher a
"new phase of history".

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

                            *     *     *

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


SADIA SA: Mulls Further Expansion of Middle East Market
-------------------------------------------------------
Brazzil Magazine reports that Sadia SA, a producer of meats and
meat products, controls 25% of beef, whole-chicken and chicken-in-
part markets in Saudi Arabia, the United Arab Emirates, Kuwait,
Qatar, Oman and Bahrain, all countries in the Gulf.  

According to the report, Sadia said the market share is the result
of continuous work developed by the company in the region since
the 1980s, when the group started selling frozen chicken to some
countries in the Middle East.  Currently, the region imports
BRL1.2 billion (US$730 million) a year from the Brazilian company,
which answers to 26% of the Sadia shipments abroad.

Next year, the report relates, the company is planning to expand
its presence in the region even further, with the start of
operations of a fully owned factory in the United Arab Emirates.  
The unit should start being built in the second half of this year
and should receive investment of BRL150 million (US$91.2 million),
Brazzil Mag says.  The unit is expected to produce industrialized
poultry and beef with a capacity of 50,000 tons a year.

                            About Sadia

Headquartered in Sao Paulo, Brazil, Sadia S.A. --
http://www.sadia.com-- operates in the agro industrial and food
processing sectors in Brazil and primarily produces a range of
processed products, poultry, and pork.  The company distributes
around 1,000 different products through distribution and sales
centers located in Brazil, China, Japan and Italy.

                           *     *      *

As reported in the Troubled Company Reporter-Latin America on
July 24, 2008, Moody's affirmed its Ba2 local currency corporate
family rating and senior unsecured foreign currency rating for
Sadia S.A., but changed the rating outlook to stable from
positive.  The change in outlook was primarily prompted by Moody's
view that margin pressure and negative free cash flow will
postpone Sadia's attainment of improved credit metrics.

TCR-Latin America reported on June 23, 2008, Standard & Poor's
Ratings Services has raised its long-term corporate credit rating
on Brazilian food producer Sadia S.A. to 'BB+' from 'BB'.  The
rating on the company's US$250 million notes was also raised
to 'BB+'.  The outlook is stable.  Sadia's total debt outstanding
at Dec. 31, 2007, was approximately US$2 billion.


SHARPER IMAGE: Plaintiffs Seek US$767 Million in Class Action
-------------------------------------------------------------
Plaintiffs in two putative class actions against Sharper Image
Corp. over the Ionic Breeze air purifier have asked the U.S.
Bankruptcy Court for the District of Delaware to certify the class
for the purpose of seeking US$767 million in damages, reports
Bankruptcy Law 360.

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

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

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

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

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


* BRAZIL: S&P Says Reinsurance Market Open to Global Competition
----------------------------------------------------------------
Standard & Poor's Ratings Services says that the Brazilian
reinsurance market will be transformed now that it has been opened
to competition.  In a new report, entitled "Global
Reinsurance: Brazil Finally Comes Of Age", it says that the
passage of Complementary Law 126 has ended the 69-year-old
monopoly of government-related IRB Brasil Resseguros S.A. and
Resolution 168, approved by the National Council of Private
Insurance and enacted in December 2007, provides a general
framework for the functioning of the domestic reinsurance
industry under a new environment of regulated competition.
      
"These changes also mean IRB-Brasil Re has lost its historical
role as regulator of the reinsurance market; this responsibility
has been transferred to the established insurance industry
regulator, SUSEP.  The former monopoly will evolve to resemble
its new foreign competitors, focusing on relationship management,
internal systems, risk management, human resources, and
competitive pricing," said S&P's credit analyst Milena Zaniboni.
     
The report considers how this new regulatory regime will manifest
itself -- with local reinsurers still favored in the near term.  
"IRB-Brasil Re and other local reinsurance companies will be
"preferred" to foreign-domiciled companies at first.  Between 2008
and 2010, local reinsurers will have the right of first refusal
over at least 60% of the reinsurable business of local insurance
companies," said Ms. Zaniboni.
     


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

ACA CAPITAL: Holding Final Shareholders Meeting on Sept. 12
-----------------------------------------------------------
ACA Capital Partners I Ltd. will hold its final shareholders
meeting on Sept. 12, 2008, at 9:00 a.m., at the offices of Close
Brothers (Cayman) Limited, 4th Floor Harbour Place, 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.

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

The liquidators can be reached at:

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

Contact for inquiries:

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


ACA CAPITAL MASTER: Final Shareholders Meeting Is on Sept. 12
-------------------------------------------------------------
ACA Capital Partners I Master Fund Ltd. will hold its final
shareholders meeting on Sept. 12, 2008, at 9:00 a.m., at the
offices of Close Brothers (Cayman) Limited, 4th Floor Harbour
Place, 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.

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

The liquidators can be reached at:

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

Contact for inquiries:

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


ENTERGY POWER: Holds Final Shareholders Meeting on Sept. 12
-----------------------------------------------------------
Entergy Power Hull Ltd. will hold its final shareholders meeting
on Sept. 12, 2008, at the offices of Walkers, Walker House, 87
Mary Street, George Town, Grand Cayman, Cayman Islands.

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

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

The liquidator can be reached at:

                Eddie D. Peebles
                c/o Walker House, 87 Mary Street
                P.O. Box 265
                George Town, Grand Cayman
                Cayman Islands


HUDSON SEVEN: Deadline for Proof of Claim Filing Is Sept. 15
------------------------------------------------------------
Hudson Seven Ltd.'s creditors have until Sept. 15, 2008, to prove
their claims to Carolynn D. Hiron, 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.

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

The liquidators can be reached at:

                Carolynn D. Hiron
                c/o Olympia Capital (Bermuda) Limited
                Williams House, 20 Reid Street
                Hamilton, Bermuda
                Tel: (441) 298-5095
                Fax: (441) 292-3358

Contact for inquiries:

                Ogier
                Queensgate House, South Church Street
                P.O. Box 1234
                Grand Cayman, Cayman Islands


LAVENDER LLC: Proof of Claim Filing Deadline Is Sept. 15
--------------------------------------------------------
Lavender LLC's creditors have until Sept. 15, 2008, to prove their
claims to Leon D. Gould, 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.

Lavender's shareholders agreed on April 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:

                Leon D. Gould
                c/o Messrs. Maples and Calder
                P.O. Box 309GT
                Ugland House, South Church Street
                George Town, Grand Cayman
                Cayman Islands


OBJECTSTAR INTERNATIONAL: Final Shareholders Meeting Is Sept. 15
----------------------------------------------------------------
Objectstar International Ltd. will hold its final shareholders
meeting on Sept. 15, 2008, at 10:00 a.m., at the registered office
of the company.

These matters will be taken up during the meeting:

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

Objectstar International's shareholder decided on July 16, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Westport Services Ltd.
                c/o Paget-Brown Trust Company Ltd.
                Boundary Hall, Cricket Square
                P.O. Box 1111
                Grand Cayman, Cayman Islands

Contact for inquiries:

                Evania Ebanks
                Tel: (345)949-5122
                Fax: (345)-949-7920


PACTUAL MULTI: Proof of Claim Filing Deadline Is on Sept. 12
------------------------------------------------------------
Pactual Multi Strategies Fund Ltd.'s creditors have until
Sept. 12, 2008, to prove their claims to Carolina Tepedino de Lima
Costa and Iuri Rapoport, 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.

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

The liquidators can be reached at:

             Carolina Tepedino de Lima Costa and Iuri Rapoport
             c/o Praia de Botafogo
             501, 5th Floor
             Rio de Janeiro, Brazil

Contact for inquiries:

             Bryant Terry
             c/o Ogier
             Queensgate House, South Church Street
             Grand Cayman, Cayman Islands
             Telephone: (345) 949-9876
             Facsimile: (345) 949-1987


QUATTRO MULTI-STRATEGY: Proof of Claim Filing Is Until Sept. 12
---------------------------------------------------------------
Quattro Multi-Strategy Offshore Fund Ltd.'s creditors have until
Sept. 12, 2008, to prove their claims to Walkers SPV Limited, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Quattro Multi-Strategy's shareholder agreed on Aug. 11, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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



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

GLOBAL CROSSING: Holds 2nd Qtr. 2008 Conference Call on Sept. 11
----------------------------------------------------------------
Global Crossing Ltd. will conduct a conference call on Sept. 11,
2008 at 9:00 a.m. EDT/2:00 p.m. BST.  Chief Financial Officer,
Jean Mandeville and managing director,  Anthony Christie for
Global Crossing UK and Europe, will discuss Globak Crossing UK's
financial results for the second quarter of 2008.

The call may be accessed by dialing:

        Tel. Numbers: (+1 212) 231-2900
                      (+44 020) 3300-0097.

Callers are advised to dial in 15 minutes prior to the start
time.  The call will also be Webcast at:

http://investors.globalcrossing.com/results.cfm.

A replay of the call will be available on Sept. 11, 2008,
beginning at 11:00 a.m. EDT/4:00 p.m. BST and will be accessible
until Sept. 18, 2008 at 11:00 a.m. EDT/4:00 p.m. BST.

To access the replay, call:

        Tel. Numbers: (+1 402) 977-9140
                     (+1 800) 633-8284
        Reservation number: 21392074.

UK callers may access the replay by dialing:

        Tel. Numbers: +44 (0) 87-0000-3081
                      +44(0) 800-692 0831
        Reservation number: 21392074.
   
Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides
telecommunication  services over the world's first integrated
global IP-based network.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed US$25,511,000,000 in total assets and
US$15,467,000,000 in total debts.  Global Crossing emerged from
chapter 11 on Dec. 9, 2003.

Global Crossing's Latin American business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru,
Mexico, Venezuela and the United States (Florida).  It also has
operations in the United Kingdom.

                          *     *     *

At Sept. 30, 2007, Global Crossing Ltd.'s balance sheet showed
total assets of US$2.6 billion, total debts of US$2.7 billion
and a US$74 million stockholders' deficit.

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Global Crossing Ltd. said in a statement that its
net loss increased 75% to US$89 million in the third quarter
2007, compared to US$51 million in the third quarter 2006.



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

GMAC LLC: To Streamline Mortgage Operations, Close Retail Offices
-----------------------------------------------------------------
GMAC Financial Services and its subsidiary Residential Capital,
LLC unveiled additional initiatives to further optimize the
mortgage business as the downturn in the credit and mortgage
markets persists. In response to these conditions, ResCap has
enacted a plan to significantly streamline its operation, reduce
cost, adjust its lending footprint and refocus its resources on
strategic lending and servicing.

On Sept. 2, 2008, a plan was approved that included closing all
200 GMAC Mortgage retail offices, ceasing originations through the
Homecomings wholesale broker channel, further curtailing business
lending and international business activities, and right-sizing
functional staff support.  In addition, the company is evaluating
strategic alternatives for the GMAC Home Services business and the
non-core servicing business.  These collective actions will reduce
the ResCap workforce by approximately 5,000 employees, or 60
percent. Approximately 3,000 employees will receive notification
this month with the majority of the remaining 2,000 reductions
expected to occur by year-end.

"While these actions are extremely difficult, they are necessary
to position ResCap to withstand this challenging environment,"
said ResCap Chairman and Chief Executive Officer Tom Marano.

"Conditions in the mortgage and credit markets have not abated
and, therefore, we need to respond aggressively by further
reducing both operating costs and business risk."

ResCap will incur a charge expected to range from US$90 million to
US$120 million that reflects the 3,000 workforce reductions and
related operational streamlining initiatives. The charge will
include costs related to severance and other employee-related
costs of approximately US$50 to US$60 million and facility closure
costs of approximately US$40 to US$60 million. The majority of the
charge is expected to be reflected in the third quarter and result
in future cash expenditures of approximately US$55 million.
Potential charges related to the remaining 2,000 workforce
reductions have not yet been determined.

The workforce reductions will include a range of administrative
and managerial positions. All eligible employees affected by the
workforce reduction will be provided severance packages and
outplacement assistance.

ResCap will continue to originate loans in the U.S. and
internationally where there is a secondary market to sell the
loans. The company will originate products through its
correspondent and direct lending channels. ResCap's commitment to
servicing loans is unchanged by the announced actions, and the
company will continue to expand and enhance its industry-leading
servicing platform, including further development of high-touch
special servicing operations to help preserve homeownership and
support investors that own distressed and special situation loan
portfolios.

                         About ResCap

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors            
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

In Latin America, the company has operations in Argentina,
Brazil, Chile, Colombia, Ecuador, Mexico, Venezuela.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
June 7, 2008, Fitch Ratings has downgraded the long-term Issuer
Default Rating of GMAC LLC and related subsidiaries to 'BB-'
from 'BB'.  Fitch has also downgraded GMAC's unsecured long-term
ratings to 'B+' from 'BB-', reflecting the potential for reduced
recovery in a default scenario should the company encumber
assets.   Additionally, Fitch has affirmed the 'B' short-term
ratings.  The Rating Outlook remains Negative.

As reported in the Troubled Company Reporter-Latin America on
April 25, 2008, Moody's Investors Service downgraded GMAC LLC's
senior rating to B2 from B1; the rating remains on review for
further possible downgrade.  This action follows Moody's rating
downgrade of ResCap LLC, GMAC's wholly owned residential
mortgage unit, to Caa1 from B2.


GMAC LLC: Cutbacks to Curb Earnings, WSJ Report Says
----------------------------------------------------
Residential Capital LLC's plan to cut cost could sharply curtail
its ability to lend and its potential to earn, an article by
Aparajit Saha-Bubna of The Wall Street Journal states.

Parent GMAC Financial Services and ResCap have announced plans to
shut down all 200 GMAC Mortgage retail offices and 5,000 job cuts
or 60% of the workforce at ResCap by the end of the year.  ResCap
will also stop providing home loans through third-party brokers.  
A related story appears in today's Troubled Company Reporter.

Job cuts, and office closures at the company could lead to savings
of US$1 billion each year starting in 2009, according to a company
official.  This is a significant amount considering that the
company's total expenses in 2007 was US$3.86 billion, the report
noted.  

A director at Standard & Poor's analyzed ResCap's moves and its
effect on the ability of the company to generate profit after the
cutbacks.  Jack Bartko at S&P admits that after several quarterly
losses at ResCap, a billion dollars in saving is significant.  He
added, however, "But the question for us is, after you complete
these actions and have rationalized your infrastructure, what
business model are you left with? And what kind of profit margins
are you looking at?" he said, according to the report.

ResCap lost US$4.3 billion in 2007 and was loss-making for the
last seven quarters.

The report says Rescap's scaling back will leave it focusing
solely on prime mortgages that are bought by Fannie Mae and
Freddie Mac.  It adds, "While a safe business bet, profit margins
in this line of work are razor thin, with loan volume being a big
determinant of income."

Mr. Bartko reportedly said: "In large part, ResCap did have scale,
but across a much broader product spectrum," said Mr. Bartko. Now,
ResCap "is limiting itself to the narrowest of products in terms
of margin. This raises questions of profitability even with
scale."

                         About ResCap

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors            
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

In Latin America, the company has operations in Argentina,
Brazil, Chile, Colombia, Ecuador, Mexico, Venezuela.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
June 7, 2008, Fitch Ratings has downgraded the long-term Issuer
Default Rating of GMAC LLC and related subsidiaries to 'BB-'
from 'BB'.  Fitch has also downgraded GMAC's unsecured long-term
ratings to 'B+' from 'BB-', reflecting the potential for reduced
recovery in a default scenario should the company encumber
assets.   Additionally, Fitch has affirmed the 'B' short-term
ratings.  The Rating Outlook remains Negative.

As reported in the Troubled Company Reporter-Latin America on
April 25, 2008, Moody's Investors Service downgraded GMAC LLC's
senior rating to B2 from B1; the rating remains on review for
further possible downgrade.  This action follows Moody's rating
downgrade of ResCap LLC, GMAC's wholly owned residential
mortgage unit, to Caa1 from B2.



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

BRITISH AIRWAYS: American Air Denies Tie Up Will Create Monopoly
----------------------------------------------------------------
American Airlines Inc. has rejected charges by Virgin Atlantic
that a proposed alliance between American and British Airways
would create a monopoly on trans-Atlantic service from London
Heathrow Airport, the International Herald Tribune reports.

According to the report, Richard Branson, the head of Virgin
Atlantic, has denounced the combination of American and British
Airways as a "monster monopoly" that would be bad for competition
and for the U.S. and British aviation markets.  Mr. Branson
maintained that the two airlines would have nearly 60 percent of
passengers between the United States and Heathrow, and up to 79
percent of the seats on some routes.

American Airlines responded that based on market data for July,
its alliance with British Airways would hold an overall market
share of 43.6 percent on flights from Heathrow to the United
States while flights from John F. Kennedy Airport in New York to
Heathrow would hold 52.3 percent.  The American carrier's response
came in a filing with the U.S. Transportation Department, which is
reviewing a request by American and British Airways for antitrust
immunity, the report relates.

If they receive approval, The Tribune says the airlines would
service a total of 443 destinations in 106 countries, with nearly
6,300 daily departures.

The report says the bid marks the third time in the past dozen
years that American and British Airways have sought permission to
enter into so-called code-sharing agreements on flights between
the United States and Heathrow.  Two earlier efforts by British
Airways and American failed after U.S. authorities told the
airlines they would have to give up some flights at Heathrow.  
Since the airlines' last attempt in 2002, the United States and
Europe have signed an "open skies" treaty that has expanded
competition at Heathrow, where American and United previously had
been the only U.S. airlines with approval to operate, the report
notes.

Headquartered in Fort Worth, Texas, American Airlines Inc. --
http://www.aa.com/index.jhtml/-- is the principal subsidiary of  
AMR Corporation (AMR).  All of American's common stock is owned by
AMR.  American is a scheduled passenger airline.  During the year
ended December 31, 2007, American provided scheduled jet service
to approximately 170 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia.  In addition, American
has capacity purchase agreements with two wholly owned
subsidiaries of AMR, American Eagle Airlines, Inc. and Executive
Airlines, Inc. and two independently owned regional airlines,
which do business as the American Connection (the American
Connection carriers).  The AMR Eagle and American Connection
carriers provide connecting service from eight of American’s high-
traffic cities to smaller markets throughout the United States,
Canada, Mexico and the Caribbean.  American is also a scheduled
air freight carriers, providing a range of freight and mail
services to shippers throughout its system.

American Airlines continues to carry, among others, a "B-" Credit
Rating placed by Standard & Poor's on July 25, 2008.

                      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.


GUATEMALA ELECTRICITY: S&P Chips Rating on US$100 Mln Notes to BB-
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its rating on
Guatemala Electricity Trust's US$100 million fixed-rate notes to
'BB-' from 'BB' and placed the rating on CreditWatch with negative
implications.
     
The rating actions follow the Aug. 26, 2008, lowering of S&P's
rating on Empresa Electrica de Guatemala S.A., the underlying
obligor, to 'BB-' from 'BB' and its placement of the rating on
CreditWatch negative (ratings lowered to 'BB-' from
'BB'/CreditWatch Negative).
     
The ongoing note debt service is paid with all credit and
collections rights originated under an international loan
agreement between Citibank N.A. and Empresa Electrica de Guatemala
that were sold to the trust.  The rating is based on
Empresa Electrica's foreign currency rating.  The rating also
reflects a well-defined structure and the enforceability given by
the participation agreement in which Citibank N.A. assigns 100%
participation of all credit and collection rights under the loan
agreement.

Guatemala Electricity Trust offered and sold US$100 million of its
8.50% Notes due 2014 in connection with a structured  transaction
with Empresa Electrica de Guatemala SA.



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

AIR JAMAICA: Tourism Minister Says AA Deal Won't Hurt Carrier
-------------------------------------------------------------
Tourism Minister Edmund Bartlett defended the Jamaican
government's decision to give American Airlines a US$4.5 million
(J$324 million) guarantee to encourage flights to the island, The
Jamaica Gleaner reports.  The amount will be paid to the U.S.
carrier over the next 12 months.

Under the deal, The Gleaner says AA will not fly its planes into
Jamaica if less than 65 per cent of the seats are taken up.  
However, if the aircraft is more than 65 per cent full but less
than 75 per cent, Jamaica will be required to pay the 10 per cent
revenue that the airline would lose.

According to the report, Mr. Bartlett says the decision won't hurt
Air Jamaica and will ensure that there are seats for approximately
156,000 more visitors to come to the island.  He added that the
decision to sign an agreement with AA was based on its ability to
move persons from across North America to the gateways.  "American
will be able to get persons from communities from around the
airports and Air Jamaica does not have the planes going into the
communities around the gateways," Mr. Bartlett argued.

The Gleaner relates Mr. Bartlett also explained that despite
putting up the US$4.5 million, the deal might not cost Jamaica one
cent as it was based on the number of passengers that American
will take to the island.  "No payment will be made to American
until the end of the one-year period (November 30, 2009).  This
depends on the load factor and the money will remain in escrow
earning interest," he said.

Mr. Bartlett expects earnings of more than US$96 million for
Jamaica and US$1.2 million for the Tourism Enhancement Fund, which
is financing the deal.

However, outgoing vice-president of marketing at Air Jamaica, Paul
Pennicook, told The Gleaner he does not agree with the revenue
guideline providing revenue guarantee to American Airlines on
routes that are currently served by Air Jamaica, specifically
Chicago.

The Gleaner says Mr. Pennicook was dismissive of claims that the
current administration was following a long-established practice
whereby Jamaica Vacations Limited (JamVac) provided guarantees to
airlines.  "JamVac was established to develop new gateways for
Jamaica.  It was never established to go and subsidize seats in
existing gateways ..." he said, adding "This is the first time
that we are supporting a scheduled carrier and on a route which
Air Jamaica serves."

According to The Gleaner, JamVac negotiated the arrangement with
American Airlines and is the agency responsible for exploring
opportunities to increase flight capacity to Jamaica and to form
strategic alliances with travel-industry partners through varied
options.

                  National Workers Union Responds

Radio Jamaica reports that one of the unions representing workers
at Air Jamaica is contending that the US$300 million to be paid to
American Airlines under a controversial deal should instead be
channeled to the cash-strapped national airline.

The National Workers Union (NWU) said it is unfair that Jamaica is
helping to finance an air carrier owned by a developed country
while its own airline is floundering, the report discloses.

"American Airlines is the national airline of one of the most
powerful countries, America and why would a third world country
want to finance their national airline flying to our country when
our national airline, which is one of our biggest assets has never
been capitalized on," Granville Valentine, NWU Vice President, was
quoted by the new agency as saying.

The deal, Radio Jamaica relates, is also facing negative reactions
from trade unions, the local airline industry, the Opposition
People's National Party (PNP),
and Air Jamaica officials.

Mr. Bartlett meanwhile told the news agency he is willing to meet
with Air Jamaica to discuss concerns the national airline has
raised about the deal.

                        About Air Jamaica

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

                           *    *     *

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

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



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

CONSTELLATION COPPER: TSE to Delist Common Shares by Oct. 2
-----------------------------------------------------------
Constellation Copper Corporation has been advised that the
Listings Committee of the Toronto Stock Exchange determined to
delist the common shares and the 5.5% Convertible Unsecured Senior
Subordinated Debentures of the company because it does not meet
the continued listing requirements of TSX, particularly Sections

709, 710 and 711 of The Toronto Stock Exchange Company Manual.

The delisting will be effective at the close of market on Oct. 2,
2008.  Constellation currently intends to apply for a listing of
the Securities on an alternative market.

                  About Constellation Copper

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

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


FOREST OIL: Zacks Investment Maintains "Hold" Recommendation
------------------------------------------------------------
Zacks Investment Research says Forest Oil Corp.'s impressive
second-quarter results came on the back of increased volumes,
higher price realizations and lower unit cash costs.  Volumes rose
31% to 505 MMcfe/d [million cubic feet equivalent per day], due to
drilling and acquisition activities.

The investment firm expects to see the trend of solid production
growth and under-control cash costs continuing through the
remainder of the year.  The recent Texas property acquisition has
further strengthened Forest's business in its core areas. However,
Zacks is maintaining its Hold recommendation as it sees better
opportunities in this space elsewhere.

Forest Oil has most recently purchased producing assets in the
Buffalo Wallow and East Texas/North Louisiana regions for
approximately US$892 million.  The acquired properties include 350
billion cubic feet equivalent (Bcfe) of proved reserves, producing
34 MMcfe/d of production on 85,000 net acres (118,000 gross acres)
of land.  In May, Forest completed the US$281 million purchase of
Ark-La-Tex producing properties that brought in approximately 110
Bcfe in proved reserves.

On the organic growth front, the company has been very active
drilling on what it describes as its Big Five assets -- Buffalo
Wallow, Wild River, Arkoma Basin, East Texas, and South Texas.  
Contribution from these fields is expected to be the main catalyst
for volume growth.  The expansion of the capital budget this year
from the originally announced US$950 million to US$1.2 billion is
targeted at these core areas.

Headquartered in Denver, Colorado, Forest Oil Corp. --
http://www.forestoil.com/-- is engaged in the acquisition,  
exploration, development, and production of natural gas and crude
oil in North America and selected international locations.  
Forest's principal reserves and producing properties are located
in the United States in the Gulf of Mexico, Alaska, Louisiana,
Oklahoma, Texas, Utah, and Wyoming, and in Canada.  Forest's
common stock trades on the New York Stock Exchange under the
symbol FST.

                         *     *     *

As reported in the Troubled Company Reporter on May 21, 2008,
Standard & Poor's Ratings Services lowered its ratings on the
senior unsecured notes due 2019 of Forest Oil Corp. (BB-
/Positive/--) to 'B+' from 'BB-', and lowered the recovery rating
to '5', indicating its expectation for modest (10%-30%) recovery
in the event of a payment default, from '4'.

At the same time, Moody's Investors Service affirmed Forest Oil's
existing Ba3 corporate family, Ba3 probability of default rating,
existing B1 (LGD 5; 72%) senior unsecured note, and SGL-2
speculative grade liquidity ratings.  The rating outlook is moved
up from stable to positive.  


GRUPO POSADAS: S&P Puts 3 Recovery Rating on US$225 Million Notes
-----------------------------------------------------------------

On Sept. 5, 2008, Standard & Poor's Ratings Services affirmed its
rating on Grupo Posadas S.A.B. de C.V.'s senior unsecured notes
and assigned a recovery rating to the US$225 million senior
unsecured notes maturing in 2011.  The notes are rated 'BB' (the
same as the long-term corporate credit rating) with a recovery
rating of '3', indicating that noteholders can expect a
meaningful (50% to 70%) recovery in the event of payment default.

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

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

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

The notes are senior unsecured obligations, ranking equally in
right of payment with all of Grupo Posadas' other unsecured and
unsubordinated obligations.  The notes will effectively rank
junior to any of its secured indebtedness to the extent of the
value of the assets that secure such secured indebtedness.

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

Grupo Posadas SA de CV (BMV: POSADAS) -- http://www.posadas.com
-- is the largest hotel operator in Mexico, specializing for
over 37 years in providing high-quality hotel services aimed at
covering the specific needs of its hotel customers, currently
operates 107 hotels and approximately 19,368 rooms across
Mexico, the United States and South America.

Grupo Posadas operates under its Aqua, Fiesta Americana Grand,
Fiesta Americana, Fiesta Americana Vacation Club, Fiesta Inn,
One Hotel, Caesar Park, Caesar Business and The Explorean brands
in Brazil, Argentina and Chile.  The company owns a minority
equity stake (30%) in Grupo Mexicana de Aviacion S.A. de C.V.,
one of Mexico's two largest commercial airlines.


OCEANOGRAFIA SA: S&P Puts 3 Recovery Rating on B+/Rated Sr. Notes
-----------------------------------------------------------------
On Sept. 5, 2008, Standard & Poor's Ratings Services affirmed its
senior secured debt rating and assigned a recovery rating to
Oceanografia S.A. de C.V.'s US$335 million senior secured notes
maturing in 2015.  The notes are rated 'B+' (the same as the
long-term corporate credit rating) with a recovery rating of '3',
indicating that lenders can expect meaningful (50% to 70%)
recovery in the event of payment default.

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

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

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

The notes are senior secured obligations, ranking equally in
right of payment with Oceanografia's existing and future senior
secured obligations, senior in right of payment to all of its
existing and future subordinated indebtedness, and junior to all
liabilities of its future subsidiaries that do not guarantee the
notes.

The likelihood of default for Oceanografia's debt is reflected in
the 'B+/Stable/--' corporate credit rating, which has not
changed.

Founded in 1968, Oceanografia S.A. de C.V. --
http://www.oceanografia.com.mx/-- provides pipe laying and pipe   
burial construction services; inspection, maintenance and repair
services; and vessel chartering services for state-owned
petroleum company Petroleos Mexicanos in the Bay of Campeche,
Mexico.


SEMGROUP LP: Michael Dell Increases Shareholding in Subsidiary
--------------------------------------------------------------
MSD Capital LP, the venture capital fund of computer maker Michael
Dell, has increased its stake in SemGroup Energy Partners LP,
reports say citing filings with the Securities and Exchange
Commission.

MSD Capital bought 123,200 shares of common stock of the company
at about $9.98 per unit, bringing its shareholding to nearly 2.3
million shares, or about 10 percent, of SemGroup Energy Partners.  
MSD also took over an additional 519,125 shares through an equity
swap with New York-based Citibank, SEC filings show, according to
the Associated Press.

                       About SemGroup L.P.

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

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

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

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

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


* MEXICO: S&P Assigns Recovery Ratings on 13 Corporations
---------------------------------------------------------
Standard & Poor's Ratings Services has assigned recovery ratings
to secured and unsecured loan and bond issues of 13 speculative-
grade Mexican corporations in the past week.
     
On Aug. 29, S&P assigned recovery ratings to a total of 16 issues.  
S&P also began to apply its recovery rating scale and
issue rating criteria guidelines to the debt.  This resulted in
14 affirmations of issue-level ratings and the raising of two.
"The launch of our recovery ratings in Mexico represents a new
stage in our efforts to keep abreast of Mexico's evolving debt
markets," said S&P's credit analyst Jose Coballasi.  "Our recent
review of Mexico's insolvency regime, analysis of past debt
recoveries in the country, and fundamental issuer and instrument-
specific, scenario-based recovery analyses support
this initiative."
     
Recovery ratings are indicators of estimated recovery prospects
for creditors in the event of a debt issuer's payment default and
are inputs to S&P's traditional issue-level ratings.  Going
forward, in determining the global-scale issue ratings for
speculative-grade Mexican issuers, S&P will consider both the
corporate credit rating, which indicates its view of the entity's
likelihood of default, and the issue-specific recovery
rating.  S&P has not assigned recovery ratings under the Mexican
(CaVal) national rating scale.
     
S&P published a recovery report for each issuer to which it
assigned a new recovery rating.  These reports, which explain the
rationale behind its recovery rating conclusions, can be found on
RatingsDirect, the real-time Web-based source for S&P's credit
ratings, research, and risk analysis.
     
S&P assigned recovery ratings to debt issues of Axtel S.A.B. de
C.V., Cablemas S.A. de C.V., Corporacion Durango S.A.B. de C.V.,
Desarrolladora Homex S.A.B. de C.V., Grupo KUO S.A.B. de C.V.,
Grupo Posadas S.A.B. de C.V., Industrias Unidas S.A. de C.V.,
Maxcom Telecomunicaciones S.A.B. de C.V., Oceanografia S.A. de
C.V., Urbi Desarrollos Urbanos S.A.B. de C.V., and Vitro
S.A.B. de C.V.  S&P assigned recovery ratings and upgraded
Corporacion Interamericana de Entretenimiento S.A.B. de C.V. to
'BB-' from 'B+' and Xignux S.A. de C.V. to 'BB+' from 'BB'.  
Issue ratings for these two entities had been one notch below the
credit rating, where they had reflected S&P's previous approach to
structural subordination.

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



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

LEVI STRAUSS: CFO Resigns; Appoints Heidi Manes as Interim CFO
--------------------------------------------------------------
Levi Strauss & Co. disclosed that its chief financial officer,
Hans Ploos van Amstel, has decided to leave the company to pursue
other career opportunities.  LS&CO.s corporate controller and
principal accounting officer, Heidi Manes, will serve as CFO on an
interim basis while the company recruits externally for a
permanent replacement.  Mr. Ploos van Amstel has agreed to serve
as a financial consultant to LS&CO. for the next several months to
help ensure a smooth transition.

Ms. Manes joined LS&CO. in 2002 from KPMG LLP and has held several
leadership positions in the LS&CO. finance organization.

"[Ms. Manes] is steeped in the financial details of our global
enterprise, and she played an integral role in developing our
accounting policies, financial controls and external reporting
practices," LS&CO.'s chief executive officer John Anderson, said.
"[Ms. Manes] is well-positioned to lead the finance team through
this transition."

"[Mr. Ploos van Amstel] was a key contributor in strengthening the
financial performance of the company during the past several
years, Mr. Anderson also said.  "He helped us to improve our
capital structure, reduce costs and debt, and enhance our
financial controls, accounting capabilities and reporting
processes.  We wish Hans the very best in his future endeavors."

                     About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co.
-- http://www.levistrauss.com/-- is a branded apparel company.     
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.  Levi
Strauss & Co. distributes its Levi's and Dockers products
primarily through chain retailers and department stores in the
United States, and through department stores, specialty
retailers and franchised stores abroad.  The company employs a
staff of approximately 10,000 worldwide, including approximately
1,010 at the company's San Francisco, California headquarters.  
Levi Strauss Europe is headquartered in Brussels, Belgium, while
Levi's Asia Pacific division is based in Singapore.  Levi's has
operations in Brazil, Mexico, Chile and Peru.

The company's consolidated balance sheet at May 25, 2008, showed
US$2.9 billion in total assets, US$3.2 billion in total
liabilities, and US$5.1 million in temporary equity, resulting in
a US$387.1 million total stockholders' deficit.

                         *     *     *

Moody's Investors Service placed Levi Strauss & Co.'s long term
corporate family and probability of default ratings at 'B1' in
March 2007.  The ratings still hold to date with a positive
outlook.



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

ZAP IMPORT: Case Summary & 19 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Zap Import & Export Corp
       P.O. Box 11752
       San Juan, PR 00922-1752
       Tel: (787) 288-4000

Bankruptcy Case No.: 08-05799-11

Type of Business: The Debtor is an exporter/importer of motor
                 vehicle supplies and new parts.  
                 See http://www.zapimport.com

Chapter 11 Petition Date: September 3, 2008

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Winston Vidal Gambaro, Esq.
                 Winston Vidal Law Office
                 P.O. Box 193673
                 San Juan, PR 00919-3673
                 Tel: (787) 751-2864
                 Fax: (787) 763-6114
                 Email: wvidal@prtc.net
       
Estimated Assets: US$10 million to US$50 million

Estimated Debts:  US$10 million to US$50 million

Debtor's list of its 19 Largest Unsecured Creditors:

  Entity                        Nature of Claim     Claim Amount
  ------                        ---------------     ------------
Western Bank                     Bank Loan            US$875,353
World Plaza                           Collateral:   US$9,430,000
268 Avenue,                            Unsecured:     US$874,217
Munoz Rivera Suite 600
Hato Rey, PR 00918

Depo Auto Parts Ind. Co. Ltd     Trade Debt           US$210,844
No. 20-3 Nan Shyh Lane
Tiur Nan Li Lu Kang Chen Chan
Hua Hsien Taiwan

Wells Fargo Bank                 Trade Debt           US$125,118
P.O. Box 54349
Los Angeles, CA 90054-0349

Partpia Corporation              Trade Debt           US$108,642

Cobra King Industry Co. Ltd      Trade Debt            US$82,601

Tong Yang Industry Co. Ltd       Trade Debt            US$80,660

Y.C.C. Parts Mfg Co. Ltd         Trade Debt            US$78,371

First Leasing & Rental Corp.     Trade Debt            US$52,979

First Bank                       Trade Debt            US$35,673

Internal Revenue Service         Trade Debt            US$25,217

CRIM                             Trade Debt            US$23,108

Secretario de Hacienda           Trade Debt            US$11,063

Municipio de Bayamon             Trade Debt             US$6,060

Autoridad de Energia Electrica   Trade Debt             US$3,713

Asociacion de Industriales y     Bank Loan              US$3,150
Comerciante Parque Industrial
Luchetti

Garage Chevron Luchetti          Trade Debt             US$2,761

TAG/ICIB Services                Trade Debt             US$2,600

Waste Management de PR           Trade Debt             US$2,358

Helvetia del Caribe              Trade Debt               US$750



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

PETROLEOS DE VENEZUELA: Inks Pact With ANCAP for Crude Production
-----------------------------------------------------------------
Petroleos de Venezuela S.A. has reached an agreement with
Uruguay’s National Fuels, Alcohol and Portland Administration
(ANCAP) to evaluate production activities (upstream) in
hydrocarbon fields of the Ayacucho 6 Block, Ayacucho Area, in the
Orinoco Oil Belt, as well as their upgrading (downstream) and
international commercialization.

With the purpose of continuing to strengthen the South American
energy union, the agreement was signed by ANCAP President Raul
Sendic, and the People’s Minister for Energy and Petroleum and
president of Petróleos de Venezuela (PDVSA), Rafael Ramirez
Carreno.

Minister Ramirez informed that the drilling of wells that will
determine the amount of reserves in said block has already been
completed, and that 19,000 more barrels of Oil Originally in Place
(OOIP) are being certified with a 20% recovery factor to produce
3.8 billion barrels of crude reserves, which can be used to
develop production projects of up to 200,000 barrels each.

It is important to point out that ANCAP worked with PDVSA and the
Argentinean company Enarsa in this process to certify reserves in
the Ayacucho 6 Block, and that now they are preparing for the
second phase of the work, which includes the creation of a
technical commission that will specifically study investment
projects, production and the business plan, the latter being the
steps preceding the incorporation of a joint venture company
between the two countries.

Minister Ramirez pointed out that ANCAP’s participation raises the
list to 22 companies from 18 countries that operate in the Orinoco
Oil Belt in an area of approximately 55,314 square kilometers
divided in 29 blocks, and which constitutes the largest
hydrocarbon reserve in the planet with 272 billion oil barrels of
reserves.

Minister Ramirez also indicated that integration between both
nations is based on the Energy Security Treaty signed in August of
2007, under which Venezuela undertook to supply the fuel,
petroleum and gas needed by its sister nations.

The president of ANCAP, Raul Sendic, pointed out that the
agreement will determine the needs of La Teja Refinery, located in
Uruguay and with a current processing capacity of 50,000 barrels
per day, to evaluate the investments necessary so that the crude
extracted from the Orinoco Oil Belt can be processed there and
later commercialized.

The ceremony was also attended by Eulogio Del Pino, president of
the Corporacion Venezolana de Petroleo and director of PDVSA, and
by Nelson Martínez, president of PDVSA America, among others.

                   About Petroleos de Venezuela

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

                           *     *     *

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

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

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


* VENEZUELA: May Give Banks Extension to Sell $-Linked Securities
-----------------------------------------------------------------
The government said Venezuela may give banks more time to fulfill
an order to sell dollar-linked securities issued by foreign
companies to avoid undue pressure on the financial system, Reuters
reports.

Citing Venezuela's President Hugo Chavez, Reuters says banks were
using the instruments to skirt foreign currency regulations and
ordered them to sell within three months.

Reuters relates that in a statement published in the El Universal
newspaper, Finance Minister Ali Rodriguez commented: "That period
ends now in September.  We are not trying to provoke a critical
situation in the banks.  Some deadlines could be extended
according to the situation of each bank."

                            *     *     *

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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



                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


           * * * End of Transmission * * *