TCRLA_Public/080912.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, September 12, 2008, Vol. 9, No. 182

                            Headlines

A R G E N T I N A

ALTA GAMA: Proofs of Claim Verification Deadline Is December 3
BALLY TECHNOLOGIES: Moody's Assigns Ba3 Corporate Family Rating
MAHLE SA: Proofs of Claim Verification Deadline Is December 3
POTTER SA: Trustee Verifying Proofs of Claim Until November 25
SOLAGRO SA: Proofs of Claim Verification Deadline Is October 12

TOTALMETAL SRL: Proofs of Claim Verification Deadline Is Dec. 3
TYSON FOODS: Prices US$450 Mil. Convertible Senior Notes Offering

* ARGENTINA: Inks Pact With Brazil to Build Dam in Uruguay River


B R A Z I L

MAGNESITA REFRATARIOS: LWB Acquisition Cues S&P to Hold BB Rating
NRG ENERGY: Moody's Affirms Corporate Family Rating at Ba3
TAM SA: Reaches Deal for Mobile Communications Service
TAM SA: Reports Domestic Market Share of 54.2% in August


C A Y M A N  I S L A N D S

BRIDGE FINANCE: Deadline for Proof of Claim Filing Is Sept. 18
CABLE & WIRELESS: Names Anthony Ritch as Country Manager
CABLE & WIRELESS: Unit Sets US$500,000 Fund for Hurricane Victims
CR2G INVESTMENT: Proof of Claim Filing Deadline Is Sept. 18
CR2G MASTER: Filing for Proof of Claim Is Until Sept. 18

EFG EXCHANGE: Holding Final Shareholders Meeting on Sept. 18
GENUS ENERGY: Deadline for Proof of Claim Filing Is Sept. 18
GENUS ENERGY MASTER: Proof of Claim Filing Is Until Sept. 18
KALLISTA ARBITRAGE: Proof of Claim Filing Deadline Is Sept. 18
PORTUGAL BLUE: Holds Final Shareholders Meeting on Sept. 18

RADIAN INC: Deadline for Proof of Claim Filing Is Sept. 18
RUBICON QUANTITATIVE: Proof of Claim Filing Is Until Sept. 18
VEGA GLOBAL ACCESS: Sets Final Shareholders Meeting on Sept. 18
VEGA MASTER FUNDS: Holds Final Shareholders Meeting on Sept. 18
VEGA SELECT OPPORTUNITIES: Final Shareholders Meeting Is Sept. 18

WCM EUROPEAN: Deadline for Proof of Claim Filing Is Sept. 18


C H I L E

REVLON INC: Plans to Reduce Debt by US$170 Million


C O L O M B I A

BANCOLOMBIA SA: Earns COP93.8 Billion in August 2008


C O S T A  R I C A

* COSTA RICA: Ba1 Rating Reflects Dynamic Economy, Says Moody's


E C U A D O R

* ECUADOR: Increases Oil Estimate by 19 Million Barrels


M E X I C O

BANCOPPEL SA: Moody's Lowers Ba2 Currency Deposit Ratings to Ba3
BHM TECHNOLOGIES: Wants Former CFO Vanderkooi as Consultant
BHM TECHNOLOGIES: Brown Entities Want to Assume Visteon Deal
BHM TECHNOLOGIES: Court Extends Time to Assume or Reject Leases
BHM TECHNOLOGIES: Eclipse Wants Debtors' Objections Denied

BHM TECH: Trade Creditors Sell 32 Claims Totaling US$711,308
INDUSTRIAS UNIDAS: S&P Chips Foreign Currency Credit Rating to B-


P U E R T O  R I C O

ADELHIA COMMS: Creditors to Get $134MM Cash, Time Warner Stocks
CAGUAS LUMBER: Case Summary & 20 Largest Unsecured Creditors
MYLAN INC: S&P Rates US$400MM Senior Unsec. Notes 'B+'
NUTRITIONAL SOURCING: Court Okays Disclosure Statement
NUTRITIONAL SOURCING: Objections to Plan Must be Filed by Oct. 14


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Two Oil Ships Collide in Miranda


                         - - - - -


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A R G E N T I N A
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ALTA GAMA: Proofs of Claim Verification Deadline Is December 3
--------------------------------------------------------------
Alfredo Audisio, the court-appointed trustee for Alta Gama SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 3, 2008.

Mr. Audisio 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 Alta Gama 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 Alta Gama's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Alta Gama SRL
                     Esmeralda 740
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Alfredo Audisio
                     Rivadavia 4370
                     Buenos Aires, Argentina


BALLY TECHNOLOGIES: Moody's Assigns Ba3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 Corporate Family rating
and Ba3 Probability of Default rating to Bally Technologies, Inc.
It also assigned a Ba3 rating to both the company's proposed
US$225 million senior secured term loan and US$75 million senior
secured revolving credit facility.  The new facilities will be
used to refinance the company's existing bank facilities.  Moody's
also assigned a Speculative Grade Liquidity rating of SGL-2.  The
ratings are subject to review of final documentation. The ratings
reflect Bally's small scale, technology and game development
risks, the need for continued spending on research and
development, the risk that player acceptance of Bally's games
could wane, and competition with a larger better capitalized
company. Ratings are supported by an improved product line-up,
rising returns and margins, low leverage, and strong interest
coverage.  As of June 30, 2008, Debt/EBITDA is modest at 1.2
times, with interest coverage (as measured by EBITDA-
CAPX/interest) solid for the rating at 5.6 times based upon
Moody's standard analytic adjustments.  Bally's operating
performance has improved over the past few years due to the
conversion to a single operating platform, the roll-out of popular
game titles pursuant to profitable lease arrangements, continued
leadership in gaming systems, and operating leverage from a
growing installed base of gaming units.

The Speculative Grade Liquidity rating of SGL-2 reflects Moody's
expectation that Bally can fund all operating and capital
investment needs internally, that the company can maintain a
reasonable level of availability under the revolving credit
facility, and that it will maintain ample head-room under
financial covenants.

Ratings assigned:

Bally Technologies, Inc.

   -- Corporate family rating of Ba3

   -- Probability of default rating of Ba3

   -- US$75 million senior secured revolving credit facility
      at Ba3(LGD 4, 51%)

   -- US$225 million senior secured term loan at Ba3 (LGD 4, 51%)

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,    
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.


MAHLE SA: Proofs of Claim Verification Deadline Is December 3
-------------------------------------------------------------
Beatriz Custodio, the court-appointed trustee for Mahle SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 3, 2008.

Ms. Custodio 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 Mahle 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 Mahle SA's accounting
and banking records will be submitted in court.

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

Ms. Custodio is also in charge of administering Mahle 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:

                     Mahle SA
                     Avenida Cordoba 1318
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Beatriz Custodio
                     Uruguay 229
                     Buenos Aires, Argentina


POTTER SA: Trustee Verifying Proofs of Claim Until November 25
--------------------------------------------------------------
The court-appointed trustee for Potter S.A.'s reorganization
proceeding will be verifying creditors' proofs of claim until
November 25, 2008.

The trustee will present the validated claims in court as  
individual reports on November 3, 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
Potter 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 Potter S.A.'s
accounting and banking records will be submitted in court on
April 23, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on June 29, 2009.


SOLAGRO SA: Proofs of Claim Verification Deadline Is October 12
---------------------------------------------------------------
The court-appointed trustee for Solagro S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 12, 2008.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Bell Ville, Cordoba, 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 Solagro
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 Solagro S.A.'s
accounting and banking records will be submitted in court.

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

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


TOTALMETAL SRL: Proofs of Claim Verification Deadline Is Dec. 3
---------------------------------------------------------------
Gloria Kremer, the court-appointed trustee for Totalmetal SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 3, 2008.

Ms. Kremer 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 Totalmetal 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 Totalmetal SRL's
accounting and banking records will be submitted in court.

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

Ms. Kremer is also in charge of administering Totalmetal 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:

                     Totalmetal SRL
                     Griveo 4147
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Gloria Kremer
                     Lavalle 1672
                     Buenos Aires, Argentina


TYSON FOODS: Prices US$450 Mil. Convertible Senior Notes Offering
-----------------------------------------------------------------
Tyson Foods Inc. has priced its registered underwritten public
offerings of Class A common stock and convertible senior notes due
2013.  The Company has agreed to sell 20 million shares of its
Class A common stock at a public offering price of US$12.75 per
share and has granted the underwriters an option to purchase up to
an additional 3 million shares of Class A common stock on the same
terms and conditions to cover over-allotments, if any.

An entity controlled by Don Tyson, the company's former Chairman
and current director, will be purchasing 3 million shares in the
offering.  The Company also announced the pricing of its public
offering of US$450 million aggregate principal amount of 3.25%
convertible senior notes.  Tyson has granted the underwriters an
option to purchase up to an additional US$67.5 million in
aggregate principal amount of convertible senior notes on the same
terms and conditions to cover over-allotments, if any.

The convertible senior notes will pay interest semi-annually at a
rate of 3.25% per year and will mature on October 15, 2013.  The
convertible senior notes will be convertible under certain
circumstances and during certain periods at an initial conversion
rate of 59.1935 shares of Class A common stock per US$1,000
principal amount of convertible senior notes (representing an
initial conversion price of approximately US$16.89 per share of
Class A common stock), subject to adjustment in certain
circumstances.  The initial conversion price represents a
conversion premium of 32.5% over the public offering price in the
Class A common stock offering of $12.75 per share.  The
convertible senior notes will provide for "net share settlement"
of any conversions, meaning that upon any conversion Tyson will
pay the noteholder an amount in cash of up to the principal amount
of the convertible senior notes and will settle any excess of the
conversion value above the convertible senior notes' principal
amount in Class A common stock.  Holders of the convertible senior
notes may require Tyson to purchase all or a portion of their
notes at a price equal to 100% of the principal amount of the
convertible senior notes to be purchased, plus accrued and unpaid
interest, in cash, upon the occurrence of certain fundamental
changes involving Tyson.

Tyson intends to use the net proceeds from the Class A common
stock offering and the convertible senior notes offering toward
the repayment of borrowings under Tyson's accounts receivable
securitization and for other general corporate purposes which may
include, without limitation, acquisitions, strategic investments
and initiatives to grow its business.  
A portion of the net proceeds from the offering of the convertible
senior notes will be used to fund the cost of the convertible note
hedge transactions after such cost is offset by the proceeds of
the warrant transactions.

In connection with the convertible senior notes offering, Tyson
has entered into convertible note hedge and warrant transactions
in respect of its Class A common stock with counterparties, which
are affiliates of certain underwriters of the convertible senior
notes.  The convertible note hedge transactions are intended to
reduce the potential dilution upon future conversion of the
convertible senior notes by providing Tyson with the option,
subject to certain exceptions, to acquire shares of Class A common
stock which offset the delivery of newly issued shares of Class A
common stock upon settlement of conversion of the convertible
senior notes.  However, the warrant transactions will result in
dilution to the extent that the market value of Tyson's Class A
common stock, as measured under the terms of the warrants during
the measurement period at maturity of the warrants, exceeds the
exercise price of the warrants, which initially is US$22.31 per
share, subject to customary adjustments.  If the underwriters
exercise their option to purchase additional convertible senior
notes to cover over-allotments, Tyson will increase the size of
the convertible note hedge transactions and sell additional
warrants.

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

The Class A common stock offering and the convertible senior notes
offerings are being conducted as separate public offerings and are
not contingent upon each other.  The closing of each offering is
expected to occur on September 15, 2008, subject to satisfaction
of market and other closing conditions.

J.P. Morgan Securities Inc. and Merrill Lynch & Co. are acting as
joint book-running managers for both offerings.

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

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

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

                         -- or --

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

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

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

                         *     *     *

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


* ARGENTINA: Inks Pact With Brazil to Build Dam in Uruguay River
----------------------------------------------------------------
Argentine President Cristina Fernandez de Kirchner signed a
Bilateral Agreement with Brazilian counterpart, Luiz Inacio Lula
da Silva to build new bridges and a Garabi dam across the Uruguay
river, Buenos Aires Herald reports.

According to the report, the construction of the dam to link the
two Latin countries will start in the next 24 months, as part of
the agreement on energy, trade, and public works.

The heads of state also discussed the need for technological
common standard in digital television.  In addition, both
presidents signed a monetary agreement that the U.S. dollar will
be dropped as the official currency of the bilateral trade, The
Herald says.

As reported in the Troubled Company Reporter-Latin America on
Sept. 11, 2008, the Brazilian and Argentinean Presidents, Luis
Inacio Lula da Silva and Cristina Kirchner, sealed a cooperation
agreement between Banco Nacional de Desenvolvimento Economico e
Social SA, the Development Bank, Banco de Integracion y Comercio
Exterior and Banco de la Nacion Argentina to start regional
infrastructure projects, on Sept. 8, at Palacio do Planalto.



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

MAGNESITA REFRATARIOS: LWB Acquisition Cues S&P to Hold BB Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB' long-term
corporate credit rating on the Brazil-based refractory producer
Magnesita Refratarios S.A. following the announcement that the
company reached an agreement with Rhone Capital LLC (not rated) to
acquire its controlling stake in LWB Refractories GmbH (unrated).  
At the same time, S&P also affirmed its 'brAA-' Brazil national
scale rating on the company.  The outlook was changed to
'negative' from 'stable'.
     
"The rating action reflects the Magnesita's announcement that the
company reached an agreement to acquire LWB, one of the main
global producers of refractories.  Although we see significant
improvement in Magnesita's business profile if the deal is
successful -- by enhancing the company's product and geographic
diversification and strengthening its market position in the
refractory business -- we expect the company to also report higher
financial leverage in the medium term.  The acquisition also poses
some challenges for Magnesita to integrate the acquired assets and
improve their operating efficiency, thus boosting its consolidated
results," said S&P's credit analyst Victor Saulytis.
     
The two combined companies are expected to be the third-largest
producer of refractories in the world with complementary product
portfolios and broader geographical reach, thus servicing a more
diversified client base.  Additionally, the two combined companies
are expected to generated synergies initially estimated at EUR25
million (around U$40 million) if integration is successful.
     
As a result of the additional debt, S&P expects the company to
maintain a more leveraged capital structure for a longer period
than originally expected.  Before the announcement, it expected
Magnesita to post a total debt-to-EBITDA ratio lower than 3.0 by
the end of 2008.  Considering the new debt, S&P expects the
leverage ratio to remain in the 3.5 to 4.0 range (3.9 in the 12
months ended June 2008) over the next few years.
     
The ratings on Magnesita reflect:

  -- the exposure of the company's sales to cyclical industries
     (namely steel and cement) and reliance on few customers;

  -- sizable gross debt from the leveraged buyout debt Magnesita
     assumed; and

  -- the challenges for the company's new management to implement
     its strategic plans.

These risks are partly offset by:

  -- Magnesita's leading business and market position in the local
     market of refractory products; its privileged cost position
     and sound operating profile due to vertical integration into
     key raw materials; and

  -- its broad variety of products and value-added services,
     ranging from elementary refractory products to tailor-made
     refractory solutions.

S&P expects Magnesita to post tighter free operating cash flow in
the coming quarters.  In the short term, free operating cash flow
tends to be affected by investments in production capacity in
Brazil.  In the mid to long term, as the integration with LWB
matures and investments in the company's local plants return to
maintenance levels, cash generation is likely to improve.  In this
sense, the company would be able to reduce debt, which could
support better leverage ratios.  S&P assumes that the company will
manage to successfully refinance existing debts at LWB, thus not
exposing Magnesita to refinancing risks in the next two years, as
debt maturities are expected to remain quite low.
     
The negative outlook reflects S&P's expectations that Magnesita
will post a more leveraged capital structure in the short term and
will deal with challenges to successfully conclude the acquisition
of LWB as well as to integrate the operations of the new company.  

At the same time, S&P assumes that Magnesita will not perform new
relevant acquisitions, allowing the company to sustain strong cash
position due to the reduced pressure of debt maturities in the
next couple of years.
     
"The outlook could be revised to stable if Magnesita's leverage
consistently declines in the next few quarters, leading, for
instance, to a total debt-to-EBITDA ratio of less than 3.5 by the
end of 2009 and a further declining trend throughout 2011.  A
positive revision would also depend on the Magnesita's ability to
conclude the acquisition of LWB and integrate its operations with
the new company, which could increase the company's cash flows
consistently and improve its consolidated profitability.  We
expects dividends to be maintained at prudent levels.  On the
other hand, the ratings could be revised negatively if the company
adopts a more aggressive financial strategy, resulting in
increasing bank debt and decreasing cash generation, and thus,
resulting in lower liquidity and weaker credit measures," Mr.
Saulytis added.

Headquartered in Montes Claros, Brazil, Magnesita Refratarios
S.A. is Brazil's largest manufacturer of refractories used for
industrial high-temperature processes such as iron and steel,
cement, glass and others.   The company reported net sales of
BRL1.2 billion and EBITDA of BRL236 million (around US$663
million and  US$131 million, respectively) in the 12 months
ended March 30, 2008.


NRG ENERGY: Moody's Affirms Corporate Family Rating at Ba3
----------------------------------------------------------
Moody's Investors Service has affirmed all of NRG Energy, Inc.'s
(NRG) ratings, including its Corporate Family Rating at Ba3, the
senior unsecured debt at B1, and the Speculative Grade Liquidity
Rating at SGL-1. The rating outlook remains stable.

The rating affirmation reflects the announcement by NRG to offer
existing bondholders the ability to exchange up to approximately
US$2 billion of new bonds, and to concurrently seek consents from
its existing bondholders with proposed amendments to the
indentures governing the existing US$4.7 billion of senior
unsecured debt.  While the transaction, if completed, will
increase annual interest expense and will weaken covenant
protection for bondholders, the transaction will not result in any
fundamental change in the issuer's credit quality.  To that end,
should bondholder consent to the proposed amendments occur and
should the bonds be offered in the capital markets, Moody's
anticipates assigning a B1 rating to the approximate US$2 billion
of new senior unsecured bonds.

The rating affirmation recognizes NRG's continued generation of
relatively consistent credit metrics through an active hedging
program as evidenced by adjusted cash flow to total adjusted debt
registering 15% - 16% for the past three years and through
June 30, 2008.  Moody's expects these financial metrics to
modestly improve during 2008 due to continued steady operating
cash flow generation and permanent consolidated debt reduction,
including debt retirement of around US$475 million under the
company's senior secured term loan, the bulk of which occurred in
December 2007 and March 2008.

The rating affirmation acknowledges the company's stated desire to
return more capital to shareholders as evidenced by the
announcement of a consent request, which if successful, would
eliminate the restricted payments test in the senior note
indentures.  While the company continues to pursue a capital
allocation strategy that returns to shareholders an average rate
of 3% annually (or approximately US$250 million to US$300 million
each year), we observe that the company has complimented this
capital return program with associated debt retirement. We believe
management will continue to pursue this two-pronged capital
approach.  Assuming that the indentures are amended and the
restricted payments test is eliminated in the indentures,
bondholders will continue to benefit from the existing restricted
payments test in the senior secured bank facility; however, that
restricted payments test offers the company greater flexibility to
make distributions to shareholders and it can be amended or
eliminated in the future without the consent of the bondholders.
While this is a risk for bondholders, we do believe that a senior
secured bank facility will have some form of a restricted payment
test even if the credit environment becomes substantially more
benign than what currently exists today.  More importantly, while
NRG's management is clearly shareholder focused, we believe that
the company will continue to implement its shareholder return
program in a manner that addresses both shareholder and creditor
interests.  We also observe NRG's historical approach to capital
investment programs has involved the utilization of joint venture
arrangements for all of the company's largest generation projects,
and the execution of long-term power purchase arrangements with
load serving entities at other projects in conjunction with re-
powering initiatives.

NRG's speculative grade liquidity rating of SGL-1 reflects our
expectation that the company will maintain a very good liquidity
profile over the next 12-month period as a result of its
generation of strong internal cash flows, maintenance of
significant cash balances plus continued access to substantial
credit availability. Total liquidity at June 30, 2008 approximated
US$2.7 billion, including cash on hand of US$1.3 billion.  In
addition, we anticipate the company will generate incremental free
cash flow during 2008.  Moody's understands that the company
remains very comfortably in compliance with the covenants in its
bank facilities and acknowledges the increase in liquidity that
occurred following the sale of ITISA for approximately
US$288 million during the second quarter 2008.

NRG's stable rating outlook reflects our expectation for continued
generation of relatively predictable cash flow for this wholesale
power company due to the fleet's competitive position and hedging
strategy.  The stable outlook considers continued execution of
management's balanced capital allocation policy and factors in
NRG's measured strategy for capital investment, including the use
of joint ventures and execution of key contractual arrangements to
mitigate risk.

The last rating action for this company was April 28, 2008 when
the negative outlook was stabilized and the speculative grade
liquidity rating was upgraded to SGL-1 from SGL-2.

Headquartered in Princeton, New Jersey, NRG Energy, Inc. owns and
operates power generating facilities, primarily in Texas and the
northeast, south central and western regions of the United States.
NRG also has ownership interests in generating facilities in
Australia, Brazil and Germany.


TAM SA: Reaches Deal for Mobile Communications Service
------------------------------------------------------
TAM Linhas Aereas will be the first airline in the Americas
to offer onboard mobile phone service on its Airbus A320s, to be
provided by OnAir -- a joint venture of Airbus and Sita, an
organization that develops cutting edge technology for aviation.  
A trail-blazing partnership signed with the company will enable
TAM passengers to use their cell phones and smartphones in flight
-- for voice, SMS messaging or emails -- on South American routes.

The system is expected to begin working in the second half of
2009.  The startup of operations will depend on approval by the
National Agency of Civil Aviation (Anac) and the National Agency
of Telecommunications (Anatel), as well as the adjustment of
legislation that only authorizes cell phone use when the aircraft
is on the ground and the doors are open.

The announcement of the agreement took place this Wednesday in
Long Beach, California (USA) at the trade fair of the World
Airline Entertainment Association (WAEA), the largest event in the
world devoted to onboard entertainment.  The system was certified
by the European Aviation Safety Agency (Easa), and its use was
recently regulated by the European Union.  The mechanism ensures
complete safety for passengers, since it prevents signals from
devices from causing interference in the aircrafts commands.  In
addition, should the need arise, the system can be shut down at
any time.  The company chose the OnAir system after two years of
assessing connectivity solutions available on the market.

"Offering this advanced technology to our customers confirms our
leadership in the airline market in Brazil, and is one more
example of our constant quest for Service Excellence, one of the
pillars of our company," states TAM president, Captain David
Barioni Neto.  "Our passengers, particularly those traveling in
business class, will be able to stay in contact with their offices
and clients, enhancing efficiency and productivity."

OnAir president, Benoit Debains, underscored TAM's status as a
pioneer in adopting this onboard communications system.  "We are
very pleased by the fact that TAM, one of the leaders in
innovation in passenger service, and the largest airline in South
America, has chosen OnAir to implement this additional benefit for
its passengers," he said.

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

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

                              *     *     *

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

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


TAM SA: Reports Domestic Market Share of 54.2% in August
--------------------------------------------------------
TAM S.A. released its operating data for August 2008, as disclosed
by the Brazilian National Civil Aviation Agency (ANAC).

According to ANAC, TAM registered 31.7% growth in domestic RPK
(demand) compared to the same period last year, and 19.6% increase
in domestic ASK (supply).  In August, market demand increased
18.7% and market supply increased 12.8%. TAM registered domestic
market share (RPK) of 54.2%, a 5.4 p.p. increase compared to the
same period in 2007.  TAM's domestic load factor was 67.6%, 5.7
p.p. higher than the market average of 61.9%.

In the international market, TAM registered 43.6% growth in RPK
and 21.8% in ASK, compared to August 2007.  The company attained
market share of 73.9%, representing 8.6 p.p. growth year on year.  
TAM attained 78.6% load factor, 2.8 p.p. higher than the market
average of 75.7%.

Please find below our operating data for August:
    
Operating data              Aug 2008    Aug 2007    Var. %
Domestic Market
  ASK (millions) - Supply     2,967      2,481      19.6%
  RPK (millions) - Demand     2,007      1,524      31.7%
  Load Factor                 67.6%      61.4%      6.2 p.p.
  Market share                54.2%      48.8%      5.4 p.p.

International Market
  ASK (millions) - Supply     1,711      1,404      21.8%
  RPK (millions) - Demand     1,344        936      43.6%
  Load Factor                 78.6%      66.7%     11.9 p.p.
  Market share                73.9%      65.3%      8.6 p.p.

Operating data             Jan-Aug 2008  Jan-Aug 2007  Var. %
Domestic Market
  ASK (millions) - Supply     22,978        20,190      13.8%
  RPK (millions) - Demand     16,051        14,289      12.3%
  Load Factor                  69.9%         70.8%    -0.9 p.p.
  Market share                 49.9%         49.2%     0.6 p.p.

International Market
  ASK (millions) - Supply     13,567         10,190     33.1%
  RPK (millions) - Demand     10,379          7,201     44.1%
  Load Factor                  76.5%          70.7%    5.8 p.p.
  Market share                 71.3%          67.7%    3.6 p.p.

Investor Relations Contact:

    Phone: +55-11-5582-9715
    Fax: +55-11-5582-8149
    invest@tam.com.br
    www.tam.com.br/ri

Press Agency Contact:

    Phone: +55-11-5582-8167
    Fax: +55-11-5582-8155
    tamimprensa@tam.com.br

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

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

                              *     *     *

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

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



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

BRIDGE FINANCE: Deadline for Proof of Claim Filing Is Sept. 18
--------------------------------------------------------------
Bridge Finance Inc.'s creditors have until Sept. 18, 2008, to
prove their claims to Giles Kerley and Jan Neveril, 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.

Bridge Finance's shareholder decided on Aug. 8, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Giles Kerley and Jan Neveril
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


CABLE & WIRELESS: Names Anthony Ritch as Country Manager
--------------------------------------------------------
Cable & Wireless Caribbean the region’s leading telecommunications
company has appointed Anthony Ritch as the new Country Manager of
its Cayman Islands business.  Mr. Ritch, who has worked with the
Cayman business for the past 24 years will assume the role with
effect from 1st October 2008.  He will take over from Timothy Adam
who in July announced that he would be moving to a part-time
advisory role after being at the helm of the business for 10
years.

Richard Dodd Chief Executive Officer of Cable & Wireless Caribbean
said “The recruitment process was a rigorous one with numerous
applicants from the Cayman Islands and throughout the Caribbean,
however we are confident that we have the right person for this
new position in our new operating model for the Caribbean, with
the expertise to lead our Cayman business forward and ensure its
growth while meeting the needs of and providing exemplary service
to our residential and enterprise customers in the Cayman
Islands.”

Mr. Ritch stated, “I look forward to taking on the challenge of
leading our team of talented colleagues who are dedicated,
dynamic, and loyal to this business and our customers.  I will
work closely with them and all stakeholders to ensure the solid
reputation that Cable & Wireless has built is strengthened and
taken to a new level.”

“Our business is changing and I am committed to the regional
transformation which will deliver enhanced products and services,
greater efficiencies, more value, and exceptional customer
services,” added Mr. Ritch.

As the new Country Manager, Mr. Ritch will be responsible for
driving the growth of the already successful Cayman business and
overseeing the day to day operations, which includes the company’s
full suite of broadband, data, mobile and landline products and
services.

“I have had the pleasure of working with Anthony and watching him
grow into a very competent manager and a fine leader who not only
inspires those around him but holds the respect of our entire
colleague body.  I look forward to seeing him create many
successes for our Cayman business.  This selection is a testament
and proof of our commitment to developing our people and providing
opportunities for their advancement, and I congratulate Anthony on
his appointment.  I consider one of the key responsibilities of
leadership is to develop the next generation of leaders, so as my
finishing touch to that vital task I look forward to working
closely with him during the next few weeks to ensure a seamless
transition to his new role” said outgoing Chief Executive Timothy
Adam.

Originally from Cayman Brac, Anthony began his career with Cable &
Wireless on Grand Cayman at the age of 17 as a Junior Technician.
He attend the Cable & Wireless Telecommunications Colleges in
Porthcurno, Cornwall where he obtained a diploma in
telecommunications engineering which provided a solid background
for the various engineering roles he later held. He advanced his
career in engineering by embracing various training opportunities
and leading numerous special projects.  Mr. Ritch was promoted to
a senior manager in 1997 and began to take a keen interest in the
commercial side of the business, becoming more involved in
business and strategic planning and the management of capital
projects.

Mr. Ritch has also held the post of Product Manager in the Mobile
department responsible for developing, launching and promoting new
mobile products across both the postpaid and prepaid sectors of
the market.  In 2006 he was promoted to Vice President of
Broadband & Voice and has been credited with growing this arm of
the business by repositioning the broadband products and service
offerings.  He has also been involved in revitalizing the
company’s enterprise business model, the introduction of the new
Virtual Office product and has been instrumental in developing
winning propositions for a number of major corporate clients.

Mr. Ritch holds a BSc in Management with Honors from the
University of Tampa.

Anthony is also devoted to serving his community and has been a
member of the Lions Club of Grand Cayman for 15 years where he now
serves in the role of President.  He resides in Savannah with his
wife Lisa, two sons Maxwell and Dimitri and daughter Jazmin.

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

                           *     *     *

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


CABLE & WIRELESS: Unit Sets US$500,000 Fund for Hurricane Victims
-----------------------------------------------------------------
Cable and Wireless Caribbean will pump more than US$500,000 in
cash and services into efforts to assist victims of recent
hurricanes and tropical storms that have affected the region,
Caribbean360.com reports.

According to the report, the company has established a relief fund
of US$250,000 to assist with aspects of restoration in the
Caribbean territories that have been affected by Tropical Storm
Gustav and Hurricanes Ike and Hanna.  In addition, the report says
C&W is providing free calling minutes and other assistance to many
of its customers.

"Cable and Wireless has been part of the Caribbean and its people
for more than 100 years, with more than 98 per cent of our
employees being Caribbean nationals.  So, for us, any disaster in
the region becomes personal.  We regret the loss of lives and the
terrible dislocation that has occurred over the past two weeks,
and it is our hope that the period of restoration will not be
protracted," Caribbean360.com quotes Chief Executive Officer
Richard Dodd as saying.

C&W, the report relates, will also set up avenues through which
its employees across the group, who have been seeking ways to
assist, can contribute to the relief effort.  The collection drive
among employees will include cash, foodstuff and personal care
items.

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

                       *     *     *

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


CR2G INVESTMENT: Proof of Claim Filing Deadline Is Sept. 18
-----------------------------------------------------------
CR2G Investment Fund Ltd's creditors have until Sept. 18, 2008, to
prove their claims to Giles Kerley and Jan Neveril, 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.

CR2G Investment's shareholders agreed on Aug. 5, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Giles Kerley and Jan Neveril
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


CR2G MASTER: Filing for Proof of Claim Is Until Sept. 18
--------------------------------------------------------
CR2G Master Fund Ltd's creditors have until Sept. 18, 2008, to
prove their claims to Giles Kerley and Jan Neveril, 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.

CR2G Master Fund's shareholders agreed on Aug. 5, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Giles Kerley and Jan Neveril
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


EFG EXCHANGE: Holding Final Shareholders Meeting on Sept. 18
------------------------------------------------------------
EFG Exchange Holdings Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at 12:00 a.m., 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.

EFG Exchange's shareholders agreed on July 28, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Emmanuel L. Bussetil
                c/o 3-5 chemin des Tuileries
                1293 Bellevue, Switzerland
                Tel: (+41 22) 959-0000
                Fax: (+41 22) 959-0001

Contact for inquiries:

                Virginia Czarnocki
                c/o Walker House
                87 Mary Street, George Town
                Grand Cayman, Cayman Islands
                Tel: (345) 814-4649
                Fax: (345) 814-8249
                Email: Virginia.Czarnocki@walkersglobal.com


GENUS ENERGY: Deadline for Proof of Claim Filing Is Sept. 18
------------------------------------------------------------
Genus Energy Fund's creditors have until Sept. 18, 2008, to prove
their claims to Sarah Kennedy and Jan Neveril, 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.

Genus Energy's shareholders agreed on May 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Sarah Kennedy and Jan Neveril
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


GENUS ENERGY MASTER: Proof of Claim Filing Is Until Sept. 18
------------------------------------------------------------
Genus Energy Master Fund's creditors have until Sept. 18, 2008, to
prove their claims to Sarah Kennedy and Jan Neveril, 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.

Genus Energy's shareholders agreed on May 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Sarah Kennedy and Jan Neveril
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


KALLISTA ARBITRAGE: Proof of Claim Filing Deadline Is Sept. 18
-------------------------------------------------------------
Kallista Arbitrage Strategies Fund Ltd.'s creditors have until
Sept. 18, 2008, to prove their claims to Giles Kerley and Jan
Neveril, 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.

Kallista Arbitrage's shareholders agreed on Aug. 4, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Giles Kerley and Jan Neveril
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


PORTUGAL BLUE: Holds Final Shareholders Meeting on Sept. 18
-----------------------------------------------------------
Portugal Blue Chip Fund Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at 10:00 a.m., at the offices of
Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, 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 five years from the
      dissolution of the company, after which they may be  
      destroyed.

Portugal Blue's shareholders agreed on March 5, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Stuart K. Sybersma
                Attn: Jessica Turnbull
                c/o Deloitte Cayman Islands
                P.O. Box 1787GT
                Grand Cayman, Cayman Islands
                Tel: (345) 949-7500
                Fax: (345) 949-8258


RADIAN INC: Deadline for Proof of Claim Filing Is Sept. 18
----------------------------------------------------------
Radian Inc.'s creditors have until Sept. 18, 2008, to prove their
claims to Giles Kerley and Jan Neveril, 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.

Radian's shareholder decided on Aug. 8, 2008, to place the company
into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidators can be reached at:

               Giles Kerley and Jan Neveril
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


RUBICON QUANTITATIVE: Proof of Claim Filing Is Until Sept. 18
-------------------------------------------------------------
Rubicon Quantitative Strategies Master Fund's creditors have until
Sept. 18, 2008, to prove their claims to Maxine Rawlins and Jan
Neveril, 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.

Rubicon Quantitative's shareholders agreed on July 31, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Maxine Rawlins and Jan Neveril
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


VEGA GLOBAL ACCESS: Sets Final Shareholders Meeting on Sept. 18
---------------------------------------------------------------
Vega Global Access Feeder Fund Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at 11:30 a.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
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 five years from the
      dissolution of the company, after which they may be  
      destroyed.

Vega Global's shareholder decided on May 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Stuart K. Sybersma and Ian A.N. Wight
                Attn: Jessica Turnbull
                c/o Deloitte, Cayman Islands
                P.O. Box 1787GT, Grand Cayman
                Cayman Islands
                Tel: (345) 949-7500
                Fax: (345) 949-8258


VEGA MASTER FUNDS: Holds Final Shareholders Meeting on Sept. 18
---------------------------------------------------------------
Vega Master Funds SPC Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at 11:00 a.m., at the offices of
Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, 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 five years from the
      dissolution of the company, after which they may be  
      destroyed.

Vega Master's shareholder decided on May 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Stuart K. Sybersma and Ian A.N. Wight
                Attn: Jessica Turnbull
                c/o Deloitte, Cayman Islands
                P.O. Box 1787GT, Grand Cayman
                Cayman Islands
                Tel: (345) 949-7500
                Fax: (345) 949-8258


VEGA SELECT OPPORTUNITIES: Final Shareholders Meeting Is Sept. 18
-----------------------------------------------------------------
Vega Select Opportunities I Fund Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at 1:00 p.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
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 five years from the
      dissolution of the company, after which they may be  
      destroyed.

Vega Select's shareholder decided on May 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Stuart K. Sybersma and Ian A.N. Wight
                Attn: Jessica Turnbull
                c/o Deloitte, Cayman Islands
                P.O. Box 1787GT, Grand Cayman
                Cayman Islands
                Tel: (345) 949-7500
                Fax: (345) 949-8258


WCM EUROPEAN: Deadline for Proof of Claim Filing Is Sept. 18
------------------------------------------------------------
WCM European Opportunity Fund's creditors have until Sept. 18,
2008, to prove their claims to Jan Neveril and Giles Kerley, 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.

WCM European's shareholders agreed on Aug. 6, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jan Neveril and Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands



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

REVLON INC: Plans to Reduce Debt by US$170 Million
--------------------------------------------------
Revlon, Inc. has planned to reduce its debt by US$170 million by
repaying the US$170 million MacAndrews & Forbes Senior
Subordinated Term Loan, which matures on Aug. 1, 2009.  The debt
reduction would be achieved in two steps.  In the first step,
Revlon will use US$63 million of the net proceeds from the
previously announced July 2008 sale of its Bozzano business in
Brazil to repay US$63 million of the US$170 million M&F Term Loan.  
The remaining approximately US$30 million of net cash proceeds
from the sale of the Bozzano business will be used by the Company
for general corporate purposes.

In the second step Revlon intends to launch, as early as in the
fourth quarter of 2008, a US$107 million equity rights offering
that would allow stockholders to purchase additional shares of
Revlon Class A common stock.  Upon closing the rights offering,
Revlon intends to use the net proceeds of such equity issuance to
fully repay the remaining balance of the M&F Term Loan.

"By repaying the M&F Term Loan, we will eliminate our highest
cost, nearest maturity debt, which carries an annual cash interest
cost of almost US$19 million.  Improving our capital structure
with this important step is consistent with a key aspect of our
strategy," Revlon President and Chief Executive Officer, David
Kennedy said.

                       Reverse Stock Split

Revlon intends to effect its previously announced 1-for-10 reverse
stock split of its Class A and Class B common stock on Sept. 15,
2008, and open for trading on the NYSE on a post-split basis on
Sept. 16, 2008.

                       About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE: REV)
-- http://www.revloninc.com/-- is a worldwide cosmetics, hair
color, beauty tools, fragrances, skincare, anti-
perspirants/deodorants and personal care products company.  The
company's brands, which are sold worldwide, include Revlon(R),
Almay(R), Mitchum(R), Charlie(R), Gatineau(R) and Ultima II(R).    
The company's Latin American operations are located in Argentina,
Brazil, Chile, Mexico, and Venezuela.

At June 30, 2008, the company's consolidated balance sheet
showed US$883.7 million in total assets and US$1.94 billion in
total liabilities, resulting in a roughly US$1.06 billion
stockholders' deficit.



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

BANCOLOMBIA SA: Earns COP93.8 Billion in August 2008
----------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of COP93.8
billion in August 2008.  Net income for Bancolombia on an
unconsolidated basis totaled COP764.1 billion for the first eight
months of 2008, increasing 51.2% as compared to the same period of
2007.

  -- Net interest income, including investment securities, totaled
     COP230.3 billion in August 2008.  For the eight month period
     ended Aug. 31, 2008, net interest income totaled COP1,666.6
     billion, increasing 39.1% as compared to the same period last
     year.

  -- Net fees and income from services in August 2008 totaled
     COP66 billion.  For the eight-month period ended Aug. 31,
     2008, net fees and income from services totaled COP510.4
     billion, which represents an increase of 19.4% as compared to
     the same period of 2007.

  -- Other operating income totaled COP19.2 billion in August
     2008.  For the eight month period ended Aug. 31, 2008,
     other operating income totaled COP450.3 billion, increasing
     144.7% as compared to the same period last year.  Bancolombia
     notes that a considerable part of this revenue comes from
     dividend income received from subsidiaries, which is
     eliminated in the consolidated results as it is an
     intercompany transaction.  As a result, this dividend income
     is only recorded in Bancolombia's unconsolidated results.

  -- Net provisions totaled COP30.8 billion in August 2008.  Net
     provisions totaled COP375.5 billion for the eight-month
     period ended Aug. 31, 2008, which represents an increase of
     109.3% as compared to the same period of 2007.

  -- Operating expenses totaled COP148.7 billion in Aug. 2008.
     For the eight month period ended Aug. 31, 2008, operating
     expenses totaled COP1,147.5 billion, increasing 12.2% as
     compared to the same period of 2007.

Total assets (unconsolidated) amounted to COP34.9 trillion, loans
amounted to COP24.7 trillion, deposits totaled COP21.9 trillion
and Bancolombia's total shareholders' equity amounted to COP5.3
trillion.

Bancolombia's (unconsolidated) level of past due loans as a
percentage of total loans amounted to 3.57% as of Aug. 31, 2008,
and the level of allowance for past due loans amounted to 131.49%
as of the same date.

                          Market Share

According to Colombia's national banking association
(ASOBANCARIA), Bancolombia's market share of the Colombian
financial system as of August, 2008 was as follows: 18.7% of total
deposits, 20.8% of total net loans, 19.4% of total savings
accounts, 20.8% of total checking accounts and 15.7% of total time
deposits.

                      About Bancolombia S.A.

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

                            *     *     *

This concludes the Troubled Company Reporter-Latin America's
coverage of Bancolombia S.A. until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.



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

* COSTA RICA: Ba1 Rating Reflects Dynamic Economy, Says Moody's
---------------------------------------------------------------
In its annual report on Costa Rica, Moody's Investors Service says
that the country's Ba1 government bond rating reflects a dynamic
and diversified economic base historically resilient to downturns,
solid institutions which provide policy predictability, and a
favorable debt composition.  The majority of Costa Rica's debt is
denominated in local currency, leaving debt dynamics relatively
protected from exchange rate shocks.

"Our decision in August to change Costa Rica's outlook to positive
from stable despite a downturn in most economic indicators
reflects Moody's focus on the fundamentals rather than the
business cycle," said Alessandra Alecci, author of the report.   
"Over the past few years, the combination of a very strong fiscal
performance and high economic growth has led to a considerable
improvement in all debt ratios, leaving Costa Rica better
positioned to face the ongoing adverse shock" said Ms. Alecci.

Even taking into account the likelihood of some fiscal
deterioration over this and next year, she said, it would take a
major deterioration to reverse the virtuous debt dynamics of
recent years in such a way that credit risk would increase
meaningfully.

Further, she explained, Costa Rica's government debt structure
benefits from favorable features, with the majority in local
currency and a large portion held by public entities.  External
public debt is relatively low.  Although the majority is in bonds
placed in the international capital markets, the likelihood of
further market exposure is limited by the fact that issuance needs
the Assembly's approval.

"Nonetheless, financial dollarization will continue to require
careful monitoring, particularly given the very high levels of
inflation, an exchange rate regime that is still largely
inflexible and a widening of the currency account deficit in the
context of a more difficult external environment," said Ms.
Alecci.  "With financial dollarization of around 50%, a major,
albeit unlikely, problem with the exchange rate could lead to
severe dislocations and add pressure to the government's own
balance sheet."

Despite continued double-digit growth in Costa Rica's goods and
services exports in recent years, the current account deficit has
remained sizeable at around 5% of GDP in large part due to strong
domestic demand that has been compounded more recently by pressure
from oil prices.  Last year, it widened to 5.7% of GDP.

"The combination of the ongoing slowdown in goods' exports and a
soaring oil bill is likely to widen the current account deficit to
around 8% of GDP this year and possibly next, a level that is the
highest in many years," said Ms. Alecci.  "While a deficit of this
magnitude clearly represents challenges and risks, barring funding
difficulties and a major deviation from the official forecast, it
is not expected to affect Costa Rica's ratings trajectory because
it is unlikely to provoke significant pressure on the current
exchange-rate regime."

Excluding a major freeze in capital flows and the sudden
suspension of ongoing projects, she said, it is a reasonable
expectation for foreign direct investment (FDI) to continue
financing the majority of the shortfall.  FDI has traditionally
financed at least 60% of the current account deficit in Costa
Rica, but it reached historical highs in the last two years in
excess of 6% of GDP, a level well above that reached during the
construction of its microprocessor plant in 1998.

FDI financed well over 100% of current account deficit in 2006 and
2007.  Although FDI is not likely to increase from these levels,
Alecci said, the pending implementation of DR-CAFTA and the
opening of state monopolies are likely to attract considerable
foreign interest and offset a cyclical decline in other sectors,
particularly in the real estate market.  FDI in Costa Rica has
tended to be quite diversified in recent years, with manufacturing
and tourism providing the majority.  Manufacturing FDI has
traditionally been very stable, an encouraging fact particularly
given the delay in joining DR-CAFTA and the competition from other
countries in the region and from Asia.

"The reversal in the exchange rate (now at the ceiling of the
band) suggests that a withdrawal of capital is occurring," said
Ms. Alecci.  "From Moody's perspective, while this is likely to
lead to a lower balance of payments surplus, it should be viewed
against the back-drop of Costa Rica's very stable FDI and sizeable
foreign exchange reserves accumulation in recent years."



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

* ECUADOR: Increases Oil Estimate by 19 Million Barrels
-------------------------------------------------------
Ecuador's government has raised its oil output estimate for 2009
to 180 million barrels from a previous projection of 161 million
barrels, Dow Jones Newswires reports, citing Finance Minister
Wilma Salgado.

Last week, Dow Jones relates, Ecuador's Finance Ministry proposed
a 2009 budget of US$15.04 billion, about half of which is destined
for current spending.

According to the report, Ms. Salgado said the financing needs
included in the government's budget draft for 2009 will be covered
with oil revenues, however, the government may seek financing from
countries such as Venezuela or may sell bonds, if needed.

                          *     *     *

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

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



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

BANCOPPEL SA: Moody's Lowers Ba2 Currency Deposit Ratings to Ba3
----------------------------------------------------------------
Moody's downgraded Bancoppel's long-term global local currency
deposit rating to Ba3 from Ba2.  At the same time, the bank's
long-term foreign currency deposit rating was downgraded to Ba3
from Ba2.  On its Mexican National Scale, Moody's downgraded
BanCoppel's long-term rating to A3.mx from A2.mx.

Moody's affirmed BanCoppel's bank financial strength rating (BFSR)
of E+.  At the same time, Moody's affirmed the bank's Mexican
National Scale short term rating of MX-2 as well as the global
local and foreign currency deposit ratings of Not Prime.  All
these ratings have stable outlooks.

The rating actions on BanCoppel take into account Moody's Joint
Default Analysis.  Particularly, BanCoppel's GLC deposit rating of
Ba3 incorporates the bank's full integration and support received
from Coppel S.A. de C.V. -- which ranks among Mexico's largest
retailer store chains catering to low and medium income
demographics with an integrated consumer finance platform.

According to Moody's, BanCoppel's Ba3 GLC deposit rating
incorporates the bank's baseline credit assessment of B2 and the
benefits drawn from being part of Grupo Coppel, which include
capital support, sharing of brand name, client base and
infrastructure, and expertise in loan underwriting and collection
in the consumer finance business.  Moreover, Moody's considers
that BanCoppel complements Coppel's business strategy.  Therefore,
Moody's assesses a very high probability of support for the bank
if need be, which leads to an uplift from BanCoppel's baseline
credit assessment of two notches, to the Ba3 GLC deposit rating.  
However, in light of the ongoing reorganization of Grupo Coppel
(including the incorporation of mortgage non-bank bank Hipotecaria
Credito y Casa -- rated B1 and Baa2.mx), Coppel's ability to
support the bank in case of a stress situation occurs is perceived
as less strong.

Moody's affirmed BanCoppel's BFSR of E+ because the bank still
faces the challenges inherent to its recent inception -- BanCoppel
was established in May 2007.  These challenges include the bank's
still developing banking business and the operating losses common
to a start up, as well as still seasoning credit and risk
management practices.  The bank remains challenged to generate
sustainable high quality earnings, diversify its limited business
scope, and to further establish its market position - particularly
in credit cards, which is BanCoppel's main targeted product.

Other important challenges for the BFSR are BanCoppel's closely-
held, family-based ownership structure because this could lead to
corporate governance risks.  The high competition on the bank's
core product also challenges its developing franchise and thus the
BFSR.

Moody's downgraded these ratings:

   -- Global local currency deposits, long term: Downgrade to Ba3
      from Ba2;

   -- Foreign currency deposits, long term: Downgrade to Ba3 from
      Ba2; and

   -- Mexican National Scale, long term: Downgrade to A3.mx from
      A2.mx

Moody's affirmed these ratings:

   -- Bank financial strength rating of E+: Affirmed;

   -- Global local currency deposits, short term: Not Prime,
      affirmed;

   -- Foreign currency deposits, short term: Not Prime, affirmed;
      and

   -- Mexican National Scale, short term: MX-2, affirmed.

The outlook on all these ratings is stable.

BanCoppel SA -- http://www.coppel.com-- is headquartered in  
Mexico City.  As of November 2007, the bank reported MXN464
million in assets.


BHM TECHNOLOGIES: Wants Former CFO Vanderkooi as Consultant
-----------------------------------------------------------
BHM Technologies Holdings, Inc., and its debtor-subsidiaries,
pursuant to Section 363(b) of the Bankruptcy Code, seek approval
from the United States Bankruptcy Court for the Western District
of Michigan to enter into a consulting agreement with Ray
VanderKooi, the Debtors' former chief financial officer.  

A copy of the Agreement is available for free at:

                http://researcharchives.com/t/s?283

Robert S. Hertzberg, Esq., at Pepper Hamilton LLP, in Detroit,
Michigan, relates that Mr. Vanderkooi joined The Brown
Corporation of America in October 2002 as Corporate Controller
and he was promoted to his current position in July 2004.  Prior
to joining Brown, Mr. VanderKooi served as Senior Manager for
Ernst & Young LLP, in their Tax Services department.  

Mr. VanderKooi has notified the Debtors that he intends to resign
his employment with the Debtors, effective September 1, 2008.  
Mr. Hertzberg states that in recognition of Mr. VanderKooi's
important institutional knowledge of the Debtors and his
involvement in a number of critical events in the Chapter 11
cases, Mr. VanderKooi has agreed to act as a consultant to the
Debtors for a one month period beginning September 1, 2008.

As a consultant to the Debtors, Mr. VanderKooi will:

    * involve the routine maintenance of the Debtors' business
      operations - the transitioning of his institutional
      knowledge to his successor.  

    * not be controlling, managing, administering, investing,
      purchasing or selling assets that are significant to the
      Debtors' reorganization and he will not be involved in
      negotiating the Plan, which has already been filed and has
      been sent to creditors.  

    * not have discretion or autonomy as a consultant to exercise
      his own professional judgment with respect to the
      administration of the Debtors' estates and, although his
      knowledge of the Debtors and their operations is quite
      detailed and very valuable, as a consultant, he will not be
      deeply involved in the administration of the Debtors'
      estates.

Mr. Hertzberg says that Mr. VanderKooi has been an integral part
of the Debtors' management team throughout the bankruptcy
proceedings and has been intimately involved in the financial
aspects of this case and without Mr. VanderKooi's experience and
institutional knowledge, the Debtors' planned restructuring      
would become much more difficult and much less efficient.

The Debtors' entry into the Agreement, Mr. Hertzberg adds, is
warranted because the Agreement will permit Mr. VanderKooi to
transition his knowledge to his successor, protecting the Debtors
and ensuring that the smooth pace of these bankruptcy cases will
not falter.

The Debtors sought and obtained the Court's approval to shorten
the notice period for parties in interest to object to the
Debtors' request until September 12, 2008 at 4:00 p.m. EDT.

The hearing to consider the request will be convened on September
15, 2008 at 2:00 p.m. EDT.

Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems.  It
has manufacturing facilites in Mexico and operates under Brown
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413).  Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts.  The Debtors total
scheduled asset is US$0 and its total scheduled liabilities is
US$336,506,519.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.

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


BHM TECHNOLOGIES: Brown Entities Want to Assume Visteon Deal
------------------------------------------------------------
BHM Technologies Holdings, Inc., and its debtor-subsidiaries have
entered into arrangements with customers --  with regards to their
automotive supply contracts -- to supply product for a particular
platform subject to a certain tooled capacity.  These arrangements
typically have a duration equal to the life of the platform, which
is generally three to seven years for automotive vehicles.  

In most cases, the Debtors' contracts with their customers take
the form of purchase orders which include establish pricing,
product specifications and address freight and other similar
issues.

Since the Petition Date, the Debtors' management and advisors
have undertaken a review and analysis of customer contracts and
have engaged in the negotiation of adjustments to the terms of
the contracts.

By this motion and pursuant to Section 365 of the Bankruptcy
Code, The Brown Corporation of America, Inc., The Brown Company
of Waverly, LLC, The Brown Company of Ionia, LLC, and The Brown
Corporation of Greenville, Inc., ask authority from the United
States Bankruptcy Court for the Western District of Michigan to
assume an executory supply agreement with Visteon Corporation, as
amended by a certain adjuster agreement.

Under the Agreement, Brown is to manufacture and sell, and
Visteon is to purchase, certain component parts for incorporation
into automotive assemblies.  The Agreement consists of
prepetition purchase orders, which incorporate Visteon's general
terms and conditions, together with an amendment that amends
certain terms and conditions of the Purchase Orders including
improvements of pricing for Brown.

Deborah Kovsky-Apap, Esq, at Pepper Hamilton LLP, in Detroit,
Michigan, tells the Court that authorizing the assumption of the
Agreement secures a valuable supply relationship with one of
Brown's major customers that are favorable to Brown.  "Equally
important, assumption of the Agreement improves the Debtors'
prospects for a successful emergence from their Chapter 11
cases," Ms. Kovsky-Apap adds.

Ms. Kovsky-Apap avers that the Debtors have successfully
negotiated important amendments to the terms and conditions of
the Purchase Orders.  According to Ms. Ms. Kovsky-Apap, these
amendments make it possible for Brown to continue to do business
with one of its major customers on terms that are economically
viable.  "Thus, assumption of the Agreement is beneficial to the
Debtors' estates."

The Agreement has been provided to the Court under seal.  
Ms. Kovsky-Apap relates that given the importance of the Debtors'
request and the fact that the Agreement contains sensitive and
confidential information, the Debtors sought and obtain
permission from the Court to file under seal the Agreement
pursuant to a protective order appropriate under Rule 9018 of the
Federal Rules of Bankruptcy Procedure, and Sections 107(b) and
105 of the Bankruptcy Code.

The Agreement, Ms. Kovsky-Apap says, contains detail pricing
information, as well as other confidential aspects of the
contractual customer supply relationship between Brown and
Visteon.  Ms. Kovsky-Apap warns that its exposure to the public
might jeopardize the Debtors' negotiating position and strategy
with respect to other customers and suppliers and will place the
them at a competitive disadvantage.

Further, the Debtors sought and obtain from the Court to shorten
the notice period of the request by setting September 11, 2008,
at 5:00 p.m. EDT, as the objection deadline and September 15,
2008, at 2:00 p.m. EDT, its hearing date.

Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems.  It
has manufacturing facilites in Mexico and operates under Brown
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413).  Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts.  The Debtors total
scheduled asset is US$0 and its total scheduled liabilities is
US$336,506,519.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.

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


BHM TECHNOLOGIES: Court Extends Time to Assume or Reject Leases
---------------------------------------------------------------
The United States Bankruptcy Court for the Western District of
Michigan, pursuant to Section 365(d)(4) of the Bankruptcy Code,
approved the request of BHM Technologies Holdings, Inc., and its
debtor-subsidiaries to have their deadline to assume or reject
unexpired leases of non-residential property extended through and
including December 15, 2008.

Robert S. Hertzberg, Esq., at Pepper Hamilton LLP, in Detroit
Michigan, states that since the Petition Date, the Debtors have
filed a Plan of Reorganization, which contemplates a 100% payment
to the Debtors' unsecured ongoing trade creditors.  The Debtors
have analyzed their Leases and described their treatment in the
Plan.  Creditors entitled to vote on the Plan have until Sept. 19,
2008 to cast their ballots.  

The Debtors have remained committed to their goal of
restructuring their balance sheets in a speedy and efficient
manner with no disruption to ongoing trade creditors.

Mr. Hertzberg says that although the Plan sets forth the
treatment of the Debtors' Leases, the Confirmation Hearing is not
scheduled to take place until after the expiration of the Lease
Decision Period, and the effective date of the Plan will not take
place until a date even after such Deadline.  

The Debtors assert that the 90-day extension will give them
sufficient time to implement the Plan after the Confirmation
Hearing or further analyze their Leases in the event that the
Plan is not confirmed by the Bankruptcy Court.

Mr. Hertzberg avers that the extension will give the Debtors  
sufficient time to implement the Plan and further analyze their
Leases in the event that the Plan is not confirmed by the Court.

Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems.  It
has manufacturing facilites in Mexico and operates under Brown
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413).  Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts.  The Debtors total
scheduled asset is US$0 and its total scheduled liabilities is
US$336,506,519.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.

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


BHM TECHNOLOGIES: Eclipse Wants Debtors' Objections Denied
----------------------------------------------------------
Eclipse Tool and Die, Inc., asks the United States Bankruptcy
Court for the Western District of Michigan to deny the objection
of BHM Technologies Holdings, Inc., and its debtor-subsidiaries on
these grounds:

   (a) Brown has mistakenly and inaccurately defined itself as
       the "Customer" under the Michigan Special Tool Lien Act,
       "MSTLA", MCL 570.541 et. seq. - Brown is not the Customer
       but the End User;

   (b) Brown's claim that the MSTLA does not allow for
       repossession of tooling from a non-debtor corporation in
       Mexico is inaccurate;  

   (c) The Court has the authority, power and jurisdiction,
       pursuant to the MSTLA to enforce Special Tool Builder Lien
       regardless of the location of the property; and

   (d) Brown's attempts to argue that Eclipse was well aware
       "that its right to payment would depend upon Intier
       [Automotive Interiors] paying Brown", there is not one
       correspondence and  documentary evidence submitted by
       Brown that would indicate that Eclipse was actually aware
       at the time it agreed to design, fabricate and manufacture
       the Special Tooling that it would not be paid until Brown
       was paid by Intier.

David S. Lefere, Esq., at Bolhouse, Vander Hulst, Risko & Baar,
P.C., in Grandville, Michigan, says that Brown has mistakenly and
inaccurately defined itself as the "Customer" under the MSTLA.   
The MSTLA defines a Customer, End User and Special Tool Builder
as:

   (1) End User: a person who uses a special tool as part of his
       or her manufacturing process. MCL 570.542(b).

   (2) Special Tool Builder: a person who designs, develops,
       manufactures, or assembles special tools for sale. MCL
       570.542(d).

   (3) Customer: a person who causes a special tool builder to
       design, develop, manufacture, assemble for sale, or
       otherwise make a special tool for use in the design,
       development, manufacture, assembly, or fabrication of
       metal parts, or a person who causes an end user to use a
       special tool to design, develop, manufacture, assemble or
       fabricate a metal product. MCL 570.542(a).

Mr. Lefere avers that the Court has the authority, power and
jurisdiction, pursuant to the MSTLA to enforce Special Tool
Builder Lien regardless of the location of the property.  
                                                      
Mr. Lefere says Eclipse did not expect to wait over two years
after the start of the design, fabrication and manufacture of the
tooling, and over year and a half after the delivery of the
tooling to be paid by Brown.  Eclipse is attempting to protect
its interest in the Special Tooling, its lien rights under the
MSTLA, and ultimately to secure payment.  

Eclipse asks the Court to grant it relief from the automatic stay
to allow it to seek possession of the Special Tooling or obtain
payment as a secured creditor for US$699,635 or receive adequate
protection as a secured lienholder pursuant to the MSTLA.

              Parties Agree to Adjourn Hearing Date

The Debtors and Eclipse sought and obtained the Court's approval
to adjourn the hearing on Eclipse's motion to lift the automatic
stay and request for adequate protection.  

The Court will convene a hearing on September 15, 2008 at 2:00
p.m., to resolve the said matters.

Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems.  It
has manufacturing facilites in Mexico and operates under Brown
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413).  Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts.  The Debtors total
scheduled asset is US$0 and its total scheduled liabilities is
US$336,506,519.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.

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


BHM TECH: Trade Creditors Sell 32 Claims Totaling US$711,308
------------------------------------------------------------
As of September 9, 2008, the Clerk of the United States Bankruptcy
Court for the Western District of Michigan recorded 32 claim
transfers totaling US$711,308 in the Chapter 11 cases of BHM
Technologies Holdings, Inc., and its debtor-subsidiaries to:

   (a) Debt Acquisition of America V, LLC

       Transferor                               Claim Amount
       ----------                               ------------
       Longwood Elastomers                        US$22,060
       Jerry's Paint Store                            1,489
       Repair Services Inc                            1,390
       Southern Copper & Supply Co.                   1,300
       Spearman and Co Inc                            1,267
       Tool Crib Supplies Inc                         1,262
       Recycling Concepts of WES                      1,085
       New Dixie Fasteners Inc                          904
       Air Quality Specialists                          988
       Electro-Matic Products Inc.                      958
       Wolbers Landscaping Inc.                         933
       Herald Dispatch                                  961
       Laser Connection LLC                             871
       Harlows Casino Resort                            841
       T & G Pallet Co Inc                              812
       Dixie Fire Protection Inc.                       786
       Dan's Lock & Key                                 765
       Depatie Fluid Power Corp                         732
       Alford Printing Co.                              721
       Custom Design Tool & Gage                        700
       PTI Quality Containment                          628
       Calhoun County Co Inc                            601
       Vallery Ford Inc                                 586
       Choctaw-Kaul Distribution Co.                    519

   (b) Liquidity Solutions, Inc.

       Transferor                               Claim Amount
       ----------                               ------------
       Cintas First Aid                            US$8,453
       Mac Electric Inc.                              6,600
       Automated Deburring                            1,950
       TSC Sorting Company Inc                        1,944
       Armology of Ohio Inc                           1,923
       EMS Inc.                                       1,545
       Mecon Industries Limited                       1,373
       Liakos Company Inc                             1,178
       Ressorts Campi Springs In                      1,159
       Maya Gage Co                                   1,000

   (c) ASM Capital, L.P.

       Transferor                               Claim Amount
       ----------                               ------------
       Modern Metal Products Inc                 US$594,896
       A-1 Fastener                                  14,949
       A-1 Fasteners, Inc.                            4,340
       J & J Expediting Inc.                          3,178
       A-1 FAstener, Inc.                             2,979
       Cole Pallet Co.                                2,735
       HCI Supply of Dyersburg                        2,647
       Construction Complete                          2,358

   (d) Fair Harbor Capital. LLC

       Transferor                               Claim Amount
       ----------                               ------------
       Power Motion Sales, Inc.                    US$3,074
       Airtx International                            2,287
       Product Resources Inc.                         1,588
       Hi Line Supply Company                         1,424
       D&K Packaging LLC                              1,328
       Wolber's Landscaping Inc.                      1,061
       Ranger Distributing Inc.                         938

   (e) Fair Liquidity Partners, LLC  

       Transferor                               Claim Amount
       ----------                               ------------
       King Filtration Technologies, Inc.           US$1,242

Headquartered in Ionia, Michigan, BHM Technologies Holdings
Inc. -- http://www.browncorp.com/-- manufactures and sells
automobile parts including air bags and electrical systems.  It
has manufacturing facilites in Mexico and operates under Brown
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413).  Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq. of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts.  The Debtors total
scheduled asset is US$0 and its total scheduled liabilities is
US$336,506,519.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.

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


INDUSTRIAS UNIDAS: S&P Chips Foreign Currency Credit Rating to B-
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Industrias Unidas S.A. de C.V., including lowering the long-term
foreign currency corporate credit rating to 'B-' from 'B' and the
national scale rating to 'mxBB' from 'mxBBB-'.  The outlook is
negative.
     
"The downgrade reflects renewed weakness in IUSA's financial
performance during second-quarter of 2008 and our expectations of
continued weakness in the second half of the year," said S&P's
credit analyst Marcela Duenas. " It also reflects our continued
concerns about the company's liquidity."
     
The ratings on Industrias Unidas reflect the inherent cyclicality
of the construction industry, commodity price volatility,
competitive pressure on core products and markets, low operating
margins, and high leverage relative to operating cash flow
generation.  These factors are partially offset by the company's
leading market positions in Mexico and the United States, its
diversified product mix, and some geographic diversification in
the manufacturing and distribution of copper tubing, copper alloy
products, valves, controls, watt-hour meters, wire and cable, and
electrical devices.
     
The ratings also incorporate S&P's expectation that the company
will continue to follow a disciplined commercial strategy and
increase its offering of value-added products.

Headquartered in Lomas Altas, Mexico, Industrias Unidas SA de CV
-- http://www.iusa.com/-- manufactures a wide range of copper-
based and electrical products for the housing and electrical
power sectors mainly in Mexico and the U.S.  The company's
operations focus on seven principal business groups: copper
tubing, wire and cable, copper alloys, electrical products,
watt-hour meters, valves and controls, and diversified assets.
Industrias Unidas processes over 220,000 of metric tons of copper
per year.



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

ADELHIA COMMS: Creditors to Get $134MM Cash, Time Warner Stocks
---------------------------------------------------------------
Adelphia Communications Corporation announced subsequent
distributions of US$134 million in cash and 1,059,015 shares of
TWC Class A Common Stock to holders of Allowed Claims against the
parent Adelphia Communications Corporation pursuant to the First
Modified Fifth Amended Joint Chapter 11 Plan of Reorganization of
Adelphia Communications Corporation and Certain Affiliated
Debtors, dated as of January 3, 2007, as confirmed.  The 1,059,015
shares of TWC Class A Common Stock to be distributed have a fair
market value as of September 8, 2008 (based on the closing price
on that date) of US$29 million.

A chart summarizing the distribution of cash and shares of
TWC Class A Common Stock to be made to classes of ACC Claims is
available in the Important Documents section of the
Company's web site at http://www.adelphiarestructuring.com The
chart does not reflect additional distributions that may be made
over time as a result of the release of escrows, reserves and
holdbacks.  The amount and timing of such distributions as a
result of the release of escrows, reserves and holdbacks are
subject to the terms and conditions of the Plan and numerous
other conditions and uncertainties, many of which are outside the
control of Adelphia and its subsidiaries.

Creditor inquiries regarding distributions under the Plan should
be directed to creditor.inquiries@adelphia.com

A full-text copy of Adelphia's most recent claim distributions is
available for free at:

  http://bankrupt.com/misc/ACOM_DistributionstoAllowedClaims.pdf

                      About Adelphia Comms

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/--
is a cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases.

The Bankruptcy Court confirmed the Debtors' Modified Fifth Amended
Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007.  That
plan became effective on Feb. 13, 2007.


CAGUAS LUMBER: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Caguas Lumber Yard Inc.
        aka Casas Masso Inc.
            Empresas Masso
            Masso Outlet
            Masso Enterprises
            EMG Advertising
            Ferreteria Masso
            Casas Rositas Inc.
            Masso Concretos
            Masso Express
            Modelos Masso
        Ave. Rafael Cordero, Caguas
        P.O. Box 446
        Caguas, PR 00726

Bankruptcy Case No.: 08-05879

Debtor-affiliates filing separate Chapter 11 petitions:

      Entity                                   Case No.
      ------                                   --------
Masso Expo Corp.                               08-05881
Fabrica De Bloques Masso Inc.                  08-05886
MEC Investment Inc.                            08-05883

Chapter 11 Petition Date: September 8, 2008

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carmen D. Conde Torres
                  notices@condelaw.com
                  5th Floor, 254 San Jose Street
                  San Juan, PR 00901-1523
                  Tel: (787) 729-2900
                  Fax: 787-729-2203

Estimated Assets: US$1 million to US$10 million

Estimated Debts: Unknown

A list of the Debtors' largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb08-05879.pdf


MYLAN INC: S&P Rates US$400MM Senior Unsec. Notes 'B+'
------------------------------------------------------
Standard &Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to generic drug maker Mylan Inc.'s US$400
million senior unsecured convertible notes due 2015 (one notch
lower than the corporate credit rating on the company).  The
issue was assigned a '5' recovery rating indicating the
expectation for modest (10%-30%) recovery in the event of a
payment default.

At the same time, Standard & Poor's affirmed all of its other
ratings on Mylan. The outlook remains stable.

"The ratings on Canonsburg, Pa.-based Mylan Inc. reflect the
company's highly leveraged financial risk profile and management's
challenges in integrating and running a much larger,
internationally diverse company after its acquisition of Merck
KGaA's generics business," said Standard & Poor's credit analyst
Arthur Wong.  "These factors are offset partly by Mylan's size
in the generics market, the positive fundamentals of the generic
drug industry, and Standard & Poor's belief that debt will
steadily decline, given management's history of financial
conservatism."

Mylan is the third-largest generic drug company in the world in
sales, following the approximately US$6.9 billion acquisition of
the generics business of Merck KGaA in October 2007.  The
acquisition gave Mylan much-needed size and scale, to better
leverage its manufacturing infrastructure and lower manufacturing
costs, which is critical in the highly competitive generic drug
industry.  It also deepened Mylan's product pipeline and expanded
its product offering to more than 570 products and dosages in a
wide range of therapeutic areas, making the company a more
attractive supplier to the large U.S.-based drug wholesalers and
pharmacy chains, which want to deal with fewer suppliers.  The
acquisition also gave Mylan an entry into the large European and
Asian generic drug markets, where generic drug use is much lower
but is expected to grow faster over the longer term.  The generic
share of prescriptions is in the middle- to low-teens area in
several major European markets, compared with more than 60% in the
U.S.

Mylan is well positioned to benefit from the growing generic drug
market, which we expect will continue to grow over the longer
term, given the increasing focus on health care cost control, the
implementation of Medicare Part D, and the still-large number of
branded products losing patent protection between 2010 and 2012.
Mylan has one of the larger product pipelines in the industry and
the company is increasingly focusing on harder-to-manufacture
generic drugs, such as oral dose-controlled release and
transdermal patch technologies that offer some barriers to entry.

Mylan recently entered into an agreement with Famy Care to
potentially launch 22 generic oral contraceptives, a relatively
high margin segment of the generic drug industry.  Mylan also
recently announced that it is keeping its specialty pharmaceutical
business, Dey, acquired as part of the Merck KGaA generics
transaction.  While the division has the potential to generate
high margins, the restructuring of the underperforming business is
still ongoing.

Integration risk remains a concern, as the acquisition of Merck
KGaA's generic business more than doubled Mylan's size and
represents the company's first significant foray into the overseas
generic drug market.  Mylan now has operations in more than 90
countries. Our concerns partly are mitigated by Mylan's past solid
operational performance, successful recent integration of
India-based generic drug maker Matrix Laboratories, and the
retention of key managers from Merck KGaA's generic drug business.

However, debt leverage, at an estimated 6x, is high, and cash flow
measures, with funds from operations (FFO) to debt in the low
teens, are relatively weak for the ratings. Operating margins at
20% are also low for a leading generic drug company, which
typically has margins in the 30% area.

Merck KGaA's generic business generated a lower margin than
Mylan's because of its heavy exposure to the lower-margin European
generics market.  "We expect margins will increase steadily over
time, as synergies are realized and Mylan increasingly leverages
its vertically integrated manufacturing infrastructure
over a much larger sales base," S&P said.

Mylan's liquidity is adequate. As of June 30, 2008, the company
had nearly US$480 million of cash and investments, and US$450
million available under its US$750 million revolving credit
facility maturing in 2013.  Proceeds from the proposed convertible
offering will be used to refinance existing senior secured debt,
including outstanding amounts under its revolving credit facility.

The outlook is stable.  Mylan's credit metrics are somewhat weak
for the ratings, but the ratings are supported by management's
solid operating track record, Mylan's satisfactory position in the
growing worldwide generic drug industry, and our belief that Mylan
will aggressively repay debt with its solid free cash flow.  "We
would begin to consider a positive outlook and a higher rating
when debt consistently remains at less than 4.2x and the company
has effectively integrated its acquired operations," S&P said.
"However, we would consider a negative outlook andr a lower rating
if the company experiences unforeseen operational setbacks and
debt climbs to significantly more than 6x," S&P noted.

                       About Mylan Inc.

Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE:
MYL), -- http://www.mylan.com/-- is a global pharmaceutical
company with market leading positions in generic pharmaceuticals,
transdermal technology and unit dose packaged products.  Mylan
operates through three principal subsidiaries: Mylan
Pharmaceuticals, a world leader in generic pharmaceuticals; Mylan
Technologies, the largest producer of generic and branded
transdermal patches for the U.S. market; and UDL Laboratories, the
top U.S.-supplier of unit dose pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.  The company also has a production facility
in Puerto Rico.


NUTRITIONAL SOURCING: Court Okays Disclosure Statement
------------------------------------------------------
According to Bankruptcy Law360, the Hon. Peter J. Walsh of the
U.S. Bankruptcy Court for the District of Delaware approved
Nutritional Sourcing Corp.'s disclosure statement, paving the way
for creditors and the Court to weigh the company's joint
liquidation plan.

Judge Walsh set an Oct. 14 hearing to consider confirmation of the
liquidation plan, Bankruptcy Law360 states.

As reported by the Troubled Company Reporter on August 12, 2008,
the joint liquidation plan proposed by Nutritional Sourcing and
its debtor-affiliates together with the Official Committee of
Unsecured Creditors, provides separate treatments for Nutritional
Sourcing, Pueblo International LLC, and FLBN LLC because their
estate are not being substantively consolidate.

The terms of the Chapter 11 plan represent a settlement, among
other things:

    i) of several of the largest claims against the Debtors'
       estates -- including a US$1,125,000 claim of Pension
       Benefit Guaranty Corporation, holders of senior secured
       notes and the Debtors' two executive officers, and

   ii) resolution of certain issues that have been disputed
       throughout the case, the amount of the FLBN intercompany
       claims that should be classified as a Pueblo trade claim
       and the bonus to be paid to Debtors' two executive
       officers.

In 2006, the Debtors conducted an auction for the sale of
substantially all of their grocery stores and their distribution
center.  During the action, PS Acquisition Inc. made a
US$139,000,000 offer for the Debtors' assets topping Pueblo and
Supermercados Econo Inc.'s US$89,750,000 bid.  The Court approved
the sale on Sept. 25, 2007.  The sale closed on
Oct. 31, 2008.

The sale generated about US$32,181,628 in proceeds.  The proceeds
were net of, among other things:

    -- repayment of all obligations owed to the lender of
       US$101,200,000;

    -- break-up fee and expense reimbursement for Pueblo and
       Supermercados of US$4,200,000;

    -- paid and escrowed cure amounts for assumed contracts and
       leases;

    -- other fees and expenses, and

    -- the addition to the purchase price for inventory of
       US$4,876,643.

The plan groups claims against, and interests in, the Debtors in
these classes:

A. Nutritional Sourcing Inc.

                 Type
    Class        of Claims                     Treatment
    -----        ---------                     ---------
    1C           other priority claims         unimpaired
    2B           senior secured note claims    impaired
    3C           other secured claims          unimpaired
    4D           general unsecured claims      impaired
    5C           penalty and subordinated      impaired
                  claims
    6C           equity securities interests   impaired

Holders of Class 4D general unsecured claims, totaling
US$17 million, will not receive any distribution on account of
their allowed unsecured claims.

B. Pueblo International LLC

                 Type
    Class        of Claims                     Treatment
    -----        ---------                     ---------
    1A           other priority claims         unimpaired
    2A           mirror loan claims            impaired
    3A           other secured claims          unimpaired
    4A           trade claims                  impaired
    4B           general unsecured claims      impaired
    5A           penalty and subordinated      impaired
                  claims
    6A           equity securities interests   impaired

Holders of Class 4B general unsecured claims, totaling
US$79.22 million, will receive their pro rata share of the net
proceeds of the Pueblo liquidation trust assets.  Holders are
expected to recover 13.2% under the plan.

C. FLBN LLC

                 Type
    Class        of Claims                     Treatment
    -----        ---------                     ---------
    1B           other priority claims         unimpaired
    3B           other secured claims          unimpaired
    4C           general unsecured claims      impaired
    5B           penalty and subordinated      impaired
                  claims
    6B           equity securities interests   impaired

Holders of Class 4C general unsecured claims, totaling
US$32.9 million, will receive their pro rata share of the assets
in FLBN's chapter 11 estate.  Holders are expected to recover
25.1% under the plan.

Holders of Class 2B, 4A, 4B and 4C claims are entitled to vote
for the plan.

A full-text copy of the Debtors and Panel's disclosure statement
is available for free at http://ResearchArchives.com/t/s?308a

                   About Nutritional Sourcing

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba Pueblo
Xtra International, Inc. -- http://www.puebloxtra.com/-- owns and
operates supermarkets and video rental shops in Puerto Rico and
the US Virgin Islands.  The company and two affiliates, Pueblo
International, L.L.C., and F.L.B.N., L.L.C., filed for chapter 11
protection on Aug. 3, 2007 (Bankr. D. Del. Case Nos. 07-11038
through 07-11040).  Kay Scholer LLC represents the Debtors in
their restructuring efforts.  Pepper Hamilton LLP serves as their
Delaware counsel.  The U.S. Trustee for Region 3 appointed eight
creditors to serve on an Official Committee of Unsecured
Creditors.  Skadden, Arps, Slate, Meagher & Flom LLP represent
the Official Committee of Unsecured Creditors.  The company has
disclosed US$130.8 million in assets and debt totaling
US$266.5 million with the Court.


NUTRITIONAL SOURCING: Objections to Plan Must be Filed by Oct. 14
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has set an
Oct. 3, 2008, deadline for the filng of objections against the
confirmation of Nutritional Sourcing Corporation and its debtor-
affiliates's Chapter 11 Plan.

As reported in the Troubled Company Reporter on Sept. 10, 2008,
the Hon. Peter J. Walsh approved Nutritional Sourcing's disclosure
statement, paving the way for creditors and the Court to weigh the
company's joint liquidation plan.  Judge Walsh set an Oct. 14
hearing to consider confirmation of the liquidation plan that
Nutritional Sourcing and its debtor-affiliates proposed together
with the Official Committee of Unsecured Creditors.  The Plan
provides separate treatments for Nutritional Sourcing, Pueblo
International LLC, and FLBN LLC because their estate are not being
substantively consolidate.  The terms of the Chapter 11 plan
represent a settlement, among other things:

   i) of several of the largest claims against the Debtors'
      estates -- including a US$1,125,000 claim of Pension
      Benefit Guaranty Corporation, holders of senior secured
      notes and the Debtors' two executive officers, and

  ii) resolution of certain issues that have been disputed
      throughout the case, the amount of the FLBN intercompany
      claims that should be classified as a Pueblo trade claim
      and the bonus to be paid to Debtors' two executive
      officers.

The Oct. 14 hearing will be held before Judge Walsh in the U.S.
Bankruptcy Court for the District of Delaware, 824 Market Street,
Sixth Floor, Wilmington, Delaware.  The hearing may be continued
from time to time by announcing such continuance in open court or
in the agenda for such hearing, and the Plan may be further
modified, if necessary, prior to, during, or as a result of the
confirmation hearing, without further notice to parties-in-
interest.

The Court already authorized the Debtors to solicit acceptances of
the Plan.

Any holder of a claim objecting the classification of its claim as
a Pueblo General Unsecured Claim, must notify the Debtors and
Debtors' counsel by Oct. 3, 2008, 4:00 p.m., Eastern time.  Any
objection not served by the deadline will be forever barred.

Sept. 4, 2008, is the record date for purposes of determining
which parties are entitled to vote on the Plan.

All ballots must be received by the Voting Agent by Oct. 3, 2008.
Voting Instruction will be sent with the ballots.

The Plan, Disclosure Statement, Disclosure Statement Order, and
all other materials in the Debtors' Solicitation Package (other
than Ballots) may be obtained at the Debtors' expense by
contacting:

     (i) the Voting Agent:

         Nutritional Sourcing Corporation
         c/o Administar Services Group LLC
         P.O. Box 56636, Jacksonville
         FL 32241-6636

                       or

         Nutritional Sourcing Corporation
         c/o Administar Services Group LLC
         8475 Western Way, Suite 110
         Jacksonville, FL 32256
         Tel: (866) 890-0607

         Interested parties may also write to the Voting Agent at
         notice@administarllc.com with the subject line,
         "Nutritional Sourcing Corporation"

    (ii) the counsel to the Debtors:

         Pepper Hamilton LLP
         David B. Stratton
         David Fournier
         James C. Carignan
         1313 Market Street, Suite 5100
         Wilmington, Delaware 19899
         Tel: (302) 777-6500
         Fax: (302) 421-8390

         Kaye Scholer LLC
         Michael B. Solow
         Harold D. Israel
         Matthew J. Micheli
         70 West Madison Street, Suite 4100
         Chicago, IL 60602
         Tel: (312) 583-2300
         Fax: (312) 583-2360

Any party-in-interest wishing to review any of the pleadings
listed above may arrange to review those documents at the offices
of the undersigned counsel to the Debtors.  The documents are also
available in English or in Spanish at:
http://cases.administarllc.com/NSC.

                  About Nutritional Sourcing

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba Pueblo
Xtra International, Inc. -- http://www.puebloxtra.com/-- owns and
operates supermarkets and video rental shops in Puerto Rico and
the US Virgin Islands.  The company and two affiliates, Pueblo
International, L.L.C., and F.L.B.N., L.L.C., filed for chapter 11
protection on Aug. 3, 2007 (Bankr. D. Del. Case Nos. 07-11038
through 07-11040).  Kay Scholer LLC represents the Debtors in
their restructuring efforts.  Pepper Hamilton LLP serves as their
Delaware counsel.  The U.S. Trustee for Region 3 appointed eight
creditors to serve on an Official Committee of Unsecured
Creditors.  Skadden, Arps, Slate, Meagher & Flom LLP represents
the Official Committee of Unsecured Creditors.  The company has
disclosed US$130.8 million in assets and debt totaling
US$266.5 million with the Court.



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

PETROLEOS DE VENEZUELA: Two Oil Ships Collide in Miranda
--------------------------------------------------------
Two ships belonging to Petroleos de Venezuela S.A. collided on
Tuesday, but it was not immediately clear if they were carrying
cargo, Reuters reports, citing local media.

According to Reuters, El Universal said the accident occurred near
a port in the central state of Miranda between the Negra Matea
liquefied gas transporter and the Paramacay, which frequently
carries crude derivatives.

Officials at the state oil company did not immediately comment on
the report, Reuters says.

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.



                            ***********

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

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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.


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