TCRLA_Public/080915.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, September 15, 2008, Vol. 9, No. 183

                            Headlines

A R G E N T I N A

CADELMETAL SA: Proofs of Claim Verification Deadline Is Nov. 12
DIANEL SA: Proofs of Claim Verification Deadline Is November 17
EL CORRAL: Individual Reports Filing Deadline Is on December 26
GERIAT SRL: Proofs of Claim Verification Deadline Is November 10
METDAM SA: Individual Reports Filing Deadline Is on October 27

PAOL SRL: Proofs of Claim Verification Deadline Is November 27

* ARGENTINA: Fernandez Tells Lehman to Worry About Itself


B A H A M A S

GLOBAL ENVIRONMENTAL: Licensee Inks Deal With Philippine Mayor
PRIDE INTERNATIONAL: Bags Contract for Rig Sea Explorer


B E R M U D A

ASPEN INSURANCE: Chris O'Kane to Present In Conference on Sept. 16
B JET LIMITED: Deadline for Proof of Claim Filing Is Sept. 26
B JET LIMITED: Holding Final Shareholders Meeting on Oct. 14
CATALINA HOLDINGS: Sets Final Shareholders Meeting on Oct. 10
CODOGNO INSURANCE: Court to Hear Winding-Up Petition on Sept. 19

FEATHERBED LIMITED: Proof of Claim Filing Is Until Oct. 8
FEATHERBED LIMITED: Holds Final Shareholders Meeting on Oct. 15
INTER-MEDITERRANEAN OIL: Claims Filing Deadline Is Sept. 17
INTER-MEDITERRANEAN OIL: Final Shareholders Meeting Is Oct. 6
KILN REINSURANCE: Proof of Claim Filing Deadline Is Sept. 26

PERMANENT VALUE: Deadline for Proof of Claim Filing Is Oct. 8
PERMANENT VALUE: To Hold Final Shareholders Meeting on Oct. 15
WINDSOR SHIPPING: Proof of Claim Filing Deadline Is Sept. 24
WINDSOR SHIPPING: Holding Final Shareholders Meeting Oct. 15
XL CAPITAL: CEO Says Reinsurance Business Emerged Unscathed


B R A Z I L

BANCO FIBRA: Moody's Revises Outlook on Ba2 Ratings to Positive
GERDAU SA: To Invest US$524 Million in Sipar Gerdau
JBS SA: Board Okays American Depositary Receipt Program
PERDIGAO SA: High Capital Cues Moody's Outlook Shift to Negative


C A Y M A N  I S L A N D S

ASCEND MANAGED: Holds Final Shareholders Meeting on Sept. 18
ASPECT DIVERSIFIED: Sets Final Shareholders Meeting on Sept. 18
BETA HEDGE: Will Hold Final Shareholders Meeting on Sept. 18
BUETHE CRABEL: To Hold Final Shareholders Meeting on Sept. 18
CONCORDIA (C) MANAGED: Final Shareholders Meeting Is Sept. 18

DB ASTWOOD: Holding Final Shareholders Meeting on Sept. 18
DB WILSTEAD: Holds Final Shareholders Meeting on Sept. 18
HBV MANAGED: Will Hold Final Shareholders Meeting on Sept. 18
OPTIMAL JAPAN: To Hold Final Shareholders Meeting on Sept. 18
ORIGIN MANAGED: Holding Final Shareholders Meeting on Sept. 18

SHARMAC MANAGED: Sets Final Shareholders Meeting on Sept. 18
UT TECHNOLOGY: Will Hold Final Shareholders Meeting on Sept. 18


C O S T A  R I C A

ANIXTER INTERNATIONAL: Will Acquire World Class Assets


G U Y A N A

* GUYANA: Sugar Company Faces Additional Blow - Smuggling


M E X I C O

AXTEL SAB: Grants Three-To-One Stock Split
MOVIE GALLERY: Seeking to Convert Up to US$205MM Debt into Equity
SEMGROUP LP: Committee Calls DIP Financing "Loan to Control"
SEMGROUP LP: Provides Progress Report on Restructuring Efforts

* MEXICO: Disasters Put Strain on Insurance Industry, S&P Reports
* MEXICO: S&P Sees More Challenges Ahead for Mortgage Companies


P U E R T O  R I C O

MYLAN INC: Moody's Lifts Ratings on Senior Secured Bank to Ba3
ROYAL CARIBBEAN: Board of Directors Elect Morten Arntzen as Member


U R U G U A Y

ADMINISTRACION NACIONAL: Moody's Drops Corp. Family Rating to Ba2


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Inks US$1.2 Billion Loan Pact With JBIC

* VENEZUELA: Cuts U.S. Airline Flights Effective September 28

* BOND PRICING: For the Week September 8 - September 12, 2008


                         - - - - -


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

CADELMETAL SA: Proofs of Claim Verification Deadline Is Nov. 12
---------------------------------------------------------------
The trustee for Cadelmetal S.A.'s bankruptcy proceeding, will be
verifying creditors' proofs of claim until November 12, 2008.

The trustee will present the validated claims in court as  
individual reports on December 26, 2008.  A court in Argentina
will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Cadelmetal 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 Cadelmetal S.A.'s
accounting and banking records will be submitted in court on
October 3, 2009.

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


DIANEL SA: Proofs of Claim Verification Deadline Is November 17
---------------------------------------------------------------
Maria Taboada, the court-appointed trustee for Dianel SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until November 17, 2008.

Ms. Taboada will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1 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 Dianel 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 Dianel SA's
accounting and banking records will be submitted in court.

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

Ms. Taboada is also in charge of administering Dianel 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:

                     Dianel SA
                     Carlos Antonio Lopez 3648
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Maria Taboada
                     Ezeiza 2641
                     Buenos Aires, Argentina


EL CORRAL: Individual Reports Filing Deadline Is on December 26
---------------------------------------------------------------
Francisco Vazquez, the court-appointed trustee for El Corral del
Pata Negra SRL's bankruptcy proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance No. 21 in Buenos Aires, with the assistance of
Clerk No. 41, on December 26, 2008.

Mr. Vazquez is verifying creditors' proofs of claim until
November 12, 2008.  He will also submit to court a general report
containing an audit of El Corral's accounting and banking records
on March 11, 2009.

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

The debtor can be reached at:

                     El Corral del Pata Negra SRL
                     Av. Scalabrini Ortiz 3096
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Francisco Vazquez
                     Rodriguez Pena 110
                     Buenos Aires, Argentina


GERIAT SRL: Proofs of Claim Verification Deadline Is November 10
----------------------------------------------------------------
Jose Stanislavsky, the court-appointed trustee for Geriat SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until November 10, 2008.

Mr. Stanislavsky will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19 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 Geriat 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 Geriat SRL's
accounting and banking records will be submitted in court.

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

Mr. Stanislavsky is also in charge of administering Geriat 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:

                     Geriat SRL
                     Santiago del Estero 808
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Jose Stanislavsky
                     Ezeiza 2641
                     Buenos Aires, Argentina


METDAM SA: Individual Reports Filing Deadline Is on October 27
--------------------------------------------------------------
Andrea Krikorian, the court-appointed trustee for Metdam SA's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, on October 27, 2008.

Ms. Krikorian is verifying creditors' proofs of claim until
September 15, 2008.  She will also submit to court a general
report containing an audit of Metdam SA's accounting and banking
records on December 9, 2009.

Ms. Krikorian is also in charge of administering Metdam 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:

                     Metdam SA
                     Miller 4472
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Andrea Krikorian
                     Montevideo 711
                     Buenos Aires, Argentina


PAOL SRL: Proofs of Claim Verification Deadline Is November 27
--------------------------------------------------------------
The trustee for Paol S.R.L.'s bankruptcy proceeding, will be
verifying creditors' proofs of claim until November 27, 2008.

The trustee will present the validated claims in court as  
individual reports on February 16, 2009.  A court in Argentina
will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Paol S.R.L. 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 Paol S.R.L.'s
accounting and banking records will be submitted in court on
April 1, 2009.

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


* ARGENTINA: Fernandez Tells Lehman to Worry About Itself
---------------------------------------------------------
Argentine President Cristina Fernandez de Kirchner told Lehman
Brothers Holdings Inc. to worry about its own finances, three
weeks after the firm said the South American country could default
within two years, Bloomberg News reports.

“Today the news in the papers, in all the papers, is the collapse
of another bank far away in the United States -- that bank that
predicted the collapse of Argentina,” Ms. Fernandez was cited by
Bloomberg News as saying.  “They should spend more time looking at
their own accounts rather than looking at other countries.”

According to the report, Lehman analysts Joe Kogan and Phil Yuhn
said in an Aug. 22 report that Argentina may default “as early as
2010” amid a tumble in commodities.  

Ms. Fernandez also noted that Lehman failed to foresee Argentina's
US$95 billion bond default in 2001 by saying the country's
finances “were very good” just months before the default, the
report relates.

Bloomberg News says, citing JPMorgan, Argentine bonds yielded 7.54
percentage points more than Treasuries on September 11, up 12
basis points from September 10.  
The risk of owning Argentina's bonds reached a record.  Five- year
credit-default swaps based on the country's debt climbed 21 basis
points to 8.73 percentage points, according to Bloomberg data.

Lehman meanwhile has sunk 77 percent last week to US$4.22 in New
York Stock Exchange composite trading after talks about a cash
infusion from Korea Development Bank ended, Bloomberg News says.  
The report discloses that Lehman Chief Executive Officer Richard
Fuld is seeking buyers for the investment bank amid signs that the
U.S. government may balk at providing the funding that enabled
Bear Stearns Cos. to sell itself and avoid bankruptcy.

On Sept. 5, 2008, the Troubled Company Reporter-Asia Pacific,
citing Mercopress, said Argentina's Cabinet Chief Sergio Massa
showed optimism that the country will meet all its debt
obligations in 2008 and 2009.

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

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

                           *     *     *

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



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

GLOBAL ENVIRONMENTAL: Licensee Inks Deal With Philippine Mayor
--------------------------------------------------------------
Global Environmental Energy Corp.'s licensing arm, Spectrum Blue
Steel Corporation has signed a 25-year contract for the operation
and management of the Biosphere process and technology with Mayor
Luis Ferrer of General Trias of Cavite, Philippines in the heart
of Cavite Export Processing Zone (CEPZ).

Mayor Ferrer had announced in a press briefing that General Trias
is strategically located in Cavite province where it can cater to
process almost 2000 tons/daily of all municipal solid and
industrial wastes from the 268 Foreign factories operating within
the 275 hectare area of CEPZ.  He believes that the Biosphere
process is the most effective solution to the present problems of
industrial companies in connection with solid waste management and
high costs of electricity.

In a separate briefing, the President of Spectrum Blue Steel
Corporation, Ronald Flynn said that initially, seven 6 MW
Biosphere Power Facilities will be installed in three months
within a 14-hectare selected site in General Trias, Cavite.  He
noted that the Biosphere process gasifies solid waste into green
energy, which is used to heat steam that drives an electricity
turbine.  That the power generated from waste is fed into the
power grid, deriving carbon credits and simultaneously ridding the
environment of the ever increasing supply of municipal solid waste
and other kinds of wastes such as chemical, industrial,
agricultural and mineral wastes.

Mr. Flynn further said that the Biosphere process systems of
generating green energy, is the best technical potential for waste
to energy requirement in the Philippines for the next ten years
and declaring that Spectrum Blue Steel Corporation is committed
under the "Zero Waste Philippines" project which was launched in
August this year.

Information coming from the Department of Energy provides that
under the Philippine Energy Plan, the government is prioritizing
renewable energy like Biosphere Waste to Energy projects for the
next ten years and intends to deliver an additional 3,549 MW of
added renewable capacity within this period.  This is an expected
annual increase of 7.8% per year.  This goal, as noted will be
furthered strengthened by giving renewable energy technologies
"favoured" investment status.

The Biosphere process for generating green energy was invented by
Dr. Chris McCormack, the Chairman of the Board and Chief Executive
officer of Global Environmental Energy Corporation.  Spectrum Blue
Steel Corporation was granted by Global Environmental Energy
Corporation the exclusive license to market, sell, promote, and
operate the Biosphere process and technology in the Philippines
and other specified locations like the UAE and the Gulf.

Headquartered in Nassau, Bahamas, Global Environmental Energy
Corp. (Deutsche Borse: GLI; OTC Bulletin Board: GEECF) --
http://www.geecf.ru-- is engaged in traditional oil and gas     
exploration and production, alternative energy sources,
environmental infrastructure and  electrical micro-power
generation through its subsidiaries, Sahara Petroleum
Exploration Corp. and Biosphere Development Corp.

                           *      *       *

As of May 31, 2007, Global Environmental Energy Corp. reported a
total stockholders' deficit of US$71,549,591 compared to
US$55,609,865 total stockholders' deficit on May 31, 2006.


PRIDE INTERNATIONAL: Bags Contract for Rig Sea Explorer
-------------------------------------------------------
Pride International Inc. reported that its second generation
semisubmersible rig, the Sea Explorer, has been awarded a two-year
contract with OGX Petroleo e Gas Participacoes SA for work
offshore Brazil.  The contract is expected to commence in August
2009, following the completion of an existing contract commitment
in the Republic of Congo and mobilization to the new location.  
Revenues are expected to be US$244 million excluding revenues for
mobilization, demobilization and client reimbursables.

The Sea Explorer is one of 14 semisubmersibles and drillships in
the Pride fleet.  It is a conventionally moored semisubmersible
rig and is capable of operating in water depths of up to 1,000
feet.

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

                          *     *     *

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



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

ASPEN INSURANCE: Chris O'Kane to Present In Conference on Sept. 16
------------------------------------------------------------------
Aspen Insurance Holdings Limited announced that Chris O'Kane,
Chief Executive Officer, is scheduled to present at the Fox-Pitt
Kelton Cochran Caronia Waller 'Bermuda in Boston' Conference on
Sept. 16,2008 at 1:45 p.m. (ET).

During the presentation Mr. O'Kane will provide an overview of
Aspen's strategy and financial performance.

A live webcast of the presentation will be available in the
'Presentations' section of the Investor Relations section of
Aspen's website and at: http://www.wsw.com/webcast/fpk6/ahl/.  

Accompanying informational slides will also be available in the
'Presentations' portion of the Investor Relations page of Aspen's
website.

A replay of the event will be available through the Aspen website,
as described above, for approximately 14 days following the event.

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) -- http://www.aspen.bm-- provides reinsurance  
and insurance coverage to clients in various domestic and global
markets through wholly-owned subsidiaries and  offices in Bermuda,
France, Ireland, the United States, the United Kingdom, Singapore
and Switzerland.  

                           *     *     *

Aspen Insurance Holdings Limited carried Moody's Investors
Services 'Ba1' Preferred Stock rating with a stable outlook.


B JET LIMITED: Deadline for Proof of Claim Filing Is Sept. 26
-------------------------------------------------------------
B Jet Limited's creditors have until Sept. 26, 2008, to prove
their claims to Jennifer Y. Fraser, the company's liquidator, or
be excluded from receiving any distribution or payment.

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

B Jet's shareholders agreed on Sept. 8 2008, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

               Jennifer Y. Fraser
               c/o Canon's Court, 22 Victoria Street
               Hamilton, Bermuda


B JET LIMITED: Holding Final Shareholders Meeting on Oct. 14
------------------------------------------------------------
B Jet Limited will hold its final shareholders meeting on Oct. 14,
2008, at 9:00 a.m., at Canon's Court, 22 Victoria Street,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

B Jet's shareholders agreed on Sept. 8 2008, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

               Jennifer Y. Fraser
               c/o Canon's Court, 22 Victoria Street
               Hamilton, Bermuda


CATALINA HOLDINGS: Sets Final Shareholders Meeting on Oct. 10
-------------------------------------------------------------
Catalina Holdings Ltd. will hold its final shareholders meeting on
Oct. 10, 2008, at 10:00 a.m., at the offices of
PricewaterhouseCoopers, Dorchester House, 7 Church Street,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Catalina Holdings' shareholders agreed on July 22, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidators can be reached at:

               Peter C.B. Mitchell and Nigel J.S. Chatterjee
               PricewaterhouseCoopers Advisory Limited
               P.O. Box HM 1171
               Hamilton, Bermuda


CODOGNO INSURANCE: Court to Hear Winding-Up Petition on Sept. 19
----------------------------------------------------------------
The winding-up petition of Codogno Insurance Co. Ltd. will be
heard before the The Supreme Court of Bermuda at 9:30 a.m. on
Sept. 19, 2008.

The notice must state the name and address of the person or firm
and must be signed by petitioner or counsel not later than 4:00
p.m. on Sept. 18, 2008.

Any creditor or counsel of the Company may appear at the time of
the hearing and will be furnished a copy of the Petition upon
payment of regulatory charges.

Attorneys to the Petitioner can be reached at:

                  Attride-Stirling & Woloniecki
                  c/o Crawford House, 50 Cedar Avenue
                  Hamilton, Bermuda


FEATHERBED LIMITED: Proof of Claim Filing Is Until Oct. 8
---------------------------------------------------------
Featherbed Limited's creditors have until Oct. 8, 2008, to prove
their claims to Nicholas Hoskins, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Featherbed's shareholders agreed on Sept. 9, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

               Nicholas Hoskins
               c/o Chancery Hall, 52 Reid Street
               Hamilton, Bermuda


FEATHERBED LIMITED: Holds Final Shareholders Meeting on Oct. 15
---------------------------------------------------------------
Featherbed Limited will hold its final shareholders meeting on
Oct. 15, 2008, at 11:15 a.m., at the offices of Wakefield Quin,
Chancery Hall, 52 Reid Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Featherbed's shareholders agreed on Sept. 9, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

               Nicholas Hoskins
               c/o Wakefield Quin
               Chancery Hall, 52 Reid Street
               Hamilton, Bermuda


INTER-MEDITERRANEAN OIL: Claims Filing Deadline Is Sept. 17
-----------------------------------------------------------
Inter-Mediterranean Oil Company Ltd.'s creditors have until
Sept. 17, 2008, to prove their claims to Linda Longworth, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Inter-Mediterranean Oil's shareholders agreed on Aug. 26, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

               Linda Longworth
               c/o #2 Reid Street
               Hamilton, Bermuda


INTER-MEDITERRANEAN OIL: Final Shareholders Meeting Is Oct. 6
-------------------------------------------------------------
Inter-Mediterranean Oil Company Ltd. will hold its final
shareholders meeting on Oct. 6, 2008, at 2:00 p.m., at the offices
of #2 Reid Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Inter-Mediterranean Oil's shareholders agreed on Aug. 26, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

               Linda Longworth
               c/o #2 Reid Street
               Hamilton, Bermuda


KILN REINSURANCE: Proof of Claim Filing Deadline Is Sept. 26
-------------------------------------------------------------
Kiln Reinsurance Ltd.'s creditors have until Sept. 26, 2008, to
prove their claims to Mark W.R. Smith, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Kiln Reinsurance's shareholders agreed on Sept. 2, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

               Mark W.R. Smith
               c/o Deloitte & Touche
               Corner House, Church & Parliament Streets
               P.O. Box HM 1556
               Hamilton, Bermuda


PERMANENT VALUE: Deadline for Proof of Claim Filing Is Oct. 8
-------------------------------------------------------------
Permanent Value Group of Funds Ltd.'s creditors have until Oct. 8
2008, to prove their claims to Nicholas J. Hoskins, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Permanent Value's shareholders agreed on Sept. 9, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

               Nicholas J. Hoskins
               c/o Wakefield Quin
               Chancery Hall, 52 Reid Street
               Hamilton, Bermuda


PERMANENT VALUE: To Hold Final Shareholders Meeting on Oct. 15
--------------------------------------------------------------
Permanent Value Group of Funds Ltd. will hold its final
shareholders meeting on Oct. 15, 2008, at 11:00 a.m., at the
offices of Wakefield Quin, Chancery Hall, 52 Reid Street,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Permanent Value's shareholders agreed on Sept. 9, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

               Nicholas J. Hoskins
               c/o Wakefield Quin
               Chancery Hall, 52 Reid Street
               Hamilton, Bermuda


WINDSOR SHIPPING: Proof of Claim Filing Deadline Is Sept. 24
------------------------------------------------------------
Windsor Shipping Ltd.'s creditors have until Sept. 24, 2008, to
prove their claims to Robin J. Mayor, the company's liquidator, or
be excluded from receiving any distribution or payment.

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

Windsor Shipping's shareholders agreed on Sept. 9, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

               Robin J. Mayor
               c/o Conyers Dill & Pearman
               Clarendon House, 2 Church Street
               Hamilton, Bermuda


WINDSOR SHIPPING: Holding Final Shareholders Meeting Oct. 15
------------------------------------------------------------
Windsor Shipping Ltd. will hold its final shareholders meeting on
Oct. 15, 2008, at 9:30 a.m., at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Windsor Shipping's shareholders agreed on Sept. 9, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

               Robin J. Mayor
               c/o Conyers Dill & Pearman
               Clarendon House, 2 Church Street
               Hamilton, Bermuda


XL CAPITAL: CEO Says Reinsurance Business Emerged Unscathed
-----------------------------------------------------------
XL Capital Ltd.'s reinsurance business has emerged relatively
unscathed from the problems caused by XL's large stake in a
troubled bond insurer, Reuters reports, citing XL Re CEO Jamie
Veghte who refused to comment on whether the group may be up for
sale.

According to Reuters, XL warned in its second-quarter results that
some clients of its reinsurance business had limited the amount of
business they did with XL due to concerns over its exposure to
Security Capital Assurance Ltd. (SCA), which was pushed to the
brink of insolvency by the credit crunch.

As reported in the Troubled Company Reporter-Latin America on July
30, 2008, XL Capital Ltd. and certain of its subsidiaries
have entered into an agreement with SCA and certain of its
subsidiaries in connection with the termination of certain
reinsurance and other agreements.  The Master Agreement provides
for the payment by XL to SCA of US$1.775 billion in cash, the
issuance by XL to SCA of eight million Class A Ordinary Shares to
be newly issued by XL and the transfer by XL of all of the shares
it owns in SCA (representing approximately 46% of SCA's issued and
outstanding shares) to a trust.

The TCR-LA reported on Aug. 7, 2008 that XL Capital closed the
previously announced transactions with Security Capital Assurance
Ltd (SCA), and certain counterparties to credit default swaps with
SCA as well as its offerings of ordinary shares and equity
security units.

The company reportedly expected total gross proceeds from the
offerings to be approximately US$2.5 billion.

According to TCR-LA's report on Aug. 27, 2008, A.M. Best Co.
removed from under review with negative implications and affirmed
the financial strength rating of A and issuer credit ratings of
"a" of XL Capital Group and its members.  A.M. Best also has
removed from under review with negative implications and affirmed
the ICR of "bbb" and all debt ratings of the holding company, XL
Capital Ltd., along with all ratings of the life/health
subsidiaries of XL Capital Ltd.  All ratings have been assigned a
stable outlook.

Mr. Veghte told Reuters that the the damage to the firm's
franchise was minimal.

Reuters states that rivals were poring over XL as a potentially
attractive takeover target, because it is the first global
property-casualty insurer to come on the market since Cigna
Corp.'s property-casualty unit was sold to Ace Ltd. nearly a
decade ago, according to Axis Capital Holdings Ltd.'s CEO John
Charman.

XL's new group chief executive, Mike McGavick, will review whether
XL's life reinsurance business should remain part of the group,
but XL's recent woes, when it posted large losses as a result of
SCA, has sparked speculation that he may decide to sell off other
parts of the business, Reuters notes.

Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. has assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications. Concurrently A.M. Best has withdrawn the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.



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

BANCO FIBRA: Moody's Revises Outlook on Ba2 Ratings to Positive
---------------------------------------------------------------
Moody's Investors Service changed to positive from stable the
outlook on Banco Fibra S.A.'s D bank financial strength rating as
well as on the Ba2 long-term global local-currency deposit
ratings, and on the A1.br long-term national scale rating.  
Moody's maintains the stable outlook on the bank's short-term
global local currency deposit rating Not Prime as well as on the
long and short-term foreign currency deposit ratings Ba2 and Not
Prime, respectively.

Moody's said the positive outlook reflects the improvements in
Banco Fibra's financial fundamentals, and in recurring earnings
generation in particular, as management repositions the bank's
operations.  By and large, the bank remains focused on lending to
its traditional base of small/medium size corporations and to
specific consumer segments, where management believes it can
achieve its targeted business scale and margins.  Indications of
this strategy can also be seen in the bank's improving operating
efficiency.

Moody's noted that efforts towards increasing diversification and
tenor of Banco Fibra's funding sources are integral to its growth
strategy and increases financial flexibility as the bank departs
from a short-term wholesale-deposit base, which is traditionally
vulnerable.  The enhanced capitalization through both its
controlling shareholders and IFC's new equity participation of
7.9% also supports growth plans.  Moreover, revamped risk
management and controls are likely to ensure that recent progress
in asset quality indicators should prove sustainable as the
portfolio grows and seasons.

Looking at the potential for higher ratings, Moody's observed that
Banco Fibra's primary challenges are the consolidation of its
consumer business platform and further improvements in financial
fundamentals to levels comparable to those of D+ regional bank
peers.  Moody's said that the bank faces a domestic market that is
increasingly competitive and could thus pressure funding
conditions and business generation.

Moody's Ba2 global local-currency rating is determined from the
bank's Baseline Credit Assessment of Ba2.  Moody's assesses no
probability of systemic support to Banco Fibra, because of the
bank's modest share of the Brazilian deposit market.

Moody's placed these ratings on positive outlook:

   -- Bank Financial Strength rating: D;
   -- Long-term global local currency deposit rating: Ba2; and
   -- Long-term national scale rating: A1.br

The outlook remains stable on these ratings:

   -- Short term global local currency deposit rating: Not Prime;
      and

   -- Long and short-term foreign currency deposit ratings: Ba2
      and Not Prime

Headquartered in Sao Paulo, Brazil, Banco Fibra S.A. --
http://www.bancofibra.com.br/-- is a commercial midsize bank.   
Despite its relatively small market share, Banco Fibra is among
the top banks operating in the small corporates and middle-market
companies segment.  Banco Fibra is the financial arm of a large
traditional conglomerate in Brazil, owned by the Steinbruch
family, with important operations in the textile (Vicunha Txtil;
not rated), steel (Companhia Siderurgica Nacional; BB/Stable/--),
and gas (CEGAS; not rated) sectors.  As of June 30, 2008, the bank
had BRL16 billion in assets and BRL562.4 million in equity,
increased to around BRL800 million after the capital injection in
August 2008.


GERDAU SA: To Invest US$524 Million in Sipar Gerdau
---------------------------------------------------
Gerdau SA is to invest US$524 million in raising steel-making
capacity at its Argentine unit, Sipar Gerdau, Dow Jones Newswires
reports.  Gerdau said the investment is key to its positioning in
Argentina to meet growing demand.

The investment, Dow Jones says, will allow Sipar Gerdau in Perez,
Santa Fe Province, to increase capacity fourfold in its laminated
products.

According to the report, work on the plant expansion will begin in
the next few months and will be in two stages.  The first stage
will be completed in 2011 with crude steel capacity rising to
650,000 tons a year and laminates increasing to 710,000 tons.  The
second stage, planned for 2016, will see both crude steel and
laminates production jump to 1.1 million tons each.

                          About Gerdau

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
28, 2008, Moody's Investors Service changed to positive from
stable the outlook of all ratings related to Gerdau S.A. (Ba1
Corporate Family Rating and Ba1 US$600 million guaranteed
perpetual bonds).


JBS SA: Board Okays American Depositary Receipt Program
-------------------------------------------------------
JBS S.A. informed its shareholders and the market that the
creation of a level I American Depositary Receipt (ADR) program
has been approved by its Board of Directors on September 5, 2008.

The company does not intend to amend its by-laws in matters
related to a change in its share capital structure that could
result in any loss or change of minority shareholders rights.  The
new program will not represent an increase in the share capital or
issuance of new shares.

Considering the relevant participation of JBS in the American
market and its large community of contributors, suppliers and
clients, this step represents an opportunity to increase the
liquidity, visibility and value of JBS shares.

The Bank of New York Mellon was contracted as the depositary
institution of the ADR and the Company expects this program to be
established by October 2008.

Headquartered in Sao Paulo, Brazil, JBS SA --
http://www.jbs.com.br/ir/-- is a public company with its shares
listed on Bovespa's Novo Mercado under the symbol JBSS3.  The
company operates 23 plants in Brazil and six plants in Argentina
in addition to its operations in Australia and the United States
resulting from last year's purchase of Swift & Company.  In the
12 months ending September 2007, JBS generated pro forma net
revenue of US$11.9 billion and processed nine million head of
cattle.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2008, Moody's nvestors Service's ratings for JBS S.A.: B1
Corporate family rating; US$275 million 9.375% senior unsecured
notes due 2011 at B1 rating; and US$300 million 10.5% senior
unsecured notes due 2016 at B1 rating, will continue under review
for possible downgrade until regulators and antitrust authorities
in the U.S. rule on JBS's pending acquisitions of National Beef
Packing Company, LLC and Smithfield Beef Group Inc., including its
subsidiary, Five Rivers Ranch Cattle Feeding.


PERDIGAO SA: High Capital Cues Moody's Outlook Shift to Negative
----------------------------------------------------------------
Moody's affirmed its Ba1 local currency corporate family rating
for Perdigao S.A. and changed the rating outlook to negative from
stable to reflect Perdigao's lower operating margins and higher
than expected working capital needs in the first two quarters of
2008, resulting in negative cash flow from operations and higher
leverage.

"The negative outlook reflects primarily Perdigao's higher than
expected working capital needs in the first and second quarters of
FY2008 resulting in negative cash flow from operations in both
periods", affirmed Moody's Vice President Senior Analyst, Soummo
Mukherjee.  "At the same time, total debt increased in the same
period, leading Total Debt to EBITDA to increase to 3.7 times and
3.8 times for the last twelve months ending in first quarter 2008
and second quarter 2008, respectively", added Mr. Mukherjee.

Moody's notes that the last 12 month period, includes only around
five months of results at Eleva, and thus leverage may come down
over time.  In addition, part of the weaker cash flow performance
was due to the recent incorporation of the Eleva business and
temporary higher working capital needs that could reverse in the
second half as the company reduces inventories and receivables.

In the first half of 2008, Perdigao's gross margin dropped to 22%,
down from 27% in the first half of 2007.  The lower gross margin
was largely due to the appreciation of the BRL against the US$,
integration of Eleva and higher grain (soy and corn) and milk
costs that were not readily passed through to prices.

Perdigao's Ba1 rating is supported by Perdigao's position as one
of the largest and most diversified food processors in Brazil with
leading market positions and nearly 50% of sales derived from
processed products.  Additionally, the rating is supported by
Perdigao's management quality and corporate governance standards.   
Perdigao's rating, however, is mainly constrained by its revenues
and earnings exposure to commodity price movements, the
susceptibility of its sales and cash flow to export market
closures or disruptions due to animal disease and the challenges
associated with successfully implementing its growth strategy.

Perdigao's decision to enter the dairy segment presents both
opportunities and challenges in Moody's view.  While Moody's
acknowledge that overall margins for the dairy segment are lower
than Perdigao's margins in its traditional poultry and pork
processing business segments, Moody's continue to expect that the
dairy business will be less capital intensive than the company's
traditional segments and that, in the medium-term, cash flow
generation after working capital changes should improve.

Perdigao's negative outlook could stabilize if the company's CFO /
Total Debt returns to above 10%, Total Debt / EBITDA to below 3.0
times and EBITA / Interest approaches 2.5 times.  On the other
hand, Perdigao's rating is likely to be downgraded if cash flow
from operations remains negative.  Total Debt to EBITDA remains
above 3.5 times or EBITA to interest expense coverage remains
below 2.0 times.

Headquartered in Sao Paulo, Brazil, Perdigao S.A. is one of the
largest food processors in Brazil, with a focus on poultry,
pork, beef, milk and processed products including dairy.  With
revenues of BRL8.9 billion for the last twelve months ending on
June 30, 2008, Perdigao is one of the leaders in the domestic
market and exports over 40% of its sales to over 100 countries and
850 customers around the world.



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

ASCEND MANAGED: Holds Final Shareholders Meeting on Sept. 18
------------------------------------------------------------
Ascend Managed Account Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at 10:15 a.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               David Walker
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


ASPECT DIVERSIFIED: Sets Final Shareholders Meeting on Sept. 18
---------------------------------------------------------------
Aspect Diversified Managed Account (1) Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at 10:00 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               David Walker
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


BETA HEDGE: Will Hold Final Shareholders Meeting on Sept. 18
------------------------------------------------------------
Beta Hedge International Managed Account Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at 11:30 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               David Walker
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


BUETHE CRABEL: To Hold Final Shareholders Meeting on Sept. 18
-------------------------------------------------------------
Buethe Crabel Managed Account Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at 10:45 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               David Walker
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


CONCORDIA (C) MANAGED: Final Shareholders Meeting Is Sept. 18
-------------------------------------------------------------
Concordia (C) Managed Account Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at 11:30 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               David Walker
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


DB ASTWOOD: Holding Final Shareholders Meeting on Sept. 18
----------------------------------------------------------
DB Astwood Investments Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at 10:00 a.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

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

DB Astwood's shareholder decided on Jan. 11, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

           Jeremy Simon Spratt and Finbarr Thomas O'Connell
           Attn: Jacqueline Edwards
           KPMG LLP, 8 Salisbury Square
           London EC4Y 8BB, United Kingdom
           Tel: +44 (0) 20-7311-8563
           Fax: +44 (0) 20-7694-3533


DB WILSTEAD: Holds Final Shareholders Meeting on Sept. 18
---------------------------------------------------------
DB Wilstead Investments Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at 10:15 a.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

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

DB Wilstead's shareholder decided on Jan. 11, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

           Jeremy Simon Spratt and Finbarr Thomas O'Connell
           Attn: Jacqueline Edwards
           KPMG LLP, 8 Salisbury Square
           London EC4Y 8BB, United Kingdom
           Tel: +44 (0) 20-7311-8563
           Fax: +44 (0) 20-7694-3533


HBV MANAGED: Will Hold Final Shareholders Meeting on Sept. 18
-------------------------------------------------------------
HBV Managed Account (1) Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at 11:45 a.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               David Walker
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


OPTIMAL JAPAN: To Hold Final Shareholders Meeting on Sept. 18
-------------------------------------------------------------
Optimal Japan Managed Account Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at 12:00 p.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               David Walker
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


ORIGIN MANAGED: Holding Final Shareholders Meeting on Sept. 18
--------------------------------------------------------------
Origin Managed Account Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at 12:15 p.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               David Walker
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


SHARMAC MANAGED: Sets Final Shareholders Meeting on Sept. 18
------------------------------------------------------------
Sharmac Managed Account Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at 12:30 p.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               David Walker
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


UT TECHNOLOGY: Will Hold Final Shareholders Meeting on Sept. 18
---------------------------------------------------------------
UT Technology Managed Account Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at 12:45 p.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               David Walker
               P.O. Box 258
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237



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

ANIXTER INTERNATIONAL: Will Acquire World Class Assets
------------------------------------------------------
Anixter International Inc. had entered into a letter of intent to
acquire the assets and operations of World Class Wire & Cable Inc.  
Anixter expects to complete the acquisition on or about October 1,
2008 following the finalization of certain contract terms and
conditions as well as regulatory approval.  Anixter anticipates
paying approximately US$62 million in cash and will also assume
trade liabilities for all of the assets and operations of World
Class.

Based near Milwaukee, Wisconsin, World Class is a valued-added
distributor of electrical wire and cable.  From its single
operating site in Waukesha, Wisconsin, World Class generates
approximately US$60 million per year in annualized sales.

Commenting on the acquisition, Bob Eck, President and CEO of
Anixter, said, “World Class has an excellent team that has won
many awards for its entrepreneurial drive and track record of
growth.  We believe the World Class team will be an excellent fit
with our existing presence in the wire & cable market in the
Midwest.  This acquisition positions us well to drive even
stronger future organic growth.”

Mr. Eck continued, “Once completed, we anticipate that this
acquisition will be immediately accretive to earnings and add 6 to
8 cents to diluted earnings per share during our first full year
of ownership.”

                         About Anixter

Anixter International Inc. -- http://www.anixter.com/-- is the
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5 million square feet of space.  It has operations in Latin
American countries including Mexico, Costa Rica, Brazil and
Chile.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 2, 2007, Fitch Ratings affirmed these ratings for
Anixter International Inc. and its wholly owned operating
subsidiary, Anixter Inc.:

Anixter International Inc.

  -- Issuer Default Rating 'BB+';
  -- Senior unsecured debt 'BB-'.

Anixter Inc.

  -- Issuer Default Rating  'BB+';
  -- Senior unsecured notes 'BB+';
  -- Senior unsecured bank credit facility at 'BB+'.



===========
G U Y A N A
===========

* GUYANA: Sugar Company Faces Additional Blow - Smuggling
---------------------------------------------------------
NetNews reports that the Guyana Sugar Corporation (GUYSUCO), the
manufacturer and exporter of sugar in Guyana, is facing more
problems, and this time it is smuggling.  Agriculture Minister
Robert Persaud however did not state where the commodity is being
smuggled to, but said, "We have received reports and we are
investigating, and we are contemplating changing a few
distributors and agents."

The report says GUYSUCO previously lost more than a week because
of work stoppage by 15,000 workers.  An Arbitration Tribunal which
was set up by the Minister of Labour to look into the demands of
the works for an increase of 14.25 percent will start its hearing
on Wednesday.  The workers were offered a 5.25 percent increase,
but they rejected the offer and went on strike, NetNews relates.

Additionally, NetNews discloses that GUYSUCO will lose millions of
dollars because of a proposed cut in price in the European Market.  

According to the report, Minister Persaud said it has been
estimated that the corporation will lose close to G$1.2 billion
(US$1 = G$200) this year in revenue after the implementation of
the second price cuts.



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

AXTEL SAB: Grants Three-To-One Stock Split
------------------------------------------
AXTEL S.A.B. de C.V. has approved a three-to-one stock split at
the company's shareholders' meeting.

With the intention of increasing the stock's liquidity, in
addition to reflecting a more adequate price in the Mexican stock
market, AXTEL will deliver three new shares in exchange for each
existing share.  Likewise, Ordinary Participation Certificates, or
CPOs, and American Depositary Shares, or ADSs, will be exchanged
at the same 3:1 ratio.  Each CPO represents a financial interest
in seven Series B shares, while each ADS represents seven CPOs.  
In order for the stock split to occur, AXTEL's shareholders
approved the issuance of 8,769,353,223 new shares without
modifying the Company's capital stock.  The stock split is
expected to occur during September, upon the approvals of the
Mexican Securities and Banking Commission and the Mexican Stock
Exchange.  The company will inform the effective stock split date
in due course.  CPO and ADS holders will not be required to take
any action as the exchange and cancellation of shares will be
carried out via the respective depositary institutions.

AXTEL, listed on the Mexican Stock Exchange since December 2005,
will invest US$210 million nationwide in 2007.  The company
reported US$5,943 million pesos in revenue during the first
semester of 2007, and 844,000 lines in service as of June 30,
2007.

Headquartered in Monterrey, Mexico, Axtel S.A.B. de C.V. was
formerly known as Axtel SA DE CV.  The company's principal
activity is providing local and long-distance domestic and
international telephony, data and Internet services, virtual
private networks and value added services.  Services include
different access technologies such as fixed wireless telephony,
point-to-point and point-to-multi point radio links, and copper
and fiber optic connections.  Basic services are divided into 5
categories such as voice, conference call, data, Internet and
bundles.  It offers basic telecommunications infrastructure
in Mexico through an intelligent network that provides extensive
coverage to all markets.  It currently operates in Mexico City,
Monterrey, Guadalajara, Puebla, Leon, Toluca, Queretaro, San
Luis Potosi, Aguascalientes, Saltillo, Ciudad Juarez, Tijuana,
La Laguna, Veracruz and Chihuahua.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 11, 2008, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating on Axtel S.A.B. de C.V.  The outlook
is stable.


MOVIE GALLERY: Seeking to Convert Up to US$205MM Debt into Equity
-----------------------------------------------------------------
Movie Gallery Inc. disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission Tuesday that the company and
Sopris Capital Advisors are seeking to convert up to US$205
million, but not less than US$130 million, of first lien debt into
common stock.  Under the terms of the agreement, Sopris would
receive Gallery common stock valued at US$10 per share.

The proposed transaction would be subject to a number of
conditions, including the execution of mutually agreeable
definitive documentation containing customary representations and
warranties and closing conditions and the approval of the Audit
Committee and the Board of Directors of the company.  In addition,
on the date of the conversion, there should be no default or event
of default in the company's First Lien Credit and Guaranty
Agreemnt between the lenders and the company.

Assuming all conditions of closing are satisfied and subject to
the foregoing, the transaction is expected to close on or about
Oct. 6, 2008.

                      About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a video rental company with
approximately 3,300 stores located in all 50 U.S. states and
Canada operating under the brands Movie Gallery, Hollywood Video
and Game Crazy.  The company has operations in Mexico.

The company and its debtor-affiliates filed for
Chapter 11 protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos.
07-33849 to 07-33853).  Anup Sathy, Esq., Marc J. Carmel, Esq.,
and Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors as counsel.  Michael A. Condyles, Esq., and Peter J.
Barrett, Esq., at Kutak Rock LLP, are the Debtors' local counsel.  
When the Debtors' filed for protection from their creditors, they
listed total assets of US$891,993,000 and total liabilities of
US$1,419,215,000.

The U.S. Bankruptcy Court for the Eastern District of Virginia
confirmed the Debtors' Second Amended Chapter 11 Plan of
Reorganization on April 9, 2008.


SEMGROUP LP: Committee Calls DIP Financing "Loan to Control"
------------------------------------------------------------
Absent definitive agreement on outstanding concerns relating to
the DIP Financing for SemGroup L.P. and its debtor-affiliates, the
Official Committee of Unsecured Creditors asserts that the
financing is merely a "loan to control."

Bank of America, N.A., as agent for prepetition lenders, is using
Chapter 11 for the singular purpose of liquidating its
prepetition collateral, even though substantial unencumbered
assets have been pledged to BofA as adequate protection, the
Committee's proposed counsel, Susheel Kirpalani, Esq., at Quinn
Emanuel Urquhart Oliver & Hedges, LLP, in New York, complains.

Despite numerous negotiation sessions since the interim approval
of the DIP financing, Mr. Kirpalani relates that the Debtors and
Committee have been unable to reach final agreement with BofA on
critical business issues, leaving the bankruptcy estates with a
DIP loan facility that is unusable by the Debtors to create value
yet the DIP loan facility confers undue control over how to
operate the Debtors to the Lenders.

The Committee also complains that the DIP Facility is of dubious
utility.  Mr. Kirpalani asserts that centerpiece of the Lenders'
strategy is the tendentious DIP Credit Agreement, replete with
provisions tightening their control over the bankruptcy estates
with iron-clad restrictions over the use of the DIP Financing,
unworkable constraints in the "Agreed Budget," and a prohibition
on the Debtors' ability to enter into reasonable hedging
transactions.

Mr. Kirpalani relates that as of September 8, 2008, the DIP
Lenders have refused to agree to a reasonable hedging protocol
and, since the Petition Date, have withheld their consent to the
Debtors' hedging existing, volatile commodity inventory.  He says
that since the Petition Date, the Debtors' inventory values have
been materially reduced due to declining energy prices -- without
the benefit of appropriate hedging practices.  This unmitigated
loss in value is directly attributable to the DIP Lenders'
refusal to permit a reasonable protocol, he asserts.  Instead, he
complains that the DIP Lenders insist on maintaining their
unilateral authority over the Debtors' hedging ability.  Without
the ability to enter into reasonable hedging transactions, the
Debtors cannot manage commodities risk or purchase additional
inventory in the amounts and manner required to meet EBITDA
projections.

Even though the Debtors' stated goal is maximizing value in their
bankruptcy cases for all creditors, through a reorganization or
sale, the DIP Facility does not contribute to that objective, the
Committee complains.  The Debtors should not incur US$250 million
of unnecessary indebtedness simply to solidify the DIP Lenders'
control over their bankruptcy cases and their ability to tie the
Debtors' hands to a fast-track sale process.  

Accordingly, the Committee asks the U.S. Bankruptcy Court for the
District of Delaware to deny final approval of the Debtors' DIP
Credit Agreement.

Mercuria Energy Canada, Inc., and Eagle Creek Corporation, filed
joinders to the objections of Murfin Drilling Company, Inc., Vess
Oil Corporation, LD Drilling Inc., Davis Petroleum Inc., Rama
Operating Company Inc., and Central Crude Corporation and their
affiliates.

      BofA Files Declaration Supporting Final DIP Approval

Angela Lau, BofA's assistant vice president, filed with the Court
a declaration in support of the final approval of the Debtors'
DIP Financing Motion.  As Assistant VP, Ms. Lau is responsible
for collecting all consents determining the percentage of
Prepetition Secured Lenders that consented to the proposed DIP
financing facility.  According to the declaration, as of
September 4, 2008, 53 financial institutions composing the
consortium of DIP Lenders voted for total commitment to the DIP
Loan Facility.

A full-text copy of the DIP Consent Schedule is available for
free at http://bankrupt.com/misc/semgroup_diplendersconsent.pdf

                         About SemGroup

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

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

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

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude Company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act.  The CCAA stay expires on
Nov. 21, 2008.

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

(SemGoup Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SEMGROUP LP: Provides Progress Report on Restructuring Efforts
--------------------------------------------------------------
SemGroup L.P. provided a list of accomplishments it has made since
the company and certain of its North American subsidiaries filed
voluntary petitions for reorganization under Chapter 11 of the
U.S. Bankruptcy Code on July 22, 2008.

"This is a large and complex reorganization, yet we are making
remarkable progress toward our ultimate goal of either selling or
restructuring our assets for the benefit of our creditors," said
Lisa Donahue, SemGroup chief restructuring officer.  "There is a
great deal left to be done, but we have come a long way in the
seven weeks since we initiated the reorganization."

SemGroup's accomplishments to date include:

  -- Securing court approval for an interim US$150 million debtor-
     in-possession financing.  A final hearing is pending for
     approval of the full US$250 million requested DIP loan.  The
     company has been using the DIP as collateral for letters of
     credit to ensure continuing supplies from vendors.  The
     company has posted approximately US$70 million of post-
     petition letters of credit so far.  The company has been
     funding operations with cash flow generated from its
     businesses.

  -- Identifying, reviewing and analyzing a first wave of
     unprofitable contracts and filing a motion with the
     Bankruptcy Court to reject the contracts;

  -- Ongoing funding and construction of its White Cliffs
     pipeline, to be completed on or about Dec. 1, 2008.  The
     580-mile pipeline will transport crude oil from Platteville,
     Colorado, to a large storage facility in Cushing, Oklahoma;

  -- Ongoing funding and construction of its crude oil storage
     tanks in Cushing;

  -- Completing negotiations, with its joint-venture partner, for
     funding and continued construction of its natural gas
     storage facility at Wyckoff, New York.

  -- Completing negotiations of a settlement with its public
     partner, SemGroup Energy Partners L.P., on agreements
     related to throughout, storage, terminalling and adequate
     assurance; and

  -- Commencing, with its advisers, the marketing of several of
     its business units.

SemGroup is also developing an extensive business plan to identify
which assets will be sold and which could be reorganized and
remain under SemGroup's ownership.

At the meeting of creditors, SemGroup reported that it currently
has US$400 million in cash, a majority of which will be used to
purchase energy products for subsequent sale.

"We plan to use these funds to operate our business units as
profitably as possible so that we maximize their value in a sale
or as ongoing operations," Terry Ronan, SemGroup acting president
and chief executive officer, said.

                         About SemGroup

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

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

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

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude Company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act.  The CCAA stay expires on
Nov. 21, 2008.

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


* MEXICO: Disasters Put Strain on Insurance Industry, S&P Reports
-----------------------------------------------------------------
With the 2008 hurricane season well underway, insurance companies'
ability to maintain liquidity may become a primary concern as they
look to sustain their overall performance in the wake of these
disturbances, said a Standard & Poor's Ratings Services' report
published titled, "Will Catastrophe Events Create Liquidity Strain
For Property/Casualty Insurers?"
     
As property/casualty insurance companies examine their risk
controls and test liquidity scenarios, the question arises as to
whether the reliance on state-sponsored entities may be too high.
There also is the concern that to offset the costs associated
with the higher concentration of correlated reinsurance
recoverables between insurance and reinsurance companies following
a catastrophe event, some insurers may be engaging lower-rated or
unrated reinsurers to satisfy this need for added capacity,
thereby sacrificing their reinsurance program quality.
     
These factors may raise the correlated risk for the industry and
for certain companies in a large catastrophe event as state-
sponsored entities find an increasingly sizable breadth of
companies applying for reinsurance support.  These companies,
although adequately capitalized, may look to the state-sponsored
entities to aid their cash-flow needs.  If the needs go unmet,
companies may go elsewhere to supplement their reinsurance
requirements, which could lead to quality slippage.
      
"Our assessment of a company's liquidity position is an integral
part of the overall ratings analysis," said S&P's credit analyst
Damien Magarelli.  "We expect insurance and reinsurance companies
to have adequate liquidity processes, risk management, and
emerging risk controls in place to manage all challenges that may
result following a large catastrophe event, and we expect some
companies to provide liquidity scenario analyses addressing these
issues."


* MEXICO: S&P Sees More Challenges Ahead for Mortgage Companies
---------------------------------------------------------------
During the first half of 2008, Mexican mortgage companies rated by
Standard & Poor's Ratings Services continued to face refinancing
risk and limited liquidity.  However, S&P expects Sociedad
Hipotecaria Federal (SHF; a government-related entity rated
'mxAAA/Stable/mxA-1+') to continue its funding support to the
industry to meet its obligations in the case of market
disruptions. This should partially alleviate refinancing risk.  In
this sense, the majority of the stable outlooks assigned to S&P's
current ratings reflect SHF's available support or, in some cases,
the support new shareholders can provide.  In S&P's opinion,
Mexican mortgage companies will face increasing challenges for the
rest of 2008.

The recent downgrades of some bridge-loan structured deals --
namely Metrofinanciera and Fincasa Hipotecaria –- have exacerbated
investors' negative sentiment toward the asset class.  This in
turn has placed additional pressure on the industry's already
plummeting financial flexibility.  S&P thinks that bridge-loan
securitization will be limited during the coming months, although
some private placements could be made with SHF.

Furthermore, the industry saw lower growth rates and extensions
for bridge/construction loan projects in certain markets.  This
negatively pressures both asset quality and profitability metrics.
The latter could start to weaken companies' origination
capabilities and business growth prospects.

Notwithstanding the aforementioned, financial flexibility differs
from company to company, as some bridge-loan structured deals
continue to perform according to their rating category and some
companies have successfully found additional funding sources.
However, as part of its ongoing surveillance, S&P closely monitors
each company's liquidity position, available liquidity, and
financial flexibility provided through other funding lines and/or
eligible assets that it has ready to monetize to meet its upcoming
debt maturities.  If at any time S&P comes to the conclusion that
SHF's funding support, a company's available liquidity, and its
unencumbered assets are insufficient to provide additional
financial flexibility, S&P could take a rating action or revise
the outlook.

There have been positive notes for the industry during 2008.  In
particular, foreign participants have shown increasing willingness
to make stake investments in Mexican mortgage companies.  Caja de
Ahorros y Monte de Piedad de Madrid (AA-/Negative/A-1+) announced
its intention to increase its participation in Hipotecaria Su
Casita (BB/Watch Pos/--) to 100% from 40%.  In addition, the
International Finance Corp. (IFC; AAA/Stable/A-1+) made a 15%
equity investment in Hipotecaria Vertice (mxBBB-/Watch Pos/mxA-3)
in addition to possibly providing additional funding through
credit lines.  Cartesian Capital Group LLC also publicly announced
a US$65 million planned capital injection to Metrofinanciera
(B/Negative/--).  Other foreign participants have also shown
interest in providing further funding to various participants,
which could start to increase the industry's narrow financial
flexibility.

Although refinancing risk remained high, a large part of short-
term market debt was refinanced during first half 2008 (around
MXN19.4 billion).  Companies facing larger liquidity and financial
flexibility problems have decided to start paying down their
short-term market debt, as long as their liquidity is sufficient
to do so.

This has been the case for GMAC Financiera and GMAC Hipotecaria
(jointly GMAC; both companies rated mxB/Negative/mxC), which since
May 2008 (after Residential Capital LLC, their parent company and
debt guarantor was downgraded) have not refinanced most of their
commercial paper and have started to reduce their short-term debt
exposure.  This debt reduction has affected other market
participants because GMAC Financiera was an important funding
source providing bridge loans and warehousing facilities to other
Mexican mortgage companies. GMAC has started to reduce its loan
portfolio by lowering the amount of credit facilities and making
other companies pay their warehousing lines at maturity, thus
reducing their financial flexibility.  In addition,
Metrofinanciera has paid down minimal short-term debt, after being
unable to refinance the larger amounts of its maturities.  The
remaining rated mortgage companies have been able to refinance
short-term market debt; however, higher spreads have also
persisted and S&P expects this to continue for the rest of 2008
and well into first-quarter 2009.

On top of lesser quality in recent mortgage loan vintages (2006
and 2007), increasing risk appetite through land investments or
financing, and penetration of riskier sectors such as the informal
one, S&P has noticed that in some sectors and regions of the
industry, bridge/construction loans have started to extend. Bridge
loans' duration increased to 30 months from their traditional 24
months, and in some cases to 36 months, thus extending the
original loan maturity.  This situation is explained by a larger
amount of inventory stock and fewer funding sources for the
midsize and small developers.  Although it recognizes that these
extensions are a common industry practice, it has come to S&P's
attention that a larger number of projects have started to be
classified within this "extension" rule.  In some cases, the
number of extensions, customarily one or two, has also been
increasing.  The latter could start to increase the number of
delinquent bridge loans, negatively pressuring asset quality.

S&P also noticed that such extensions vary from company to
company.  They have also become more evident in certain geographic
areas, such as Mexico City and some northern border states, as
well as in tourism developments and vertical constructions for the
high-end segments of the population.  S&P is already reviewing
each company's bridge loan portfolio where it has granted more
than the customary number of extensions to assess its status and
the possible impact on its asset quality.  A negative impact on
asset quality could also affect profitability levels.  Increasing
nonperforming assets will lead to higher loan-loss provisioning in
an already escalating interest rate environment.  Coupled with
higher funding costs, these higher interest rates are pressuring
interest margins.  Any deterioration in the companies' current
financial profile could affect the ratings.
      
"In our opinion, Mexican mortgage companies will face increasing
challenges for the rest of 2008," said S&P's credit analyst Arturo
Sanchez.



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

MYLAN INC: Moody's Lifts Ratings on Senior Secured Bank to Ba3
--------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family Rating
of Mylan Inc.  At the same time, Moody's upgraded Mylan's senior
secured bank ratings to Ba3 from B1.  Following these rating
actions, the rating outlook remains stable.

Moody's last previous rating action on Mylan was a downgrade in
the Corporate Family Rating to B1 from Ba1 on Nov. 15, 2007,
concurrent with the assignment of B1 ratings to Mylan's new senior
secured credit facilities.

The rating actions follow two announcements by Mylan that Moody's
believes have both negative and positive implications for Mylan's
credit profile.  First, Mylan announced that it does not expect to
sell its Dey Pharmaceuticals division, following a review of
strategic alternatives for Dey announced in February 2008.  
Moody's views this decision negatively, since proceeds from a sale
of Dey could have been used for immediate debt repayment.  Moody's
believes that Mylan may be challenged in improving the long term
prospects for Dey, which remains reliant on substantially growing
the Perforomist franchise.

Second, Mylan announced that it is issuing new senior unsecured
convertible debt of approximately US$400 million and that net
proceeds will be used to repay senior secured bank debt.  A
reduction in senior secured debt will improve the cushion under
Mylan's financial covenants.  In addition, the combination of
lower secured debt and additional loss absorption provided by the
new convertibles results in lower expected loss for the remaining
secured creditors.  Based on Moody's Loss Given Default
methodology, this change in Mylan's capital structure results in
an upgrade of the senior secured credit facilities to Ba3 (LGD3,
38%) from B1 (LGD3, 41%).

Mylan's B1 ratings reflects: (1) its size and scale in the global
generics business; (2) its position in European generics, which
continues to exhibit good growth; and (3) our view that the
rationale for Mylan's acquisitions of Merck Generics and API
supplier Matrix Laboratories in 2007 remains strategically sound.

The rating outlook is stable, reflecting Moody's expectations that
Mylan will improve its CFO/Debt and FCF/Debt ratios to levels more
reflective of Moody's "B" range for pharmaceutical companies, i.e.
CFO/Debt of 5% to 15%, and FCF/Debt of 0% to 10%.  Upward rating
pressure is currently unlikely because Mylan's cash flow since the
acquisition of Merck Generics have lagged Moody's initial
expectations due to higher expenses necessary to achieve
synergies, pricing pressure in Mylan's U.S. generics business, and
significant working capital usage.  Downward rating pressure could
occur if Mylan encounters any further operating challenges that
hinder cash flow improvement.

Ratings affirmed:

  -- Corporate Family Rating at B1

  -- Probability of Default Rating at B1

  -- Speculative Grade Liquidity Rating at SGL-2

Ratings upgraded:

  -- Senior secured revolving credit facility of US$750 million
     due 2013 to Ba3 (LGD3, 38%) from B1 (LGD3, 43%)

  -- Senior secured U.S. Term Loan A due 2013 to Ba3 (LGD3, 38%)
     from B1 (LGD3, 43%)

  -- Senior secured U.S. Term Loan B due 2014 to Ba3 (LGD3, 38%)
     from B1 (LGD3, 43%)

  -- Senior secured Euro Term Loan B due 2014 to Ba3 (LGD3, 38%)
     from B1 (LGD3, 43%)

Rating assigned:

  -- Senior secured Euro Term Loan A due 2013 at Ba3 (LGD3, 38%)

A rating is being assigned to the Euro Term Loan A, a tranche of
the Mylan's credit agreement that became effective with the
amendment of Mylan's credit facilities on December 20, 2007
subsequent to Moody's initially assignment of ratings to the
credit facility on November 15, 2007.

Moody's does not rate Mylan's convertible notes of US$600 million
due 2012, Mylan's mandatory convertible preferred stock due 2010,
or the new convertible notes due 2015.

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.


ROYAL CARIBBEAN: Board of Directors Elect Morten Arntzen as Member
------------------------------------------------------------------
The board of directors of Royal Caribbean Cruises Ltd. has elected
shipping industry veteran Morten Arntzen as its newest member.

Mr. Arntzen replaces retiring board member Arvid Grudekjoen, and
will serve on the board's Environment, Safety and Security
Committee.

"We are pleased to have Morten join our board," said Richard D.
Fain, chairman and chief executive officer of Royal Caribbean
Cruises Ltd.  "Morten brings nearly 30 years of experience in the
maritime industry to our organization.  His successful and
extensive work in maritime banking and shipping will provide our
board with new and valued perspectives.  We look forward to his
many contributions."

Mr. Arntzen has been involved in the global shipping industry
since 1979, and was appointed president and chief executive
officer of Overseas Shipholding Group, Inc. in January 2004.  That
company is a market leader in global energy transportation
services and owns and operates an international and U.S. flagged
fleet of 157 vessels (120 operating vessels and 37 under
construction) that transport crude oil, petroleum products, liquid
natural gas and dry bulk commodities throughout the world.  He
also serves as chairman of the board of OSG America, the publicly
listed, U.S. flag shipping master limited partnership formed by
Overseas Shipholding Group, Inc.

Before joining Overseas Shipholding Group, Mr. Arntzen was Chief
Executive Officer of American Marine Advisors, Inc., a U.S.-based
merchant banking firm specializing in maritime industry merger and
acquisition advisory work and corporate restructuring for a global
client base.

Mr. Arntzen ran the Global Transportation Group for Chase
Manhattan Bank.  While in that position he helped the bank pioneer
the introduction of shipping companies to the high yield market
and assisted in making the bank the largest arranger of shipping
loans in the world.

He held the same position at Chemical Bank before it merged with
Chase Manhattan.  Mr. Arntzen He also established and ran the
Global Shipping Group for Manufacturers Hanover Trust Company.

Mr. Arntzen holds a Bachelor of Arts degree from Ohio Wesleyan
University and a Master of International Affairs degree from
Columbia University.  He has been a board member of Overseas
Shipholding Group, Inc. since 2004.  He also is a board member of
the Seaman's Church Institute in New York and New Jersey.

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

                            *     *     *

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



=============
U R U G U A Y
=============

ADMINISTRACION NACIONAL: Moody's Drops Corp. Family Rating to Ba2
-----------------------------------------------------------------
Moody's Investors Service lowered Administracion Nacional de
Combustibles Alcohol y Portland's local currency corporate family
rating to Ba2 from Ba1.  The rating outlook is stable.

The change in Ancap's rating takes into consideration Moody's
rating methodology for government related issuers (GRI) and its
revised assessment of the default dependence between the issuer
and the government of Uruguay (rated B1; rating under review for
possible upgrade).  Moody's increased its default dependence from
the low range to the mid range after comparing Ancap with other
rated GRIs in the region.  Also considered in the change in
dependence was increased fuel prices and recent margin pressure at
Ancap, after its domestic fuel prices increased less than its oil
import prices.

Ancap's ratings reflect the application of Moody's GRI rating
methodology.  In accordance with Moody's GRI rating methodology,
its Ba2 global local currency rating reflects the combination of
these inputs:

   -- Baseline credit assessment of 14 (mapping to a B1);
   -- Mid dependence;
   -- High government support; and
   -- the B1 local currency rating of the Uruguayan government,
      which is under review for a possible upgrade.

The baseline credit assessment is underpinned by Ancap's monopoly
position in its refining and wholesale marketing operations within
Uruguay and its dominant positions in the domestic cement and
industrial alcohol industries.  The assessment also considers its
relatively high, albeit declining, operating margins.   However,
the baseline assessment also considers Ancap's small size relative
to its industry peers, its volatile refining margins and cyclical
earnings, its reliance on a single refinery and its dependence on
crude oil and natural gas imports.

High support reflects Ancap's 100% ownership by the government,
the monopoly status for refining activities in Uruguay and the
company's strategic importance to Uruguay's economy and to its
national security.

The outlook for Ancap's Ba2 rating is stable.  While a rating
upgrade is not likely in the near term, increased scale and
diversification in tandem with conservative leverage could be
positive for the rating.  On the other hand, materially increased
leverage or a reduction in the government's support of Ancap could
cause negative pressure on the rating or outlook.   Its rating
would not change if Uruguay's local currency bond rating or
foreign currency country ceiling were to be upgraded.

Headquartered in Montevideo, Uruguay, Administracion Nacional de
Combustibles Alcohol y Portland (aka. Ancap) --
http://www.ancap.com.uy/-- is Uruguay's 100% state-
owned oil company.  The company holds the monopoly to import,
refine and distribute crude oil and derivatives in the country.  
It owns a single refinery (La Teja), and also has retail assets
in Argentina.  Its upstream subsidiary PetroUruguay owns
interests in productive areas in Argentina and in one block in
Bolivia.  The company also has an interest in gas pipeline Cruz
del Sur which will connect Argentina with Uruguay.



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

PETROLEOS DE VENEZUELA: Inks US$1.2 Billion Loan Pact With JBIC
---------------------------------------------------------------
Petroleos de Venezuela S.A. can now finance the upgrades at its
refineries after Venezuela signed an agreement for a US$1.2
billion loan from the Japanese Bank of International Cooperation
(JBIC), El Universal reports.  

The report says PDVSA will use the funds to purchase part of the
equipment necessary for the modernization project of refineries El
Palito, central Carabobo state, and Puerto La Cruz, eastern
Anzoátegui state.  

Rafael Ramírez, the Venezuelan Petroleum and Energy Minister and
president of Pdvsa, announced the financial operation to Dow
Jones, on the fringes of his participation in the 149th Ordinary
Meeting of the Conference of the Organization of Petroleum
Exporting Countries held in Vienna, the report discloses.

El Universal recounts PDVSA had already requested earlier this
year a loan from two Japanese companies for the same purpose.  In
2007, PDVSA accumulated more than
US$12 billion in new debt, including the issuance of US$7.5
billion bonds in the domestic market, a credit line of US$1
billion with the French bank BNP Paribas and a US$3.5 billion
financing agreement and long-term oil off-taking agreement with
Marubeni Corporation and Mitsui & Co., Ltd. of Japan.

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

                           *     *     *

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

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

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


* VENEZUELA: Cuts U.S. Airline Flights Effective September 28
-------------------------------------------------------------
Venezuela's National Civil Aviation Institute has ordered U.S.
airlines to reduce flights later this month after the U.S.
Transportation Security Administration questioned the country's
airport security practices due to the country's refusal to allow
U.S. inspectors to assess security measures at its airports,
various reports say.

An aviation official, as cited by Associated Press, said the
agency informed American, Continental and Delta Air Lines that
they will be allowed fewer flights to Venezuela starting
Sept. 28.

According to the aviation official, Venezuelan aviation agency
president Jose Martinez Bravo told the airlines their flights must
be cut to correct an “imbalance” in the number of U.S.-bound
flights operated by U.S. airlines, compared to a smaller number of
flights flown by Venezuelan carriers, AP relates.

Mr. Martinez also claimed that the TSA's security warning proves
the agency “insists on maintaining a line of slander” against
Venezuela – suggesting that long-standing tensions between
President Hugo Chavez and the U.S. could spill over into a tit-
for-tat dispute affecting air travel, AP reports, citing the
unnamed official.

AP says it is unclear how many flights will be cut.

The same report relates the TSA officers said Venezuela's refusal
is flouting a condition that every other country has complied with
since the Sept. 11, 2001 terrorist attacks.

However, Mr. Martinez denied that Venezuela has blocked U.S.
officials from visiting its airports, noting that U.S. officials
are not responsible for evaluating airport security on foreign
soil, AP notes.

                            *     *     *

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


* BOND PRICING: For the Week September 8 - September 12, 2008
-------------------------------------------------------------

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

   ARGENTINA
   ---------
Alto Palermo SA          7.875     5/11/17     USD      64.62
Argnt-Bocon PR11         2.000      1/3/10     ARS      74.98
Argnt-Bocon PR11         2.000     12/3/10     ARS      47.73
Argnt-Bocon PR13         2.000     3/15/24     ARS      45.21
Arg Boden                2.000     9/30/08     ARS      15.65
Arg Boden                7.000     10/3/15     USD      63.19
Autopistas Del Sol      11.500     5/23/17     USD      51.50
Bonar Arg $ V           10.500     6/12/12     ARS      62.53
Bonar VII                7.000     9/12/13     USD      72.88
Bonar X                  7.000     4/17/17     USD      68.18
Inversiones y Rep        8.500      2/2/17     USD      67.84
Argent-EURDIS            7.820    12/31/33     EUR      55.86
Argent-$DIS              8.280    12/31/33     USD      67.86
Argent-Par               0.630    12/31/38     ARS      31.43
Banco Hipot SA           9.750     4/27/16     USD      67.92
Banco Macro SA           9.750    12/18/36     USD      57.00
Buenos-EURDIS            8.500     4/15/17     EUR      62.95
Buenos-$DIS              9.250     4/15/17     USD      64.50
Buenos Aire Prov         9.375     9/14/18     USD      58.95
Buenos Aire Prov         9.625     4/18/28     USD      55.50
Mendoza Province         5.500     9/04/18     USD      58.88

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

   BRAZIL
   ------
CESP                     9.750     1/15/15     BRL      60.83
Gol Finance              7.500     4/03/17     USD      66.83
Gol Finance              7.500     4/03/17     USD      64.75
Gol Finance              8.750     4/29/49     USD      62.75

   CAYMAN ISLANDS
   --------------
Barion Funding           0.100    12/20/56     EUR       7.08
Barion Funding           0.250    12/20/56     USD       6.94
Barion Funding           0.250    12/20/56     USD       6.94
Barion Funding           0.250    12/20/56     USD       6.94
Barion Funding           0.250    12/20/56     USD       6.94
Barion Funding           0.250    12/20/56     USD       6.94
Barion Funding           0.250    12/20/56     USD       6.94
Barion Funding           0.630    12/20/56     GBP      15.84
Barion Funding           1.440    12/20/56     GBP      28.26
Mazarin Fdg Ltd          0.100     9/20/68     EUR       4.34
Mazarin Fdg Ltd          0.250     9/20/68     USD       5.09
Mazarin Fdg Ltd          0.250     9/20/68     USD       5.09
Mazarin Fdg Ltd          0.250     9/20/68     USD       5.09
Mazarin Fdg Ltd          0.250     9/20/68     USD       5.09
Mazarin Fdg Ltd          0.250     9/20/68     USD       5.09
Mazarin Fdg Ltd          0.510     9/20/68     EUR      11.01
Mazarin Fdg Ltd          0.630     9/20/68     GBP      13.12
Mazarin Fdg Ltd          1.440     9/20/68     GBP      25.98
Shimao Property          8.000     12/1/16     USD      53.75
Shinsei Fin Caym         6.418     1/29/49     USD      55.66
Shinsei Finance          7.160     7/29/49     USD      52.99

   JAMAICA
   -------
Jamaica Govt LRS         7.500     10/6/12     JMD      72.68
Jamaica Govt LRS        12.750     6/29/22     JMD      70.27
Jamaica Govt LRS        12.750     6/29/22     JMD      70.28
Jamaica Govt LRS        12.850     5/31/22     JMD      70.84
Jamaica Govt LRS        13.375    12/15/21     JMD      73.84
Jamaica Govt            13.375     4/27/32     JMD      68.79

  PUERTO RICO
  -----------
Puerto Rico Cons         6.200      5/1/17     USD      72.00

   VENEZUELA
   ---------
Petroleos de Ven         5.250     4/12/17     USD      64.50
Petroleos de Ven         5.375     4/12/27     USD      52.85
Petroleos de Ven         5.500     4/12/27     USD      51.55
Venezuela                5.500     2/26/16     USD      73.91
Venezuela                6.000     12/9/20     USD      67.00
Venezuela                7.000     3/31/38     USD      65.00
Venezuela                7.650     4/21/25     USD      74.20



                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


           * * * End of Transmission * * *