TCRLA_Public/080916.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

            Tuesday, September 16, 2008, Vol. 9, No. 184

                            Headlines

A R G E N T I N A

ALLAH SRL: Proofs of Claim Verification Deadline Is December 10
ANTARES SA: Proofs of Claim Verification Deadline Is Sept. 23
BTR SRL: Proofs of Claim Verification Deadline Is October 28
DANICO SRL: Trustee Verifying Proofs of Claim Until November 18
ESTACION DE SERVICIO: Claims Verification Deadline Is October 31

MARVIN TRADE: Individual Reports Filing Deadline Is on Nov. 21
MEWAR Y ASOCIADOS: Proofs of Claim Verification Is Until Nov. 25
NEUQUEN PRODUCE: Creditors to Vote on Settlement Proposal
OSARA SA: Trustee to File Individual Reports on December 12
SEVERINO DEL FLORENTINO: Claim Verification Deadline Is Sept. 30

* BUENOS AIRES: Moody's Affirms Global Currency Ratings at B2/B1


B E R M U D A

CHEVRON BRAZIL: Proof of Claim Filing Deadline Is Sept. 26
CHEVRON BRAZIL: Holding Final Shareholders Meeting on Oct. 21
CHEVRON BRAZIL CAMPOS: Proof of Claim Filing Is Until Sept. 26
CHEVRON BRAZIL CAMPOS: Final Shareholders Meeting Is on Oct. 21
FOSTER WHEELER: Gets Board Okay to Repurchase US$750 Mil. Shares

GLOBAL FUTURES TRADING: Claims Filing Deadline Is Sept. 26
GLOBAL FUTURES TRADING: Final Shareholders Meeting Is Oct. 24
MAN-IP 220: Deadline for Proof of Claim Filing Is Sept. 26
MAN-IP 220: Will Hold Final Shareholders Meeting on Oct. 24
SEVEN-UP IRELAND: Paul King Appointed as Company's Liquidator

STAIR SHIPPING: Proof of Claim Filing Deadline Is Sept. 24
STAIR SHIPPING: To Hold Final Shareholders Meeting on Oct. 22
TRADING 220: Filing for Proof of Claim Deadline Is Sept. 26
TRADING 220: Will Hold Final Shareholders Meeting on Oct. 24


B R A Z I L

BANCO NACIONAL: Inks BRL313MM Loan Deals for Sanitation Project
BANCO NACIONAL: Grants Certification & Accreditation Services
COMPANY SA: Fitch Puts B+ Issuer Default Rating on Negative Watch
DELPHI: Will Get Add'l US$4.6BB from GM for Transformation Plan
GEN. MOTORS: To Give Add'l US$4.6 Bil. for Delphi's Transformation


C A Y M A N  I S L A N D S

ANTHRACITE FEEDER: Sets Final Shareholders Meeting on Sept. 18
CAMELOT PARTNERS: Holds Final Shareholders Meeting on Sept. 18
CLINTON CONVERTIBLE: Final Shareholders Meeting Is on Sept. 18
CLINTON FIXED: Holding Final Shareholders Meeting on Sept. 18
EAGLE LAKE SPECIAL: Sets Final Shareholders Meeting on Sept. 18

EAGLE LAKE SPECIAL (HUB): Final Shareholders Meeting Is Sept. 18
EOC CORP II: To Hold Final Shareholders Meeting on Sept. 17
FLORA INVESTMENTS: Holds Final Shareholders Meeting on Sept. 18
KI SPECIALITY: Holding Final Shareholders Meeting on Sept. 18
KI SPECIALITY MASTER: Final Shareholders Meeting Is on Sept. 18

QI CAPITAL: Will Hold Final Shareholders Meeting on Sept. 18
STEPNEXUS HOLDINGS: Sets Final Shareholders Meeting on Sept. 18


C H I L E

QUEBECOR WORLD: Wants Until Jan. 2009 to File Reorganization Plan


C O S T A  R I C A

ALCATEL-LUCENT SA: Extends Tender Offer for Motive Inc. to Oct. 6


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Deficits Due to Higher Prices, Bengoa Says


J A M A I C A

BANK OF JAMAICA: Incurs US$3.42 Billion Year-To-Date Loss

* JAMAICA: US$4.5MM Deal With AA Under Contractor Gen.'s Probe


M E X I C O

BHM TECHNOLOGIES: Panel's Objection Excluded From Solicitation
BHM TECHNOLOGIES: Court Extends Exclusive Periods to Dec. 15
BHM TECHNOLOGIES: Wants C&A Litigation Trust's Claim Proofs Denied
INT'L RECTIFIER: Vishay Increases Offer to US$23 Per Share
PORTOLA PACKAGING: Receives First Day Orders From Court


P U E R T O  R I C O

HOME INTERIORS: Seeks to Hire CRG Partners as Business Consultant


V E N E Z U E L A

GENERAL MOTORS: Labor Dispute Halts Production in Venezuela
PETROLEOS DE VENEZUELA: Prices Tender Offer for Petrozuata Bonds

* VENEZUELA: Bonds Hit 4-Year Low on U.S. Official Expulsion

* Large Companies with Insolvent Balance Sheets

                         - - - - -


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

ALLAH SRL: Proofs of Claim Verification Deadline Is December 10
---------------------------------------------------------------
Maria Chiama, the court-appointed trustee for Allah SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 10, 2008.

Ms. Chiama will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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 Allah 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 Allah SRL's
accounting and banking records will be submitted in court.

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

Ms. Chiama is also in charge of administering Allah 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:

                     Allah SRL
                     Avda. Corrientes 3247, local 35
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Maria Chiama
                     Aguaribay 6736
                     Buenos Aires, Argentina


ANTARES SA: Proofs of Claim Verification Deadline Is Sept. 23
-------------------------------------------------------------
Juan Emilio Cavalieri, the court-appointed trustee for Antares
S.A.'s reorganization proceeding, will be verifying creditors'
proofs of claim until September 23, 2008.

Mr. Cavalieri will present the validated claims in court as  
individual reports.  The National Commercial Court of First  
Instance in Mar del Plata, Buenos Aires, will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will  
be raised by Antares and its creditors.

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

A general report that contains an audit of Antares' accounting  
and banking records will be submitted in court.

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

The debtor can be reached at:

          Antares S.A.
          Calchaqui 567, Quilmes Oeste
          Buenos Aires, Argentina

The trustee can be reached at:

          Juan Emilio Cavalieri
          San Martin 528, Quilmes
          Buenos Aires, Argentina


BTR SRL: Proofs of Claim Verification Deadline Is October 28
------------------------------------------------------------
The court-appointed trustee for BTR S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 28, 2008.

The trustee will present the validated claims in court as  
individual reports on October 10, 2008.  A court in Argentina will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by BTR 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 BTR S.R.L.'s
accounting and banking records will be submitted in court on
February 24, 2009.

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


DANICO SRL: Trustee Verifying Proofs of Claim Until November 18
---------------------------------------------------------------
The court-appointed trustee for Danico SRL's reorganization
proceeding will be verifying creditors' proofs of claim until
November 18, 2008.

The trustee will present the validated claims in court as  
individual reports on February 4, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Danico 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 Danico SRL's
accounting and banking records will be submitted in court on
March 18, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on September 16, 2009.

The debtor can be reached at:

                     Danico SRL
                     Pasteur 528
                     Buenos Aires, Argentina


ESTACION DE SERVICIO: Claims Verification Deadline Is October 31
----------------------------------------------------------------
The court-appointed trustee for Estacion de Servicio San Juan
S.R.L.'s reorganization proceeding will be verifying creditors'
proofs of claim until October 31, 2008.

The trustee will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance in Mar del Plata, Buenos Aires, will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Estacion de Servicio 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 Estacion de Servicio's
accounting and banking records will be submitted in court.

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

Creditors will vote to ratify the completed settlement plan  
during the assembly.


MARVIN TRADE: Individual Reports Filing Deadline Is on Nov. 21
--------------------------------------------------------------
Nadia Botana, the court-appointed trustee for Marvin Trade SA's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, on November 21, 2008.

Ms. Botana is verifying creditors' proofs of claim until
October 10, 2008.  She will also submit to court a general report
containing an audit of Marvin Trade's accounting and banking
records on February 6, 2009.

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

The debtor can be reached at:

                      Marvin Trade SA
                      Paraguay 346
                      Buenos Aires, Argentina

The trustee can be reached at:

                      Nadia Botana
                      Tucuman 540
                      Buenos Aires, Argentina


MEWAR Y ASOCIADOS: Proofs of Claim Verification Is Until Nov. 25
----------------------------------------------------------------
Luis Cortez, the court-appointed trustee for Mewar y Asociados
SA's reorganization proceeding will be verifying creditors' proofs
of claim until November 25, 2008.

Mr. Cortez will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 30, 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 Mewar y Asociados 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 Mewar y Asociados'
accounting and banking records will be submitted in court.

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

Creditors will vote to ratify the completed settlement plan  
during the assembly on August 21, 2009.

The debtor can be reached at:

                     Mewar y Asociados SA
                     Montenegro 1649
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Luis Cortez
                     Avenida Cordoba 1646
                     Buenos Aires, Argentina


NEUQUEN PRODUCE: Creditors to Vote on Settlement Proposal
---------------------------------------------------------
Americano S.A.'s creditors will vote to ratify the completed
settlement plan during an informative assembly on September 29,
2008.

The court-appointed trustee for Americano S.A.'s reorganization
proceeding verified creditors' proofs of claim and presented the
validated claims in The National Commercial Court of First
Instance in Santa Fe, Buenos Aires, as individual reports.  The
trustee also submitted a general report containing an audit of
Americano S.A.'s accounting and banking records to court.


OSARA SA: Trustee to File Individual Reports on December 12
-----------------------------------------------------------
Cecilia Montelvetti, the court-appointed trustee for Osara SA's
reorganization proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 30, on December 12, 2008.

Ms. Montelvetti is verifying creditors' proofs of claim until
October 31, 2008.  She will also submit to court a general report
containing an audit of Osara SA's accounting and banking records
on February 27, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on August 11, 2009.

The debtor can be reached at:

                     Osara SA
                     Paraguay 4156
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Cecilia Montelvetti
                     Urquiza 2134
                     Buenos Aires, Argentina


SEVERINO DEL FLORENTINO: Claim Verification Deadline Is Sept. 30
----------------------------------------------------------------
The court-appointed trustee for Severino del Florentino e Hijos
S.A.'s reorganization proceeding will be verifying creditors'
proofs of claim until September 30, 2008.

The trustee will present the validated claims in court as  
individual reports on November 12, 2008.  The National Commercial
Court of First Instance in San Nicolas, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Severino del Florentino 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 Severino del
Florentino's accounting and banking records will be submitted in
court on February 2, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on August 2, 2009.


* BUENOS AIRES: Moody's Affirms Global Currency Ratings at B2/B1
----------------------------------------------------------------
Moody's Investors Service has affirmed the foreign currency global
rating of B2 and global local currency rating of B1 on the MTN
Program of the City of Buenos Aires.  The city's foreign currency
rating of B2 is constrained by Argentina's foreign currency
country ceiling, currently B2.

At the same time,  Moody's Latin America has affirmed the Aa2.ar
national scale rating (domestic currency) and Aa3.ar (foreign
currency) on the City of Buenos Aires' Medium-Term Note (MTN)
Program.  The city is in the process of increasing the size of the
program to US$1.1 billion.  All notes issued pursuant to the
program will be direct, unconditional, unsecured and
unsubordinated obligations of the City and will be rated Aa2.ar
(domestic currency) or Aa3.ar (foreign currency).  The anticipated
US$250 million notes to be issued under this program, maturing in
2018, and payable in pesos have been rated Aa2.ar.

In December 2007, the city legislature approved the foundation of
the Social Infrastructure Fund, through which the city develops
and executes its public infrastructure projects.  Subsequently,
Buenos Aires Mayor Mauricio Macri was empowered by the legislature
to incur new borrowing to fund the Social Infrastructure Fund,
expanding the existing MTN Program to obtain the required funding.

The City of Buenos Aires maintains low debt levels.  In 2007,
total debt amounted to ARS1.8 billion accounting for 18.8% of
total revenues, while in 2002 total debt was ARS2.3 billion, or
79.5% of total revenues.  Moody's anticipates that total debt as a
percentage of total revenues would remain manageable at below 30%
if the City issued notes up to the proposed new limits of the MTN
program.  Foreign exchange exposure is substantial, however, and
given the expected increase in debt, the city will have to
maintain healthy operating balances to ensure its financial
position does not deteriorate, thereby generating pressure on the
existing ratings.

As the federal capital, and financial center of Argentina, Buenos
Aires retains considerable economic relevance in the country.   
Around 25% of the country's gross domestic output is produced in
the city, whose GDP per capita represents 2.75 times that of the
nation.  In addition, unemployment and labor force participation
rates have historically performed better than the national
average.

In line with its wealthy economic base, the city has a notable
capacity to generate own-source revenues.  At the end of 2007,
own-source revenues represented almost 87.1% of total revenues and
preliminary figures as of March 2008 show that this share is
increasing slightly (to 89.7%).  While current and previous
administrations have undertaken important reforms and prudent
fiscal policies to keep the city's finances relatively balanced,
the city will need to resist expenditure pressures, particularly
in health and education, and potentially from public sector wages.



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

CHEVRON BRAZIL: Proof of Claim Filing Deadline Is Sept. 26
----------------------------------------------------------
Chevron Brazil Block BM-C-5 Holdings Ltd.'s creditors have until
Sept. 26, 2008, to prove their claims to Gary R. Pitman, 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.

Chevron Brazil'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:

               Gary R. Pitman
               c/o Chevron House, 11 Church Street
               Hamilton, Bermuda


CHEVRON BRAZIL: Holding Final Shareholders Meeting on Oct. 21
-------------------------------------------------------------
Chevron Brazil Block BM-C-5 Holdings Ltd. will hold its final
shareholders meeting on Oct. 21, 2008, at 9:30 a.m., at Chevron
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.

Chevron Brazil'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:

               Gary R. Pitman
               c/o Chevron House, 11 Church Street
               Hamilton, Bermuda


CHEVRON BRAZIL CAMPOS: Proof of Claim Filing Is Until Sept. 26
--------------------------------------------------------------
Chevron Brazil Campos Block BM-C-5 Holdings Ltd.'s creditors have
until Sept. 26, 2008, to prove their claims to Gary R. Pitman, 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.

Chevron Brazil Campos' 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:

               Gary R. Pitman
               c/o Chevron House, 11 Church Street
               Hamilton, Bermuda


CHEVRON BRAZIL CAMPOS: Final Shareholders Meeting Is on Oct. 21
---------------------------------------------------------------
Chevron Brazil Campos Block BM-C-5 Holdings Ltd. will hold its
final shareholders meeting on Oct. 21, 2008, at 9:30 a.m., at
Chevron 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.

Chevron Brazil Campos' 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:

               Gary R. Pitman
               c/o Chevron House, 11 Church Street
               Hamilton, Bermuda


FOSTER WHEELER: Gets Board Okay to Repurchase US$750 Mil. Shares
----------------------------------------------------------------
Foster Wheeler Ltd.'s board of directors has authorized a common
share repurchase program under which the company is authorized to
repurchase up to US$750 million of its outstanding common shares.

“We have stated and continue to believe that growth, including
acquisition, is our first priority for the use of cash,” said
Raymond J. Milchovich, the company's chairman and chief executive
officer.  “However, we believe this growth strategy can co-exist
with a buyback program.  We believe the buyback program presents
us with a compelling opportunity for the creation of shareholder
value, especially at a time when we have a very bullish outlook
for the company.  In particular, we have generated two consecutive
quarters of all-time record net income this year; both business
groups are operating extremely well; fundamental market demand
continues to be very strong and unchanged; we have accumulated
record levels of cash; and the prospects for continued business
growth and cash generation continue to be excellent.”

Any repurchases will be made at management's discretion in the
open market or in privately negotiated transactions in compliance
with applicable securities laws and other legal requirements and
will depend on a variety of factors, including market conditions,
share price, the limitations in the company's senior credit
facility and other factors.  The program does
not obligate Foster Wheeler to acquire any particular number of
common shares and the program may be suspended or discontinued at
any time.  Any repurchases made pursuant to the share repurchase
program will be funded using Foster Wheeler's cash on hand.

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

                         *     *     *

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

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


GLOBAL FUTURES TRADING: Claims Filing Deadline Is Sept. 26
----------------------------------------------------------
Global Futures V Trading Ltd.'s creditors have until Sept. 26,
2008, to prove their claims to Beverly Mathias, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

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

The liquidator can be reached at:

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


GLOBAL FUTURES TRADING: Final Shareholders Meeting Is Oct. 24
-------------------------------------------------------------
Global Futures V Trading Ltd. will hold its final shareholders
meeting on Oct. 24, 2008, at 9:30 a.m., at the offices of Argonaut
Limited, Argonaut House, 5 Park Road, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

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

The liquidator can be reached at:

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


MAN-IP 220: Deadline for Proof of Claim Filing Is Sept. 26
----------------------------------------------------------
Man-IP 220 (Series A) Ltd.'s creditors have until Sept. 26, 2008,
to prove their claims to Beverly Mathias, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Man-IP 220's shareholders agreed on Aug. 29, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


MAN-IP 220: Will Hold Final Shareholders Meeting on Oct. 24
-----------------------------------------------------------
Man-IP 220 (Series A) Ltd. will hold its final shareholders
meeting on Oct. 24, 2008, at 9:30 a.m., at the offices of Argonaut
Limited, Argonaut House, 5 Park Road, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Man-IP 220's shareholders agreed on Aug. 29, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


SEVEN-UP IRELAND: Paul King Appointed as Company's Liquidator
-------------------------------------------------------------
Seven-Up Ireland's creditors has appointed Paul King of King and
Associates as the liquidator for the company, at a Special General
Meeting held on Sept. 9, 2008.

The winding up of Seven-Up Ireland is on Sept. 12, 2008, under the
provisions of the Companies Act 1981 of Bermuda.

The liquidator can be reached at:

               Paul King
               c/o King and Associates
               Dallas Building, 7 Victoria Street
               Hamilton, Bermuda


STAIR SHIPPING: Proof of Claim Filing Deadline Is Sept. 24
----------------------------------------------------------
Stair 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.

Stair Shipping's shareholders agreed on Sept. 4, 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


STAIR SHIPPING: To Hold Final Shareholders Meeting on Oct. 22
-------------------------------------------------------------
Stair Shipping Ltd. will hold its final shareholders meeting on
Oct. 22, 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.

Stair Shipping's shareholders agreed on Sept. 4, 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


TRADING 220: Filing for Proof of Claim Deadline Is Sept. 26
-----------------------------------------------------------
Trading 220 (Series A) Ltd.'s creditors have until Sept. 26, 2008,
to prove their claims to Beverly Mathias, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Trading 220's shareholders agreed on Aug. 29, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


TRADING 220: Will Hold Final Shareholders Meeting on Oct. 24
------------------------------------------------------------
Trading 220 (Series A) Ltd. will hold its final shareholders
meeting on Oct. 24, 2008, at 9:30 a.m., at the offices of Argonaut
Limited, Argonaut House, 5 Park Road, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

Trading 220's shareholders agreed on Aug. 29, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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



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

BANCO NACIONAL: Inks BRL313MM Loan Deals for Sanitation Project
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA signed the
two first Public-Private Partnership financing agreements (PPP).  
These agreements are focused on environmental sanitation projects
in Rio Claro (Sao Paulo) and Rio das Ostras (Rio de Janeiro) and
include sewage system enlargement and upgrading works.  The
agreements were signed on Sept. 11, by BNDES President, Luciano
Coutinho, in a ceremony at Palacio do Planalto, attended by
President Luiz Inacio Lula da Silva.

Taken as a whole, both projects comprise total investments of
BRL456.5 million, with BRL313 million financing from BNDES.  As
for the PPP of Rio das Ostras, investments amount to BRL375.9
million, of which BRL263.1 million (70% of the amount) are
financed by the Bank.  As for the Rio Claro PPP, total investments
amount to BRL80.6 million, with BRL50.3 million (62.5% of the
total amount) financed by BNDES.

Both projects are part of the Growth Acceleration Program (PAC) of
the federal government and will contribute to improve the quality
of life and health of local population, reducing sanitary
diseases.

For Rio das Ostras PPP, the beneficiary company is Saneamento de
Rio das Ostras S.A., of Odebrecht Group – Specific Purpose
Enterprise (SPE), in charge of the sewage system enlargement works
of Rio das Ostras.  The company will also operate the system for
fifteen years (extendable).

This project will allow raising the Rio das Ostras current level
of sewage collection from 15% to 90% and raise the sewage
treatment service level to 100%, bringing benefits to the entire
population, which is close to 120 thousand people.  During the
works, about one thousand employment opportunities will be
offered. During the project execution, 40 direct jobs will be
offered.

As for the Rio Claro PPP, the beneficiary company is Saneamento de
Rio Claro S. A., SPE controlled by Odebrecht and Safdie groups.  
Sanitary sewage system complementation and upgrading works will
enable 100% of sewage to be collected and will raise the sewage
treatment level from current 22.5% to 100% in five years,
benefiting all local citizens, that is, 210 thousand people.

During the work execution, 470 jobs will be offered.  During
project operation, 62 direct jobs will be generated.

Both projects will enlarge the coverage of sewage collection and
treatment, deliver additional benefits to Rio das Ostras and Rio
Claro people and also the neighboring cities, such as cleaning of
water bodies; decrease of floods and implementation of new
networks and sewage collectors, besides decrease of health system
costs.

                      About Banco Nacional

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

                        *     *     *

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


BANCO NACIONAL: Grants Certification & Accreditation Services
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA board
approved inclusion of new items eligible to be financed by BNDES
Card.  From now on, certification and accreditation services
become part of the product portfolio.  Among the quality
certification services, the most known is the ISO standard (9000
and 14000); the accreditation services, by their turn, are focused
on health companies, such as hospitals, clinics and laboratories.  
Regular validation of such certifications may also be financed,
which often happens every six months or every year.

This way, BNDES seeks to encourage competition among micro, small
and medium businesses in Brazil (MPMEs), by improving products and
processes.  It is a key measure to be applied to some sectors,
such as manufacturers of electrical appliances, for instance, who
are legally bound to certify their products before bringing them
to the market.  Micro and small exporters will also be benefited.
These are required to obtain ISO quality
certifications.

As for accreditation, the Bank works with the perspective that
demand is enhanced in the medium and long run.  Estimates are
based on the fact that companies are currently not required to
present the certificate, but the government, through the Ministry
of Health and the National Agency of Supplementary Health (ANS),
to encourage them to get accredited.  In order
to provide such services, BNDES will only accredit companies or
organizations accredited by Inmetro (for those providing
certification services) and by ANS (for accreditation suppliers).  
This action is intended to preserve product reliability.

The Card -– The launch of these new services is a milestone in the
third phase of BNDES Card history.  Launched in 2003, aiming to
provide simplified financing of capital goods to deliver
simplified financing of capital goods to MPMES, the product now
includes, since late in 2006, some inputs used by specific
industries.  This new undertaking was intended to support
strategic industries leaded by micro and small businesses
employing many people or that are facing barriers due to Chinese
competitors.

The Card currently has nine thousand accredited suppliers
delivering more than 90 thousand financeable items in its
Operations Portal.  Since it was launched, more than 143 thousand
cards have been issued, to which the credit limit provided by
issuing banks (Bradesco, Banco do Brasil and
Caixa Economica Federal) exceeds BRL4 billion.  Out of this
amount, nearly BRL1.5 billion was effectively used.

In these nine months of the year, BRL550 million have been
disbursed, in nearly 40 thousand operations, which stands for a
50% growth as compared to the same period last year.  This
outstanding performance required the Bank to review total
forecasts of disbursements to 2008, raising it from
BRL750 million to BRL800 million.

With an average unit ticket of BRL14.5 thousand per operation,
which is low for BNDES standards, the Card also democratizes the
access to the Bank’s funding, including when it comes to
geographic distances: all of the 27 Brazilian states receive
funding.  This is the outcome of several factors, such as:

   * elimination of red tapes (operations are made through the
     Internet);

   * attractive interest rates (currently at 1.14% per month);

   * no annual fees charged;

   * payment in 36 fixed installments; and

   * no requirement of collaterals for the pre-approved
     revolving credit of BRL250,000 per card.

                      About Banco Nacional

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

                        *     *     *

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


COMPANY SA: Fitch Puts B+ Issuer Default Rating on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has placed these ratings of Company S.A. on Rating
Watch Positive:

  -- Foreign Currency Long-term Issuer Default Rating of 'B+';
  -- Local Currency Long-term Issuer Default Rating of 'B+';
  -- National Long-term corporate rating of 'A-(bra)';
  -- National Long-term rating on the five-year BRL75 million
     unsecured debentures maturing on June 1, 2012 of 'A-(bra)'.

This rating action reflects the expected positive effects on
Company and its debenture ratings of the announced acquisition of
Company by Brascan Residential Properties S.A.  Once concluded,
Company will become a full subsidiary of Brascan Residential and
its credit strength will benefited from a stronger shareholding,
capital and business structure, and by the expected lower leverage
ratios and better operational ratios and results of the combined
operation.

The transaction should be formalized by Oct. 22, 2008.  The
transaction involves a BRL200 million payment by Brascan
Residential to Company's shareholders, in addition to the delivery
of the new shares to be issued.  Brascan Residential will use
BRL100 million of its cash availability and the remaining BRL100
million will come from Company's dividends.  Fitch expects that
the credit and operational metrics of the combined operation
remain superior to those of Company alone and that there is no
debt assumption as a result of the transaction.

The consolidation should improve the competitiveness of the
resulting operation in the major real estate markets of Sao Paulo
and Rio de Janeiro, by combining the solid expertise of the two
companies and their land banks in key markets.  This would allow
for a better mix by region and income segment and add potential
for economies of scale and cost reduction given the complementary
nature of the operations and strategies.

The pro forma consolidation of Brascan Residential and Company
leads to lower leverage ratios.  Based on last-12-month results at
end June 2008, the pro forma combined leverage, measured by total
debt/EBITDA was 2.6 times and net debt/EBITDA was l.6 times, while
Company showed total debt/EBITDA of 4.2 and net debt/EBITDA 2.2 in
the same period.  The consolidated liquidity, already considering
the cash disbursement of the transaction, should remain
satisfactory, with a cash balance of nearly BRL273 million at end
June 2008, reinforced by a balance of receivables from delivered
units of BRL489 million, not linked to debt.

The combined pro forma operating performance of both companies is
superior to that of Company alone.  From 2006 to LTM ended June
2008, Company showed a 14% increase in net revenues, to BRL330
million, with average EBITDA margins of 20%, near to the sector
average.  Brascan Residential's net revenues grew 47% in the same
period, with EBITDA margins around 39%.  The combined operation
leads to sizeable net revenues of BRL910 million, with a still
high EBITDA margin as compared to the sector average, of 32.4%.

The Brascan Residential and Company combined should be the third
largest Brazilian developer.  Company has 26 years of experience
as a builder and developer in the Brazilian real estate sector and
has focused its operation in the State of Sao Paulo.  Brascan
Residential has 30 years of operations, with focus in Rio de
Janeiro and Sao Paulo.  Brascan Residential is part of Brascan
group, which has operated in Brazil for more than 100 years in
various sectors.  The Brascan group is controlled by the Canadian
Brookfield Asset Management, rated 'BBB+' by Fitch, with a Stable
Outlook.

Company SA operates in the State of Sao Paulo, mainly in the Great
Sao Paulo area, with focus on the middle and high income classes.  
The company became public through the Sao Paulo Stock Exchange in
February 2006.  Its shareholding control is directly and
indirectly held by five individual shareholders, who respond for
company management.


DELPHI: Will Get Add'l US$4.6BB from GM for Transformation Plan
---------------------------------------------------------------
Delphi Corp. is taking steps it believes are necessary to complete
the successful restructuring of its U.S. operations,
transformation of the company on a global basis, and emergence
from chapter 11 as soon as practicable.  These steps include:

  * reaching agreement with General Motors Corp. on amended
    settlement and restructuring agreements.  Per the agreements,
    Delphi will receive support from GM that Delphi estimates to
    be valued at approximately US$10.6 billion for its
    transformation (increased from approximately US$6.0 billion in
    the January 2008 settlement).  The agreement will modify the
    mechanics and expand the amount of Delphi's net hourly
    pension liability transfer to GM pursuant to section 414(l)
    of the Internal Revenue Code from US$1.5 billion under the
    original GSA to approximately US$3.4 billion;

  * taking action to preserve and fund Delphi's hourly and
    salaried pension plans;

  * completing the reaffirmation process for the company's 2008-
    2011 business plan in the Revised Plan of Reorganization, a
    summary of which is included in filings with the U.S.
    Bankruptcy Court for the Southern District of New York;

  * reporting on material additional progress with respect to
    Delphi's transformation plan announced in March 2006; and

  * establishing its intent to enter the capital markets with its
    reaffirmed business plan, and to file in the Bankruptcy Court
    proposed modifications to its previously confirmed First
    Amended Joint Plan of Reorganization.

The company filed several expedited motions on Friday with the
Bankruptcy Court that will be considered by the Court on Sept. 23,
2008, including:

  * A motion to implement an amended and restated Global
    Settlement Agreement (Amended GSA) and Master Restructuring
    Agreement (Amended MRA) with GM.  The original GSA and MRA
    were previously approved by the Bankruptcy Court on Jan. 25,
    2008.  The terms of the proposed amendments would authorize
    the GSA and MRA to become effective independent of and in
    advance of the effective date of the company's POR.  The
    filing states that the Amended GSA and Amended MRA reflect
    GM's continuing and immediate support for Delphi's
    reorganization efforts -- including the transfer of certain
    hourly pension obligations -- and will enable Delphi to take
    the next steps in its transformation, including the actions
    that should allow it to emerge from chapter 11 as soon as
    practicable.

  * A motion to freeze its hourly and salaried defined benefit
    pension plans and provide, as applicable, replacement cash
    balance or defined contribution pension benefits, a salaried  
    retirement and equalization savings program, and a
    supplemental executive retirement plan.

       Considerations in the Amended GSA and Amended MRA

Implementation of the Amended GSA and Amended MRA at this time is
necessary to preserve the substantial progress the Company has
made, and to position Delphi to emerge from chapter 11 as soon as
practicable.  Unlike the original GSA and MRA, in which GM
required that its performance under those agreements be tied to
Delphi's emergence from chapter 11, the Amended GSA and Amended
MRA accelerate substantially all of GM's obligations in the
original agreements (estimated by Delphi to be approximately
US$6.0 billion in value to Delphi's transformation), which will be
implemented immediately upon the effective date of the Amended GSA
and Amended MRA.

In addition, a substantial portion of GM's incremental net support
(estimated by Delphi to be approximately US$4.6 billion in value
to
Delphi's transformation) also will become immediately and
unconditionally effective. In exchange for GM's willingness to
undertake these obligations, Delphi has agreed to treatment of
GM's claims in the chapter 11 cases, and to release GM from
certain claims and causes of action upon the effectiveness of the
Amended GSA and the Amended MRA.

Under the Amended GSA, GM would assume responsibility for the
pensions of certain of Delphi's hourly retirement plan
participants.  The liabilities would be transferred in two steps,
pursuant to section 414(l) of the Internal Revenue Code, and would
be increased from US$1.5 billion to approximately US$3.4 billion.  
The
liability transfers are subject to GM and Delphi receiving consent
from a sufficient number of unions to complete the first step of
the transfer.

Through the implementation of the Amended GSA and Amended MRA,
GM's financial support of Delphi -- which previously was to be
received upon Delphi's emergence from chapter 11 -- is being
pulled forward to the effectiveness of the amendments.  As a
result, GM will make payments to Delphi of US$1.2 billion in
connection with the effectiveness of the Amended GSA and Amended
MRA, and through the remainder of 2008.  The payments by GM
combined with the Company's existing cash on hand -- which totaled
in excess of US$1 billion at June 30, 2008, and amounts available
under the company's DIP revolving credit facility, provide ample
liquidity over the course of 2008.

By immediately implementing the Amended MRA, Delphi will be in a
position to pursue exit financing in the capital markets,
including through an equity-based rights offering, to support what
it believes to be a viable, reaffirmed emergence business plan
that incorporates current market conditions and increased GM
support.

Delphi's Chief Restructuring Officer John Sheehan said that it is
in the best interests of the company to seek approval to implement
the Amended GSA and Amended MRA independent of and in advance of
the effectiveness of the POR.  He said the company has been
advised by the Creditors' Committee that it may no longer support
a settlement with GM and related transactions, if these
transactions are approved in advance of the filing and approval of
potential modifications to Delphi's POR which are acceptable to
the committee.  Absent consensual resolution of the Creditors'
Committee concerns, the Committee may file objections to one or
more of the motions and seek other relief from the Bankruptcy
Court.  Mr. Sheehan said Delphi will continue working toward a
consensus among its principal stakeholders, including the
committees, but that the likelihood of achieving consensus is
speculative and not assured.

                     Pension Plan Modifications

The motion to modify the pension plans would authorize a freeze of
the Delphi hourly pension plan following union consent and a
freeze of the U.S. salaried plans.  If approved by the Court,
Delphi would then provide, subject to the union agreement,
replacement cash balance or defined contribution pension benefits
to its hourly employees; and for eligible salaried employees,
Delphi would provide defined contribution pension benefits, a
salaried retirement and equalization savings program, and a
supplemental executive retirement plan.

"We have remained committed to fully funding our pension plans and
to being well-planned, well organized, and well-financed from the
beginning of our chapter 11 cases," said Mr. Sheehan.  "If
approved by the Court, these actions and the additional operating
support provided in the Amended GSA and Amended MRA are
significant milestones in completing the final phases of the
reorganization of our U.S. operations and positioning us to
complete the financing required for our emergence from chapter 11
as soon as practicable."

           Transformed Delphi Poised to Complete Plans

Delphi CEO and President Rodney O'Neal said the company has
achieved remarkable progress in its overall transformation, and
several elements of the transformation are outlined in the motions
being filed today with the Court.

"Despite recent challenges -- including difficult credit markets,
the downturn in the U.S. auto industry, and other cost pressures
-- our operating performance has improved significantly," Mr.
O'Neal said.  "Our team has accomplished this global
transformation in the face of a complete restructuring of a
significant portion of our operations."

Mr. O'Neal said Delphi is on track to complete its transformation
plan by the end of this year.  The key tenets of that plan were to
modify U.S. labor agreements to create a competitive arena in
which to conduct business; conclude Delphi's negotiations with GM
to finalize GM's financial support for Delphi's legacy and labor
costs and confirm GM's business commitment to the company;
streamline Delphi's global product portfolio to capitalize on its
technology and market strengths, and align its manufacturing and
engineering footprint and capabilities with this new focus;
transform Delphi's salaried workforce to ensure that the company's
organizational and cost structure is competitive and aligned with
its product portfolio and manufacturing footprint; and devise a
workable solution to Delphi's U.S. pension situation.

In addition to working to achieve the key tenets of the
transformation plan, Mr. O'Neal said that Delphi has diversified
its customer base by growing its business in Europe, Asia and
South America.

When the closing on Delphi's POR was suspended on April 4, 2008,
following Delphi's plan investors refusal to close on their
Investment Agreement, Delphi undertook a reaffirmation process
with respect to the business plan in the POR as part of Delphi's
consideration of potential modifications to the POR in order to
emerge from chapter 11 as soon as practicable.  The RPOR includes
revised actual and expected volumes for the North American
automotive market; significant increases in certain commodity
costs; changes in the under-funded status of its pension plans as
a result of negative plan asset returns; and substantial
incremental financial support from GM committed to as part of the
modified settlement.

Assuming that the Bankruptcy Court approves Delphi's modified
settlement with GM and the pension plan modification motion at a
hearing scheduled to begin on Sept. 23, 2008, Delphi expects to
enter the capital markets later this year with the RPOR and
anticipates filing a motion seeking approval of modifications to
the POR.

"Our progress throughout this transformation has been tremendous
and could not have been achieved without the diligence and
commitment of our employees, suppliers and customers," Mr. O'Neal
said. "We have maintained uninterrupted supply to our customers,
and have booked record business with many of them.  The approval
of these amended agreements will help us continue our solid march
toward becoming a completely transformed and more competitive
company."

                   About General Motors

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

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

                       About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

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


GEN. MOTORS: To Give Add'l US$4.6 Bil. for Delphi's Transformation
------------------------------------------------------------------
Delphi Corp. is taking steps it believes are necessary to complete
the successful restructuring of its U.S. operations,
transformation of the company on a global basis, and emergence
from chapter 11 as soon as practicable.  These steps include:

  * reaching agreement with General Motors Corp. on amended
    settlement and restructuring agreements.  Per the agreements,
    Delphi will receive support from GM that Delphi estimates to
    be valued at approximately US$10.6 billion for its
    transformation (increased from approximately US$6.0 billion in
    the January 2008 settlement).  The agreement will modify the
    mechanics and expand the amount of Delphi's net hourly
    pension liability transfer to GM pursuant to section 414(l)
    of the Internal Revenue Code from US$1.5 billion under the
    original GSA to approximately US$3.4 billion;

  * taking action to preserve and fund Delphi's hourly and
    salaried pension plans;

  * completing the reaffirmation process for the company's 2008-
    2011 business plan in the Revised Plan of Reorganization, a
    summary of which is included in filings with the U.S.
    Bankruptcy Court for the Southern District of New York;

  * reporting on material additional progress with respect to
    Delphi's transformation plan announced in March 2006; and

  * establishing its intent to enter the capital markets with its
    reaffirmed business plan, and to file in the Bankruptcy Court
    proposed modifications to its previously confirmed First
    Amended Joint Plan of Reorganization.

The company filed several expedited motions on Friday with the
Bankruptcy Court that will be considered by the Court on Sept. 23,
2008, including:

  * A motion to implement an amended and restated Global
    Settlement Agreement (Amended GSA) and Master Restructuring
    Agreement (Amended MRA) with GM.  The original GSA and MRA
    were previously approved by the Bankruptcy Court on Jan. 25,
    2008.  The terms of the proposed amendments would authorize
    the GSA and MRA to become effective independent of and in
    advance of the effective date of the company's POR.  The
    filing states that the Amended GSA and Amended MRA reflect
    GM's continuing and immediate support for Delphi's
    reorganization efforts -- including the transfer of certain
    hourly pension obligations -- and will enable Delphi to take
    the next steps in its transformation, including the actions
    that should allow it to emerge from chapter 11 as soon as
    practicable.

  * A motion to freeze its hourly and salaried defined benefit
    pension plans and provide, as applicable, replacement cash
    balance or defined contribution pension benefits, a salaried  
    retirement and equalization savings program, and a
    supplemental executive retirement plan.

       Considerations in the Amended GSA and Amended MRA

Implementation of the Amended GSA and Amended MRA at this time is
necessary to preserve the substantial progress the Company has
made, and to position Delphi to emerge from chapter 11 as soon as
practicable.  Unlike the original GSA and MRA, in which GM
required that its performance under those agreements be tied to
Delphi's emergence from chapter 11, the Amended GSA and Amended
MRA accelerate substantially all of GM's obligations in the
original agreements (estimated by Delphi to be approximately
US$6.0 billion in value to Delphi's transformation), which will be
implemented immediately upon the effective date of the Amended GSA
and Amended MRA.

In addition, a substantial portion of GM's incremental net support
(estimated by Delphi to be approximately US$4.6 billion in value
to Delphi's transformation) also will become immediately and
unconditionally effective. In exchange for GM's willingness to
undertake these obligations, Delphi has agreed to treatment of
GM's claims in the chapter 11 cases, and to release GM from
certain claims and causes of action upon the effectiveness of the
Amended GSA and the Amended MRA.

Under the Amended GSA, GM would assume responsibility for the
pensions of certain of Delphi's hourly retirement plan
participants.  The liabilities would be transferred in two steps,
pursuant to section 414(l) of the Internal Revenue Code, and would
be increased from US$1.5 billion to approximately US$3.4 billion.  
The liability transfers are subject to GM and Delphi receiving
consent from a sufficient number of unions to complete the first
step of the transfer.

Through the implementation of the Amended GSA and Amended MRA,
GM's financial support of Delphi -- which previously was to be
received upon Delphi's emergence from chapter 11 -- is being
pulled forward to the effectiveness of the amendments.  As a
result, GM will make payments to Delphi of US$1.2 billion in
connection with the effectiveness of the Amended GSA and Amended
MRA, and through the remainder of 2008.  The payments by GM
combined with the Company's existing cash on hand -- which totaled
in excess of US$1 billion at June 30, 2008, and amounts available
under the company's DIP revolving credit facility, provide ample
liquidity over the course of 2008.

By immediately implementing the Amended MRA, Delphi will be in a
position to pursue exit financing in the capital markets,
including through an equity-based rights offering, to support what
it believes to be a viable, reaffirmed emergence business plan
that incorporates current market conditions and increased GM
support.

Delphi's Chief Restructuring Officer John Sheehan said that it is
in the best interests of the company to seek approval to implement
the Amended GSA and Amended MRA independent of and in advance of
the effectiveness of the POR.  He said the company has been
advised by the Creditors' Committee that it may no longer support
a settlement with GM and related transactions, if these
transactions are approved in advance of the filing and approval of
potential modifications to Delphi's POR which are acceptable to
the committee.  Absent consensual resolution of the Creditors'
Committee concerns, the Committee may file objections to one or
more of the motions and seek other relief from the Bankruptcy
Court.  Mr. Sheehan said Delphi will continue working toward a
consensus among its principal stakeholders, including the
committees, but that the likelihood of achieving consensus is
speculative and not assured.

                     Pension Plan Modifications

The motion to modify the pension plans would authorize a freeze of
the Delphi hourly pension plan following union consent and a
freeze of the U.S. salaried plans.  If approved by the Court,
Delphi would then provide, subject to the union agreement,
replacement cash balance or defined contribution pension benefits
to its hourly employees; and for eligible salaried employees,
Delphi would provide defined contribution pension benefits, a
salaried retirement and equalization savings program, and a
supplemental executive retirement plan.

"We have remained committed to fully funding our pension plans and
to being well-planned, well organized, and well-financed from the
beginning of our chapter 11 cases," said Mr. Sheehan.  "If
approved by the Court, these actions and the additional operating
support provided in the Amended GSA and Amended MRA are
significant milestones in completing the final phases of the
reorganization of our U.S. operations and positioning us to
complete the financing required for our emergence from chapter 11
as soon as practicable."

           Transformed Delphi Poised to Complete Plans

Delphi CEO and President Rodney O'Neal said the company has
achieved remarkable progress in its overall transformation, and
several elements of the transformation are outlined in the motions
being filed today with the Court.

"Despite recent challenges -- including difficult credit markets,
the downturn in the U.S. auto industry, and other cost pressures
-- our operating performance has improved significantly," Mr.
O'Neal said.  "Our team has accomplished this global
transformation in the face of a complete restructuring of a
significant portion of our operations."

Mr. O'Neal said Delphi is on track to complete its transformation
plan by the end of this year.  The key tenets of that plan were to
modify U.S. labor agreements to create a competitive arena in
which to conduct business; conclude Delphi's negotiations with GM
to finalize GM's financial support for Delphi's legacy and labor
costs and confirm GM's business commitment to the company;
streamline Delphi's global product portfolio to capitalize on its
technology and market strengths, and align its manufacturing and
engineering footprint and capabilities with this new focus;
transform Delphi's salaried workforce to ensure that the company's
organizational and cost structure is competitive and aligned with
its product portfolio and manufacturing footprint; and devise a
workable solution to Delphi's U.S. pension situation.

In addition to working to achieve the key tenets of the
transformation plan, Mr. O'Neal said that Delphi has diversified
its customer base by growing its business in Europe, Asia and
South America.

When the closing on Delphi's POR was suspended on April 4, 2008,
following Delphi's plan investors refusal to close on their
Investment Agreement, Delphi undertook a reaffirmation process
with respect to the business plan in the POR as part of Delphi's
consideration of potential modifications to the POR in order to
emerge from chapter 11 as soon as practicable.  The RPOR includes
revised actual and expected volumes for the North American
automotive market; significant increases in certain commodity
costs; changes in the under-funded status of its pension plans as
a result of negative plan asset returns; and substantial
incremental financial support from GM committed to as part of the
modified settlement.

Assuming that the Bankruptcy Court approves Delphi's modified
settlement with GM and the pension plan modification motion at a
hearing scheduled to begin on Sept. 23, 2008, Delphi expects to
enter the capital markets later this year with the RPOR and
anticipates filing a motion seeking approval of modifications to
the POR.

"Our progress throughout this transformation has been tremendous
and could not have been achieved without the diligence and
commitment of our employees, suppliers and customers," Mr. O'Neal
said. "We have maintained uninterrupted supply to our customers,
and have booked record business with many of them.  The approval
of these amended agreements will help us continue our solid march
toward becoming a completely transformed and more competitive
company."

                       About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

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

                   About General Motors

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

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

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of US$15.4
billion over net sales and revenue of US$38.1 billion, compared to
a net income of US$891.0 million over net sales and revenue of
US$46.6 billion for the same period last year.



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

ANTHRACITE FEEDER: Sets Final Shareholders Meeting on Sept. 18
--------------------------------------------------------------
Anthracite Feeder Company (JR-5) Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at 10:00 a.m., at the
offices of HSBC Bank (Cayman) Limited, P.O. Box 1109, George Town,
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

Anthracite Feeder's shareholder decided on July 22, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Scott Aitken and Connan Hill
               P.O. Box 1109GT
               Grand Cayman, Cayman Islands
               Tel: (345) 949-7755
               Fax: (345) 949-7634


CAMELOT PARTNERS: Holds Final Shareholders Meeting on Sept. 18
--------------------------------------------------------------
Camelot Partners 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.

Camelot Partners'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:

               Mourant Cayman Nominees Ltd.
               Attn: Sue Bjuro
               P.O. Box 1348
               George Town, Grand Cayman
               Cayman Islands
               Tel: 949-4123
               Fax: 949-4647


CLINTON CONVERTIBLE: Final Shareholders Meeting Is on Sept. 18
--------------------------------------------------------------
Clinton Convertible Managed Trading Account (1) Ltd. will hold its
final shareholders meeting on Sept. 18, 2008, at 11:00 a.m., at
the registered office of the Company.

These matters will be taken up during the meeting:

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

Clinton Convertible'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


CLINTON FIXED: Holding Final Shareholders Meeting on Sept. 18
-------------------------------------------------------------
Clinton Fixed Income Managed Account Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at 11:15 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.

Clinton Fixed'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


EAGLE LAKE SPECIAL: Sets Final Shareholders Meeting on Sept. 18
---------------------------------------------------------------
Eagle Lake Special Situations Fund Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at the offices of Eagle
Lake Capital, LLC, 2450 Colorado Avenue, Suite 100, East Tower,
Santa Monica, California 90404, USA.

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

Eagle Lake Special's shareholder decided on Aug. 5, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Eagle Lake Capital LLC
               c/o Maples and Calder
               P.O. Box 309
               Ugland House
               Grand Cayman, Cayman Islands


EAGLE LAKE SPECIAL (HUB): Final Shareholders Meeting Is Sept. 18
----------------------------------------------------------------
Eagle Lake Special Situations Fund (Hub) Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at the offices of Eagle
Lake Capital, LLC, 2450 Colorado Avenue, Suite 100, East Tower,
Santa Monica, California 90404, USA.

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

Eagle Lake Special's shareholder decided on Aug. 5, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Eagle Lake Capital LLC
               c/o Maples and Calder
               P.O. Box 309
               Ugland House
               Grand Cayman, Cayman Islands


EOC CORP II: To Hold Final Shareholders Meeting on Sept. 17
-----------------------------------------------------------
EOC Corp. II will hold its final shareholders meeting on Sept. 17,
2008, at 7 North Willow Street, Suite 8A, Montclair, NJ 07042,
USA.

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

EOC Corp's shareholders agreed on April 9, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Robert E. Bigelow III
               c/o Blue River Asset Management LLC
               7 North Willow Street, Suite 8A
               Montclair, New Jersey
               USA


FLORA INVESTMENTS: Holds Final Shareholders Meeting on Sept. 18
---------------------------------------------------------------
Flora Investments (Cayman) Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at the Offices of Scotiabank & Trust
(Cayman) Ltd., 3rd Floor, Scotiabank Building, George Town, Grand
Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of 20 years from the
      dissolution of the company, after which they may be  
      destroyed.

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

The liquidator can be reached at:

               Anita Rampersad
               c/o Scotiabank & Trust (Cayman) Ltd.
               P.O. Box 501
               Grand Cayman, Cayman Islands


KI SPECIALITY: Holding Final Shareholders Meeting on Sept. 18
-------------------------------------------------------------
KI Speciality Financial Fund Ltd. will hold its final shareholders
meeting on Sept. 18, 2008, at the offices of Maples Finance
Limited, Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands.

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

KI Speciality's shareholders agreed on June 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:

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


KI SPECIALITY MASTER: Final Shareholders Meeting Is on Sept. 18
---------------------------------------------------------------
KI Speciality Financial Master Fund Ltd. will hold its final
shareholders meeting on Sept. 18, 2008, at the offices of Maples
Finance Limited, Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands.

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

KI Speciality's shareholders agreed on June 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:

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


QI CAPITAL: Will Hold Final Shareholders Meeting on Sept. 18
------------------------------------------------------------
QI Capital Inc. will hold its final shareholders meeting on
Sept. 18, 2008, at 10:00 a.m., at the representative office, 7A
Branksome Grande, 3 Tregunter Path, Mid-Levels, Hong Kong.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) determining the manner in which the books, accounts and
      documentation of the Company, and of the liquidator should
      be disposed of.

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

The liquidator can be reached at:

               Terence Khoo
               7A Branksome Gardens
               3 Tregunter Path, Mid-Levels
               Hong Kong


STEPNEXUS HOLDINGS: Sets Final Shareholders Meeting on Sept. 18
---------------------------------------------------------------
Stepnexus Holdings will hold its final shareholders meeting on
Sept. 18, 2008, at the offices of Vitality Financial at 649
Mission Street, 5th Floor, San Francisco, California 94105, USA.

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

Stepnexus Holdings' shareholders agreed on June 8, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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



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

QUEBECOR WORLD: Wants Until Jan. 2009 to File Reorganization Plan
-----------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates requested from the
U.S. Bankruptcy Court for the Southern District of New York
(Manhattan) a second extension to their exclusive period to file a
reorganization plan, William Rochelle of Bloomberg News says.  The
Debtors want to file a reorganization plan until the end of
January 2009.

The Debtors explained that they need more time to file a plan due
to the complexity of their financial structure, Mr. Rochelle
relates.

The Court, according to Mr. Rochelle, will hear the Debtors'
request on Sept. 18, 2008.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market   
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of   
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000, total
liabilities of US$4,326,500,000, preferred shares of
US$62,000,000, and total shareholders' deficit of US$976,400,000.

The Debtors' CCAA stay has been extended to Sept. 30, 2008.



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

ALCATEL-LUCENT SA: Extends Tender Offer for Motive Inc. to Oct. 6
-----------------------------------------------------------------
Alcatel-Lucent S.A.'s wholly owned subsidiary, Lucent Technologies
Inc., has extended its previously announced tender offer for all
of the issued and outstanding shares of common stock of Motive,
Inc. until 5:00 p.m., New York City time, Monday, October 6, 2008.

The tender offer was previously set to expire at 12:00 midnight,
New York City time, at the end of Wednesday, September 10, 2008.

As of 12:00 midnight, New York City time, at the end of Wednesday,
September 10, 2008, approximately 28.6 million shares had been
tendered into the tender offer and not withdrawn.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                           *     *     *

As appeared in the TCR-Europe on Aug. 4, 2008, Standard & Poor's
Ratings Services has revised to negative from stable its outlook
on France-based telecommunications equipment supplier Alcatel
Lucent.  At the same time, the 'BB-/B' long- and short-term
corporate credit ratings on Alcatel Lucent, the 'BB-/B-1' long
and short-term corporate credit ratings on subsidiary Lucent
Technologies Inc., and all issue ratings on both companies were
affirmed.

Alcatel-Lucent continues to carry Ba3 Corporate Family and
Senior Debt ratings, Not-Prime for short term debt, as well as
B2 ratings for subordinated debt with negative outlook from
Moody's Investors Service.  The ratings were affirmed in
April 2008.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt still carry Standard & Poor's Ratings Services'
BB rating.  Its Short-Term Corporate Credit rating stands at B.



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

* DOMINICAN REPUBLIC: Deficits Due to Higher Prices, Bengoa Says
----------------------------------------------------------------
Dominican Republic has sustained increase in fiscal deficit to
DOP13 billion, dr1 newsletter reports, citing Hacienda Minister
Vicente Bengoa.

According to the newsletter, Minister Bengoa negates overspending
in budget as the underlying cause for the rising deficit, citing
the increasing prices in food and fuel.   Mr. Bengoa further says
that the government has approved DOP37.9 billion in subsidies for
the electricity sector.

Meanwhile, dr1 relates that storms (Fay, Gustav, Hanna and Ike)
this year have caused around DOP1.1 billion in damage in the
republic, destroying 125 houses, 36 highways, 12 local roadways,
12 bridges and 2 water systems.

The Dominican Today reports that Hanna and Ike caused
DOP620 million in damages affecting 115 kilometers of local roads
and cuting of 81 communities.

Press director for the Presidential Palace, Rafael Nunez said in a
press conference that damage in main crops amounted to
DOP200 million and Ike caused about DOP500 million in losses to
farms.

Various reports said that the government has allocated
DOP300 million for the recovery of the country, including DOP100
million for social assistance such as food, mattresses, mosquito
nets, blankets and hygiene utensils.



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

BANK OF JAMAICA: Incurs US$3.42 Billion Year-To-Date Loss
---------------------------------------------------------
The Bank of Jamaica's year-to-date losses were US$3.42 Billion,
Radio Jamaica reports.

According to the report, information in Central Bank's balance
sheet shows a reversal from US$350 million profit in January and
US$3 billion profit in year end 2007 to US$3.42 billion losses as
of Aug. 27, 2008.

Radio Jamaica reported on June 12, that Bank of Jamaica's balance
sheet showed increasing year to date losses of US$1.75 billion, as
of June 11, 2008.  Stability in the foreign currency markets, in
part, have caused BoJ's continuing financial losses.



* JAMAICA: US$4.5MM Deal With AA Under Contractor Gen.'s Probe
--------------------------------------------------------------
Caribbean World News reports that Jamaica's Contractor General is
set to investigate a controversial US$4.5 million air-lift
guarantee deal between the government and American Airlines.

The recently disclosed deal, the report says, has faced criticism
from the Peoples National Party, Air Jamaica officers and the
unions representing workers at the airline.

According to the report, the government claims the deal is mainly
for US airports where Air Jamaica, the island's national carrier,
doesn't fly.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 20, 2008, Standard & Poor's Ratings Services assigned its 'B'
long-term foreign currency senior unsecured bond rating to
Jamaica's newly issued US$350 million, 8% bond, which is due
June 24, 2019.



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

BHM TECHNOLOGIES: Panel's Objection Excluded From Solicitation
--------------------------------------------------------------
The United States Bankruptcy Court for the Western District of
Michigan denied the motion of the Official Committee of Unsecured
Creditors of BHM Technologies Holdings, Inc., and its debtor-
subsidiaries to:

  a) approve the Letter detailing its position with respect to
     the Debtors' Joint Plan of Reorganization as containing
     adequate information under Section 1125 of the Bankruptcy
     Code; and to

  b) direct the Debtors to include the Letter with the
     Solicitation Packages or, alternatively, authorize the
     Committee to send out the Letter to the general unsecured
     creditors.

The Committee prepared a letter, detailing its position with
respect to the Debtors' Joint Plan of Reorganization.  Because the
Committee's letter contains qualifications and does not fully and
unconditionally supports the Plan, as amended, the Debtors have
refused to include the letter in the solicitation package that
they will send to voting creditors.

                         Objections

A. Lehman Commercial Paper Inc.  

John T. Gregg, Esq., at Barnes & Thornburg LLP, in Grand Rapids,
Michigan, states that the letter the Official Committee of
Unsecured Creditors proposes to send to its constituencies as
part of the solicitation package differs substantially from, and
compares unfavorably to, the customary format of the letters and
specifically:

    (a) it is much longer that the customary format;

    (b) fails to tell creditors clearly what the Joint Plan of
        Reorganization is providing to them -- 100 cents on the
        dollar in most cases;

    (c) the use of the presiding judge's name in the letterhead
        is unprecedented, highly misleading and inappropriate;        

    (d) the Committee's recommendation is buried at the end;

    (e) the recommendation is preceded by statements of opinion
        that are:

          (i) not qualified, but instead are presented as
              authoritative pronouncement on the matters
              discussed;

         (ii) irrelevant to the recommendation; and

        (iii) inappropriate attempts to justify the Committee's
              activity in the case and downplay the efforts
              other key constituencies have independently made;
              and

    (f) the vital advice that unsecured creditors read the Plan
        and Disclosure Statement is relegated to a footnote.

LCPI notes that despite the fact that it holds or acts as agent
for in excess of US$100,000,000 in unsecured claims, it was never
consulted on the text of the proposed letter.

The inaccurate and irrelevant statements of opinion that should
be stricken and clearly qualified as the Committee's opinion
include the Committee's:

    -- repeated and conclusory characterization of the Plan and
       the case as "unusual";

    -- statement that the Debtors presented the Plan as a
       "foregone conclusion";

    -- statements that it had an "uphill battle" in negotiating
       "any" changes to the Plan "against the already unified
       front" of the Debtors' other key constituents.

Mr. Gregg says that the statements are not only inappropriate but
also disserve the unsecured creditor constituency by obscuring
the two most important facts contained in the proposed letter
that the:

     (i) Plan is a "100 cent" plan for most readers of the
         letter; and

    (ii) Committee recommends acceptance of the Plan.

Mr. Gregg says the Court should deny the Motion or condition its
approval upon the Committee:

     (a) removing the presiding judge's name from the
         letterhead;

     (b) stating the Plan's treatment of unsecured creditors on
         the first page;

     (c) placing its recommendation to accept the Plan on the
         first page;

     (d) placing in the text of the first page a statement that
         the reader should read the Plan and Disclosure
         Statement carefully; and

     (e) adding a clear, boldface disclaimer before any
         statements of opinion that the statements contained in
         the letter:

          (x) represent the opinion of the Committee;

          (y) are not a substitute for the information contained
              in the Plan or Disclosure Statement; and

          (z) do not represent the views of, and that the
              statements set forth in the letter should not be
              construed as an admission of any fact or
              liability, stipulation or waiver by, the Court,
              the Office of the U.S. Trustee, the Debtors or any
              other party-in-interest.

B. Debtors

The Debtors object to the Committee's purported support letter
because it is not supportive and contains multiple
qualifications, opinions and misstatements and contravenes
Section 1125 of the Bankruptcy Code.

Robert S. Hertzberg, Esq., at Pepper Hamilton LLP, in Detroit,
Michigan, states there is no support in the Bankruptcy Code or
case-law that would compel the Debtors to include in their plan
solicitation package a communication that is violative of the
Bankruptcy Code.  

Mr. Hertzberg notes the Committee Letter does anything but
support the Plan and it is in violation of the "good faith"
requirement of the Section 1125(e) of the the Bankruptcy Code.  
Typical Committee plan support letters include a brief statement
regarding the Committee's review of a plan and urge creditors to
vote in favor of it.  He notes that rather than indicate, as the
Committee's counsel stated on the record at the August 7 hearing
to approve the Disclosure Statement, that the Committee supports
the Plan, the Committee Letter instead contains pages of
objectionable opinions and misleading statements and buries its
recommendation to vote in favor of the Plan on the last page.

According to Mr. Hertzberg, the purported Plan support letter is
highly objectionable, inter alia, because:

  a. Its tone is misleading -- until creditors reach the last
     page, the letter appears to be urging creditors to, at
     best, abstain from voting and, at worst, vote against the
     Plan;

  b. It misstates material facts -- the Plan was negotiated,
     contrary to the Committee's implication, in concert with
     holders of the vast majority of the Debtors' unsecured
     debt, as well as its majority shareholder;

  c. It wrongly characterizes prearranged plans and separate
     classification of different types of unsecured claims as
     "unusual", when they are, in fact, anything but;

  d. It misrepresents the Committee's opinions as facts;

  e. It incorrectly implies that the Committee's actions were
     material to the proposed 100% recovery to the Debtors'
     ongoing unsecured trade creditors; and

  f. Its failure to clearly and unequivocally indicate:

     (1) the Committee's support of the Plan; and

     (2) the proposed recovery of 100% to the Debtors'
         ongoing unsecured trade creditors.

The Debtors note that the Committee cannot point to a single case
or citation to the Bankruptcy Code that would require inclusion
in a solicitation package an objectionable and misleading third-
party letter.  Mr. Hertzberg asserts the Debtors should not be
compelled to disseminate, nor should the Committee on its own be
allowed to mail, a letter that is not in compliance with the
Bankruptcy Code due to its misleading and objectionable content.

The Debtors clarify that they would not object to including a
letter from the Committee indicating the Committee's support for
the Plan.

                Debtors and Lehman Revise Letter

The Debtors and LCPI have revised the Committee Plan support
letter, in order to remove the objectionable and misleading
portions of the letter.

A copy of the revised letter is available for free at:

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

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

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

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

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


BHM TECHNOLOGIES: Court Extends Exclusive Periods to Dec. 15
------------------------------------------------------------
The United States Bankruptcy Court for the Western District of
Michigan extended the exclusive plan filing period of BHM
Technologies Holdings, Inc., and its debtor-subsidiaries for 90
days to December 15, 2008, and their plan solicitation period to
February 16, 2009, pursuant to Section 1121(d) of the Bankruptcy
Code.

Robert S. Hertzberg, Esq., at Pepper Hamilton LLP, in Detroit,
Michigan, states that since the Petition Date, the Debtors have
filed a Joint Plan of Reorganization that contemplates a 100%
payment to the Debtors' unsecured ongoing trade creditors.  The
Debtors have received Bankruptcy Court approval of the adequacy
of the information provided by the disclosure statement attached
to the Plan and have mailed solicitation packaged to all
creditors entitled to vote on the Plan.

The Debtors have also evaluated their executory contracts and
unexpired leases, and begun a preliminary analysis of the claims
filed against them, which has resulted in the Debtors' first
omnibus objection to claims.  The Debtors have remained committed
to their goal of exiting bankruptcy in a speedy and efficient
manner with no disruption to ongoing, trade creditors.  

Mr. Hertzberg says that no bankruptcy is without the possibility
of unexpected events and the Debtors seek a 90-day extension of
the Exclusive Periods in the event that the Plan is not
confirmed, which would necessitate the recommencement of the
entire plan process.  Given the Debtors' substantial progress
since the Petition Date, the Debtors believe that they should be
granted additional time in the event that the current Plan is not
confirmed.

The Debtors have already completed one of the most daunting tasks
in a Chapter 11 case -- proposing a plan and winning approval of
a disclosure statement, all within three months of the Petition
Date.  The Debtors' Plan proposes to pay unsecured ongoing trade
creditors 100% of their unsecured claims.  The Debtors have set a
bar date, begun the claims objection and reconciliation process,
developed a business plan and have begun the process of
negotiating their exit financing.

The Debtors have made a substantial progress toward emergence in
a very short period of time and they believe that their Plan will
be confirmed.  However, if it is not, the Debtors believe that an
extension of  the Exclusive Periods is appropriate and warranted
to give them time to evaluate all claims against their estates
and propose an alternative plan of reorganization if necessary.

Mr. Hertzberg says that to allow the Exclusive Periods to
terminate would deny the Debtors a meaningful opportunity to
negotiate with creditors and propose an alternative plan in the
event that the Plan is not confirmed and, thus, would be
antithetical to the purpose of Chapter 11.

If the Plan is not confirmed, termination of the Exclusive
Periods would give rise to the concomitant administrative
expenses would serve only to decrease recoveries to the Debtors'
creditors, significantly delaying, the Debtors' ability to
confirm any plan in these bankruptcy cases, Mr. Hertzberg points
out.

Mr. Hertzberg says that given these unwelcome consequences for
the Debtors, and their creditors if the relief requested herein
is not granted, the requested extension of the Exclusive Periods
will not prejudice the legitimate interests of any party-in-
interest  in these bankruptcy cases.  The extension will further
the Debtors' effort to preserve value and avoid unnecessary and
wasteful litigation.  

Mr. Hertzberg assures the Court that the Debtors are not seeking
an extension in order to unfairly prejudice or pressure their
creditors but in order to have time to negotiate a plan that
provides for an equitable distribution to claimholders.

                  Lehman Notes of DIP Deadlines

Prior to Judge Scott W. Dales' entry of an order approving the
proposed extensions, Lehman Commercial Paper Inc., agent for the
First Lien Lenders and the DIP Lenders, submitted a note that the
deadlines in the DIP Credit Agreement have not been extended to
accommodate the requested extensions.

LCPI, agent for the Prepetition First Lien Lenders, pointed out
that:

  -- the DIP Agreement expires on December 6, 2008.  

  -- the DIP Agreement provides for an event of default if, by
     October 2, 2008, the Debtors have not obtained a Court
     order confirming the Plan, reasonably satisfactory in form
     and substance to LCPI and the DIP Lenders.

Those deadlines fall before any of the proposed dates for the
extension of exclusivity, relates Mark Thompson, Esq., at Simpson
Thatcher Bartlet LLP, in New York.  "If an Event of Default
occurs under the DIP Agreement, parties to the Plan Support
Agreements may terminate the agreements."

LCPI acknowledges that the proposed extension of exclusivity does
not directly conflict with the maturity of the DIP Agreement or
the Events of Default.  However, LCPI does not want the Court and
party-in-interest to infer that the deadlines in the DIP
Agreement were being implicitly extended to conform to the
proposed Exclusivity Extensions.  "That would be an incorrect
inference," Mr. Thompson points out.

LCPI said it does not object to the Exclusivity Motion so long as
it does not affect the deadlines in the DIP Agreement or the Plan
Support Agreements in any way.

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

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

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

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


BHM TECHNOLOGIES: Wants C&A Litigation Trust's Claim Proofs Denied
------------------------------------------------------------------
Pursuant to Section 502 of the Bankruptcy code and Rule 3007 of
the Federal Rules of Bankruptcy Procedure, BHM Technologies
Holdings, Inc., and its debtor-subsidiaries ask the United States
Bankruptcy Court for the Western District of Michigan to disallow
and expunge the proofs of claim filed by Collins & Aikman
Litigation Trust.

Robert S. Hertzberg, Esq., at Pepper Hamilton LLP, in Detroit,
Michigan states that on July 11, 2008, Collins & Aikman filed
proofs of claim each asserting US$13,547,436 against:

  (a) The Brown Corporation of America (Claim No. 141);

  (b) The Brown Company of Moberly, LLC (Claim No. 143)

  (c) The Brown Company of Waverly, LLC, (Claim No. 145).

On July 14, 2008, the Claimant filed Claim No. 329 against The
Brown Company of Ionia, LLC, also in the amount of US$13,547,436.

Collins & Aikman asserts a right to recover alleged preferential
transfers, pursuant to Section 547(b) of the Bankruptcy Code  
and alleged fraudulent transfers, pursuant to Section 548 of the
Bankruptcy Code, made by Collins & Aikman Corp., Collins & Aikman
Products, Co., Collins & Aikman Automotive Exteriors, Inc.,  and  
Collins & Aikman Automotive Interiors, Inc., on or within 90 days
prior to the date that the C&A Entities filed for bankruptcy
protection.

On May 17, 2005, the C&A Entities each filed chapter 11
bankruptcy petitions, and subsequently filed adversary
proceedings against the Brown Debtors.  The Preference Action
seeks to avoid and recover US$13,547,436, representing transfers
allegedly made by the C & A Transferors to the Debtors during the
applicable period.

In the C & A Entities' bankruptcy proceedings, Brown asserted a
general unsecured claim against C & A Exteriors for US$9,643,886,
and C & A Exteriors scheduled a claim in favor of Brown in the
amount of US$7,585,781.

Mr. Hertzberg says that the Claims should be disallowed and
expunged because the:

  (a) Claims are duplicative;

  (b) Claimant cannot establish an entitlement to avoid and
      recover the allegedly preferential transfers and, to the
      extent the Claimant can establish a prima facie right to
      avoid any of the alleged transfers, each of the Debtors
      has valid affirmative defenses that preclude the
      avoidance and recovery of the alleged transfers; and

  (c) the Brown Debtors are entitled to set off the liability
      against the outstanding general unsecured claim owed to it
      by the C & A Entities.

In the Preference Action, Collins & Aikman asserts that each of
the alleged transfers was made to one of the Debtors as the
initial transferee.  The Preference Action does not assert that
any of the Debtors were a mediate transferee of the allegedly
avoidable transfers, and does not assert any bases for finding
joint and several liability against the Debtors that were not the
initial transferee of each individual payment.

The Bankruptcy Code does not provide for joint and several
liability for avoided preferential transfers, Mr. Hertzberg
points out.  Rather, Collins & Aikman, to the extent it can avoid
any of the transfers, can only recover the avoided transfers from
the Debtor who actually received the transfer.  The Brown Debtors
filed an answer in the Preference Action, denying:

  (a) that they received each of the allegedly preferential
      transfers;

  (b) that the transfers were of a property interest of the C&A
      Transferors;

  (c) that each transfer was made on account of an antecedent
      debt;

  (d) that the C&A Entities were insolvent, or were rendered
      insolvent, by the transfers;

  (e) that the Debtors received more than they otherwise would
      have received in a Chapter 7 liquidation; and

  (f) that the Debtors failed to provide reasonably equivalent
      vale in exchange for the transfers.

The Brown Debtors also asserted various affirmative defenses to
the Preference Action, including contemporaneous exchange;
ordinary course of business; and subsequent new value.

Brown asserted a US$9,643,886 claim against C & A Exterior.  The
Collins & Aikman Litigation Trust is purportedly the successor to
C&A Exterior, and  pursuant to Section 553 of the Bankruptcy Code
and applicable state law, Brown is entitled to offset its
prepetition claim against C & A Exterior against any pre-petition
claim held by C & A Exterior against Brown.

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

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

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

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


INT'L RECTIFIER: Vishay Increases Offer to US$23 Per Share
----------------------------------------------------------
Vishay Intertechnology, Inc. has increased the price of its
all-cash proposal to acquire all of the outstanding shares of
International Rectifier Corporation common stock to US$23.00 per
share.  The increased proposal represents a premium of 22% to
International Rectifier's closing stock price on Aug. 14, 2008,
the last trading day prior to public disclosure of Vishay's
original acquisition proposal, and a 30% premium over
International Rectifier's average closing price for the 30 trading
days preceding that announcement.  The transaction has a value of
approximately US$1.7 billion in the aggregate.

Vishay intends to commence shortly a tender offer to purchase all
of the outstanding shares of International Rectifier common stock
for US$23.00 per share in cash.

"We firmly believe there are significant and compelling benefits
to a combination of Vishay and International Rectifier.  We are
committed to bringing our two companies together to create a
global leader in the manufacturing of power integrated circuits,
discrete semiconductors and passive electronic components," said
Dr. Felix Zandman, Vishay's Founder and Executive Chairman of the
Board.

"Our increased all-cash proposal provides International
Rectifier's stockholders with an opportunity to realize
significant premium value for their investment in International
Rectifier.  Furthermore, we believe that a combined Vishay-
International Rectifier would provide customers a broader and more
fully integrated product and technology portfolio that will enable
us to better address their needs," Dr. Zandman continued.

"From the outset, it has been our strong preference to work
together with International Rectifier and its Board of Directors
to negotiate a mutually beneficial transaction for our respective
stockholders, employees, customers, partners and other
stakeholders," said Dr. Gerald Paul, Vishay's President and Chief
Executive Officer.  "Despite our best efforts, International
Rectifier has flatly refused to discuss a business combination
with us and to explore the benefits of such a combination.  Their
Board has set a very tight timeframe for the Company's
stockholders to have any say over the matters to be considered at
a stockholders meeting which is being delayed by almost eleven
months.  As a result, we have been left with no alternative but to
present our increased proposal directly to International
Rectifier's stockholders.  We are confident that the stockholders,
deciding for themselves, will find our increased all-cash proposal
to be compelling," Mr. Paul related.

Vishay has provided notice in accordance with International
Rectifier's bylaws of Vishay's intention to nominate three
independent candidates for election to the International Rectifier
Board of Directors at the 2007 Annual Meeting of Stockholders.

International Rectifier has delayed this Annual Meeting
since 2007 and it is now scheduled to be held on Oct. 10, 2008.  
International Rectifier stockholders of record as of Sept. 19,
2008 are entitled to vote at the 2007 Annual Meeting.  Vishay
intends to file in the near future with the Securities and
Exchange Commission proxy solicitation materials in connection
with International Rectifier's delayed 2007 Annual Meeting.

Vishay has notified International Rectifier that it intends to
nominate the following candidates for election as International
Rectifier's three Class I directors:

-- Ronald M. Ruzic: Prior to retiring in 2003, Mr. Ruzic was
    Executive Vice President of BorgWarner Inc. since 1992 and
    Group President BorgWarner Automotive Inc. since 1989.  He
    also held positions with BorgWarner as President and General
    Manager of Morse TEC Inc., Vice President -- Operations
    of Morse Automotive, Vice President -- International of Morse
    Automotive, and various other positions with entities within
    the BorgWarner family of companies.  After joining BorgWarner
    in 1968 as a senior manufacturing engineer for its subsidiary
    Morse Chain, Mr. Ruzic progressed through engineering and
    management positions and managed various BorgWarner
    operations in Italy, Mexico, Germany and the United States.

-- William T. Vinson: Mr. Vinson is currently a Director and the
    Chairman of Siemens Government Services, Inc., a company that
    provides products and services to the United States
    government to improve national security.  He is also a
    Director and the Chairman of SAP Government Support and
    Services, Inc., a company that supplies information
    technology products, services and maintenance products.  He
    serves on the Government Security, Audit and Compensation
    committees of each of these companies.
     
    Prior to his retirement in 1998, Mr. Vinson served as Vice
    President and Chief Counsel of Lockheed Martin Corporation, a
    major defense contractor and advanced technology company.    
    From 1992 to 1995, he served as Vice President and General
    Counsel of Lockheed Corporation and from 1990 to 1992, he was
    Lockheed's Vice President-Secretary and Assistant General
    Counsel.

-- Yoram Wind: Prof. Wind is the Lauder Professor, Professor of
    Marketing and Director of SEI Center for Advanced Studies in
    Management at The Wharton School, the business school of the
    University of Pennsylvania.  He is also the founding academic
    director of The Wharton Fellows Program, an executive
    education program, and was the founding editor of Wharton
    School Publishing.  Prof. Wind's research and teaching areas
    include global marketing and business strategy, new product,
    market and business development and creativity and growth
    strategies.
     
    In addition, Prof. Wind founded Wind Associates, a consulting
    firm that advises on both overall global corporate and
    business strategy and transformation as well as marketing
    strategy and development of new businesses.  Prof. Wind is
    also an advisor to the Chief Executive Officer and members of
    the executive committee of SEI Investments, a financial
    services firm.

Vishay has also notified International Rectifier that it intends
to seek stockholder approval at the delayed 2007 Annual Meeting of
certain amendments to International Rectifier's bylaws.  One such
amendment would require International Rectifier to hold its 2008
Annual Meeting of Stockholders to elect Class II directors by
Dece. 21, 2008.  Class II directors were previously elected by the
stockholders in November 2005 and International Rectifier recently
announced its intention that the election of Class II directors
would not be held until "early 2009".

"International Rectifier's stockholders deserve to be represented
by directors who will not deprive them of an opportunity to
receive a significant cash premium for their shares," continued
Dr. Zandman.  "All of our nominees have proven track records in
their areas of expertise and have committed that, if elected, they
will exercise their independent judgment as directors in
accordance with their fiduciary duties.  Vishay is confident they
would seek to work with the existing members of the Board to
determine the best course of action for International Rectifier's
stockholders."

Vishay has commenced litigation in the Delaware Chancery Court
regarding the timing of International Rectifier's delayed 2007 and
2008 Annual Meetings and its proposed bylaw amendments.

Wachtell, Lipton, Rosen & Katz is acting as legal counsel to
Vishay, and Banc of America Securities LLC is acting as financial
advisor.  Vishay is working with Banc of America Securities to
expeditiously secure committed financing for the acquisition.  
Innisfree M&A Incorporated has been retained by Vishay as
Information Agent and proxy solicitor.

                About International Rectifier

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                         *     *     *


As reported in the Troubled Company Reporter on Sept. 3, 2008,
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating on El Segundo, Calif.-based International Rectifier
Corp. (IR) would remain on CreditWatch with negative implications,
where it was placed on April 9, 2007, because of an accounting
investigation that prevented the company from filing financial
statements.


PORTOLA PACKAGING: Receives First Day Orders From Court
-------------------------------------------------------
Portola Packaging, Inc. received a variety of first day orders
from the U.S. Bankruptcy Court for the District of Delaware that
will allow it to continue managing operations in the ordinary
course.

It has received Court orders authorizing the company to pay
prepetition claims of unsecured creditors in the ordinary course
of business.  In addition, the company received authorization to
utilize the existing cash management system and continue to
support all customer programs.  As a result, under the
restructuring plan, all obligations owed to trade creditors,
suppliers, customers and employees in the ordinary course of
business will be unimpaired and unaffected by the restructuring.

The company secured additional interim financing.  The
restructuring plan provides for payments to providers of goods and
services delivered post-petition in the ordinary course of
business.  

John LaBahn, senior vice president and chief financial officer
stated,  "We are pleased to have received these orders that will
allow us to proceed with our consensual restructuring plan.  We
are ahead of schedule and hope to move through the re-structuring
process quickly and expect to exit before mid-October".

                   About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.

The company and 6 of its debtor-affiliates filed for Chapter 11
reorganization on Aug. 27, 2008 (Bankr. D. Del. Lead Case No. 08-
12001).  Edmon L. Morton, Esq., Robert S. Brady, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent
the Debtors as counsel.  When the Debtors filed for protection
from their creditors, they listed assets of between US$50 million
and US$100 million, and debts of between US$100 million and
US$500 million.  The company has locations in China, Mexico and
Belgium.



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

HOME INTERIORS: Seeks to Hire CRG Partners as Business Consultant
-----------------------------------------------------------------
Home Interiors & Gifts, Inc., and its debtor-affiliates ask
permission from the U.S. Bankruptcy Court for the Northern
District of Texas to employ CRG Partners Group LLC as business
consultant and chief restructuring officer.

Robert A. Carringer, managing partner at CRG Partners Group, LLC,
says that the Debtors want to employ William K. Snyder, also a
managing partner at the firm, as chief restructuring officer.

CRG Partners will, among others, work with Debtors' Board of
Directors to preserve the value of the Debtors' business, and
assist the Debtors in selling certain assets, subsidiaries, or the
entirety of the Debtors' business operations.

The Debtors assure the Court that the services that will be
rendered by CRG Partners are not duplicative with the services to
be performed by any other individual or entity employed by the
Debtors.

Mr. Snyder tells the Court that his firm will charge the Debtors
these hourly rates:

        Managing Partners            US$425 - US$525
        Partners                     US$325 - US$450
        Directors                    US$275 - US$425
        Associates                   US$200 - US$275
        Administrative Assistants       US$100
   
The Debtors assure the Court that CRG Partners and its
professionals are disinterested persons and do not hold or
represent an interest adverse to the estate.

                      About Home Interiors

Headquartered in Carrollton, Texas, Home Interiors & Gifts, Inc.
-- http://www.homeinteriors.com/-- manufactures, imports and       
distributes indoor and outdoor home decorative accessories.  It
was founded by Mary Crowley in 1957.  Through its affiliates,
the company has a significant presence in Mexico, Puerto Rico,
and Canada.  Annual revenue in 2007 reached US$300 million.  When
Mary Crowley, died in 1986, her son, Don Carter continued the
business operation nearly debt-free.  In a leveraged transaction
in 1998, private equity firm of Hicks, Muse, Tate, and Furst
acquired 66% of the parent company, which resulted in the
imposition of more than US$500 million in debt on the Debtors.  In
the face of decreased sales and increased debt load, bondholders
canceled their debts in February 2006 in exchange for receiving
most of the outstanding equity of the Debtors.

About 40% of the goods the Debtors sell are now acquired from
manufacturers in China.  In the last decade, sales volume in the
U.S. has waned, but the Debtors reported that sales in Mexico
and Puerto Rico significantly increased.

The company and six of its affiliates filed for Chapter 11
protection on April 29, 2008 (Bankr. N.D. Tex. Lead Case No.08-
31961).  Andrew E. Jillson, Esq., Cameron W. Kinvig, Esq.,
Lynnette R. Warman, Esq., and Michael P. Massad, Jr., Esq., at
Hunton & Williams, LLP, represent the Debtors in their
restructuring efforts.  The U.S. Trustee for Region 6 has
appointed seven creditors to serve on an Official Committee
of Unsecured Creditors.  Richard A. Lindenmuth, at Boulder
International LLC, is designated as CRO.  Munsch Hardt Kopf &
Harr PC represents the Committee in these cases.  When the
Debtors file for protection against their creditors, they
listed assets of between US$100 million and US$500 million and the
same range of debts.



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

GENERAL MOTORS: Labor Dispute Halts Production in Venezuela
-----------------------------------------------------------
Conflict with pro-government trade union Vencedores Socialistas
(Socialist Winners) halted operations at General Motors Corp.'s
Venezuelan assembly plant resulting in a 96.6%  drop in
production, El Universal reports.  Since July 27, the trade union
blocked the access to the facilities of the plant located in the
city of Valencia, in central Carabobo state.  El Universal did not
state reasons of the labor dispute.  

The disruption at the plant has resulted in a huge decline in the
U.S. automaker's Venezuelan sales.  Sales last month dropped to
2,833 units from 14,090 units in August 2007, the report
discloses.

Meanwhile, GM's Venezuela unit is also facing problems with
foreign exchange as a policy implemented this year by the
country's executive branch aims to restrict imports of
automobiles.

El Universal says GM's top officers have hinted the possibility of
closing its plants in Venezuela if the company does not overcome
the labor problems and the lack of regular foreign exchange
authorizations by the Foreign Exchange Management Committee.  The
automaker has a 40% share of vehicles production in Venezuela and
35.5% of car sales in the domestic market, the report adds.

                       About General Motors

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

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of
US$15.4 billion over net sales and revenue of US$38.1 billion,
compared to a net income of US$891.0 million over net sales and
revenue of US$46.6 billion for the same period last year.


PETROLEOS DE VENEZUELA: Prices Tender Offer for Petrozuata Bonds
----------------------------------------------------------------
Petroleos de Venezuela S.A. has priced its previously announced
cash tender offer and consent solicitation for any and all of the
outstanding:

* 7.63% Series A Bonds due 2009 (CUSIP Nos. 71676QAA4/DD0109197;
  ISIN No. USG70415AA51),

* 8.22% Series B Bonds due 2017 (CUSIP Nos. 71676QAC0/DD0110062;
  ISIN No. USG70415AB35) and

* 8.37% Series C Bonds due 2022 (CUSIP Nos. 71676QAE6/DD0110070;
  ISIN No. USG70415AC18)

issued by Petrozuata Finance Inc. in connection with the
Petrozuata extra-heavy crude oil project in the Orinoco Belt
region.  The tender offer and consent solicitation are being made
pursuant to an Offer to Purchase and Consent Solicitation
Statement, dated August 14, 2008 and related Consent and Letter of
Transmittal.

The applicable purchase price for each US$1,000 principal amount
of each Series of Bonds validly tendered on or prior to midnight,
New York City time, on September 12, 2008, the expiration date,
and accepted for purchase by PDVSA will be US$1,039.14 per
US$1,000 principal amount of the 2009 Bonds, US$1,113.12 per
US$1,000 principal amount of the 2017 Bonds, and US$1,165.63 per
US$1,000 principal amount of the 2022 Bonds.  In addition to the
Offer Consideration, the holders of validly tendered and accepted
Bonds will receive a consent fee in an amount equal to 0.25% of
the principal amount of Bonds tendered.  Therefore, the total
consideration for each Series of Bonds validly tendered,
consisting of the Offer Consideration and the consent fee, will be
US$1,041.64 per US$1,000 principal amount of the 2009 Bonds,
US$1,115.62 per US$1,000 principal amount of the 2017 Bonds, and
US$1,168.13 per US$1,000 principal amount of the 2022 Bonds.

The payment date for validly tendered and accepted Bonds is
currently expected on September 15, 2008.  As provided in the
Offer to Purchase, the Offer Consideration was determined as of
2:00 p.m., New York City time, September 11, 2008, by reference
to:

   (i) for the 2009 Bonds, a fixed spread of 30 basis points
       over the yields, interpolated on a straight-line basis,
       of the U.S. Treasury 4.625% security due November 30,
       2008 and U.S. Treasury 3.375% security due December 15,
       2008,

  (ii) for the 2017 Bonds, a fixed spread of 50 basis points
       over the yields, interpolated on a straight-line basis,
       of the U.S. Treasury 4.250% security due November 15,
       2013 and U.S. Treasury 4.000% security due February 15,
       2014, and

(iii) for the 2022 Bonds, a fixed spread of 50 basis points
       over the yields, interpolated on a straight-line basis,
       of the U.S. Treasury 7.250% security due August 15, 2022
       and U.S. Treasury 7.625% security due November 15, 2022.

The yield to maturity of the respective primary issue as of the
price determination date was determined to be 1.54% for the 2009
Bonds, 2.90% for the 2017 Bonds and 4.10% for the 2022 Bonds.

As of 5:00 p.m., New York City time, on September 11, 2008, PDVSA
had received valid tenders and consents from holders of
approximately US$693.9 million in aggregate principal amount of
the Bonds, representing approximately 91.9% of the outstanding
Bonds.

Lazard Freres & Co. LLC is the Dealer Manager and Solicitation
Agent for the tender offer and consent solicitation and may be
contacted at (312) 407-6674 (call collect).  Requests for
documents may be directed to Global Bondholder Services
Corporation, the Information Agent, at (212) 430-3774 (call
collect) or (866) 470-3700 (toll free).

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: Bonds Hit 4-Year Low on U.S. Official Expulsion
------------------------------------------------------------
The price of Venezuela's bonds dropped 3.85 cents to 84.15 cents
after President Hugo Chavez expelled American Ambassador Patrick
Duddy and recalled his ambassador from Washington, Bloomberg News
reports.  According to the report, Mr. Chavez said he won't send
another ambassador to Washington until after the U.S. presidential
elections in November.  Mr. Chavez also threatened to cut off oil
exports to the U.S., its biggest customer, which accounts for 90%
of the South American country's exports.

The yield on Venezuela's benchmark 9.25% securities due in 2027
jumped 55 basis points, or 0.55 percentage point, to 11.29% at
4:05 p.m. September 12 in New York, the report says, citing
JPMorgan Chase & Co.  Meanwhile, extra yield investors demand to
own Venezuela debt instead of U.S. Treasuries swelled 27 basis
points September 12 to 7.51 percentage points, the widest spread
since May 2004.  The spread on emerging-market debt overall
narrowed 1 basis point to 3.34 percentage points, the report adds.

Bloomberg News relates the plunge in Venezuela's bonds was also
affected by concerns that New York-based Lehman Brothers Holdings
Inc. may collapse, driving investors to avoid emerging-market
debt, including Venezuelan bonds, in recent days.

Separately, Bloomberg News discloses that the U.S. Treasury
Department froze the assets of two Venezuelan officials and one
former official and prohibited them from conducting financial
transactions.  The Treasury, the report says, imposed sanctions on
the officials "for materially assisting the narcotics trafficking
activities" of the guerrilla group Revolutionary Armed Forces of
Colombia (FARC).

                          *     *     *

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


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

                                       Total
                                Shareholders       Total
                                      Equity       Assets        
Company             Ticker           (US$MM)      (US$MM)
-------             ------       ------------     -------
NOVA AMERICA SA     1NOVON BZ        (174.82)       20.83
NOVA AMERICA-PRF    1NOVPN BZ        (174.82)       20.83
IMPSAT FIBER NET    330902Q GR        (17.17)      535.01
TELECOMUNICA-ADR    81370Z BZ        (113.98)      143.31
ARTHUR LANGE SA     ALICON BZ         (13.92)       19.52
ARTHUR LANGE-PRF    ALICPN BZ         (13.92)       19.52
ARTHUR LANG-RT C    ARLA1 BZ          (13.92)       19.52
ARTHUR LANG-RC P    ARLA10 BZ         (13.92)       19.52
ARTHUR LAN-DVD C    ARLA11 BZ         (13.92)       19.52
ARTHUR LAN-DVD P    ARLA12 BZ         (13.92)       19.52
ARTHUR LANG-RT P    ARLA2 BZ          (13.92)       19.52
ARTHUR LANGE        ARLA3 BZ          (13.92)       19.52
ARTHUR LANGE-PRF    ARLA4 BZ          (13.92)       19.52
ARTHUR LANG-RC C    ARLA9 BZ          (13.92)       19.52
BOMBRIL             BMBBF US         (298.16)      278.65
BOMBRIL SA-ADR      BMBBY US         (298.16)      278.65
BOMBRIL SA-ADR      BMBPY US         (298.16)      278.65
BOMBRIL-RIGHTS      BOBR1 BZ         (298.16)      278.65
BOMBRIL-RGTS PRE    BOBR2 BZ         (298.16)      278.65
BOMBRIL             BOBR3 BZ         (298.16)      278.65
BOMBRIL-PREF        BOBR4 BZ         (298.16)      278.65
BOMBRIL CIRIO SA    BOBRON BZ        (298.16)      278.65
BOMBRIL CIRIO-PF    BOBRPN BZ        (298.16)      278.65
SOC COMERCIAL PL    CAD IX           (298.16)      278.65
SOC COMERCIAL PL    CADN SW          (298.16)      278.65
CAF BRASILIA        CAFE3 BZ         (247.09)       13.95
CAF BRASILIA-PRF    CAFE4 BZ         (247.09)       13.95
CONST A LINDEN      CALI3 BZ           (1.55)       29.62
CONST A LIND-PRF    CALI4 BZ           (1.55)       29.62
COBRASMA            CBMA3 BZ       (1,686.13)        12.3
COBRASMA-PREF       CBMA4 BZ       (1,686.13)        12.3
TELEBRAS-PF RCPT    CBRZF US         (113.99)      143.30
CHIARELLI SA        CCHI3 BZ          (42.01)       25.67
CHIARELLI SA-PRF    CCHI4 BZ          (42.01)       25.67
CHIARELLI SA        CCHON BZ          (42.01)       25.67
CHIARELLI SA-PRF    CCHPN BZ          (42.01)       25.67
COBRASMA SA         COBRON BZ      (1,686.13)        12.3
COBRASMA SA-PREF    COBRPN BZ      (1,686.13)        12.3
SOC COMERCIAL PL    COME AR          (247.81)      139.57
COMERCIAL PLA-BL    COMEB AR         (247.81)      139.57
COMERCIAL PL-C/E    COMEC AR         (247.81)      139.57
COMERCIAL PLAT-$    COMED AR         (247.81)      139.57
CAFE BRASILIA SA    CSBRON BZ         (543.6)       23.23
CAFE BRASILIA-PR    CSBRPN BZ         (543.6)       23.23
SOC COMERCIAL PL    CVVIF US         (247.81)      139.57
DOCAS SA-RTS PRF    DOCA2 BZ           (4.51)      120.81
DOCA INVESTIMENT    DOCA3 BZ           (4.51)      120.81
DOCA INVESTI-PFD    DOCA4 BZ           (4.51)      120.81
DOCAS SA            DOCAON BZ          (4.51)      120.81
DOCAS SA-PREF       DOCAPN BZ          (4.51)      120.81
ESTRELA SA          ESTR3 BZ           (44.13)      61.51
ESTRELA SA-PREF     ESTR4 BZ           (44.13)      61.51
ESTRELA SA          ESTRON BZ          (44.13)      61.51
ESTRELA SA-PREF     ESTRPN BZ          (44.13)      61.51
FABRICA RENAUX      FRNXON BZ          (23.42)      73.14
FABRICA RENAUX-P    FRNXPN BZ          (23.42)      73.14
FABRICA TECID-RT    FTRX1 BZ           (23.42)      73.14
FABRICA RENAUX      FTRX3 BZ           (23.42)      73.14
FABRICA RENAUX-P    FTRX4 BZ           (23.42)      73.14
TECEL S JOSE        FTSJON BZ          (15.38)      46.04
TECEL S JOSE-PRF    FTSJPN BZ          (15.38)      46.04  
CIMOB PARTIC SA     GAFON BZ           (32.26)      53.11
CIMOB PARTIC SA     GAFP3 BZ           (32.26)      53.11
CIMOB PART-PREF     GAFP4 BZ           (32.26)      53.11
CIMOB PART-PREF     GAFPN BZ           (32.26)      53.11
GAZOLA-RCPT PREF    GAZO10 BZ          (27.59)       9.36
GAZOLA SA-DVD CM    GAZO11 BZ          (27.59)       9.36
GAZOLA SA-DVD PF    GAZO12 BZ          (27.59)       9.36
GAZOLA              GAZO3 BZ           (27.59)       9.36
GAZOLA-PREF         GAZO4 BZ           (27.59)       9.36
GAZOLA-RCPTS CMN    GAZO9 BZ           (27.59)       9.36
GAZOLA SA           GAZON BZ           (27.59)       9.36
GAZOLA SA-PREF      GAZPN BZ           (27.59)       9.36
HAGA                HAGA3 BZ           (66.92)      11.63
FER HAGA-PREF       HAGA4 BZ           (66.92)      11.63
FERRAGENS HAGA      HAGAON BZ          (66.92)      11.63
FERRAGENS HAGA-P    HAGAPN BZ          (66.92)      11.63
HERCULES SA         HERTON BZ          (140.46)     26.25
HERCULES SA-PREF    HERTPN BZ          (140.46)     26.25
HERCULES            HETA3 BZ           (140.46)     26.25
HERCULES-PREF       HETA4 BZ           (140.46)     26.25
DOC IMBITUBA-RTC    IMBI1 BZ           (15.70)     170.83
DOC IMBITUBA-RTP    IMBI2 BZ           (15.70)     170.83
DOC IMBITUBA        IMBI3 BZ           (15.70)     170.83
DOC IMBITUB-PREF    IMBI4 BZ           (15.70)     170.83
DOCAS IMBITUBA      IMBION BZ          (15.70)     170.83
DOCAS IMBITUB-PR    IMBIPN BZ          (15.70)     170.83
IMPSAT FIBER-CED    IMPT AR            (17.17)     535.01
IMPSAT FIBER-BLK    IMPTB AR           (17.17)     535.01
IMPSAT FIBER-C/E    IMPTC AR           (17.17)     535.01
IMPSAT FIBER-$US    IMPTD AR           (17.17)     535.01
IMPSAT FIBER NET    IMPTQ US           (17.17)     535.01
CONST A LINDEN      LINDON BZ           (1.55)      29.62
CONST A LIND-PRF    LINDPN BZ           (1.55)      29.62
MINUPAR             MNPR3 BZ           (19.11)     106.54
MINUPAR-PREF        MNPR4 BZ           (19.11)     106.54
MINUPAR SA          MNPRON BZ          (19.11)     106.54
MINUPAR SA-PREF     MNPRPN BZ          (19.11)     106.54
WETZEL SA           MWELON BZ            (8.6)      88.58
WETZEL SA-PREF      MWELPN BZ            (8.6)      88.58
WETZEL SA           MWET3 BZ             (8.6)      88.58
WETZEL SA-PREF      MWET4 BZ             (8.6)      88.58
NOVA AMERICA SA     NOVA3 BZ          (174.82)      20.83
NOVA AMERICA-PRF    NOVA4 BZ          (174.82)      20.83
NOVA AMERICA SA     NOVAON BZ         (174.82)      20.83
NOVA AMERICA-PRF    NOVAPN BZ         (174.82)      20.83
TELEBRAS-CEDE BL    RCT4B AR          (113.99)      143.3
TELEBRAS-CED C/E    RCT4C AR          (113.99)      143.3
TELEBRAS-CEDEA $    RCT4D AR          (113.99)      143.3
TELEBRAS-RTS CMN    RCTB1 BZ          (113.99)      143.3
TELEBRAS-RTS PRF    RCTB2 BZ          (113.99)      143.3
TELEBRAS-CM RCPT    RCTB30 BZ         (113.99)      143.3
TELEBRAS-CM RCPT    RCTB31 BZ         (113.99)      143.3
TELEBRAS-CM RCPT    RCTB32 BZ         (113.99)      143.3
TELEBRAS-RCT        RCTB33 BZ         (113.99)      143.3
TELEBRAS-CEDE PF    RCTB4 AR          (113.99)      143.3
TELEBRAS-PF RCPT    RCTB40 BZ         (113.99)      143.3
TELEBRAS-PF RCPT    RCTB41 BZ         (113.99)      143.3
TELEBRAS-PF RCPT    RCTB42 BZ         (113.99)      143.3
TEXTEIS RENAUX      RENXON BZ         (113.99)      143.3
TEXTEIS RENAUX      RENXPN BZ         (113.99)      143.3
TELEBRAS-ADR        RTB US            (113.99)      143.3
SOC COMERCIAL PL    SCDPF US          (247.09)     143.30
SCHLOSSER SA        SCHON BZ           (48.31)      25.52
SCHLOSSER SA-PRF    SCHPN BZ           (48.31)      25.52
SCHLOSSER           SCLO3 BZ           (48.31)      25.52
SCHLOSSER-PREF      SCLO4 BZ           (48.31)      25.52
COMERCIAL PL-ADR    SCPDS LI          (247.81)     139.57
TECEL S JOSE        SJOS3 BZ           (15.38)      46.04
TECEL S JOSE-PRF    SJOS4 BZ           (15.38)      46.04
SANSUY              SNSY3 BZ           (35.49)      132.2
SANSUY-PREF A       SNSY5 BZ           (35.49)      132.2
SANSUY-PREF B       SNSY6 BZ           (35.49)      132.2
SANSUY SA-PREF A    SNSYAN BZ          (35.49)      132.2
SANSUY SA-PREF B    SNSYBN BZ          (35.49)      132.2
SANSUY SA           SNSYON BZ          (35.49)      132.2
TELEBRAS-PF RCPT    TBAPF US          (113.99)      143.3
TELEBRAS-ADR        TBAPY US          (113.99)      143.3
TELEBRAS SA         TBASF US          (113.99)      143.3
TELEBRAS-ADR        TBASY US          (113.99)      143.3
TELEBRAS-ADR        TBH US            (113.99)      143.3
TELEBRAS/W-I-ADR    TBH-W US          (113.99)      143.3
TELEBRAS-ADR        TBRAY GR          (113.99)      143.3
TELEBRAS-CM RCPT    TBRTF US          (113.99)      143.3
TELEBRAS-ADR        TBX GR            (113.99)      143.3
TELEBRAS-RTS CMN    TCLP1 BZ          (113.99)      143.3
TEKA                TEKA3 BZ          (214.16)     308.19
TEKA-PREF           TEKA4 BZ          (214.16)     308.19
TEKA                TEKAON BZ         (214.16)     308.19
TEKA-PREF           TEKAPN BZ         (214.16)     308.19
TEKA-ADR            TEKAY US          (214.16)     308.19
TELEBRAS-CED C/E    TEL4C AR          (113.99)      143.3
TELEBRAS-CEDEA $    TEL4D AR          (113.99)      143.3
TELEBRAS-COM RTS    TELB1 BZ          (113.99)      143.3
TELEBRAS-RCT PRF    TELB10 BZ         (113.99)      143.3
TELEBRAS SA         TELB3 BZ          (113.99)      143.3
TELEBRAS-BLOCK      TELB30 BZ         (113.99)      143.3
TELEBRAS-CEDE PF    TELB4 AR          (113.99)      143.3
TELEBRAS SA-PREF    TELB4 BZ          (113.99)      143.3
TELEBRAS-PF BLCK    TELB40 BZ         (113.99)      143.3
TELEBRAS-CM RCPT    TELE31 BZ         (113.99)      143.3
TELEBRAS-PF RCPT    TELE41 BZ         (113.99)      143.3
TEKA-PREF           TKTPF US          (214.16)     308.19
TEKA-ADR            TKTPY US          (214.16)     308.19
TEKA                TKTQF US          (214.16)     308.19
TEKA-ADR            TKTQY US          (214.16)     308.19
TELEBRAS SA         TLBRON BZ         (113.99)      143.3
TELEBRAS SA-PREF    TLBRPN BZ         (113.99)      143.3
TELEBRAS-RECEIPT    TLBRUO BZ         (113.99)      143.3
TELEBRAS-PF RCPT    TLBRUP BZ         (113.99)      143.3
TELEBRAS-RTS PRF    TLCP2 BZ          (113.99)      143.3
TECTOY-RTS/3        TOYB1 BZ            (0.82)      22.62
TECTOY-RCT PREF     TOYB10 BZ           (0.82)      22.62
TECTOY-PF-RTS5/6    TOYB11 BZ           (0.82)      22.62
TECTOY-RCPT PF B    TOYB12 BZ           (0.82)      22.62
TECTOY-BONUS RTS    TOYB13 BZ           (0.82)      22.62
TECTOY              TOYB3 BZ            (0.82)      22.62
TECTOY-PREF         TOYB4 BZ            (0.82)      22.62
TEC TOY SA-PREF     TOYB5 BZ            (0.82)      22.62
TEC TOY SA-PF B     TOYB6 BZ            (0.82)      22.62
TECTOY-RCT ORD      TOYB9 BZ            (0.82)      22.62
TECTOY SA           TOYBON BZ           (0.82)      22.62
TECTOY SA-PREF      TOYBPN BZ           (0.82)      22.62
TEC TOY SA-PREF     TOYDF US            (0.82)      22.62
TEXTEIS RENAUX      TXRX3 BZ           (68.09)      48.62
TEXTEIS RENAU-PF    TXRX4 BZ           (68.09)      48.62
VARIG SA            VAGV3 BZ        (4,523.46)     823.49
VARIG SA-PREF       VAGV4 BZ        (4,523.46)     823.49
VARIG SA            VARGON BZ       (4,523.46)     823.49
VARIG SA-PREF       VARGPN BZ       (4,523.46)     823.49
WIEST               WISA3 BZ           (66.01)      33.42
WIEST-PREF          WISA4 BZ           (66.01)      33.42
WIEST SA            WISAON BZ          (66.01)      33.42
WIEST SA-PREF       WISAPN BZ          (66.01)      33.42
IMPSAT FIBER NET    XIMPT SM           (17.17)     535.01



                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


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