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

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

          Wednesday, September 17, 2008, Vol. 9, No. 185

                            Headlines

A R G E N T I N A

AMERICANO SA: Creditors to Vote on Settlement Proposal
ANBU SA: Files for Reorganization in Buenos Aires Court
BANCO DE LA NACION: US$72 Million NY-based Assets Frozen
CNS SEGURIDAD: Proofs of Claim Verification Deadline Is Oct. 22
COOPERATIVA BUENOS: Claims Verification Deadline Is November 28

GERIAT SRL: Individual Reports Filing Deadline Is on Dec. 23
LETER ALIMENTOS: Trustee Verifying Proofs of Claim Until Oct. 14
SECURNAVI SA: Files for Bankruptcy Petition in Buenos Aires Court
TUPPERWARE BRANDS: Moody's Lifts Ratings on Sustained Performance
TYSON FOODS: Fitch Lifts Three Ratings from 'BB+' to 'BBB-'

TYSON FOODS: S&P Holds 'BB' Corp. Credit and Removes Neg. Watch
VELOX GROUP: Fugitive CEO Extradited by U.S. Immigration


B A H A M A S

HERCULES INC: S&P Retains Negative Watch on Pending Ashland Deal


B E R M U D A

MONTPELIER RE: Declares US$0.075 Per Share Quarterly Dividend


B R A Z I L

JBS SA: Dismisses 100 Muslim Workers Due to Religious Issues
LEHMAN BROTHERS: Goes Belly-Up In Biggest Bankruptcy Ever
LEHMAN BROTHERS: European Unit Placed Into Administration
LEHMAN BROTHERS: Wants Bankruptcy Stay Enforced on Creditors
LEHMAN BROTHERS: Case Summary & 30 Largest Unsecured Creditors

LEHMAN BROTHERS: Fitch Puts Ratings at 'D' After Bankruptcy Filing
LEHMAN BROTHERS: Parent's Bankruptcy Cues Fitch to Review Units
LOCALIZA RENT: Moody's Rates BRL300 Million Senior Debentures Ba1
SADIA SA: To Invest BRL308 Million on Lucas do Rio Project


C A Y M A N  I S L A N D S

ALTIMA GLOBAL: To Hold Final Shareholders Meeting on Sept. 19
AQUELTA LTD: Holds Final Shareholders Meeting on Sept. 19
AQUELTA BONDCO: Final Shareholders Meeting Is Set for Sept. 19
AQUELTA EQUITYCO: Sets Final Shareholders Meeting on Sept. 19
AQUELTA HYCO: Holding Final Shareholders Meeting on Sept. 19

AQUELTA MIDCO: Will Hold Final Shareholders Meeting on Sept. 19
AQUELTA OPHOLDCO: Final Shareholders Meeting Is on Sept. 19
AQUELTA PROPCO: To Hold Final Shareholders Meeting on Sept. 19
AQUELTA SENIORCO: Holds Final Shareholders Meeting on Sept. 19
AQUELTA TOPCO: Will Hold Final Shareholders Meeting on Sept. 19

CAPITAL INVEST: Deadline for Proof of Claim Filing Is Sept. 19
CAPITAL INVEST: Holding Final Shareholders Meeting on Sept. 19
DIGICEL LTD: Galleria Moves Operations to Camana Bay
FONDVEST ALTERNATIVE: Final Shareholders Meeting Is on Sept. 19
HSBC INVESTOR: To Hold Final Shareholders Meeting on Sept. 19

SILVER EAGLE: Will Hold Final Shareholders Meeting on Sept. 19
STRATEGIC CAPITAL: Sets Final Shareholders Meeting on Sept. 19
TOPLAND INVESTMENT: Proof of Claim Filing Deadline Is Sept. 19
TYCHE MULTI-STRATEGY: Final Shareholders Meeting Is on Sept. 19


C O L O M B I A

BANCOLOMBIA SA: Mesa Mesa Resigns as Legal VP & Secretary General


E C U A D O R

* ECUADOR: Finance Minister Wilma Salgado Resigns


J A M A I C A

AIR JAMAICA: To Issue Statement on Edward Weigel's MIA Reports


M E X I C O

ATARI INC: Nasdaq to Complete Delisting of Stocks
BHM TECHNOLOGIES: Wants to Reject C&A Guelph Purchase Order
BHM TECHNOLOGIES: AlixPartners Ascertains Disinterestedness
JHT HOLDINGS: Court Sets October 17 Claims Bar Date
PORTOLA PACKAGING: Plan Confirmation Hearing Slated for October 6

SHARPER IMAGE: Wants Chapter 7 Conversion Motion Denied


P A N A M A

CABLE & WIRELESS: To Speed Up GBP4.5 Bil. Demerger of Int'l Arm


P E R U

QUEBECOR WORLD: Court OKs Five Engagement Letters With KPMG LLP
QUEBECOR WORLD: Wants Plan Filing Period Extended Until January 31
QUEBECOR WORLD: Wants KPMG Canada to Give Tax Consulting Services  
QUEBECOR WORLD: Amends Sr. Secured Superpriority DIP Credit Deal


P U E R T O  R I C O

LEHMAN BROTHERS: Fitch Cuts Ratings of Units, Keeps Neg. Watch
LEHMAN BROTHERS: Moody's Junks Debt Ratings; To Undertake Review
LEHMAN BROTHERS: S&P Downgrades Credit Rating to 'SD' from 'A'


V E N E Z U E L A

GENERAL MOTORS: Venezuelan Plant Resumes Operation After Protests


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A R G E N T I N A
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AMERICANO SA: 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.


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

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

The case is pending in the National Commercial Court of First
Instance No. 1 in Buenos Aires.  Clerk No. 1 assists the court
in this case.


BANCO DE LA NACION: US$72 Million NY-based Assets Frozen
--------------------------------------------------------
Judge Thomas Griesa of the New York Southern District Court, at
the behest of hedge funds NML Capital Ltd and EM Ltd, froze an
estimated US$72 million New York-based assets of Argentine
government-owned Banco de la Nacion, Dow Jones Newswires reports.

NML and EM Ltd are among more than 200,000 individual and
institutional bondholders who rejected Argentina's tough 30-cents-
on-the-dollar offer during its 2005 debt restructuring, according
to Dow Jones.  The report notes Argentina had about
US$20 billion in total defaulted debt outstanding.

In confirming Judge Griesa's ruling, NML said in a statement
obtained by Dow Jones Newswires that the funds' claim is founded
on the argument that Banco de la Nacion "is controlled so
completely by the Government of the Republic of Argentina that it
lacks a separate identity and functions as an alter ego of the
Argentine state."

Dow Jones says this is the same argument that the two hedge funds
applied in a similar attachment they won on US$105 million that
the Argentine central bank held in a New York account.  They claim
that the Argentine executive branch uses both banks for
policymaking in such a way that they shouldn't be permitted
exemptions from creditor actions against the sovereign that would
normally apply to nominally independent institutions, the report
discloses.

Dow Jones relates that in Banco de la Nacion's case, the
plaintiffs cited, among other examples, legal amendments that the
government used to allow it to use the bank's funds as a vehicle
for intervening in foreign exchange and bond markets.

According to the report, in permitting the attachment, Judge
Griesa's preliminary opinion held that this " alter ego" argument
is likely to succeed.  It isn't known exactly where the asset
pledge accounts are held however, the report adds.

The Troubled Company Reporter-Latin America reported on Sept. 15,
2008, that Lehman Brothers Holdings Inc. said Argentina may again
default on its loans “as early as 2010” amid a tumble in
commodities.  Bloomberg News says Argentina already defaulted on
its US$95 billion bond in 2001.

Meanwhile, news of Lehman Brothers' bankruptcy filing prompted
investors to shun risky securities including Argentina's causing
the South American country's bonds to tumble to its lowest.

               About Banco de la Nacion (Argentina)

Based in Buenos Aires, Argentina, Banco de la Nacion --
http://www.bna.com.ar/-- the country's largest bank, is owned by  
the Argentine government.  Under pressure from the World Bank and
the International Monetary Fund to privatize it, the Argentine
government was moving to sell shares of the bank publicly.  
Economic chaos has slowed that process and even caused the bank to
deny it was nationalizing local subsidiaries it took control of
after they were abandoned by French bank Crédit Agricole. Banco de
la Nacion serves Argentina through about 650 branches. The bank
provides industrial, agricultural, and export loans with a
traditional emphasis on small and mid-sized businesses.


CNS SEGURIDAD: Proofs of Claim Verification Deadline Is Oct. 22
---------------------------------------------------------------
The court-appointed trustee for C.N.S. Seguridad S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 22, 2008.

The trustee will present the validated claims in court as  
individual reports.  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
C.N.S. Seguridad 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 C.N.S. Seguridad's
accounting and banking records will be submitted in court.

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

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


COOPERATIVA BUENOS: Claims Verification Deadline Is November 28
---------------------------------------------------------------
The court-appointed trustee for Cooperativa Buenos Ayres de
Vivienda, Credito y Consumo Ltda.'s bankruptcy proceeding, will be
verifying creditors' proofs of claim until November 28, 2009.

The trustee 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 Cooperativa Buenos and its
creditors.

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

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

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

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

The debtor can be reached at:

                     Cooperativa Buenos Ayres de Vivienda,
                     Credito y Consumo Ltda.
                     Sarmiento 776
                     Buenos Aires, Argentina


GERIAT SRL: Individual Reports Filing Deadline Is on Dec. 23
------------------------------------------------------------
Jose Stanislavsky, the court-appointed trustee for Geriat SRL's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, on December 23, 2008.

Mr. Stanislavsky is verifying creditors' proofs of claim until
November 10, 2008.  He will also submit to court a general report
containing an audit of Geriat SRL's accounting and banking records
on March 6, 2009.

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

The debtor can be reached at:

                     Geriat SRL
                     Santiago del Estero 808
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Jose Stanislavsky
                     Ezeiza 2641
                     Buenos Aires, Argentina


LETER ALIMENTOS: Trustee Verifying Proofs of Claim Until Oct. 14
----------------------------------------------------------------
The court-appointed trustee for Leter Alimentos S.A.'s
reorganization proceeding will be verifying creditors' proofs of
claim until October 14, 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
Leter Alimentos 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 Leter Alimentos'
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.

The debtor can be reached at:

                     Leter Alimentos S.A.
                     Irala 5855
                     Buenos Aires, Argentina


SECURNAVI SA: Files for Bankruptcy Petition in Buenos Aires Court
-----------------------------------------------------------------
The National Commercial Court of First Instance No. 25 in Buenos
Aires is studying the merits of Securnavi SA's request to enter
bankruptcy protection.

Securnavi SA filed a "Quiebra Decretada" petition following
cessation of debt payments.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

Clerk No. 49 assists the court in this case.

The debtor can be reached at:

                     Securnavi SA
                     Luis M. Campos 635
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Miguel Tregob
                     Lima 287
                     Buenos Aires, Argentina


TUPPERWARE BRANDS: Moody's Lifts Ratings on Sustained Performance
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Tupperware
Brands Corporation, including the company's corporate family
rating to Ba1 from Ba2.  The upgrade reflects Tupperware's
sustained operating performance, meaningfully improved credit
metrics as well as Moody's expectation that the company's
financial policies will remain balanced.  Moody's also assigned a
Speculative Grade Liquidity rating of SGL-2.  The ratings outlook
is stable.

These ratings of Tupperware were upgraded/LGD assessments revised:

-- Corporate family rating to Ba1 from Ba2
-- Probability of default rating to Ba2 from Ba3
-- US$200 million senior secured revolving credit facility due
    2012 to Baa3 (LGD 2, 21%) from Ba1 (LGD 2, 22%)

-- US$563 million senior secured term loan A due 2012 to Baa3
    (LGD 2, 21%) from Ba1 (LGD 2, 22%)

These ratings were assigned:

-- Speculative Grade Liquidity rating of SGL-2

-- Outlook is stable

"Tupperware's Ba1 rating is driven by its modest leverage,
favorable positions in attractive direct selling markets, a
portfolio of recognized brand names, excellent geographic
diversification, and a base of independent sales consultants that
provides a significant platform for growth," says Moody's Vice
President Janice Hofferber.  Notwithstanding these positive credit
qualities, the rating reflects the company's moderate scale,
relatively narrow product diversification and weaker market share
position in the broader cosmetics and personal care sector.  The
rating also considers ongoing growth challenges of the direct
selling model in mature markets (Europe and the U.S.), its
exposure to raw materials and currency price volatility,
sensitivity to discretionary spending trends, competition from
traditional and direct selling, and the potential for future
acquisitions.

Tupperware's liquidity profile is good and is supported by its
strong cash flow from operations, modest cash balances, and full
access (approx. US$16 million outstanding) to its US$200 million
revolving credit facility which expires in September 2012.
Tupperware's liquidity is constrained by the seasonal nature of
its business as approximately 50% of their cash flow is generated
in the fourth quarter and that all of the company's cash is held
offshore.  In addition, future acquisitions or additional share
repurchases could impact the company's liquidity depending upon
the timing and financing of any related transactions.

The last rating action regarding Tupperware was on September 17,
2007 when Moody's assigned ratings to the company's new bank
credit facilities and revised the outlook to positive from stable.

Headquartered in Orlando, Florida, Tupperware Brands Corporation
(NYSE: TUP) -- http://www.tupperware.com/-- is a direct seller of  
premium food storage, preparation, serving items and cosmetics and
personal care products with sales in over 100 countries worldwide.  
Tupperware's distribution system includes 1,800 distributors,
50,900 managers and 1.1 million dealers worldwide.  The company's
beauty sales force totaled 1.1 million.  For the last twelve
months ended June 30, 2008, Tupperware's sales were approximately
US$2.1 billion.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines,
Spain, and Sweden.


TYSON FOODS: Fitch Lifts Three Ratings from 'BB+' to 'BBB-'
-----------------------------------------------------------
Fitch Ratings has upgraded the ratings of Tyson Foods, Inc. and
its subsidiary Tyson Fresh Meats, Inc.:

Tyson Foods, Inc.
-- Secured bank facility to 'BBB-' from 'BB+'.

Tyson Fresh Meats, Inc.
-- 7.95% Senior Notes due 2010 to 'BBB-' from 'BB+';
-- 7.125% Senior Notes due 2026 to 'BBB-' from 'BB+'.

At June 28, 2008, Tyson had approximately US$3.1 billion in total
debt.  The Rating Outlook is Negative.

The rating actions follow the Sept. 10 amendment to Tyson's
US$1 billion credit agreement which expires Sept. 28, 2010.  
Excluding letters of credit, US$715 million was available at
June 28, 2008.

The amendment provides additional guarantees, primarily from the
poultry and prepared food business, and pledges inventory and
trademarks owned by Tyson and its U.S. subsidiaries.  Furthermore,
assets pledged by TFM and its subsidiaries will also secure
obligations under TFM's notes due 2010 and 2026.

In addition to providing collateral and further guarantees, the
amendment gives Tyson extra cushion under its maximum leverage
covenant, which was scheduled to step down to 3.25 times during
fiscal 2009.  The amendment increased this ratio to 3.9x for the
period prior to Dec. 31, 2009 and 3.75x thereafter.

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

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


TYSON FOODS: S&P Holds 'BB' Corp. Credit and Removes Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the 'BB' corporate
credit rating on Tyson Foods Inc. and its wholly owned subsidiary,
Tyson Fresh Meats Inc. and removed the rating from CreditWatch
with negative implications, where S&P had originally placed it on
June 19, 2008.  Standard & Poor's had lowered the corporate credit
rating from 'BBB-' on Sept. 4, based on the company's volatile
operating performance that had contributed to credit protection
measures more consistent with the current rating.  The rating
affirmation is based on the company completing its planned
US$450 million senior convertible note offering and 20 million
shares of common equity.  The outlook is negative.  As of June 28,
2008, Tyson had about US$3.1 billion of debt.
   
At the same time, Standard & Poor's revised the CreditWatch
listing on all of the company's issue ratings to positive from
negative.  This is based on the company completing an amendment in
which it will provide collateral and additional guarantees from
its operating subsidiaries to secure its US$1 billion revolving
credit facility.  The security will consist of a priority lien on
inventory from seven new guarantors and from TFM, which is the
current guarantor.  In addition, each domestic subsidiary that
owns trademarks will provide the trademarks as collateral.  

Assets pledged by TFM and its subsidiaries under the credit
agreement will also be pledged to secure TFM and the company's
obligations under TFM's outstanding 7.125% notes due 2026 and
TFM's 7.95% notes due 2010, in accordance with the requirements
under the indenture governing such notes.  The issue ratings
remain on CreditWatch, pending its assessment of the effect of the
collateral pledge on the remaining unsecured debt issues.  This
includes a determination of the appropriateness of the cap on
recovery and issue-level ratings currently in place.
   
The outlook on Tyson is negative.  Tyson continues to face
significant near-term challenges from increased commodity costs
and the weak economic environment.
   
"If these trends continue to pressure its operations and result in
lease-adjusted debt leverage exceeding 4x, or if debt leverage
approaches levels where the company risks violating its amended
bank covenants, we could lower the ratings," said Standard &
Poor's credit analyst Patrick Jeffrey.
   
"Tyson will need to stabilize its operations and maintain leverage
in the low to mid-3x area before we can consider a stable
outlook," he continued.

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

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


VELOX GROUP: Fugitive CEO Extradited by U.S. Immigration
--------------------------------------------------------
The U.S. Immigration and Customs Enforcement agents, U.S.
Diplomatic Security Service agents, TSA officials, Deputy U.S.
Marshals, Miami Dade Police Officers and Uruguayan INTERPOL
representatives assisted in the extradition of Juan Peirano Basso,
an international fugitive wanted by the Uruguayan government for
money laundering following an ICE-led investigation.

Reuters reports that Mr. Peirano, the former chief executive
officer of Velox Group of Banks in Argentina, Uruguay, Paraguay,
and the Cayman Islands, faces charges for embezzling more than
US$800 million from various financial institutions.

Mr. Peirano was branded by the Uruguay government as its most-
wanted fugitive, blaming him for the collapse in the country's
economy resulting in the 2002 South American financial crisis,
Reuters says, citing the Immigration and Customs Enforcement
service.

Together with his three brothers, Mr. Peirano ran Velox which
collapsed after Argentina's financial meltdown in  2001, Reuters
adds.

ICE Office of Investigations worked in close coordination with
Uruguayan INTERPOL, the U.S. Embassy in Montevideo, and the
Uruguayan Judicial Branch to identify, locate, and apprehend this
individual.

"T[he] extradition of [Mr.] Peirano is a stellar example of
cooperation and partnership between law enforcement and government
authorities in the United States and Uruguay," said Steven Kleppe,
ICE Attache in Buenos Aires, Argentina.  "The hard work and
perseverance of the agents involved in this complex investigation
now ensures this individual will face justice for his alleged
crimes."

On Sept. 9, 2008, Mr. Peirano, a lawful permanent resident from
Uruguay, was extradited from the United States to Uruguay to stand
trial for money laundering violations.  He is accused of
embezzling more than US$800 million in funds from various
financial institutions in Uruguay, Paraguay and Argentina, South
America.  The U.S. Marshals Service remanded Mr. Peirano to the
custody of Uruguayan INTERPOL authorities at the Miami
International Airport, who escorted him on a return flight to
Uruguay on Tuesday, September 9th.  Mr. Peirano arrived the
morning of September 10th at Montevideo International Airport in
Uruguay and is now in the custody of the Uruguayan authorities
pending trial in the First Criminal Court of Uruguay, chaired by
Judge Graciela Gatti.

While serving as the Chief Executive Officer for Banco Velox in
Argentina, Banco Montevideo in Uruguay, Banco Aleman in Paraguay
and the Trade Commerce Bank in the Cayman Islands, Mr. Peirano is
alleged to have defrauded several banking institutions in South
America of more than $800 million in U.S. currency.  The
government of Uruguay branded Peirano as the country's most wanted
fugitive as a result of his actions, which are believed to have
caused the collapse of the Uruguayan economy and to have caused
the South American Financial crisis of 2002.

The investigation was initiated by ICE Attache Buenos Aires agents
after Uruguayan authorities requested assistance from the ICE
Foreign Corruption Investigations Group in researching and
identifying financial and asset information relating to Mr.
Peirano.  On May 19, 2006, Peirano was arrested by ICE Foreign
Corruption Investigations Group agents in Miami.  ICE Attache
Buenos Aires agents and ICE's Foreign Corruption Investigations
Group agents coordinated Mr. Peirano's extradition with the U.S.
Embassy in Montevideo, the Uruguayan Judicial Branch and Uruguayan
INTERPOL.

                        About Velox Group

The Velox Group is controlled by the Peirano family, of Uruguayan
extraction, and takes its name from the Banco Velox, a small but
well managed Argentine bank.  The Velox group is headed by Mr.
Juan Peirano, well known in Argentina for his skillful management
and turnaround of Disco S.A. and Santa Isabel S.A., after
experiencing serious financial trouble in the early 1990s.  The
banking concerns within the Velox group are managed by a group of
qualified professionals, with vast experience in the banking
sector.

Banco Montevideo S.A. is part of the Velox Group, a diversified
commercial and financial services group that owns banks in
Argentina, Brazil, Paraguay, and Uruguay, as well as finance and
exchange houses in all MERCOSUR (Southern Cone Common Market)
countries.  Until the beginning of 1998, the Velox group was the
largest shareholder of Disco S.A. and Santa Isabel S.A., two of
the leading food retailers in Argentina as well as Chile, Peru,
Paraguay and Ecuador.  In January 1998, the Velox Group entered
into a joint venture with Royal Ahold, a leading international
retailer that owns and operates supermarkets throughout the U.S.,
Europe, Asia and Latin America.  Royal Ahold acquired half the
shares of "Disco/Ahold International Holding, N.V.", a holding
company that owns 50.35% of the shares of Disco S.A. and 65% of
the shares of Santa Isabel S.A.  The Velox group owns the
remaining 50% of the shares of the new company.



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B A H A M A S
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HERCULES INC: S&P Retains Negative Watch on Pending Ashland Deal
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its corporate credit
ratings on Ashland Inc. and Hercules Inc. remain on CreditWatch
with negative implications pending Ashland's acquisition of
Hercules in a transaction valued at about US$3.6 billion.  In
addition, Ashland's senior unsecured debt and Hercules'
US$350 million 6.5% junior subordinated deferrable interest
debenture due June 20, 2029 (balance US$216 million) remain on
CreditWatch with negative implications.  The ratings were placed
on CreditWatch on July 11, 2008, when the transaction was
announced.  

The transaction is subject to regulatory and Hercules shareholder
approval and is expected to close by the end of the 2008 calendar
year.  S&P will resolve the CreditWatch upon closing of the
transaction.
   
"If the transaction is consummated as currently structured, we
expect to lower Ashland's corporate credit rating to 'BB' and
assign a negative outlook," said Standard & Poor's credit analyst
Cynthia Werneth.
   
S&P would lower the rating on Ashland's existing senior unsecured
debt to 'BB-' and assign a recovery rating of '5'.  This would
indicate S&P's expectation of modest (10% to 30%) recovery for
these noteholders in the event of a payment default.  S&P would
lower the rating on Hercules' debenture to 'B+', while leaving the
recovery rating unchanged at '6', indicating its expectation for
negligible (0% to 10%) recovery for these creditors in the event
of a payment default.

At the same time, based on preliminary terms and conditions, S&P
assigned a 'BBB-' senior secured bank loan rating and recovery
rating of '1' to Ashland's proposed US$500 million five-year
revolving credit facility, US$500 million five-year term loan A,
and US$750 million seven-year term loan B.  These ratings indicate
S&P's expectation of very high (90% to 100%) recovery in the event
of a payment default.
   
S&P also assigned a senior unsecured debt rating of 'BB-' and a
recovery rating of '5' to the company's proposed offering of
US$750 million of senior unsecured notes due in 2016.  These
ratings indicate S&P's expectation of modest (10% to 30%) recovery
in the event of a payment default.
   
Proceeds of the credit facility and notes, along with proceeds
from a planned US$200 million accounts receivable program, cash on
hand, and about US$450 million of new common equity will be used
to acquire Hercules.
   
In addition, S&P affirmed its ratings on Hercules' existing senior
secured credit facility and senior subordinated notes.  S&P
expects this debt to be refinanced at closing of the transaction,
at which time S&P will withdraw the ratings.
   
From a business risk perspective, the Hercules transaction is a
strong positive.  It would add substantial specialty chemical
assets with favorable business risk characteristics, creating a
company with more than US$10 billion in annual revenues and
limited vulnerability to economic cycles.
   
Although the transaction will be primarily debt-financed, it will
include about US$450 million of stock, depending on Ashland's
share price.  In addition, Ashland currently has very little book
debt, and the company plans to use a substantial amount of cash on
hand to finance the Hercules acquisition.  As a result, S&P
expects Ashland's total adjusted debt pro forma for the
transaction to be about US$3.3 billion.  S&P would adjust debt to
include about US$360 million of after-tax pension and other
postretirement obligations, US$230 million of estimated, tax-
effected asbestos liabilities, and US$210 million of capitalized
operating leases at the combined company.  Pro forma funds from
operations to adjusted total debt will be in the mid- to upper-
teens percentage area.
   
Following this acquisition, S&P expects Ashland to use the
majority of discretionary cash flow to reduce debt, so that the
FFO to debt ratio strengthens to the 20%-25% range it deems
appropriate at the 'BB' rating.
   
The prospective negative outlook addresses the fact that S&P would
lower the ratings if credit measures do not show steady
improvement or if the cushion related to maintaining compliance
with financial covenants within the credit agreements
deteriorates.  While S&P expects Ashland's operating results to
strengthen, business challenges could include weaker-than-expected
economic conditions, higher raw material cost inflation,
unfavorable trends with respect to asbestos or environmental
outlays, or additional acquisitions or shareholder initiatives.

Wilmington, Delaware-based Hercules Inc. -- http://www.herc.com/
-- (NYSE:HPC) manufactures and markets chemical specialties
globally for making a variety of products for home, office and
industrial markets.

Outside the United States, the company has subsidiaries in
Argentina, Bahamas, Belgium, Brazil, Hong Kong, India, Indonesia
and France.



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

MONTPELIER RE: Declares US$0.075 Per Share Quarterly Dividend
-------------------------------------------------------------
Montpelier Re Holdings Ltd.'s Board of Directors has declared a
quarterly dividend of US$0.075 per common share.

The dividend is payable on October 15, 2008 to shareholders of
record on September 30, 2008.

Headquartered in Bermuda, Montpelier Re Holdings Ltd. --
www.montpelierre.bm -- through its operating subsidiary
Montpelier Reinsurance Ltd., provides customized, innovative,
and timely reinsurance and insurance solutions to the global
market.  The company has operations in the United States and
Europe.

                            *     *     *

To date, Montpelier Re Holdings holds A.M. Best's “bb+”
subordinated debt rating and “bb” preferred stock rating.



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

JBS SA: Dismisses 100 Muslim Workers Due to Religious Issues
------------------------------------------------------------
JBS SA is firing 100 Muslim workers at a U.S. meat-processing
plant after they demanded time to pray at sunset during the
Ramadan holy month, Bloomberg News says, citing newspaper Valor
Economico.

According to the paper, 220 workers walked away on Sept. 5 from
production lines at the JBS-owned Swift meatpacking plant in
Greeley, Colorado, to protest management's refusal to let Muslims
take prayer breaks in accordance with their traditions.  About 100
were reportedly fired while the rest returned to work, Bloomberg
relates.

Citing the paper, Bloomberg says production at the plant with
3,400 employees wasn't affected.  The company is engaged with
union representatives and employees in efforts to find a solution
that respects the workers' religious practices.

The paper states that around 100 JBS employees and Muslim leaders
protested in downtown Greeley against the firings, Bloomberg adds.

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

                          *     *     *

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


LEHMAN BROTHERS: Goes Belly-Up In Biggest Bankruptcy Ever
---------------------------------------------------------
Lehman Brothers Holdings Inc. filed a petition under Chapter 11 of
the U.S. Bankruptcy Code with the United States Bankruptcy Court
for the Southern District of New York early morning on Sept. 15.

None of the broker-dealer subsidiaries or other subsidiaries of
LBHI were included in the Chapter 11 filing and all of the broker-
dealers will continue to operate. Customers of Lehman Brothers,
including customers of its wholly owned subsidiary, Neuberger
Berman Holdings, LLC, may continue to trade or take other actions
with respect to their accounts.

The Board of Directors of LBHI authorized the filing of the
Chapter 11 petition in order to protect its assets and maximize
value. In conjunction with the filing, LBHI intends to file a
variety of first day motions that will allow it to continue to
manage operations in the ordinary course. Those motions include
requests to make wage and salary payments and continue other
benefits to its employees.

Ian T. Lowitt, Lehman's chief financial officer, controller, and
executive vice president, said that Lehman was materially affected
by conditions in the global financial markets and worldwide
economic conditions.  For most of 2008, Lehman Brothers operated
in an extremely unfavorable global business environment.  
"Conditions were characterized by a continued lack of liquidity in
the credit markets, significantly depressed volumes in most equity
markets, a widening in certain fixed income credit spreads
compared to the end of the 2007 fiscal year, and declining asset
values."

"The hardships," Mr. Lowitt continued, were compounded by slowed
growth in major economies as a result of declining business and
consumer confidence.  Global inflation rose amid slowing economic
growth.  Commodity prices rose significantly during the quarter,
with oil and gold reaching record levels, raising costs of
industrial production.  Central banks' concerns about exacerbating
inflationary conditions limited their ability to effect monetary
policies intended to provide liquidity within the markets."

For the quarter ending August 31, 2008, Lehman posted a
preliminary net loss of US$3.9 billion, compared to an US$887
million net income for the same quarter in 2007.  The US$3.9
billion loss, Bloomberg said, is Lehman's biggest loss in history.  
For the quarter ended May 31, 2008, Lehman posted US$2.7 billion
in losses, and US$489 million in income for the quarter ended Feb.
29, 2008.  The net loss, according to a company statement, was
driven primarily by gross mark-to-market adjustments stemming from
writedowns on commercial and residential mortgage and real
estates.

LBHI is exploring the sale of its broker-dealer operations and is
in advanced discussions with a number of potential purchasers to
sell its Investment Management Division.  LBHI intends to pursue
those discussions as well as a number of other strategic
alternatives.

Neuberger Berman, LLC and Lehman Brothers Asset Management will
continue to conduct business as usual and will not be subject to
the bankruptcy case of its parent, and its portfolio management,
research and operating functions remain intact. In addition, fully
paid securities of customers of Neuberger Berman
are segregated from the assets of Lehman Brothers and are not
subject to the claims of Lehman Brothers Holdings' creditors.

Sean Egan of Egan-Jones rating agency, says Lehman's bankruptcy
"wo[n]'t have as big an impact" as the bankruptcy of Fannie Mae
or Freddie Mac, Bear Stearns Cos., or Countrywide Financial Corp.
would have had.  "What the market has been telling us is that
Lehman's equity and assets don't cover its liabilities, so the
debt isn't worth 100 cents on the dollar," Mr. Egan said.  "That
means credit default swaps on Lehman's debt will be triggered."

Martin Bienenstock, Esq., a prominent corporate restructuring
lawyer at Dewey & LeBeouf, who represents several Lehman
creditors, told Bloomberg that, in the short term, there will
regrettably be losers including creditors, investors and the
capital markets."

The International Swaps and Derivatives Association, according to
WSJ, said a "netting trading session" took place between 2:00
p.m. and 6:00 p.m. Sunday night, to reduce risks associated with
Lehman's bankruptcy.  

In its bankruptcy petition, Lehman estimated that funds will be
available for unsecured creditors.  Lehman believes that it has
more than 100,000 creditors.

Senior unsecured debt-holders of Lehman may receive 60 cents to
80 cents on the dollar in a bankruptcy filing, research firm
CreditSights said Sept. 14.  Early quotations on Lehman senior
debt show the bonds trading in the 32 cents to 35 cents range,
CreditSights said.  Secured creditors could receive 100%
recovery, according to analyst David Hendler, who co-authored the
report.  Lehman owes US$149 billion in bond debt.

                     Possible Liquidation

Bloomberg said Lehman has access to a lending facility for
brokers that would permit an orderly process for unwinding the
firm.  A group of banks, Bloomberg said, citing people familiar
with the matter, is also negotiating a fund to lend to troubled
financial firms and shore up investor confidence.

The WSJ said many Wall Street firms conceded that a liquidation
of Lehman's assets likely would proceed in an orderly fashion.  A
liquidation of Lehman's assets would allow other firms to quickly
buy real estate, securities, and other investments, preventing
the assets from flooding the market.  Because of this, the WSJ
said some participants in the Fed talks decided that "liquidation
was no worse an option that selling Lehman to a buyer such as
Barclays."

"There will be an orderly wind down," the WSJ quoted one
unidentified banker involved in the matter as saying.  "This was
the default option. It happens when you have no buyer."  The WSJ
further said that the outside firms decided that instead of
making guarantees for Barclays or some other purchaser of Lehman,
they would prefer to pool their resources and buy the assets
themselves, taking on the risks and carrying costs, along with
the possibility of profiting down the road.  Those firms, the WSJ
said, would likely then buy assets such as mortgage-backed
securities, leveraged loans, private-equity positions and
investments in real estate or hedge funds.

                Talks Continue with Barclays PLC

Lehman Brothers was negotiating on Monday a last-minute plan to
sell its assets to Barclays PLC, before too many workers and
clients leave the company, which could cause the assets' value to
decline, Jeffrey McCracken, Matthew Karnitschnig, Carrick
Mollenkamp, and Susanne Craig at the Wall Street Journal reports.

A person involved in the talks said that Barclays Americas
chairperson Archibald Cox was leading the talks, and an agreement
is hoped to be reached today, Sept. 16, WSJ reports.

The planned sale, says WSJ, would fold Lehman's core business --
underwriting stocks and bonds, providing merger advice, and
securities trading -- into Barclays. "The assets will be moved as
soon as possible," WSJ quoted a person working on the Lehman
bankruptcy.

Barclays was not expected to take on Lehman's operations in Europe
and Asia, WSJ relates.

According to WSJ, Barclays held discussions about buying Lehman
before the bankruptcy filing. Barclays remains interested in
Lehman's U.S. broker-dealer unit, WSJ states.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America,
including Argentina, Brazil, Mexico, Puerto Rico and Uruguay, and
the Asia Pacific region.  The firm, through predecessor entities,
was founded in 1850.

As of May 31, 2008, the Company's consolidated assets totaled
approximately US$639 billion, and its consolidated liabilities
totaled US$613 billion.

Lehman's bankruptcy petition listed US$639 billion in assets and
US$613 billion in debts, effectively making the firm's bankruptcy
filing the largest in U.S. history.  The September 15 Chapter 11
filing by Lehman Brothers Holdings, Inc., does not include any of
its subsidiaries.


LEHMAN BROTHERS: European Unit Placed Into Administration
---------------------------------------------------------
Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis,
partners at PricewaterhouseCoopers LLP, were appointed as joint
administrators to Lehman Brothers International (Europe) on
September 15, 2008.

Lehman Brothers, the principal UK trading company in the Lehman
group, was placed into administration, together with Lehman
Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. These are
currently the only UK incorporated companies in administration.

The joint administrators have been appointed to wind down the
business in as orderly a manner as possible.

Tony Lomas, joint administrator and partner of
PricewaterhouseCoopers LLP emphasised, "Because the group managed
its funding on a global basis the
UK trading operation found itself unable to meet its obligations
when the flow of funds dried up last night. Our priority now is to
work with management and trading counterparties to agree the
manner in which the assets and liabilities will be handled.

"I would also like to emphasise that a number of group companies
remain solvent and will continue to trade. These companies include
LBAM (Europe) and a series of special purpose vehicles designed to
manage portfolios of residential and commercial real estate assets
and non performing loans."

                  About PricewaterhouseCoopers

PricewaterhouseCoopers -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for its clients and their
stakeholders. More than 146,000 people in 150 countries across
our network share their thinking, experience and solutions to
develop fresh perspectives and practical advice.

'PricewaterhouseCoopers' refers to PricewaterhouseCoopers LLP (a
limited liability partnership in the United Kingdom) or, as the
context requires, the PricewaterhouseCoopers global network or
other member firms in the network, each of which is a separate
and independent legal entity.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America,
including Argentina, Brazil, Mexico, Puerto Rico and Uruguay, and
the Asia Pacific region.  The firm, through predecessor entities,
was founded in 1850.


LEHMAN BROTHERS: Wants Bankruptcy Stay Enforced on Creditors
------------------------------------------------------------
Lehman Brothers Holdings Inc., seeks a ruling by the U.S.
Bankruptcy Court for the Southern District of New York enforcing
the so-called "automatic stay" in its Chapter 11 case.

Harvey Miller, Esq., at Weil, Gotshal & Manges LLP, in New York,
says a court order enforcing the automatic stay pursuant to the
Bankruptcy Code is required given the global nature of Lehman
Brothers' businesses and its extensive dealings with foreign  
creditors.

Under Section 362 of the Bankruptcy Code, the filing of a
bankruptcy case triggers an injunction against the continuance of
an action by any creditor against the debtor or its property.  
The automatic stay gives the debtor protection from its creditors
subject to the oversight of the bankruptcy judge.

"Many of the non-U.S. creditors affected by Section 362 of the
Bankruptcy Code are unaware of the significant protection it
provides to [Lehman Brothers]," Mr. Miller says.  "A certain
amount of [Lehman Brothers'] assets are located around the globe,
which may further confuse a non-U.S. creditor that is
unaccustomed to the broad reach of the automatic stay."

Lehman Brothers holds regional headquarters in London and Tokyo
and a network of offices in Europe, the Middle East, Latin
America and the Asia Pacific region.  It also holds memberships
or associate memberships on several principal international
securities and commodities exchanges.

"The existence of such an order, which Lehman Brothers will be
able to transmit to affected parties, will maximize the
protections afforded by Sections 362 of the Bankruptcy Code,"
Mr. Miller says.  He further says that the automatic stay may not
be recognized by foreign creditors or tribunals unless embodied
in an order of the Court.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America,
including Argentina, Brazil, Mexico, Puerto Rico and Uruguay, and
the Asia Pacific region.  The firm, through predecessor entities,
was founded in 1850.

As of May 31, 2008, the Company's consolidated assets totaled
approximately US$639 billion, and its consolidated liabilities
totaled US$613 billion.

Lehman's bankruptcy petition listed US$639 billion in assets and
US$613 billion in debts, effectively making the firm's bankruptcy
filing the largest in U.S. history.  The September 15 Chapter 11
filing by Lehman Brothers Holdings, Inc., does not include any of
its subsidiaries.


LEHMAN BROTHERS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Lehman Brothers Holdings Inc.
       745 Seventh Avenue
       New York, NY 10019

Bankruptcy Case No.: 08-13555

Type of Business: The Debtor is an investment bank.  The
                  company serves the financial needs of
                  corporations, governments and municipalities,
                  institutional clients, and high net worth
                  individuals worldwide.  Founded in 1850, Lehman
                  Brothers is involved in equity and fixed income
                  sales, trading and research, investment banking,
                  private investment management, asset management
                  and private equity.  The company operates in
                  three segments: Capital Markets, Investment
                  Banking, and Investment Management.  It has
                  regional headquarters in London and Tokyo, and
                  operates in a network of offices around the
                  world.  It has about 28,000  full-time
                  employees.  See: http://www.lehman.com/

Chapter 11 Petition Date: September 15, 2008

Court: Southern District of New York (Manhattan)

Debtor's Counsel: Harvey R. Miller, Esq.
                 harvey.miller@weil.com
                 Richard P. Krasnow, Esq.
                 Lori R. Fife, Esq.
                 Shai Y. Waisman, Esq.
                 Jacqueline Marcus, Esq.
                 Weil, Gotshal & Manges, LLP
                 767 Fifth Avenue
                 New York, NY 10153
                 Tel: (212) 310-8000
                 Fax: (212) 310-8007
                 http://www.weil.com/

The Debtor's financial condition as of May 31, 2008:

Total Assets: US$639 billion

Total Debts: US$613 billion

Debtor's 30 Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Citibank, N.A., as indenture   bond debt      US$138,000,000,000
trustee, and The Bank of New
York Mellon Corporation (with
respect to the Euro Medium
Term Notes only, as indenture
trustee, under the Lehman
Brothers Holdings. Senior
Notes.

Citibank, N.A.
399 Park Avenue
New York, NY 10043
Attn: Wafaa Orfy
Tel: (800) 422-2066
Fax: (212) 816-5773

The Bank of New York
One Canada Square
Canary Wharf, London E14 5AL
Attn: Raymond Morison
Tel: 44-207-964-8800

The Bank of New York           bond debt       US$15,000,000,000
Mellon Corporation, as
indenture trustee under the
Lehman Brothers Holdings
Inc. subordinated debt.

The Bank of New York
Mellon Corporation
101 Barclay Street
New York, NY 10286
Attn: Chris O'Mahoney
Tel: (212) 815-4107
Fax: (212) 815-4000

AOZORA                         bank loan          US$463,000,000
1-3-1 Kudan-Minami
Chiyoda-ku, Tokyo 102-8660
Tel: 81-3-5212-9631
Fax: 81-3-3265-9810

Mizuho Corporate Bank Ltd.     bank loan          US$289,000,000
Global Syndicated Financi
Division
1-3-3, Marunochi, Chiyoda-ku
Tokyo, Japan 100-8210

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360
Fax: (212) 282-4487

Citibank N.A. Hong Kong        bank loan          US$275,000,000
Branch
Financial Institutions Group
Asia Pacific
44f Citibank Tower
3 Garden Rd.
Central Hong Kong

Michael Mauerstein
MD - FIG
388 Greenwich Street
New York, NY 10013
Tel: (212) 816-3431

BNP Paribas                    bank loan          US$250,000,000
787 7th Avenue
New York, NY 10019
Tel: (212) 841-2084

Shinesi Bank Ltd.              bank loan          US$231,000,000
1-8, Uchisaiwaicho 2-
Chome
Chiyoda-ku, Tokyo 100-8501
Tel: 81-3-5511-5377
Fax: 81-3-4560-2834

UFJ bank Limited               bank loan          US$185,000,000
2-7-1, Marunouchi
Chiyoda-ku, TKY 100-8388

Stephen Small
vice president
head of financial
institutions
Bank of Tokyo-Mitsubishi
UFJ Trust Company
1251 Avenue of the Americas
New York, New York
10020-1104
Tel: (212) 782-4352
Fax: (212) 782-6445

Sumitomo Mitsubishi            bank loan          US$177,000,000
Bank Corp.
13-6 Nihobashi-
Kodenma-Cho, Chuo-ku,
Tokyo, 103-0001

Yas Imai
Senior Vice President
Head of Financial
Institution Group
Sumitomo Mistui Banking
Corporation
277 Park Avenue
New York, NY 10172
Tel: (212) 224-4031
Fax: (212) 224-4384

Svenska Handelsbanken          letter of credit   US$140,610,543
153 E. 53rd St., 37th floor
New York, NY 10022
Tel: (212) 258,9487

KBC Bank                       letter of credit   US$100,000,000          
125 W. 55th St.
New York, NY 10019
Tel: (212) 258-9487

Mizuho Corporate Bank Ltd.     bank loan           US$93,000,000
1-3-3, Marunouchi
Chiyoda-ku, TKY 100-8219

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360

Shinkin Central Bank           bank loan           US$93,000,000
8-1, Kyobashi 3-Chome
Chuo-ku, Tokyo 104-0031

Shuji Yamada
Deputy General Manager
Financial Institution Dept.
Shinkin Central Bank
3-7, Yaesu 1-chome, Chuo-ku
Tokyo 104-0028
Tel: 81-3-5202-7679
Fax: 81-3-3278-7051

The Bank of Nova Scotia        bank loan           US$93,000,000
Singapore Branch
1 Raffles Quay #201-01
One Raffles Quay North
Tower
Singapore 0485583

George Neofitidis
Director Financial
Institutions Group
One Liberty Plaza
New York, NY 10006
Tel: (212) 225-5379
Fax: (212) 225-5254

Chuo Mitsui Trust & Banking   bank loan            US$93,000,000
3-33-1 Shiba, Minato-ku,
Tokyo, 105-0014
Tel: 81-3-5232-8953
Fax: 81-3-5232-8981

Lloyds Bank                   letter of credit     US$75,381,654
1251 Avenue of the Americas
39th Floor
P.O. Box 4873
New York, NY 10163
Tel: (212) 930-8967
Fax: (212) 930-5098

Hua Nan Commercial Bank       bank loan            US$59,000,000      
Ltd.
38 Chung-King South
Road Section 1
Taipei, Taiwan

Bank of China                 bank loan            US$50,000,000
New York Branch
410 Madison Avenue
New York, NY 10017
Tel: (212) 936-3101
Fax: (212) 758-3824

Nippon Life Insurance Co.     bank loan            US$46,000,000
1-6-6, Marunouchi,
Chiyoda-ku, Tokyo 100-8288

Takayuki Murai
Deputy General Manager
Corporate Finance Dept. #1
Nippon Life Insurance Co.
Tel: 81-3-5533-9814
Fax: 81-3-5533-5208

ANZ Banking Group             bank loan            US$44,000,000
Limited
18th Floor Kyobo Building
1 Chongro 1 Ku,
Chongro Ka,
Seoul, Korea

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Standard Chartered Bank       bank loan            US$41,000,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

Standard Chartered Bank       letter of credit     US$36,114,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

First Commercial Bank         bank loan            US$25,000,000
Co. Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017

Jason C. Lee
Deputy General Manager
First Commercial Bank Co.
Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017
Tel: (212) 599-6868
Fax: (212) 599-6133

Bank of Taiwan                bank loan            US$25,000,000
New York Agency
100 Wall Street, 11th Floor
New York, NY 1005

Eunice S.J. Yeh
Senior Vice President &
General Manager
100 Wall Street, 11th floor
New York, NY 10005
Tel: (212) 968-0580
Fax: (212) 968-8370

DnB NOR Bank ASA              bank loan            US$25,000,000
NO-0021, Olso, Norway
Stranden 21, Aker Brygge
Tel: 47 22 9487 46
Fax: 47 22 48 29 84

Australia and New Zealand     bank loan            US$25,000,000
Banking Group Limited
Melbourne Office
Level 6, 100 Queen
Street Victoria
Melbourne, VIC 3000
Australia

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Australia National Bank       letter of credit     US$12,588,235
1177 Avenue of the
Americas, 6th Floor
New York, NY 10036

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

National Australia Bank       letter of credit     US$10,294,163
245 Park Avenue, 28th Fl.
New York, NY 10167

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Taipei Fubon Bank, New        bank loan            US$10,000,000
York Agency
100 Wall Street, 14th floor
NY NY 10005
Tel: (212) 968-9888
Fax: (212) 968-9800


LEHMAN BROTHERS: Fitch Puts Ratings at 'D' After Bankruptcy Filing
------------------------------------------------------------------
Fitch Ratings has downgraded the long- and short-term Issuer
Default Ratings and outstanding debt ratings of Lehman Brothers
Holdings Inc, parent of Lehman Brothers Inc. and other
subsidiaries as:

-- Long-term IDR to 'D' from 'A+';
-- Short-term IDR to 'D' from 'F1';
-- Senior debt to 'CCC' from 'A+';
-- Subordinated debt to 'C' from 'A';
-- Preferred stock to 'C' from 'A'.

Fitch has also removed LBHI's long- and short-term ratings from
Rating Watch Negative, where they were originally placed on
Sept. 9.  The rating action follows LBHI's declaration of
bankruptcy.  The ratings of the subsidiaries will remain on Rating
Watch Negative and will likely be downgraded as additional
information becomes available.

LBHI's declaration of bankruptcy results from an inability to
raise additional capital or effect a merger in the very near term.  
Liquidity has become constrained extremely limiting flexibility,
particularly for its UK broker-dealer, Lehman Brothers Holdings,
plc.  LBHI is expected to explore the sale of several divisions
and or subsidiaries including the investment management division
which owns Neuberger Berman, the former Lincoln Capital and equity
interests in GLG, Spinnaker and DE Shaw.  Execution of the
proposed structural sales and changes as discussed on LBHI's
third-quarter 2008 earnings call are not likely to be executed.

LBHI posted a net operating loss nine months year-to-date of
US$6.2 billion or (US$10.81) per share. Offsetting these
cumulative losses have been share raises of US$4 billion of common
equity and US$4 billion of preferred debt which serve to cushion
senior debt holders from any future losses.  The mark to market
nature of securities firms' assets result in regularly updated
valuations.

Fitch expects the liquidation and lack of financing by
counterparties to reduce the most recent valuation of these
assets, particularly the US$17 billion of residential related
securities and whole loans, and the US$37 billion of commercial
real estate exposures.  However, an orderly liquidation should
provide substantive cash for recovery at the senior level.  At
this time, Fitch expects limited to no recovery at the
subordinated and preferred debt levels at LBHI.

Fitch will evaluate ratings of various subsidiaries over the next
few days with an expectation of downgrades of long-term IDRs of
'CCC' for Lehman Brothers Inc., Lehman Brothers Holdings, plc and
Lehman Brothers International (Europe).  By law, broker dealer
subsidiaries are not subject to bankruptcy but in turn face
liquidation.  Fitch believes Lehman Brothers Inc, its US broker
dealer, will continue to operate for some time.  Eventual default
remains a real possibility.

LBHI's bank subsidiaries, Lehman Brothers Bank, FSB, Lehman
Brothers Commercial Bank and Lehman Brothers Bankhaus AG will also
be downgraded; however debt is expected to remain more highly
rated than the broker-dealer subsidiaries.  US based regulated
entities will be protected from cash outflows to the parent.  The
vast majority of deposits are brokered retail deposits and all
below US$100,000.  Uninsured deposits, while minimal, are expected
to be protected by the well-capitalized status of the
institutions.  

Borrowings at Lehman Brothers Bank, FSB are largely from the
Federal Home Loan Bank System, and secured by mortgage collateral.  
Both bank entities have an ability to put weakened assets back to
LBHI which will protect their capital base, but increase loss
potential for unsecured creditors of LBHI.

Fitch has downgraded these ratings:

Lehman Brothers Holdings Inc.
-- Long-term IDR to 'D' from 'A+';
-- Long-term senior to 'CCC' from 'A+';
-- Senior unsecured debt to 'CCC' from 'A+';
-- Subordinated debt to 'C' from 'A';
-- Preferred stock to 'C' from 'A';
-- Short-term IDR to 'D' from 'F1';
-- Short term debt to 'D' from 'F1';
-- Individual to 'F' from 'B/C'.

All support ratings of subsidiaries are downgraded from '1' to
'5'.

Lehman Brothers Holdings Capital Trust III - VII
-- Preferred stock to 'C' from 'A'.

Lehman Brothers UK Capital Trust LP, II and III
-- Preferred stock to 'C' from 'A'.

Lehman Brothers E-Capital Trust I
-- Preferred stock to 'C' from 'A'.

Fitch has also affirmed these ratings:

Lehman Brothers Holdings Inc.
-- Support at '5';
-- Support Floor at 'NF'.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America,
including Argentina, Brazil, Mexico, Puerto Rico and Uruguay, and
the Asia Pacific region.  The firm, through predecessor entities,
was founded in 1850.


LEHMAN BROTHERS: Parent's Bankruptcy Cues Fitch to Review Units
---------------------------------------------------------------
Following its rating downgrade of Lehman Brothers Holdings Inc.'s
long- and short-term Issuer Default Ratings to 'D' on its
declaration of bankruptcy, Fitch Ratings is reviewing LBHI and
subsidiaries' counterparty exposure in global structured finance
transactions.  Credit default swap counterparty, eligible security
and reference entity exposure will be discussed in a separate
commentary to be issued shortly by Fitch.

In addition to those actions, Fitch is evaluating ratings of
various LBHI subsidiaries, the long term IDRs of which were also
downgraded by Fitch.  The subsidiaries include:

-- Lehman Brothers Inc.;
-- Lehman Brothers Holdings, plc;
-- Lehman Brothers International (Europe);
-- Lehman Brothers Bank, FSB;
-- Lehman Brothers Commercial Bank.

Counterparty risk in SF transactions is subject to Fitch's
criteria for hedge counterparties.  For SF transactions rated
'BBB+' or higher with counterparties that are downgraded to below
'BBB+/F2', Fitch expects that the actions of choice by the issuer
should be to replace the counterparty or arrange for the hedge
obligations to be guaranteed by a rated entity that is consistent
with Fitch's criteria.  During the time a replacement or guarantor
is sought, Fitch expects collateral to be posted as a measure of
protection.

Fitch's hedge counterparty criteria provides for a 30-day cure
period before a security is placed on Rating Watch Negative
following a counterparty downgrade.  However given the severity of
the downgrades to LBHI and its subsidiaries, Fitch will move more
quickly to indicate which structured finance transactions are at
risk of downgrade, should no replacement counterparty or guarantor
assume Lehman's hedge obligations.  Fitch will provide lists of
transactions in the U.S., EMEA and Asia with exposure to the
various Lehman entities over the next few days.

The resolution of the Rating Watch Negative status will reflect
the rating of the specific counterparty, terms of the hedge
contract, the likelihood of cure, and when a cure is not expected,
analysis of transactions cash flows without benefit of existing
hedges.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America,
including Argentina, Brazil, Mexico, Puerto Rico and Uruguay, and
the Asia Pacific region.  The firm, through predecessor entities,
was founded in 1850.


LOCALIZA RENT: Moody's Rates BRL300 Million Senior Debentures Ba1
-----------------------------------------------------------------
Moody's has assigned a Ba1 local currency and a Aa2.br Brazil
national scale rating to Localiza Rent a Car S.A.'s BRL300 million
in senior debentures due in 2012.  At the same time Moody's
assigned a Ba1/Aa2.br corporate family rating and affirmed
Localiza's senior debentures due in 2014 at the same level.  The
outlook for all ratings is stable.

The net proceeds of the issuance will be used for fleet expansion,
working capital needs and to repay short-term senior unsecured
bank debt so that leverage, as measured by Total Debt to EBITDA is
not expected to materially increase by the end of the year.  The
senior debentures have a "floating guarantee", which ensures
general rights over all of the assets of the issuer, but does not
hinder the sale of assets.  Debt with this type of guarantee has
priority of claim over senior unsecured debt obligations of the
issuer but is junior to secured debt.  The rating for the senior
debentures is at the same level as Localiza's corporate family
rating because a high percentage of the company's total
outstanding debt is expected to benefit from a floating guarantee
after proceeds are used to retire existing senior unsecured bank
debt.

"The Ba1 CFR rating recognizes, among other factors, Localiza's
leading market position and strong brand in the Brazilian car
rental market, the benefits of its integrated business platform
and the liquidity of its assets", said Moody's Vice-President
Senior Analyst, Soummo Mukherjee.  "Its experienced management
team and extensive on- and off-airport distribution network in
Brazil also support the rating", added Mr. Mukherjee.

The rating is principally constrained by Localiza's reliance on
bank financing to fund negative free cash flow resulting from the
company's high growth phase and consequent growth of its fleet and
working capital needs.  The rating is also constrained by
relatively low interest coverage for the rating category together
with Localiza's relatively small size when compared to higher
rated corporate issuers in Latin America.

Localiza's Ba1 local currency corporate family rating reflects its
global default and loss expectation, while the Aa2.br national
scale rating reflects the standing of Localiza's credit quality
relative to its domestic peers.  

The stable outlook assumes that Localiza will continue to
successfully execute its growth strategy with access to the
capital markets even in the current tighter liquidity environment
and benefit from the continued favorable trends supporting
economic growth and business activity in Brazil.  Upward pressure
on Localiza's current rating could arise from a consistent gain in
market share, size in revenue terms and scale while maintaining
Gross Debt to EBITDA below 2.5 times and achieving EBITDA to
interest expense coverage of above 5.0 times.  An available and
largely undrawn committed liquidity facility would also be
considered an enhancement in the company's liquidity profile and
overall credit quality.  An upgrade, although not likely in the
near term, would require a thorough analysis of the company's
contingency plans for liquidity and management of its fleet size
during a major economic downturn.

Conversely, negative pressure on the current outlook or ratings
could arise should the outlook for the Brazilian economy and car
rental market experience a severe downturn and Localiza is unable
to quickly adjust the size of its operations.  Quantitatively,
Localiza's rating could come under downward pressure if EBITDA
margins for its fleet management and car rental business were to
fall below 45%, EBITDA interest coverage to below 3.0 times or if
Gross Debt to EBITDA exceeded 3.0 times on a sustained basis.

Ratings Assigned:

   -- BRL300 million senior debentures due 2012: Ba1/Aa2.br;
   -- Corporate Family Rating: Ba1/Aa2.br

Ratings Affirmed:

   -- BRL200 million senior debentures due 2014: Ba1/Aa2.br

Headquartered in Belo Horizonte, Minas Gerais, Brazil, Localiza
Rent a Car SA operates car rental, fleet management, and used
car businesses in Brazil, and franchises rental car operations
throughout Latin America.  At the end of March, 2007, Localiza
had a total fleet of 38,800 cars and 316 car rental locations
(278 in Brazil, with 145 company-owned) in nine countries.  
Founded in 1973, Localiza is the market leader in Brazil in each
of the car rental lines of business, including replacement and
fleet management markets, and also has the largest number of car
rental locations at the principal Brazilian airports.


SADIA SA: To Invest BRL308 Million on Lucas do Rio Project
----------------------------------------------------------
Sadia S.A.’s Board of Directors approved investments in the amount
of BRL308 million to complete the second stage of Lucas do Rio
Verde-MT Project, the purpose of which is to reach a total
slaughtering capacity of 145 million heads/year of poultry and
2.5 million heads/year of hogs.  This investment also includes
supporting areas, utilities, agriculture and livestock.

The operational startup of this second stage is scheduled for the
second half of 2010 and, when operating at full capacity by the
first half of 2011, it will generate an additional annual revenue
of around BRL725 million for Sadia.

Sadia’s decision to expand investments in Mato Grosso is in
alignment with its strategy of maximizing production in grain-
producing regions.

                            About Sadia

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

                           *     *      *

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

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



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

ALTIMA GLOBAL: To Hold Final Shareholders Meeting on Sept. 19
-------------------------------------------------------------
Altima Global Special Situations Fund 1 Ltd. will hold its final
shareholders meeting on Sept. 19, 2008, at 10:00 a.m., at the
offices of Ogier, Attorneys, Queensgate House, South Church
Street, 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.

Altima Global's shareholder decided on July 24, 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 Sargison
               c/o Ogier
               P.O. Box 1234
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jonathan McLean
               Tel: (345) 949-9876
               Fax: (345) 949-1986


AQUELTA LTD: Holds Final Shareholders Meeting on Sept. 19
---------------------------------------------------------
Aquelta Ltd. will hold its final shareholders meeting on Sept. 19,
2008, at 10:00 a.m., at the registered office of the Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

                Walkers SPV Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


AQUELTA BONDCO: Final Shareholders Meeting Is Set for Sept. 19
--------------------------------------------------------------
Aquelta Bondco Ltd. will hold its final shareholders meeting on
Sept. 19, 2008, at 10:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

                Walkers SPV Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


AQUELTA EQUITYCO: Sets Final Shareholders Meeting on Sept. 19
-------------------------------------------------------------
Aquelta Equityco Ltd. will hold its final shareholders meeting on
Sept. 19, 2008, at 10:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

                Walkers SPV Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


AQUELTA HYCO: Holding Final Shareholders Meeting on Sept. 19
------------------------------------------------------------
Aquelta Hyco Ltd. will hold its final shareholders meeting on
Sept. 19, 2008, at 10:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

                Walkers SPV Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


AQUELTA MIDCO: Will Hold Final Shareholders Meeting on Sept. 19
---------------------------------------------------------------
Aquelta Midco Ltd. will hold its final shareholders meeting on
Sept. 19, 2008, at 10:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

                Walkers SPV Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


AQUELTA OPHOLDCO: Final Shareholders Meeting Is on Sept. 19
-----------------------------------------------------------
Aquelta Opholdco Ltd. will hold its final shareholders meeting on
Sept. 19, 2008, at 10:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

                Walkers SPV Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


AQUELTA PROPCO: To Hold Final Shareholders Meeting on Sept. 19
--------------------------------------------------------------
Aquelta Propco Ltd. will hold its final shareholders meeting on
Sept. 19, 2008, at 10:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

                Walkers SPV Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


AQUELTA SENIORCO: Holds Final Shareholders Meeting on Sept. 19
--------------------------------------------------------------
Aquelta Seniorco Ltd. will hold its final shareholders meeting on
Sept. 19, 2008, at 10:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

                Walkers SPV Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


AQUELTA TOPCO: Will Hold Final Shareholders Meeting on Sept. 19
---------------------------------------------------------------
Aquelta Topco Ltd. will hold its final shareholders meeting on
Sept. 19, 2008, at 10:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

                Walkers SPV Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


CAPITAL INVEST: Deadline for Proof of Claim Filing Is Sept. 19
--------------------------------------------------------------
Capital Invest Offshore Funds SPC's creditors have until Sept. 19,
2008, to prove their claims to E. Andrew Hersant and Christopher
Humphries, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Capital Invest's shareholder decided on July 1, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               E. Andrew Hersant and Christopher Humphries
               c/o Stuarts Walker Hersant
               P.O. Box 2510
               Dr. Roy's Drive
               Grand Cayman, Cayman Islands
               Tel: (345) 949-3344
               Fax: (345) 949-2888


CAPITAL INVEST: Holding Final Shareholders Meeting on Sept. 19
--------------------------------------------------------------
Capital Invest Offshore Funds SPC will hold its final shareholders
meeting on Sept. 19, 2008, at 9:00 a.m., at 36A Dr Roy's Drive,
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.

Capital Invest's shareholder decided on July 1, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               E. Andrew Hersant and Christopher Humphries
               c/o Stuarts Walker Hersant
               P.O. Box 2510
               Dr. Roy's Drive
               Grand Cayman, Cayman Islands
               Tel: (345) 949-3344
               Fax: (345) 949-2888


DIGICEL LTD: Galleria Moves Operations to Camana Bay
----------------------------------------------------
Digicel Galleria has relocated its operations to Gardenia Court,
Suite 3106, 45 Market Street, at Camana Bay, Cay Compass reports.

Cay Compass says the new hub will be home to the newest flagship
store as Digicel makes it footprint visible across the Cayman
Islands, offering bigger locations and better service to its
valuable customer base.

“Digicel prides itself on bringing the best service, products and
experience to mobile phone consumers,” Cay Compass quoted
Mrs. Casandra Harris, head of Marketing for Digicel Cayman, as
saying.  “Therefore, this strategic move is designed in the best
interest of our most valuable people – customers and employees.”

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

                          *     *     *

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


FONDVEST ALTERNATIVE: Final Shareholders Meeting Is on Sept. 19
---------------------------------------------------------------
Fondvest Alternative Strategies Ltd. will hold its final
shareholders meeting on Sept. 19, 2008, at 2:00 p.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

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

Fondvest Alternative's shareholders decided on Aug. 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:

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

Contact for inquiries:

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


HSBC INVESTOR: To Hold Final Shareholders Meeting on Sept. 19
-------------------------------------------------------------
HSBC Investor International Fixed Income Fund Ltd. will hold its
final shareholders meeting on Sept. 19, 2008, at 9:00 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

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

HSBC Investor's shareholder decided on July 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:

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


SILVER EAGLE: Will Hold Final Shareholders Meeting on Sept. 19
--------------------------------------------------------------
Silver Eagle Holdings Ltd. will hold its final shareholders
meeting on Sept. 19, 2008, at Citco Trustees (Cayman) Limited,
Windward One, Regatta Office Park, West Bay Road, Grand Cayman,
Cayman Islands.

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

Silver Eagle's shareholder decided on June 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:

                 CDL Company Ltd.
                 P.O. Box 31106
                 Grand Cayman, Cayman Islands


STRATEGIC CAPITAL: Sets Final Shareholders Meeting on Sept. 19
--------------------------------------------------------------
Strategic Capital Management Cayman LDC will hold its final
shareholders meeting on Sept. 19, 2008, at 9:30 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

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

Strategic Capital's shareholder decided 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:

               Walkers SPV Limited
               Walker House, 87 Mary Street
               George Town, Cayman Islands
               Cayman Islands


TOPLAND INVESTMENT: Proof of Claim Filing Deadline Is Sept. 19
--------------------------------------------------------------
Topland Investment Ltd.'s creditors have until Sept. 19, 2008, to
prove their claims to Richard Finlay, 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.

Topland Investment's shareholder decided on July 17, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Richard Finlay
               c/o  Conyers Dill & Pearman
               P.O. Box 2681
               George Town, Grand Cayman
               Cayman Islands
              
Contact for inquiries:

               Krysten Lumsden
               Tel: (345) 945-3901
               Fax: (345) 945-3902


TYCHE MULTI-STRATEGY: Final Shareholders Meeting Is on Sept. 19
---------------------------------------------------------------
Tyche Multi-Strategy Fund will hold its final shareholders meeting
on Sept. 19, 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.

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

The liquidators can be reached at:

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

Contact for inquiries:

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



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

BANCOLOMBIA SA: Mesa Mesa Resigns as Legal VP & Secretary General
-----------------------------------------------------------------
In a meeting held on Sept. 12, 2008, the Board of Directors of
Bancolombia S.A. have accepted the resignation of Margarita Maria
Mesa Mesa as the legal Vice President and Secretary General and
thanked her for her valuable work at Bancolombia during her 25
years of service.

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

                            *     *     *

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



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

* ECUADOR: Finance Minister Wilma Salgado Resigns
-------------------------------------------------
Ecuador's Finance Minister, Wilma Salgado, resigned Monday after
President Rafael Correa announced he will make "drastic changes"
in the Finance Ministry this week
saying some officials from the Ministry are conspirators, Dow
Jones Newswires reports, citing government sources.  

According to the report, Ms. Salgado, 55, an economist with a
doctoral degree from the Universidad Autonoma de Mexico, assumed
the Ministry on July 8 and replaced Fausto Ortiz, who resigned
after disagreements with President Correa.

Ms. Salgado was succeeded by Maria Elsa Viteri, current general
undersecretary of finance, the report says.

                          *     *     *

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

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



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

AIR JAMAICA: To Issue Statement on Edward Weigel's MIA Reports
--------------------------------------------------------------
Air Jamaica will issue a statement regarding reports that the
airline's newly appointed Chief Executive Officer Edward Weigel,
has been missing in action, Radio Jamaica reports.

Reports have been circulating that Mr. Weigel who should have
taken over as CEO on September 1, is having second thoughts, Radio
Jamaica says.

According to Radio Jamaica, the airline's Chairman Shirley
Williams was not available for comment since she was off the
island during the weekend but would make a statement on the
matter.

President General of the Bustamante Industrial Trade Union, Kavon
Gayle, the report states, is among those seeking answers on
whether Mr. Weigel is still the CEO of Air Jamaica.

Mr. Weigel needs to say something to the union and the public or
to the employees of Air Jamaica, the report relates, citing Mr.
Gayle.

                        About Air Jamaica

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

                           *    *     *

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

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



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

ATARI INC: Nasdaq to Complete Delisting of Stocks
-------------------------------------------------
The NASDAQ Stock Market stated that it will delist the common
stock of Atari Inc.  Atari Inc.'s stock was suspended on May 9,
2008, and has not traded on NASDAQ since that time.  NASDAQ will
file a Form 25 with the Securities and Exchange Commission to
complete the delisting.

The delisting becomes effective 10 days after the Form 25 is
filed.

New York City-based Atari Inc. is a publisher of video game
software that is distributed throughout the world and a
distributor of video game software in North America. Most of the
products it publishes and distributes are games developed by or
for Infogrames Entertainment S.A., or IESA, a French corporation
listed on Euronext, which owns approximately 51% of its stock.

Atari has offices in Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 16, 2008,
J.H. Cohn LLP raised substantial doubt about Atari Inc.'s
ability to continue as a going concern after it audited the
company's financial statements for the year ended March 31,
2008.  The auditor pointed to the company's significant
operating losses.


BHM TECHNOLOGIES: Wants to Reject C&A Guelph Purchase Order
-----------------------------------------------------------
Pursuant to Section 365(a) of the Bankruptcy Code and Rule 6006
of the Federal Rules of Bankruptcy Procedure, The Brown
Corporation of America seeks authority from the United States
Bankruptcy Court for the Western District of Michigan to reject
Purchase Order No. GP051185, dated June 6, 2005, and any related
releases and other agreements, by and between Brown and Collins &
Aikman-Guelph Products.

Robert S. Hertzberg, Esq., at Pepper Hamilton LLP, in Detroit,
Michigan, relates the Debtors enter into arrangements with
customers to supply product for a particular platform with a
certain tooled capacity.  The arrangements have a duration equal
to the life of the platform, generally three to seven years for
automotive vehicles.  The Debtors' contracts with their customers
take the form of purchase orders, subject to a standard set of
terms and conditions issued by the customer.

To create a foundation for their business operations and to
ensure the Debtors' viability as a reorganized enterprise, the
Debtors have begun the process of analyzing their customer
contracts, identifying those that are underperforming supply
contracts, negotiating adjustments to the terms of such
contracts, and, if appropriate adjustments are not possible,
seeking to rid themselves of these burdensome supply contracts.

Under the Supply Contract, Brown is to manufacture and sell, and
C & A is to purchase, certain parts for the Chrysler 300 luxury
sedan, including, inter alia, the instrument panel, the "Panel".
As a result of rising steel and other material costs, Brown is
sustaining a loss on each Panel shipped to C & A under the prices
in the Supply Contract.

The Debtors also determined the risk allocations necessary for
the Supply Contract to remain economically viable can be obtained
only through a consensual modification of the pricing terms of
the Supply Contract.  The Debtors required an immediate price
increase, effective to April 1, 2008, as well as prospective
price relief indexed to steel prices.

Brown has conducted good-faith negotiations with C & A in an
effort to reach a consensual resolution of the pricing issues.  
On June 2, 2008, Brown sent a letter to C & A seeking its
agreement to the amended pricing terms however, C & A rejected
Brown's offer.  On June 19, 2008, Brown again sought the
requested relief, but did not receive a response from C & A.

Despite Brown's efforts, the negotiations have not resulted in
any agreement to increase the pricing terms of the Supply
Contract, and the Debtors do not anticipate that further
negotiations with C & A will produce a resolution.

The Debtors' decision to reject the Supply Contract is the result
of:

  (a) an analysis of the Supply Contract's historical and
      potential future profitability;

  (b) an assessment of the status of their negotiations with
      C & A regarding the readjustment of the Supply Contract's
      terms;

  (c) an analysis of the Debtors' relationship with C & A in
      general;

  (d) consultations with their professional advisors; and

  (e) numerous internal meetings and conferences.

The Debtors have determined that the Supply Contract is
unprofitable and the Debtors' continued performance on its
current terms cannot be justified and the Supply Contract is not
necessary to the Debtors' future business plans.

The Debtors realize that C & A's operations rely on an
uninterrupted supply of parts.  The Debtors are willing to take
reasonable steps to assist in C & A's transition to a new
supplier and to avoid any supply chain interruptions.  

Brown, however, notes that it can only continue supplying C & A
at a price level that is economically viable and cannot continue
to support C & A by providing parts at a loss.  Brown is willing
to continue to supply the instrument panels to C & A at a revised
price for a reasonable, agreed-upon time to allow C & A to
transition to a new supplier.

In anticipation of the rejection of the Supply Contract, the
Debtors have offered to continue to supply the Parts to C & A,
only at prices that, while still reasonable, are economically
sustainable to the Debtors.

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

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

The Debtors have until Dec. 15, 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: AlixPartners Ascertains Disinterestedness
-----------------------------------------------------------
Edward J. Stenger, managing director at AlixPartners, LLP, in
Southfield, Michigan, advised the United States Bankruptcy Court
for the Western District of Michigan that his firm has become
aware of a relationship between BHM Technologies Holdings, Inc.,
and Chrysler, LLC, a customer of BHM, that his firm would like to
disclose.  AlixPartners was retained by Chrysler to provide
consulting services in numerous areas.  The services have included
advice and analysis regarding sourcing issues and alternatives to
Chrysler in connection with Chrysler's dealings with its many and
various suppliers.

Mr. Stenger states that on August 5, AlixPartners was asked to
provide advice and analysis regarding BHM.  Although AlixPartners
provides advice and analysis in sourcing issues, all sourcing
decisions are made by Chrysler and not AlixPartners.  To insure
confidentiality, AlixPartners maintains separate engagement teams
for BHM and Chrysler and has constructed an information barrier
between these two clients and the two separate engagement teams.

AlixPartners continues to submit that it holds no adverse
interest as to the matters for which it has been employed by the
Debtors and continues to reserve the right to supplement this and
all previous declarations in the event that AlixPartners
discovers any facts bearing on matters regarding AlixPartners'
employment by the Debtors.

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

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

The Debtors have until Dec. 15, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


JHT HOLDINGS: Court Sets October 17 Claims Bar Date
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware ordered
that each person or entity including, without limitation, each
individual, partnership, joint venture, corporation, estate, and
trust other than a Government Unit that asserts a claim, as
defined in Section 101(5) of the Bankruptcy Code, against JHT
Holdings, Inc. and its debtor-affiliates, that arose on or prior
to June 24, 2008, must file an original proof of claim by Oct. 17,
2008, at 5:00 p.m. (prevailing Eastern Time).

Each Government Unit that asserts a claim against any of the
Debtors that arose on or prior to June 24, 2008, must file a a
proof of claim by December 22, 2008.

                       About JHT Holdings

Headquartered in Kenosha, Wisconsin, JHT Holdings Inc. --
http://www.jhtholdings.com/-- and its affiliates provide over-
the-road transportation of various types of motor vehicles,
including commercial trucks and cars.

The Debtors have non-debtor foreign affiliates in Canada and
Mexico.  Another Mexican affiliate, Mexicana Logistics, S.A. de
C.V. is owned 50% by JHT Holdings and 50% by Gustavo Vildosola, a
Mexican national with no connection to the Debtors.

JHT Acquisition Corp. owns all of the outstanding stock of JHT
Holdings.  JHT Acquisition is a holding company owned by a group
of investors, MTGLQ Investors, L.P., D.B. Zwirn Special
Opportunities Fund, L.P., ZM Private Equity Fund I, Spectrum
Investment Partners, L.P. and Stonehouse Investment Company LLC.

The company and 16 of its affiliates filed for chapter 11
protection on June 24, 2008 (Bankr. D. Del. Lead Case No.
08-11267).  David B. Stratton, Esq., and Evelyn J. Meltzer, Esq.,
at Pepper Hamilton, LLP, represent the Debtors in their
restructuring efforts.  The U.S. Trustee has appointed members to
the Official Committee of Unsecured Creditors to serve in this
case.  Pachulski Stang Ziehl & Jones LLP represents the Creditors'
Committee.  When the Debtors filed for protection against their
creditors, they listed assets and debts between US$100 million and
US$500 million.


PORTOLA PACKAGING: Plan Confirmation Hearing Slated for October 6
-----------------------------------------------------------------
A hearing to confirm the reorganization plan of Portola Packaging
Inc. and its debtor-affiliates is set for Oct. 6, 2008.  Objection
deadline is Sept. 29, 2008, and the reply date (if any) is Oct. 3,
2008.

The Troubled Company Reporter said on Sept. 1, 2008, that in
connection with the Debtors' bankruptcy filing, the Debtors
confirmed that all of its secured lenders and holders of
approximately 90% in aggregate principal amount of its 8-1/4%
Senior Notes due 2012 agreed to a voluntary and consensual
restructuring of the company pursuant to the restructuring support
agreement dated July 24, 2008.  Pursuant to the proposed plan of
reorganization, holders of the Senior Notes will receive 100% of
the common stock of reorganized Portola in exchange for their
claims.

The company reached agreement with its existing secured lenders
to provide the Company with debtor-in-possession financing of
US$79 million to pay off the outstanding indebtedness under the
company's existing secured facilities and to finance its ongoing
operations.

                   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.


SHARPER IMAGE: Wants Chapter 7 Conversion Motion Denied
-------------------------------------------------------
Sharper Image Corp. asks the U.S. Bankruptcy Court for the
District of Delaware to deny Frederic Prohov's request to convert
its Chapter 11 case to a case under Chapter 7 of the Bankruptcy
Code for lack of cause.  

"[Mr.] Prohov has not established he is a creditor of TSIC, other
than the claim that his father purportedly purchased a Sharper
Image gift card in the amount of US$50 and gave it to him," the
Debtor argues.

John H. Strock, Esq., at Womble Carlyle Sandridge & Rice, PLLC,
in Wilmington, Delaware, tells the Court that the Debtor and its
professionals have worked diligently, expeditiously, and
efficiently to convert its remaining assets and interests to
cash, including, without limitation, its interests in real
property and unexpired nonresidential leases.  As a result of its
efforts, the Debtor has realized approximately US$56,200,000 in
recoveries and is presently pursuing additional recoveries.

The Debtor's management, employees, and its professionals have
worked overtime to minimize the impact of the disappointing
recoveries and to maximize the value of remaining assets for the
benefit of the estate, Mr. Strock says.  If conversion is
granted, it will negatively affect the ongoing efforts to realize
value for the estate and its economic stakeholders, the Debtor
argues.

"Mr. Prohov has initiated the conversion motion to obtain
leverage for the granting of his motion to certify a putative
class of TSIC gift card claimants, the objective being to
eliminate potential review and objections to claims that may be
asserted by the gift card claimants," Mr. Strock asserts.

The Debtor informs the Court that, together with its
professionals, it has worked diligently to collect and dispose of
the estate's remaining assets, as well as resolve any outstanding
liabilities, including, among other things:

  (a) termination of its unexpired nonresidential lease interest
      in its Rockefeller Center and Marlton Center leases,
      resulting in recovery of US$1,360,000 in cash;

  (b) conclusion of the second wave of store closing liquidation
      sales;

  (c) management of an auction for the assumption and assignment
      of the Debtor's remaining unexpired nonresidential lease
      property interest and, after resolving contested
      assignments with respective lessors, recovery of over
      US$2,500,000 in cash for the estate;

  (d) negotiations with the joint venture of Hilco/Gordon
      Brothers to reconcile merchandise value sold in the second
      wave store liquidation sales, resulting in receipt of
      US$700,000 in cash;

  (e) settlement with Wells Fargo Retail Finance LLC in an
      amount of US$150,000 to terminate the prepetition indemnity
      account, which had been maintained in favor of Wells on
      account of the prepetition credit facility;

  (f) termination of the Debtor's interest in certain corporate
      owned life insurance policies, estimated recovery of
      US$100,000 in cash;

  (g) analysis and pursuit of potentially valuable claims;

  (h) collection of amounts outstanding in closed store bank
      accounts, valued at over US$2,000,000 in cash;

  (i) management of the cash flows and maintenance of the estate
      within the projected wind-down budget; and

  (j) closure of the corporate headquarters and preservation of
      corporate records.

In a separate filing, the Official Committee of Unsecured
Creditors disputes Mr. Prohov's contention that the Committee is
"working to deprive priority creditors of their rights."  

The Committee argues that Mr. Prohov's statements regarding the
settlements of its objection to the Debtor's sale of assets to
Hilco/Gordon Brothers are wrong, unsupported by the records, and
do not constitute evidence supporting his burden of proof with
respect to the Conversion Motion.

Mr. Prohov's characterization of the settlement and obligations
was squarely addressed and refuted in the Court's Memorandum
Opinion on August 18, 2008, pursuant to which the Court approved
the settlement and held, among other things, that (i) the
Committee owes its responsibility and duty to the class it
represents, the general unsecured creditors of the Debtor; and
(ii) the money to be paid to the Committee on behalf of general,
unsecured creditors, is non-estate property, the Committee points
out.

Pursuant to the Memorandum Opinion, the Joint Venture's funds are
not proceeds from a secured creditor's lien, do not belong to the
estate, and will not become part of the estate even if the Court
does not approve the settlement, the Committee contends.   In
addition, the Committee avers that Mr. Prohov's unfounded
characterization of its role in the proceeding is a thinly veiled
attempt to rewrite the record of the Debtor's  case and gain
leverage for his gift card class-certification and conversion
motion.

                    About Sharper Image Corp.

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

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

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

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

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

(Sharper Image Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)



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

CABLE & WIRELESS: To Speed Up GBP4.5 Bil. Demerger of Int'l Arm
---------------------------------------------------------------
Cable & Wireless Pls will accelerate plans to break itself by
disclosing a GBP4.5 billion (US$7.9 billion) demerger of its
international arm by the end of this month, Reuters reports,
citing the Sunday Telegraph.

According to Reuters, the Cable & Wireless board will meet on
Sept. 29, 2008, to discuss the plan.  The plan contemplates on
giving shareholders one share in the company's UK business and one
share in its international arm for every one group share currently
held, Reuters adds.

Reuters says it could not reach Cable & Wireless for a comment.

                      About Cable & Wireless

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

                           *     *     *

Cable & Wireless plc continues to carry 'BB-' long-term and 'B'
short-term corporate credit ratings from Standard & Poor's with a
developing outlook.



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

QUEBECOR WORLD: Court OKs Five Engagement Letters With KPMG LLP
---------------------------------------------------------------
Judge James Peck of the U.S. Bankruptcy Court for the Southern
District of New York (Manhattan) authorized Quebecor World Inc.
and its debtor-affiliates to enter into the five additional
engagement letters they entered into with KPMG LLP (US), under
which KPMG will perform tax compliance and consulting services for
the Debtors.

       Parties Enter Into Transfer Pricing Services Pact

The Debtors also ask the Court to approve an additional
engagement letter they entered into with KPMG, which contemplates
for KPMG to provide to the Debtors transfer pricing services with
respect to certain transactions conducted during fiscal year
ended 2007.

KPMG, according to Michael J. Canning, Esq., at Arnold & Porter
LLP, in New York, is expected to provide a 2007 transfer pricing
documentation update study to satisfy compliance with Section 482
of the Internal Revenue Code with respect to determining whether
the transfer prices of the transactions between the Debtors, a
third-party insurer, and Quebecor World, Inc. meet the arm's-
length standard.

The Transfer Pricing Services will consist of three broadly
defined phases:

  (a) US will engage in an information gathering process
      consisting of reviewing relevant documents and conducting
      interviews to supplement KPMG US's understanding of the
      facts;

  (b) KPMG US will undertake functional, economic and actuarial
      analysis of the information; and
     
  (c) KPMG US will prepare a transfer pricing documentation
      study that will include detailed descriptions of the
      businesses, functional descriptions of the intercompany
      transaction and economic analysis of the relevant
      intercompany transactions during the taxable
      year 2007.  KPMG US will, at the end of the drafting
      stage, incorporate the Debtors' comments and issue a final
      report.
     
The Transfer Pricing Services may necessitate the assistance of a
member firm of KPMG International, in particular certain tax
professionals from KPMG LLP (Canada), which professionals either
previously have worked for the Debtors, Mr. Canning tells the
Court.  KPMG US intends to use KPMG LLP (Canada) in connection
with the services to be provided in the Engagement Letter.

KPMG US will not make a profit from the use of the professionals
and KPMG US will pay KPMG Canada for the use of its tax
professionals through a KPMG inter-member firm agreement.  The
fee of KPMG US and any KPMG member will be the lesser of actual
time incurred to complete the Transfer Pricing Services at 80% of
local office standard hourly rates or US$95,000.

The Debtors will pay KPMG according to these discounted hourly
rates for the Transfer Pricing Services:

  (a) KPMG US Discounted Hourly Rates
     
      Professional                    Discounted Rate
      ------------                    ---------------
      Tax Managing Director                US$660
      Senior Manager                       US$600
      Manager                              US$480
      Senior Associate                     US$320
      Associate                            US$240
   
  (b) KPMG Canada Discounted Hourly Rates
     
      Professional                   Discounted Rate
      ------------                   ---------------
      Practice Leader                        CUS$512
      Senior Manager                   CUS$420-CUS$440
      Manager                                CUS$276
      Senior Associate                 CUS$180-CUS$192

In addition, KPMG US will bill the Debtors and any KPMG member
firm's for their out-of-pocket expenses and third party database
fees.  KPMG US and any KPMG member firm will not charge for
overhead or administrative fees.

Robert Clair, a managing director with KPMG LLP, in New York,
will have overall responsibility for the Engagement.  Julia
Keppler, a senior manager in the New York office will be
responsible for the day-to-day conduct of the project.

Robert Clair disclosed that KPMG US continues to be engaged by
Quebecor Word, Inc., and anticipates entering into additional
engagement letters with QWI or through one or more inter-member
firm agreements with KPMG Canada.  According to Mr. Clair, KPMG
US does not anticipate that the Debtors will be party to any
engagement letters.  Further, KPMG US does not anticipate
receiving payments in respect of the Engagement nor have any
arrangements been made to receive payments directly from the
Debtors.

Mr. Clair maintains that KPMG US does not represent any interest
adverse to the Debtors or their estates and remains a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

KPMG US delivered to the Court an addendum to the March 20, 2008
engagement letter entered into with the Debtors to provide for
KPMG US to prepare federal and state income tax returns for the
year 2007 for three additional affiliates of QWUSA, which
services are to be provided at the same rates and upon the same
terms approved by the Court in connection with KPMG US's initial
employment order.

                      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.

(Quebecor World Inc. News, Issue No. 25; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Wants Plan Filing Period Extended Until January 31
------------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York (Manhattan)
to further extend the period by which they have exclusive rights
to file a plan of reorganization until Jan. 31, 2009, and the
period to solicit acceptances of that plan until March 31, 2009.

The Debtors' current Plan Filing Deadline expires on Sept. 30,
2008, and their Solicitation Period expires on Nov. 28, 2008.

The complexity of the Debtors' businesses and corporate structure
support the requested extension of the Exclusive Periods, Michael
J. Canning, Esq., at Arnold & Porter LLP, in New York, tells the
Court.  

Mr. Canning relates that subsequent to the Debtors' filing of
their first request to extend the exclusive periods in April
2008, in light of the size of their cases, the need to address
the operational issues associated with their businesses, and the
challenges arising from the cross-border nature of their
financial affairs, they have determined that they will require a
period of time longer than the four-month extension of time
granted in their first extension request to formulate and confirm
a plan of reorganization.

Mr. Canning assures the Court that the Debtors are not seeking an
extension of the Exclusive Periods  to pressure creditors into
accepting their reorganization demands.  He points out that the
Debtors' Chapter 11 cases have not been pending long enough to
result in material prejudice to any creditors, and there is no
indication that the Debtors are using the Chapter 11 process to
extract particular demands from any creditor group.

"To the contrary, the purpose of the Debtors' present request for
an extension of the Exclusive Periods is to ensure that the
Debtors have an opportunity to respond to and address the
concerns of all creditor groups in formulating restructuring
proposals and, ultimately, a plan of reorganization," Mr. Canning
tells the Court.

Section 1121(b) of the Bankruptcy Code provides a debtor with an
exclusive right to file a plan of reorganization during the
first 120 days after the Petition Date.  If a debtor files a plan
during the exclusive filing period, Section 1121(c)(3) grants an
additional 60 days during which the debtor may solicit
acceptances of that plan and no other party-in-interest may file
a plan.  Section 1121(d) provides that on request  of a party-in-
interest made within the exclusive periods after notice and a
hearing, the court may for cause reduce or increase the 120-day
period or the 180-day period.  However, the 120-day period may
not be extended beyond a date that is 18 months after the
petition date and the 180-day period may not be extended beyond a
date that is 20 months after the petition date.

                      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.

(Quebecor World Inc. News, Issue No. 25; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Wants KPMG Canada to Give Tax Consulting Services  
-----------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates and KPMG LLP
(Canada) filed an additional engagement letter with the the U.S.
Bankruptcy Court for the Southern District of New York
(Manhattan), which contemplates for KPMG Canada to provide tax
consulting services with respect to various US tax projects and
restructuring initiatives.  

KPMG Canada's services are to be provided at the same rates and
upon the same terms and conditions approved by the Court in
connection with its employment.

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.

(Quebecor World Inc. News, Issue No. 25; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Amends Sr. Secured Superpriority DIP Credit Deal
----------------------------------------------------------------
Quebecor World Inc., disclosed with the U.S. Securities and
Exchange Commission, amendments to its senior secured  
superpriority DIP credit agreement, which state that the
Borrowers have agreed to pay to Credit Suisse Securities (USA)
LLC, as the Administrative Agent, an amendment fee equal to 0.25%
of the sum of the aggregate unused Commitments and of the
aggregate outstanding Advances and Letter of Credit Obligations
of each the Lender under the Existing Credit Agreement as of
Aug. 5, 2008.  

The amendment will become effective only when each of these
conditions have been fulfilled:

  (a) All accrued costs and expenses and fees of the
      Administrative Agent in connection with the administration
      of the DIP Credit Agreement and the other instruments and
      documents to be delivered and under the Loan Documents
      will have been paid by the Borrowers;

  (b) The Administrative Agent will have received counterparts
      of the Amendment executed by the Borrower and the Required
      Lenders, or, as to any of the Lenders, advice satisfactory
      to the Administrative Agent that the Lender has executed
      the Amendment;

  (c) The Administrative Agent will have received counterparts  
      of the consent executed by each Guarantor;

  (d) The Administrative Agent will have received a certificate
      signed by a duly authorized officer of the Borrowers
      stating that (i) the representations and warranties
      contained in the Loan Documents are correct on and as of
      the date of the certificate as though made on and as of
      the date other than any representations or warranties that
      refer to a date other than the date of the certificate;
      and (ii) no event has occurred and is continuing that
      constitutes a Default; and
           
  (e) The amendment fee will have been paid by the Borrowers.

A copy of the Senior Secured Superpriority DIP Credit Amendment
is available for free at http://ResearchArchives.com/t/s?31eb

                      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.

(Quebecor World Inc. News, Issue No. 25; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)



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

LEHMAN BROTHERS: Fitch Cuts Ratings of Units, Keeps Neg. Watch
--------------------------------------------------------------
Fitch Ratings downgraded all subsidiary ratings of various
entities owned by Lehman Brothers Holdings Inc.  LBHI filed a
voluntary bankruptcy on Sept. 14, 2008 which excluded all
subsidiaries.  At this time, rating actions vary considerably by
subsidiary as regulatory actions are expected to occur to preserve
capital for specific constituencies.  Recovery ratings will be
assigned over the next few days.  Rating actions are listed
throughout this comment.

Lehman Brothers Inc.
-- Long-term Issuer Default Rating from 'A+' to 'B';
-- Long-term senior from 'A+' to 'B';
-- Senior unsecured debt from 'A+' to 'B';
-- Subordinated debt from 'A' to 'B-';
-- Short-term IDR 'F1' to 'B';
-- Short term debt 'F1' to 'B';
-- Individual from 'B/C' to D/E';
-- Ratings Remain on Rating Watch Negative
-- Recovery Ratings to be assigned.

Lehman Brothers Inc, a U.S. broker/dealer, continues to operate
and meet ongoing maturities.  However, liquidity is expected to
deteriorate quickly if a sale is not announced over the next few
days.  LBI remains eligible for financing of select assets by the
Federal Reserve under the existing primary dealer facilities and
term securities funding vehicles.  LBI could face liquidation
under Chapter 7 or the Securities Investor Protection Act by U.S.
law. Ratings remain on Rating Watch Negative.

Lehman Brothers Holdings plc
-- Long-term IDR from 'A+' to 'D';
-- Long-term senior from 'A+' to 'CCC';
-- Senior unsecured debt from 'A+' to 'CCC';
-- Subordinated debt from 'A' to 'C';
-- Short-term IDR 'F1' to 'D';
-- Short term debt 'F1' to 'C'
-- Individual from 'B/C' to 'F';
-- Ratings removed from Rating Watch Negative;
-- Recovery ratings to be assigned.

Lehman Brothers Holdings plc is an interim holding company that
owns equity in several European subsidiaries.  It is the issuer
and subordinated guarantor of several junior preferred securities
that are also fully guaranteed by the parent, LBHI and have been
previously downgraded.  There is minimal to no recovery expected
for preferred and subordinated debt.

Lehman Brothers International (Europe)
-- Long-term IDR from 'A+' to 'D';
-- Short-term IDR 'F1' to 'D';
-- Ratings removed from Rating Watch Negative.

Lehman Brothers International (Europe) has been placed into
administration following LBHI's failure to attest to its solvency.
The administrator has broad powers to validate contracts and make
payments as it wishes.  There is no long -term debt outstanding.
Ratings reflect short-term payables and debt outstanding although
a majority of the debt is received from affiliates including
parent, LBHI.

Lehman Brothers Bank, FSB
-- Long-term IDR from 'A+' to 'BB';
-- Long-term deposits from 'AA-' to 'BBB-';
-- Short-term IDR 'F1' to 'F3';
-- Short-term deposits from 'F1+' to 'F3;
-- Subordinated debt from A to 'BB-'
-- Individual from B/C to 'D';
-- Ratings remain on Rating Watch Negative.

Lehman Brothers FSB retains a significant portion of Lehman's
residential mortgage exposures and obtain funding via brokered
certificates of deposit and the Federal Home Loan Bank.  At
June 30, 2008, the thrift remained well-capitalized under
regulatory standards with a majority of funding from retail
deposits.  Subordinated debt is intercompany and provides
additional regulatory capital.  Fitch believes regulators will
step in and prevent any cash flows to the parent until all
deposits and funding is repaid. The strong capitalization provides
material protection of funding.

Lehman Brothers Commercial Bank
-- Long-term IDR from 'A+' to 'BB';
-- Short-term IDR 'F1' to 'F3';
-- Long-term deposits from 'AA-' to 'BBB-';
-- Short-term deposits from 'F1+' to 'F3';
-- Individual from 'B/C' to 'D';
-- Ratings remain on Rating Watch Negative.

Lehman Brothers Commercial Bank is an industrial loan company with
very limited borrowings.  Two-thirds of its assets are supported
by retail brokered deposits.  Assets are highly liquid securities
and high grade commercial loans.  While ratings are tied directly
to the Lehman franchise, the bank remains well capitalized under
regulatory standards and is expected to liquidate in an orderly
fashion and return excess capital to the parent, LBHI.

LBHI posted a net operating loss 9MYTD of US$6.2 billion or
(US$10.81) per share.  Offsetting these cumulative losses has been
share raises of US$4 billion of common equity and US$4 billion of
preferred debt which serve to cushion senior debt holders from any
future losses.  The mark to market nature of securities firms'
assets result in regularly updated valuations.  Fitch expects the
potential for forced liquidation as a result of the lack of
available financing by counterparties will reduce the most recent
valuation of these assets, particularly the US$17 billion of
residential related securities and whole loans, and the
US$37 billion of commercial real estate exposures.

However, an orderly liquidation should provide material cash for
recovery at the senior level.  At this time, Fitch expects limited
to no recovery at the subordinated and preferred debt levels at
LBHI.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America,
including Argentina, Brazil, Mexico, Puerto Rico and Uruguay, and
the Asia Pacific region.  The firm, through predecessor entities,
was founded in 1850.


LEHMAN BROTHERS: Moody's Junks Debt Ratings; To Undertake Review
----------------------------------------------------------------
Moody's Investors Service downgraded the senior ratings of Lehman
Brothers Holdings Inc., and those of certain guaranteed
subsidiaries, to B3 from A2.  The firm's subordinated debt was
downgraded to Caa2 from A3, and its preferred stock to Ca from
Baa1.  The senior long-term rating of Lehman Brothers Inc. was
lowered to B1 from A1 and subordinated debt to B3 from A2.  The
short-term ratings for all rated Lehman entities were lowered to
Not-Prime from Prime-1.  

All long-term ratings were placed on review for possible further
downgrade.  The rating action follows the collapse in market
confidence in the firm, and Lehman's announcement that it was
filing for Chapter 11 bankruptcy protection after its failure to
reach a merger agreement with a stronger strategic partner.  
According to Lehman, none of the firm's broker-dealer subsidiaries
or other subsidiaries of LBHI will be included in the Chapter 11
filing.

On September 10, 2008, Moody's placed Lehman on review with
direction uncertain, reflecting the deterioration of Lehman's
situation, as well as the assessment of the possibility of a
strategic transaction that would add support to the ratings.  
Moody's noted in the September 10 rating action that should a
strategic arrangement fail to materialize in the near term,
Lehman's ratings would be downgraded, likely into the Baa
category, with the ratings continuing on review for possible
downgrade.  However, the credit deterioration at Lehman has been
far sharper than anticipated, with LBHI's pending bankruptcy
filing driving the extent of the rating downgrade.

Moody's said that the B3 rating on LBHI senior obligations
reflects Moody's expectations that the financial regulators will
look to achieve an orderly wind-down of the firm that should help
support existing asset value coverage for senior creditors.  The
higher B1 rating on Lehman Brothers Inc. reflects the regulated
entity's primary broker-dealer status and higher quality balance
sheet relative to unregulated entities.  Nevertheless, the
extended time expected to affect such a wind-down brings
uncertainty as to ultimate asset value realizations.  Within the
review period Moody's will assess the potential for recovery for
various securities across Lehman's capital structure.

The ratings of the following Lehman subsidiaries are based upon
the quality of the guarantee from LBHI and do not reflect the
intrinsic quality of the balance sheets of these rated entities.

-- Lehman Brothers International (Europe),
-- Lehman Brothers OTC Derivatives Inc.,
-- Lehman Brothers Special Financing Inc.,
-- Lehman Brothers Bank, FSB,
-- Lehman Brothers Commercial Bank,
-- Lehman Brothers Bankhaus AG,
-- Lehman Brothers Treasury Co,B.V.

Moody's also said that the Caa2 rating on junior subordinated
obligations and the Ca rating on preferred stock reflect higher
loss expectations for these securities as Lehman's operations are
wound down and asset liquidations occur.

Lehman Brothers Holdings Inc. is a global investment bank and
financial services firm headquartered in New York, NY with total
stockholders equity of approximately US$28.4 billion and
US$143 billion of long-term capital at August 31, 2008.

The long-term and short-term ratings of Lehman Brothers Holdings
Inc. and its subsidiaries were downgraded.  The following is a
list of Lehman's major operating subsidiaries:

* Lehman Brothers Holdings Inc. -- long-term issuer rating to B3
   from A2; subordinate rating to Caa2 from A3; preferred rating
   to Ca from Baa1; commercial paper rating to Non-Prime from
   P-1; long-term ratings placed on review for possible
   downgrade.

* Lehman Brothers, Inc. -- long-term issuer rating to B1 from
   A1; subordinate rating to B3 from A2; commercial paper rating
   to Non-Prime from P-1; long-term ratings placed on review for
   possible downgrade.

* Lehman Brothers Bank, FSB -- long-term deposit rating to B3
   from A2; short-term deposit rating to Non-Prime from P-1;
   long-term ratings placed on review for possible downgrade.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America,
including Argentina, Brazil, Mexico, Puerto Rico and Uruguay, and
the Asia Pacific region.  The firm, through predecessor entities,
was founded in 1850.


LEHMAN BROTHERS: S&P Downgrades Credit Rating to 'SD' from 'A'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Lehman Brothers Holdings Inc. to
'SD' (selective default, meaning payments may not be made on some
financial obligations), from 'A'.  S&P also removed the rating
from CreditWatch, where it had been placed with developing
implications on Sept. 12, 2008.
   
The downgrade followed S&P's lowering of Lehman's preferred stock
issues to 'D' from 'BBB+'.  At the same time, S&P lowered Lehman's
senior unsecured debt issues to 'CCC-' from 'A', and its
subordinated debt issues to 'C' from 'A-'.  The issue ratings
remain on CreditWatch where they were placed on Sept. 12, 2008,
but S&P have changed the implications to negative from developing.
   
Meanwhile, S&P lowered the long-term counterparty credit and issue
ratings on most of Lehman's other subsidiaries to 'BB-'.  These
ratings remain on CreditWatch with developing implications, which
means that S&P could raise, affirm, or lower the ratings.
   
In addition, S&P lowered the long-term counterparty ratings on
Lehman Brothers International (Europe) and Lehman Brothers
Holdings PLC to 'R', signifying that regulators have taken over
these entities, from 'A'.  S&P removed the ratings from
CreditWatch, where they had been placed with developing
implications on Sept. 12, 2008.
   
"These rating actions follow Lehman Brothers Holdings Inc., the
parent/holding company of the Lehman Brothers group, filing for
Chapter 11 bankruptcy protection," said Standard & Poor's credit
analyst Scott Sprinzen.  "No other Lehman subsidiary has been
included in the filing.  At this time, it is not clear whether
Lehman will default on its holding company senior and subordinated
debt obligations. But we assume Lehman is highly likely to
discontinue payments on its hybrid capital issues."
   
It is also uncertain whether the Chapter 11 proceedings will
ultimately include some of Lehman's affiliates in the U.S. and in
other countries or whether regulators will take over those
entities.  Ten securities firms and banks reportedly have access
to a US$70 billion "club" borrowing facility, which should help to
stabilize the financial markets, while the Federal Reserve has
broadened the collateral eligible to be used under the Primary
Dealer Credit Facility.
   
"Standard & Poor's will continue to monitor the situation closely
and make additional rating changes as further information about
Lehman's reorganization becomes available," said Mr. Sprinzen.
   
Lehman's Chapter 11 filing followed a precipitous decline in
confidence on the part of creditors, counterparties, and clients,
with severe ramifications for its ability to fund its operations.  
This faltering confidence is attributable, in part, to the
company's large holdings of commercial real estate, and
residential mortgages and mortgage-backed securities--and
uncertainty regarding their value--which therefore served as a
magnet for negative market sentiment in the current difficult
environment.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America,
including Argentina, Brazil, Mexico, Puerto Rico and Uruguay, and
the Asia Pacific region.  The firm, through predecessor entities,
was founded in 1850.



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

GENERAL MOTORS: Venezuelan Plant Resumes Operation After Protests
-----------------------------------------------------------------
General Motors Corp.'s Venezuelan subsidiary will be resuming
operations after labor disputes and auto parts crisis halted its
production in July, El Universal reports.

As reported in the Troubled Company Reporter-Latin America on
Sept. 16, 2008, the conflict with pro-government trade union
Vencedores Socialistas (Socialist Winners) halted operations at
General Motors' Venezuelan assembly plant resulting in a 96.6%  
drop in production.  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.

Although the company did not specify when it will restart its
operations, GM automotive sales official said that plant "will
begin with the staff that went to work on Sept. 12, for
maintenance work and administration," El Universal relates.

In a press release, GM is requesting employees to remain alert in
case the date to commence its operations will be announced.  
Rueters was not able to contact GM union for confirmation of the
starting date of the plant's operations.

                     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 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 million over net sales and
revenue of US$46.6 billion for the same period last year.



                            ***********

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, Rizande B. de los
Santos, Pamella Ritah K. Jala, and Melanie A. Pador, 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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