TCRLA_Public/080918.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, September 18, 2008, Vol. 9, No. 186

                            Headlines

A R G E N T I N A

ALTO PALERMO: Earns ARS79.9 Million in Year Ended June 30
CENTRAL DE SEGURIDAD: Claims Verification Deadline Is November 24
HELIKAN SA: Proofs of Claim Verification Deadline Is December 28
JOSE RIONS: Files for Reorganization in Buenos Aires Court
LOS DOS: Proofs of Claim Verification Deadline Is December 1

SPREAD Y CO: Proofs of Claim Verification Deadline Is October 27


B A H A M A S

ULTRAPETROL (BAHAMAS): UABL Secures US$60 Mil. Long-Term Financing


B E R M U D A

LEHMAN RE: Parent's Chap. 11 Filing Cues A.M. Best "bb" Rating Cut
SYNCORA HOLDINGS: Files Lawsuit Against Jefferson County
XL CAPITAL: Names Fiona Muldoon as Senior VP & Global Treasurer


B R A Z I L

BRASKEM SA: Shareholders General Meeting Slated for September 30
COMPANHIA ENERGETICA: Moody's Lifts Corporate Family Rating to Ba2
COSAN SA: Parent Posts BRL58.1 Mil. Net Loss in 2008 First Quarter
COSAN SA: Subsidiaries Reach BRL489 Mil. Purchase Deals With Rede
COSAN SA: Eyes Boosting Sugar Inventory on Price Outlook

TAM SA: Initiates New Flights Between U.S. and Rio de Janeiro
TAM SA: Cargo Unit Opens Domestic Terminal at Tom Jobim Airport


C A Y M A N  I S L A N D S

ARCHIVES LTD: Holds Final Shareholders Meeting on Sept. 19
ARCHIVES II: Holding Final Shareholders Meeting on Sept. 19
BEAR STEARNS ACTIVE: Final Shareholders Meeting Is on Sept. 19
BEAR STEARNS (MASTER): Final Shareholders Meeting Is Sept. 19
FRM MANUFACTURED: Sets Final Shareholders Meeting on Sept. 19

FRM MANUFACTURED MASTER: Final Shareholders Meeting Is Sept. 19
LAVENDER LLC: To Hold Final Shareholders Meeting on Sept. 19
REFCO ADVANTAGE: Holds Final Shareholders Meeting for Sept. 19
SNIPER FUND: Will Hold Final Shareholders Meeting on Sept. 19
TOPLAND INVESTMENT: Sets Final Shareholders Meeting on Sept. 19


M E X I C O

BHM TECHNOLOGIES: Second Lien Lenders Stipulation With SAC Okayed
INNOPHOS HOLDINGS: Mexican Court Ruling Cues Moody's Ba3 Rating
LEHMAN BROTHERS: Barclays to Buy Trading Unit, HQ for US$1.75 Bil.
LEHMAN BROTHERS: To Form Panel During Organizational Meeting
LEHMAN BROTHERS: Japan Units File for Bankruptcy in Tokyo

LEHMAN BROTHERS: Seeks Nov. 14 Extension of Schedules Filing


P E R U

CRPAO PEN TRUST: S&P Places BB+/Rated Trance on Watch Developing
PERU ENHANCED: S&P Puts Two BB+/Rated Trances on Watch Developing


P U E R T O  R I C O

HOME INTERIORS: Balks at Extension of Panel's Review Deadline
W HOLDING: Sets Stockholders Meeting on November 7


U R U G U A Y

LEHMAN BROTHERS: Bankruptcy Affects World Stock Markets
LEHMAN BROTHERS: Banks Disclose Exposure to Bankruptcy
LEHMAN BROTHERS: Bankruptcy Filing Cues KSX to Delete Index
LEHMAN BROTHERS: S&P Changes Counterparty Credit Rtg. to D from SD


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Closes Tender Offer for Petrozuata Bonds

* VENEZUELA: Proven Oil Reserves Rose to 143.3 Billion Barrels

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ALTO PALERMO: Earns ARS79.9 Million in Year Ended June 30
---------------------------------------------------------
Alto Palermo S.A. reported net profit of ARS79.9 million for the
year ended June 30, 2008, compared to net profit of
ARS64.0 million in 2007.

For the twelve month period of 2008, the company had total net
worth of ARS848.1 million compared to total net worth of
ARS823.9 million for the same period in 2007.

As of the closing date of the twelve-month period financial
statements, the Company’s Capital is ARS78,206,421, divided into
ARS782,064,214 non endorsable ordinary shares of face value
ARS0.10 each, and with one vote each, as follows:

IRSA Inversiones y Representaciones       49,535,303    63.34%
Sociedad Anonima

Parque Arauco                             23,111,695    29.55%

Other Shareholders                         5,599,423     6.81%

In addition, pursuant to Article p) of the Regulations
aforementioned, we inform that, if all the note holders exercise
their right to convert their securities into shares at year-end,
the number of shares would amount to 223,971,650, all of them
nominative non-endorsable common shares of US$0.10 par value each
and each entitled to 1 vote, according to the following detail:

IRSA Inversiones y Representaciones      147,492,901    65.85%
Sociedad Anonima

Parque Arauco                             70,866,115    31.64%

Other Shareholders                         5,612,634     2.51%

For this calculation, the conversion price considered was 0.324
per share.

The board of directors decided to continue to analyze future
proposals to the shareholders in matters such as allocation of the
period results, dividend distribution and remuneration, which will
be informed as soon as they are determined.

Alto Palermo S.A. (a.k.a. APSA) operates and develops commercial
centers in Argentina.  It has six commercial centers located in
Capital Federal and Buenos Aires suburbs, where it has got the
43% of participation on the market and another three located in
the cities of Salta, Mendoza and Rosario.  It represents, in
all, 1,118 shops.  The shareholders of Alto Palermo are
Inversiones y Representaciones S.A. (61.5%) and Parque Arauco
(29.6%), with the rest of the shares trading in the stock market
of Buenos Aires and New York.

                         *     *     *

In May 2008, Fitch Ratings affirmed these ratings of Alto
Palermo S.A.:

  -- Foreign currency issuer default rating at 'B+';

  -- Local currency issuer default rating at 'B+';

  -- US$120 million notes due in 2017 at 'B+/RR4'; and

  -- US$50 million argentine peso-linked notes due in 2012 at
     'B+/RR4'.


CENTRAL DE SEGURIDAD: Claims Verification Deadline Is November 24
-----------------------------------------------------------------
Carlos Berger, the court-appointed trustee for Central de
Seguridad SA's bankruptcy proceeding, will be verifying creditors'
proofs of claim until November 24.

Mr. Berger will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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 Central de 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 Central de Seguridad's
accounting and banking records will be submitted in court.

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

Mr. Berger is also in charge of administering Central de
Seguridad's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

                     Central de Seguridad SA
                     Montevideo 596
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Carlos Berger
                     Santiago del Estero 112
                     Buenos Aires, Argentina


HELIKAN SA: Proofs of Claim Verification Deadline Is December 28
----------------------------------------------------------------
Julio Salaberry, the court-appointed trustee for Helikan SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 28, 2008.

Mr. Salaberry will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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 Helikan SA and its creditors.

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

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

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

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

The debtor can be reached at:

                     Helikan SA
                     Jose Rodo 6191
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Julio Salaberry
                     Uruguay 766
                     Buenos Aires, Argentina


JOSE RIONS: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------
Jose Rions SA has requested for reorganization approval after
failing to pay its liabilities since August 20, 2008.

The reorganization petition, once approved by the court, will
allow Jose Rions 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. 11 in Buenos Aires.  Clerk No. 21 assists the court
in this case.

The debtor can be reached at:

                     Jose Rions SA
                     Victor Hugo 2228
                     Buenos Aires, Argentina


LOS DOS: Proofs of Claim Verification Deadline Is December 1
------------------------------------------------------------
The court-appointed trustee for Los Dos Chinos S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 1, 2008.

The trustee will present the validated claims in court as  
individual reports on February 12, 2009.  A court in Argentina
will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Los Dos 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 Los Dos' accounting and
banking records will be submitted in court on March 26, 2009.

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


SPREAD Y CO: Proofs of Claim Verification Deadline Is October 27
----------------------------------------------------------------
The court-appointed trustee for Spread y Co S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 27, 2008.

The trustee will present the validated claims in court as  
individual reports on December 9, 2008.  A court in Argentina will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Spread y Co 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 Spread y Co's
accounting and banking records will be submitted in court on
February 24, 2008.

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



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

ULTRAPETROL (BAHAMAS): UABL Secures US$60 Mil. Long-Term Financing
------------------------------------------------------------------
Ultrapetrol (Bahamas) Limited's River Business subsidiary, UABL,
has secured US$60 million in long-term financing from IFC, a
member of the World Bank Group.  Under the terms of the agreement,
IFC will provide a US$60 million financing package to UABL and
assist the Company in raising an additional US$15 million from
third parties.

Felipe Menendez, Ultrapetrol's President and Chief Executive
Officer, said, "We are very pleased to have agreed with IFC on
this very significant long term financing which will help us
execute our expansion plan in the river system, where we expect to
invest over US$200 million in the next three years."

                         About Ultrapetrol

Headquartered in Nassau, Bahamas, Ultrapetrol (Bahamas) Limited
(Nasdaq: ULTR) -- http://www.ultrapetrol.net/-- is a diverse
international marine transportation company.  The company
operates in four segments: River, Ocean, Offshore Platform
Supply and Passenger and had 2007 revenues of US$221.7 million.
It serves the shipping markets for grain, forest products,
minerals, crude oil, petroleum and refined petroleum products,
as well as the offshore oil platform supply market and the
leisure passenger cruise market, with its extensive and diverse
fleet of vessels.  These include river barges and pushboats,
platform supply vessels, tankers, oil-bulk-ore vessels and
passenger ships.

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
April 15, 2008, Moody's Investors Service affirmed the B2
corporate family rating and the B2 rating on the US$180 million
9% guaranteed first mortgage notes due 2014 of Ultrapetrol
(Bahamas) Limited.  Moody's said the outlook remains stable.



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

LEHMAN RE: Parent's Chap. 11 Filing Cues A.M. Best "bb" Rating Cut
------------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B
from A- and issuer credit rating to "bb" from "a-" of Lehman Re
Limited.  The outlook for both ratings is negative.  The decision
of Lehman Brothers to petition for Chapter 11 bankruptcy
protection has prompted these rating actions.

While Lehman Re is not included in the bankruptcy petition, A.M.
Best believes that the pending reorganization of Lehman Brothers
could have a significant adverse impact on Lehman Re.  A.M. Best
had expected that the balance sheet of Lehman Brothers would be a
source of capital for Lehman Re, if needed.  A.M. Best also is
concerned about the future of ongoing operating ties such as the
securities activity between Lehman Re and other Lehman Brothers'
affiliates, the administrative and investment management services
provided to Lehman Re by other subsidiaries of Lehman Brothers
and the inability of Lehman Brothers to refer potential insurance
clients to Lehman Re.

A.M. Best will continue to evaluate the impact of the Lehman
Brothers' bankruptcy reorganization on Lehman Re.  The ratings
and/or outlook of Lehman Re could change as new information
becomes available.

Based in Hamilton, Bermuda, Lehman Re Limited is a wholly owned
reinsurance subsidiary of Lehman Brothers Holding Inc.


SYNCORA HOLDINGS: Files Lawsuit Against Jefferson County
--------------------------------------------------------
Syncora Holdings Ltd.'s wholly owned subsidiary, Syncora Guarantee
Inc. and Financial Guaranty Insurance Company (as the Bond
Insurers) and The Bank of New York Mellon, (as Trustee) for US$3.2
billion of Jefferson County Sewer Revenue Warrants acting at the
direction of the Bond Insurers, have filed suit against Jefferson
County Alabama and the County's Commissioners.  The Bond Insurers
insure approximately US$2.8 billion in Jefferson County Sewer
Revenue Warrants.

The suit, which was filed in the United States District Court for
the Northern District of Alabama, includes a request to the Court
to appoint an independent and qualified receiver to: manage the
Jefferson County Sewer System; consider and implement any
appropriate rate modifications and other sources of revenue;
ensure compliance with applicable laws; assist in achieving an
appropriate financial resolution; and pursue any bona fide claims.

"After many months of efforts by the Bond Insurers, other
creditors and interested parties to work with Jefferson County to
resolve this financial crisis, we are disappointed to have to take
this action," commented President of Syncora Guarantee Inc.,
Edward Hubbard.  "However, the County Commission's failure to meet
its obligations has left us with no other alternative.  We are
hopeful that the appointment of an independent party will provide
a solution that fairly accommodates the needs of the County, its
citizens and its creditors."

"Despite the current state of affairs, we believe the County still
has an opportunity available to move forward and achieve a
mutually satisfactory outcome for all parties.  If the County is
willing to take this path, we look forward to working together in
a constructive manner," said Mr. Hubbard.
                 
Financial Guaranty Insurance Company is a wholly owned subsidiary
of FGIC Corporation.  Syncora Guarantee Inc. (formerly XL Capital
Assurance Inc.) is a wholly owned subsidiary of Syncora Holdings
Ltd.

                     About Syncora Holdings

Syncora Holdings Ltd., formerly Security Capital Assurance Ltd.,
is a Bermuda-domiciled holding company whose primary operating
subsidiaries, XL Capital Assurance Inc. and XL Financial Assurance
Ltd, provide credit enhancement and protection products to the
public finance and structured finance markets throughout the
United States and internationally.  SCA has announced that it will
formally change its corporate name to Syncora Holdings Ltd. on
Aug. 4, 2008.  XLCA and XLFA will be renamed Syncora Guarantee
Inc. and Syncora Guarantee Re Ltd, respectively.

                          *      *      *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, Moody's Investors Service confirmed its provisional
rating on senior debt at (P)Caa3, provisional rating on
subordinated debt at (P)Ca and preference shares at Ca with a
negative outlook on Syncora Holdings Ltd.

TCR-Latin America reported on July 31, 2008, that Standard &
Poor's Ratings Services said its 'C' long-term credit rating on
Security Capital Assurance Ltd. remains on CreditWatch with
negative implications.


XL CAPITAL: Names Fiona Muldoon as Senior VP & Global Treasurer
---------------------------------------------------------------
XL Capital Ltd. has appointed Fiona Muldoon as Senior Vice
President, Global Treasurer.

Ms. Muldoon previously served as Senior Vice President, Corporate
Strategy, Development and Planning Officer for the Company. In
her new role, she will report to XL's Chief Financial Officer,
Brian Nocco.

As Global Treasurer, Ms. Muldoon will oversee XL's Treasury
operations, including global liquidity, funding, cash management,
foreign exchange management, capital management, rating agency
relationships and credit ratings management.  She will continue
to be responsible for XL's Corporate Development & Strategic
Planning functions.

Ms. Muldoon has held various progressively senior leadership
positions since joining the XL group of companies in 1993,
including Vice President and Controller of XL Europe Ltd, Chief
Financial Officer and Secretary of XL Europe Ltd, Treasurer of
European Operations, and Managing Director of XL's operations in
Dublin.  Ms. Muldoon relocated to Bermuda in 2003 in the role of
Senior Vice President and Financial Planning Officer for XL
Capital Ltd and she became Senior Vice President and Corporate
Strategy, Development and Planning Officer in March 2007.  Prior
to joining XL, she held financial accounting and auditing roles
with Chase Bank Ireland and Deloitte & Touche, respectively.

Commenting on Ms. Muldoon's appointment, Mr. Nocco said: "XL is
fortunate to have someone of Fiona's caliber as Global Treasurer.
Her strong analytical and leadership skills along with her
financial expertise have been invaluable to XL during the past 15
years.  I look forward to working more closely with Fiona who will
continue to be a tremendous asset to XL's senior finance
management team."

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

                          *     *     *

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



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

BRASKEM SA: Shareholders General Meeting Slated for September 30
----------------------------------------------------------------
Braskem S.A. will hold its Shareholders Extraordinary General
Meeting at the company’s headquarters located at Rua Eteno, 1.561,
Polo Petroquímico, in the Municipality of Camacari, State of
Bahia, on September 30, 2008, at 10:00 a.m., in order to
deliberate on the following matters:

   (1) election of a member of the Board of Directors in view of
       the request of resignation that was presented;

   (2) approval and ratification of the appointment and hiring
       made by the company’s managers of the specialized company
       in charge of issuing appraisal reports on the equity of the
       companies Ipiranga Quimica S/A (IQ) and Petroquimica
       Paulinia S/A (PPSA);

   (3) review, discussion and approval of the documents relating
       to the transaction of merger of IQ and merger of the spun-
       off portion by the company;

   (4) approval of the transaction of spin-off of IQ and merger of
       the spun-off portion by the company, without any increase
       in its capital;

   (5) review, discussion and approval of the documents relating
       to the merger of PPSA into the company;

   (6) approval of the merger of PPSA into the company, without
       any increase in its capital;

   (7) authorization to the company’s management to perform the
       acts required to formalize the above matters.

and, at 2:00 p.m., in order to deliberate on:

   (1) approval and ratification of the appointment and hiring
       made by the Company’s managers of the specialized
       companies in charge of issuing appraisal reports on the
       equity of the company Ipiranga Petroquimica S/A (IPQ) and
       the company;

   (2) review, discussion and approval of the documents relating
       to the transaction of merger of IPQ into the company;

   (3) approval of the transaction of merger of IPQ into the
       company, with the consequent increase in the capital of
       Braskem, upon issue of new class “A” preferred shares;

   (4) approval of the amendment of article 4 of the company’s
       Bylaws as a result of its capital increase; and

   (5) authorization to the company’s management to perform the
       acts required to formalize the above matters.

Braskem S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins
producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Braskem S.A. Fitch
also affirmed the 'BB+' ratings on the company's senior
unsecured notes 2008, 2014, and senior unsecured notes 2017.

TCR-LA reported on Dec. 10, 2007, that Standard & Poor's raised
Braskem's long-term corporate credit to 'BB+' from 'BB'.

On Nov. 28, 2007, Moody's Investors Service assigned the company
a corporate family rating of Ba1 on the agency's global scale.


COMPANHIA ENERGETICA: Moody's Lifts Corporate Family Rating to Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded Companhia Energetica de Sao
Paulo's corporate family rating and long-term senior unsecured
debt rating to Ba2 from Ba3.  The outlook is now stable.   This
action concludes the review with direction uncertain initiated on
March 6, 2008.

The upgrade to Ba2 reflects Companhia Energetica's continued focus
on deleveraging its balance sheet and stronger cash flows.  
Leverage as measured by funds from operations to total adjusted
debt has improved to 11% in the last twelve month period ending on
June 30, 2008, from 7% in 2006.  During the same period, total
adjusted Debt to EBITDA has dropped to 4.7 from 5.6 and free cash
flow to total adjusted Debt has improved from 1% to 9% Moody's
expects that the company's free cash flow will continue to
represent approximately 10% of total debt and that the company
will continue to use free cash flow for debt reduction.  After
conducting its review, Moody's view is that the company should
continue to be treated as a government-related issuer and does not
expect the level of support from the State of Sao Paulo to change.  
The privatization of Companhia Energetica now seems unlikely in
the near term.

In accordance with Moody's government-related issuer rating
methodology, Companhia Energetica's Ba2 rating reflects the
combination of these inputs:

   -- Baseline credit assessment of 14 (mapping to a B1);
   -- Mid-level dependence;
   -- Mid-level government support; and
   -- The Ba2 rating of the State of Sao Paulo, which has a stable
      outlook.

Moody's action affected these issues:

   -- US$1.4 billion Unsubordinated Unsecured Medium-Term Notes
      Program;

   -- US$184 million 10% Senior Unsecured Notes due 2011 issued
      under the MTN program;

   -- US$220 million 9.25% Senior Unsecured Notes due 2013 issued
      under the MTN program; and

   -- BRL750 million 9.75% IPCA Linked Notes due 2015 issued
      under the MTN program

Moody's notes that Companhia Energetica has generation concessions
expiring in 2015 that are equivalent to 67% of its current
installed capacity.  Moody's believes that the most likely outcome
is that the federal government will decide to renew the company's
concessions with some conditions, such as a tariff ceiling, a
concession fee, the obligation to sell energy in the regulated
market or a combination of these alternatives.  Any final decision
with regard to its concessions must result in the change of the
current legislation.

Headquartered in Sao Paulo, Brazil, Companhia Energetica de Sao
Paulo (BOVESPA: CESP3, CESP5 and CESP6) is the country's third
largest power generator, majority owned by the State of Sao
Paulo.  CESP operates 6 hydroelectric plants with total
installed capacity of 7,456 MW and reported net revenues of
BRL1,983 million in the last twelve months through Sept. 30,
2006.


COSAN SA: Parent Posts BRL58.1 Mil. Net Loss in 2008 First Quarter
------------------------------------------------------------------
Cosan Ltd., the parent company of Cosan S.A. Industria e
Comercio, reported its financial results for the first quarter of
fiscal year 2009.

For the three months ended July 31, 2008, the company incurred a
net loss of BRL58.1 million (US$32.2 million) compared to net
income of BRL13.7 million for the same period of 2007.

The company's 2008 first quarter net sales rose 8.1% to
BRL639.6 billion from BRL591.7 million.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio produces sugar and ethanol.  The company cultivates
harvests and processes sugarcane, the main raw material for
sugar and ethanol manufacturing.  With 17 manufacturing units
and two port terminals in the city of Santos, Cosan says it is
currently the largest individual group in the world in terms of
sugarcane byproducts manufacturing.  With capacity to grind more
than 40 million tonnes of sugarcane, the group represents 12% of
overall production in the mid-southern region of the country.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 29, 2008, Moody's Investors Service placed the Ba2 local
currency corporate family rating and foreign currency senior
unsecured rating, as well as the A1.br Brazilian national scale
corporate family rating of Cosan S.A. Industria e Comercio on
review for possible downgrade.

TCR-LA related on April 28, 2008, that Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Cosan S.A. Industria e Comercio, as well as its 'BB' rating on
the company's outstanding debt issues, which amount to
US$950 million, on CreditWatch with negative implications.  At
the same time, S&P placed its 'BB' long-term corporate credit
rating on Bermudas-based sugar-cane processor Cosan Ltd. on
CreditWatch with negative implications.


COSAN SA: Subsidiaries Reach BRL489 Mil. Purchase Deals With Rede
-----------------------------------------------------------------
Cosan S.A. Industria e Comercio's wholly owned subsidiaries Barra
Bioenergia S.A. and Cosan S/A Bioenergia have entered into power
purchase agreements with Rede Comercializadora de Energia S/A.

Co-generation projects based on biomass will be commercially
operated at the Univalem and Diamante units to fulfill the
agreement for the purchase of approximately 3,000 GWh over a
period of 15 years, currently worth some BRL489 million, restated
annually by the IGP-M inflation index.  The projects will require
investments of the order of BRL250 million.

COSAN believes that initiatives such as these will contribute to
the greater inclusion of biomass in Brazil’s energy matrix

                        About Cosan S.A.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio produces sugar and ethanol.  The company cultivates
harvests and processes sugarcane, the main raw material for
sugar and ethanol manufacturing.  With 17 manufacturing units
and two port terminals in the city of Santos, Cosan says it is
currently the largest individual group in the world in terms of
sugarcane byproducts manufacturing.  With capacity to grind more
than 40 million tonnes of sugarcane, the group represents 12% of
overall production in the mid-southern region of the country.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 29, 2008, Moody's Investors Service placed the Ba2 local
currency corporate family rating and foreign currency senior
unsecured rating, as well as the A1.br Brazilian national scale
corporate family rating of Cosan S.A. Industria e Comercio on
review for possible downgrade.

TCR-LA related on April 28, 2008, that Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Cosan S.A. Industria e Comercio, as well as its 'BB' rating on
the company's outstanding debt issues, which amount to
US$950 million, on CreditWatch with negative implications.  At
the same time, S&P placed its 'BB' long-term corporate credit
rating on Bermudas-based sugar-cane processor Cosan Ltd. on
CreditWatch with negative implications.


COSAN SA: Eyes Boosting Sugar Inventory on Price Outlook
--------------------------------------------------------
Cosan SA Industria e Comercio is planning to boost inventories and
reduce sales to take advantage of expected price increases, Carlos
Caminada of Bloomberg News reports.

According to Bloomberg, Cosan's Chief Financial Officer Paulo
Diniz said in a press conference that the company will add to
growing sugar stockpiles in the next nine to 12 months, noting
that it also plans to increase the proportion of sugar cane it
turns into ethanol.

Mr. Diniz, as cited by Bloomberg, disclosed that reduced output
from countries including Brazil, the world's biggest producer, may
lead to demand outpacing supply, supporting prices above 14 cents
a pound next year.

Bloomberg relates that sugar futures for March delivery rose 0.45
cent, or 3.3 percent, to 14.06 cents a pound on ICE Futures U.S.,
the former New York Board of Trade.  The sweetener has gained 30
percent this year, the best performance on the Reuters/Jefferies
CRB Index of 19 raw materials.

A rebounding dollar and rising sugar prices may make Cosan
profitable in 2009, Bloomberg says, citing Vice Chairman Pedro
Mizutani.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio produces sugar and ethanol.  The company cultivates
harvests and processes sugarcane, the main raw material for
sugar and ethanol manufacturing.  With 17 manufacturing units
and two port terminals in the city of Santos, Cosan says it is
currently the largest individual group in the world in terms of
sugarcane byproducts manufacturing.  With capacity to grind more
than 40 million tonnes of sugarcane, the group represents 12% of
overall production in the mid-southern region of the country.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 29, 2008, Moody's Investors Service placed the Ba2 local
currency corporate family rating and foreign currency senior
unsecured rating, as well as the A1.br Brazilian national scale
corporate family rating of Cosan S.A. Industria e Comercio on
review for possible downgrade.

TCR-LA related on April 28, 2008, that Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Cosan S.A. Industria e Comercio, as well as its 'BB' rating on
the company's outstanding debt issues, which amount to
US$950 million, on CreditWatch with negative implications.  At
the same time, S&P placed its 'BB' long-term corporate credit
rating on Bermudas-based sugar-cane processor Cosan Ltd. on
CreditWatch with negative implications.


TAM SA: Initiates New Flights Between U.S. and Rio de Janeiro
-------------------------------------------------------------
TAM S.A. will begin two direct flights between Rio de Janeiro and
the United States.  The company's passengers may fly these new
routes in Executive or Economy class.

"Rio de Janeiro's market is strategic for TAM. Therefore we are
increasingly investing in the services we provide.  The Rio de
Janeiro-Miami and Rio de Janeiro-New York flights demonstrate our
commitment to continued service to this public," says TAM
Commercial and Planning Vice President, Paulo Castello Branco.
Boeing 767-300 Aircraft, with a seating capacity of 205
passengers, will service the routes.

Flight JJ 8078 will depart the Tom Jobim International Airport
(Galeao state), in Rio de Janeiro, at 11:15 p.m. (local time),
Tuesdays, Thursdays, Saturdays and Sundays.  It will fly directly
to the John Fitzgerald Kennedy International Airport (JFK), in
New York, where it will arrive at 6:00 a.m. (local time) on the
following day.

The return portion of the flight will be made on Mondays,
Wednesdays and Fridays.  Flight JJ 8079* will depart New York at
4:15 p.m. (local time) and will fly directly to Rio de Janeiro
(Galeao state), landing in the Brazilian city at 5:30 a.m. (local
time). On Sundays, flight JJ 8075 will depart New York at 8:00
a.m. and will arrive in Rio de Janeiro at 9:15 p.m.

Currently, TAM operates two daily flights to New York, originating
from Sao Paulo (Guarulhos state). All stages of the flight are
made with A330 aircraft, both on the initial flight and on the
return.  With the start of this new route, the company now offers
18 weekly flights between Brazil and New York.  All flights have
connections available.

To Miami, flight JJ 8056 will depart the Confins Airport in Belo
Horizonte (Minas Gerais state), at 7:30 p.m., arriving at 8:25
p.m. (local time) at the Tom Jobim International Airport (Galeao
state), in Rio de Janeiro, from which it will depart at 11:05
p.m. (local time) and fly directly to the Miami International
Airport in Florida, landing at 6:30 a.m. (local time) the
following day.

The return will be flight number JJ 8057, which will depart Miami
at 10:05 p.m. (local time) and fly directly to Rio de Janeiro
(Galeao state), where it will arrive at 7:10 a.m. (local time),
departing at 9:30 a.m. (local time) and landing in Belo Horizonte
(Confins state) at 10:35 a.m. (local time).  The stretch between
Belo Horizonte and Rio de Janeiro will be operated by the A320
aircraft on both halves of the round trip.
    
This will be TAM's fourth daily flight to Miami and the company's
only one with no connections or layovers to depart from the Rio
de Janeiro.  TAM already offers two daily flights departing from
Sao Paulo (Guarulhos state) -- on Sundays one of them lays over
in Salvador (Bahia state) on both portions of the return flight
-- and another departing from Manaus.  With the new route, there
will be 28 regular weekly flights between Brazil and Florida.  All
flights offer connections.

                            About TAM

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

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

                          *     *     *

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

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


TAM SA: Cargo Unit Opens Domestic Terminal at Tom Jobim Airport
---------------------------------------------------------------
TAM Cargo, the cargo branch of TAM S.A., began operating in its
new domestic cargo terminal at the Tom Jobim Airport (Galeao), in
Rio de Janeiro.  The facilities occupy a total area of 1,200
square meters and are able to store up to 60 tons of cargo per
day -- four times more than the old terminal.

TAM's Vice President of Commerce and Planning, Paulo Castello
Branco, said that the new cargo terminal will complement the
investments that TAM is making in Rio de Janeiro's market.  "We
are increasing the number of domestic and international flights
out of the Tom Jobim Airport, and for this reason have installed
a structure that is capable of serving our clients in the cargo
industry," explained Castello Branco.

TAM's Director of Cargo, Carlos Amodeo, explains that the new
terminal's infrastructure allows more operational agility and
improved quality in customer service.  "With the expansion of our
storage capacity for domestic cargo, we are better prepared to
meet the growing demand," said Mr. Amodeo.  International cargo
will continue to be moved through Infraero.

TAM Cargo will invest approximately BRL22 million in
infrastructure in domestic cargo terminals throughout the country
in 2008.  The company is also investing another BRL8 million in
national and international cargo systems, which will allow TAM
Cargo to increase its cargo capacity and further integrate its
operational, commercial and financial sectors.

In the first half of 2008, TAM Cargo reported an increase of
33.6% in gross cargo sales (domestic and international cargo),
reaching BRL470.2 million, compared to BRL352 million in the same
period of 2007.  The result represented approximately 9.5% of the
total revenue of BRL5 billion reported by the company in that
period.

The growth in TAM Cargo's revenue is primarily due to commercial
efforts to gain client loyalty, an increase in corporate
agreements, acquisition of new clients and improvements in
service levels.  This growth is also due to the company's
increased international presence and, in the domestic market, the
substitution of F-100 airplanes for airplanes in the A320 family,
resulting in more cargo hold space.

                            TAM Cargo

Currently, TAM Cargo serves 42 Brazilian airports with direct
flights, collects from more than 400 cities and delivers to more
than 3,900 locations in the country.  TAM Cargo International
service reaches approximately 45 countries and more than 120
countries spanning the Southern Cone Common Market, North
America, Europe and the Far East.

                           About TAM

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

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

                          *     *     *

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

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



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

ARCHIVES LTD: Holds Final Shareholders Meeting on Sept. 19
----------------------------------------------------------
Archives Ltd. will hold its final shareholders meeting on
Sept. 19, 2008, at 11:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

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

Archives' shareholders agreed 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:

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


ARCHIVES II: Holding Final Shareholders Meeting on Sept. 19
-----------------------------------------------------------
Archives II Ltd. will hold its final shareholders meeting on
Sept. 19, 2008, at 11:00 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

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

Archives II's shareholders agreed 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:

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


BEAR STEARNS ACTIVE: Final Shareholders Meeting Is on Sept. 19
--------------------------------------------------------------
Bear Stearns Active County Equity Long Short (Overseas) Ltd. will
hold its final shareholders meeting on Sept. 19, 2008, at 11:30
a.m., at the registered office of the Company.

These matters will be taken up during the meeting:

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

Bear Stearns Active's shareholders agreed 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:

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


BEAR STEARNS (MASTER): Final Shareholders Meeting Is Sept. 19
-------------------------------------------------------------
Bear Stearns Active County Equity Long Short (Master) Ltd. will
hold its final shareholders meeting on Sept. 19, 2008, at 11:30
a.m., at the registered office of the Company.

These matters will be taken up during the meeting:

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

Bear Stearns Active's shareholders agreed 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:

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


FRM MANUFACTURED: Sets Final Shareholders Meeting on Sept. 19
-------------------------------------------------------------
FRM Manufactured Alpha Fund SPC will hold its final shareholders
meeting on Sept. 19, 2008, at 12:00 p.m., at the registered office
of the Company.

These matters will be taken up during the meeting:

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

FRM Manufactured's shareholders agreed 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:

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


FRM MANUFACTURED MASTER: Final Shareholders Meeting Is Sept. 19
---------------------------------------------------------------
FRM Manufactured Alpha Master Fund Ltd. will hold its final
shareholders meeting on Sept. 19, 2008, at 12:00 p.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

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

FRM Manufactured's shareholders agreed 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:

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


LAVENDER LLC: To Hold Final Shareholders Meeting on Sept. 19
------------------------------------------------------------
Lavender LLC will hold its final shareholders meeting on Sept. 19,
2008, at the offices of Whitehall Financial Group Inc., 711 Fifth
Avenue, 16th Floor, New York, New York.

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

Lavender's shareholders agreed on April 2, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


REFCO ADVANTAGE: Holds Final Shareholders Meeting for Sept. 19
--------------------------------------------------------------
Refco Advantage Multi Manager Fund Futures Series I will hold its
final shareholders meeting on Sept. 19, 2008, at 11:00 a.m., at
the offices of Kroll (Cayman) Limited, 4th Floor, Bermuda House,
Dr. Roy's Drive, Grand Cayman, Cayman Islands.

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

Refco Advantage's shareholder decided on Dec. 29, 2005, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Gordon I. Macrae and G. James Cleaver
                Attn: Eleanor Fisher  
                c/o Kroll (Cayman) Limited
                P.O. Box 1102
                4th Floor, Bermuda House
                Dr. Roy's Drive, Grand Cayman
                Cayman Islands
                Tel: 1 (345) 946-0081
                Fax: 1 (345) 946-0082


SNIPER FUND: Will Hold Final Shareholders Meeting on Sept. 19
-------------------------------------------------------------
Sniper Fund will hold its final shareholders meeting on Sept. 19,
2008, at 10:30 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.

Sniper Fund's shareholders agreed on July 23, 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


TOPLAND INVESTMENT: Sets Final Shareholders Meeting on Sept. 19
---------------------------------------------------------------
Topland Investment Ltd. will hold its final shareholders meeting
on Sept. 19, 2008, at 10:00 a.m., at the 2nd Floor, Boundary Hall,
Cricket Square, Hutchins Drive, George Town, Grand Cayman, Cayman
Islands.

These matters will be taken up during the meeting:

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

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



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

BHM TECHNOLOGIES: Second Lien Lenders Stipulation With SAC Okayed
-----------------------------------------------------------------
The United States Bankruptcy Court for the Western District of
Michigan approved a stipulation BHM Technologies Holdings, Inc.,
and its debtor-subsidiaries entered into with SAC Domestic
Investments -- successor agent to Lehman Commercial Paper, Inc.,
for lenders owed US$72,000,000 to lenders under the Second Lien
Credit Agreement, dated as of July 21, 2006, notwithstanding
objections filed by the U.S. Trustee and the Official Committee of
Unsecured Creditors.

Daniel McDermott, U.S. Trustee for the Michigan/Ohio Region IX,
and the Creditors Committee pointed out that the Agreement binds
the estate, any trustee, Committee to various stipulations, which
include the acknowledgment that the debts owed to the Second
Lienholders are acknowledged as valid, not subject to any
counterclaim, defense or offset, the liens of the Second
Lienholders are acknowledged as valid, and the replacement lien
granted to the Second Lienholders under the interim financing
order are continued.  The U.S. Trustee noted that, according to
the Debtors' schedules, the Second Lienholders' have no
collateral for their liens to attach to, therefore, they are
unsecured.  The U.S. Trustee asserted that because the Second
Lienholders are unsecured, there is no reason why they should be
granted any of the concessions that the Debtors have agreed to in
the stipulated order, nor is there any reason why these
concessions should be made binding upon the estates, the
creditors' committee, or any subsequent trustee.

The Debtors and the Prepetition Second Lien Lenders agree and
stipulate that:

  a. as of the Petition Date, the Debtors were indebted and
     liable to the Prepetition Second Lien Lenders, without
     defense, counterclaim or offset of any kind with respect to
     loans in the aggregate amount of US$72,000,000 in principal
     and PIK interest made by the Prepetition Second Lien
     Lenders pursuant to, and in accordance with the terms of,
     the Prepetition Second Lien Loan Documents, plus fees and
     expenses, including fees and expenses of the Prepetition
     Second Lien Agent's attorneys and financial advisors, and
     other payment obligations incurred in connection therewith
     as provided in the Prepetition Second Lien Loan Documents,
     collectively, the "Prepetition Second Lien Obligations";

  b. the Prepetition Second Lien Obligations constitute the
     legal, valid, and binding obligation of the Debtors,
     enforceable in accordance with their terms, other than in
     respect of the stay of enforcement arising from section 362
     of the Bankruptcy Code;

  c. (i) no portion of the Prepetition Second Lien Obligations
         is subject to avoidance, recharacterization, recovery
         or subordination pursuant to the Bankruptcy Code or
         applicable nonbankruptcy law; and

    (ii) the Debtors do not have, and release any claims,
         counterclaims, causes of action, defenses or setoff
         rights, whether arising under the Bankruptcy Code or
         applicable nonbankruptcy law, existing, arising or
         accruing on or prior to the date, against the
         Prepetition Second Lien Agent, the Prepetition Second
         Lien Lenders and their respective affiliates,
         subsidiaries, agents, officers, directors, employees,
         attorneys and advisors; and

  d. the liens and security interests granted to the Prepetition
     Second Lien Agent, for its benefit and the benefit of the
     Prepetition Second Lien Lenders, pursuant to the
     Prepetition Second Lien Loan Documents are:

     (i) valid, binding, perfected and enforceable liens on and
         security interests, the "Prepetition Second Priority
         Liens," in the personal and real, tangible and
         intangible property constituting "Collateral" under,
         and as defined in, the Prepetition Second Lien Loan
         Documents, the "Prepetition Second Lien Collateral";

    (ii) not subject to avoidance, disallowance,
         recharacterization, or subordination pursuant to the
         Bankruptcy Code or applicable nonbankruptcy law, and
         subject and subordinate only to:

         (A) the Carve Out;

         (B) the liens and security interests granted in the DIP
             Agreement and the Interim and Final Orders to the
             DIP Agent to secure the DIP Financing and to the
             Prepetition First Lien Agent to provide adequate
             protection to the Prepetition First Lien Lenders;
             and

         (C) valid, perfected and non-avoidable liens permitted
             under the Prepetition Second Lien Loan Documents
             and the DIP Agreement.

The Interim Second Lien Adequate Protection Liens will be
effective and perfected for the duration of the Interim Order
without the necessity of the execution by the Debtors, or any
recording or filing, of security agreements, pledge agreements,
mortgages, financing statements or other agreements or documents.  
No claim or lien having a priority senior to or pari passu with
those granted to the Second Lien Lenders by the Interim Order to
the Prepetition Second Lien Agent and the Prepetition Second Lien
Lenders will be granted or allowed while any portion of the
Interim Second Lien Adequate Protection Obligations remains
outstanding.

The Stipulation will be binding upon the Debtors and any
successors and any party-in-interest and the Committee that:

  (a) with respect to any party-in-interest other than the
      Committee, no later than Aug. 11; and

  (b) with respect to the Committee, no later than the date that
      is the later of December 31, 2008 or 45 days after:

      (i) the Plan Support Agreements have terminated;

     (ii) the Escrow Payment has been returned to AEP; and

    (iii) either the Reorganization Plan has been withdrawn or
          this Court has entered an order denying confirmation
          of the Reorganization Plan, the Committee:

        (x) has been granted the power to assert claims or
            causes of action on behalf of the Debtors' estates
            against the Prepetition Second Lien Agent or any of
            the Prepetition Second Lien Lenders, or their
            respective agents, affiliates, subsidiaries,
            directors, officers, representatives, attorneys or
            advisors, arising out of or in connection with the
            Prepetition Second Lien Loan Documents, the
            Prepetition Second Lien Obligations, the Interim
            Second Lien Adequate Protection Payments or the
            the Prepetition Second Lien Collateral;
         
        (y) commences an adversary proceeding on behalf of the
            Debtors' estates against the Prepetition Second Lien
            Agent or any of the Prepetition Second Lien Lenders
            arising out of or in connection with the Prepetition
            Second Lien Loan Documents, the Prepetition Second
            Lien Obligations, the Interim Second Lien Adequate
            Protection Payments or the Prepetition Second Lien
            Collateral; and

        (z) the Court enters final judgment in favor of the
            party-in-interest in the adversary proceeding and
            the judgment becomes final and non-appealable.
            The Committee:
     
          (I) will not be required to request standing to
              commence an adversary proceeding that seeks to
              challenge, recharacterize, subordinate, avoid, or
              disallow the Prepetition Second Lien Obligations,
              the Prepetition Second Priority Liens, the
              Interim Second Lien Adequate Protection Payments
              and the Prepetition Second Lien Collateral,
              including any claims asserting that the 2006
              buyout and finance transaction of the Debtors was
              a leveraged buyout and a fraudulent conveyance;

         (II) may not seek oral discovery under oath in
              relation to any matters that might be asserted in
              the adversary proceeding absent a showing of
              cause, but may seek the production of documents,
              subject to any party's right to contest the
              discovery; and

        (III) may not incur or expend more than US$25,000, the
              "Temporary Cap," investigating or researching any
              of the facts or legal issues that might be
              asserted in any adversary proceeding, unless
              and until:

          (a)(i) the Plan Support Agreements have terminated;

            (ii) the Escrow Payment has been returned to AEP;
                 and

           (iii) either the Reorganization Plan has been
                 withdrawn or the Court has entered an order
                 denying confirmation of the Reorganization
                 Plan; or

          (b) the Court will enter an order allowing the actions
             for cause shown, after which the Temporary Cap will
             no longer be applicable.  For the avoidance of
             doubt:

             (x) the contemplation of a Temporary Cap herein
                 will not indicate any party's agreement that
                 the Committee has the right to use any estate
                 funds to take any of the actions contemplated
                 in this paragraph 3;

             (y) all parties in interest will be permitted to
                 object to the Committee's use of any estate
                 assets to take any of the actions contemplated
                 in this paragraph 3, including through the
                 objection to any fee application filed by the
                 Committee or its professionals; and

             (z) no party in interest will be prejudiced in its
                 right to object to the Committee's use of
                 estate assets, including through the objection
                 to any fee application filed by the Committee
                 or its professionals, notwithstanding the
                 contemplation of a Temporary Cap herein.

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)


INNOPHOS HOLDINGS: Mexican Court Ruling Cues Moody's Ba3 Rating
---------------------------------------------------------------
Moody's Investors Service upgraded Innophos Holdings, Inc.'s
corporate family rating to Ba3 from B1, upgraded ratings on its
existing debt issues and affirmed the SGL-2 speculative grade
liquidity rating.  The move reflects the company's improved
operating performance that is expected to result in future debt
reduction.  The company also benefits from the favorable decision
by the Mexican Court of Fiscal & Administrative Justice concerning
a water tax issue with a Mexican governmental agency.  The loss
given default point estimates for the rated issues were revised
and the LGD assessment for the subordinated notes due 2014 changed
to LGD4, reflecting changes in Innophos' capital structure as debt
is repaid.

Ratings upgraded:

   -- Corporate family rating: Ba3 from B1;

   -- Probability of default rating: Ba3 from B1; and

   -- US$66MM Sr. Unsec. notes due 2012: B2 (LGD6, 92%) from B3
      (LGD6, 93%).

Ratings affirmed:

   -- Speculative grade liquidity rating: SGL-2;

   -- Ratings outlook: Stable

Ratings upgraded:

   -- US$50MM gtd Sr. Sec. revolver due 2009 -- Baa3 (LGD2, 13%)
      from Ba1 (LGD2, 18%);

   -- US$220MM GTD Sr. Sec. term loan B due 2010 -- Baa3
      (LGD2, 13%) from Ba1 (LGD2, 18%); and

   -- US$190MM 8.875% GTD Sr. Sub. notes due 2014 -- Ba3
      (LGD4, 57%) from B2 (LGD5, 71%).

Innophos' operating results in 2008 have improved substantially
over the prior year levels primarily due to improved pricing of
its products that have not been fully offset with raw material
cost increases.  Tightness of supply in the specialty phosphate
market that competes with phosphate fertilizers for key raw
materials has led to higher market prices that have benefited
Innophos' products.  The company's margins have increased, as a
result of also benefiting from lags in certain raw material cost
increases and Innophos expects to continue to be buffered from
rising raw material costs through the end of 2009 due to its raw
material supply agreements.  Moody's expects that Innophos will
continue to generate strong free cash flow due to the current
favorable phosphate market dynamics, the ability to pass on
manufacturing cost increases and the steady, recession resistant
nature of its end markets, such as food & beverage and consumer
products.  The anticipated 2008 free cash flow generation will
result in substantial debt reduction since the company's credit
agreement requires it to repay term loan principal balances with
50% of excess cash flow within five days from the issuance of the
prior year's annual financial statements.  The company disclosed
in its Form 10-Q for the period ended June 30, 2008, that it
expects the excess cash flow payment and required quarterly
principal amortization payments to be US$83.8 million.

The company's SGL-2 speculative grade liquidity rating reflects
Moody's expectation that Innophos will have good liquidity over
the next 12 months, supported by its cash balances
(US$52.6 million at June 30, 2008) which are expected to increase
throughout the remainder of 2008, positive free cash flow, access
to its undrawn revolving credit facility and good flexibility
under its financial covenants.  Moody's notes that the revolving
credit facility matures in less than one year.  At the end of
July 2008, the company had availability of approximately
US$47.5 million under its US$50 million revolving credit facility
due 2009.  The corporate family rating and speculative grade
liquidity rating incorporate the expectation that the company will
extend the maturity of the existing revolving credit facility or
establish a new revolver well in advance of the August 2009
maturity.  The senior secured credit facility has three financial
covenants.  Moody's expects the company to remain in compliance
with these covenants over the next year.

Headquartered in Cranbury, N.J., Innophos Holdings Inc. (Nasdaq:
IPHS) -- http://www.innophos.com/-- the holding company for a   
leading North American manufacturer of specialty phosphates,
serves a diverse range of customers across multiple
applications, geographies and channels.  Innophos offers a broad
suite of products used in a wide variety of food and beverage,
consumer products, pharmaceutical and industrial applications.  
Innophos has manufacturing operations in Nashville, Tenn.;
Chicago Heights, Ill.; Chicago (Waterway), Ill.; Geismar, Los
Angeles; Port Maitland, Ontario (Canada); and Coatzacoalcos,
Veracruz and Mission Hills, Guanajuato (Mexico).


LEHMAN BROTHERS: Barclays to Buy Trading Unit, HQ for US$1.75 Bil.
------------------------------------------------------------------
Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure.  Barclays, in a news statement, said the
transaction will create a premier integrated global bulge bracket
investment banking company with a leading presence in all major
markets and across all major lines of business including: equity
capital markets, debt capital markets, mergers and acquisitions,
commodities trading and foreign exchange.

Barclays will acquire trading assets with a current estimated
value of GBP40 billion -- US$72 billion -- and trading liabilities
with a current estimated value of GBP38 billion -- US$68 billion
-- for a cash consideration of GBP140 million -- US$250 million.
Barclays will also acquire the New York headquarters of Lehman
Brothers as well as its two data centers at close to their current
market value.

Barclays has also agreed to acquire Lehman Brothers' New York Head
Office at 745 Seventh Avenue and two data centres in New Jersey
for close to their current market value, estimated at GBP800
million -- US$1.5 billion.  The combined consideration totals some
GBP1.0 billion -- US$1.75 billion.

A conference call for analysts and institutional investors will be
hosted today by John Varley, Barclays Group Chief Executive, and
Robert E. Diamond Jr., Barclays President.  The call will commence
at 12.00 p.m. (BST).

Certain Barclays shareholders have expressed support for the
transaction and interest in increasing their shareholdings in
Barclays. The Board of Barclays expects these discussions to lead
to a subscription of at least GBP600 million -- US$1 billion -- of
additional equity. The proposed transaction with Lehman Brothers
and the additional equity would result in an enhancement of
Barclays earnings and capital ratios.

Commenting on this announcement, John Varley, Barclays Group Chief
Executive, said, "The proposed acquisition of Lehman Brothers
North American investment banking and capital market operations
accelerates the execution of our strategy of diversification by
geography and business in pursuit of profitable growth on behalf
of our shareholders, in particular increasing the percentage of
Barclays earnings sourced in North America. This transaction
delivers the strategic benefits of a combination with Lehman
Brothers core franchise, whilst meeting Barclays strict financial
criteria, and strengthening our capital ratios."

Robert E. Diamond Jr., Barclays President, said, "This is a once
in a lifetime opportunity for Barclays. We will now have the best
team and most productive culture across the world's major
financial markets, backed by the resources of an integrated
universal bank. We welcome the opportunity to add Lehman's people
and capabilities to the Barclays team."

Herbert H. McDade III, Lehman Brothers Chief Operating Officer,
said, "Lehman Brothers strength has always been our client
franchise. With this transaction, we have the opportunity to
continue the growth and development of our US investment banking
and capital market franchises with one of the leading financial
institutions in the world. Together with Barclays, these
businesses will be a part of a global financial services
powerhouse delivering a comprehensive suite of products and
services to our clients."

    1. Transaction Structure

The Lehman Brothers operations to be acquired in the transaction
have approximately 10,000 employees, trading assets currently
estimated to have a value of GBP40 billion -- US$72 billion -- and
liabilities currently estimated to have a value of GBP38 billion
-- US$68 billion.  The Lehman Brothers operations include Lehman
Brothers North American fixed income and equities sales, trading
and research and investment banking businesses.

The Acquisition is subject to a number of conditions including the
approval of the United States Bankruptcy Court for the Southern
District of New York. Lehman Brothers is filing an emergency
motion with the Bankruptcy Court to seek a hearing to obtain
approval for the Acquisition.  The Acquisition is also subject to
certain usual conditions including receipt of necessary regulatory
approvals and US antitrust clearances. The agreement for the
Acquisition may be terminated if it is not completed by September
24, 2008.

    2. Transaction Benefits

The Acquisition will combine two strong client franchises and
product offerings, with the potential to create significant value
for Barclays shareholders.  The Lehman Brothers businesses are a
highly complementary fit for Barclays investment banking business,
Barclays Capital. The combined business will be a premier global
investment bank with an increased presence in the US and an
enhanced product offering. Among other benefits, the combination
of the two businesses will:

  -- confirm Barclays Capital as a leading debt capital markets
     house globally;

  -- have a top 3 position in the US capital markets, the largest
     in the world;

  -- extend Barclays Capital's range of investment banking
     products, with the addition of Lehman Brothers strong
     US M&A and equitycapital markets franchises; and

  -- strengthen Barclays Capital's hedge fund franchise through
     the addition of prime brokerage and cash equity capabilities.

The Acquisition will result in the proportion of Barclays revenues
derived from the US rising significantly. Given the strong
cultural fit, Barclays intends to achieve a rapid integration so
as to minimise disruption to employees, clients and
counterparties.

    3. Barclays Current Trading

Barclays has traded satisfactorily in July and August. The monthly
run rate for the Group's profit before tax in these months was
slightly lower than the average for the first half of the year,
reflecting usual seasonality. All businesses were profitable.

    4. Employees and Management

The acquired businesses will be merged into Barclays Capital,
which forms part of Barclays Investment Banking and Investment
Management of which Robert E. Diamond Jr., is Chief Executive.

    5. Share Issue

Further details of the expected issue of new shares in connection
with the Acquisition will be published in due course.

    6. Advisers

Barclays Capital, Credit Suisse Securities (Europe) Limited,
Deutsche Bank AG, London Branch and JPMorgan Cazenove Limited are
acting as financial advisers to Barclays. Credit Suisse Securities
(Europe) Limited and JPMorgan Cazenove Limited are joint corporate
brokers to Barclays. Clifford Chance LLP and Cleary Gottlieb Steen
& Hamilton LLP are acting as legal advisers to Barclays.

    7. Analyst and Investor conference call

To access the live conference call please dial 0845 401 9092 (UK
callers) or +44 20 3023 4419 (all other locations). Access code:
"Barclays Announcement". A live webcast of the conference call
will also be available at www.barclays.com/investorrelations.

A replay of the conference call and webcast will be available
after the event.  Access will be available via the Barclays
investor relations Web site.  For further information please
contact:

    Investor Relations / Media Relations
    Mark Merson / Leigh Bruce
    +44 (0) 20 7116 5752
    +44 (0) 7826 910292 /
    +44 (0) 20 7773 7371

    John McIvor / Simon Eaton
    +44 (0) 20 7116 2929
    +44 (0) 7917 068479 /
    +44 (0)20 3134 2111

    Peter Truell

    +1 212 412 7576 /
    +1 917 826 8636

Barclays Capital is acting for Barclays PLC and Barclays Bank PLC.  
Credit Suisse Securities (Europe) Limited, is acting as joint
financial adviser and joint corporate broker to Barclays Bank PLC
and Barclays PLC.  Deutsche Bank AG, London branch, and JPMorgan
Cazenove Limited act as joint financial advisor.  JPMorgan also
serves as joint corporate broker.

                         About Barclays

Barclays is a major global financial services provider engaged in
retail and commercial banking, credit cards, investment banking,
wealth management and investment management services with an
extensive international presence in Europe, the United States,
Africa and Asia.  With more than 300 years of history and
expertise in banking, Barclays operates in more than 50 countries
and employs approximately 147,000 people.  On the Net:
http://www.barclays.com/

The announcement was made two days after abandoning its plan of
acquiring Lehman Brothers Holdings Inc.

"If Barclays can buy these assets with limited liability, that
would make sense.  It would also mean Barclays moves into
equities, which on the plus side diversifies the revenue mix,"
Bloomberg quoted Mamoun Tazi, a London-based analyst at MF Global
Securities Ltd., as saying.

Meanwhile, independent.co.uk reported that the sale talks are
focused on the so-called "clean parts" of Lehman Brothers' U.S.
operations including core investment banking infrastructure and
staff, and none of its mortgage-related assets that ran the
company aground.

                     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 filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  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.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), 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.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.

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


LEHMAN BROTHERS: To Form Panel During Organizational Meeting
------------------------------------------------------------
Diana Adams, United States Trustee for Region 2, called an
organizational meeting in the Chapter 11 case of Lehman Brothers
Holdings Inc., on September 16, 2008, at 6:00 p.m., at The
Helmsley Park Lane Hotel, 36 Central Park South, in New York.  The
purpose of the meeting was to form an official committee or  
committees of unsecured creditors in Lehman Brothers' case.

The organizational meeting is not the meeting of creditors
held pursuant to Section 341 of the Bankruptcy Code.  A
representative of Lehman Brothers, however, may attend the
organizational meeting to provide information about the status of
the company's bankruptcy case.

                     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 filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  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.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), 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.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.

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


LEHMAN BROTHERS: Japan Units File for Bankruptcy in Tokyo
---------------------------------------------------------
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.  
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion), Teikoku Databank Ltd. said.  Lehman
Brothers Japan Inc. reported about JPY3.4 trillion ($33 billion)
in liabilities in its petition.  Akio Katsuragi, a former Morgan
Stanley executive, runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited also have
suspended its operations with immediate effect, including ceasing
to trade on the Hong Kong Securities Exchange and Hong Kong
Futures Exchange, until further notice.  The Asian units' asset
management company, Lehman Brothers Asset Management Limited, will
continue to operate on a business as usual basis.  A further
notice concerning the retail structured products issued by or
arranged by any Lehman Brothers group company will be issued as
soon as possible, a press statement said.

The Financial Services Agency, Japan's financial watchdog, has
ordered Lehman Brothers Japan to halt operations for 12 days,
following its parent's bankruptcy filing, various reports say.  
According to Reuters, FSA ordered Lehman Brothers Japan Inc. to
halt operations, except for carrying out existing contracts or
returning assets to customers, from Sept. 15 to Sept. 26.  The
regulator, Reuters relates, had earlier told the Japanese unit to
retain assets equivalent to its liabilities in Japan, excluding
those liabilities owed to parties overseas.  FSA said it was
taking action to make sure "not to damage the benefits of
creditors and investors through the outflow of money from Lehman's
assets to overseas affiliated companies" following the bankruptcy.

The Finance Ministry, Japan Daily New relates, also said it has
decided to delist Lehman Brothers Japan as a special market
participant or primary dealer in the government bond market for
11 days, starting Tuesday, Sept. 16.

The Nikkei business Daily, AFP notes, said the regulator was in
contact with U.S. financial authorities and Japanese financial
institutions to assess the damage.  "The US authorities say they
will protect customers' assets.  We are analyzing a possible
effect" on the Japanese financial sector," AFP cited an anonymous
official at the watchdog as saying.

               Japan Infuses US$24-Bil. in Market

Reuters reports that The Bank of Japan injected US$24,000,000,000
into the Japanese market, the largest since March, and Prime
Minister Yasuo Fukuda called an urgent meeting with key ministers,
as stocks slid and bonds soared after Lehman Brothers Holdings,
Inc.'s bankruptcy filing in the United States.

"The Bank of Japan will carefully monitor the recent situation
surrounding U.S. financial institutions and its impact," central
bank governor Masaaki Shirakawa said in a statement.

Chief Cabinet Secretary Nobutaka Machimura that Japan's
government isn't considering "additional" measures to boost
economic growth and stabilize markets after Lehman Brothers
Holdings's bankruptcy filing.

According to Japan-based The Daily, Financial Services Minister
Toshimitsu Motegi sought to allay fears by saying the impact on
Japanese financial institutions was limited.  "So far, we haven't
confirmed any signs that Japanese financial institutions are
seriously affected.  Officials will "raise alert levels" to
closely monitor the situation, he said, the same report relates.

Bloomberg News relates, Mr. Machimura said that the bankruptcy
will have a "limited" effect on Japan's financial companies.  "It
won't affect Japanese financial institutions seriously," he said.

Mr. Machimura's remark, Bloomberg News points out, follows that
of ruling Liberal Democratic Party Acting Secretary-General
Hiroyuki Hosoda, who said the government should take "emergency
economic and fiscal measures" to restore confidence.

The Daily says, Tokyo's Nikkei 225 index plunged more than 5%,
falling under than 12,000-point level for the first time since
mid-March. The dollar also nose-dived to 104 yen levels, the same
report adds.

Seven of top 30 unsecured creditors of Lehman are Japanese banks,
who are owed money for bank loans:

        Japan Bank                Scheduled Debt
        ----------                 -------------
        AOZORA Bank               US$463,000,000
        Shinesi Bank Ltd.            231,000,000
        UFJ Bank Limited             185,000,000
        Mizuho Corporate Bank         93,000,000  
        Shinkin Central Bank          93,000,000
        Chuo Mitsui Trust & Banking   93,000,000
        Nippon Life Insurance Co.     46,000,000

                     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 filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  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.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), 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.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.

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


LEHMAN BROTHERS: Seeks Nov. 14 Extension of Schedules Filing
------------------------------------------------------------
Lehman Brothers Holdings Inc., asked the U.S. Bankruptcy Court for
the Southern District of New York to give it until November 14,
2008, to file its schedules and statement of financial affairs.

Section 521 of the Bankruptcy Code and Rule 1007 of the Federal
Rules of Bankruptcy Procedure require a debtor to file its (i)
schedules of assets and liabilities; (ii) schedules of current
income and expenditures; (iii) schedules of executory contracts
and unexpired leases; and (iv) statements of financial affairs  
within 15 days after a debtor's bankruptcy filing.

Harvey Miller, Esq., at Weil, Gotshal & Manges LLP, in New York,
said that the company may not be able to complete the statements
and schedules within 15 days, given the complexity of its
business and the diversity of its operations.

"To prepare its schedules, [Lehman Brothers] must compile
information from books, records, and documents relating to
thousands of claims, assets and contracts," Mr. Miller said.

Lehman Brothers also asked the Court not to require the company
to file a list of its equity security holders and provide them
with a notice of its bankruptcy filing.

"Lehman is a public company and, as of August 31, 2008, has
approximately 690,000,000 shares of common stock outstanding.
Such common stock is actively traded on the New York Stock
Exchange, and therefore, the holders of the common stock change
on a daily basis," Mr. Miller said.  He pointed out that
preparing the list and sending notice to all equity security
holders would be expensive and time consuming.

                     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 filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  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.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), 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.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.

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



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

CRPAO PEN TRUST: S&P Places BB+/Rated Trance on Watch Developing
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings on 10
emerging market asset-backed securities (ABS) transactions on
CreditWatch with developing implications.
     
The rating actions follow S&P's Sept. 15, 2008, placement of its
long-term ratings on Merrill Lynch & Co. Inc. ('A') on CreditWatch
with developing implications ("Bank of America Downgraded, Ratings
Put On Watch Negative; Merrill Lynch on Watch Developing" on
RatingsDirect, the real-time Web-based source for S&P's credit
ratings, research, and risk analysis).
     
The ratings and the structure are based, in part, on Merrill's
provision of a swap contract, guaranty, or cash management
agreement; and/or the underlying collateral.  
     
S&P will continue to surveil the ratings on these ABS
securitizations and it will revise them as necessary to reflect
any changes in the transactions' credit quality.  In addition, S&P
may take further rating actions on these transactions pending the
resolution of the ongoing CreditWatch status of Merrill's ratings.
      
Ratings Placed on CreditWatch Developing:
  
Transaction          Series/Trance       To          From
---------------------------------------------------------  
CRPAO PEN Trust #1:    2008-100     BB+/Watch Dev    BB+

Latam Trust:           2007-105      A-/Watch Dev    A-
                        2007-108      A+/Watch Dev    A+
                        2008-101      A+/Watch Dev    A+
                        2008-102      A+/Watch Dev    A+

  ML MXN Notes:          2007-1     mxAAA/Watch Dev   mxAAA

  Peru Enhanced Pass-Through Finance Ltd.:

                           A-1         BB+/Watch Dev   BB+
                           A-2         BB+/Watch Dev   BB+

  TIIETMX Bonos:         2008-1      mxAAA/Watch Dev   mxAAA

  UDICX Bonos:            2008-1     mxAA+/Watch Dev   mxAA+


PERU ENHANCED: S&P Puts Two BB+/Rated Trances on Watch Developing
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings on 10
emerging market asset-backed securities (ABS) transactions on
CreditWatch with developing implications.
     
The rating actions follow S&P's Sept. 15, 2008, placement of its
long-term ratings on Merrill Lynch & Co. Inc. ('A') on CreditWatch
with developing implications ("Bank of America Downgraded, Ratings
Put On Watch Negative; Merrill Lynch on Watch Developing" on
RatingsDirect, the real-time Web-based source for S&P's credit
ratings, research, and risk analysis).
     
The ratings and the structure are based, in part, on Merrill's
provision of a swap contract, guaranty, or cash management
agreement; and/or the underlying collateral.  
     
S&P will continue to surveil the ratings on these ABS
securitizations and it will revise them as necessary to reflect
any changes in the transactions' credit quality.  In addition, S&P
may take further rating actions on these transactions pending the
resolution of the ongoing CreditWatch status of Merrill's ratings.
      
Ratings Placed on CreditWatch Developing:
  
Transaction          Series/Trance       To          From
---------------------------------------------------------  
CRPAO PEN Trust #1:    2008-100     BB+/Watch Dev    BB+

Latam Trust:           2007-105      A-/Watch Dev    A-
                        2007-108      A+/Watch Dev    A+
                        2008-101      A+/Watch Dev    A+
                        2008-102      A+/Watch Dev    A+

  ML MXN Notes:          2007-1     mxAAA/Watch Dev   mxAAA

  Peru Enhanced Pass-Through Finance Ltd.:

                           A-1         BB+/Watch Dev   BB+
                           A-2         BB+/Watch Dev   BB+

  TIIETMX Bonos:         2008-1      mxAAA/Watch Dev   mxAAA

  UDICX Bonos:            2008-1     mxAA+/Watch Dev   mxAA+



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

HOME INTERIORS: Balks at Extension of Panel's Review Deadline
-------------------------------------------------------------
Home Interiors & Gifts, Inc., and its affiliated debtors filed an
objection with the U.S. Bankruptcy Court for the Northern District
of Texas to the Unsecured Creditors Committee's request to extend
the panel's investigation deadline.

The Debtors' counsel, Michael P. Massad, Jr., Esq., at Hunton &
Williams LP, asserts that the additional time requested for the
investigation will further delay the progress of the case, and
compound the already egregious costs to the estates in trying to
respond to the requests for production propounded by the
Committee.

The Committee wants the deadline moved 20 days after the delivery
of documents requested from the Debtors and their prepetition
lenders.  The current deadline expired August 29, 2008.

Mr. Massad tells the Court that the Committee is seeking a third
extension.  The Debtors were required in July to expend US$357,000
in multiple attorney time and related costs, in an attempt to meet
the Committee's production demands, Mr. Massad says.  The
Committee requested ". . . all documents . . . back in time to
2004 . . . ."  According to Mr. Massad, the Committee did not
articulate that "all documents" produced needed to be reviewed for
responsiveness, nor did it stipulate that there was any numerical
limit to the number of documents to be produced.  Instead, the
Committee has acknowledged that it has "received a voluminous
amount of documents," and that it received at least 98% of the
documents reflected in the chart contained in the Committee's
motion.  Mr. Massaid says that the Committee has had substantially
all relevant documents needed to investigate the claims for a
significant period of time.

The Committee and its counsel were selected on May 15, 2008.  FTI
Consulting, the Committee's financial analyst, met with and asked
the Debtors and their management staff for certain information and
production of documents as early as May 19, 2008, which the
Debtors then provided.  The Committee failed to serve its document
requests on Debtors until the end of June and did not request
informal meetings with the Debtors' officers or employees to focus
the scope of anticipated discovery.

Mr. Massad tells the Court that the Committee has had over 12
weeks to conduct its investigation of Debtors' affairs, and the
Debtors would dispute whether or not the Committee "has been
diligently undertaking [this] investigation," since it appears to
have only reviewed a limited number of produced documents it has
had in its possession for some time, and is now asking the Court
for a third extension longer than the previous two extensions
voluntarily agreed to by Debtors, Highland Capital Management, LP,
and Nexbank, SSB.

Instead of requesting interviews with the Debtors' chief financial
officer and management at the inception of this process to
informally discuss those individuals' knowledge of payments,
transfers or other conveyances, the Committee requested the Debtor
to produce documents and now complains about the broad scope of
information the Debtors produced, Mr. Massad says.  Mr. Massad
claims that the Committee never attempted to limit the scope of
the discovery to specific issues, time periods, or events, and
never sought to more fully understand the significance of claims
it might bring, in an effort to limit the discovery process.  The
Committee's request for "all documents," which has cost the
affected parties, upon information and belief, close to
US$1,000,000
to process, along with the complaint that the requests have
produced a significant amount of documents that are responsive yet
irrelevant, leaves the Debtors with little choice except to
question the Committee's efforts to manage a discovery process
that has evolved into an unavoidable "catch-22".  

The Debtors dispute that there is at this point any obligation to
produce a privilege log as it is operating under an agreement with
the Committee to utilize a "clawback" protocol for privileged
documents rather than being required to produce an actual
privilege log at this time.  The Debtors deny that they have an
obligation to produce a privilege log until the production is
finished, and contend that the lack of a privilege log would not
be the determining factor in whether or not a claim exists.

The Debtors believe the Committee has completed all of the 2004
examinations it has wished to take, and feel they deserve no
penalty for the Committee's inability to review the produced
documents in a timely fashion.

According to Mr. Massad, the Committee failed to specify what the
additional time will be used for, and without some specific and
well founded reason it needs the same.  In the alternative, should
the Court be inclined to further extend the Committee's time for
investigation, the Debtors would urge that no more than a 10-day
extension would be appropriate.

                      About Home Interiors

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

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

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


W HOLDING: Sets Stockholders Meeting on November 7
--------------------------------------------------
W Holding Company Inc. has informed the stockholders for a special
meeting to be held at the J. William Fulbright Center at Hogan &
Hartson LLP, 555 Thirteenth Street, NW, Washington, D.C. 20004 on
November 7, 2008, at 8:00 a.m., local time, for the following
purposes:

   1. Amendment to Certificate of Incorporation.  To adopt an
      amendment to the stockholders' Certificate of Incorporation
      to effect a reverse stock split of their common stock, at
      any time prior to December 31, 2008, at a specific ratio to
      be determined by the Board of Directors in its sole
      discretion within a range of not less than one-for-10 and
      not more than one-for-50; and

   2. Other Business.  To transact any other business as may
      properly come before the special meeting and any
      postponement or adjournments.

Stockholders of record at the close of business on September 19,
2008, are entitled to notice of and to vote at the special meeting
and at any adjournment of the meeting.  A complete list of
stockholders entitled to vote at the special meeting will be
available at the Secretary’s office, 19 West McKinley Street,
Mayaguez, Puerto Rico, for 10 days before the meeting and will be
available for inspection at the special meeting.  Whether or not a
stockholder plans to attend the special meeting in person, he or
she is urged to vote by telephone or Internet as instructed in the
proxy card, or complete, sign, date and return the enclosed proxy
card in the enclosed postage paid envelope.  If a stockholder
attends the special meeting in person, he or she may revoke his or
her proxy and vote in person.  Attendance at the meeting does not
itself revoke his or her proxy.

W Holding Company, Inc. (NYSE: WHI) -- http://www.wholding.com.  
-- is the financial holding company for Westernbank Puerto Rico,
the second-largest commercial bank in Puerto Rico, based on
total assets, operating through 56 full-fledged branches,
including 20 Expresso of Westernbank branches), including 33 in
the southwestern region of Puerto Rico, 7 in the northeastern
region, 14 in the San Juan Metropolitan area and 2 in the
eastern region of Puerto Rico, and a fully functional banking
site on the Internet.  W Holding also owns Westernbank Insurance
Corp., a general insurance agent placing property, casualty,
life and disability insurance, whose results of operations and
financial condition are reported on a consolidated basis.

                    Non-Compliance Notification

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the company has been notified by the New York
Stock Exchange, Inc. (NYSE) that the company is not in
compliance with NYSE Listed company Manual Section 802.01C
because the average closing price of the company's common stock
has been less than US$1 for 30 consecutive trading days.

Accordingly, the company is subject to the procedures specified
in Section 802.01C, which provides, among other things, that the
company must bring its share price and average share price back
above US$1 within six months following receipt of notification
of non-compliance.  If at the expiration of the six-month cure
period, the company's share price and average share price over
the preceding 30 trading days do not exceed US$1, the NYSE will
commence suspension and delisting proceedings.



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

LEHMAN BROTHERS: Bankruptcy Affects World Stock Markets
-------------------------------------------------------
Global markets have plummeted following the bankruptcy filing of
top U.S. investment bank Lehman Brothers Holdings Inc.

According to a report by BBC News, Japan's benchmark Nikkei-225
index dropped by 4.7% in the first half of trading while South
Korean shares shed more than 5% in value in just 20 minutes.

Markets in other Asian countries were also sharply down.

According to AFP, Hong Kong share prices plunged 6.1 percent
while Chinese share prices fell 3.36 percent.  In Singapore
shares traded 2.31 percent lower with the blue-chip Straits Times
Index down 57.54 points at 2,429.01.

In Taiwan, the market dropped 3.88 percent. The weighted index
shed 235.04 points or 3.88 percent to 5,817.41 after opening
304.28 points lower on turnover of 16.34 billion Taiwan dollars
(505 million US).

The Philippines also saw a fall, with share prices plunging
4.3 percent.  The composite index was down 108.11 points at
2,428.05.

"The collapse of Lehman Brothers has sent a major jolt through
global financial markets as it is by far the biggest victim of
the credit crisis that started in August 2007 and had been
considered too big to fail," AFP quoted Global Insight economist
Howard Archer as saying.

                     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 filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  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.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), 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.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.

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


LEHMAN BROTHERS: Banks Disclose Exposure to Bankruptcy
------------------------------------------------------
Citigroup Inc., said in a statement that it has little or no
exposure to Lehman Brothers Holdings Inc.  In Lehman's list of 30
largest unsecured creditors, Citigroup is listed as an indenture
trustee to about US$138,000,000,000 in unsecured debt by Lehman
Brothers.  Citigroup clarified that it is not owed money by Lehman
Brothers and is merely serving as an intermediate between the bank
and buyers of its bonds.

"Our role in this issue is administrative in nature and does not
represent exposure for Citi to Lehman [Brothers].  Any assertions
to the contrary are false," Citigroup said in the statement.

The Bank of New York Mellon Corp., said in a statement that it has
little or no exposure to Lehman Brothers Holdings Inc. Bank of New
York Mellon is listed in Lehman's list of 30 largest unsecured
creditors is a trustee to about US$15,000,000,000 of debt.  The
Bank of New York Mellon also stressed that it has no outstanding
loans to Lehman Brothers and has only minimal direct exposure to
the company.  It further said that its "indirect exposure
primarily relates to [Lehman Brothers'] short-term debt" held in
its client portfolios.

ICICI Bank UK PLC said in a statement that it holds EUR57,000,000
of senior bonds of Lehman Brothers Inc. As part of its treasury
operations, ICICI Bank Limited has undertaken transactions with
Lehman Brothers entities as counter-parties.  The exposure to
Lehman Brothers entities on account of these transactions and
potential loss thereon are not material, ICICI said.

Stockholm, Sweden-based Nordea said it has no credit exposure in
terms of bond holdings or credit facilities to Lehman Brothers. In
the capital market operations, Nordea has traded with Lehman
Brothers as counterparty in derivatives transactions.  "The net
exposure in these transactions, net of collateral, is
insignificant."

Nordea is replacing most of its derivative contracts currently
held with Lehman Brothers with other counterparties.  These
replacement costs will be limited. Nordea added that its strong
funding and capital position is not affected.

Australia's ANZ said its total exposure to the Lehman group of
companies is approximately US$120,000,000 comprised of
US$28,000,000 exposure to Lehman Brothers Holdings Inc and
US$92,000,000 to Lehman subsidiaries.  ANZ says it is not in a
position at this time to provide an estimate of the likely loss,
if any.  In particular, it notes that  Lehman subsidiaries are not
part of the Chapter 11 filing. Lehman Bros. are also amongst 800
counterparties included in the underlying assets for ANZ's credit
intermediation trades; their default has little impact on the
level of first loss protection, ANZ said.

In its list of largest unsecured creditors, Lehman Brothers
Holdings, Inc., said that it owes Svenska Handelsbanken
US$140,610,543 for letters of credit.  Handelsbanken issued a
statement that the exposure figure which Lehman Brothers Holdings
Inc. published was as of July 2, 2008.  The exposure is currently
US$91,000,000, Handelsbanken said.  Handelsbanken's exposure
comprises issued letters of credit, i.e. guarantees, in favor of a
third party.  At present, there are no claims against
Handelsbanken under these letters of credit.

In other respects, Handelsbanken has dealings with some of Lehman
Brothers' subsidiaries.  These transactions comprise letters of
credit -- US$16,000,000) as well as securities lending and long
derivative transactions with collateral.  For short-term
derivatives without collateral, the Bank's exposure is
US$19,000,000.

Popolare Milano says Lehman risk is less than EUR10,000,000,
Bloomberg reports.

                     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 filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  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.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), 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.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.

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


LEHMAN BROTHERS: Bankruptcy Filing Cues KSX to Delete Index
-----------------------------------------------------------
Keefe Bruyette & Woods Inc., a full service investment bank that
specializes in the financial services sector, and a subsidiary of
KBW Inc., disclosed upcoming changes to the KBW Capital Markets
Index.

Effective prior to the opening of business today, Sept. 17, 2008,
Lehman Brothers Holdings Inc., a component of the KSX, will be
deleted, as it filed a Chapter 11 petition with U.S. Bankruptcy
Court in Manhattan.  LEH will be replaced by Stifel Financial
Corp. within the index.

The KBW family of indices and exchange traded funds include: KBW
Bank Index (Index Symbol: BKXSM, ETF Symbol KBESM); KBW Capital
Markets Index (Index Symbol: KSXSM, ETF Symbol KCESM); KBW
Insurance Index (Index Symbol: KIXSM, ETF Symbol KIESM); KBW
Regional Banking Index (Index Symbol: KRXSM, ETF Symbol: KRESM)
and KBW Mortgage Finance Index (Index Symbol: MFXSM).

                     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 filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  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.  Harvey R. Miller,
Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y.
Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal &
Manges, LLP, in New York, represent Lehman.  Epiq Bankruptcy
Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), 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.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.


LEHMAN BROTHERS: S&P Changes Counterparty Credit Rtg. to D from SD
------------------------------------------------------------------
Standard & Poor's Ratings Services changed its counterparty credit
rating on Lehman Brothers Holdings Inc. to 'D' from 'SD'.  S&P
also lowered its senior and subordinated debt issue ratings on
LBHI, and the ratings on certain issues guaranteed by LBHI to 'D'.  
These rating actions follow S&P's review of LBHI's bankruptcy
filings.  "We anticipate that LBHI will default on all or
substantially all of its obligations as they become due," said
Standard & Poor's credit analyst Scott Sprinzen.

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
=================

PETROLEOS DE VENEZUELA: Closes Tender Offer for Petrozuata Bonds
----------------------------------------------------------------
Petroleos de Venezuela S.A. has completed its announced tender
offer for any and all of the outstanding:

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

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

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

issued by Petrozuata Finance Inc., and the related consent
solicitation in connection with the Petrozuata extra heavy crude
oil project in the Orinoco Belt region.

Based on information provided by the depositary for the tender
offer and consent solicitation, as of the expiration date at 12
midnight, New York City time, on September 12, 2008, a total of
US$739,809,804 aggregate principal amount of Bonds, representing
97.96% of the aggregate principal amount of outstanding Bonds,
were validly tendered, and the consents related thereto were
validly delivered.  In accordance with the terms of the tender
offer and consent solicitation, PDVSA has purchased all of the
Bonds validly tendered, for a total purchase price of
US$824,985,017.79, which includes accrued and unpaid interest to,
but not including, the payment date, a premium above par and a
consent fee in the aggregate amount of US$85,175,213.79.  Payment
of the purchase price was made on Sept. 16.

PDVSA and the other participants in the Petrozuata project have
executed a supplemental indenture and a termination agreement
which:

    (i) eliminate substantially all of the restrictive covenants
        and events of default in the indenture pursuant to which
        the Bonds were issued and the common security agreement
        and other financing documents related to the Bonds (other
        than events of default arising from payment defaults and
        failure to comply with provisions of the indenture or the
        Bonds, as amended) and supplement, modify or eliminate
        certain other provisions of the indenture,

   (ii) release all of the collateral securing the Bonds,

  (iii) waive any and all prior and existing defaults, prospective
        defaults and events of default under the indenture, the
        common security agreement and the other financing
        documents,

   (iv) adopt certain proposed amendments to the common security
        agreement, the indenture and the other financing documents
        and certain other agreements related to the Petrozuata
        project to give effect to the foregoing, and

    (v) terminate the common security agreement and certain of the
        other financing documents.

The tender offer and consent solicitation were made pursuant to an
Offer to Purchase and Consent Solicitation Statement, dated
August 14, 2008 and related Consent and Letter of Transmittal.

Lazard Freres & Co. LLC was the Dealer Manager and Solicitation
Agent for the tender offer and consent solicitation.  Global
Bondholder Services Corporation was the Depositary and Information
Agent.

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

                           *     *     *

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

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

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


* VENEZUELA: Proven Oil Reserves Rose to 143.3 Billion Barrels
--------------------------------------------------------------
Venezuela's proven oil reserves increased 9.4 percent to
142.3 billion barrels over the past three months, El Universal
reports, citing the country's Ministry of Energy and Petroleum.

State-run news agency ABN, as cited by El Universal, said the
state added 7.44 billion barrels to its proven reserves, which
come from four oil areas increasing total reserves to 142.3
billion barrels.

The oil areas are:

   * Junin,
   * block Junin 1,
   * Iguana Zuata and
   * Zuata Norte fields of the Orinoco Oil Belt.

Last May, the country, a major oil supplier to the United States,
reported proven reserves of 130 billion barrels, El Universal
relates.

Meanwhile, El Universal says Venezuela government estimated the
country's oil output accounts for 3.2 million bpd but
international firms claimed that the state produces only 2.3
million bpd.

                          *     *     *

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 17, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Real Estate / Condo Restructuring Panel
        Marriott North, Fort Lauderdale, Florida
           Contact: www.turnaround.org/

Sept. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
     Maplewood Country Club, Maplewood, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Sept. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Chapter Lunch Program
        Nashville City Center, Nashville, Tennessee
           Contact: 615-850-8678 or www.turnaround.org

Sept. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Healthcare Industry Update - Panel Discussion
        Summit Club, Birmingham, Alabama
           Contact: www.turnaround.org

Sept. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds: A View From US Trustees
        TBA, Syracuse, New York
           Contact: www.turnaround.org

Sept. 18-19, 2008
  AMERICAN CONFERENCE INSTITUTE
     Advanced Insolvency Law and Practice Conference
        Paris, France
           Contact: www.americanconference.com

Sept. 24, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     13 Week Cash Flow Workshop: An Overview
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: www.turnaround.org

Sept. 24-25, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida Annual Golf Tournament
        Champions Gate Golf Club, Orlando, Florida
           Contact: 561-882-1331 or www.turnaround.org

Sept. 24-26, 2008
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     IWIRC 15th Annual Fall Conference
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Desert Ridge Marriott, Scottsdale, Arizona
           Contact: http://www.iwirc.org/

Sept. 25, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Case Study with Tom Kim, TMA Small Business of the Year
        Turnaround Award - TMA Arizona Chapter Meeting
           TBD, Phoenix, Arizona
              Contact: www.turnaround.org

Sept. 26, 2008
  ASSOCIATION OF BUSINESS RECOVERY PROFESSIONALS
     R3 International Restructuring & Insolvency Conference
        Grange City Hotel, London
           Contact: courses@r3.org.uk; 020 7566 4225

Sept. 26, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Marriott Desert Ridge, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Private Equity Panel
        Centre Club, Tampa, Florida
           Contact: www.turnaround.org/

Oct. 3, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/UMKC Midwestern Bankruptcy Institute
        H. Roe Bartle Hall Convention Center, Kansas City
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Luncheon - Chapter 11
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

Oct. 13, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        Standard Club, Chicago, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Charity Golf Event
        Forest Park Golf Course, St. Louis, Missouri
           Contact: www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Billiards Networking Night
        Herbert's Billiards, Secaucus, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     LI-TMA Member Social
        Davenport Press, Mineola, New York
           Contact: 631-251-6296 or www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Meeting
        TBD, Calgary, Alberta
           Contact: 503-768-4299 or www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     View from the Bench - Bankruptcy Update
        Summit Club, Birmingham, Alabama
           Contact: www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     How to Contract with a Turnaround Manager
        University Club, Portland, Oregon
           Contact: www.turnaround.org

Oct. 22, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Turnaround Nevada Award Night
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: www.turnaround.org

Oct. 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting - Election Oriented
        TBD, Phoenix, Arizona
           Contact: www.turnaround.org

Oct. 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds: A Panel of Professionals
        TBA, Rochester, New York
           Contact: www.turnaround.org

Oct. 23-24, 2008
  AMERICAN CONFERENCE INSTITUTE
     Distressed Assets Boot Camp
        TBD, London, United Kingdom
           Contact: www.americanconference.com

Oct. 28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     State of the Capital Markets
        Citrus Club, Orlando, Florida
           Contact: www.turnaround.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Oct. 29-30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Corporate Governance Meetings
        Marriott, New Orleans, Louisiana
           Contact: www.turnaround.org

Oct. 30 & 31, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Physicians Agreements and Ventures
           Contact: 800-726-2524; 903-595-3800;
              www.renaissanceamerican.com

Oct. 31, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hilton, Frankfurt, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        Coach House Diner & Restaurant, Hackensack, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Turnaround Case Study
        Summit Club, Birmingham, Alabama
           Contact: www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds:A View From Workout Consultants
        TBA, Buffalo, New York
           Contact: www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     LI-TMA Social
        TBD, Melville, New York
           Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner Meeting
        TBD, Calgary, Alberta
           Contact: 503-768-4299 or www.turnaround.org

Nov. 17-18, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Distressed Investing
           Contact: 800-726-2524; 903-595-3800;
              www.renaissanceamerican.com

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Program
        Tournament Players Club at Jasna Polana, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
Restructuring/Bankruptcy
        Bankers Club, Miami, Florida
           Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Senior Housing & Long Term Care
        Washington Athletic Club,Seattle, Washington
           Contact: www.turnaround.org

Nov. 27, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting - Chris Kaup
        TBD, Phoenix, Arizona
           Contact: www.turnaround.org

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Party
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Christmas Function
        Terminal City Club, Vancouver, British Columbia
           Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

Dec. 8, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Gathering
        TBD, Long Island, New York
           Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        Washington Athletic Club, Seattle, Washington
           Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        University Club, Portland, Oregon
           Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        TBD, Phoenix, Arizona
           Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Sponsorships - Annual Golf Outing, Various Events
        TBA, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Distressed Investing Conference
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colorado
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casurina, Grand Cayman Island, AL
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons, Las Vegas, Nevada
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Beverly Wilshire, Beverly Hills, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
  NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
     NABT Spring Seminar
        The Peabody, Orlando, Florida
           Contact: http://www.nabt.com/

Apr. 20, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        John Adams Courthouse, Boston, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

Apr. 28-30, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

May 14-16, 2009
  ALI-ABA
     Chapter 11 Business Reorganizations
        Langham Hotel, Boston, Massachusetts
           Contact: http://www.ali-aba.org

June 11-13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

July 16-19, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Mt. Washington Inn
           Bretton Woods, New Hampshire
              Contact: http://www.abiworld.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Ocean Edge Resort, Brewster, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library  
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300; http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Chinas New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
     for Navigating the Restructuring Process
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency  Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Examining the Examiners: Pros and Cons of Using
     Examiners in Chapter 11 Proceedings  
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  New 'Red Flag' Identity Theft Rules
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergersthe New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
     Audio Conference Recording
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!

Nov. 17-18, 2008
Distressed Investing
The Helmsley Park Lane - New York
Brochure will be available soon!

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR



                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *