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

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

            Friday, September 19, 2008, Vol. 9, No. 187

                            Headlines

A N T I G U A

CARIB AVIATION: LIAT Denies Responsibility in Carrier's Demise


A R G E N T I N A

BABY S BEST: Trustee Verifying Proofs of Claim Until February 5
GENERAL VEGETABLES: Trustee Verifying Proofs of Claim Until Feb. 5
GENERAR SRL: Proofs of Claim Verification Deadline Is Today
KEIRIN SA: Individual Reports Filing Deadline Is on December 17
RADIO TAXI: Proofs of Claim Verification Deadline Is December 9

ROBERTO STINCO: Proofs of Claim Verification Deadline Is Nov. 11

* ARGENTINA: Will Pay Off Debts Next Year


B R A Z I L

BANCO NACIONAL: Approves Result of 2008 Film Projects
FORD MOTOR: Tracinda Corp. Discloses 6.43% Equity Stake
FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.7 Billion
GENERAL MOTORS: Southeastern Asset Discloses 2.3% Equity Stake


C A Y M A N  I S L A N D S

AJAX RE: Lehman Bankruptcy Cues A.M. Best to Review “b+” Rating
CARRERA LTD: Deadline for Proof of Claim Filing Is Sept. 22
CMHI CAYMANS: Proof of Claim Filing Deadline Is Sept. 20
ENEX ATS: Filing for Proof of Claim Deadline Is Sept. 21
IXIS REAL ESTATE: Proof of Claim Filing Deadline Is Sept. 20

NETANYA MARINE: Holding Final Shareholders Meeting on Sept. 22
NEWTON RE: Lehman Bankruptcy Prompts A.M. Best's Negative Review
PURDAH LTD: Will Hold Final Shareholders Meeting on Sept. 22
WILLOW RE: Lehman Bankruptcy Spurs A.M. Best's Negative Review


E L  S A L V A D O R

* EL SALVADOR: S&P Affirms BB Sovereign Ratings, Outlook Negative


M E X I C O

INNOPHOS HOLDINGS: Moody's Lifts Corp. Family Rating to Ba3


N I C A R A G U A

CENTRAL SUN: Signs Term Sheet for US$22.5 Million Debt Funding


P U E R T O  R I C O

DORAL FINANCIAL: FDIC Lifts C&D Order With Doral Bank on BSA
JETBLUE AIRWAYS: To Launch Puerto Rico Flights Effective Dec. 18
R&G FINANCIAL: Enters into Settlement Agreement With Freddie Mac


T R I N I D A D  &  T O B A G O

HINDU CREDIT: New Depositors Group Calls for Restructuring
HINDU CREDIT: Sept. 16 Members Meeting Fails, Moved to Unset Date


U R U G U A Y

LEHMAN BROTHERS: Case Summary & 31 Largest Unsecured Creditors
LEHMAN BROTHERS: Bankruptcy Filing Cues S&P to Change Indices
LEHMAN BROTHERS: Fitch Trims 260 Tender Options Bonds Ratings to D


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Will Purge Excess Oil Supply, Ramirez Says

* VENEZUELA: Ranks Second in Oil Proven Reserves
* S&P Says Central American & Caribbean Banks' Performance Stable
* SouthAm Union Leaders In Talks Over Bolivia Crisis


                         - - - - -


=============
A N T I G U A
=============

CARIB AVIATION: LIAT Denies Responsibility in Carrier's Demise
--------------------------------------------------------------
Caribbean airline LIAT said it is not to be blamed for Carib
Aviation's decision to suspend its operations on Sept. 30, 2008,
suggesting that the ailing carrier
should look internally at a number of recent events that have
befallen the airline
which includes the impact of the loss of some senior staff,
Afeefah Beharry writes for Antigua Sun.

On Sept. 12, Caribbean360.com reported that Carib Aviation
officially announced that a mass exodus of pilots has forced it
out of the skies, accusing LIAT of not acting above board in their
recruitment of those employees.  

"An understanding, reached on the 13th February, 2008, following
another unannounced mass recruitment of Carib crew by LIAT, was
not respected.  That understanding called for prior notification
of Carib by LIAT if the latter was targeting Carib's pilots for
recruitment and the giving of at least the statutory 30 days
notice of resignation.  Neither of these requirements was observed
on this occasion.  In fact, the starting date required by LIAT did
not allow for the giving of proper notice," Carib Aviation said in
a statement obtained by Caribbean360.com.

In a media statement cited by Antigua Sun, LIAT Chief Executive
Officer Mark Darby refuted claims that LIAT had caused the
downfall of Carib by hiring pilots who previously worked for Carib
Aviation, noting that LIAT had indeed hired a limited number of
crew members, some of whom had already been laid off by Carib
while the others, as he understood were in the process of
resigning from the airline.  Mr. Darby pointed out that for
several years, LIAT had been a supportive partner of Carib stating
that “LIAT has often taken the blame when Carib canceled flights
and has even provided LIAT customer service resources to address
Carib related issues. Furthermore, LIAT has co-operated with Carib
to the point where Carib tickets could be sold via LIAT’s system.”

Carib Aviation said six of the seven pilots -- four Twin Otter
captains and three first officers -- who recently filed for
resignation have been actively recruited by LIAT, Dominica News
relates.

Carib Aviation meanwhile said that as a direct result of the
sudden loss of the great majority of its Twin Otter certified crew
and the unavailability of replacements, it has been forced to
reduce its schedule from Sept. 12 and operate only three Antigua-
Montserrat and two Antigua-Barbuda rotations daily,
Caribbean360.com discloses.  However, the same report notes, Carib
Aviation Chairman Bruce Kaufman said because Carib will not be
able to generate enough revenue on this scaled down schedule, the
airline can continue the remaining flights only until Sept. 30.

                           About LIAT

Headquartered in St. John's, Antigua, passenger airline LIAT's
fleet of Dash 8 turboprop aircraft transport passengers to more
than 20 destinations in the Caribbean.  The company has expanded
by buying key operating assets of former rival Caribbean Star,
including additional Dash 8s.  Before the acquisition was
completed in November 2007, LIAT and Caribbean Star had formed a
commercial alliance that integrated many of their operations.  
Among LIAT's major shareholders are the governments of several
Caribbean nations, including Antigua, Barbados, the Grenadines,
and St. Vincent.

                      About Carib Aviation

Antigua-based Carib Aviation -- http://www.carib-aviation.com/--  
first took to the Caribbean skies in 1972.  Its fleet of 12 to 19
seat turbo-props offered scheduled service to 14 airports in the
region.  Carib also offered private charters services.



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

BABY S BEST: Trustee Verifying Proofs of Claim Until February 5
---------------------------------------------------------------
The court-appointed trustee for Baby s Best S.A.'s reorganization
proceeding will be verifying creditors' proofs of claim until
February 5, 2009.

The trustee will present the validated claims in court as  
individual reports on March 19, 2009.  The National Commercial
Court of First Instance in Mendoza, Buenos Aires, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by Baby s Best 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 Baby s Best's
accounting and banking records will be submitted in court on
May 6, 2009.

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


GENERAL VEGETABLES: Trustee Verifying Proofs of Claim Until Feb. 5
------------------------------------------------------------------
The court-appointed trustee for General Vegetables S.A.'s
reorganization proceeding will be verifying creditors' proofs of
claim until February 5, 2009.

The trustee will present the validated claims in court as  
individual reports on March 19, 2009.  The National Commercial
Court of First Instance in Mendoza, Buenos Aires, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by General Vegetables 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 General Vegetables'
accounting and banking records will be submitted in court on
May 6, 2009.

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


GENERAR SRL: Proofs of Claim Verification Deadline Is Today
-----------------------------------------------------------
The court-appointed trustee for Generar S.R.L.'s reorganization
proceeding will be verifying creditors' proofs of claim until
September 19, 2008.

The trustee will present the validated claims in court as  
individual reports on October 31, 2008.  The National Commercial
Court of First Instance in Neuquen, Buenos Aires, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by Generar S.R.L. and its creditors.

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

A general report that contains an audit of Generar S.R.L.'s
accounting and banking records will be submitted in court on
December 5, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on May 4, 2009.


KEIRIN SA: Individual Reports Filing Deadline Is on December 17
---------------------------------------------------------------
Martha Comba, the court-appointed trustee for Keirin SA's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, on December 17, 2008.

Ms. Comba is verifying creditors' proofs of claim until
October 29, 2008.  She will also submit to court a general report
containing an audit of Keirin SA's accounting and banking
records on February 26, 2009.

Ms. Comba is also in charge of administering Keirin 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:

                      Keirin SA
                      Viamonte 1526
                      Buenos Aires, Argentina

The trustee can be reached at:

                      Martha Comba
                      Hipolito Yrigoyen 1349
                      Buenos Aires, Argentina


RADIO TAXI: Proofs of Claim Verification Deadline Is December 9
---------------------------------------------------------------
Alfredo Figliomeni, the court-appointed trustee for Radio Taxi 5
Minutos SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until December 9, 2008.

Mr. Figliomeni will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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 Radio Taxi 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 Radio Taxi's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Radio Taxi 5 Minutos SRL
                     Avda. Belgrano 1876
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Alfredo Figliomeni
                     Agrelo 4240
                     Buenos Aires, Argentina


ROBERTO STINCO: Proofs of Claim Verification Deadline Is Nov. 11
----------------------------------------------------------------
Carlos Menendez, the court-appointed trustee for Roberto A. Stinco
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until November 11, 2008.

Mr. Menendez will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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 Roberto A. Stinco 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 Roberto A. Stinco's
accounting and banking records will be submitted in court.

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

Mr. Menendez is also in charge of administering Roberto A.
Stinco's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

                     Roberto A. Stinco SA
                     Bahia Blanca 2356
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Carlos Menendez
                     Ventura Bosch 7098
                     Buenos Aires, Argentina


* ARGENTINA: Will Pay Off Debts Next Year
-----------------------------------------
Miami Herald reports that Argentina will meet next year's debt
obligations, according to the head of President Cristina
Fernandez's Cabinet.  

However, the report says international investors have expressed
concern that slowing tax income could narrow Argentina's budget
surplus and delay payments.

Sergio Massa meanwhile said the state has made a "clear decision"
to pay off around US$12 billion in debt that matures in 2009.  He
added Argentina will continue to accumulate international
reserves, which now stand at some US$47 billion, Miami Herald
notes.

                           *     *     *

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



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

BANCO NACIONAL: Approves Result of 2008 Film Projects
-----------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has
approved the result of the 2008 Public Selection Notice of Film
Projects.  In this year, the Bank received a total of 164
projects.  Of these, 28 projects have been pre-selected for oral
defense before the judging committee, which finally approved 18
films that shall receive a total of BRL12.45 million in
investments according to article one of Act 8.685/93 (Audiovisual
Act).

Pursuant to the regulation, the project selection is made by a
selection committee composed by nine members: three from BNDES,
one from the Ministry of Culture and five independent
representatives, who are renowned professionals from several
segments of the audiovisual sector (producers, directors,
distributors, exhibitors and curators).

Of the total enrolled projects, 77% were in the Fiction category;
2% Animated features and 21% Documentaries.

The final result took the following proportion:

   * 83% in the Fiction category;
   * 11% Animated features and
   * 6% Documentaries.

Of the 18 selected films, 14 already have a signed distribution
option or are in advanced negotiation phase with distributors,
which makes them in tune with BNDES goal of supporting film
projects that have effective conditions of being finished and
released to the audiences.

As to the regional distribution of projects selected by the
committee, the following proportion is observed:

   * 10 films are from Rio de Janeiro (55%);
   * seven from Sao Paulo (38%) and
   * one from Pernambuco (5,5%).

The proportion reflects the regional distribution of registrations
with 86% of projects centered in Rio de Janeiro/ Sao Paulo (45%
from Rio de Janeiro and 41% from Sao Paulo) and 14% from other
states, 3.5% being from the Brazilian Northeastern region.

Since the 2007 film notice, BNDES equaled the maximum supporting
cap for animated features (previously BRL1 million) to fiction
features (whose maximum amount is BRL1.5 million).  The goal is to
stimulate this segment considered of important growth potential in
Brazil.

Another category which had a higher supporting amount was the Post
Production, in fiction and animated features.  The increase was
around 50% of the provided amount for the production category,
going from BRL500,000 to BRL750,000.  There was also change, in
documentary features, which got a 2007 version, the post
production category, with maximum cap of BRL250,000.

BNDES has been supporting the film industry for 13 years, having
already invested more than BRL105 million in the production of
Brazilian feature films.  This support occurs through the annual
public selection film notice, with budget up to BRL12 million, in
Production and Post Production projects of Fiction, Animated and
Documentary films, performed by independent film production
companies.

From 1995 to 2007, BNDES supported the performance of 304 film
projects, being 267 feature length films.  Of this total, 73% have
already been finished, 172 films have been released in movie
theaters and other 5 are scheduled for premiere until December
31st 2008.

In addition to the notice, BNDES created in 2006 a financing
program especially designed to meet the characteristics which
covers the whole film industry chain: Procult (Film Industry Chain
Support Program).  It also supports the film sector by means of
the Funcines - Funds regulated by CVM (Securities and Exchange
Commission of Brazil), destined for investments in the audiovisual
sector (film and TV), involving all the industry chain, including
infrastructure companies, suppliers, distributors, exhibitors and
producers.

                      About Banco Nacional

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

                        *     *     *

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


FORD MOTOR: Tracinda Corp. Discloses 6.43% Equity Stake
-------------------------------------------------------
Tracinda Corporation and Kirk Kerkorian disclosed in a Schedule
13D filing with the U.S. Securities and Exchange Commission that
they may be deemed to beneficially own 140,800,000 shares of Ford
Motor Co. common stock or 6.43% of the outstanding shares.  
Percentage calculated on the basis of 2,190,498,174 shares of
common stock issued and outstanding as of July 29, 2008.

As of Aug. 28, 2008, Tracinda entered into Value Sharing
Agreements with Christensen, Glaser, Fink, Jacobs, Weil & Shapiro,
LLP, Jerome B. York and Alex Yemenidjian.  The Value Sharing
agreement for Mr. York references an existing Agreement for
Services between Tracinda and Mr. York pursuant to which Mr. York
provides consulting services.

Copies of the Value Sharing Agreements are available for free at:

     -- Value Sharing Agreement between Tracinda and
        Christensen

         http://researcharchives.com/t/s?3202

     -- Value Sharing Agreement between Tracinda and
        Jerome B. York

         http://researcharchives.com/t/s?3203

     -- Value Sharing Agreement between Tracinda and
        Alex Yemenidjian

         http://researcharchives.com/t/s?3204

      -- Agreement for Services between Tracinda and
         Jerome B. York

         http://researcharchives.com/t/s?3205

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2008, Standard & Poor's Ratings Services said its
ratings on Ford Motor Co. (B-/Negative/--) and related entities
are not affected by Ford's intention to use up to US$500 million
of new common equity issuance to make purchases of Ford Motor
Credit Co.'s debt.  Debt due before 2012 will be the focus of
the repurchases.  Any such purchases in the open market or in
private transactions will likely be at a discount from par,
given current prices.  S&P views such purchases as a modest
positive for Ford's consolidated credit quality.

The TCR-LA reported Aug. 6, 2008, that Fitch Ratings downgraded
the issuer default rating of Ford Motor Company and Ford Motor
Credit Company LLC to 'B-' from 'B'.  The Rating Outlook remains
Negative.  The downgrade reflects these: (i) the further
deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in
gas prices; (ii) portfolio deterioration at Ford Credit and
heightened concern regarding economic access to capital to
support financing requirements; and (iii) escalating commodity
costs that will remain a significant offset to cost reduction
efforts.


FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.7 Billion
---------------------------------------------------------------
Ford Motor Co., in a Securities and Exchange Commission filing,
disclosed US$265.3 billion in total assets, US$265.52 billion in
total liabilities, resulting in US$1.7 billion in total
shareholders' deficit, as of June 2008.

Ford posted US$8.67 billion in net losses on US$41.51 billion in
net revenues for the second quarter ended June 30, 2008, compared
with US$750 million in net profit on US$44.24 billion in net
revenues for the same period in 2007.

Ford posted US$8.57 billion in net losses on US$85.04 billion in
net revenues for the first half ended June 30, 2008, compared with
US$468 million in net profit on US$87.26 billion in net revenues
for the same period in 2007.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2008, Standard & Poor's Ratings Services said its
ratings on Ford Motor Co. (B-/Negative/--) and related entities
are not affected by Ford's intention to use up to US$500 million
of new common equity issuance to make purchases of Ford Motor
Credit Co.'s debt.  Debt due before 2012 will be the focus of
the repurchases.  Any such purchases in the open market or in
private transactions will likely be at a discount from par,
given current prices.  S&P views such purchases as a modest
positive for Ford's consolidated credit quality.

The TCR-LA reported Aug. 6, 2008, that Fitch Ratings downgraded
the issuer default rating of Ford Motor Company and Ford Motor
Credit Company LLC to 'B-' from 'B'.  The Rating Outlook remains
Negative.  The downgrade reflects these: (i) the further
deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in
gas prices; (ii) portfolio deterioration at Ford Credit and
heightened concern regarding economic access to capital to
support financing requirements; and (iii) escalating commodity
costs that will remain a significant offset to cost reduction
efforts.


GENERAL MOTORS: Southeastern Asset Discloses 2.3% Equity Stake
--------------------------------------------------------------
Southeastern Asset Management, Inc. discloses in a regulatory
filing with the Securities and Exchange Commission that it may be
deemed to beneficially own as of August 31, 2008, 34,174,000
shares of Series B Convertible Senior Debentures, which represents
32.9% of the 104,000,000 shares outstanding.

Longleaf Partners Fund, in the same filing, disclosed that it may
be deemed to beneficially own 17,230,000 shares of Series B
Convertible Senior Debentures, which represents 16.6% of the
104,000,000 shares outstanding.

The 34,174,000 shares of Series B Convertible Senior Debentures
are convertible into 13,163,825 shares of common stock.

In a separate filing, Southeastern Asset Management said that the
13,163,825 shares of General Motors Corporation common stock
represents 2.3% of outstanding common shares.  There are
566,162,606 shares of common stock outstanding.  

Southeastern Asset Management is a registered investment adviser.
All of the securities disclosed are owned legally by
Southeastern's investment advisory clients and none are owned
directly or indirectly by Southeastern.  O. Mason Hawkins is the
chairman of the board and C.E.O. of Southeastern Asset Management,
Inc.  

Southeastern Asset Management has sole power to vote or to direct
the vote of 5,238,720 common shares.  It has shared power to vote
or to direct the vote of 6,636,996 common shares, with Longleaf
Partners Fund.  Southeastern Asset Management has no power to vote
1,288,109 common shares -- this figure does not include 201,845
common shares held by completely non-discretionary accounts over
which Southeastern Asset Management and Mr. Hawkins have neither
voting nor dispositive power and for which they disclaim
beneficial ownership.  Southeastern Asset Management has the sole
power to dispose or to direct the disposition of 6,520,280 common
shares and the shared power to dispose or to direct the
disposition of 6,636,996 common shares, with Longleaf Partners
Fund.  It does not have the power to dispose of 6,548 common
shares.

                     About General Motors

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

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

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



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

AJAX RE: Lehman Bankruptcy Cues A.M. Best to Review “b+” Rating
---------------------------------------------------------------
A.M. Best Co. has placed the debt ratings of "bb" on Series 2008-
1, Class A US$150 million principal at-risk variable rate notes of
Newton Re Limited, "bb+" on Class B Series 2007-1, US$250 million
principal at-risk variable rate notes of Willow Re Ltd. and "b+"
on Series 1, Class A US$100 million principal at-risk variable
rate notes of Ajax Re Ltd. under review with negative
implications.

A.M. Best also has affirmed the debt ratings of "bb+" on Series
2007-1, Class A US$87.5 million principal at-risk variable rate
notes and "bb-"on Series 2007-1, Class B US$137.5 million
principal at-risk variable rate notes of Newton Re Limited.  The
outlook on both ratings is stable.

These rating actions reflect the uncertainty of Lehman Brothers
Special Financing Inc., the swap counterparty in each of the
catastrophe bonds, to meet its obligation under the swap
agreement.  Lehman Brothers Holdings Inc., the guarantor of
Lehman Brothers Special Financing Inc. filed a petition of
bankruptcy under Chapter 11 of the U.S. Bankruptcy Code on Sept.
15, 2008.  This resulted in a notice of event of default under
the swap agreement.

A.M. Best will continue to evaluate the impact of the early
termination of the swap agreement, the close out levels in
accordance with the terms of the agreement and the effort to
replace the swap counterparty.

Ajax Re Ltd. is a special-purpose Cayman Islands exempted company,
licensed as a restricted Class B insurer whose ordinary shares are
held in a charitable trust.


CARRERA LTD: Deadline for Proof of Claim Filing Is Sept. 22
-----------------------------------------------------------
Carrera Ltd.'s creditors have until Sept. 22, 2008, to prove their
claims to Alexander E. Jackson, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

               Alexander E. Jackson
               c/o 33 Gilliam Lane,Riverside
               Connecticut, USA
               Tel: (212) 359-7322
               Fax: (212) 359-7301


CMHI CAYMANS: Proof of Claim Filing Deadline Is Sept. 20
--------------------------------------------------------
CMHI Caymans Inc.'s creditors have until Sept. 20, 2008, to prove
their claims to Wang Hong, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

CMHI Caymans' shareholder decided on Aug. 15, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Wang Hong
               c/o Flat D
               3/F Sun Shing Mansion
               27-39 Queen's Road West
               Hong Kong


ENEX ATS: Filing for Proof of Claim Deadline Is Sept. 21
--------------------------------------------------------
Enex ATS Holding's creditors have until Sept. 21, 2008, to prove
their claims to Walkers SPV Limited, the company's liquidator, or
be excluded from receiving any distribution or payment.

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

Enex ATS' shareholder decided on Aug. 22, 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

Contact for inquiries:

               Anthony Johnson
               Tel: (345) 914-6314


IXIS REAL ESTATE: Proof of Claim Filing Deadline Is Sept. 20
------------------------------------------------------------
IXIS Real Estate Capital INC NIM 2005-HE1N's creditors have until
Sept. 20, 2008, to prove their claims to Andrew Johnson, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

IXIS Real Estate's shareholder decided on July 24, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Andrew Johnson
               c/o Wilmington Trust (Cayman), Ltd.
               4th Floor, Century Yard
               Cricket Square, Elgin Avenue
               P.O. Box 32322
               Grand Cayman, Cayman Islands
               Tel: (345) 946-4091


NETANYA MARINE: Holding Final Shareholders Meeting on Sept. 22
--------------------------------------------------------------
Netanya Marine Holdings Ltd. will hold its final shareholders
meeting on Sept. 22, 2008, at 11:00 a.m., at the at the
representative office, Beach Capital Management, LLC, 777 S.
Flagler Dr., East Tower, Suite 1000, West Palm Beach, Florida USA.

These matters will be taken up during the meeting:

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

Netanya Marine's shareholder decided on Aug. 6, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

              Brad Bleefeld
              c/o Beach Capital Management LLC
              Suite 1000, 777 S. Flagler Dr.
              East Tower, West Palm Beach
              Florida, USA
              Tel: (561) 514-3910
              Fax: (561) 820-9096


NEWTON RE: Lehman Bankruptcy Prompts A.M. Best's Negative Review
----------------------------------------------------------------
A.M. Best Co. has placed the debt ratings of "bb" on Series 2008-
1, Class A US$150 million principal at-risk variable rate notes of
Newton Re Limited, "bb+" on Class B Series 2007-1, US$250 million
principal at-risk variable rate notes of Willow Re Ltd. and "b+"
on Series 1, Class A US$100 million principal at-risk variable
rate notes of Ajax Re Ltd. under review with negative
implications.

A.M. Best also has affirmed the debt ratings of "bb+" on Series
2007-1, Class A US$87.5 million principal at-risk variable rate
notes and "bb-"on Series 2007-1, Class B US$137.5 million
principal at-risk variable rate notes of Newton Re Limited.  The
outlook on both ratings is stable.

These rating actions reflect the uncertainty of Lehman Brothers
Special Financing Inc., the swap counterparty in each of the
catastrophe bonds, to meet its obligation under the swap
agreement.  Lehman Brothers Holdings Inc., the guarantor of
Lehman Brothers Special Financing Inc. filed a petition of
bankruptcy under Chapter 11 of the U.S. Bankruptcy Code on Sept.
15, 2008.  This resulted in a notice of event of default under
the swap agreement.

A.M. Best will continue to evaluate the impact of the early
termination of the swap agreement, the close out levels in
accordance with the terms of the agreement and the effort to
replace the swap counterparty.

Newton Re Limited is an exempted special purpose company licensed
as a Class B insurer in the Cayman Islands.


PURDAH LTD: Will Hold Final Shareholders Meeting on Sept. 22
------------------------------------------------------------
Purdah Ltd. will hold its final shareholders meeting on Sept. 22,
2008, at the registered office of the Company.

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

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

The liquidator can be reached at:

               Commerce Corporate Services Limited
               P.O. Box 694GT
               Grand Cayman, Cayman Islands
               Tel: 949-8666
               Fax: 949-7904


WILLOW RE: Lehman Bankruptcy Spurs A.M. Best's Negative Review
--------------------------------------------------------------
A.M. Best Co. has placed the debt ratings of "bb" on Series 2008-
1, Class A US$150 million principal at-risk variable rate notes of
Newton Re Limited, "bb+" on Class B Series 2007-1, US$250 million
principal at-risk variable rate notes of Willow Re Ltd. and "b+"
on Series 1, Class A US$100 million principal at-risk variable
rate notes of Ajax Re Ltd. under review with negative
implications.

A.M. Best also has affirmed the debt ratings of "bb+" on Series
2007-1, Class A US$87.5 million principal at-risk variable rate
notes and "bb-"on Series 2007-1, Class B US$137.5 million
principal at-risk variable rate notes of Newton Re Limited.  The
outlook on both ratings is stable.

These rating actions reflect the uncertainty of Lehman Brothers
Special Financing Inc., the swap counterparty in each of the
catastrophe bonds, to meet its obligation under the swap
agreement.  Lehman Brothers Holdings Inc., the guarantor of
Lehman Brothers Special Financing Inc. filed a petition of
bankruptcy under Chapter 11 of the U.S. Bankruptcy Code on Sept.
15, 2008.  This resulted in a notice of event of default under
the swap agreement.

A.M. Best will continue to evaluate the impact of the early
termination of the swap agreement, the close out levels in
accordance with the terms of the agreement and the effort to
replace the swap counterparty.

Willow Re Ltd. is an exempted special purpose company licensed as
a Class B insurer in the Cayman Islands.



====================
E L  S A L V A D O R
====================

* EL SALVADOR: S&P Affirms BB Sovereign Ratings, Outlook Negative
-----------------------------------------------------------------
On Sept. 17, 2008, Standard & Poor's Ratings Services revised its
outlook on the Republic of El Salvador to negative from stable. At
the same time, Standard & Poor's affirmed its 'BB+' long-term and
'B' short-term sovereign credit ratings on the republic.  The
ratings on El Salvador are supported by a stable monetary
environment, which benefited from dollarization in 2001.  Also
supporting the ratings is the track record of predictable, market-
oriented policies, which have created a favorable investment
environment, sustained steady economic growth, and led to gradual
debt reduction.  Real GDP growth averaged 3.2% annually in the
past five years, reflecting the improving investment climate --
supported by the implementation of the regional free trade
agreement with the U.S. -- and healthy consumption growth (boosted
by strong level of workers' remittances that reached 18% of GDP in
2007).

Despite progress in the economic management, helped by a series of
important macroeconomic reforms passed during the past two
decades, structural weaknesses continue to hinder El Salvador's
creditworthiness.  Poor social indicators; education, technology,
and training gaps; and high crime rates constrain economic
prospects. Insufficient gains in productivity and rising since
2004 inflation, peaking at 9.5% in 2008, undermine El Salvador's
competitiveness.  At the same time, fiscal flexibility is limited
because of the narrow tax base (tax revenues were 14% of GDP in
2007) and large social and infrastructure needs.  Capital
expenditures were a mere 2.8% of GDP because of these fiscal
restraints, a low level compared with that of other countries with
similar developmental needs.

Fiscal deficits, though narrowing in the past three years, are
high in the context of the country's dollarized economy.  As a
result, the decline in general government debt (estimated at 34%
of GDP on a net basis in 2008) has been minimal.  Overall, El
Salvador continues to lag behind its rating peers, regional rated
peers, and the 'BB' median in terms of real GDP growth, per-capita
income, domestic saving, investment spending, and fiscal deficits.
S&P expects that El Salvador's economic performance will weaken in
the second half of 2008 and 2009.  Real GDP growth is projected to
come down to 3.5% in 2008 and 3% in 2009 from 4.7% in 2007.  This
is the result of a stronger spill-over from the slowdown in the
U.S. (the destination for 50% of El Salvador's exports and an
income source for El Salvador's large family remittances) to be
felt toward the end of 2008, a traditionally more cautious
investment stance in the pre-election period, and a weakening of
the domestic demand because of inflationary pressures.

Rising inflation will call for difficult fiscal decisions, as
policymakers try to balance preservation of the social net with
maintaining the fiscal discipline. Fiscal deficits will likely
widen to 2.6% of GDP in 2008 and 2.9% of GDP in 2009.  Addressing
these macroeconomic challenges will not be easy, given the
nation's increasing polarization and a likely more difficult
policy environment following the March 2009 presidential
elections.  The tensions between the ruling Alianza Republicana
Nacionalista government and the opposition Frente Farabundo Marti
para la Liberacion Nacional, which have been on the rise since
2006, constrain the policymaking and are expected to grow in the
period leading to the elections and persist though 2009 regardless
of the election outcome.

                            Outlook

The negative outlook reflects the rising risks that the weakening
policy environment poses in times of rising inflation and fiscal
underperformance.  These risks are exacerbated by the country's
dollarization regime.  Given the current and likely persisting
legislative stalemate, the likelihood of the government addressing
the economic deterioration in a timely and forceful manner is
diminishing.  As such, there is an increasing risk that many of El
Salvador's economic and fiscal ratios, which already lag behind
those of its rating peers, will further diverge from the 'BB'
median.  S&P could revise the outlook back to stable if the new
government following the March 2009 elections demonstrates an
ability to implement policies that address the growing
macroeconomic risks.

On the other hand, if the political clash between main parties
hardens or if the newly elected party pursues policies that do not
staunch recent fiscal deterioration and loss of competitiveness,
S&P will lower the ratings.

Ratings Affirmed:

  -- Transfer & Convertibility Assessment Local Currency AAA
  -- Senior Unsecured (5 issues) BB+

Ratings Affirmed; CreditWatch/Outlook Action:

El Salvador (Republic of)

  -- BB+/Negative/B

Banco Multisectorial de Inversiones

  -- Sovereign Credit Rating BB+/Stable/B Ratings

El Salvador (Republic of):

  -- Senior Unsecured US$653.5 mil 8.5% nts due July 25, 2011 BB+
     Recovery Rating 3

  -- US$500 mil 8.25% euro bnds due BB+  April 10, 2032 Recovery
     Rating 3

  -- US$800 mil 7.75% bnds due Jan. 24, 2023 BB+ Recovery Rating 3

  -- US$286.5 mil 7.625% bnds due BB+ Sept. 21, 2034 Recovery
     Rating 3

  -- US$1 bil 7.65% bnds due  June 15, 2035 BB+ Recovery Rating 3



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

INNOPHOS HOLDINGS: Moody's Lifts Corp. Family Rating to Ba3
-----------------------------------------------------------
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.  The following summarizes the ratings.

Innophos Holdings, Inc.

Ratings upgraded:

* Corporate family rating -- Ba3 from B1
* Probability of default rating -- Ba3 from B1
* US$66 mm sr unsec notes due 2012 -- B2 (LGD6, 92%) from B3
   (LGD6, 93%)

Ratings affirmed:

* Speculative grade liquidity rating -- SGL-2
* Ratings outlook --Stable

Innophos, Inc.

Ratings upgraded:

* US$50 mm gtd sr sec revolver due 2009 -- Baa3 (LGD2, 13%) from
   Ba1 (LGD2, 18%)

* US$220 mm gtd sr sec term loan B due 2010 -- Baa3 (LGD2, 13%)
   from Ba1 (LGD2, 18%)

* US$190 mm 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).  Its revenues for
the twelve months ended June 30, 2008, were US$717 million.



=================
N I C A R A G U A
=================

CENTRAL SUN: Signs Term Sheet for US$22.5 Million Debt Funding
--------------------------------------------------------------
Central Sun Mining Inc. has signed an indicative term sheet for a
total debt package of US$22,500,000 million over a four-year term.
Closing of the facility is subject to the bank's internal credit
approval process, the conclusion of a satisfactory due diligence
process, satisfactory definitive documentation and the obtaining
of all the required regulatory approvals.

The debt package is to be structured as a US$20,000,000 million
senior debt facility and a US$2,500,000 million standby debt
facility and will be secured by way of a first ranking security
interest over the Orosi project assets and corporate support from
Central Sun until the project has reached its projected steady
state of production. The senior debt facility will be used to
finance the development, capital works and commissioning of the
Orosi Mine mill project. The standby debt facility will be
available to fund up to 50% of additional capital and/or operating
costs to a maximum of US$2.5 million with the Company injecting a
matching amount plus any remaining working capital which may be
required. The Company is aiming to have the debt package in place
before the end of November 2008.

Central Sun is currently converting the Orosi Mine from a heap
leach operation to a conventional milling operation. Based on
extensive metallurgical testing, once the conversion is complete
recoveries are anticipated to increase from 38% previously being
achieved from heap leaching to over 90% with the new conventional
milling. Commissioning of the new mill is expected in the first
quarter of 2009 with production at a rate of approximately 85,000
ounces of gold per year. A positive feasibility study was
completed in May 2008 by Scott Wilson Roscoe Postle Associates
Inc. The mill construction is progressing as planned and all
permits required for production are in place.

                       About Central Sun

Headquartered in Toronto, Ontario, Central Sun Mining Inc. (TSX:
CSM)(TSX: CSM.WT)(AMEX: SMC)-- http://www.centralsun.ca/-- is a   
gold producer with mining and exploration activities focused in
Nicaragua.  The company operates the Limon Mine and is in the
process of converting the Orosi Mine (formerly the Libertad Mine)
to a conventional milling operation.  Both properties are located
in Nicaragua.  The Bellavista Mine in Costa Rica is currently
being reclaimed.  The company also has an option to acquire the
Mestiza exploration property in Nicaragua.  Central Sun's growth
strategy is focused on optimizing current operations, expanding
mineral resources and reserves at existing mines, and looking for
merger and acquisition opportunities in the Americas.  In early
2007, the company commenced a major project to convert the heap-
leach process at the Orosi Mine to a conventional milling
operation (Mill Project).  Mining activities at the company's
Bellavista Mine ceased during the third quarter of 2007.  Since
that time, reclamation activities have begun and it is not
expected that mining activities will resume.

                      Going Concern Doubt

Management of Central Sun Mining Inc. believes there exists
substantial doubt about the company's ability to continue as a
going concern.  As at March 31, 2008, the company had used
US$3,344,000 in operating cash flows, reported a net loss of
US$5,022,000 and had an accumulated deficit of US$87,501,000.  The
company says it may not have sufficient cash to fully fund ongoing
2008 capital expenditures, exploration activities and complete the
development of the Orosi Mine - mill project and therefore will
require additional funding which, if not raised, would result in
the curtailment of activities and project delays.  

At March 31, 2008, the company's consolidated balance sheet showed
US$68,844,000 in total assets, US$20,065,000 in total liabilities,
and US$48,779,000 in total stockholders' equity.



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

DORAL FINANCIAL: FDIC Lifts C&D Order With Doral Bank on BSA
------------------------------------------------------------
Doral Financial Corporation has disclosed that the Federal Deposit
Insurance Corporation (FDIC) terminated the Order to Cease and
Desist with its principal subsidiary, Doral Bank.  The Order was
put in place on February 19, 2008 for Bank Secrecy Act (BSA)
compliance in regards to the BSA/Anti Money Laundering Compliance
Program.

“We are pleased with our progress towards becoming a fully
compliant company.  As we move forward, the release of this Order
is an important milestone that helps the execution of our business
plan to grow the franchise.  There is more work to be completed
and it continues to be a key area of focus,” said Glen R. Wakeman,
President and Chief Executive Officer.

The regulatory findings that resulted in the Order were based on a
review conducted for the period ended December 31, 2006 and were
related to violations that had initially occurred in 2005, prior
to the company’s change in management, recapitalization and
replacement of the Board of Directors.

As previously reported on February 19, 2008, the Order included a
provision to conduct a Look Back Review for the time period
beginning April 1, 2006 through March 13, 2007.  A Look Back
Review is an analysis of certain transactions for a designated
period of time for compliance with BSA/Anti Money Laundering
requirements.  This process is ongoing.  In order to address the
remaining requirements of the Look Back Review, the bank and the
FDIC agreed to a Memorandum of Understanding that covers the
remaining portion of the Look Back Review.

Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank; Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm; Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Doral Financial Corp. to
'B+' from 'B' and removed it from CreditWatch Positive, where it
had been placed July 20, 2007.  S&P said the outlook is stable.


JETBLUE AIRWAYS: To Launch Puerto Rico Flights Effective Dec. 18
----------------------------------------------------------------
JetBlue Airways Inc. is planning to grow its focus city at Fort
Lauderdale Hollywood International Airport with double daily
service to San Juan, Puerto Rico.  One daily flight begins
Dec. 18, 2008 while a second daily flight will be added Jan. 6,
2009.

JetBlue is offering fares beginning at just US$109(a) each way
between Fort Lauderdale and San Juan - a price that includes
unlimited free snacks and drinks, seatback TVs, comfy leather
seats and the most legroom in coach(b).  JetBlue's award-winning
customer service never costs a dime extra.

"With top-flight entertainment options, complimentary
refreshments, lots of legroom, and award-winning customer service
all rolled into one great price, JetBlue continues to prove that
low fares can, in fact, come with high standards," said Scott
Laurence, JetBlue's director of route planning.  "On most
airlines, you get what you pay for.  On JetBlue, you get more.  As
we expand our reach from Fort Lauderdale into the Caribbean, we
thank our customers for making us their carrier of choice in South
Florida."

"Puerto Rico celebrates JetBlue's decision to introduce daily
service from Fort Lauderdale, one of our most important markets
for business and leisure travel," said Puerto Rico Tourism
Company's Executive Director, Terestella Gonzalez-Denton.  "We
would like to thank JetBlue's executive board and especially the
airline's crewmembers who work hard each and every day to make
JetBlue the fastest-rising air carrier to Puerto Rico."

With the addition of this new service to San Juan, JetBlue will
offer as many as 46 flights per day from its focus city at Fort
Lauderdale Hollywood International Airport to 15 top destinations
including Austin, Texas; Boston; Buffalo, N.Y.; Charlotte, N.C.;
Long Beach, Calif.; Newark, N.J.; Newburgh, N.Y.; New York/JFK,
New York/LaGuardia; Raleigh, N.C.; Richmond, Va., Syracuse, N.Y.;
Washington, D.C./Dulles; and White Plains,
N.Y.

                       About JetBlue Airways

Based in Forest Hills, New York, JetBlue Airways Corporation
(Nasdaq: JBLU) -- http://www.jetblue.com/-- is a passenger
airline that provides customer service primarily on point-to-
point routes.  As of Dec. 31, 2007, the company served 53
destinations in 21 states, Puerto Rico, Mexico and the
Caribbean.

JetBlue currently serves 53 cities with 600 daily flights.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2008, Moody's Investors Service downgraded the
Corporate Family and Probability of Default Ratings of JetBlue
Airways Corp. to Caa2 from Caa1, as well as the ratings of its
outstanding corporate debt instruments and certain Enhanced
Equipment Trust Certificates.  Moody's said the outlook is
negative.


R&G FINANCIAL: Enters into Settlement Agreement With Freddie Mac
----------------------------------------------------------------
R&G Financial Corporation has announced that R&G Mortgage
Corporation, the company's wholly-owned Puerto Rico mortgage
subsidiary, R-G Premier Bank of Puerto Rico, R&G Financial's
wholly-owned Puerto Rico chartered commercial bank subsidiary, and
the Federal Home Loan Mortgage Corporation (Freddie Mac) have
entered into an agreement to settle the litigation with Freddie
Mac previously announced in a press release dated July 16, 2008.  
According to the terms of the settlement, R&G Mortgage and R-G
Premier Bank will remain as approved Freddie Mac seller/servicers
in good standing.  The settlement is subject to approval by the
United States District Court, District of Puerto Rico, and may be
rescinded by Freddie Mac if the transaction contemplated in the
agreement described below is not consummated within a certain time
period.

R&G Financial also announced that the company, R&G Mortgage and
Banco Popular de Puerto Rico entered into a Servicing Rights
Purchase and Transfer Agreement, dated as of Sept. 16, 2008,
pursuant to which Banco Popular agreed to purchase substantially
all of R&G Mortgage's servicing rights and advances related to
mortgage loans owned by Freddie Mac and the Government National
Mortgage Association (Ginnie Mae).  As of Aug. 31, 2008, the
unpaid principal balance of the Freddie Mac and Ginnie Mae
mortgage servicing portfolios was approximately US$3.8 billion and
US$1.3 billion, respectively, representing approximately 57% of
R&G Mortgage's servicing portfolio.  This transaction does not
affect R&G Mortgage's remaining third party mortgage servicing
portfolio or the mortgages that R&G Mortgage services for R-G
Premier Bank, which together had an aggregate unpaid principal
balance of approximately US$4.1 billion as of Aug. 31, 2008.

Banco Popular will acquire these assets for an estimated purchase
price of US$34 million.  At the closing, Banco Popular will also
assume R&G Mortgage's recourse obligations in connection with the
approximately US$1.2 billion Freddie Mac mortgage loans subject to
recourse.  The final purchase price will be determined at the
closing of the transaction based on the unpaid principal balance
of the Freddie Mac and Ginnie Mae mortgage loans and the
outstanding balance of the servicing advances at closing.  The
purchase price will be paid in installments, 95% being due five
days after the closing and the remaining five percent being
payable in quarterly installments based on delivery of the related
mortgage files to Banco Popular as of each such payment date.  A
portion of the proceeds will be used to repay approximately US$14
million currently outstanding under a line of credit with Banco
Popular secured by the Ginnie Mae servicing rights and to deposit
US$5 million in escrow to satisfy certain indemnification claims
by Banco Popular. Moreover, under the terms of the agreement with
Banco Popular, R&G Mortgage must satisfy its outstanding recourse
obligations to Freddie Mac prior to closing.  R&G Mortgage has
satisfied its outstanding recourse obligations to Freddie Mac as
of June 30, 2008 by repurchasing approximately US$17 million in
mortgage loans.

The Purchase Agreement contains customary representations,
warranties and agreements by the parties, indemnification rights
and obligations of the parties and termination provisions.
Additionally, the Purchase Agreement provides for indemnification
rights in favor of Banco Popular in connection with certain
repurchase or indemnity obligations related to breaches of
representations and warranties made to Freddie Mac and Ginnie
Mae upon the sale of the mortgage loans originated by R&G
Mortgage.  R&G Mortgage's obligation to indemnify Banco Popular
under the Purchase Agreement may not exceed US$10 million, except
for claims related to Banco Popular's indemnification right in
connection with breaches of representations and warranties made to
Freddie Mac and Ginnie Mae and the transfer of the servicing
rights.  The company has agreed to guarantee R&G Mortgage's
obligations under the Purchase Agreement.  The consummation of
the transaction contemplated by the Purchase Agreement is subject
to the satisfaction or waiver of customary closing conditions,
including receipt of applicable approvals from Freddie Mac and
Ginnie Mae.  The closing of the transaction is expected to occur
in the fourth quarter of 2008.

                       About R&G Financial

Headquartered in San Juan, Puerto Rico, R&G Financial Corp.
(PNK: RGFC.PK) -- http://www.rgonline.com/-- is a financial
holding company with operations in Puerto Rico and the United
States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the company operated 37 bank branches
in Puerto Rico, 36 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 44 mortgage offices in Puerto Rico.

                        *       *      *

As reported in the Troubled Company Reporter-Latin America on
July 18, 2008, R&G Financial Corporation reported that its
wholly-owned Puerto Rican mortgage subsidiary, R&G Mortgage
Corporation and R-G Premier Bank, and its wholly-owned chartered
commercial bank, R-G Premier Bank, received notices from the
Federal Home Loan Mortgage Corporation of immediate termination
of their respective eligibility to sell mortgages to and service
mortgages for Federal Home.  Federal Home indicated that it has
taken these actions due to its concerns regarding the entities'
ability to continue to act as servicer and to meet their
obligations to Federal Home, among other reasons.



===============================
T R I N I D A D  &  T O B A G O
===============================

HINDU CREDIT: New Depositors Group Calls for Restructuring
----------------------------------------------------------
Trinidad & Tobago Guardian reports that a newly-formed group
representing depositors in the failed Hindu Credit Union Co-
Operative Society Limited (HCU) has called for a restructuring of
the HCU rather than a liquidation of its assets.

According to the Guardian, the Credit Union Members Group (CRMG)
argued liquidation would be “essentially a fire-sale of our assets
at depressed prices, this may lead to a chaotic disorderly and
unsystematic disposal of our assets in a market that is incapable
of quickly absorbing these assets at current value and will
generally lead to further lowering prices in the general real-
estate market.”

CRMG also suggested that a new board be appointed to run a
restructured HCU, the same report says.

Headquartered in Borough, Chaguanas, in Trinidad and Tobago, Hindu
Credit Union Co-Operative Society Limited -- www.ourhcu.com --
reportedly has between US$115.2 million and US$131.6 million in
assets and a total of US$32.9 million in liabilities.  It has a
membership totaling more than 200,000.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants
Ernst and Young inspected Hindu Credit's books, accounts, and
records after a public outcry and calls for an internal audit.
Charles Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


HINDU CREDIT: Sept. 16 Members Meeting Fails, Moved to Unset Date
-----------------------------------------------------------------
A Sept. 16, 2008 meeting with members of the Hindu Credit Union
Co-Operative Society Limited (HCU) and the Commissioner of Co-
operatives Charles Mitchell was adjourned to an unspecified date
after it erupted into a noisy fracas, Trinidad & Tobago Guardian
reports.

At that meeting, where more than 700 HCU members attended,
Commissioner Mitchell left the frantic members examining a
document prepared by Ernst and Young on HCU.  According to the
Trinidad & Tobago Guardian, the Ernst and Young report stated that
the HCU was insolvent, with a net shortfall of assets to
liabilities of US$486.5 million.  The report said HCU had assets
of US$390,131,614 and liabilities of US$876,537,695.  The report,
the Guardian relates, also stated: “...save for Bankers Insurance,
all of the subsidiaries of the HCU have been operating at losses
and were being supported by loans and financing from the HCU of
over US$211 million, which lead to further bleeding of the HCU.”

Ernst and Young's report, as cited by the Trinidad & Tobago
Guardian, further stated that:

   -- The financial records of the HCU were not being
      maintained properly and accordingly the financial
      statements from management were inaccurate and
      could not be relied on.

   -- The investment into the subsidiary companies, with
      the exception of Bankers Insurance, have resulted
      in the HCU extending significant loans and other
      funding to the subsidiaries.  There have been no
      repayments on these loans and it is unlikely, given
      the financial position of these subsidiaries, that
      these significant sums can be repaid.  

      The total amount expended by the HCU on the subsidiaries
      was US$211 million.

   -- There was no fixed asset register; therefore, except
      for the property holdings, there was no comprehensive
      list of assets which one could verify.

      There were a number of improvements done to properties
      leased by the HCU which are no longer in use and had
      to be written off.  This resulted in a write-off of
      US$4.1 million.

   -- There were intangible assets as well as properties
      for which there was no legal title, which accounted
      for US$38.5 million in write-offs.

   -- The television equipment that was purchased for
      US$36.6 million is now worth US$4.9 million according
      to HCU's advisor and accordingly resulted in a
      write-off of US$31.7 million.

   -- There were unrecorded loan amounts totaling
      US$45.8 million, related to mortgages and interest
      payable on loans which significantly increased
      overall liabilities.

   -- Unrecorded liabilities of US$10.6 million related
      to pension plan expenses, taxes owed to the NIB
      and the BIR, bounced cherub reversals, rent
      payables and other expenses increased the overall
      shortfall.

Headquartered in Borough, Chaguanas, in Trinidad and Tobago, Hindu
Credit Union Co-Operative Society Limited -- www.ourhcu.com --
reportedly has between US$115.2 million and US$131.6 million in
assets and a total of US$32.9 million in liabilities.  It has a
membership totaling more than 200,000.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants
Ernst and Young inspected Hindu Credit's books, accounts, and
records after a public outcry and calls for an internal audit.
Charles Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



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

LEHMAN BROTHERS: Case Summary & 31 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Lehman Brothers Holdings Inc.
       745 Seventh Avenue
       New York, NY 10019

Bankruptcy Case No.: 08-13555

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

                 See: http://www.lehman.com/

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                     Case No.
       ------                                     --------
LB 745 LLC                                         08-13600

Chapter 11 Petition Date: September 15, 2008

Court: Southern District of New York (Manhattan)

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

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

Total Assets: US$639 billion

Total Debts: US$613 billion

A. Lehman Brothers' 30 Largest Unsecured Creditors:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

B. LB 745's Largest Unsecured Creditor:

  Entity                      Nature of Claim         Claim Amount
  ------                      ---------------         ------------
Rocky-Forty-Ninth LLC         ground lease                    US$0
c/o The Rockefeller Group
1221 Avenue of the Americas
New York, NY 10020


LEHMAN BROTHERS: Bankruptcy Filing Cues S&P to Change Indices
-------------------------------------------------------------
Standard & Poor's made these changes to the S&P 100, S&P 500 and
S&P MidCap 400 indices:

  -- Lehman Brothers Holdings Inc. has been removed from the
     S&P 100 and S&P 500 indices on September 16.  The company
     has filed for Chapter 11 bankruptcy protection.

  -- Lehman's place in the S&P 100 will be taken by S&P 500
     constituent Occidental Petroleum Corp.

  -- Lehman's place in the S&P 500 will be taken by S&P MidCap
     400 constituent Harris Corp., and Harris Corp. will be
     replaced by Greif Inc.  in the S&P MidCap 400, all after the
     close of trading on Friday, September 19.

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: Fitch Trims 260 Tender Options Bonds Ratings to D
------------------------------------------------------------------
Fitch has short-term ratings on approximately 260 tender option
bonds, based on liquidity provided by Lehman Brothers Holding Inc.  
Of those, some also have long-term ratings based on credit
enhancement provided by LBHI.  The short-term rating on those TOBs
will all be downgraded to 'D', based on LBHI's current short-term
rating, which was downgraded to 'D' on September 15, 2008.  

For the TOBs whose long-term rating is based on credit enhancement
from LBHI, the long-term rating will be revised to either the
long-term rating of the underlying security within the TOB trust,
if rated by Fitch, or withdrawn in those cases where Fitch does
not rate the underlying security.  The long-term ratings on the
TOBs that are not based on LBHI will remain the same.

The CUSIPs of the affected securities and the rating changes will
be announced as soon as they are processed.

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.



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

PETROLEOS DE VENEZUELA: Will Purge Excess Oil Supply, Ramirez Says
------------------------------------------------------------------
The People’s Minister for Energy and Petroleum and president of
the state-owned oil company Petroleos de Venezuela S.A., Rafael
Ramirez, has disclosed that the Organization of Petroleum
Exporting Countries (OPEC) decided to eliminate excess supply.

“We will eliminate excess production in the market,” indicated
Minister Ramirez, who also explained that the Organization decided
to adjust its supply to the official quota of September 2007.

An official communique from OPEC in view of the market’s excess
supply informed of an agreement to enforce a ceiling of
28.8 million barrels per day.

Minister Ramirez stated upon arriving to Vienna that excess
production varies between 1 and 1.5 million barrels per day, and
reiterated that factors such as speculation have impacted price
behavior.

”Thanks to speculators we have witnessed how crude prices have
gone down 40 dollars in the past four weeks.  This means that our
job here in OPEC must concentrate on following market foundations
to maintain its equilibrium,” stated the Venezuelan Energy
Minister during the opening of the 149th OPEC Meeting, which
included OPEC member countries as well as Russia, Sudan and Egypt
as observers.

The Conference took into consideration the fact that the market is
well supplied and that inventories levels are appropriate to cover
demand.  However, OPEC will continue to closely monitor
supply/demand foundations.

OPEC will hold its 150th Extraordinary Meeting on December 17 in
Oran, Algeria, and its next ordinary meeting in Vienna, Austria,
on March 15, 2009.  Also, on March 18 and 19, 2009, the
Organization plans to hold the international seminar titled
“Petroleum: Stable Future and Sustainability.”

The Minister of Petroleum from Angola, Desiderio da Graca
Verissimo e Costa, was selected as president of the Conference for
a year, starting on January 1, 2009.  His Ecuadorian counterpart,
Galo Chiriboga Zambrano, will serve as alternate president for the
same period.

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: Ranks Second in Oil Proven Reserves
------------------------------------------------
A total of 7.4 billion barrels of oil has been added to
Venezuela’s proven reserves.  As a result, certified reserves rose
to 142.3 billion barrels and Venezuela hiked to the second place
in the world.

Based on a report of General Directorate of Hydrocarbons
Exploration and Production, the new proven reserves come from the
Junin area, Junin 1 block, Iguana Zuata and Zuata Norte oilfields,
Orinoco Oil Belt.

In 1998, Venezuela’s proven reserves amounted to 76.1 billion
barrels.  Thanks to the startup of Orinoco Magna Reserva Socialist
Project, from November 2006, the number of certified reserves has
significantly grown.

The Orinoco Magna Reserva Socialist Project includes assessment of
the oil originally in place.  State-run oil holding Petroleos de
Venezuela (PDVSA) and foreign companies take an active part in
this project.  The findings are submitted for certification of
independent international companies and subsequently recorded in
the Books of Oil Reserves approved on August 2007.

This accomplishment is the result of the perseverance and
involvement of all the workers of the New PDVSA, who, committed to
the model of a socialist company, do their best to assess the
next-to-be the largest oil reserve in the world and make it
available to humankind.

From 2006 to date, 62.9 billion barrels have been added in the
aggregate, that is, 26.74 percent of total reserves within the
Orinoco Magna Reserva Socialist Project.

In addition to new proven oil reserves, there are 418 billion
cubic feet of proven reserves of associated natural gas.

A total of 8.428 billion cubic feet of gas has been certified,
including an official amount of 2.530 billion cubic feet.  The
remainder is in the process of substantiation.

The existence of solution gas assessed and certified as gas
associated to the oil at the Orinoco Oil Belt overrides the
assumption that the hydrocarbons there are natural bitumen.

The Orinoco Magna Reserva Socialist Project is expected to be
completed next year, with additional 172.6 billion barrels of
proven oil reserves.  In this way, Venezuela will reassert that it
has the largest oil stocks in the world.

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.


* S&P Says Central American & Caribbean Banks' Performance Stable
-----------------------------------------------------------------
Despite the economic problems faced by financial institutions in
other regions of the world, most Central American and Caribbean
banks have demonstrated stable financial performance.  However,
Standard & Poor's Ratings Services believes that rising inflation
and, therefore, more restrictive monetary policies by the central
banks in most Central American and Caribbean countries, along with
tight liquidity in international markets, are going to continue
increasing funding costs, compressing margins, and pressuring
profitability in the second half of 2008.  Funding and liquidity
continue to be adequate, and S&P has not seen any major decrease
either in deposits or in bank lines from correspondent banks.
Profitability in the region (with returns on assets between 1% and
3%) is still adequate for the current ratings even excluding
Visa's initial public offering (reported as adjusted ROA in this
report) that boosted the profits of most banks in the region.  
Performance levels are expected to diverge from bank to bank, but
S&P is not expecting banks in the region to suffer any significant
consequences arising from global economic problems. However, if
any unexpected serious, negative events were to occur, there could
be rating actions forthcoming.

Inflation is rising throughout Central America and the Caribbean,
with the greatest impact seen in Jamaica—where it reached more
than 25% as of June 2008.  The region's central banks are applying
more restrictive monetary policies to contain inflation,
increasing interest rates, using open market operations, and
increasing reserve requirements.  S&P thinks that this will
continue to put pressure on the cost of funds and will compress
margins even further.

Central American and Caribbean loan portfolios continue to grow by
double digits, but at a slower pace than those of previous years.
There has not been any major asset quality problem, as economic
growth in the regions is still strong.  Strong organic and
inorganic growth has pressured capital levels, and some banks face
the challenge of improving their financial flexibility to continue
growing.

In terms of funding and liquidity, most banks have been able to
maintain their deposit bases' growth, but at a lower rate than
that of loans, and deposits are now wholly used to fund loan
portfolios.  As such, some banks have already used hybrid capital
to strengthen capital levels and support future growth.  S&P has
not seen a reduction of correspondent banks lines, although
spreads have increased, but financial institutions have found an
alternative in local capital markets.  Syndicated loans and
maturities of lines have been either rolled over or paid with
other sources.

After a very active 2007 in terms of mergers and acquisitions,
2008 has been a year of integration.  Banks that were acquired by
large global banks continued to be integrated into their worldwide
networks.  Large local banks that have acquired other local banks
are also integrating those operations.  S&P believes that the rest
of 2008 will remain a time for reorganization and that, in 2009,
large banks will start flexing their muscles as competitive
pressures increase.


* SouthAm Union Leaders In Talks Over Bolivia Crisis
----------------------------------------------------
Leaders of different countries from the Union of South American
Nations (UNASUR) will meet in Chile to discuss over Bolivian
President Evo Morales' nationalization campaign that resulted to
the deaths of more than a dozen people, various reports say.

Among the leaders confirmed to attend are:

   -- Evo Morales,
   -- President Michelle Bachelet,
   -- Minister of the Presidency Jose Antonio Viera-Gallo,
   -- Brazilian President Luiz Inacio Lula da Silva,
   -- Venezuelan President Hugo Chavez,
   -- Foreign Minister Jose Antonio Garcia Belaunde, and
   -- Jose Miguel Insulza, general secretary of the Organization
      of American States.

The violence, which began two weeks ago, between supporters of
Mr. Morales, and his opponents have led to concern among
neighbouring countries, according to the Guardian.

The Guardian says the scale of the protests against Morales's
plans to rewrite Bolivia's constitution and redirect gas revenues
has forced the president to declare a state of siege in some
opposition-led provinces.

Prensa Latina reports that Ms. Bachelet, who convened the meeting
and is temporary president of UNASUR, expressed her desire of a
positive, constructive attitude so the parties get closer and
support efforts of the Bolivian people and government to guarantee
their democratic process.



                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


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