TCRLA_Public/080923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, September 23, 2008, Vol. 9, No. 189

                            Headlines

A R G E N T I N A

ACT SA: Proofs of Claim Verification Deadline Is December 3
BIONOR SRL: Proofs of Claim Verification Deadline Is October 24
DIDONAZ SA: Individual Reports Filing Deadline Is on February 9
FINANCIERA ZERFIMA: Files for Reorganization in Buenos Aires Court
GRAFICA EN ACCION: Proofs of Claim Verification Deadline Is Nov. 5

MENSAJERO VELOZ: Proofs of Claim Verification Deadline Is Oct. 13
MEWAR Y ASOCIADOS: Individual Reports Filing Deadline Is on Feb. 9
OBRAS SRL: Proofs of Claim Verification Deadline Is October 20
RESORSAL SRL: Proofs of Claim Verification Deadline Is November 5
RUTA SIETE: Proofs of Claim Verification Deadline Is November 12

TERAPIA INTEGRAL: Proofs of Claim Verification Deadline Is Feb. 9


B E R M U D A

BALLANTYNE RE: S&P Junks Rating on Class A-1, B-1 and B-2 Notes
SEA CONTAINERS: Files Amended Plan and Disclosure Statement
SEA CONTAINERS: SCL Panel, et al., Balk at Disclosure Statement


B R A Z I L

BANCO NACIONAL: Prepares to Secure Investments, Says Mr. Coutinho
BANCO NACIONAL: Reports BRL80.8 Billion Disbursements as of August
BANCO PROSPER: Moody's Lowers Ba3 Currency Deposit Ratings to B1
DELPHI CORP: Reaches Settlement & Restructuring Pacts With GM
GENERAL MOTORS: To Use Remaining US$3.5 Bil. in Credit Facility

GENERAL MOTORS: Exchanges 28.3 Mil. Shares for Series D Debentures
GENERAL MOTORS: Enters Into Amended Settlement With Delphi


C A Y M A N  I S L A N D S

ARTISAN CAPITAL: Proof of Claim Filing Deadline Is Sept. 30
CORK INC: Deadline for Proof of Claim Filing Is Sept. 30
CORK INC: Will Hold Final Shareholders Meeting on Sept. 30
GATKO GLOBAL: Holds Final Shareholders Meeting on Sept. 30
GATKO GLOBAL MASTER: Final Shareholders Meeting Is on Sept. 30

HANOVER INSURANCE: Sets Final Shareholders Meeting on Sept. 30
SCHOLARLY PUBLICATIONS: Final Shareholders Meeting Is Sept. 30
SHOOTER BEAR: Filing for Proof of Claim Deadline Is Sept. 30
SHOOTER BEAR: To Hold Final Shareholders Meeting on Sept. 30


G R E N A D A

ST. GEORGE UNIVERSITY: Workers' Strike Affects Operations


J A M A I C A

CABLE & WIRELESS: Considers Rebranding Caribbean Biz to LIME


C O L O M B I A

ECOPETROL SA: Initiates American Depositary Shares Listing on NYSE


M E X I C O

GAP INC: Reaches Franchise Agreement With Distribuidora Liverpool
LEHMAN BROTHERS: Mexico's Banorte May Incur US$20M Losses on Notes
PORTOLA PACKAGING: Gets Initial OK to Use GECC's US$75MM Facility


N I C A R A G U A

CENTRAL SUN: Provides Update on Nicaraguan Mine Projects


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Comr. Mitchell Gets OK to Read Auditor's Report


V E N E Z U E L A

BANCO DE VENEZUELA: Moody's Reviews B3 Currency Rating for Upgrade
MERCANTIL CA: Moody's Puts B3 Rating on Review for Likely Upgrade
PETROLEOS DE VENEZUELA: Inks 8 Natural Gas Project Agreements
PETROLEOS DE VENEZUELA: Moody's Holds B1 Currency Issuer Ratings

* VENEZUELA: May Lose US$225 Mil. Investments on Lehman Notes
* VENEZUELA: Moody's Reviews Low-B Currency Ratings for Upgrade

* Large Companies with Insolvent Balance Sheets


                         - - - - -

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

ACT SA: Proofs of Claim Verification Deadline Is December 3
-----------------------------------------------------------
Oscar Vertzman, the court-appointed trustee for Act SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 3, 2008.

Mr. Vertzman 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. 42, 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 Act SA and its creditors.

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

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

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

Mr. Vertzman is also in charge of administering Act 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:

                     Act SA
                     Cabello 3149
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Oscar Vertzman
                     Bartolome Mitre 3120
                     Buenos Aires, Argentina


BIONOR SRL: Proofs of Claim Verification Deadline Is October 24
---------------------------------------------------------------
The court-appointed trustee for Bionor S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 24, 2008.

The trustee will present the validated claims in court as  
individual reports on December 5, 2008.  A court in Argentina will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Bionor 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 Bionor S.R.L.'s
accounting and banking records will be submitted in court on
February 19, 2009.

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


DIDONAZ SA: Individual Reports Filing Deadline Is on February 9
---------------------------------------------------------------
Jessica Minc, the court-appointed trustee for Didonaz SA's
reorganization proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, on February 9, 2009.

Ms. Minc is verifying creditors' proofs of claim until Nov. 20,
2008.  She will also submit to court a general report containing
an audit of Didonaz SA's accounting and banking records on
March 23, 2009.

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

The debtor can be reached at:

                      Didonaz SA
                      Constitucion 2834
                      Buenos Aires, Argentina

The trustee can be reached at:

                      Jessica Minc
                      Avda. Santa Fe 2534
                      Buenos Aires, Argentina


FINANCIERA ZERFIMA: Files for Reorganization in Buenos Aires Court
------------------------------------------------------------------
Financiera Zerfima SA has requested for reorganization approval
after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 6 in Buenos Aires.  Clerk No. 12 assists the court in
this case.

The debtor can be reached at:

                     Financiera Zerfima SA
                     Medrano 1670
                     Buenos Aires, Argentina


GRAFICA EN ACCION: Proofs of Claim Verification Deadline Is Nov. 5
------------------------------------------------------------------
Juan Giannazzo, the court-appointed trustee for Grafica en Accion
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until November 5, 2008.

Mr. Giannazzo 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 Grafica en Accion 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 Grafica en Accion's
accounting and banking records will be submitted in court.

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

Mr. Giannazzo is also in charge of administering Grafica en
Accion's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

                     Grafica en Accion SRL
                     Paraguay 1275
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Juan Giannazzo
                     Avenida de Mayo 1370
                     Buenos Aires, Argentina


MENSAJERO VELOZ: Proofs of Claim Verification Deadline Is Oct. 13
-----------------------------------------------------------------
The court-appointed trustee for Mensajero Veloz SRL's bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 13, 2008.

The trustee will present the validated claims in court as  
individual reports on December 12, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Mensajero Veloz 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 Mensajero Veloz's
accounting and banking records will be submitted in court on
February 19, 2009.

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

The debtor can be reached at:

                     Mensajero Veloz SRL
                     Parana 123
                     Buenos Aires, Argentina


MEWAR Y ASOCIADOS: Individual Reports Filing Deadline Is on Feb. 9
------------------------------------------------------------------
Luis Cortez, the court-appointed trustee for Mewar y Asociados
SA's reorganization proceeding, will present the validated claims
as individual reports in the National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, on February 9, 2009.

Mr. Cortez is verifying creditors' proofs of claim until Nov. 25,
2008.  He will also submit to court a general report containing an
audit of Mewar y Asociados' accounting and banking records on
March 24, 2009.

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

The debtor can be reached at:

                     Mewar y Asociados SA
                     Montenegro 1649
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Luis Cortez
                     Avenida Cordoba 1646
                     Buenos Aires, Argentina


OBRAS SRL: Proofs of Claim Verification Deadline Is October 20
--------------------------------------------------------------
The court-appointed trustee for Obras S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 20, 2008.

The trustee will present the validated claims in court as  
individual reports on December 10, 2008.  The National Commercial
Court of First Instance in Cordoba, 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 Obras 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 Obras S.R.L.'s
accounting and banking records will be submitted in court on
February 28, 2009.

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


RESORSAL SRL: Proofs of Claim Verification Deadline Is November 5
-----------------------------------------------------------------
Isabel Ramirez, the court-appointed trustee for Resorsal SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until November 5, 2008.

Ms. Ramirez will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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 Resorsal SRL and its creditors.

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

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

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

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

The debtor can be reached at:

                     Resorsal SRL
                     Uruguay 16
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Isabel Ramirez
                     Juan Domingo Peron 2082
                     Buenos Aires, Argentina


RUTA SIETE: Proofs of Claim Verification Deadline Is November 12
----------------------------------------------------------------
Hector Martinez, the court-appointed trustee for Ruta Siete SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until November 12, 2008.

Mr. Martinez will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, 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 Ruta Siete 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 Ruta Siete's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Ruta Siete SA
                     Jose Enrique Rodo 3947
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Hector Martinez
                     Independencia 2251
                     Buenos Aires, Argentina


TERAPIA INTEGRAL: Proofs of Claim Verification Deadline Is Feb. 9
-----------------------------------------------------------------
The court-appointed trustee for Terapia Integral S.A.C.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 9, 2009.

The trustee will present the validated claims in court as  
individual reports on March 23, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Terapia Integral 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 Terapia Integral's
accounting and banking records will be submitted in court on
May 11, 2009.

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

The debtor can be reached at:

                     Terapia Integral S.A.C.
                     Avenida Santa Fe 136
                     Buenos Aires



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

BALLANTYNE RE: S&P Junks Rating on Class A-1, B-1 and B-2 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its senior debt
rating on Ballantyne Re plc's Class A-1 notes to 'CCC-' from 'B-'.  
The rating on the notes remains on CreditWatch, where it was
placed with negative implications on Nov. 21, 2007.  At the same
time, S&P lowered its subordinated debt rating on the Class B-1
and B-2 notes to 'CC' from 'CCC-'.  S&P removed the rating from
CreditWatch, where it had been placed with negative implications
on Sept. 14, 2007.
     
"We are taking this action in response to the continuing mark-to-
market losses experienced on the assets in the underlying
collateral accounts," said S&P's credit analyst Gary Martucci.  
"Since our most recent downgrade in August, mark-to-market losses
have increased, putting additional strain on the structure."
     
S&P will continue to monitor the developments related to this
latest disclosure and will take ratings actions as warranted.

Ballantyne Re plc and Orkney Re II plc are public limited
companies established in Ireland as special purpose vehicles
associated with Scottish Re (US), Inc., a subsidiary of Scottish
Re Group Limited.  Scottish Re Group Ltd. is a Cayman Islands
company with principal executive offices located in Bermuda.


SEA CONTAINERS: Files Amended Plan and Disclosure Statement
-----------------------------------------------------------
Sea Containers Caribbean Inc., Sea Containers Ltd., and Sea
Containers Services Ltd. delivered to the U.S. Bankruptcy Court
for the District of Delaware a first amended joint plan of
reorganization and accompanying disclosure statement on Sept. 16,
2008.

The Amended Plan offers more details about the company's intended
activity once it emerges from bankruptcy protection.

The Court will convene a hearing on September 19, 2008, to
consider the adequacy of the information contained in the
Debtors' Disclosure Statement.

The hearing to consider confirmation of the Plan is scheduled on
November 17, 2008.  Parties have until November 10 to file
objections to the Plan.

                         New Equity

The Amended Plan provides that equity of Newco, the entity to
which SCL will transfer its remaining container interests, will
vest in the Plan Administrator and, subject to certain holdbacks
and trusts set aside for certain claims, beneficial ownership
interest in Newco Equitv will be distributed on a pro rata basis
to holders of allowed claims.

The value of Newco Equity in large part will derive, in large
part, from (i) the value of SCL's interests in GE SeaCo SRL, the
joint-venture entity between SCL and General Electric Capital
Corporation, and (ii) the value of SCL's interests in Sea
Containers SPC Ltd., the special purpose subsidiary established
by SCL that owns a substantial portion of SCL's shipping
containers and related lease revenues.

To ensure that Non-Debtor Subsidiary directors do not seek to
enforce intercompany claims, the Amended Plan contemplates the
establishment of the Non-Debtor Subsidiary Reserve, which will
consist of cash and Newco Equity that will be available to fund
certain payments to creditors of the Non-Debtor Subsidiaries that
are currently known, or that the Debtors will know of by Nov. 30,
2008.  The payments will be paid according to an entity priority
model dividend rate so as to approximate what those creditors
would have received in a simultaneous group-wide liquidation.

The Non-Debtor Subsidiary Reserve is estimated to have
US$6,000,000 of cash and US$3,000,000 in aggregate value of Newco
Equity shares.

                  Equalization Escrow Account

The Amended Plan also contemplates the establishment of an
equalization escrow account, which will hold the equalization
claim reserve, to be administered by the equalization escrow
agent.  The Equalization Claim Reserve will be used to satisfy
any valid Equalization Claim.  In addition, a separate reserve
will be established to satisfy equalization-related employee
claims, if any.  The Equalization-Related Employee Claim Reserve
is currently estimated to consist of US$4,500,000 in cash and
shares of Newco Equity with an aggregate value of US$13,100,000.

The Amended Plan provides that any residual value in the
Equalization Claim Reserve after satisfaction of the allowed
Equalization Claim will be transferred to the Equalization-
Related Employee Claim Reserve subject to a US$23,800,000 maximum
limit of Newco Equity that can be transferred to the
Equalization-Related Employee Claim Reserve.

All Newco Equity that was maintained by the Equalization Claim
Reserve that is not transferred to the Equalization-Related
Employee Claim Reserve will be cancelled.  Any residual property
remaining in the Equalization-Related Employee Claim Reserve
other than Newco Equity after satisfaction of Allowed
Equalization-Related Employee Claims will revert to Reorganized
SCL, and, after payment of post-emergence costs, will be used to
pay the Newco Repatriation Note.

After the Newco Repatriation Note is paid in full, any remaining
property of Reorganized SCL, other than Newco Equity, will be
distributed to Reorganized SCL for distribution to the holders of
Allowed Claims on a pro rata basis.

            Bermuda and U.K. Scheme of Arrangement

In light of SCL being incorporated in Bermuda, the Bermuda Scheme
of Arrangement is necessary to ensure that the Plan can be
implemented under the laws of Bermuda.  The Debtors have also
determined that the U.K. Scheme of Arrangement is necessary to
implement the Pension Schemes Settlement Agreement, which settles
significant claims against the Debtors, and is a major aspect of
the Plan.  The effectiveness of the Schemes of Arrangement is a
condition to consummation of the Plan.

Because of certain English regulatory requirements, the Pension
Schemes Claims against SCSL can only be compromised by way of a
U.K. scheme of arrangement or their treatment must be otherwise
approved by the U.K. Pension Protection Fund.  As a consequence,
the Pension Schemes will participate in the U.K. Scheme of
Arrangement.  The Amended Plan says that there will only be a
single class of U.K. Scheme Claims in the U.K. Scheme of
Arrangement consisting of the 1983 Pension Scheme Claims and the
1990 Pension Scheme Claims.

It is anticipated that the English Court will have held the
hearing to approve the UK Scheme of Arrangement prior to the
close of voting for the Plan.  Voting on the U.K. Scheme of
Arrangement and any Debtor affiliate schemes of arrangement is
separate from voting on the Plan.

               New Provisions Added to the Plan

The Plan Proponents have inserted to the Amended Plan a section
relating to their settlement negotiations with GECC with respect
to GE SeaCo.  In the section on disposal of the Debtors' non-core
business, a provision was added to reflect that each Non-Debtor
Subsidiary will pay the costs of its own liquidation and wind-
down, including the costs of disposing of non-container-leasing
businesses and assets.

The Plan is also amended to add sections relating to, among other
things, risks with respect to the Sea Containers America pension
plan.  In that section, the Debtors express their disagreement
with the assertions of Pension Benefit Guaranty Corporation that,
among other things, SC America and the Debtors are jointly and
severally obligated to contribute to the Pension Plan the amounts
necessary to satisfy the minimum funding standards of the
Employee Retirement Income Security Act of 1974 and the Internal
Revenue Code.

                        Exit Financing

The Amended Plan discloses that in an effort to obtain the most
attractive exit financing, the Debtors approached 10 potential
exit lenders, including their existing bondholders, who were
already knowledgeable about the Debtors' container interests and
leasing activities.  The Debtors received three preliminary, non-
binding letters of intent from the 10 parties.

After consulting with its advisors and the Official Committee of
Unsecured Creditors' representatives, the Debtors selected a
still unnamed exit lender with significant experience financing
container leasing companies as the preferred lender because of
its more attractive offers.  The Debtors subsequently negotiated
extensively for weeks to reach agreement on a financing term
sheet that best meets the Debtors' requirements.

The term sheet, which is in the final stages of negotiation,
contemplates a financing facility of up to US$150,000,000 to Newco
to repay the DIP Facility, fund certain payments contemplated
under the Plan, and provide working capital for Newco.

According the Plan, the Debtors expect shortly to complete
negotiation of the term sheet, and to receive a financing
commitment.  They assure the Court that a summary of the material
terms of the term sheet will be subsequently filed.  They
anticipate that any financing commitment will be subject to
certain customary conditions, which will need to be satisfied
prior to funding.

                       Avoidance Actions

The Debtors have analyzed potential avoidance of prepetition
transfers under Sections 547 and 550 of the Bankruptcy Code,
identifying approximately US$10,000,000 of potentially
preferential transfers in the aggregate.

Based upon their analysis, the Debtors believe that prosecution
of these transfers through adversary proceedings likely will not
produce sufficient recoveries to justify the costs incurred in
connection with prosecution.  The Debtors, however, believe that
the existence of the transfers may provide the basis for the
disallowance of one more proofs of claim filed against the
Debtors, pursuant to Section 502(d) of the Bankruptcy Code.

The Debtors are currently engaged in discussions with advisors to
the Creditors Committees with respect to the benefits and
associated costs of prosecuting preference actions.  In any
event, the Debtors assert that nothing in the Amended Plan or
Amended Disclosure Statement will be construed to restrict or
constitute a waiver of the Debtors' ability to bring avoidance
actions against any entity, except with respect to those entities
expressly released under the Plan.

A full-text copy of the Debtors' First Amended Chapter 11 Plan is
available for free at:

             http://ResearchArchives.com/t/s?3253

A full-text copy of the Debtors' First Amended Disclosure
Statement is available for free at:

             http://ResearchArchives.com/t/s?3254

A blacklined copy of the Debtors' First Amended Plan is available
for free at:

             http://ResearchArchives.com/t/s?3255

A blacklined copy of the Debtors' First Amended Disclosure
Statement is available for free at:

             http://ResearchArchives.com/t/s?3256

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.  Sea
Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 50;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: SCL Panel, et al., Balk at Disclosure Statement
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers,
Ltd., relates that the Debtors' request to approve the settlement
of the Pension Claims has been briefed, tried and argued, and the
parties await the decision of the U.S. Bankruptcy Court for the
District of Delaware.

The SCL Committee asserts that the Court could resolve the
Settlement Request in one of these ways:

    (i) the Court could grant the Settlement Request, and
        approve the proposed Pension Settlement;

   (ii) the Court could deny the Settlement Request outright; or

  (iii) the Court could deny the Settlement Request, while
        providing guidance reflecting the Court's view of
        reasonable settlement elements and a reasonable
        settlement range.

The Debtors are asking the Court to move forward immediately with
proceedings to approve their disclosure statement explaining
their proposed joint plan of reorganization, and to solicit and
confirm the Plan that assumes and permits only one outcome on the
Settlement Request -- approval of the Pension Settlement -- even
if that settlement is one of the most hotly contested issues in
the bankruptcy cases, asserts William H. Sudell, Jr., Esq., at
Morris, Nichols, Arsht & Tunnell LLP, in Wilmington, Delaware.

"Dissemination of the Plan prior to a ruling on the Settlement is
premature and is a potentially needless waste of the time and
resources of the Court and the estates," Mr. Sudell contends.  He
points out that if the Settlement Request is denied, or if the
Pension Settlement is modified, the Debtors would be required to
prepare a new disclosure statement and plan, and re-solicit votes
from the creditors.

The proposed Plan is premised on fundamental and critical
uncertainties, Mr. Sudell says.  He notes that the Plan requires
that the Court grant the Settlement Request in its entirety, and
thus, it is impossible for Plan confirmation to proceed unless
the Court rules to approve the Pension Settlement.  He adds that
if the Settlement Request is denied, parties would likely be
forced for an expeditious re-negotiation with the relevant facts
and law now on the table.

Against this backdrop, the SCL Committee maintains that the most
prudent, practical, economical, and expeditious way to arrive at
a confirmable Plan is for the Court to issue an order (i) denying
approval of the adequacy of the Disclosure Statement, and (ii)
denying the pending Settlement Request, and that provides
guidance reflecting the Court's view of a reasonable settlement
range.

             SCSL Committee & Trustees Object Too

Although the disclosure statement accompanying the Debtors' joint
plan of reorganization purports to characterize the factors that
will inform the Pension Schemes' decision to accept or reject the
Plan, it fails to disclose that the Pension Schemes intend to
vote to reject the Plan if, by the voting deadline, there is any
chance that the Plan will be consummated in a way that would
jeopardize the Pension Schemes' ability to enter the Pension
Protection Fund or trigger a Pension Protection Fund assessment
period, the Official Committee of Unsecured Creditors of Sea
Containers Services Limited and the Pension Schemes' Trustees
tell Judge Carey.

David B. Stratton, Esq., at Pepper Hamilton LLP, in Wilmington,
Delaware, relates that the Plan contemplates that one of the
joint provisional liquidator in Bermuda or Ernst & Young LLP will
be appointed Plan administrator, with the Reorganized Sea
Containers Limited to pay all reasonable amounts needed by the
administrator and currently pegged at US$8,000,000.

Mr. Stratton argues that further disclosure is required with
respect to the contemplated terms of the Plan Administrator's
engagement.  The Plan sets forth procedures for the appointment
of the initial Plan Administrator; however, the Disclosure
Statement fails to disclose in any detail the terms of the Plan
Administrator's compensation, he points out.

"As the Plan Administrator's compensation will be paid from the
same assets that will be used to satisfy distributions to
creditors of the Reorganized SCL, holders of claims against
Reorganized SCL should be made fully aware of the terms of
compensation prior to voting on the Plan," Mr. Sudell tells the
Court.  "As currently drafted, the Disclosure Statement does not
provide sufficient information regarding compensation and any
other material terms of the engagement to enable claim holders to
make an informed judgment about the Plan," he continues.

The SCSL Committee and the Pension Trustees have identified
several disclosure issues to the Debtors, Mr. Sudell discloses.  
He states that as of the Disclosure Statement deadline, many of
those issues remained unresolved.  He notes that in a number of
instances, and in the hope of reaching a compromise on certain
open issues, the SCSL Committee and the Pension Trustees proposed
their own language for inclusion in the Disclosure Statement.

To the extent that any of the issues raised by the SCSL Committee
and the Pension Trustees remain unresolved at the time of the
Disclosure Statement hearing, the SCSL Committee and the Pension
Trustees reserve their right to raise any objections in respect
of those issues at the hearing.

Accordingly, the SCSL Committee and the Pension Trustees ask the
Court to deny the Debtors' request for approval of Disclosure
Statement's adequacy, unless the Disclosure Statement is revised
to disclose:

  (a) that the Pension Schemes will vote to reject the Plan if
      they believe by the voting deadline that the Plan is
      likely to be consummated in a way that would jeopardize
      the Schemes' Pension Protection Fund Eligibility; and

  (b) the contemplated terms of the Plan Administrator's
      compensation.

                 Contrarian, et al., See Flaws

Bondholders Contrarian Capital Advisors, LLC, J.P. Morgan
Securities Inc., Credit Trading Group, Post Advisory Group, LLC,
Trilogy Capital LLC, and Varde Investment Partners, L.P., jointly
submit their reservation of rights to the Court with respect to
the Debtors' request for the Court to find their proposed
disclosure statement as containing adequate information.

As mentioned by the Debtors' counsel during the recent status
conference, the Debtors have been working with, among others, the
Official Committee of Unsecured Creditors of Sea Containers,
Ltd., and the Bondholders' counsel to resolve any open issues
with respect to the Disclosure Statement, relates Neal J.
Levitsky, Esq., at Fox Rothschild LLP, in Wilmington, Delaware.  
He notes that the Bondholders are hopeful that the open issues
will be resolved.

If there are still additional information requested by the
Bondholders that the Debtors have not yet finalized or filed by
the deadline for filing Disclosure Statement objections, the
Bondholders reserve all of their rights to raise any objections
they may have at the Disclosure Statement hearing.

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S. Sea Containers
Ltd. and two subsidiaries filed for chapter 11 protection on
Oct.  15, 2006 (Bankr. D. Del. Case No. 06-11156).  Edmon L.
Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean
Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young,
Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 50;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)



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

BANCO NACIONAL: Prepares to Secure Investments, Says Mr. Coutinho
-----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA President,
Luciano Coutinho, has guaranteed that the Bank is prepared to
respond positively to the Brazilian economy investment financing
needs.

He acknowledged that this is a “stressful” moment in the
international financial system, but he said that President Luiz
Inacio Lula da Silva and the Finance Minister, Guido Mantega,
instructed BNDES to support the demand of investments, filling
potential gaps left by any restrictions in the private credit
market.  The government’s goal is to assure investments.

“The government’s willingness is to keep credits available for
investments, such that the total savings and investments rate,
responsible for the creation of future offers, keeps growing”, Mr.
Coutinho said, on Sept. 18, in a collective interview at the
Bank’s headquarters, in Rio.

During the meeting with the press, Coutinho disclosed the Bank’s
year-to-date performance, ended in August. Disbursements amounted
to BRL80.8 billion and approvals BRL110.7 billion, the highest
amounts in the Bank’s history.  Mr. Coutinho forecasted that
disbursements must exceed a record level of BRL85 billion by the
end of the year.

He stated that “at this moment of global crisis BNDES is in a
sound and comfortable position”.  BNDES President referred to the
negotiations to complement the Bank’s funding, with BRL15 billion
in loans received from the Treasury and agreements to have access
to BRL7 billion in FGTS Infrastructure Investment Fund.  “We are
able to, in the next months, which will be the busiest ones,
provide comfort and breath to production investments”, he said.

As far as he is concerned, Brazil is able to exceed the crisis and
come out of it stronger.  One of the keys to do that, according to
him, is to enlarge domestic savings.

Mr. Coutinho believes that the demand for BNDES funds will be
stable in 2009, when infrastructure investments, especially in
electric power, will draw on the Bank’s disbursements.  He also
said that the country is entering a new investment cycle and that
credit/GDP ratio may still grow further: “There is a long road
ahead of us”, he said.

He also listed factors that corroborate the view that the
Brazilian economy is undergoing a sound investment cycle:

   * huge infrastructure projects underway;

   * the huge potential of the Brazilian internal market,
     reinforced by growing income;

   * export opportunities, which will persist in spite of the
     decreasing commodity prices; and

   * the new opportunity brought by pre-salt discoveries, with
     massive investments and the need to develop the Brazilian
     production chain.

                      About Banco Nacional

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

                        *     *     *

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


BANCO NACIONAL: Reports BRL80.8 Billion Disbursements as of August
------------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA had the
best 12-month performance ever as of August 2008.  All industries
-- industry, infrastructure, farming, sales and services –- showed
considerable growth in this period.  Total disbursements and
approvals were the highest ones in the Bank’s history, reaching
BRL80.8 billion and BRL110.7 billion.

Investments in infrastructure projects are under expansion.  
Disbursements amounted to BRL33.7 billion (a 70% increase) and
approvals of BRL46.8 billion (a 39% increase).  Road transport and
electric power industries are the highlights, with BRL16 billion
and BRL8.3 billion disbursements.

In the first eight months of the year, disbursements to the
industry reached BRL21.1 billion (a 23% increase as compared to
the same period before) and to infrastructure amounted to BRL20.7
billion (a 64% growth).  Following the same trend, approvals
reached BRL34 billion (a 36% increase) and BRL21.4 billion (6%
higher).

Industry highlights were the ones focused on the domestic market.  
So much so that by excluding financing arrangements for exports,
disbursements to the industry increased 13.71%.

Outstanding industries were the food, beverages, textile,
clothing, chemical and petrochemical industries.  Following this
trend, increase of disbursements was 35% (BRL6.5 billion), 199%
(BRL1.2 billion), and 29% (BRL5.2 billion).  Total disbursements
to the industry in the last 12 months ended in August totaled
BRL30.3 billion and approvals, BRL47.3 billion.

One of the main factors in the stats of these industries consisted
in the massive concentration of disbursements and approvals in the
first eight months of the year, revealing a growing demand in 2008
as compared to the last semester of 2007.

Out of the BRL6.5 billion released for food and beverages in the
last 12 months, for instance, BRL5.3 billion refer to the
disbursements made between January and August 2008.  The textile
and clothing segment presented a similar behavior.  Out of BRL1.2
billion, BRL1 billion have been disbursed this year.  To the
chemical and petrochemical industries, BRL3 billion, out of the
BRL5.2 billion disbursed in 12 months were released in January and
August 2008.

Approvals follow the same trend. Out of BRL10 billion allocated to
the food and beverage industry, BRL7.6 billion relate to this
year.  In the clothing industry, around 60% from BRL1.4 billion
approved in 12 months concerns 2008 investments.  To the chemical
and petrochemical industries, out of the BRL6 billion disbursed in
12 months, BRL4.5 billion have been approved between January and
August.

Such projects concern investments in expansion of cold warehouses,
construction of chicken farms and animal food plants.  The figures
also include expansion of sugar cane milling capacity for sugar
production and, especially alcohol produced to supply the national
fleet of flex fuel vehicles.  Investments to textile and
petrochemical areas were assigned to production capacity
expansion, purchase of equipment and upgrading.

Most of the performance reported may result from high consumption,
caused by higher employment, income and credit rates, which
enabled new investments by companies focused on domestic demand.

                      About Banco Nacional

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

                        *     *     *

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


BANCO PROSPER: Moody's Lowers Ba3 Currency Deposit Ratings to B1
----------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Banco Prosper S.A. to E+ from D-, with a stable outlook.  
The bank's long-term local and foreign currency deposit ratings
were also downgraded to B1 from Ba3.  At the same time, the rating
agency downgraded Banco Prosper's long- and short-term Brazilian
national scale ratings to Baa2.br/BR-3 from A3.br/BR-2.   The
outlook on the long-term local and foreign currency deposit
ratings and national scale rating is negative.

The rating action concludes the review of Banco Prosper's ratings
initiated on June 5, 2008.  Moody's noted that the downgrade
reflects its view that the bank's franchise value is challenged by
much reduced demand for what used to be one of its key product
lines, which in turn, has triggered a substantial reduction in the
bank's profitability.  This is so because its business model of
origination and distribution of loans ensured that profitability
was high and capital utilization was modest.

Weakened profitability in the bank's core business was exacerbated
by the effects of mark-to-market adjustments in its portfolio of
equities held as long-term investments, added the rating agency,
and which translated into losses reported for the first half of
2008.

Moody's said that management is, therefore, faced with the
challenge of repositioning the bank's lending franchise in order
to build revenues from traditional commercial lending in an
environment of intensified competition and potentially softer
economic growth.  In response to such scenario, management is
tightening the bank's loan origination criteria, thus seeking to
maintain the quality and the profitability of its credit
portfolio.

The negative outlook on the bank's deposit ratings is reflective
of Moody's view that Banco Prosper may be confronted with limited
growth prospects in its core business for the next 12 months.  
Increasing funding costs and potential further losses from its
securities portfolio could pose an additional threat to margins
and profitability.

These ratings of Banco Prosper S.A. were downgraded:

   -- Bank financial strength rating: to E+ from D-, with stable
      outlook;

   -- Long-term global local currency deposit rating: to B1 from
      Ba3, with negative outlook;

   -- Long-term foreign currency deposit rating: to B1 from Ba3,
      with negative outlook;

   -- Long-term Brazilian national scale deposit rating: to
      Baa2.br from A3.br, with negative outlook; and

   -- Short-term Brazilian national scale deposit rating: to BR-3
      from BR-2

Headquartered in Rio de Janeiro, Brazil, Banco Prosper is
established in 1983.  As of June 2008, the bank had total assets
of approximately BRL697 million (US$438 million) and equity of
BRL156 million (US$98 million).


DELPHI CORP: Reaches Settlement & Restructuring Pacts With GM
-------------------------------------------------------------
Delphi Corp., as part of its efforts in completing the successful
restructuring of its U.S. operations, is entering into amended
settlement and restructuring agreements with General Motors Corp.

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

Delphi is taking action to preserve and fund Delphi's hourly and
salaried pension plans and completing the reaffirmation process
for its 2008-2011 business plan in the Revised Plan of
Reorganization (RPOR), a summary of which is included in filings
with the U.S. Bankruptcy Court for the Southern District of New
York.

Delphi will report on material additional progress with respect to
Delphi's transformation plan announced in March 2006.  It will
establish its intent to enter the capital markets with its
reaffirmed business plan, and to file in the Bankruptcy Court
proposed modifications to its previously confirmed First Amended
Joint Plan of Reorganization (POR).

Delphi will file several expedited motions with the Bankruptcy
Court that will be considered by the Court on Sept. 23, 2008,
including:

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

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

Considerations in the Amended GSA and Amended MRA

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

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

Under the Amended GSA, GM would assume responsibility for the
pensions of certain of Delphi's hourly retirement plan
participants.  The liabilities would be transferred in two steps,
pursuant to section 414(l) of the Internal Revenue Code, and would
be increased from US$1.5 billion to approximately
US$3.4 billion.  The liability transfers are subject to GM and
Delphi receiving consent from a sufficient number of unions to
complete the first step of the transfer.  Through the
implementation of the Amended GSA and Amended MRA, GM's financial
support of Delphi -- which previously was to be received upon
Delphi#s emergence from chapter 11 -- is being pulled forward to
the effectiveness of the amendments.  As a result, GM will make
payments to Delphi of approximately US$1.2 billion in connection
with the effectiveness of the Amended GSA and Amended MRA, and
through the remainder of 2008.  The payments by GM combined with
Delphi's existing cash on hand -- which totaled in excess of
US$1 billion at June 30, 2008, and amounts available under
Delphi's DIP revolving credit facility, provide ample liquidity
over the course of 2008.

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

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

                   Pension Plan Modifications

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

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

           Transformed Delphi Poised to Complete Plans

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

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

Mr. O'Neal said Delphi is on track to complete its transformation
plan by the end of this year.  The key tenets of that plan were
to:

    -- modify U.S. labor agreements to create a competitive
       arena in which to conduct business;

    -- conclude Delphi's negotiations with GM to finalize GM's
       financial support for Delphi's legacy and labor costs
       and confirm GM's business commitment to Delphi;
     
    -- streamline Delphi's global product portfolio to
       capitalize on its technology and market strengths, and
       align its manufacturing and engineering footprint and
       capabilities with this new focus;

    -- transform Delphi's salaried workforce to ensure that
       the company's organizational and cost structure is
       competitive and aligned with its product portfolio and
       manufacturing footprint; and

    -- devise a workable solution to Delphi's U.S. pension
       situation.  

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

A summary of Delphi's Reaffirmed 2008-2011 POR Business Plan
(RPOR) is included in the Sept. 20, 2008 Court filings.  When the
closing on Delphi's POR was suspended on April 4, 2008, following
Delphi's plan investors refusal to close on their Investment
Agreement, Delphi undertook a reaffirmation process with respect
to the business plan in the POR as part of Delphi's consideration
of potential modifications to the POR in order to emerge from
chapter 11 as soon as practicable.  The RPOR includes:

    -- revised actual and expected volumes for the North
       American automotive market;

    -- significant increases in certain commodity costs;

    -- changes in the under-funded status of its pension plans
       as a result of negative plan asset returns; and

    -- substantial incremental financial support from GM
       committed to as part of the modified settlement.

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

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

                   About General Motors

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

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

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.

                      About Delphi Corp.

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

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

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

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


GENERAL MOTORS: To Use Remaining US$3.5 Bil. in Credit Facility
---------------------------------------------------------------
General Motors Corp. will draw down the remaining US$3.5 billion
of its US$4.5 billion secured revolving credit facility to
maintain a high level of financial flexibility for its ongoing
restructuring during these uncertain times in the capital markets.  
GM also completed a US$322 million debt to equity exchange.

"Accessing the funds available to us is a prudent liquidity
measure.  Drawing on the revolver now improves our liquidity
position at a time when the capital markets have become more
challenging," said GM Treasurer Walter Borst.

The revolver draw will bolster the company's liquidity position.  
The proceeds from the draw would also be available to be used to
retire US$750 million of debt maturities coming due in October,
and to pay Delphi Corporation in excess of US$1.2 billion as part
of its reorganization efforts, assuming court approval of the
revised agreements between GM and Delphi that were filed with the
court on Sept. 12.  The US$4.5 billion secured revolving credit
facility was put in place in July 2006 with a consortium of banks
and provides liquidity that GM can draw on from time to time to
fund working capital and other needs.

John D. Stoll at The Wall Street Journal and Kathy Shwiff at Dow
Jones Newswires relate that GM already used about US$1 billion
from the line of credit early this year.

GM's decision, says WSJ, indicates concern about the effect tight
credit markets are having on the firm's cash cushion.  The
company's executives said in June that drawing down the credit
line may send a negative signal to investors, WSJ relates.  In the
past, the company avoided relying heavily on its credit lines, as
it enjoyed a relatively solid liquidity position, WSJ states.  
According to WSJ, GM's liquidity has been drained by dropping
sales in the U.S. and restructuring charges recorded in recent
years.

In July, GM disclosed a plan to bolster liquidity through internal
operating actions, asset sales and the capital markets.  The
internal operating elements of the plan remain on track and the
company continues to look to access the capital markets.

As part of its capital market activities, GM has completed a debt
to equity exchange which will improve GM's liquidity by reducing
both its debt and its interest costs.  GM issued 28.3 million new
shares of its common stock in exchange for US$322 million
principal amount of its 1.5% Series D Senior Convertible
Debentures, which mature in June 2009.

Jeff Green and Alan Ohnsman at Bloomberg News relate that GM has
said it needs to raise US$4 billion to US$7 billion by selling
assets and adding debt to ensure it has enough liquidity to
operate through the end of 2009.

"GM felt it was a very prudent thing to have the cash on hand to
borrow at very attractive rates.  The timing was right, given the
obvious instability in the financial markets," Bloomberg quoted GM
spokesperson Julie Gibson as saying.

                   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.


GENERAL MOTORS: Exchanges 28.3 Mil. Shares for Series D Debentures
------------------------------------------------------------------
General Motors Corporation on Sept. 19, 2008, issued an aggregate
of 28,300,000 shares of its common stock, par value US$1-2/3 per
share in exchange for US$321,981,326 principal amount of its 1.50%
Series D Convertible Senior Debentures due 2009, beneficially
owned by a qualified institutional holder of the Debentures.

The Agreement provided that the amount of Common Stock GM
exchanged for the Debentures was based on the daily volume
weighted average price of the Common Stock on the New York Stock
Exchange during a four day pricing period.

GM did not receive any cash proceeds as a result of the exchange
of its Common Stock for the Debentures, which Debentures have been
retired and canceled.  GM entered into the Agreement to reduce its
debt and interest costs, increase its equity and, thereby, improve
its liquidity.

GM will from time to time consider entering into additional
exchanges on an opportunistic basis.

                  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.


GENERAL MOTORS: Enters Into Amended Settlement With Delphi
----------------------------------------------------------
Delphi Corp., as part of its efforts in completing the successful
restructuring of its U.S. operations, is entering into amended
settlement and restructuring agreements with General Motors Corp.

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

Delphi is taking action to preserve and fund Delphi's hourly and
salaried pension plans and completing the reaffirmation process
for its 2008-2011 business plan in the Revised Plan of
Reorganization (RPOR), a summary of which is included in filings
with the U.S. Bankruptcy Court for the Southern District of New
York.

Delphi will report on material additional progress with respect to
Delphi's transformation plan announced in March 2006.  It will
establish its intent to enter the capital markets with its
reaffirmed business plan, and to file in the Bankruptcy Court
proposed modifications to its previously confirmed First Amended
Joint Plan of Reorganization (POR).

Delphi will file several expedited motions with the Bankruptcy
Court that will be considered by the Court on Sept. 23, 2008,
including:

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

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

Considerations in the Amended GSA and Amended MRA

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

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

Under the Amended GSA, GM would assume responsibility for the
pensions of certain of Delphi's hourly retirement plan
participants.  The liabilities would be transferred in two steps,
pursuant to section 414(l) of the Internal Revenue Code, and would
be increased from US$1.5 billion to approximately
US$3.4 billion.  The liability transfers are subject to GM and
Delphi receiving consent from a sufficient number of unions to
complete the first step of the transfer.  Through the
implementation of the Amended GSA and Amended MRA, GM's financial
support of Delphi -- which previously was to be received upon
Delphi#s emergence from chapter 11 -- is being pulled forward to
the effectiveness of the amendments.  As a result, GM will make
payments to Delphi of approximately US$1.2 billion in connection
with the effectiveness of the Amended GSA and Amended MRA, and
through the remainder of 2008.  The payments by GM combined with
Delphi's existing cash on hand -- which totaled in excess of
US$1 billion at June 30, 2008, and amounts available under
Delphi's DIP revolving credit facility, provide ample liquidity
over the course of 2008.

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

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

                   Pension Plan Modifications

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

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

           Transformed Delphi Poised to Complete Plans

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

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

Mr. O'Neal said Delphi is on track to complete its transformation
plan by the end of this year.  The key tenets of that plan were
to:

    -- modify U.S. labor agreements to create a competitive
       arena in which to conduct business;

    -- conclude Delphi's negotiations with GM to finalize GM's
       financial support for Delphi's legacy and labor costs
       and confirm GM's business commitment to Delphi;
     
    -- streamline Delphi's global product portfolio to
       capitalize on its technology and market strengths, and
       align its manufacturing and engineering footprint and
       capabilities with this new focus;

    -- transform Delphi's salaried workforce to ensure that
       the company's organizational and cost structure is
       competitive and aligned with its product portfolio and
       manufacturing footprint; and

    -- devise a workable solution to Delphi's U.S. pension
       situation.  

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

A summary of Delphi's Reaffirmed 2008-2011 POR Business Plan
(RPOR) is included in the Sept. 20, 2008 Court filings.  When the
closing on Delphi's POR was suspended on April 4, 2008, following
Delphi's plan investors refusal to close on their Investment
Agreement, Delphi undertook a reaffirmation process with respect
to the business plan in the POR as part of Delphi's consideration
of potential modifications to the POR in order to emerge from
chapter 11 as soon as practicable.  The RPOR includes:

    -- revised actual and expected volumes for the North
       American automotive market;

    -- significant increases in certain commodity costs;

    -- changes in the under-funded status of its pension plans
       as a result of negative plan asset returns; and

    -- substantial incremental financial support from GM
       committed to as part of the modified settlement.

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

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

                      About Delphi Corp.

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

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

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

                   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.

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



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

ARTISAN CAPITAL: Proof of Claim Filing Deadline Is Sept. 30
-----------------------------------------------------------
Artisan Capital Worldwide Corp.'s creditors have until Sept. 30,
2008, to prove their claims to CDL Company Ltd., 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.

Artisan Capital's shareholders agreed on June 30, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


CORK INC: Deadline for Proof of Claim Filing Is Sept. 30
--------------------------------------------------------
Cork Inc.'s creditors have until Sept. 30, 2008, to prove their
claims to Victor M. Opitz, 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.

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

The liquidator can be reached at:

               Victor M. Opitz
               c/o TransOcean Bank & Trust Ltd.
               P.O. Box 1959
               Grand Cayman, Cayman Islands
               Tel: (345) 949-7493
               Fax: (345) 949-7524


CORK INC: Will Hold Final Shareholders Meeting on Sept. 30
----------------------------------------------------------
Cork Inc. will hold its final shareholders meeting on Sept. 30,
2008, at 10:00 a.m., at the offices of TransOcean Bank & Trust
Ltd., P.O. Box 1959, Grand Cayman, Cayman Islands.

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

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

The liquidator can be reached at:

               Victor M. Opitz
               c/o TransOcean Bank & Trust Ltd.
               P.O. Box 1959
               Grand Cayman, Cayman Islands
               Tel: (345) 949-7493
               Fax: (345) 949-7524


GATKO GLOBAL: Holds Final Shareholders Meeting on Sept. 30
----------------------------------------------------------
Gatko Global Opportunities Fund Ltd. will hold its final
shareholders meeting on Sept. 30, 2008, at 3:30 p.m., at the
offices of DMS Corporate Services Ltd, dms House, 20 Genesis
Close, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

Gatko Global's shareholder decided on June 26, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               DMS Corporate Services Ltd.
               c/o dms House, 2nd Floor
               P.O. Box 1344
               George Town, Grand Cayman
               Cayman Islands

Contact for inquiries:

               Bernadette Bailey-Lewis
               Tel: (345) 946-7665
               Fax: (345) 946-7666


GATKO GLOBAL MASTER: Final Shareholders Meeting Is on Sept. 30
--------------------------------------------------------------
Gatko Global Opportunities Master Fund Ltd. will hold its final
shareholders meeting on Sept. 30, 2008, at 3:00 p.m., at the
offices of DMS Corporate Services Ltd, dms House, 20 Genesis
Close, George Town, Grand Cayman, Cayman Islands.

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

Gatko Global's shareholder decided on June 26, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               DMS Corporate Services Ltd.
               c/o dms House, 2nd Floor
               P.O. Box 1344
               George Town, Grand Cayman
               Cayman Islands

Contact for inquiries:

               Bernadette Bailey-Lewis
               Tel: (345) 946-7665
               Fax: (345) 946-7666


HANOVER INSURANCE: Sets Final Shareholders Meeting on Sept. 30
--------------------------------------------------------------
Hanover Insurance Company Ltd. will hold its final shareholders
meeting on Sept. 30, 2008, at the offices of Marsh Management
Services Cayman Ltd, Building 4, Floor 2, 23 Lime Tree Bay Avenue,
Governors Square, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:
   1) accounting of the wind-up process, and
   
   2) authorizing the liquidators of the company to retain the
      records of the company for a period of two years from the
      dissolution of the company, after which they may be  
      destroyed.

Hanover Insurance's shareholder decided on May 28, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Marsh Management Services Cayman Ltd.
                 P.O. Box 1051GT
                 Building 4, Floor 2
                 23 Lime Tree Bay Avenue, Governors Square
                 Grand Cayman, Cayman Islands


SCHOLARLY PUBLICATIONS: Final Shareholders Meeting Is Sept. 30
--------------------------------------------------------------
Scholarly Publications International Inc. will hold its final
shareholders meeting on Sept. 30, 2008, at 9:00 a.m., at the
offices of The Bank of Nova Scotia Trust Company (Bahamas)
Limited, 404 East Bay Street, Scotia House, Nassau, Bahamas.

These matters will be taken up during the meeting:

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

Scholarly Publications' shareholders agreed on July 30, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

           Mr. Baldwin Rigby and Ms. La Vorn Taylor
           c/o The Bank of Nova Scotia Trust Co. (Bahamas) Ltd.
           404 East Bay Street, Scotia House
           Nassau, Bahamas
           Tel: (242) 502-5724
           Fax: (242) 326-0991


SHOOTER BEAR: Filing for Proof of Claim Deadline Is Sept. 30
------------------------------------------------------------
The Shooter Bear Fund Ltd.'s creditors have until Sept. 30, 2008,
to prove their claims to Paul McCann, 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.

Shooter Bear'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:

               Paul McCann
               c/o  24-26 City Quay
               Dublin, Ireland

Contact for inquiries:

                Krysten Lumsden
                P.O. Box 2681GT
                Grand Cayman, Cayman Islands
                Tel: (345) 945-3901
                Fax: (345) 945-3902


SHOOTER BEAR: To Hold Final Shareholders Meeting on Sept. 30
------------------------------------------------------------
The Shooter Bear Fund Ltd. will hold its final shareholders
meeting on Sept. 30, 2008, at 9:00 a.m., at the registered office
of the company.

These matters will be taken up during the meeting:

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

Shooter Bear'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:

               Paul McCann
               c/o  24-26 City Quay
               Dublin, Ireland

Contact for inquiries:

                Krysten Lumsden
                P.O. Box 2681GT
                Grand Cayman, Cayman Islands
                Tel: (345) 945-3901
                Fax: (345) 945-3902



=============
G R E N A D A
=============

ST. GEORGE UNIVERSITY: Workers' Strike Affects Operations
---------------------------------------------------------
The strike initiated by 300 Grenadian workers at the American-
owned St. George's University in Grenada (SGU) has affected the
security, transportation and maintenance of the university, the
Caribbean Net News says.

The strike commenced after talks between the Technical and Allied
Workers Union (TAWU) and SGU over salary increases broke down, the
report relates.  The talks collapsed after the TAWU refused to
apologize over the contents of a pamphlet circulated on the
campus, the Caribbean Net News reports.  The pamphlet allegedly
depicted, in caricature, statements from the University's
management and the workers' response, the report notes.

The Union's General Secretary, Burt Patterson, denied the Union's
involvement in the pamphlet production, according to the report.

The Caribbean Net News says that the Minister of Labor will
intervene in the strike to resolve the issue.

The SGU has nearly 5,000 students from 80 countries and employs
more than 500 Grenadians, the report adds.



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

CABLE & WIRELESS: Considers Rebranding Caribbean Biz to LIME
------------------------------------------------------------
Cable & Wireless is considering rebranding its Caribbean
operations as LIME, which stands for Landline, Internet, Mobile,
Entertainment, The Jamaica Observer reports.

An internal memo from a C&W executive, as cited by The Observer,
described the move as “The phase where we create and introduce a
new version of our brand, a fresh approach that signals to
colleagues and customers that we've changed, that we've
transformed and that we're becoming the business they want us to
be.”

The Observer relates an industry insider commented that the
rebranding "is an admission that the bmobile brand was a bust.  It
is another example of C&W rearranging the deckchairs while the
ship sinks - wasting money on another branding exercise when the
overall customer experience is still so poor."

                     About Cable & Wireless

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

                         *     *     *

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



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

ECOPETROL SA: Initiates American Depositary Shares Listing on NYSE
------------------------------------------------------------------
Ecopetrol S.A. has disclosed the listing of its American
Depositary Shares (ADSs) on the New York Stock Exchange (NYSE).  
Each ADS represents 20 ordinary shares of Ecopetrol common stock.  
The ADSs began trading on Sept. 18 on the NYSE under the ticker
symbol "EC".

Members of senior management, including Javier Gutierrez,
President and Chief Executive Officer of Ecopetrol, as well as
representatives of the Colombian Government and members of
Ecopetrol's Board of Directors will visit the NYSE and ring the
Opening Bell today to mark the listing.  The ADSs are being listed
following Ecopetrol's successful initial public offering on the
Colombian Stock Exchange (BVC) in November 2007, which
raised US$5.7 trillion Colombian Pesos (US$2.8 billion) from the
sale of a 10.1% stake.  Ecopetrol is not issuing new shares or
raising additional capital through its ADS listing.

"Ecopetrol has a nearly 60 year track record of growth. We also
have a number of attractive expansion opportunities before us,"
said Mr. Gutierrez.  "We are currently transforming ourselves into
a global energy player by diversifying our portfolio, entering new
geographic regions and continuing to expand through strategic
alliances.  Our successful IPO in Colombia last year was an
important step in our transformation, and with our ADS listing we
have become a part of the world's most liquid and
transparent market."

JPMorgan Chase Bank, N.A. will act as depositary for the ADS
program and LaBranche & Co Inc. will serve as the specialist for
trading the ADSs.

Ecopetrol S.A. is an integrated-oil company that is wholly owned
by the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity.  In 2005, it
produced about 60 percent of Colombia's daily output.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign
and currency issuer default rating at 'BB+'.



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

GAP INC: Reaches Franchise Agreement With Distribuidora Liverpool
-----------------------------------------------------------------
Gap Inc. signed a franchise agreement with Distribuidora
Liverpool, S.A. DE C.V., a proven partner with extensive retail
experience in Mexico, and plans to begin selling products in the
spring of 2009.  Gap Inc. had previously worked with Liverpool
through a wholesale agreement and during that time introduced Gap
brand apparel in a limited manner to customers in Mexico.

Mexico’s leading department store chain will have exclusive rights
to sell Gap brand merchandise in a franchise “store within a
store” concept.

“As the 10th largest apparel market in the world, Mexico is an
important country for us as we expand our franchise presence to
Latin America,” said Ron Young, senior vice president of
international strategic alliances for Gap Inc.  “Our franchise
program continues to build momentum with 21 countries and 100
stores.  Partnering with local experts in regions throughout the
world has been extremely beneficial, allowing us to introduce our
brands to new customers in relevant and exciting ways.”

The company also announced today that it has expanded its
relationship with Fawaz Alhokair Group to include franchise
agreements for Gap and Banana Republic in Egypt and Jordan.  Fawaz
Alhokair Group recently opened Gap and Banana Republic stores to
great fanfare in Saudi Arabia and will now open stores in Egypt
and Jordan over the next five years.  The first Gap stores are
expected to open in Egypt and Jordan for the 2008 holiday season.  
The first Banana Republic stores are expected to open in Jordan in
the spring of 2009 and in Egypt for the 2009 fall season.

Since the Gap Inc. franchise program began two years ago, more
than 70 Gap franchise stores and nearly 30 Banana Republic
franchise stores have opened.  There are Gap franchise stores open
in Bahrain, Greece, Indonesia, Korea, Kuwait, Oman, Qatar,
Malaysia, Saudi Arabia, Philippines, Singapore, Turkey and the
United Arab Emirates.  Banana Republic franchise stores have
opened in Bahrain, Indonesia, South Korea, Kuwait, Oman, Qatar,
Malaysia, Singapore, Philippines, Turkey and the United Arab
Emirates.  In addition, Gap Inc. has signed and announced
agreements to open Gap and Banana Republic franchise stores in
Bulgaria, Croatia, Cyprus, Romania and Russia over the next 5
years.

                           About Gap

Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names.  Gap Inc. has subsidiaries in the United Kingdom, Canada,
France, Ireland, Japan, Hong Kong, Bermuda and Mexico, among
others.  In addition, Gap Inc. is expanding its international
presence with franchise agreements for Gap and Banana Republic
in Southeast Asia and the Middle East.

                           *     *     *

In April 2008, Fitch affirmed its BB+ rating on The Gap, Inc.'s
issuer default rating and senior unsecured notes.  Fitch however
revised the rating outlook to stable from negative.


LEHMAN BROTHERS: Mexico's Banorte May Incur US$20M Losses on Notes
------------------------------------------------------------------
Grupo Financiero Banorte SAB, Mexico's largest publicly traded
lender, may incur losses of up to US$20 million in Lehman Brothers
Holdings Inc. notes, representing about 1.8% of Banorte's 2008
recurring earnings, Bloomberg News reports.

According to Bloomberg, Banorte will either take an impairment
charge or post a loss on the notes in the fourth quarter.

The effect of Banorte's projected loss may be offset by gains on
shares in Visa Inc. that Banorte received when the card company
sold its stock to the public in March, Bloomberg says.

                    About Lehman Brothers

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

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.  
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).

The Debtors' bankruptcy cases are handled by Judge James M. Peck.  
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.

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.

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

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

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


PORTOLA PACKAGING: Gets Initial OK to Use GECC's US$75MM Facility
-----------------------------------------------------------------
The Hon. Christopher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware authorized Portola Packaging
Inc. and its debtor-affiliates to obtain, on an interim basis,
up to US$75,000,000 in debtor-in-possession financing from (i) GE
Capital Markets Group Inc., as syndication agent, and General
Electric Capital Corporation, as administrative and collateral
agent, and (ii) Wayzata Investment Partners LLC, as administrative
and collateral agent.  He also authorized the Debtors to use cash
collateral securing repayment of secured loan to the lenders.

A hearing is set for Sept. 22, 2008, at 4:00 p.m., to consider
final approval of the Debtors' motion.

The Debtors told the Court that the lenders agreed to provide up
to US$79,000,000 in financing, on a final basis.  The committed
US$79,000,000 consists of (i) a US$50,000,000 million in
postpetition financing under the fifth amended and restated senior
postpetition credit agreement dated Aug. 27, 2008, between the
Debtors and GECC, and (ii) a US$79,000,000 less the GECC payoff
amount under the second amended and restated postpetition credit
agreement dated Aug. 27, 2008, among the Debtors and Wayzata.

As of their bankruptcy filing, the Debtors owe at least
US$48,306,767 plus accrued and unpaid interest of US$239,126 to
GECC and US$22,500,000 plus accrued and unpaid interest of
US$329,000 to Wayzata.

Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor LLP,
said that the Debtors have an immediate need to obtain the DIP
financing and use cash collateral to permit the Debtors to, among
other things:

-- continue to operate their businesses;

-- maintain business relationships with vendors, suppliers and
    customers;

-- pay employee wages in the ordinary course;

-- make necessary capital expenditures;

-- satisfy other working capital and operational needs; and

-- make intercompany transfers to non-debtor affiliates for
    similar purposes.

Under the first lien DIP financing agreement, the DIP loan will
incur a variable rate of 2.5% per annum plus a floating rate equal
to the higher of (i) the rate publicly quoted from time to time by
The Wall Street Journal as the "base rate on corporate loans
posted by at least 75% of the nation's 30 largest banks" and (ii)
the Federal Funds Rate plus 50 basis points per annum.  Under the
second lien DIP financing agreement, the DIP loan will accrue
interest at 12.0%.  Furthermore, the DIP liens will incur default
rate of interest at 2.0% in excess of the rates otherwise payable,
after the occurrence and during the continuance of an event of
default.

Furthermore, the DIP liens are subject to US$1,250,000 carve-out
for payment of fees, expenses and costs of professionals retained
by the Debtors or the committee.

To secure their DIP obligations, the lenders will be granted
allowed superpriority administrative expense claims over any and
all other administrative claims against the Debtor pursuant to
Section 364(c)(1) of the Bankruptcy Code.

The DIP credit agreements contain customary and appropriate events
of default including, among other things, failure to make required
payments, default under other debt agreements, and breach of
covenants and warranties.

A full-text copy of the Second Amended and Restated Senior
Postpetition Credit Agreement dated Aug. 27, 2008, is available
for free at http://ResearchArchives.com/t/s?3227

A full-text copy of the Fifth Amended and Restated Senior
Postpetition Credit Agreement dated Aug. 27, 2008, is available
for free at http://ResearchArchives.com/t/s?3228

A full-text copy of the the 13 Week Cash Flow Budget is available
for free at http://ResearchArchives.com/t/s?3229

                     About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.  The company and 6 of its debtor-affiliates
filed for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D.
Del. Lead Case No. 08-12001).  Edmon L. Morton, Esq., Robert S.
Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as counsel.  When the
Debtors filed for protection from their creditors, they listed
assets of between US$50 million and US$100 million, and debts of
between US$100 million and US$500 million.  The company has
locations in China, Mexico and Belgium.



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

CENTRAL SUN: Provides Update on Nicaraguan Mine Projects
--------------------------------------------------------
Central Sun Mining Inc. disclosed in a Securities and Exchange
Commission filing an update on its on-going exploration program at
the Limon, Orosi and Mestiza projects in Nicaragua.

                         Limon Mine Area

Drilling has continued on the new Santa Pancha southern extension.  
Central Sun has completed 22 diamond drill holes totaling 6,505
meters. The Santa Pancha orebody, which has the highest grade
within the Limon Mine area deposits, is currently being mined on
the 100 meter level at a reserve grade of approximately 5.6 g
Au/t.

Highlights from new results from the resource definition drilling
program in the south extension area are:

  -- 9.83 g Au/t over true width of 6.4 meters in Hole LM-08-19;

  -- 198.69 g Au/t (7.90 g/t highs cut to 25 g/t) over true width
     of 5.3 meters in Hole LM-08-22; and

  -- 6.05 g Au/t over true width of 18.0 meters in Hole LM-08-21

The intersection in Hole LM-08-22 was very high grade due to an
exceptional sample which returned 1,424 grams gold per ton over a
0.75 meter core length.  While the cut value of 7.90 grams gold
per ton is probably more likely to be representative of the
overall grade in the general area of the hole, it does indicate
the excellent potential for very high grade areas to occur in the
Santa Pancha zone.

In addition to the definition drilling, three holes were completed
to test the area south of the 250 foot level (about 75 meters
below surface) between the #2 and #5 shafts.  Hole LM-08-21
intersected 6.05 grams gold per ton over a true width of 18.0
meters about 15 meters south of the limit of the old stope
indicating that additional reserves can be defined from this
level.

Dr. Bill Pearson, P.Geo., Executive Vice President, Exploration
commented, "The closer spaced drilling is providing much better
definition of the distribution of gold mineralization within this
extensive structure and we are continuing to have very good
results. Our experience from underground mining is that the mine
grades tend to be higher than those indicated in the drill holes.
The drilling on the Santa Pancha south extension zone will be
completed shortly and once all results are received, we will begin
estimation of a new mineral resource."

The Santa Pancha structure, located about 4 kilometers east of the
Limon processing plant, strikes N20E and extends for approximately
2.5 kilometers along strike.  

                         Orosi Mine Area

Exploration diamond drilling totaling 11,713 meters in 66 holes
has been completed to date at Orosi.  This program has focusing on
testing targets within approximately five kilometers of the
processing plant. Targets being tested include San Juan, Los
Angeles, Quernos do Oro, Victoria-Santa Maria, and the Mojon SW
and NE Extensions.  In addition, eight reconnaissance diamond
drill holes totaling 1,678 meters have been completed to test the
induced polarization geophysical anomalies in the Gobierno area
that cover a potential strike extension of 3 kilometers of the
Mojon-Crimea and associated structures northeast of the mine.

Central Sun is currently converting the Orosi open pit mine from a
heap leach operation to a conventional milling operation.
Production is expected to start in the first quarter of 2009 at a
rate of approximately 85,000 ounces of gold per year. Proven and
probable mineral reserves primarily in the Mojon-Crimea zone are
estimated by Scott Wilson Roscoe Postle Associates Inc. at 11.0
million tons at 1.44 grams of gold per ton containing 510,000
ounces of gold.

Drilling of 2,036 meters in 12 holes has been completed to test
the San Juan vein structure, a potential new open pit mining
target, located about 5 kilometers south of the mine area.  These
holes tested the structure over approximately an 800 meter strike
length to a vertical depth of 180 meters.  All but one hole
intersected gold mineralized quartz veins/vein breccias. The final
two holes in this program (SJ-08-12 and -13) returned 3.27 g Au/t
over a true width of 11.5m and 3.60 g Au/t over 3.9 meters true
width, respectively.  A definition drill program of 16 holes
totaling 2,200 meters is currently in progress to fill-in drill
coverage to an approximately 50 meter by 50 meter spacing to
define a mineral resource.

At the Los Angeles target, which is a possible satellite target
adjacent San Juan, three (3) holes totaling 565 meters have been
completed to test targets at shallow depths. Hole AN-08-02
intersected 13.04 g Au/t (12.31with highs cut to 25g) over a true
width of 5.0 meters at a vertical depth of only 30 meters. Hole
AN-08-01 returned 2.61 g Au/t over a true width of 4.5 meters at a
vertical depth of about 20 meters.  Further drilling is planned to
test this structure which has excellent potential to host open
pittable mineral resources.

The Cuernos de Oro structure located 2 kilometers north of the
mine has been tested by 10 holes totaling 1,114 meters spaced at
approximately 100 meter intervals over a strike length of one (1)
kilometer.  Results from the first six holes intersected a
mineralized structure from 1.4 meters to 2.50 meters true width;
the best result was 1.36 g Au/t over a true width of 1.4 meters in
Hole CO-08-05. Results of the last four holes on this target are
pending.

In the Victoria-Santa Maria area, 12 holes totaling 2,618 meters
have been completed at approximately 100 meter spacing to test the
structure between the two mining areas that previously had very
little drilling.  All holes have intersected mineralized
structures; results have been received for four additional holes.  
The best result was 4.94 g Au/t over a true width of 1.0 meters at
a depth of approximately 40 meters below surface in Hole VICSM-08-
009.

A detailed mapping program including re-interpretation of previous
geological data in conjunction with new diamond drilling and
petrological work has outlined a number of new targets along the
Mojon-Crimea structure which hosts the majority of the mineral
resources outlined to date at Orosi.  A particular focus has been
the potential extension of satellite structures to the southwest
of the current pit design limits on Mojon. Seven holes totaling
1,548 meters have completed to test potential new structures.  The
best result was from Hole MJ-08-003 which returned 4.49 g Au/t
over a true width of 0.5 meters.

Induced Polarization/Resistivity surveys totaling 38.6 line
kilometers in 21 lines were completed to explore the potential
strike extension over approximately 3 kilometers of the Mojon-
Crimea structures as well as satellite structures to the immediate
northeast of the mine area.  This survey has outlined a number of
significant anomalies including two major chargeability anomalies
1.2 kilometers and 2.5 kilometers northeast of the mine area
respectively.  Eight reconnaissance diamond drill holes totaling
1,678 meters have been completed to test these anomalies.  This
area had never previously been drill tested and the area is
covered by saprolite up to 5 meters thick so that there is
essentially no outcrop.

The holes confirmed the presence of widespread disseminated pyrite
within a variety of hydrothermally clay-altered breccias.  In
places the breccias contain silicified fragments which probably
came from an original silicified cap. While no significant gold
values were returned from the first six holes for which assays
have been received, this type of alteration is typically above or
peripheral to the core silicified and gold mineralized center of
the epithermal systems.  The widespread hydrothermal alteration
indicates that there is excellent potential for locating gold
mineralized zones likely below or peripheral to where these holes
were drilled.  Based on this new geological information, the
interpretation of the induced polarization survey is being refined
to outline additional drill targets.

Dr. Bill Pearson, P.Geo. commented, "The program at Orosi has
accelerated significantly over the past two months with our
improved understanding of the geology and distribution of gold
mineralization.  Drilling on several of the structures,
particularly San Juan and Los Angeles, has returned grades
significantly higher than the average Orosi open pit reserve grade
indicating that there is excellent potential to outline additional
resources with higher grades in these satellite structures. It is
evident that the Mojon-Crimea structure extends much further to
the northeast and the drilling results on the IP anomalies have
confirmed widespread hydrothermal alteration, further work is
required to locate the silicified core of the systems where gold
mineralization is most likely to occur."

                      Mestiza-La India Area

At Mestiza-La India, located 70 kilometers east of Limon,
Magnetic, Resistivity and Induced Polarization (IP) surveys have
been conducted on approximately 45 line kilometers of new
exploration grid oriented perpendicular to the Tatiana vein
crossing the Mestiza property, along with geological mapping,
sampling, prospecting and data compilation. This grid has been
extended to the southwest and southeast to better cover the
anomalous areas; IP surveys are currently in progress on an
additional 32 line kilometers.

Diamond drilling will commence soon to further test the Tatiana
vein on the Mestiza property that contains an inferred mineral
resource of 558,000 tons at 8.80 g Au/t containing 158,600 ounces
of gold.  This vein has now been traced for a strike length of 5
kilometers.  Elsewhere on the property geological mapping and
sampling is continuing with a particular focus on outlining areas
with potential conjugate veins sets where a greater density of
veining could yield potential open pittable targets.

                       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.



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

HINDU CREDIT: Comr. Mitchell Gets OK to Read Auditor's Report
-------------------------------------------------------------
High Court Judge Charmaine Pemberton has given Commissioner of Co-
operatives Charles Mitchell authority to disseminate information
contained in auditor Ernst and Young's report on Hindu Credit
Union Co-Operative Society Limited (HCU),
Trinidad & Tobago's Newsday reports.  

A Sept. 16, 2008 meeting with members of the HCU and Commissioner
Mitchell erupted into a noisy fracas even before details of the
auditor's report were revealed, prompting Mr. Mitchell to adjourn
the meeting prematurely.

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.

Meanwhile, when asked whether Government would bail out HCU,
Labour and Cooperatives Minister Rennie Dumas was cited by Newsday
as saying: "It's a premature consideration."

Headquartered in Borough, Chaguanas, in Trinidad and Tobago, Hindu
Credit Union Co-Operative Society Limited --
http://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.



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

BANCO DE VENEZUELA: Moody's Reviews B3 Currency Rating for Upgrade
------------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the B3 foreign currency deposit rating assigned to Mercantil C.A.,
Banco Universal and Banco de Venezuela, S.A.  This action is the
direct result of Moody's decision to place on review for possible
upgrade Venezuela's B3 country ceiling for foreign currency
deposits.

The bank financial strength ratings and global local currency
deposit ratings of both banks are not subject to this review.

Banco de Venezuela, S.A.:

   -- Foreign currency deposit rating of B3: On review for
      possible upgrade


MERCANTIL CA: Moody's Puts B3 Rating on Review for Likely Upgrade
-----------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the B3 foreign currency deposit rating assigned to Mercantil C.A.,
Banco Universal and Banco de Venezuela, S.A.  This action is the
direct result of Moody's decision to place on review for possible
upgrade Venezuela's B3 country ceiling for foreign currency
deposits.

The bank financial strength ratings and global local currency
deposit ratings of both banks are not subject to this review.

Mercantil C.A. Banco Universal:

  -- Foreign currency deposit rating of B3: On review for possible
     upgrade


PETROLEOS DE VENEZUELA: Inks 8 Natural Gas Project Agreements
-------------------------------------------------------------
Petroleos de Venezuela SA has signed agreements with private
companies from more than a half-dozen countries to develop
offshore natural gas deposits, The Associated Press reports.  The
state oil company will launch the project with U.S.-based Chevron
Corp., Russia's Gazprom, Italy's Eni SpA, Portugal's GALP Energia,
Qatar Petroleum, Malasyia's Petronas, Argentina's Enarsa, and the
Japanese companies Mitsui, Mitsubishi and Itochu Corp.

According to the report, Energy Minister Rafael Ramirez said
expected joint investment over the next eight years will hit some
US$19.6 billion.

Separately, PDVSA disclosed in a statement cited by El Universal
that a collision between a tugboat and a tanker docked in a port
located in the Eastern part of Venezuela injured at least three
workers.  The petroleum company said there was no environmental
damage and that "operations are normal."

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.


PETROLEOS DE VENEZUELA: Moody's Holds B1 Currency Issuer Ratings
----------------------------------------------------------------
Moody's Investors Service affirmed Petroleos de Venezuela SA's B1
global local currency issuer rating in conjunction with the rating
agency's review for upgrade of Venezuela's B1 foreign currency
bond ceiling and the government's B2 foreign currency bond rating.  
Essentially, the company's global local currency issuer rating
will not be affected by the sovereign review.  Petroleos de
Venezuela's rating is derived from its baseline credit assessment
of 14 (comparable to B1), which remains unchanged.  While PDVSA
has the hydrocarbon resources and financial profile of a much
higher-rated entity, the baseline credit assessment reflects the
view that the government's control over and close linkage to the
company make any distinction between the government or Petroleos
de Venezuela largely moot.  Consequently, in applying the
government-related issuer methodology, Petroleos de Venezuela's
global local currency issuer rating derives no uplift despite a
high level of imputed support from the government as a support
provider, since the level of dependence is also high and the
government's B1 local currency bond rating is not under review for
upgrade.

Headquartered in Caracas, 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.


* VENEZUELA: May Lose US$225 Mil. Investments on Lehman Notes
-------------------------------------------------------------
According to El Universal, the Venezuelan government stands to
lose US$225,000,000 on investments in Lehman Brothers Holdings
Inc. securities.

The notes Venezuela acquired for US$300,000,000 may be worth only
US$75,000,000 now, El Universal said.  The daily continued that
Venezuela may decide to wait until the notes expire in 2009/2010
in the hopes that will produce a higher return, rather than
selling the bonds now.

Venezuela's Finance Minister Ali Rodriguez said that "the effect
of the U.S. banking crisis on Venezuela seemed limited, but the
ministry was evaluating the situation," El Universal reported.  
However, Mr. Rodriguez declined to comment on the report,
Bloomberg News said.

Two private banks in Venezuela also have investments of up to
US$400,000,000 in notes from Lehman Brothers, according to El
Universal.

Venezuelan President Hugo Chavez gloated over Lehman Brothers'
collapse after the bank's criticism of Venezuelan economy.  "They
were always producing negative reports about Venezuela.  They
forgot about themselves. . . and 'boom!' they were bankrupt,"
Reuters quoted Mr. Chavez as saying.

                    About Lehman Brothers

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

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.  
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).

The Debtors' bankruptcy cases are handled by Judge James M. Peck.  
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.

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.

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

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

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

                          *     *     *

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


* VENEZUELA: Moody's Reviews Low-B Currency Ratings for Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed Venezuela's foreign currency
ratings on review for possible upgrade.  The review takes into
account the steady improvement in government and external debt
indicators during recent years and a good payments track record
that may warrant higher credit ratings in spite of the ongoing
global financial turmoil.

"Venezuela's debt indicators have reported clear and sustained
reductions in recent years," said Moody's Vice President and
Senior Analyst Gabriel Torres.  "But because political concerns
have constrained the rating in the past, our review will consider
whether the internal political volatility is less likely to impact
debt payments than suggested by the current ratings structure."

Mr. Torres said the review will also examine how the authorities
are handling the recent drop in oil prices, a crucial factor in
Venezuela's economy and government finances.

The review covers Venezuela's B1 country ceiling for foreign-
currency bonds and B3 country ceiling for foreign currency
deposits, as well as the government's B2 rating for foreign
currency debt.  The outlook remains stable for the government's B1
local currency debt rating, the country's Baa1 local-currency
deposit ceiling, and the A3 local-currency bond ceiling.

"High oil prices have bolstered government finances and increased
the government's stock of financial assets, which can act as a
cushion in the event that revenues register a sustained decline,"
said Mr. Torres.  "The lack of detailed public information on
financial assets and concerns about the political ramifications of
forced reductions in spending if oil prices continue to fall are
less of a concern, since they are already incorporated in the low
rating and would still be consistent with a slightly higher rating
in the B range."

Mr. Torres added, "Ratings are always the result of balancing both
positive and negative factors.  In Venezuela's case, these rating
cross-currents are particularly strong, with weak institutions and
macro imbalances, as indicated by high inflation and supply
problems, being offset in part by high oil revenues and
accumulated foreign exchange assets."

The analyst explained that Moody's considers countries in the B
category as exhibiting such significant political, economic or
financial weaknesses that a single large shock can result in a
default.  Given Venezuela's relative lack of economic
diversification and its noisy political environment, its
susceptibility to event risk is assessed as "high" in Moody's
sovereign bond methodology.  


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

                                       Total
                                Shareholders       Total
                                      Equity       Assets        
Company             Ticker           (US$MM)      (US$MM)
-------             ------       ------------     -------
NOVA AMERICA SA     1NOVON BZ        (214.53)       24.63
NOVA AMERICA-PRF    1NOVPN BZ        (214.53)       24.63
IMPSAT FIBER NET    330902Q GR        (17.16)      535.01
TELECOMUNICA-ADR    81370Z BZ        (113.99)      143.31
ARTHUR LANGE SA     ALICON BZ         (13.92)       19.52
ARTHUR LANGE-PRF    ALICPN BZ         (13.92)       19.52
ARTHUR LANG-RT C    ARLA1 BZ          (13.92)       19.52
ARTHUR LANG-RC P    ARLA10 BZ         (13.92)       19.52
ARTHUR LAN-DVD C    ARLA11 BZ         (13.92)       19.52
ARTHUR LAN-DVD P    ARLA12 BZ         (13.92)       19.52
ARTHUR LANG-RT P    ARLA2 BZ          (13.92)       19.52
ARTHUR LANGE        ARLA3 BZ          (13.92)       19.52
ARTHUR LANGE-PRF    ARLA4 BZ          (13.92)       19.52
ARTHUR LANG-RC C    ARLA9 BZ          (13.92)       19.52
BOMBRIL             BMBBF US         (298.16)      278.65
BOMBRIL SA-ADR      BMBBY US         (298.16)      278.65
BOMBRIL SA-ADR      BMBPY US         (298.16)      278.65
BOMBRIL-RIGHTS      BOBR1 BZ         (298.16)      278.65
BOMBRIL-RGTS PRE    BOBR2 BZ         (298.16)      278.65
BOMBRIL             BOBR3 BZ         (298.16)      278.65
BOMBRIL-PREF        BOBR4 BZ         (298.16)      278.65
BOMBRIL CIRIO SA    BOBRON BZ        (298.16)      278.65
BOMBRIL CIRIO-PF    BOBRPN BZ        (298.16)      278.65
SOC COMERCIAL PL    CAD IX           (247.09)      139.57
SOC COMERCIAL PL    CADN SW          (247.09)      139.57
CAF BRASILIA        CAFE3 BZ         (543.59)       23.23
CAF BRASILIA-PRF    CAFE4 BZ         (543.59)       23.23
CONST A LINDEN      CALI3 BZ           (6.39)       34.39
CONST A LIND-PRF    CALI4 BZ           (6.39)       34.39
CAMBUCI SA          CAMB3 BZ          (27.32)      103.40
CAMBUCI SA-PREF     CAMB4 BZ          (27.32)      103.40
CAMBUCI SA          CAMBON BZ         (27.32)      103.40
CAMBUCI SA-PREF     CAMBPN BZ         (27.32)      103.40
COBRASMA            CBMA3 BZ       (1,686.13)        12.3
COBRASMA-PREF       CBMA4 BZ       (1,686.13)        12.3
TELEBRAS-PF RCPT    CBRZF US         (113.99)      143.30
CHIARELLI SA        CCHI3 BZ          (42.01)       25.67
CHIARELLI SA-PRF    CCHI4 BZ          (42.01)       25.67
CHIARELLI SA        CCHON BZ          (42.01)       25.67
CHIARELLI SA-PRF    CCHPN BZ          (42.01)       25.67
COBRASMA SA         COBRON BZ      (1,686.13)       12.30
COBRASMA SA-PREF    COBRPN BZ      (1,686.13)       12.30
SOC COMERCIAL PL    COME AR          (247.09)      139.57
COMERCIAL PLA-BL    COMEB AR         (247.09)      139.57
COMERCIAL PL-C/E    COMEC AR         (247.09)      139.57
COMERCIAL PLAT-$    COMED AR         (247.09)      139.57
CAFE BRASILIA SA    CSBRON BZ         (543.6)       23.23
CAFE BRASILIA-PR    CSBRPN BZ         (543.6)       23.23
SOC COMERCIAL PL    CVVIF US         (247.09)      139.57
DOCAS SA-RTS PRF    DOCA2 BZ           (4.51)      120.81
DOCA INVESTIMENT    DOCA3 BZ           (4.51)      120.81
DOCA INVESTI-PFD    DOCA4 BZ           (4.51)      120.81
DOCAS SA            DOCAON BZ          (4.51)      120.81
DOCAS SA-PREF       DOCAPN BZ          (4.51)      120.81
ESTRELA SA          ESTR3 BZ           (49.41)      71.22
ESTRELA SA-PREF     ESTR4 BZ           (49.41)      71.22
ESTRELA SA          ESTRON BZ          (49.41)      71.22
ESTRELA SA-PREF     ESTRPN BZ          (49.41)      71.22
FABRICA RENAUX      FRNXON BZ          (29.96)      79.56
FABRICA RENAUX-P    FRNXPN BZ          (29.96)      79.56
FABRICA TECID-RT    FTRX1 BZ           (29.96)      79.56
FABRICA RENAUX      FTRX3 BZ           (29.96)      79.56
FABRICA RENAUX-P    FTRX4 BZ           (29.96)      79.56
TECEL S JOSE        FTSJON BZ          (22.07)      46.95
TECEL S JOSE-PRF    FTSJPN BZ          (22.07)      46.95
CIMOB PARTIC SA     GAFON BZ           (32.26)      53.11
CIMOB PARTIC SA     GAFP3 BZ           (32.26)      53.11
CIMOB PART-PREF     GAFP4 BZ           (32.26)      53.11
CIMOB PART-PREF     GAFPN BZ           (32.26)      53.11
GAZOLA-RCPT PREF    GAZO10 BZ          (27.59)       9.36
GAZOLA SA-DVD CM    GAZO11 BZ          (27.59)       9.36
GAZOLA SA-DVD PF    GAZO12 BZ          (27.59)       9.36
GAZOLA              GAZO3 BZ           (27.59)       9.36
GAZOLA-PREF         GAZO4 BZ           (27.59)       9.36
GAZOLA-RCPTS CMN    GAZO9 BZ           (27.59)       9.36
GAZOLA SA           GAZON BZ           (27.59)       9.36
GAZOLA SA-PREF      GAZPN BZ           (27.59)       9.36
HAGA                HAGA3 BZ           (69.83)      14.18
FER HAGA-PREF       HAGA4 BZ           (69.83)      14.18
FERRAGENS HAGA      HAGAON BZ          (69.83)      14.18
FERRAGENS HAGA-P    HAGAPN BZ          (69.83)      14.18
HERCULES SA         HERTON BZ         (157.23)      27.94
HERCULES SA-PREF    HERTPN BZ         (157.23)      27.94
HERCULES            HETA3 BZ          (157.23)      27.94
HERCULES-PREF       HETA4 BZ          (157.23)      27.94
DOC IMBITUBA-RTC    IMBI1 BZ           (15.70)     170.83
DOC IMBITUBA-RTP    IMBI2 BZ           (15.70)     170.83
DOC IMBITUBA        IMBI3 BZ           (15.70)     170.83
DOC IMBITUB-PREF    IMBI4 BZ           (15.70)     170.83
DOCAS IMBITUBA      IMBION BZ          (15.70)     170.83
DOCAS IMBITUB-PR    IMBIPN BZ          (15.70)     170.83
IMPSAT FIBER-CED    IMPT AR            (17.17)     535.01
IMPSAT FIBER-BLK    IMPTB AR           (17.17)     535.01
IMPSAT FIBER-C/E    IMPTC AR           (17.17)     535.01
IMPSAT FIBER-$US    IMPTD AR           (17.17)     535.01
IMPSAT FIBER NET    IMPTQ US           (17.17)     535.01
CONST A LINDEN      LINDON BZ           (6.39)      34.39
CONST A LIND-PRF    LINDPN BZ           (6.39)      34.39
MINUPAR             MNPR3 BZ           (19.11)     106.54
MINUPAR-PREF        MNPR4 BZ           (19.11)     106.54
MINUPAR SA          MNPRON BZ          (19.11)     106.54
MINUPAR SA-PREF     MNPRPN BZ          (19.11)     106.54
WETZEL SA           MWELON BZ           (8.62)      88.58
WETZEL SA-PREF      MWELPN BZ           (8.62)      88.58
WETZEL SA           MWET3 BZ            (8.62)      88.58
WETZEL SA-PREF      MWET4 BZ            (8.62)      88.58
NOVA AMERICA SA     NOVA3 BZ          (214.53)      24.62
NOVA AMERICA-PRF    NOVA4 BZ          (214.53)      24.62
NOVA AMERICA SA     NOVAON BZ         (214.53)      24.62
NOVA AMERICA-PRF    NOVAPN BZ         (214.53)      24.62
TELEBRAS-CEDE BL    RCT4B AR          (113.99)     143.31
TELEBRAS-CED C/E    RCT4C AR          (113.99)     143.31
TELEBRAS-CEDEA $    RCT4D AR          (113.99)     143.31
TELEBRAS-RTS CMN    RCTB1 BZ          (113.99)     143.31
TELEBRAS-RTS PRF    RCTB2 BZ          (113.99)     143.31
TELEBRAS-CM RCPT    RCTB30 BZ         (113.99)     143.31
TELEBRAS-CM RCPT    RCTB31 BZ         (113.99)     143.31
TELEBRAS-CM RCPT    RCTB32 BZ         (113.99)     143.31
TELEBRAS-RCT        RCTB33 BZ         (113.99)     143.31
TELEBRAS-CEDE PF    RCTB4 AR          (113.99)     143.31
TELEBRAS-PF RCPT    RCTB40 BZ         (113.99)     143.31
TELEBRAS-PF RCPT    RCTB41 BZ         (113.99)     143.31
TELEBRAS-PF RCPT    RCTB42 BZ         (113.99)     143.31
TEXTEIS RENAUX      RENXON BZ           (79.9)      53.28
TEXTEIS RENAUX      RENXPN BZ           (79.9)      53.28
TELEBRAS-ADR        RTB US            (113.99)     143.31
SOC COMERCIAL PL    SCDPF US          (247.09)     139.57
SCHLOSSER SA        SCHON BZ           (55.96)      28.65
SCHLOSSER SA-PRF    SCHPN BZ           (55.96)      28.65
SCHLOSSER           SCLO3 BZ           (55.96)      28.65
SCHLOSSER-PREF      SCLO4 BZ           (55.96)      28.65
COMERCIAL PL-ADR    SCPDS LI          (247.09)     139.57
TECEL S JOSE        SJOS3 BZ           (22.07)      46.95
TECEL S JOSE-PRF    SJOS4 BZ           (22.07)      46.95
SANSUY              SNSY3 BZ           (35.49)     132.22
SANSUY-PREF A       SNSY5 BZ           (35.49)     132.22
SANSUY-PREF B       SNSY6 BZ           (35.49)     132.22
SANSUY SA-PREF A    SNSYAN BZ          (35.49)     132.22
SANSUY SA-PREF B    SNSYBN BZ          (35.49)     132.22
SANSUY SA           SNSYON BZ          (35.49)     132.22
TELEBRAS-PF RCPT    TBAPF US          (113.99)     143.31
TELEBRAS-ADR        TBAPY US          (113.99)     143.31
TELEBRAS SA         TBASF US          (113.99)     143.31
TELEBRAS-ADR        TBASY US          (113.99)     143.31
TELEBRAS-ADR        TBH US            (113.99)     143.31
TELEBRAS/W-I-ADR    TBH-W US          (113.99)     143.31
TELEBRAS-ADR        TBRAY GR          (113.99)      143.3
TELEBRAS-CM RCPT    TBRTF US          (113.99)      143.3
TELEBRAS-ADR        TBX GR            (113.99)      143.3
TELEBRAS-RTS CMN    TCLP1 BZ          (113.99)     143.31
TEKA                TEKA3 BZ          (257.44)     332.91
TEKA-PREF           TEKA4 BZ          (257.44)     332.91
TEKA                TEKAON BZ         (257.44)     332.91
TEKA-PREF           TEKAPN BZ         (257.44)     332.91
TEKA-ADR            TEKAY US          (257.44)     332.91
TELEBRAS-CED C/E    TEL4C AR          (113.99)     143.31
TELEBRAS-CEDEA $    TEL4D AR          (113.99)     143.31
TELEBRAS-COM RTS    TELB1 BZ          (113.99)     143.31
TELEBRAS-RCT PRF    TELB10 BZ         (113.99)     143.31
TELEBRAS SA         TELB3 BZ          (113.99)     143.31
TELEBRAS-BLOCK      TELB30 BZ         (113.99)     143.31
TELEBRAS-CEDE PF    TELB4 AR          (113.99)     143.31
TELEBRAS SA-PREF    TELB4 BZ          (113.99)     143.31
TELEBRAS-PF BLCK    TELB40 BZ         (113.99)     143.31
TELEBRAS-CM RCPT    TELE31 BZ         (113.99)     143.31
TELEBRAS-PF RCPT    TELE41 BZ         (113.99)     143.31
TEKA-PREF           TKTPF US          (257.44)     332.91
TEKA-ADR            TKTPY US          (257.44)     332.91
TEKA                TKTQF US          (257.44)     332.91
TEKA-ADR            TKTQY US          (257.44)     332.91
TELEBRAS SA         TLBRON BZ         (113.99)     143.31
TELEBRAS SA-PREF    TLBRPN BZ         (113.99)     143.31
TELEBRAS-RECEIPT    TLBRUO BZ         (113.99)     143.31
TELEBRAS-PF RCPT    TLBRUP BZ         (113.99)     143.31
TELEBRAS-RTS PRF    TLCP2 BZ          (113.99)     143.31
TECTOY-RTS/3        TOYB1 BZ            (3.62)      22.57
TECTOY-RCT PREF     TOYB10 BZ           (3.62)      22.57
TECTOY-PF-RTS5/6    TOYB11 BZ           (3.62)      22.57
TECTOY-RCPT PF B    TOYB12 BZ           (3.62)      22.57
TECTOY-BONUS RTS    TOYB13 BZ           (3.62)      22.57
TECTOY              TOYB3 BZ            (3.62)      22.57
TECTOY-PREF         TOYB4 BZ            (3.62)      22.57
TEC TOY SA-PREF     TOYB5 BZ            (3.62)      22.57
TEC TOY SA-PF B     TOYB6 BZ            (3.62)      22.57
TECTOY-RCT ORD      TOYB9 BZ            (3.62)      22.57
TECTOY SA           TOYBON BZ           (3.62)      22.57
TECTOY SA-PREF      TOYBPN BZ           (3.62)      22.57
TEC TOY SA-PREF     TOYDF US            (3.62)      22.57
TEXTEIS RENAUX      TXRX3 BZ            (79.9)      53.28
TEXTEIS RENAU-PF    TXRX4 BZ            (79.9)      53.28
VARIG SA            VAGV3 BZ        (4,523.46)     823.49
VARIG SA-PREF       VAGV4 BZ        (4,523.46)     823.49
VARIG SA            VARGON BZ       (4,523.46)     823.49
VARIG SA-PREF       VARGPN BZ       (4,523.46)     823.49
WIEST               WISA3 BZ           (66.01)      33.42
WIEST-PREF          WISA4 BZ           (66.01)      33.42
WIEST SA            WISAON BZ          (66.01)      33.42
WIEST SA-PREF       WISAPN BZ          (66.01)      33.42
IMPSAT FIBER NET    XIMPT SM           (17.16)     535.01



                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


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