TCRLA_Public/080924.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

            Wednesday, September 24, 2008, Vol. 9, No. 190

                            Headlines

A R G E N T I N A

AGROPECUARIA CAMPO: Claims Verification Deadline Is December 5
ALLIANCE CORP: Proofs of Claim Verification Deadline Is Nov. 26
ALTA GAMA: Individual Reports Filing Deadline Is on February 24
COOPERATIVA AGRARIA: Claims Verification Deadline Is October 20
GC IMPSAT: Moody's Raises Corporate and Senior Notes Ratings to B2

MAXWELL AND FOTOS: Claims Verification Deadline Is September 30
PELEXPORT SA: Proofs of Claim Verification Deadline Is Dec. 11
PETRASCONTAR SA: Files for Reorganization in Buenos Aires Court
SULFUR SA: Files for Reorganization in Buenos Aires Court


B R A Z I L

BANCO NACIONAL: Grants BRL1 Million Financing to PG Producao
COSAN SA: Eyes Equity Swap for Acquisitions and Mergers
GLOBAL CROSSING: To Attend Deutsche Bank Conference on Sept. 24


C A Y M A N  I S L A N D S

ALPHAGEN ALTAI: Proof of Claim Filing Deadline Is Oct. 1
ANDOVER CAPITAL: Proof of Claim Filing Is Until October 1
FUNC: Deadline for Proof of Claim Filing Is October 1
GAINSBOROUGH GLOBAL: Sets Final Shareholders Meeting on Oct. 1
GARTMORE LIMITED: Proof of Claim Filing Deadline Is Oct. 1

HUDSON SEVEN: To Hold Final Shareholders Meeting on Oct. 1
LWT JADE: Deadline for Proof of Claim Filing Is Oct. 1
WESTHARBOR EVENT: Filing for Proof of Claim Is Until Oct. 1
WESTHARBOR EVENT MASTER: Claims Filing Deadline Is Oct. 1
WESTHARBOR GENERAL: Proof of Claim Filing Is Until Oct. 1

WILLBROS OMAN: Holding Final Shareholders Meeting on Oct. 1


D O M I N I C A N  R E P U B L I C

AMERICAN AIRLINES: Names New Director General for Dominican Biz


E C U A D O R

* ECUADOR: Registers Budget Surplus in First Half, President Says


J A M A I C A

SUGAR COMPANY: To Manage Factories on Jamaica-Infinity Deal

* JAMAICA: Solid Waste Management Restructuring Continues


M E X I C O

BLUE WATER: Court to Consider Amended Plan of Liquidation
CORPORACION GEO: S&P Affirms Corporate Credit Rating at BB-/Stable


P U E R T O  R I C O

HOME INTERIORS: Sale of Dallas Woodcraft to Myron Bowling Approved


V E N E Z U E L A

* VENEZUELA: Signs Deals With Firms to Produce LNG


V I R G I N  I S L A N D S

RENAISSANCE CAPITAL: S&P Assigns BB- Counterparty Credit Rating

* Russian Oil Firms to Boost Latin American Operations


                         - - - - -


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

AGROPECUARIA CAMPO: Claims Verification Deadline Is December 5
--------------------------------------------------------------
Pablo Exposito, the court-appointed trustee for Agropecuaria Campo
Grande SA's bankruptcy proceeding, will be verifying creditors'
proofs of claim until December 5, 2008.

Mr. Exposito will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk No.
46, 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 Agropecuaria Campo 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 Agropecuaria Campo's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Agropecuaria Campo Grande SA
                     Maipu 267
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Pablo Exposito
                     Avda. Cordoba 859
                     Buenos Aires, Argentina


ALLIANCE CORP: Proofs of Claim Verification Deadline Is Nov. 26
---------------------------------------------------------------
Felisa Tumilasci, the court-appointed trustee for Alliance
Corporation SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until November 26, 2008.

Ms. Tumilasci will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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 Alliance Corporation 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 Alliance Corporation's
accounting and banking records will be submitted in court.

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

The debtor can be reached at:

                     Alliance Corporation SA
                     Humahuaca 423
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Felisa Tumilasci
                     Avda. Callao 449
                     Buenos Aires, Argentina


ALTA GAMA: Individual Reports Filing Deadline Is on February 24
---------------------------------------------------------------
Alfredo Audisio, the court-appointed trustee for Alta Gama SRL's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, on February 24, 2009.

Mr. Audisio is verifying creditors' proofs of claim until
December 3, 2008.  He will also submit to court a general report
containing an audit of Alta Gama SRL's accounting and banking
records on April 13, 2009.

Mr. Audisio is also in charge of administering Alta Gama 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:

                     Alta Gama SRL
                     Esmeralda 740
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Alfredo Audisio
                     Rivadavia 4370
                     Buenos Aires, Argentina


COOPERATIVA AGRARIA: Claims Verification Deadline Is October 20
---------------------------------------------------------------
The court-appointed trustee for Cooperativa Agraria de Cachari
Ltda.'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 2, 2008.  The National Commercial
Court of First Instance in Azul, 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 Cooperativa Agraria and its creditors.

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

A general report that contains an audit of Cooperativa Agraria's
accounting and banking records will be submitted in court on
April 9, 2009.

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


GC IMPSAT: Moody's Raises Corporate and Senior Notes Ratings to B2
------------------------------------------------------------------
Moody's Latin America has upgraded Global Crossing Impsat Holdings
I, Plc.'s global local currency corporate family rating to B2 from
B3.  At the same time, Moody's upgraded GC Impsat's US$225 million
senior unsecured notes due 2017.  The outlook is stable.

The upgrade to B2 was based on the improvement in the company's
operating performance and overall financial metrics, including
reduced leverage and solid liquidity position, since it was
acquired by Global Crossing Ltd. in 2007.  The upgrade also
reflected Moody's expectations that as part of a larger globally-
focused telecommunications company, GC Impsat will have increased
opportunities for revenue growth in addition to realizing cost
savings resulting from the integration into a broader facilities
based network.

While Moody's recognizes the company's improving credit profile,
the ratings also incorporate GC Impsat's well-diversified business
model in the Latin American countries where it operates, and the
expectation that it will maintain prudent financial management and
that future cash upstream payments to its parent company will not
jeopardize its liquidity.

However, constraining GC Impsat's ratings is the ongoing
competitive threat from local telecom companies and new players to
the telecom arena such as the cable TV companies offering
broadband services, which could lead to a run-up in operating
costs.  In addition structural issues inherent in operating in
Pan-Latin American countries, such as the political and exchange
rate environments add a layer of risk.  Specifically, the
uncertainty evolving the macroeconomic environment may slow down
the company's business activity and thus reduce its growth.

The stable outlook assigned to GC Impsat's ratings reflects
Moody's expectation that, despite the highly competitive operating
environment, the company will prudently manage its financial
position, including maintaining leverage at current levels and
solid liquidity, supported by its contract-based revenues and the
realization of cost synergies from its parent company.

GC Impsat's rating or outlook could be upgraded if a more stable
and predictable political and regulatory environment arises in
several of the countries in which the company operates, together
with the maintenance of EBITDA margins above 35%, Total Adjusted
Debt to EBITDA below 2.0 and solid liquidity.

The ratings or outlook could come under pressure if changes in the
macroeconomic environment significantly lower potential sector
returns or if intensifying competition leads to consistently
negative revenue growth or EBITDA margins below 20%.  The rating
could also come under pressure if Total Adjusted Debt to EBITDA
leverage increases to above 4.0 for an extended time period or if
the company does not maintain adequate liquidity.

Headquartered in Buenos Aires, Argentina, GC Impsat Holdings I Plc
is a fully owned company of Global Crossing Ltd., a provider of
private telecommunications network and internet services in Latin
America.   With a customer base of approximately 4,800 clients
diversified across the region, GC Impsat reported revenues of
US$393 million as of the last twelve months ended June 30, 2008.


MAXWELL AND FOTOS: Claims Verification Deadline Is September 30
---------------------------------------------------------------
The court-appointed trustee for Maxwell and Fotos S.R.L.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until September 30, 2008.

The trustee will present the validated claims in court as  
individual reports on November 13, 2008.  The National Commercial
Court of First Instance in Mar del Plata, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Maxwell and Fotos 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 Maxwell and Fotos'
accounting and banking records will be submitted in court on
February 2, 2009.

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


PELEXPORT SA: Proofs of Claim Verification Deadline Is Dec. 11
--------------------------------------------------------------
Carlos Fox, the court-appointed trustee for Pelexport SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 11, 2008.

Mr. Fox 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. 37, 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 Pelexport 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 Pelexport SA's
accounting and banking records will be submitted in court.

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

Mr. Fox is also in charge of administering Pelexport 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:

                     Pelexport SA
                     Guemes 3892
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Carlos Fox
                     Paysandu 1832
                     Buenos Aires, Argentina


PETRASCONTAR SA: Files for Reorganization in Buenos Aires Court
---------------------------------------------------------------
Petrascontar SA has requested for reorganization approval after
failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Petrascontar SA 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. 3 in Buenos Aires.  Clerk No. 6 assists the court in
this case.

The debtor can be reached at:

                     Petrascontar SA
                     Alvarez Thomas 3036
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Ernesto Resnizky
                     Caracas 4330
                     Buenos Aires, Argentina


SULFUR SA: Files for Reorganization in Buenos Aires Court
---------------------------------------------------------
Sulfur SA has requested for reorganization approval after failing
to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Sulfur SA 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. 19 in Buenos Aires.  Clerk No. 37 assists the court
in this case.

The debtor can be reached at:

                    Sulfur SA
                    M. T. de Alvear 928
                    Buenos Aires, Argentina



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

BANCO NACIONAL: Grants BRL1 Million Financing to PG Producao
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has
approved the financing operation for the international co-
production project of an animated television series, of an amount
of BRL1 million, in the scope of Procult, to PG Producao de Cinema
e Video e TV Ltda. (TV Pinguim).  The funds are earmarked for the
production of the animated series for children, composed of 52
episodes of 11 minutes each, called “Peixonauta” in co-production
with the Canadian company Breakthrough.  The BNDES System finances
56% of the project.

The series features the natural science and the effects of the
men’s actions on the environment, using the language for children.

The sustainability movement represents an evolution in the
discussion about the environmental issue, stepping forward to the
conservationist ideology that set the beginning of the ecological
movement.  It is not a matter of preservation, but also the
proposal of new development ways that do not jeopardize the
Earth’s life and the resources for the future generations.

TV Pinguim is an animation studio focused on children and it is
one of the three largest Brazilian animation producers.  It has
already participated in different successful projects in the
internal and external markets. Regarding the number of works
performed and exhibited, TV Pinguim stands out on operating in the
market for almost 20 years.  It was the pioneer in the 2D digital
animation technology use throughout the country.

It is the first one-year animated television series and episodes
of 30 minutes to be broadcasted by TV Pinguim.  It will be one of
the first series produced in Brazil in the international co-
production pre-sold to a cable TV in the country (Discovery Kids)
with exhibition guaranteed.  It provides a major potential to the
work.

Besides the reimbursable financing, according to the Investment
Regulation in the Audiovisual Activity of BNDES, the PG Producao
will receive more BRL750,000 (75% of the financing) in non-
reimbursable financing, as provided in art.  1 degree-A of the
Audiovisual Law.  The support, added to the total financed,
provides a total amount of BRL1.75 million earmarked to the
production.

For obtaining this percentage of the complementation of non-
reimbursable funds, by the Procult, the projects must be signed
the international co-production contract with the Brazilian
company corresponding to, at least, 40% of the total budget of the
project.

Another requirement is to establish an international distribution
contract and ensured its exhibition in Brazilian channels and
broadcasting network.

The budget provided for this “Peixonauta” series is of BRL3.1
million.  Most financiable items consist of expenses with the
series production itself.  The other items include the project
development, the pre-production and the post-production, when the
special image effects and the sound edition are performed (dubbing
and soundtrack) and the material edition.  Palavra Cantada group
is responsible for the soundtrack.

The “Peixonauta” project demanded the contracting of 40 animators.  
It tripled the number of jobs created by TV Pingüim until that
time.

                      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.


COSAN SA: Eyes Equity Swap for Acquisitions and Mergers
-------------------------------------------------------
Cosan SA Industria & Comercio will use its shares to buy “large”
rivals as rising costs and credit-market turmoil place competitors
in a precarious situation, according to various reports.  Reuters
notes that the company raised US$1 billion since 2007 through an
initial public offering.

Dow Jones says, citing Estado newswire, that Cosan mulls using
part of its 880 million real (US$480 million) capital increase to
pay down debts from its acquisition of Esso gasoline stations it
bought from ExxonMobil (XOM) this year.

The company's board of directors approved the increase of capital
by private subscription, according to Reuters.  A total of
55 million shares will be issued at 16 real per share, increasing
the number of shares by 20.18%, Reuters notes.

Cosan increased its capital to raise money during the general
global credit crunch, Dow Jones notes.  The company bought the
local Esso assets for US$826 million, plus US$163 million in debt,
this year.  Cosan's chief financial officer, Paulo Diniz, said the
company should pay for the acquisition in full before the end of
the year with equity and debt, Dow Jones reports, citing Estado.

Mr. Diniz said the company will use shares for acquisitions and
mergers since share prices are generally very depreciated at the
moment, Reuters says.

                        About Cosan S.A.

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

                         *     *     *

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

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


GLOBAL CROSSING: To Attend Deutsche Bank Conference on Sept. 24
---------------------------------------------------------------
Global Crossing Ltd. will participate in Deutsche Bank's Sixteenth
Annual Leveraged Finance Conference.  Industry trends and Global
Crossing's strategy, financial performance and prospects will be
discussed at 9:15 a.m. P.T., on Sept. 24, 2008.

A webcast of the presentation will be posted at:

        investors.globalcrossing.com/events.cfm.

The conference will take place at The Phoenician in Scottsdale,
Arizona from Sept. 23 through Sept. 25.

More information about the conference may be found at:

     http://conferences.db.com/americas/levfin08/.

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides
telecommunication  services over the world's first integrated
global IP-based network.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed US$25,511,000,000 in total assets and
US$15,467,000,000 in total debts.  Global Crossing emerged from
chapter 11 on Dec. 9, 2003.

Global Crossing's Latin American business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru,
Mexico, Venezuela and the United States (Florida).  It also has
operations in the United Kingdom.

                          *     *     *

At Sept. 30, 2007, Global Crossing Ltd.'s balance sheet showed
total assets of US$2.6 billion, total debts of US$2.7 billion
and a US$74 million stockholders' deficit.

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Global Crossing Ltd. said in a statement that its
net loss increased 75% to US$89 million in the third quarter
2007, compared to US$51 million in the third quarter 2006.



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

ALPHAGEN ALTAI: Proof of Claim Filing Deadline Is Oct. 1
--------------------------------------------------------
The Alphagen Altai Fund Ltd.'s creditors have until Oct. 1, 2008,
to prove their claims to Linburgh Martin and John Sutlic, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

               Linburgh Martin and John Sutlic
               c/o Close Brothers (Cayman) Limited
               Fourth Floor, Harbour Place
               P.O. Box 1034
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Kim Charaman
               Tel: (345) 949-8455
               Fax: (345) 949-8499


ANDOVER CAPITAL: Proof of Claim Filing Is Until October 1
---------------------------------------------------------
Andover Capital Offshore Partners Ltd.'s creditors have until
Oct. 1, 2008, to prove their claims to Avalon Management Limited,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Andover Capital's shareholder decided on April 25, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Avalon Management Limited
               c/o 3rd Floor Zephyr House, Mary Street
               P.O. Box 715
               Grand Cayman, Cayman Islands
               Tel: (+1) 345-946-4422
               Fax: (+1) 345-769-9351


FUNC: Deadline for Proof of Claim Filing Is October 1
-----------------------------------------------------
FUNC's creditors have until Oct. 1, 2008, to prove their claims to
Linburgh Martin and John Sutlic, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

FUNC's shareholder decided on Aug. 13, 2008, to place the company
into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidators can be reached at:

               Linburgh Martin and John Sutlic
               c/o Close Brothers (Cayman) Limited
               Fourth Floor, Harbour Place
               P.O. Box 1034
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Kim Charaman
               Tel: (345) 949-8455
               Fax: (345) 949-8499


GAINSBOROUGH GLOBAL: Sets Final Shareholders Meeting on Oct. 1
--------------------------------------------------------------
Gainsborough Global Offshore Fund Ltd. will hold its final
shareholders meeting on Oct. 1, 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 six years from the
      dissolution of the company, after which they may be  
      destroyed.

Gainsborough Global's shareholders agreed on Sept. 1, 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
               Grand Cayman, Cayman Islands

Contact for inquiries:

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


GARTMORE LIMITED: Proof of Claim Filing Deadline Is Oct. 1
----------------------------------------------------------
The Gartmore Limited Issue Irish Growth Fund Ltd.'s creditors have
until Oct. 1, 2008, to prove their claims to Linburgh Martin and
John Sutlic, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

               Linburgh Martin and John Sutlic
               c/o Close Brothers (Cayman) Limited
               Fourth Floor, Harbour Place
               P.O. Box 1034
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Kim Charaman
               Tel: (345) 949-8455
               Fax: (345) 949-8499


HUDSON SEVEN: To Hold Final Shareholders Meeting on Oct. 1
----------------------------------------------------------
Hudson Seven Ltd. will hold its final shareholders meeting on
Oct. 1, 2008, at 2:00 p.m., at the offices of Olympia Capital
(Bermuda) Limited, Williams House, 20 Reid Street, Hamilton,
Bermuda.

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.

Hudson Seven's shareholder decided on June 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:

                Carolynn D. Hiron
                c/o Olympia Capital (Bermuda) Limited
                Williams House, 20 Reid Street
                Hamilton, Bermuda
                Tel: (441) 298-5095
                Fax: (441) 292-3358

Contact for inquiries:

                Ogier
                Queensgate House, South Church Street
                P.O. Box 1234
                Grand Cayman, Cayman Islands


LWT JADE: Deadline for Proof of Claim Filing Is Oct. 1
------------------------------------------------------
LWT Jade Ltd.'s creditors have until Oct. 1, 2008, to prove their
claims to Linburgh Martin and John Sutlic, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

LWT Jade's shareholder decided on July 31, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Linburgh Martin and John Sutlic
               c/o Close Brothers (Cayman) Limited
               Fourth Floor, Harbour Place
               P.O. Box 1034
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Neil Gray
               Tel: (345) 949-8455
               Fax: (345) 949-8499


WESTHARBOR EVENT: Filing for Proof of Claim Is Until Oct. 1
-----------------------------------------------------------
WestHarbor Event Driven Fund Ltd.'s creditors have until Oct. 1,
2008, to prove their claims to Gordon I. MacRae and G. James
Cleaver, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidators can be reached at:

               Gordon I. MacRae and G. James Cleaver
               Attn: Korie Drummond
               c/o Kroll (Cayman) Limited
               4th Floor, Bermuda House
               Dr. Roy's Drive, Grand Cayman
               Cayman Islands
               Tel: +1 (345) 946-0081
               Fax: +1 (345) 946-0082


WESTHARBOR EVENT MASTER: Claims Filing Deadline Is Oct. 1
---------------------------------------------------------
WestHarbor Event Driven Master Fund Ltd.'s creditors have until
Oct. 1, 2008, to prove their claims to Gordon I. MacRae and G.
James Cleaver, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

               Gordon I. MacRae and G. James Cleaver
               Attn: Korie Drummond
               c/o Kroll (Cayman) Limited
               4th Floor, Bermuda House
               Dr. Roy's Drive, Grand Cayman
               Cayman Islands
               Tel: +1 (345) 946-0081
               Fax: +1 (345) 946-0082


WESTHARBOR GENERAL: Proof of Claim Filing Is Until Oct. 1
---------------------------------------------------------
WestHarbor General Partner (Cayman) Ltd.'s creditors have until
Oct. 1, 2008, to prove their claims to Gordon I. MacRae and G.
James Cleaver, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

               Gordon I. MacRae and G. James Cleaver
               Attn: Korie Drummond
               c/o Kroll (Cayman) Limited
               4th Floor, Bermuda House
               Dr. Roy's Drive, Grand Cayman
               Cayman Islands
               Tel: +1 (345) 946-0081
               Fax: +1 (345) 946-0082


WILLBROS OMAN: Holding Final Shareholders Meeting on Oct. 1
-----------------------------------------------------------
Willbros Oman Ltd. will hold its final shareholders meeting on
Oct. 1, 2008, at 10:00 a.m., at Willbros USA Inc., Five Post Oak
Park, 4400 Post Oak Parkway, Suite 1000, Houston, Texas 77027,
USA.

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 three years from the
      dissolution of the company, after which they may be  
      destroyed.

Willbros Oman's shareholders agreed on Aug. 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:

               William L. Pardue
               c/o Willbros USA Inc.
               Five Post Oak Park
               4400 Post Oak Parkway, Suite 1000
               Houston, Texas 77027, USA



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

AMERICAN AIRLINES: Names New Director General for Dominican Biz
---------------------------------------------------------------
http://www2.dominicantoday.com/dr/tourism/2008/9/22/29510/Dominic
an-Republics-AA-division-has-new-Director-General

American Airlines Inc. has promoted Oliver Bojos as new Director
General for the airline's Dominican Republic operations, the
Dominican Today reports.

Mr. Bojos was born in Santiago de los Caballeros, in the Northern
region of Cibao valley.  He served as Sales and Marketing Manager
for AA and has 19 years experience in the airline industry, the
report says.

According to Dominican Today, the airline revamped its
reservations department in the Republic.
  
Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.  The
airline flies to Belgium, Brazil, and Japan.

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on
April 17, 2008, Fitch Ratings has affirmed AMR Corp.'s Issuer
default rating at 'B-' and Senior unsecured debt at 'CCC/RR6' as
well as its principal operating subsidiary, American Airlines,
Inc.'s Issuer default rating at 'B-' and Secured bank credit
facility at 'BB-/RR1'.  Fitch's rating outlook for both AMR
Corp. and American Airlines has been revised to stable from
positive.

As reported in the Troubled Company Reporter-Latin America on
March 26, 2008, Standard & Poor's Ratings Services revised its
outlook on the  long-term ratings on AMR Corp. (B/Negative/B-3)
and subsidiary American Airlines Inc. (B/Negative/--) to
negative from positive.  S&P also lowered its short-term rating
on AMR to 'B- 3' from 'B-2' and affirmed all other ratings on
AMR and American.



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

* ECUADOR: Registers Budget Surplus in First Half, President Says
-----------------------------------------------------------------
(Rizande)
http://www.bloomberg.com/apps/news?pid=20601086&sid=a6v55ZA7yXhw&r
efer=latin_america

President Rafael Correa disclosed that Ecuador had a surplus of
US$508 million and public-sector entities such as municipalities
and state-run universities had a US$2.17 billion surplus in the
first half that will allow the government to keep investing,
Stephan Kueffner at Bloomberg News reports.

Bloomberg says that Ecuador, on September 28, will hold a
referendum on a new constitution that calls for raising spending
on health and education.  President Correa replaced Finance
Minister Wilma Salgado last week after she said that Ecuador faces
a budget deficit of about US$2.4 billion next year and recommended
slowing the pace of spending.

"[US]$3.9 billion in investments will be carried out this year,"
Bloomberg qiuoted Mr. Correa as saying.

With high prices for crude oil, the OPEC member's main export,
Ecuador has met its repayment schedule on its US$3.9 billion in
foreign debt during Mr. Correa's term, Bloomberg notes.

                          *     *     *

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

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



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

SUGAR COMPANY: To Manage Factories on Jamaica-Infinity Deal
-----------------------------------------------------------
(Rizande)
http://www.jis.gov.jm/agriculture/html/20080919T090000-
0500_16713_JIS_GOV_T__FIRST_YEAR_REVIEW__GOVERNMENT_DIVESTS_SUGAR_
ESTATES_.asp

Jamaica's divestment of its sugar estates is scheduled to be
completed by September 30 after months of discussions and
negotiations, Jamaica Information Service reports.

The estates being divested to Brazilian bio-energy fuel firm,
Infinity Bio-Energy Limited (IBE) include:

   -- Bernard Lodge, St. Catherine;
   -- Frome, Westmoreland;
   -- Hampden, Trelawny;
   -- Monymusk, Clarendon; and
   -- Duckenfield, St. Thomas.

Jamaica Information Service relates that Prime Minister Bruce
Golding, signed, in June, a Heads of Agreement with IBE principals
for the divestment process, to be undertaken.

Under the agreement, the Sugar Company of Jamaica (SCJ), will
continue to manage the factories, until the transition period
ends.  From that time on, the Government will enter into a joint
venture arrangement with Infinity, through a company, Newco, to be
established, in which the administration will have a 25% holding,
the report says.

Other provisions of the agreement include:

   a) leasing of sugar cane lands by the Government to Newco,
      for a term of no less than 50 years, with an option for
      another 25-year lease; and

   b) sale of factory lands, comprising the compound and an
      additional area of not more than 100 acres immediately
      surrounding the factories, to Infinity.

Jamaican Government, the report states, will also enter into an
implementation agreement with Infinity, within 30 days of the
completion of the transition, confirming its commitment to support
the smooth implementation of the transaction.

According to the report, the divestment comes amidst reports of
mounting debts totaling upwards of US$20 billion, racked up by the
factories. In light of this, the divestment is aimed at converting
the industry into a viable and successful one, with spin-offs for
Jamaica's energy sector, as well as diversification of the overall
sugar industry.

Prime Minister Bruce Golding, as cited by the report, disclosed
the Government was committed to developing the sugar industry,
pointing out that the partnership with Infinity, would serve to
strengthen Jamaica's energy sector, through co-generation and
ethanol production.

Prior to the signing of the agreement, Agriculture Minister Dr.
Christopher Tufton, held extensive consultations with industry
stakeholders, to discuss details of the divestment exercise.  
Interests included workers at all factories as well as private
estate owners and growers, the report states.

Dr. Tufton reportedly said sugar production is projected to be
125,693 tonnes in 2009, decreasing to 62,000 tonnes in 2010, and
would be maintained at this level up to 2013.  Additionally,
molasses production is projected at 63,800 tonnes in 2009,
decreasing to 27,638 tonnes in 2010, and being maintained at
around 27,200 tonnes.

Dr. Tufton, the report says, indicated that the production of the
mix of products outlined, would require significant increases in
sugar cane production, from 1.4 million tonnes in 2009 to
2.5 million tonnes in 2013.

                        About Sugar Company

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

The Sugar Company of Jamaica Limited registered a net loss of
almost US$1.1 billion for the financial year ended Sept. 30,
2005, 80% higher than the US$600 million reported in the
previous financial year.  Sugar Company blamed its financial
deterioration to the reduction in sugar cane production.
According to published reports, the Jamaican government has
taken responsibility for the payment of the firm's debts.  Radio
Jamaica has said that to date, the five sugar factories have
incurred J$3 billion in debts.  The government is now selling
the factories.


* JAMAICA: Solid Waste Management Restructuring Continues
---------------------------------------------------------
(Rizande)
http://www.jis.gov.jm/officePM/html/20080919T090000-
0500_16712_JIS_GOV_T__FIRST_YEAR_REVIEW__MAJOR_RESTRUCTURING_AT_NS
WMA.asp

Jamaica launched a program when it came into power in 2007, to re-
organize and restructure the National Solid Waste Management
Authority (NSWMA), in order to better manage the island's solid
waste, Jamaica Information service reports.

According to the report, the charge has been led by Joan Gordon
Webley, who was appointed Executive Director in November 2007.

In February, Prime Minister Bruce Golding called on Jamaicans to
become partners with the Government in this effort.  Part of this
re-organization program would include the re-fleeting and
expansion of the capacity of the NSWMA, Mr. Golding disclosed, as
cited by Jamaica Information Service.

The NSWMA, the report says, has now acquired 11 new large garbage
compactors, the first in a fleet which will see a total of 60 new
compactor units being delivered to the NSWMA, to manage solid
waste collection and disposal.

The agency, in April, was allocated US$1.09 billion in the 2008/09
national budget to purchase 77 garbage trucks.  Some US$7 million
was also allocated to facilitate improvement works at the Riverton
City Landfill, the report notes.

The NSWMA reportedly employed a new Director of Finance, Corporate
Director, Legal Officer and Landfill Co-ordinator, to assist with
its efforts at better waste disposal management and monitoring.

In June, the NSWMA re-zoned the entire island, in an effort to
increase the cleaning zones, which will allow for intense cleaning
across the country.  In March, Mrs. Gordon Webley, said the agency
would be exploring an energy plan of converting waste into energy,
the report says.

The report shows that the NSWMA, which now falls under the Office
of the Prime Minister, collects some 730,000 of the average
900,000 tonnes of household waste that the country generates
annually.

The agency played a vital role in the aftermath of Hurricane Dean,
which lashed the island in August last year, when the Prime
Minister requested the undertaking of a massive clean-up from
September 29 to 30 and on October 7, after he assumed office, the
report concludes.

                        *     *     *

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



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

BLUE WATER: Court to Consider Amended Plan of Liquidation
---------------------------------------------------------
Judge Marci McIvor of the U.S. Bankruptcy Court for the Eastern
District of Michigan has convened a hearing on Sept. 23, 2008,
to consider confirmation of Blue Water Automotive Systems Inc. and
its debtor-affiliates' Amended Joint Plan of Liquidation, John A.
Simon, Esq., at Foley & Lardner LLP, in Detroit, Michigan, stated
in a declaration filed with the Court.

Judge McIvor will also consider approval of the plan settlement
agreement entered into among the Debtors, the Official Committee
of Unsecured Creditors, CIT Capital USA Inc., CIT Group/Equipment
Financing Inc., and Ford Motor Company.

Blue Water Automotive Systems Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are supported
by full-service design, program management, manufacturing and
tooling capabilities.  With more than 1,400 employees, Blue Water
operates eight manufacturing and product development facilities
and has annual revenues of approximately US$200 million. The
company's headquarters and technology center is located in
Marysville, Michigan.  The company has operations in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded components
and assemblies. KPS then set about reorganizing the company. The
company implemented a program to improve operating performance and
address its liquidity issues. During 2007, the company replaced
senior management, closed two facilities, and reduced overhead
spending by one third.

                About Blue Water Automotive

Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are supported
by full-service design, program management, manufacturing and
tooling capabilities. With more than 1,400 employees, Blue Water
operates eight manufacturing and product development facilities
and has annual revenues of approximately US$200 million. The
company's headquarters and technology center is located in
Marysville, Mich. The company has operations in Mexico.

In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded components
and assemblies. KPS then set about reorganizing the company. The
company implemented a program to improve operating performance and
address its liquidity issues. During 2007, the company replaced
senior management, closed two facilities, and reduced overhead
spending by one third.

Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case No.
08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley
& Lardner, LLP, serve as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent.  As of June 30, 2008, the Debtors'
unaudited balance sheet showed US$93,264,863 in total assets and
US$108,300,898 in total liabilities.

The Debtors filed their Liquidation Plan on May 9, 2008.  The Plan
contemplates a sale of substantially all of the Debtors' assets
and equity interests, except for a piece of real property located
at Yankee Road, in St. Clair, Michigan.

(Blue Water Automotive Bankruptcy News, Issue No. 29, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or     
215/945-7000)


CORPORACION GEO: S&P Affirms Corporate Credit Rating at BB-/Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings,
including the 'BB-' global scale and 'mxA-' national scale long-
term corporate credit ratings, on Mexico City-based homebuilder
Corporacion Geo S.A.B. de C.V.  The outlook is stable.
     
"The ratings on Geo are limited by the company's aggressive
financial policy and accounting practices, and intense working
capital requirements to sustain its growth targets," said S&P's
credit analyst Laura Martinez.  "They also reflect its
concentration of mortgage originations in public housing agencies,
the degree of political risk inherent to these institutions, and
increased competition, as risk factors inherent in the Mexican
homebuilding industry."
     
On the other hand, the company's position as one of the leading
homebuilders in Mexico supports the rating, as do its geographic
diversification, product diversity, and scale.

Headquartered in Mexico, Corporacion Geo, S.A. de C.V. --
http://www.corporaciongeo.com-- specializes in the construction   
of affordable low-income housing with operations in 33 cities
across 15 states in Mexico.



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

HOME INTERIORS: Sale of Dallas Woodcraft to Myron Bowling Approved
------------------------------------------------------------------
Bill Rochelle of Bloomberg News reports that the U.S. Bankruptcy
Court for the Northern District of Texas authorized Home Interiors
& Gifts, Inc., and its debtor-affiliates to sell the assets of its
Dallas Woodcraft Co. affiliate for US$652,000 to Myron Bowling
Auctioneers, Inc.

No buyer was under contract when the Debtors set up the sale
process, according to the report.

The Debtors, according to the report, filed a plan and disclosure
statement along with their Chapter 11 petitions.  A hearing for
approval of the disclosure statement, according to the report, was
pushed back most recently until Sept. 18 until it was canceled.

                     About Home Interiors

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

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

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



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

* VENEZUELA: Signs Deals With Firms to Produce LNG
--------------------------------------------------
Russian gas export monopoly Gazprom said Monday it will liquefy
some of the gas produced from its cooperation agreement with
Venezuela to develop gas on the Latin American country's shelf,
AFX News Limited writes.

Venezuela also struck deals Friday for natural gas projects in the
Caribbean with other foreign companies, including U.S.-based
Chevron, AFX News discloses.  Italy's Eni, Qatar Petroleum,
Japan's Mitsubishi Corp., Mitsui, Itochu and Malaysia's Petronas
also signed the accords to work on the offshore gas projects, AFX
News reports, citing the Venezuelan government.

AFX News says the deals will propel president Chavez's case
enabling his country to work with foreign investors despite his
deteriorating relations with the America's Bush administration.

In July, Chavez met with Russian president Dmitry Medvedev, where
a Kremlin source said Venezuela's PDVSA was planning several deals
with Gazprom, Russia's second-largest oil firm LUKOIL and BP's
Russian arm TNK-BP, AFX notes.

Gazprom stated that "[e]xploration and production of natural gas
on the shelf will be delivered to the domestic market and will
also be liquefied for export," AFX News notes.  Gazprom did not
disclose where the liquefied natural gas would be shipped.

Gazprom and Venezuela clinched an exploration and production deal
last week in talks between Venezuelan state energy firm Petroleos
de Venezuela S.A. or PDVSA, the country's president Hugo Chavez
and Gazprom chief executive Alexei Miller, the report says.  
Gazprom also said it will look at other exploration and
development projects in Venezuela.

Gazprom, according to the report, did not mention the amount of
financing needed for the project or projections of production or
reserves.

Last week, Gazprom and France's Total committed to investing up to
US$4.5 billion in a natural gas project in Bolivia, the report
adds.

                          About Gazprom

Gazprom, which is one of the largest gas producer in the world and
supplier of a quarter of Europe's gas.  The company plans to add
some 90 million tonnes of the super-cooled liquefied natural gas
or LNG fuel to its production by 2030, making it a global player
with a quarter of the market.

The company currently has no LNG production of its own, but will
get the first volumes in 2009 when it launches its Sakhalin-2
project together with Royal Dutch Shell and Japanese firms.

                           About PDVSA

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.

The TCR-LA reported on Sept. 23, 2008, that 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.  PDVSA's rating is
derived from its baseline credit assessment of 14 (comparable to
B1), which remains unchanged.



==========================
V I R G I N  I S L A N D S
==========================

RENAISSANCE CAPITAL: S&P Assigns BB- Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB-' long-term
counterparty credit rating on Russian Renaissance Capital Holdings
Ltd. on CreditWatch with negative implications.  The 'B' short-
term rating was affirmed.
     
"The CreditWatch placement reflects RCHL's uncertain liquidity
position and financial standing following the dramatic volatility
of the Russian equity market, particularly in recent weeks, and
the sharp liquidity squeeze in the Russian banking sector," said
S&P's credit analyst Elena Romanova.
     
Renaissance Capital's brokerage and trading operations have
suffered losses in the recent market downturn and liquidity
squeeze due to market moves and the severe contraction in
liquidity in the Russian equity market and banking sector.  The
bank announced earlier that ONEXIM Group (not rated) will become
a 50% owner through the issuance of new shares for a total amount
of US$500 million.  Although this will significantly mitigate
liquidity concerns and compensate possible loses, the extent to
which market volatility and the general loss of lenders'
confidence in the independent investment banking business model
may make funding and other operations more difficult in the
future.
     
The CreditWatch placement will be resolved when enough detailed
information is available to assess Renaissance Capital's
liquidity, capitalization, and profitability in the market's
current challenging conditions.
     
"The ratings would be lowered or the outlook revised to negative
if these concerns weaken credit quality and are not fully offset
by the firm or its new or existing shareholders' countermeasures,"
said Ms. Romanova.

Renaissance Group is an independent group of investment banking,
asset management, merchant banking and consumer finance companies,
specializing in high-opportunity emerging markets.  Renaissance
Group operates in Russia, Ukraine, Kazakhstan, the United Kingdom,
the United States of America, Cyprus, Sub-Saharan Africa,
Switzerland, Bermuda and the British Virgin Islands.  


* Russian Oil Firms to Boost Latin American Operations
------------------------------------------------------
(Rizande)
http://en.rian.ru/business/20080917/116901192.html

A deputy prime minister, as cited by Novosti, disclosed that five
of the largest Russian oil companies want to set up a consortium
to boost operations in Latin American countries.

The firms were:

   * Rosneft,
   * LUKoil,
   * Gazprom Neft,
   * Surgutneftegaz and
   * TNK-BP

"The idea of creating a consortium comprising almost all the large
Russian oil companies came from the companies themselves, which
would like to work in Venezuela, and not only here," Novosti
reports, citing Igor Sechin, Rosneft's chairman of the board.

According to Mr. Sechin, Russia is increasing its cooperation with
Latin American countries in several areas, Novosti notes.

Mr. Sechin reportedly said a consortium would make it easier to
build upgrading facilities to improve heavy Venezuelan oil.  The
construction of an upgrader would cost US$6-6.5 billion, which
would be hard for one company to finance, but a consortium could
share the expenditure, he added.

Novosti says that Venezuela has around 87 billion barrels of
proven conventional oil reserves and has vast non-conventional oil
deposits (heavy oil).  Most of these deposits are located in the
Orinoco oil belt.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2008, Petroleos de Venezuela SA signed a deal with
Russia's Gazprom this year to develop offshore natural gas
deposits.



                            ***********

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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