TCRLA_Public/080925.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, September 25, 2008, Vol. 9, No. 191

                            Headlines

A R G E N T I N A

ALLIANCE CORP: Individual Reports Filing Deadline Is on October 2
BPS IMPLANTES: Files for Reorganization in Buenos Aires Court
CABLEVISION SA: Inks IPG Deal With Macrovision and America Movil
CAMEGRAL SA: Files for Reorganization in Buenos Aires Court
CERAMICA ASTROS: Proofs of Claim Verification Deadline Is Nov. 5

DON CAMPORCINO: Trustee Verifying Proofs of Claim Until October 13
EL CONDOR: Proofs of Claim Verification Deadline Is October 24
LAIME SRL: Proofs of Claim Verification Deadline Is November 25
MARIO MANILDO: Trustee Verifying Proofs of Claim Until December 15
NOCHE DE BUENOS: Proofs of Claim Verification Deadline Is Oct. 30

OPERACIONES INTEGRALES: Claims Verification Deadline Is October 24
SOPROSER SA: Files for Reorganization in Buenos Aires Court


B A H A M A S

BAC BAHAMAS: Costa Rican Bank Changes Cues S&P to Affirm BB/B Rtgs


B E R M U D A

CABLE & WIRELESS: To Slash About 1/3 of Caribbean Workforce
IPC HOLDINGS: To Hold 3rd Quarter 2008 Earnings Webcast on Oct. 24


B R A Z I L

ATARI INC: Stockholders Will Vote on Merger Deal on Oct. 8
ATARI INC: Offering to Buy Options Under 2005 Stock Incentive Plan
AUTOCAM CORP: Moody's Changes PDR to 'Caa3/LD' from Caa3
BANCO BRADESCO: Agora to Remain Independent After Purchase
BANCO NACIONAL: Not Shaken by Drop in Iron Ore Prices

CIA. SIDERURGICA: To Sell Namisa Mine by October, Analyst Says
COSAN SA: Grants Capital Stock Increase to BRL880 Million
COSAN SA: Moody's Downgrades Ratings to Ba3 With Negative Outlook
GENERAL MOTORS: Diminishing Liquidity Cues Fitch to Junk IDR


C A Y M A N  I S L A N D S

AIR ASIA AERO: Deadline for Proof of Claim Filing Is Oct. 1
AFFINITY CAPITAL: Sets Final Shareholders Meeting for Oct. 1
ASM HOLDINGS: Will Hold Final Shareholders Meeting on Oct. 1
CARRERA LTD: Holding Final Shareholders Meeting on Oct. 1
CORDILLERAS SILVER: Final Shareholders Meeting Is on Oct. 1

IXIS REAL ESTATE: Holds Final Shareholders Meeting on Oct. 1
MAEDEC SUPPLY: Surging Costs Prompt Closure of One Restaurant
SI INVESTMENTS: To Hold Final Shareholders Meeting on Oct. 1
SILEX LIMITED: Holding Final Shareholders Meeting on Oct. 1


C H I L E

GLOBAL CROSSING: Names John Kritzmacher as Chief Financial Officer
NORSKE SKOG: Lower Liquidity Concerns Cue S&P to Hold BB- Rating


C O L O M B I A

GRAN TIERRA: Reports Development Plan for Costayaco Field


C O S T A  R I C A

BANCO BAC: S&P's BB/B Ratings Reflect Dollarized Balance Sheet


E C U A D O R

* ECUADOR: Eyes Oil Output to Boost 511,408 bpd by Next Year


G U Y A N A

* GUYANA: To Fine Chinese Import/Export Sugar Firm for US$5 Mil.


J A M A I C A

AIR JAMAICA: To Select New Chief Executive Officer on Oct. 1
JAMAICA PRODUCERS: Halts Export Production of Bananas


M E X I C O

BLUE WATER: Court Approves US$1.6 Mil. Sale of Burlington Assets
FLOWSERVE CORP: Expands Power Generation in Two Power Stations
KRISPY KREME: Posts US$1.9 Million Net Loss in Qtr. Ended August 3
SANLUIS CORPORACION: Fitch Cuts Foreign & Local Currency IDRs


P A N A M A

GLOBAL CROSSING: Resolves Patent Suit Filed by C2 Technologies


P U E R T O  R I C O

ROYAL CARIBBEAN: Taps Dr. Arthur Diskin as Chief Medical Officer
ZAP IMPORT: U.S. Trustee Sets 341(a) Meeting for October 10
ZAP IMPORT: Court Approves Winston Vidal as Bankruptcy Counsel
ZAP IMPORT: Files Schedules of Assets and Liabilities


V E N E Z U E L A

* VENEZUELA: Mulls Building of Three Refineries in China
* Carmax in Struggling Used Vehicle Market, Investment Firm Says
* Moody's Sees Negative Outlook for Global Pharmaceutical Sector
* Moody's: Global Paper Product Industry Still Holds Neg. Outlook
* S&P Sees Increasing Strain in Latin America But Outlook Stable

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ALLIANCE CORP: Individual Reports Filing Deadline Is on October 2
-----------------------------------------------------------------
Felisa Tumilasci, the court-appointed trustee for Alliance
Corporation SA'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 October 2, 2008.

Ms. Tumilasci is verifying creditors' proofs of claim until
November 26, 2008.  She will also submit to court a general report
containing an audit of Alliance Corporation's accounting and
banking records on March 24, 2009.

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


BPS IMPLANTES: Files for Reorganization in Buenos Aires Court
-------------------------------------------------------------
BPS Implantes S.R.L. has requested for reorganization approval
after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow BPS Implantes 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. 16 in Buenos Aires.  Clerk No. 31 assists the court
in this case.

The debtor can be reached at:

                     BPS Implantes S.R.L.
                     Larrea 1007
                     Buenos Aires, Argentina


CABLEVISION SA: Inks IPG Deal With Macrovision and America Movil
----------------------------------------------------------------
Macrovision Solutions Corporation has signed multi-year agreements
for its Passport Interactive Program Guides (IPG) products with
multiple Latin America cable system operators.  America Movil
subsidiaries, Claro Guatemala, Claro El Salvador, Claro Nicaragua
and Claro Honduras, as well as Cablevision S.A. Argentina,
Telecentro Argentina and Videomar Brazil have all chosen to
provide Macrovision's Passport IPG solutions to their cable
viewers, enhancing their overall TV viewing experience.

With DVR and video on demand features starting to change consumer
behavior, the ability to increase the consumers' interaction with
television is in high demand.  Macrovision's Passport products are
designed to provide cable operators with more features to draw
viewers to their cable services.

"Cablevision S.A. Argentina is expanding its services to include
advanced capabilities for organizing, viewing and choosing
television programming," said Laura Lozes, Business Intelligence
Manager at Cablevision S.A. Argentina. "We've lined up with
Macrovision and its Passport IPG products because the company
provides an easy-to-view guide as well as the technology behind
making television more enjoyable."

"The complete Passport product line offers cable operators a
compelling differentiator for their cable system and helps
increase their viewers' satisfaction with their services," said
Tom Carson, executive vice president of worldwide sales and
services at Macrovision.  "Our recent wins in Latin America point
to the ability of our products to deliver advanced viewing and
entertainment applications that are truly of interest to viewers."

The Passport product line is being used by cable system operators
around the world, increasing their business opportunities and
enhancing their viewers' satisfaction with their cable services.
The Passport line includes:

    -- Passport DC, Macrovision's IPG solution for Motorola's DCT
       series of set-tops;

    -- Passport Echo, an application suite of high resolution
       graphics and intuitive interface designed specifically for
       HD/DVR set-tops;

    -- Application options such as PassTime Games and PassTime
       Puzzlers;

    -- QuickMenu, a configurable menu allows viewers to launch
       cable TV services with a few remote clicks and
    -- An Interactive Video Mosaic application that enables
       viewers to watch multiple scaled video streams on a single
       channel and launch services by high-lighting and selecting
       channels.

In addition, the Passport DCT and Passport Echo products support
Latin American markets with Spanish subtitles, Latin American
parental control ratings and the ability to pre-stage set-tops
with a Spanish IPG language setting.

Claro Guatemala, Claro El Salvador, Claro Nicaragua and Claro
Honduras, Cablevision S.A. Argentina, Telecentro Argentina and
Videomar Brazil have all launched Passport DCT, Passport Echo,
Passport Games, Passport Puzzlers, QuickMenu as a part of their
services.  Videomar Brazil has also launched the Interactive Video
Mosaic option.

                        About Macrovision

Macrovision Solutions Corp. -- http://www.macrovision.com/--
provides connected middleware, metadata on music, games, movies
and television programming, media recognition, interactive
programming guides, and copy protection. The company also operates
entertainment portals and holds over 3,500 issued or pending
patents and patent applications worldwide.  Macrovision is
headquartered in Santa Clara, California, with numerous offices
across the United States and around the world including Japan,
Hong Kong, Luxembourg, and the United Kingdom.

                        About Cablevision

Headquartered in Buenos Aires, Cablevision S.A. --
http://www.cablevision.com.ar/-- is the largest multiple   
systems operator in Argentina serving 3,000,000 pay TV basic
subscribers including a market-leading presence in 4 of the top
5 designated market areas and 160 thousands basic subscribers in
Uruguay and Paraguay (jointly 5% of subscribers).  The company
offers Internet services, serving more than 770 thousands
internet subscribers (90% cable modem).  For year-end 2007, the
company had revenues of US$838.4 million and EBITDA of US$276.9
million.  Cablevision is indirectly controlled by the Argentine
media group Clarin (60%) and 40% by Fintech Advisory Inc.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on June
26, 2008, Fitch Ratings has assigned Cablevision S.A. a long-term
foreign and local currency Issuer Default Ratings of 'B+'.  Fitch
has also assigned a 'B+' rating to the senior unsecured notes and
a Recovery Rating of 'RR4', which indicates average recovery
prospects in the event of default.  Fitch's rating outlook is
stable.


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

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

The case is pending in the National Commercial Court of First
Instance No. 13 in Buenos Aires.  Clerk No. 26 assists the court
in this case.

The debtor can be reached at:

                     Camegral S.A.
                     Humahuaca 3951
                     Buenos Aires, Argentina


CERAMICA ASTROS: Proofs of Claim Verification Deadline Is Nov. 5
----------------------------------------------------------------
The court-appointed trustee for Ceramica Astros SRL's bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 5, 2008.

The trustee will present the validated claims in court as  
individual reports on December 18, 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
Ceramica Astros 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 Ceramica Astros'
accounting and banking records will be submitted in court on
March 5, 2009.

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

The debtor can be reached at:

                     Ceramica Astros SRL
                     Guemes 3646
                     Buenos Aires, Argentina


DON CAMPORCINO: Trustee Verifying Proofs of Claim Until October 13
------------------------------------------------------------------
The court-appointed trustee for Don Camporcino S.R.L.'s
reorganization 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 November 24, 2008.  The National Commercial
Court of First Instance in Mercedes, usually 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 Don Camporcino 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 Don Camporcino's
accounting and banking records will be submitted in court on
December 29, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on June 30, 2009.


EL CONDOR: Proofs of Claim Verification Deadline Is October 24
--------------------------------------------------------------
The court-appointed trustee for El Condor S.C.A.'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 29, 2008.  The National Commercial
Court of First Instance in San Isidro, 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 El Condor 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 El Condor's
accounting and banking records will be submitted in court on
February 23, 2009.

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


LAIME SRL: Proofs of Claim Verification Deadline Is November 25
---------------------------------------------------------------
The court-appointed trustee for Laime S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 25, 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
Laime 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 Laime S.R.L.'s
accounting and banking records will be submitted in court on
March 27, 2009.

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


MARIO MANILDO: Trustee Verifying Proofs of Claim Until December 15
------------------------------------------------------------------
Jorge Alvarez, the court-appointed trustee for Mario Manildo
Instalaciones SA's bankruptcy proceeding will be verifying
creditors' proofs of claim until December 15, 2008.

Mr. Alvarez will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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 Mario Manildo 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 Mario Manildo's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Mario Manildo Instalaciones SA
                     Avenida Nazca 1789
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Jorge Alvarez
                     B. Mitre 1738
                     Buenos Aires, Argentina


NOCHE DE BUENOS: Proofs of Claim Verification Deadline Is Oct. 30
-----------------------------------------------------------------
Maria Ledesma, the court-appointed trustee for Noche de Buenos
Aires SA's bankruptcy proceeding, will be verifying creditors'
proofs of claim until October 30, 2008.

Ms. Ledesma will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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 Noche de Buenos and its
creditors.

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

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

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

Ms. Ledesma is also in charge of administering Noche de Buenos'
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

                     Noche de Buenos Aires SA
                     Maipu 388
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Maria Ledesma
                     Avenida Cordoba 1351
                     Buenos Aires, Argentina


OPERACIONES INTEGRALES: Claims Verification Deadline Is October 24
------------------------------------------------------------------
The court-appointed trustee for Operaciones Integrales de Carga
S.A.'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.  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
Operaciones Integrales 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 Operaciones Integrales'
accounting and banking records will be submitted in court on
February 20, 2009.

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


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

The reorganization petition, once approved by the court, will
allow Soproser 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. 18 in Buenos Aires.  Clerk No. 36 assists the court
in this case.

The debtor can be reached at:

                     Soproser SA
                     Alsina 943
                     Buenos Aires, Argentina



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

BAC BAHAMAS: Costa Rican Bank Changes Cues S&P to Affirm BB/B Rtgs
------------------------------------------------------------------
Standard & Poor's Rating Services has affirmed its 'BB/B' foreign
currency counterparty credit ratings on the Bahamas-based BAC
Bahamas Bank.  The outlook is stable.
     
The ratings assigned to BAC Bahamas are based on the foreign
currency ratings assigned to Costa Rica-based Banco BAC San Jose,
S.A.  Due to a change in the Costa Rican regulation, there will be
some change in the organizational structure of BAC; however this
change will not affect BAC Bahamas' financial performance.
     
BAC Bahamas' liquidity position has been reinforced by BAC San
Jose and British Virgin Islands-based Credomatic International
Corp. (BBB/A-2).  The bank's loan portfolio has traditionally been
funded with customer deposits.  S&P expects the financial
flexibility of this subsidiary to continue being supported by the
Costa Rican bank and Credomatic International.
     
Since BAC Bahamas and BAC San Jose share the same client base and
corporate policies, BAC Bahamas' performance has followed that of
the Costa Rican bank, reporting similar growth trend in commercial
loans.  The balance sheet is entirely US$-denominated and most of
the bank's clients are not net dollar generators.  Although
dollarization of the Costa Rican economy is decreasing slightly, a
significant devaluation would harm the loan portfolio performance
and could have an impact on capitalization through a decreasing in
the earnings.  Due to regulatory changes Costa Rican groups will
not be allowed to maintain an offshore entity after Jan. 1, 2009.  
The change in regulation is considered a good step toward
improving transparency in the Costa Rican financial system but BAC
Bahamas will no longer be a subsidiary of Grupo Financiero BAC
Credomatic, although S&P expects it to maintain the same business
and operating performance.
     
Capability of management resulted in consistently adequate
profitability indicators, with average ROA of 2%.  The foreign
currency rating assigned to BAC San Jose constrains those on BAC
Bahamas because they share the same management, policies, client
base, and operating environment.
     
The stable outlook reflects BAC San Jose's commercial position in
Costa Rica and its adequate financial profile, which allows it to
support some probable inflation pressure.  If the bank's
performance deteriorates, especially liquidity, or if there is a
negative rating action on the sovereign ratings on the Republic of
Costa Rica, the rating on the bank could be pressured.

BAC Bahamas Bank is the offshore bank of Grupo Financiero BAC
Credomatic (not rated) and mirrors the Costa Rican onshore bank,
Banco BAC San Jose SA.  The two banks share the same client base
and follow the same corporate policies, with the vast majority of
business and assets originated in Costa Rica, denominated in U.S.
dollars, and registered offshore.



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

CABLE & WIRELESS: To Slash About 1/3 of Caribbean Workforce
-----------------------------------------------------------
Cable & Wireless plc is shedding hundreds of employees from its
businesses across the Caribbean region as part of a restructuring
plan, Caribbean Broadcasting Corp.'s Kent Jerson reports.  The
company, the report says, is reorganizing its Caribbean operation
from several individual business centers to one entity amid
increasing competition in the telecommunications sector.

According to the report, a senior official of the company has
confirmed that of the 3700 employees across the region, 1200 are
expected to lose their jobs.

The report notes no final decisions have been made on how the
changes will be implemented on a country by country basis.  The
company meanwhile intends to discuss with staff and their
representatives the impact of its decisions until the end of
October, the report adds.

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications  
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US. Its International
business operates full service telecommunications companies
through four major operations in the Caribbean, Panama, Macau and
Monaco and Islands.  Its Europe, Asia & US provides enterprise and
carrier solutions to the largest users of telecom services across
the United Kingdom, continental Europe, Asia and the United
States.  Its subsidiaries include Cable & Wireless UK, Cable &
Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.  

The company also carries Standard & Poor's "BB-" long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


IPC HOLDINGS: To Hold 3rd Quarter 2008 Earnings Webcast on Oct. 24
------------------------------------------------------------------
IPC Holdings, Ltd. has announced these webcast alert:

   What:     IPC Holdings, Ltd. 3rd Quarter 2008 Conference Call

   When:     Oct. 24, 2008 at 8:30 AM Eastern

   Conference Tel. Numbers: (800) 862-9098
                           (785) 424-1051

   Conference ID: IPC

   Where:    http://www.videonewswire.com/event.asp?id=51601

   How:     Log on to the web above.

   Contact:  Valerie T. Masters
             Tel. Number: (441) 298-5111
             Email: valerie.masters@ipcre.bm,
  
Headquartered in Bermuda, IPC Holdings, Ltd. through its wholly
owned subsidiary IPCRe Limited (Bermuda), provides property
catastrophe reinsurance and, to a limited extent, aviation,
property-per-risk excess and other short-tail reinsurance on a
worldwide basis, with a subsidiary in Dublin, Ireland.

                          *    *    *

IPC Holdings, Ltd. carried A.M. Best Co.'s BB+ rating on the
company's US$236,250,000 convertible preferred stock assigned on
Nov. 1, 2005.  The preferred stock will mature on Nov. 15, 2008.



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

ATARI INC: Stockholders Will Vote on Merger Deal on Oct. 8
----------------------------------------------------------
Atari, Inc., will hold a special meeting of stockholders on
Oct. 8 , 2008 at 10:00 a.m., at Atari's offices at 417 Fifth
Avenue in New York.  The purpose of the meeting is:

  1. to consider and vote upon a proposal to adopt and approve
     the Agreement and Plan of Merger, dated as of April 30,
     2008, by and among Atari, Infogrames Entertainment S.A.,
     and Irata Acquisition Corp.; and

  2. to transact other business as may properly come before the
     special meeting or any adjournments or postponements of the
     special meeting.

The record date to determine stockholders entitled to vote at the
special meeting is August 22, 2008.  Only holders of Atari common
stock at the close of business on the record date are entitled to
notice of, and to vote at, the special meeting.

Atari filed a definitive proxy statement under Regulation 14A of
the Securities Exchange Act of 1934, as amended, relating to a
special meeting of the stockholders.  A full-text copy of the
Proxy Statement is available for free at:

              http://researcharchives.com/t/s?324b

The stockholder vote required for the adoption of the Merger
Agreement is the affirmative vote of at least a majority of the
Company's outstanding Common Stock entitled to vote on the merger.  
Infogrames and its affiliates control 51.6% of the outstanding
voting securities of Atari, which is sufficient to adopt and
approve the merger and the merger agreement.

Atari also delivered to the Securities and Exchange Commission on
Sept. 5, 2008, Amendment No. 3 to the Schedule 13E-3 it filed in
June.  The amendment was filed together with:

  -- Infogrames Entertainment S.A.,
  -- California U.S. Holdings, Inc., and
  -- Irata Acquisition Corp.

Schedule 13E-3 is a document filed with the SEC to report going
private transactions.  A full-text copy of Atari's amended
Schedule 13E-3 is available for free at:

              http://researcharchives.com/t/s?324a

As reported by the Troubled Company Reporter on May 6, 2008,
Atari, Inc., and Infogrames Entertainment entered into a
definitive agreement to merge, in order to:

* bring to a close a period of financial underperformance for
   Atari;

* strengthen Atari under Infogrames' new management team; and

* deliver a platform for future growth in the U.S.

                         About Atari Inc.

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

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

                       Going Concern Doubt

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


ATARI INC: Offering to Buy Options Under 2005 Stock Incentive Plan
------------------------------------------------------------------
Atari, Inc., delivered to the Securities and Exchange Commission a
tender offer statement on Sept. 5, 2008, which was amended on
Sept. 12.  Atari wants to purchase for cash all outstanding vested
and unvested options to purchase its common stock granted under
the Atari, Inc. 2005 Stock Incentive Plan.

The company estimates buying options to acquire 165,593 shares of
common stock, each with an exercise price greater than US$1.68,
for
US$0.10 per option.

The offer is being made in connection with the proposed merger of
Irata Acquisition Corp., a Delaware corporation and a wholly owned
indirect subsidiary of Infogrames Entertainment S.A., Atari's
majority shareholder, with and into Atari, with Atari continuing
as the surviving corporation in the merger as a wholly owned
indirect subsidiary of Infogrames, and pursuant to which each
outstanding share of Atari common stock will be converted into the
right to receive US$1.68 in cash.

The offer will expire at 5:00 p.m., New York City Time, on Oct. 8,
2008, unless extended or the offer is terminated.

A full-text copy of the Amended Offer to Purchase is available for
free at http://researcharchives.com/t/s?3249

                         About Atari Inc.

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

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

                       Going Concern Doubt

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


AUTOCAM CORP: Moody's Changes PDR to 'Caa3/LD' from Caa3
--------------------------------------------------------
Moody's Investors Service changed Autocam Corporation's
Probability of Default rating to Caa3/LD from Caa3 and affirmed
the Corporate Family Rating of Caa3 and Caa2 rating of the senior
secured credit facilities.  The rating action follows the
completion of a capital restructuring which included an exchange
of 20% of the senior secured debt for newly issued equity by its
parent Titan Holdings, Inc., a cash contribution by certain
shareholders of Titan of $20 million and a credit agreement
amendment.

Moody's considers the transaction a distressed exchange of the
rated term loan debt, thus has changed the PDR to Caa3/LD.  The
PDR will revert to Caa3 in approximately three days. The rating
outlook is negative.

The reduction of the debt of approximately 10% per Moody's
estimate does not materially alter the credit profile reflected in
Autocam's Caa3 CFR.  The company's cash flow generation remains
weak and leverage remains high despite the positive effect of the
debt reduction and the cash infusion by its equity holders as a
result of the restructuring.  The current rating reflects Moody's
continued concern on the company's weak operating performance
which has been impacted by reduced automotive production levels in
North American and Western Europe, as well as operational
difficulties at Autocam's French subsidiaries, among other
factors.

In Moody's opinion, the operating environment for automotive
supplier will remain challenged and Autocam's will likely persist,
offsetting the benefit from the restructuring.

The negative outlook continues to reflect the company's limited
prospect of near-term improvement in the operating performance in
light of a prolonged challenging operating environment for auto
suppliers which will continue for the next 12-18 months.  The
outlook also contemplates the company's weak liquidity position in
spite of the enhancement due to the cash infusion.

The rating action is as follows:

Autocam Corporation

-- Corporate Family Rating: affirmed at Caa3
-- Probability of Default Rating: changed to Caa3/LD from Caa3
-- US denominated first lien term loan affirmed at Caa2
    (LGD-3, 39%)

-- US denominated first lien revolving credit facility affirmed
    at Caa2 (LGD-3, 39%)

-- Outlook, negative

Autocam Corporation France SARL

-- Euro denominated first lien revolving credit facility
    affirmed at Caa2 (LGD-3, 39%)

Moody's last rating action was on August 15, 2008 when Autocam's
CFR was downgraded to Caa3 from B3 with negative outlook.

Autocam Corporation, headquartered in Kentwood, Michigan, is a
manufacturer of extremely close tolerance precision-machined,
metal alloy components, sub-assemblies, primarily for performance
and safety critical automotive applications.  Revenues in 2007
were approximately US$387 million from operations in North
America, Europe, Brazil and China.


BANCO BRADESCO: Agora to Remain Independent After Purchase
----------------------------------------------------------
Banco Bradesco SA anticipates minimal time to incorporate its
recent purchase of local brokerage Agora Corretora as it maintains
the brokerage's independence,
Bradesco Vice President Jose Luiz Acar Pedro told Business News
Americas.  Mr. Acar heads the bank's investment banking unit BBI,
under which Agora will be a subsidiary.

"We intend to keep Agora independent in order to take advantage of
their main strengths and assets," he said.

According to BNAmericas, earlier this month, Brazil's central bank
approved the sale which transferred BBI shares worth close to 8%
of its total capital to Agora shareholders.  Bradesco shareholders
meanwhile were set to approve the deal worth an estimated BRL830
million (US$461 million) last week, the report says.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

According to Bloomberg data, Banco Bradesco S.A. continues to
carry Moody's "Ba2" long-term foreign bank deposits and "B-" bank
financial strength rating with a stable outlook.


BANCO NACIONAL: Not Shaken by Drop in Iron Ore Prices
-----------------------------------------------------
Luciano Coutinho, president of Banco Nacional de Desenvolvimento
Economico e Social SA or BNDES, said that the bank isn't worrying
about falling prices of iron ore and other commodities, Claudio
Mendonca of Business News Americas reported Thursday, Sept. 18,
2008.

According to the report, Mr. Coutinho said in a press conference
in Rio that he believes prices will bounce back as Asia's
voracious consumption of minerals will remain high.  He added that
"[c]ommodity prices have a level of sustainability" owing to
developing economies, BNAmericas relates.

The report says Mr. Coutinho expects Asian economies to be in a
condition to maintain the level of commodity prices despite an
expected decrease in annual economic growth to 9.5% from 12%.  He
said that "China will continue to be the top buyer of Brazilian
commodities."

As a main financier of Brazilian industry, BNDES funded the
metallurgical industry with BRL1.87 billion (US$997 million) in
January-August 2008, the equivalent to 4% of all industrial
disbursements, BNAmericas reports.  Also through August, the bank
approved loans of BRL2.62 billion for the metallurgical sector,
while approvals totaled BRL3.49 billion in the last 12 months.

The mining sector, which for BNDES includes petroleum extraction,
received BRL1.79 billion in the first eight months and was
approved for a total BRL10.6 billion in the same period.

                      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.


CIA. SIDERURGICA: To Sell Namisa Mine by October, Analyst Says
--------------------------------------------------------------
SLW Corretora Analyst Pedro Galdi has predicted that the sale of
Companhia Siderurgica Nacional S.A.'s iron ore unit Nacional
Minerios SA, a.k.a. Namisa, is likely to occur by the end of
October, Claudio Mendonca at Business News Americas reports.

According to BNamericas, CSN disclosed earlier this year that it
planned to sell all or part of Namisa, and then confirmed in
August that the idea is to sell 40-50%.  The analyst said the
market is pricing Namisa at US$5 billion to US$10 billion but he
believed the transaction faces a number of different potential
outcomes, BNamericas notes.

Mr. Galdi, as cited by BNamericas, stressed that CSN could either
sell Namisa in its entirety or partially, adding that if CSN sells
only a stake, its logistics system could be included in the
transaction as well.

Another possibility, the analyst forecasted, is for CSN to
negotiate part of Namisa and include an amount of iron ore from
its Casa de Pedra mine that does not form part of Namisa,
BNamericas says.

The analyst said everything is still under negotiation, BNamericas
adds.

BNamericas states that Mr. Galdi, who believes there are two or
three potential buyers, explained it does not appear that
potential buyers are going to partner with CSN.

As reported in the Troubled Company Reporter-Latin America on
Aug. 26, 2008, CSN sought to sell Namisa to help raise cash to
expand its larger iron-ore unit, Casa de Pedra, which started
exporting in 2007.  Namisa has a goal to sell 40 million metric
tons per year of iron ore from its own mines and third parties
by 2011.

However, according to Mr. Galdi, CSN, for a number of years, was
not profiting from its Casa de Pedra mine because of a legal
dispute with Brazilian miner Vale, a former CSN stakeholder.  At
the time, Vale had exclusive rights on the sale of Casa de Pedra
iron ore.  Eventually, antitrust regulator Cade favored CSN in the
Casa de Pedra case against Vale.  As a result, the CSN regained
control of the mine.  Now in full control of Casa de Pedra, CSN
wants to cash in on the sale of Namisa, the report notes.

               About Companhia Siderurgica Nacional

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets, tin
mill products and tinplate.  The company also runs its own iron
ore, manganese, limestone and dolomite mines and has strategic
investments in railroad companies and power supply projects.
The group also operates in Brazil, Portugal, and the U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


COSAN SA: Grants Capital Stock Increase to BRL880 Million
---------------------------------------------------------
Cosan Industria e Comercio has approved an increase of
BRL880 million in the company's capital stock, from
BRL2.93 billion to BRL3.81 billion, Noticias Financieras reports.

According to the report, Cosan will issue 55 million common
shares, which correspond to 20.18% of the total number of shares.

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.


COSAN SA: Moody's Downgrades Ratings to Ba3 With Negative Outlook
-----------------------------------------------------------------
Moody's downgraded Cosan SA's ratings to Ba3 from Ba2 on the
global scale, and at the same time downgraded Cosan's Brazilian
national scale rating to A3.br from A1.br.  The downgrade
concludes the review for possible downgrade initiated on April 25,
2008, after the announcement that Cosan had entered into a share
purchase agreement with ExxonMobil International Holdings B.V. to
acquire ExxonMobil's fuel distribution and lubricant assets in
Brazil (Esso).  The outlook for all ratings is negative.

"The rating action reflects Cosan's higher leverage, weaker
operating margins and negative free cash flow, which resulted from
a combination of adverse market conditions over the past quarters
and the expected use of liquidity for the Esso acquisition,
together with an ambitious capital expenditure program for the
next few years", said Moody's Vice-President Senior Analyst,
Soummo Mukherjee.  "The negative outlook reflects Cosan's higher
leverage combined with an ambitious growth strategy that will
likely lead to substantial negative free cash flow for the next
two years, and incorporates the potential integration challenges
and uncertainties in Cosan's financial results following the
acquisition of Esso," he added.

Cosan's Ba3 local currency corporate family rating reflects its
dominant market position as the largest producer of sugar and
ethanol in Brazil and leading positions in the sugar and ethanol
markets, as well as its solid track record in integrating past
acquisitions.  It further reflects the company's more integrated
operating platform following the Esso acquisition and Cosan's
corporate governance, transparency and financial disclosure
standards, when compared to most other rated Brazilian Natural
Food processors.  The Ba3 rating also reflects the susceptibility
of Cosan's earnings and cash flow to sugar prices and foreign
exchange variations, as well as to weather conditions.  Adverse
weather conditions may reduce the amount of sugarcane the company
can cultivate or produce and affect the sucrose content of the
sugarcane.  Moody's recognize, however, that the Esso acquisition
will bring more stability to Cosan's operating margins and cash
flow generation, although also lower overall margins.

While the Ba3 global scale rating reflects the global default and
loss expectation of Cosan or its debts, the A3.br national scale
rating reflects the standing of its credit quality relative to
other domestic issuers or debt issuances.

Cosan is undergoing an ambitious investment program over the next
few years to prepare the company to become a larger, more
integrated long-term player in sugar, ethanol and electricity
sales, through its cogeneration plants, and in fuel distribution,
through the Esso acquisition.  As part of the expansion program
the company expects to increase its sugarcane crushing capacity to
over 60 million tons from its current 40 million through
greenfield and brownfield projects, in which Cosan could invest
around BRL2.5 billion over the next four years.

With the goal of reducing logistics costs, Cosan has entered into
a joint-venture with Copersucar and Crystalsev, to form Uniduto,
to develop an ethanol pipeline linking its port terminal with the
cities of Paulinia, Conchas and Ribeirao Preto.  Since the
creation of this project, other companies have joined the joint-
venture.  Estimated total capex is BRL1.64 billion to be divided
to be divided proportionally according to each shareholder's
participation.

With the expectation of increased capacity, the company sees
potential to produce over 1,300 MW of electricity, after
investments of around BRL2 billion.  The company expects to obtain
BNDES financing to fund 80 to 85% of this cogeneration project.

Cosan's capital expenditure plans could improve the company's
credit profile in the long-term.  However, in the near to medium-
term, Cosan will be dependent on external debt or equity financing
for its investments over the next few years and the resulting
significant negative free cash flow.

In Moody's view, without considering its negative free cash flow,
Cosan does not face significant refinancing risk, due to its
comfortable debt maturity profile.  The cash and cash equivalents
of BRL634 million comfortably covers Cosan's upcoming maturities
in the next twelve months.  However, liquidity could weaken if the
company uses cash at Cosan S.A. for the Esso acquisition or is
unable to raise additional financing or enter into strategic
partnerships for its high capital expenditure program.

After the deal's expected closing date in December 2008, Cosan
will pay US$826 million for the Esso acquisition.  The total
acquisition price including assumed debt and net of related-party
receivables is US$954 million.  On September 19, the company
announced a private subscription of Cosan's shares to allow a
capitalization of BRL880 million from Cosan's controlling company,
Cosan Limited.  Additionally, Cosan will also offer a warrants
issue that would subscribe an additional 0.6 share of Cosan S.A.
at a price of BRL16 per share until December 2009, which, together
with the BRL880 million from Cosan Limited, could potentially fund
the Esso acquisition.  An alternate source of liquidity to fund
the Esso acquisition could come from a US$500 million stand-by
credit facility that Cosan has secured.

The negative outlook is based on Cosan's higher leverage (Net Debt
to EBITDA of 6.1 times for LTM July08 vs. 2.2 times LTM July07 and
3.8 times for FY 2008, all ratios on a reported basis) combined
with an ambitious growth strategy that will demand high capex and
lead to continued and potentially more negative free cash flow
generation than observed in the past few years.  The negative
outlook also incorporates the potential integration challenges and
uncertainties in Cosan's financial results following the Esso
acquisition.

Cosan's Ba3 rating outlook could stabilize if the company is able
to fund the Esso acquisition with equity and posts at least two
quarters of stable operating results post the closing of the Esso
acquisition.

Conversely, Cosan's rating would likely be downgraded if the
company were to face operating or liquidity concerns following the
Esso acquisition or if there were signs that due to the company's
ambitious growth plan management became overstretched and
performed worse than peers.  Quantitatively, Cosan's ratings would
likely be downgraded if Debt/EBITDA is above 5.5 times pro-forma
the Esso acquisition or if CFO/Debt is negative for more than two
consecutive quarters (excluding Pesa debt, but adjusting EBITDA
and Debt according to Moody's standard definitions and analytic
adjustments).

Ratings downgraded:

   -- Corporate Family Rating: to Ba3/A3.br from Ba2/A1.br;

   -- US$36 million Senior Unsecured Notes due October 2009: to
      Ba3 from Ba2;

   -- US$450 million Perpetual Senior Unsecured Notes: to Ba3 from
      Ba2; and

   -- US$400million Senior Unsecured Notes due 2017: to Ba3 from
      Ba2

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 tons of sugarcane, the
group represents 12% of overall production in the mid-southern
region of the country.  The company is diversifying into fuel
distribution in Brazil, with the acquisition of Exxon's fuel
distribution assets in the country (6% market share and 1,500 gas
stations).


GENERAL MOTORS: Diminishing Liquidity Cues Fitch to Junk IDR
------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of General
Motors by one notch to 'CCC' from 'B-', due to diminishing
liquidity and lack of access to capital.  In Fitch's previous
downgrade, Fitch stated that diminished capacity to refinance
short-term maturities, or Fitch projections that GM would drop
below US$15 billion in cash could be cause for further downgrades.

Fitch believes that GM would reach minimum required levels of
available liquidity within the next 12 months without access to
external capital.  Contributing factors include weakening overseas
results and the impact of the credit crisis on GM and GMAC's
ability to finance retail sales.  Continuing operating losses,
restructuring costs and supplier issues will continue to drain
cash at least through 2009, and Fitch expects that General Motors
could reach minimum required levels of cash within the next 12
months without additional capital.

External sources of capital for GM remain limited, indicating that
liquidity drains will accelerate through year-end 2008.  Although
GM's overseas operations remain profitable and growing, the state
of the capital markets and the automotive industry severely limit
the amount of capital that can be raised against these holdings.  
Fitch also believes that General Motors will also seek additional
cooperation from the UAW in altering the financing structure and
timing of the VEBA trust.  Fitch believes that this is likely due
to the fact that in all scenarios, the UAW's interests are best
served by keeping General Motors out of bankruptcy.

Fitch believes that the ability of GM to obtain federal financing
over the near term is highly probable, although the amount, terms,
structure and timing remain uncertain.  Fitch's rating action
incorporates this expectation, indicating that approval of a
federal loan guarantee program is not expected to result in a
rating change.  In all, Fitch believes that GM will be challenged
to raise financing in an amount that exceeds US$10 billion, and
will
therefore be unable to offset expected liquidity drains over the
next 12 months.

Although General Motors continues to make dramatic reductions in
its cost structure, this progress has not been able to keep pace
with the decline in revenues and has led to accelerated operating
losses. Fitch expects that losses from operations will extend into
2010, as GM attempts to complete the restructuring of its labor
force, manufacturing footprint and product lineup.  With the rapid
migration of the market to more fuel-efficient vehicles, GM's
product lineup will remain misaligned with market demand over the
near term.  International operations continue to add strength to
GM's credit profile, although market weakness in Europe and China
are expected to moderate recent operating results.

In 2010, the industry could benefit from a rebound in economic
conditions and a cyclical trough in industry sales.  In
particular, sales of pickup trucks, where the U.S. manufacturers
continue to dominate the market and reap healthy contribution
margins, could benefit from any improvement in the housing market,
although pickup truck sales are not expected to reach previous
levels.  GM will also benefit from the terms of the UAW health
care agreement in 2010, and more fully realize the fixed-cost
improvements currently being implemented.  

The recent drop in fuel and other commodity prices will also
benefit margins over the near term.  However, the company's debt
load, and the associated financing costs, will continue to
escalate, and will represent a material claim on cash flows going
forward, even as GM's earning capacity diminishes.  Even in the
event of longer term stabilization in negative cash flows, GM is
not expected to be in a position to reduce its debt load over the
near term, a debt load that is expected to exceed US$50 billion.

Fitch also remains concerned about the state of the asset-backed
securitization market.  In a period of deteriorating performance,
a weakening consumer, and highly uncertain capital markets, any
limitation on the ability of domestic manufacturers to
economically access this market and/or offer competitive retail
financing could serve to further ratchet down sales and production
volumes, as did the pullback in leasing activity.

Fitch downgraded these:

General Motors
-- IDR to 'CCC' from 'B-';
-- Senior Secured to 'B/RR1' from 'BB-/RR1'
-- Senior unsecured debt to 'CCC-/RR5' from 'CCC+/RR5'.

General Motors of Canada
-- IDR to 'CCC' from 'B-';
-- Senior unsecured debt to 'CCC-/RR5' from 'CCC+/RR5'.

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.



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

AIR ASIA AERO: Deadline for Proof of Claim Filing Is Oct. 1
-----------------------------------------------------------
Air Asia Aero Technology Ltd.'s creditors have until Oct. 1, 2008,
to prove their claims to Geoffrey Varga, 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.

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

The liquidator can be reached at:

               Geoffrey Varga
               c/o Kinetic Partners Cayman LLP
               P.O. Box 10387 APO
               Harbour Center, Grand Cayman
               Cayman Islands

Contact for inquiries:

               Camele Burke
               Tel: (345) 623-9904
               Fax: (345) 623-0007


AFFINITY CAPITAL: Sets Final Shareholders Meeting for Oct. 1
------------------------------------------------------------
Affinity Capital Australia Fund will hold its final shareholders
meeting on Oct. 1, 2008, at 10:00 a.m., at the offices of
Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, 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.

Affinity Capital's shareholders agreed on July 3, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Stuart K. Sybersma and Ian A.N. Wight
                Attn: Jessica Turnbull
                c/o Deloitte
                P.O. Box 1787GT
                Grand Cayman, Cayman Islands
                Telephone: (345)949-7500
                Fax: (345)949-8258


ASM HOLDINGS: Will Hold Final Shareholders Meeting on Oct. 1
------------------------------------------------------------
ASM Holdings Ltd. will hold its final shareholders meeting on
Oct. 1, 2008, at 10:00 a.m., at the offices of Deloitte, Fourth
Floor, Citrus Grove, P.O. Box 1787, 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.

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

The liquidator can be reached at:

               Jonathan Calley
               c/o Apex Silver Mines Corporation
               1700 Lincoln Street, Suite 3050
               Denver, Colorado 80203 USA


CARRERA LTD: Holding Final Shareholders Meeting on Oct. 1
---------------------------------------------------------
Carrera Ltd. will hold its final shareholders meeting on Oct. 1,
2008, at 10:00 a.m., at 33 Gilliam Lane, Riverside, Connecticut,
USA.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

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


CORDILLERAS SILVER: Final Shareholders Meeting Is on Oct. 1
-----------------------------------------------------------
Cordilleras Silver Mines (Cayman) LDC will hold its final
shareholders meeting on Oct. 1, 2008, at 10:00 a.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
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.

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

The liquidator can be reached at:

               Jonathan Calley
               c/o Apex Silver Mines Corporation
               1700 Lincoln Street, Suite 3050
               Denver, Colorado 80203 USA


IXIS REAL ESTATE: Holds Final Shareholders Meeting on Oct. 1
------------------------------------------------------------
Ixis Real Estate Capital INC NIM 2005-HE1N will hold its final
shareholders meeting on Oct. 1, 2008, at 9:30 a.m., at the offices
of Wilmington Trust (Cayman) Ltd., 4th Floor, Century Yard,
Cricket Square, Elgin Avenue, Grand Cayman, Cayman Islands.

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

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

The liquidator can be reached at:

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


MAEDEC SUPPLY: Surging Costs Prompt Closure of One Restaurant
-------------------------------------------------------------
Maedac Supply Company Ltd has closed one of its three restaurants,
Maedac Cafe at the Mirco Centre, amid rising prices of fuel,
electricity and flour, among other things, Trent Jacobs writes for
Cayman Net News.

Maedac Supply Manager Morgan DaCosta told Cayman Net News the food
and beverage service industry is facing tough times and so are his
customers.  Mr. DaCosta noted that while he only speaks for his
establishment, he is sure that there are many others in the
business suffering from the same surging costs.

Cayman Net News relates that the current financial market crisis
in the U.S. has somehow affected Cayman as the weakening of US
dollar against foreign currencies also weakens the Cayman Islands
dollar hurting the country's industries including the restaurant
trade.  According to the news agency, several local eateries are
now either up for sale, have changed ownership or have recently
gone belly up.

Meanwhile, Cayman Net News says Leader of Government Business Hon
Kurt Tibbetts, indicated that Cayman’s financial industry is quite
sound.  Mr.  Tibbetts said
there could be a tightening of credit standards worldwide and an
increase in regulations concerning the amount of credit offered to
businesses and individuals, however, "first and foremost, it is
important to say that all our consultations indicate that there
will not be an impact on the viability of any of our local retail
banks in the Cayman Islands."

Mr. Tibbetts continued: "The Government is in the process of
convening meetings, with appropriate individuals in the financial-
services sector, to determine whether any further actions need to
be taken in the Cayman Islands to mitigate the turbulence in the
world’s financial markets."


SI INVESTMENTS: To Hold Final Shareholders Meeting on Oct. 1
------------------------------------------------------------
SI Investments Ltd. will hold its final shareholders meeting on
Oct. 1, 2008, at St. Mary's Court, 20 Hill Street, Douglas, Isle
of Man, British Isles.

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

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

The liquidators can be reached at:

               Jayne Sutcliffe and David McMahon
               c/o Maples and Calder
               P.O. Box 309
               George Town, Grand Cayman
               Cayman Islands
               Telephone: (345)949-8066
               Fax: (345)949-8080


SILEX LIMITED: Holding Final Shareholders Meeting on Oct. 1
-----------------------------------------------------------
Silex Ltd. will hold its final shareholders meeting on Oct. 1,
2008, at 10:00 a.m., at the offices of Walkers, Walker House, 87
Mary Street, George Town, Grand Cayman KY1-9002, 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.

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

The liquidator can be reached at:

               Jonathan Calley
               c/o Apex Silver Mines Corporation
               1700 Lincoln Street, Suite 3050
               Denver, Colorado 80203 USA



=========
C H I L E
=========

GLOBAL CROSSING: Names John Kritzmacher as Chief Financial Officer
------------------------------------------------------------------
Global Crossing Ltd. has appointed former Lucent Technologies CFO
and current senior Alcatel-Lucent executive John Kritzmacher to
the role of executive vice president and chief financial officer.

"We are pleased to welcome John to Global Crossing," said Global
Crossing's chief executive officer, John Legere.  "John's unique
combination of financial and telecommunications expertise, global
perspective and experience in dynamic organizations brings real
value for our customers, shareholders and employees."

As chief financial officer at Lucent Technologies, Mr. Kritzmacher
managed all traditional financial functions, including strategic
financial planning, M&A, financial performance management,
treasury, tax, internal audit and investor relations.  Before
becoming CFO, he rose through a variety of positions with
increasing responsibility during his 10 years at the company,
including senior vice president and corporate controller, and vice
president of planning and business analysis.

After playing a senior role in the planning and execution of
Lucent's merger with Alcatel, Mr. Kritzmacher became chief
operating officer of the Services Business Group at Alcatel-
Lucent, a business with approximately US$5 billion in annual
revenues.  While there, he transformed a diverse suite of existing
Alcatel and Lucent service functions into a unified global
services organization.

Earlier in his career, Mr. Kritzmacher advanced rapidly through a
series of roles at Lucent's predecessor, AT&T Network Systems.

He earned a BA degree in mathematics and economics at Dartmouth
College, and went on to earn an MBA in accounting at New York
University Stern School of Business.

Mr. Kritzmacher succeeds Jean Mandeville, who served as chief
financial officer of Global Crossing since 2004.  Jean announced
his intention to leave Global Crossing in May 2008; since then, he
has remained with the company to complete a smooth transition. Mr.
Kritzmacher begins his new role on Oct. 1, 2008, immediately
following the Sept. 30, 2008 effective date of Mandeville's
resignation.

                      About Global Crossing

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.


NORSKE SKOG: Lower Liquidity Concerns Cue S&P to Hold BB- Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term corporate credit rating on Norway-based forest product
company Norske Skogindustrier ASA (Norske Skog).  The 'B' short-
term corporate credit rating was affirmed.  S&P removed the long-
term rating from CreditWatch where it was originally placed with
negative implications on April 21, 2008.  The outlook is negative.
     
"The rating affirmation reflects our reduced concerns regarding
Norske Skog's liquidity, following significant asset disposals in
2008, the largest being the sale of its Korean subsidiary," said
S&P's credit analyst Jacob Zachrison.  "This has lowered the risks
of a covenant breach and provided the group with a cash position
allowing Norske Skog to meet near-term debt maturities."  The
disposals have also had a positive effect on credit measures,
following the increase in liquid funds.
     
"The negative outlook reflects Norske Skog's current
underperformance compared with financial requirements for the
rating," said Mr. Zachrison.  "It also remains uncertain to what
extent capacity closures can mitigate the negative effects on the
global supply/demand balance and ultimately on pricing momentum in
a weaker economic environment."
     
Norske Skog's business prospects remain challenging, with
continued input-cost pressure and worsening prospects for medium-
term demand and pricing.
     
Norske Skog's performance in the first half of 2008 was weak, as
expected, but the company managed to contain shrinkage in its
covenant headroom, which S&P views as positive.  The adjusted
EBITDA margin weakened for the 12 months ended June 30, 2008, to
about 10.6% from more than 17% in the corresponding period of
2007.  S&P expects the company's profitability to recover somewhat
in the second half of 2008, however, on the back of good pricing
development in the Asian newsprint markets and European magazine
paper markets.
     
The European newsprint sector, although positively affected by
the recent strengthening of the U.S. dollar, could see additional
pressure from U.K. capacity additions, albeit balanced by recent
capacity cuts announced by UPM-Kymmene Corp. (BBB-/Negative/A-3).
Pressure could also come from an accelerated shift in advertising
spending to electronic media.  Importantly, demand is softening,
and with a bleak European economic outlook, 2009 could see an
accelerated decrease in volumes.

Norske Skogindustrier ASA -- http://www.norskeskog.com/--    
produces and supplies paper and related products to the concerned
industry.  The company's products are used to make newspapers,
telephone directories, inserts, flyers, magazines, catalogs, and
books.  Its operations are carried out through three segments:
Newsprint, Magazine Paper and Other.  The Newsprint segment
produces news papers, free sheets, telephone directories,
catalogues and supplements.  The Magazine Paper segment produces
uncoated super calendared (SC) and coated lightweight coated (LWC)
paper for magazines, catalogues and advertising material.  Other
activity includes the sale of wood and energy to external parties.  
Its product lines include newsprint brand Nornews; directory paper
brands Bio Bio and Tasman; improved newsprint brands Norbright,
Norstar, and NorX; and book paper brand Norbook. Norske Skog,
which incorporates recycled paper into some products, operates
about 20 paper mills worldwide.   It has paper mills in Chile and
Brazil.



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

GRAN TIERRA: Reports Development Plan for Costayaco Field
---------------------------------------------------------
Gran Tierra Energy Inc. has provided details on it's conceptual
development plan for the Costayaco field in Colombia.  Test
results from the recently drilled Costayaco-5 delineation well
suggest new oil reserves encountered by the well will require
increasing the scale of the full field development, in addition to
the reservoir productivity confirmed by the recently tested
development well, Costayaco-4.

The Costayaco field is located in the Chaza Block in the Putumayo
Basin, where Gran Tierra Energy has a 50% working interest and is
the operator, with Solana Resources holding the remaining 50%
working interest.  Gran Tierra Energy announced on July 29, 2008
that the two companies have entered into a definitive agreement
providing for the business combination
of Gran Tierra Energy Inc. and Solana Resources Limited.  The
proposed transaction is subject to regulatory, stock exchange,
court and shareholder approvals.

                       Costayaco-4 Testing

Costayaco-4 is a new deviated well drilled from the Costayaco-2
surface location near the crest of the Costayaco field to a total
measured depth of 8,884 feet (true vertical depth of 8,616 feet).  
The bottom-hole location is approximately 1,775 feet northeast of
the surface location.  Approximately 77 feet of core was cut in
the Caballos and Villeta T reservoirs during drilling for
reservoir engineering studies.

Gran Tierra Energy conducted a combination of drill stem testing,
flow testing and production testing in the two major reservoir
sequences, the Caballos Formation and the Villeta T Sandstone.  
The Caballos Formation was perforated in the intervals 8,610 to
8,652 feet, 8,660 to 8,668 feet, 8,675 to 8,686 feet and 8,694 to
8,728 feet.  The company obtained a
stabilized gross production rate of 3,042 barrels of oil per day
(BOPD) of 29.9 degree API gravity oil with 0.8% watercut with a
jet pump.  The Villeta T Sandstone was perforated in the intervals
8,463 to 8,472 feet and 8,475 to 8,514 feet.  The company obtained
a stabilized gross production rate from natural flow of 1,401 BOPD
of 30.1 degree API gravity oil with 1.8% watercut through a 92/64
inch choke.

                       Costayaco-5 Testing

Costayaco-5 is a new vertical delineation well drilled to a total
measured depth of 8,703 feet on the west flank of the Costayaco
field approximately 3,450 feet northwest of Costayaco-1.  Gran
Tierra Energy conducted a combination of drill stem testing and
production testing on the two major reservoir sequences, the
Caballos Formation and the Villeta T Sandstone.  
The Middle Caballos Formation was perforated in the intervals
8,519 to 8,544 feet and produced 535 barrels of water per day
(BWPD).  The Upper Caballos Formation was perforated in the
intervals 8,480 to 8,498 feet and 8,502 to 8,504 feet, and
produced 20 BOPD with 26.9 degree API gravity and 5% watercut.

The Lower Villeta T reservoir was perforated in the intervals
8,376 to 8,381 feet, 8,384 to 8,388 feet and 8,390 to 8,396 feet.  
The zones produced 600 BWPD with a trace of oil.  The Upper
Villeta T reservoir was perforated in the intervals 8,336 to 8,348
feet and 8,350 to 8,360 feet.  These zones produced a gross 1,152
BOPD with 29.5 degree API gravity and 1.2% water cut with a jet
pump. These results are the first identification of the water leg
in the Villeta T reservoirs in the Costayaco Field.  The depth of
the oil-water contact is poorly defined but is interpreted to be
located at approximately 8,375 feet (-7,090 feet sub-sea).

The recently reported Costayaco mid-year reserve update did not
incorporate potential oil at the Costayaco-5 location as this well
was drilled outside the control provided by previously drilled
Costayaco wells.  In addition, the reservoirs were encountered
approximately 80 feet shallower than prognosis, suggesting the
west flank of the Costayaco field is shallower and encompasses a
broader area with more reserve potential than previously mapped.

           Costayaco Field Conceptual Development Plan

The positive well test results at Costayaco-5 further extends the
field's western boundary and is expected to add proved, probable,
and possible reserves to the Costayaco Field.  The recent mid-year
Costayaco reserves update reported proved, proved plus probable,
and proved plus probable plus possible gross reserves of 20.54
million barrels of oil (MMBO), 34.91
MMBO and 61.38 MMBO respectively, excluding any new reserve
potential associated with Costayaco-5 results.

The base case conceptual field development prepared prior to
drilling of Costayaco-5 included 50 MMBO of gross reserves for the
Costayaco Field with a plateau production rate of 35,000 BOPD
gross beginning in the first quarter of 2010.  For full field
development of this case, approximately fifteen oil producer and
five water injector wells would be required, in addition to a new
pipeline from Uchupayaco to Orito stations and
associated facilities.  With the new additional reserve potential,
the option to increase the plateau rate with additional drilling
and infrastructure upgrades is being evaluated.

Gran Tierra Energy is in the process of updating the Costayaco
Development Plan with the latest data from the Costayaco-5
delineation well.  The company will submit a revised Costayaco
Development Plan, with all data available at the time, to the
National Hydrocarbon Agency for approval in March 2009.

                       Additional Drilling

The drilling of Costayaco-6 and Costayaco-7 remain on the 2008
drilling program, with a continuous delineation and development
drilling campaign in the Costayaco field continuing through 2009.  
The details of the 2009 program will be finalized in the fourth
quarter of 2008.

                         Infrastructure

An 8 inch, 10 kilometer pipeline from the Costayaco field to the
Uchupayaco Station on the existing pipeline system was completed
on July 29, 2008 and is currently transporting approximately 9,000
barrels of oil per day.  This new pipeline has capacity of 25,000
BOPD.  Initial throughput will be constrained due to facility
capacity limitations further downstream in the existing pipeline
system.  Gran Tierra Energy is developing options to increase
production utilizing trucks to by-pass infrastructure constraints
and expects gross Costayaco field production to
rise to approximately 15,000 BOPD by year-end 2008.  Additional
production growth in 2009 will occur as a result of increased
trucking utilization.  In addition, production capacity in new
development wells will grow while the new Uchupayaco to Orito
pipeline infrastructure is built.

Commenting on the drilling and testing progress, Dana Coffield,
President and Chief Executive Officer of Gran Tierra Energy Inc.,
stated, "These are outstanding results from Costayaco-5.  The
successful testing of oil from this well should add to the total
reserve potential of the Costayaco field, which has already grown
significantly in size as delineation drilling has shown in the
first half of 2008.  With new reservoir information and additional
reserve additions being identified, Gran Tierra
Energy is making significant progress in developing a full field
development plan and defining associated infrastructure
requirements."

                     About Gran Tierra Energy

Headquartered in Calgary, Alberta, Canada, Gran Tierra Energy
Inc. (OTC BB: GTRE.OB) -- http://www.grantierra.com/-- is an   
international oil and gas exploration and production company,
incorporated and traded in the United States and operating in
South America.  The company holds interests in producing and
prospective properties in Argentina, Colombia and Peru.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$112.79 million, total long term liabilities of
US$36 million and total shareholders' equity of
US$76.79 million.

                   Successive Net Losses

As reported in the Troubled Company Reporter on Jan. 4, 2008,
the company disclosed in the regulatory filing that it "has a
history of net losses."  The company said it expects to incur
substantial expenditures to further its capital investment
programs and the company's existing cash balance and cash flow
from operating activities may not be sufficient to satisfy its
current obligations and meet its capital investment
commitments.

According to the company, its ability to continue as a going
concern is dependent upon obtaining the necessary financing to
acquire, explore and develop oil and natural gas interests and
generate profitable operations from its oil and natural gas
interests in the future.



==================
C O S T A  R I C A
==================

BANCO BAC: S&P's BB/B Ratings Reflect Dollarized Balance Sheet
--------------------------------------------------------------
Standard & Poor's Rating Services has affirmed its 'BB/B' foreign
currency and its 'BB+/B' local currency counterparty credit
ratings on Banco BAC San Jose S.A.  The outlook is stable.
     
The ratings on BAC San Jose reflect its dollarized balance sheet
and expanding lending activities in a small economy, the
challenges imposed by a market in which commercial public banks
have a 50% penetration, and a pressured capital ratio.  The
ratings are supported by good financial performance, low
delinquency levels, adequate liquidity, and the benefits from the
ownership by one of the most important financial institutions in
Central America, BAC International Bank Inc. (BBB/Stable/A-2).
     
Despite the loan portfolio's good performance, BAC San Jose is
highly exposed to foreign exchange movements because approximately
50% of its loan portfolio is dollar-denominated, and it is not all
related to net dollar generators.  Since the 2007 exchange regime
in Costa Rica is driving the economy toward free trade, there
might be an impact on results, with larger volatility especially
through treasury income.  S&P believes that despite this change of
regime, the country's operating dynamics and competition will
still provide impetus for credit in dollars.
     
Competition is strong, and comes mainly from public banks with
more than half of market share. Liquidity and funding are
satisfactory.  BAC San Jose's liquidity is supported by an ample
and stable deposit base that represents 75% of total liability.
The ratio of loans to deposit is slightly above 1.0, but S&P
expects it to return to below 1.0 as assets growth goes slower.
S&P also considers that the bank would be supported by British
Virgin Islands-based Credomatic International Corp. (BBB/Stable/A-
2).
     
Capitalization is adjusted even after a US$10 million capital
injection during the second quarter of 2008.  S&P expects capital
ratios to be pressured due to possible volatility of foreign
exchange income.
     
The group displays strong financial ratios across the board.
Thanks to tight risk management, nonperforming loan ratios have
been kept under control and stood below 1% on June 30, 2008.  When
considering charge offs, the restructured ratio reached a little
bit more than 1% by June 2008.  S&P expects profitability to be
stable, with return on assets close to 2.5% despite foreseeable
higher funding costs due to a liquidity squeeze on a global basis.  
Profitability is supported by BAC San Jose's business mix and
relatively low funding costs.  S&P expects competition from large
public banks and global banks to add pressure to interest margins.
     
The ownership of BAC International Bank Inc. and Credomatic
International Corp. (BBB/Stable/A-2) provides BAC San Jose with
access to a common brand and regional presence, increasing its
position in the growing retail sector in Costa Rica, mainly in
the high-end mortgage loans and credit cards segments.  This is a
definite competitive advantage, given the increasing and tougher
competition in Central America.  S&P expects BAC San Jose to
continue benefiting from its current ownership structure.
     
The stable outlook reflects BAC San Jose's commercial position in
Costa Rica and its adequate financial profile, which could support
it through probable inflation pressure.  If the bank's performance
deteriorates, especially liquidity, or if there is a negative
rating action on the sovereign ratings on the Republic of Costa
Rica, the rating on the bank could be pressured.

Costa Rica-based Banco BAC San Jose, created in 1968, is a wholly
owned unit of financial group Corporacion Tenedora BAC San Jose
aka Grupo Financiero BAC San Jose.



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

* ECUADOR: Eyes Oil Output to Boost 511,408 bpd by Next Year
------------------------------------------------------------
EFE News Services reports that the Ecuadorian government announced
an increase in national oil production to 511,408 barrels per day
during 2009, compared with the 499,596 bpd it expects to produce
this year.

Citing Mines and Petroleum Minister Galo Chiriboga, EFE News
relates that the jump in crude production, which will reach an
annual total of 186.7 million barrels in 2009, will be achieved
thanks to the investment made by state-owned Petroecuador and the
contribution of private companies operating in the country.

There will be a 2.3% increase in production compared with 2008,
and will be achieved by the recuperation of 90 oil wells that are
currently shut down and the drilling of another 59 wells, among
other measures, Mr. Chiriboga disclosed, as cited by EFE News.

Mr. Chiriboga added that production is expected to reach 565,000
bpd by 2010, EFE News states.

With regard to the outlook on the price of crude in 2009, the
minister said the decision was taken to cut production to
"stabilize prices," adding that there are two main factors that
bode well for price stability:

   -- Organization of Petroleum Exporting Countries's decision to
      reduce production and

   -- the oncoming Northern Hemisphere winter, which wil boost
      demand.

The price of crude next year is expected to reach an annual
average of US$123 per barrel in the case of West Texas
Intermediate, the benchmark for Ecuadorian oil, EFE News says,
citing Mr. Chiriboga, who based his remarks on OPEC studies.

                          *     *     *

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.



===========
G U Y A N A
===========

* GUYANA: To Fine Chinese Import/Export Sugar Firm for US$5 Mil.
----------------------------------------------------------------
The government of Guyana is planning to fine Chinese firm, China
National Technology Import and Export Corporation (CNTIC) for the
delay in the construction of Skeldon Sugar Factory, various
reports say.

Agriculture Minister Robert Persaud stated he will impose at least
a US$5 million fine against CNTIC, Kaieteur News and Trinidad &
Tobago Express relate.

CNTIC was contracted to build the US$181 million sugar factory but
there were problems in the construction and machinery,  Kaieteur
News reports.  CNTIC Site Representative, Andrew Jin said in a
press briefing that the sugar factory has problems with the punt
dumper, conveyor belt, shredder bearings and a "choking" concern
when fresh water is pumped to the diffuser, second evaporators and
third evaporators.

Guyana Sugar Corporation (GuySuCo) chief executive officer, Nick
Jackson, said that the problems being experienced at the Skeldon
Sugar Factory have been blown out of proportion, BBC Monitoring
and Kaieteur News report.  Mr. Jackson also said that sugar canes
have been promptly delivered as requested by CNTIC negating the
Chinese company's claim that it did not have adequate amount of
cane to run tests.

TFC Commodity Charts relahs that the Skeldon factory, built at a
cost of nearly US$110m dollars, will have a capacity of producing
more than 110,000 tonnes of sugar annually.



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

AIR JAMAICA: To Select New Chief Executive Officer on Oct. 1
------------------------------------------------------------
The Board of Directors at Air Jamaica will select a new chief
executive officer by Oct. 1, 2008, after Edward Weigel has turned
down the position, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on
Sept. 22, 2008, Air Jamaica's Board is considering selecting
another CEO after confirming to RJR News that Mr. Weigel, will not
take the post, Radio Jamaica reports.

Radio Jamaica quoted Chairperson, Shirley Williams as saying that
the airline is in talks with two foreigners as candidates for the
post.

Ms. Williams added that the new candidates are persons with years
of experience in the airline industry, the report says.

                        About Air Jamaica

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

                           *    *     *

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

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


JAMAICA PRODUCERS: Halts Export Production of Bananas
-----------------------------------------------------
Jamaica Producers Group Limited (JP) has ceased the production of
bananas for export to the United Kingdom following the
dilapidation of its banana farms by Tropical Storm Gustav, The
Jamaica Observer reports.  The move directly affects 460 employees
at Eastern Banana Estates (EBEL) in St Thomas.

The Group says it recently made significant investment in
rebuilding its banana farms after being destroyed by four strong
hurricanes, however, due to
the frequency of hurricanes that hit Jamaica, it won't re-invest
in export production of bananas anymore.  Prior to Gustav, JP's
banana plantation was ravaged by Hurricane Ivan in 2004,
Hurricanes Dennis and Emily in 2005 and Hurricane Dean in 2007.

The company, meanwhile, will continue to produce bananas for the
local market and banana based snacks for the local and
international markets.

The Observer relates that the damage to the banana sector is still
being assessed, but most of the losses will be absorbed by JP,
which controls over 80% of the industry.

According to The Observer, for the six months ended June 14, 2008,
JP's Banana Division, which is comprised of banana production and
sales in Jamaica and Honduras, plus the manufacturing and sale of
banana chips, recorded a loss of US$136.9 million, significantly
more than the US$15.7 million it lost last year. Revenues of
US$538.2 million over the period under review represented a 55%
decline, the report notes.

Headquartered in Kingston, Jamaica, Jamaica Producers Group
Limited -- http://www.jpjamaica.com/-- is engaged in juice and  
food manufacturing and distribution, the cultivation, marketing
and distribution of bananas locally and overseas, shipping and the
holding of investments.  The Company is organized into three
business segments: Banana Division, which comprises the growing,
sourcing, ripening, marketing and distribution of bananas, and the
operation of a shipping line that inter alia transports bananas to
the United Kingdom; Fresh & Processed Foods Division, which
comprises the production and marketing of fresh juices, drinks,
and other freshly prepared foods and tropical snacks, and
Corporate segment.  The Fresh & Processed Foods Division consists
of the Company’s prepared foods businesses in juice, smoothies,
desserts, soups and ready meals, chilled distribution and tropical
snack foods.



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

BLUE WATER: Court Approves US$1.6 Mil. Sale of Burlington Assets
----------------------------------------------------------------
Blue Water Automotive Systems Inc. and its debtor-affiliates
sought and obtained authority from the U.S. Bankruptcy Court for
the Eastern District of Michigan to sell certain equipment at
their Burlington, North Carolina plant to Central Carolina
Products, Inc., free and clear of liens for US$1,600,000.

The Debtors are directed to turn over the net proceeds of the
Burlington Sale to CIT Group/Equipment Financing Inc., at the
closing of the Sale.  CIT Equipment holds a first-priority lien
to the Equipment.

Nicole Y. Lamb-Hale, Esq., at Foley & Lardner LLP, in Detroit,
Michigan, says the Burlington Sale would allow the Debtors to
liquidate the value of the Equipment to apply the net proceeds
toward their secured debts.

Prior to the hearing on the request, Infor Global Solutions and
Michael P. Angelini, trustee of the Carlos Baranano Revocable
Trust, asked the Court to modify certain terms of the Burlington
Sale Order to accommodate their concerns.

Mr. Angelini raised its concerns regarding the need to monitor
the leasehold during the actual removal of the Equipment lest
fixtures not owned by the Debtors may be included in the removal.  
At Mr. Angelini's request, the Court directed the Debtors to
provide a written notice Mr. Angelini three days prior to the
scheduled removal of the Equipment from the Burlington Leasehold.  

Also, at Infor's request, the Court ruled that Central Carolina
will not use the Infor Software located at the Burlington Plant
without obtaining a license for use from Infor.  Otherwise,
Central Carolina will remove, return and destroy all copies of
the Infor Software from the purchased computers, with proofs of
the action delivered to Infor.

                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)


FLOWSERVE CORP: Expands Power Generation in Two Power Stations
--------------------------------------------------------------
Flowserve Corporation is expanding its presence in the Latin
America power generation industry by supplying pumps to Maire
Tecnimont Group (Italy), one of the major European Engineering
Contractors with a leading position in the regional market of
power generation.  The orders refer to two power stations located
in Chile: Bocamina II for Endesa, and Puerto Coronel for Colbun.

“These orders demonstrates Flowserve’s commitment to the Latin
America market, and reflects the strength of our pump offerings
for the global power industry,” said Tom Ferguson, Flowserve Pump
Division President.  “We are very pleased that the depth of our
product portfolio and the sales and service provided by our global
team enabled us to support this project.”

The order represents part of a drive in Chile to increase power
generation capacity dramatically in order to sustain economic
growth.  Both plants feature single reheat, coal-fired boilers and
will generate electricity for local domestic and industrial use.
Each plant has an output in excess of 350MW.

“Given the well known need for increased electric power across the
globe, Flowserve is well positioned to substantially grow its
power market installed base in the future,” said Lewis Kling,
Flowserve President and Chief Executive Officer.

With an installed global base of more than one million pumps, the
Flowserve Pump Division has sales offices, service centers and
manufacturing facilities throughout the world.  Flowserve’s Latin
American facilities can provide best-in-class service to the two
power stations to ensure a rapid delivery of pumps, parts and
technical support to minimize equipment or plant downtime.

The order was booked in a previous quarter in 2008.

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 55 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  The
company has subsidiaries in Argentina, Netherlands, China,
Mexico, France, Brazil and Japan, among others.

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
April 16, 2008, Fitch Ratings affirmed Flowserve Corp.'s Issuer
Default Rating and senior secured bank facilities at 'BB' and
revised the Rating Outlook to Positive from Stable.


KRISPY KREME: Posts US$1.9 Million Net Loss in Qtr. Ended August 3
------------------------------------------------------------------
Krispy Kreme Doughnuts, Inc., reported that for the second quarter
of fiscal 2009, ended August 3, 2008, it incurred a net loss
US$1.9 million, compared to a net loss of US$27.0 million in the
second quarter last year.  While a number of factors affected
results for the quarter compared to the second quarter of last
year, the largest single factor was that results for the second
quarter of last year included impairment charges and lease
termination costs of US$22.1 million.

Total revenues for the second quarter decreased 9.5% to
US$94.2 million compared to US$104.1 million in the second quarter
last year.  The decline in revenues reflects decreases in Company
Stores and KK Supply Chain revenues, partially offset by an
increase in Franchise revenues.  Company Stores revenues decreased
13.5% to US$65.1 million. Within this segment,
on-premises revenues fell 10.5% in total -- 4.1% on a same-store
basis -- and off-premises revenues fell 15.7% compared to the
second quarter last year.  KK Supply Chain revenues declined 5.1%
to US$22.5 million, and Franchise revenues rose 30.1% to US$6.6
million.

As of August 3, 2008, the company's consolidated balance sheet
reflected cash and debt of approximately US$33.2 million and
US$75.4 million.  The company's total assets reach US$208,617,000
while total shareholders' equity is US$63,719,000.

During the second quarter of fiscal 2009, 31 new Krispy Kreme
stores, comprised of five factory stores and 26 satellites, were
opened systemwide, and seven stores, comprised of five factory
stores and two satellites, were closed systemwide.  This brings
the total number of stores systemwide at quarter end to 494,
consisting of 286 factory stores and 208 satellites.  The net
increase of 24 stores in the quarter reflects a net increase of 29
international stores and a net decrease of five domestic stores.
All 31 new stores were opened by franchisees. Approximately 80% of
total stores are operated by franchisees, and over half are
located outside the United States.

Second quarter systemwide sales increased 3.9% from the second
quarter of last year. The growth in systemwide sales was entirely
attributable to growth in sales by international franchisees; the
domestic component of systemwide sales fell in the second quarter
compared to the second quarter last year, principally due to store
closures over the past 12 months.

"We are not satisfied with our financial results for the second
quarter," said Jim Morgan, Chairman, President and Chief Executive
Officer. "Some of the shortfall was due to external factors, but
we must move forward on implementing our key strategic initiatives
in order to achieve the positive long-term results we believe are
possible." Those initiatives are:

  * Building new small retail concept shops in select company
    markets to bring our signature doughnuts closer to consumers
    and to establish the economics of the domestic hub-and-spoke
    model;

  * Bringing intense focus to the basics of shop operations to
    improve both the consumer experience and our financial
    results;

  * Developing, testing and deploying new menu offerings to give
    consumers more reasons to visit Krispy Kreme;

  * Improving how we do business in the off-premises channel,
    which has particular revenue and cost pressures;

  * Building on our successes in international franchise
    development, to which we are devoting additional resources;

  * Enhancing franchisee operational support both domestically
    and internationally; and

  * Providing increased Supply Chain support to an increasingly
    global business and improving franchisee service levels and
    economics.

"A weakening economy, combined with rising fuel and agricultural
commodity prices adversely affected us in the quarter," Mr. Morgan
continued, "but it's our task to operate successfully no matter
the headwinds. Although our near term results may continue to be
uneven, we have talented and dedicated employees who are working
hard to implement the further improvements necessary for us to be
successful for the long term."

Many factors could adversely affect the company's business. In
particular, the company is vulnerable to further increases in the
cost of raw materials and fuel, which could adversely affect the
company's operating results and cash flows.  In addition, several
franchisees have been experiencing financial pressures which, in
certain instances, have become exacerbated in recent quarters.
Royalty revenues and most of KK Supply Chain revenues are directly
related to sales by franchise stores and, accordingly, the success
of franchisees' operations has a direct effect on the company's
revenues, results of operations and cash flows.

Systemwide sales, a non-GAAP financial measure, include sales by
both company and franchise stores. The company believes systemwide
sales data are useful in assessing the overall performance of the
Krispy Kreme brand and, ultimately, the performance of the
company. The company's consolidated financial statements include
sales by company stores, sales to franchisees by the KK Supply
Chain business segment and royalties and fees received from
franchisees, but exclude sales by franchise stores to their
customers.

The company has guaranteed certain loans and leases from third-
party financial institutions on behalf of Equity Method
Franchisees, primarily to assist the franchisees in obtaining
third-party financing.  The loans are collateralized by certain
assets of the franchisee, generally the Krispy Kreme store and
related equipment.  The company's contingent liabilities related
to these guarantees totaled US$13.3 million and US$17.5 million at
August 3 and February 3, 2008.  These guarantees require payment
from the company in the event of default on payment by the
respective debtor and, if the debtor defaults, the company may be
required to pay amounts outstanding under the related agreements
in addition to the principal amount guaranteed, including accrued
interest and related fees. At the time the guarantees were issued,
the company determined the fair value of the guarantees was
immaterial and, accordingly, no amount was reflected for the
liabilities in the consolidated balance sheet.

The aggregate recorded liability for loan and lease guarantees
totaled US$3.2 million as of August 3, 2008, and is included in
accrued liabilities in the accompanying consolidated balance
sheet.

One of the company's lenders had issued letters of credit on
behalf of the company totaling US$18.2 million at August 3, 2008,
the substantial majority of which secure the company's
reimbursement obligations to insurers under the company's self-
insurance arrangements.

A full-text copy of Krispy Kreme's Form 10-Q is available for free
at http://researcharchives.com/t/s?324c

                        About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.KrispyKreme.com/--
is a retailer and wholesaler of doughnuts.  The company's
principal business, which began in 1937, is owning and franchising
Krispy Kreme doughnut stores where over 20 varieties of doughnuts
are made, sold and distributed and where a broad array of coffees
and other beverages are offered.

As of August 3, 2008, there were 494 Krispy Kreme stores operated
systemwide in the United States, Australia, Canada, Hong Kong,
Indonesia, Japan, Kuwait, Mexico, the Philippines, Puerto Rico,
Qatar, Saudi Arabia, South Korea, the United Arab Emirates and the
United Kingdom, of which 100 were owned by the company and 394
were owned by franchisees. Of the 494 stores, 286 were factory
stores and 208 were satellites; 234 stores were located in the
United States and 260 were located in other countries.

                         *     *     *

Standard & Poor's placed Krispy Kreme Doughnuts Inc.'s long term
foreign and local issuer credit ratings at 'B-' in September 2007.  
The ratings still hold to date with a negative outlook.


SANLUIS CORPORACION: Fitch Cuts Foreign & Local Currency IDRs
-------------------------------------------------------------
Fitch Ratings has downgraded SANLUIS Corporacion, S.A. de C.V.
ratings as:

-- Foreign and local currency Issuer Default Rating to
    'CC' from 'B-';

-- Senior secured restructured credit facility rating to
    'CC/RR5' from 'B-/RR4';

-- Mandatory convertible notes and debenture notes ratings to
    'CC/RR6' from 'CCC+/RR5'.

The ratings remain on Rating Watch Negative.

The ratings of SANLUIS were placed on Rating Watch Negative on
June 16, 2008, reflecting the company's weak liquidity position
and the growing concern that cash-on-hand plus cash flow
generation throughout the year would not be sufficient to amortize
scheduled debt in 2008 assuming a downside case.  At that time,
the agency had expected that a continuing performance
deterioration in 2008 due to American Axle strike coupled with
further announcements of future production cuts by OEMs and change
in consumer preference would complicate the company's ability to
refinance its debt.  Management had expected 2008 full year EBITDA
to come in at around US$60 million versus last 12 months EBITDA at
the end of March of US$70 million and US$76.7 million at the end
of December 2007.  However, further deterioration has caused the
company to revise its full year EBITDA projections to between
US$40 million and US$45 million.

To address the deterioration in the company's cash flow
generation, SANLUIS began negotiating with its senior secured
lenders to reschedule all remaining amortization payments but not
the final maturity, which is likely to remain June 2010.  On Sept.
15, 2008, the company announced that it had entered into a 30 day
Standstill period with its lenders, which froze the September
amortization payment.  During the 30 day Standstill the company
expects to reach an agreement with its lenders to amend the
scheduled amortization payments in order to reduce cash flow
pressures and allow the company to weather the current difficult
market situation.

Fitch views the Standstill agreement as a positive sign that
SANLUIS lenders are willing to negotiate and that a final
agreement to be reached within the 30 day period is probable.  The
finalization of the rescheduling agreement would also be viewed as
a positive step in order for SANLUIS to remain a going concern and
to allow management to concentrate on addressing the changes in
its industry.  However, the much lower revised EBITDA expectation
for 2008, the probability of higher interest rate costs and
Fitch's expectation of further deterioration in North America auto
industry has caused SANLUIS risk profile to worsen.  Consequently,
Fitch believes refinancing risk in 2010 remains high.

The Rating Watch Negative reflects the pending negotiations
between SANLUIS and its senior secured restructured credit
facility lenders.  Further downgrades are possible if the company
is unable to achieve a viable payment rescheduling amendment of
its facility or depending on the structure of the rescheduling.
The Rating Watch Negative could be removed if the company is able
to reach a viable agreement with its lenders.

SANLUIS is the world's largest producer of leaf springs, where it
is the predominant or sole supplier for the top-selling brands and
produce substantially all of GM's, Ford's and Chrysler's leaf
spring requirements.  The company operates manufacturing
facilities in the United States, Mexico, and Brazil.



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

GLOBAL CROSSING: Resolves Patent Suit Filed by C2 Technologies
--------------------------------------------------------------
Global Crossing Ltd., together with Qwest Communications
International Inc., and Level 3 Communications Inc., settled a
lawsuit by C2 Global Technologies Inc., which accused them of
violating a patent related to a computer network and Internet
telephones, Bloomberg News reports.

Terms of the settlement were filed under seal, according to the
electronic federal court docket in Marshall, Texas, where the
trial had started last week, Bloomberg News says.

According to the report, Pittsburgh-based C2, claimed the Voice
Over Internet Protocol, or VoIP, systems used by the companies
infringe the patent and was seeking royalties on any sales or
services dating back to 2001.

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.

                          *     *     *

As of June 30, 2008, the company reported US$2.65 billion in total
assets, US$2.80 billion in total liabilities, and US$150 million
in 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.



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

ROYAL CARIBBEAN: Taps Dr. Arthur Diskin as Chief Medical Officer
----------------------------------------------------------------
Royal Caribbean Cruises Ltd. has named Dr. Arthur L. Diskin as its
vice president and global chief medical officer for its Medical
and Public Health Department.

In his position, which is new to the company, Dr. Diskin is
responsible for managing the medical facilities and staff that
provide daily care for the company's guests, as well as the
medical care of more than 40,000 crew members.  This includes the
company's new Crew Wellness Program and the management of all
public health issues, working in coordination with the U.S.
Centers for Disease Control and Prevention.  Dr. Diskin also
oversees the company's Guest Care Team, which provides one-on-one
assistance to guests and their families involved in medial or
other emergencies.

"We are delighted to have Art join our team," said Royal
Caribbean'a senior vice president of Safety, Security,
Environment, Medical and Public Health, Gary M. Bald.  "Art is a
pioneer in the field of cruise ship medicine.  His expertise and
experience in emergency medicine and medical services onboard
cruise ships will be an invaluable asset to our company.  We look
forward to his assistance with one of our top priorities, the
health and wellbeing of our guests and crew members."

Dr. Diskin attended college and medical school at the University
of Miami, and completed his residency in Emergency Medicine at the
Los Angeles County Medical Center/University of Southern
California.  He is Board Certified by the American Board of
Emergency Medicine and is a Fellow of the American College of
Emergency Physicians.

Dr. Diskin is the past president of the Florida College of
Emergency Physicians, former Chief of the Department of Emergency
Medicine at the University of Miami Jackson Memorial Hospital and
Chair of the Section on Cruise Ship and Maritime Medicine of the
American College of Emergency Physicians.

Dr. Diskin assisted in creating the Emergency Medicine Residency
Program at Mount Sinai Medical Center.  This program, affiliated
with Nova Southeastern School of Medicine, is currently one of
only seven Emergency Medicine residency programs in Florida.

Dr. Diskin was a consultant to Carnival Cruise Lines since 1990,
most recently serving as Medical Director.  In that role he was
responsible for guest and crew care, medical facilities and staff,
developing medical, evacuation and disaster management policies
and advising the ships' physicians.  He also has served as a
physician onboard cruise ships since the 1980s.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF
Croisieres de France.  The company has a combined total of 35
ships in service and seven under construction.  It also offers
unique land-tour vacations in Alaska, Australia, China, Canada,
Europe, Latin America and New Zealand.  The company has
operations in Puerto Rico.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 8, 2008, Standard & Poor's Ratings Services lowered the
corporate credit rating on Royal Caribbean Cruises Ltd. to
'BB+' from 'BBB-'.  S&P said the rating outlook is stable.


ZAP IMPORT: U.S. Trustee Sets 341(a) Meeting for October 10
-----------------------------------------------------------
The United States Trustee for the District of Puerto Rico will
convene a meeting of creditors of Zap Import & Export Corp. at
9:00 a.m., on Oct. 10, 2008, at 341 Meeting Room, Ochoa Building,
Tanca Street, in San Juan, Puerto Rico.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Based in San Juan, Puerto Rico, Zap Import & Export Corp. imports
and exports motor vehicle supplies and new parts.  The company
filed for Chapter 11 protection on Sept. 3, 2008 (Bankr. D. P.R.
Case No. 08-05799).  Winston Vidal Gambaro, Esq., represents the
Debtor.


ZAP IMPORT: Court Approves Winston Vidal as Bankruptcy Counsel
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Zap Import & Export Corp. to employ the Law Office of
Winston Vidal as its bankruptcy counsel.

The Debtor has retained the services of the firm since it is not
sufficiently familiar with the law to be able to plan and conduct
the proceedings without legal counsel.

A US$3,000 retainer advanced by the Debtor, will be billed on a
basis of US$175 per hour plus expenses for work performed or to be
performed by the law firm.

To the best of the Debtors' knowledge, the firm is a
"disinterested person" as defined in the U.S. Bankruptcy Code.

Based in San Juan, Puerto Rico, Zap Import & Export Corp. imports
and exports motor vehicle supplies and new parts.  The company
filed for Chapter 11 protection on Sept. 3, 2008 (Bankr. D. P.R.
Case No. 08-05799).  Winston Vidal Gambaro, Esq., represents the
Debtor.


ZAP IMPORT: Files Schedules of Assets and Liabilities
-----------------------------------------------------
Zap Import & Export Corp. delivered to the United States
Bankruptcy Court for the District of Puerto Rico its schedules of
assets and liabilities, disclosing:

  Name of Schedule                   Assets      Liabilities
  ----------------                 ----------    -----------
  A. Real Property                 US$9,430,000
  B. Personal Property             US$1,626,928
  C. Property Claimed
     as Exempt
  D. Creditors Holding                           US$10,304,217
     Secured Claims
  E. Creditors Holding                               US$65,446
     Unsecured Priority
     Claims
  F. Creditors Holding                              US$791,463
     Unsecured Nonpriority
     Claims
                                  -----------    -----------
     TOTAL                        US$11,056,928    US$11,161,127

Based in San Juan, Puerto Rico, Zap Import & Export Corp. imports
and exports motor vehicle supplies and new parts.  The company
filed for Chapter 11 protection on Sept. 3, 2008 (Bankr. D. P.R.
Case No. 08-05799).  Winston Vidal Gambaro, Esq., represents the
Debtor.



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

* VENEZUELA: Mulls Building of Three Refineries in China
--------------------------------------------------------
Venezuelan President Hugo Chavez is planning to build three joint-
venture refineries in China to process Venezuelan crude, and
operate a joint tanker fleet, Reuters reports.

Mr. Chavez, Reuters says, has always reiterated his desire to sell
more oil to China.  A self-styled revolutionary and florid critic
of Washington, Mr. Chavez wanted to reduce his nation's
traditional reliance on energy markets in the United States.

China's big energy appetite and Communist Party government make it
an attractive alternative, Reuters adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2008, Moody's Investors Service placed Venezuela's low-B
foreign currency ratings on review for possible upgrade.  Moody's
said the outlook remains stable for the government's B1 local
currency debt rating.

The TCR-LA reported 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.  Fitch
said the rating outlook is negative.


* Carmax in Struggling Used Vehicle Market, Investment Firm Says
----------------------------------------------------------------
CarMax Inc. continues to face a difficult used vehicle
environment, largely due to aggressive incentives being offered by
new vehicle manufacturers, according to Zacks Investment Research.  
However, Zacks says CarMax is aggressively cutting prices on
trucks and SUVs to reduce inventory and shifting its focus to
passenger cars.

The investment firm rated CarMax's stock "Hold" stating that the
company's move into new markets and growth in existing markets are
likely to strengthen volumes.  
As of Sept. 23, shares of CarMax are trading at 38.0x Zacks'
fiscal 2009 EPS estimate of US$0.40, which is at a significant
premium to the industry median of 12.9x.

Headquartered in Richmond, Virginia, CarMax Inc. operates as a
specialty retailer of used vehicles (96% of sales) such as cars
and light trucks as well as new vehicles (4% of sales).


* Moody's Sees Negative Outlook for Global Pharmaceutical Sector
----------------------------------------------------------------
Moody's Investors Service commented that the outlook for the
global pharmaceutical sector is negative.  This outlook expresses
Moody's expectations for the fundamental credit conditions in the
industry over the next 12 to 18 months.

Moody's view reflects significant patent expirations in the years
2010 through 2013, a tougher regulatory climate resulting in a
slower rate of new product approvals, as well as global cost
containment efforts that may target pharmaceutical pricing or
access.  In addition, event risk related to product safety, patent
challenges from generic manufacturers and other litigation issues
remains somewhat high.  Moody's anticipates that global
consolidation is likely to continue, pressuring credit ratings for
companies that opt to substantially increase financial leverage to
pursue acquisitions.  Moody's expects continued global interest in
the acquisition of U.S.-based drug companies, as well as further
investment in emerging market economies.

In spite of business development strategies, Moody's expects
growth rates for branded drug companies to moderate, especially as
large patent expirations occur.  The growth outlook for
biotechnology companies is stronger because generic threats are
less imminent.  Generic drug companies also face good growth
prospects globally, although the segment of the industry faces
continuing pricing pressure, and even greater likelihood of global
consolidation, potentially debt-financed.

Helping to offset these risks, the pharmaceutical industry still
benefits from favorable demographic trends, supporting the
increasing utilization of pharmaceutical products.  In addition,
the pharmaceutical industry should remain relatively less exposed
to economic weakness in the U.S. and Europe compared to many other
industries.  If economic pressures significantly persist or
spread, however, healthcare cost containment efforts are likely to
intensify.

Branded pharmaceutical companies best able to maintain high credit
ratings will be those with significant product and geographic
diversity, a healthy relationship between patent expirations and
pipeline strength, and highly liquid balance sheets.  Currently,
balance sheets tend to be strong for U.S.-based and Japanese-based
pharmaceutical companies, whereas balance sheets of some European
companies have somewhat weakened following recent acquisitions.  
In general, however, U.S.-based pharmaceutical companies have less
revenue diversity and face larger patent expirations over the next
several years.


* Moody's: Global Paper Product Industry Still Holds Neg. Outlook
-----------------------------------------------------------------
The global paper and forest products industry continues to have a
negative outlook as negative credit trends in North America and
Europe are expected to outweigh the relatively stable credit
performance anticipated for both Asia-Pacific and Latin American
issuers, says Moody's Investors Service.

"Declining demand and volatile input costs are the main concerns
underlying our continued negative outlook for the global paper and
forest products industry," says Moody's VP/Senior Analyst Ed
Sustar.

This trend is most pronounced in North America, Europe and Japan,
where the appetite for most paper and forest products continues to
decline and companies face volatile energy, chemical,
transportation and fiber costs, says Moody's.

However, credit performance is expected to remain positive for
Latin American and many Asian producers, as the emerging middle
class and increasing literacy rates in these regions spur demand
for paper, notes the analyst.

With no sign of a bottom in the US housing market, makers of wood-
based building products remain under pressure.  "They are
responding to the adverse market environment by preserving
liquidity through scaled back capital expenditure programs and
dividend reductions," says Sustar.

In addition, the economic slowdown in mature markets and the
migration to electronic media from paper has also led to a decline
in paper demand.

Thus, the availability and cost of fiber continues to shift
production capacity to regions that can supply and process it at
the lowest cost, says Moody's.

Overall, credit quality is expected to remain under pressure in
the North American paper and forest products sector as companies
continue to cope with volatile fiber, energy and transportation
costs and declining product demand, says the analyst.  However,
some issuers may benefit from the flow through of recent price
increases and the moderation of recycled fiber and energy costs.


* S&P Sees Increasing Strain in Latin America But Outlook Stable
----------------------------------------------------------------
Latin American economies have held up fairly well in 2008 despite
increasingly strained and uncertain global economic conditions.
Standard & Poor's Ratings Services now projects that Latin
American real GDP growth (weighted average) will land at a still-
healthy 4.6% this year versus 5.7% in 2007.  Although growth has
eased in a number of Latin American countries, the region
benefited from high commodity prices and still-solid growth in
emerging Asia, as well as strong domestic demand.

In 2009, however, S&P expects growth to slow further to 3.9% as
difficult external conditions increasingly weigh on the region.  
Among the problems Latin America will face next year are a
projected America recession, which has growth bottoming out in
fourth-quarter 2008 and first-quarter 2009; Europe barely skirting
recession as growth gets weaker through the beginning of 2009; and
activity in China and India easing somewhat from their blistering
pace of the past several years.  On the plus side, Latin America
likely will benefit from supportive global commodity prices,
although down from their recent highs.

Downside risks to the region's economic outlook include spillovers
from prolonged weakness in the U.S. and in Europe -- particularly
if they undermine a still-solid outlook for Asian growth and
commodity prices.  The direct impact of a U.S. recession on Latin
America should not be as strong as it would have been in the past.  
Although the U.S. remains the world's largest economy (accounting
for 20% of world GDP in purchasing power parity terms), the
country's marginal contribution to world growth has been
declining.  Emerging markets, especially China and India, have
contributed to more than two-thirds of global economic growth in
recent years.  How growth in China and India hold up in the face
of global stress will play a key role in terms of Latin America's
economic performance.  S&P projects that real GDP growth in China
will be a still-firm 10% and 9.5% in 2008 and 2009, respectively,
and India's growth is projected at 7.3% to 8%.  As a result, S&P
expects commodity prices to remain supportive, albeit off recent
highs.

Financial market distress in the U.S. presents a key downside
risk for Latin America.  Losses and balance-sheet adjustments
among financial intermediaries and institutional investors are
bound to affect the region's capital markets and limit the
availability of external capital.  Amid severe pressure in U.S.
financial markets the week of Sept. 15, EMBI spreads (JPMorgan
Emerging Markets Bond Index) for Latin America rose sharply--to
about 450 basis points above U.S. Treasuries.  This marked the
first time spreads moved above 400 basis points since May 2005
and compares with abnormally low levels of 200 basis points in
the first half of 2007.  Bond yields also jumped, after having
edged up during the year because of inflation and policy
tightening.  Equity market performance, which had already
deteriorated, took another strong hit.  The greater the strain
that global capital markets remain under, the larger the impact
they will have on Latin America's local capital market dynamics.  
This presents a key risk to the region's economic outlook.

Increasing headwinds from the external climate aren't the only
forces that will trim Latin American growth in 2009.  Various
central banks across the region have tightened monetary policy
over the course of 2008.  Past and future tightening should
generate a slowdown in the pace of domestic demand during the rest
of 2008 and into 2009.

On the inflation front, S&P expects inflation to ease somewhat
from its sharp rise in 2008 as growth across the region, and the
world, moderates.  Many central banks in Latin America -- though
not all -- have adjusted policy interest rates to preserve their
own inflation-fighting credibility and the hard-won gains of low
inflation, to minimize the secondary effects of energy and food
price shocks, and to tame robust domestic demand.  Monetary
tightening aims to bring inflation back in line with official
inflation targets.  This exemplifies an institutional maturing in
the region and is a marked contrast with a legacy of extremely
high inflation and ineffective policy action.  S&P's projected
easing of inflation in 2009, however, does not necessarily imply
that it will decline to comfortably within the officially targeted
bands.  And, modest currency depreciation in the region or renewed
upward pressure on energy and food prices could compromise the
pace of decline.

             The Region Is Better Prepared To Weather
       The Global Turbulence, But Weaknesses Are Emerging

Overall, Latin America remains better positioned to manage the
global slowdown and financial market stress than it has been in
the past.  This reflects better policy and policy frameworks,
such as floating exchange rate and inflation targeting regimes,
as well as somewhat lower fiscal and external indebtedness.  In
addition, domestic demand has taken over as the main source of
growth, instead of net exports for some countries as well.
However, the region is vulnerable to a sharp decline in commodity
prices and more costly capital.  It should maintain its commitment
to pragmatic macroeconomic policy to ensure local confidence and
to support sound domestic demand.

Latin America's external vulnerability has declined, as reflected
in its weighted average of external debt net of liquid assets.  
S&P projects net debt at about 17% of current account receipts in
2008 to 2009, significantly less than the nearly 100% in 2004.
This year, however, current account performance has deteriorated,
strong domestic demand has reduced the regional trade surplus, and
services and income deficits have increased.  Brazil's and Peru's
swing to current account deficits this year is a prominent example
of this trend.  S&P expects Latin America's external accounts to
deteriorate further in 2009 given weaker global economic
conditions.

Latin America's fiscal position is stronger than it has been, but
general government deficits are widening.  Gross and net general
government debt-to-GDP ratios are 10 percentage points lower than
they were in 2004, and S&P expects this measure to hold steady in
2009.  Even lower debt-to-GDP ratios are critical to support
private investment given the region's volatile economic past,
especially in the context of global stress.  Further debt
reduction would certainly contribute to more balanced policy mixes
in various countries.  S&P expects fiscal deficits to widen
somewhat amid the projected slowing of growth given pressures to
maintain social spending, subsidies, and investments.  Although
Chile and, to a lesser extent, Mexico are able to run
countercyclical fiscal policies, other countries in Latin America
cannot.

                  Domestic Demand Supports Growth

S&P expects real GDP growth to slow more sharply this year in
some Latin American countries than in others.  This reflects a
combination of internal dynamics and policy mixes, as well as
external pressures.  The two largest economies -- Brazil and
Mexico -- account for almost two-thirds of the region's GDP, and
their performances weigh heavily on the regional average.  Despite
fairly strong performance through mid-year 2008, growth across the
region likely will moderate further during the remainder of the
year.  This presumes that global economic conditions and monetary
tightening have a larger impact on net exports and domestic demand
than they have so far.

Growth in Brazil and Peru has been stronger than S&P expected so
far this year.  Both countries have shown few signs of any
slowdown as domestic demand advances at full speed.  In fact,
growth picked up in both countries in the second quarter.  
Colombia and Mexico are displaying more consistent signs of an
economic slowdown.  In Chile and Venezuela, growth showed a bit
more momentum in the second quarter than the first quarter.
Increased policy pressures and the nationwide farmers' strike hurt
economic activity in Argentina in the second quarter.  In Panama,
growth in the first two quarters is down from the very high rates
in 2007 because of tougher international conditions.

    Brazil continues to grow much faster than in recent years

In Brazil, domestic demand is booming, and economic activity
continues to expand above the estimated rate of potential GDP
growth.  Real GDP accelerated in the second quarter and came in
higher than expected at 6.1% year over year.  It rose 6% in the
first half of 2008 versus the same period in 2007.  Domestic
demand continues at a breathtaking pace. Investment expanded 16.2%
in second-quarter 2008 from the same period in the previous year,
and private consumption was up 6.7%.

Both labor and capital markets are very tight.  Industrial
production is robust, increasing 8.5% year over year in July
(versus 6.4% year over year in June, a strong month as well) and
6.6% so far this year.  Capital goods production continues to
dominate, up 22.3% year over year in July and 18.1% year to date.
Despite robust capital goods production, industrial capacity
utilization set another record at 83.5% in July.  Industrial
capacity utilization has either set or flirted with record highs
throughout 2008.  Unemployment is near lows, 8.1% in July, and
reflects formal job creation.  Despite monetary policy tightening
and some measures to slow lending, domestic credit increased 32.7%
year over year in July.

S&P expects growth of 5.2% in 2008 given continued domestic demand
strength.  However, S&P expects growth to slow sharply in 2009 to
4%.  This reflects S&P's expectation for further slowing of global
growth and is a result of monetary policy that works with a lag of
six to nine months in Brazil, so its impact should just be
starting to hit the pace of economic activity.  The central bank
has hiked rates by 250 basis points since April, and more
increases are likely to come.

                  Mexico's economy is slowing down

Growth in Mexico has slowed in the first half of 2008 since its
fairly strong performance in the second half of 2007.  The
contraction in U.S. real GDP in fourth-quarter 2007 did not hurt
Mexico's economy late last year.  However, it is not surprising
that growth has slowed so far in 2008, considering that 80%-85%
of Mexico's exports go to the U.S., the tight correlation between
U.S. and Mexican IP, and a decline in remittances from Mexican
workers in the U.S.

In the second quarter, real GDP increased 2.8% year over year, but
when adjusted for working days, growth was only 2.1%.  In the
first half of 2008, real GDP was up 2.7% over the same period in
2007--led by growth in services (3.7%).  Industrial activity,
which was the weakest segment, was up only 1.1%.  Economic
weakness is fairly broad. Construction activity has slowed
markedly from 2008.  The ongoing tightening of lending standards
that began in 2007 has reduced the pace of credit growth.
Remittances dropped 2.2% during the first six months of 2008 from
the same period in 2007, and they are likely to drop further.
Consumer confidence in January through August is down more than 9%
versus the same period in 2007, and it has declined markedly since
the first quarter.  Unemployment edged up to 4.1%  in July (from
3.9% in July 2007); the informal sector is leading job creation.

S&P projects Mexican real GDP growth at 2.25% in 2008 and 2.6% in
2009. Given a track record of macroeconomic stability that has
strengthened the domestic market and some diversification of
exports, Mexico is much better positioned to weather the U.S.
recession than it was a decade ago.  However, U.S. economic
conditions are certainly affecting Mexico, and recent events in
U.S. financial markets suggest that downside risk to U.S. and
Mexican growth could heighten over the coming quarters.  To
mitigate the downside risk from the U.S., the Mexican government
announced the creation of a National Infrastructure Fund in
February.  However, the government has been slower to act on this
than it planned.

            Peru continues to grow at incredible rates

Economic activity in Peru also continues to show few signs of
moderation.  Led by robust domestic demand (up 13.8% year over
year), real GDP increased 10.9% in second-quarter 2008 compared
with the same period in the previous year.  This compares with
year-over-year growth of 9.7% in the first quarter, and it marks
the fourth consecutive quarter of growth strengthening at an
already high rate.  In the first half of 2008, real GDP was up
10.3% versus the first half of 2007, with domestic demand up 12.6%
over the same period.  Investment continues to boom.  Real fixed
capital formation rose almost 30% in the first half of the year,
and it reached 26.8% of GDP in June.  Similar to Brazil, strong
domestic demand (especially investment) is pulling in imports.  
Despite continued strength in exports, the trade and current
balances have deteriorated (in part owing to oil imports).  
Despite showing some recent signs of deceleration, rapid growth in
credit to the private sector continues to support domestic demand.  
In July, credit expanded by 26.1% year over year, down from growth
rates of more than 30% at the beginning of 2008.  The central bank
has not only raised interest rates, but it also tightened reserve
requirements.  Therefore, S&P expects the pace of credit to
continue to ease somewhat in the next few months.

Given the economic strength it has seen so far this year, S&P
expects growth of 9% in 2008.  However, because of the more
challenging global scenario and monetary policy tightening that
has the reference interest rate up 200 basis points since July
2007, S&P expects growth to slow and average 6.8% in 2009.

                    Concerns About High Inflation
                  Cause Some Central Banks To React

Given sharply higher global food and fuel prices, inflation in
Latin America has trended higher in 2008.  However, hot domestic
demand in a number of countries (notably Brazil and Peru) has
played a role as well, as have unconventional policies in other
countries (Argentina and Venezuela).  On a GDP-weighted basis,
S&P expects inflation in Latin America to increase to 10% in 2008
from 5.6% in 2007, and to decline to 8.8% in 2009.  Inflation data
through August of this year highlight the run-up in inflation
across the region.  For the five main inflation targeting
countries in the region (Brazil, Chile, Colombia, Mexico, and
Peru) inflation was running, on average, two percentage points
higher than it was at year-end 2007.  Elsewhere in the region,
inflation is generally even higher, about 10% for Ecuador, El
Salvador, and Uruguay.  Argentina's official inflation rate of 9%
is much lower than market estimates of inflation closer to 25%.

Latin American countries have taken a variety of policy actions in
response to the sharp increase in inflation.  A number of central
banks have tightened monetary policy via interest rates, reserve
requirements, etc., while other governments have relied more
heavily on unconventional measures such as price controls
(Argentina, Ecuador, and Venezuela).  Even with mainstream policy
responses, many countries also lowered import tariffs and
increased subsidies or assistance of some form to protect the
poorer segments of society from high food inflation, in
particular. In many cases, food price inflation has been double
the headline inflation rate.

For the five inflation targeting countries, inflation was not only
higher than the target, but also was above the upper limit of the
targeted band.  The exception is Brazil, which also has the
highest target and the widest band.  Most notable is Chile, with
inflation at more than 9% versus its target of 3%.  As the long-
standing credibility of the Chilean Central Bank came under
question in the markets, the bank embarked on a more concerted
tightening cycle.  This also follows signs that the persistence of
the global food/commodity price shock was generating second-order
effects on wages, prices, and inflation expectations.  S&P expects
rates to move higher during the remainder of the year as the
policy rate remains negative in real terms.

Both Mexico and Colombia tightened modestly this year and are
close to, if not at the end of, their tightening cycles.  The
Central Bank of Mexico does not expect inflation to return to its
target until 2010, after peaking at 5.5%-6% in the fourth quarter
of 2008.  Market expectations have edged up to that range, and the
government is slowly reducing fuel price subsidies.  However, at
the same time, aggregate demand is subdued and wage pressures have
not increased.  In Colombia, economic activity has decelerated
quite a bit (monetary policy tightening began in 2006), and the
central bank likely will keep interest rates steady.

Given the ongoing economic growth in Brazil and Peru, both central
banks have expressed concern that robust domestic demand runs the
risk of spilling over to wage negotiations after it has already
increased inflation expectations.  Hence, they have hiked rates,
and S&P expects them to continue to do so through year-end.
Although real interest rates in Brazil are the highest in the
region, the policy rate in real terms has increased only modestly,
despite 250 basis points of tightening since the cycle began in
April as inflation rose.  The Central Bank of Brazil has
reiterated its goal of bringing inflation down to the target of
4.5% in 2009.  In Peru, the policy rate is barely positive in real
terms.  Since the central bank has repeated its concern regarding
the pace of domestic demand and the need to bring down inflation
expectations in its recent policy decisions, S&P foresees rates
increasing until early 2009.

     Government Policies Will Help Determine Latin America's
           Performance Through The Economic Downturn

Clearly, Latin America's relative resiliency is going to be
tougher to maintain through 2009 in the face of global economic
and financial problems.  The region's starting point is, on
balance, much stronger than it has been recently.  However,
managing through global headwinds likely will require governments
to react accordingly with prudent and pragmatic policy
adjustments.  This will be important to offset deterioration in
economic indicators and to bolster investor confidence.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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



                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


           * * * End of Transmission * * *