TCRLA_Public/080930.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, September 30, 2008, Vol. 9, No. 194

                            Headlines

A R G E N T I N A

CONSTRUCTORA PAESE: Trustee Verifying Claims Until November 20
FASHION SA: Proofs of Claim Verification Deadline Is November 4
MAHLE SA: Individual Reports Filing Deadline Is on February 24
MEDICAL EXCELLENCE: Claims Verification Deadline Is November 21
TOTALMETAL SRL: Individual Reports Filing Deadline Is on Feb. 24

YUVIET SAIC: Individual Reports Filing Deadline Is on Feb. 24

* ARGENTINA: Fernandez Compels Italian Holders to Swap Debt Bonds


B E R M U D A

CONTINENTAL AIRLINES: To Terminate 13 Employees in Bermuda


B R A Z I L

SADIA SA: Incurs Loss on Currency Market; Fires Ferreira as CFO
SADIA SA: S&P Puts BB+ Corporate Credit Rating on Negative Watch
SADIA SA: Short-Term Bank Debt Prompts Moody's Rating Cuts to Ba3
SCO GROUP: July 31 Balance Sheet Upside-Down by US$3.2 Million


C A Y M A N  I S L A N D S

ANN FUNDING: Deadline for Proof of Claim Filing Is Oct. 2
AUGUSTA FUNDING: Filing for Proof of Claim Is Until Oct. 2
BREVAN HOWARD: Proof of Claim Filing Deadline Is Oct. 2
BREVAN HOWARD MASTER: Proof of Claim Filing Is Until Oct. 2
BREVAN HOWARD WATER: Deadline for Claims Filing Is Oct. 2

BREVAN HOWARD WATER MASTER: Claims Filing Deadline Is Oct. 2
FORT WASHINGTON: Filing for Proof of Claim Is Until Oct. 2
HANOVER FUNDING: Proof of Claim Filing Is Until Oct. 2
MBF NO 3: Deadline for Proof of Claim Filing Is Oct. 2
OCCO ASIA: Filing for Proof of Claim Deadline Is Oct. 2

SILAS FUNDING: Proof of Claim Filing Deadline Is Oct. 2
SPIRAL UP FUNDING: Deadline for Claims Filing Is Oct. 2
SQUANTO FUND: Filing for Claims Filing Is Until Oct. 2
THALIA FUNDING: Proof of Claim Filing Is Until Oct. 2


C O S T A  R I C A

* COSTA RICA: Sees Continued Growth Despite Lehman Downfall


G U A T E M A L A

CLAIRE'S STORES: Moody's Confirms PD Rating at 'Caa1'


J A M A I C A

* JAMAICA: Foreign Direct Investments Not Enough, Minister Says
* JAMAICA: Housing Agency Needs US$20BB to Complete 80 Projects


M E X I C O

GOODYEAR TIRE: To Tap US$600MM Credit Facility Due to Fund Woes
GOODYEAR: Drawing US$600MM Facility Won't Affect S&P's Ratings
RETAIL PRO: John C. Redding Quits as Secretary and General Counsel


P U E R T O  R I C O

ICFQ DESARROLLOS: U.S. Trustee Sets 341(a) Meeting for October 10


V E N E Z U E L A

PETROLEOS DE VENEZUELA: May Control Joint Venture With Russia

* Bank of China Joins Inter-American Dev't Bank's Program
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

CONSTRUCTORA PAESE: Trustee Verifying Claims Until November 20
--------------------------------------------------------------
Martha Comba, the court-appointed trustee for Constructora Paese
SRL's reorganization proceeding will be verifying creditors'
proofs of claim until November 20, 2008.

Ms. Comba will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 14 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 Constructora Paese 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 Constructora Paese's
accounting and banking records will be submitted in court.

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

Creditors will vote to ratify the completed settlement plan  
during the assembly on August 20, 2009.

The debtor can be reached at:

                     Constructora Paese SRL
                     Rio de Janeiro 253
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Martha Comba
                     H. Yrigoyen 1349
                     Buenos Aires, Argentina


FASHION SA: Proofs of Claim Verification Deadline Is November 4
---------------------------------------------------------------
The court-appointed trustee for Fashion SA's bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 4, 2008.

The trustee will present the validated claims in court as  
individual reports on December 22, 2008.  The National Commercial
Court of First Instance in Mendoza, Buenos Aires, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by Fashion SA and its creditors.

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

A general report that contains an audit of Fashion SA's
accounting and banking records will be submitted in court on
April 8, 2009.

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


MAHLE SA: Individual Reports Filing Deadline Is on February 24
--------------------------------------------------------------
Beatriz Custodio, the court-appointed trustee for Mahle 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 February 24, 2009.

Ms. Custodio is verifying creditors' proofs of claim until
December 3, 2008.  She will also submit to court a general report
containing an audit of Mahle SA's accounting and banking
records on April 13, 2009.

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

The debtor can be reached at:

                     Mahle SA
                     Avenida Cordoba 1318
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Beatriz Custodio
                     Uruguay 229
                     Buenos Aires, Argentina


MEDICAL EXCELLENCE: Claims Verification Deadline Is November 21
---------------------------------------------------------------
Jorge Gerchkovih, the court-appointed trustee for Medical
Excellence SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until November 21, 2008.

Mr. Gerchkovih will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, 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 Medical Excellence 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 Medical Excellence's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Medical Excellence SA
                     Elcano 3111
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Jorge Gerchkovih
                     Corrientes 1847
                     Buenos Aires, Argentina


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

Ms. Kremer is verifying creditors' proofs of claim until Dec. 3,
2008.  She will also submit to court a general report containing
an audit of Totalmetal SRL's accounting and banking records on
April 13, 2009.

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

The debtor can be reached at:

                     Totalmetal SRL
                     Griveo 4147
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Gloria Kremer
                     Lavalle 1672
                     Buenos Aires, Argentina


YUVIET SAIC: Individual Reports Filing Deadline Is on Feb. 24
-------------------------------------------------------------
Fernando Aquilino, the court-appointed trustee for Yuviet SAIC's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, on February 24, 2009.

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

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

The debtor can be reached at:

                     Yuviet SAIC
                     Avda. Corrientes 2322
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Fernando Aquilino
                     Lavalle 1459
                     Buenos Aires, Argentina


* ARGENTINA: Fernandez Compels Italian Holders to Swap Debt Bonds
-----------------------------------------------------------------
The Argentine President Cristina Fernandez de Kirchner has urged
Italian holders of defaulted Argentine bonds not to "get it wrong
again" by staying out of a new restructuring offer that the
government is working on, Drew Benson and Eliana Raszewski write
for Bloomberg News.

According to Bloomberg, thousands of Italian individual investors
were among the creditors that rejected Argentina's offer of
30 cents on the dollar in 2005, four years after the government
halted payments on US$95 billion of bonds.  About US$20 billion of
defaulted debt remain in hands of investors.

Ms. Fernandez, Bloomberg relates, is considering a proposal to
settle with the so-called holdouts, part of a government effort to
regain access to international capital markets.  Investors got it
wrong for failing to "accept responsibility" for the risk of
buying debt with yields of "15, 16, 17 percent" and then for not
participating in the 2005 debt swap, she disclosed.

                           *     *     *

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



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

CONTINENTAL AIRLINES: To Terminate 13 Employees in Bermuda
----------------------------------------------------------
A spokesperson for Continental Airlines Inc. said that the airline
will cut 13 jobs in Bermuda due to financial crisis in the
industry, the Royal Gazette reports.

According to an employee, Continental sent a letter to the
Bermuda Industrial Union (BIU) stating 13 Bermudan employees will
be made redundant on October 6, the report says.  

The outsourcing decision follows Zoom Airlines bankruptcy filing
and announcement that it would stop all flights to Bermuda.

Royal Gazette quoted the employee as saying that the jobs will be
outsourced to Sovereign Flight Operations.

The Gazette relates, citing BIU president Chris Furbert that the
union is in talks with the airline over a redundancy issue.

                   About Continental Airlines

Based in Houston, Texas, Continental Airlines Inc. (NYSE: CAL)
-- http://continental.com/-- is the world's fifth largest       
airline.  Continental, together with Continental Express and
Continental Connection, has more than 3,000 daily departures
throughout the Americas, Europe and Asia, serving 140 domestic and
139 international destinations.  More than 550 additional points
are served via SkyTeam alliance airlines.  With more than 46,000
employees, Continental has hubs serving New York, Houston,
Cleveland and Guam, and together with Continental Express, carries
approximately 69 million passengers per year.

                          *     *     *

The Troubled Company Reporter reported on Aug. 13, 2008, that
Standard & Poor's Ratings Services took various actions on its
ratings on Continental Airlines Inc. (B/Negative/B-3).  S&P
affirmed its 'B' long-term corporate credit rating, 'B-3' short-
term corporate credit rating, all ratings on unsecured debt and on
selected enhanced equipment trust certificates. S&P lowered S&P's
ratings on other enhanced equipment trust certificates,
particularly those secured by regional jets, and raised other
ratings.  All ratings were removed from CreditWatch, where they
were placed with negative implications May 22, 2008, as part of an
industry-wide review. The rating outlook is negative.



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

SADIA SA: Incurs Loss on Currency Market; Fires Ferreira as CFO
---------------------------------------------------------------
Sadia S.A., as cited by the Associated Press, has lost a year's
worth of earnings on volatility in currency markets.

However, Sadia officials said they can cover the US$406 million in
losses with a short-term line of credit.  No details on the credit
deal were offered, AP relates.

According to analysts, the US$406 million loss is likely more than
the company's earnings before interest and taxes for 2008.  UBS
Pactual has forecasted Sadia's net debt for this year will be
US$1.4 billion, AP notes.

In a regulatory filing, the company's Board of Directors has
dismissed Adriano Lima Ferreira as its Chief Finance Officer.  
Welson Teixeira Júnior, currently Controller and Investors
Relations Officer, will temporarily assume the role of CFO.

                            About Sadia

Headquartered in Sao Paulo, Brazil, Sadia S.A. --
http://www.sadia.com-- operates in the agro industrial and food
processing sectors in Brazil and primarily produces a range of
processed products, poultry, and pork.  The company distributes
around 1,000 different products through distribution and sales
centers located in Brazil, China, Japan and Italy.


SADIA SA: S&P Puts BB+ Corporate Credit Rating on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB+' long-term
corporate credit rating on Brazil-based food producer Sadia S.A.
on CreditWatch with negative implications, after the company's
announcement that it reported losses of BRL760 million upon the
liquidation of certain financial transactions.  The rating on
subsidiary Sadia Overseas Ltd.'s US$250 million in senior
unsecured notes was also placed on CreditWatch negative.
     
The financial losses reported by the company impair its cash flow;
the company already liquidated them using its existing liquidity
and by borrowing additional trade lines.
     
"The CreditWatch listing reflects the deterioration in the
company's capital structure," said S&P's credit analyst Milena
Zaniboni.  "However, we expect Sadia to continue to report strong
operational margins, taking advantage of its increased scale, more
efficient operations, and still strong fundamentals for domestic
demand."
     
The resolution of the CreditWatch listing will depend on S&P's
update of projections and its determination as to how permanent
the impact on the company's credit metrics will be.

Headquartered in Sao Paulo, Brazil, Sadia S.A. --
http://www.sadia.com-- operates in the agro industrial and food
processing sectors in Brazil and primarily produces a range of
processed products, poultry, and pork.  The company distributes
around 1,000 different products through distribution and sales
centers located in Brazil, China, Japan and Italy.


SADIA SA: Short-Term Bank Debt Prompts Moody's Rating Cuts to Ba3
-----------------------------------------------------------------
Moody's Ratings Services has downgraded all ratings related to
Sadia S.A. to Ba3 from Ba2 following the announcement of some
BRL760 million in cash losses from positions in currency forward
contracts and counterparty losses in its offshore investment
portfolio.  The ratings remain under review for possible further
downgrade.

Ratings affected are:

  -- Local currency corporate family rating: to Ba3 from Ba2; and

  -- US$250 million in guaranteed senior unsecured notes due
      2017 issued by Sadia Overseas Ltd. with an unconditional and
      irrevocable guarantee from Sadia: to Ba3 from Ba2

All ratings remain under review for possible further downgrade.

The rating action reflects the expected increase in Sadia's
adjusted total debt to EBITDA ratio to well above 4.0 as a result
of new short term bank debt that has been raised over the past
weeks to cover the derivatives and counterparty losses.  Moody's
also expects interest coverage to weaken as a result of the
additional debt, with adjusted EBITA to Gross Interest Expenses
below 2.0 in the near term.  On July 18, 2008, Moody's changed its
outlook on Sadia's ratings from positive to stable and stated that
the rating could be downgraded if adjusted total debt to EBITDA
were to be above 4.0 times or adjusted EBITA to interest expense
were to drop below 2.0 times.

The review of Sadia's ratings will focus primarily on its overall
exposure to derivatives instruments and counterparty risk and the
degree of potential impact on the company's leverage and
liquidity.  If Sadia's leverage and liquidity profile remains in
line with the pro-forma position after the recent announcement and
conference call, Moody's would likely stabilize the rating at Ba3,
one notch lower than its previous rating, to reflect the increased
leverage and weaker than expected risk controls and board
supervision.  The rating could come under further downward
pressure if Sadia's adjusted LTM total debt to EBITDA exceeds 5.0
for two consecutive quarters or if Sadia's liquidity is pressured
by weaker access to bank export trade finance lines.

Moody's notes that Sadia's rating continues to be supported by its
strong brand portfolio and solid market position in most of the
diverse product categories in which it participates, by its highly
competitive cost-structure and worldwide geographic sales
diversity.  These positive factors are tempered by the company's
exposure to earnings volatility due to commodity price movements,
the risk of export markets being closed to its products, and by
Moody's expectation of negative free cash flows for the next few
years because of its high expansion capital expenditures program.

Headquartered in Sao Paulo, Brazil, Sadia S.A. --
http://www.sadia.com-- operates in the agro industrial and food
processing sectors in Brazil and primarily produces a range of
processed products, poultry, and pork.  The company distributes
around 1,000 different products through distribution and sales
centers located in Brazil, China, Japan and Italy.


SCO GROUP: July 31 Balance Sheet Upside-Down by US$3.2 Million
--------------------------------------------------------------
The SCO Group Inc.'s balance sheet at July 31, 2008, showed total
assets of US$9,522,000 and total liabilities of US$12,740,000,
resulting in a shareholders' deficit of US$3,218,000.

The company reported that net loss for three months ended July 31,
2008, was US$4,071,000 compared to net loss of US$2,511,000 for
the same period in the previous year.

Net loss for nine month ended July 31, 2008, was US$5,493,000
compared to net loss of US$4,839,000 for the same period in the
previous year.

                 Liquidity and Capital Resources
   
The company's cash and cash equivalents balance decreased from
US$5,554,000 as of Oct. 31, 2007, to US$2,117,000 as of July 31,
2008.

As of July 31, 2008, the company also had US$2,680,000 of
restricted cash, of which US$1,639,000 is set aside to cover
expert and other costs related to the SCO Litigation and
US$1,041,000 payable to Novell for royalties earned by Novell post
bankruptcy petition.
   
The company intend to use the cash as of July 31, 2008 to run
its UNIX business and pursue the SCO Litigation, and believe that
it has sufficient liquidity resources to fund its operations
through at least April 30, 2009.  However, as a result of both
the Court's Aug. 10, 2007, order and its entry into Chapter 11,
among other matters, there is substantial doubt about its ability
to continue as a going concern.
   
The company is operating pursuant to Chapter 11 of the Bankruptcy
Code and continuation of its business as a going concern is
contingent upon, among other things, its ability to (i) construct
and obtain confirmation of a plan of reorganization under the
Bankruptcy Code; (ii) reduce payroll and benefits costs and
liabilities under the bankruptcy process; (iii) achieve
profitability; (iv) achieve sufficient cash flows from operating
activities; and (v) obtain financing sources to meet its future
obligations. These matters well as the aforementioned ruling in
favor of Novell create substantial doubt about its ability to
continue as a going concern.

The company's net cash used in operating activities during the
nine months ended July 31, 2008, was US$3,602,000 and was
attributable to a net loss of US$7,623,000, and a net decrease in
operating assets and liabilities of US$107,000, partially offset
by increase in liabilities subject to compromise of US$3,343,000
for Novell under the court order as full discussed in Recent
Developments and by non-cash items of US$785,000.
   
The company's net cash used in operating activities during the
nine months ended July 31, 2007, was US$690,000 and was
attributable to a net loss of US$4,565,000, partially offset by
a net increase in operating assets and liabilities of US$2,309,000
and non-cash items of US$1,566,000.
   
The company's investing activities have consisted of equipment
purchases and the purchase and sale of available-for-sale
marketable securities.  During the nine months ended July 31,
2008, cash provided by investing activities was US$104,000, which
was from distributions from our 30% ownership in a Chinese
company of US$114,000, partially offset by the purchases of
equipment of US$10,000.
   
During the nine months ended July 31, 2007, cash provided by
investing activities was US$2,168,000, which was a result of
proceeds from the sale of available-for-sale marketable
securities of US$2,249,000, offset by purchases of equipment of
US$81,000.
   
The company's financing activities provided US$22,000 of cash
during the nine months ended July 31, 2008, which were generated
from proceeds received from the sale of common stock through its
employee stock purchase plan.
   
The company's financing activities provided US$493,000 of cash
during the nine months ended July 31, 2007.  The sources of cash
were from the exercise of options to acquire common stock of
US$57,000 and proceeds of US$436,000 received from the sale of
common stock through its employee stock purchase plan.
   
The company's net accounts receivable balance decreased from
US$3,365,000 as of Oct. 31, 2007, to US$2,592,000 as of July 31,
2008, as a result of lower sales generated during the three months
ended July 31, 2008, as compared to the three months ended Oct.
31, 2007.  The majority of its accounts receivable are current and
its allowance for doubtful accounts was US$124,000 as of July 31,
2008, which represented approximately 5% of its gross accounts
receivable balance.  The company's write-offs of uncollectible
accounts during the three and nine months ended  July 31, 2008,
and 2007 were not significant.
   
The company continues to pay for expert, consulting and other
expenses relating to the SCO Litigation.  These expenses have been
material in the past and even though we expect these expenses to
be lower for the year ending Oct. 31, 2008, as compared to the
year ended Oct. 31, 2007, the company expects to continue to be
material to its financial statements.
   
In addition, the company may pay one or more contingency fees
upon certain amounts the company or its stockholders may receive
as a result of a settlement, judgment, or a sale of the company.

As of July 31, 2008, the company did not have any long-term debt
obligations, purchase obligations or material capital lease
obligations.

   
The company stated that the restructuring imposed by the
Bankruptcy Court may also adversely affect its ability to raise
debt or equity capital.  Its delisting from NASDAQ will also
impair its ability to raise capital.

                       About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq:SCOX)
fka Caldera International Inc. -- http://www.sco.com/--     
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq., and Arthur
Spector, Esq., at Berger Singerman P.A., represent the Debtors in
their restructuring efforts.  James O'Neill, Esq., and Laura Davis
Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, are the
Debtors' Delaware and conflicts counsels.  Epiq Bankruptcy
Solutions LLC, acts as the Debtors' claims and noticing agent.  
The United States Trustee failed to form an Official Committee of
Unsecured Creditors in these cases due to insufficient response
from creditors.  The Debtors' schedules showed total assets of
US$9,549,519 and total liabilities of US$3,018,489.



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

ANN FUNDING: Deadline for Proof of Claim Filing Is Oct. 2
---------------------------------------------------------
Ann Funding One Co. Ltd.'s creditors have until Oct. 2, 2008, to
prove their claims to Daniel Rewalt and Emile Small, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Ann Funding's shareholders agreed on Aug. 22, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Daniel Rewalt and Emile Small
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


AUGUSTA FUNDING: Filing for Proof of Claim Is Until Oct. 2
----------------------------------------------------------
Augusta Funding Limited IX's creditors have until Oct. 2, 2008, to
prove their claims to Andrew Millar and Emile Small, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Augusta Funding's shareholders agreed on Aug. 19, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Andrew Millar and Emile Small
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


BREVAN HOWARD: Proof of Claim Filing Deadline Is Oct. 2
-------------------------------------------------------
Brevan Howard Healthcare Strategies Fund Ltd.'s creditors have
until Oct. 2, 2008, to prove their claims to Jan Neveril and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Brevan Howard's shareholders agreed on Aug. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


BREVAN HOWARD MASTER: Proof of Claim Filing Is Until Oct. 2
-----------------------------------------------------------
Brevan Howard Healthcare Strategies Master Fund Ltd.'s creditors
have until Oct. 2, 2008, to prove their claims to Jan Neveril and
Giles Kerley, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Brevan Howard's shareholders agreed on Aug. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


BREVAN HOWARD WATER: Deadline for Claims Filing Is Oct. 2
---------------------------------------------------------
Brevan Howard Water Strategies Fund Ltd.'s creditors have until
Oct. 2, 2008, to prove their claims to Jan Neveril and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Brevan Howard's shareholders agreed on Aug. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


BREVAN HOWARD WATER MASTER: Claims Filing Deadline Is Oct. 2
------------------------------------------------------------
Brevan Howard Water Strategies Master Fund Ltd.'s creditors have
until Oct. 2, 2008, to prove their claims to Jan Neveril and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Brevan Howard's shareholders agreed on Aug. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Jan Neveril and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


FORT WASHINGTON: Filing for Proof of Claim Is Until Oct. 2
----------------------------------------------------------
Fort Washington CBO I's creditors have until Oct. 2, 2008, to
prove their claims to Bobby Toor and Andrew Millar, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Fort Washington's shareholders agreed on June 20, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Bobby Toor and Andrew Millar
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


HANOVER FUNDING: Proof of Claim Filing Is Until Oct. 2
------------------------------------------------------
Hanover Funding Ltd.'s creditors have until Oct. 2, 2008, to prove
their claims to Wendy Ebanks and Emile Small, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Hanover Funding's shareholders agreed on Aug. 18, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Wendy Ebanks and Emile Small
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


MBF NO 3: Deadline for Proof of Claim Filing Is Oct. 2
------------------------------------------------------
MBF No. 3's creditors have until Oct. 2, 2008, to prove their
claims to Guy Major and Emile Small, the company's liquidators, or
be excluded from receiving any distribution or payment.

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

MBF No. 3's shareholders agreed on Aug. 21, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Guy Major and Emile Small
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


OCCO ASIA: Filing for Proof of Claim Deadline Is Oct. 2
-------------------------------------------------------
Occo Asia Fund's creditors have until Oct. 2, 2008, to prove their
claims to Bobby Toor and Richard Gordon, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Occo Asia's shareholders agreed on April 15, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Bobby Toor and Richard Gordon
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SILAS FUNDING: Proof of Claim Filing Deadline Is Oct. 2
-------------------------------------------------------
Silas Funding Corp.'s creditors have until Oct. 2, 2008, to prove
their claims to Giles Kerley and Andrew Millar, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Silas Funding's shareholders agreed on Aug. 21, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Giles Kerley and Andrew Millar
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SPIRAL UP FUNDING: Deadline for Claims Filing Is Oct. 2
-------------------------------------------------------
Spiral Up Funding Corp.'s creditors have until Oct. 2, 2008, to
prove their claims to Guy Major and Emile Small, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Spiral Up Funding's shareholders agreed on Aug. 20, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Guy Major and Emile Small
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


SQUANTO FUND: Filing for Claims Filing Is Until Oct. 2
------------------------------------------------------
Squanto Fund Ltd.'s creditors have until Oct. 2, 2008, to prove
their claims to Giles Kerley and Jan Neveril, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Squanto Fund's shareholders agreed on Aug. 19, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Giles Kerley and Jan Neveril
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


THALIA FUNDING: Proof of Claim Filing Is Until Oct. 2
-----------------------------------------------------
Thalia Funding Ltd.'s creditors have until Oct. 2, 2008, to prove
their claims to Martin Couch and Emile Small, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Thalia Funding's shareholders agreed on Aug. 18, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Martin Couch and Emile Small
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands



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

* COSTA RICA: Sees Continued Growth Despite Lehman Downfall
-----------------------------------------------------------
The recent Lehman Brothers' bankruptcy filing has resulted in
quite a commotion in the investment world, with the aftermath
being realized globally, but the turmoil has not touched the
growing Costa Rica real estate market.  Investors worldwide have
not wavered in their interest towards the popular tourist,
retirement and investment location, specifically the Central
Pacific region, home to the Costa Rican Development Corporation's
Cerro Fresco.

Lehman Brothers, specializing in financial services for
governments, businesses and high-end investors worldwide,
announced its bankruptcy amid the growing global sub-prime
crisis.  Even though the emerging Latin American markets are not
directly connected to the Lehman Brothers bankruptcy, these
markets initially followed the path of other world markets and
experienced a loss of investor interest.  Investments in the
Costa Rica real estate market, however, continued to gain
strength during this financial panic.

During the past decade, Costa Rica, especially the Central
Pacific region, has experienced tremendous growth.  This tropical
country attracts many people in search of a pleasant retirement
location.  Costa Rica's tourism trade has grown by leaps and
bounds, with more than two million travelers choosing to vacation
here in 2007.  Visitors can easily reach both coastline and
mountain areas during their stay, with the opportunity to view
volcanoes, waterfalls, and rainforests, as well as the country's
diverse wildlife.

As a result of Costa Rica's heightened popularity as a
vacation destination and retirement location, foreign high-end
investors are seeking lucrative opportunities in the Costa Rica
real estate market, and the Costa Rican Development Corporation's
Cerro Fresco development tops the list of locations of interest.  
Investors eager to get in on the ground floor of a promising real
estate market offering see Cerro Fresco as a profitable and wise
investment.

The Costa Rica Development Corporation (CRDC) continues with
the construction of its newest luxury residential community,
Cerro Fresco (www.cerrofresco.com/), located in the Central
Pacific city, Jaco', Costa Rica.  With more than sixty percent of
the Balinese open-air villas pre-sold, CRDC has not seen any
slowing of high-end investors' interest, even during this shaky
period for markets worldwide.  Promising a "premium quality of
life experience," Cerro Fresco is quickly becoming a favorite of
retirees, vacationers, and investors alike.

                             About CRDC

The Costa Rican Development Corporation (CRDC),
a leader in today's Costa Rica real estate market, specializes in
the design and development of luxury residential communities.
With an emphasis on total customer satisfaction, CRDC guarantees
quality and excellence in their stylish estate homes.  CRDC's
current developments are Cerro Fresco, Hermosa Highlands, Villas
Altas, and Highland Estates. For more information about Cerro
Fresco, please visit http://www.cerrofresco.com/

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 12, 2008, Moody's Investors Service, in its annual report on
Costa Rica, said that the country's Ba1 government bond rating
reflects a dynamic and diversified economic base historically
resilient to downturns, solid institutions which provide policy
predictability, and a favorable debt composition.



=================
G U A T E M A L A
=================

CLAIRE'S STORES: Moody's Confirms PD Rating at 'Caa1'
-----------------------------------------------------
Moody's Investors Service confirmed Claire's Stores, Inc., long
term ratings, including its probability of default rating at Caa1.  
In addition, Moody's affirmed Claire's speculative grade liquidity
rating at SGL-4.  The rating outlook is negative.  The
confirmation reflects Moody's view that the Caa1 appropriately
reflects higher-than-average probability of default over the near
to medium term, given what Moody's views as an overleveraged and
unsustainable capital structure.  It also reflects the view that
the company will be able to fund its free cash flow deficits with
excess cash over the next twelve months, providing it some time in
order to improve operating performance.

In addition, given the reduction in capital expenditures,
improvements in working capital, and the company's election to
defer paying cash interest on a portion of its debt, the
confirmation reflects that Claire's is not likely to need to
utilize its revolving credit facility over the next twelve months.

Claire's Caa1 corporate family rating is primarily driven by the
company's very weak credit metrics as a result of its heavy debt
load and its weak operating performance.  The rating also
considers the company's concentration in specialty retail, the
current challenging economic environment, and the likelihood of
the company continuing to generate free cash flow deficits.
Positive ratings consideration is given to the fact that there are
no near-term scheduled debt maturities, and the fact that Claire's
revolving credit facility has no financial covenants.

The negative outlook reflects the risk Claire's faces that it will
be unable to support its capital structure without stabilizing its
free cash flow deficit and improving its operating performance
over the medium term.

The SGL-4 reflects Claire's weak liquidity primarily driven by its
continued free cash flow deficits.  While Claire's will likely be
able to finance its level of free cash flow deficits with excess
cash over the next twelve months, a further weakening in operating
results and/or working capital changes during the next twelve
months could rapidly absorb this excess cash cushion.  In
addition, Claire's ability to finance its free cash flow deficits
is driven by the fact that it is able to defer paying a portion of
its interest expense in cash.  The company currently has adequate
external liquidity provided by a covenant free US$200 million
revolving credit facility.  The revolving credit facility is only
expected to be utilized for about US$6 million of letters of
credit, leaving US$194 million available and has no financial
covenants.

These ratings are confirmed:

-- Corporate family rating at Caa1;
-- Probability of default rating at Caa1;
-- US$200 million senior secured revolving credit facility at B2
    (LGD3; 32%);

-- US$1,450 million senior secured term loan to B2 (LGD3, 32%);
-- Senior unsecured notes at Caa2 (LGD4, 67%);
-- Senior subordinated notes at Caa3(LGD6, 93%).

This rating is affirmed:

-- Speculative grade liquidity rating at SGL-4.

                      About Claire's Stores

Headquartered in Pembroke Pines, Florida, Claire's Stores Inc.
(NYSE: CLE) -- http://www.clairestores.com/-- is a specialty   
retailer of value-priced jewelry and accessories for girls and
young women through its two store concepts: Claire's and Icing.  
While the latter operates only in North America, Claire's operates
worldwide.  As of May 3, 2008, Claire's Stores, Inc. operated
3,053 stores in North America and Europe.  Claire's Stores Inc.
also operates through its subsidiary, Claire's Nippon Co. Ltd.,
201 stores in Japan as a 50:50 joint venture with AEON Co. Ltd.  
The company also franchises 169 stores in the Middle East, Turkey,
Russia, South Africa, Poland and Guatemala.



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

* JAMAICA: Foreign Direct Investments Not Enough, Minister Says
---------------------------------------------------------------
Investment Minister, Karl Samuda said in the World Investment
Report 2008 global launch at Knutsford Court Hotel, Kingston on
September 24, that Jamaica is not getting enough Foreign Direct
Investments (FDI) this year, Jamaica Gleaner reports.

Mr. Samuda observed that the island gathered US$779 million in
FDIs in 2007, a slight drop from US$882 million in 2006.  The
tourism industry attracted US$197 million in FDIs last year, a 6%
increase from 2006.  The information communication technology
(ICT) sector recorded US$164.5 million in FDIs in 2008, a double
figure compared to last year, the report says.

"However, Jamaica still struggles with  the inappropriate and
deficient levels of economic growt," Mr. Samuda told the Gleaner.  
"We have had great achievements in attracting investments, but
that has not translated in either growth or increased levels of
employment."  Mr. Samuda emphasized that "focus must not only be
on the notion of attracting foreign investments, as critical as
that is, but the kind of investment that is going to create jobs."

The report says, citing Mr. Samuda, that Jamaicans are ill-
equipped to service foreign investors, forcing a large number of
them to import labour and expertise from overseas.

The Gleaner quoted Environmental Solutions Limited, managing
director and consulting principal, Eleanor Jones as saying that
more investments are needed in the infrastructure sector.  "On
average, there is less investment being put into infrastructure by
governments in the developing world -- an average of 3.4% of Gross
Domestic Product (GDP) while the optimal needs to be somewhere
between 7% and 9% on new projects as well as maintenance," Ms.
Jones relates.

Ms. Jones added that economic growth and development is
constrained by the quality and quantity of infrastructure, the
Gleaner notes.

                        *     *     *

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


* JAMAICA: Housing Agency Needs US$20BB to Complete 80 Projects
---------------------------------------------------------------
The Housing Agency of Jamaica, formerly known as National Housing
Development Corporation, said it will need US$20 billion to
complete 80 developments under Operation PRIDE, the Jamaica
Gleaner reported on Sept. 24, 2008.

Operation PRIDE (Operation Programme for Resettlement and
Integrated Development Enterprise) is a troubled scheme that was
launched in the 1990s under the People's National Party (PNP)
administration offered primarily to civil servants and other
middle class persons, the report said.

The Gleaner quoted Joseph Shoucair as saying that the agency plans
to raise money by building new housing projects and selling them
on the open market.  Mr. Shoucair added the no timetable has been
set for the project and that it would require US$18 billion to
US$20 billion to finance the project.

Among the completed PRIDE projects for 94 squatter and greenfield
developments are:

   * Melrose Mews, Manchester;
   * West Albion , St Thomas;
   * Luana (phase one) , St Elizabeth;

The Gleaner, citing Mr. Shoucair, related that some projects are
undergoing in Mamee Bay, St. Ann, Flankers and St James.

                        *     *     *

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



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

GOODYEAR TIRE: To Tap US$600MM Credit Facility Due to Fund Woes
---------------------------------------------------------------
The Goodyear Tire & Rubber Co. will draw US$600 million from its
existing U.S. revolving credit facility due to a temporary delay
in its ability to access US$360 million of cash currently invested
with The Reserve Primary Fund.  The funds will also be used to
support seasonal working capital needs and to enhance the
company's cash liquidity position.

The Reserve Primary Fund, a money market fund, has delayed the
payment of requested redemptions pursuant to a U.S. Securities and
Exchange Commission Order allowing an orderly disposition of its
securities.  

David Horn at The North Carolina News Network relates that a run
on redemptions had led to the Reserve Primary Fund losing more
than 60% of its assets, as the fund lost value because some of its
investments were in Lehman Brothers' debt.

Goodyear's other U.S. cash investments remain fully accessible by
the company.

Goodyear also said that the expiration of the 30-day period to
appeal the U.S. District Court's Order approving the settlement
agreement that established the Voluntary Employees' Beneficiary
Association trust, which will provide healthcare benefits to the
company's current and future United Steelworkers retirees.  No
appeals were filed.  Goodyear now can remove liabilities for USW
union retiree healthcare benefits from its balance sheet.  As of
year-end 2007, these liabilities were approximately US$1.2
billion.  As previously announced, the company fully funded the
US$1 billion VEBA following the court's Aug. 22 settlement
approval.  At the end of the second quarter, Goodyear reported a
global cash balance of approximately US$2.1 billion prior to
funding the VEBA.

                      About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26 countries
and employs 80,000 people worldwide.  Goodyear has subsidiaries in
New Zealand, Venezuela, Peru, Mexico, Luxembourg, Finland, Korea
and Japan, among others.  


GOODYEAR: Drawing US$600MM Facility Won't Affect S&P's Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on The
Goodyear Tire & Rubber Co. (BB-/Positive/--) are not immediately
affected by the company's announcement that it will draw down
US$600 million of its U.S. revolving credit facility because
Goodyear's access to US$360 million of cash invested with The
Reserve Primary Fund has been delayed temporarily.  Once the
drawdown has been completed, S&P believes the company's cash
position and available credit facilities will be sufficient to
support near-term cash needs.
   
In light of the anxious state of the capital markets, S&P believes
the company's action reflects prudent steps to minimize the
effects of any unexpected credit disruptions.  Although recent
events have diminished Goodyear's liquidity, S&P expects the
impact to be temporary and therefore will not significantly affect
the company's financial risk profile.  Nevertheless, S&P remains
concerned that weak credit markets, if sustained, could complicate
Goodyear's funding of its business plan.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26 countries
and employs 80,000 people worldwide.  Goodyear has subsidiaries in
New Zealand, Venezuela, Peru, Mexico, Luxembourg, Finland, Korea
and Japan, among others.  


RETAIL PRO: John C. Redding Quits as Secretary and General Counsel
------------------------------------------------------------------
Retail Pro, Inc. disclosed in a Securities and Exchange Commission
filing that effective Sept. 12, 2008, John C. Redding resigned as
the company's Secretary and General Counsel.

Headquartered in La Jolla, California, Retail Pro, Inc. (OTC:
IPIN.PK) -- http://www.retailpro.com/--provides Point of Sale,     
Store Operations, Merchandising, Planning, Business Intelligence,
and Payment Processing software applications for the specialty
retail industry.

Retail Pro(R) is delivered through a world-wide network of channel
partners.  The company maintains offices in the United States,
United Kingdom, Australia, Mexico, Italy, Poland and China.

                      Going Concern Doubt

Goldman & Parks LLP, in Encino, California, expressed substantial
doubt about Island Pacific Inc. nka. Retail Pro Inc.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the years ended March 31,
2007, and 2006.  The auditing firm reported that the company has
suffered recurring losses from operations and has an accumulated
deficit of US$81,979,000 as of March 31, 2007.


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

ICFQ DESARROLLOS: 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 ICFQ Desarrollos Carraizo Inc.
at 11:00 a.m., on Oct. 10, 2008, in Courtroom 1 at the U.S. Post
Office and Courthouse Building 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 Caguas, Puerto Rico, real estate developer ICFQ Desarrollos
Carraizo, Inc., filed for Chapter 11 protection on July 3, 2008
(Bankr. D. P.R. Case No. 08-04351).  Charles A. Cuprill, P.S.C.,
Law Offices, serves as the Debtor's bankruptcy counsel.  When the
Debtor filed for protection from its creditors, it listed
estimated assets of US$55,985,918 and debts of US$3,687,843.



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

PETROLEOS DE VENEZUELA: May Control Joint Venture With Russia
-------------------------------------------------------------
Petroleos de Venezuela S.A. will probably have control of a
planned joint venture with Russia to develop oil and gas
resources, AFX News Limited reports, citing Russian Energy
Minister Sergei Shmatko.

According to Mr. Shmatko, Venezuela's national restrictions are
tough.  "We are unlikely to have control," AFX News quoted him as
saying.

Mr. Shmatko said the range of potential projects described in a
memorandum of understanding between the Russian and Venezuelan
energy ministries suggested the venture would have high capital
spending needs, AFX News notes.

"It will be tens of billions of dollars," he continued, the report
adds.

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

                           *     *     *

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

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


* Bank of China Joins Inter-American Dev't Bank's Program
---------------------------------------------------------
Bank of China has joined Inter-American Development Bank's IDB
Trade Finance Facilitation Program, which will help Chinese
enterprises to solve their financing and guarantee problems when
they explore Latin American and Caribbean markets, Asia Pulse
reports.

The report relates that by participating in the TFFP, Bank of
China can further expand the range of its trade finance activities
to Latin America and Caribbean region, and provide financing and
guarantee services for its export enterprise clients.

According to the report, a bank official said the participation of
Bank of China in the program can foster increasing business
opportunities between China and Latin American and Caribbean
countries, especially for the Chinese enterprises to develop
export trade and engineering projects in Brazil, Ecuador,
Nicaragua, Peru, Colombia, Costa Rica and other countries.

                       About Bank of China

Headquartered in Beijing, China, the Bank of China
-- http://www.boc.cn -- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.

                          *     *     *

The bank continues to carry Moody's Investors Service Ratings'
'D' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.


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

                                       Total
                                Shareholders       Total
                                      Equity       Assets        
Company             Ticker           (US$MM)      (US$MM)
-------             ------       ------------     -------
NOVA AMERICA SA     1NOVON BZ        (214.53)       24.63
NOVA AMERICA-PRF    1NOVPN BZ        (214.53)       24.63
IMPSAT FIBER NET    330902Q GR        (17.16)      535.01
TELECOMUNICA-ADR    81370Z BZ        (113.99)      143.31
ARTHUR LANGE SA     ALICON BZ         (13.92)       19.52
ARTHUR LANGE-PRF    ALICPN BZ         (13.92)       19.52
ARTHUR LANG-RT C    ARLA1 BZ          (13.92)       19.52
ARTHUR LANG-RC P    ARLA10 BZ         (13.92)       19.52
ARTHUR LAN-DVD C    ARLA11 BZ         (13.92)       19.52
ARTHUR LAN-DVD P    ARLA12 BZ         (13.92)       19.52
ARTHUR LANG-RT P    ARLA2 BZ          (13.92)       19.52
ARTHUR LANGE        ARLA3 BZ          (13.92)       19.52
ARTHUR LANGE-PRF    ARLA4 BZ          (13.92)       19.52
ARTHUR LANG-RC C    ARLA9 BZ          (13.92)       19.52
BOMBRIL             BMBBF US         (298.16)      278.65
BOMBRIL SA-ADR      BMBBY US         (298.16)      278.65
BOMBRIL SA-ADR      BMBPY US         (298.16)      278.65
BOMBRIL-RIGHTS      BOBR1 BZ         (298.16)      278.65
BOMBRIL-RGTS PRE    BOBR2 BZ         (298.16)      278.65
BOMBRIL             BOBR3 BZ         (298.16)      278.65
BOMBRIL-PREF        BOBR4 BZ         (298.16)      278.65
BOMBRIL CIRIO SA    BOBRON BZ        (298.16)      278.65
BOMBRIL CIRIO-PF    BOBRPN BZ        (298.16)      278.65
SOC COMERCIAL PL    CAD IX           (247.09)      139.57
SOC COMERCIAL PL    CADN SW          (247.09)      139.57
CAF BRASILIA        CAFE3 BZ         (543.59)       23.23
CAF BRASILIA-PRF    CAFE4 BZ         (543.59)       23.23
CONST A LINDEN      CALI3 BZ           (6.39)       34.39
CONST A LIND-PRF    CALI4 BZ           (6.39)       34.39
CAMBUCI SA          CAMB3 BZ          (27.32)      103.40
CAMBUCI SA-PREF     CAMB4 BZ          (27.32)      103.40
CAMBUCI SA          CAMBON BZ         (27.32)      103.40
CAMBUCI SA-PREF     CAMBPN BZ         (27.32)      103.40
COBRASMA            CBMA3 BZ       (1,686.13)       12.30
COBRASMA-PREF       CBMA4 BZ       (1,686.13)       12.30
TELEBRAS-PF RCPT    CBRZF US         (113.99)      143.30
CHIARELLI SA        CCHI3 BZ          (42.01)       25.67
CHIARELLI SA-PRF    CCHI4 BZ          (42.01)       25.67
CHIARELLI SA        CCHON BZ          (42.01)       25.67
CHIARELLI SA-PRF    CCHPN BZ          (42.01)       25.67
COBRASMA SA         COBRON BZ      (1,686.13)       12.30
COBRASMA SA-PREF    COBRPN BZ      (1,686.13)       12.30
SOC COMERCIAL PL    COME AR          (247.09)      139.57
COMERCIAL PLA-BL    COMEB AR         (247.09)      139.57
COMERCIAL PL-C/E    COMEC AR         (247.09)      139.57
COMERCIAL PLAT-$    COMED AR         (247.09)      139.57
CAFE BRASILIA SA    CSBRON BZ         (543.6)       23.23
CAFE BRASILIA-PR    CSBRPN BZ         (543.6)       23.23
SOC COMERCIAL PL    CVVIF US         (247.09)      139.57
DOCAS SA-RTS PRF    DOCA2 BZ           (4.51)      120.81
DOCA INVESTIMENT    DOCA3 BZ           (4.51)      120.81
DOCA INVESTI-PFD    DOCA4 BZ           (4.51)      120.81
DOCAS SA            DOCAON BZ          (4.51)      120.81
DOCAS SA-PREF       DOCAPN BZ          (4.51)      120.81
ESTRELA SA          ESTR3 BZ           (49.41)      71.22
ESTRELA SA-PREF     ESTR4 BZ           (49.41)      71.22
ESTRELA SA          ESTRON BZ          (49.41)      71.22
ESTRELA SA-PREF     ESTRPN BZ          (49.41)      71.22
FABRICA RENAUX      FRNXON BZ          (29.96)      79.56
FABRICA RENAUX-P    FRNXPN BZ          (29.96)      79.56
FABRICA TECID-RT    FTRX1 BZ           (29.96)      79.56
FABRICA RENAUX      FTRX3 BZ           (29.96)      79.56
FABRICA RENAUX-P    FTRX4 BZ           (29.96)      79.56
TECEL S JOSE        FTSJON BZ          (22.07)      46.95
TECEL S JOSE-PRF    FTSJPN BZ          (22.07)      46.95
CIMOB PARTIC SA     GAFON BZ           (38.35)      58.06
CIMOB PARTIC SA     GAFP3 BZ           (38.35)      58.06
CIMOB PART-PREF     GAFP4 BZ           (38.35)      58.06
CIMOB PART-PREF     GAFPN BZ           (38.35)      58.06
GAZOLA-RCPT PREF    GAZO10 BZ          (27.59)       9.36
GAZOLA SA-DVD CM    GAZO11 BZ          (27.59)       9.36
GAZOLA SA-DVD PF    GAZO12 BZ          (27.59)       9.36
GAZOLA              GAZO3 BZ           (27.59)       9.36
GAZOLA-PREF         GAZO4 BZ           (27.59)       9.36
GAZOLA-RCPTS CMN    GAZO9 BZ           (27.59)       9.36
GAZOLA SA           GAZON BZ           (27.59)       9.36
GAZOLA SA-PREF      GAZPN BZ           (27.59)       9.36
HAGA                HAGA3 BZ           (69.83)      14.18
FER HAGA-PREF       HAGA4 BZ           (69.83)      14.18
FERRAGENS HAGA      HAGAON BZ          (69.83)      14.18
FERRAGENS HAGA-P    HAGAPN BZ          (69.83)      14.18
HERCULES SA         HERTON BZ         (157.23)      27.94
HERCULES SA-PREF    HERTPN BZ         (157.23)      27.94
HERCULES            HETA3 BZ          (157.23)      27.94
HERCULES-PREF       HETA4 BZ          (157.23)      27.94
DOC IMBITUBA-RTC    IMBI1 BZ           (15.70)     170.83
DOC IMBITUBA-RTP    IMBI2 BZ           (15.70)     170.83
DOC IMBITUBA        IMBI3 BZ           (15.70)     170.83
DOC IMBITUB-PREF    IMBI4 BZ           (15.70)     170.83
DOCAS IMBITUBA      IMBION BZ          (15.70)     170.83
DOCAS IMBITUB-PR    IMBIPN BZ          (15.70)     170.83
IMPSAT FIBER-CED    IMPT AR            (17.17)     535.01
IMPSAT FIBER-BLK    IMPTB AR           (17.17)     535.01
IMPSAT FIBER-C/E    IMPTC AR           (17.17)     535.01
IMPSAT FIBER-$US    IMPTD AR           (17.17)     535.01
IMPSAT FIBER NET    IMPTQ US           (17.17)     535.01
CONST A LINDEN      LINDON BZ           (6.39)      34.39
CONST A LIND-PRF    LINDPN BZ           (6.39)      34.39
MINUPAR             MNPR3 BZ           (19.11)     106.54
MINUPAR-PREF        MNPR4 BZ           (19.11)     106.54
MINUPAR SA          MNPRON BZ          (19.11)     106.54
MINUPAR SA-PREF     MNPRPN BZ          (19.11)     106.54
WETZEL SA           MWELON BZ           (8.62)      88.58
WETZEL SA-PREF      MWELPN BZ           (8.62)      88.58
WETZEL SA           MWET3 BZ            (8.62)      88.58
WETZEL SA-PREF      MWET4 BZ            (8.62)      88.58
NOVA AMERICA SA     NOVA3 BZ          (214.53)      24.62
NOVA AMERICA-PRF    NOVA4 BZ          (214.53)      24.62
NOVA AMERICA SA     NOVAON BZ         (214.53)      24.62
NOVA AMERICA-PRF    NOVAPN BZ         (214.53)      24.62
TELEBRAS-CEDE BL    RCT4B AR          (113.99)     143.31
TELEBRAS-CED C/E    RCT4C AR          (113.99)     143.31
TELEBRAS-CEDEA $    RCT4D AR          (113.99)     143.31
TELEBRAS-RTS CMN    RCTB1 BZ          (113.99)     143.31
TELEBRAS-RTS PRF    RCTB2 BZ          (113.99)     143.31
TELEBRAS-CM RCPT    RCTB30 BZ         (113.99)     143.31
TELEBRAS-CM RCPT    RCTB31 BZ         (113.99)     143.31
TELEBRAS-CM RCPT    RCTB32 BZ         (113.99)     143.31
TELEBRAS-RCT        RCTB33 BZ         (113.99)     143.31
TELEBRAS-CEDE PF    RCTB4 AR          (113.99)     143.31
TELEBRAS-PF RCPT    RCTB40 BZ         (113.99)     143.31
TELEBRAS-PF RCPT    RCTB41 BZ         (113.99)     143.31
TELEBRAS-PF RCPT    RCTB42 BZ         (113.99)     143.31
TEXTEIS RENAUX      RENXON BZ           (79.9)      53.28
TEXTEIS RENAUX      RENXPN BZ           (79.9)      53.28
TELEBRAS-ADR        RTB US            (113.99)     143.31
SOC COMERCIAL PL    SCDPF US          (247.09)     139.57
SCHLOSSER SA        SCHON BZ           (55.96)      28.65
SCHLOSSER SA-PRF    SCHPN BZ           (55.96)      28.65
SCHLOSSER           SCLO3 BZ           (55.96)      28.65
SCHLOSSER-PREF      SCLO4 BZ           (55.96)      28.65
COMERCIAL PL-ADR    SCPDS LI          (247.09)     139.57
TECEL S JOSE        SJOS3 BZ           (22.07)      46.95
TECEL S JOSE-PRF    SJOS4 BZ           (22.07)      46.95
SANSUY              SNSY3 BZ           (35.49)     132.20
SANSUY-PREF A       SNSY5 BZ           (35.49)     132.20
SANSUY-PREF B       SNSY6 BZ           (35.49)     132.20
SANSUY SA-PREF A    SNSYAN BZ          (35.49)     132.20
SANSUY SA-PREF B    SNSYBN BZ          (35.49)     132.20
SANSUY SA           SNSYON BZ          (35.49)     132.20
TELEBRAS-PF RCPT    TBAPF US          (113.99)     143.31
TELEBRAS-ADR        TBAPY US          (113.99)     143.31
TELEBRAS SA         TBASF US          (113.99)     143.31
TELEBRAS-ADR        TBASY US          (113.99)     143.31
TELEBRAS-ADR        TBH US            (113.99)     143.31
TELEBRAS/W-I-ADR    TBH-W US          (113.99)     143.31
TELEBRAS-ADR        TBRAY GR          (113.99)     143.31
TELEBRAS-CM RCPT    TBRTF US          (113.99)     143.31
TELEBRAS-ADR        TBX GR            (113.99)     143.31
TELEBRAS-RTS CMN    TCLP1 BZ          (113.99)     143.31
TEKA                TEKA3 BZ          (257.44)     332.91
TEKA-PREF           TEKA4 BZ          (257.44)     332.91
TEKA                TEKAON BZ         (257.44)     332.91
TEKA-PREF           TEKAPN BZ         (257.44)     332.91
TEKA-ADR            TEKAY US          (257.44)     332.91
TELEBRAS-CED C/E    TEL4C AR          (113.99)     143.31
TELEBRAS-CEDEA $    TEL4D AR          (113.99)     143.31
TELEBRAS-COM RTS    TELB1 BZ          (113.99)     143.31
TELEBRAS-RCT PRF    TELB10 BZ         (113.99)     143.31
TELEBRAS SA         TELB3 BZ          (113.99)     143.31
TELEBRAS-BLOCK      TELB30 BZ         (113.99)     143.31
TELEBRAS-CEDE PF    TELB4 AR          (113.99)     143.31
TELEBRAS SA-PREF    TELB4 BZ          (113.99)     143.31
TELEBRAS-PF BLCK    TELB40 BZ         (113.99)     143.31
TELEBRAS-CM RCPT    TELE31 BZ         (113.99)     143.31
TELEBRAS-PF RCPT    TELE41 BZ         (113.99)     143.31
TEKA-PREF           TKTPF US          (257.44)     332.91
TEKA-ADR            TKTPY US          (257.44)     332.91
TEKA                TKTQF US          (257.44)     332.91
TEKA-ADR            TKTQY US          (257.44)     332.91
TELEBRAS SA         TLBRON BZ         (113.99)     143.31
TELEBRAS SA-PREF    TLBRPN BZ         (113.99)     143.31
TELEBRAS-RECEIPT    TLBRUO BZ         (113.99)     143.31
TELEBRAS-PF RCPT    TLBRUP BZ         (113.99)     143.31
TELEBRAS-RTS PRF    TLCP2 BZ          (113.99)     143.31
TECTOY-RTS/3        TOYB1 BZ            (3.62)      22.57
TECTOY-RCT PREF     TOYB10 BZ           (3.62)      22.57
TECTOY-PF-RTS5/6    TOYB11 BZ           (3.62)      22.57
TECTOY-RCPT PF B    TOYB12 BZ           (3.62)      22.57
TECTOY-BONUS RTS    TOYB13 BZ           (3.62)      22.57
TECTOY              TOYB3 BZ            (3.62)      22.57
TECTOY-PREF         TOYB4 BZ            (3.62)      22.57
TEC TOY SA-PREF     TOYB5 BZ            (3.62)      22.57
TEC TOY SA-PF B     TOYB6 BZ            (3.62)      22.57
TECTOY-RCT ORD      TOYB9 BZ            (3.62)      22.57
TECTOY SA           TOYBON BZ           (3.62)      22.57
TECTOY SA-PREF      TOYBPN BZ           (3.62)      22.57
TEC TOY SA-PREF     TOYDF US            (3.62)      22.57
TEXTEIS RENAUX      TXRX3 BZ            (79.9)      53.28
TEXTEIS RENAU-PF    TXRX4 BZ            (79.9)      53.28
VARIG SA            VAGV3 BZ        (4,523.46)     823.49
VARIG SA-PREF       VAGV4 BZ        (4,523.46)     823.49
VARIG SA            VARGON BZ       (4,523.46)     823.49
VARIG SA-PREF       VARGPN BZ       (4,523.46)     823.49
FER C ATL-RCT PF    VSPT10 BZ          (59.03)   1,284.55
FERROVIA CEN-DVD    VSPT11 BZ          (59.03)   1,284.55
FERROVIA CEN-DVD    VSPT12 BZ          (59.03)   1,284.55
FER c ATLANT        VSPT3 BZ           (59.03)   1,284.55
FER C ATLANT-PRF    VSPT4 BZ           (59.03)   1,284.55
FER C ATL-RCT CM    VSPT9 BZ           (59.03)   1,284.55
WIEST               WISA3 BZ           (66.01)      33.42
WIEST-PREF          WISA4 BZ           (66.01)      33.42
WIEST SA            WISAON BZ          (66.01)      33.42
WIEST SA-PREF       WISAPN BZ          (66.01)      33.42
IMPSAT FIBER NET    XIMPT SM           (17.16)     535.01



                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


           * * * End of Transmission * * *