TCRLA_Public/081002.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, October 2, 2008, Vol. 9, No. 196

                            Headlines

A N T I G U A

* ANTIGUA: Prime Minister Urges U.S. To Change Dealings With Cuba


A R G E N T I N A

BIRO SRL: Proofs of Claim Verification Deadline Is November 27
BITZER ARGENTINA: Claims Verification Deadline Is November 25
COMERCIAL FRIGORIFICO: Trustee Verifying Claims Until October 27
CONELMEC SRL: Proofs of Claim Verification Deadline Is Nov. 19
MARIO MANILDO: Trustee to File Individual Reports on March 2

SHUMIS SA: Proofs of Claim Verification Deadline Is December 1
TOPKY SA: Proofs of Claim Verification Deadline Is November 25
WENDY'S INTERNATIONAL: Triarc Merger Cues S&P to Take Rtng Actions

* ARGENTINA: Inks Deal With Three Banks to Restructure Debts


B E R M U D A

LEHMAN RE: Bankruptcy Filing Cues Best's Credit Rating Cut to bb
XL CAPITAL: Posts Prelim Net Loss for Hurricanes Gustav and Ike


B R A Z I L

BANCO DO BRASIL: Previ Posts BRL10BB Loss on Income Portfolio
BANCO NACIONAL: Grants BRL390,300 Financing to Copefruta
BUCYRUS INT'L: Reaches Supply and Distribution Deal for Brazil
DELPHI CORP: Says Agreements with Unions Fortifies Bankruptcy Exit
XERIUM TECHNOLOGIES: S&P Lifts Rating to 'B-'; Outlook Stable

* BRAZIL: Firms Trade US$31.5 billion in Power Auction


C A Y M A N  I S L A N D S

CANTRADE TRUST: Deadline for Proof of Claim Filing Is Oct. 8
HAMPSTEAD LTD: Ex-Owner Blames Officers for Bank Loan Default
HENSON INTERNATIONAL: Proof of Claim Filing Is Until Oct. 6
LWT JADE: Will Hold Final Shareholders Meeting on Oct. 8
NIPPON REAL ESTATE: Proof of Claim Filing Deadline Is Oct. 6

SAINT GERMAIN: Holding Final Shareholders Meeting Today
THREADNEEDLE AIS: Deadline for Proof of Claim Filing Is Oct. 7
THREADNEEDLE AIS MASTER: Claims Filing Deadline Is Oct. 7
UTILITIES & VISIBILITY: Proof of Claim Filing Deadline Is Today
UTILITIES & VISIBILITY MASTER: Claims Filing Deadline Is Today


C O L O M B I A

QUEBECOR WORLD: Voluntary Chapter 15 Case Summary
QUEBECOR WORLD: Gets Conversion Notices for S. 5 Preferred Shares


J A M A I C A

CASH PLUS: Jamaica Court Places Unit Under Liquidation
NATIONAL COMMERCIAL: S&P Holds B/B Ratings, Shifts Outlook to Neg.


M E X I C O

BALLY TECHNOLOGIES: Inks Casino Management Deal With Mexican Firm
EMPRESAS ICA: San Luis Unit Inks MXN2.2BB Loan to Build Highway
HERCULES OFFSHORE: CEO to Present at Merrill Lynch Conference


P A N A M A

CHIQUITA BRANDS: S&P Holds 'B-' Rating; Changes Outlook to Stable


P U E R T O  R I C O

ZAP IMPORT: Lender Westernbank Wants Chapter 11 Case Dismissed


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Earns US$9.5 Bil. in 2008 First Quarter

* Mesoamerican Plant Tender Falls Flat; PIEM Panel to Meet Again
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

* ANTIGUA: Prime Minister Urges U.S. To Change Dealings With Cuba
-----------------------------------------------------------------
Prime Minister for Antigua and Barbuda, Baldwin Spencer, urged the
United States to change dealings with Cuba at the 63rd United
Nations (UN) General Assembly in New York, Caribbean Net News
reports.

According to the report, citing Antigua Sun, Minister Spencer
pleaded with U.S. to stop the deportation of violent criminals to
Antigua.

Mr. Spencer also urged the Assembly to support developing
countries in the fight to stop the sale of handguns and narcotics
as well as the globalization of crime in the territory, Caribbean
News relates.

Antigua Sun also reported that Mr. Spencer rebuked the Assembly's
slow progress in implementing solutions to various problems in
climate change and food crisis, Caribbean News notes.



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

BIRO SRL: Proofs of Claim Verification Deadline Is November 27
--------------------------------------------------------------
The court-appointed trustee for Biro S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 27, 2008.

The trustee will present the validated claims in court as  
individual reports on February 16, 2009.  A court in Argentina
will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Biro 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 Biro S.R.L.'s
accounting and banking records will be submitted in court on
March 30, 2009.

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


BITZER ARGENTINA: Claims Verification Deadline Is November 25
-------------------------------------------------------------
The court-appointed trustee for Bitzer Argentina S.A.C.I.'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 February 11, 2009.  A court in Argentina
will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Bitzer Argentina 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 Bitzer Argentina's
accounting and banking records will be submitted in court on
March 26, 2009.

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


COMERCIAL FRIGORIFICO: Trustee Verifying Claims Until October 27
----------------------------------------------------------------
The court-appointed trustee for Comercial Frigorifico Puerto Plata
S.A.'s reorganization proceeding will be verifying creditors'
proofs of claim until October 27, 2008.

The trustee will present the validated claims in court as  
individual reports.  A court in Argentina will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Comercial Frigorifico 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 Comercial Frigorifico's
accounting and banking records will be submitted in court.

Infobae didn't state the submission dates for the reports.

Creditors will vote to ratify the completed settlement plan  
during the assembly on July 24, 2009.


CONELMEC SRL: Proofs of Claim Verification Deadline Is Nov. 19
--------------------------------------------------------------
The court-appointed trustee for Conelmec S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 19, 2008.

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

Infobae didn't state the submission dates for the reports.

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


MARIO MANILDO: Trustee to File Individual Reports on March 2
------------------------------------------------------------
Jorge Alvarez, the court-appointed trustee for Mario Manildo
Instalaciones SA's bankruptcy proceeding, will present the
validated claims as individual reports in the National Commercial
Court of First Instance No. 10 in Buenos Aires, with the
assistance of Clerk No. 20, on March 2, 2009.

Mr. Alvarez is verifying creditors' proofs of claim until Dec. 15,
2008.  He will also submit to court a general report containing an
audit of Mario Manildo's accounting and banking records
April 17, 2009.

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


SHUMIS SA: Proofs of Claim Verification Deadline Is December 1
--------------------------------------------------------------
The court-appointed trustee for Shumis S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 1, 2008.

The trustee will present the validated claims in court as  
individual reports on February 17, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Shumis S.A. 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 Shumis S.A.'s
accounting and banking records will be submitted in court on
March 31, 2009.

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

The debtor can be reached at:

                     Shumis S.A.
                     Parana 552
                     Buenos Aires, Argentina


TOPKY SA: Proofs of Claim Verification Deadline Is November 25
--------------------------------------------------------------
The court-appointed trustee for Topky S.A.'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 February 11, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Topky S.A. 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 Topky S.A.'s
accounting and banking records will be submitted in court on
March 26, 2009.

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


WENDY'S INTERNATIONAL: Triarc Merger Cues S&P to Take Rtng Actions
------------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions as
a result of the consummation of the merger between Triarc Cos.
Inc. and Wendy's International Inc.  The new entity will be called
Wendy's/Arby's Restaurant Group Inc.  

The rating actions are:

S&P assigned Wendy's/Arby's a 'B+' corporate credit rating.

The outlook is stable.

S&P lowered the corporate credit rating on Wendy's one notch to
'B+' from 'BB-' and removed all ratings on Wendy's from
CreditWatch with negative implications, where they were placed on
April 26, 2007.  The outlook is stable.

S&P assigned a '4' recovery rating to the company's senior
unsecured notes.  The '4' recovery rating indicates its  
expectation of average (30%-50%) recovery in the event of default
and also dictates that the senior unsecured issue rating be un-
notched from the corporate credit rating.  Consequently, S&P
lowered the senior unsecured rating and issue-level rating on
those notes to 'B+' from 'BB-'.

S&P removed the ratings on Arby's Restaurant Group Inc., a
subsidiary of Wendy's/Arby's, from CreditWatch with developing
implications, where they were placed on April 22, 2008, and
affirmed the 'B+' corporate credit rating on Arby's.  The outlook
is stable.

S&P revised the recovery rating on Arby's senior secured credit
facility to a '2' from a '1'.  The '2' recovery rating indicates
S&P's expectation of substantial (70%-90%) recovery in the event
of default.  As a result of the revised recovery rating, S&P
lowered the issue-level rating of Arby's senior secured credit
facility one notch to 'BB-' from 'BB'.
   
"The stable outlook reflects our expectation that Wendy's/Arby's
will maintain appropriate credit metrics for the rating category
and liquidity despite Arby's narrow covenant cushion," said
Standard & Poor's credit analyst Charles Pinson-Rose.

Based in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- is one of the world's
largest and most successful restaurant operating and franchising
companies, with more than 6,300 Wendy's Old Fashioned Hamburgers
restaurants in North America and more than 300 international
Wendy's restaurants.   It has restaurants in the United States,
Canada, Mexico, Argentina, among others.  Total revenues for the
twelve month period ending June 29, 2008 were approximately
US$2.44 billion.


* ARGENTINA: Inks Deal With Three Banks to Restructure Debts
------------------------------------------------------------
Argentina signed an agreement with three banks to attempt to
restructure debts to sovereign bond holders who rejected a 2005
settlement over a historic default, the government announced
Monday, Sept. 29, 2008, Merco Press reported.

Cabinet chief Sergio Massa said Barclays PLC, Citigroup Inc. and
Deustche Bank plan to negotiate with some 500,000 institutional
lenders and individuals suing Argentina in US and European courts
over the historic 2001/02 default, Merco Press and Bloomberg News
related.

According to both reports, holdout creditors are demanding
reimbursement of US$20 billion in bonds, plus interest, after the
country's 2001/02 default on about 95 billion in sovereign bonds.

According to Bloomberg, Citigroup Inc., Barclays Plc and Deutsche
Bank AG will manage the transaction, Mr. Massa told bank
representatives and other government officials.  The banks
approached the government with the proposal, Mr. Massa continued.

Argentina's defaulted bonds gained after the government said Mr.
Massa will speak tonight about an offer to restructure the US$20
billion of debt that creditors held out of a 2005 settlement,
Bloomberg reported.

An Argentine press said there was a possible understanding
presented weeks ago by Barclays from London and basically means
the hold outs admit a 65% cut in the face value of the bonds.  It
was later revealed that the two other mega institutions are
Citibank and Deutsche bank.  Accrued interests since June 2005
(when the majority of the swap was agreed) will be paid with
similar "discount" bonds at an annual rate of 8.28%.  The
operation would be under an agreed international court.

Reports note that the government prohibit the use of the word
"swaps" because it would be politically embarrassing for the
Kirchners and because of a law that bans opening of the defaulted
sovereign bonds restructuring process.  According to the reports,
this could be avoided by what is defined as reverse inquiry" which
an initiative from bond holders.  Another condition is no bonds
should be linked to GDP growth, as Barclays was first demanding.

           Failed Proposed Holdout Deal with Bondholders

Merco Press reported that President Cristina Fernandez de Kirchner
had announced on Sept. 22, 2008, in New York that her
administration was considering a proposed deal with holdout
creditors who rejected the country's 2005 sovereign debt swap and
have since used the courts to try to seize Argentine assets
abroad.

The announcement follows Argentina's decision to pay back its
defaulted debt to the Paris Club of creditor nations and marks a
further effort to improve access to financing before the country's
debt obligations rise sharply next year.

                           *     *     *

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.



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B E R M U D A
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LEHMAN RE: Bankruptcy Filing Cues Best's Credit Rating Cut to bb
----------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to F
(In Liquidation) from B and issuer credit rating to "rs" from "bb"
of Lehman Re Limited.  The ratings now reflect that Lehman Re
petitioned for the appointment of liquidators in Bermuda
Commercial Court on Sept, 23, 2008.

Lehman Brothers Holdings Inc. filed for protection from creditors
under Chapter 11 of the U.S.  Bankruptcy code on Sept. 15, 2008.  
Various operating subsidiaries of Lehman Brothers have been sold
to third parties, but Lehman Re continues to be part of the Lehman
Brothers bankruptcy estate.

PricewaterhouseCoopers Advisory Limited, Bermuda has been
designated as provisional liquidator.

Based in Hamilton, Bermuda, Lehman Re Limited is a wholly owned
reinsurance subsidiary of Lehman Brothers Holding Inc.


XL CAPITAL: Posts Prelim Net Loss for Hurricanes Gustav and Ike
---------------------------------------------------------------
XL Capital Ltd. has posted preliminary net loss estimates for
Hurricanes Gustav and Ike.

The company’s preliminary loss estimates, pretax and net of
reinsurance and reinstatement premium, related to Hurricane Gustav
range from approximately US$30 million to US$35 million, which are
attributable in roughly equal proportions to the company's
insurance and reinsurance operations.

The company’s preliminary loss estimates, pretax and net of
reinsurance and reinstatement premium, related to Hurricane Ike
range from approximately US$165 million to US$235 million, of
which US$65 million to US$85 million is attributable to insurance
and US$100 million to US$150 million to reinsurance.

The company's preliminary loss estimates are based on its review
of individual treaties and policies expected to be impacted and
client data received to date and has taken into account current
industry loss estimates, both from published sources and the
Company’s internal analysis.

The company also announced that less than one-quarter of a percent
of its investment portfolio was exposed to Lehman Brothers
Holdings Inc. as of June 30, 2008.

As of that date, the cost and market value of XL’s current
holdings of equity of Lehman Brothers was US$2 million and US$1
million, respectively.  Also as of that date, XL’s current
holdings of subordinated debt of Lehman Brothers had an amortized
cost and market value of approximately US$34 million and US$29
million, respectively, and XL’s holdings of senior debt of Lehman
Brothers had an amortized cost and market value of US$66 million
and $63 million, respectively.  XL has made no purchases of Lehman
Brothers securities since June 30, 2008.  XL has no derivative
counterparty exposure to Lehman Brothers.

As of September 25, 2008, the amortized cost of XL’s fixed income
holdings of Washington Mutual, Inc. was US$4 million.

As of September 25, 2008, the cost of XL’s common and preferred
equity of Fannie Mae and Freddie Mac was US$9 million.

XL’s CEO, Michael S. McGavick, commented, “Total industry losses
for Gustav and Ike are still being calculated, but we believe that
Ike alone could be in excess of [US]$15 billion.  We are pleased
that even at the high end of our current estimates, losses from
these two hurricanes represent less than three percent of pro
forma total shareholders’ equity as of June 30, 2008.  We believe
that today’s announcements demonstrate disciplined underwriting as
well as our care in managing exposures to individual credits.”

Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. has assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications. Concurrently A.M. Best has withdrawn the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.



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B R A Z I L
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BANCO DO BRASIL: Previ Posts BRL10BB Loss on Income Portfolio
-------------------------------------------------------------
Caixa de Previdencia dos Funcionarios do Banco do Brasil aka
Previ, the pension fund for the employees of federal Banco do
Brasil, has also acknowledged losing BRL10 billion
(US$5.29 billion) from its variable income portfolio, Business
News Americas reports, citing a Brazilian press.

Previ president Sergio Rosa, as cited by financial daily Gazeta
Mercantil, said the portfolio has dropped to 80 billion reais from
90 billion reais due to the recent financial crisis.

"We found the value of the shares very cheap," press cited the
executive as saying.  "Because of this, we stopped selling them,
but we believe the value will come back up because the businesses
are solid," Mr. Rosa continued.

According to government news service Agencia Brasil, Previ has 65%
of its investments in variable income compared to the national
average for pension funds of 37.7% found by local pension fund
association Abrapp.

Previ investment director Fabio Moser, as cited by the agency,
said the main impact on Previ will be a delay in fulfilling its
agreement with national monetary council (CMN) to get its variable
income portfolio down to 50% of its investment by 2012.

Latest statistics from Abrapp disclosed that Previ topped the list
of pension funds as of end-May, with 143bn reais in investments,
BNamericas notes.

                           About Previ

Caixa de Previdencia dos Funcionarios do Banco do Brasil aka Previ
-- http://www.previ.com.br/-- was created in 1904, even before  
the Welfare Officer in Brazil.  It is the largest pension fund in
Latin America.  It is headquartered in Botafogo, South Zone of Rio
de Janeiro.

                       About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

On Feb. 29, 2008, Moody's Investors Rating Service assigned a
Ba2 foreign currency deposit rating to Banco do Brasil.


BANCO NACIONAL: Grants BRL390,300 Financing to Copefruta
--------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has
financially supported Cooperativa dos Produtores de Fruta do Brejo
Paraibano Ltda. (Copefruta) to implement a fruit processing unit.  
BNDES’ directors approved a BRL390,300 financing with non-
reimbursable funds, from Fundo Social, consisting of a share of
the bank’s annual income.

The plant will produce banana by-products, the main fruit produced
in nearly 70% of the rural lands owned by Copefruta’s cooperative
members.  By rolling out the project, the cooperative expects to
be free from middlemen, who trade 90% of the goods produced by the
cooperative members, as well as leverage producers’ earnings, as
the banana flour selling price is four times higher than the non-
processed fruit.  The project is also intended to cut down on
waste, once the flour allows using 100% of the fruits produced.

Copefruta intends to produce, in the first year, around 50 tons of
banana flour.  As it is a highly nutritive food item, it is likely
to be purchased by local city halls to be used to prepare city
school meals.  Three city halls - Esperanca, Natuba and Alagoa
Nova - and the cooperative that provides school meals to the city
of Campina Grande have submitted letters of intention.

Copefruta’s project is a strongly society-driven one, as it covers
regional development, strengthening of production associations and
work and income generation.  It is also consistent with Zero
Hunger program for contributing to improve the quality of state
school meals while fostering the development of small-scale
agriculture.

BNDES’ funds to the project, corresponding to 85% of total
investments to be made by Copefruta, of BRL459,000, will be mainly
used in civil works, purchase of machinery and equipment,
personnel training and qualification, and working capital.  When
the plant starts up, ten new employment opportunities will be
created.

Copefruta - set up in March 2006, has 29 members across the cities
of Alagoa Nova and Esperanca.  All of such are rural producers
owning lands of up to 20 ha, 3 of which own rural lands larger
than 5 ha.

To implement the project supported by BNDES, the Instituto de
Pesquisa Agropecuaria do Nordeste (Institute of Farming Research
of the Northeast - Ipan), an institution qualified as an
Organizacao da Sociedade Civil de Interesse Publico (Oscip) that
came up from the joint effort of university professors and
researchers intending to build a network to share and standardize
technical and scientific knowledge with economic and social impact
in the state of Paraiba.

Ipan will be an intervening party in the financing agreement to be
signed between BNDES and Copefruta, and, including other
assignments, will monitor the project implementation, supporting
the cooperative in carrying out the project.

                      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.


BUCYRUS INT'L: Reaches Supply and Distribution Deal for Brazil
--------------------------------------------------------------
Bucyrus International Inc. and Hensley Industries Inc. have
entered into a Supply and Distribution Agreement for Brazil.  

Under the terms of the agreement Bucyrus will install Hensley's
line of hammerless ground engaging tools on its electric rope
shovels and walking draglines sold in Brazil, as well as support
the sale of Hensley's products to the Brazilian aftermarket.  
Other markets could be added in the near future.  Both companies
look forward to expanding their relationship as global partners
for the sale and distribution of hammerless ground engaging
systems which offer safe, productive, and cost efficient solutions
for earth moving equipment.

Headquartered in South Milwaukee, Wisconsin, Bucyrus
International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/--       
is a global manufacturer of electric mining shovels, walking
draglines and rotary blasthole drills and provides aftermarket
replacement parts and services for these machines.  In 2006, it
had sales of US$738 million.  The company has operations in
Brazil, Chile, China, Poland, the United Kingdom, Australia,
India, Germany and Peru, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2008, Moody's Investors Service raised the corporate
family rating and the secured debt ratings of Bucyrus
International Inc. to Ba2 from Ba3.  Moody's said the rating
outlook is positive.


DELPHI CORP: Says Agreements with Unions Fortifies Bankruptcy Exit
------------------------------------------------------------------
Delphi Corp. disclosed the effectiveness of several agreements
with GM and Delphi's U.S. unions.  These agreements further the
significant progress Delphi has achieved in its Chapter 11 cases
and, together with other actions Delphi has taken, keep Delphi on
track to complete the five key tenets of its transformation by
year's end.

On Sept. 26, 2008, the U.S. Bankruptcy Court for the Southern
District of New York authorized Delphi to enter into an Amended
and Restated Global Settlement Agreement and an Amended and
Restated Master Restructuring Agreement with GM, well as an
amendment to an existing Advance Agreement with GM.  In addition,
on Sept. 23, 2008, the Bankruptcy Court authorized Delphi to take
actions with respect to certain of its existing pension plans and
to implement replacement pension plans.

The Amended GSA and Amended MRA reflect the completion of
Delphi's negotiations with GM to finalize its financial support
of Delphi's legacy and labor costs, including by means of GM's
assumption of Delphi's U.S. Hourly post-retirement benefits
obligations and support for certain labor costs, and to document
Delphi's business relationship with GM going forward.  In
addition, these agreements, together with Implementation
Agreements, which have been entered into with each of the
company's six U.S. unions, will allow Delphi to immediately
commence implementation of a workable solution to its pension
obligations through

  -- a transfer of U.S. hourly pension liabilities and assets
     from the Delphi hourly pension plan to the GM hourly
     pension plan in the net amount of approximately US$2.1 to
     2.4 billion, in the first of two anticipated transfers of
     U.S. hourly pension liabilities to the GM hourly pension
     plan; and

  -- the freezing of substantially all of Delphi's existing U.S.
     pension plans and the implementation of replacement plans.

Importantly, the Pension Benefit Guaranty Corporation has stated
that as a result of the transfer of pension liability, the PBGC
will begin withdrawing its previous lien filings of approximately
US$1.2 billion.

The amendment to the Advance Agreement provides for an additional
US$300 million availability to Delphi, which, combined with the
net payments of over US$900 million to be made by GM to Delphi
upon the effectiveness of the Amended GSA and Amended MRA,
provides significant enhancement to Delphi's liquidity position.

These agreements and the actions being taken by Delphi provide
the framework for the company to complete its transformation and
emerge from Chapter 11 as soon as practicable.

                      About Delphi Corp.

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

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

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


XERIUM TECHNOLOGIES: S&P Lifts Rating to 'B-'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Xerium
Technologies Inc., including raising the long-term corporate
credit rating to 'B-' from 'CCC+'.  The outlook is stable.
     
"The upgrade is based on the increased likelihood that Xerium will
satisfy its covenants in the fourth quarter and maintain adequate
liquidity in the near term," said Standard & Poor's credit analyst
Sarah Wyeth.
   
The ratings on Youngsville, North Carolina-based Xerium reflect
the company's highly leveraged balance sheet, its limited
liquidity, its modest size as a supplier to niche markets, and its
dependence on the papermaking industry, all of which limit the
company's organic growth potential.  Partly mitigating these
weaknesses are the company's good operating margins, its
geographic diversity, and the strong competitive position of its
niche product.
   
Xerium, with revenues of about US$650 million, operates in two
business segments: clothing, in the form of synthetic textile
belts that transport paper through papermaking machines, and roll
covers, which provide covering surface for large steel cylinders
between which paper travels in those machines.  Clothing
represented roughly 65% of revenue in the six months ending
June 30, 2008, and roll covers the remainder.  These consumables
play key roles in the process of converting raw material into
paper, and customers prefer local, reliable, and long-standing
suppliers.  

Pricing, while not the key buying decision, has grown increasingly
competitive recently.  However, this has not affected Xerium's
large market shares substantially.
   
The recent amendment to Xerium's credit agreement has alleviated
short-term liquidity pressures.  S&P could revise the outlook to
positive and potentially raise the ratings if the company can
maintain operating margins of at least 23%, continue to generate
positive free operating cash flow, and be expected to maintain an
EBITDA cushion of 20% in its leverage covenant for the foreseeable
future.  

However, Standard & Poor's notes that Xerium's end markets
continue to be challenging and competitive.  If EBITDA declines
more than 5% from its current level and the company does not
reduce debt in excess of mandatory payments, the leverage covenant
could become tight in 2010 and S&P could revise the outlook to
negative or lower the rating.

Based on Youngsville, North Carolina, Xerium Technologies Inc.
(NYSE: XRM) -- http://www.xerium.com/-- manufactures and
supplies two types of consumable products used in the production
of paper: clothing and roll covers.  With 35 manufacturing
facilities in 15 countries around the world, Xerium has
approximately 3,700 employees.

In Europe the company has subsidiaries in Austria, Italy,
Germany, Sweden, Spain, the United Kingdom, Finland, France,
Switzerland and Ireland.  Xerium also has subsidiaries in Asia,
particularly in China, Hong Kong, Australia, Japan and Vietnam.
Three subsidiaries are meanwhile located in Central and South
America, specifically Brazil, Mexico and Argentina.


* BRAZIL: Firms Trade US$31.5 billion in Power Auction
------------------------------------------------------
Fabio Palmigiani at Business News Americas writes that Brazilian
power firms traded BRL60.5 billion (US$31.5 billion) in contracts
at the September 30 government-run power auction in Sao Paulo.

Power trading board CCEE, as cited by BNamericas, disclosed that
39 distribution companies bought 427TWh at the auction for an
average price of BRL145.23 per MWh from 23 thermo projects and
BRL98.98 per MWh from one hydro project.

CCEE president Antonio Carlos Fraga Machado told BNamericas that
all energy demanded for the 2010-13 period was guaranteed.

Energy holding group Neoenergia, BNamericas says, won the auction
to secure 121MW of the 350MW Baixo do Iguacu hydro plant.  The
final price was 19.5% below the BRL123 per MWh ceiling set for the
hydro auction.

BNamericas relates that the 360MW Porto do Pecem thermo plant's
second phase sold the most power at the auction at 276MW for
BRL146 per MWh.

Mr. Machado, as cited by BNamericas, said he was very pleased with
the price in the hydro auction, adding that "Despite the low 1%
discount price in the thermo projects, I don't think it's a trend
and might have to do with demand."

The discount price refers to the difference between the auction
price ceiling and the final offer, BNamericas notes.

According to BNamericas, the auction started nearly two hours late
because of a bomb threat in the CCEE building.  Two thermo
projects, Gravatai and Osorio, did not compete because they were
unable to secure environmental licenses in time.



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

CANTRADE TRUST: Deadline for Proof of Claim Filing Is Oct. 8
------------------------------------------------------------
Cantrade Trust Company (Cayman) Ltd.'s creditors have until
Oct. 8, 2008, to prove their claims to David A.K. Walker and J.I.
Nicholas Freeland, 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.

Cantrade Trust's shareholder decided on Sept. 4, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               David A.K. Walker and J.I. Nicholas Freeland
               c/o PricewaterhouseCoopers Cayman Islands,
               P.O. Box 258
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Richard Mottershead
               Tel: (345) 914-8656
               Fax: (345) 945-4237


HAMPSTEAD LTD: Ex-Owner Blames Officers for Bank Loan Default
-------------------------------------------------------------
A former owner of Hampstead Ltd sued the Leader of Government
Business Hon Kurt Tibbetts and others as defendants in a claim for
repayment of a US$700,000 loan, plus interest, Cayman NetNews
reported.  A writ was filed in the Grand Court on September 18.

Hampstead owner Everard 'Denny' Diedrick also named MLA Alfonso
Wright and former chairman of the Health Services Authority and
general manager of Hampstead, Stephen Scott, as defendants in the
writ, NetNews noted.

NetNews related, citing court documents, that on or about Feb. 5,
2002, Mr. Diedrick orally agreed to sell Hampstead Ltd to the
three defendants for US$1,750,000.  Under the agreement, the
defendants signed a promissory note promising to pay Mr. Diedrick
US$700,000.

Mr. Diedrick, according to the report, stated that the defendants
have failed to pay the promissory note and are now liable to pay
the full amount of the note together with interest, the report
said.  He claimed that while under the defendants' management and
control, Hampstead went out of business.  He added that the
defendants "caused the company to default in its borrowing
covenants to [a] bank."

Cayman NetNews said it understands that this may be the first of
several law suits to be filed in relation to the sale of Hampstead
by Mr. Diedrick.

Hampstead Ltd -- http://www.hampstead.ky/-- is a well-known local  
office supply store in the Cayman Islands, which had operated for
34 years.  Everard 'Denny' Diedrick purchased Hampstead in 1972.


HENSON INTERNATIONAL: Proof of Claim Filing Is Until Oct. 6
-----------------------------------------------------------
Henson International Finance Ltd.'s creditors have until Oct. 6,
2008, to prove their claims to Lee King Yue, 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.

Henson International's shareholder decided on Aug. 22, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Lee King Yue
               72-76/F.
               Two International Finance Center
               8 Finance Street, Central
               Hong Kong


LWT JADE: Will Hold Final Shareholders Meeting on Oct. 8
--------------------------------------------------------
LWT Jade Ltd. will hold its final shareholders meeting on Oct. 8,
2008, at 10:00 a.m., at the offices of Close Brothers (Cayman)
Limited, 4th Floor Harbour Place, George Town, Grand Cayman,
Cayman Islands.

These matters will be taken up during the meeting:

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

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

The liquidators can be reached at:

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

Contact for inquiries:

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


NIPPON REAL ESTATE: Proof of Claim Filing Deadline Is Oct. 6
------------------------------------------------------------
Nippon Real Estate Investment's creditors have until Oct. 6, 2008,
to prove their claims to John Huang, 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.

Nippon Real Estate's shareholder decided on Aug. 22, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               John Huang
               c/o Tokyo Ginko Kyokai Building 14FI
               1-3-1 Marunouchi, Chiyoda-ku
               Tokyo, Japan


SAINT GERMAIN: Holding Final Shareholders Meeting Today
-------------------------------------------------------
Saint Germain Holdings Ltd. will hold its final shareholders
meeting on Oct. 2, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

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

Saint Germain's shareholders decided on July 10, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Mora Goddard and Emile Small
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


THREADNEEDLE AIS: Deadline for Proof of Claim Filing Is Oct. 7
--------------------------------------------------------------
Threadneedle AIS Fund Ltd.'s creditors have until Oct. 7, 2008, to
prove their claims to David A.K. Walker and J.I. Nicholas
Freeland, 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.

Threadneedle AIS' shareholder decided on Sept. 4, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               David A.K. Walker and J.I. Nicholas Freeland
               c/o PricewaterhouseCoopers Cayman Islands,
               P.O. Box 258
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Prue Lawson
               Tel: (345) 914-8662
               Fax: (345) 945-4237


THREADNEEDLE AIS MASTER: Claims Filing Deadline Is Oct. 7
---------------------------------------------------------
Threadneedle AIS Master Fund Ltd.'s creditors have until Oct. 7,
2008, to prove their claims to David A.K. Walker and J.I. Nicholas
Freeland, 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.

Threadneedle AIS' shareholder decided on Sept. 4, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               David A.K. Walker and J.I. Nicholas Freeland
               c/o PricewaterhouseCoopers Cayman Islands,
               P.O. Box 258
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Prue Lawson
               Tel: (345) 914-8662
               Fax: (345) 945-4237


UTILITIES & VISIBILITY: Proof of Claim Filing Deadline Is Today
---------------------------------------------------------------
Utilities & Visibility Fund's creditors have until Oct. 2, 2008,
to prove their claims to DMS Corporate Services Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Utilities & Visibility's shareholder decided on July 29, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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

Contact for inquiries:

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


UTILITIES & VISIBILITY MASTER: Claims Filing Deadline Is Today
--------------------------------------------------------------
Utilities & Visibility Master Fund's creditors have until Oct. 2,
2008, to prove their claims to DMS Corporate Services Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Utilities & Visibility's shareholder decided on July 29, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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

Contact for inquiries:

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



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

QUEBECOR WORLD: Voluntary Chapter 15 Case Summary
-------------------------------------------------
Debtor: Quebecor World, Inc.
       612 St. Jacques Street
       Montreal, Quebec H3C 4M8
       Canada

Bankruptcy Case No.: 08-13814

Type of Business: The Debtor is a printing company

Chapter 15 Petition Date: September 30, 2008

Court: Southern District of New York (Manhattan)

Judge: James M. Peck

Debtor's Counsel: Kenneth P. Coleman, Esq.
                 kurt.vellek@allenovery.com
                 Allen & Overy LLP
                 1221 Avenue of Americas
                 New York, NY 10022
                 Tel: (212) 610-6300
                 Fax: (212) 610-6399

Estimated Assets: unstated

Estimated Debts: unstated


QUEBECOR WORLD: Gets Conversion Notices for S. 5 Preferred Shares
-----------------------------------------------------------------
Quebecor World Inc. received notices in respect of 66,601 of its
remaining 1,763,029 issued and outstanding Series 5 Cumulative
Redeemable First Preferred Shares (CA:IQW) requesting conversion
into the company's Subordinate Voting Shares (CA:IQW).

In accordance with the provisions governing the Series 5 Preferred
Shares, registered holders of such shares are entitled to convert
all or any number of their Series 5 Preferred Shares into a number
of Subordinate Voting Shares effective as of Dec. 1, 2008,
provided such holders gave notice of their intention to convert
at least 65 days prior to the Conversion Date.  The Series 5
Preferred Shares are convertible into that number of the company's
Subordinate Voting Shares determined by dividing CUS$25 together
with all accrued and unpaid dividends on such shares up to
Nov. 30, 2008, by the greater of (i) CUS$2 and (ii) 95% of the
weighted average trading price of the Series 5 Preferred Shares
on the Toronto Stock Exchange during the period of twenty trading
days ending on Nov. 27, 2008.

The next conversion date on which registered holders of the Series
5 Preferred Shares will be entitled to convert all or any number
of such shares into Subordinate Voting Shares is March 1, 2009,
and notices of conversion in respect thereof must be deposited
with the Company's transfer agent, Computershare Investor
Services Inc., on or before Dec. 29, 2008.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market     
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of     
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000, total
liabilities of US$4,326,500,000, preferred shares of
US$62,000,000, and total shareholders' deficit of US$976,400,000.



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

CASH PLUS: Jamaica Court Places Unit Under Liquidation
------------------------------------------------------
Cash Plus Development, a subsidiary of Carlos Hill's Cash Plus
group, was placed into liquidation by the Supreme Court on
Sept. 19, 2008, The Jamaica Observer's Paul Henry wrote.

The liquidation order was made by Justice Marva McDonald following
an application by the court-approved trustee in bankruptcy, Monty
Kandekore, the Observer reported.

It is believed that the real estate company has assets of some
US$2 billion, according to the report.

As reported by the Troubled Company Reporter-Latin America on
Sept. 22, 2008, over 200 investors of Cash Plus Ltd on September
17, waited outside the office of L. Monty Kandekore, the Court-
appointed Provisional Liquidator for the company, hoping to get
payed.

However, Mr. Kandekore, who is also the liquidator of the Cash
Plus Group and Cash Plus Limited said that only part payment was
made on some of the properties purported to be that of Cash Plus
Development, the Observer related.  Mr. Kandekore said he would
only be able to recoup the part payment made on properties that
exceed 10% of the purchase price.

As Liquidator, Kandekore is responsible for disposing of the
assets of the companies in order to secure funding to pay relevant
claims that may be made against the entities by investors.

Cash Plus has approximately 40,000 clients to whom it owes
billions of dollars.  Several multimillion lawsuits have been
filed to recoup monies invested in the failed alternative
investment scheme.

Kandekore was appointed liquidator in June by the court, following
an application by the Premier League Clubs Association to wind up
Cash Plus Group Limited, because of its failure to honor
sponsorship commitments regarding the National Premier League
Football competition.

                     About Cash Plus Limited

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14. The firm has 40,000 lenders with loans
totaling J$4 billion.  Cash Plus was unable to repay its
investors.  The Financial Services Commission said it was informed
by the attorney acting on behalf of Cash Plus that the investment
club lacked the funds to start the repayment of the principal and
interest owing to its investors.  PricewaterhouseCoopers'
accountant Kevin Bandoian was appointed as joint receiver-manager
for Cash Plus.


NATIONAL COMMERCIAL: S&P Holds B/B Ratings, Shifts Outlook to Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on National
Commercial Bank Jamaica Ltd. to negative from stable; the
counterparty credit ratings were affirmed at 'B/B'.
     
"The outlook revision reflects our opinion that, although the
bank's performance continues to be adequate for the current 'B'
rating, there are important economic and liquidity pressures from
both local and global markets that could have an impact upon the
bank's finances over the next 12 months.  We believe that the bank
faces a less benign operational environment, with compressing
margins, various exposures to the weaker pricing of Jamaican
sovereign bonds, tighter liquidity in the international markets,
and high inflation," said S&P's credit analyst Leonardo Bravo.
     
The Bank of Jamaica's tighter monetary policies have increased
interest rates in local market and could further compress interest
margins that affect profitability.  In addition, margins will be
constrained by the increases in international interest rates.  As
a consequence of tighter liquidity in global markets, S&P thinks
that availability of U.S. dollars to the bank from correspondent
banks could be more limited.  Jamaican sovereign bond prices have
fallen nearly 10% since June 2008.  Credit spreads over government
bonds and credit default swaps have also widened. This exposes the
bank to realized and unrealized market losses and to margin calls
in repo operations due to the decrease in the prices.  S&P expects
profitability to be negatively affected by these market risks and
by provisions needed to cover for potential credit losses.
     
The ratings are constrained by the Jamaican bank's larger-than-
peer loan concentration in its main clients and its operating in a
relatively small, highly indebted, and nondiversified economy. The
bank's relevant market presence in the Jamaican banking system,
adequate performance in a challenging environment, and consistent
improvements in its operating performance support the ratings.     

"The negative outlook takes into account possible future stress
on profitability and U.S. dollar funding.  If current conditions
in the local and global markets place significant pressure upon
the bank's liquidity in either Jamaican or U.S. dollars, or if
profitability is significantly affected by realized or unrealized
losses or if asset quality deteriorates to 2003 levels (more than
5%), the ratings could be lowered.  If the bank is able to
maintain its current profile and face current conditions
adequately, the outlook could be revised to stable," Mr. Bravo
added.

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited  -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in 1977,
the bank primarily operates in West Indies and the U.K.



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

BALLY TECHNOLOGIES: Inks Casino Management Deal With Mexican Firm
-----------------------------------------------------------------
Bally Technologies, Inc. has signed an agreement with Mexico
gaming operator Pringsa to be the exclusive, enterprise-wide
casino management system provider for Pringsa's 36 gaming
locations throughout Mexico.  Pringsa, one of Mexico's largest
license holders, is jointly owned by CIRSA, a global company with
an extensive presence in gaming, and a private Mexican investment
group.

Under the multi-year contract, Bally will provide Pringsa with its
casino management system, along with a significant floor share of
gaming machines for Pringsa's extensive network of locations in
Mexico, with the potential for up to 2,000 installations of Bally
ALPHA Elite video and mechanical-reel gaming devices within the
next 24 months.

"We are honored to be in partnership with Pringsa, a company
recognized for its highly successful business throughout Mexico,"
said Bally's Chief Executive Officer, Richard M. Haddrill.  "This
agreement paves the way for Bally to further expand its games and
systems presence in one of the industry's leading growth markets."

Haddrill also noted that the partnership may lead to opportunities
for Bally to further expand its relationship with CIRSA.  CIRSA
owns the Barcelona, Spain slot manufacturer Unidesa, is the
operator/partner in three Spanish casinos, has 16,000 employees,
and owns 22 traditional casinos, 100 arcades, 73 electronic
casinos, nearly 100 bingo halls, and more than 85,000 slot
machines worldwide.

The system Bally is providing Pringsa for its Mexico operations
offers advanced features for a high-speed floor network including
player tracking, bonusing, promotions, cage accounting, and the
iVIEW interactive player network.

The iVIEW network, which is part of Bally's Networked Floor of the
Future technology offerings, will provide Pringsa with revenue-
generating and cutting-edge marketing and promotions capabilities
by delivering downloadable content directly to players through
full-color interactive iVIEW Smart Screen displays mounted in the
gaming machines.

"We are eagerly anticipating upgrading our technology with Bally's
advanced system features and Networked Floor of the Future tools,
which will help us meet our goal to provide players with more
advanced promotions, incentives, and rewards for their loyalty,"
said Pringsa Corp. CEO, Jose Angel Lopez.  "The Bally system will
also allow us to streamline our accounting and administrative
operations, providing us with cost savings and added
efficiencies."

Mr. Lopez added, "Bally's games are among the highest-performing
gaming machines in Mexico.  By offering our customers the
rewarding and exciting play experience that Bally games have
proven to provide, we expect to drive more traffic into our bingo
halls."

Bally will provide all of the system training, documentation,
screens, and reports in Spanish, reflecting Bally's continued
commitment to internationalization of its various product lines.

                    About Pringsa Corporation

Pringsa was founded in 1993 with the opening of the Acapulco Jai
Alai.  In 1995, the company received a license to open five
additional locations and in 1997, opened the first-ever
traditional bingo parlor in Mexico at its Acapulco Jai Alai.  In
2005, Pringsa received 53 additional permits and joined forces
with world leader CIRSA Gaming Corporation.

                    About Bally Technologies

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,     
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America Sept.
12, 2008, Moody's Investors Service assigned a Ba3 Corporate
Family rating and Ba3 Probability of Default rating to Bally
Technologies, Inc.  It also assigned a Ba3 rating to both the
company's proposed US$225 million senior secured term loan and
US$75 million senior secured revolving credit facility.


EMPRESAS ICA: San Luis Unit Inks MXN2.2BB Loan to Build Highway
---------------------------------------------------------------
Empresas ICA S.A.B de C.V.'s subsidiary ICA San Luis S.A. de C.V.
has signed the long term financing agreement for the construction
of the Rio Verde – Ciudad Valles highway in the state of San Luis
Potosi.  The concession for this highway was awarded to ICA under
the Public Private Partnership (PPP) mechanism in 2007.

The total amount of the loan is MXN2.250 billion, with a term of
17 years and was structured by Banco Santander.  The loan will be
used to finance the construction of the 112 km highway.

In the last 12 months, ICA has closed more than MXN22 billion in
financings for projects undertaken by consolidated subsidiaries.  
In addition, non-consolidated affiliates have closed financings
for more than MXN32 billion.

Empresas ICA, S.A.B de C.V. -- http://www.ica.com.mx/-- the
largest engineering, construction, and procurement company in
Mexico, was founded in 1947.  ICA has completed construction and
engineering projects in 21 countries.  ICA's principal business
units include civil construction and industrial construction.
Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

                              *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Empresas ICA S.A.B.
de C.V.  S&P said the outlook is stable.


HERCULES OFFSHORE: CEO to Present at Merrill Lynch Conference
-------------------------------------------------------------
Hercules Offshore, Inc. Chief Executive Officer and President,
John T. Rynd will present at the Merrill Lynch Global Energy Mid &
Small Cap Conference in New York City on Oct. 2, 2008, at 1:50
p.m. EDT (12:50 p.m. CDT).

Interested parties may listen to the presentation live over the
Internet. Go to the "Investor Information" link and select "News &
Events." at: http://www.herculesoffshore.com.

To listen to the live presentation, please go to the Web site at
least 15 minutes early to register, download and install any
necessary audio software.  A replay of the presentation will be
available within 24 hours after the conclusion of the presentation
through the company's web site for one month.

Headquartered in Houston, Texas, USA, Hercules Offshore, Inc.
(Nasdaq: HERO) provides shallow-water drilling and lift boat
services to the oil and natural gas exploration and production
industry in the United States Gulf of Mexico and internationally.  
It operates a fleet of 35 jackup rigs, 27 barge rigs, 65
liftboats, three submersible rigs, one platform rig and a fleet of
marine support vessels.   Its services are organized in four
segments, Domestic Contract Drilling Services, International
Contract Drilling Services, Domestic Marine Services and
International Marine Services.  The company's Domestic Contract
Drilling Services and Domestic Marine Services are conducted in
the United States Gulf of Mexico, its International Contract
Drilling Services are conducted offshore Qatar and India, and its
International Marine Services are conducted in West Africa.  The
company also has operations in Venezuela, Trinidad, and Mexico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on May
5, 2008, Standard & Poor's Ratings Services affirmed its 'BB' bank
loan and recovery rating of '2' on the US$1.15 billion senior
secured credit facilities of Hercules Offshore Inc., as well as
its 'BB-' Corporate Credit Rating with stable outlook.  The
recovery rating of '2' indicates S&P's expectation of substantial
(70% to 90%) recovery in the event of a payment default.



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

CHIQUITA BRANDS: S&P Holds 'B-' Rating; Changes Outlook to Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Cincinnati, Ohio-based Chiquita Brands International Inc. to
stable from negative.  S&P also affirmed the existing ratings on
the company, including the 'B-' corporate credit rating.  As of
June 30, 2008, the company had about US$874 million of total debt.
   
The outlook revision reflects operating results in the first half
of 2008 that exceeded S&P's expectations, improved credit
measures, and strong covenant cushion.  In addition, S&P expects
some near-term debt repayment using proceeds from the recent sale
of Chiquita's Atlanta AG subsidiary for net proceeds of EUR65
million (about US$92 million), including working capital and net
debt adjustments.  Although Atlanta generated about US$1.2 billion
of sales in 2007, it reported an operating income loss of
US$0.5 million.

The outlook is stable.  Chiquita has reduced leverage and improved
covenant cushion despite high industry costs.  S&P estimates that
if EBITDA declines by 15%, given the current economic
uncertainties, Chiquita would maintain sufficient cushion on its
financial covenants.
   
"An outlook revision to positive would require sustained
improvement in operating performance, and sustained solid covenant
cushion," noted Standard & Poor's credit analyst Alison Sullivan.  
"We could revise the outlook to negative if liquidity becomes
constrained, for example, if covenant cushion is in the single-
digit percentage area, and/or operating trends deteriorate," she
continued.

Headquartered in Cincinnati, Ohio, Chiquita Brands International
Inc. (NYSE: CQB) -- http://www.chiquita.com/-- is a marketer
and distributor of high-quality fresh and value-added food
products.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama.



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

ZAP IMPORT: Lender Westernbank Wants Chapter 11 Case Dismissed
--------------------------------------------------------------
Westernbank Puerto Rico, secured creditor of Zap Import & Export
Inc., asks the U.S. Bankruptcy Court for the District of Puerto
Rico to dismiss the Debtor's Chapter 11 case or as an alternative,
convert it to a Chapter 7 proceeding.

Westernbank tells the Court that it filed a motion to lift
automatic stay due to the Debtor's possible concealment of assets,
and failure to segregate and account for cash collateral subject
to Westernbank's security interest; and the Debtor's continued
refusal to permit an audit of its books and records under various
loan agreements between the Debtor and Westernbank.

According to Westernbank, the Debtor transferred US$1,300,000 in
inventory, to its affiliate Pit Stop, Auto Body Parts Store and
More Corp., financed by another lender, Banco Popular.

Westernbank alleges that the transfer was not in the ordinary
course of business, but the full story will not be known until
Westernbank is permitted to see the Debtor's records.

However, the transaction does not appear in the Debtor's petition
or schedules.  Unless the price was paid the transaction should
appear as an account receivable or liquidated debt owed to the
Debtor, or other unliquidated or liquidated claim.

If in fact the transfer occured and does not appear in any Court
documents, the case should be dismissed or converted to Chapter 7
or an examiner appointed to file complete and accurate schedules.

The lender, in addition, objects to the inventory disclosure which
shows an inventory valued at US$1,425,990 without any detail.

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.  The Debtor's Schedules listed assets of US$11,056,928 and
liabilities of US$11,161,127.



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

PETROLEOS DE VENEZUELA: Earns US$9.5 Bil. in 2008 First Quarter
---------------------------------------------------------------
According to the Report on Management and Intermediate, Petroleos
de Venezuela S.A.'s Consolidated and Condensed Financial
Statements as of June 30, 2008, reviewed by Alcaraz Cabrera
Vazquez, a member of KPMG International, the oil company’s net
profits for the first quarter of 2008 amounted to US$9.504
billion, which represents an increase of
US$8.608 billion (961%) compared to the same quarter in 2007.

With regard to operations, the average crude production during the
first quarter of 2008 reached 3.244 million barrels per day (MBD),
a higher average production than the one reached for the same
quarter in 2007 of 3.134 million MBD.

Said increased total production was achieved thanks to PDVSA’s
efforts to reach 2.356 MBC in its Eastern, Western, Central South,
Orinoco Oil Belt and Offshore Divisions, as well as by joint
venture companies’ efforts to reach 888 MBD.  Average production
of liquefied natural gas (LNG) during the first quarter of 2008
amounted to 164 MBD, for a total crude and LNG production of 3.408
MBD.

Fiscal contributions paid to the Nation during the first quarter
of 2008 amounted to US$12.865 billion, or US$2.876 billion (29%)
higher than those paid during the six-month period ending on June
30, 2007, and amounting to US$9.989 billion.  The increase was
mainly due to higher royalty payments and extraction taxes.

As of June 30, 2008, total assets reached US$135.711 billion,
which represents an increase of US$28.817 billion (27%) compared
to December 31, 2007, when assets amounted to US$106.894 billion.  
This increase was mainly due to the appreciation in the value of
accounts receivable caused by a price increase in international
markets, an increase in exports, as well as an increase in
properties, plants and equipments due to investments made by the
Oil Sowing Plan and a higher participation from PDVSA in joint
venture companies in the Orinoco Oil Belt.

During the first quarter of 2008, PDVSA carried out different
financial transactions that yielded a net result of a 258 MMUS$
decrease in the consolidated financial debt.

The company’s consolidated equity reached $70.176 billion after an
increase of $14.114 billion (25%) compared to December 2007 when
it amounted to $56.62 billion. This increase was the result of
annual profits and a larger participation by PDVSA in the Orinoco
Oil Belt.

These results are part of PDVSA’s quarterly publication which aims
at keeping the Venezuelan public informed, since they are the
original shareholders of the principal Company with Socialist
Ownership, and it is a reflection of its transparent and efficient
management which guarantees the continuity of the projects
necessary to achieve the country’s integral development.

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.


* Mesoamerican Plant Tender Falls Flat; PIEM Panel to Meet Again
----------------------------------------------------------------
David Casallas of BNamericas reports that no offers were submitted
to build the Mesoamerican refinery planned for Central America,
according to Guatemala's energy and mines minister Carlos Meany.  
BNamericas received a summary document from the ministry
confirming the news.  Alfredo Pokus, Guatemala's hydrocarbons
deputy minister, said the Mesoamerican energy integration program
(PIEM) will hold a meeting October 9-10 to discuss the project's
future.

Prequalified bidders included Colombia's state oil company
Ecopetrol, Japan's Itochu, Indian firm Reliance and Valero Energy
of the U.S., BNamericas relates.

The technical committee of the PIEM, which is behind the project,
is expected to decide whether a new process will be launched or
whether the project will fold, BNamericas says, citing Mr. Meany.

According to the report, the refinery's estimated cost is US$6
billion to US$8 billion and includes a 750MW thermo plant that
would use coke left over from the refining process.  The ports of
Armuelles in Panama and Quetzal in Guatemala have been identified
as possible sites for the 350,000b/d refinery.

Mexican President Felipe Calderon last year pledged 80,000b/d of
crude for the refinery, below his predecessor Vicente Fox's
230,000b/d commitment, BNamericas notes.  "The 80,000b/d is an
objective estimate of Mexico's oil production.  We want to give
truthful alternatives for the project and at the same time look
after the country's production," Mr. Calderon said at the time.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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, Pamella Ritah K. Jala, and Melanie C.
Pador, 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 * * *