TCRLA_Public/081006.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

            Monday, October 6, 2008, Vol. 9, No. 198

                            Headlines

A R G E N T I N A

AGROPECUARIA CAMPO: Trustee to File Individual Reports on Feb. 24
COMAY SA: Proofs of Claim Verification Deadline Is December 16
CORMAT SRL: Proofs of Claim Verification Deadline Is December 12
CYC CAR: Proofs of Claim Verification Deadline Is November 19
D Y W TRADING: Proofs of Claim Verification Deadline Is Nov. 19

DAITONA SA: Proofs of Claim Verification Deadline Is October 31
DARQUIMICA SA: Proofs of Claim Verification Deadline Is Feb. 23
DELAROSA SRL: Proofs of Claim Verification Deadline Is March 2
DANIEL SA: Individual Reports Filing Deadline Is on December 31
GRAN FARMACIA: Proofs of Claim Verification Deadline Is Oct. 15

MAXIMEDICA SA: Proofs of Claim Verification Deadline Is Dec. 12
RENT A CAR: Proofs of Claim Verification Deadline Is November 19
TECYMED SRL: Proofs of Claim Verification Deadline Is December 15
TRADING TRAVEL: Proofs of Claim Verification Deadline Is March 6


B A H A M A S

ULTRAPETROL (BAHAMAS): Board Extends Stock Repurchase Program


B E R M U D A

CABLE & WIRELESS: New CEO Builds Data Center in Bermuda
COSAN LTD: Discloses Private Placement for US$180 Million
GREAT SOUND: Arthur Guy Eldridge Named as Voluntary Liquidator
MONTPELIER RE: Posts Initial Loss of US$130MM From Two Hurricanes
TICOR (BERMUDA): Final Shareholders Meeting Moved to Nov. 5

XL CAPITAL: Insurance Unit Launches Boston Office


B R A Z I L

CAMARGO CORREA: S&P Affirms BB Long-Term Corporate Credit Ratings
CAMARGO CORREA CIMENTOS: S&P Holds Corporate Credit Ratings at BB
COMPANHIA ENERGETICA: Hikes Stake in Five Brazilian Firms
FORD MOTOR: To Sell US$500 Million Worth of Shares
FORD MOTOR: Registers 35MM Shares for Hourly Employee Savings Plan

FORD MOTOR: Registers 50MM Shares for Salaried Workers Stock Plan

* BRAZIL: Industrial Output Drops 1.3% in August


C A Y M A N  I S L A N D S

CEMA LTD: Deadline for Proof of Claim Filing Is Oct. 13
CEMA LTD: Will Hold Final Shareholders Meeting on Oct. 13
GLOBAL HEDGE: Proof of Claim Filing Deadline Is Oct. 14
GLOBALVEST HEDGE: Proof of Claim Filing Is Until Oct. 14
GLOBALVEST OCTANE: Deadline for Filing of Claims Is Oct. 14

GLOBALVEST VALUE: Filing for Proof of Claim Is Until Oct. 14
GRANDWAY CRYSTAL: Proof of Claim Filing Deadline Is Oct. 14
PARMALAT SPA: Prelim. Injunction Hearing Moved to December 16
SCP ATLANTIC: Filing for Proof of Claim Is Until Oct. 14
SCP OCEAN: Deadline for Proof of Claim Filing Is Oct. 14

SCP SAKONNET: Filing for Proof of Claim Deadline Is Oct. 14
UTILITIVEST II: Deadline for Claims Filing Is Oct. 14
UTILITIVEST III: Proof of Claim Filing Is Until Oct. 14


C O L O M B I A

QUEBECOR WORLD: Has Until January 31 to File Chapter 11 Plan


E L  S A L V A D O R

MILLICOM INT'L: Closes Amnet Acquisition for US$510 Million


J A M A I C A

* JAMAICA: Inks Deal With Infinity Bio to Boost Sugar Cane Sector


M E X I C O

CABLEMAS SA: Fitch Affirms Currency Issuer Default Ratings at BB-
RADIOSHACK CORP: Picks Lee Applbaum as VP and Marketing Officer


P U E R T O  R I C O

FIRST BANCORP: Will Pay Preferred Share Dividends on Oct. 31

* BOND PRICING: For the Week September 29 - October 3, 2008


                         - - - - -


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

AGROPECUARIA CAMPO: Trustee to File Individual Reports on Feb. 24
-----------------------------------------------------------------
Pablo Exposito, the court-appointed trustee for Agropecuaria Campo
Grande SA's bankruptcy proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance No. 23 in Buenos Aires, with the assistance of
Clerk No. 46, on February 24, 2009.

Mr. Exposito is verifying creditors' proofs of claim until
December 5, 2008.  He will also submit to court a general report
containing an audit of Agropecuaria Campo's accounting and banking
records on April 13, 2009.

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

The debtor can be reached at:

                     Agropecuaria Campo Grande SA
                     Maipu 267
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Pablo Exposito
                     Avda. Cordoba 859
                     Buenos Aires, Argentina


COMAY SA: Proofs of Claim Verification Deadline Is December 16
--------------------------------------------------------------
The court-appointed trustee for Comay S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 16, 2008.

The trustee will present the validated claims in court as  
individual reports on March 4, 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 Comay 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 Comay S.A.'s
accounting and banking records will be submitted in court on
April 17, 2009.

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


CORMAT SRL: Proofs of Claim Verification Deadline Is December 12
----------------------------------------------------------------
The court-appointed trustee for Cormat S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 12, 2008.

The trustee will present the validated claims in court as  
individual reports on February 25, 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 Cormat 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 Cormat S.R.L.'s
accounting and banking records will be submitted in court on
April 8, 2009.

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


CYC CAR: Proofs of Claim Verification Deadline Is November 19
-------------------------------------------------------------
The court-appointed trustee for CYC Car S.A.'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 on February 3, 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 CYC Car 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 CYC Car's
accounting and banking records will be submitted in court on
March 17, 2009.

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


D Y W TRADING: Proofs of Claim Verification Deadline Is Nov. 19
---------------------------------------------------------------
The court-appointed trustee for D y W Trading S.A.'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 on February 3, 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 D y W Trading 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 D y W Trading's
accounting and banking records will be submitted in court on
March 17, 2009.

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


DAITONA SA: Proofs of Claim Verification Deadline Is October 31
---------------------------------------------------------------
The court-appointed trustee for Daitona S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 31, 2008.

The trustee will present the validated claims in court as  
individual reports on December 15, 2008.  The National Commercial
Court of First Instance in Mendoza, Buenos Aires, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by Daitona 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 Daitona S.A.'s
accounting and banking records will be submitted in court on
March 2, 2009.

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


DARQUIMICA SA: Proofs of Claim Verification Deadline Is Feb. 23
---------------------------------------------------------------
The court-appointed trustee for Darquimica S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 23, 2009.

The trustee will present the validated claims in court as  
individual reports on April 6, 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 Darquimica 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 Darquimica S.A.'s
accounting and banking records will be submitted in court on
May 19, 2009.

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


DELAROSA SRL: Proofs of Claim Verification Deadline Is March 2
--------------------------------------------------------------
The court-appointed trustee for Delarosa S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
March 2, 2009.

The trustee will present the validated claims in court as  
individual reports on April 13, 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 Delarosa 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 Delarosa S.R.L.'s
accounting and banking records will be submitted in court on
May 27, 2009.

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


DANIEL SA: Individual Reports Filing Deadline Is on December 31
---------------------------------------------------------------
Maria Taboada, the court-appointed trustee for Dianel SA's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, on December 31, 2008.

Ms. Taboada is verifying creditors' proofs of claim until
November 17, 2008.  She will also submit to court a general report
containing an audit of Dianel SA's accounting and banking
records on March 13, 2009.

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

The debtor can be reached at:

                     Dianel SA
                     Carlos Antonio Lopez 3648
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Maria Taboada
                     Ezeiza 2641
                     Buenos Aires, Argentina


GRAN FARMACIA: Proofs of Claim Verification Deadline Is Oct. 15
---------------------------------------------------------------
The court-appointed trustee for Gran Farmacia's bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 15, 2008.

The trustee will present the validated claims in court as  
individual reports on February 3, 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
Gran Farmacia 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 Gran Farmacia's
accounting and banking records will be submitted in court on
February 12, 2009.

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

The debtor can be reached at:

                  Gran Farmacia SCS
                  Bermudez 2400
                  Buenos Aires, Argentina Argentina


MAXIMEDICA SA: Proofs of Claim Verification Deadline Is Dec. 12
---------------------------------------------------------------
The court-appointed trustee for Maximedica S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 12, 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
Maximedica 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 Maximedica S.A.'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 Maximedica S.A.'s
assets under court supervision and will take part in their
disposal to the extent established by law.


RENT A CAR: Proofs of Claim Verification Deadline Is November 19
----------------------------------------------------------------
The court-appointed trustee for Rent A Car Travel Service 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 on February 3, 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 Rent A Car 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 Rent A Car's
accounting and banking records will be submitted in court on
March 17, 2009.

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


TECYMED SRL: Proofs of Claim Verification Deadline Is December 15
-----------------------------------------------------------------
The court-appointed trustee for Tecymed S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 15, 2008.

The trustee will present the validated claims in court as  
individual reports on March 3, 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 Tecymed 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 Tecymed S.R.L.'s
accounting and banking records will be submitted in court on
April 14, 2009.

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


TRADING TRAVEL: Proofs of Claim Verification Deadline Is March 6
----------------------------------------------------------------
The court-appointed trustee for Trading Travel S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
March 6, 2009.

The trustee will present the validated claims in court as  
individual reports on April 17, 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 Trading Travel 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 Trading Travel's
accounting and banking records will be submitted in court on
June 2, 2009.

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



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

ULTRAPETROL (BAHAMAS): Board Extends Stock Repurchase Program
-------------------------------------------------------------
Ultrapetrol (Bahamas) Limited's board of directors has approved an
extension of the company's stock repurchase program to Dec. 31,
2008.

The stock repurchase program, which was announced on March 17,
2008, originally allowed for the repurchase of up to US$50 million
of the Company's common stock until September 30, 2008 and the
extension will retain the same original cumulative dollar
limitation.  The expiration date and/or amount of the share
repurchase program will be extended or amended at the discretion
of the board of directors.  Share repurchases may be made from
time to time for cash in open market transactions at prevailing
market prices or in privately negotiated transactions.

Since Ultrapetrol began repurchasing its shares under the program
on March 19, 2008, the Company has acquired 671,171 of its shares
at an average cost of US$9.63 per share for a total cost of about
US$6.5 million.  Approximately $43.5 million remains available
under the program.

Felipe Menendez, Ultrapetrol's President and Chief Executive
Officer, commented, "The extension of our share repurchase program
is testament to our very favourable outlook on the future of the
Company and its growth prospects, strong financial performance,
and ongoing commitment to pursuing opportunities that create
shareholder value."

The timing and amount of purchases under the program will be
determined by management based upon market conditions and other
factors.  Purchases may be made pursuant to a program adopted
under Rule 10b5-1 under the Securities Exchange Act.  The program
does not require the company to purchase any specific number or
amount of shares and may be suspended or reinstated or amended at
any time in the Company's discretion and without notice.  Under
appropriate securities laws, officers, directors and controlling
shareholders of the company may currently be buying shares.

                         About Ultrapetrol

Headquartered in Nassau, Bahamas, Ultrapetrol (Bahamas) Limited
(Nasdaq: ULTR) -- http://www.ultrapetrol.net/-- is a diverse
international marine transportation company.  The company
operates in four segments: River, Ocean, Offshore Platform
Supply and Passenger and had 2007 revenues of US$221.7 million.
It serves the shipping markets for grain, forest products,
minerals, crude oil, petroleum and refined petroleum products,
as well as the offshore oil platform supply market and the
leisure passenger cruise market, with its extensive and diverse
fleet of vessels.  These include river barges and pushboats,
platform supply vessels, tankers, oil-bulk-ore vessels and
passenger ships.

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
April 15, 2008, Moody's Investors Service affirmed the B2
corporate family rating and the B2 rating on the US$180 million
9% guaranteed first mortgage notes due 2014 of Ultrapetrol
(Bahamas) Limited.  Moody's said the outlook remains stable.



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

CABLE & WIRELESS: New CEO Builds Data Center in Bermuda
-------------------------------------------------------
The new CEO of Cable & Wireless Plc in Bermuda, Gregory Jordan,
jump started his reign with the construction of a state-of-the-art
data centre in Bermuda, Royal Gazette's Alex Wright writes.  The
new data centre in Devonshire brings C&W's number of data centres
on the Island to three.  Mr. Jordan reckons it has really set the
standard for telecommunications in Bermuda and put the country on
the map.

The US$10 million facility lies 114 feet above sea level with a
concrete wall and boasts 104 racks for storing information,
according to Mr. Jordan, the report relates.  The facility, which
which came about as a result of demand from existing customers and
registers, managers and stores information, also runs for 55 hours
on back-up diesel-powered generators.

Mr. Jordan, the Royal Gazette, said that the project is a
significant investment for the Island worth many millions of
dollars and it shows their commitment to Bermuda.  He stressed
that the data centre will serve local and international businesses
across Bermuda.

According to the Royal Gazette, the project, which was six months
in the planning, was signed off and implemented in April and goes
live in the next 30 days, said Mr. Jordan.

Mr. Jordan has 20 years experience in the industry having worked
for British Telecom in various roles for 12 years, a dot com
company for a year and as commercial director, operations director
and wholesale director for C&W in the Channel Islands, the Royal
Gazette notes.

                      About Cable & Wireless

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

                          *     *     *

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

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


COSAN LTD: Discloses Private Placement for US$180 Million
---------------------------------------------------------
Cosan Limited has entered into a purchase agreement with certain
investment funds managed by affiliates of Gavea Investimentos
Ltda., and Rubens Ometto Silveira Mello, the controlling
shareholder of Cosan Limited, pursuant to which:

   (i) the Gavea Funds have agreed to collectively invest up to
       US$130 million in a private placement to acquire up to
       16,455,696 new class A common shares, par value US$0.01,
       including class A common shares in the form of Brazilian
       Depositary Shares (BDRs, each representing one class A
       common share), at US$7.90 per share (with respect to BDRs,
       payment will be made in reais based on a real to US dollar
       rate to be determined at closing), and

  (ii) Mr. Mello, directly or through an entity under his control,
       has agreed to invest US$50 million to acquire 6,329,114 new
       class A common shares at the same price per share.

The proceeds raised in this private placement will be used to
strengthen the capital structure of the Cosan Group to support its
growth, including for possible future acquisitions and other
general corporate purposes.

Holders of (1) class A common shares who are either (i) not “U.S.
persons” or (ii) “qualified institutional buyers” (as such term is
defined in Rule 144A under the Securities Act) and (2) BDRs will,
pursuant to exemptions from registration under applicable United
States securities laws, be eligible to subscribe for the number of
new class A common shares or BDRs, as the case may be, equivalent
to their respective percentage ownership in Cosan Limited as of
the record date of October 2, 2008.

The subscription period to acquire class A common shares or BDRs
will be from October 6 to October 17, 2008 for qualified holders
of record as of October 2, 2008.  A subscription form will be
available at the commencement of the subscription period.  
Subscriptions for Cosan Limited's new class A common shares or
BDRs pursuant to the preemptive subscription offer will be binding
and irrevocable.  The rights to subscribe for class A common
shares and BDRs are not transferable and not tradable on any
securities exchange.

The number of new class A common shares and BDRs to be purchased
by the Gavea Funds may be reduced in the event that certain
existing shareholders of Cosan Limited participate in the
preemptive subscription offer, but the Gávea Funds’ total
investment in Cosan Limited will not be less than US$90 million.

Headquartered in Bermuda, Cosan Limited is a holding company of
the Sao Paulo, Brazil-based sugar and ethanol giant, Cosan S.A.
Industria e Comercio.  The company operates in three segments:
sugar, ethanol, and other products and services.  It is the
result of a corporate restructuring implemented last year, which
consisted of its listing on the New York Stock Exchange (NYSE).


                            *     *     *

As reported by the Troubled Company Reporter-Latin America on
Apr. 15, 2008, Standard & Poor's Ratings Services assigned its
'BB' long-term corporate credit rating to sugar-cane processor
Cosan Ltd.  The outlook is stable.

“The ratings on Cosan ultimately reflect the risks associated
with its main operating subsidiary Cosan S.A. in Brazil.  As
such, the ratings reflect inherent risks in its operating
company commodity-oriented business, which depends on highly
volatile and protected sugar and ethanol market conditions
worldwide, resulting in volatile EBITDAH margins.  The ratings
also consider substantial working capital needed to finance the
sugar cane crop and a still-aggressive financial risk policy
associated with Cosan's growth plans, which could potentially
weaken its credit metrics in the medium term,” said S&P's credit
analyst Vivian Zietemann.


GREAT SOUND: Arthur Guy Eldridge Named as Voluntary Liquidator
--------------------------------------------------------------
The voluntary liquidation of Great Sound Ventures Ltd., under
Section 204 of the BVI Business Companies Act 2004, has commenced
on Sept. 12, 2008.

Arthur Guy Eldridge is named as the Voluntary Liquidator for
Great Sound.

The liquidator can be reached at:

               Arthur Guy Eldridge
               c/o Romasco Place, Wickhams Cay 1
               Road Town, Tortola
               British Virgin Islands


MONTPELIER RE: Posts Initial Loss of US$130MM From Two Hurricanes
-----------------------------------------------------------------
Montpelier Re Holdings Ltd. has reported a preliminary estimate of
the combined net financial impact from Hurricanes Gustav and Ike
of approximately US$130 million, based on a $15 billion estimated
total industry loss.

The estimated net financial impact includes losses and loss
adjustment expenses, net of reinsurance and reinstatement premiums
in addition to any other loss sensitive accruals.  This initial
assessment of losses is based on a combination of our proprietary
CATM modeling analysis and a review of industry market loss
estimates, in-force contracts, and a limited number
of loss advices from clients.  Because of the uncertainties
associated with the various inputs to this estimate, Montpelier’s
actual losses may differ significantly from our estimate.

Headquartered in Bermuda, Montpelier Re Holdings Ltd. --
www.montpelierre.bm -- through its operating subsidiary
Montpelier Reinsurance Ltd., provides customized, innovative,
and timely reinsurance and insurance solutions to the global
market.  The company has operations in the United States and
Europe.

                            *     *     *

To date, Montpelier Re Holdings holds A.M. Best's "bb+"
subordinated debt rating and "bb" preferred stock rating.


TICOR (BERMUDA): Final Shareholders Meeting Moved to Nov. 5
-----------------------------------------------------------
Ticor (Bermuda) Minerals Ltd. will hold its final shareholders
meeting on Nov. 5, 2008, at 10:00 a.m. at the offices of Lynda
Milligan-Whyte & Associates, Emporium Building, Third Floor, 69
Front Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

   -- receiving an account showing the manner in which the
      winding-up of the company has been conducted and its
      property disposed of and hearing any explanation that
      may be given by the liquidator;

   -- determination by resolution the manner in which the books,
      accounts and documents of the company and of the liquidator
      shall be disposed; and

   -- passing of a resolution dissolving the company.

Ticor's shareholder decided on Sept. 2, 2008, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

               Lynda Milligan-Whyte
               c/o Emporium Building
               Third Floor, 69 Front Street
               Hamilton, Bermuda


XL CAPITAL: Insurance Unit Launches Boston Office
-------------------------------------------------
XL Insurance, the global insurance operations of XL Capital Ltd.
has  opened a new regional office in Boston.  The office, located
at 470 Atlantic Avenue, will provide insurance agents, brokers and
their clients in the region local access to XL Insurance’s
property, casualty, professional and specialty insurance
coverages.

"Boston is a key business hub not only for financial services
firms and technology companies but also for a number of diverse
industries including manufacturing, real estate, and construction
to name a few," said Dennis Kane, XL Insurance's Chief Operating
Officer of the Americas.  "The city offers XL Insurance ample
opportunities to help businesses across many
industries discuss their insurance needs with underwriters who are
very familiar with their industry-specific risks and the coverages
that can most effectively manage them."

Mr. Kane continued: "This new office boosts XL Insurance's
physical presence in one of our key markets and puts our
underwriters closer to our clients."

According to Northeast Business Development Executive Thomas E.
Carroll: "Boston is a great place to do business.  During the last
five years, our business has grown here and interest in our
coverages continues to increase.  As more local companies do
business around the world, they are pleased to know that we can
help them not only with domestic coverages, but through our global
network, we can help them with insurance coverage in some 100
countries."

XL Insurance recently announced the appointment of David Molitano
to a new Boston-based underwriting position to help clients
address technology error & omission (E&O) risks.  In addition to
Messrs. Carroll and Molitano, key contacts in the new Boston
office include Environmental Underwriting and Industry Relations
Advisor David P. Oldow, Senior Property Underwriter Neil Finn, and
Excess Casualty Underwriting Manager Thomas Nosek.

Mr. Carroll added; "As we have done in other cities like Chicago
and Toronto, we anticipate continuing to build out our local
underwriting and product expertise to further accommodate our
clients' insurance needs."

XL Insurance has offices throughout North America including in
Toronto, Montreal, Dallas, Houston, Los Angeles, San Francisco,
Chicago, Hartford, New York and Exton, Pennsylvania.  The XL
Insurance companies provide more than 60 insurance products in the
property, casualty, professional liability and specialty insurance
lines, such as marine and offshore energy, environmental, fine art
and aviation coverages.

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.



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

CAMARGO CORREA: S&P Affirms BB Long-Term Corporate Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB' long-term
corporate credit ratings on Camargo Correa S.A. and its subsidiary
Camargo Correa Cimentos S.A., as well as its 'brAA' Brazilian
National Scale rating on Cimentos.  At the same time, S&P affirmed
its ratings on the issuances either made or guaranteed by these
two companies.  The outlook remained stable.
     
"The ratings on CCSA reflect the Camargo Correa group's diverse
business portfolio; its aggressive growth strategy based on
organic capacity expansion and acquisitions; the increased
financial leverage on some of its subsidiaries resulting from
merger and acquisition activities; and its exposure to volatile
and competitive business environments (when each of them is
analyzed individually).  These negative factors are offset by
CCSA's robust liquidity (on a consolidated basis), acceptable debt
profile, increasing geographic diversification, leading market
positions by many of its key subsidiaries, and positive prospects
for most of its main businesses," said S&P's credit analyst
Eduardo Chehab.
     
The ratings on Camargo Correa Cimentos mainly reflect the group's
proven financial support to fund working capital and debt
amortization requirements for the company.  This strong support
from the group was evidenced in 2005-2007 when Cimentos
demonstrated a very weak cash flow generation due to the drop in
the demand and in the price of cement.  Since the construction
market grew stronger as of mid-2007, S&P expects Cimentos to
generate enough cash to meet its working capital needs and debt
service.  Besides the operational cash flow, Cimentos also
receives significant dividend inflow from the companies in which
it has participations, such as Usiminas, Itausa, and Loma Negra,
part of them acquired by Camargo Correa SA and transferred to
Cimentos through capital increases.
     
Camargo Correa SA's liquidity is strong -- the group holds about
US$1.9 billion in cash holdings, including shares of Alcoa Inc.
(equivalent to US$250 million at current share price) and short-
term financial investments.

Headquartered in Sao Paulo, Brazil, Camargo Correa SA --
http://www.camargocorrea.com.br/-- is a holding company with  
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  The company operates
through its subsidiaries including Construcoes e Comercio Camargo
Correa SA, Camargo Correa Cimentos SA, Cia. Auxiliar de Viacao e
Obras-Cavo, and Camargo Correa Equipamentos e Sistemas S.A., and
Camargo Correa Desenvolvimento Imobiliario.


CAMARGO CORREA CIMENTOS: S&P Holds Corporate Credit Ratings at BB
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB' long-term
corporate credit ratings on Camargo Correa S.A. and its subsidiary
Camargo Correa Cimentos S.A., as well as its 'brAA' Brazilian
National Scale rating on Cimentos.  At the same time, S&P affirmed
its ratings on the issuances either made or guaranteed by these
two companies.  The outlook remained stable.
     
"The ratings on CCSA reflect the Camargo Correa group's diverse
business portfolio; its aggressive growth strategy based on
organic capacity expansion and acquisitions; the increased
financial leverage on some of its subsidiaries resulting from
merger and acquisition activities; and its exposure to volatile
and competitive business environments (when each of them is
analyzed individually).  These negative factors are offset by
CCSA's robust liquidity (on a consolidated basis), acceptable debt
profile, increasing geographic diversification, leading market
positions by many of its key subsidiaries, and positive prospects
for most of its main businesses," said S&P's credit analyst
Eduardo Chehab.
     
The ratings on Camargo Correa Cimentos mainly reflect the group's
proven financial support to fund working capital and debt
amortization requirements for the company.  This strong support
from the group was evidenced in 2005-2007 when Cimentos
demonstrated a very weak cash flow generation due to the drop in
the demand and in the price of cement.  Since the construction
market grew stronger as of mid-2007, S&P expects Cimentos to
generate enough cash to meet its working capital needs and debt
service.  Besides the operational cash flow, Cimentos also
receives significant dividend inflow from the companies in which
it has participations, such as Usiminas, Itausa, and Loma Negra,
part of them acquired by Camargo Correa SA and transferred to
Cimentos through capital increases.
     
Camargo Correa SA's liquidity is strong -- the group holds about
US$1.9 billion in cash holdings, including shares of Alcoa Inc.
(equivalent to US$250 million at current share price) and short-
term financial investments.

Headquarted in Sao Paulo, Brazil, Camargo Correa Cimentos S.A. --
http://www.cimentocaue.com.br-- is Brazil's fifth largest cement
manufacturer, operating five plants in the country's southeastern
and midwestern regions with total capacity of 6.1 million tons per
year, in addition to producing ready-mix concrete through its
subsidiary Companhia Brasileira de Concreto.  


COMPANHIA ENERGETICA: Hikes Stake in Five Brazilian Firms
---------------------------------------------------------
Companhia Energetica de Minas Gerais disclosed an increase in its
holdings in five Brazilian companies operating transmission lines,
known jointly as TBE.  In each of the 5 operations, Cemig acquired
95% of the interest held by Brookfield.

TBE is the group of the following companies, in the North and
South of Brazil, operating transmission lines totaling 2,119 km,
with Annual Permitted Revenue (RAP) of BRL525 million:

   * EATE (Empresa Amazonense de Transmissao de Energia S.A.),
   * ETEP (Empresa Paraense de Transmissão de Energia S.A.),
   * ENTE (Empresa Norte de Transmissão de Energia S.A.),
   * ERTE (Empresa Regional de Transmissão de Energia S.A.) and
   * ECTE (Empresa Catarinense de Transmissão de Energia S.A.

This acquisition doubles Cemig's effective stake in TBE to a
holding equivalent to 890km of transmission lines and RAP of
BRL222 million, and is fully in line with Cemig's published
strategy of increasing its market shares in all the market
segments of the Brazilian electricity sector, at all times seeking
returns compatible with the characteristics of each line of
business.

The acquisition includes the right to repurchase of the preferred
shares held by Eletrobras in EATE e ETEP, according to an
established timetable of quarterly payments.

The amount to be paid and its form of monetary updating were
negotiated at the time of the original joint purchase of a
shareholding in the transmission companies by Cemig, Brookfield
and MDU in August 2006, through a mechanism of call and put
options.  It is also part of Cemig's strategy to include
preference and option clauses in Stockholders' Agreements to allow
for additional growth in its stockholdings.

The amount negotiated the strike price of the option is the
original amount, properly adjusted until the moment of completion
of the transaction -- which in this case takes place only after
approval by Aneel, and the creditors.

It is estimated that this amount will be around BRL480 million, if
the transaction is completed before the end of 2008. This amount
is already included in  Cemig's capex plan already published to
the market.

The acquisition creates value, as it meets the Company's criteria
for profitability.  EV/Ebitda is around 7 times, and the real
annual rate of return is over 13%.

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

In March 2007, Moody's Investors Service assigned corporate
family ratings of Ba2 on its global scale and Aa3.br on its
Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


FORD MOTOR: To Sell US$500 Million Worth of Shares
--------------------------------------------------
Ford Motor Co. has filed with the Securities and Exchange
Commission a prospectus supplement and a prospectus that relate to
the offer and sale from time to time of shares of its common
stock, par value US$0.01 per share, having an aggregate offering
price of up to US$500,000,000.

The shares of the company's common stock to which the Prospectus
Supplement relates will be offered over a period of time and from
time to time through Goldman, Sachs & Co., as sales agent.  The
shares of the common stock to which the Prospectus Supplement
relates are in addition to the US$500,000,000 aggregate offering
price of shares of our common stock offered pursuant to a
Prospectus Supplement dated Aug. 14, 2008.

Ford Motor's common stock is quoted on the New York Stock Exchange
under the symbol "F."  The reported sales price of its common
stock as reported on the NYSE on Oct. 1, 2008, was US$4.55 per
share.

The proceeds from the sale of the shares of common stock to which
this prospectus supplement relates will be used to purchase from
time to time outstanding debt securities of Ford Motor Credit
Company LLC, its indirect, wholly owned subsidiary, in open market
or privately negotiated transactions.

The shares of the company's common stock to which this prospectus
supplement relates generally will be offered and sold through
Goldman, Sachs & Co., as sales agent, over a period of time and
from time to time in transactions at then-current prices, pursuant
to an equity distribution agreement.

Accordingly, an indeterminate number of shares of common stock
will be sold up to the number of shares that will result in the
receipt of gross proceeds of US$500 million.  The company will pay
Goldman, Sachs & Co. a commission equal to 0.85% of the gross
proceeds of the shares sold pursuant hereto.  The net proceeds the
company receives from the sale of the shares to which the
prospectus supplement relates will be the gross proceeds received
from such sales less the commissions and any other costs the
company may incur in issuing the shares.

Full-text copy of Ford Motor's prospectus supplement is available
free of charge at http://researcharchives.com/t/s?334c

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in   
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2008, Standard & Poor's Ratings Services said its
ratings on Ford Motor Co. (B-/Negative/--) and related entities
are not affected by Ford's intention to use up to US$500 million
of new common equity issuance to make purchases of Ford Motor
Credit Co.'s debt.  Debt due before 2012 will be the focus of
the repurchases.  Any such purchases in the open market or in
private transactions will likely be at a discount from par,
given current prices.  S&P views such purchases as a modest
positive for Ford's consolidated credit quality.

The TCR-LA reported Aug. 6, 2008, that Fitch Ratings downgraded
the issuer default rating of Ford Motor Company and Ford Motor
Credit Company LLC to 'B-' from 'B'.  The Rating Outlook remains
Negative.  The downgrade reflects these: (i) the further
deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in
gas prices; (ii) portfolio deterioration at Ford Credit and
heightened concern regarding economic access to capital to
support financing requirements; and (iii) escalating commodity
costs that will remain a significant offset to cost reduction
efforts.


FORD MOTOR: Registers 35MM Shares for Hourly Employee Savings Plan
------------------------------------------------------------------
Ford Motor Co. has filed with the Securities and Exchange
Commission a registration statement for 35,000,000 shares of
Common Stock with par value of US$.01.  The proposed maximum
offering price per share is US$4.54 while the proposed maximum
aggregate offering price is US$158,725,000.

The number of shares being registered represents the maximum
number of additional shares not registered that may be acquired by
Fidelity Management Trust Company, as trustee under the Master
Trust established  and as trustee under the Ford Motor Company
Tax-Efficient Savings Plan for Hourly Employees, during 2008 and
during subsequent years until a new Registration Statement becomes
effective.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in   
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2008, Standard & Poor's Ratings Services said its
ratings on Ford Motor Co. (B-/Negative/--) and related entities
are not affected by Ford's intention to use up to US$500 million
of new common equity issuance to make purchases of Ford Motor
Credit Co.'s debt.  Debt due before 2012 will be the focus of
the repurchases.  Any such purchases in the open market or in
private transactions will likely be at a discount from par,
given current prices.  S&P views such purchases as a modest
positive for Ford's consolidated credit quality.

The TCR-LA reported Aug. 6, 2008, that Fitch Ratings downgraded
the issuer default rating of Ford Motor Company and Ford Motor
Credit Company LLC to 'B-' from 'B'.  The Rating Outlook remains
Negative.  The downgrade reflects these: (i) the further
deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in
gas prices; (ii) portfolio deterioration at Ford Credit and
heightened concern regarding economic access to capital to
support financing requirements; and (iii) escalating commodity
costs that will remain a significant offset to cost reduction
efforts.


FORD MOTOR: Registers 50MM Shares for Salaried Workers Stock Plan
-----------------------------------------------------------------
Ford Motor Co. has filed with the Securities and Exchange
Commission a registration statement for 50,000,000 shares of
Common Stock with par value of US$.01.  The proposed maximum
offering price per share is US$4.54 while the proposed maximum
aggregate offering price is US$226,750,000.

The number of shares being registered represents the maximum
number of additional shares not registered that may be acquired by
Fidelity Management Trust Company, as trustee under the Master
Trust established  and as trustee under the Ford Motor Company
Savings and Stock Investment Plan for Salaried Employees, during
2008 and during subsequent years until a new Registration
Statement becomes effective.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in   
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2008, Standard & Poor's Ratings Services said its
ratings on Ford Motor Co. (B-/Negative/--) and related entities
are not affected by Ford's intention to use up to US$500 million
of new common equity issuance to make purchases of Ford Motor
Credit Co.'s debt.  Debt due before 2012 will be the focus of
the repurchases.  Any such purchases in the open market or in
private transactions will likely be at a discount from par,
given current prices.  S&P views such purchases as a modest
positive for Ford's consolidated credit quality.

The TCR-LA reported Aug. 6, 2008, that Fitch Ratings downgraded
the issuer default rating of Ford Motor Company and Ford Motor
Credit Company LLC to 'B-' from 'B'.  The Rating Outlook remains
Negative.  The downgrade reflects these: (i) the further
deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in
gas prices; (ii) portfolio deterioration at Ford Credit and
heightened concern regarding economic access to capital to
support financing requirements; and (iii) escalating commodity
costs that will remain a significant offset to cost reduction
efforts.


* BRAZIL: Industrial Output Drops 1.3% in August
------------------------------------------------
Joshua Goodman at Bloomberg News writes that Brazil's industrial
output fell a seasonally-adjusted 1.3% in August, the largest
monthly drop this year, bolstering expectations the central bank
will ease monetary tightening in response to slowing economic
growth.

In a Bloomberg survey of 20 economists, the decline was more than
double the 0.6% median forecast.  On an annual basis, output rose
2%, the slowest pace since March, according to the national
statistics agency.

Sergio Goldman, head of Brazilian research at Bulltick Capital
Markets in Sao Paulo, commented that "A deceleration in economic
activity now will make it easier for a faster monetary easing next
year," adding that "Things are heading in the direction the
central bank wants them to," Bloomberg notes.

Output in Latin America's largest economy is showing signs of
cooling as foreign credit lines dry up and banks slash lending in
response to four central bank interest rate increases since April
and the global credit crunch.  In a September 26 bank survey of
Brazilian economists, policy makers are expected to slow the pace
of interest rate increases to 50 basis points, after two
consecutive 75 point hikes, when they meet October 29, Bloomberg
relates.

Altamir Lopes, head of research at the central bank, on
September 26, disclosed that external funding for corporate loans
dropped 2.6% in the first two weeks of September from a month
earlier.  Vehicle sales rose 4% in August from a year ago, the
slowest pace in almost two years, after car loan rates jumped,
Bloomberg notes.

The global credit crunch is expected to damp economic growth that
reached 6.1% in the second quarter on an annual basis.  JPMorgan
Chase & Co., Bloomberg states, cut its forecast for the country's
expansion next year to 3.2% from 3.8% on September 26.  Brazilian
economists are forecasting growth next year of 3.6%, down from 4%
two months ago, according to the latest central bank survey,
Bloomberg adds.

Goldman, as cited by Bloomberg, said production of capital goods
expanded 12.1% in August from a year earlier, a sign investment
remains strong.  Production of chemicals, food and oil refining
led 15 of 27 industries posting declines in the month.



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

CEMA LTD: Deadline for Proof of Claim Filing Is Oct. 13
-------------------------------------------------------
Cema Ltd.'s creditors have until Oct. 13, 2008, to prove their
claims to CDL Company Ltd., the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Cema's shareholder decided on Sept. 1, 2008, to place the company
into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

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


CEMA LTD: Will Hold Final Shareholders Meeting on Oct. 13
---------------------------------------------------------
Cema Ltd. will hold its final shareholders meeting on Oct. 13,
2008, at Citco Trustees (Cayman) Limited, Regatta Office Park,
West Bay Road, Windward One, Grand Cayman, Cayman Islands.

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

Cema's shareholder decided on Sept. 1, 2008, to place the company
into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

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


GLOBAL HEDGE: Proof of Claim Filing Deadline Is Oct. 14
-------------------------------------------------------
Global Hedge Fund LLC's creditors have until Oct. 14, 2008, to
prove their claims to David A.K. Walker and 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.

Global Hedge's shareholder decided on Aug. 29, 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 Nicholas Freeland
               c/o PwC Corporate Finance & Recovery (Cayman) Ltd.
               P.O. Box 258
               PricewaterhouseCoopers Cayman Islands
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Skye Quinn
               Tel: (345) 914-8678
               Fax: (345) 945-4237


GLOBALVEST HEDGE: Proof of Claim Filing Is Until Oct. 14
--------------------------------------------------------
Globalvest Hedge LLC's creditors have until Oct. 14, 2008, to
prove their claims to David A.K. Walker and 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.

Globalvest Hedge's shareholder decided on Aug. 29, 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 Nicholas Freeland
               c/o PwC Corporate Finance & Recovery (Cayman) Ltd.
               P.O. Box 258
               PricewaterhouseCoopers Cayman Islands
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Skye Quinn
               Tel: (345) 914-8678
               Fax: (345) 945-4237


GLOBALVEST OCTANE: Deadline for Filing of Claims Is Oct. 14
-----------------------------------------------------------
Globalvest Octane Master Fund LDC's creditors have until Oct. 14,
2008, to prove their claims to David A.K. Walker and 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.

Globalvest Octane's shareholder decided on Aug. 29, 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 Nicholas Freeland
               c/o PwC Corporate Finance & Recovery (Cayman) Ltd.
               P.O. Box 258
               PricewaterhouseCoopers Cayman Islands
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Skye Quinn
               Tel: (345) 914-8678
               Fax: (345) 945-4237


GLOBALVEST VALUE: Filing for Proof of Claim Is Until Oct. 14
------------------------------------------------------------
Globalvest Value Discovery Fund Ltd.'s creditors have until
Oct. 14, 2008, to prove their claims to David A.K. Walker and
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.

Globalvest Value's shareholder decided on Aug. 29, 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 Nicholas Freeland
               c/o PwC Corporate Finance & Recovery (Cayman) Ltd.
               P.O. Box 258
               PricewaterhouseCoopers Cayman Islands
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Skye Quinn
               Tel: (345) 914-8678
               Fax: (345) 945-4237


GRANDWAY CRYSTAL: Proof of Claim Filing Deadline Is Oct. 14
-----------------------------------------------------------
Grandway Crystal Fund Ltd.'s creditors have until Oct. 14, 2008,
to prove their claims to Vijayabalan Murugesu, 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.

Grandway Crystal's shareholder decided on July 23, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Vijayabalan Murugesu
               c/o Ogier
               Queensgate House, South Church Street
               P.O. Box 1234
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jonathan Bernstein
               Tel: (345) 949-9876
               Fax: (345) 949-1986


PARMALAT SPA: Prelim. Injunction Hearing Moved to December 16
-------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has adjourned until December 16, 2008, at 10:00 a.m.,
the hearing to consider the Preliminary Injunction request of
Gordon I. MacRae and James Cleaver, as Joint Official Liquidators
of Parmalat Capital Finance Limited, Dairy Holdings Limited, and
Food Holdings Limited, on one hand, and Parmalat Finanziaria
S.p.A., and its affiliates and subsidiaries, under the direction
of Dr. Enrico Bondi, Extraordinary Administrator of the Parmalat
companies, on the other hand.

The Order will be without prejudice to Parmalat's right to object
for preliminary injunctive relief.  Each of the Petitioners and
Parmalat reserves all rights and arguments with respect to the
proceedings under Section 304 of the Bankruptcy Code.

Nothing contained in the Order will be construed as Parmalat's
agreement with any of the positions or actions taken by the
Liquidators in commencing the ancillary proceedings, in the
United States or in the Cayman Islands.

Pursuant to Rule 7065 of the Federal Rues of Bankruptcy
Procedure, the security provisions of Rule 65(c) of the Federal
Rules of Civil Procedure are waived.

In addition, U.S. Bankruptcy Judge Drain extends Parmalat's time
to answer the Section 304 Petition commencing the ancillary
proceedings until January 16, 2008, unless otherwise ordered by
the Bankruptcy Court.

Judge Drain rules that the Temporary Restraining Order will
remain in effect pursuant to the Order until December 16.

Exhibit and witness lists related to any Preliminary Injunction
Hearing will be served and filed by December 8.

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products   
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


SCP ATLANTIC: Filing for Proof of Claim Is Until Oct. 14
--------------------------------------------------------
SCP Atlantic (Cayman-I) Ltd.'s creditors have until Oct. 14, 2008,
to prove their claims to Shumway Capital Partners LLC, 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.

SCP Atlantic's shareholder decided on Sept. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Shumway Capital Partners LLC
               c/o Ogier
               Queensgate House, South Church Street
               P.O. Box 1234
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jonathan McLean
               Tel: (345) 949-9876
               Fax: (345) 949-1986


SCP OCEAN: Deadline for Proof of Claim Filing Is Oct. 14
--------------------------------------------------------
SCP Ocean (Cayman-I) Ltd.'s creditors have until Oct. 14, 2008, to
prove their claims to Shumway Capital Partners LLC, 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.

SCP Ocean's shareholder decided on Sept. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Shumway Capital Partners LLC
               c/o Ogier
               Queensgate House, South Church Street
               P.O. Box 1234
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jonathan McLean
               Tel: (345) 949-9876
               Fax: (345) 949-1986


SCP SAKONNET: Filing for Proof of Claim Deadline Is Oct. 14
-----------------------------------------------------------
SCP Sakonnet (Cayman-I) Ltd.'s creditors have until Oct. 14, 2008,
to prove their claims to Shumway Capital Partners LLC, 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.

SCP Sakonnet's shareholder decided on Sept. 18, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Shumway Capital Partners LLC
               c/o Ogier
               Queensgate House, South Church Street
               P.O. Box 1234
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Jonathan McLean
               Tel: (345) 949-9876
               Fax: (345) 949-1986


UTILITIVEST II: Deadline for Claims Filing Is Oct. 14
-----------------------------------------------------
Utilitivest II LLC's creditors have until Oct. 14, 2008, to prove
their claims to David A.K. Walker and 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.

Utilitivest's shareholder decided on Aug. 29, 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 Nicholas Freeland
               c/o PwC Corporate Finance & Recovery (Cayman) Ltd.
               P.O. Box 258
               PricewaterhouseCoopers Cayman Islands
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Skye Quinn
               Tel: (345) 914-8678
               Fax: (345) 945-4237


UTILITIVEST III: Proof of Claim Filing Is Until Oct. 14
-------------------------------------------------------
Utilitivest III LLC's creditors have until Oct. 14, 2008, to prove
their claims to David A.K. Walker and 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.

Utilitivest's shareholder decided on Aug. 29, 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 Nicholas Freeland
               c/o PwC Corporate Finance & Recovery (Cayman) Ltd.
               P.O. Box 258
               PricewaterhouseCoopers Cayman Islands
               Strathvale House, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Skye Quinn
               Tel: (345) 914-8678
               Fax: (345) 945-4237



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

QUEBECOR WORLD: Has Until January 31 to File Chapter 11 Plan
------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York extended Quebecor World Inc.'s exclusive rights to file a
plan of reorganization until January 31, 2009; and the period to
solicit acceptances of that plan until March 31, 2009.

The complexity of the Debtors' businesses and corporate structure
support the requested extension of the Exclusive Periods, Michael
J. Canning, Esq., at Arnold & Porter LLP, in New York, told the
Court.  

Mr. Canning related that subsequent to the Debtors' filing of
their first request to extend the exclusive periods in April
2008, in light of the size of their cases, the need to address
the operational issues associated with their businesses, and the
challenges arising from the cross-border nature of their
financial affairs, they have determined that they will require a
period of time longer than the four-month extension of time
granted in their first extension request to formulate and confirm
a plan of reorganization.

Mr. Canning assured the Court that the Debtors are not seeking an
extension of the Exclusive Periods  to pressure creditors into
accepting their reorganization demands.  He points out that the
Debtors' Chapter 11 cases have not been pending long enough to
result in material prejudice to any creditors, and there is no
indication that the Debtors are using the Chapter 11 process to
extract particular demands from any creditor group.

"To the contrary, the purpose of the Debtors' present request for
an extension of the Exclusive Periods is to ensure that the
Debtors have an opportunity to respond to and address the
concerns of all creditor groups in formulating restructuring
proposals and, ultimately, a plan of reorganization," Mr. Canning
told the Court.

Section 1121(b) of the Bankruptcy Code provides a debtor with an
exclusive right to file a plan of reorganization during the
first 120 days after the Petition Date.  If a debtor files a plan
during the exclusive filing period, Section 1121(c)(3) grants an
additional 60 days during which the debtor may solicit
acceptances of that plan and no other party-in-interest may file
a plan.  Section 1121(d) provides that on request  of a party-in-
interest made within the exclusive periods after notice and a
hearing, the court may for cause reduce or increase the 120-day
period or the 180-day period.  However, the 120-day period may
not be extended beyond a date that is 18 months after the
petition date and the 180-day period may not be extended beyond a
date that is 20 months after the petition date.

                      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.

Ernst & Young, Inc., the monitor of Quebecor World Inc., and its
affiliates' reorganization proceedings under the Canadian
Companies' Creditors Arrangement Act, filed a petition under
Chapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Court
for the Southern District of New York on September 30, 2008, on
behalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814).  The chapter 15
case is before Judge James M. Peck.  Kenneth P. Coleman, Esq., at
Allen & Overy LLP, in New York, serves as counsel to the chapter
15 petitioner.

QWI and certain of its subsidiaries commenced the CCAA proceedings
before the Quebec Superior Court (Commercial Division) on
January 20, 2008.  The following day, 53 of QWI's U.S.
subsidiaries, including Quebecor World (USA), Inc., filed
petitions under Chapter 11 of the U.S. Bankruptcy Code.

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.

Quebecor World (USA) Inc., its U.S. subsidiary, along with other
U.S. affiliates, filed for chapter 11 bankruptcy before the U.S.
Bankruptcy Court for the Southern District of New York (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.

QWI is the only entity involved in the CCAA proceedings that is
not a Debtor in the Chapter 11 Cases.  QWI is a public company
created in Canada by Certificate of Amalgamation dated January 1,
1990, pursuant to the Canada Business Corporations Act.  Its
subordinate voting shares, Series 3 Preferred Shares, and Series 5
Preferred Shares are listed on the Toronto Stock Exchange, and it
is the corporate parent of more than 100 subsidiaries.  With its
subsidiaries, QWI provides high value, complete market solutions
and pre-print, print, and post-print services to the leading
retailers, branded goods companies, catalogers, and publishers of
magazines, books, and other printed media all around the world.

Ernst & Young, according to Quebecor World Bankruptcy News, has
explained that QWI requires certain limited relief in the U.S. to
ensure the fair and efficient administration of the CCAA
proceedings. The Monitor thus commenced the Chapter 15 case to
ensure that certain orders of the Canadian Court, particularly the
Claims Procedure Order, and ultimately any order resolving the
CCAA Proceeding, are enforced in the United States.  

The Monitor has asked the U.S. Bankruptcy Court to:

  * recognize QWI's CCAA proceeding as a "foreign main
    proceeding" as defined in Section 1502(4) of the U.S.
    Bankruptcy Code;

  * afford QWI all relief given to foreign main proceedings
    automatically upon recognition;

  * enforce a claims procedure order issued by the Canadian
    Court on September 29, 2008; and

  * approve a form and manner of service of the Chapter 15
    Petition.

QWI, according to the Monitor, operates the second largest
commercial printer in Canada with 16 facilities in five Canadian
provinces offering a diversified mix of printed products and
related value-added services, both within Canada and
internationally.  The vast majority of QWI's operations are
conducted in Canada, and its administrative functions and
corporate marketing, finance, and in-house legal departments are
centralized in Montreal.  Aside from a single satellite office
located in Fribourg, Switzerland, all of QWI's facilities,
tangible assets, and employees are located in Canada.

All of QWI's strategic decision making and corporate management
functions occurs at the Montreal headquarters, the Monitor has
told the U.S. Bankruptcy Court.  All of QWI's board members and
executives, including Jacques Mallette, QWI's President and CEO,
reside in Canada.  All board meetings are held in Montreal and
QWI's books, records and key documents are maintained in Montreal.

QWI's principal banking agreements and debt obligations are
centralized in Canada.  QWI holds bank accounts for the Canadian
operations and corporate activities at Royal Bank of Canada and
the Canadian Imperial Bank of Commerce.  The credit agreement
between QWI as borrower, and RBC, as administrative agent, dated
as of December 15, 2005, evidencing the "Bank Syndicate Facility"
is governed by Canadian law and provides for the exclusive
jurisdiction of the courts of the province of Quebec, judicial
district of Montreal.  As of January 15, 2008, the aggregate
amount outstanding under the Bank Syndicate Agreement was
approximately US$733 million.

QWI is also party to a credit agreement dated as of January 13,
2006, with Societe Generale (Canada) as lender providing for an
equipment financing credit facility in the aggregate amount of the
Canadian dollar equivalent of EUR136,165,415 expiring on July 1,
2015.  The Equipment Financing Agreement is governed by the laws
applicable in Quebec and provides for the exclusive jurisdiction
of the courts of the province of Quebec, judicial district of
Montreal.  As of January 16, 2008, the aggregate amount
outstanding under the Equipment Financing Agreement was
US$154,926,403.  

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.

The Hon. Robert Mongeon of the Quebec Superior Court has extended
until Dec. 14, 2008, the stay under the Canadian Companies'
Creditors Arrangement Act.

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



====================
E L  S A L V A D O R
====================

MILLICOM INT'L: Closes Amnet Acquisition for US$510 Million
-----------------------------------------------------------
Millicom International Cellular S.A. has completed effective  
October 1, 2008, the 100% acquisition of Amnet Telecommunications
Holding Limited (Amnet) following the agreement initially
announced on July 22, 2008.  Millicom has purchased Amnet for an
enterprise value of US$510 million.

Amnet is the leading provider of broadband and cable television
services in Costa Rica, Honduras and El Salvador, provides fixed
telephony in El Salvador and Honduras, and provides corporate data
services in the above countries as well as Guatemala and
Nicaragua.  In the 12 months ended December 2007, it recorded
revenue of US$143 million and EBITDA of US$56 million (adjusted
EBITDA* of US$66.5 million) and at the half year to June, 2008 it
recorded revenues of US$79.6 million and adjusted EBITDA* of
US$36.3 million from a total reported revenue generating units
(RGUs) of 496,000 corporate and residential customers as against
412,000 RGUs at 30 June, 2007.

The acquisition of Amnet will allow Millicom to accelerate its
broadband offering across the Central American region which is
today its most important region and accounts for 43% of the
group’s worldwide revenue, 55% of EBITDA and 38% of subscribers.

Millicom has received the requisite regulatory approval for the
acquisition and has recently received US$200 million in
acquisition financing from two leading commercial banks to fund
part of the acquisition price.  The acquisition financing is for
an initial term of 12 months after which it is intended to be
refinanced by a long-term bond or syndicated bank facility.

Marc Beuls, President and CEO of Millicom commented, "This
transaction is an important step for us to develop our broadband
offer as well as adding what on a standalone basis is a
financially strong business.  Amnet meets Millicom’s strict
requirements for returns on all new investment by providing
excellent growth potential aligned with strong margins and good
cashflow conversion.  In Central America we expect that the demand
for broadband will be strong and independent research suggests
that broadband is likely to be the fastest growing market segment
so that we will be able to bring our marketing skills to work to
increase broadband penetration among Amnet’s cable subscribers.  
The combination of Amnet and the recent launch of 3G will allow us
to play a major role in the development of broadband across
Central America”.

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications     
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2008, Standard & Poor's Ratings Services said its ratings
and  outlook on Millicom International Cellular S.A.
(BB/Stable/--) were unchanged following the company's agreement to
acquire 100% of Central American broadband and cable TV operator,
Amnet Telecommunications Holding Ltd. (not rated) for
US$510 million.

In November 2007, Moody's Investors Service upgraded ratings of
Millicom International Cellular S.A.  The corporate family
rating was upgraded to Ba2 from Ba3 and the rating on the
existing senior notes was upgraded to B1 from B2.  Moody's said
the outlook on the ratings is stable.



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

* JAMAICA: Inks Deal With Infinity Bio to Boost Sugar Cane Sector
-----------------------------------------------------------------
The House of Representatives approved a Ministry Paper for the
Heads of Agreement, between the Government of Jamaica and Infinity
Bio-Energy of Brazil, Jamaica Gleaner reports.

Minister of Agriculture, Dr. Christopher Tufton, said the
government is committed to the country's strategy for the
adaptation of the sugar cane industry up to 2015, the Gleaner
relates.

However, there had been concerns about the financial status of the
company which recorded losses in its first two years of operation,
the Gleaner reveals.

Under the agreement, the Brazilian company will introduce methods
aimed at improving agricultural productivity and developing the
local sugar cane industry, the Gleaner notes.  Dr. Tufton said the
methods include:

   -- assisting farmers, through a development program;

   -- providing them with associated services, such as cane
      cultivation, harvesting, loading, and transportation;

   -- developing new varieties of sugar cane, either through a
      research and development pro-gramme of local varieties or
      with the importation of suitable varieties developed by
      Infinity and Infinity's partners; and

   -- increasing mechanization and irrigation, when appropriate,
      to levels that maximize financial returns.

                         Privatization

The Gleaner writes that Minister of Energy, Clive Mullings, said
the privatization of the sugar industry will allow Jamaica a great
opportunity to transform the pressures on the foreign exchange,
and also ensure energy security.

Minister of Finance and the Public Service, Audley Shaw, noted
that the Government was on the right track in privatizing the
sugar cane industry, according to the report.

                        About Infinity Bio

Bermuda-based Infinity Bio-Energy Ltd's --
http://www.infinitybio.com/ -- principal activity is processing  
of sugarcane-based ethanol, sugarcane and related activities.
These include the purchase of assets involved in the supply of
sugarcane, the distribution of ethanol and Greenfield projects to
build ethanol and sugar facilities.

                          About Jamaica

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

As reported by the TCR-LA on Sept. 30, 2008, Investment Minister,
Karl Samuda said in the World Investment Report 2008 global launch
at Knutsford Court Hotel, Kingston on September 24, that Jamaica
is not getting enough Foreign Direct Investments (FDI) this year.

Mr. Samuda observed that the island gathered US$779 million in
FDIs in 2007, a slight drop from US$882 million in 2006.  The
tourism industry attracted US$197 million in FDIs last year, a 6%
increase from 2006.  The information communication technology
(ICT) sector recorded US$164.5 million in FDIs in 2008, a double
figure compared to last year.  "However, Jamaica still struggles
with  the inappropriate and deficient levels of economic growth,"
Mr. Samuda said.



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

CABLEMAS SA: Fitch Affirms Currency Issuer Default Ratings at BB-
-----------------------------------------------------------------
Fitch Ratings has affirmed Cablemas, S.A. de C.V.'s ratings as:

  -- Local currency issuer default rating at 'BB-';
  -- Foreign currency issuer default rating at 'BB-';
  -- National scale long-term rating at 'A(mex)'.

The Rating Outlook for these ratings is Stable.

In addition, Fitch affirmed Cablemas' US$175 million 9.375% coupon
senior notes due in 2015 at 'BB-'.

Cablemas' ratings are based in its solid operating network,
geographically diverse subscriber base, improving financial
position, increasing competition and current negative cash flow
generation.  Cablemas continues investing in its network
development, which has derived in negative cash generation in
recent years.  A rating upgrade by Fitch depends on the company's
ability to achieve and maintain positive free cash flow over time,
which would allow it to reduce its total debt-to-EBITDA to 2.0
times or below on a continued basis.

For 2008, Cablemas' capex is budgeted in US$150 million, and will
be focused on telephony, network construction and bidirectional
reconversion and digital video.  During 2007 operating EBITDA
margin was affected by the telephony service launching; however,
during 2008 margins are expected to recover due to price increases
and cost & expense efficiencies.  At June 2008 the company had
2.32 million homes passed and 805,390,224,799 and 67,012 video,
broadband and telephony subscribers, respectively.  In 2008
Cablemas expects to have 2.6 million passed homes and 92% of the
network with bidirectional capability.  With this the company will
be well positioned to capture triple play subscribers.

The rating actions incorporate the increased participation of
Grupo Televisa, S.A.B. ('BBB+/AAA(mex)') in Cablemas' equity and
its active role in the company's strategy, decision and execution
processes.  In February 2008 Televisa injected US$100 million in
exchange of an additional 11% equity stake, represented by the
company's non-voting shares.  The cash was used to pay down debt
and fund the company's capex program.  With this transaction,
Televisa's total economic stake in Cablemas' equity is
approximately 54.6%.  The controlling shares remain in the same
proportions; the Alvarez Family owns 51% and Televisa 49%.

Fitch believes that Televisa's participation brings long-term
strategic synergies, as well as a robust partner with ample
financial flexibility and growth support.  The latter is evidenced
in the acquisition by Empresas Cablevision, S.A.B. de C.V., direct
subsidiary of Televisa, Cablemas and Television Internacional,
S.A. de C.V., of the majority of the assets of Bestel, a national
telecommunications service provider, which main asset is an 8,000
kilometer fiber optic network.  This acquisition benefits the
consortium and strengthens its position given the competitive
environment prevailing in the convergence of the Mexican
telecommunications service market.

Cablemas' financial position has improved.  With the
reconfiguration of its balance sheet after the equity infusion
from Televisa, Fitch believes the company's financial position and
key credit metrics should remain stable and could moderately
improve in the mid-term.  For the last 12 months ended in June
2008, Cablemas generated MXN2,911 million, versus MXN2,704 million
and MXN2,391 million in fiscal year 2007 and Fiscal Year2006,
respectively.  EBITDA generation was MXN1,089 million, MXN1,018
million and MXN969 million for the LTM June 2008, Fiscal Year 2007
and Fiscal Year 2006, respectively.  Total Debt-to-EBITDA for the
LTM ended June 30, 2008 was 2.2 times, an improvement from 2.9 in
December 2007.

The company's liquidity is manageable.  At June 30, 2008, Cablemas
had cash balances of MXN454 million and total debt registered in
its balance sheet of MXN2,351 million, of which only 1.2% is
short-term.  Total debt is comprised of US$175 million in senior
notes due in 2015 and US$50 million of a term loan with final
maturity in December 2012.

Headquartered in Mexico City, Cablemas SA de CV --
http://www.cablemas.com-- is the second largest Cable TV
service provider in Mexico.  The company has operations in 46
cities and 15 states, including important cities distributed
across the country such as Chihuahua, Tijuana, Cancun, Playa del
Carmen, Merida, Cuernavaca and Acapulco.


RADIOSHACK CORP: Picks Lee Applbaum as VP and Marketing Officer
---------------------------------------------------------------
RadioShack Corporation has named Lee Applbaum as its executive
vice president and chief marketing officer.

Mr. Applbaum is responsible for advertising, brand management,
customer relations management and marketing.  Mr. Applbaum will
report to Chairman and Chief Executive Officer Julian Day and will
also serve as a member of the Office of the Chairman, comprised of
Day; Bryan Bevin, executive vice president of store operations;
Jim Gooch, executive vice president and chief financial officer;
and Peter Whitsett, executive vice president of merchandising.

"Lee's joining us at RadioShack represents another significant
step in strengthening our senior management team," said Mr. Day.  
He added, "Lee's background and successful track record position
him well to add value to our brand."

Mr. Applbaum earned his Bachelor's degree in marketing from The
University of Texas at Austin in 1992.  He began his career at
Lederle Consumer Health, a division of American Cyanamid Company,
shortly after earning his Master's degree in business
administration in 1994 from the Isenberg School of Management at
the University of Massachusetts at Amherst. He has also worked at
The Coca-Cola Company, Schlotzsky's Inc., Footstar, Inc. and The
David's Bridal Group, a division of Federated Department Stores,
Inc.  Immediately prior to joining RadioShack, Mr. Applbaum was
the chief marketing officer for The Schottenstein Stores
Corporation.

RadioShack Corporation (NYSE: RSH) -- http://radioshack.com/--
retails consumer electronics specialty products through almost
6,000 company-operated stores and dealer outlets in the United
States, over 100 RadioShack locations in Mexico.  Its retail
network include 4,439 retail stores, 721 kiosks, and 1,444
dealer and other outlets throughout the United States, and
generated LTM June 2008 revenues of US$4.27 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 19, 2008, Standard & Poor's Ratings Services revised its
outlook on RadioShack Corp. to stable from negative.  At the
same time, S&P affirmed our ratings on the company, including
the 'BB' corporate credit and senior unsecured ratings.

The TCR-LA reported on Aug. 15, 2008, that Moody's Investors
Service affirmed RadioShack Corporation's Ba1 Corporate Family
Rating and SGL-1 Speculative Grade Liquidity rating; the outlook
is stable.



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

FIRST BANCORP: Will Pay Preferred Share Dividends on Oct. 31
------------------------------------------------------------
First BanCorp Board of Directors has declared the next payment of
dividends on First BanCorp's Series A through E Preferred Shares.

The estimated dividend amounts per share, record dates and payment
dates for the Series A through E Preferred Shares are:

  Series   US$Per/share     Record Date      Payment Date
  --------------------------------------------------------
    A       0.1484375      Oct. 29, 2008     Oct. 31, 2008
    B       0.17395833     Oct. 15, 2008     Oct. 31, 2008
    C       0.1541666      Oct. 15, 2008     Oct. 31, 2008
    D       0.15104166     Oct. 15, 2008     Oct. 31, 2008
    E       0.14583333     Oct. 15, 2008     Oct. 31, 2008

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is     
the parent corporation of FirstBank Puerto Rico, a state chartered
commercial bank with operations in Puerto Rico, the Virgin Islands
and Florida; of FirstBank Insurance Agency; and of Ponce General
Corporation.  First BanCorp, FirstBank Puerto Rico and FirstBank
Florida, formerly UniBank, the thrift subsidiary of Ponce General,
all operate within U.S. Banking laws and regulations.

                        *     *     *

First Bancorp. currently carries Fitch Ratings' BB long-term
issuer default rating and B short-term issuer default rating.


* BOND PRICING: For the Week September 29 - October 3, 2008
-----------------------------------------------------------

   Issuer               Coupon    Maturity   Currency    Price
   ------               ------    --------   --------    -----

   ARGENTINA
   ---------
Alto Palermo SA          7.875     5/11/17     USD      60.25
Argnt-Bocon PRE8         2.000      1/3/10     ARS      70.70
Argnt-Bocon PR11         2.000     12/3/10     ARS      46.54
Argnt-Bocon PR13         2.000     3/15/24     ARS      42.49
Arg Boden                7.000     10/3/15     USD      55.28
Autopistas Del Sol      11.500     5/23/17     USD      50.86
Bonar V                  7.000     3/28/11     USD      72.90
Bonar Arg $ V           10.500     6/12/12     ARS      64.93
Bonar VII                7.000     9/12/13     USD      66.40
Bonar X                  7.000     4/17/17     USD      57.34
Inversiones y Rep        8.500      2/2/17     USD      61.50
Argent-EURDIS            7.820    12/31/33     EUR      38.62
Argent-$DIS              8.280    12/31/33     USD      54.25
Argent-Par               0.630    12/31/38     ARS      30.32
Banco Hipot SA           9.750     4/27/16     USD      67.31
Banco Macro SA           8.500      2/1/17     USD      65.61
Banco Macro SA           8.500      2/1/17     USD      71.50
Banco Macro SA           9.750    12/18/36     USD      50.37
Buenos-EURDIS            8.500     4/15/17     EUR      60.75
Buenos-$DIS              9.250     4/15/17     USD      52.28
Buenos Aire Prov         9.375     9/14/18     USD      47.45
Buenos Aire Prov         9.625     4/18/28     USD      40.50
Mendoza Province         5.500     9/04/18     USD      58.16

   BERMUDA
   -------
XL Capital Ltd           6.500    12/31/49     USD      57.50

   BRAZIL
   ------
Cosan Finance            7.000      2/1/17     USD      70.90
Cosan Finance            7.000      2/1/17     USD      68.33
Cosan SA Industria       8.250     2/28/49     USD      55.00
AMBEV Int'l Finance      9.500     7/24/17     BRL      73.75
CESP                     9.750     1/15/15     BRL      54.17
JBS SA                  10.500      8/4/16     USD      73.75
Gol Finance              7.500     4/03/17     USD      59.52
Gol Finance              7.500     4/03/17     USD      55.50
Gol Finance              8.750     4/29/49     USD      47.50
Tam Capital Inc.         7.375     4/25/17     USD      73.90
Tam Capital Inc.         7.375     4/25/17     USD      70.00
Rede Empresas           11.125     4/29/49     USD      69.50
Banco Safra CI           0.100    12/20/56     BRL      74.67

   CAYMAN ISLANDS
   --------------
Barion Funding           0.100    12/20/56     EUR       6.41
Barion Funding           0.250    12/20/56     USD       6.10
Barion Funding           0.250    12/20/56     USD       6.10
Barion Funding           0.250    12/20/56     USD       6.10
Barion Funding           0.250    12/20/56     USD       6.10
Barion Funding           0.250    12/20/56     USD       6.10
Barion Funding           0.250    12/20/56     USD       6.10
Barion Funding           0.630    12/20/56     GBP      14.87
Barion Funding           1.440    12/20/56     GBP      26.90
Mazarin Fdg Ltd          0.100     9/20/68     EUR       3.90
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.52
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.52
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.52
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.52
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.52
Mazarin Fdg Ltd          0.510     9/20/68     EUR      10.30
Mazarin Fdg Ltd          0.630     9/20/68     GBP      12.37
Mazarin Fdg Ltd          1.440     9/20/68     GBP      24.77
Sadia Overseas           6.875     5/24/17     USD      74.06
Shimao Property          8.000     12/1/16     USD      36.50
Shinsei Fin Caym         6.418     1/29/49     USD      39.94
Shinsei Fin Caym         6.418     1/29/49     USD      48.75
Vontobel Cayman         17.900     1/23/09     USD      60.20
Vontobel Cayman         10.650     2/27/09     USD      71.10

   JAMAICA
   -------
Jamaica Govt LRS         7.500     10/6/12     JMD      73.56
Jamaica Govt LRS        12.750     6/29/22     JMD      70.88
Jamaica Govt LRS        12.750     6/29/22     JMD      70.89
Jamaica Govt LRS        12.850     5/31/22     JMD      71.45
Jamaica Govt LRS        13.375    12/15/21     JMD      74.47
Jamaica Govt            13.375     4/27/32     JMD      69.37

  PUERTO RICO
  -----------
Puerto Rico Cons         6.200      5/1/17     USD      70.00

  URUGUAY
  -------
Uruguay                  3.700     6/26/37     UYU      72.38

   VENEZUELA
   ---------
Petroleos de Ven         5.250     4/12/17     USD      52.37
Petroleos de Ven         5.375     4/12/27     USD      42.62
Petroleos de Ven         5.500     4/12/27     USD      41.87
Venezuela                5.750     2/26/16     USD      63.37
Venezuela                6.000     12/9/20     USD      54.50
Venezuela                7.000     3/16/15     EUR      72.90
Venezuela                7.000     3/16/15     EUR      71.38
Venezuela                7.000     12/1/18     USD      64.50
Venezuela                7.000     3/31/38     USD      54.12
Venezuela                7.650     4/21/25     USD      59.00
Venezuela                9.000      5/7/23     USD      67.00
Venezuela                9.250      5/7/28     USD      66.50
Venezuela                9.375     1/13/34     USD      66.25



                            ***********

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 * * *