TCRLA_Public/081007.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, October 7, 2008, Vol. 9, No. 199

                            Headlines

A R G E N T I N A

ALTO PALERMO: Board Sets October 31 Shareholders' Meeting
ED & EVENTS: Trustee Verifying Proofs of Claim Until November 25
CASA SCHWARTZ: Proofs of Claim Verification Deadline Is December 4
NUEVA MONSERRAT: Proofs of Claim Verification Deadline Is Dec. 17
SEA SIDE: Proofs of Claim Verification Deadline Is November 27

TEKNI-PLEX INC: Fails to File Annual Report By Deadline
TEKNI-PLEX INC: Inks Consent and Waiver Deal With Lenders
VALMAR SA: Proofs of Claim Verification Deadline Is November 31

* ARGENTINA: Restructuring Deal Propels Defaulted Bonds' Prices


B A R B A D O S

* BARBADOS: S&P's Stable Outlook Shows Pressure From High Deficit


B E R M U D A

SYNCORA HOLDINGS: Taps J.P. Morgan on Unit's Fin'l Guarantee Deals


B R A Z I L

ARACRUZ CELULOSE: Derivate Losses Cue S&P's Negative CreditWatch
BANCO NACIONAL: Grants BRL1.51 Million Financing for TIM Group

* BRAZIL: Mulls Auction of Eight Hydro Plants in 2009

C A Y M A N  I S L A N D S

AG GLOBAL: Filing for Proof of Claim Deadline Is Oct. 15
BUN BUN: Deadline for Proof of Claim Filing Is Oct. 15
EAGLE POWER: Filing for Proof of Claim Is Until Oct. 15
EL PORTENO: Holding Final Shareholders Meeting on Oct. 15
MERCURY LIMITED: Proof of Claim Filing Deadline Is Oct. 15

MIDSUMMER INVESTMENTS: Claims Filing Deadline Is Oct. 15
MOONGATE LTD: Deadline for Proof of Claim Filing Is Oct. 15
NAVESINK EQUITY: Deadline for Claims Filing Is Oct. 15
NAVESINK INVESTMENT: Proof of Claim Filing Is Until Oct. 15
NEW WORLD VENTURES: Deadline for Filing of Claims Is Oct. 15

PYLOS LIMITED: Proof of Claim Filing Deadline Is Oct. 15
SOLLIEVO LTD: Deadline for Claims Filing Is Oct. 15
ST FUNDING: Filing for Proof of Claim Deadline Is Oct. 15


C H I L E

AMERICAN INT'L: To Sell ILFC Unit to Pay Off US$85BB Gov't Loan
AMERICAN INT'L: Former CEO Seeks to Bid for Firm's Assets
AMERICAN INT'L: Shareholders Sell 40MM Shares, To Buy Firm


E C U A D O R

AMERICAN INT'L: Selling US$16BB in Real Estate to Repay U.S. Loan
AMERICAN INT'L: Gov't to Get 80% Stake Without Shareholder OK


E L  S A L V A D O R

* EL SALVADOR: Fiscal Deficits May Widen in 2008 to 2009, S&P Says


J A M A I C A

CABLE & WIRELESS: Jamaican Unit to Pay J$1MM in Negligence Suit
DIGICEL LTD: Government Lifts Freeze on BVI Unit's Cell Sites
SUGAR COMPANY: Infinity to Pay US$1.55 Million for Sugar Lands

* JAMAICA: Reports US$2.8 Billion Fiscal Deficit as of August


M E X I C O

CORPORACION DURANGO: S&P Cuts Corp. Credit Rating to CC From CCC-
DIOMED HOLDINGS: Pays US$1.1MM of Accrued Loan Interest and Fees
GRUPO TMM: S&P Withdraws B- Corp. Credit Rating At Firm's Request
XIGNUX SA: Moody's Withdraws Ba3 Rating on Senior Unsecured Bonds

* Fitch Publishes Follow-Up Comment on Mexican RMBS Performance


P U E R T O  R I C O

D & J INC: Case Summary & 13 Largest Unsecured Creditors
W HOLDING: Cesar Ruiz to Quit as Director Effective December 30


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Fate Subject to Commissioner Mitchell's Decision


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Shuts Cardon Operations Due to Maintenance

* VENEZUELA: To Visit Ecuador on Oct. 28 for PDVSA Deal Follow-Up

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ALTO PALERMO: Board Sets October 31 Shareholders' Meeting
---------------------------------------------------------
Alto Palermo S.A.'s Board of Directors scheduled an Ordinary and
Extraordinary Shareholder's Meeting to be held outside its
headquarters at Bolivar 108, 1st floor, City of Buenos Aires, on
October 31, 2008 at 12:00 pm, Buenos Aires time.

The Board will discuss the:

   1) Appointment of two shareholders to approve and sign the
      shareholders' meeting minutes.

   2) Consideration of the documentation provided for in section
      234, subsection 1 of Law 19,550, relating to the fiscal year
      ended June 30, 2008.

   3) Consideration of the Board's performance.

   4) Consideration of the Surveillance Committee's performance.

   5) Treatment and allocation of results of the fiscal year ended
      June 30, 2008, which recorded a US$79,969,977 profit.
      Consideration of a cash dividend of US$60,237,864.

   6) Consideration of compensation payable to the Board of
      Directors for the fiscal year ended June 30, 2008 amounting
      to US$9,107,811, which amount exceeds by US$4,850,977
      surpassing the limit of 5% of profits fixed by section 261
      of Law No. 19,550 and the Regulations of the Argentine
      Securities Commission (CNV), in view of the proposal not to
      distribute dividends.

   7) Consideration of the compensation payable to the
      Surveillance Committee in respect of the year ended June 30,
      2008.

   8) Consideration of the resignation of Ira Chaplik.
      Determination of the number of Regular Directors and
      alternate directors, if the case may be, and election
      thereof.

   9) Appointment of the regular and alternate members of the
      Surveillance Committee.

  10) Appointment of the Certifying Accountant for the next fiscal
      year and determination of the compensation payable thereto.

  11) An updated report on the shared services agreement.


  12) Treatment of the tax on the shareholders' personal assets,
      paid by the company in its capacity of substitute taxpayer.

  13) Renewal of the Delegation to the Board of Directors of the
      power to fix the determination of the timing and issuance
      currency, term, price, manner and payment conditions and
      interest rates, use of proceeds and remaining terms pursuant
      to what was approved by the shareholders general meeting,
      dated October 31, 2006, with respect to the issuance of the
      notes under the program of global notes, according to the
      provisions of the section 9 of the 23.576 Act.

Alto Palermo S.A. (a.k.a. APSA) operates and develops commercial
centers in Argentina.  It has six commercial centers located in
Capital Federal and Buenos Aires suburbs, where it has got the
43% of participation on the market and another three located in
the cities of Salta, Mendoza and Rosario.  It represents, in
all, 1,118 shops.  The shareholders of Alto Palermo are
Inversiones y Representaciones S.A. (61.5%) and Parque Arauco
(29.6%), with the rest of the shares trading in the stock market
of Buenos Aires and New York.

                         *     *     *

In May 2008, Fitch Ratings affirmed these ratings of Alto
Palermo S.A.:

  -- Foreign currency issuer default rating at 'B+';

  -- Local currency issuer default rating at 'B+';

  -- US$120 million notes due in 2017 at 'B+/RR4'; and

  -- US$50 million argentine peso-linked notes due in 2012 at
     'B+/RR4'.


ED & EVENTS: Trustee Verifying Proofs of Claim Until November 25
----------------------------------------------------------------
Marcelo Liberman, the court-appointed trustee for Ed & Events
S.A.'s reorganization proceeding will be verifying creditors'
proofs of claim until November 25, 2008.

Mr. Liberman will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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 Ed & Events 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 Ed & Events' accounting
and banking records will be submitted in court.

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

Creditors will vote to ratify the completed settlement plan  
during the assembly on September 21, 2009.

The debtor can be reached at:

                     Ed & Events S.A.
                     Reconquista 458
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Marcelo Liberman
                     Pinzon 1555
                     Buenos Aires, Argentina


CASA SCHWARTZ: Proofs of Claim Verification Deadline Is December 4
------------------------------------------------------------------
Federico Estrada, the court-appointed trustee for Casa Schwartz
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until December 4, 2008.

Mr. Estrada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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 Casa Schwartz 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 Casa Schwartz's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Casa Schwartz SRL
                     Peru 989
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Federico Estrada
                     J. D. Peron 1509
                     Buenos Aires, Argentina


NUEVA MONSERRAT: Proofs of Claim Verification Deadline Is Dec. 17
-----------------------------------------------------------------
Horacio Lifschutz, the court-appointed trustee for Nueva Monserrat
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 17, 2008.

Mr. Lifschutz will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 23, in Buenos Aires, with the assistance of Clerk
No. 45, 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 Nueva Monserrat 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 Nueva Monserrat's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Nueva Monserrat SA
                     Avda. Independencia 2199
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Horacio Lifschutz
                     Aguero 2053
                     Buenos Aires, Argentina


SEA SIDE: Proofs of Claim Verification Deadline Is November 27
--------------------------------------------------------------
The court-appointed trustee for Sea Side S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 27, 2008.

The trustee will present the validated claims in court as  
individual reports on February 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 Sea Side 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 Sea Side's accounting
and banking records will be submitted in court on March 31, 2009.

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


TEKNI-PLEX INC: Fails to File Annual Report By Deadline
-------------------------------------------------------
Tekni-Plex, Inc. disclosed in a Securities and Exchange Commission
filing that it was not be able to timely file its annual report on
Form 10-K for the year ended June 27, 2008, by the prescribed due
date of Sept. 25, 2008.

Tekni-Plex had initiated an internal investigation regarding its
financial records.  Its Board of Directors continued to conduct
this inquiry, however, the investigation is not yet complete and
the Company cannot predict at this time whether the investigation
will conclude that adjustments to financial statements for any
period covered by the report are necessary.  To the extent that
such adjustments are determined to be necessary, the adjustments
could be material.

The investigation is ongoing and the Company cannot estimate at
this time when the investigation of the relevant issues will
conclude.  The Company intends to file the Form 10-K as soon as
reasonably practicable after the Board's investigation of the
relevant issues has concluded.

                    About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.

Tekni-Plex Inc.'s consolidated balance sheet at March 28, 2008,
showed US$620.1 million in total assets and US$1.05 billion in
total liabilities, resulting in a US$427.0 million total
stockholders' deficit.

                           *    *    *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Moody's Investors Service downgraded the Corporate Family Ratings
of Tekni-Plex Inc. to Caa3 from Caa1.


TEKNI-PLEX INC: Inks Consent and Waiver Deal With Lenders
---------------------------------------------------------
Tekni-Plex Inc. disclosed in a Securities and Exchange Commission
filing that on Sept. 25, 2008, it entered into a Consent and
Waiver under its Amended and Restated Credit Agreement among the
Company, the lenders and issuers party, Citicorp USA, Inc. as
Administrative Agent, and General Electric Capital Corporation as
Syndication Agent.

The Consent and Waiver provides for, among other things, a waiver
through Oct. 31, 2008 of:

  -- events of default arising by reason of the Company's
     noncompliance with a covenant requiring delivery by
     Sept. 26, 2008 of audited financial statements and related
     compliance certificates for fiscal year ended June 27, 2008;

  -- events of default in respect of certain representations and
     warranties for previously delivered financial information
     that may have been incorrect in a material respect, which
     events of default may arise if the Company restates
     financial statements for prior account periods as a result
     of the Company's ongoing investigation of alleged
     irregularities with respect to accounting for inventory and
     accounts receivable; and

  -- certain conditions precedent to extensions of credit to
     permit the Company to borrow during the period from
     Sept. 26, 2008, through Oct. 31, 2008, notwithstanding the
     events of default.  

                    About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.

Tekni-Plex Inc.'s consolidated balance sheet at March 28, 2008,
showed US$620.1 million in total assets and US$1.05 billion in
total liabilities, resulting in a US$427.0 million total
stockholders' deficit.

                           *    *    *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Moody's Investors Service downgraded the Corporate Family Ratings
of Tekni-Plex Inc. to Caa3 from Caa1.


VALMAR SA: Proofs of Claim Verification Deadline Is November 31
---------------------------------------------------------------
The court-appointed trustee for Valmar S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 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 Mar del Plata, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Valmar 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 Valmar S.A.'s
accounting and banking records will be submitted in court on
March 4, 2009.

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


* ARGENTINA: Restructuring Deal Propels Defaulted Bonds' Prices
---------------------------------------------------------------
Bloomberg News reported last week that Argentine defaulted bonds
traded at a three-month high after the government said it will
give creditors a chance to restructure.

As reported by the Troubled Company Reporter-Latin America on  
Oct. 2, 2008, Argentina signed an agreement with three banks to
attempt to restructure debts to sovereign bond holders who
rejected a 2005 settlement over a historic default, the government
announced September 29.

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

The securities were little changed on September 30 at about 29
cents on the dollar, according to Exotix Ltd., a London-based
brokerage that specializes in distressed securities.  They rose 1
cent on September 29, a contrast to the tumble in most emerging-
market assets fueled by a widening global financial crisis.

Alberto Bernal at Bulltick Capital Markets in Miami had forecasted
that at least half of the creditors are to participate in the
trade.

                           *     *     *

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



===============
B A R B A D O S
===============

* BARBADOS: S&P's Stable Outlook Shows Pressure From High Deficit
-----------------------------------------------------------------
The ratings on Barbados reflect the country's social cohesion and
political stability, as well as the fiscal flexibility provided
by the National Insurance Scheme surpluses to offset the
vulnerabilities posed by the narrow economic base and sizable
external imbalances.  Consensus policymaking provides a social
safety net and a predictable business environment that Standard &
Poor's Ratings Services expects to bring per capita GDP to more
than US$13,500 this year (versus the US$8,700 for the 'BBB'
median).

S&P expects the central government deficit to narrow to 2.7% of
GDP in 2008 from 3.1% in 2007 as corrective revenue-generating
measures -- including higher fees and excise taxes combined with
an end to fuel subsidies that began in April -- reverse the fiscal
deterioration in 2007 and the beginning of 2008.  Unexpected
higher inflation also will contribute to revenue growth, but it
will present challenges as well, given the long-standing fixed-
exchange-rate regime.

Although the current account deficit likely will deteriorate to
8% of GDP in 2008 from 7.2% in 2007 (the result of increased
imports related to food and oil), foreign direct investment should
remain high at more than 80% of the deficit.  S&P expects the
current account deficit to narrow in 2009-2010 as capital
expenditures decline, helping lower external vulnerabilities.

The stable outlook on Barbados reflects continued external
pressures resulting from a high current account deficit and a
relatively high gross central government debt burden (75% of GDP),
balanced by political stability and the large surpluses at the
National Insurance Scheme (more than 3% of GDP surplus and assets
of more than 30% of GDP in 2008).  This provides financing to the
central government while addressing the pension liability of an
aging society.  The ratings could come under pressure if there is
structural weakening in the government's fiscal accounts or if
inflation pressures are not addressed.  Persistent high current
account deficits could also place downward pressure on the
ratings, particularly if offsetting foreign direct investment
declines or pressure emerges on the fixed-exchange-rate regime.



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

SYNCORA HOLDINGS: Taps J.P. Morgan on Unit's Fin'l Guarantee Deals
------------------------------------------------------------------
Syncora Holdings Ltd. has engaged J.P. Morgan as an advisor to
assist Syncora Guarantee Inc. in identifying and analyzing
strategic alternatives with respect to its portfolio of credit
default swap (CDS) and financial guarantee contracts.  J.P. Morgan
will work directly with Syncora's legal advisors during
negotiations with Syncora Guarantee's CDS and financial guarantee
bank counterparties.

"Engaging J.P. Morgan to assist Syncora's legal advisors in their
ongoing analysis of Syncora Guarantee's CDS and financial
guarantee exposures is an important step in moving forward with
the next phase of our strategic plan.  Their expertise will help
to identify and quantify the best possible solutions with our bank
counterparties and aid Syncora in reaching a resolution that is in
the best interest of our policyholders and our shareholders,"
commented Susan Comparato, Acting Chief Executive Officer of
Syncora.

On August 5, 2008, Syncora entered into an agreement with 17 bank
counterparties to commute, terminate, amend or restructure,
existing CDS and financial guarantee contracts, including those
related to Syncora Guarantee's collateralized debt obligations of
asset-backed securities insured portfolio.

                     About Syncora Holdings

Syncora Holdings Ltd., formerly Security Capital Assurance Ltd.,
subsidiaries, XL Capital Assurance Inc. and XL Financial Assurance
Ltd, provide credit enhancement and protection products to the
public finance and structured finance markets throughout the
United States and internationally.  SCA has announced that it will
formally change its corporate name to Syncora Holdings Ltd.  On
Aug. 4, 2008.  XLCA and XLFA will be renamed Syncora Guarantee
Inc. and Syncora Guarantee Re Ltd, respectively.

                          *      *      *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, Moody's Investors Service confirmed its provisional
rating on senior debt at (P)Caa3, provisional rating on
subordinated debt at (P)Ca and preference shares at Ca with a
negative outlook on Syncora Holdings Ltd.

TCR-Latin America reported on July 31, 2008, that Standard &
Poor's Ratings Services said its 'C' long-term credit rating on
Security Capital Assurance Ltd. remains on CreditWatch with
negative implications.



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

ARACRUZ CELULOSE: Derivate Losses Cue S&P's Negative CreditWatch
----------------------------------------------------------------
(SAO PAULO-Standard & Poor's-Oct. 3, 2008/Pam)

Standard & Poor's Ratings Services has placed its 'BBB' long-term
corporate credit rating on Aracruz Celulose S.A. on CreditWatch
with negative implications.  The action follows the company's
Oct. 2, 2008, disclosure of losses on derivative contracts
amounting to US$1 billion as of third-quarter 2008, as a result of
the recent spike in the value of the Brazilian real (22.4% from
August 2008 to September 2008).
     
This announcement clarifies the amount of losses mentioned by the
company on Sept. 25, 2008.  The US$1 billion represents the
recognition of the fair value of all Aracruz's derivative
contracts on its financial statements, and is still noncash.
"Although those losses are still a noncash event, they pose
contingent risks to the company if the real stays at current
levels for the next 12 months.  In this case, cash derivative
settlements would have to be made in the context of the current
credit crunch," said S&P's credit analyst Marcelo Costa.
     
Considering the company's capital spending plan for the next
years, this would lead to a financial profile potentially more
leveraged than what S&P would expected for the rating level.  This
is true even considering Aracruz's strong cash holdings, its
derivatives long positions, and the fact Aracruz is a pure
exporter, thus benefiting from scenarios of local currency
devaluation.  During third-quarter 2008, the company had a
positive cash result of about US$20 million from the use of such
derivatives.
     
S&P will probably resolve the CreditWatch within one month.  This
depends largely on the ongoing acquisition process and the depth
and extension of the current financial crisis.  The company is
currently in the process of being acquired by and subsequently
merged with Votorantim Celulose e Papel.  Therefore, S&P will
review Aracruz's and Votorantim's credit quality in light of this
potential future scenario.  S&P will consider synergies between
both companies and the possible effect on both companies of
Aracruz's derivative loss.

Headquartered in Sao Paulo, Brazil, Aracruz Celulose S.A. --
http://www.aracruz.com.br/-- produces eucalyptus pulp, a variety  
of hardwood pulp used by paper manufacturers to produce a range
of products, including tissues, printing and writing papers,
liquid packaging boards and specialty papers.  The company's
production facilities consist of the Barra do Riacho Unit in
Espirito Santo State, which has three production units each with
two bleaching, drying and baling lines, the Guaiba Unit, located
in the municipality of Guaiba, State of Rio Grande do Sul, and
Veracel, located in the municipality of Eunapolis, State of
Bahia, where it has a 50% stake.  Its four major shareholders
are: the Safra, Lorentzen and Votorantim groups (each owning 28%
of the voting shares) and BNDES, the Brazilian National Economic
and Social Development Bank (12.5%).


BANCO NACIONAL: Grants BRL1.51 Million Financing for TIM Group
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA's
management has approved the assignment of credit limit up to
BRL1.51 million for TIM Group.  In fact, it is the first operation
of this type carried out by the Bank in the telecommunications
sector, and the Bank will finance part of the Group Investment
Plan from 2009 to 2013.

The credit limit instrument, which was created in 2005, is
intended to the improvement of financing processes for investment
projects of traditional BNDES clients.  A revolving credit
facility to the companies was assigned by means of such
instrument.  One of the main advantages is the proceduring term of
disbursements, approximately two months, which is lower than the
six-month average of the traditional operations.

Indeed, this process occurs because the companies submit all the
required documentation, when the credit is requested, as well as
their investment plan.  Since 2005, the Bank has already approved
nineteen operations in this type, amounting BRL17.5 billion and
also including the support for TIM Group.  The telecommunication
sector of BNDES holds an active portfolio of financed projects
amounting BRL17.9 billion and also including those investments
earmarked to the network expansion, equipment upgrading and the
use of new technologies.

Project TIM Group will invest in information technology,
technological expansion, upgrading and updating of its networks,
through the enlargement of GSM network (a system that stores the
mobile phone data, and also enables its usage in any country that
has the same network).

Additionally, these investments foresee the continuity of the
implementation process of 3G (third-generation)technology, which
offers the mobile broadband.  This technology supports the data
traffic speed up to fifteen times faster than the current ones.

Then, it means the access for several data services (internet,
videoconference, mobile TV) to the final customer, which is faster
and cheaper than the 2G technology.  The Group investments will be
monitored by BNDES, which will check the installation progress of
the main network elements.

One of the commitments undertook by the telecommunication
companies in order to obtain the 3G licenses was to provide the
mobile telephony services to the cities that have a population
below 30 thousand inhabitants until the mid of 2010.

TIM Group will keep investing in information technology, and also
in the technological expansion and updating of its GSM network.

Part of such funds will be earmarked to the efficiency increase of
the customer service systems, by means of the capacity expansion
and optimization of business systems and processes.  These
investments will make the customer service systems more efficient.

                      About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                        *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


* BRAZIL: Mulls Auction of Eight Hydro Plants in 2009
-----------------------------------------------------
The Brazilian government plans to auction eight hydroelectric
projects next year, Fabio Palmigiani of Business News Americas
reports, citing deputy mines and energy minister Marcio
Zimmermann.

According to BNamericas, the government only auctioned two hydro
plants in 2008: the 3.3 gigawatts Jirau on the Madeira river in
the Amazon and 350 megawatts Baixo do Iguacu in Parana state.

Mr. Zimmermann, as cited by BNamericas, disclosed that the plan
for 2009 is to offer five hydro projects on the Parnaiba river in
the northeast region as well as the 80MW Barra do Pomba, 50MW
Cambuci and 11.1GW Belo Monte plants.  He added that they will
offer a few plants on the Teles Pires river and some from the
Tapajos basin for 2010.

BNamericas relates that the Belo Monte auction is tentatively
scheduled for September 2009 and will be the biggest hydro project
in Brazil since the massive 14GW Itaipu plant on the border with
Paraguay.



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

AG GLOBAL: Filing for Proof of Claim Deadline Is Oct. 15
--------------------------------------------------------
AG Global Holdings' creditors have until Oct. 15, 2008, to prove
their claims to David Dyer, 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.

AG Global's shareholders agreed on Sept. 5, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               David Dyer
               c/o Deutsche Bank (Cayman) Limited
               P.O. Box 1984
               Boundary Hall Cricket Square
               171 Elgin Avenue, George Town
               Grand Cayman, Cayman Islands


BUN BUN: Deadline for Proof of Claim Filing Is Oct. 15
------------------------------------------------------
Bun Bun Holdings Ltd.'s creditors have until Oct. 15, 2008, to
prove their claims to Buchanan Limited, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Bun Bun's shareholders agreed on Sept. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Buchanan Limited
               P.O. Box 1170
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Francine Jennings
               Tel: (345) 949-0355
               Fax: (345) 949-0360


EAGLE POWER: Filing for Proof of Claim Is Until Oct. 15
-------------------------------------------------------
Eagle Power Ltd.'s creditors have until Oct. 15, 2008, to prove
their claims to Buchanan Limited, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Eagle Power's shareholders agreed on Sept. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Buchanan Limited
               P.O. Box 1170
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Francine Jennings
               Tel: (345) 949-0355
               Fax: (345) 949-0360


EL PORTENO: Holding Final Shareholders Meeting on Oct. 15
---------------------------------------------------------
El Porteno Hotels will hold its final shareholders meeting on Oct.
15, 2008, at 10:00 a.m., at the offices of Deloitte, Fourth Floor,
Citrus Grove, P.O. Box 1787, George Town, Grand Cayman, Cayman
Islands.

These matters will be taken up during the meeting:

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

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

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


MERCURY LIMITED: Proof of Claim Filing Deadline Is Oct. 15
----------------------------------------------------------
Mercury Ltd.'s creditors have until Oct. 15, 2008, to prove their
claims to Buchanan Limited, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Mercury's shareholders agreed on Sept. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Buchanan Limited
               P.O. Box 1170
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Francine Jennings
               Tel: (345) 949-0355
               Fax: (345) 949-0360


MIDSUMMER INVESTMENTS: Claims Filing Deadline Is Oct. 15
--------------------------------------------------------
Midsummer Investments Ltd.'s creditors have until Oct. 15, 2008,
to prove their claims to Buchanan Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Midsummer Investments' shareholders agreed on Sept. 4, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Buchanan Limited
               P.O. Box 1170
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Francine Jennings
               Tel: (345) 949-0355
               Fax: (345) 949-0360


MOONGATE LTD: Deadline for Proof of Claim Filing Is Oct. 15
-----------------------------------------------------------
Moongate Ltd.'s creditors have until Oct. 15, 2008, to prove their
claims to Royhaven Secretaries Limited, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

               Royhaven Secretaries Limited
               c/o Coutts House, 1446 West Bay Road
               P.O. Box 707
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Laura Henry
               Tel: 945-4777
               Fax: 945-4799


NAVESINK EQUITY: Deadline for Claims Filing Is Oct. 15
------------------------------------------------------
Navesink Equity Derivative Fund LDC's creditors have until
October 15, 2008, to prove their claims to Stuart K. Sybersma and
Ian A.N. Wight, 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.

Navesink Equity's shareholders agreed on Aug. 8, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte Cayman Islands
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Mervin Solas
               Tel: (345) 949-7500
               Fax: (345) 949-8258


NAVESINK INVESTMENT: Proof of Claim Filing Is Until Oct. 15
-----------------------------------------------------------
Navesink Investment Ltd.'s creditors have until Oct. 15, 2008, to
prove their claims to Stuart K. Sybersma and Ian A.N. Wight, 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.

Navesink Investment's shareholders agreed on Aug. 8, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte Cayman Islands
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Mervin Solas
               Tel: (345) 949-7500
               Fax: (345) 949-8258


NEW WORLD VENTURES: Deadline for Filing of Claims Is Oct. 15
------------------------------------------------------------
New World Ventures Ltd.'s creditors have until Oct. 15, 2008, to
prove their claims to Linburgh Martin and Jeff Arkley, 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.

New World Ventures' shareholder decided on March 20, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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

Contact for inquiries:

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


PYLOS LIMITED: Proof of Claim Filing Deadline Is Oct. 15
--------------------------------------------------------
Pylos Ltd.'s creditors have until Oct. 15, 2008, to prove their
claims to Piccadilly Cayman Limited, the company's liquidator, or
be excluded from receiving any distribution or payment.

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

Pylos' shareholders agreed on Sept. 2, 2008, to place the company
into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

               Piccadilly Cayman Limited
               c/o BNP Paribas Bank & Trust Cayman Limited
               3rd Floor Royal Bank House, Shedden Road
               George Town, Grand Cayman
               Cayman Islands

Contact for inquiries:

               Ellen J. Christian
               Tel: (345) 945-9208
               Fax: (345) 945-9210


SOLLIEVO LTD: Deadline for Claims Filing Is Oct. 15
---------------------------------------------------
Sollievo Ltd.'s creditors have until Oct. 15, 2008, to prove their
claims to Griffin Management Limited and Wyvern Management, 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.

Sollievo's shareholders agreed on Sept. 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Buchanan Limited
               P.O. Box 1170
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Francine Jennings
               Tel: (345) 949-0355
               Fax: (345) 949-0360


ST FUNDING: Filing for Proof of Claim Deadline Is Oct. 15
---------------------------------------------------------
ST Funding Company's creditors have until Oct. 15, 2008, to prove
their claims to Griffin Management Limited and Wyvern Management,
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.

ST Funding's shareholder decided on Aug. 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Griffin Management Limited and Wyvern Management
               c/o Caledonian Trust (Cayman) Limited
               Caledonian House, 69 Dr. Roy's Drive
               P.O. Box 1043
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Janeen Aljadir
               Tel: (345) 914 -4943
               Fax: (345) 814-4859



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

AMERICAN INT'L: To Sell ILFC Unit to Pay Off US$85BB Gov't Loan
---------------------------------------------------------------
American International Group Inc. is considering selling
International Lease Finance Corp., its aircraft leasing company,
Liam Pleven and J. Lynn Lunsford at The Wall Street Journal
report, citing a person familiar with the matter.

According to WSJ, a source said that AIG's board met Sunday to
discuss what units the company should sell to pay off a
US$85 billion loan from the government to help the company avoid
possible bankruptcy.

The source said that investors from the U.S., Europe, Asia, and
the Middle East have expressed interest in investing in a buyout,
WSJ relates.

ILFC's founder and chairperson Steven Udvar-Hazy sold the company
to AIG in 1990.  ILFC is a standalone business with a yearly
revenue of US$6 billion.  It has more than 1,030 jetliners and is
valued at more than US$50 billion.  AIG's equity interest in the
leasing company is about US$7 billion.

Mr. Udvar-Hazy is leading an effort to purchase ILFC, WSJ states.

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The company has locations in Argentina, Aruba, Bahamas, Bermuda,
Brazil, Cayman Islands, Chile, Colombia, Dominica, Ecuador, El
Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico,
Panama, Peru, Puerto Rico, Trinidad, Uruguay, Venezuela and Virgin
Islands.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.

                       *     *     *

In a U.S. Securities and Exchange Commission filing dated Aug. 6,
2008, AIG reported a net loss for the second quarter of 2008 of
US$5.36 billion compared to 2007 second quarter net income of
US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.


AMERICAN INT'L: Former CEO Seeks to Bid for Firm's Assets
---------------------------------------------------------
Liam Pleven at The Wall Street Journal reports that Maurice R.
Greenberg, the former American International Group Inc. CEO, has
asked AIG's current CEO Edward Liddy for a chance to bid on any
assets the company will sell.

AIG plans to sell assets to pay off the up to US$85 billion
government loan.  WSJ relates that Mr. Greenberg sent a letter to
Mr. Liddy saying, "I now understand that the company has begun to
liquidate itself by selling assets in privately negotiated
transactions without transparency and without providing the
opportunity for the participation of alternative purchasers.  I
want to formally request an opportunity to submit an offer on any
assets that the company intends to sell."

"We are open to all reasonable expressions of interest in the
assets we plan to sell," WSJ quoted an AIG spokesperson as saying.


Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The company has locations in Argentina, Aruba, Bahamas, Bermuda,
Brazil, Cayman Islands, Chile, Colombia, Dominica, Ecuador, El
Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico,
Panama, Peru, Puerto Rico, Trinidad, Uruguay, Venezuela and Virgin
Islands.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.

                       *     *     *

In a U.S. Securities and Exchange Commission filing dated Aug. 6,
2008, AIG reported a net loss for the second quarter of 2008 of
US$5.36 billion compared to 2007 second quarter net income of
US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.


AMERICAN INT'L: Shareholders Sell 40MM Shares, To Buy Firm
----------------------------------------------------------
Liam Pleven at The Wall Street Journal reports that American
International Group Inc.'s former CEO, Maurice R. Greenberg, and a
group of affiliated shareholders said that they sold off 40
million shares on Thrusday, shrinking their stake to 9.99%, just
below the 10% key regulatory threshold.

According to WSJ, moving under the 10% level gives Mr. Greenberg
more room to maneuver as a potential buyer.  Shareholders below
that level could explore the possibility of purchasing the company
with outside investors with less risk of triggering the
requirement, WSJ states.

Under New York law, shareholders who control more than 10% of an
insurer's shares must apply to the New York State Insurance
Department before making moves seen as exercising control over the
company.

Mr. Greenberg and other shareholders have said that they may try
to buy AIG units or take control of the company, WSJ reports.

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The company has locations in Argentina, Aruba, Bahamas, Bermuda,
Brazil, Cayman Islands, Chile, Colombia, Dominica, Ecuador, El
Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico,
Panama, Peru, Puerto Rico, Trinidad, Uruguay, Venezuela and Virgin
Islands.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.

                       *     *     *

In a U.S. Securities and Exchange Commission filing dated Aug. 6,
2008, AIG reported a net loss for the second quarter of 2008 of
US$5.36 billion compared to 2007 second quarter net income of
US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.



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

AMERICAN INT'L: Selling US$16BB in Real Estate to Repay U.S. Loan
-----------------------------------------------------------------
American International Group Inc. might seek buyers for some of
its US$16 billion in global real estate holdings to repay a U.S.
government loan, Bloomberg News' Brian Louis reports.

The nation's largest insurer agreed last week to an US$85 billion
federal loan to prevent the company's collapse.

"Many of AIG's properties could be trophy properties that don't
come up for sale very often," said Ray Torto, Boston-based global
chief economist for CB Richard Ellis Group Inc., the world's
largest commercial real estate broker.  That could spur interest
from multiple bidders, he said.

AIG's plans comes amid a weak real estate climate and the
reluctance of banks to unload their excess cash.

"AIG has plenty of high quality businesses potentially for sale,"
analysts led by Thomas Gallagher said.  The insurer's overseas
life insurance and U.S. retirement services units are the most
"coveted" businesses, he said.  AIG's foreign life insurance
division could sell for more than US$60 billion before taxes and
its
U.S. life and retirement companies may fetch US$25.2 billion.  The
company's aircraft leasing unit could sell for US$3.4 billion
before taxes, he said.

American International Group said on Friday that it will not seek
shareholder approval for a plan to issue convertible preferred
shares that will give the U.S. government 79.9 percent stake in
the insurer, Reuters reported Friday.

According to Reuters, AIG said its board's audit committee had
decided that delaying the deal to seek shareholder approval "would
seriously jeopardize the financial viability of AIG."

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The company has locations in Argentina, Aruba, Bahamas, Bermuda,
Brazil, Cayman Islands, Chile, Colombia, Dominica, Ecuador, El
Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico,
Panama, Peru, Puerto Rico, Trinidad, Uruguay, Venezuela and Virgin
Islands.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.

                       *     *     *

In a U.S. Securities and Exchange Commission filing dated Aug. 6,
2008, AIG reported a net loss for the second quarter of 2008 of
US$5.36 billion compared to 2007 second quarter net income of
US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.


AMERICAN INT'L: Gov't to Get 80% Stake Without Shareholder OK
-------------------------------------------------------------
Liam Pleven at The Wall Street Journal reports that the American
International Group Inc. said on Friday it will give the
government control of 80% of the company without seeking
shareholder approval.

The board's audit committee determined that the "delay" in getting
the shareholder approval "would seriously jeopardize the financial
viability" of the company, WSJ says, citing AIG.

WSJ relates that the New York Stock Exchange approved AIG's
decision to grant the government a stake in the firm without
getting shareholder approval.  The report states that the
company's decision deprives shareholders seeking alternatives of
potential leverage.  According to the report, some shareholders
have been trying to find a way to repay the US$85 billion loan
before the government took the stake.  AIG had borrowed US$44.57
billion from the Federal Reserve as of Wednesday, the report says,
citing the central bank.

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The company has locations in Argentina, Aruba, Bahamas, Bermuda,
Brazil, Cayman Islands, Chile, Colombia, Dominica, Ecuador, El
Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico,
Panama, Peru, Puerto Rico, Trinidad, Uruguay, Venezuela and Virgin
Islands.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.

                       *     *     *

In a U.S. Securities and Exchange Commission filing dated Aug. 6,
2008, AIG reported a net loss for the second quarter of 2008 of
US$5.36 billion compared to 2007 second quarter net income of
US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.



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

* EL SALVADOR: Fiscal Deficits May Widen in 2008 to 2009, S&P Says
------------------------------------------------------------------
The ratings on the Republic of El Salvador are supported by a
stable monetary environment, which benefited from dollarization in
2001.  Also supporting the ratings is the track record of
predictable, market-oriented policies, which has created a
favorable investment environment, has sustained steady economic
growth, and has led to gradual debt reduction.  Real GDP growth
averaged 3.2% annually in the past five years, reflecting the
improving investment climate, supported by the implementation of
the regional free trade agreement with the United States and
healthy consumption growth boosted by a strong level of workers'
remittances that reached 18% of GDP in 2007.

Despite progress in economic management, helped by a series of
important macroeconomic reforms passed during the past two
decades, structural weaknesses continue to hinder El Salvador's
creditworthiness.  Poor social indicators; education, technology,
and training gaps; and high crime rates constrain economic
prospects.  Insufficient gains in productivity and rising
inflation since 2004, peaking at 9.5% in 2008, undermine El
Salvador's competitiveness.  At the same time, fiscal flexibility
is limited because of the narrow tax base (tax revenues were 14%
of GDP in 2007) and large social and infrastructure needs.  
Capital expenditures were a mere 2.8% of GDP because of these
fiscal restraints, a low level compared with that of other
countries with similar developmental needs.  Fiscal deficits,
though narrowing in the past three years, are high in the context
of the country's dollarized economy.  As a result, the decline in
general government debt, estimated at 34% of GDP on a net basis in
2008, has been minimal.  Overall, El Salvador continues to lag its
'BB+' rated and regional peers, and the 'BB' median in terms of
real GDP growth, per capita income, domestic saving, investment
spending, and fiscal deficits.

Standard & Poor's Ratings Services expects El Salvador's economic
performance to weaken in the second half of 2008 and in 2009.  S&P
projects real GDP growth will decline to 3.5% in 2008 and 3% in
2009 from 4.7% in 2007.  This is the result of a greater spillover
from the slowdown in the U.S. (the destination for 50% of El
Salvador's exports and an income source for El Salvador's large
family remittances), which will be felt toward the end of 2008.  
Lower GDP growth also will result from a traditionally more
cautious investment stance in the pre-election period and a
weakening of the domestic demand because of inflationary
pressures.  Rising inflation will call for difficult fiscal
decisions, as policymakers try to balance preservation of the
social net with maintaining fiscal discipline.  Fiscal deficits
likely will widen to 2.6% of GDP in 2008 and 2.9% of GDP in 2009.

Addressing these macroeconomic challenges will not be easy, given
the nation's increasing polarization and a likely more difficult
policy environment following the March 2009 presidential
elections.  The tensions between the ruling Alianza Republicana
Nacionalista government and the opposition, Frente Farabundo Marti
para la Liberacion Nacional, which have been on the rise since
2006, constrain policymaking.  S&P expects these tensions to
increase in the period leading up to the elections and to persist
though 2009 regardless of the election outcome.

The negative outlook reflects the rising risks that the weakening
policy environment poses in times of rising inflation and fiscal
underperformance.  These risks are exacerbated by the country's
dollarization regime.  Given the current and likely persisting
legislative stalemate, the likelihood that the government will
address the economic deterioration in a timely and forceful manner
is diminishing.  As such, there is an increasing risk that many of
El Salvador's economic and fiscal ratios, which already lag those
of its 'BB+' rated peers, will further diverge from the 'BB'
median.

S&P could revise the outlook back to stable if, following the
March 2009 elections, the new government demonstrates an ability
to implement policies that address the growing macroeconomic
risks.  On the other hand, if the political clash between main
parties intensifies or if the newly elected party pursues policies
that do not staunch recent fiscal deterioration and loss of
competitiveness, S&P will lower the ratings.



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

CABLE & WIRELESS: Jamaican Unit to Pay J$1MM in Negligence Suit
---------------------------------------------------------------
The Supreme Court has ruled against Cable & Wireless Jamaica Ltd.
in a lawsuit filed by Jonathan Johnson, who tripped over a copper
rod belonging to the company, and awarded J$1 million in damages
to Mr. Johnson, the Jamaica Gleaner reports.

According to the report, Mr. Johnson injured his right foot when
he tripped over a copper rod in a sidewalk along Hagley Park road
in Kingston on Nov. 29, 1999.  With his attorneys Garth McBean and
Charmian Rhoden, Mr. Johnson filed a negligence suit against C&WJ
thereafter.

Supreme Court judge Roy Anderson ascertained that the rod belonged
to C&WJ and was left over when National Works Agency (NWA) was
widening the road, causing damage to Mr. Johnson, the report says.

The Gleaner relates that C&WJ filed an appeal but later withdrew
it in a hearing last week.  The company will pay Mr. Johnson
J$800,000 in general damages and J$186,380 in special damages.

                     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.


DIGICEL LTD: Government Lifts Freeze on BVI Unit's Cell Sites
-------------------------------------------------------------
The government of British Virgin Islands lifted the freeze on
Digicel BVI Ltd.'s construction of cellular sites in the
territory, Virgin Islands Platinum News writes.  Chief Executive
Officer of Digicel BVI, Alan Bates, said Digicel will immediately
resume its project to roll-out a Bigger, Better Network in the
British Virgin Islands.

The freeze was declared on June 26 by Minister of Communications
and Works Honourable Julian Fraser, who was reacting to concerns
raised by the public about the proliferation of cellular towers in
the territory with the advent of liberalization, the Platinum News
notes.

At a press conference at government's Central Administration
Complex, Minister Fraser recounted his efforts to facilitate a
tower sharing arrangement between the three licensed mobile
service providers, the Platinum News says.  The initiative began
with a meeting at Long Bay Resort on July 8 with his Ministry, the
Telecommunications Regulatory Commission TRC, Town and Country
Planning Department TCP, the Building Authority and the providers.

As cited by the Platinum News, Minister Fraser said the Town and
Country Planning Department pointed out the location of towers in
the territory and highlighted the controversial areas, namely
Palestina, Zion Hill, Frenchman's Cay, Windy Hill, Long Trench and
Chalwell.

                          About Digicel

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao.  Digicel finished FY2005 with
1.722 million total subscribers -- 97% pre-paid -- estimated
market share of 67% and revenues and EBITDA of US$478 million
and US$155 million, respectively.

                          *     *     *

In February 2007, Moody's Investors Service affirmed its Caa2
senior unsecured rating to Digicel Group Limited's
US$1.4 billion senior unsecured notes offering.


SUGAR COMPANY: Infinity to Pay US$1.55 Million for Sugar Lands
--------------------------------------------------------------
Brazilian company, Infinity Bio-Energy Ltd. will pay the Jamaican
government US$1.55 million per year (US$50 per hectare) for
sugarcane lands purchased from Sugar Company of Jamaica (SCJ), the
Jamaica Gleaner reports.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2008, Jamaica's divestment of its sugar estates is
scheduled to be completed by September 30 to Brazilian bio-energy
fuel firm, Infinity Bio-Energy Limited agreement include:

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

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

The Jamaica Gleaner says, citing Agriculture Minister Dr.
Christopher Tufton, that the 31,000 hectares will be available for
25 years at US$38.75 million, a triple figure from the initial
agreed amount of US$15.5 million.

As part of the US$25 million deal (US$15 million for Petrojam
Ethanol Ltd., US$5 million for the lease of cane lands and the
remaining US$5 million for ownership of the five factory buildings
and equipment and the surrounding 100 acres of the factories),
Jamaica will absorb the SCJ's J$20 billion debts and foot the J$2
billion bill for redundacy payments to sugar workers, the report
adds.

The Gleaner relates that Infinity will use the 31,000 hectares to
grow 2.5 million tons of sugar cane for its sugar, molasses,
ethanol and electricity business lines by 2013.  Newco's cane
production in five years will be used as feedstock for ethanol
production (135,358 tons), sugar (62,000 tons) and molasses
(26,989 tonnes).

                       About Sugar Company

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

                           *     *     *

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


* JAMAICA: Reports US$2.8 Billion Fiscal Deficit as of August
-------------------------------------------------------------
The Jamaican government missed its revenue target for August by
nearly US$3 billion or 13%, but managed to shave off close to
US$5 billion or 18% off of its programmed expenditure to beat its
fiscal target, The Jamaica Observer reports.

According to the report, August 2008's fiscal deficit was
US$2.8 billion which was US$1.9 billion better than programmed and
which helped the finance ministry stay within target for the year
to August by a good deal -- US$6 billion lower.

All revenue streams reported a shortfall of budget during the
month with the exception of taxes on interest and dividends and
the environmental levy, the report relates.

The report says that tax on international trade jumped 16% to
US$5.3 billion but tax on production and consumption was flat at
US$5.3 billion.

Based on the report, under production and consumption, motor
vehicle license fees brought in 57% more than the previous August
but major earners such as GCT on local items saw a 3% increase to
US$3.4 billion.  Stamp duty on local items was 26% less than last
year August at US$597 million, the report adds.

                          *     *     *

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



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

CORPORACION DURANGO: S&P Cuts Corp. Credit Rating to CC From CCC-
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Corporacion Durango S.A.B. de C.V., including lowering the
corporate credit rating to 'CC' from 'CCC-'.  The outlook is
negative.
     
"The rating action reflects our expectation that CODUSA may not
meet the next scheduled payment on its notes," said S&P's credit
analyst Jose Coballasi.  The payment is due Oct. 6, 2008.
     
Corporacion Durango's financial flexibility is very tight.  The
rating on the company also reflects its highly leveraged financial
risk profile and the natural risk associated with the paper
industry's cyclicality.  These negatives far outweigh the
company's leading position in the containerboard and packaging
industry in Mexico, and its vertical integration.

Corporacion Durango, S.A. de C.V. (BMV: CODUSA), a vertically
integrated producer of paper and packaging products in Mexico,
previously announced that the First Federal District Court in
Durango, Mexico, has approved the company's plan of reorganization
and declared the termination of its "Concurso Mercantil"
proceeding.


DIOMED HOLDINGS: Pays US$1.1MM of Accrued Loan Interest and Fees
----------------------------------------------------------------
Hercules Technology Growth Capital, Inc., disclosed that in
addition to the full repayment of US$6.0 million of principal
received in April 2008, it has received a payment of US$1.1
million for accrued interest and loan fees on the company's debt
financing to Diomed Holdings Inc.  The internal rate of return on
Diomed Holdings Inc., is expected to exceed 60% with this payment.

"We are pleased that we were able to get full repayment of the
loan principal plus accrued interest and fees," said Manuel A.
Henriquez, co-founder, chairman and chief executive officer of
Hercules.  "Since inception, Hercules had adhered to a strict
selection and monitoring process.  We actively work with the
management and the financial sponsors of each company throughout
the life of the investment.  As a result, even when our portfolio
companies have been in distressed situations, we have succeeded at
receiving principal payments."

Diomed entered into a settlement agreement with AngioDynamics in
April 2008 for the purpose of resolving the patent infringement
lawsuit between the companies originally filed in January 2004.
As a result of the settlement over varicose vein laser treatment
technology, AngioDynamics agreed to pay US$7.0 million to Diomed.
Of the US$7.0 million settlement proceeds, US$6.0 million was used
to repay the outstanding loan principal balance to Hercules.
An additional US$1.1 million for accrued interest and other loan
fees was received at the end of September 2008 per a settlement
order approved by the United States Court of Bankruptcy for the
District of Massachusetts.

                     About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--     
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed, Inc., owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.  The
company also has an affiliate in Asia through Diomed Hong Kong.

The company and its affiliate, Diomed Inc., filed for Chapter 11
protection on March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750
and 08-40749).  Douglas R. Gooding, Esq., at Choate Hall &
Stewart LLP, is the Debtor's local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total liabilities
of US$14,743,485.

In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court.  Steven Mark Law of Ensors was named as
administrator.


GRUPO TMM: S&P Withdraws B- Corp. Credit Rating At Firm's Request
-----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B-' long-
term corporate credit rating on Grupo TMM S.A.B., at the company's
request.  The company has no outstanding debt rated by S&P.
     
At the time of withdrawal, the rating was on CreditWatch with
developing implications, reflecting uncertainty about the
company's future capital structure and cash flow generation after
completing its securitization program, and the inherent risks of
the capital-intensive and competitive shipping industry.  These
factors were partially offset by TMM's position as the largest
integrated logistics company in Mexico.

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin American  
multimodal transportation and logistics company.  Through its
branch offices and network of subsidiary companies,TMM provides a
dynamic combination of ocean and land transportation services.


XIGNUX SA: Moody's Withdraws Ba3 Rating on Senior Unsecured Bonds
-----------------------------------------------------------------  
Moody's Investors Service has withdrawn the Ba3 rating for Xignux,
S.A. de C.V.'s 9.5% senior unsecured bonds due 2009, as well as
the company's Ba2 corporate family rating.  Moody's has withdrawn
the ratings for business reasons.

Based in Monterrey, Mexico, Xignux S.A. de C.V., is one of
Mexico's leading, privately held industrial conglomerates.  
Through one wholly owned operating subsidiary and three fully
consolidated 50:50 joint ventures with major international
partners, the company manufactures and distributes industrial
cable and wire, automotive wire harnesses, electrical transformers
and packaged food products.  For the 12 months ended June 30,
2008, revenues were about US$3.7 billion.


* Fitch Publishes Follow-Up Comment on Mexican RMBS Performance
---------------------------------------------------------------
This press release provides a follow-up to the comment made by
Fitch Ratings in its quarterly report 'Mexican RMBS Performance'
published on Sept. 2, 2008.  The report indicated that Fitch
detected inconsistencies in the disclosure of the following
residential mortgage backed securities issues: MTROCB 07U, MTROCB
08U and MTROFCB 08.  These inconsistencies were found in the
reports published by Metrofinanciera on its web site as well as in
the reports used by the trustee for the calculation of the
payments for the periods of June and July, calculated on July 1
and Aug. 1, respectively.  

According to Metrofinanciera, the inconsistencies can be explained
by the difference between the collection cut-off dates and the
dates on which the funds were transferred by the servicer of the
trusts.

For the RMBS issues rated by Fitch and serviced by
Metrofinanciera, this practice was only detected during the
collection period of August for trust No. 425 (issue METROCB 04U),
which, according to the trustee's report, did not receive any
funds from that collection.  Interest payments for trust No. 425
were made from the reserve account.  Fitch confirmed with the
trustee and the servicer that this situation has been rectified
and bondholders had been paid on the payment dates just prior to
this press release.  

It should be noted that Fitch has not received the mortgage
portfolios' collection reports for the months of July and August.  
The mortgage-backed issues rated by Fitch and serviced by
Metrofinanciera are listed below:

  -- METROCB04U 'AAA(mex)'
  -- METROCB06U 'AAA(mex)'
  -- MTROCB07U 'AAA(mex)'
  -- MTROCB08U 'AAA(mex)'
  -- MTROFCB08 'AAA(mex)'

In addition to the RMBS portfolio, starting in August, Fitch
detected inconsistencies in the reports related to the issues
backed by bridge-loans.  These were due to the fact that an amount
equal to zero was reported for the line-item 'interest income and
commissions' during the period July 1-July 31, at trust No. 689
(issues METROCB 07-3 and 07-4).  According to the trustee, the
amounts collected were not mentioned in this report due to the
fact that these amounts were transferred by the servicer after the
collection period.  It should be noted that the amounts obtained
from the collection of the bridge-loans' principal payments were
transferred in a timely manner to the trust and thus reported for
each collection period.

For the collection period Aug. 1 to Aug. 31 of this year, the same
practice was observed at all of the trusts rated by Fitch and
serviced by Metrofinanciera that issued bridge-loan backed bonds.  
On Sept. 30, 2008, Fitch confirmed with the servicer and trustee
the transfer of the outstanding interest and commissions to the
respective trusts. The transactions affected by this include:

No. 374 METROCB 03-2 'A(mex)'
No. 374 METROCB 03-3 'A(mex)'

No. 590

  -- METROCB 07 'A(mex)'
  -- METROCB 07-2 'BB(mex)

No. 689

  -- METROCB 07-3 'A(mex)'
  -- METROCB 07-4 'BB(mex)'

No. 650

  -- Class A Notes 'BB'; international scale 'A(mex)'
  -- Class B Notes 'BB(mex)'

Note that all the above ratings are on Rating Watch Negative.

Unrelated to these specific actions, these bridge-loan
transactions were downgraded on July 29, 2008 and remain on Rating
Watch Negative due to a deterioration in the performance of the
underlying collateral.

Fitch has been in communication with the related parties in order
to obtain first-hand information regarding the solution of the
problem detected in the transfer of funds to the trusts.  It
should be noted that this practice is a violation of the trust
indenture and Metrofinanciera has committed itself to making these
transfers on a timely basis.  

In addition, Fitch expects to receive all missing performance
documentation in a timely manner.  Fitch expects last week's
financial support offered by Sociedad Hipotecaria Federal, SNC and
the selection of a new board of directors and management team at
Metrofinanciera to contribute to the elimination of the
aforementioned operating practices and will be a positive for the
management of these securities going forward.



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

D & J INC: Case Summary & 13 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: D & J, Inc.
       HC 01 Box 2052
       Boqueron, PR 00622

Bankruptcy Case No.: 08-06504

Chapter 11 Petition Date: September 30, 2008

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Alberto O. Lozada Colon, Esq.
                 alberto3@coqui.net
                 Bufete Lozada Colon
                 P.O. Box 427 PMB 1019
                 Mayaguez, PR 00681
                 Tel: (787) 833-6323
                 
Estimated Assets: US$1,000,000 to US$10,000,000

Estimated Debts: US$100,000 to US$500,000

D & J Inc.'s chapter 11 petition with a list of 13 largest
unsecured creditors is available for free at:

              http://researcharchives.com/t/s?333f


W HOLDING: Cesar Ruiz to Quit as Director Effective December 30
---------------------------------------------------------------
Cesar A. Ruiz, has informed W Holding Company Inc., the bank
holding company for Westernbank Puerto Rico, that he intends to
resign from the Boards of Directors of each of the Bank and the
Company effective December 31, 2008.

Mr. Ruiz, age 74, is a member of the company's Nominating and
Corporate Governance Committee, Compensation Committee, Audit
Committee, Investment Committee and Executive Committee. Mr. Ruiz
has been a director of the Bank since 1972 and of the Company
since its founding in 1999.  In addition, since April 2001 until
February 28, 2007, Mr. Ruiz was the Secretary of the company's
Board of Directors.

Director has been serving over 40 years to the Bank and Board, as
he was also the former Senior Executive Vice-President in and for
the Bank until his retirement on September 30, 1988, after serving
for close to 26 years.

W Holding Company, Inc. (NYSE: WHI) -- http://www.wholding.com.   
-- is the financial holding company for Westernbank Puerto Rico,
the second-largest commercial bank in Puerto Rico, based on
total assets, operating through 56 full-fledged branches,
including 20 Expresso of Westernbank branches), including 33 in
the southwestern region of Puerto Rico, 7 in the northeastern
region, 14 in the San Juan Metropolitan area and 2 in the
eastern region of Puerto Rico, and a fully functional banking
site on the Internet.  W Holding also owns Westernbank Insurance
Corp., a general insurance agent placing property, casualty,
life and disability insurance, whose results of operations and
financial condition are reported on a consolidated basis.

                    Non-Compliance Notification

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the company has been notified by the New York
Stock Exchange, Inc. (NYSE) that the company is not in
compliance with NYSE Listed company Manual Section 802.01C
because the average closing price of the company's common stock
has been less than US$1 for 30 consecutive trading days.

Accordingly, the company is subject to the procedures specified
in Section 802.01C, which provides, among other things, that the
company must bring its share price and average share price back
above US$1 within six months following receipt of notification
of non-compliance.  If at the expiration of the six-month cure
period, the company's share price and average share price over
the preceding 30 trading days do not exceed US$1, the NYSE will
commence suspension and delisting proceedings.



===============================
T R I N I D A D  &  T O B A G O
===============================

HINDU CREDIT: Fate Subject to Commissioner Mitchell's Decision
--------------------------------------------------------------
Trinidad & Tobago Newsday reported that Commissioner of Co-
operatives Charles Mitchell is expected to decide on the fate of
Hindu Credit Union Co-Operative Society Limited after receiving
proposals from depositors and shareholders Friday last week.

Newsday related that Mr. Mitchell had refused to comment on the
current status of the HCU but that he had received at least five
proposals.

A Sept. 16, 2008 meeting with members of the HCU and Commissioner
Mitchell erupted into a noisy fracas even before details of the
auditor's report were revealed, prompting Mr. Mitchell to adjourn
the meeting prematurely.

According to the Trinidad & Tobago Guardian, the Ernst and Young
report stated that the HCU was insolvent, with a net shortfall of
assets to liabilities of US$486,500,000.  The report said HCU had
assets of US$390,131,614 and liabilities of US$876,537,695.  The
report, the Guardian relates, also stated: "...save for Bankers
Insurance, all of the subsidiaries of the HCU have been operating
at losses and were being supported by loans and financing from the
HCU of over US$211,000,000, which lead to further bleeding of the
HCU."

Headquartered in Borough, Chaguanas, in Trinidad and Tobago, Hindu
Credit Union Co-Operative Society Limited --
http://www.ourhcu.com/-- reportedly has between US$115.2 million  
and US$131.6 million in assets and a total of US$32.9 million in
liabilities.  It has a membership totaling more than 200,000.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants
Ernst and Young inspected Hindu Credit's books, accounts, and
records after a public outcry and calls for an internal audit.
Charles Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



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

PETROLEOS DE VENEZUELA: Shuts Cardon Operations Due to Maintenance
------------------------------------------------------------------
Petroleos de Venezuela S.A.'s Cardon Venezuelan refinery, which
processes 300,000 bpd, is out of service for maintenance and
expansion, El Universal reported, citing a refinery worker.

The source, according to the report, explained that the shutdown
was normal and that the works would be extended until next year.

Venezuela's state-run oil company Pdvsa said in 2006 that it was
planning to carry out maintenance operations at several units of
the Cardon refinery at the beginning of 2007, EL Universal noted.
It also said that the works would go through 15 weeks and increase
by 15% the capacity of the catalytic cracker, which is 77,000 bpd.

But the plan was repeatedly delayed due to operational problems,
including accidents and unplanned shutdowns, El Universal wrote,
citing Reuters' report.

Exports of refined products such as gasoline, from Pdvsa to the
United States, the largest Venezuelan customer, have fallen
recently because of failures that have hit the refineries, El
Universal added.

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

                           *     *     *

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


* VENEZUELA: To Visit Ecuador on Oct. 28 for PDVSA Deal Follow-Up
-----------------------------------------------------------------
Venezuelan President Hugo Chavez will visit Ecuador on October 28,
to follow up the agreements undertaken with Petroleos de Venezuela
S.A., El Universal reports, citing the Ecuadorian Minister of
Mines and Petroleum Galo Chiriboga.

Mr. Chiriboga, as cited by Efe said they "expect to complete the
operations and activities in the Sacha field (in the Amazon
region)," El Universal notes.  Mr. Chiriboga added that they
intend to review bilateral energy issues with Venezuela, according
to the report.

The top official, El Universal relates, disclosed that Ecuador has
not only oil operations in Venezuela, but also in Chile, a country
with which Ecuador organized a few weeks ago a joint venture to
explore an area of the Gulf of Guayaquil in search of natural gas.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2008, Standard & Poor's Ratings Services affirmed its 'BB-
/B' sovereign credit rating, BB- transfer & convertibility
assessment local currency rating and BB- senior unsecured rating
on the Bolivarian Republic of Venezuela.  S&P also said that the
outlook on Venezuela remains stable.

The TCR-LA reported on Sept. 23, 2008, that Moody's Investors
Service placed Venezuela's low-B foreign currency ratings on
review for possible upgrade.  Moody's said the outlook remains
stable for the government's B1 local currency debt rating.

The TCR-LA reported on May 9, 2008, that Fitch Ratings assigned
'BB-' long-term foreign currency issuer default ratings to the
Bolivarian Republic of Venezuela's international bond combined
offer -- 15-year, US$2 billion Eurobond (9% coupon) and 20-year,
US$2 billion Eurobond (9.25% coupon).  The ratings are in line
with Venezuela's foreign currency issuer default rating.  Fitch
said the rating outlook is negative.


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

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



                            ***********

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

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

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

                            ***********


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

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