TCRLA_Public/081009.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, October 9, 2008, Vol. 9, No. 201

                            Headlines

A R G E N T I N A

BALLY TECH: Fitch Assigns 'BB+' Rating on US$300MM Facility
BENFIEL SA: Trustee Verifying Proofs of Claim Until February 23
CIBERCLUB SA: Files for Bankruptcy Petition in Buenos Aires
COMPAER SA: Proofs of Claim Verification Deadline Is December 9
DELTAMATICA SRL: Individual Reports Filing Deadline Is on Dec. 5

FREECOR SA: Proofs of Claim Verification Deadline Is November 4
MI PILAR: Files for Reorganization in Buenos Aires Court
NORVAS SRL: Court Concludes Reorganization
RADIO CHACABUCO: Proofs of Claim Verification Deadline Is Nov. 21
SIDIPEL SA: Individual Reports Filing Deadline Is on December 22

TELECOM ARGENTINA: Schedules Outstanding Notes Payment on Oct. 15

* ARGENTINA: S&P Says Infrastructure Industry Faces Domestic Risks
* ARGENTINA: Neg. Outlook for Banks Shouldn't Hurt Stable Ratings


B E R M U D A

LIFE RE: Deadline for Proof of Claim Filing Is Oct. 27
LIFE RE: Holding Final Shareholders Meeting on Nov. 14
MPF CORP: Cosco Shipyard Sues to Recover Balance Due on MPF-01


B R A Z I L

BANCO NACIONAL: Board Okays BRL31.5 Million Loan to Fundacao Ary
CENTRAIS ELETRICAS: Units Win Transmission Line Auction
GENERAL MOTORS: High Demand Cues Share Trading Blackout on Workers
ITSA INTERCONTINENTAL: Chapter 15 Case Summary
PROPEX INC: Committee Sued BNP Paribas, et al., Over Demise

PROPEX INC: Wants to Hire PricewaterhouseCoopers as Accountants
SADIA SA: Messrs. Fontana and d'Avila Quit as Board Members
TAM SA: Awarded Membership By Star Alliance Chief Executive Board
TAM SA: Reaches Operational Codeshare Agreement With Air Canada

* BRAZIL: Stock Trading Suspended Twice Monday on Financial Crisis


C A Y M A N  I S L A N D S

AHFP ASCEND: Holding Final Shareholders Meeting on Oct. 15
BARATARIO LTD: Sets Final Shareholders Meeting on Oct. 15
BRITISH FINANCIAL: Proof of Claim Filing Deadline Is Oct. 15
BUN BUN: Will Hold Final Shareholders Meeting on Oct. 15
EAGLE POWER: Final Shareholders Meeting Is Set for Oct. 15

EMNI LIMITED: Holds Final Shareholders Meeting on Oct. 15
GIAMO FUND: Holding Final Shareholders Meeting on Oct. 15
MERCURY LTD: Final Shareholders Meeting Is on Oct. 15
MIDSUMMER INVESTMENTS: Final Shareholders Meeting Is Oct. 15
SOLLIEVO LTD: Sets Final Shareholders Meeting on Oct. 15

SYMPHONIA III: To Hold Final Shareholders Meeting on Oct. 15


C H I L E

AMERICAN INT'L: US$85BB Gov't Loan Is Bad Deal, Says Former CEO
AMERICAN INT'L: S&P Revises CreditWatch to Neg. from Developing


C O L O M B I A

BANCOLOMBIA SA: Reports Assets Transfer to Colombia Inmobiliaria


D O M I N I C A N  R E P U B L I C

TRICOM SA: Court to Plane Hold Status Conference on October 16


E C U A D O R

* ECUADOR: Rafael Correa Threatens to Oust Foreign Oil Firms
* ECUADOR: Oil Reserves to Boost by 186 Mil. Barrels by Year-End


G U A T E M A L A

* GUATEMALA: Improving Tax Collection Cues S&P's Positive Outlook


M E X I C O

VITRO SAB: Moody's Affirms B2 Ratings; Changes Outlook to Negative


T R I N I D A D  &  T O B A G O

MILLICOM INT'L: Unlikely to Acquire SouthAm Cable Operators


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Members Call on Gov't for US$300 Million Bailout


V E N E Z U E L A

* VENEZUELA: September Car Sales Slumps 57.5% on Quota Struggle

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

BALLY TECH: Fitch Assigns 'BB+' Rating on US$300MM Facility
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Bally Technologies,
Inc.'s new US$300 million credit facility.  The credit facility
rating is two notches above Bally's 'BB-' Issuer Default Rating
due to Fitch's view of strong over-collateralization of that debt.  
The Rating Outlook is Positive.

The four-year credit facility consists of a US$75 million revolver
and a US$225 million term loan, which continue to be secured by
all domestic subsidiaries except the entity that holds Bally's
interest in the Rainbow Casino in Vicksburg, Mississippi.  The
credit facility was initially priced at LIBOR+325 basis points and
was used primarily to refinance its previous term loan that had
US$290 million outstanding as of June 30, 2008.  At closing of the
transaction, Bally maintained US$25 million of undrawn
availability on the new revolver.

Notable financial covenants include:

-- Leverage ratio: 2.5 times (x) through March 31, 2009, which
    drops to 2.25x through March 31, 2010 before hitting the
    floor at 2.0x through June 30, 2010;

-- Fixed charge coverage ratio of 2.0x;
-- Additional indebtedness: Bally is permitted to issue
    US$150 million of senior unsecured debt;

-- Dividends: Bally is permitted to pay up to US$50 million
    annually in dividends if leverage is above 1.0x and up to
    US$70 million if leverage is below 1.0x.

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


BENFIEL SA: Trustee Verifying Proofs of Claim Until February 23
---------------------------------------------------------------
The court-appointed trustee for Benfiel S.A.'s reorganization
proceeding will be verifying creditors' proofs of claim until
February 23, 2009.

The trustee will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance in Cordoba, 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 Benfiel
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 Benfiel S.A.'s
accounting and banking records will be submitted in court.

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

Creditors will vote to ratify the completed settlement plan  
during the assembly.


CIBERCLUB SA: Files for Bankruptcy Petition in Buenos Aires
-----------------------------------------------------------
The National Commercial Court of First Instance No. 16 in Buenos
Aires is studying the merits of Ciberclub S.A.'s request to enter
bankruptcy protection.

Ciberclub S.A. filed a "Quiebra Decretada" petition following
cessation of debt payments.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

Clerk No. 32 assists the court in this case.

The debtor can be reached at:

                     Ciberclub S.A.
                     Alsina 1569
                     Buenos Aires, Argentina


COMPAER SA: Proofs of Claim Verification Deadline Is December 9
---------------------------------------------------------------
Jose Obes, the court-appointed trustee for Compaer SA's bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 9, 2008.

Mr. Obes will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 1 in
Buenos Aires, with the assistance of Clerk No. 1 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 Compaer SA and its creditors.

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

A general report that contains an audit of Compaer SA's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Compaer SA
                     Manuel Arce 1130
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Jose Obes
                     Lavalle 1619
                     Buenos Aires, Argentina


DELTAMATICA SRL: Individual Reports Filing Deadline Is on Dec. 5
----------------------------------------------------------------
Maria Amandule, the court-appointed trustee for Deltamatica SRL's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, on December 5, 2008.

Ms. Amandule is verifying creditors' proofs of claim until
October 24, 2008.  She will also submit to court a general report
containing an audit of Sidipel SA's accounting and banking records
on March 23, 2009.

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

The debtor can be reached at:

                     Deltamatica SRL
                     Avda. Belgrano 615
                     Buenos Aires, Argentina


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

The trustee will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance in Mendoza 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 Freecor 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 Freecor S.A.'s
accounting and banking records will be submitted in court.

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

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


MI PILAR: Files for Reorganization in Buenos Aires Court
--------------------------------------------------------
Mi Pilar S.A. has requested for reorganization approval after
failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 4 in Buenos Aires.  Clerk No. 8 assists the court in
this case.


NORVAS SRL: Court Concludes Reorganization
------------------------------------------
Norvas SRL concluded its reorganization process, according to data
released by Infobae on its Web site.

The closure came after the National Commercial Court of First
Instance in Buenos Aires homologated the debt plan signed between
the company and its creditors.


RADIO CHACABUCO: Proofs of Claim Verification Deadline Is Nov. 21
-----------------------------------------------------------------
The court-appointed trustee for Radio Chacabuco S.R.L.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until November 21, 2008.

The trustee will present the validated claims in court as  
individual reports on February 6, 2009.  The National Commercial
Court of First Instance in Junin, usually Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Radio Chacabuco 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 Radio Chacabuco's
accounting and banking records will be submitted in court on
March 23, 2009.

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


SIDIPEL SA: Individual Reports Filing Deadline Is on December 22
----------------------------------------------------------------
Carlos Ayuso, the court-appointed trustee for Sidipel SA's
reorganization proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, on December 22, 2008.

Mr. Ayuso is verifying creditors' proofs of claim until Nov. 7,
2008.  He will also submit to court a general report containing
an audit of Sidipel SA's accounting and banking records on
March 9, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on October 8, 2009.

The debtor can be reached at:

                      Sidipel SA
                      Bulnes 1918
                      Buenos Aires, Argentina

The trustee can be reached at:

                      Carlos Ayuso
                      Tucuman 1455
                      Buenos Aires, Argentina


TELECOM ARGENTINA: Schedules Outstanding Notes Payment on Oct. 15
-----------------------------------------------------------------
Telecom Argentina SA will make a Note Payment on Oct. 15, 2008 or
as soon as practicable thereafter.  This Note Payment will result
in the payment of the remaining 55% of the principal amortization
payment scheduled to be paid on Oct. 15, 2011.  On the same date,
Telecom Argentina intends to make the corresponding
interestpayment.


Series   Currency  Due   ISIN No.     % of the   % of Original     
                                       Original       Principal
                                       Principal  Amt Outstanding   
                                        Amount  after Note Payment
-----------------------------------------------------------------
Series A   US$    2014  US879273AK60   3.9270%       41.160%
                         XS0218481744
                         Not Listed

            Euro   2014  XS0218482122   3.9270%       41.160%
                         XS0218482395
                         Not Listed

            ARS    2014  Not Listed     3.9270%       41.160%

            JPY    2014  Not Listed     3.9270%       41.160%

Series B   US$    2011  US879273AM27   4.1250%        0.000%
                         XS0218482981
                         Not Listed

The payment shall be made to the holders of the Notes held in
global form through the settlement systems of DTC, Euroclear or
Clearstream, as applicable.  Payments to holders of Notes in
certificated form will be made by wire transfer to the accounts of
the respective holders.

Telecom is the parent company of a leading telecommunications
group in Argentina, where it offers directly or through its
controlled subsidiaries local and long distance fixed-line
telephony, cellular, data transmission and Internet services,
among other services.  Additionally, through a controlled
subsidiary, the Telecom Group offers cellular services in
Paraguay.  The company commenced operations on Nov. 8, 1990, upon
the Argentine Government's transfer of the telecommunications
system in the northern region of Argentina.

Nortel Inversora S.A., which acquired the majority of the company
from the Argentine government, holds 54.74% of Telecom's common
stock.  Nortel is a holding company where the common stock
(approximately 68% of capital stock) is owned by Sofora
Telecomunicaciones S.A.  Additionally, Nortel capital stock is
comprised of preferred shares that are held by minority
shareholders.

As of June 30, 2008, Telecom had 984,380,978 shares outstanding.

                      About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2008, Fitch Ratings upgraded Telecom Argentina's
foreign and local currency issuer default ratings to 'B+' from
'B'.  Fitch said the outlook is positive.


* ARGENTINA: S&P Says Infrastructure Industry Faces Domestic Risks
------------------------------------------------------------------
Despite the current turmoil in global capital markets, the
infrastructure sector in Republic of Argentina faces more
fundamental constrains that will likely prevent the development of
private projects even after current market conditions improve,
according to an article published by Standard & Poor's Ratings
Services, titled "Domestic Risks Outweigh Current Global Financial
Woes For Argentina's Infrastructure Development.  S&P believes
that the main risk is Argentina's business environment, which
significantly hampers medium- and long-term planning, restricting
investment and expansion of the existing infrastructure.
     
"In general, investments are currently oriented towards projects
with a short-term repayment period, which logically exclude most
large infrastructure works," said S&P's credit analyst Pablo
Lutereau.

In the first place, there is a clear difficulty in making medium-
and long-term projections, which prevents the development of new
business plans.  This is related to the difficulty of knowing
certain economic parameters, such as the evolution of domestic
prices, and to the volatility of the legal, fiscal, and wage
regimes.  As an example, the overall renegotiation of the vast
majority of the utility companies' concession agreements has been
pending since 2002.

Second, rising inflation, coupled with the lack of clear and
automatic mechanisms to increase regulated tariffs, significantly
deteriorates the operating and profitability margins of most
infrastructure companies.  To the extent that this is not solved,
either through containing inflation or regularizing concession
contracts, it will be more difficult to attract new investments in
this sector.

Third, the country's energy situation poses serious questions
regarding its availability and ability to sustain economic growth.
Many companies anticipate electricity or natural gas cuts will
condition their production capacity during the next year.  As a
result, S&P believes that in the long run the price of energy is
less relevant to the private sector than its availability and the
ability to anticipate energy shortages to better program their
production processes.

Fourth, the infrastructure required for the development of the
private sector -- roads, ports, gas and oil pipelines, electric
generators, etc. -- expands at a slow pace and, at this time, it
is greatly reliant upon projects completed in the past decade that
do not necessarily respond to current needs.   For example, the
energy sector, conceived in the past decade and for which the
current infrastructure was developed, envisaged a country with
energy surpluses, whereas the current situation is one of a clear
energy deficit.   Moreover, because the government is the main
investor in infrastructure, the number of projects completed is
severely restricted at a certain point in time due to dependence
on the availability of state funds and the ability to allocate
them to these projects.  Other countries in the region, such as
Chile, Brazil, Mexico, Peru, etc., use a mixed model, with
increasing public private partnership, whose results have so far
been quite successful in increasing private investment in
infrastructure projects.

Finally, most Argentine companies have no real possibility of
accessing long-term peso financing at competitive interest rates,
which results in exposure to currency gaps between revenues and
debt service (which was one of the main reasons behind the 2002
crisis for the Argentine corporate sector).  On the other hand,
access to international capital markets is limited and sporadic,
and it is greatly dependent on market liquidity and appetite for
speculative-grade issuers, as occurred during the 2005-2007
period.

Existing doubts about Argentina's future business environment
curtail private sector investments in infrastructure.  In general,
investments are currently oriented towards projects with a short-
term repayment period, which logically exclude most large
infrastructure works.


* ARGENTINA: Neg. Outlook for Banks Shouldn't Hurt Stable Ratings
-----------------------------------------------------------------
Moody's currently negative credit-trend outlook for Argentina's
banks should not damage most of their ratings, Moody's Investors
Service concludes in its annual report on the system.

In general, Moody's has a negative outlook for the direction of
credit conditions in the Argentinean banking system. According to
Vice President Andrea Manavella, an author of the report, "the
current macroeconomic conditions, which are characterized by high
inflation, rising interest rates, and a more difficult liquidity
environment, do indeed have the potential to slow the loan growth
pace of Argentine banks relative to previous years'.  "Moreover,"
she says, "such an environment may expose the banks to higher
credit risks and also pressure their profitability."

Moody's ratings for the Argentinean banks, as reflected by the
average bank financial strength rating of D, compare poorly with
the Latin American weighted-average of C-.  The ratings are
essentially constrained by the limitations of the system such as
the low financial intermediation and the lack of access to longer-
term sources of funding.

Moody's believes that the banking sector's financial fundamentals
may have reached their peak in 2006 and 2007, despite the turmoil
in the domestic market over the past 12 months.  This means that
bank managements can now face a new period of volatility from a
position of relative strength.

Such an environment, however, is likely to expose the banks to
higher credit risks and pressure their profitability.   
"Nevertheless," the analyst concludes, "the system's financial
margin is still robust and its asset quality is at good levels, as
is the level of reserve coverage."



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

LIFE RE: Deadline for Proof of Claim Filing Is Oct. 27
------------------------------------------------------
Life Re International Ltd.'s creditors have until Oct. 27, 2008,
to prove their claims to Jennifer Y. Fraser, 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.

Life Re's shareholders agreed on Oct. 7, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

               Jennifer Y. Fraser
               c/o Canon's Court, 22 Victoria Street
               Hamilton, Bermuda


LIFE RE: Holding Final Shareholders Meeting on Nov. 14
------------------------------------------------------
Life Re International Ltd. will hold its final shareholders
meeting on Nov. 14, 2008, at 9:00 a.m. at Canon's Court, 22
Victoria Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

Life Re's shareholders agreed on Oct. 7, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

               Jennifer Y. Fraser
               c/o Canon's Court, 22 Victoria Street
               Hamilton, Bermuda


MPF CORP: Cosco Shipyard Sues to Recover Balance Due on MPF-01
--------------------------------------------------------------
China's Cosco Shipyard is pursuing legal action to recover the
balance of the payment due from the work done by it on MPF Corp.
Ltd.'s floating production and drilling unit MPF-01, EnergyCurrent
New Digest's Hwee Hwee Tan reported.

According to the report, Cosco has received 80 percent payment for
completing the contracted work on the hull construction.  The
vessel is now sitting at the shipbuilder's Dalian shipyard in
China, according to a Cosco spokesman.

EnergyCurrent reports that MPF Corp. Ltd. was forced to file for
Chapter 11 under the provisions of the U.S. Bankruptcy Code and
provisional liquidation in Bermuda after exhausting its financial
resources.  The Bermuda-based company has reportedly began a
process of selling or refinaning the MPF-01 project after
experiencing substantial project cost overruns in June 2008.  The
project has been funded by its bondholders since mid-2008.

MPF is now seeking a suitable buyer for the hull and the equipment
purchased for the project.  MPF-01 was previously contracted to
start work on a three- to five-year charter with Petrobras.

Headquartered in Bermuda, MPF Corp. Ltd. -- http://www.mpf-
corp.com/ -- engages in deep water oil and gas exploration.  The
company was established on April 25, 2006.  The company and
debtor-affiliate MPF Holding US LLC filed separate petitions for
Chapter 11 relief on Sept. 24, 2008 (Bankr. S.D. Tex. Case Nos.
08-36086 and 08-36084).  D. Bobbitt Noel, Jr., Esq. at Vinson &
Elkins LLP represents the Debtor as counsel.  When the Debtor
filed for protection from its creditors, it listed assets of
US$100 million to US$500 million, and the same range of debts.



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

BANCO NACIONAL: Board Okays BRL31.5 Million Loan to Fundacao Ary
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA board
approved a BRL31.5 million financial support to Fundacao Ary
Frauzino for Cancer Research and Control – FAF.  The funds, non-
reimbursable and coming from BNDES Social Fund, have been sourced
to complement the setup of the Brazilian Network of Public
Placental and Umbilical Cord Blood Banks (BSCUP) for Hematopoietic
Stem Cell Transplantation (Rede BrasilCord), created by the
Ministry of Health, in September 2004.

Eight new RedeCord banks will be set up and equipment for the two
existing banks will be purchased.  The Immunogenetics Laboratory
of the Brazilian Institute of Cancer (INCA) will be reallocated
and upgraded, and all blood banks to be part of Rede BrasilCord
will be accredited.  The network, thus, may be integrated to the
international registries and to the world network NetCord of
placental and umbilical cord blood stem cells.

The first step of the project has been completed and kicked off in
October 2007 and, later in July 2008, it had 2,394 blood bags of
cryopreserved (frozen) umbilical cord, 924 of which have been
released for transplantation and 70 other units have been selected
and are prepared for transplantations.

The full opening of the network will enable the maintenance,
following the example of other developed countries, of a public
network of BSCUPs, with genetic material coming from various
ethnic groups, integrated to other international networks.  Rede
BrasilCord will have standards developed and procedures
standardized, enabling the interchange of SCUP with other
international centers.

From an internal point of view, the public network of health may
meet the national demand in order to treat diseases such as
leukemia, failure of bone marrow and immune system diseases
(lymphomas, myelomas and immunodeficiency), cutting costs for the
ministry of health.

BNDES’ funds, accounting for 95.2% of total investments, will also
contribute for researches aiming to use such cells to treat nearly
60 diseases.

It is estimated that, in order to meet the Brazilian demand for
hematopoietic stem cell transplantations, registries of 250
thousand bone marrow donators must be entered into a system and 50
thousand SCUP units must be stored.

In Brazil, nearly 4,000 patients need to undergo hematopoietic
stem cell transplantation.  However, volunteer donators and SCUP
available are few, which require seeking for material abroad at
high prices.

Rede BrasilCord is a Brazilian placental and umbilical cord blood
storage network, consisting of 12 public banks of processing and
storage, located in geographic regions reflecting the
epidemiologic needs and the ethnic and genetic diversity of the
Brazilian population, chosen according to the criteria set out by
the Ministry of Health.

The 12 public banks will be located in the cities of Belem;
Fortaleza; Recife; Brasilia; Belo Horizonte; Rio de Janeiro;
Campinas; Ribeirao Preto; Sao Paulo; Curitiba; Florianopolis and
Porto Alegre.  INCA is the entity responsible for managing the
Network.

Ary Frauzino Foundation for Cancer Research and Control was set up
in 1991 to meet human resources, material and technological needs
of the Brazilian Institute of Cancer (INCA).  The main goal of the
partnership between both institutions is to prevent and control
cancer in Brazil.  FAF holds federal, state and city certificates,
as well as the Philanthropic Institution Certificate, granted by
the Brazilian Council of Social Assistance.

                      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.


CENTRAIS ELETRICAS: Units Win Transmission Line Auction
-------------------------------------------------------
Subsidiaries of Brazilian federal energy holding group Centrais
Eletricas Brasileiras SA, aka Eletrobras, dominated power
regulator Agencia Nacional de Energia Eletrica aka Aneel's
transmission line auction on Oct. 3, 2008, snapping up two lines
and six substations between them, BNamericas reports.

In total, rights to build, operate and maintain 356 kilometers of
six transmission lines and seven substations throughout six states
for 30 years were offered, the report relates.

Investment in the lines and substations is expected to reach
BRL500 million (US$249 million), Aneel said.

Another Eletrobras subsidiary, federal energy company Furnas,
presented the winning bid for the 500kV, 180km-Bom Despacho 3-Ouro
Preto 2 transmission line in Minas Gerais state, BNamericas notes.

The report relates that the group submitted the lowest bid, worth
BRL6.83 million in annual revenue, 39% below the BRL11.15 million-
initial price.  The line is due to be built within 21 months and
its aim is to improve power supply in the region.

                         About Eletrobras

Centrais Eletricas Brasileiras SA, a.k.a. Eletrobras, operates
in the electric power sector in Brazil.  The objective of
Eletrobras is to perform activities involving studies, projects,
construction and operation of electric power plants,
transmission and distribution lines as well as underlying trade
operations arising therefrom.  Eletrobras is tasked with the
preparation of studies and with drawing up construction projects
for hydroelectric generation, transmission lines and substations
to supply Brazil.  It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked to the generation,
transmission and distribution of electric power.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, Standard & Poor's Ratings Services raised its
long-term foreign currency counterparty credit rating on
Centrais Eletricas Brasileiras S.A. aka Eletrobras to 'BB+' from
'BB'.  S&P said that the outlook is positive.


GENERAL MOTORS: High Demand Cues Share Trading Blackout on Workers
------------------------------------------------------------------
General Motors Corporation disclosed in a Securities and Exchange
Commission filing that on Sept. 30, 2008, it had suspended
purchases of its common stock, par value US$1-2/3 per share, by
employees in GM's Savings-Stock Purchase Plan and the Personal
Savings Plan.

All purchases of Common Stock under the Plans have been suspended
because the Plans have now issued all of their registered shares
of Common Stock. This suspension is the result of recent
unexpectedly high demand among the Plans' participants due to
increased employee interest and a lower market price for the
Common Stock.  The demand significantly exceeded the usual volume
and exhausted the supply of registered stock more quickly than the
administrators of the Plans foresaw.  Because of this, GM was not
able to provide advance notice of the suspension of purchases of
Common Stock under the Plans or of the trading blackout.
This trading blackout begins immediately and will end when GM
files with the Securities and Exchange Commission a registration
statement registering additional shares.  

GM expects to file a registration statement with the SEC during
the week of Nov. 9, 2008.

Plan participants, other than directors and officers, are not
prevented from selling Common Stock through the Plans, or buying
or selling Common Stock outside the Plans, during the blackout
period.  Based on the provisions of the Plans, these participants
may also at any time exchange shares in the Common Stock Fund for
other investment options or change their contribution election.

The contributions of participants currently directed to the GM
Common Stock Fund, will be invested in the default fund for the
Plan in which they participate, unless they provide new
instructions.  This means that, until the temporary suspension for
Common Stock purchases is removed, that contributions to the S-SPP
will be invested in the Pyramis Strategic Balanced Commingled Pool
investment option and that contributions to the PSP will be
Invested In the Pyramis Active Lifecycle Commingled Pool
Investment option closest to the year that the participant will
attain the age of 65.

On Sept. 30, 2008, GM sent a notice to its directors and executive
officers informing them that a blackout period had commenced.
During the blackout period, GM's directors and executive officers
will be prohibited from directly acquiring, disposing of or
transferring any equity securities of GM acquired by them in
connection with their service or employment with GM in those
capacities.

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of
US$15.4 billion over net sales and revenue of US$38.1 billion,
compared to a net income of US$891.0 million over net sales and
revenue of US$46.6 billion for the same period last year.


ITSA INTERCONTINENTAL: Chapter 15 Case Summary
----------------------------------------------
Chapter 15 Debtor: ITSA Intercontinental Telecomunicacoes Ltda.
                  SIA SUL Trecho 06, Lotes 85/95
                  2 e 3 Andares, Parte "C"
                  Brasilia, DF Brazil CEP 71205-060

Bankruptcy Case No.: 08-13927

Type of Business: The Debtor provides and develops broadband
                 telecommunication services.
                 See: http://www.itsa.com.br/

Chapter 11 Petition Date: October 7, 2008

Court: Southern District of New York (Manhattan)

Judge: Allan L. Gropper

Debtor's Counsel: Paul N. Silverstein, Esq.
                 paulsilverstein@andrewskurth.com
                 Andrews Kurth LLP
                 450 Lexington Avenue
                 New York, NY 10017
                 Tel: (212) 850-2819
                 Fax: (212) 850-2929

Estimated Assets: US$10 million to US$50 million

Estimated Debts: US$10 million to US$50 million


PROPEX INC: Committee Sued BNP Paribas, et al., Over Demise
-----------------------------------------------------------
The Official Committee of Unsecured Creditors initiated a
complaint against BNP Paribas, as administrative agent under a
2006 credit agreement Propex Inc. and its debtor-affiliates
entered into with certain lenders, for allegedly engaging in a
scheme designed to deplete the Debtors' resources and ultimately
force a bankruptcy proceeding in which the lenders could wrest
control of the Debtor
companies.  

                  BNP Paribas Credit Agreement

Propex Inc. acquired all of the outstanding capital stock of
its largest competitors, SI Concrete Systems Corporation
and SI Geosolutions Corporation, for US$232.6 million.  About
US$28.1 million of the purchase price was paid out of the Debtors'
cash on hand.  To raise additional funds, Propex entered into a
US$360 million Credit Agreement in January 2006 with BNP Paribas.

By June 2006, the Debtors changed their corporate names.  That
event triggered a statutory requirement under Section 9-507(c) of
the Uniform Commercial Code for the Lenders to re-perfect their
liens on the Debtors' pledged assets by filing amended UCC
statements.  

The Lenders, however, failed to re-perfect their liens on certain
of the Debtors' property by the statutory deadline and instead
perfected those liens by filing amended UCC statements in
December 2006, Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer
& Feld, LLP, in New York, points out, on the Committee's behalf.

The late UCC filings, Mr. Dizengoff contends, constituted a new
transfer by the Debtors for which the Lenders provided no value
to the Debtors.  He adds that the late filings occurred at a time
when the Debtors were insolvent.  The Lenders also failed to file
any amended UCC statement reflecting Propex's name change with
respect to a lien on Propex's personal property located in
Berrien County, Georgia, Mr. Dizengoff tells the Court.

A list of the BNP Paribas unperfected liens is available for free
at http://ResearchArchives.com/t/s?336e
         
             Insolvency and Default by December 2006

According to Mr. Dizengoff, the anticipated benefits from the SI
Acquisition failed to materialize.  The Debtors suffered from the
continued loss of business from their customers and a liquidity
squeeze due in part to their US$28.1 million cash payment made in
connection with the SI Acquisition, monthly payments on the
Credit Agreement, and rising propylene prices.  By December 2006,
the Debtors were insolvent, Mr. Dizengoff maintains.  By the
fourth quarter of 2006, the Debtors' total EBITDA fell to US$16.1
million, and the Debtors' net income fell from US$14 million to
US$1.8 million during the same timeframe.  At that juncture, it
would have been in the best interest of the Debtors to seek
Chapter 11 protection or seek more financing, Mr. Dizengoff says.

The Lenders, however, Mr. Dizengoff argues, engaged in a course
of conduct designed to artificially prolong the Debtors'
operations, deepen their insolvency, and further deplete their
liquid assets, while the Lenders strengthened their own stake in
the Debtors in anticipation of an eventual bankruptcy proceeding.  

Specifically, he cites, the Lenders induced the Debtors to enter
into the a Second Amendment of the Credit Agreement when they
knew or should have known that the Debtors would likely not
satisfy its terms.  In exchange for the Second Amendments'
limited waiver and relaxed covenants, the Lenders demanded that
the Debtors pay down principal on the debt by US$20 million and
pay an increased interest rate of 75 basis points going forward.

The Debtors agreed to "such inequitable terms" relying on the
representation that the Lenders would readily negotiate further
relief or refinancing if a default occurred, Mr. Dizengoff
relates.

The payment obligations that the Lenders imposed pursuant to the
Second Amendment left the Debtors undercapitalized and ensured
that they would slip further into insolvency and financial
distress, Mr. Dizengoff insists.  "[T]he Debtors lost over
US$60,000,000 in the first nine months of 2007 alone."  By
September 2007, the Debtors triggered multiple covenant defaults.

The Committee notes that the Debtors' situation further
deteriorated in December 2007 as their vendors began demanding
payment in advance of shipments.

The Debtors purportedly approached the Lenders in October 2007
about negotiating another amendment.  By November 2007, however,
it became apparent to the Debtors that the Lenders did not intend
to negotiate, according to Mr. Digenzoff.

Subsequently, with no prospects of alternative financing, the
Debtors were forced to file for Chapter 11 protection.  
Furthermore, Mr. Dizengoff points out, as a result of the
undercapitalization caused by the Second Amendment, the Debtors
were in a far weaker state and thus had no viable alternative but
to accept the DIP Financing underwritten by the Lenders.

        Purported Liens on Propex's Hungarian Subsidiaries

Mr. Dizengoff adds the Lenders purport to have prepetition liens
on 66% of the capital stock of two of the Debtors' subsidiaries
in Hungary.  He objects to the Lenders' contention and asserts
that a valid pledge with respect to the stock was never
registered.

Accordingly, under its Complaint, the Committee brought charges
against the Lenders pertaining to claims for fraudulent
conveyance, claims for equitable subordination, claims for
deepening insolvency, and claims for avoidance of improperly
filed security interest, among others.

Mr. Dizengoff asserts, among others, that:

  -- the Debtors did not receive reasonably equivalent value for
     the US$20 million cash payment and associated fees they paid
     in exchange for the Second Amendment terms;

  -- the Lenders breached their duties to the Debtors by
     proposing the Second Amendment;

Specifically, under the Complaint, the Committee seeks:

  (a) an avoidance of recover certain fraudulently conveyed
      liens on the Debtors' collateral.  The liens refer to
      liens the Lenders untimely perfected outside the UCC
      statutory four-month window;

  (b) equitable subordination of all or some of the Lenders'
      claims;

  (c) a judgment for all damages caused by acts of the Lenders
      that deepened the Debtors' insolvency;

  (d) an avoidance of any purported lien claimed by the Lenders
      on certain properties;

  (e) an avoidance of the Lenders' lien relating to Propex's
      property in Berrien County, Georgia;

  (f) an avoidance of the Lenders' liens with respect to the
      Debtors' environmental permits because the regulations
      that govern the permits provide that it do not convey a
      property interest that can be pledged as collateral;

  (g) a declaratory judgment that:

      * the Lenders' pendency interest should be calculated at
        the non-default rate set forth in the Credit Agreement;

      * the Debtors are entitled to choose between the Adjusted
        LIBOR Rate or Base Rate as defined in the Credit
        Agreement; and

      * the Debtors are entitled to recovery of all overpayments
        of adequate protection payments calculated at the Base
        Rate on principal that is increasing at a compounded 2%
        Default Rate;

  (h) a declaratory judgment that the Lenders do not have any
      security interest in the capital stock of the Hungarian
      subsidiaries; and

  (i) a declaratory judgment that the Lenders have adequate
      protection liens and Section 507(b) "superpriority" claim
      only to the extent they can demonstrate that there has
      been a diminution in value of their prepetition collateral
      during the pendency of the Debtors' Chapter 11 cases, and
      that there has been no diminution in value demonstrated by
      the Lenders as of September 23, 2008.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The Debtors have selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

(Propex Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants to Hire PricewaterhouseCoopers as Accountants
---------------------------------------------------------------
Propex, Inc., and its debtor-affiliates ask the United States
Bankruptcy Court for the Eastern District of Tennessee for
authority to employ PricewaterhouseCoopers LLP as their
accountants.

The Debtors have selected PwC because of the company's extensive
experience, knowledge and recognized expertise in tax issues and
other financial matters.  The Debtors believe that PwC is both
well-qualified and uniquely able to represent them in their
Chapter 11 cases and in other matters in an efficient timely
manner.

As the Debtors' accountants, PwC is expected to:

  (a) develop a model to determine the impact of Cancellation of
      Debt Income, which will also include:

      -- considerations regarding the benefit of electing to
         invert attribute reduction; and

      -- assessing and planning regarding proposed exchanges of
         and modifications of debt;

  (b) assess the potential impact of a Section 382 limitation,
      which will also include:

      -- an evaluation of status of creditors as "qualified"
         creditors for purposes of Section 382(1)(5) and a
         consideration of whether Section 382(1)(5) or Section
         382(1)(6) is more advantageous; and

      -- a quantification of net unrealized built-in-gain or
         NUBIG and net unrealized built-in-loss or NUBIL and an
         assessment of the impact flowing from potential
         ownership change;

  (c) develop a model to project future cash taxes;

  (d) provide input and feedback to counsel and the Official
      Committee of Unsecured Creditors' attorneys concerning the
      bankruptcy plan and disclosure statement;  

  (e) plan concerning post-emergence corporate structure; and

  (f) develop a state tax model to identify opportunities to
      preserve tax attributes in key states.

In addition, PwC will conduct an "Earnings and Profits" study.

The Debtors propose to pay PwC for its services at these hourly
rates:

          Professional             Hourly Rate
          ------------             -----------
          Partner                  US$600 - US$700
          Director                 US$400 - US$510
          Manager                  US$320 - US$400
          Sr. Associate            US$210 - US$265
          Associate                US$150 - US$180

James D. Callihan, a partner of PricewaterhouseCoopers LLP,
assures the Court that his firm does not hold any interest
adverse to the Debtors or their estates with respect to the
matters for which the firm is retained.

He further informs the Court that his firm was engaged as
independent auditors to audit the consolidated financial
statements of the Debtors for the year ending December 30, 2007.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249).  The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

(Propex Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SADIA SA: Messrs. Fontana and d'Avila Quit as Board Members
-----------------------------------------------------------
Sadia S.A. disclosed in a regulatory filing that Walter Fontana
Filho, Chairman, and Eduardo Fontana d'Avila, Vice-Chairman,
presented their resignation letters as board members in the
Extraordinary Board Meeting held on October 6, 2008.

The company also announced that the resignations have been
accepted by all members of the Board, which decided to nominate,
ad referendum to the next General Shareholders Meeting, Luiz
Fernando Furlan as responsible for the functions of Chairman.  The
Board also decided not to fill the vice-chairman vacant post and
not to attribute its functions, for the time being, to any member.

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

                           *     *      *

As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2008, Standard & Poor's Ratings Services lowered its long-
term corporate credit rating on Sadia S.A. and the rating on
subsidiary Sadia Overseas Ltd.'s US$250 million in senior
unsecured notes to 'BB' from 'BB+'.  At the same time, S&P removed
the ratings from CreditWatch, where they had been placed with
negative implications on Sept. 26, 2008.  S&P said the outlook on
the ratings is negative.

The TCR-LA also reported on Sept. 30, 2008, that Moody's Ratings
Services downgraded all ratings related to Sadia S.A. to Ba3 from
Ba2 following the announcement of some BRL760 million in cash
losses from positions in currency forward contracts and
counterparty losses in its offshore investment portfolio.


TAM SA: Awarded Membership By Star Alliance Chief Executive Board
-----------------------------------------------------------------
TAM SA reported its entry into the Star Alliance, the largest
global alliance in commercial aviation, currently made up of 21 of
the world's largest airlines and three regional companies that
jointly operate more than 18,100 flights daily.

"This is a very important step forward for TAM since through our
alliance membership we will gain further international brand
recognition," said TAM Chief Executive Officer, Captain David
Barioni Neto.  "Joining Star Alliance will further bolster our
ongoing quest for Service Excellence, Technical and Operational
Excellence and Excellence in Management, which are the three
pillars of our strategy."

The Chief Executive Board of Star Alliance unanimously voted to
accept TAM -- South America's largest airline and a leader in the
domestic and international market among Brazilian companies -- as
a future member of the alliance.

"Thanks to TAM, Latin America will no longer be a white spot but
rather a hot spot on our world map," said Jaan Albrecht, CEO of
the organization, during the official announcement.  "We are very
proud to have TAM as a future member; their decision to join Star
Alliance clearly reflects the ongoing importance of alliances
today," continued Albrecht.

TAM already has codeshare agreements with Lufthansa, TAP and
United, all Star Alliance members, and has just signed an
agreement with Air Canada, also part of the global alliance.  Once
the Brazilian company completes the integration process, the Star
Alliance route network will expand to more than 1,000 destinations
in 170 countries, offering more than 20,000 daily departures.  
This will further solidify Star Alliance's leadership among world
alliances.

After the initial announcement, the integration process will
commence.  Experts from TAM, from its mentor in the alliance,
United, and from the Star Alliance, will team up to ensure the
Brazilian company meets the requirements for association.  These
include, for example, compatibility with StarNet -- the Star
Alliance's IT backbone -- common guidelines for dealing with
passengers and the accumulation and redemption of loyalty
program points.

Once TAM becomes a full-fledged member of the global alliance, it
will share products and services in the 1,000 airports and 170
countries in which the organization operates.  The list includes
baggage check-in to the final destination, easier connections and
the convenience of more than 800 VIP lounges.

Another benefit for clients will be the integration of all the
Star Alliance member companies' frequent flier programs, which
will make accumulating points easier, provide more redemption
options and give priority to service and boarding.

"TAM passengers are set to experience a whole new world of Star
Alliance customer benefits, while the alliance customers can look
forward to both an ideal network in Brazil and Latin America and
excellent service on board and on the ground," Albrecht
emphasized.

For Paulo Castello Branco, TAM's Commercial and Planning Vice-
President, this is another of the company's initiatives to meet
its commitment to its clients.  "Our passengers will have at their
disposal a more comprehensive air network with better
connectivity, which means more destinations offered by TAM in
partnership with companies in the alliance," he explained.

                           About TAM

TAM S.A. -- http://www.tam.com.br/-- has business agreements   
with the regional airlines Pantanal, Passaredo, Total and Trip.  
As of Jan. 14, the daily flight on the Corumba -- Campo Grande
route in Mato Grosso do Sul began to be operated by a partnership
with Trip.  With the expansion of the agreement with NHT, TAM will
now be serving 82 destinations in Brazil, 45 of which with its own
flights.  In addition, the company is strengthening its presence
in Rio Grande do Sul and Santa Catarina.

The company's international operations include direct flights to
17 destinations: New York and Miami (USA), Paris (France), London
(England), Milan (Italy), Frankfurt (Germany), Madrid (Spain),
Buenos Aires and Cordoba (Argentina), Santiago (Chile), Caracas
(Venezuela), Montevideo and Punta del Este (Uruguay), AsunciOn
and Ciudad del Este (Paraguay), and Santa Cruz de la Sierra and
Cochabamba (Bolivia)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based airline TAM S.A.
to 'BB-' from 'BB'.  S&P's outlook is revised to stable from
negative.

As reported in the TCR-Latin America on June 23, 2008, Fitch
Ratings affirmed the 'BB' Foreign and Local Currency Issuer
Default Ratings of TAM S.A.  Fitch also affirmed the 'BB' rating
of its US$300 million senior unsecured notes due in 2017 as well
as the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch revised its rating
outlook to negative from stable.


TAM SA: Reaches Operational Codeshare Agreement With Air Canada
---------------------------------------------------------------
TAM SA and Air Canada, Canada's largest airline and a founding
member of the Star Alliance, have reached an operational agreement
for codesharing and the integration of their frequent flier
programs, TAM Fidelidade and Aeroplan (Air Canada's mileage plan)
in Sao Paulo.

The bilateral agreement will enable the two companies to expand
services for customers traveling between Brazil and Canada,
including more options for destinations in both countries and
convenient connections to the main Brazilian and Canadian cities.
The implementation of codesharing and the integration of the TAM
Fidelidade and Aeroplan programs are scheduled for November, once
the authorities in both countries have approved the partnership.

For Commander David Barioni Neto, President of TAM, the agreement
with Air Canada contributes to the company's strategy of expanding
its operations abroad and consolidating its position as one of the
principal airlines in the world aviation market.  "We have an
important commitment to our clients to provide world-class service
within the framework of our activities based on the three pillars:
Service Excellence, Technical and Operational Excellence, and
Excellence in the Management of the company," states Barioni.

TAM's Vice President of Sales and Planning, Paulo Castello Branco,
adds: "The agreement with Air Canada reinforces our strategy of
establishing partnerships with the world's main airlines and
enables us to offer our customers a wide variety of destinations
throughout all of North America."

Air Canada President and Cheif Executive Officer, Montie Brewer
also spoke about codesharing.  "Air Canada has the pleasure of
initiating this relationship with TAM, the leader of Brazil's
market for commercial aviation.  It will be of benefit to the
customers of both airlines by facilitating greater access to the
principal cities of Brazil, Canada and other countries," he said.
"As a founding member of the Star Alliance, we have witnessed the
benefits that the Alliance has brought for international
travelers, simplifying travel and expanding options for
connections all over the world.  We welcome the arrival of TAM as
a member of the Star Alliance and are expanding for our customers
the benefits they most appreciate."

                             About TAM

TAM S.A. -- http://www.tam.com.br/-- has business agreements   
with the regional airlines Pantanal, Passaredo, Total and Trip.  
As of Jan. 14, the daily flight on the Corumba -- Campo Grande
route in Mato Grosso do Sul began to be operated by a partnership
with Trip.  With the expansion of the agreement with NHT, TAM will
now be serving 82 destinations in Brazil, 45 of which with its own
flights.  In addition, the company is strengthening its presence
in Rio Grande do Sul and Santa Catarina.

The company's international operations include direct flights to
17 destinations: New York and Miami (USA), Paris (France), London
(England), Milan (Italy), Frankfurt (Germany), Madrid (Spain),
Buenos Aires and Cordoba (Argentina), Santiago (Chile), Caracas
(Venezuela), Montevideo and Punta del Este (Uruguay), AsunciOn
and Ciudad del Este (Paraguay), and Santa Cruz de la Sierra and
Cochabamba (Bolivia)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based airline TAM S.A.
to 'BB-' from 'BB'.  S&P's outlook is revised to stable from
negative.

As reported in the TCR-Latin America on June 23, 2008, Fitch
Ratings affirmed the 'BB' Foreign and Local Currency Issuer
Default Ratings of TAM S.A.  Fitch also affirmed the 'BB' rating
of its US$300 million senior unsecured notes due in 2017 as well
as the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch revised its rating
outlook to negative from stable.


* BRAZIL: Stock Trading Suspended Twice Monday on Financial Crisis
------------------------------------------------------------------
The global financial crisis unleashed panic Monday, Oct. 6, 2008,
in the stock exchange in Sao Paulo, Brazil where trading had to be
suspended twice, according to various reports.  Markets in Buenos
Aires and Mexico City also plunged.

In Sao Paulo, the largest stock exchange in Latin America, trading
was suspended just 18 minutes after the starting bell, after the
leading index Bovespa fell over 10%, the Argentina Star relates.  
Reuters says Brazil's currency sank and stocks plummeted by as
much as 15% Monday.  The Wall Street Journal says officials at the
Brazilian Stock Exchange suspended trading first for 30 minutes
and then for an hour.

When trading resumed, stocks continued to fall in relation to the
previous day's closing, and trading had to be suspended again,
this time for an hour, the Argentina Star says.

The Brazilian real, according to the Argentina Star, also took a
free fall against the dollar, prompting the Brazilian Central Bank
to sell US$2.5 billion in an effort to contain the local
currency's depreciation.

The issue prompted Brazilian President Luiz Inacio Lula da Silva
and Central Bank President Henrique Meirelles and Finance Minister
Guido Mantega to have an emergency meeting late Monday, reports
say.

According to the Associated Press, as cited by the International
Herald Tribune, Latin American stocks sank on a second straight
day of volatile trading Tuesday, October 7, as wary investors
first shopped for bargains and then sent shares tumbling on
deepening fears of a global slowdown.  Brazil's Ibovespa index
seesawed early between positive and negative territory but closed
down 4.7% at 40,139, leading the region's losses and boosting its
two-day erosion to 9.8%.  Brazil's currency slumped 5.1% to BRL2.3
to the U.S. dollar, its lowest point in more than two years, as
investors pulled cash from Brazil.

Reuters notes that Brazil's stock market has not suspended trading
twice in the same day since January 1999, when the country let its
currency float freely against the dollar.



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

AHFP ASCEND: Holding Final Shareholders Meeting on Oct. 15
----------------------------------------------------------
AHFP Ascend will hold its final shareholders meeting on Oct. 15,
2008, at the offices of Maples Finance Limited, Boundary Hall,
Cricket Square, George Town, Grand Cayman, Cayman Islands.

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

AHFP Ascend's shareholders 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:

               Jagjit (Bobby) Toor and Jan Neveril
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


BARATARIO LTD: Sets Final Shareholders Meeting on Oct. 15
---------------------------------------------------------
Baratario Ltd. will hold its final shareholders meeting on
Oct. 15, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

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

Baratario's shareholders decided on June 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:

                Mark Hill and Giles Le Sueur
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


BRITISH FINANCIAL: Proof of Claim Filing Deadline Is Oct. 15
------------------------------------------------------------
British Financial Group 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.

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

The liquidators can be reached at:

               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


BUN BUN: Will Hold Final Shareholders Meeting on Oct. 15
--------------------------------------------------------
Bun Bun Holdings Ltd. will hold its final shareholders meeting on
Oct. 15, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

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

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: Final Shareholders Meeting Is Set for Oct. 15
----------------------------------------------------------
Eagle Power Ltd. will hold its final shareholders meeting on
Oct. 15, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands.

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

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


EMNI LIMITED: Holds Final Shareholders Meeting on Oct. 15
---------------------------------------------------------
Emni Ltd. will hold its final shareholders meeting on Oct. 15,
2008.

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

Emni's shareholder decided on Sept. 12, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Commerce Corporate Services Limited
                P.O. Box 694
                Grand Cayman, Cayman Islands
                Tel: 949-8666
                Fax: 949-0626


GIAMO FUND: Holding Final Shareholders Meeting on Oct. 15
---------------------------------------------------------
Giamo Fund Ltd. will hold its final shareholders meeting on
October 15, 2008, at the offices of Krys & Associates, Governors
Square, Building 6, 2nd Floor, 23 Lime Tree Bay Avenue, P.O. Box
31237, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, including a Statement of
      Financial Position of the joint liquidators for the period
      Aug. 31, 2007 to May 31, 2008, in view of the net deficit
      it is not proposed to pay a dividend, and
   
   2) action taken by the joint liquidators and to request their
      discharge and release, given that there are insufficient
      assets to meet the company's liabilities, and it would not
      be economical or practical to pursue the contingent or
      remaining known assets of the company.

   3) 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.

Giamo Fund's shareholders decided on Aug. 29, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Kenneth Krys and Christopher Stride
                c/o Governors Square, 23 Lime Tree Bay Avenue
                P.O. Box 31237
                Grand Cayman, Cayman Islands
                Tel: (345) 947-4700
                Fax: (345) 947-6728


MERCURY LTD: Final Shareholders Meeting Is on Oct. 15
-----------------------------------------------------
Mercury Ltd. will hold its final shareholders meeting on Oct. 15,
2008, at the offices of Cititrust (Cayman) Limited, CIBC Financial
Centre, George Town, Grand Cayman, Cayman Islands.

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

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: Final Shareholders Meeting Is Oct. 15
------------------------------------------------------------
Midsummer Investments Ltd. will hold its final shareholders
meeting on Oct. 15, 2008, at the offices of Cititrust (Cayman)
Limited, CIBC Financial Centre, George Town, Grand Cayman, Cayman
Islands.

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

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


SOLLIEVO LTD: Sets Final Shareholders Meeting on Oct. 15
--------------------------------------------------------
Sollievo Ltd. will hold its final shareholders meeting on Oct. 15,
2008, at the offices of Cititrust (Cayman) Limited, CIBC Financial
Centre, George Town, Grand Cayman, Cayman Islands.

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

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


SYMPHONIA III: To Hold Final Shareholders Meeting on Oct. 15
------------------------------------------------------------
Symphonia III will hold its final shareholders meeting on Oct. 15,
2008, at the offices of Maples Finance Limited, Boundary Hall,
Cricket Square, George Town, Grand Cayman, Cayman Islands.

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

Symphonia's shareholders decided on July 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:

                Mark Hill and Giles Le Sueur
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands



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

AMERICAN INT'L: US$85BB Gov't Loan Is Bad Deal, Says Former CEO
---------------------------------------------------------------
Judith Burns at Dow Jones Newswires reports that Maurice
Greenberg, American International Group Inc.'s former chairperson
and chief executive officer, claimed that the US$85 billion
federal loan to the company is a bad deal for workers and
shareholders, who might have been better off had the firm gone
bankrupt.

Liam Pleven at The Wall Street Journal relates that former AIG
executives were invited to testify in a hearing at Capital Hill on
Oct. 7 on how the company's financial problems worsened until the
government had to lend the company some US$85 billion in
September.  Investigations were launched after AIG said in
February that its outside auditors had found a "material weakness"
in its accounting.  Federal prosecutors and the Securities and
Exchange Commission have been investigating whether individuals at
AIG intentionally overstated the value of credit-default-swaps
linked to subprime mortgages, WSJ says, citing sources.  AIG said
it is cooperating in regulatory and governmental reviews on all
matters, WSJ relates.

Dow Jones relates that Mr. Greenberg wasn't present at the
hearing, but he sent prepared remarks on Tuesday to the House
Government Oversight Committee.  Dow Jones quoted the committee's
chairperson Henry Waxman as saying, "Regrettably, Mr. Greenberg
has told the committee that he is too ill to appear here today
[Oct. 7]."

Dow Jones reports that Mr. Greenberg said that under the agreement
on the US$85 billion loan, AIG must pay interest on the entire
amount even if it doesn't borrow the rest of the amount,
encouraging the company to draw down all of the funds even if it
does not need it.  Dow Jones relates that Mr. Greeberg said in his
testimony, "AIG will have no choice but to engage in a fire sale
of profitable assets."

According to Dow Jones, New York Insurance Department
Superintendent Eric Dinallo told the House panel that AIG's
collapse was due to a "liquidity problem."  Dow Jones relates that
AIG's problems started from its financial-products unit, which
sold credit-default swaps, a kind of protection against bond
issuers defaulting, which Mr. Greenberg claimed worked well under
his watch but collapsed after he left the company in March 2005.  

Martin Sullivan, Mr. Greenberg's successor who left AIG in June,
blamed the firm's downfall on a "global financial tsunami" that
caused credit markets to freeze and required AIG to take
unexpected write-downs on unrealized losses on credit-default
swaps, Dow Jones says.  

Dow Jones relates that Robert Willumstad, who replaced Mr.
Sullivan and led AIG until the US$85 billion loan, said that
accounting rules and credit rating downgrades worsened AIG's
problems.

The Office of Thrift Supervision sent a letter to AIG's
general counsel in March cited concerns about "corporate
oversight" of the company's financial products unit, which
PricewaterhouseCoopers, AIG's auditor, also reported, Dow Jones
says, citing Mr. Waxman.  

According to Dow Jones, Mr. Waxman said that AIG had a weeklong
retreat for executives at the St. Regis Resort in Monarch Beach,
California, where rooms can cost more than US$1,000 a night, less
than a week after the federal bailout.  Copies of invoices
distributed by the House committee indicated that AIG paid more
than US$440,000, including almost US$7,000 for golf and US$23,000
in spa charges, Dow Jones says.  AIG spokesperson Joseph Norton
explained that the meeting was a recognition event planned last
year to reward high-performing independent insurance agents who
sell AIG products, a "standard practice" to motivate sales
personnel, Dow Jones relates.  

Dow Jones reports that Lynn Turner, the Securitities and Exchange
Commission's former chief accountant, told the House panel that he
doesn't believe AIG was honest with its investors about its
exposure tothe credit-default swaps market.

AIG's CEO Edward Liddy and other current executives in the company
were not on a list of witnesses invited to testify at the hearing,
WSJ states.

               About American International Group

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.

              US$85,000,000,000 Federal Reserve Loan

The Federal Reserve Bank of New York 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 Credit Facility provides for a 79.9% equity interest in AIG.  
The Credit Facility provides for an initial gross commitment fee
of 2% of the total Credit Facility on the closing date.

AIG, in a regulatory filing with the Securities and Exchange
Commission, said it will pay a commitment fee on undrawn amounts
at the rate of 8.5% per annum.  Interest and the commitment fees
are generally payable through an increase in the outstanding
balance under the Credit Facility.  Borrowings under the Credit
Facility are conditioned on the NY Fed being reasonably satisfied
with, among other things, AIG's corporate governance.

AIG is required to repay the Credit Facility from, among other
things, the proceeds of certain asset sales and issuances of debt
or equity securities. These mandatory repayments permanently
reduce the amount available to be borrowed under the Credit
Facility.

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: S&P Revises CreditWatch to Neg. from Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch status
of its ratings on American International Group Inc. (NYSE:AIG; A-
/Watch Neg/A-1) and AIG's guaranteed subsidiaries to negative from
developing.
   
Standard & Poor's also said that the ratings on most of AIG's
insurance operating subsidiaries remain on CreditWatch with
developing implications.
   
The 'A-/A-1' counterparty credit rating on AIG relies on the
significant support from the US$85 billion borrowing facility
provided by the Federal Reserve Bank of New York.  The facility
provides liquidity, allowing the company and its subsidiaries to
meet debt and other obligations while it implements its plan to
sell various businesses.  "The US$61 billion draw to date on the
facility is much larger than we had previously anticipated," noted
Standard & Poor's credit analyst Rodney A. Clark.  "This has
caused the scope of the planned business sales to exceed our
expectations."
   
The ratings on AIG and its guaranteed subsidiaries are on
CreditWatch negative to indicate that there could be downward
pressure because of S&P's view of the risks around the execution
of the plan as well as the heavy debt-service requirements of a
much smaller and less-diversified AIG.  The current disruption in
the credit markets could make it difficult to sell businesses at
attractive valuations.  Over the longer term, S&P expects that the
effects of the disposition--coupled with broader market-support
actions, including the proposed Troubled Asset Relief Program,
changes in mark-to-market accounting rules, and AIG's efforts to
stem residential mortgage-based securities-related losses--will
improve the available funds under the Fed borrowing facility.
   
The 'A+' financial strength ratings on most of AIG's insurance
operating subsidiaries reflect S&P's view of the strong
competitive positions, earnings, and capital of those companies,
somewhat offset by investment risk in their portfolios.  Those
ratings are on CreditWatch developing to indicate that they could
be raised or lowered, depending on whether or not AIG sells them
and, if it does, who the buyer is.  "We will analyze the capital
structure and business prospects of each potential
subsidiary sale and make rating changes as necessary when those
sales materialize," Mr. Clark added.  

"For the subsidiaries that are likely to remain part of AIG, the
ratings will depend on the ongoing ability to attract and retain
profitable business and on the capital structure of AIG once the
corporate restructuring is completed."

               About American International Group

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.



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

BANCOLOMBIA SA: Reports Assets Transfer to Colombia Inmobiliaria
----------------------------------------------------------------
Bancolombia S.A. made an in-kind contribution of 38 real estate
properties to private equity fund Colombia Inmobiliaria (Colombia
Inmobiliaria).  The 38 properties are valued in approximately
COP23,034,874,029 (approximately US$10,505,304)

Colombia Inmobiliaria will be managed by Bancolombia’s subsidiary
Fiduciaria Bancolombia S.A.

In exchange for its contribution, Bancolombia will receive
securities issued by Colombia Inmobiliaria. These securities are
expected to be traded in the Colombian Stock Exchange.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York S0tock Exchange.

                            *     *     *

This concludes the Troubled Company Reporter-Latin America's
coverage of Bancolombia S.A. until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.



==================================
D O M I N I C A N  R E P U B L I C
==================================

TRICOM SA: Court to Plane Hold Status Conference on October 16
--------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York will convene on October 16, 2008, a status conference
to consider issues related to confirmation of Tricom, S.A., and
its debtor-affiliates' Prepackaged Chapter 11 Plan of
Reorganization.

During the September 11, 2008 omnibus hearing in the Debtors'
Chapter 11 cases, Larren Nashelsky, Esq., at Morrison & Foerster,
LLP, in New York, updated Judge Stuart Bernstein on the
developments of
the Debtors' cases.

Mr. Nashelsky related that 122 claims have been filed as of the
July 8, 2008 Claims Bar Date.  The claims are composed of:

  -- 73 filed by parties who are parties to the Plan Support
     Agreement;

  -- three filed by General Electric Credit Corporation as
     secured creditor;

  -- 15 filed by trade creditors seeking amounts ranging from
     US$3 to US$150,000, which the Debtors believe have been
     paid or in the process of working with those trade creditors

  -- five filed by taxing authorities, which the Debtors believe
     have been resolved;

  -- seven filed by directors and officers seeking indemnity;

  -- six filed by the liquidators of Bancredit Cayman,
     Bancredito Panama and Banco de Leon;

  -- two were filed by the bankruptcy trustee of an entity
     called The Silicon, who had a preference litigation with
     Tricom in their bankruptcy case pending in Arizona;

  -- three shareholder claims; and

  -- about eight miscellaneous claims.

Mr. Nashelsky stated that the Debtors believed the only
significant claims that need to be resolved or dealt with are the
claims of Bancredit Cayman, Bancredito Panama and Banco de Leon.

Following the Court's summary judgment decision, Mr. Nashelsky
related that the Debtors reached out to the two main creditors,
the Ad Hoc Committee and the Affiliated Creditors, and the two
liquidators, Bancredit Cayman and Bancredito Panama to discuss a
possible resolution of their claims.  There have been follow-up
in-person meetings and telephone discussions between the parties
in various combinations; everybody, different groups together,
talking, he said.  There have been in-person meetings in New York
and Miami in an attempt to resolve those claims, and those
discussions are ongoing.

While there's currently no settlement agreed to by the parties,
the Debtor believes that the discussions are important and are
actually going very well; and is pushing the parties to continue
to talk, Mr. Nashelsky told the Court.  The Debtors, he said,
believe the parties have all met in good faith and everybody has
been very serious about the discussions and are working hard to
see if a settlement is possible.

The Debtors, Mr. Nashelsky further related, have about US$13
million in cash as of the end of August.  Major disbursements
during the first six months of the Debtors' cases have been the
Court-approved repayment of the Banco Progresso loan, interest to
Credit Suisse and GECC, the two other major secured creditors,
and the professional fees.  The rest of the disbursements are due
in every course variety, capital expenditures and operation of
the business.  There is about US$5 million in accrued and unpaid
professional fees; US$2 million of which are the Debtors'
professionals; and about US$3 million of which are the fees and
expenses of the advisors to parties of the PSA, which requires
the Debtors to pay the fees and expenses of the advisors to the
Ad Hoc Committee and Affiliated Creditors.

Mr. Nashelsky admitted that the Debtors believed that their
bankruptcy cases would be relatively short cases, and did not go
to assume the PSA right off the bat hoping the bankruptcy cases
moved quickly.  The PSA parties have now requested the Debtors to
put forth a motion to the PSA to pay up to 80% of the PSA fees.

Mr. Nashelsky said the drain of the Debtors' bankruptcy cases is
wearing on the Debtors' liquidity.  In light of this, he said,
the Debtors believe they need to have a confirmation by about the
end of November.  The Debtors, he added, are in discussions with
their two largest creditors, and is on the process of commencing
discussions with Banco de Leon, their third largest creditor.

Banco de leon's counsel, John Howard Drucker, Esq., at Cole,
Schotz, Meisel, Forman & Leonard, P.A., in New York, during the
hearing, informed Judge Bernstein that Banco de Leon has been
excluded from the discussions between the Debtors and Bancredit
Cayman and Bancredito Panama, but that he was happy that Banco de
Leon will be included in the discussions.  Banco de Leon, Mr.
Nashelsky said, is successor to Bancredito Dominican Republic.

                      About Tricom S.A.

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.  

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.

Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720).  Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors.  When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.

As of June 30, 2008, Tricom had US$316,325,466 in assets and
US$771,970,349 in liabilities.

(Tricom Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)



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

* ECUADOR: Rafael Correa Threatens to Oust Foreign Oil Firms
------------------------------------------------------------
Xinhua Financial News reports that Ecuadorean President Rafael
Correa has threatened to expel foreign oil companies if they fail
to lift dwindling output in the OPEC nation.

President Correa, Xinhua notes, issued the warning in a speech
over last weekend, only days after he won a referendum to increase
his sway in the country's oil and mining sectors, adding that
output of foreign oil companies has declined since negotiations
for new contracts began last year.

According to the report, the president also threatened to
nationalize oil fields owned by Brazil's Petrobras over delays to
transfer an oil block to the state.  Both sides had already agreed
to hand over the block inside a protected Amazon jungle park.

Oil exports, the report says, are Ecuador's main source of revenue
and key to President Correa's plan to boost public investment to
help the poor.

The report states that the volatility of world oil prices has
worried experts who say a free-fall could prompt President Correa
to halt repayments foreign debt.

Ecuador, nearly a year ago, initiated talks with foreign companies
including China's Andes Petroleum and Spain's Repsol to switch to
new contracts that would allow the state to keep all the oil the
companies extracted, in exchange for a fee.  In the meantime, most
companies have halved investments in Ecuador until they reach new
deals, Xinhua notes.

Ecuador produces around 500,000 barrels of oil per day, extracted
almost evenly by the state company, Petroecuador, and foreign
companies, Xinhua adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 25, 2008, Moody's Investors Service upgraded Ecuador's
foreign currency government bond rating, foreign currency bank
deposit ceiling and foreign currency country bond ceilings to B3
from Caa2.  Moody's said the outlook on all the ratings is stable.

In December 2007, Standard & Poor's Ratings Services assigned a
B- long-term sovereign local and foreign currency ratings and C
short-term sovereign local and foreign currency ratings on
Ecuador.


* ECUADOR: Oil Reserves to Boost by 186 Mil. Barrels by Year-End
----------------------------------------------------------------
Ecuador's oil reserves will increase by 186 million barrels up to
the end of the year due to new discoveries and new drilling in
existing state fields, Mercedes Alvaro of Dow Jones Newswires
reports, citing Mining and Oil Minister Galo Chiriboga.

With the new reserves, Ecuador's oil reserves will total
4 billion barrels, Dow Jones notes.

Citing official figures, Dow Jones relates that Ecuador's average
oil output in August was 504,376 barrels per day.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 25, 2008, Moody's Investors Service upgraded Ecuador's
foreign currency government bond rating, foreign currency bank
deposit ceiling and foreign currency country bond ceilings to B3
from Caa2.  Moody's said the outlook on all the ratings is stable.

In December 2007, Standard & Poor's Ratings Services assigned a
B- long-term sovereign local and foreign currency ratings and C
short-term sovereign local and foreign currency ratings on
Ecuador.



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

* GUATEMALA: Improving Tax Collection Cues S&P's Positive Outlook
-----------------------------------------------------------------
The ratings on the Republic of Guatemala are supported by a strong
track record of cautious fiscal policies.  The general government
deficit was about 1.5% in 2007, better than Standard & Poor's
Ratings Services expected at 1.7%.  That said, S&P expects that
the general government deficit will widen to 1.9% in 2008 as a
result of higher-than-expected inflationary pressures and
spillover effects of the slowdown in the U.S. economy.

Improvements to the government debt profile and performance also
support the ratings.  The government continues to reduce
vulnerabilities by notably swapping foreign-currency-denominated
debt with debt denominated in local currency and at fixed rates.
Local currency debt as of May 2008 is about 40% of total
government debt, improving from 35% in 2007 and from only 12% in
2004.  At the same time, with net general government debt
forecasted at 9% of GDP in 2008, Guatemala continues to be well
above the median for 'BB' rated peers at about 26% of GDP.

The steady flow of worker remittances, which reached about 14.6%
of GDP in 2007 and constituted one of the main engines of economic
growth, has boosted domestic consumption and is another positive
rating factor.  GDP grew 5.7% in 2007 -- the highest growth rate
in more than 10 years.

On the other hand, and mainly because of adverse external
conditions, S&P expects hat Guatemala's GDP growth will slow in
2008 to 4%.  High commodities prices, high inflation, and the
expected slowdown in the U.S. economy, which will affect the pace
of growth of workers' remittances, are among the main negative
shocks that the Guatemalan economy is facing in 2008.

Finally, a narrow tax base and continual current account deficits
that hinder an otherwise sound macroeconomic framework will
continue to constrain Guatemala's fiscal flexibility and
creditworthiness over the medium term.  Even though S&P expects
these imbalances to continue in the medium term, it also believe
that the improved trend rate of growth should help to mitigate the
negative impact of these conditions.

The positive outlook on Guatemala reflects continual improvements
in tax collection, a low level of debt versus its rated peers',
and the growing strength of key public institutions.  At the same
time, the outlook reflects the smooth political transition after
the last presidential elections, a notable step forward in
building a stable political system.  Further steps to improve
transparency and political cohesion -- as well as to lower the
general government debt-to-revenues ratio through widening the tax
base while containing debt levels -- would improve Guatemala's
financial profile, boosting the rating.

On the other hand, fiscal slippage and a return to political
polarization that limits the government's ability to apply
effective economic policies could place downward pressure on the
ratings.



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

VITRO SAB: Moody's Affirms B2 Ratings; Changes Outlook to Negative
------------------------------------------------------------------
Moody's affirmed the B2 senior unsecured debt and corporate family
ratings of Vitro S.A.B. de C.V.'s , while at the same time
changing the outlook for the company's ratings to negative from
stable.

"The outlook change reflects our expectation that Vitro's
liquidity may continue to tighten over the coming quarters as free
cash flow generation remains challenged by high energy costs and
intensive capital spending," said Moody's analyst Sebastian
Hofmeister.  "The modest deterioration of credit metrics, which
leaves Vitro with limited room to absorb shocks at the B2 rating
level, and possible weaker than expected sales growth resulting
from deteriorating demand in end markets in the flat glass
segment, also drive the outlook change."

For the 12 months ended June 30, 2008, (LTM), Vitro reported
EBITDA of US$361 million, down 8.8% year over year, with LTM
EBITDA margin falling 260bp to 13.4%.  The drop was driven by
higher energy and raw material costs and, to a lesser extent, by
certain duplicate expenses related to a plant relocation.  Solid
first half of 2008 revenue growth across divisions, price
increases and cost reduction efforts could not fully compensate
for these higher costs and expenses.  In first semester 2008,
EBITDA dropped 15.6% to US$166 million with flat glass showing a
somewhat more pronounced percentage drop than glass containers
(-20.5% and -10.5%, respectively); these are the company's two
operating divisions.

In its 2Q08 earnings call Vitro lowered its 2008 EBITDA guidance
to US$365 million from US$380 million primarily citing continued
pressure from high energy costs.  The new guidance implies 2H08
EBITDA of US$199 million (2.1% ahead of second half of 2007),
which Moody's views as feasible but as requiring a significant
catch-up from first half 2008.   Efficiency efforts and recent
price increases will largely have to offset pressures from
volatile natural gas prices, which have come down in recent weeks,
but still remain above their level in 2007.

In addition, increasingly difficult economic conditions in the
U.S. and Spain, and to some extent in Mexico, could add further
margin pressure over the coming quarters, particularly in flat
glass, which faces declining construction activity in the U.S. and
Spain and challenging automotive markets in the NAFTA region.   
Hedging arrangements provide some downside protection to cash flow
against higher natural gas costs in the near term.  Vitro has
hedged 85% of its natural needs for the remainder of 2008 and 70%
for 2009, at US$10.20 and US$9.40 per MMBtu, respectively (vs. a
US$9.07 Henry Hub spot 3Q08 average).

Adjusted LTM 2Q08 Debt/EBITDA was 4.2 times, up from 3.8 times at
year end 2007, while EBITDA/Interest dropped to 1.9 times from 2.2
times.  These metrics are within expectations and remain
acceptable for the B2 rating category, but they leave limited room
to absorb shocks to earnings or cash flow at the current rating
level.  Adjusted LTM Free Cash Flow/Debt was negative 9% vs.
negative 4% in 2007, with free cash flow coming in at a negative
US$161 million (negative US$65 million in 2007).  For 2008, free
cash flow will likely remain negative, although some improvement
could come from lower cash taxes and a reduced capital expenditure
plan; Vitro cut its capital expenditure plan in July to
US$210 million in order to address the lower earnings guidance
(down from the previous US$250 million budget).

As of June 30, 2008, reported debt was US$1.43 billion, up
US$53 million or 4% from year-end 2007.  The adjusted debt for the
purpose of Moody's financial ratios was US$1.87 billion, including
US$230 million of capitalized operating leases (five times rent
expense), US$141 million of securitization and a US$70 million
estimate for unfunded labor-related obligations.

Vitro's liquidity remains adequate for the coming months but
exhibits limited margin for error because of continued negative
free cash flow, lower cash reserves and increasing reliance on
short term debt at a time of generally restricted access to
international and local capital and bank markets.  As of June 30,
2008, short term debt was US$143 million, up 61% from year-end
2007, which compared to cash reserves of US$77 million (including
restricted cash related to the defeased VENA notes).  About
US$76 million or 53% of short term debt relates to subsidiary-
level working capital lines which require frequent rollover.

Together, a US$22 million tax refund received in July and
US$20 million in land disposal proceeds expected in November will
partly cover the put-related EUR31 million (about US$50 million)
purchase of the 40% stake in its Cristalglass JV expected in
January 2009.  In July, Vitro issued MXN400 million (US$36
million) in local medium term notes, which helped to refinance
US$20 million in short term debt.  Vitro maintains availability
under advised lines with relationship banks but has no committed
credit facility.

Vitro's B2 ratings continue to be supported by the company's
operational scale and position as Mexico's leading glass
manufacturer; healthy margins of the glass container division and
the fairly resilient demand patterns and diversified client base
of that business; and progress in extracting cost efficiencies and
increasing the value added content in the lower margin flat glass
operation.  These credit positives are partly offset by the highly
competitive nature of the markets the company operates in;
commodity cost exposures because of the energy intensive nature of
glass production; pronounced cyclicality of the flat glass unit's
automotive and construction end markets; and some revenue
concentration with struggling U.S. automotive OEMs.

The negative outlook reflects Moody's expectation that Vitro's
liquidity and credit metrics may continue to tighten, leaving
limited room at the B2 rating level to absorb shocks over the
coming quarters.

The outlook could stabilize if Vitro's earnings prospects and
liquidity improved, with cash and expected free cash flow greater
than short term debt.

Ratings could be downgraded if liquidity continues to deteriorate
or if credit metrics weaken further because of margin pressure or
continued negative free cash flow generation.  A downgrade could
occur if reported LTM EBITDA margin fell below 13%, adjusted
Debt/EBITDA rose beyond 4.5 times, or if adjusted EBITDA/Interest
remained below 2.0 times.

For the 12 months ended June 30, 2008, Vitro recorded US$2.7
billion in revenues.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a
leading global glass producer, serving the construction and
automotive glass markets and glass containers needs of the food,
beverage, wine, liquor, cosmetics and pharmaceutical industries.



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

MILLICOM INT'L: Unlikely to Acquire SouthAm Cable Operators
-----------------------------------------------------------
Millicom International Cellular is unlikely to make acquisitions
in the short term with its South American units, Business News
Americas reports, citing CEO Marc Beuls.

According to BNamericas, Mr. Beuls had commented that the
company's previous Amnet acquisition may bolster Central America
operations, but said future acquisitions in South America were not
likely in the short term.

As reported by the Troubled Company Reporter-Latin America
reported on Oct. 6, 2008, Millicom disclosed that it completed the
acquisition of 100% of Amnet Telecommunications Holding Limited
following agreement initially announced on July 22, 2008.  The
company purchased Amnet for US$510 million.  Amnet provides
broadband and cable television services in Costa Rica, Honduras,
and El Salvador; provides fixed telephony in El Salvador and
Honduras; and provides corporate data services in these countries
as well as Guatemala and Nicaragua.

Mr. Beuls, as cited by BNamericas, Millicom, with the exception of
Paraguay, does not have a dominant market share in its South
American operations.  The company's newest unit in Colombia was
purchased from state-run telcos EPM and ETB in August 2006 for
US$479 million.

The company, the report says, wants to focus on boosting its
mobile market share in Colombia, as well as promoting its 3G
mobile internet operations across all of its markets.

In Central America, the company has a leading position in
Honduras, Guatemala and El Salvador, and wants to compete with
America Movil and Telefonica that offer TV and fixed line
broadband services, Mr. Beuls adds, as noted by BNamericas.

                   About Millicom International

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

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

                          *     *     *

Millicom International Cellular S.A. continues to carry Moody's
Investors Service's Ba2 corporate family rating.  The rating was
previously at Ba3 and was upgraded by Moody's to its current
level in November 2007.  The company also carries B1 rating on
its existing senior notes from Moody's.  Moody's said the
outlook on the ratings is stable.



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

HINDU CREDIT: Members Call on Gov't for US$300 Million Bailout
--------------------------------------------------------------
The Credit Union Members Group (CRMG) is appealing to the
Government to step in and provide Hindu Credit Union Group of
Companies (HCU) with a cash injection of US$100 million and a loan
of US$200 million to prevent the financial institution from
closure or liquidation, Trinidad & Tobago Newsday reports.

In a press statement cited by Newsday, public relations officer
Deosoran Bisnath said the group had submitted proposals to Prime
Minister Patrick Manning, Finance Ministers Karen Nunez-Teshiera
and Mariano Browne as well as Labour Minister Rennie Dumas with a
plan of action for the HCU Group of Companies, including
US$300 million in financial assistance.

"In the current global financial crisis, with governments and
central banks throughout the world being called upon to provide
trillions of dollars to rescue and bailout ailing financial
institutions, CRMG requests that the TT Government take all the
steps necessary to prevent the liquidation and shutdown of the
HCU, and a resulting loss of most investments of shareholders and
depositors," the group in the statement.

It continued, "CRMG believes the Government should heed the
request of over 100,000 members and their families who are facing
an imminent financial catastrophe if government help is not
forthcoming."

CRMG earlier called for a restructuring of the HCU rather than a
liquidation of its assets, the Troubled Company Reporter-Latin
America reported on Sept. 19, 2008.  The group argued liquidation
would be "essentially a fire-sale of our assets at depressed
prices, this may lead to a chaotic disorderly and unsystematic
disposal of our assets in a market that is incapable of quickly
absorbing these assets at current value and will generally lead to
further lowering prices in the general real- estate market."  CRMG
also suggested that a new board be appointed to run a
restructured HCU.

Newsday recounts that in a Sept. 16, 2008 meeting, depositors and
shareholders were thrown in a state of panic when Commissioner of
Co-operatives Charles Mitchell released a short summary report of
an Ernst and Young audit of the HCU.

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$486.5 million.  The report said HCU
had assets of US$390,131,614 and liabilities of US$876,537,695.  
The report 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
million, which lead to further bleeding of the HCU."

Ernst and Young's report, as cited by the Trinidad & Tobago
Guardian, further stated that:

   -- The financial records of the HCU were not being
      maintained properly and accordingly the financial
      statements from management were inaccurate and
      could not be relied on.

   -- The investment into the subsidiary companies, with
      the exception of Bankers Insurance, have resulted
      in the HCU extending significant loans and other
      funding to the subsidiaries.  There have been no
      repayments on these loans and it is unlikely, given
      the financial position of these subsidiaries, that
      these significant sums can be repaid.  

      The total amount expended by the HCU on the subsidiaries
      was US$211 million.

   -- There was no fixed asset register; therefore, except
      for the property holdings, there was no comprehensive
      list of assets which one could verify.

      There were a number of improvements done to properties
      leased by the HCU which are no longer in use and had
      to be written off.  This resulted in a write-off of
      US$4.1 million.

   -- There were intangible assets as well as properties
      for which there was no legal title, which accounted
      for US$38.5 million in write-offs.

   -- The television equipment that was purchased for
      US$36.6 million is now worth US$4.9 million according
      to HCU's advisor and accordingly resulted in a
      write-off of US$31.7 million.

   -- There were unrecorded loan amounts totaling
      US$45.8 million, related to mortgages and interest
      payable on loans which significantly increased
      overall liabilities.

   -- Unrecorded liabilities of US$10.6 million related
      to pension plan expenses, taxes owed to the NIB
      and the BIR, bounced cherub reversals, rent
      payables and other expenses increased the overall
      shortfall.

Since then, Newsday says, Mr. Mitchell invited the membership to
submit proposals to his office for deliberation concerning the
future of the HCU.  The deadline for submission expired last
Friday.

A TCR-LA report on Oct. 7, 2008, said Commissioner Mitchell
received at least five proposals from depositors and shareholders
and from there is expected to decide on the fate of the failed
institution.

Meanwhile, Newsday discloses CRMG is also requesting the full
audited report be released to the HCU board.  Mr. Mitchell said
however he could not yet provide the full Ernst and Young report
to HCU shareholders and depositors because investigations into the
financial institution were still ongoing.

Mr. Mitchell said his decision on the HCU's financial future would
be published in the newspapers today and tomorrow.

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
=================

* VENEZUELA: September Car Sales Slumps 57.5% on Quota Struggle
---------------------------------------------------------------
Venezuela's sales of new cars dropped 57.5% in September against
the same month a year earlier as the country's auto industry
continues to struggle with import quotas, Dow Jones Newswires
reports.

Citing figures released Monday, October 8, by the Cavenez car
chamber, Dow Jones relates that sales dropped to 18,398 units in
September.  In the first nine months of 2008, car sales dropped
38.6% to 212,609 units.

The government, Dow Jones says, imposed limits on imported cars in
January in a bid to make large car manufacturers assemble their
automobiles in Venezuela.  Sales of imported cars plunged 66.3% in
September against the same month a year ago.

Sales of nationally manufactured cars dropped 38.4% as industry
representatives continue to blame bureaucratic hurdles and
difficulties buying dollars at the official exchange rate for
faltering production, Dow Jones notes.

Dow Jones states that Venezuela pegs its currency to the dollar at
an official exchange rate of 2.15 bolivars.  In order for
companies to buy dollars at the official exchange rate, they must
apply for approval from the Cadivi currency board.

According to the report, carmakers have been complaining that they
aren't being allocated enough dollars to import the components
they need to carry out production in Venezuela.

The report shows that this year's sales figures are in stark
contrast to 2007, when overall car sales jumped 43.3% and totaled
491,899 cars sold.

                          *     *     *

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.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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

                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


           * * * End of Transmission * * *