TCRLA_Public/081013.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, October 13, 2008, Vol. 9, No. 203

                            Headlines

A R G E N T I N A

COMCENTER SA: Trustee Verifying Proofs of Claim Until November 26
EL CHIVO: Proofs of Claim Verification Deadline Is October 20
GLOBAL PHARMACY: Proofs of Claim Verification Deadline Is Dec. 22
PLAZA CONSTRUCCIONES: Claims Verification Deadline Is October 30

* ARGENTINA: Insurance Report Profiles 21 Top Firms in Q3 2008


B A H A M A S

ULTRAPETROL (BAHAMAS): OKs Fin'l Report on FY Ended Dec. 30, 2007


B E R M U D A

INTELSAT LTD: Names Michael McDonnell as EVP & Chief Fin'l Officer


B R A Z I L

ARACRUZ CELULOSE: Fitch Cuts Issuer Default Rating to 'BB+'
BRASKEM SA: Closes US$725 Million Export Prepayment Facility
CAIXA ECONOMICA: Budgets BRL800 Mil. for Loan Books Purchase
FORD MOTOR: Fitch Junks Issuer Default Rating on Credit Crisis
IMCOPA IMPORTACAO: S&P Affirms B/Neg. Ratings & Removes From Watch

MARFRIG FRIGORIFICOS: Funding Scheme Cues S&P to Affirm B+ Rating
RHODIA SA: Channels Investments on LatAm to Boost Polyamide Biz
TOWER AUTOMOTIVE: Closes Traverse City Plant, Eliminates 350 Jobs

* BRAZIL: Entered Spot Trading Last Week to Boost Real


C A Y M A N  I S L A N D S

AJAX RE: A.M Best Downgrades Rating on US$100 Million Notes to 'c'
ANIKA INC: Filing for Proof of Claim Deadline Is Oct. 16
CSAI LETTRS: Deadline for Filing of Claims Is Oct. 16
DR PURCHASE: Proof of Claim Filing Deadline Is Oct. 16
HUMINT LONG-SHORT MASTER: Claims Filing Deadline Is Oct. 16

IRIS INC: Deadline for Proof of Claim Filing Is Oct. 16
MAAC LEASING: Filing for Proof of Claim Is Until Oct. 16
MAAC LESSOR: Creditors Have October 16 to File Proof of Claim
MABA LEASING: Proof of Claim Filing Deadline Is Oct. 16
MABA LESSOR: Filing for Proof of Claim Deadline Is Oct. 16

MABA OWNER: Deadline for Proof of Claim Filing Is Oct. 16
MIZUHO PREFERRED 5: Filing for Claims Is Until Oct. 16
MIZUHO PREFERRED 6: Proof of Claim Filing Is Until Oct. 16
MIZUHO PREFERRED 7: Deadline for Filing of Claims Is Oct. 16
MIZUHO PREFERRED 8: Filing for Proof of Claim Is Until Oct. 16

MIZUHO PREFERRED E: Claims Filing Deadline Is Oct. 16
MORGAN STANLEY NIM 2003-NC6N: Claims Filing Is Until Oct. 16
MORGAN STANLEY NIM 2003-HE1N: Have Until Oct. 16 to File Claims
NEWTON RE: A.M Best Cuts US$150 Mln Notes Rating to 'c' From 'bb'
PLACER CO: Deadline for Proof of Claim Filing Is Oct. 16

WILLOW RE: A.M Best Drops Rating on US$250MM Variable Notes to 'c'


C H I L E

AMERICAN INT'L: S&P Lifts ILFC Preferred Stock Rtng to BBB from B


C O S T A  R I C A

ANIXTER INT'L: Closes World Class Acquisition for US$62 Million


E C U A D O R

* ECUADOR: President Demands Replacement of OPEC Oil Chief


J A M A I C A

AIR JAMAICA: Former Executive Returns to Assume CEO Post Today
SUGAR COMPANY: Denies Delay in Annual Repairs of Factories


M E X I C O

CONTROLADORA COMERCIAL: S&P Drops Ratings to D on Failed Payments
CONTROLADORA COMERCIAL: Moody's Junks Ratings to Caa3/Negative
CONTROLADORA COMERCIAL: Liability Increases Cue Fitch's BB Ratings  
EMPRESAS ICA: Discloses Financial Position; Reaffirms 2008 Outlook

* MEXICO: Research & Markets' Insurance Report in Q3 2008


P E R U

* PERU: Grants Pipeline Concession Deal to Conduit's Unit


P U E R T O  R I C O

HORIZON LINES: To Release 3rd Quarter 2008 Financials on Oct. 24
TRADEWINDS AIRLINES: Refusal on Unprofessional Pleas Led to Bankr.
W HOLDING: Promotes Carlos Davila to Chief Operating Officer

* BOND PRICING: For the Week October 6 - October 10, 2008


                         - - - - -


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

COMCENTER SA: Trustee Verifying Proofs of Claim Until November 26
-----------------------------------------------------------------
Gonzalo Cueva, the court-appointed trustee for Comcenter S.A.'s
reorganization proceeding will be verifying creditors' proofs of
claim until November 26, 2008.

Mr. Cueva 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 Comcenter 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 Comcenter S.A.'s
accounting and banking records will be submitted in court.

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

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

The trustee can be reached at:

                     Gonzalo Cueva
                     J. V. Gonzalez 1429
                     Buenos Aires, Argentina


EL CHIVO: Proofs of Claim Verification Deadline Is October 20
-------------------------------------------------------------
The court-appointed trustee for El Chivo S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
October 20, 2008.

The trustee will present the validated claims in court as  
individual reports on December 3, 2008.  The National Commercial
Court of First Instance in Moron, 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 El Chivo 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 El Chivo's accounting
and banking records will be submitted in court on February 17,
2009.

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


GLOBAL PHARMACY: Proofs of Claim Verification Deadline Is Dec. 22
-----------------------------------------------------------------
The court-appointed trustee for Global Pharmacy Service S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 22, 2008.

The trustee will present the validated claims in court as  
individual reports on March 10, 2009.  A court in Argentina will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Global Pharmacy 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 Global Pharmacy's
accounting and banking records will be submitted in court on
April 21, 2009.

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


PLAZA CONSTRUCCIONES: Claims Verification Deadline Is October 30
----------------------------------------------------------------
The court-appointed trustee for Plaza Construcciones S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until October 30, 2008.

The trustee will present the validated claims in court as  
individual reports on December 19, 2008.  The National Commercial
Court of First Instance in La Plata, Buenos Aires, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by Plaza Construcciones 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 Plaza Construcciones'
accounting and banking records will be submitted in court.

Infobae didn't state the submission date for the general report.

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


* ARGENTINA: Insurance Report Profiles 21 Top Firms in Q3 2008
--------------------------------------------------------------
Research and Markets has announced the addition of the "Argentina
Insurance Report Q3 2008" report to their offering.

The Argentina Insurance Report provides independent forecasts and
competitive intelligence on Argentina's insurance industry.

In Q308, the key change is that Research and Markets has
incorporated much more information about the companies that are
operating across the regions of which each country is a part.  
Research and Markets has sought to make it much clearer who is
operating in each country and under what name(s).  Perhaps equally
importantly, its profiles make it plain which multinational
companies are not operating in each country.

In Latin America, Research and Markets profiles 21 companies.  
These are AEGON, AGF, AIG, Allianz, AXA, Cardif, CNP, Generali,
HDI-Talanx, HSBC Insurance, ING, Liberty Mutual, MAPFRE, MetLife,
New York Life, Prudential Financial, QBE, RSA, the Hartford,
Principal Financial and Zurich.

Research and Markets also looks at various local firms that are
active.  In general, they are small-to-medium sized operations by
world standards. However, several of the leading Brazilian
insurers would rank as extremely large even in a major market.

For almost all the countries whose reports Research and Markets is
updating, Research and Markets is also able to include actual data
for calendar 2007: this was not the case for its Q208 reports.  In
2007, total premiums in Argentina rose by 25% to ARS18,617mn.  
Non-life premiums rose by 25% to ARS12,926mn, while Life premiums
rose by 25% to ARS5,691 million.

Between now and the end of the forecast period, Research and
Markets expects that annual Non-life premiums will grow by
ARS12,595 million, while annual Life premiums should increase by
ARS2,278 million.  Growth in Non-life premiums should be driven by
the general growth in nominal GDP plus a rise in Non-life
penetration from the current level of 1.77% to 2.00%.  Growth in
Life premiums should be driven by the change in the overall
population and a rise in life density from US$46.33 to US$60.00
per capita.  Argentina's Insurance Business Environment Rating is
51.4.

Key Topics Covered:

The Sector At A Glance 5

Table: Overview Of Argentina’s Insurance Sector 5

Key Insights On Argentina’s Insurance Sector 5

Argentina Industry SWOT 7

Development Of BMI’s Insurance Reports 8

Projections And Forecasts 10

Table: Premiums – Historical Data And Forecasts, 2005-2012 10

Projections And Drivers Of Growth 10

Table: Growth Drivers 11

Country Update 12

Macroeconomic Outlook 12

Table: Argentina – Economic Activity 14

Political Outlook 14

Insurance Business Environment Rating 17

Table: Argentina – Insurance Business Environment Indicators 17

Table: Latin America Insurance Business Environment Rankings 18

Regional Context 19

Table: Non-Life Premiums In A Regional Context, 2007 19

Table: Life Premiums In A Regional Context, 2007 20

Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006
20

Analysis Of Competitive Conditions 21

Argentina - Non-Life Segment 24

Argentina – Life Segment 25

Methodology 66

Basis Of Projections 66

Insurance Business Environment Rating 67

Table: Insurance Business Environment Indicators And Rationale 68

Table: Weighting Of Indicators 69

Companies Mentioned:

  -- AEGON
  -- AGF
  -- AIG
  -- Allianz
  -- AXA
  -- Cardif
  -- CNP
  -- Generali
  -- HDI-Gerling
  -- HSBC Insurance
  -- ING
  -- Liberty Mutual
  -- MAPFRE
  -- MetLife
  -- New York Life
  -- Prudential Financial
  -- QBE
  -- RSA
  -- The Hartford
  -- The Principal
  -- Zurich

                           *     *     *

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



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

ULTRAPETROL (BAHAMAS): OKs Fin'l Report on FY Ended Dec. 30, 2007
-----------------------------------------------------------------
Ultrapetrol (Bahamas) Limited has disclosed the results of the
annual general meeting of its shareholders.

At the meeting the following proposals were approved and adopted:

   1) the approval of the audited financial statements and the
      Report of the Auditors thereon for the fiscal year ended
      December 31, 2007,

   2) the re-election of the seven directors of the company,

   3) the ratification of acts, proceedings and transactions of
      directors, officers and employees of the Company and

   4) the indemnification of directors, officers and employees
      of the company.

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

                            *    *    *

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



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

INTELSAT LTD: Names Michael McDonnell as EVP & Chief Fin'l Officer
------------------------------------------------------------------
Intelsat Ltd. has appointed Michael McDonnell as its Executive
Vice President and Chief Financial Officer, with an expected
effective date of November 17, 2008.  In this position,
Mr. McDonnell will be responsible for the overall management of
Intelsat’s financial operations, including the accounting,
treasury, financial planning and information technology functions.

Intelsat CEO David McGlade said, “With more than 22 years of
experience and an impressive track record in leading large and
complex financial organizations, Michael McDonnell is an ideal fit
for Intelsat.  In addition, his knowledge of the satellite sector
is a valuable asset as we implement our growth strategies and
further our industry leadership.  We are delighted to welcome Mike
to the Intelsat team.”

Mr. McDonnell joins Intelsat from MCG Capital Corporation, a
publicly-held commercial finance company, where he served as
Executive Vice President and Chief Operating Officer/Chief
Financial Officer.  Prior to joining MCG Capital in 2004,
Mr. McDonnell served as the Chief Financial Officer of direct-to-
home satellite television operator EchoStar Communications
Corporation, now known as DISH Network Corporation.  During his
tenure at EchoStar, the company realized more than 100% revenue
growth in a four-year period and closed nearly US$7 billion of
convertible debt, high-yield and equity transactions.  Earlier in
his career, Mr. McDonnell held several positions at
PricewaterhouseCoopers, LLP, where he was admitted as a partner in
1996 and was responsible for audit and related services for
technology clients.

Mr. McDonnell is a member of the board of directors of Catalyst
Health Solutions, Inc., formerly known as HealthExtras, a
publicly-held pharmacy benefits management company, serving as
audit committee chairman and as a member of the compensation
committee.  He has a bachelor of science degree in accounting from
Georgetown University and is a certified public accountant.

                            About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira.  The company has a
sales office in Brazil.

Intelsat Ltd.'s June 30 balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Moody's Investors Service assigned ratings to
approximately US$1.2 billion of new debt instruments issued by
Intelsat Corporation, an indirect wholly-owned subsidiary of
Intelsat, Ltd.  At the same time, Moody's also affirmed
Intelsat's Caa1 corporate family rating, Caa1 probability of
default rate and SGL-3 speculative grade liquidity rating while
maintaining the stable ratings outlook.  The rating action was
prompted by refinance activity resulting from required change of
control offers applicable to debt instruments that were
outstanding prior to Intelsat's recent acquisition by private
equity investors.

As reported in the Troubled Company Reporter-Latin America on
June 27, 2008, Standard & Poor's Ratings Services assigned
ratings on an aggregate US$7.1 billion in proposed new debt
instruments issued by various subsidiaries of Bermuda-based
Intelsat Ltd.  Proceeds from the new debt will be used to
replace existing credit agreements and bridge facilities.  The
credit agreements were put in place to finance the change of
control provisions under three separate debt issues that were
triggered by the Feb. 4, 2008, acquisition of the company by an
investor group led by BC Partners.  At the same time, S&P
affirmed the 'B' corporate credit rating on Intelsat, as these
proposed debt issuances were already incorporated into S&P's
rating.  S&P said the outlook is stable.



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

ARACRUZ CELULOSE: Fitch Cuts Issuer Default Rating to 'BB+'
-----------------------------------------------------------
Fitch Ratings has downgraded the ratings of Aracruz Celulose S.A.:

  -- Local currency Issuer Default Rating to 'BB+' from 'BBB';
  -- Foreign currency IDR to 'BB+' from 'BBB';
  -- National scale rating to 'AA-(bra)' from 'AA+(bra)'.

All of these ratings have been placed on Rating Watch Negative.  
In conjunction with this rating action, Fitch has placed the
following rating of Votorantim Celulose e Papel on Rating Watch
Negative.

  -- Local currency IDR 'BBB-';
  -- Foreign currency IDR 'BBB-';
  -- National scale rating 'AA (bra)'.

These rating actions follow the announcement by Aracruz on Oct. 2,
2008, that the 'fair value' of its derivative position was a
negative $1.02 billion as of Sept. 30, 2008.  This position
exposes the company to heightened market volatility and potential
further losses should the Brazilian real continue to weaken
against the U.S. dollar.  The downgrades of Aracruz's credit
ratings reflect an expectation that the company's leverage will
increase materially as it works to limit or eliminate its
derivative exposure, and that it may have to delay some of its key
expansion projects.

VCP has indicated that although it has postponed the closing of
its acquisition of a controlling stake in Aracruz, it is still
taking steps to conclude this transaction.  The placement of VCP's
ratings on Rating Watch Negative indicates that if VCP proceeds
with the acquisition, it could be merged with a company that has
leverage higher than previously anticipated, consequently
resulting in a downgrade of its ratings to 'BB+' or lower.

Aracruz ended June 30, 2008 with US$528 million of cash and
marketable securities and US$1.940 billion of total adjusted debt.
For the latest-12-months ended June 30, 2008, Aracruz generated
US$887 million of EBITDA, including its 50% stake in Veracel.  As
of June 30, 2008, VCP had US$1.903 billion of total adjusted debt
and US$584 million of cash and marketable securities.  For the LTM
ended June 30, 2008, VCP generated US$449 million of adjusted
EBITDA.  The adjustment to VCP's debt and EBITDA reflect its 50%
ownership in Ripasa.

Originally, a combined VCP and Aracruz, considering VCP's
acquisition debt, was expected to have a net debt-to-EBITDA ratio
of close to 3.0x, which was then expected to fall to about 2.5x
during 2009 due to the start up of the Tres Lagoas mill during May
2009.  While the price that VCP may pay for a controlling stake in
Aracruz may be lower than originally stated, this decline isn't
expected to fully offset the additional leverage that is expected
to result from the unwinding of Aracruz's current derivative
position.

VCP announced on Sept. 15, 2008, that its controlling shareholder,
Votorantim Industrial S.A., had reached an agreement with
Arainvest (which in turn is controlled by the Safra group), to
establish a holding company to consolidate their joint investments
in VCP and Aracruz.  Voto's contribution would be its 52.5%
economic interest in VCP (including 100% of the voting shares),
while Arainvest would contribute its 28% voting stake in Aracruz
and its 14.8% stake in Aracruz's preferred stock.  As part of this
agreement, Arainvest would also pay Voto BRL530 million so that
they both would have a 50% voting interest in the new holding
company and VCP would pay BRL2.710 billion to Arapar, a company
associated with the Erling Lorentzen, to increase its voting stake
in Aracruz to 56% from 28%.  These transactions were expected to
occur on Oct. 6, 2008 and VCP and Aracruz were expected to be
merged into one company shortly thereafter.

A merged VCP and Aracruz would be a leading global producer of
market pulp, with estimated sales of about 4.5 million tons of
market pulp, in addition to sales of about 400,000 tons of paper.  
With operations based in Brazil, one of the world's lowest cost
locations for market pulp productions, the company would enjoy
both economies of scale and a cost structure that is unrivaled in
the market.  Combined, VCP and Aracruz have projects that would
that would increase their joint market pulp production capacity by
an additional 7.5 million tons per year by the end of 2015.  The
merger of VCP and Aracruz would allow these projects to proceed in
accordance with market conditions, which should ensure that the
company's profitability margins remain among the highest in the
industry.

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


BRASKEM SA: Closes US$725 Million Export Prepayment Facility
------------------------------------------------------------
Braskem S.A. has completed an export prepayment facility in the
amount of US$725 million, exceeding Braskem's initial estimate of
US$500 million.  This transaction concluded the take out of the
bridge loan of US$1.2 billion raised to acquire the petrochemical
assets of the Ipiranga Group in 2007.  In May this year, the
company had already issued US$500 million in Eurobonds.

The conclusion of this facility amidst the uncertain economic
scenario confirms the market's approval of the Ipiranga
Petroquimica and Copesul acquisitions and the perceived value-
generation potential of such acquisitions.

Braskem concluded this 5-year transaction under very competitive
terms, with a cost of Libor + 1.75% p.a., and a 3-year grace
period.  Interest for the first 6 months was agreed at an adjusted
Libor of 5.016% p.a., reflecting current market conditions and the
disparity between the interbank loan rates and Libor.

The transaction was structured by the Calyon, Citibank and
Santander banks.  In addition, a pool of 16 financial institutions
participated in the deal.

After this transaction, Braskem's average debt term is 11 years,
with annual payments below the Company's estimated cash generation
capacity.

Braskem's exports, which totaled US$2.2 billion in the last 12
months, will be partially used to pay this transaction.  The
company exports to more than 40 countries in all the continents
and has its own market development and distribution operations in
Europe, USA, Argentina and Chile.

Braskem S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins
producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Braskem S.A. Fitch
also affirmed the 'BB+' ratings on the company's senior
unsecured notes 2008, 2014, and senior unsecured notes 2017.

TCR-LA reported on Dec. 10, 2007, that Standard & Poor's raised
Braskem's long-term corporate credit to 'BB+' from 'BB'.

On Nov. 28, 2007, Moody's Investors Service assigned the company
a corporate family rating of Ba1 on the agency's global scale.


CAIXA ECONOMICA: Budgets BRL800 Mil. for Loan Books Purchase
------------------------------------------------------------
Caixa Economica Federal (CEF) has budgeted BRL800 million
(US$345 million) for purchases of other banks' loan books,
principally in the payroll-linked loan segment, but could
quadruple this figure to more than BRL3 billion, Business News
Americas reports, citing the company.

When asked why CEF was focusing on payroll-linked loans, finance
Vice President, Marcio Percival told BNamericas that the company
is interested in the best deal and "in its evaluation, payroll-
linked is the best option at the moment."

As reported in the Troubled Company Reporter-Latin America on Oct.
10, 2008, CEF said it will buy payroll and retirement loan books
from 12 local banks.

According to News Service Agencia Estado, the number of banks in
deals with CEF could reach 20.

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the       
largest government-owned financial institutions in Latin
America.  Founded in Jan. 12, 1861, Caixa Economica is the
second biggest Brazilian bank, second only to Banco do Brasil,
and offers services in thousands of Brazilian towns, ranking
third in Brazil in number of branches.  The company has more
than 32 million accounts and controls more than US$170 billion.
It is responsible for executing policies in the areas of housing
and basic sanitation, the administration of social funds and
programs and federal lotteries.

                        *    *    *

In May 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating to Caixa Economica Federal.


FORD MOTOR: Fitch Junks Issuer Default Rating on Credit Crisis
--------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company by one notch to 'CCC'
from 'B-'.

This rating action reflects the growing impact of the credit
crisis on industry sales volumes, supply chain financial risks,
the financial health of dealerships and the capital advantage of
transplants.  These issues are compounding the already-severe
stresses resulting from weakening economic conditions and the
migration to fuel-efficient vehicles.  Plummeting sales volumes
will accelerate negative cash flows in the second half of 2008 and
will result in deep cash drains through 2009.

Despite significant progress in Ford's cost reduction efforts and
an easing of commodity price pressures, Fitch projects that
without additional capital raising or asset sales, Ford will reach
the minimum required operating cash levels in the second half of
2009.

Although Ford remains the best positioned among the Detroit Three
in terms of liquidity, financial resources, manufacturing
footprint and intermediate-term product plans, these relative
attributes are being overwhelmed by industry conditions and the
impact of the credit crisis.  Fitch expects that industry volumes
will not trough until 2009.

The current credit crisis has augmented a number of risk factors
listed below, which apply to all the Detroit Three:

-- Of primary concern is the impact of the credit crisis on the
    extension of credit throughout the supply chain.  The decline
    in production among the Detroit Three, higher commodity
    prices and other margin pressures, and lack of access to
    capital is likely to produce further bankruptcies within the
    supply chain.  The potential contraction of trade credit
    throughout the industry, and the critical nature of trade
    credit to the capital structure of the supply industry and
    the Detroit Three, poses a high degree of risk in the event
    that capital market conditions continue to contract;

-- Industry volumes will continue to ratchet down through at
    least 1H'09 due to the decreasing ability of retail consumers
    to obtain competitive financing from the financing arms of
    the manufacturers or from third-party lenders.  This adds to
    the impact of the pullback in leasing on sales and production
    volumes;

-- The asset-backed securities market has become constricted, in
    terms of availability and pricing, for both auto loans and
    floorplan receivables;

-- Operating and financial stresses at dealerships continue to
    escalate, impacting their ability to hold inventory and to
    push sales volumes.  Challenges include the higher cost and
    reduced availability of floor-plan financing, more limited
    retail financing capabilities, and an increasing number of
    bankruptcies;

-- The ability of the Detroit Three to access the capital
    markets, a component of earlier plans to maintain liquidity,
    is currently severely limited. By the same token, asset
    divestitures are expected to be very challenging to complete,
    with sales proceeds unlikely to meet previous expectations or
    to sustain liquidity;

-- The combination of a wide margin advantage and superior
    capital resources provide the transplants with an
    overwhelming competitive advantage during the current cycle.  
    Toyota's announcement that it will be offering 0% financing
    across eleven of its models is a crippling competitive tool
    in the current environment which will further impact volumes
    and pricing of the Detroit Three;

-- A bankruptcy filing by a major competitor would further
    affect pricing and the financial risks of the supply chain,
    and could force other manufacturers to follow.

Ford's cash position at the end of the second quarter was
approximately US$26.6 billion.  In the absence of further capital-
raising, Ford's liquidity could decline to the minimum required
level of US$10-to-12 billion within the next eighteen months.  
Potential sources of liquidity include the federal loan guarantee
program, renegotiation of the VEBA financing structure and
timetable, and very modest levels of external capital and asset
sales.  Fitch expects that Ford will benefit from a federal loan
guarantee program, although the timing, amount, structure, term
and pricing are uncertain.

Ford retains access to its US$11.5 billion revolver but the total
commitment has been reduced by the bankruptcy of Lehman Brothers,
which had an US$890 million commitment.  The revolver is not
subject to restrictive covenants, but contains a borrowing base
which Fitch expects could further limit availability over the near
term.  Although Fitch expects a modest level of capital-raising
will be completed, including the federal government loan program,
cash drains through 2010 will limit the potential to boost
liquidity to comfortable levels.  

Ford has been active in equity for debt exchanges, which has
helped the company manage its debt levels and near-term
refinancing requirements, but which has not materially sustained
liquidity.  Ford's underfunded pension position will grow as a
result of declines in the equity and fixed-income markets, but
does not pose a material near-term funding risk.

Outside of the risks posed by the credit crisis, the combination
of federal loan guarantees and revolving credit draws should
provide adequate resources to reach 2010.  Although negative cash
flows are expected to continue through 2010, Ford is expected to
benefit from the terms of the United Auto Workers health care
agreement and any potential upturn in the housing market and
general economic conditions.

European operations, which have demonstrated strong improvement in
its operating performance, will weaken over the near term as the
economic environment and industry sales deteriorate.

Fitch has also downgraded Recovery Ratings for Ford's senior
unsecured debt to 'RR6', indicating minimal recoveries for
unsecured debtholders in the event of a default.  Unsecured
holders have become impaired by the high level of senior secured
debt that Ford has incurred, as well as deterioration in asset
values for the North American and European operations, and several
asset holdings.

Fitch has downgraded these long-term ratings:

Ford Motor Co.
-- Long-term IDR to 'CCC' from 'B-';
-- Senior secured credit facility to 'B/RR1' from 'BB-/RR1';
-- Senior secured term loan to 'B/RR1' from 'BB-/RR1';
-- Senior unsecured to 'CC/RR6' from 'CCC+/RR5'.

Ford Motor Co. Capital Trust II
-- Trust preferred stock to 'C/RR6' from 'CCC/RR5'.

Ford Holdings, Inc.
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'CC/RR6' from 'CCC+/RR5'.

Ford Motor Co. of Australia
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'CC/RR6' from 'CCC+/RR5'.

Ford Motor Credit Company LLC
-- Long-term IDR to 'CCC' from 'B-';
-- Short-term IDR to 'C' from 'B';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2';
-- Commercial paper to 'C' from 'B'.

FCE Bank Plc
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-'/RR2' from 'B+/RR2';
-- Short-term IDR to 'C' from 'B';
-- Commercial paper to 'C' from 'B';
-- Short-term deposits at to 'C' from 'B'.

Ford Capital B.V.
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2'.

Ford Credit Canada Ltd.
-- Long-term IDR to 'CCC' from 'B-';
-- Short-term IDR to 'C' from 'B';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2'.

Ford Credit Australia Ltd.
-- Long-term IDR to 'CCC' from 'B-';
-- Short-term IDR to 'C' from 'B'.

Ford Credit de Mexico, S.A. de C.V.
-- Long-term IDR to 'CCC' from 'B-'.

Ford Credit Co S.A. de CV
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2'.

Ford Motor Credit Co. of New Zealand
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2';
-- Short-term IDR to 'C' from 'B';
-- Commercial paper to 'C' from 'B'.

Ford Motor Credit Co. of Puerto Rico, Inc.
-- Short-term IDR to 'C' from 'B'.

Fitch has also affirmed these ratings:

Ford Credit Canada Ltd.
-- Commercial paper at 'B'.

Ford Credit Australia Ltd.
-- Commercial paper at 'B'.

                    About Ford Motor Co.

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

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


IMCOPA IMPORTACAO: S&P Affirms B/Neg. Ratings & Removes From Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings,
including the 'B' corporate credit rating, on Brazil-based soybean
processing company Imcopa Importacao, Exportacao e Industria de
Oleos S.A.  At the same time, S&P removed the ratings from
CreditWatch, where they were placed with negative implications on
May 6, 2008.  S&P also affirmed the 'B' rating on the senior
unsecured notes of subsidiary Imcopa International S.A.  The
outlook is negative.
     
"The CreditWatch resolution follows our review of expected
business and financial performance expected for Imcopa over the
medium term," said S&P's credit analyst Reginaldo Takara.
     
The negative outlook reflects S&P's concerns about Imcopa's
significant short and medium-term debt maturities, a risk that is
partially mitigated by the company's high and liquid inventories
and credit availability under standby bank facilities.  S&P
believes Imcopa is particularly exposed to the current tight
credit availability in bank and capital markets and increasing
interest costs and shortening bank loan tenors.  Despite improving
cash generation, the company's margins and market conditions
remain volatile, and higher interest expenses and margin calls are
particularly burdensome to the company's cash flows.
     
The ratings on Imcopa reflect the high volatility in the company's
soft commodity businesses, with particularly volatile margins in
soybean crushing.  The rating also reflects Imcopa's highly
leveraged financial profile, with exposure to short-term debt
maturities and significant refinancing risk throughout 2009, and
large working capital requirements associated with the soybean
business cycle.
     
These negative factors are partially offset by Imcopa's strategy
of focusing on non-GMO soybean oil and soybean meal products,
which usually command a premium compared with GMO derivatives.
Also, the company is making the transition to a more value-added
and higher margin product mix.  Finally, its strategic plant
distribution in the largest non-GMO-producing region and
relatively good proximity to the infrastructure for exports are
positive for the rating.

Headquartered in Araucaria, Brazil, Imcopa Importacao Exportacao e
Industria de Oleos SA -- http://www.imcopa.com-- is engaged in  
the production of non-genetically modified soybeans.  The company
plants, stores, processes and ships such products as soybean meal,
soybean lecithin, soy oil and other.  It owns two silos, each of
30,000 capacity and a laboratory.  The company cooperates with
five soy crushing plants located in the state of Parana and the
Paranagua Port.


MARFRIG FRIGORIFICOS: Funding Scheme Cues S&P to Affirm B+ Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+' corporate
credit rating on Brazil-based beef producer Marfrig Frigoríficos e
Comércio de Alimentos S.A., and removed all ratings from
CreditWatch, where they were placed with negative implications on
June 24, 2008.  The outlook is negative.
     
The CreditWatch resolution reflects the advanced stage of
Marfrig's funding strategy in its acquisition of OSI Group LLC's
businesses in both Brazil and several European countries (jointly
named "Moy Park") for around US$680 million.  Marfrig concluded
part of the capital increase needed to finance its acquisition of
Moy Park in August 2008, raising new capital and paying OSI for
part of the purchase in Marfrig shares.  The company is currently
in the final stages of raising the remaining equity portion
through an auction of new shares with the support of the Brazilian
Development Bank (BNDES) and the company's controlling
shareholder.
     
"Although we still see integration risks in the transaction,
acquisition risks have been significantly diminished since there
won't be any incremental debt resulting from the acquisition,
assuming that any existing debt at Moy Park is paid down, and also
because Moy Park's incremental cash flows should help improve
Marfrig's credit metrics as these operations are consolidated.
Still, the negative outlook on Marfrig's ratings reflect the
challenging operating environment faced by Brazilian beef
producers, which includes feedstock cost pressures, potential
demand slowdown and declining prices, and a significant reduction
of credit availability as a reflection of the worsening of global
economic conditions," said S&P's credit analyst Reginaldo Takara.
     
The ratings assigned to Marfrig reflect the company's highly
leveraged financial profile, its aggressive growth strategy, its
exposure to the volatile and competitive global meat industry, and
the significant pressure on feedstock prices in Brazil.  These
negative rating factors are partly offset by Marfrig's
increasingly diversified business portfolio (both in terms of
product line and geographic concentration), its competitive cost
position, and its adequate liquidity.
     
The negative outlook reflects the current challenging operating
environment for beef producers in Brazil, which combines cost
pressures and margin compression with a significant decline in
credit availability, as well as Marfrig's relatively high
leverage, its exposure to short-term debt maturities, and the
integration risks associated with its acquisition of Moy Park.  
The ratings could be lowered if Marfrig's liquidity is adversely
affected in the medium term by a more severe credit tightening or
further deterioration in market conditions, locally or
internationally, leading to a permanent weakening of its credit
metrics.
     
"The outlook could be revised to stable if market conditions get
better and the company manages to improve its credit metrics in
the next few quarters, either through higher cash flows from
acquired operations or declining debt balances," added Mr. Takara.

Headquartered in Sao Paulo, Brazil, Marfrig Frigorificos e
Comercio de Alimentos S.A. (Bovespa's Novo Mercado: MRFG3) --
http://www.marfrig.com.br/ir-- is one of the largest beef  
processing companies in Brazil.  With processing plants in Brazil,
Argentina, Uruguay and Chile, Marfrig processes, prepares packages
and delivers fresh, chilled and processed beef products to
customers in Brazil and abroad, with approximately 50% of its
sales derived from exports.  Along with its beef products, the
company also delivers additional food products that it imports or
acquires in the local market.


RHODIA SA: Channels Investments on LatAm to Boost Polyamide Biz
---------------------------------------------------------------
Rhodia S.A. is focusing its investments on emerging markets,
especially Latin America and Asia, where the company has grown at
two digits above local GDP, Fernanda De Biagio of Business News
Americas reports.

Francisco Weffort, company engineering plastics and polymers
director for Latin America, told BNamericas that Latin America
accounted for 17% of the group's total net revenues in 2007.

"Rhodia wants to focus on markets that have shown an improvement
over the past few years," BNamericas quoted Mr. Weffort as saying.

According to BNamericas, the company announced the closure of a
polyamide production plant in Italy as part of a 40 million-euro
(US$54.4 million) cost reduction program for its nylon business.

Mr. Weffort, as cited BNamericas, disclosed that the polyamide
industry in Latin America and Asia has been growing, stimulated by
electronics, civil construction and automotive sectors.

The executive said "The company is concerned about the global
credit crisis, but we have been operating in Latin America for
over 89 years and have learned how to deal with such
contingencies," adding Rhodia is used to acting promptly in such
situations and sees the changing financial landscape as presenting
new opportunities, BNamericas notes.

Citing Mr. Weffort, BNamericas relates that Rhodia is the biggest
manufacturer of engineering plastics in Latin America.  The
company has two polyamide production plants in Santo Andre and Sao
Bernardo do Campo, both in Sao Paulo state, with installed
capacity of 80,000t/y.

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                           *     *    *

Rhodia S.A. continues to carry 'BB' long-term corporate credit
and 'B' short-term corporate credit ratings from Standard &
Poor's Ratings Services, with stable outlook.  S&P raised
Rhodia's long-term rating to its current level in April 2008.


TOWER AUTOMOTIVE: Closes Traverse City Plant, Eliminates 350 Jobs
-----------------------------------------------------------------
Due to the slump of the auto industry in North America, Tower
Automotive, Inc., will close its Traverse City plant and cut more
than 350 jobs, The Associated Press reports.  However, there is no
exact date for the shutdown yet.

According to the report, approximately 318 hourly employees and
40 salaried workers who worked to produce small stampings and
assemblies at Tower's Traverse plant will be affected by Tower's
decision.

The Traverse City Record-Eagle reported that 45 workers have
already been laid off and that they were not surprised by Tower's
decision to close the plant.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board: TWRAQ)
is a global designer and producer of vehicle structural components
and assemblies used by every major automotive original equipment
manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM,
Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.
Products include body structures and assemblies, lower vehicle
frames and structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.  On
June 4, 2007, the Debtors submitted an Amended Plan and Disclosure
Statement.  The Court approved the adequacy if the Amended
Disclosure Statement on June 5, 2007.  On July 11, 2007, the Court
confirmed the Debtors' Amended Chapter 11 Plan and the Debtors
emerged from Chapter 11 on July 31, 2007.  (Tower Automotive
Bankruptcy News, Issue No. 76; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


* BRAZIL: Entered Spot Trading Last Week to Boost Real
------------------------------------------------------
The Financial Times writes that Brazil's central bank intervened
directly in currency markets three times last Wednesday morning as
the real continued its downward slide amid the strongest wave of
panic selling for decades.

The real slid to BRL2.46 against the U.S. dollar in early trading,
wiping more than a third off its value since its peak of
BRL1.56 to the dollar in August, FT notes.

Brazil's central bank usually enters currency markets by selling
currency futures, FT reports.  Last Wednesday, it entered the spot
market -- selling dollars directly to banks -- for the first time
in five years.  After Wednesday's spot auctions, FT says the real
recovered from its low of BRL2.46 to about BRL2.40 by early
afternoon of that day.

Brazilian shares also continued to slide last Wednesday, with the
main Bovespa index down more than 3.5% by early afternoon.  
Trading was suspended twice on Monday as the index plunged more
than 15 per cent before recovering most of its losses.  The index
was below 39,000 points on Wednesday, down from a peak of more
than 73,000 in May.

"People are worried about the international situation and about
its impact on the domestic economy," FT quotes Darwin Dibb, senior
economist at Brazil's Unibanco, as saying.  He added that the
situation "has gone beyond overshooting."  Marcelo Kayath, head of
Latin American equities at Credit Suisse in Sao Paulo, was as
cited by FT said share prices had fallen to absurd levels.

According to the report, despite the panic selling, many
economists still expect Brazil to emerge relatively unscathed from
the global financial crisis.  Only about 10% of bank credit is
raised outside Brazil, FT notes.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Oct. 10, 2008, Fitch Ratings revised to Stable the Outlooks on the
five Brazilian banks which had a Positive Outlook.  The Positive
Outlooks on the affected banks were generally predicated on
expectations of continued loan and business expansion in an
environment of sustained strong growth of the Brazilian economy,
and relatively stable domestic markets, which would, as a
consequence, bring greater scale, diversification to both sides of
the balance sheet, and the profitability necessary to maintain
adequate capitalization.

A TCR-LA report dated Oct. 9, 2008, said that the global financial
crisis unleashed panic Monday, October 6, 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.

The TCR-LA reported on Oct. 8, 2008, that Standard & Poor's
Ratings Services revised the outlook on six Brazilian corporations
and infrastructure companies to stable from positive, following
worsening global economic conditions, credit market volatility,
and the combined effect of these on the Brazilian domestic
economy.  At the same time, S&P affirmed the ratings on these
entities and their respective issues.



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

AJAX RE: A.M Best Downgrades Rating on US$100 Million Notes to 'c'
------------------------------------------------------------------
A.M. Best Co. has downgraded the debt ratings to "c" from "b+" on
US$100 million principal at-risk variable rate Series 1, Class A
notes of Ajax Re Ltd., to "c" from "bb+" on US$250 million
principal at-risk variable rate Series 2007-1 Class B notes of
Willow Re Ltd. and to "c" from "bb" on US$150 million principal
at-risk variable rate Series 2008-1, Class A notes of Newton Re
Limited.  These ratings have been removed from under review with
negative implications and assigned a negative outlook.

A.M. Best also has affirmed the debt ratings of "bb+" on US$87.5
million principal at-risk variable rate Series 2007-1, Class A
notes and "bb-"on US$137.5 million principal at-risk variable rate
Series 2007-1, Class B notes of Newton Re Limited.  The outlook on
these ratings is stable.

These rating actions reflect the unlikelihood of finding a total
return swap counterparty replacement for Lehman Brothers Special
Financing Inc., which subsequently filed for a petition of
bankruptcy under Chapter 11 of the U.S. Bankruptcy Code and the
uncertainty surrounding the market values of the securities in the
collateral account.

Ajax Re Ltd. is a special-purpose Cayman Islands exempted company,
licensed as a restricted Class B insurer whose ordinary shares are
held in a charitable trust.


ANIKA INC: Filing for Proof of Claim Deadline Is Oct. 16
--------------------------------------------------------
Anika Inc.'s creditors have until Oct. 16, 2008, to prove their
claims to George Bashforth and Emile Small, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Anika'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 liquidators can be reached at:

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


CSAI LETTRS: Deadline for Filing of Claims Is Oct. 16
-----------------------------------------------------
CSAI Letters Fund Ltd.'s creditors have until Oct. 16, 2008, to
prove their claims to Jan Neveril and Giles Kerley, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

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


DR PURCHASE: Proof of Claim Filing Deadline Is Oct. 16
------------------------------------------------------
DR Purchase Finance Inc.'s creditors have until Oct. 16, 2008, to
prove their claims to Jan Neveril and Giles Kerley, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

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

The liquidators can be reached at:

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


HUMINT LONG-SHORT MASTER: Claims Filing Deadline Is Oct. 16
-----------------------------------------------------------
Humint Long-Short Master Fund's creditors have until Oct. 16,
2008, to prove their claims to Jagjit (Bobby) Toor and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Humint's shareholders agreed on Sept. 1, 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 Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


IRIS INC: Deadline for Proof of Claim Filing Is Oct. 16
-------------------------------------------------------
Iris Inc.'s creditors have until Oct. 16, 2008, to prove their
claims to Jan Neveril and Giles Kerley, the company's liquidators,
or be excluded from receiving any distribution or payment.

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

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

The liquidators can be reached at:

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


MAAC LEASING: Filing for Proof of Claim Is Until Oct. 16
--------------------------------------------------------
MAAC Leasing Ltd.'s creditors have until Oct. 16, 2008, to prove
their claims to Phillip Hinds and Jagjit (Bobby) Toor, 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.

MAAC Leasing's shareholders agreed on Aug. 27, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MAAC LESSOR: Creditors Have October 16 to File Proof of Claim
-------------------------------------------------------------
MAAC Lessor Ltd.'s creditors have until Oct. 16, 2008, to prove
their claims to Phillip Hinds and Jagjit (Bobby) Toor, 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.

MAAC Lessor's shareholders agreed on Aug. 27, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MABA LEASING: Proof of Claim Filing Deadline Is Oct. 16
-------------------------------------------------------
MABA Leasing Ltd.'s creditors have until Oct. 16, 2008, to prove
their claims to Phillip Hinds and Jagjit (Bobby) Toor, 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.

MABA Leasing's shareholders agreed on Aug. 27, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MABA LESSOR: Filing for Proof of Claim Deadline Is Oct. 16
----------------------------------------------------------
MABA Lessor Ltd.'s creditors have until Oct. 16, 2008, to prove
their claims to Phillip Hinds and Jagjit (Bobby) Toor, 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.

MABA Lessor's shareholders agreed on Aug. 27, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MABA OWNER: Deadline for Proof of Claim Filing Is Oct. 16
---------------------------------------------------------
MABA Owner Ltd.'s creditors have until Oct. 16, 2008, to prove
their claims to Phillip Hinds and Jagjit (Bobby) Toor, 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.

MABA Owner's shareholders agreed on Aug. 27, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MIZUHO PREFERRED 5: Filing for Claims Is Until Oct. 16
------------------------------------------------------
Mizuho Preferred Capital (Cayman) 5 Ltd.'s creditors have until
Oct. 16, 2008, to prove their claims to Jan Neveril and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Mizuho Preferred's shareholders agreed on Sept. 1, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MIZUHO PREFERRED 6: Proof of Claim Filing Is Until Oct. 16
----------------------------------------------------------
Mizuho Preferred Capital (Cayman) 6 Ltd.'s creditors have until
Oct. 16, 2008, to prove their claims to Jan Neveril and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Mizuho Preferred's shareholders agreed on Sept. 1, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MIZUHO PREFERRED 7: Deadline for Filing of Claims Is Oct. 16
------------------------------------------------------------
Mizuho Preferred Capital (Cayman) 7 Ltd.'s creditors have until
Oct. 16, 2008, to prove their claims to Jan Neveril and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Mizuho Preferred's shareholders agreed on Sept. 1, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MIZUHO PREFERRED 8: Filing for Proof of Claim Is Until Oct. 16
--------------------------------------------------------------
Mizuho Preferred Capital (Cayman) 8 Ltd.'s creditors have until
Oct. 16, 2008, to prove their claims to Jan Neveril and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Mizuho Preferred's shareholders agreed on Sept. 1, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MIZUHO PREFERRED E: Claims Filing Deadline Is Oct. 16
-----------------------------------------------------
Mizuho Preferred Capital (Cayman) E Ltd.'s creditors have until
Oct. 16, 2008, to prove their claims to Jan Neveril and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Mizuho Preferred's shareholders agreed on Sept. 1, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


MORGAN STANLEY NIM 2003-NC6N: Claims Filing Is Until Oct. 16
------------------------------------------------------------
Morgan Stanley ABS Capital I Inc. NIM 2003-NC6N Ltd.'s creditors
have until Oct. 16, 2008, to prove their claims to Hugh Thompson
and Emile Small, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Morgan Stanley'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 liquidators can be reached at:

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


MORGAN STANLEY NIM 2003-HE1N: Have Until Oct. 16 to File Claims
---------------------------------------------------------------
Morgan Stanley ABS Capital I Inc. NIM 2003-HE1N Ltd.'s creditors
have until Oct. 16, 2008, to prove their claims to Hugh Thompson
and Emile Small, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Morgan Stanley'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 liquidators can be reached at:

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


NEWTON RE: A.M Best Cuts US$150 Mln Notes Rating to 'c' From 'bb'
-----------------------------------------------------------------
A.M. Best Co. has downgraded the debt ratings to "c" from "b+" on
US$100 million principal at-risk variable rate Series 1, Class A
notes of Ajax Re Ltd., to "c" from "bb+" on US$250 million
principal at-risk variable rate Series 2007-1 Class B notes of
Willow Re Ltd. and to "c" from "bb" on US$150 million principal
at-risk variable rate Series 2008-1, Class A notes of Newton Re
Limited.  These ratings have been removed from under review with
negative implications and assigned a negative outlook.

A.M. Best also has affirmed the debt ratings of "bb+" on US$87.5
million principal at-risk variable rate Series 2007-1, Class A
notes and "bb-"on US$137.5 million principal at-risk variable rate
Series 2007-1, Class B notes of Newton Re Limited.  The outlook on
these ratings is stable.

These rating actions reflect the unlikelihood of finding a total
return swap counterparty replacement for Lehman Brothers Special
Financing Inc., which subsequently filed for a petition of
bankruptcy under Chapter 11 of the U.S. Bankruptcy Code and the
uncertainty surrounding the market values of the securities in the
collateral account.

Newton Re Limited is an exempted special purpose company licensed
as a Class B insurer in the Cayman Islands.


PLACER CO: Deadline for Proof of Claim Filing Is Oct. 16
--------------------------------------------------------
Placer Co. Ltd.'s creditors have until Oct. 16, 2008, to prove
their claims to Giles Kerley and Chris Marett, 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.

Placer'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 liquidators can be reached at:

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


WILLOW RE: A.M Best Drops Rating on US$250MM Variable Notes to 'c'
------------------------------------------------------------------
A.M. Best Co. has downgraded the debt ratings to "c" from "b+" on
US$100 million principal at-risk variable rate Series 1, Class A
notes of Ajax Re Ltd., to "c" from "bb+" on US$250 million
principal at-risk variable rate Series 2007-1 Class B notes of
Willow Re Ltd. and to "c" from "bb" on US$150 million principal
at-risk variable rate Series 2008-1, Class A notes of Newton Re
Limited.  These ratings have been removed from under review with
negative implications and assigned a negative outlook.

A.M. Best also has affirmed the debt ratings of "bb+" on US$87.5
million principal at-risk variable rate Series 2007-1, Class A
notes and "bb-"on US$137.5 million principal at-risk variable rate
Series 2007-1, Class B notes of Newton Re Limited.  The outlook on
these ratings is stable.

These rating actions reflect the unlikelihood of finding a total
return swap counterparty replacement for Lehman Brothers Special
Financing Inc., which subsequently filed for a petition of
bankruptcy under Chapter 11 of the U.S. Bankruptcy Code and the
uncertainty surrounding the market values of the securities in the
collateral account.

Willow Re Ltd. is an exempted special purpose company licensed as
a Class B insurer in the Cayman Islands.



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

AMERICAN INT'L: S&P Lifts ILFC Preferred Stock Rtng to BBB from B
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on preferred
stock of International Lease Finance Corp. (ILFC; A-/Watch Dev/A-
1) to 'BBB' from 'B', and revised the CreditWatch implications to
developing from negative.  All other ILFC ratings remain on
CreditWatch with developing implications.
   
S&P had lowered its ratings on preferred stock of ILFC and of
certain other units of ultimate parent American International
Group Inc. (A-/Watch Neg/A-1) because of the U.S. Federal
Reserve's Sept. 16, 2008, statement that the U.S. government would
have the right to veto AIG's common and preferred dividends under
the US$85 billion credit line extended by the Federal Reserve
Bank of New York to AIG.  However, S&P now believes that it is
unlikely that ILFC's preferred dividends would in fact be vetoed,
though AIG has suspended its own common dividend.  S&P believes
that, to facilitate the planned sale of ILFC and realize maximum
proceeds, AIG and the U.S. government would not find it in their
interests to intervene to block preferred dividends that ILFC
could otherwise pay from its own resources.
   
S&P's 'BBB' rating on the preferred stock, two notches below the
'A-' long-term corporate credit rating on ILFC, is consistent with
a normal rating differential for investment-grade companies.
     
"Our 'A-' long-term corporate credit rating on ILFC reflects our
current view of the company's credit quality, without
consideration of any support from AIG," said Standard & Poor's
credit analyst Philip Baggaley.  "Our 'A-1' short-term corporate
credit rating, by contrast, also factors in liquidity available
indirectly from the federal credit line to AIG."  S&P normally
assigns an 'A-2' short-term rating to companies whose long-term
corporate credit rating is 'A-'.

S&P reviews of the AIG credit line documentation and other
information confirms that the assets of ILFC are not subject to a
lien under the US$85 billion AIG credit line, creating a claim
senior to those of unsecured bondholders of ILFC.  ILFC drew down
its US$6.5 billion of bank credit lines, and stated on Sept. 18,
2008, that it expected that those funds, "together with cash
provided by operating activities will be sufficient to meet its
debt obligations into the first quarter of 2009."  S&P expects
that ILFC will in fact have access to liquidity that will permit
it to meet external obligations without recourse to the credit
markets beyond that timeframe. ILFC's aircraft leasing business,
which generated record profits in the second quarter of 2008,
continues to perform well, although S&P expects that aircraft
lease rates will weaken as the unfolding global economic slowdown
and financial market turmoil hurts air travel and aircraft values.
   
Ratings are on CreditWatch with developing implications.  When
ILFC is sold, S&P will reevaluate the company's credit, including
consideration of its new ownership, capitalization, and access to
liquidity, to resolve the CreditWatch review.  

In addition, S&P will take into account the outlook for aircraft
leasing and the state of capital markets.

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

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

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

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

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.
   
The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.



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

ANIXTER INT'L: Closes World Class Acquisition for US$62 Million
---------------------------------------------------------------
Anixter International Inc. has completed the purchase of the
assets and operations of World Class Wire & Cable Inc.

The company initially announced the execution of a letter of
intent to acquire World Class on September 9, 2008.

As previously disclosed, World Class is a valued-added distributor
of electrical wire and cable based in Waukesha, Wisconsin, with
annualized sales of approximately US$60 million.  Anixter paid
roughly US$62 million in cash and assumed trade liabilities for
all of the assets and operations of World Class.

                         About Anixter

Anixter International Inc. -- http://www.anixter.com/-- is the
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5 million square feet of space.  It has operations in Latin
American countries including Mexico, Costa Rica, Brazil and
Chile.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 2, 2007, Fitch Ratings affirmed these ratings for
Anixter International Inc. and its wholly owned operating
subsidiary, Anixter Inc.:

Anixter International Inc.

  -- Issuer Default Rating 'BB+';
  -- Senior unsecured debt 'BB-'.

Anixter Inc.

  -- Issuer Default Rating  'BB+';
  -- Senior unsecured notes 'BB+';
  -- Senior unsecured bank credit facility at 'BB+'.



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

* ECUADOR: President Demands Replacement of OPEC Oil Chief
----------------------------------------------------------
Ecuadorean President Rafael Correa on Oct. 8, 2008, moved to
replace the OPEC nation's oil chief as his government struggled to
lift output amid protracted talks to rework foreign oil deals,
Reuters cites government officials as stating.  

The report says that Oil and Mines Minister Galo Chiriboga would
be replaced by his boss, Strategic Sectors Minister Derlis
Palacios.  FT's government sources said Mr. Palacios is likely to
keep a moderate line.

President Correa, a leftist former economy minister, had said he
may reshuffle his cabinet after winning a September 28 referendum
to expand his powers over the oil and mining sectors, FT notes.  
He is also gearing up for re-election in 2009.

Mr. Chiriboga, according to the report, has been criticized for
failing to convince companies to immediately switch to new service
contracts in which the state will keep all the oil they extract in
exchange for a fixed fee.  Companies' executives have complained
Mr. Chiriboga has delayed negotiations.

Mr. Palacios, who supervised oil and mining policy, is considered
a loyal Correa ally, but the engineer doesn't share the strong
leftist views of other cabinet members, FT says.  He executed
President Correa's order to expel Brazilian construction company
Odebrecht in September over a disputed hydroelectric dam.

           Correa Threatens to Oust Foreign Oil Firms

As reported by the Troubled Company Reporter on Oct. 9, 2008,
citing Xinhua Financial News, 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 noted, 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.

                          *     *     *

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.



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

AIR JAMAICA: Former Executive Returns to Assume CEO Post Today
--------------------------------------------------------------
A former Air Jamaica executive is returning to the national
carrier with a top position.

Various reports say Bruce Nobles, who was Air Jamaica's President
and Chief Operating Officer between June 2002 and March 2003, will
be the ailing airline's President and Chief Executive Officer
effective today, October 13, 2008.

Mr. Nobles' appointment comes as the airline works on its
privatization.  The process, which Prime Minister Bruce Golding
finds necessary because government could no longer pile the losses
of the airline on the backs of taxpayers "with no end in sight,"
is expected to be completed by April next year, Carribean360.com
relates.

In a release cited by Carribean360.com, Air Jamaica's Chairman
Shirley Williams said Mr. Nobles is a 40-year veteran of the
transportation industry, and is most notably credited with leading
the successful restructuring of Hawaiian Airlines, developing and
introducing operations for the Pan Am Shuttle and for creating and
implementing operations for the Trump Shuttle.  He has also
completed assignments for the International Finance Corporation, a
division of the World Bank and numerous others, Ms. Williams
added.  Mr. Nobles rejoins the airline from Dallas-based aviation
and transportation consulting company The Renwick Company.

Meanwhile, a report posted on Breaking News' site said St. Lucia's
Minister of Tourism and Civil Aviation, Senator Allen Chastanet,
has congratulated the Jamaican government on Mr. Nobles'
appointment.

According to that report, the Senator described the appointment as
"critically important" given his vast experience in the global
airline sector and particularly for his "excellent track record of
piloting the regional carrier" during a period when the airline
was run by Jamaican tourism executive Gordon "Butch" Stewart.

"In St. Lucia, we are very pleased with his appointment,
especially given today's global aviation challenges and in
particular the difficulty we in the Caribbean are experiencing in
securing reliable and affordable air services from all markets,"
that same report cited Senator Chastanet as saying.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies  
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after
an investor group turned over its 75% stake.  The Jamaican
government does not plan to own Air Jamaica permanently.

                           *    *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a B1 rating
to Air Jamaica Limited's guaranteed senior unsecured notes.

On July 21, 2006, Standard & Poor's Rating Services assigned a
"B" long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, based on the government's unconditional
guarantee of both principal and interest payments.


SUGAR COMPANY: Denies Delay in Annual Repairs of Factories
----------------------------------------------------------
The Sugar Company of Jamaica (SCJ) refuted claims by President of
the National Workers' Union, Vincent Morrison, alleging delay in
the annual repairs and maintenance program for the state-owned
factories, Radio Jamaica reports.

According to Director of Agricultural Services at the SCJ, John
Gayle, the Out of Crop Repairs and Maintenance Programme being
undertaken at the five government-owned factories are on track to
be completed in time for the start of harvesting, Radio Jamaica
says.

Mr. Gayle explained that the planned start-up date of production
varies from factory to factory, consequently, each factory is at a
different stage of completion, Radio Jamaica says.

Radio Jamaica adds that the SCJ management is confident that all
factories will be ready to meet the scheduled crop start date.

                       About Sugar Company

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

                          *     *     *

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



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

CONTROLADORA COMERCIAL: S&P Drops Ratings to D on Failed Payments
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit and senior unsecured ratings assigned to Controladora
Comercial Mexicana S.A.B. de C.V. to 'D' from 'CC', following the
company's failure to make its Oct. 9, 2008, payment of MXN400
million of short-term debt obligations (about US$33 million).

Earlier, S&P lowered its long-term corporate credit rating and
senior unsecured debt rating of the company to 'CC' from 'BBB-'.   
It also lowered the national scale rating to 'mxCCC/mxC' from
'mxAA/mxA-1+'.  The ratings were removed from CreditWatch Negative
where they were placed Oct. 8, 2008.  The outlook is negative,
reflecting S&P's expectation that the company may not meet the
scheduled payment of MXN400 million.
      
"The rating action reflects our uncertainty that the company will
be able to refinance or pay down its October maturities,
particularly today's scheduled payment of MXN400 million of
short-term debt obligations (about US$33 million)," said S&P's
credit analyst Juan Pablo Becerra.  The company's first attempt to
roll over the aforementioned obligation was unsuccessful.  
Maturities during October total about MXN1.2 billion (about US$100
million).
     
Although the company had cash and equivalents of US$102 million as
of June 30, 2008, and its refinancing needs appeared to be
manageable, we believe that market-to-market fluctuations may have
led to margin calls that have compromised the company's liquidity.
     
The company announced that it has filed for "Concurso Mercantil,"
a Mexican bankruptcy proceeding equivalent to Chapter 11 in the
United States.  Additionally, the company announced that the
approximate amount of the derivatives exposure that triggered its
default was US$1.08 billion, net of an exercised collateral of
US$310 million, resulting in total liabilities for the company of
around US$2 billion.

Headquartered in San Juan, Mexico, Controladora Comercial Mexicana
SAB de CV (a.k.a. CCM) -- http://www.comerci.com.mx-- is a  
holding company that operates several chains of retail stores as
well as a chain of family restaurants under the Restaurantes
California brand name through its subsidiaries.  In addition, the
company owns a 50% interest in the Costco de Mexico, a joint
venture with Costco Wholesale Corporation, which operates a chain
of membership warehouses in Mexico.  Its store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio.


CONTROLADORA COMERCIAL: Moody's Junks Ratings to Caa3/Negative
--------------------------------------------------------------
Moody's Investors Service downgraded Controladora Comercial
Mexicana, S.A.B. de C.V.'s senior unsecured global rating to Caa3
from Baa2, while also lowering the company's Mexican national
scale ratings to Caa3.mx from Aa2.mx.  This concludes the review
initiated on Oct. 8, 2008.  The outlook for the ratings is
negative.

Ratings affected were:

   -- MXN3,000 million 8.7% senior unsecured notes due 2027, to
      Caa3/Caa3.mx from Baa2/Aa2.mx; and

   -- US$200 million 6.625% senior unsecured notes due 2015, to
      Caa3 from Baa2.

The downgrade reflects the increased uncertainty around
Controladora Comercial's ability to meet near term commercial
paper maturities outstanding under its local notes (certificados
bursatiles) program.  A total of about MXN1,200 million in local
commercial paper will mature in October, including MXN400 million.  
Moody's expects the company's inability to meet commercial paper
redemptions to cross default into the company's rated notes due
2015 and 2027.  The Caa3 rating reflects an expectation for an
above average recovery prospect for the bondholders.

Moody's believes that Controladora Comercial may have limited
funds available to meet these maturities following its
announcement on Oct. 7, 2008, that it was in discussions with
creditors to address a significant increase in foreign currency
liabilities.  In an auction, the company was not able to place any
of the MXN400 million it offered in commercial paper.  The company
does not maintain committed funding sources to backup the payment
and significant uncertainty remains with regards to its ability to
raise funds with relationship banks.  As of June 30, 2008, the
company had maintained cash reserves of about US$167 million,
which covered US$162 million in short term debt 1.03 times.

As of June 30, 2008, the company operated 217 stores under seven
retail banners with a total selling area of 1.54 million square
meters.  For the 12 months ended June 30, 2008, the company
reported revenues and EBITDA of about US$4.9 billion and US$400
million, respectively.

Headquartered in San Juan, Mexico, Controladora Comercial Mexicana
SAB de CV (a.k.a. CCM) -- http://www.comerci.com.mx-- is a  
holding company that operates several chains of retail stores as
well as a chain of family restaurants under the Restaurantes
California brand name through its subsidiaries.  In addition, the
company owns a 50% interest in the Costco de Mexico, a joint
venture with Costco Wholesale Corporation, which operates a chain
of membership warehouses in Mexico.  Its store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio.


CONTROLADORA COMERCIAL: Liability Increases Cue Fitch's BB Ratings  
------------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Ratings and
outstanding debt ratings of Controladora Comercial Mexicana S.A.B.
de C.V. as:

  -- Local currency issuer default rating to 'BB' from 'BBB-';
  -- Foreign currency issuer default rating to 'BB' from 'BBB-';
  -- US$200 million senior notes due 2015 to 'BB' from 'BBB-';
  -- MXN3 billion senior notes due 2027 to 'BB' from 'BBB-';
  -- Long-term National scale to 'A(mex)' from 'AA(mex)';
  -- Short-term National Scale to 'F-1(mex) from 'F1+(mex)'.

Fitch has also placed the company on Rating Watch Negative.

The rating actions follow the announcement made by Controladora
Comercial that its liabilities have significantly increased due to
exchange rate volatility.  As a consequence of this situation, the
company is in process of re-negotiating with its creditors to meet
those liabilities.  It has not stated what type of liabilities,
what is the amount or who are the creditors.  The Rating Watch
Negative will be resolved following the evaluation of these
additional liabilities and the potential implications to the
company's creditworthiness, as well as assess the expected credit
quality of the company.

Controladora Comercial recorded revenues of US$5.05 billion for
the last twelve months ended June 30, 2008.  At the same date, the
company operated a total of 217 stores, the majority of which are
located in Central Mexico (including Mexico City).  It operates
seven store formats: Comercial Mexicana, a service-oriented
supermarket; Mega, a hypermarket; Bodega and Alprecio, value-
priced supermarkets; Sumesa, a value-priced neighborhood
supermarket; Costco, under a joint venture with Costco Wholesale
Corp. and City Market, a high purchasing power segment
supermarket.  In addition, the company operates a chain of 73
family-style restaurants.

Headquartered in San Juan, Mexico, Controladora Comercial Mexicana
SAB de CV (a.k.a. CCM) -- http://www.comerci.com.mx-- is a  
holding company that operates several chains of retail stores as
well as a chain of family restaurants under the Restaurantes
California brand name through its subsidiaries.  In addition, the
company owns a 50% interest in the Costco de Mexico, a joint
venture with Costco Wholesale Corporation, which operates a chain
of membership warehouses in Mexico.  Its store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio.


EMPRESAS ICA: Discloses Financial Position; Reaffirms 2008 Outlook
------------------------------------------------------------------
Empresas ICA S.A.B de C.V. has informed the market that the it
does not expect to experience any material adverse effect from
recent movements in the interest rate and foreign exchange markets
in its results for the third quarter of 2008 or through the date
of this communication.

The policy of ICA is to finance those projects that require
financing in the same currency as the source of payment.  
Furthermore, the company does not expect to incur any adverse
material impact from financial derivative positions undertaken as
part of the financing of projects.

Of the total consolidated backlog of MXN37,352 million as of
June 30, 2008, more than 90% has the long term financing required
already contracted for; the balance is in the process of being
completed.

ICA reaffirms its outlook for 2008.  The company expects to
increase revenues between 15 and 20% as compared to 2007 and to
generate an Adjusted EBITDA margin higher than the 10% generated
last year.

ICA also states that it has no commercial or financial
relationship with Lehman Brothers.

Finally, the company states, in response to request from the
regulatory authorities, that there are no material developments
that have not been disclosed to the marrket, and the recent
movements in the share price movements responds to the markets.

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

                              *     *     *

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


* MEXICO: Research & Markets' Insurance Report in Q3 2008
---------------------------------------------------------
Research and Markets has announced the addition of the "Mexico
Insurance Report Q3 2008" report to their offering.

Research and Markets' Mexico Insurance Report provides independent
forecasts and competitive intelligence on Mexico's insurance
industry.

In Q308, the key change is that Research and Markets has
incorporated much more information about the companies that are
operating across the regions of which each country is a part.  
Research and Markets has sought to make it much clearer who is
operating in each country and under what name(s).  Perhaps equally
importantly, its profiles make it plain which multi-national
companies are not operating in each country.

In Latin America, Research and Markets profiles 21 companies.  
These are AEGON, AGF, AIG, Allianz, AXA, Cardif, CNP, Generali,
HDI-Talanx, HSBC Insurance, ING, Liberty Mutual, MAPFRE, MetLife,
New York Life, Prudential Financial, QBE, RSA, the Hartford,
Principal Financial, and Zurich.

Research and Markets also looks at various of the local firms that
are active.  In general, they are small-to-medium sized operations
by world-standards.  However, several of the leading Brazilian
insurers would rank as extremely large even in a major market.

For almost all the countries whose reports Research and Markets is
updating, Research and Markets is also able to include actual data
for calendar 2007: this was not the case for its Q208 reports.

In 2007, total premiums in Mexico rose by 16% to MXN193,606
million.  Non-life premiums rose by 18% to MXN114,228 million,
while Life premiums rose by 14% to MXN79,378 million.

Between now and the end of the forecast period, Research and
Markets expects that annual Non-life premiums will grow by MXN
33,611 million, while annual Life premiums should increase by MXN
82,820 million.  Growth in Non-life premiums should be driven by
the general growth in nominal GDP.  However, Research and Markets
is looking for Non-life penetration to slip slightly from the
current level of 1.18% of GDP to 1.10%. Growth in Life premiums
should be driven by the change in the overall population and a
rise in life density from US$66.84 to US$120.00 per capita.  
Research and Markets' Insurance Business Environment Rating is
64.0.

Key Topics Covered:  
   
The Sector At A Glance  

Table: Overview Of Mexico's Insurance Sector  

Key Insights On Mexico's Insurance Sector  

SWOT Analysis  

Mexico Insurance Industry SWOT  

Development Of Research and Markets' Insurance Reports  

Projections And Forecasts  

Table: Premiums - Historical Data And Forecasts, 2005-2012  

Projections And Drivers Of Growth  

Table: Growth Drivers  

Country Update  

Macroeconomic Outlook  

Table: Mexico - Economic Activity  

Political Outlook  

Table: Mexico - Insurance Business Environment Indicators  

Table: Latin America Insurance Business Environment Rankings  

Regional Context  

Table: Non-Life Premiums In A Regional Context, 2007  

Table: Life Premiums In A Regional Context, 2007  

Table: Latin America Insurance Business Environment Rankings  

Analysis Of Competitive Conditions  

Regional Overview  

Latin America  

Mexico - Non-Life Segment  

Mexico - Life Segment  

Company Profiles:

  -- AEGON  
  -- AGF  
  -- AIG  
  -- Allianz  
  -- AXA  
  -- Cardif  
  -- CNP  
  -- Generali  
  -- HDI-Gerling  
  -- HSBC Insurance  
  -- ING  
  -- Liberty Mutual  
  -- MAPFRE  
  -- MetLife  
  -- New York Life  
  -- Prudential Financial  
  -- QBE  
  -- RSA  
  -- The Hartford  
  -- The Principal  
  -- Zurich  
  -- Methodology  
  -- Basis Of Projections  
  -- Insurance Business Environment Rating  
  -- Table: Insurance Business Environment Indicators And
Rationale  
  -- Table: Weighting Of Indicators  
   
Companies Mentioned:  
   
  -- AEGON  
  -- AGF  
  -- AIG  
  -- Allianz  
  -- AXA  
  -- Cardif  
  -- CNP  
  -- Generali  
  -- HDI-Gerling  
  -- HSBC Insurance  
  -- ING  
  -- Liberty Mutual  
  -- MAPFRE  
  -- MetLife  
  -- New York Life  
  -- Prudential Financial  
  -- QBE  
  -- RSA  
  -- The Hartford  
  -- The Principal  
  -- Zurich



=======
P E R U
=======

* PERU: Grants Pipeline Concession Deal to Conduit's Unit
---------------------------------------------------------
Conduit Capital Partners, a private equity investment firm, has
announced that its subsidiary, Kuntur Transportadora de Gas, has
been awarded a 30-year concession contract by the government of
Peru to build a 700-mile pipeline that will carry natural gas from
the Camisea gas fields to the port of Ilo in southern Peru.

Development and construction costs for the pipeline, known as the
Gasoducto Andino del Sur (GAS), are estimated to be US$1.4
billion.  The pipeline will deliver attractively priced gas that
is expected to help spur economic growth in Peru's southern
region, which will begin facing power shortages as soon as 2011.

Conduit is expected to begin the full development of the project,
including the signing of firm off-take contracts, environmental
studies, detailed engineering, financial structuring and the
incorporation of additional equity participants.  Construction is
expected to begin in 2010 and the pipeline should be operational
by the end of 2012.

Kuntur president Samuel D. Gómez, as cited by The Financial Times,
said that "[the project] will be a major economic driver in this
region for years to come.  The south is the most economically
deprived area in the country and in addition to the pipeline we
could see billions of dollars of incremental investment, including
petrochemical plants, power plants and cement plants."

Melrose Arch, South Africa-based Conduit Capital Limited is an
investment holding company that holds listed and unlisted equities
and cash resources.  The company operates in five divisions: Head
Office and Treasury, which is engaged in corporate services and
treasury; Conduit Insurance and Risk Services, which is engaged in
insurance, advisory, broking and risk services; Conduit Direct,
which is engaged in call centre, credit recovery and
administration services; Conduit Private Equity, which is engaged
in the development oriented private equity services, and Conduit
Finance Services, specialized finance and fund management.

                          *     *     *

As reported by the Troubled Company Reporter on Aug. 21, 2008,
Moody's Investors Service upgraded the foreign-currency bond
rating of the government of Peru to Ba1 from Ba2 in light of
significant and sustained reductions in foreign-currency related
credit vulnerabilities.

The foreign-currency country ceiling for bonds and notes was
also upgraded to Baa3 from Ba1, and the country ceiling for
foreign-currency bank deposits was raised to Ba2 from Ba3.
Also, the short-term foreign-currency bond ceiling was raised to
Prime-3 (P-3) from Not Prime.  All ratings have a stable
outlook.



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

HORIZON LINES: To Release 3rd Quarter 2008 Financials on Oct. 24
----------------------------------------------------------------
Horizon Lines, Inc. will release third-quarter financial results
before the stock market opens on Oct. 24, followed by a conference
call at 11:00 a.m. Eastern Time.

During the conference call, senior executives will review the
company's financial results and discuss business developments for
the 2008 third quarter.

These executives will be in attendance during the call:

  * Charles G. Raymond, Chairman, President and Chief Executive
    Officer;

  * John V. Keenan, President and Chief Operating Officer of
    Horizon Lines, LLC;

  * Brian W. Taylor, President and Chief Operating Officer of       
    Horizon Logistics, LLC;

  * John W. Handy, Executive Vice President; and

  * Michael T. Avara, Senior Vice President and Chief Financial
    Officer.

Investors can listen to the conference call and view the
accompanying slide presentation by going to the Horizon Lines
website, and selecting the conference link on the Investor
Relations page.  Copies of the presentation that accompanies the
call can be downloaded from the Horizon Lines website.

To participate in the call: Tel. Number: 1-800-218-0713

A replay of the conference call will be accessible for one week
through:
  
    Tel. Number: 1-800-405-2236
    Passcode: 11121063#

The recording will be available approximately two hours after
completion of the call.   The replay also will be archived on the
Horizon Lines website for 90 days.

                        About Horizon Lines

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizon-lines.com/-- is a domestic
ocean shipping and integrated logistics company comprised of two
primary operating subsidiaries.  Horizon Lines LLC operates a
fleet of 21 U.S.-flag containerships and 5 port terminals linking
the continental United States with Alaska, Hawaii, Guam,
Micronesia, Asia and Puerto Rico.  Horizon Logistics LLC offers
customized logistics solutions to shippers from a suite of
transportation and distribution management services designed by
Aero Logistics, information technology developed by Horizon
Services Group and intermodal trucking and warehousing services
provided by Sea-Logix.

                          *     *      *

As reported in the Troubled Company Reporter-Latin America on
May 27, 2008, Standard & Poor's Ratings Services has revised its
outlook on Horizon Lines Inc. to negative from stable.  S&P
affirmed the 'BB-' long-term corporate credit rating.  At the same
time, S&P affirmed the 'BB+' rating on the senior secured debt
while leaving the recovery rating on this debt unchanged at '1',
indicating expectations of a substantial (90%-100%) recovery in
the event of a payment default.

In addition, S&P affirmed the 'B' rating on the senior unsecured
notes while leaving the recovery rating unchanged at '6',
indicating expectations of a negligible (0%-10%) recovery in the
event of a payment default.


TRADEWINDS AIRLINES: Refusal on Unprofessional Pleas Led to Bankr.
------------------------------------------------------------------
Tammy Stables Battaglia at Detroit (Michigan) Free Press reports
that Donald V. Watkins, who owned a 77% stake in TradeWinds
Airlines Inc., told the U.S. District Court in Detroit that his
refusal to grant unprofessional requests led to the demise of city
pension funds invested with the airline company.

According to Detroit Free Press, the refusal of these requests led
the board to declare TradeWinds Airlines in default on a
US$30.1 million pension fund loan:

-- the hiring of a pension board trustee's relative,

-- donation to former Mayor Kwame Kilpatrick's legal defense
  fund,

-- cash contribution requests from trustees,

-- use of Mr. Watkins corporate jet aircraft for
  inappropriate purposes, and

-- a request by a trustee that Mr. Watkins meet and confer
  with a representative of hers who was the subject of an
  active City Hall-related federal bribery investigation.

Detroit Free Press relates that the Police and Fire Retirement
System and the city's General Retirement System invested about
US$30.9 million in TradeWinds Airlines in February, through Mr.
Watkins' firm, Watkins Aviation. The pension boards' trustees
approved additional investments into TradeWinds Airlines in April
and May, Detroit Free Press says. Mr. Watkins claimed that the
trustees' attitude toward the investment changed for the worse
after he refused to participate in a "pay-to-play" scheme, the
report states.

The pension funds claimed that the legal proceedings started
because Mr. Watkins missed making a capital contribution in March,
court documents say.

                     About TradeWinds Airlines

Headquartered at the Triad International Airport in Greensboro,
North Carolina, TradeWinds Airlines LLC -- http://www.tradewinds-
airlines.com/ -- operates A300-B4F freighter aircraft for domestic
and foreign customers. The company has operations at Miami
International Airport and in Puerto Rico.

The airline filed for Chapter 11 protection on July 25, 2008
(Bankr. S. D. Fla. Case No. 08-20394). Scott L. Baena, Esq., at
Bilzin Sumberg Baena Price & Axelrod LLP represents the airline in
its restructuring effort. The airline listed assets of between
US$1 million and US$10 million, and debts of between US$10 million
and US$50 million.


W HOLDING: Promotes Carlos Davila to Chief Operating Officer
------------------------------------------------------------
W Holding Company Inc. promoted Carlos Davila to Chief Operating
Officer, effective October 6, 2008.

Since October 1, 2007, Mr. Davila, age 45, has served as an
Executive Vice President and the Chief Retail Officer of the Bank.  
Mr. Davila will continue to serve as the Bank’s Chief Retail
Officer.

There are no arrangements or understandings between Mr. Davila and
any other person pursuant to which Mr. Davila was promoted to
serve as Chief Operating Officer of the company.  There are no
family relationships between Mr. Davila and any director or
executive officer of the Company. There has been no transaction
nor are there any proposed transactions between the Company and
Mr. Davila that would require disclosure pursuant to Item 404(a)
of Regulation S-K.

In connection with his promotion, Mr. Davila’s current annual base
salary has been established at US$425,000.  All other terms of Mr.
Davila’s employment agreement and Payment Agreement, filed as
Exhibits 99.1 and 99.2 to the company’s current report on Form 8-K
filed with the SEC on October 3, 2007, remain unchanged.

The foregoing summary is qualified in its entirety by reference to
the Employment Agreement and Payment Agreement.

                          About W Holding

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

                    Non-Compliance Notification

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

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


* BOND PRICING: For the Week October 6 - October 10, 2008
---------------------------------------------------------

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

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

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

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

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

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

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

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

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

                            ***********

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

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

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

                            ***********


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

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