TCRLA_Public/081015.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

            Wednesday, October 15, 2008, Vol. 9, No. 205

                            Headlines

A R G E N T I N A

* ARGENTINA: Summons Mercosur Members to Deal With Global Crisis


B E R M U D A

AMERICAN INTERNATIONAL: Gov't to Name Trustees to Manage Stake
FOSTER WHEELER: UK Unit Bags FEED Contract From BP Exploration


B O L I V I A

COEUR D'ALENE: Reports 2008 Production Guidance and Updates


B R A Z I L

FIDELITY NATIONAL: To Release 3rd Quarter Fin'l Results on Oct. 27
FORD MOTOR: U.S. Chief Dismisses Rumor of Mazda Stake Sale
GENERAL MOTORS: In Talks with Cerberus to Acquire Chrysler
GOL LINHAS: To Implement New Route Network Effective October 19
TAM LINHAS: Starts Daily Flights to Orlando; Joins Star Alliance

* BRAZIL: To Inject US$45.5 Billion in Banks, Unfreezes Lending


C A Y M A N  I S L A N D S

JP MORGAN PARTNERS: Final Shareholders Meeting Is on Oct. 17
JP MORGAN: Holding Final Shareholders Meeting on Oct. 17
LA SEED: Filing for Proof of Claim Deadline Is Oct. 17
MARS CDO I: Deadline for Proof of Claim Filing Is Oct. 17
MOSVOLD DRILLING: Holds Final Shareholders Meeting on Oct. 17

MOSVOLD DRILLING I: Sets Final Shareholders Meeting on Oct. 17
MOSVOLD DRILLING II: Final Shareholders Meeting Is Oct. 17
Q-BEAR FUNDING: To Hold Final Shareholders Meeting on Oct. 17
R-BEAR FUNDING: Holding Final Shareholders Meeting on Oct. 17
SEED CAYMAN: Proof of Claim Filing Deadline Is Oct. 17

SCORPIO AVIATION: Sets Final Shareholders Meeting on Oct. 17
TAIWAN HOLDINGS: Final Shareholders Meeting Is on Oct. 17
WELL INVESTMENTS: Final Shareholders Meeting Set for Oct. 17


C H I L E

* CHILE: Mulls Auction of US$700MM Deposits to Boost Liquidity


C O L O M B I A

AMERICAN INT'L: Aware of Potential Woes in Valuing Contracts


E L  S A L V A D O R

BANCO HSBC: S&P Holds BB+/B Counterparty Credit Rtng, Outlook Neg.


H A I T I

AMERICAN INTERNATIONAL: Eyes Single Buyer for LatAm Units


J A M A I C A

SUGAR CO: Indiscipline Slows Down Divestment, JSCGA Chair Says


M E X I C O

CONTROLADORA COMERCIAL: Fitch Cuts Ratings to D on Failed Payments
CORPORACION DURANGO: Wins Restraining Order Against U.S. Lawsuits
GRUMA SAB: Noncash Losses Prompt S&P to Cut Credit Ratings to BB
GRUPO POSADAS: S&P Cuts Debt Ratings to BB and Places on WatchNeg

* MEXICO: Moody's Places Negative Outlook to Banking Industry


P E R U

* PERU: Mulls Issuance of US$600 Million International Bonds
* PERU: Cabinet Member Resigns Over Oil Concessions Scandal


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Mr. Harnarine Balks at Liquidation, Files Appeal


U R U G U A Y

NAVIOS MARITIME: Takes Delivery of Navios Ulysses Vessel


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Commences Construction of Santa Ines Plant

* VENEZUELA: Warns Bond Prices Fall to Historic Lows

* Fitch Reports Rating Actions for 37 LatAm Companies in September
* Latin American Stocks Gain on Unveiled Rescue by Central Banks


                         - - - - -


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

* ARGENTINA: Summons Mercosur Members to Deal With Global Crisis
----------------------------------------------------------------
Brazzil Magazine reports that Argentina wants an urgent meeting
with Brazil and the other Mercosur country members in order to
coordinate positions which would help address the impact of the
current global financial crisis and its possible impact on the
region.

"We've proposed that the Common Market Council meets, that Foreign
Affairs and Economy ministers get together because it's obvious
we're going through very special times and we must exchange
opinions", Brazzil Mag notes, citing Minister Jorge Taiana during
an October 8 interview.

According to Brazzil Mag, the announcement followed another bleak
day for Latin-American markets and currencies dragged by the
collapse of Wall Street and the global lack of confidence.

Mr. Taiana, the report says, did not advance a place or day for
the ministerial summit but he did insist the purpose was "to
exchange opinions, information, coordinate positions and have
common replies, and particularly share a common assessment of the
evolution of the situation".

Report says that Latin-American markets have been falling for
several weeks now, fearing a strong slowdown in the world's
leading economies, which will impact on the solid regional growth
of the last few years and lead to a depreciation of commodity
prices.

The Mercosur Common Market Council is an executive body
responsible for the elaboration of the group's work agenda and
negotiating agreements with third parties in representation of
Mercosur.  Its agreements are resolutions and it is made up of
Foreign Affairs and Economy ministers plus central bank
presidents, according to the report.

                           *     *     *

The Troubled Company Reporter-Latin America reported on Aug. 13,
2008, that Standard & Poor's Ratings Services lowered 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 E R M U D A
=============

AMERICAN INTERNATIONAL: Gov't to Name Trustees to Manage Stake
--------------------------------------------------------------
Sudeep Reddy at The Wall Street Journal reports that the Federal
Reserve will appoint trustees to oversee the U.S. government's
almost 80% stake stake in American International Group, Inc.

According to WSJ, the central bank will select within two weeks
three individuals with business experience to manage the stake and
voting rights in AIG, taking over that role from the Federal
Reserve and Treasury officials.

WSJ states that the trustees would eventually sell the government
shares, and the proceeds would go into federal coffers.  The
report says that the trustees would hire their own advisers.

WSJ relates that as lender, the Federal Reserve is responsible for
ensuring that AIG pays interest on the government loan and repays
the central bank.  According to the report, the government might
want to operate AIG more aggressively to boost the company's
value, to ensure that taxpayers have a better chance of being
rewarded.

AIG, says WSJ, will maintain a board of directors, but the loan
agreement allows the trustees to appoint or replace the directors.
AIG said in a statement that its agreement with the government
requires the company "to use reasonable efforts" to make its board
"satisfactory to the trust" within 10 days of the trust's
creation.

Federal Reserve officials expect to remain involved in discussions
about asset sales as they are critical to the AIG loans being
repaid, WSJ states.

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

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

The 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 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 the 'A+' counterparty credit
and financial strength ratings on most of AIG's insurance
operating subsidiaries -- to CreditWatch developing from
CreditWatch negative.

S&P 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.

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

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

                       *     *     *

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

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


FOSTER WHEELER: UK Unit Bags FEED Contract From BP Exploration
--------------------------------------------------------------
Foster Wheeler Ltd.'s UK-headquartered subsidiary Foster Wheeler
Energy Limited, part of its Global Engineering and Construction
Group, has been awarded a front-end engineering design (FEED)
contract by BP Exploration (El Djazair) Limited on behalf of the
In Salah Gas Joint Venture for the Southern Fields Development
Project in Algeria.

The Foster Wheeler contact value for this project was not
disclosed, and will be included in the company’s fourth-quarter
2008 bookings.

In Salah Gas (ISG), the largest dry gas joint-venture development
in the country, involves the development of seven proven gas
fields in the southern Sahara, 1,200 km south of Algiers.  On-
stream since July 2004, ISG produces approximately nine billion
cubic meters of gas per year from three northern fields. It is
also the world’s first full-scale carbon dioxide capture project
at an onshore gas field.  The ISG venture is run as an Association
between Sonatrach, BP and StatoilHydro.

The objective of the In Salah Southern Gas Fields Development
Project, the second phase of the ISG development, is to maintain
gas production at plateau levels when production from the three
northern fields goes into decline.  It involves the development of
the four fields to the south of the current development, Garet el
Befinat, Hassi Moumene, In Salah and Gour Mahmoud, located around
the town of In Salah in the Walia of Tamanrasset.

Foster Wheeler will update the basis of design, develop the
technical data, specifications and requisitions and provide a
detailed cost estimate in order to define the engineering,
procurement and construction (EPC) scope of work.

“One of our key strengths is the design and execution of large,
technically complex projects in challenging environments, so we
are delighted to have been selected by In Salah Gas for the second
phase of this significant development,” said Michael J. Beaumont,
chairman and chief executive officer, Foster Wheeler Energy
Limited.  “The Foster Wheeler team will bring together its
specialist expertise in gas field development, pipelines, and the
execution of major projects to deliver a high quality FEED which
meets schedule and plant availability objectives,
while also taking full account of the environmental and social
sensitivities of development in proximity to the local In Salah
community.”

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 28, 2008, Moody's Investors Service upgraded Foster
Wheeler LLC's corporate family rating to Ba2 from Ba3, and
raised its probability of default Rating to Ba2 from Ba3.  The
outlook continues to be positive.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2008, Standard & Poor's Ratings Services revised its
outlook on Foster Wheeler Ltd. to positive from stable.  At the
same time, S&P affirmed its 'BB' corporate credit rating on the
company.  The company reported total debt of approximately
US$150 million at Sept. 30, 2007.



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B O L I V I A
=============

COEUR D'ALENE: Reports 2008 Production Guidance and Updates
-----------------------------------------------------------
Coeur d'Alene Mines Corporation has provided updates on production
activities at its San Bartolome silver mine in Bolivia,
construction activities at its Palmarejo silver and gold project
in northern Mexico, and exploration and operational activities at
its Cerro Bayo silver and gold mine in Chile.

Coeur confirmed its production guidance of approximately 13
million ounces of silver for 2008 and announced that, based on
preliminary results for the third quarter of 2008, it expects
lower revenue and a net loss in the quarter similar to the net
loss reported in the prior quarter, reflecting lower silver prices
and operational factors at San Bartolome and Cerro
Bayo.

The company has completed a comprehensive company-wide cost
reduction review, an initial component of which was a recently
enacted 50% reduction in the workforce at its Coeur Alaska
subsidiary.  The complete details of this review and cost
reduction plan will be discussed in greater detail when the
Company reports its full third quarter results on October 31st.

                          San Bartolome

Coeur reported that production at its new San Bartolome silver
mine in Bolivia continues to ramp-up. While costs have remained
high due to start-up related issues, Coeur anticipates operating
costs to decline as production levels continue to increase.

San Bartolome has produced approximately 730,000 ounces year-to-
date, with September production of nearly 390,000 ounces.  The
mine is expected to produce nearly 700,000 ounces in October and
approximately 3.2 million ounces in 2008.  Full production
capacity is expected to be achieved in the fourth quarter and the
2009 production forecast remains 9.0 million ounces of silver.

The company will provide a more detailed update and status report
in conjunction with the release of its third quarter results.

                            Palmarejo

Year-to-date, approximately US$140 million of capital has been
invested at Palmarejo, with increasing expenditures expected
through the remainder of the year as construction activities
continue to accelerate.

In its 2009 partial first year of production, Palmarejo is
expected to produce 5.1 million contained silver ounces and 67,000
ounces of gold.  The 2010 projected production -– solely from the
Palmarejo deposit -– is estimated to be 7.4 million ounces of
silver and 92,000 ounces of gold.

The company reported that the crusher, SAG mill and ball mills are
all scheduled for completion in December.  Tank construction is
expected to be completed next month, the on-site power station is
well advanced, and construction of a water supply pipeline to site
is also underway.  Construction activities on the tailings dam
facilities have also commenced.

Underground primary development is ahead of schedule to connect
the two main portals in mid-November, with approximately 500
meters remaining to breakthrough.  Surface activities remain on
schedule.  Both mining shovels are meeting original design
expectations with approximately 1.5 million tonnes of material
being moved per month.  Grade control drilling in the open pit has
commenced.  In addition, run-of-mine pad development is underway
in order to accommodate stockpiling of ore, which is expected to
begin later next month.  Finally, current operational and
technical personnel total 240, with training ongoing and hiring
underway for the remainder of the workforce.

Coeur’s exploration program is currently focused on geotechnical
and infill drilling in the Palmarejo deposit as well as expanding
and upgrading the mineral resources at the nearby Guadalupe
deposit.

The company is currently conducting engineering and economic
studies of the exploration results and the new mineral resources
at Guadalupe to evaluate conversion into proven and probable
reserves when the company reports year-end results.

                            Cerro Bayo

The company has intersected a new vein structure named Delia
located near the existing processing facilities.  The vein is open
on strike and at depth with an estimated length of approximately
one kilometer, and attractive widths and grades in the initial
drilling.  In addition, the Company’s exploration efforts continue
to intersect numerous, narrow, very high-grade veins in the
Coigues Este area.

As previously announced, mining operations at Cerro Bayo are
transitioning away from the Marcela and Cascada veins and into the
Dagny and Fabiola veins located at Coigues Este in an effort to
reduce higher costs.  These two new mine areas are expected to be
the mine’s primary sources of production throughout 2009 and 2010.  
During this transition, particularly during the third quarter,
costs will be high, but are expected to decline as tonnages from
Dagny and Fabiola increase late in the fourth quarter and into
2009.

The company will provide drill result information and a more
detailed overview of operational results when it issues its third
quarter results on October 31.

                       About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                            *     *     *

Coeur d'Alene Mines Corp.'s US$180 million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.



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B R A Z I L
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FIDELITY NATIONAL: To Release 3rd Quarter Fin'l Results on Oct. 27
------------------------------------------------------------------
Fidelity National Information Services Inc. will announce third
quarter 2008 financial results after the close of regular market
trading on Monday, October 27, 2008.

The company will also sponsor a live webcast of its quarterly
earnings conference call with the investment community beginning
at 5:00 pm.  Eastern time on the same day.  To access the webcast,
go to the Investor Relations section of FIS' homepage,
www.fidelityinfoservices.com.  A replay will be available after
the conclusion of the live webcast.

Based in Jacksonville, Florida, Fidelity National Financial,
Inc. (NYSE:FNF) -- http://www.fnf.com/-- provides title
insurance, specialty insurance, claims management services and
information services.  FNF is one of the nation's largest title
insurance companies through its title insurance underwriters --
Fidelity National Title, Chicago Title, Ticor Title, Security
Union Title and Alamo Title -- that issue approximately 28% of
all title insurance policies in the United States.  FNF also
provides flood insurance, personal lines insurance and home
warranty insurance through its specialty insurance business.
FNF also provides outsourced claims management services to large
corporate and public sector entities through its minority-owned
subsidiary, Sedgwick CMS.  FNF is also an information services
company in the human resource, retail and transportation markets
through another minority-owned subsidiary, Ceridian Corporation.

FIS maintains a strong global presence, serving over 7,800
financial institutions in more than 60 countries worldwide,
including Brazil, Chile and Japan.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
July 4, 2008, Moody's Investors Service has confirmed Fidelity
National Information Services' Ba1 corporate family rating and
assigned a stable rating outlook.  This rating confirmation
concludes the review for further possible downgrade initiated on
Oct. 25, 2007, which was prompted by the company's announcement
that the company planned to spin-off its Lender Processing
Services (LPS) division into a separate publicly traded company.
The LPS spin-off was completed on July 2, 2008.

Fitch expects to upgrade these Fidelity ratings:

  -- Issuer Default Rating to 'BB+' from 'BB';

  -- US$900 million secured revolving credit facility to 'BBB-'
     from 'BB+';

  -- Secured term loan to 'BBB-' from 'BB+';

  -- 4.75% senior notes (equally and ratably secured with the
     bank facility) to 'BBB-' from 'BB+'.

Fitch's rating outlook is expected to be stable.


FORD MOTOR: U.S. Chief Dismisses Rumor of Mazda Stake Sale
----------------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co.'s chief of U.S. operations, Mark Fields, said that reports
about the company selling its controlling stake in Mazda Motor Co.
are speculative.

Citing two people familiar with the matter, WSJ states that Ford's
board approved the possible sale as part of an effort to boost its
finances amid a drop in global auto sales and investor questions
about the company's cash reserves.

WSJ relates that on Monday, Mr. Fields said that Ford and Mazda
have worked closely over the decades on the basic architecture of
vehicles that each company sells under different model names, but
the companies would be able to function without the other because
their design and manufacturing operations remain wholly
independent.  According to the report, Mr. Fieds told reporters at
an event for Ford's new F-150 pickup truck, "Each company has the
full capability" to bring their products to market without the
other.

Ford and Mazda are operationally independent despite joint
ventures, WSJ says, citing Mr. Fields.  According to the report,
Mazda and Ford run some joint ventures around the world, including
the Auto Alliance International plant in Flat Rock, Michigan.  
Ford will keep at least part of its interest in Mazda because of
their joint design and manufacturing operations, the report says,
citing a person familiar with the company's plans.

                   About Ford Motor Co.

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 13, 2008, Fitch Ratings downgraded the Issuer Default Rating
of Ford Motor Company and Ford Motor Credit Company by one notch
to 'CCC' from 'B-'.


GENERAL MOTORS: In Talks with Cerberus to Acquire Chrysler
----------------------------------------------------------
General Motors Corp. has been in talks to acquire Chrysler LLC,
Jeffrey McCracken and John D. Stoll at The Wall Street Journal
reporty, citing people familiar with the matter.

According to WSJ, the sources said that Chrysler owner Cerberus
Capital Management LLC proposed a swap in which GM would acquire
Chrysler's automotive operations, and in turn give Cerberus its
remaining 49% stake in GMAC.  The sources told WSJ that the
problems in the financial markets has halted talks between
Cerberus Capital and GM, but the talks could be renewed once
markets stabilize.  One of the sources said that GM wants to let
go of its 49% stake in GMAC due to the negative impact the once-
profitable finance arm is having on its balance sheet, WSJ
reports.

A source said that GM expects as much as US$10 billion in cost-
cutting if it reaches a deal with Cerberus Capital, WSJ relates.  
"Without referencing this specific rumor, as we've often said, GM
officials routinely discuss issues of mutual interest with other
auto makers.  As a policy, we do not confirm or comment publicly
on those private discussions, which in many cases do not lead
anywhere," GM spokesperson quoted Tony Cervone as saying.

Cerberus Capital agreed in 2006 to acquire a majority stake in
GMAC for US$14 billion.  According to WSJ, Cerberus Capital was
hoping to gain from GMAC's then-profitable mortgage arm Rescap;
expand the car-lending business in a global auto industry that was
projected to grow rapidly; and that by de-linking GMAC from GM,
the lending company's credit rating would improve, lowering its
cost of capital.  

GMAC's value has declined in recent quarters due to exposure to
subprime home loans, car loans, and leases, WSJ states.  The GMAC
stake is currently valued at US$6 billion to US$7 billion, WSJ
says, citing people familiar with the discussions.  According to
the report, GM is considering various options for GMAC amid
difficulties in raising money for loans and an unwillingness at
GMAC to continue offering dealers and buyers cheap financing.

WSJ reports that if negotiations with GM fail, Cerberus Capital
will continue exploring options for Chrysler.  GM, says WSJ, had
backed off from a potential acquisition of Chrysler when it was
being sold by Daimler.

Sources said that by acquiring Chrysler, GM could lessen costs by
cutting plants, blue-collar jobs and corporate overhead, WSJ
states.  According to WSJ, investors might worry that GM would be
acquiring more troubled operations while it is still trying to fix
its own problems, shedding nameplates and dealers of its own.

WSJ relates that GM's fund-raising drive could benefit from
acquiring Chrysler, which has been able to hoard cash despite
dropping sales and production in its U.S. market, by backing away
from many capital-intensive projects, like constructs new
component plants, over the past 14 months.  GM's fund-raising
drive is slated to raise US$15 billion over the next 15 months
through asset sales, secured financing, and cost cuts, WSJ states.

WSJ reports that a GM-Chrysler deal would involve the
rationalizing of more than 100 automotive plants and 190,000
workers in North America, and would likely force a streamlining of
11 automotive brands -- from Chrysler to Cadillac -- and more than
10,000 auto dealers in the U.S., Mexico, and Canada.

Cerberus Capital appears undaunted by problems with its GMAC
investment, according to WSJ.  The report states that Cerberus
Capital's chief said in a letter to its investors in September,
"This is an historic opportunity in the U.S. residential and
commercial real estate markets.  Both whole loans and mortgage
securities are trading at, in our view, ridiculously low
historically distressed levels, and pressures on financial
institutions globally to relieve their balance sheets of these
assets have created a unique and attractive distressed investing
opportunity....While we have received a lot of press about certain
companies and their problems, not only will these companies not
have a significant effect on our performance, but they all, in our
view, are conservatively valued and some may have real upside from
the mark."

            GM Board May be Skeptic on Chrysler Deal

General Motors Corp.'s board may be skeptic about the firm's
acquisition of Chrysler LLC, John D. Stoll, Matthew Dolan, and
Neal E. Boudette at The Wall Street Journal report.

Citing people familiar with the matter, WSJ relates that the board
gave a "cool reception" to the planned acquisition after GM's
management discussed the matter at a meeting last week.

                      About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital               
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

                    About General Motors

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

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

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


GOL LINHAS: To Implement New Route Network Effective October 19
---------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. has received Anac (National
Civil Aviation Agency) approval to implement its new integrated
route network.  The new timetable, currently available on the
company’s web site, will be effective beginning October 19, 2008.

The new network compliments the company’s unified structure by
eliminating overlapping routes and schedules between GOL and
VARIG.  The new network will also improve flight occupancy levels
by allowing the Company to increase offerings in markets where it
has consolidated operations while also allowing for new
connections between previously unlinked cities.  

“These network changes, implemented to optimize operations and
increase customer options, position GOL as the airline company
with the most extensive and convenient timetable in South
America,” says Wilson Maciel Ramos, GOL’s vice-president, planning
and IT.  “We now offer approximately 800 daily flights to 49
destinations in Brazil and ten important international
destinations in South America.”

Under the new route network, GOL will operate the domestic flights
and short-haul flights to Asuncion (Paraguay), Buenos Aires,
Cordoba and Rosario (Argentina), Montevideo (Uruguay), Lima (Peru,
via Santiago), Santa Cruz de la Sierra (Bolivia) and Santiago (via
Buenos Aires).  VARIG will operate medium-haul international
flights to Bogota (Colombia), Caracas (Venezuela) and Santiago
(Chile).  This division was based on a profile of international
passengers traveling on flights longer than four hours, who are
predominantly business travelers and prefer more complete service.

In Brazil’s domestic market, GOL has improved the time and
frequency of flights at Congonhas Airport (Sao Paulo), the
company’s main hub in the country.  For example, the Company will
launch new direct flights to Londrina, Maringa and Caxias do Sul.  
GOL will also offer more convenient schedules to popular
destinations for business traveler, including the Rio de Janeiro
(Santos Dumont) – Sao Paulo (Congonhas) air shuttle, with
departures every 30 minutes.

At the regional level, the Company strengthened connections
between Fortaleza, Manaus, Recife and Salvador, major hubs in the
Northern and Northeast regions.  To improve operations in regional
markets, GOL will also launch direct flights between Cuiaba and
Porto Velho, Curitiba and Campo Grande, Rio de Janeiro (Tom Jobim-
Galeao) and Manaus, and Joao Pessoa and Salvador.  Direct flights
from Belo Horizonte (Confins) to Recife, Goiania, Curitiba and
Uberlandia were also created.  From the federal capital, Brasília,
GOL will offer direct flights to Campo Grande and Vitoria.  With
these new flights, customers in these regions will have easier
access to all destinations in the integrated route network.

In the international market the Company has changed the departure
times of VARIG flights departing from Bogota (Colombia), Caracas
(Venezuela) and Santiago (Chile) to Sao Paulo.  These changes will
offer more direct connections when a customer’s final destination
is Rio de Janeiro.  Similar changes were also made to GOL service
between Santa Cruz de la Sierra (Bolivia) to Sao Paulo.

New sales system With the integration of GOL and VARIG’s
operations into one, unique route network, the Company’s ticket
sales system and IATA codes will also be unified.  The entire
timetable, including VARIG’s inventory in the Iris and Amadeus
systems, will be gradually migrated to the New Skies system under
the G3 code.  By doing this the company will reduce costs and
simplify processes, simultaneously offering customers more
convenient options when purchasing tickets.

“In this first phase, all international VARIG flights will remain
available for sale through www.varig.com and travel agents.
However, as the Company integrates both systems, all Internet
sales and flight schedules for both brands will soon be available
on one website, www.voegol.com.br.  This will greatly assist
passengers in choosing the most convenient flight options,” says
Mr. Ramos.  “Additionally, VARIG’s customers will benefit from the
technological innovations already available at GOL, such as
checking-in or purchasing tickets via mobile phone.”


Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2008, Moody's Investors Service has downgraded all debt
ratings of GOL Linhas Aereas Inteligentes S.A. and GOL Finance --
Corporate Family Rating to B1 from Ba3.  At the same time, all
ratings were placed under review for possible further downgrade.


TAM LINHAS: Starts Daily Flights to Orlando; Joins Star Alliance
----------------------------------------------------------------
Brazil's TAM Linhas Aereas will begin operating its new daily
flight to Orlando, Florida, on November 21, Brazzil Magazine
reports.  This will be the company's 18th international
destination, which also has flights to the U.S. cities of New York
and Miami.

The airline's modern Airbus A330 aircraft, with a total capacity
of 213 passengers, will fly the new route, Brazzil Mag relates.  
The configuration will offer 42 executive class and 171 economy
class seats.

Brazzil Mag says the flights will depart daily from Guarulhos
International Airport in Sao Paulo at 11:30 a.m. (local time) and
arrive in Orlando at 5:00 p.m. (local time).  The return flight
will depart from Orlando at 6:50 p.m. (local time) and arrive in
Sao Paulo at 6:35 a.m. (local time).

TAM currently operates 18 weekly flights between Brazil and New
York City, as well as 28 flights to and from Miami.  All flights
receive and offer connections.

Paulo Castello Branco, Vice President of TAM's Commerce and
Planning, said "the new route is part of the company's strategy
for selective growth in the international market."

The fare for the new route begins at US$929 for economy class and
US$4,583 for executive class, round trip, not including taxes and
fees, Brazzil Mag says.

                     TAM Joins Star Alliance

TAM entered into the Star Alliance, the largest global alliance in
commercial aviation, currently made up of 21 of the world's
largest airlines and three regional companies that jointly operate
more than 18,100 flights daily, Brazzil Mag reported last week.

The move will result in further international brand recognition
for TAM, Brazzil Mag quotes Captain David Barioni Neto, CEO of
TAM, as saying.

The Chief Executive Board (CEB) of Star Alliance unanimously voted
to accept TAM as a member of the alliance, Brazzil Mag relates.

Brazzil Mag notes that TAM already has code-share agreements with
Lufthansa, TAP and United, all Star Alliance members, and has just
signed an agreement with Air Canada, also part of the global
alliance.  Once the Brazilian company completes the integration
process, the Star Alliance route network will expand to more than
1,000 destinations in 170 countries, offering more than 20,000
daily departures.

Once TAM becomes a full-fledged member of the global alliance, it
will share products and services in the 1,000 airports and 170
countries in which the organization operates, Brazzil Mag says.

TAM since the failure of flag carrier Varig has become Brazil's
leading airline, Brazzil Mag adds.

                     About TAM Linhas Aereas

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

                         *     *     *

TAM continues to hold Fitch Ratings' BB long-term issuer default
rating, BB local currency long-term issuer default rating, and
A+(BRA) national long-term rating.  Outlook is stable.  The
company's 7.375% senior unsecured notes due April 25, 2017 also
carry Fitch's BB long-term ratings.


* BRAZIL: To Inject US$45.5 Billion in Banks, Unfreezes Lending
---------------------------------------------------------------
Brazil would ease bank reserve requirements to inject as much as
to BRL100 billion or US$45.5 billion, of cash into the financial
system and unfreeze lending, Bloomberg reports.

Through an e-mail message, the central bank informed Bloomberg
that policy makers will free up the funds as needed.  The move
will eliminate requirements on time deposits as well as so-called
additional reserves for demand and time deposits that lenders must
keep at the central bank, according to the statement, Bloomberg
notes.

The measure, Bloomberg says, follows three reductions in reserve
requirements to free up BRL60 billion in the past three weeks.  
While Brazilian banks don't hold subprime mortgage assets that
triggered the U.S. financial crisis, panic in the markets
increased risk aversion and reduced funds available for smaller
lenders.

"The fact [that] the central bank disclosed a new measure is a
symptom that conditions remain adverse," Bloomberg quoted Roberto
Padovani, chief economist at Banco WestLB do Brasil in Sao Paulo,
as saying.

The report says that Brazilian policy makers last week tapped
international reserves to prop up the currency and said they're
ready to buy loans from lenders that may need cash.

                          *     *     *

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

JP MORGAN PARTNERS: Final Shareholders Meeting Is on Oct. 17
------------------------------------------------------------
J.P. Morgan Partners Global Investors (SafetyKleen I) Inc. will
hold its final shareholders meeting on Oct. 17, 2008, at 11:30
a.m., at the registered office of the company.

These matters will be taken up during the meeting:

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

J.P. Morgan's shareholder decided on July 15, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Walkers SPV Limited
               c/o Walker House
               87 Mary Street, George Town,
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Anthony Johnson
               Tel: (345) 914-6314


JP MORGAN: Holding Final Shareholders Meeting on Oct. 17
--------------------------------------------------------
J.P. Morgan Partners Global Investors (Selldown/SafetyKleen I)
Inc. will hold its final shareholders meeting on Oct. 17, 2008, at
11:30 a.m., at the registered office of the company.

These matters will be taken up during the meeting:

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

J.P. Morgan's shareholder decided on July 15, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Walkers SPV Limited
               c/o Walker House
               87 Mary Street, George Town,
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Anthony Johnson
               Tel: (345) 914-6314


LA SEED: Filing for Proof of Claim Deadline Is Oct. 17
------------------------------------------------------
La Seed GP LLC's creditors have until Oct. 17, 2008, to prove
their claims to E. Andrew Hersant and Christopher Humphries, 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.

La Seed's shareholders agreed on Aug. 28, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               E. Andrew Hersant and Christopher Humphries
               c/o Stuarts Walker Hersant
               P.O. Box 2510
               Grand Cayman, Cayman Islands
               Tel: (345) 949-3344
               Fax: (345) 949-2888


MARS CDO I: Deadline for Proof of Claim Filing Is Oct. 17
---------------------------------------------------------
Mars CDO I Ltd. will hold its final shareholders meeting on
Oct. 17, 2008, at 10:00 a.m., at the registered office of the
company.

These matters will be taken up during the meeting:

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

Mars' shareholder decided on Aug. 27, 2008, to place the company
into voluntary liquidation under The Companies Law (2004 Revision)
of the Cayman Islands.

The liquidator can be reached at:

               Walkers SPV Limited
               c/o Walker House
               87 Mary Street, George Town,
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Anthony Johnson
               Tel: (345) 914-6314


MOSVOLD DRILLING: Holds Final Shareholders Meeting on Oct. 17
-------------------------------------------------------------
Mosvold Drilling Ltd. will hold its final shareholders meeting on
Oct. 17, 2008, at 3:00 p.m., at Radhusgaten 3, 4611 Kristiansand,
Norway.

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

Mosvold Drilling's shareholders agreed on Aug. 20, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Morton Borge
               c/o Maples and Calder
               P.O. Box 309
               Ugland House, Grand Cayman
               Cayman Islands


MOSVOLD DRILLING I: Sets Final Shareholders Meeting on Oct. 17
--------------------------------------------------------------
Mosvold Drilling I Ltd. will hold its final shareholders meeting
on Oct. 17, 2008, at 3:00 p.m., at Radhusgaten 3, 4611
Kristiansand, Norway.

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

Mosvold Drilling's shareholders agreed on Aug. 20, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Morton Borge
               c/o Maples and Calder
               P.O. Box 309
               Ugland House, Grand Cayman
               Cayman Islands


MOSVOLD DRILLING II: Final Shareholders Meeting Is Oct. 17
----------------------------------------------------------
Mosvold Drilling II Ltd. will hold its final shareholders meeting
on Oct. 17, 2008, at 3:00 p.m., at Radhusgaten 3, 4611
Kristiansand, Norway.

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

Mosvold Drilling's shareholders agreed on Aug. 20, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Morton Borge
               c/o Maples and Calder
               P.O. Box 309
               Ugland House, Grand Cayman
               Cayman Islands


Q-BEAR FUNDING: To Hold Final Shareholders Meeting on Oct. 17
-------------------------------------------------------------
Q-Bear Funding Ltd. will hold its final shareholders meeting on
Oct. 17, 2008, at 9:00 a.m., at the registered office of the
company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               Walkers SPV Limited
               c/o Walker House
               87 Mary Street, George Town,
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Anthony Johnson
               Tel: (345) 914-6314


R-BEAR FUNDING: Holding Final Shareholders Meeting on Oct. 17
-------------------------------------------------------------
R-Bear Funding Ltd. will hold its final shareholders meeting on
Oct. 17, 2008, at 9:30 a.m., at the registered office of the
company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               Walkers SPV Limited
               c/o Walker House
               87 Mary Street, George Town,
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Anthony Johnson
               Tel: (345) 914-6314


SEED CAYMAN: Proof of Claim Filing Deadline Is Oct. 17
------------------------------------------------------
Seed Cayman LLC's creditors have until Oct. 17, 2008, to prove
their claims to E. Andrew Hersant and Christopher Humphries, 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.

Seed Cayman's shareholders agreed on Aug. 28, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               E. Andrew Hersant and Christopher Humphries
               c/o Stuarts Walker Hersant
               36A Dr Roy's Drive
               P.O. Box 2510
               Grand Cayman, Cayman Islands
               Tel: (345) 949-3344
               Fax: (345) 949-2888


SCORPIO AVIATION: Sets Final Shareholders Meeting on Oct. 17
------------------------------------------------------------
Scorpio Aviation will hold its final shareholders meeting on
Oct. 17, 2008, at 11:00 a.m., at the registered office of the
company.

These matters will be taken up during the meeting:

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

Scorpio Aviation's shareholder decided on Aug. 27, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Walkers SPV Limited
               c/o Walker House
               87 Mary Street, George Town,
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Anthony Johnson
               Tel: (345) 914-6314


TAIWAN HOLDINGS: Final Shareholders Meeting Is on Oct. 17
---------------------------------------------------------
Taiwan Holdings Co will hold its final shareholders meeting on
Oct. 17, 2008, at 10:30 a.m., at the registered office of the
company.

These matters will be taken up during the meeting:

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

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

The liquidator can be reached at:

               Walkers SPV Limited
               c/o Walker House
               87 Mary Street, George Town,
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Anthony Johnson
               Tel: (345) 914-6314


WELL INVESTMENTS: Final Shareholders Meeting Set for Oct. 17
------------------------------------------------------------
Well Investments Ltd. will hold its final shareholders meeting on
Oct. 17, 2008, at 10:00 a.m., at the offices of Rawlinson &
Hunter, One Capital Place, George Town, Grand Cayman, Cayman
Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and
   
   2) hearing any explanation that may be given by the
      liquidators.

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

The liquidators can be reached at:

                Peter D. Anderson and S. Alan Milgate
                c/o Rawlinson & Hunter
                P. O. Box 897
                Third Floor, One Capital Place
                George Town, Grand Cayman
                Cayman Islands
                Tel: (345) 949-7576
                Fax: (345) 949-8295



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

* CHILE: Mulls Auction of US$700MM Deposits to Boost Liquidity
--------------------------------------------------------------
Chile's government will auction US$700 million in deposits this
month to add liquidity to the banking system, Bloomberg News and
The Associated Press say, citing Finance Minister Andres Velasco.

Citing Mr. Velasco, the report relate that the government will
also provide US$850 million in financing to small and medium size
companies.

Mr. Velasco told Bloomberg that the government will be able to
maintain its spending plans despite the collapsing price of
copper, which accounts for about 38% of gross domestic product.  
The latest measures will complement moves by the central bank to
add liquidity to Chile's banking system after interbank lending
costs rose this month.

On October 9, Chile's central bank froze interest rates, citing
economic instability.  It plans to offer as much as US$5 billion
in foreign-currency swaps over the next six months, and will
accept bank deposits as repo collateral, Bloomberg notes.

After a meeting with Chilean President Michelle Bachelet,
Mr. Velasco, as cited by Bloomberg said in a news conference that
the government will relax rules on foreign investors, cutting
taxes for insurers, endowments and sovereign wealth funds that
invest in Chile.

According to the Associated Press, Chile's economy has been hit by
tanking copper prices, down more than 40% since their May peak -–
leading to its first monthly trade deficit in eight years in
September.  As the financial crisis sweeps world markets, Chile's
currency and stock markets have plummeted, with Santiago's
benchmark IPSA index down 25% in the past two weeks.

Chile's Central Bank last week offered local banks US$3 billion in
dollar-swaps and extended from 28 to 60 or 90 days the period
banks have to pay for those dollars in pesos, easing cash supply.  
The central bank also moved to hold its key interest rate at 8.3%
on October 9, slowing a decade of rate hikes, AP says.

President Bachelet, as cited by AP, insisted that Chile, which has
used recent record copper earnings to build up more than US$23
billion in foreign currency reserves, is "well prepared" to combat
the financial turmoil – but not invincible.



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

AMERICAN INT'L: Aware of Potential Woes in Valuing Contracts
------------------------------------------------------------
Documents from the congressional investigators indicate that top
American International Group Inc. officials were aware of
potential problems in valuing derivative contracts before the
transactions caused the company's shareholders severe pain, Liam
Pleven and Amir Efrati at The Wall Street Journal report.

WSJ relates that the derivative-contract problems would have
driven AIG into bankruptcy.  WSJ states that an investigation
began earlier this year on how candid company officials were with
investors at a December 2007 investor conference and whether
officials at AIG's financial-products unit, which sold the
derivatives contracts, misled AIG's outside auditor.

Joseph St. Denis, a former internal AIG auditor, said in a letter
to the House Committee on Oversight and Government Reform that in
early September 2007, that he learned that AIG's financial-
products unit had been asked for billions of dollars in collateral
related to derivatives it had sold, WSJ states.  According to the
report, Mr. St. Denis said, in a letter disclosed during the
congressional hearing on Tuesday, that he had early on raised
concerns about being excluded from conversations about the
valuation of the derivatives.

WSJ states that the derivatives, or credit-default swaps, protect
buyers against the risk of default on other investments.  WSJ says
that AIG believed that the possibility of making payouts was
remote.

The valuation model of one of AIG's trading partners "apparently
indicated" that the unit "was in a potentially material liability
position," WSJ says, citing Mr. St. Denis, who denied of his
involvement in the valuation of the swaps at AIG.  According to
WSJ, Mr. St. Denis said that in the last week of September 2007,
the unit's chief, Joseph Cassano, said that he had excluded Mr.
St. Denis "because I was concerned that you would pollute the
process."

WSJ reports that Mr. St. Denis said he resigned from AIG on
Oct. 1, 2007, and that he told AIG's chief auditor Michael Roemer
about Mr. Cassano's comment.  

A committee chairperson said that Mr. Cassano earned
US$280 million over eight years at AIG, WSJ states.  Mr. Cassano
left AIG in March and was slated to receive $1 million a month
through the end of this year, but the contract was terminated
before the congressional hearing, according to the report.

Determining the values for the swaps in a rapidly changing market
is complex and "it can't be the case that your [trading partner in
swaps transactions] is the definer of what the value is," WSJ
says, citing F. Joseph Warin, the attorney for Mr. Cassano.  
According to the report, Mr. Warin said that the supervision of
Mr. Cassano by AIG was transparent and interactive and Mr. Cassano
would continue to be cooperative with the investigation.

In November 2007, AIG said the swaps had dropped by
US$352 million in value, WSJ says.  A Pricewaterhouse official
said at an audit-committee meeting in January that the valuation
process for the swaps "needs improvement from a control
perspective," WSJ reports.

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

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

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

              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 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 the 'A+' counterparty credit
and financial strength ratings on most of AIG's insurance
operating subsidiaries -- to CreditWatch developing from
CreditWatch negative.  

S&P 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.

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

                       *     *     *          

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

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



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

BANCO HSBC: S&P Holds BB+/B Counterparty Credit Rtng, Outlook Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB+/B'
counterparty credit rating on Banco HSBC Salvadoreno S.A.  At
the same time, S&P revised the outlook to negative from stable.
      
"The outlook revision reflects lower expected economic growth in
El Salvador and lower loan growth for the bank in 2009.  We think
that a more adverse local and global environment could pressure
profitability and asset quality in the rest of 2008 and 2009,"
said S&P's credit analyst Leonardo Bravo.  Real GDP growth in El
Salvador is projected to come down to 3.5% in 2008 and 3% in 2009
from 4.7% in 2007.  This is the result of a stronger spill-over
from the slowdown in the U.S. (the destination for 50% of El
Salvador's exports and an income source for El Salvador's large
family remittances), a traditionally more cautious investment
stance in the preelection period, and weaker domestic demand
because of inflationary pressures.
     
Despite the bank's improving risk management practices, S&P thinks
that lower economic growth with inflationary pressures could
negatively affect individuals' payment capacity, pressuring asset
quality.  S&P expects HSBC Salvadoreno to decrease loan growth
significantly in 2009.  The bank is taking steps to contain the
effect of the current volatility in the markets with adequate
liquidity levels.  However, the bank is facing important economic
and financial challenges that could affect its future financial
performance.
     
S&P considers HSBC Salvadoreno a strategically important
subsidiary of HSBC Holdings PLC, and it expects current ownership
to maintain financial flexibility through bank lines available
from other subsidiaries of the HSBC network, thus maintaining
adequate liquidity.  In addition, access to HSBC's credit risk
management, operational processes, international distribution
network, and management's experience in emerging markets will
continue to support the bank's financial performance.  The bank's
satisfactory market position, diversified portfolio, adequate
liquidity and performance, and lower exposure to real estate-
related loans than that of peers support the ratings.
     
Although HSBC Salvadoreno faces significant competition, mainly
from the two largest banks in the country, Banco Agricola and
Banco Cuscatlan (Citi), it has maintained its position as the
third-largest commercial bank in El Salvador, with a 17% market
share in terms of deposits and loans as of August 2008.
     
The negative outlook reflects S&P's opinion that given the more
adverse economic and financial environment the bank will be facing
in the rest of 2008 and 2009, there will be some pressures on
recurrent profitability and asset quality.  If asset quality
deteriorates to the point where NPLs surpass 4% and NPAs surpass
8%, or if profitability is less than 1%, ratings could be
pressured.  If there is an economic downturn or if the slow growth
in the Salvadorian economy intensifies, the bank's overall
performance ratings could also be pressured.  If S&P downgrades El
Salvador, the ratings on HSBC Salvadoreno would move in tandem.  
If the bank is able to maintain its current financial profile and
adequately face the current environment, S&P could revise the
outlook to stable.

Established in 1885, Banco HSBC Salvadoreno SA is El Salvador's
oldest financial institution and ranks third with 18% of the
system's assets at end-June 2007.  The bank is owned by
Inversiones Financieras Bancosal, a local holding company.  
Salvadoreno's subsidiaries include Almacenadora HSBC Salvadorena
(warehouse facility), HSBC Valores Salvadoreno (brokerage firm)
and Bancosal Inc. (remittances).



=========
H A I T I
=========

AMERICAN INTERNATIONAL: Eyes Single Buyer for LatAm Units
---------------------------------------------------------
American International Group Inc. prefers a single buyer for most
of its Latin American life insurance companies, Business News
Americas reports, citing the regional head of American Life
Insurance Company (ALICO) Ricardo Garcia.

According to BNamericas, AIG would sell off a number of business
units worldwide, especially in ALICO, in 2009 to pay off an
US$85 billion two-year loan.

Mr. Garcia oversees ALICO's Latin American units in Argentina,
Belize, Colombia, Chile, Panama, Peru, Uruguay, Venezuela and the
Caribbean, in which the insurer operates through a mix of wholly
owned subsidiaries and joint ventures, BNamericas notes.

BNamericas states that Mr. Garcia expects financial markets to
stabilize next year.

Going forward, Mr. Garcia said the remaining P&C units in the
region will benefit as support from its parent company would be
strengthened, BNamericas relates.

BNamericas says AIG hired The Blackstone Group and JP Morgan to
coordinate its asset sales.

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2008, the federal government said it would lend
US$37.8 billion to AIG.  With the additional loan, the government
raised by almost 50% the amount it could lend to AIG as concerns
that the firm could once again run short on cash appeared to
increase.

The TCR-LA reported on Oct. 14, 2008, that AIG drew down another
US$9 billion from the federal loan to meet demands for cash from
its trading partners.  AIG has now borrowed US$70.3 billion from
the government in three weeks.  The government raised the loan it
is offering to AIG to US$122.8 billion due to the threat of losses
from AIG's lending program.

                About American International Group

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

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

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

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

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

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

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

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

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

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

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

                          *     *     *

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

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



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

SUGAR CO: Indiscipline Slows Down Divestment, JSCGA Chair Says
--------------------------------------------------------------
Allan Rickards, chairman of the Jamaica Sugar Cane Growers'
Association (JSCGA), asserted that the delay of the divestment of
the Sugar Company of Jamaica was mainly caused by indiscipline,
the Jamaica Gleaner reports.

At a Rotary Club of Kingston meeting at The Jamaica Pegasus, New
Kingston, Mr. Rickards said a subculture of indiscipline in
Jamaica was crippling the country's development as well as its
sugar industry, the Jamaica Gleaner relates.

The Troubled Company Reporter-Latin America reported on July 30,
2008, citing the Jamaica Gleaner, that the Jamaican government
agreed to divest the assets of Sugar Company to Infinity in June
2007, and the assets will be fully transferred by Sept. 30,
2008.  Following divestment, the government will continue to hold
a 25% stake of the company's assets, amounting to J$1.8 billion
(US$25 million), that report said.

The Jamaica Gleaner writes Mr. Rickards also said that "[e]ven the
signing that should have taken place recently, [but] did not",
shows the lack of discipline among organizations and agencies.

According to the Jamaica Gleaner, the sale of the five state-run
sugar factories to the Brazilian firm, Infinity Bio-Energy, which
should have been finalized Tuesday last week, was postponed.  The
sugar factories have racked up more than US$20 billion in debt.

The JSCGA chairman, pointing to two private-run factories,
Appleton Estate, in St Elizabeth, and Worthy Park, in St Catherine
that are making money amid the unstable industry as proof of a
difference in discipline of management, the Jamaica Gleaner says.
He added that it will take years for the subculture of
indiscipline to change.

The Troubled Company Reporter-Latin America reported on Oct. 13,
2008, citing Radio Jamaica, that 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.

                       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.



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

CONTROLADORA COMERCIAL: Fitch Cuts Ratings to D on Failed Payments
------------------------------------------------------------------
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 'D' from 'BB';
  -- Foreign currency issuer default rating to 'D' from 'BB';
  -- US$200 million senior notes due 2015 to 'CC' from 'BB';
  -- MXN 3,000 Million senior notes due 2027 to 'CC' from 'BB';
  -- Long-term National Scale to 'CC(mex)' from 'A(mex)';
  -- Short-term National Scale to 'D(mex)'; from 'F1(mex)'.

The rating actions follow Controladora Comercial's failure to pay
a commercial paper maturity in the amount of MXN400 million pesos
(US$30.1 million) due to its inability to roll-over this maturity
and recently announced negative effects from currency exchange
movements.  The company's outstanding senior notes are current.  
Although the CP default will likely trigger a cross-default,
acceleration of the outstanding notes is unclear at this time.  
Controladora Comercial has not disclosed any additional
information on the magnitude of its foreign exchange loss
announced yesterday.

Controladora Comercial has revenues of US$5.05 billion for the
last twelve months ended June 30, 2008.  The company operated a
total of 217 stores, the majority of which are located in Central
Mexico also as of June 30, 2008 and 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.


CORPORACION DURANGO: Wins Restraining Order Against U.S. Lawsuits
-----------------------------------------------------------------
Andres R. Martinez of Bloomberg News reports that the U.S.
Bankruptcy Court for the Southern District of New York granted a
temporary restraining order blocking any lawsuits against
Corporacion Durango S.A.B. de C.V. and its debtor-affiliates.

Also, the Debtors told the Mexican Stock Exchange that The First
Federal District Court in Durango began proceedings to protect the
Debtors' creditors in Mexico.

Durango, Mexico-based Corporacion Durango S.A.B. de C.V. produces
brown paper and packaging products.  Its packaging division,
Empresas Titan, manufactures corrugated packaging in Mexico.  It
also produces newsprint through Grupo Pipsamex.
               
After The First Federal District Court in Durango approved its
plan of reorganization and declared the termination of its
"Concurso Mercantil" proceeding, the Company filed for Chapter 15
bankruptcy (Bankr. S.D. N.Y. Case No. 08-13911) on Oct. 6, 2008.  
Two affiliates filed for Chapter 11 bankruptcy protection
separately on the same day.

John K. Cunningham, Esq., at White & Case, LLP, represents the
Debtors in their restructuring efforts.  In its filing, the Lead
Debtor listed estimated assets of more than US$1 billion and
estimated debts of more than US$1 billion.


GRUMA SAB: Noncash Losses Prompt S&P to Cut Credit Ratings to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Gruma S.A.B. de C.V. and its rating on
the company's US$300 million perpetual bonds to 'BB' from 'BBB-',
and placed the ratings on CreditWatch with negative implications,
meaning that the ratings could either be lowered or affirmed
following the completion of S&P's review.  A downgrade could
exceed one notch.
     
"The downgrade reflects our perception that Gruma's financial
policy has become more aggressive, as evidenced by its continued
use of derivative instruments which have resulted in significant
noncash losses.  Our previous rating reflected our expectation
that the company would close its open positions on prior
derivative contracts and use these instruments more conservatively
going forward.  However, Gruma has recently reported a US$684
million mark-to-market loss, which is important relative to its
revenue and capital base.  Although this is an accounting loss,
further volatility in the currency markets and/or margin calls
from counterparties could severely affect the company's financial
profile," said S&P's credit analyst Enrique Gomez Tagle.
     
"The CreditWatch placement reflects one of our main concerns: the
potential margin calls resulting from Gruma's derivative
instrument positions and the negative effects this could have on
its liquidity.  We will resolve the CreditWatch listing after
receiving detailed information on the company's current
derivatives exposure," added Mr. Gomez Tagle.

Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. --
http://www.gruma.com-- is a corn flour and tortilla producer and  
distributor. The company conducts its U.S. and European operations
principally through its subsidiary, Gruma Corporation, which
manufactures and distributes corn flour, packaged tortillas, corn
chips and related products.  As of Dec. 31, 2007, Gruma held
approximately 8.62 % of the capital stock of Grupo Financiero
Banorte, S.A.B. de C.V.


GRUPO POSADAS: S&P Cuts Debt Ratings to BB and Places on WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit and senior unsecured debt ratings on the hotel
operator Grupo Posadas S.A.B. de C.V. to 'BB-' from 'BB'.  The
long-term local scale rating was also lowered to 'mxA-' from
'mxA'.  All ratings have been placed on CreditWatch with negative
implications.
      
"The rating actions reflect Grupo Posadas' exposure to derivative
instruments related to foreign-exchange swaps, which have recently
resulted in mark-to-market losses.  The rating action also
reflects the company's financial policy, which has proven to be
more aggressive than we expected," said S&P's credit analyst
Monica Ponce.
     
On Oct. 10, the company reported a US$37.7 million mark-to-market
loss related to these instruments.  Although the notional amount
of the company's cross-currency swaps is manageable in the long
term, further volatility in the foreign exchange and/or the
occurrence of margin calls could severely affect the company's
liquidity and financial position.  To date, the company has
already faced undisclosed margin calls.
     
S&P expects the company to take a number of actions to manage the
mentioned exposure and strengthen its liquidity position to
successfully weather the current volatility.  S&P could resolve
the CreditWatch placement once these actions are put in place.
     
The corporate credit rating on Grupo Posadas reflects its somewhat
aggressive financial policy, the cyclical nature of the lodging
industry, and the company's geographic concentration in Mexico.  
These factors are offset by the company's consistent operating
performance, its position as the largest hotel operator in Mexico,
and its diversified hotel portfolio with well-recognized brands.

Grupo Posadas SA de CV (BMV: POSADAS) -- http://www.posadas.com  
-- is the largest hotel operator in Mexico, specializing for over
37 years in providing high-quality hotel services aimed at
covering the specific needs of its hotel customers, currently
operates 107 hotels and approximately 19,368 rooms across Mexico,
the United States and South America.

Grupo Posadas operates under its Aqua, Fiesta Americana Grand,
Fiesta Americana, Fiesta Americana Vacation Club, Fiesta Inn, One
Hotel, Caesar Park, Caesar Business and The Explorean brands in
Brazil, Argentina and Chile.  The company owns a minority equity
stake (30%) in Grupo Mexicana de Aviacion S.A. de C.V., one of
Mexico's two largest commercial airlines.


* MEXICO: Moody's Places Negative Outlook to Banking Industry
-------------------------------------------------------------
Mexican banks appear well positioned to withstand the challenging
environment but the credit outlook for the industry is negative

Despite the challenges of the global market turmoil, the Mexican
banking industry seems "resilient," according to the annual review
by Moody's Investors Service.  Moody's emphasizes, however, that
there is a negative credit outlook for the Mexican banking
industry, which expresses Moody's expectations that the
fundamental credit conditions in the Mexican banking system may
sour over the next 12 to 18 months.

The negative credit-trend outlook reflects a weakened credit
environment as a consequence of the global financial turmoil, as
well as the effects that the global economic slowdown (and
particularly the downturn in the United States) may have on the
Mexican economy.

Moreover, the report's author, Vice-President David Olivares-
Villagomez, noted that "Mexican banks have observed rapid asset
quality deterioration, particularly in credit cards, because of
the robust loan expansion reported over the past few years.  As a
result, both delinquency and credit costs are on the rise, and
could negatively affect the banks' profitability", the analyst
said.

Moody's also notes that liquidity has tightened relative to 2007
in light of loan expansion, but the largest Mexican banks remain
liquid, which is an indication of their largely core-funding
basis.  Moreover, Mr. Olivares-Villagomez observed, "the banks
show a low dependence on foreign currency funds and have instead
been able to access the domestic market for their funding needs".

Despite the challenges, the agency concludes, Mexican banks appear
well positioned to withstand pressures and sustain banking
activity.  In effect, Moody's outlook for individual bank ratings
is largely stable.

Moody's estimates that bank loans could still grow at rates of 15%
in 2008, largely on the back of consumer and commercial loans,
despite the evident deceleration in credit card lending.  
"Although lower than the 25.4% loan growth reported in 2007",said
Mr. Olivares-Villagomez, "we believe that this growth rate would
be healthy for the system, by Latin American standards".  
Moreover, the country's still-low level of financial
intermediation -- at 14.5%, measured as bank loans to GDP --
should continue to offer attractive growth opportunities over the
medium run.

"Moody's is also comforted by the fact that Mexican banks --
particularly the dominant participants -- have a defendable
ability to generate consistent and recurrent earnings as they
focus on highly profitable retail activities," the analyst says.
This feature, to a great extent, has kept Mexican institutions
away from complex financial products and risky investments.

According to the report, the net interest margin of Mexican banks
is ample at over 8% -- one of the highest margins in Latin America
-- because most banks in Mexico benefit from the accumulation of
high-yield loans in their balance sheets.  They also have a solid
base of low-cost funding, thus allowing for ample intermediation
spreads.  These wide spreads are expected to soften the effects of
lending slowdown and rising credit costs.  Banks also show a
stable stream of fee-based income and very good operating
efficiency, which add to profit generation.

The negative credit-trend outlook is drawn off Moody's macro-
stress scenarios, as defined by its Global Financial Risk Unit.   
The core scenario incorporates the following assumption: as the
economic activity in advanced economies experience a downturn,
emerging market economies are also likely to suffer.  In a
scenario that emphasizes generalized deleveraging, Moody's assumes
that the global economy may face a period of stagnation.



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

* PERU: Mulls Issuance of US$600 Million International Bonds
------------------------------------------------------------
Peru plans to issue as much as US$600 million in 30-year
international bonds in what would be the first foreign bond sale
in Latin America since the world financial crisis began tying up
credit markets, Bloomberg News quotes Finance Minister Luis
Valdivieso as saying.

Potential underwriters and investors have said that the debt won't
be difficult to place, Mr. Valdivieso stated in a Bloomberg
Television interview in Washington.

According to Bloomberg News, the bond would be Peru's first
international issue since it sold US$1.2 billion in fixed-rate
dollar bonds in March 2007.

Peru will test investor appetite for new bond offerings just days
after withdrawals from emerging markets sent stocks and currencies
plunging, Bloomberg News writes.  Central banks from Mexico to
Chile have sold dollars to slow the fall of their currencies as
risk-averse investors sought refuge in the dollar and U.S.
Treasury bonds amid the worst financial crisis since the Great
Depression.

Hugo Perea, an economist at BBVA Banco Continental in Lima admits
that the plan "could give a pricing for new emissions and begin to
reactivate markets that have been paralyzed," the report notes.
Mr. Perea said he didn't have details about Peru's bond offer.

Mr. Valdivieso said the bond's currency and coupon are still being
decided, Bloomberg News relates.  He said the purpose of the bond
is to extend the average maturity of the country's public debt,
now 11 years, and clear the way for Peruvian companies to return
to the market.

Yields on Peru's benchmark bond have climbed as the global credit
crisis has intensified, Bloomberg News says.  The yield on the
6.55% dollar bond due in 2037 fell 34 basis points to 8.93% on
October 13, from a record high of 9.271% October 10.

According to Bloomberg News, Peru, which won investment grade
ratings in July, is trying to sustain economic growth in the face
of a corruption scandal that forced President Alan Garcia's
cabinet to resign October 9.  

Bloomberg adds that the global credit crunch is expected to
further dampen economic growth that was 8.3% in July from a year
ago, down from a 10.4% annual expansion in the first half of the
year.

                          *     *     *

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.


* PERU: Cabinet Member Resigns Over Oil Concessions Scandal
-----------------------------------------------------------
United Press International reports that Peruvian President Alan
Garcia has accepted the resignation of his full Cabinet over a
scandal involving oil concessions.

Citing BBC, the Press relates that the government crisis began
last week when a television station broadcast a tape of an
executive of the state oil company Petroperu and a prominent oil
lobbyist allegedly discussing payments to help Discover Petroleum,
a Norwegian firm, win oil allocation contracts.

Mr. Garcia, a day after the broadcast, suspended five contracts
with Discover Petroleum.  Officials for both Discover Petroleum
and Petroperu have denied any wrong doing, the Press relates.

BBC, as cited by the Press, disclosed that Mr. Garcia ordered an
investigation amid protests this week by thousands of people in
several Peruvian cities who called for the Cabinet to resign and
accused the ruling government party Apra of stealing money from
struggling tax payers.

                          *     *     *

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.



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

HINDU CREDIT: Mr. Harnarine Balks at Liquidation, Files Appeal
--------------------------------------------------------------
Commissioner of Co-operative Development Charles Mitchell's order
to wound up Hindu Credit Union Co-Operative Society Limited (HCU)
faces opposition from the credit union's former president, Harry
Harnarine.

Trinidad & Tobago Guardian reports that Mr. Harnarine confirmed
Monday a filing of a formal appeal with Minister of Labour and
Small and Micro Enterprise Development, Rennie Dumas, to suspend
the HCU's liquidation.

According to the report, Mr. Harnarine's lawyer, Odai Ramischand,
argued that the liquidation is like a fire sale wherein properties
will be sold at a very undervalued price causing shareholders to
lose more.

Mr. Harnarine also questioned the independence of the liquidator,
Accountant Dave Rampersad, local managing partner for Deloitte,
who was appointed Friday last week, the report relates.

As reported yesterday in the Troubled Company Reporter-Asia
Pacific, Commissioner Mitchell declared HCU insolvent after Ernst
and Young released its audit report of the company.  The audit
report disclosed that HCU has a net shortfall of assets to
liabilities of US$486.5 million.  HCU has assets of US$390,131,614
and liabilities of US$876,537,695.  

                       About Hindu Credit

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

                          *     *     *

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



=============
U R U G U A Y
=============

NAVIOS MARITIME: Takes Delivery of Navios Ulysses Vessel
--------------------------------------------------------
Navios Maritime Holdings Inc. has taken delivery of the Navios
Ulysses, a 2007-built, 55,728 dwt Ultra Handymax vessel.  The
Navios Ulysses commenced a five-year time charter at a net daily
rate of US$31,281.

"We are pleased with the delivery and long-term employment of the
Navios Ulysses," said Navios Holdings Chairperson and Chief
Executive Officer, Angeliki Frangou.  "The rate for this charter
is significantly higher than the current rate for Ultra
Handymaxes, and we believe this charter demonstrates the strength
of our business model."

Current fixed operating days for 2008-2010:

    Year       Percentage of Operating Days Currently Fixed
   --------------------------------------------------------
    2008                         99.7%
    2009                         74.0%
    2010                         52.7%

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW)
(NYSE: NM) -- http://www.navios.com/-- is a vertically
integrated global seaborne shipping company, specializing in the
worldwide carriage, trading, storing, and other related logistics
of international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2007, Standard & Poor's Ratings Services has revised
its outlook on Greece-based dry-bulk shipping company Navios
Maritime Holdings Inc. to positive from stable.  At the same
time the 'BB-' corporate credit ratings on the company were
affirmed.  In addition, the senior unsecured debt rating was
raised to 'B+' from 'B'.



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

PETROLEOS DE VENEZUELA: Commences Construction of Santa Ines Plant
------------------------------------------------------------------
Petroleos de Venezuela S.A. has started construction of Santa Ines
refinery in Barinas state expected to produce 100,000 barrels per
day, Business News Americas reports, citing the presidential press
office and the ministry of oil and energy.

According to BNamericas, the US$1.2 billion complex is being
developed in two phases, the first of which is scheduled to come
online in 2011 with initial capacity of 30,000b/d.

The plant's full capacity will be reached in 2014 when the second
phase of construction is due to be completed, BNamericas notes.

The complex, BNamericas states, will refine crude produced in
Venezuela's Barinas and Apure states in addition to oil from the
Orinoco heavy crude belt.

BNamericas says that a diverse group of products will be produced
including regular and high-octane gasoline, LPG, diesel, kerosene,
fuel oil and asphalt.

The facility, which includes an industrial park and a 100MW thermo
plant, is being developed to boost economic activity in the states
of Apure, Barinas, Merida, Portuguesa and Tachira.  About 60% of
the power plant's capacity will be used at the refinery and
industrial park, BNamericas adds.

Citing the oil ministry, BNamericas relates that the remaining
capacity will be connected to the local grid.

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

                          *     *     *

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


* VENEZUELA: Warns Bond Prices Fall to Historic Lows
----------------------------------------------------
Venezuela warned that the price of its bonds has fallen to
historic lows raising the cost of financing while foreign exchange
parallel market is heating up amid the global financial turmoil,
El Universal reports.

The USD Global 27 bond, the most traded bond in the basket of
Venezuelan papers, was traded at 80.7% of its value on Sept. 26,
2008, the report notes.  At the end of last Thursday's session, it
dropped to 59.7%, a level that shows its high risk perception,
according to investors.

Orlando Ochoa, an Andres Bello Catholic University economist and
professor, stressed that on Dec. 31, 1998, when the Asian crisis
led to a collapse of oil prices to less than US$8, the Global 27
traded at 60.1% of its value, El Universal relates.  Meanwhile,
the current value is 59.7%, even though oil prices average US$100
in the year.

The country risk premium, an indicator that measures the spread
between the yield an investor demands in order not to buy U.S.
Treasury bonds and purchase instead Venezuelan bonds, closed on
October 8 at 12.89%, according to the report.  That figure  
surpasses Mexico's 3.17%; Peru's 4.33%; Colombia's 4.44%; Brazil,
4.21% and is just similar to Argentina's 12.50%.

The collapse in the price of the bonds of Venezuela and of
Argentina also affects the ability of the Ministry of Finance to
act in order to contain the rise of the parallel U.S. dollar, the
report adds.


* Fitch Reports Rating Actions for 37 LatAm Companies in September
------------------------------------------------------------------
The following is the comprehensive list of Fitch Ratings' 37 Latin
America national scale rating changes for the month of September,
which include: upgrades, downgrades, Rating Outlook and Rating
Watch revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch upgraded these National ratings:

Banchile Securitizadora S.A. (Chile)

  -- Serie Subordinada del PS-10 national long-term rating to
     'A(chl)' from 'BB(chl)';

  -- Rating Actions took place on Sept. 1, 2008.

Union de Credito Industrial y Agropecuario de la Laguna (Mexico)
  -- National long-term rating to 'BBB(mex)' from 'BBB-(mex)';
  -- Rating Actions took place on Sept. 1, 2008.

Credipyme, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BB+(mex)' from 'BB(mex)';
  -- Rating Actions took place on Sept. 2, 2008.

Grupo Actinver (Mexico)

  -- ACTINVR 07 ser 2007 national long-term rating to 'A(mex)'
     from 'A-(mex)';

  -- Prog. de C.B. ser 2007 national long-term rating to 'A(mex)'
     from 'A-(mex)';

  -- Rating Actions took place on Sept. 18, 2008.

Unifin Financiera (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'BBB(mex)';
  -- Rating Actions took place on Sept. 22, 2008.

Banco Financiera Comercial Hondurena S.A. (Honduras)

  -- National long-term rating to 'AA-(hnd)' from 'BBB+(hnd)';
  -- National short-term rating to 'F1(hnd)' from 'F2(hnd)';
  -- Rating Actions took place on Sept. 26, 2008.

Royal Bank of Scotland Mexico (The) (Mexico)

  -- National long-term rating to 'AAA(mex)' from 'AA(mex)';
  -- Rating Actions took place on Sept. 28, 2008.

Fitch has also downgraded these ratings:

Municipio de San Juan del Rio, Queretaro (Mexico)

  -- National long term rating to 'BBB+(mex)' from 'A-(mex)';
  -- Rating Actions took place on Sept. 1, 2008.

Consubond Serie LXI (Argentina)

  -- Valores de Deuda Fiduciaria Clase B nacional long-term
     rating to 'A-(arg)' from 'A(arg)';

  -- Certificados de Participacion nacional long-term rating
     to 'CC(arg)' from 'CCC(arg)';

  -- Rating Actions took place on Sept. 2, 2008.

Consubond Serie LXII (Argentina)

  -- Valores de Deuda Fiduciaria Clase B nacional long-term
     rating to 'A-(arg)' from 'A(arg)';

  -- Certificados de Participacion nacional long-term rating
     to 'CC(arg)' from 'CCC(arg)';

  -- Rating Actions took place on Sept. 10, 2008.

The Outlook Revisions and Rating Watch changes were made:

Municipio de Apodaca, N.L. (Mexico)

  -- National long-term rating to 'AA-(mex)'; Outlook revised to
     Positive from Stable;

  -- Rating Actions took place on Sept. 9, 2008.

Municipio de Zinacantepec, E.M. (Mexico)

  -- National long-term rating 'BBB-(mex)'; Outlook revised to
     Negative from Stable;

  -- Rating Actions took place on Sept. 9, 2008.

Company S.A. (Brazil)

  -- National long-term rating 'A-(bra)'; placed on Rating Watch
     Positive;

  -- National Long-term rating on unsecured debentures maturing on
     June 1, 2012 'A-(bra)'; placed on Rating Watch Positive;

  -- Rating Actions took place on Sept. 12, 2008.

La Interamericana Compania de Seguros Generales S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)';
     Outlook revised to Evolving from Stable;

  -- Rating Actions took place on Sept. 17, 2008

La Interamericana Compania de Seguros de Vida S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)';
     Outlook revised to Evolving from Stable;

  -- Rating Actions took place on Sept. 17, 2008.

J. Malucelli Seguradora S.A. (Brazil)

  -- National Insurer Financial Strength rating 'A-(bra)'; Outlook
     revised to Positive from Stable;

  -- Rating Actions took place on Sept. 19, 2008.

AIG Union y Desarrollo, S.A. y Filial (El Salvador)

  -- National long-term rating 'AA(slv)'; Outlook revised to
     Evolving from Stable;

  -- Rating Actions took place on Sept. 22, 2008.

AIG, S.A. Seguro de Personas (El Salvador)

  -- National long-term rating changed to 'AA-(slv)'; Outlook
     revised to Evolving from Stable;

  -- Rating Actions took place on Sept. 22, 2008.

Compania Financiera Argentina S.A. (Argentina)

  -- Programa de Obligaciones Negociables national long-term
     rating 'AA(arg)'; placed on Rating Watch Evolving;

  -- Serie 2 de Obligaciones Negociables national long-term rating
     'AA(arg)'; placed on Rating Watch Evolving;

  -- Serie 3 de Obligaciones Negociables national long-term rating
     'AA(arg)'; placed on Rating Watch Evolving;

  -- Endeudamiento de Largo Plazo national long-term rating
     'AA(arg)'; placed on Rating Watch Evolving;

  -- Rating Actions took place on Sept. 22, 2008.

Companhia de Saneamento Basico do Estado de Sao Paulo (Brazil)

  -- National long-term rating 'A+(bra)'; Outlook revised to
     Positive from Stable;

  -- Rating Actions took place on Sept. 23, 2008.

Municipio de Tlajomulco de Zuniga, Jal. (Mexico)

  -- National long-term rating 'A+(mex)'; Outlook revised to
     Positive from Stable;

  -- Rating Actions took place on Sept. 23, 2008.

Linea de Credito Global Municipal del Estado de Guerrero (Mexico)

  -- National long-term rating 'AA-(mex)'; placed on Rating Watch
     Negative;

  -- Rating Actions took place on Sept. 23, 2008.

Municipio de Morelia, Mich (Mexico)

  -- National long-term rating 'AA-(mex)'; Outlook revised to
     Positive from Stable;

  -- Rating Actions took place on Sept. 24, 2008.

Concesiones y Promociones Malibran SA de CV, Libramiento Plan del
Rio (Mexico)

  -- Toll road securitization ser 2005-1 (PLANRIO 05U) national
     long-term rating 'AA(mex)'; affirmed and removed from Rating
     Watch Negative;

  -- Toll road securitization ser 2005-2 (PLANRIO 05-2U) national
     long-term rating 'A(mex)'; affirmed and removed from Rating
     Watch Negative;

  -- Rating Actions took place on Sept. 26, 2008.

These ratings were affirmed and withdrawn:

Grobo II (Argentina)

  -- National long-term rating 'A+(arg)';
  -- Rating Actions took place on Sept. 1, 2008.

ItauBank Leasing S.A. (Brasil)

  -- National long-term rating 'AAA(bra)';
  -- Rating Actions took place on Sept. 1, 2008.

FIMA (Argentina)

  -- Fima PB Acciones national long-term rating of 'A+(arg)v';
  -- Fima Renta Latinoamericana national long-term rating
     'AA(arg)f';

  -- Fima Ahorro Pesos national long-term rating 'AA-(arg)f';
  -- Fima Global Assets national long-term rating 'AA(arg)v';
  -- Fima Obligaciones Negociables national long-term rating 'AA-
     (arg)f';

  -- Fima Premium national long-term rating 'AA-(arg)f';
  -- Fima Renta Pesos national long-term rating 'A+(arg)f';
  -- Rating Actions took place on Sept. 8, 2008.

Tinuviel III (Argentina)

  -- Valores de Deuda Fiduciaria B national long-term rating
     'BBB+(arg)';

  -- Rating Actions took place on Sept. 9, 2008.

Talca Chillan Sociedad Concesionaria S.A. (Chile)
  -- Underlying risk and insured debt national long-term rating
     'A(chl)';

  -- Rating Actions took place on Sept. 12, 2008.

Autopista del Maipo (Chile)
  -- Underlying risk and insured debt national long-term rating
     'BBB(chl)';

  -- Rating Actions took place on Sept. 12, 2008

Italbursatil Casa de Bolsa (Venezuela)

  -- National long-term rating of 'B-(ven)';
  -- National short-term rating of 'B(ven)';
  -- Rating Actions took place on Sept. 23, 2008.

Syngenta I (Argentina)

  -- Valores de Deuda Fiduciaria national short-term rating
     'A1(arg)';

  -- Certificados de Participacion national short-term rating
     'B(arg)';

  -- Rating Actions took place on Sept. 25, 2008.

Fava XVII (Argentina)

  -- Certificados de Participacion Clase A national long-term
     rating 'AAA(arg)';

  -- Rating Actions took place on Sept. 25, 2008.

Cartasur IV (Argentina)

  -- Valores Representativos de Deuda Clase A national long-term
     rating 'AA(arg)';

  -- Valores Representativos de Deuda Clase B national long-term
     rating 'A(arg)';

  -- Rating Actions took place on Sept. 25, 2008.

Megabono XXIV (Argentina)

  -- Valores de Deuda Fiduciaria national long-term rating
     'AAA(arg)';

  -- Rating Actions took place on Sept. 25, 2008.

Megabono XXV (Argentina)

  -- Valores de Deuda Fiduciaria national long-term rating
     'AAA(arg)';

  -- Rating Actions took place on Sept. 25, 2008.

Banco Agricola (Panama)

  -- National long-term rating 'AA-(pan)';
  -- National short-term rating 'F1(pan)';
  -- Rating Actions took place on Sept. 29, 2008.


* Latin American Stocks Gain on Unveiled Rescue by Central Banks
----------------------------------------------------------------
Latin American stocks rebounded sharply Monday after European
officials unveiled a sweeping bank rescue plan and regional
governments eased access to credit, The Associated Press reports.   
The Market Watch meanwhile says Latin American stocks joined a
worldwide rally in equities after the U.S. Federal Reserve and
other central banks outlined agreements to ease stresses and boost
confidence in the banking system.

Both reports make mention of a strong stock surge in Brazil, Chile
and Mexico amid a series of heavy losses spurred by escalating
fears brought by the global credit crunch.

On Monday, October 13, Brazil's Ibovespa stock index rose around
15% to close at 40,829, regaining ground after losing 20% of its
value last week, the reports relate.  According to Market Watch,
this was the largest gain since January 1999.  

The reports note that on the same day, Brazil's currency climbed
nearly 9%, finishing at BRL2.1 to the U.S. dollar after opening at
BRL2.3.  Mexico's IPC index meanwhile gained 11% to close at
22,096, while Chile's benchmark IPSA index jumped around 13% to
2,364 and Peru's IGBVL index rose 13.7% to 8,668.  Exchanges in
Argentina and Colombia were closed for a national holiday.

Brazil's big bounce followed a nearly US$2 trillion European bank
rescue plan aimed at breaking the lending logjam now choking the
world economy, Miami Herald says citing Gil Deschatre, a financial
consultant for Banco Fator in Rio de Janeiro.

World markets also gained Monday as various measures were taken by
financial institutions and governments, the reports say.  Market
Watch relates that the U.S. Treasury outlined plans to buy equity
in banks; the 15 euro-zone countries agreed to guarantee interbank
loans through next year, and the European Central Bank, the Bank
of England and the Swiss National Bank also said they would lend
unlimited amounts of dollars to banks.  For its part, Britain said
that it would inject as much as US$63 billion into three banks.


                            ***********

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 * * *