TCRLA_Public/081016.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, October 16, 2008, Vol. 9, No. 206

                            Headlines

A R G E N T I N A

BINGO 35: Court Concludes Reorganization
CH ACCESORIOS: Proofs of Claim Verification Deadline Is Dec. 17
COSTANZA Y PORTAS: Will Hold Informative Assembly on Nov. 7
DISTRIBUIDORA DE PRODUCTOS: Trustee to File Reports on March 31
GADIE SA: Proofs of Claim Verification Deadline Is February 4

RUTA SIETE: Trustee to File Individual Reports on December 29
SODA CORBELLE: Files for Reorganization in Buenos Aires Court
TEKNI-PLEX INC: Names Robert Larney as Chief Financial Officer
TENNECO INC: Fitch Affirms Sub. Notes' Rating at 'B'; Outlook Neg.
TER TEC: Proofs of Claim Verification Deadline Is December 22


B E R M U D A

CENTRAL EUROPEAN: To Webcast New York Presentations on Oct. 23
INTELSAT LTD: Partners With Mobil on Satellite Network
XL CAPITAL: Chairman Brian O'Hara Sells 80% of Common Shares
XL CAPITAL: Estimates Net Loss of Up to US$1.67 Bil. in Third Qtr.


B R A Z I L

ATARI INC: Infogrames Entertainment Completes Acquisition
BANCO BMG: Moody's Shifts Outlook to Neg., Puts Downgrade Review
BANCO BONSUCESSO: Moody's Places Ratings Under for Downgrade
BANCO CRUZEIRO: Moody's Places Ratings Under Review for Downgrade
BANCO IBI: Moody's Reviews D-/Ba3 Ratings for Possible Downgrade

BANCO NACIONAL: To Back Investment Plans in Uruguay, Official Says
CIA. SIDERURGICA: Delays Namisa Sale Due to Crisis, Analyst Says
GOL LINHAS: To Enhance Domestic In-Flight Services on October 19
HEXION SPECIALTY: Apollo Management to Inject US$540 Million
HEXION SPECIALTY: Unveils Tender Offers for Outstanding Notes

* BRAZIL: Stock Index Drops 10% Wednesday; Trading Froze 30 Mins.


C A Y M A N  I S L A N D S

AG GLOBAL: Will Hold Final Shareholders Meeting on Oct. 17
ARMONIA FUNDING: To Hold Final Shareholders Meeting on Oct. 17
APS PACIFIC-EX-JAPAN: Sets Final Shareholders Meeting on Oct. 17
ARX GLOBAL: Holding Final Shareholders Meeting on Oct. 17
ARX GLOBAL MASTER: Holds Final Shareholders Meeting on Oct. 17

BEAR STEARNS SYSTEMATIC: Final Shareholders Meeting Is on Oct. 17
BEAR STEARNS MASTER: Final Shareholders Meeting Set for Oct. 17
BEECHHOLT FUND: To Hold Final Shareholders Meeting on Oct. 17
BSJ COMMERCIAL: Holding Final Shareholders Meeting on Oct. 17
CAPRICORN AVIATION: Final Shareholders Meeting Set for Oct. 17

COMMONFUND INSTITUTIONAL: Final Shareholders Meeting Is Oct. 17
EMERALD INVESTMENT: Sets Final Shareholders Meeting on Oct. 17
GEMS-J1 CAYMAN: To Hold Final Shareholders Meeting on Oct. 17
HAMPTON CDO: Holding Final Shareholders Meeting on Oct. 17
HERCULES AVIATION: Holds Final Shareholders Meeting on Oct. 17

JLOC 2001-1: Will Hold Final Shareholders Meeting on Oct. 17
JOFI MACHIDA: Holding Final Shareholders Meeting on Oct. 17
JP MORGAN (SAFETYKLEEN II): Final Shareholders Meeting Is Oct. 17
JP MORGAN (SELLDOWN/SAFETYKLEEN III): Final Meeting Is Oct. 17
MICRO TRADING: To Hold Final Shareholders Meeting on Oct. 17

ROMARIO FINANCE: Sets Final Shareholders Meeting for Oct. 17
SAFE FUNDING: Will Hold Final Shareholders Meeting on Oct. 17
SK CORPORATION: Holding Final Shareholders Meeting on Oct. 17
UBS (CAY) ABSOLUTE: Final Shareholders Meeting Set for Oct. 17


C O L O M B I A

ECOPETROL SA: Names JP Morgan as Depositary Bank for ADR Program


C U B A

* CUBA: Debt Restructuring Talks with Spain to Start Soon


E C U A D O R

GMAC LLC: Mortgage & Auto-Lending Unit Funding Limited


E L  S A L V A D O R

* EL SALVADOR: Fitch Holds Low-B Ratings; Changes Outlook to Neg.


M E X I C O

CEMEX SAB: S&P Slashes Callable Perpetual Debentures Rating to BB+
CONTROLADORA COMERCIAL: Moody's Withdraws Ratings Over Bankruptcy
DURA AUTOMOTIVE: Reports Reorganization and Other Business Updates
FOAMEX INTERNATIONAL: Appoints Domenic N. Golato as Interim CFO
INTERNATIONAL RECTIFIER: Comments on Vishay Tender Offer Removal

INT'L RECTIFIER: Annual Stockholders Meeting Set for January 9
GRUMA SAB: Fitch Downgrades Debt Ratings to BB+ on Market Losses
METROFINANCIERA SA: Moody's Cuts Nat'l Scale Issuer Rating to Ba3
ORGANIZACION SORIANA: Moody's Cuts Rating to Ba1; Outlook Negative
SMITHFIELD FOODS: Moody's Cuts Corp. Family Rating at B1

VITRO SAB: S&P Places B Corporate Credit Rating on Negative Watch


P E R U

FREEPORT-MCMORAN: Eyes Changes to Growth Projects & Cost Structure


S U R I N A M E

* SURINAME: Says BHP-Billiton's Terms on Mine Dev't Unacceptable


V E N E Z U E L A

ARVINMERITOR: Fitch Holds Low-B Ratings and Removes Negative Watch


* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

BINGO 35: Court Concludes Reorganization
----------------------------------------
Bingo 35 S.A. concluded its reorganization process, according to
data released by Infobae on its Web site.

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


CH ACCESORIOS: Proofs of Claim Verification Deadline Is Dec. 17
---------------------------------------------------------------
Juan Herr, the court-appointed trustee for C.H. Accesorios SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 17, 2008.

Mr. Herr will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by C.H. Accesorios and its
creditors.

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

A general report that contains an audit of C.H. Accesorios'
accounting and banking records will be submitted in court.

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

Mr. Herr is also in charge of administering C.H. Accesorios'
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

                     C.H. Accesorios SRL
                     Avda. Rivadavia 8861
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Juan Herr
                     Avda. Cordoba 1351
                     Buenos Aires, Argentina


COSTANZA Y PORTAS: Will Hold Informative Assembly on Nov. 7
-----------------------------------------------------------
Costanza y Portas S.R.L., a company under reorganization, will
hold an informative assembly on November 7, 2008.

The court-appointed trustee for Costanza y Portas'
reorganization proceeding verified creditors' claims against the
company.  Validated claims were used as basis in creating
individual reports, which he presented in court.

The debtor can be reached at:

          Costanza y Portas S.R.L.
          Rosario, Santa Fe
          Argentina


DISTRIBUIDORA DE PRODUCTOS: Trustee to File Reports on March 31
---------------------------------------------------------------
Javier Espineira, the court-appointed trustee for Distribuidora de
Productos Alimenticios del Uruguay SRL's bankruptcy proceeding,
will present the validated claims as individual reports in the
National Commercial Court of First Instance No. 18 in Buenos
Aires, with the assistance of Clerk No. 35, on March 31, 2009.

Mr. Espineira is verifying creditors' proofs of claim until
February 16, 2009.  He will also submit to court a general report
containing an audit of Distribuidora de Productos' accounting and
banking records May 13, 2009.

Mr. Espineira is also in charge of administering Distribuidora de
Productos' assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

                     Distribuidora de Productos Alimenticios
                     del Uruguay SRL
                     Florida 686
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Javier Espineira
                     Norberto Quirno Costa 1256
                     Buenos Aires, Argentina


GADIE SA: Proofs of Claim Verification Deadline Is February 4
-------------------------------------------------------------
The court-appointed trustee for Gadie S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 4, 2009.

The trustee will present the validated claims in court as  
individual reports on March 18, 2009.  A court in Argentina will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Gadie S.A. and its creditors.

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

A general report that contains an audit of Gadie S.A.'s
accounting and banking records will be submitted in court on
April 30, 2009.

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


RUTA SIETE: Trustee to File Individual Reports on December 29
-------------------------------------------------------------
Hector Martinez, the court-appointed trustee for Ruta Siete SA's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, on December 29, 2008.

Mr. Martinez is verifying creditors' proofs of claim until
November 12, 2008.  He will also submit to court a general report
containing an audit of Ruta Siete's accounting and banking records
March 12, 2009.

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

The debtor can be reached at:

                     Ruta Siete SA
                     Jose Enrique Rodo 3947
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Hector Martinez
                     Independencia 2251
                     Buenos Aires, Argentina


SODA CORBELLE: Files for Reorganization in Buenos Aires Court
-------------------------------------------------------------
Soda Corbelle S.R.L. has requested for reorganization approval
after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 24 in Buenos Aires.  Clerk No. 48 assists the court
in this case.

The debtor can be reached at:

                     Soda Corbelle S.R.L.
                     Grecia 3633
                     Buenos Aires, Argentina


TEKNI-PLEX INC: Names Robert Larney as Chief Financial Officer
--------------------------------------------------------------
Tekni-Plex, Inc. disclosed in a Securities and Exchange Commission
filing that on Oct. 3, 2008, it entered into an employment
agreement with Robert M. Larney in connection with his services as
the company's Chief Financial Officer, effective Oct. 8, 2008.

Under the terms of the Agreement, Mr. Larney will be entitled to
receive an annual base salary of US$425,000 and will be eligible
to receive a performance-based annual cash bonus in a range of 50%
to 100% of his annual base salary based on achievement of targets
set by the company's Board of Directors in consultation with the
Chief Executive Officer.

Additionally, Mr. Larney will be granted stock options pursuant to
an incentive stock option plan representing 1.25% of the Company's
Common Stock at various strike prices.

On Oct. 8, 2008, Gary Schafer ceased to be the Interim Chief
Financial Officer of the Company after Mr. Larney was appointed by
the board as Chief Financial Officer.  Mr. Schafer will resume his
position as interim controller of the Company's Colorite division.

                    About Tekni-Plex Inc.

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

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

                           *    *    *

In December 2007, Moody's Investors Service downgraded the
Corporate Family Ratings of Tekni-Plex Inc. to Caa3 from Caa1.


TENNECO INC: Fitch Affirms Sub. Notes' Rating at 'B'; Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating and
outstanding debt ratings of Tenneco, Inc. as:

-- IDR at 'BB-';
-- Senior secured bank credit facility at 'BB+';
-- Senior secured notes at 'BB';
-- Senior unsecured notes at 'BB-';
-- Subordinated notes at 'B'.

Fitch has also revised Tenneco's Rating Outlook to Negative from
Stable.

The Outlook revision reflects the potential impact of global
automotive production cuts on Tenneco's near-term operating
performance and leverage.  Deep production cuts by domestic
manufacturers in Tenneco's major product platforms, as well as a
decline in European auto production, are expected to more than
offset potential growth in Tenneco's global customer base and
products through at least the next several quarters.  Cash flow
may turn modestly negative during this period, but flexibility in
capital expenditures and growth spending should provide Tenneco
with the flexibility to limit any near-term cash drains.  Over the
last several years, Tenneco has consistently improved leverage
metrics.

Liquidity remains healthy, with cash of US$164 million at June 30,
2008 and available revolving credit capacity of approximately
US$351 million during Tenneco's seasonally high borrowing period.  
Despite difficult industry conditions over the past several years,
Tenneco has consistently improved leverage metrics through growth
in EBITDA, with debt remaining relatively flat.  Tenneco appears
to have a comfortable amount of room under its 4.0 times leverage
covenant, although an inability to ratchet down costs in line with
the expected decline in near-term industry production will reduce
some of this buffer in 2009 when the covenant requirement steps
down to 3.75x.  The revolving credit agreement was negotiated in
early 2007, and matures in several parts starting in 2012.

Tenneco makes moderate use of short-term securitization facilities
in Europe (US$96 million at June 30, 2008) and in the U.S.
(US$120 million at June 30, 2008), with adequate room under its
revolving credit facilities in the events that these
securitization facilities are no longer available as a result of
conditions in the credit and automotive markets.  Tenneco has a
modestly underfunded pension plan, which due to losses in the
equity and fixed income markets in 2008, is likely to require
incremental contributions over the near term.

Short-term results for the industry are expected to be dismal
given the extended shutdowns among U.S. manufacturers and the
decline in global production expected in 2009.  Tenneco's cost
structure is sufficiently flexible to moderate margin
deterioration over this period, and the recent decline in
commodity prices should also be a positive for margin performance.  
Escalating material prices have materially hampered supplier
margins over the past several years.

Tenneco's capital expenditures have significantly increased in
2008 in order to finance the company's expansion, and a slower
pace of investment will likely occur in order to better manage
cash flow during the current environment.  Tenneco also had a
modest amount of acquisition activity which may not recur over the
near term.

Over the longer-term, Tenneco's expanding position in the growing
emissions segment positions the company well to expand customers
and volumes.  Tenneco's migration to more technological, value-
added products should also support margins.  Tenneco has a history
of efficient working capital management and manufacturing cost
improvements, helping to offset expected cyclical volume declines.  
Fitch may downgrade Tenneco's ratings if an extended downturn in
global automotive production results in Fitch lowering its
projections of Tenneco's negative cash flows through 2009 and into
2010.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany.  The company has approximately
19,000 employees worldwide.  Net sales in 2007 were
approximately US$6.2 billion.


TER TEC: Proofs of Claim Verification Deadline Is December 22
-------------------------------------------------------------
The court-appointed trustee for Ter Tec Tercerizaciones Tecnicas
S.R.L.'s bankruptcy proceeding, will be verifying creditors'
proofs of claim until December 22, 2008.

The trustee will present the validated claims in court as  
individual reports on March 9, 2009.  A court in Argentina will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Ter Tec and its creditors.

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

A general report that contains an audit of Ter Tec's accounting
and banking records will be submitted in court on April 21, 2009.

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



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

CENTRAL EUROPEAN: To Webcast New York Presentations on Oct. 23
--------------------------------------------------------------
Central European Media Enterprises Ltd. will webcast presentations
made during its Investor Day to be held in New York, New York on
Oct. 23, 2008.  

A live audio webcast and presentation slides will be available on
the company's website beginning at 12:15 p.m. Eastern Time (5:15
p.m. BST, 6:15 p.m. CET) on Oct. 23, 2008.  Replays of the live  
audio webcast and the presentation slides will remain accessible
on Central European's website for two weeks following the Investor
Day.

The program will include presentations from Michael Garin, Chief
Executive Officer; Adrian Sarbu, Chief Operating Officer; Marijan
Jurenec, Regional Director for Croatia and Slovenia; Petr Dvorak,
General Director of TV Nova, Czech Republic; Vaclav Mika, General
Director of TV Markiza, Slovak Republic; Constantin Mocanu,
General Director of Pro TV, Romania; Ognian Dimov, General
Director of TV2, Bulgaria; Alexander Tkachenko, General Director,
and Sergey Demyanchuk, Head of Television of Studio 1+1, Ukraine;
Drazen Mavric, General Director of Nova TV, Croatia; and Pavel
Vrabec, General Director of POP TV, Slovenia.

                     About Central European

Based in Bermuda, Central European Media Enterprises Ltd.,  is a
TV broadcasting company with leading networks in seven Central  
and Eastern European countries, including in Bulgaria, Croatia,  
Czech Republic, Romania, Slovakia, Slovenia and Ukraine.  Launched
in 1994, the company and its partners now operate 22 channels,
including TV Nova, Nova Cinema and Galaxie Sport in the Czech
Republic; PRO TV, PRO Cinema, Pro International, Sport.ro, MTV and
Acasa in Romania; Nova TV in Croatia, TV Markiza in the Slovak
Republic; POP TV and Kanal A in Slovenia; and Studio 1+1, Kino and
Citi in Ukraine.  Central European Media is traded on the NASDAQ
and the Prague Stock Exchange under the ticker symbol "CETV".

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2008, Standard & Poor's Ratings Services assigned its
'BB' debt rating to the 475 million senior secured convertible
notes due 2013 issued by Bermuda-based emerging markets TV
broadcaster, Central European Media Enterprises Ltd. in March
2008.  The long-termcorporate credit rating was affirmed at
'BB'.  S&P's outlook is stable.

At the same time, S&P raised the debt rating on both Central
European Media's EUR245 million and EUR150 million floating-rate
notes due, respectively, in 2012 and 2014 to 'BB' from the
previous 'BB-'.


INTELSAT LTD: Partners With Mobil on Satellite Network
------------------------------------------------------
Intelsat Ltd. disclosed that Mobil Satellite Technologies has
signed a multi-year contract for satellite capacity that will
enable the network operator and communications provider to expand
its services offering throughout the United States, Canada,
Central America and the Caribbean.

Mobil Satellite Technologies uses capacity on Intelsat’s Galaxy 26
and Horizons 2 satellites to provide broadband connectivity for
its customers serving offices, homes, mobile vehicles, disaster
recovery mobile command centers, first responders and the
military.

“Although our target markets are currently domestic, Intelsat’s
infrastructure gives us the ability to expand globally, which was
a key factor in selecting them as our satellite partner,” said Bud
Burton, President of Mobil Satellite Technologies.  “Mobil
Satellite Technologies is an innovative company that is a proven
success at delivering quality, reliable services which address
unique mobility needs.”

“By capitalizing on Intelsat’s global satellite network, Mobil
Satellite Technologies continues to maintain its industry
leadership in providing mobile satellite broadband solutions to
agencies and institutions for which mobile communication services
are critical,” said Mark Rasmussen, Intelsat’s Vice President of
North America Sales, Network Services.  “Our Network Broadband GXS
solution gives our clients the ability to manage their customers’
networks across multiple satellites and regions using just one hub
and provides them with an unparalleled ability to offer
enterprise-grade, broadband connectivity, anywhere in the world.”

Intelsat will be exhibiting in hall 1A/1B, booth #201 at SATCON,
the tradeshow of video, voice and data communications solutions
for media, military and enterprise end users.  SATCON is part of
Content & Communications World, being held at the Javits
Convention Center in New York City on 15-16 October 2008.

                       About Mobil Satellite

Mobil Satellite Technologies -- http://www.mobilsat.com/-- is a  
satellite network operator and communications provider
specializing in mission critical communications solutions.  Mobil
Satellite specializes in VSAT satellite offerings for government
and commercial applications.  At Mobil Satellite Technologies we
design, implement, and manage, "best of breed" fixed and mobile
satellite VSAT solutions, including VPN, VoIP, communications on
the move (COTM) and business continuity solutions.  Mobil
Satellite Technologies has been installing VSAT equipment since
1997 and is the industry-leading provider of VSAT-based self-
contained communications trailers, auto-deploy vehicle-mounted
systems, flyaway systems and fixed VSAT systems.  The company,
headquartered in Chesapeake, VA, is privately held, debt free, and
serves the United States, Caribbean, and Central America.

                            About Intelsat

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

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

                           *     *     *

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

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


XL CAPITAL: Chairman Brian O'Hara Sells 80% of Common Shares
------------------------------------------------------------
XL Capital Ltd. disclosed that the Chairman of its Board of
Directors, Brian M. O'Hara, involuntarily sold approximately 80%
of his XL common shares on October 9 in order to meet a margin
loan call.

Mr. O'Hara commented: “I regret that last Thursday I was forced to
sell approximately 80% of my XL shares.  I had pledged those
shares as collateral to secure a personal loan used to fund
purchases of XL shares in order to avoid the expiration of certain
options.  The forced sale was due to the precipitous drop in XL’s
share price last week.  The sale in no way reflects a lack of
confidence in XL’s current and future prospects.”

Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. has assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications. Concurrently A.M. Best has withdrawn the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.


XL CAPITAL: Estimates Net Loss of Up to US$1.67 Bil. in Third Qtr.
------------------------------------------------------------------
XL Capital Ltd. reported an estimated net loss to ordinary
shareholders for the quarter ended September 30, 2008 of between
US$1.65 billion to US$1.67 billion, compared with net income of
US$328.0 million for the quarter ended September 30, 2007.

The results for the quarter are currently being reviewed by the
company's independent auditors and the estimates are subject to
change.  The estimated net loss for the quarter ended Sept. 30,
2008 included the following pre-tax items:

   1. Other than temporary impairment charges of between
      US$250.0 million and $275.0 million and net realized losses
      on investment sales of US$40.3 million.

   2. Foreign exchange gains of US$139.5 million related to the
      significant strengthening of the U.S. dollar during the
      quarter.

Commenting on the results for the quarter, Chief Executive
Officer, Michael S. McGavick said: “The third quarter has seen
real progress in relation to the strategic objectives set out
earlier in the year.  We eliminated the vast majority of our
exposures to Syncora.  We have also made demonstrable progress in
de-risking the firm, both in our investment portfolios and by
demonstrating our attention to managing our traditional property
and casualty exposures well, as we believe our third quarter
hurricane losses show.  And during all of this we also completed
most of the actions necessary to reduce the expense base of the
Company and achieved modest premium growth.  Additionally, we
raised capital sufficient to pay for our Syncora solution, to
withstand the historic economic turbulence and its effects on our
investment portfolio in the quarter, and to cover the demands of
our estimated third quarter hurricane losses.”

P&C Operations gross premiums written for the current quarter
included US$1,214.0 million from the Insurance segment and
US$686.0 million from the Reinsurance segment compared with
US$1,169.4 million and US$624.3 million, respectively, in the
prior year quarter.  The loss ratio for the quarter was 79.3% with
a combined ratio of 107.1% as compared to 58.1% and 85.3%,
respectively, in the prior year quarter.  The results for the
current quarter were adversely affected by US$209.5 million of
natural catastrophe losses but benefited from favorable prior year
development of US$98.9 million.  In the prior year quarter there
was US$22.1 million of natural catastrophe losses offset by
favorable prior year development of US$144.0 million.  Consistent
with the first half of this year, this was a quarter where the
insurance industry saw an above average level of large property
losses.

The Life Operations segment contributed US$37.6 million and there
was a contribution of US$3.7 million from the Other Financial
Lines segment, compared with contributions of US$27.0 million and
US$16.5 million, respectively, in the prior year quarter.

Mr. McGavick said: "During the quarter we have been conducting our
strategic review of the Company's Life Operations.  We currently
expect this review process to conclude during the fourth quarter."

Net investment income from P&C operations, excluding investment
income from structured products, was US$293.1 million as compared
to US$325.5 million in the prior year quarter.  Net investment
income from P&C structured products was US$27.4 million as
compared to US$35.1 million in the prior year quarter.  Both
reductions were caused principally by lower average yields for the
period.  There was a net loss of US$54.9 million from investment
affiliates as compared to a profit of US$69.4 million in the prior
year quarter and net income from investment manager affiliates of
US$1.0 million compared to US$23.2 million in the prior year
quarter.  Both results reflected the extremely difficult capital
market conditions during the period.

Mr. McGavick said: "These have been very difficult times in the
capital markets.  However, I believe that the relatively limited
level of realized investment losses that we have recorded this
quarter arising from impacted financial institutions demonstrates
the effectiveness of our risk management in avoiding outsize
exposures to individual credits."

Net income from financial and operating affiliates, excluding the
Syncora related charges, was US$12.2 million as compared to
US$18.8 million in the prior year quarter.

Operating expenses for the quarter were US$319.4 million as
compared with US$270.5 million in the prior year quarter, the
increase due primarily to the charge of US$41.7 million.

Mr. McGavick said: "We have taken decisive action to reduce the
level of our operating expenses.  We remain on course to deliver
the reduction of $70 million from our 2008 underlying expense base
that we announced previously."  For the first nine months of 2008,
net loss to ordinary shareholders is estimated to be between
US$1.20 billion and US$1.22 billion as compared to net income of
US$1.42 billion in the prior year period.  "Net income excluding
net realized gains and losses" for the same period is expected to
be US$650.8 million compared to US$1,629.1 million in the prior
year period.

The company's ordinary shareholders' equity at September 30, 2008
is estimated to be between US$7.11 billion and US$7.16 billion, as
compared with US$7.77 billion at June 30, 2008.  This reduction
reflected:

   (i) the net loss for the current quarter,

  (ii) an increase of between US$800 million and US$875 million in
       net unrealized losses within the investment portfolio,
       caused principally by a continued widening of credit
       spreads on corporate investments,

(iii) a reduction in the currency translation account of
       US$457.4 million due to the strengthening of the U.S.
       dollar in the quarter, partially offset by,

  (iv) proceeds of US$2,341.4 million received from issue of
       151.75 million new Class A Ordinary Shares.  Book value per
       ordinary share at September 30, 2008 is estimated to be
       between US$21.50 and US$21.65.

The annualized return on ordinary shareholders' equity, based on
"net income excluding net realized gains and losses," is expected
to be approximately 5.8% for the quarter as compared to 22.3% in
the prior year quarter.

Mr. McGavick said: "While it was a tough quarter by any measure,
we are very pleased with the resilience of the XL franchise.  
Especially noteworthy was the fact that our clients, brokers and
people pulled with us through the uncertainty of the Syncora
situation, enabling us to have positive sales momentum in the
quarter, and positioning us well for the critical 1/1 renewal
period."

The company will host a conference call to discuss the preliminary
estimates of its third quarter results on October 14, 2008 at 8:30
a.m. Eastern time.  The conference call can be accessed through a
listen-only dial in number or though a live webcast.  To listen to
the conference call, please dial (877) 422-4657 or (706) 679-0474,
Conference ID# 67852140.  The webcast will be available at the
company's web site and will be archived there from approximately
11:30 a.m. Eastern time on October 14,2008, through midnight
Eastern time on November 14, 2008.  A telephone replay of the
conference call will also be available beginning at 11:30 a.m.
Eastern time on October 14, 2008, until midnight Eastern time on
November 4, 2008 by dialing (800) 642-1687 or (706) 645-9291,
Conference ID# 67852140.

Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. has assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications. Concurrently A.M. Best has withdrawn the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.



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

ATARI INC: Infogrames Entertainment Completes Acquisition
---------------------------------------------------------
Atari Inc. disclosed in a Securities and Exchange Commission
filing that effective Oct. 8, 2008, Infogrames Entertainment, S.A.
completed its acquisition of the company.

In connection with the Merger, the company's shares of common
stock, par value US$0.10 per share, are no longer traded on the
"Pink Sheets" or listed on any exchange or quotation service.

On Oct. 8, 2008, pursuant to the terms of the Agreement and Plan
of Merger among Infogrames, Irata Acquisition Corp. and the
company, each outstanding share of Atari common stock, par value
US$0.10 per share, other than shares held by Infogrames and its
subsidiaries and shares held by Atari stockholders who are
entitled to and who properly exercise appraisal rights under
Delaware law, issued and outstanding immediately prior to the
effective time of the Merger was canceled and automatically
converted into the right to receive US$1.68 per share in cash,
without interest.

Upon the closing of the Merger, the Company became a wholly owned
indirect subsidiary of Infogrames.

Pursuant to the terms of the Merger Agreement, immediately upon
completion of the Merger on Oct. 8, 2008, each of the directors of
the Company resigned and were replaced by the directors of Irata
Acquisition Corp.

The company has filed a certification and notice of termination of
registration under the Securities Exchange Act of 1934 following
the completion of the acquisition.

                         About Atari Inc.

New York City-based Atari Inc. is a publisher of video game
software that is distributed throughout the world and a
distributor of video game software in North America. Most of the
products it publishes and distributes are games developed by or
for Infogrames Entertainment S.A., or IESA, a French corporation
listed on Euronext, which owns approximately 51% of its stock.

Atari has offices in Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 16, 2008,
J.H. Cohn LLP raised substantial doubt about Atari Inc.'s
ability to continue as a going concern after it audited the
company's financial statements for the year ended March 31, 2008.  
The auditor pointed to the company's significant operating losses.


BANCO BMG: Moody's Shifts Outlook to Neg., Puts Downgrade Review
----------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on ratings for Banco BMG S.A.

The rating actions reflect Moody's view that a possible slowdown
in economic activity, as well as unfavorable funding conditions
and availability in the local and international markets may
challenge these banks' recurring earnings generation capability
and thus, the sustainability of their specialized franchises over
the medium-term.

Moody's noted that tightening domestic liquidity has pressured the
banks' ability to maintain loan origination and could therefore
lead to much lower growth rates.  Access to long-term funds and
securitizations -- both funding mechanisms that have largely
supported the banks' respective growth -- may also remain limited
and could further restrict loan origination and revenue generation
going forward.  The banks' dependence on institutional funding has
been partially offset by their ability to sell highly liquid
loans, but in a scenario of persistent tight liquidity, the banks'
financial flexibility tends to decline.

Moody's acknowledges the banks' expertise in their respective
business niches, as well as their ability to adapt expensive
operating structures to new levels of origination flows.  
Moreover, banks have been focusing on preserving their cash
positions and have overall adequate capital ratios.  Recent
regulatory measures have been taken to alleviate funding pressures
and they are supportive of the sector's credit profile.

However, under a scenario of economic deceleration and restrictive
credit and funding, Moody's views these banks as challenged to
define focused and consistent business models with balanced risk-
return profiles that are sustainable over time.  The banks'
financial strength, therefore, may no longer appear consistent
with the strength of other banks that carry the same ratings.

Banco BMG S.A.:

   -- D+ Bank Financial Strength Rating;

   -- Ba1 Long-Term Global Local Currency Deposit Rating;

   -- Ba1 Long-Term Foreign Currency Senior Unsecured Debt Rating;
      and

   -- Aa2.br Long-Term National Scale Rating in Brazil

The outlook on the foreign currency deposit ratings of Ba2 and Not
Prime remain stable.  Banco BMG had assets of BRL7.68 billion
(US$4.83 billion) as of June 2008.

Headquartered in Minas Gerais, Brazil, Banco BMG is the Brazilian
banking arm of Grupo BMG, which also has real estate, food
manufacturing and agro industry holdings.  The bank is a niche
player focused on loans to civil servants, with repayments taken
monthly from payrolls.  BMG operates mainly through in-house
representatives in state companies.  It also offers leasing and
asset management services.


BANCO BONSUCESSO: Moody's Places Ratings Under for Downgrade
------------------------------------------------------------
Moody's Investors Service placed the ratings of Banco Bonsucesso
S.A. on review for possible downgrade.

The rating actions reflect Moody's view that a possible slowdown
in economic activity, as well as unfavorable funding conditions
and availability in the local and international markets may
challenge these banks' recurring earnings generation capability
and thus, the sustainability of their specialized franchises over
the medium-term.

Moody's noted that tightening domestic liquidity has pressured the
banks' ability to maintain loan origination and could therefore
lead to much lower growth rates.  Access to long-term funds and
securitizations -- both funding mechanisms that have largely
supported the banks' respective growth -- may also remain limited
and could further restrict loan origination and revenue generation
going forward.  The banks' dependence on institutional funding has
been partially offset by their ability to sell highly liquid
loans, but in a scenario of persistent tight liquidity, the banks'
financial flexibility tends to decline.

Moody's acknowledges the banks' expertise in their respective
business niches, as well as their ability to adapt expensive
operating structures to new levels of origination flows.  
Moreover, banks have been focusing on preserving their cash
positions and have overall adequate capital ratios.  Recent
regulatory measures have been taken to alleviate funding pressures
and they are supportive of the sector's credit profile.

However, under a scenario of economic deceleration and restrictive
credit and funding, Moody's views these banks as challenged to
define focused and consistent business models with balanced risk-
return profiles that are sustainable over time.  The banks'
financial strength, therefore, may no longer appear consistent
with the strength of other banks that carry the same ratings.

Banco Bonsucesso S.A.:

   -- D Bank Financial Strength Rating;
   -- Ba2 Long-Term Global Local Currency Deposit Rating;
   -- Ba2 Long-Term Foreign Currency Deposit Rating; and
   -- A1.br Long-Term National Scale Rating in Brazil.

Headquartered in Belo Horizonte, Brazil, Banco Bonsucesso S.A. is
a Brazil-based bank focused in granting consigned (payroll) credit
to federal, state and municipal public servants as well as
retirees.  Additionally, the bank services the middle market
private business segment with financial products (securitization)
mostly structure using accounts receivable as a basis.  The bank
holds operations across Brazil.  As of the first quarter of 2007,
the Bank had 801 active representatives located in most Brazilian
state and municipalities.  As of June 2008, Banco Bonsucesso had
assets of BRL1.45 billion (US$911 million).


BANCO CRUZEIRO: Moody's Places Ratings Under Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service placed the ratings of Banco Cruzeiro do
Sul S.A on review for possible downgrade.

The rating actions reflect Moody's view that a possible slowdown
in economic activity, as well as unfavorable funding conditions
and availability in the local and international markets may
challenge these banks' recurring earnings generation capability
and thus, the sustainability of their specialized franchises over
the medium-term.

Moody's noted that tightening domestic liquidity has pressured the
banks' ability to maintain loan origination and could therefore
lead to much lower growth rates.  Access to long-term funds and
securitizations -- both funding mechanisms that have largely
supported the banks' respective growth -- may also remain limited
and could further restrict loan origination and revenue generation
going forward.  The banks' dependence on institutional funding has
been partially offset by their ability to sell highly liquid
loans, but in a scenario of persistent tight liquidity, the banks'
financial flexibility tends to decline.

Moody's acknowledges the banks' expertise in their respective
business niches, as well as their ability to adapt expensive
operating structures to new levels of origination flows.  
Moreover, banks have been focusing on preserving their cash
positions and have overall adequate capital ratios.  Recent
regulatory measures have been taken to alleviate funding pressures
and they are supportive of the sector's credit profile.

However, under a scenario of economic deceleration and restrictive
credit and funding, Moody's views these banks as challenged to
define focused and consistent business models with balanced risk-
return profiles that are sustainable over time.  The banks'
financial strength, therefore, may no longer appear consistent
with the strength of other banks that carry the same ratings.

Banco Cruzeiro do Sul S.A.:

   -- D+ Bank Financial Strength Rating;
   -- Ba1 Long-Term Global Local Currency Deposit Rating;
   -- Ba1 Long-Term Foreign Currency Senior Unsecured Debt Rating;
   -- Ba2 Long-Term Foreign Currency Subordinate Debt Rating; and
   -- Aa2.br Long-Term National Scale Rating in Brazil

The outlook on the foreign currency deposit ratings of Ba2 and Not
Prime remain stable.  Banco Cruzeiro had assets of BRL4.99 billion
(US$3.1 billion) as of June 2008.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.


BANCO IBI: Moody's Reviews D-/Ba3 Ratings for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Banco Ibi S.A. on
review for possible downgrade.

The rating actions reflect Moody's view that a possible slowdown
in economic activity, as well as unfavorable funding conditions
and availability in the local and international markets may
challenge these banks' recurring earnings generation capability
and thus, the sustainability of their specialized franchises over
the medium-term.

Moody's noted that tightening domestic liquidity has pressured the
banks' ability to maintain loan origination and could therefore
lead to much lower growth rates.  Access to long-term funds and
securitizations -- both funding mechanisms that have largely
supported the banks' respective growth -- may also remain limited
and could further restrict loan origination and revenue generation
going forward.  The banks' dependence on institutional funding has
been partially offset by their ability to sell highly liquid
loans, but in a scenario of persistent tight liquidity, the banks'
financial flexibility tends to decline.

Moody's acknowledges the banks' expertise in their respective
business niches, as well as their ability to adapt expensive
operating structures to new levels of origination flows.  
Moreover, banks have been focusing on preserving their cash
positions and have overall adequate capital ratios.  Recent
regulatory measures have been taken to alleviate funding pressures
and they are supportive of the sector's credit profile.

However, under a scenario of economic deceleration and restrictive
credit and funding, Moody's views these banks as challenged to
define focused and consistent business models with balanced risk-
return profiles that are sustainable over time.  The banks'
financial strength, therefore, may no longer appear consistent
with the strength of other banks that carry the same ratings.

The outlook on these ratings was changed to negative from stable:

Banco Ibi S.A. -- Banco Multiplo:

   -- D- Bank Financial Strength Rating;
   -- Ba3 Long-Term Global Local Currency Deposit Rating;
   -- Ba3 Long-Term Foreign Currency Deposit Rating; and
   -- A3.br Long-Term National Scale Rating in Brazil.

Headquartered in Barueri, Sao Paulo, Brazil, Banco Ibi S.A.
Banco Multiplo -- http://www.ibi.com.br-- was established in
2001 and is the financial arm of financial solutions for C&A
Group of Netherlands.  The bank is present throughout Brazil,
and countries such as Argentina and Mexico.  As of June 2008, the
bank had assets of BRL5.5 billion (US$3.3 billion).


BANCO NACIONAL: To Back Investment Plans in Uruguay, Official Says
------------------------------------------------------------------
A Uruguayan government official told Business News Americas that
Brazilian firms are looking to invest in infrastructure
initiatives in Uruguay that would be financially supported by
Brazil's national development bank Banco Nacional de
Desenvolvimento Economico e Social SA.

According to the report, BNDES executives have already met with
Uruguayan company representatives and government officials to
discuss investment opportunities for which the bank could provide
support, if works are carried out by Brazilian firms.

Citing the official, BNamericas relates that this is especially
attractive now that companies are looking for competitive
financing to cover infrastructure development initiatives.  The
global financial crisis has led to higher interest rates, and
firms and countries see higher risk in dollar-denominated loans.

The official said that having BNDES finance works carried out by
Brazilian firms could allow the loan's disbursement to be made in
Brazilian reais, which would benefit that currency, BNamericas
notes.

The official, as cited by BNamericas, added that the initiative
would also allow Uruguayan firms and projects to access financing
under favorable conditions, such as lower interest rates.

A number of Uruguayan construction and investment firms are
considering forming strategic alliances with Brazilian
construction companies and investors to gain access to BNDES
funding, BNamericas says, citing the official.

                      About Banco Nacional

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

                        *     *     *

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


CIA. SIDERURGICA: Delays Namisa Sale Due to Crisis, Analyst Says
----------------------------------------------------------------
Citing Market Analyst Pedro Galdi, Business News Americas reports
that the global financial crisis is delaying Companhia Siderurgica
Nacional S.A.'s sale of its Namisa iron ore unit.

Mr. Galdi told BNamericas that with expected sales of 13.5Mt in
2008, Namisa has been coveted by numerous steel companies.  It was
recently rumored that a Japanese consortium was on the verge of
buying the Minas Gerais-based mining company.  But so far, nothing
official has been disclosed.

The analyst saw a systemic credit and financing crisis.  "So
whichever company buys an asset the size of Namisa will have to
have a credit line abroad.  The problem is that a credit line is
not something easy to obtain these days," BNamericas quoted Mr.
Galdi as saying.

Mr. Galdi said an announcement could be made soon, BNamericas
notes.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,   
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


GOL LINHAS: To Enhance Domestic In-Flight Services on October 19
----------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. will enhanced its in-flight
service offering on domestic flights.  Beginning Oct. 19, the
company will provide customers with a variety of snacks, beverages
and candy on shorter flights.  On trips exceeding two hours, the
Company will offer sandwiches or snacks as well as beverages and
candy.

"GOL will continue operating on its low-cost management platform
and offering lower fares, but will provide customers with a
variety of new services," GOL's vice president for marketing and
services, Tarcisio Gargioni says.  "We are adding additional
amenities to our in-flight service in response to company-
sponsored customer research but are always working to maintain the
low-cost structure the Company was founded on."

To develop the new service offerings, GOL analyzed departure and
arrival times, market profiles, supply bases and catering
logistics.  The result is a product that maintains the same unit
cost per passenger but is tailored to each route and connection.

"Our customer will rarely find the same snack on-board our
aircraft, including those with multiple connections," adds Mr.
Gargioni.

The airline also announced the launching a new "Comfort Class" on
VARIG's medium-haul international flights.  Beginning Oct. 16,
2008, flights from Rio de Janeiro (Tom Jobim-Galeao) and Sao
Paulo (Guarulhos) to Bogota, Caracas and Santiago served by
VARIG's Boeing 737-800 Next Generation aircraft will offer the
new Comfort Class, which provides passengers with a number of
important benefits, including more legroom between seats,
increased privacy, a 25 percent bonus to accumulated SMILES miles,
additional meal choices and on-demand entertainment during the
flight.

"The Comfort Class aims to not only increase our passengers
comfort during the flight but throughout their entire trip," Mr.
Gargioni relates.

Comfort Class passengers will also have access to an exclusive
check-in desk and priority boarding. Passengers' luggage, which
has an extra ten kilo allowance, will also be the first loaded to
the aircraft's cargo bay.  Additionally, Comfort Class customers
can wait for their flight in the Company's International SMILES
VIP lounges in Brazil (Guarulhos and Tom Jobim- Galeao airports)
or in partner airlines' VIP lounges including Avianca's Bogota
lounge, American Airlines' Caracas lounge, and Lan Airlines'
Santiago lounge.

Once onboard, service in the Comfort Class includes an advanced
system of individual on board entertainment: the Portable
Entertainment Appliance (PEA).  Through an easy-to-use touch
screen, the PEA offers digital images and sound, providing
customers with an interactive electronic system where they can
view feature films, variety programs, sitcoms, cartoons, video
clips and a wide range of music and games.

Comfort Class also provides customers with increased meal options,
allowing passengers to choose between hot meals from a wide
variety of international cuisines or lighter meals prepared with
the health-conscience traveler in mind.  The service also includes
wine, beer and a variety of other beverages.

"In addition, the cabin crew will provide passengers with portable
foot massage units and anti-stress balls during the flight," adds
Mr. Gargioni.  "Through the addition of the Comfort Class, we are
aiming to make VARIG the first choice for medium-haul flights in
South America."

Comfort Class tickets are available for purchase on VARIG's
website at: http://www.varig.com.

                         About GOL Linhas

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.


HEXION SPECIALTY: Apollo Management to Inject US$540 Million
------------------------------------------------------------
Hexion Specialty Chemicals, Inc., disclosed in a Securities and
Exchange Commission filing that affiliates of Apollo Management
L.P. have agreed to make a capital contribution of US$540 million
to the company to assist it in closing the merger with Huntsman
Corporation.  

The Company also disclosed that Apollo Management will waive its
contractual rights to a transaction fee in connection with the
Huntsman merger and suspend for three years its ongoing monitoring
fees from the Company.  Apollo's fee waivers and equity commitment
are conditioned upon the consummation of the Huntsman merger.

                    About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/-- is a producer of thermosetting           
resins, or thermosets.  Thermosets are a critical ingredient in
virtually all paints, coatings, glues and other adhesives produced
for consumer or industrial uses.   Hexion Specialty Chemicals is
controlled by an affiliate of Apollo Management L.P.

Outside the United States, the company has regional headquarters
in: China through Hexion Specialty Chemicals Singapore Pte Ltd.;
Australia through Hexion Specialty Chemicals Australia Pty.; the
Netherlands through Hexion Specialty Chemicals B.V.; and in
Brazil through Hexion Quimica Industria e Comercio Ltda.

Hexion Specialty Chemicals Inc.'s balance sheet at March 31, 2008,
showed  the company had total assets of US$4.2 billion and total
liabilities of US$5.5 billion, resulting in a shareholders'
deficit of US$1.3 billion.


HEXION SPECIALTY: Unveils Tender Offers for Outstanding Notes
-------------------------------------------------------------
Hexion Specialty Chemicals, Inc. disclosed in a Securities and
Exchange Commission filing that Nimbus Merger Sub Inc., a wholly
owned subsidiary of Hexion, is offering to purchase for cash:

  -- any and all of the outstanding US$200,000,000 principal
     amount of Second-Priority Senior Secured Floating Rate Notes
     due 2014 (CUSIP No. 428303AG6); and

  -- any and all of the outstanding US$625,000,000 principal
     amount of 9-3/4% Second-Priority Senior Secured Notes due
     2014 (CUSIP No. 428303AH6)

issued by Hexion U.S. Finance Corp. and Hexion Nova Scotia
Finance, ULC, in each case on the terms and subject to the
conditions set in the Offer to Purchase and Consent Solicitation
Statement dated Oct. 8, 2008 and the accompanying Letter of
Transmittal and Consent.

Hexion also disclosed that Nimbus is offering to purchase for
cash:

  -- any and all of the outstanding US$296,010,000 principal
     amount of 11-5/8% Senior Secured Notes due 2010 (CUSIP No.
     44701RAE0);

  -- any and all of the outstanding US$198,000,000 principal
     amount of 11-1/2% Senior Notes due 2012 (CUSIP No. 44701RAG5)

  -- any and all of the outstanding US$175,000,000 principal
     amount of 7-3/8% Senior Subordinated Notes due 2015 (CUSIP
     No. 44701QAK8),

  -- any and all of the outstanding EUR135,000,000 principal
     amount of 7 1/2% Senior Subordinated Notes due 2015
     (CUSIP No. 44701QAL6);

  -- any and all of the outstanding US$347,000,000 principal
     amount of 7-7/8% Subordinated Notes due 2014 (CUSIP No.
     44701QAP7); and

  -- any and all of the outstanding EUR400,000,000 principal
     amount of 6-7/8% Subordinated Notes due 2013,

in each case issued by Huntsman International LLC, on the terms
and subject to the conditions set forth in an Offer to Purchase
and Consent Solicitation Statement dated Oct. 8, 2008 and the
accompanying Letter of Transmittal and Consent.  Nimbus is also
soliciting consents to eliminate most of the restrictive covenants
and the liens, as applicable, in the indentures under which the
Hexion Notes and the Huntsman Notes were issued.

The tender offers are subject to the conditions set in the Offer
Documents including:

  -- the consummation of Hexion's proposed acquisition of
     Huntsman Corporation and the related financing transactions;
     and

  -- the receipt of consents of the noteholders representing a
     majority in aggregate principal amount of the Notes issued
     under each indenture.

The release of liens under the indentures will require the
consents of noteholders representing:

  -- in the case of the Hexion Notes, two-thirds in aggregate
     principal amount of such Notes; and

  -- in the case of the Huntsman 11 5/8% Notes, 100% in aggregate
     principal amount of such Notes.

The total consideration for the Floating Rate Notes tendered and
accepted for purchase pursuant to the tender offer will be
determined as specified in the Hexion Offer Documents, on the
basis of a yield to the earliest optional redemption date under
the applicable indenture equal to the sum of:

  -- the yield (based on the bid side price) of the 4.75% U.S.
     Treasury Note due Nov. 15, 2008, as calculated by
     Oppenheimer & Co. Inc., in accordance with standard market
     practice on the Price Determination Date, plus

  -- a fixed spread of 50 basis points.

The total consideration for the 9-3/4% Notes tendered and accepted
for purchase pursuant to the tender offer will be determined as
specified in the Hexion Offer Documents, on the basis of a yield
to the earliest optional redemption date under the applicable
indenture equal to the sum of:

  -- the yield (based on the bid side price) of the 4.5% U.S.
     Treasury Note due November 15, 2010, as calculated by
     Oppenheimer & Co. Inc., in accordance with standard market
     practice on the Price Determination Date, plus

  -- a fixed spread of 50 basis points.

The total consideration for each US$1,000 in principal amount of
the Huntsman 11 5/8 Notes will be US$1,034.06.  The total
consideration for each US$1,000 in principal amount of the
Huntsman 11-1/2% Notes will be US$1,062.50.  

The total consideration for the Huntsman 7-3/8% Notes tendered and
accepted for purchase pursuant to the tender offer will be
determined as specified in the Huntsman Offer Documents, on the
basis of a yield to the earliest optional redemption date under
the applicable indenture equal to the sum of:

  -- the yield (based on the bid side price) of the 3.25% U.S.
     Treasury Note due Dec. 31, 2009, as calculated by
     Oppenheimer & Co. Inc., in accordance with standard
     market practice on the Price Determination Date, plus

  -- a fixed spread of 50 basis points.

The total consideration for the Huntsman 7-1/2% Notes tendered and
accepted for purchase pursuant to the tender offer will be
determined as specified in the Huntsman Offer Documents, on the
basis of a yield to the earliest optional redemption date under
the applicable indenture equal to the sum of:

  -- the yield (based on the bid side price) of the 5.375% German
     Bundes Obligationen due Jan. 4, 2010, as calculated by
     Oppenheimer & Co. Inc., in accordance with standard market
     practice on the Price Determination Date, plus

  -- a fixed spread of 50 basis points.

The total consideration for the Huntsman 7-7/8% Notes tendered and
accepted for purchase pursuant to the tender offer will be
determined as specified in the Huntsman Offer Documents, on the
basis of a yield to the earliest optional redemption date under
the applicable indenture equal to the sum of:

  -- the yield (based on the bid side price) of the 4.5% U.S.
     Treasury Note due Nov. 15, 2010, as calculated by
     Oppenheimer & Co. Inc., in accordance with standard market  
     practice on the Price Determination Date, plus

  -- a fixed spread of 50 basis points.

The total consideration for the Huntsman 6-7/8% Notes tendered and
accepted for purchase pursuant to the tender offer will be
determined as specified in the Huntsman Offer Documents, on the
basis of a yield to the earliest optional redemption date under
the applicable indenture equal to the sum of:

  -- the yield (based on the bid side price) of the 5.375% German
     Bundes Obligationen due Jan. 4, 2010, as calculated by
     Oppenheimer & Co. Inc., in accordance with standard market
     practice on the Price Determination Date, plus

  -- a fixed spread of 50 basis points.

Nimbus will pay accrued and unpaid interest up to, but not
including, the applicable payment date.

Each holder who validly tenders its Notes and delivers consents on
or prior to Oct. 22, 2008 shall be entitled to a consent payment,
which is included in the total consideration above, of US$15 for
each US$1,000 in principal amount of Notes (or, in the case of the
7 1/2% Notes and the 6 7/8% Notes, EUR15 for each EUR1,000 in
principal amount of such Notes) tendered by such holder if such
Notes are accepted for purchase pursuant to the tender offers.

Holders who tender after the Consent Date, but prior to the
Expiration Date, shall receive the total consideration minus the
consent payment.  Holders who tender Notes are required to consent
to the proposed amendments to the indentures and, where
applicable, the related collateral agreements.

The tender offers and consent solicitations will expire at
midnight, New York City time, on Nov. 5, 2008, unless extended or
earlier terminated by Nimbus.

Tenders of Notes prior to the Consent Date may be validly
withdrawn and consents may be validly revoked at any time prior to
Oct. 22, 2008, but not thereafter unless the tender offers and the
consent solicitations are terminated without any Notes being
purchased. Nimbus reserves the right to terminate, withdraw or
amend the tender offers and consent solicitations at any time
subject to applicable law.

Nimbus expects to pay for any Notes purchased pursuant to the
tender offers and consent solicitations on a date promptly
following the expiration of its tender offer.  In addition, Nimbus
may accept and pay for any Notes at any time after the Consent
Date, in its sole discretion.

Hexion expects that its 9-2/10% debentures due 2021, 7-7/8%
debentures due 2023 and 8-3/8% sinking fund debentures due 2016
will remain outstanding following its proposed acquisition of
Huntsman Corporation.

Nimbus has retained Oppenheimer & Co. Inc., to act as Dealer
Manager in connection with the tender offers and consent
solicitations.

                    About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/-- is a producer of thermosetting           
resins, or thermosets.  Thermosets are a critical ingredient in
virtually all paints, coatings, glues and other adhesives produced
for consumer or industrial uses.   Hexion Specialty Chemicals is
controlled by an affiliate of Apollo Management L.P.

Outside the United States, the company has regional headquarters
in: China through Hexion Specialty Chemicals Singapore Pte Ltd.;
Australia through Hexion Specialty Chemicals Australia Pty.; the
Netherlands through Hexion Specialty Chemicals B.V.; and in
Brazil through Hexion Quimica Industria e Comercio Ltda.

Hexion Specialty Chemicals Inc.'s balance sheet at March 31, 2008,
showed  the company had total assets of US$4.2 billion and total
liabilities of US$5.5 billion, resulting in a shareholders'
deficit of US$1.3 billion.


* BRAZIL: Stock Index Drops 10% Wednesday; Trading Froze 30 Mins.
-----------------------------------------------------------------
Brazil's Ibovespa stock index dropped more than 10% Wednesday
afternoon triggering a 30-minute trading halt amid investors'
continuous disposal of stocks worldwide over fears of recession in
major economies, various reports relate.

Reuters reports that state-run Petrobras sank 11.9%, leading the
market lower, while mining company Vale tumbled 14.6%.

The International Herald Tribune says Vale do Rio Doce, the
world's largest iron ore miner, lost 15.2%.  Together, Vale do Rio
Doce and Petrobras comprise 34.5% of the Ibovespa, the IHT notes.  
Last week, the index lost 25% of its value, but had its biggest
one-day gain in a decade on Monday.

According to Bloomberg News, Brazil's real sank 5.9%, the most in
a week, as a government report showed U.S. retail sales plunged
last month, evidence the global credit crisis has begun to deepen
a slowdown in the world's biggest economy.  The report adds that
the real sank to 2.2265 per dollar at 5:17 p.m. New York time,
from 2.0963 Wednesday, halting a two-day rebound that had driven
it up almost 10%. Brazil's currency is down 14.5% this month,
Bloomberg writes, and 29.9% from a nine-year high reached on
August 1.  Brazil's central bank bought reais in the currency
market for a second straight day to stem the currency's slide.

The global financial squeeze that began in the United States and
Europe has stormed the Brazilian economy.

Meanwhile, The Economic Times reports the Brazilian government
maintains that the country's economy is fundamentally strong and
well placed to weather the financial turbulence.



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

AG GLOBAL: Will Hold Final Shareholders Meeting on Oct. 17
----------------------------------------------------------
AG Global Holdings will hold its final shareholders meeting on
Oct. 17, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, 171 Elgin Avenue, George Town,
Grand Cayman, Cayman Islands.

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

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

The liquidator can be reached at:

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


ARMONIA FUNDING: To Hold Final Shareholders Meeting on Oct. 17
--------------------------------------------------------------
Armonia 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.

Armonia Funding'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 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


APS PACIFIC-EX-JAPAN: Sets Final Shareholders Meeting on Oct. 17
----------------------------------------------------------------
APS Pacific-Ex-Japan Long Short Hedge Fund will hold its final
shareholders meeting on Oct. 17, 2008, at 2:30 p.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.

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

The liquidator can be reached at:

               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


ARX GLOBAL: Holding Final Shareholders Meeting on Oct. 17
---------------------------------------------------------
ARX Global High Yield Securities Overseas Fund Ltd. will hold its
final shareholders meeting on Oct. 17, 2008, at 3:00 p.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.

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

The liquidator can be reached at:

               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


ARX GLOBAL MASTER: Holds Final Shareholders Meeting on Oct. 17
--------------------------------------------------------------
ARX Global High Yield Securities Master Fund Ltd. will hold its
final shareholders meeting on Oct. 17, 2008, at 3:00 p.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.

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

The liquidator can be reached at:

               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


BEAR STEARNS SYSTEMATIC: Final Shareholders Meeting Is on Oct. 17
-----------------------------------------------------------------
Bear Stearns Systematic Equity Partners (Overseas) Ltd. will hold
its final shareholders meeting on Oct. 17, 2008, at 1:00 p.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.

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

The liquidator can be reached at:

               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


BEAR STEARNS MASTER: Final Shareholders Meeting Set for Oct. 17
---------------------------------------------------------------
Bear Stearns Systematic Equity Partners Master Fund Ltd. will hold
its final shareholders meeting on Oct. 17, 2008, at 1:00 p.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.

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

The liquidator can be reached at:

               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


BEECHHOLT FUND: To Hold Final Shareholders Meeting on Oct. 17
-------------------------------------------------------------
BeechHolt Fund Ltd. will hold its final shareholders meeting on
Oct. 17, 2008, at 2:00 p.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.

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

The liquidator can be reached at:

               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


BSJ COMMERCIAL: Holding Final Shareholders Meeting on Oct. 17
-------------------------------------------------------------
BSJ Commercial Lending No. 1 Ltd. will hold its final shareholders
meeting on Oct. 17, 2008, at 4:00 p.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.

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

The liquidator can be reached at:

               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


CAPRICORN AVIATION: Final Shareholders Meeting Set for Oct. 17
--------------------------------------------------------------
Capricorn Aviation will hold its final shareholders meeting on
Oct. 17, 2008, at 3:30 p.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.

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

The liquidator can be reached at:

               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


COMMONFUND INSTITUTIONAL: Final Shareholders Meeting Is Oct. 17
---------------------------------------------------------------
Commonfund Institutional Enhanced Short Duration Fund Ltd. will
hold its final shareholders meeting on Oct. 17, 2008, at 1:30
p.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.

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

The liquidator can be reached at:

               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


EMERALD INVESTMENT: Sets Final Shareholders Meeting on Oct. 17
--------------------------------------------------------------
Emerald Investment Grade CBO II Ltd. will hold its final
shareholders meeting on Oct. 17, 2008, at the offices of Deutsche
Bank (Cayman) Limited, Boundary Hall, Cricket Square, 171 Elgin
Avenue, George Town, Grand Cayman, Cayman Islands.

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

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

The liquidator can be reached at:

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


GEMS-J1 CAYMAN: To Hold Final Shareholders Meeting on Oct. 17
-------------------------------------------------------------
Gems-J1 Cayman Holdings Ltd. will hold its final shareholders
meeting on Oct. 17, 2008, at the offices of Deutsche Bank (Cayman)
Limited, Boundary Hall, Cricket Square, 171 Elgin Avenue, George
Town, Grand Cayman, Cayman Islands.

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

Gems-J1 Cayman's shareholders agreed on Sept. 5, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


HAMPTON CDO: Holding Final Shareholders Meeting on Oct. 17
----------------------------------------------------------
Hampton CDO Ltd. will hold its final shareholders meeting on
Oct. 17, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, 171 Elgin Avenue, George Town,
Grand Cayman, Cayman Islands.

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

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

The liquidator can be reached at:

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


HERCULES AVIATION: Holds Final Shareholders Meeting on Oct. 17
--------------------------------------------------------------
Hercules Aviation will hold its final shareholders meeting on
Oct. 17, 2008, at 3:30 p.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.

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

The liquidator can be reached at:

               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


JLOC 2001-1: Will Hold Final Shareholders Meeting on Oct. 17
------------------------------------------------------------
JLOC 2001-1 Ltd. will hold its final shareholders meeting on
Oct. 17, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, 171 Elgin Avenue, George Town,
Grand Cayman, Cayman Islands.

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

JLOC 2001-1's shareholders agreed on Sept. 5, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


JOFI MACHIDA: Holding Final Shareholders Meeting on Oct. 17
-----------------------------------------------------------
Jofi Machida Retail Holding Ltd. will hold its final shareholders
meeting on Oct. 17, 2008, at 1:00 p.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.

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

The liquidator can be reached at:

               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 (SAFETYKLEEN II): Final Shareholders Meeting Is Oct. 17
-----------------------------------------------------------------
J.P. Morgan Partners Global Investors (SafetyKleen II) 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 (SELLDOWN/SAFETYKLEEN III): Final Meeting Is Oct. 17
--------------------------------------------------------------
J.P. Morgan Partners Global Investors (Selldown/SafetyKleen III)
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


MICRO TRADING: To Hold Final Shareholders Meeting on Oct. 17
------------------------------------------------------------
Micro Trading Management Cayman will hold its final shareholders
meeting on Oct. 17, 2008, at 12:30 p.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.

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

The liquidator can be reached at:

               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


ROMARIO FINANCE: Sets Final Shareholders Meeting for Oct. 17
------------------------------------------------------------
Romario Finance Company will hold its final shareholders meeting
on Oct. 17, 2008, at the offices of Deutsche Bank (Cayman)
Limited, Boundary Hall, Cricket Square, 171 Elgin Avenue, George
Town, Grand Cayman, Cayman Islands.

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

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

The liquidator can be reached at:

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


SAFE FUNDING: Will Hold Final Shareholders Meeting on Oct. 17
-------------------------------------------------------------
Safe Funding Ltd. will hold its final shareholders meeting on
Oct. 17, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, 171 Elgin Avenue, George Town,
Grand Cayman, Cayman Islands.

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

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

The liquidator can be reached at:

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


SK CORPORATION: Holding Final Shareholders Meeting on Oct. 17
-------------------------------------------------------------
SK Corporation will hold its final shareholders meeting on
Oct. 17, 2008, at the offices of Deutsche Bank (Cayman) Limited,
Boundary Hall, Cricket Square, 171 Elgin Avenue, George Town,
Grand Cayman, Cayman Islands.

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

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

The liquidator can be reached at:

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


UBS (CAY) ABSOLUTE: Final Shareholders Meeting Set for Oct. 17
-------------------------------------------------------------
UBS (Cay) Absolute Return Bond will hold its final shareholders
meeting on Oct. 17, 2008, at 12:00 p.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.

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

The liquidator can be reached at:

               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



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

ECOPETROL SA: Names JP Morgan as Depositary Bank for ADR Program
----------------------------------------------------------------
Ecopetrol S.A. has selected J.P. Morgan Chase & Co. as depositary
bank for the American Depositary Receipt (ADR) program for the
company.

J.P. Morgan will manage all aspects of the ADR program in the U.S.
for Ecopetrol, the largest company in Colombia.  Ecopetrol’s ADR
is the first NYSE-listed program by a Colombian company in more
than a decade.

Javier Gutierrez, CEO at Ecopetrol, said: “We are very pleased to
have chosen J.P. Morgan to manage our ADR program to support our
future growth initiatives, which will enable us to compete as a
global energy provider.  It is also an honor for us to be the
first Colombian company to list on the New York Stock Exchange in
over 10 years.”

William Kirst, Depositary Receipts Executive for Latin America at
J.P. Morgan, said: “We are delighted to be working with a growing
company like Ecopetrol.  We look forward to helping Ecopetrol
fully leverage its ADR program to help support the company’s
growth plans.  This mandate is testament to J.P. Morgan’s strong
position in the depositary receipt industry, in both developed and
emerging markets.”

J.P. Morgan launched the first DR in Latin America in 1960
(Teléfonos de Mexico) and serves as depositary for a number of DR
programs in Latin America, including Banco Santander - Chile,
Petroleo Brasileiro S.A. and Companhia Vale do Rio Doce.  In 2007,
the firm launched a global depositary shares (GDS) program for
Grupo Clarín S.A., the first Argentine company to have a DR
listing on the London Stock Exchange.  That year it also launched
a global depositary receipt (GDR) program for Almacenes Exito
S.A., the first primary offering of equity securities by a
Colombian company outside of the home market in over 10 years.

                       About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) -- http://www.jpmorganchase.com/
-- is a leading global financial services firm with assets of
US$2.0 trillion and operations in more than 60 countries.  The
firm is a leader in investment banking, financial services for
consumers, small business and commercial banking, financial
transaction processing, asset management, and private equity.  A
component of the Dow Jones Industrial Average, JPMorgan Chase &
Co. serves millions of consumers in the United States and many of
the world’s most prominent corporate, institutional and government
clients under its J.P. Morgan, Chase, and Washington Mutual
brands.

                          About Ecopetrol

Ecopetrol S.A. is an integrated-oil company that is wholly owned
by the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,  
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity.  In 2005, it
produced about 60 percent of Colombia's daily output.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign
and currency issuer default rating at 'BB+'.



=======
C U B A
=======

* CUBA: Debt Restructuring Talks with Spain to Start Soon
---------------------------------------------------------
Reuters reports that Spain will soon begin talks to restructure
Cuba's debt to ease trade between the two countries, Spain's
Foreign Minister said on Tuesday.

Spain is Cuba's third-largest trading partner with annual
commercial flows between the two countries amounting to about
US$1 billion, Reuters writes.

"The Cuban government wants to begin repayment as soon as the new
terms are fixed," Reuters quotes Miguel Angel Moratinos as stating
in a news conference.  Mr. Moratinos, however, declined to comment
on the size of the debt pile, being restructured or provide
further details.  Cuba suspended debt payments in 2001, Reuters
notes.

Meanwhile, the Cuban government disclosed that hurricanes Gustav
and Ike ripped through the country in late August and early
September, causing US$5 billion of damages and affecting 500,000
homes, Reuters notes.

The report relates that Spain intends to offer Cuba credit of up
to EUR100 million to help pay for hurricane damage.  Spain,
according to the report, is also arranging a EUR50 million to
EUR100 million credit line for Cuba to help the island rebuild its
hurricane-damaged infrastructure.

                          *     *     *

As cited by the Troubled Company Reporter-Europe on Oct. 6, 2008,
Reuters said that Spain's debt-laden companies and households are
among the world's most vulnerable to intensifying credit market
turmoil and are already experiencing soaring debt defaults that
will hit Spanish banks.  Reuters noted that after crises in 1978
and 1993, Spain put in place legal requirements for banks to
maintain high reserve levels.  The Bank of Spain says current bad
debt provisions could be drained by over half before institutions
face any stress.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 18, 2008, Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1



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

GMAC LLC: Mortgage & Auto-Lending Unit Funding Limited
------------------------------------------------------
David Mildenberg and Greg Bensinger at Bloomberg News report that
GMAC LLC's CEO Al de Molina said in an e-mail to workers that the
company has "limited if any access to funding" for its mortgage
and auto-lending units.

Citing Mr. de Molina, Bloomberg says that GMAC may cut auto
lending in some international markets and that it is considering
"strategic initiatives."  The report states that Mr. de Molina
said, "We've pursued a 'self-help' approach that on some days is
akin to hand-to-hand combat."

According to Bloomberg, Mr. de Molina said that GMAC's Residential
Capital LLC unit is "perhaps the most challenged operation."  
Bloomberg states that ResCap has reported seven consecutive money-
losing quarters.  Mr. de Molina, according to Bloomberg, said that
ResCap's CEO Thomas Marano is working on a "three-prong" approach
to resuscitate the business, including:

    -- work on revenue-generating strategies for the
       marketplace, and

    --improving communication among workers.

Bloomberg relates that GMAC said that it is restricting auto
lending to buyers with credit scores of at least 700, who are
about 58% of U.S. consumers.  According to the report, declining
auto sales and record foreclosures have resulted in US$5.4 billion
in losses at GMAC over the past year and led credit agencies to
downgrade the debt to junk.

                       About ResCap

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.

                           *     *     *

As disclosed in the Troubled Company Reporter on June 18, 2008,
Moody's Investors Service assigned ratings of Caa2 and Caa3 to
Residential Capital LLC (ResCap)'s senior secured and junior
secured bonds, respectively.  These bonds were issued as part of
ResCap's bond exchange which was completed on June 4, 2008.  The
ratings of ResCap's unsecured senior debt and unsecured
subordinate debt were affirmed at Ca and C, respectively.  Ratings
are under review for downgrade.  Separately the senior unsecured
rating of GMAC LLC was downgraded to B3 from B2 with a negative
outlook.

As disclosed in the Troubled Company Reporter on June 9, 2008,
Fitch Ratings has downgraded Residential Capital LLC's long- and
short-term Issuer Default Ratings to 'D' from 'C' following
completion of the company's distressed debt exchange.  Fitch has
also removed ResCap from Rating Watch Negative, where it was
originally placed on May 2.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors           
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

In Latin America, the company has operations in Argentina,
Brazil, Chile, Colombia, Ecuador, Mexico, Venezuela.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.



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

* EL SALVADOR: Fitch Holds Low-B Ratings; Changes Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on El Salvador's
long-term foreign and local currency Issuer Default Ratings to
Negative from Stable and affirmed the ratings as.

  -- Long-term foreign currency IDR at 'BB+';
  -- Long-term local currency IDR at 'BB+';
  -- Short-term foreign currency at 'B';
  -- Country ceiling at 'BBB-'.

The Outlook revision to Negative reflects increasing downside
risks stemming from growing fiscal and economic pressures against
a backdrop of tighter external and domestic liquidity.  'The risks
to fiscal and financing flexibility have been exacerbated by
ongoing political uncertainty in the run-up to general elections
in early 2009,' said Casey Reckman, Associate Director in Fitch's
Sovereign Group.  However, a stable monetary and economic
environment, a good track record on structural reforms, and
stronger governance indicators than rating peers support the 'BB+'
ratings.

Fiscal pressures have increased in 2008, due primarily to higher-
than-budgeted electricity, natural gas and transportation
subsidies.  Fitch expects the fiscal deficit to reach 2.4% of GDP
and government debt to decline only slightly to 38% of GDP, which
is already above the 'BB' median of 33%.  While Fitch recognizes
the government's efforts to compensate for higher expenditure and
secure access to multilateral funding, Fitch also believes that
tighter external liquidity means negative implications for growth
and investment, which could then further exacerbate fiscal
pressures.

Tighter liquidity has complicated the sovereign's financing
picture, even with regards to short-term obligations.  Higher
rates have been required to roll-over short-term maturities and
appetite for instruments which come due beyond the 2009 elections
has diminished.  However, the government's recent announcement of
CABEI's commitment to provide short-term financing has restored
Fitch's confidence that the authorities have greater financial
cushion to weather the on-going electoral cycle.  'The government
has submitted a World Bank/IDB backed US$950 million external
liability management proposal to Congress, which if passed could
further alleviate financing pressures and boost market
confidence,' said Reckman.

Fitch notes that El Salvador's current account deficit is
projected to widen to 7.3% of GDP in 2008, underpinned by the
expanding trade deficit and slackening remittance inflows.  Under
El Salvador's dollarized regime, failure to obtain external
financing, especially in the context of tighter international
liquidity and political uncertainty, could combine with slowing
external demand to worsen growth dynamics more significantly.  
Fitch expects growth to decelerate to 2.8% in 2009 with risks more
heavily weighted to the downside.  A weakening Salvadoran economy
could further increase the gap between the country's five-year
average growth rate and the 'BB' median.

Although there has been no evidence of election-related deposit
flight thus far, Fitch will continue to monitor how the financial
system copes with the impending electoral cycle and worsening
external conditions.  The strong presence of foreign ownership, a
favorable interest rate differential and the precautionary
measures taken by the central bank mitigate these concerns to an
extent.  However, the absence of a lender of last resort and a
well-capitalized deposit insurance fund could potentially
undermine the financial system's strength should capital flight
become an issue.

Easing of financing constraints including access to multilateral
assistance, resilience of the economy to the challenging external
and domestic environment and measures to improve fiscal
flexibility could help stabilize the ratings.  On the other hand,
continued political gridlock that hampers external financing,
significant capital flight and inadequate policy response to
growing fiscal pressures would be negative for sovereign
creditworthiness.



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

CEMEX SAB: S&P Slashes Callable Perpetual Debentures Rating to BB+
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit and senior unsecured debt ratings on Cemex S.A.B.
de C.V. (Cemex) and its key operating subsidiaries (Cemex Espana
S.A., Cemex Mexico S.A. de C.V., and Cemex Inc.) to 'BBB-' from
'BBB'.  The long-term Mexican local scale rating was also lowered
to 'mxAA' from 'mxAA+'.  At the same time, S&P lowered its rating
on Cemex's fixed-to-floating callable perpetual debentures to
'BB+' from 'BBB-'.  The outlook remains negative.
     
"The rating actions reflect our expectations that Cemex's
financial performance for the rest of 2008 and into 2009 will fall
short of our previous expectations, given the weakening of
economic growth prospects in its principal markets and around the
globe.  In addition, Cemex faces important debt maturities (US$5.7
billion) at the end of 2009 (particularly in December when US$3.7
billion related to its acquisition of Rinker Group Ltd. are due),
which pose a significant challenge to the company in light of
current market conditions," said S&P's credit analyst Juan Pablo
Becerra.
     
S&P anticipates weaker revenues and cash flow generation in 2009
as a result of the economic slowdown in Cemex's principal markets
(the U.S., Mexico, and Spain), where about 74% of its revenue is
concentrated.  Further, Cemex's ability to further reduce debt
through asset sales may be hampered by depressed asset prices and
the near-freeze in the credit markets.  As a result, it is highly
unlikely that Cemex will be able to meet S&P's previous financial
targets with FFO-to-adjusted net debt ratios of 20% and more than
25% by the end of 2008 and 2009, respectively.  This is based on
S&P's 2009 assumptions of economic growth in Cemex's key markets,
which will have a direct effect on Cemex volumes.
     
The ratings also reflect Cemex's leading position in the global
cement, concrete, aggregates, and ready-mix businesses; its proven
turnaround experience; its operating efficiency; and its
moderately aggressive financial policy, as evidenced by past
acquisitions.  However, S&P believes that Cemex's cash flow
generation is highly concentrated in its key operating markets.
The ratings on Cemex México S.A. de C.V., Cemex Inc., and Cemex
Espana S.A. are equalized given the strategic importance of each
of these subsidiaries to the group.  The ratings of Rinker Group
Ltd. are also equalized with those of Cemex.
     
"The negative outlook reflects the risk of further deterioration
in the company's financial condition due to the weakness in the
global economy.  In particular, a downgrade is likely if Cemex
fails to improve its FFO-to-total net adjusted debt ratio to a
low 20% by 2010 and if it is unable to refinance its 2009
maturities well in advance," added Mr. Becerra.

Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.


CONTROLADORA COMERCIAL: Moody's Withdraws Ratings Over Bankruptcy
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of
Controladora Comercial Mexicana S.A.B. de C.V. because the company
on Oct. 9, 2008, announced that it has filed for protection under
Mexico's bankruptcy code (Ley de Concurso Mercantil).

These ratings were withdrawn:

   -- Caa3/Caa3.mx ratings of MXN3,000 million 8.7% senior
      unsecured notes due 2027; and

   -- Caa3 rating of US$200 million 6.625% senior unsecured notes
      due 2015.

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.


DURA AUTOMOTIVE: Reports Reorganization and Other Business Updates
------------------------------------------------------------------
DURA Automotive Systems, Inc. disclosed a comprehensive
restructuring of the company into four worldwide business units,
aimed at strengthening its competitive position.  In addition,
DURA disclosed several other significant corporate events,
including US$1 billion in new business awards and the planned
filing timeline of its regulatory financial information.

"Macro-economic conditions affecting the global automotive
industry have dramatically altered the way automotive suppliers
need to do business around the world," said Tim Leuliette,
appointed DURA's president and chief executive officer on
July 17, 2008, following the company's emergence from Chapter 11
reorganization.  "This announcement of our move away from a
regional structure into four global business units will further
enhance our efficiency and ability to compete as one global
company.  We are confident these actions will strengthen our
ability to serve our worldwide customers and grow our business.
DURA is now a lean, globally balanced technology leader."

With its emergence from Chapter 11, DURA accomplished one of the
most comprehensive business restructurings in the automotive
industry.  By the end of 2008, the company expects to complete
the last of its plans to close or exit 16 manufacturing
facilities worldwide.  These closures, combined with the
elimination of US$1.2 billion, or 85%, of the company's debt and
a 90% reduction in cash interest expense, as part of the
reorganization plan approved earlier this year, have laid the
groundwork for a new, lean and globally competitive DURA.

                    Worldwide Reorganization

The company is announcing the next step in its transformation.
Effective Jan. 1, 2009, DURA will be organized into four
worldwide product line divisions replacing the current seven
regional business units.  DURA's four new worldwide divisions
and executive leadership are:

  -- Cable Systems, headquartered in Rochester Hills, Michigan,
     is one of the producers of light and heavy-duty automotive
     control cables.  The Cable Systems Division has operations
     in Germany, Romania, the Czech Republic, Portugal, United
     States, Mexico and China.  Leading the division will be
     Al Malizia, as vice president and general manager.  
     Mr. Malizia joins the company after retiring from Metaldyne
     Corporation, where he served as vice president and general
     manager of North American Chassis Operations.

  -- Shifter Systems, headquartered in Dusseldorf, Germany, is
     the supplier of automatic, manual and shift-by-wire
     transmission shift systems in the world, with operations in
     Germany, Romania, the Czech Republic, France, Portugal,
     Russia, United States, India and China.  Martin Becker has
     been named vice president and general manager of DURA's
     Shifter Systems Division.  Mr. Becker was vice president and
     general manager of DURA's Control Systems Europe.

  -- Glass & Trim Systems, headquartered in Rochester Hills,
     Michigan, is a provider of automotive exterior metal and
     plastic trim, and stationary and moving glass window
     systems, with operations in Germany, the Czech Republic,
     United States, Mexico and China.  Tim Horn becomes vice
     president and general manager of DURA's Glass & Trim Systems
     Division.  He was DURA's vice president and general manager,
     Body & Glass North America.

  -- Structural & Safety Systems, headquartered in Plettenberg,
     Germany, is an integral OEM partner of body-in-white and
     structural components, well as mechanical safety assemblies,
     with operations in Germany, United Kingdom, the Czech
     Republic, Slovakia, Spain, Mexico, United States and China.  
     Franz Joseph Feldhaus is named vice president and general
     manager of DURA's Structural & Safety Systems Division.  
     He  was DURA's vice president and general manager, Body &
     Glass Systems Europe.

DURA's four operating divisions supply Aston Martin, Audi,
Bentley, BMW, Brilliance, Chery, Chrysler, Daimler, Fiat, Ford,
General Motors, Honda, Jaguar, Land Rover, Mahindra, NedCar,
NUMMI, Porsche, PSA Peugeot Citroen, Renault-Nissan, SAIC,
Ssangyong, Tata, Toyota and Volkswagen with nearly US$2 billion
of products annually.  In 2008, the company anticipates
generating approximately 59% of its revenues from Europe, 33%
from North America and 8% from the rest of the world.

DURA's sales and engineering centers in the United States,
Germany, France, Japan, Brazil, Russia, India and China will serve
the company's worldwide customer base.  DURA professionals will
continue to provide customers with convenient design and
engineering expertise close to their development locations.
Customers will also benefit from consistent and high-quality
manufacturing processes when partnering with DURA on multi-
regional automotive platforms.

                  Other Executive Appointments

As part of its worldwide reorganization, DURA also announced
these leadership appointments:

  -- Francois Stouvenot is now group vice president of
     worldwide sales.  He was vice president of European sales.

  -- Dave Klein becomes vice president of North American sales.
     Mr. Klein formerly served as vice president and general
     manager of Shifter and Cable operations in North America.

  -- Tim Mann is named vice president of global procurement.
     He was vice president of North American purchasing.

  -- Eric Rundall becomes group director of corporate
     development.  Mr. Rundall had been director of European
     finance.

             2007 Financial Information to be Filed

As a result of DURA's Chapter 11 reorganization, which was
completed on June 27, 2008, the company was unable to file its
financial statements with the SEC in a timely manner.  The
company intends to "catch up" on those filings with the issuance
of the 2007 10Qsand 10K by the end of October 2008.  The 10K
will include a "Fresh Start" pro-forma balance sheet showing the
impact of the financial restructuring and the elimination of
US$1.3 billion of liabilities.  Within 60 days after that, DURA
expects to complete its 2007 statutory filing in relevant
jurisdictions and to file its 2008 first quarter 10Q.  The actual
effect of "Fresh Start" accounting will be reflected in the
company's 2008 second quarter statements, which DURA expects will
be completed approximately 60 days later.  Given this process of
"catch up", the company believes it will be on a timely reporting
schedule for its 2009 second quarter.

                      About DURA Automotive

Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an
independent designer and manufacturer of driver control systems,
seating control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North American,
Japanese and European original equipment manufacturers and other
automotive suppliers.

The company has three locations in Asia -- China, Japan and Korea.
It has locations in Europe and Latin-America, particularly in
Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C., Esq.,
Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., at
Kirkland & Ellis LLP are lead counsels for the Debtors' bankruptcy
proceedings. Daniel J. DeFranseschi, Esq., and Jason M. Madron,
Esq., at Richards Layton & Finger, P.A. Attorneys are the Debtors'
co-counsels. Baker & McKenzie acts as the Debtors' special
counsel.  Togut, Segal & Segal LLP is the Debtors' conflicts
counsel.  Miller Buckfire & Co., LLC is the Debtors' investment
banker.  Glass & Associates Inc., gives financial advice to the
Debtor.  Kurtzman Carson Consultants LLC handles the notice,
claims and balloting for the Debtors and Brunswick Group LLC acts
as their Corporate Communications Consultants for the Debtors.

As of Jan. 31, 2008, the Debtor had US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.   On June 27, 2008, the Debtors emerged from
Chapter 11 bankruptcy protection.


FOAMEX INTERNATIONAL: Appoints Domenic N. Golato as Interim CFO
---------------------------------------------------------------
Foamex International, Inc., disclosed that Domenic N. Golato has
been named interim chief financial officer, effective immediately.
Mr. Golato will report to Jack Johnson, president and chief
executive officer of Foamex.  Foamex has engaged worldwide
executive search firm Heidrick & Struggles to assist in its
search for a permanent chief financial officer.

The company also stated that Robert M. Larney, executive vice
president and chief financial officer, has resigned from the
company to pursue an opportunity in another industry.

"We are pleased to have [Mr. Golato] join us in this capacity,"
Mr. Johnson stated.  "[Mr. Golato] is a seasoned financial
executive whose broad-based finance, accounting, administration,
and strategic planning experience will be extremely beneficial
as we continue to focus on our goals of increasing free cash
flow generation and improving operating efficiencies."

Mr. Golato, 53, was chief financial officer of WPT, Inc., a
privately held company engaged in the development of software and
hardware for power quality products.  From 2000 to 2004,
Mr. Golato was senior vice president and chief financial officer
of IGI Industries, Inc., now IGI, Inc., where he had
responsibility for all finance, treasury, accounting, and
information technology functions.  Prior to his experience with
IGI, Mr. Golato held various senior level finance positions with
increasing responsibility at several companies, including IVC
Industries, Inc., RF Power Products, Inc. and Silo Inc.

Mr. Golato began his career in public accounting at Coopers &
Lybrand.  Mr. Golato is a Certified Public Accountant and
received a B.S. in accounting and a M.S. in taxation from
Villanova University.

In addition, the company reported that it expects Foamex L.P.,
the company's operating subsidiary, to achieve the requisite
level of Consolidated EBITDA, as defined in Foamex L.P.'s credit
agreements, as amended, to be in compliance with its financial
covenants for the test period ended Sept. 28, 2008.  Total debt as
of Sept. 28, 2008, was below US$380 million.

                 About Foamex International Inc.

Headquartered in Linwood, Pennsylvania, Foamex International Inc.
(FMXIQ.PK) -- http://www.foamex.com/-- produces cushioning for         
bedding, furniture, carpet cushion and automotive markets.  The
company also manufactures polymers for the industrial, aerospace,
defense, electronics and computer industries.  The company's Latin
American subsidiary is in Mexico.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through
05-12693).

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. became effective and the company emerged
from chapter 11 bankruptcy protection on Feb. 12, 2007.

                         *     *     *

At June 29, 2008, the company's balance sheet showed total assets
of US$362.8 million and total liabilities of US$618.4 million,
resulting in a shareholders' deficit of US$255.6 million.


INTERNATIONAL RECTIFIER: Comments on Vishay Tender Offer Removal
----------------------------------------------------------------
International Rectifier Corporation has commented on the
withdrawal of a tender offer by Vishay Intertechnology, Inc.   
IRF’s full slate of directors was elected at the company’s annual
meeting of shareholders on Friday, October 10.

Richard J. Dahl, Chairman of the Board of International Rectifier
said: “International Rectifier’s board and management are pleased
with the support and input we received from our shareholders.  We
are optimistic about the future growth opportunities for our
business, and we will remain focused on executing our strategic
roadmap to create value for our shareholders.”

Vishay Intertechnology has terminated its offer to acquire all of
the outstanding shares of International Rectifier Corporation
common stock for US$23.00 per share in cash and will be returning
tendered shares to their holders.

Vishay issued the following statement:

"We thank the significant number of International Rectifier
stockholders who supported our three nominees at International
Rectifier's 2007 Annual Meeting and we share your disappointment
with the outcome.  As we have consistently said, we can not pursue
our proposal in the face of opposition from a board of directors
that has refused to engage in any discussion with us regarding our
offer.  We regret that International Rectifier stockholders will
not be able to participate in what would have been a compelling
opportunity to create significant value for them."

                   About Vishay Intertechnology

Vishay Intertechnology Inc. -- http://www.vishay.com/-- a Fortune  
1,000 Company listed on the NYSE (VSH), is one of the world's
largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, and optoelectronics and selected ICs) and
passive electronic components (resistors, capacitors, inductors,
sensors, and transducers).  These components are used in virtually
all types of electronic devices and equipment, in the industrial,
computing, automotive, consumer, telecommunications, military,
aerospace, and medical markets.  Its product innovations,
successful acquisition strategy, and ability to provide "one-stop
shop" service have made Vishay a global industry leader. Vishay
can be found on the Internet at .

                About International Rectifier

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                         *     *     *


As reported in the Troubled Company Reporter on Sept. 3, 2008,
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating on El Segundo, Calif.-based International Rectifier
Corp. (IR) would remain on CreditWatch with negative implications,
where it was placed on April 9, 2007, because of an accounting
investigation that prevented the company from filing financial
statements.


INT'L RECTIFIER: Annual Stockholders Meeting Set for January 9
--------------------------------------------------------------
International Rectifier Corporation reported that its 2008 Annual
Meeting of Stockholders will be held on January 9, 2009, at which
the stockholders will elect the class two directors.  The record
date for the 2008 Annual Meeting is November 12, 2008.

Any stockholder that intends to present a proposal for new
business or nominate a director at the 2008 Annual Meeting
pursuant to the company’s Bylaws must provide notice of the
proposal or nomination, in accordance with the Company’s Bylaws,
not later than December 10, 2008.  Any stockholder that intends to
present a proposal for inclusion in the company’s proxy materials
for the 2008 Annual Meeting must submit the proposal, in
accordance with Securities Exchange Act of 1934 Rule 14a-8, not
later than November 20, 2008.

The Company announced further that it has amended its existing
stockholder rights plan.  The amended rights plan will expire at
the close of business on the earlier of (i) April 12, 2009, which
is six months from the date of the amendment, or (ii) the third
business day after the date that the results for fiscal quarter
ending December 31, 2008 are published (scheduled for early
February).  The amendment modifies the definition of “beneficial
ownership” to explicitly cover synthetic and derivative securities
related to the company’s common stock.  Also, the amendment
decreases from 20% to 10% the threshold level of beneficial
ownership of the Company’s stock permitted under the plan, except
that, in the case of passive investors filing on Schedule 13G, the
threshold has been fixed at 15%.  Existing shareholders who
beneficially own more than 10% of the Company’s voting stock will
be grandfathered under the amendment so that their existing
ownership positions, plus ownership up to an additional 1% of the
company’s stock, will be permitted.  The amendment also provides a
cure mechanism for those inadvertently exceeding the ownership
limits under the rights agreement.

The company said these amendments are designed to protect the
company and its stockholders if, for example, Vishay terminates
its tender offer, as threatened, and Vishay or any third party
seeks to take advantage of the resulting turbulent trading in the
company’s stock by acquiring a significant equity position in the
company.  In the context of an attempt to acquire the company,
Vishay or any third party should be restricted from acquiring a
material amount of company securities except pursuant to an offer
to all shareholders, and for all shares, of the company.

As amended, the company’s rights agreement will continue to
protect the company against coercive takeover tactics.  Its
protections are designed to ensure that all shareholders receive
fair value and equal treatment in the event of any attempted
takeover of the company.  While the amended rights agreement will
not prevent a takeover, it is intended to encourage anyone seeking
to acquire the company to negotiate with the Board of Directors.

The full text of the amendments will be filed shortly with the
U.S. Securities and Exchange Commission.

                About International Rectifier

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                         *     *     *


As reported in the Troubled Company Reporter on Sept. 3, 2008,
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating on El Segundo, Calif.-based International Rectifier
Corp. (IR) would remain on CreditWatch with negative implications,
where it was placed on April 9, 2007, because of an accounting
investigation that prevented the company from filing financial
statements.


GRUMA SAB: Fitch Downgrades Debt Ratings to BB+ on Market Losses
----------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings and outstanding debt ratings of Gruma, S.A.B. de
C.V. as:

  -- Foreign currency issuer default rating to 'BB+' from 'BBB-';
  -- Local currency issuer default rating to 'BB+' from 'BBB-';
  -- US$300 million perpetual bonds to 'BB+' from 'BBB-'.

Fitch has also placed Gruma on Rating Watch Negative.

The rating actions follow significant marked-to-market losses on
derivative instruments due to extreme exchange rate volatility
currently in the financial markets. These derivative positions
expose Gruma to large potential losses over time as these
instruments roll-off during the next three years.  Near term,
liquidity will be modestly impacted as the company posts
collateral on certain forward sales contracts.  Management
indicates that most of the forward contracts do not contain
collateral call provisions.  Gruma currently has approximately
US$140 million in cash and committed credit facilities, and no
significant maturities until July 2010.

Gruma reported that forward dollar sales contracts were negatively
valued at approximately US$684 at Oct. 8, 2008.  The maturities of
these contracts range from a few months to approximately three
years.  At June 30, 2008, total on-balance-sheet debt reached
US$620 million, which was almost entirely dollar denominated.  The
debt was composed of the following:

  -- US$300 million of perpetual bonds;
  -- US$150 million syndicated credit facility due 2010;
  -- US$40 million revolving facility due 2011;
  -- US$11.3 million senior notes;
  -- US$119 million of bank and other debt.

Gruma has short term debt maturities totaling approximately
US$96 million and cash and marketable securities valued at
US$97 million.  The company owns an 8.62% stake in Grupo
Financiero Banorte S.A. de C.V., one of the largest financial
groups in Mexico and one of the few listed retail banks in Mexico.  
The market value of Gruma's stake in Banorte is at present
approximately US$275 million.

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.


METROFINANCIERA SA: Moody's Cuts Nat'l Scale Issuer Rating to Ba3
-----------------------------------------------------------------
Moody's lowers Metrofinanciera's ST national scale rating to MX-4,
lowers national scale issuer rating at Ba3.mx, ratings on review
down

Moody's de Mexico downgraded Metrofinanciera, S.A. de C.V.'s,
short-term national scale rating to MX-4 from MX-3 and lowered the
national scale issuer rating to Ba3.mx from Baa2.mx (B3 global
scale local currency issuer rating from B1).   Concurrently,
Moody's also affirmed the company's Not Prime global local
currency short-term rating.  The ratings are under review for
possible downgrade.

The downgrade reflects the company's continued high exposure to
short-term maturities with more than MXN450 million in commercial
paper due in 2008 and MXN1,735 million due in 2009.  The company's
construction loan securitizations have been downgraded to Caa1
(Global Scale, Local Currency) and Caa1.mx (Mexican National
Scale) from Baa1 (Global Scale, Local Currency) and Aaa.mx
(Mexican National Scale).  Moody's has expressed concerns
surrounding Metrofinanciera's risk management and controls as well
as its practices related to the servicing and administration of
its securitization program, including its oversight of developers,
reporting, collections, remittances, disbursements, approval of
extensions to a construction loan's original maturity date,
modifications to the periodicity of interest payments, loss
mitigation, and loan repurchases.  These concerns call into
question the company's ability to cover its short-term debt
obligations as well as the current portion of its medium-term
commitments.  The impact of the U.S. subprime crisis in Mexico has
translated into a higher cost of borrowing as well as into reduced
liquidity in the system via more constrained rollovers of
commercial paper.   Furthermore, Moody's believes that the medium-
term access to the domestic and international capital markets is
constrained as a result of continued the uncertainties related to
the U.S. economy.   Thus, Metrofinanciera will be further
challenged in the medium-term to refinance its maturities.  In
addition, Moody's has always had concerns with its corporate
governance and although positively it has added a new Chief
Executive Officer and two independent board members, the firm's
previous CEO still remains part of the corporate holding company.

In its review Moody's will monitor Metrofinanciera's ability to
repay or refinance its short-term obligations, in light of the
company's limited access to alternative capital sources.  Moody's
will also closely monitor the firm's fund management and its
ultimate strategic direction and capital structure.

Metrofinanciera has also become more reliant on Sociedad
Hipotecaria Federal for warehouse lending and indirect support to
its mortgage backed securities (MBS).  Sociedad Hipotecaria
Federal acquired 100% of the company's transaction placed in
December 2007 and 65% of the transaction placed in February 2008.  
Sociedad Hipotecaria has agreed to provide a line of credit to the
firm, provided certain conditions are met.  The company's bad debt
provisions also substantially increased at year-end 2007, while
concentration of construction loans showed little change during
the year.  They remain at high levels, with construction loans
representing approximately 56% of the company's total loan
portfolio on and off balance sheet.  Moody's will also closely
monitor Metrofinanciera's land bank, which is now fully integrated
into the company's balance sheet.  As of June 30, 2008, the
company reported assets of MXN25,048 million, and equity of
MXN1,972 million.

The current ratings still reflect Metrofinanciera's position as
the third largest mortgage, Sociedad Financiera de Objeto Multiple
(Sofom) in Mexico in terms of total loan portfolio.

A return to a stable outlook would be contingent upon
Metrofinanciera's ability to successfully manage through its
funding needs in the near term, as well as providing clarity on
the firm's future business prospects as well as ultimate corporate
structure.  A further downgrade of the issuer rating will result
from any on and off-balance sheet debt defaults.

These ratings were downgraded:

    -- short term national scale rating to MX-4 from MX-3

    -- national scale issuer rating to Ba3.mx from Baa2.mx,
       National Scale senior unsecured long-term debt shelf rating
       to (P)Ba3.mx from (P)Baa2.mx, global scale local currency
       issuer rating to B3 from B1, and global local currency
       senior unsecured long-term debt rating on an MTN Program to   
       (P)B3 from (P)B1

These rating was affirmed:

   -- Not Prime short-term rating

Headquartered in Monterrey, Mexico, Metrofinanciera, S. A. de
C.V., Sociedad Financiera de Objeto Multiple, Entidad no Regulada
-- http://www.metrofinanciera.com.mx/-- specializes in real  
estate credit and housing development in Mexico.  Founded in 1996
in Monterrey, it offers financial services and consulting for all
phases of real estate projects: housing construction, advance
sales, public works and commercialization.  The company also
offers products in life, damage and unemployment insurance.


ORGANIZACION SORIANA: Moody's Cuts Rating to Ba1; Outlook Negative
------------------------------------------------------------------
Moody's Investors Service lowered Organizacion Soriana, S.A.B. de
C.V.'s global and Mexican national scale long-term senior
unsecured ratings to Ba1 and A1.mx from Baa2 and Aa2.mx,
respectively, while also lowering the company's Mexican short-term
national scale rating to MX-2 from MX-1.  The ratings outlook is
negative.

These debt instruments were affected:

   -- MXN5.5 billion in certificados bursatiles due 2012 (Soriana
      08), to Ba1/A1.mx from Baa2/Aa2.mx;

   -- MXN4.6 billion in certificados bursatiles due 2010 (Soriana
      08-2), to Ba1/A1.mx from Baa2/Aa2.mx;

   -- Short-term debt of up to MXN6 billion under the company's
      MXN15 billion certificados bursatiles program, to MX-2 from
      MX-1.

The downgrade reflects Soriana's aggressive liquidity profile
caused by a shift towards commercial paper issuance in recent
months without the contractually committed backup credit
facilities Moody's generally expects at an investment-grade
ratings level (Baa3 and above).  The downgrade also reflects
Moody's belief that Soriana may continue to maintain material
short-term debt throughout 2009, which is contrary to the agency's
original expectations of short-term debt being largely eliminated
by late 2008.

Soriana currently maintains MXN4.2 billion in commercial paper
outstanding under the MXN 6 billion short-term portion of its
MXN15 billion certificados bursatiles (local notes) program.  Of
that total, MXN3.2 billion (76%) relate to 28-day tenors and MXN1
billion (24%) relate to 84-day tenors.  All outstanding commercial
paper comes due by Nov. 20, 2008, with MXN800 maturing on Oct. 16,
2008.

Using Soriana's second quarter 2008 MXN2.9 billion cash position,
the currently outstanding commercial paper would be covered 0.69
times, although that coverage could in fact be significantly lower
presently as ongoing investments in working capital for the
upcoming holiday season and the remodeling of Gigante stores have
likely reduced cash reserves.  Moody's believes that most of the
company's short-term debt currently consists of commercial paper.

While Soriana maintains uncommitted credit lines with certain
relationship banks, these credit lines are not adequate commercial
paper backup, in Moody's view, because their terms and actual
funding remain subject to market conditions and are not legally
binding.  Investment-grade commercial paper issuers tend to
maintain a combination of unrestricted cash reserves and/or
availability under committed credit facilities that at all times
cover expected peak outstanding amounts, with drawdowns largely or
entirely at the issuer's discretion.

Soriana's potential for free cash flow generation and Moody's
expectation of continued solid bank relationships partially
mitigate the liquidity risks arising from the absence of a
dedicated committed backup credit facility.  Moody's Ba1, A1.mx
and MX-2 ratings reflect the expectation that the company, as a
major Mexican corporate, will be able to continue to access the
local commercial paper market and, if needed, obtain bank support
to cover immediate cash needs arising from debt maturities.
However, the negative ratings outlook reflects the currently
difficult and uncertain credit market conditions and the potential
challenges these conditions may pose for the company's liquidity
requirements.

Soriana maintains a negligible foreign currency exposure in its
debt structure.  On Oct. 8, 2008, the company stated that it
maintained US$10.1 million in U.S. dollar denominated bank debt,
which, assuming an otherwise entirely peso-denominated debt
structure, would amount to less than 1% of total debt.  According
to information that company officials provided Moody's, Soriana
currently does not maintain any type of derivatives contracts
outstanding.

Ratings could be downgraded if it becomes evident that Soriana may
not be able to roll its commercial paper and if bank support turns
out to be weaker than currently anticipated and inadequate to
cover all cash needs related to maturing short-term debt.  A
downgrade could be more than one notch in such scenario. The
outlook could stabilize if Soriana's liquidity situation improves,
with cash and expected free cash flow generation exceeding the
short-term debt on a sustainable basis.

Soriana's ratings continue to be supported by the company's
position as Mexico's second-largest food retailer, the defensive
nature of the food retail business, its proven execution
abilities, and the benefits it derives from the diversification,
operating leverage and clout with suppliers that resulted from
last year's acquisition of Gigante, then Mexico's fourth largest
food retailer.  These strengths are partly offset by the ongoing
challenge of turning around the recently acquired Gigante
operations and reducing debt related to that transaction.  Similar
to other Mexican food retailers, Soriana is exposed to cash flow
seasonality driven by working capital investments in the months
prior to the Christmas season.

Headquartered in Monterrey, Mexico, Organizacion Soriana, S.A.B.
de C.V. is the country's second largest food retailer in terms of
revenues and one of the largest retail chains in Latin America.  
In December 2007, Soriana acquired the right to operate 205 food
retail stores of Grupo Gigante, significantly increasing the
company's scale and scope.  As of June 30, 2008, Soriana operated
458 stores, compared to 257 at the end of 2007.  For the 12 months
ended June 30, 2008, revenues were about MXN81 billion (US$7.6
billion), including two quarters of contribution from the new
Gigante stores.


SMITHFIELD FOODS: Moody's Cuts Corp. Family Rating at B1
--------------------------------------------------------
Moody's Investors Service lowered the long-term ratings of
Smithfield Foods, Inc., including the company's corporate family
rating and probability of default rating to B1 from Ba2.  LGD
assessments are also subject to adjustment.  This action was based
on Moody's expectation that credit metrics will remain weak in the
near term -- despite the anticipated receipt of proceeds from the
pending sale of Smithfield's beef business -- due to poor returns
in the hog production business and very high leverage.

The review for possible downgrade continues pending the receipt of
regulatory and other approvals for the sale of Smithfield's beef
business to JBS S.A.  Should the sale be completed soon and as
currently contemplated, Moody's is likely to confirm Smithfield's
new long-term ratings, although with a negative outlook given
Moody's concern that live hog prices may not increase
significantly until sometime in the company's fiscal 2010.  The
company's speculative grade liquidity rating was affirmed at
SGL-4.  Moody's prior rating action was placing the long-term
ratings under review for possible downgrade on June 12, 2008.

Ratings lowered and continuing under review for possible
downgrade:

-- Corporate family rating to B1 from Ba2
-- Probability of default rating to B1 from Ba2
-- Senior unsecured debt to B3 from Ba3

Rating affirmed:

-- Speculative Grade Liquidity Rating at SGL-4

Live hog prices, though higher, have trailed cash raising costs
for Smithfield for the last four quarters.  As a result, the
company has been reporting operating losses in its hog production
segment -- US$129 million in the fourth fiscal quarter ended
April 27, 2008 and US$38.8 million in the quarter ended July 27.  
Smithfield has responded with a plan to reduce its U.S. sow herd
by 4% to 5% which, along with lowered production by competitors,
could result in fewer market hogs in fiscal 2010 and higher
prices.

The September 19 projections by the USDA do show gradual price
increases.  In Moody's view, Smithfield's consolidated operating
profitability and cash flow are likely to remain pressured in the
near term, especially after the divestiture of its beef operation
when Smithfield's business will be concentrated in pork.  Moody's
notes that Smithfield, historically a serial acquirer, has been
free cash flow positive in only one of the last four fiscal years.

Smithfield has agreed to sell its beef processing and cattle
feeding operation to JBS S.A. for initial proceeds of US$565
million in cash, subject to regulatory and other approvals.  
Proceeds to Smithfield from the liquidation of cattle owned by
Smithfield and its Five Rivers operation over about 12 months
following the transaction are likely to exceed another US$150
million, after payment of Five Rivers' debt.  

This considerable inflow, which Moody's anticipates will be
applied primarily to debt reduction, will improve further
financial flexibility.  However, credit metrics post transaction
are not expected to be appropriate for Smithfield's previous
rating, given high pre-transaction debt levels and the erosion of
profit margins as a consequence of hog production operating
losses.

Smithfield's speculative grade liquidity rating of SGL-4 reflects
Moody's expectation that the company will rely on its external
sources of cash in order to cover capital expenditures, working
capital requirements, and scheduled debt maturities until profit
margins and internal cash flow generation strengthen.  
Smithfield's US$1.3 billion domestic revolving credit expires in
August 2010, and 16% of its Euro 300 million revolving credit
expires in August 2009 and the remaining 84% in August 2010.  

The company has improved its liquidity profile recently by issuing
US$400 million of senior convertible notes due in June 2013,
selling 4.95% of common stock to China's largest national
agricultural trading company for about US$122.1 million, and
replacing US$150 million of outstandings under an uncommitted line
with a US$200 million senior unsecured term loan due in a single
payment in August 2011.  Proceeds from these transactions were
applied to reduce or refinance debt, significantly increasing
unused availability under committed credit agreements.

As of September 26, 2008, Smithfield had over US$500 million in
committed availability, and the company is no longer reliant on
uncommitted facilities.  The next material debt maturities are
US$117 million of subsidiary debt in February 2009 and a
US$300 million bond in October 2009.  Headroom under financial
covenants will not be abundant until operating performance
improves.  International assets are generally unencumbered, and
the company's bank facility permits the establishment of an
accounts receivable facility for up to 5% of total assets.

Moody's continuing review will focus on the timing of the
divestiture of the company's beef business and the receipt of
divestiture proceeds, as well as the application of proceeds
primarily to debt reduction.

Smithfield Foods, Inc., headquartered in Smithfield Virginia, is
the world's largest pork producer and processor and the fifth
largest US beef processor.  The company conducts its business
through five segments: Pork, International, Hog Production, Other
and Corporate, each of which comprises a number of subsidiaries.
The Pork segment produces a variety of fresh pork and packaged
meats products in the United States and markets them nationwide
and to a number of foreign markets, including China, Japan,
Mexico, Brazil, Russia and Canada.  The Pork segment operates over
40 processing plants.  The International segment includes its
international meat processing operations that produce a variety of
fresh and packaged meats products.  The HP segment consists of hog
production operations located in the United States, Poland and
Romania, as well as its interests in hog production operations in
Mexico.  The Other segment comprises its turkey production
operations and its interest in Butterball LLC.  During the fiscal
year ended April 27, 2008 it discontinued its Beef segment
operations.  Sales for the twelve months ended July 27, 2008,
excluding the revenues of the discontinued beef business, were
approximately US$11.9 billion.


VITRO SAB: S&P Places B Corporate Credit Rating on Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings,
including the 'B' foreign currency long-term corporate credit
rating, on Mexican glass manufacturer Vitro S.A.B. de C.V. on
CreditWatch with negative implications.
     
The 'mxBBB-' national scale long-term corporate credit rating was
also placed on CreditWatch with negative implications, meaning
that S&P could either lower or affirm the ratings following
completion of its review.
     
"The rating action reflects our concerns about how the more
challenging economy and market volatility will affect Vitro's key
financial indicators and cash flow generation," said S&P's credit
analyst Marcela Duenas.
    
S&P expects the economies of Mexico and the U.S. to weaken during
the rest of 2008 and into 2009 and affect the construction,
automotive, and consumer products (glass containers) industries.
The company's high financial leverage, important debt maturities,
limited cash position, and exposure to commodity price volatility
(particularly for natural gas) further constrain its financial
flexibility.
     
Liquidity has also been affected by margin calls that have
resulted from the negative mark to market on its derivatives
position, mostly related to natural gas price fixes.  The company
is taking a number of actions to strengthen its liquidity position
to weather the current market volatility.  S&P could resolve the
CreditWatch placement once these actions are put in place.
     
The ratings on Vitro are constrained by the company's highly
leveraged financial risk profile, its exposure to commodity price
volatility (particularly for natural gas), and the challenging
operating environment its flat-glass business faces.  The ratings
also reflect the seasonality of the food and beverage industry
and cyclicality of the construction and automotive industries.
     
However, the company's leading position in glass containers and
significant share of the Mexican flat-glass market support the
ratings.  The ratings also reflect Vitro's export activities and
international operations, which contribute about 58% of total
revenues.

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



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FREEPORT-MCMORAN: Eyes Changes to Growth Projects & Cost Structure
------------------------------------------------------------------
Freeport-McMoRan Copper & Gold could make changes to its growth
projects and cost structure in light of falling copper prices,
Business News Americas reports, citing company CEO Richard
Adkerson, as confirmed by a company spokesperson.

BNamericas says that FCX has seen its main product plummet in
value from a nominal record of US$4.076/lb cash on the London
Metal Exchange on July 3 to US$2.520/lb cash on October 14.

Since taking over U.S. miner Phelps Dodge in March 2007, FCX has
said it would emphasize organic growth and was not considering
acquisitions, BNamericas notes.

According to BNamericas, the company, in Latin America, has been
involved in expansion projects at its 51%-owned El Abra copper
mine in Chile, of which 49% belongs to state-owned Codelco, and
growth initiatives at the company's 53.7%-owned Cerro Verde mine
in Peru, in addition to other projects.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela, and
Ecuador.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2008, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s corporate family rating to Ba1 from
Ba2 and the firm's US$6.0 billion senior unsecured notes to Ba2
(LGD5, 74%) from Ba3.  Moody's changed the outlook to stable
from positive.



===============
S U R I N A M E
===============

* SURINAME: Says BHP-Billiton's Terms on Mine Dev't Unacceptable
----------------------------------------------------------------
The Suriname government suspended negotiations with BHP-Billiton
Limited regarding a development of a new bauxite mine in west
Suriname, Caribbean Net News reports, citing a government
minister.  The company then disclosed the immediate halt of the
so-called Bakhuys-project and removed the October 22 discussion of
the project from its agenda.

The report relates that at a press conference, the minister of
Natural Resources and Energy (NH) Gregory Rusland noted that the
suspended talks was due to the lack of mandate to the negotiating
team to pursue a deal beyond a proposal put forward to the
government in March this year.  The Suriname government had turned
down that proposal, the report says.

"We want to develop the last available bauxite deposits of
Suriname in the best possible way, but not at any price," said the
minister, Caribean Net News writes.

BHP-Billiton reportedly pressed for a concession of 30,000
hectares with a proven deposit of 220 million metric tones of
bauxite, based on regulations dating back to 1938, according to
the report.  However, the government is only willing to issue a
concession with 68 million metric tones of bauxite, since it plans
to establish its own company in west Suriname.  The company also
opted for paying U.S. 65 cents per ton bauxite, while according to
Suriname negotiators, for ten years the government won't receive
income tax.

While BHP-Billiton said it will invest over US$700 million in the
project, the government said that the company's conditions were
unacceptable, the report writes.  The government added that the
conditions will "literally mean a bargain sale of the last
available deposits in Suriname".

The Caribbean Net News notes that the Bakhuys project was
especially important for BHP-Billiton which has a 45% stake in the
country's Paranam refinery co-owned by Suralco/Alcoa (55%).  While
Suralco/Alcoa has a bauxite concession and could also import ore
from Brazil to secure deliveries to the refinery, BHP-Billiton has
no concessions in Suriname.  A top negotiator has indicated that
Suriname is willing to buy BHP-Billiton's 45% stake in the
refinery.

The report continues that in a letter to his co-workers, BHP-
Billiton manager John Sew A Tjon, stated that the company's
proposal to acquire the 68 million metric tonnes bauxite was to
secure continuity of the Paranam refinery for the next 25 years.  
The manager said that although the economic benefits from the
Bakhuys Project are marginal, the company could manage the risks
related to the operation.  Hence, he said that he regret the
cancellation of the negotiations.


Meanwhile, the minister asserted that Suriname has several more
options besides BHP-Billiton and Suralco/Alcoa, the Caribbean Net
News writes.  Among the options are China Aluminum Company
(Chalco), Swiss multinational Glencore whose delegation will
arrive next week in Paramaribo, for talks with the government.

Melbourne, Australia-based BHP-Billiton Limited (ASX: BHP) --
http://www.bhpbilliton.com/-- is a diversified natural resources  
company.  The company has businesses producing alumina and
aluminum, copper, energy (thermal) coal, iron ore, nickel,
manganese, metallurgical coal, oil and gas and uranium, as well as
gold, zinc, lead, silver and diamonds.  The company operates in
nine customer sector groups (CSGs): petroleum, aluminum, base
metals, diamonds and specialty products, stainless steel
materials, iron ore; manganese, metallurgical coal, and energy
coal. In July 2008, the company completed the acquisition of Anglo
Potash Ltd.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
July 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings
and other outstanding ratings for Suriname as: Foreign currency
issuer default rating at 'B'; Local currency issuer default rating
at 'B+'; and Country ceiling at 'B'.  The rating outlook is stable
for both ratings.

The TCR-LA on April 21, 2008, reported that the stable outlook
given by S&P to the Republic of Suriname reflects the agency's
expectation for continuous prudent fiscal and monetary stances and
further efforts in clearing the remaining bilateral and recurring
multilateral arrears.  Suriname's key challenge is to maintain
macroeconomic discipline throughout the often vulnerable political
and economic cycles.

On Feb. 8, 2008, the TCR-LA reported that in its annual report on
Suriname, Moody's Investors Service examined how Suriname's
speculative-grade ratings reflect a history of volatile economic
and political conditions, including periods of high budget
deficits financed by the central bank.  The government's local-
and foreign-currency government bond ratings are Ba3 and B1,
respectively, both with stable outlooks.  "The one-notch gap
between the two government bond ratings reflect Suriname's
moderately higher external debt burden compared to its government
debt burden indicators," said Moody's Vice President Mauro Leos,
author of the report.



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

ARVINMERITOR: Fitch Holds Low-B Ratings and Removes Negative Watch
------------------------------------------------------------------
Fitch Ratings has affirmed and removed from Rating Watch Negative
ArvinMeritor's Issuer Default Rating and outstanding debt ratings
as follows:

-- IDR at 'B';
-- Senior unsecured at 'B/RR4';
-- Bank credit facility at 'BB/RR1'.

ARM's Rating Outlook is Negative.

Fitch originally placed ARM on Rating Watch Negative on May 6
following the company's announcement that it will spin off its
Light Vehicle Systems group as a separate publicly-owned entity.  
If the spin proceeds with the planned allocation of exiting debt
and other liabilities between the two entities, Fitch believes
that the spin would be relatively positive for existing
debtholders.  However, given the state of the capital markets and
the automotive industry, questions remain as to whether the
transaction can be completed with the structure and timetable that
were originally planned.

Operating results at ARM have shown recent improvement, due to
restructuring efforts and the potential emergence of the
Commercial Vehicle Systems from cyclical trough conditions.  
However, in the event that the LVS segment is retained, weakness
across global end markets over the next twelve months indicates
that ArvinMeritor will remain cash flow negative over this period
and that leverage will increase.  In the CVS segment, the economic
slowdown in the U.S. is expected to moderate the cyclical recovery
in Class 8 volumes, and the impact of any pre-buy ahead of new
emissions standards in 2010 may be muted.  

Deteriorating economic conditions in Europe could offset
underlying operating improvement that has enhanced recent margin
performance.  Although the U.S. truck market is coming off a deep
downturn in orders, weakening global economic conditions, a
stressed customer base and limited fleet financing availability
will continue to hamper any rebound in demand.

Restructuring efforts at LVS have moderately reversed a long-term
slide in operating margins, although margins remain at low levels
as a result of industry volume and product pricing pressures.  In
both the LVS and CVS segments, ARM will benefit from the
moderation in key raw material prices, the escalation of which has
materially burdened operating margins over the past several years.

The global slump in automotive production expected over the next
year, however, will make it a challenge to continue an upward
trend in margins, despite the aid of lower raw material costs and
restructuring efforts.  Any deterioration in margins may further
complicate efforts to spin this operation as an independent,
viable global supplier.

ARM remains reliant on external capital, including receivable
securitizations, to finance operating cash drains, restructuring
efforts and working capital requirements.  In December 2007, ARM's
revolving credit agreement was reduced to US$700 million from
US$900 million as the company negotiated amendments to the
facility.  (The facility could be further reduced by US$43 million
which represents the commitment amount of Lehman Brothers.)  The
bank agreement has a senior secured leverage covenant that
tightens to 2.0 times at June 30, 2009, but covenant compliance is
not expected to be an issue as long as accounts receivable
securitization facilities remain available.

ARM makes extensive use of short-term receivable securitization
and factoring facilities in the U.S. in Europe.  At June 30, 2008,
during a seasonally high borrowing period, ARM had US$611 million
outstanding under these facilities, including US$118 million under
a committed facility in the U.S. and US$493 million under
committed and uncommitted facilities in Europe.  Of the European
facilities, US$176 million was outstanding under a US$196 million
committed facility, and US$317 was outstanding under uncommitted
lines.  

Given the state of the banks, capital markets and the automotive
industry it remains uncertain as to the availability of these
lines going forward.  Inability to utilize these facilities could
force extensive utilization of the company's revolving credit
agreement and materially affect the company's liquidity position.  
ARM did renew its U.S. facility for another 12 months, although
pricing and terms were likely more restrictive.  Under ARM's U.S.
facility at June 30, approximately US$229 million in receivables
were pledged as collateral for US$118 million in proceeds.

ARM's maturity schedule is modest until the bank agreement matures
in 2011, but could further chip away at available liquidity if the
company does not return to positive cash flow in the near term.  
ARM's pension is moderately underfunded in dollar terms, although
asset deterioration in 2008 could require incremental
contributions over the next several years.

Ratings for ARM's unsecured debt are affirmed at 'B/RR4',
indicating average recoveries in the event of a default.  Recovery
estimates for unsecured debtholders are at the low end of the
recovery range, indicating that the rating could be notched lower
in the event that the company's enterprise value is further
reduced, or if the company raises incremental debt.  The reduction
in the revolving credit agreement from US$900 to US$700 million
allowed potentially more value to fall to unsecured holders,
although deterioration in asset values has limited any benefit.  
The renegotiation of ARM's revolving credit agreement also
included in a senior secured leverage test, allowing for
incrementally more unsecured debt to be issued in the event that
capital markets improve.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 19,000 people at more
than 120 manufacturing facilities in 24 countries which includes
China, India, Japan, Singapore, Thailand, Australia, Venezuela,
Brazil, Argentina, Belgium, Czech Republic, France, Germany,
Hungary, Italy, Netherlands, Spain, Sweden, Switzerland, and
United Kingdom.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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

                    *      *      *

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            ***********

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.


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