TCRLA_Public/081017.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

            Friday, October 17, 2008, Vol. 9, No. 207

                            Headlines

A R G E N T I N A

901 NORTE: Proofs of Claim Verification Deadline Is December 3
CANALES DEL SUR: Proofs of Claim Verification Deadline Is Dec. 30
SERVICIOS APLICADOS: Claims Verification Deadline Is February 6

* ARGENTINA: Discloses Two Measures to Combat Global Credit Crunch
* ARGENTINA: Inks Debt Renegotiation Deal with Three Foreign Banks


B E R M U D A

CODOGNO INSURANCE: M. Morrison & C. Thresh Named as Liquidators
E D & F MAN SOFT: Final Shareholders Meeting Set for Oct. 30
GLOBAL AVIATION: Holds Final Shareholders Meeting on Oct. 23
GREEN SHOE: Will Hold Final Shareholders Meeting on Oct. 30
MATADOR INSURANCE: Sets Final Shareholders Meeting on Oct. 28

MONTPELIER RE: To Hold 2008 3Q Earnings Webcast on October 24
RI INSURANCE: To Hold Final Shareholders Meeting on Oct. 30
STOCKTON REINSURANCE: Final Shareholders Meeting Is Oct. 30
TARO GROUP: Deadline for Filing Proof of Claim Is Oct. 31
TARO GROUP: Holding Final Shareholders Meeting on Nov. 18


B R A Z I L

BANCO BMG: S&P Holds BB-/B Counterparty Credit Rating; Outlook Neg
BRASIL TELECOM: Earns BRL164.1 Million in 2008 Third Quarter
GERDAU AMERISTEEL: To Host Conference call for 3rd Quarter Fin'ls
GENERAL MOTORS: To Launch Auto Loan Initiative Today
GENERAL MOTORS: Appoints James Taylor as Hummer CEO

SANLUIS CORPORACION: Fitch Junks Foreign & Local Currency IDRs
TAM SA: Shareholders Meeting Scheduled for October 30


C A Y M A N  I S L A N D S

ALTA PARTNERS: Holding Final Shareholders Meeting on Oct. 20
APERTA JAPAN: Proof of Claim Filing Deadline Is Oct. 21
BETA HEDGE: Filing for Proof of Claim Deadline Is Oct. 22
BRITISH FINANCIAL: Sets Final Shareholders Meeting on Oct. 22
HBV MANAGED: Deadline for Proof of Claim Filing Is Oct. 22

MODULUS EUROPE: Filing for Proof of Claim Is Until Oct. 22
MODULUS EUROPE (MASTER): Claims Filing Deadline Is Oct. 22
NEW WORLD: Will Hold Final Shareholders Meeting on Oct. 22
WESTWAYS FUNDING XI: Proof of Claim Filing Is Until Oct. 18


C O L O M B I A

QUEBECOR WORLD: Posts US$11.6MM Net Loss in Period Ended August 30


J A M A I C A

* JAMAICA: Currency Drops Wednesday Amid BOJ's Temporary Rescue


M E X I C O

CEMEX SAB: Net Income Drops 74% to US$200 Mil. in Third Quarter
GRUPO TMM: Comments on Bolsa's Request to on Details Due to Crisis
LEAR CORPORATION: Moody's Holds 'B2' Corp. Family Rating
PORTOLA PACKAGING: Court Confirms Pre-packaged Plan
TERNIUM MEXICO: S&P Withdraws BB- Corp. Credit Rating By Request

VITRO SAB: To Release Third Quarter 2008 Earnings on October 28


                         - - - - -


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

901 NORTE: Proofs of Claim Verification Deadline Is December 3
--------------------------------------------------------------
Mauricio Rozenblaum, the court-appointed trustee for 901 Norte
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until December 3, 2008.

Mr. Rozenblaum will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, 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 901 Norte 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 901 Norte's
accounting and banking records will be submitted in court.

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

Mr. Rozenblaum is also in charge of administering 901 Norte's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

                     901 Norte SRL
                     Morelos 789
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Mauricio Rozenblaum
                     Bartolome Mitre 2296
                     Buenos Aires, Argentina


CANALES DEL SUR: Proofs of Claim Verification Deadline Is Dec. 30
-----------------------------------------------------------------
Jacobo Becker, the court-appointed trustee for Canales del Sur
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 30, 2008.

Mr. Becker will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by Canales del Sur 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 Canales del Sur's
accounting and banking records will be submitted in court.

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

Mr. Becker is also in charge of administering Canales del Sur's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

                     Canales del Sur SA
                     Castro Barros 136
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Jacobo Becker
                     J. Salguero 2244
                     Buenos Aires, Argentina


SERVICIOS APLICADOS: Claims Verification Deadline Is February 6
---------------------------------------------------------------
Roberto Sapolnik, the court-appointed trustee for Servicios
Aplicados Integrales SRL's bankruptcy proceeding, will be
verifying creditors' proofs of claim until February 6, 2009.

Mr. Sapolnik 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. 39, 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 Servicios Aplicados 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 Servicios Aplicados'
accounting and banking records will be submitted in court.

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

Mr. Sapolnik is also in charge of administering Servicios
Aplicados' assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

                     Servicios Aplicados Integrales SRL
                     Anchorena 1759
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Roberto Sapolnik
                     Viamonte 1641
                     Buenos Aires, Argentina


* ARGENTINA: Discloses Two Measures to Combat Global Credit Crunch
------------------------------------------------------------------
Argentina's central bank, Reuters writes, revealed late Thursday
two new measures aimed at protecting the local financial system
from the effects of the global credit crisis:

   1. plans to lower minimum cash requirements on foreign-
      currency deposits to "increase (banks') loaning capacity
      to finance Argentine exports."

      This measure is effective November 1, Reuters says.  This
      move is expected to lower cash requirements by about
      US$1 billion, immediately boosting banks' liquidity in
      dollars and expanding funding for export-oriented
      companies hurt by volatility on external markets.

   2. creation of put option auctions for holders of central
      bank bills and notes known as LEBAC and NOBAC, which are
      used as a monetary tool to sterilize peso issues.

      This is the newest mechanism aimed at ensuring that banks
      in need of liquidity may easily sell their LEBACs and
      NOBACs to the central bank, Reuters notes.

                           *     *     *

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


* ARGENTINA: Inks Debt Renegotiation Deal with Three Foreign Banks
------------------------------------------------------------------
The Agence France-Presse and Reuters report that Argentina's
government had struck a deal with three foreign banks to
renegotiate annual payments on part of its US$150-billion
sovereign debt mountain.  The accord with Citibank aka Citigroup
Inc., Deutsche Bank AG and Barclays Plc runs to 2012, the head of
the cabinet, Sergio Massa, told reporters.

According to the AFP, the deal will permit "a significant
reduction of between US$1.8 billion and US$2.5 billion regarding
the financing needs (of Argentina) over the next three years," Mr.
Massa said.  Argentina has to repay US$40 billion in debt over the
next two years.  Its total debt is US$150 billion, or 56% of its
gross domestic product.

Argentina faces about US$10.6 billion in principal and interest
payments on the guaranteed loans through 2012, Reuters relates,
citing Economy Ministry figures.

The AFP notes that the country's economy collapsed in 2001,
resulting in it defaulting on its US$82 billion in debt at the
time.  On September 2, the country said it would pay off its
US$6.7-billion debt to the Paris Club of international creditors.  
Last year, Argentina reimbursed a US$9.5-billion debt to the
International Monetary Fund, the AFP adds.

Meanwhile, The International Herald Tribune says the Argentine
annual inflation officially hit 8.7% in September.  However,
independent economists say the government is lowballing that rate,
which they claim is closer to 25%.

                           *     *     *

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



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

CODOGNO INSURANCE: M. Morrison & C. Thresh Named as Liquidators
---------------------------------------------------------------
The Supreme Court of Bermuda has ordered the appointment of
Michael Morrison and Charles Thresh as Joint Provisional
Liquidators for Codogno Insurance Co. Ltd.

Codogno Insurance's petition for liquidation was heard before the
Court on Sept. 19, 2008.

Attorneys to the Petitioner can be reached at:

                  Attride-Stirling & Woloniecki
                  c/o Crawford House, 50 Cedar Avenue
                  Hamilton, Bermuda


E D & F MAN SOFT: Final Shareholders Meeting Set for Oct. 30
------------------------------------------------------------
E D & F Man Soft Commodities Fund No. 1 Ltd. will hold its final
shareholders meeting on Oct. 30, 2008, at 9:30 a.m. at the offices
of Messrs. Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

E D & F Man Soft's shareholders agreed on Sept. 26, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

               Robin J. Mayor
               c/o Clarendon House, Church Street
               Hamilton, Bermuda


GLOBAL AVIATION: Holds Final Shareholders Meeting on Oct. 23
------------------------------------------------------------
Global Aviation Ltd. will hold its final shareholders meeting on
Oct. 23, 2008, at 9:30 a.m. at the offices of Messrs. Conyers Dill
& Pearman, Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

Global Aviation's shareholders agreed on Sept. 15, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

               Robin J. Mayor
               c/o Clarendon House, Church Street
               Hamilton, Bermuda


GREEN SHOE: Will Hold Final Shareholders Meeting on Oct. 30
-----------------------------------------------------------
Green Shoe Co. Ltd. will hold its final shareholders meeting on
Oct. 30, 2008, at 9:30 a.m. at the offices of Messrs. Conyers Dill
& Pearman, Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

Green Shoe's shareholders agreed on Sept. 19, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

               Robin J. Mayor
               c/o Clarendon House, Church Street
               Hamilton, Bermuda


MATADOR INSURANCE: Sets Final Shareholders Meeting on Oct. 28
-------------------------------------------------------------
Matador Insurance Company Ltd. will hold its final shareholders
meeting on Oct. 28, 2008, at 10:00 a.m. at KPMG Advisory Limited,
Crown House, 4 Par-la-Ville Road, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

Matador Insurance's shareholders agreed on Sept. 24, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

               Mike Morrison
               c/o KPMG Advisory Limited
               Crown House, 4 Par-La-Ville Road
               Hamilton, Bermuda


MONTPELIER RE: To Hold 2008 3Q Earnings Webcast on October 24
-------------------------------------------------------------
Montpelier Re Holdings Ltd. will host a conference call to discuss
the company's financial results 30 minutes earlier than previously
announced.  The scheduled time is now 8:00 a.m. Eastern time on
Friday, October 24, 2008.

The conference call will be available via a live audio webcast
accessible on the company's web site at or by dialing 800-860-2442
(toll free) or 1-412-858-4600 (international).

The archived webcast will be available at the company's web site
approximately one hour after the call.  A telephone replay will be
available through November 24, 2008 by dialing 877-344-7529 (toll-
free) or 1-412-317-0088 (international) and entering the passcode
423248.

Headquartered in Bermuda, Montpelier Re Holdings Ltd. --
www.montpelierre.bm -- through its operating subsidiary
Montpelier Reinsurance Ltd., provides customized, innovative,
and timely reinsurance and insurance solutions to the global
market.  The company has operations in the United States and
Europe.

                          *     *     *

To date, Montpelier Re Holdings holds A.M. Best's "bb+"
subordinated debt rating and "bb" preferred stock rating.


RI INSURANCE: To Hold Final Shareholders Meeting on Oct. 30
-----------------------------------------------------------
RI Insurance Limited will hold its final shareholders meeting on
Oct. 30, 2008, at 9:30 a.m. at the offices of Messrs. Conyers Dill
& Pearman, Clarendon House, Church Street, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

RI Insurance's shareholders agreed on Sept. 23, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

               Robin J. Mayor
               c/o Clarendon House, Church Street
               Hamilton, Bermuda


STOCKTON REINSURANCE: Final Shareholders Meeting Is Oct. 30
-----------------------------------------------------------
Stockton Reinsurance Global Investments Ltd. will hold its final
shareholders meeting on Oct. 30, 2008, at 9:30 a.m. at the offices
of Messrs. Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

Stockton Reinsurance's shareholders agreed on Sept. 23, 2008, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

               Robert G. Easton
               c/o Cumberland House, 1 Victoria Street
               Hamilton, Bermuda


TARO GROUP: Deadline for Filing Proof of Claim Is Oct. 31
---------------------------------------------------------
Taro Group Ltd. I's creditors have until Oct. 31, 2008, to prove
their claims to Jennifer Y. Fraser, the company's liquidator, or
be excluded from receiving any distribution or payment.

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

Taro Group's shareholders agreed on Oct. 10, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


TARO GROUP: Holding Final Shareholders Meeting on Nov. 18
---------------------------------------------------------
Taro Group Ltd. I will hold its final shareholders meeting on
Nov. 18, 2008, at 10:00 a.m. at Canon's Court, 22 Victoria Street,
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

Taro Group's shareholders agreed on Oct. 10, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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



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

BANCO BMG: S&P Holds BB-/B Counterparty Credit Rating; Outlook Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term and 'B' short-term counterparty credit ratings on Banco BMG
S.A.  The outlook was revised to negative from stable.
     
The outlook revision reflects S&P's expectation that, in general,
the overall increase in the cost of funding for the Brazilian
banking industry should be particularly detrimental to BMG's
profitability given the bank's specialization in payroll discount
loans (79% of the bank's loan portfolio as of June 2008).  In
particular, the interest rate on the payroll discount loans
extended to retirees in Brazil's public pension system, National
Institute for Social Security, are capped by law, limiting the
bank's flexibility to pass on the higher funding cost to clients.
Loans to Social Security pensioners represented 35% of the bank's
loan portfolio in June 2008.  Higher funding costs and reduced
access to debt markets -- important sources of BMG's long-term
funding -- should limit the bank's growth potential.
     
"The ratings on BMG incorporate the risks of significant product
concentration and the bank's vulnerability to margin pressures in
a less-benign credit and liquidity environment.  These risks are
partially offset by a well-defined and successful strategy as a
niche bank with a dominant position in the payroll-lending market,
good business execution based on strong technology and
distribution capabilities, and maintenance of good asset quality
indicators and profitability," said S&P's credit analyst Ricardo
Brito.
     
While S&P generally expects asset quality in the industry to
deteriorate as credit becomes scarcer, the level of problem loans
in BMG's portfolio should remain fairly stable given the
characteristics of the payroll discount credit.  This portfolio's
good quality and its rather normal level of risk have contributed
greatly to its liquidity and will make it an important source of
funding as soon as larger banks return to the market and start
buying assets.
     
The negative outlook reflects the expected negative impact of the
sharp increase in funding costs on BMG's profitability.  While
funding is more expensive for the industry in general, it affects
BMG in particular, given the concentration of payroll discount
lending in its loan portfolio.  S&P would consider a downgrade of
the ratings if the bank cannot take offsetting measures to reduce
operating costs, and, therefore, post negative results, affecting
its capitalization.  "We will continue to monitor developments in
the bank's deposit base, but expect its cash position to serve as
a cushion against market volatility.  The ratings could stabilize
if BMG reports positive results from operations in the next six
months, and market conditions improve to allow for a better
funding profile," added Mr. Brito.

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.


BRASIL TELECOM: Earns BRL164.1 Million in 2008 Third Quarter
------------------------------------------------------------
Brasil Telecom Participacoes S.A. reported consolidated net
revenue of BRL2,841.6 million in third quarter of 2008, 3.4% up on
third quarter of 2007.  3Q08 Consolidated net income came to
BRL164.1 million, 9.2% higher than in 3Q07.

EBITDA reached BRL952.5 million in 3Q08, and EBITDA margin stood
at 33.5%.  Operating costs and expenses amounted to BRL2,394.7
million, 0.4% higher than 3Q07.

BrT Movel's net services revenue totaled BRL442.5 million, 7.9%
higher than in 3Q07.  BrT Movel's EBITDA stood at BRL70.9 million
in 3Q08, 108.7% up on the same period the year before.

BrT Movel reached 5.2 million mobile users at the end of 3Q08,
30.4% up on 3Q07.

ADSL users in service totaled 1,761,900 at the end of the quarter,
up by 15.7% year-on-year.

The number of lines in service (LIS) totaled 8,198,300 million, a
growth of 1.7% in comparison with 3Q07.

In 3Q08, Brasil Telecom's investments totaled BRL608.1 million, of
which BRL418.2 million was invested in fixed telephony, including
voice, data, information technology and regulatory affairs, and
BRL190.0 million in mobile telephony.

Consolidated net debt stood at BRL1,184.2 million, 54.9% higher
than the previous year, mainly due to the growth in Capex, payment
of Interest on Equity/Dividends, and a reduction in working
capital.

In the beginning of September, Brasil Telecom launched "Pluri
Uso": a bundle of minutes that can be used for local and long
distance calls in all the client's fixed and mobile telephony
accesses.  Other services, such as Turbo (Brasil Telecom's
broadband), can be added to the bundle with special pricing and
the client receives a single bill.  Brasil Telecom is the only
telco to offer this type of bundle in its concession area (Region
2).

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
S.A. -- http://www.brasiltelecom.com.br-- is a holding company
involved in the telecommunications sector.  The company?s main
activity is the management of Brasil Telecom SA (BrT), which
operates a local fixed-line telephone in Brazil.  BrT also
provides data and voice, broadband and Internet services, among
others.  It also owns Nova Tarrafa Participacoes Ltda and Nova
Tarrafa Inc, which provide Internet services.

                          *     *     *

As of Sept. 5, 2008, Moody's Web site says the rating agency
continues to review Brasil Telecom Participacoes S.A.'s "Ba1"
global scale senior unsecured rating for possible upgrade after
the announced acquisition by Telemar.  Moody's review of the
company's rating was initiated on March 28, 2008.


GERDAU AMERISTEEL: To Host Conference call for 3rd Quarter Fin'ls
-----------------------------------------------------------------
Gerdau Ameristeel Corporation will host a conference call to
discuss its 2008 third quarter financial results for the three-
month period ending Sept. 30, 2008.  The company invites all
interested parties to participate.

    Date:              Nov. 5, 2008

    Time:              2:00 p.m., Eastern Time.  Please call in
                       15 minutes prior to start time to secure a
                       line.

    Dial-In Number:    416-644-3421 or 1-800-731-5319

    Reference Number:  21286265 followed by the number sign

    Live Webcast:      http://www.gerdauameristeel.com. Please  
                       connect to this Web site at least 15
                       minutes prior to the conference call
                       to ensure adequate time for any software
                       download that may be needed to hear the
                       webcast.

    Taped Replay:      416-640-1917 or 1-877-289-8525
                       Available until Nov. 12, 2008 at
                       midnight.

Gerdau Ameristeel President and Chief Executive Officer Mario
Longhi and Vice President and Chief Finance Officer Barbara Smith
will co-chair the call.  A question-and-answer session will
follow, at which time the operator will direct participants as to
the correct procedure for submitting questions.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America. Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America. The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.  Gerdau Ameristeel is a unit of Brazilian firm

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
28, 2008, Moodys Investors Serive has changed the outlook of these
ratings for Gerdau Ameristeel Corp. to positive from stable:

    -- Ba1 Probability of Default Rating;
    -- Ba1 Corporate Family Rating; and
    -- Ba1 US$405 million Senior Unsecured Guaranteed Notes due
       2011 (LGD 4, 62%).


GENERAL MOTORS: To Launch Auto Loan Initiative Today
----------------------------------------------------
John D. Stoll at The Wall Street Journal reports that General
Motors Corp. will launch on Friday an initiative dubbed "Financing
that Fits," aimed at letting consumers know they can still secure
credit for a new GM car or truck.

WSJ relates that auto lenders like GMAC LLC have decided to
tighten lending terms.  As reported in the Troubled Company
Reporter on Oct. 15, 2008, GMAC'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.  Mr. de Molina
said that the company may cut auto lending in some international
markets and that it is considering "strategic initiatives."  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 WSJ, GM spokesperson John McDonald said that the
campaign will show buyers that there are hundreds of banks, credit
unions, and other lenders who are willing to do auto loans and
leases.  The report says that GM will try to do a sizeable chunk
of its lower-cost lending programs through GMAC.

Mr. McDonald read off a list of banks, lenders, and credit unions
participating in the program, although he acknowleged that buyers
may not be doing business "with the lender your used to," WSJ
reports.

                    About General Motors

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

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

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


GENERAL MOTORS: Appoints James Taylor as Hummer CEO
---------------------------------------------------
General Motors Corp., as part of the ongoing business and
strategic review of its Hummer brand, appointed James E. Taylor as
Hummer's CEO.

Mr. Taylor, formerly a Cadillac general manager, is responsible
for the future strategy and current business of Hummer worldwide.  
This move marks a progression in the ongoing strategic review
process and establishes the lead management structure for Hummer
going forward.  Martin Walsh, currently general manager of Hummer,
will team with Mr. Taylor on the transition and ongoing dealer
relations, and then will move to another assignment that will be
announced soon.

Mr. Taylor has been Cadillac general manager since 2004, and even
prior to that he was a key architect in Cadillac's design and
technology resurgence.  As the global Vehicle Line Executive for
Cadillac, Mr. Taylor led the development of a series of new models
-- beginning with the Cadillac CTS -- that ushered in a new and
distinctive generation of dramatically designed, high performing
vehicles.  Mr. Taylor joined GM in 1980 and since has held a
number of business and marketing leadership roles, including those
at Saturn, Adam Opel, Worldwide Purchasing and GM Truck.

Mr. Taylor reports to Mark C. McNabb, North America vice
president, Cadillac/Premium Channel.  Mr. McNabb joined GM in 2008
to assume leadership of GM's premium brands, Cadillac, Hummer and
Saab USA.

"By creating a new and more comprehensive leadership position for
Hummer with Jim Taylor as the top executive, we are bolstering the
strategic review process and the brand," said Mark LaNeve, GMNA
vice president of Vehicle Sales, Service and Marketing.  "At the
same time, we're sharpening our focus on Cadillac as GM's flagship
brand in the global luxury marketplace under Mark McNabb's
leadership," Mr. LaNeve added.

                    About General Motors

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

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

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


SANLUIS CORPORACION: Fitch Junks Foreign & Local Currency IDRs
--------------------------------------------------------------
Fitch Ratings has downgraded SANLUIS Corporacion, S.A. de C.V.
ratings as:

-- Foreign and local currency Issuer Default Rating to 'CC' from
    'B-';

-- Senior secured restructured credit facility rating to
    'CC/RR5' from 'B-/RR4';

-- Mandatory convertible notes and debenture notes ratings to
    'CC/RR6' from 'CCC+/RR5'.

Fitch has also downgraded the rating of SANLUIS Rassini
Autopartes, S.A. de C.V.

-- Foreign and local currency IDR to 'CC' from 'B-'.

The ratings remain on Rating Watch Negative.

The ratings of SANLUIS were placed on Rating Watch Negative on
June 16, 2008, reflecting the company's weak liquidity position
and the growing concern that cash-on-hand plus cash flow
generation throughout the year would not be sufficient to amortize
scheduled debt in 2008 assuming a downside case.  At that time,
the agency had expected that a continuing performance
deterioration in 2008 due to American Axle strike coupled with
further announcements of future production cuts by OEMs and change
in consumer preference would complicate the company's ability to
refinance its debt.  

Management had expected 2008 full year EBITDA to come in at around
US$60 million versus last 12 months EBITDA at the end of March of
US$70 million and US$76.7 million at the end of December 2007.  
However, further deterioration has caused the company to revise
its full year EBITDA projections to between US$40 million and
US$45 million.

In order to address the deterioration in the company's cash flow
generation, SANLUIS began negotiating with its senior secured
lenders to reschedule all remaining amortization payments but not
the final maturity, which is likely to remain June 2010.  On
Sept. 15, 2008, the company announced that it had entered into a
30 day Standstill period with its lenders, which froze the
September amortization payment.  During the 30-day Standstill, the
company expects to reach an agreement with its lenders to amend
the scheduled amortization payments in order to reduce cash flow
pressures and allow the company to weather the current difficult
market situation.

Fitch views the Standstill agreement as a positive sign that
SANLUIS lenders are willing to negotiate and that a final
agreement to be reached within the 30 day period is probable.  The
finalization of the rescheduling agreement would also be viewed as
a positive step in order for SANLUIS to remain a going concern and
to allow management to concentrate on addressing the changes in
its industry.

However, the much lower revised EBITDA expectation for 2008, the
probability of higher interest rate costs and Fitch's expectation
of further deterioration in North America auto industry has caused
SANLUIS risk profile to worsen.  Consequently, Fitch believes
refinancing risk in 2010 remains high.

The Rating Watch Negative reflects the pending negotiations
between SANLUIS and its senior secured restructured credit
facility lenders.  Further downgrades are possible if the company
is unable to achieve a viable payment rescheduling amendment of
its facility or depending on the structure of the rescheduling.  
The Rating Watch Negative could be removed if the company is able
to reach a viable agreement with its lenders.

SANLUIS is the world's largest producer of leaf springs, where it
is the predominant or sole supplier for the top-selling brands and
produce substantially all of GM's, Ford's and Chrysler's leaf
spring requirements.  The company operates manufacturing
facilities in the United States, Mexico, and Brazil.


TAM SA: Shareholders Meeting Scheduled for October 30
-----------------------------------------------------
TAM S.A. shareholders are called to attend a meeting to be held at
the company's registered office located at Av. Jurandir, 856,
Lot 4, 7th floor, Jardim Ceci, in the City and State of Sao Paulo,
at 10:00 a.m., on October 30, 2008, in order to take action on the
election of a new member of the Board of Directors, in view of the
resignation tendered by one of the Directors.

General Directions:

   1. Pursuant to Section 1 of CVM Instruction No. 165/91, as
      amended, the minimum percentage ownership of voting stock
      necessary to request adoption of the multiple vote system
      for election of such member of the Board of Directors is
      5%.

   2. A shareholder that wishes to be represented at the meeting
      by an attorney in fact must file the relevant power of
      attorney with the company's registered office at least 48
      hours prior to the time of the meeting, together with a
      statement issued by the custodian showing the ownership
      interest of such shareholder.

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

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

                          *     *     *

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

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



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

ALTA PARTNERS: Holding Final Shareholders Meeting on Oct. 20
------------------------------------------------------------
Alta Partners Holdings LDC will hold its final shareholders
meeting on Oct. 20, 2008, at 10:00 a.m., at the offices of Olympia
Captial (Bermuda) Limited, Williams House, 4th Floor, 20 Reid
Street, Hamilton, Bermuda.

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 six years from the
      dissolution of the company, after which they may be  
      destroyed.

Alta Partners' shareholders agreed on Oct. 20, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Hamilton Fiduciary Services Limited
               c/o Williams House, 20 Reid Street,
               Hamilton, Bermuda

                            or

               Trulaw Corporate Services Ltd.
               5th Floor, Anderson Square Building
               Shedden Road, Grand Cayman
               Cayman Islands
                 
Contact for inquiries:

               Pawel Stempowski
               Tel: (345) 914-4601
               Fax: (345) 815-0551


APERTA JAPAN: Proof of Claim Filing Deadline Is Oct. 21
-------------------------------------------------------
Aperta Japan Long/Short Offshore Fund Ltd.'s creditors have until
Oct. 21, 2008, to prove their claims to Dr. Nicholas G. Azari, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Aperta Japan's shareholder decided on Sept. 17, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Dr. Nicholas G. Azari
               c/o 8400 E. Crescent Parkway
               Suite 600, Greenwood Village
               Colorado, USA
              
                         or

               Ogier
               c/o Queensgate House, South Church Street
               P.O. Box 1234
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Colin J. MacKay
               Tel: (345) 949-9876
               Fax: (345) 949-1986    


BETA HEDGE: Filing for Proof of Claim Deadline Is Oct. 22
---------------------------------------------------------
Beta Hedge International Managed Account Ltd.'s creditors have
until Oct. 22, 2008, to prove their claims to David A.K. Walker
and Lawrence Edwards, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

Beta Hedge's shareholder decided on Jan. 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

              David A.K. Walker and Lawrence Edwards
              c/o PwC Corporate Finance & Recovery (Cayman) Ltd.
              P.O. Box 258
              Grand Cayman, Cayman Islands
              
Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


BRITISH FINANCIAL: Sets Final Shareholders Meeting on Oct. 22
-------------------------------------------------------------
British Financial Group Ltd. will hold its final shareholders
meeting on Oct. 22, 2008, at 10:00 a.m., at the offices of Close
Brothers (Cayman) Limited, 4th Floor Harbour Place, George Town,
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

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

The liquidators can be reached at:

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

Contact for inquiries:

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


HBV MANAGED: Deadline for Proof of Claim Filing Is Oct. 22
----------------------------------------------------------
HBV Managed Account (1) Ltd.'s creditors have until Oct. 22, 2008,
to prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

HBV Managed's shareholder decided on Jan. 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

              David A.K. Walker and Lawrence Edwards
              c/o PwC Corporate Finance & Recovery (Cayman) Ltd.
              P.O. Box 258
              Grand Cayman, Cayman Islands
              
Contact for inquiries:

               Jodi Jones
               Tel: (345) 914-8694
               Fax: (345) 945-4237


MODULUS EUROPE: Filing for Proof of Claim Is Until Oct. 22
----------------------------------------------------------
Modulus Europe Ltd.'s creditors have until Oct. 22, 2008, to prove
their claims to David A.K. Walker and J.I. Nicholas Freeland, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Modulus Europe's shareholder decided on Sept. 18, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

              David A.K. Walker and J.I. Nicholas Freeland
              c/o PwC Corporate Finance & Recovery (Cayman) Ltd.
              P.O. Box 258
              Grand Cayman, Cayman Islands
              
Contact for inquiries:

               Cathlin Rossiter
               Tel: (345) 914-8663
               Fax: (345) 945-4237


MODULUS EUROPE (MASTER): Claims Filing Deadline Is Oct. 22
----------------------------------------------------------
Modulus Europe (Master) Ltd.'s creditors have until Oct. 22, 2008,
to prove their claims to David A.K. Walker and J.I. Nicholas
Freeland, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Modulus Europe's shareholder decided on Sept. 18, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

              David A.K. Walker and J.I. Nicholas Freeland
              c/o PwC Corporate Finance & Recovery (Cayman) Ltd.
              P.O. Box 258
              Grand Cayman, Cayman Islands
              
Contact for inquiries:

               Cathlin Rossiter
               Tel: (345) 914-8663
               Fax: (345) 945-4237


NEW WORLD: Will Hold Final Shareholders Meeting on Oct. 22
----------------------------------------------------------
New World Ventures Ltd. will hold its final shareholders meeting
on Oct. 22, 2008, at 10:00 a.m., at the offices of Close Brothers
(Cayman) Limited, 4th Floor Harbour Place, George Town, Grand
Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

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

The liquidators can be reached at:

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

Contact for inquiries:

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


WESTWAYS FUNDING XI: Proof of Claim Filing Is Until Oct. 18
-----------------------------------------------------------
Westways Funding XI Ltd.'s creditors have until Oct. 18, 2008, to
prove their claims to Walkers SPV Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Westways Funding's shareholder decided on Sept. 18, 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
===============

QUEBECOR WORLD: Posts US$11.6MM Net Loss in Period Ended August 30
------------------------------------------------------------------
              Quebecor World (USA), Inc., et al.
                     Combined Balance Sheet
                     As of August 30, 2008

                             ASSETS

Current Assets:
  Cash and Cash equivalents                       US$152,400,000
  Accounts receivables                             531,900,000
  Trade and receivables                             51,600,000
  Inventories                                      151,700,000
  Future income taxes and tax receivable            18,700,000
  Prepaid Expenses                                  30,300,000
                                                 -------------
     Total current expenses                        936,600,000

Property, plant and equipment                     1,165,000,000
Goodwill                                            336,400,000
Restricted cash                                      32,300,000
Future income taxes                                     900,000
Other assets                                        302,800,000
                                                --------------
TOTAL ASSETS                                     US$2,774,000,000
                                                ==============

              LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities not subject to compromise:
  Bank indebtedness                                US$16,000,000
  Trade payables and accrued liabilities           246,900,000
  Payables to related parties                        3,100,000
  Income and other taxes payable                    15,000,000
  Current portion long-term debt                   491,800,000
  Combined Statement of Operations               2,866,200,000
                                                 -------------
     Total current liabilities                   3,639,000,000

Other liabilities not subject to compromise:
  Long-term debt                                     7,400,000
  Other liabilities                                132,200,000
  Future income taxes                              113,100,000

Shareholders equity:
  Capital stock                                  1,031,200,000
  Contributed surplus                              470,000,000
  Retained earnings                             (2,619,800,000)
  Accumulated other comprehensive loss                (900,000)
                                                --------------
     Total Equity                               (1,117,700,000)
                                                --------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY       US$2,774,000,000
                                                ==============

              Quebecor World (USA), Inc., et al.
               Combined Statement of Operations
             For the month ended August 30, 2008

Operating Revenues                                 US$244,300,000

Operating expenses:
  Cost of sales                                    200,600,000
  Selling, general and administrative               13,500,000
  Depreciation and amortization                     14,000,000
                                                   -----------
     Total operating expenses                      228,100,000
                                                   -----------
Operating income                                     16,200,000

Financial expenses                                   25,200,000
Reorganization items                                  4,200,000
Income taxes                                         (1,600,000)
                                                    ----------
                                                    27,800,000
                                                   -----------
Net loss and comprehensive loss                    (US$11,600,000)
                                                   ===========

               Quebecor World (USA), Inc.,  et al.
                Combined Statement of Cash Flows
                For Month Ended August 30, 2008

Cash flows from operating activities:
  Net loss                                        (US$11,600,000)

  Adjustments for:
     Depreciation of property, plant and equipment  14,000,000
     Future income taxes                            (1,600,000)
     Amortization of other assets                      700,000
     Other                                            (800,000)
                                                   -----------
                                                       700,000
                                                   -----------

  Net changes in non-cash balances to operations:
     Accounts receivable                           (27,800,000)
     Inventories                                   (11,900,000)
     Trade payables and accrued liabilities         30,400,000
     Other current assets and liabilities           15,700,000
     Other non-current assets and liabilities      (24,300,000)
                                                    ----------
                                                     5,900,000
                                                    ----------
     Cash flows provided by (used in)
     operating activities                            6,600,000
                                                    ----------
  Cash flows from financing activities:
     Net change in bank indebtedness                 2,600,000
     Repayment of long-term debt obligations      
     under capital lease                             1,000,000
                                                    ----------
     Cash flows provided by (used in)
     operating activities                            3,600,000
                                                    ----------
  Cash flows from investing activities:
     Additions to property, plant and equipment     (4,300,000)
     Restricted cash related to insolvency
     proceedings                                             0
                                                    ----------
     Cash flows provided by (used in)
     operating activities                           (4,300,000)
                                                    ----------
Net changes in cash and cash equivalents              5,900,000
Cash and cash equivalents, beginning of period      146,500,000
                                                  ------------
Cash and cash equivalents, end of period           US$152,400,000
                                                  ============

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW) -- http://www.quebecorworldinc.com/-- provides market       
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Ernst & Young, Inc., the monitor of Quebecor World Inc., and its
affiliates' reorganization proceedings under the Canadian
Companies' Creditors Arrangement Act, filed a petition under
Chapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Court
for the Southern District of New York on September 30, 2008, on
behalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814).  The chapter 15
case is before Judge James M. Peck.  Kenneth P. Coleman, Esq., at
Allen & Overy LLP, in New York, serves as counsel to the chapter
15 petitioner.

QWI and certain of its subsidiaries commenced the CCAA proceedings
before the Quebec Superior Court (Commercial Division) on
January 20, 2008.  The following day, 53 of QWI's U.S.
subsidiaries, including Quebecor World (USA), Inc., filed
petitions under Chapter 11 of the U.S. Bankruptcy Code.

The Honorable Justice Robert Mongeon oversees the CCAA case.  
Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the
Company in the CCAA case.  Ernst & Young Inc. was appointed as
Monitor.

Quebecor World (USA) Inc., its U.S. subsidiary, along with other
U.S. affiliates, filed for chapter 11 bankruptcy before the U.S.
Bankruptcy Court for the Southern District of New York (Lead Case
No. 08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter
LLP, represents the Debtors in their restructuring efforts.  The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of       
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

QWI is the only entity involved in the CCAA proceedings that is
not a Debtor in the Chapter 11 Cases.

As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000 total
liabilities of US$4,326,500,000 preferred shares of US$62,000,000
and total shareholders' deficit of US$976,400,000.

The Hon. Robert Mongeon of the Quebec Superior Court has extended
until Dec. 14, 2008, the stay under the Canadian Companies'
Creditors Arrangement Act.

(Quebecor World Bankruptcy News, Issue No. 28; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)



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

* JAMAICA: Currency Drops Wednesday Amid BOJ's Temporary Rescue
---------------------------------------------------------------
The Jamaican dollar fell to J$74 to the U.S. dollar Wednesday amid
the disclosure of the Bank of Jamaica to offer temporary loans to
financial institutions in the country, Radio Jamaica reports.  
Some authorized dealers sold close to US$1 for J$75.  The trading
day ended with J$74.03 to the U.S. dollar on average.  The value
of the Jamaican dollar has slipped 3% in the past two weeks, Radio
Jamaica says.

The Jamaica Gleaner writes that the BOJ joined several other
central banks around the world in providing liquidity support to
local financial institutions following the global economic
meltdown.  The BOJ, however, did not say how much money it was
prepared to lend but said the move was in response to
international developments, particularly "during this period of
dysfunctional money markets".  The BOJ did not also indicate the
interest rate the loans carry.  Market sources expect the rate to
be in line with the U.S. three- and six-month instruments.

The bank added that the temporary lending facility was designed to
alleviate any short-term liquidity needs of domestic financial
institutions; ensure the stability of Government of Jamaica global
bond prices; and minimize pressures in the domestic and foreign
exchange markets, The Jamaica Gleaner reports.

The bank's offer, according to The Jamaica Gleaner, received an
immediate thumbs up from the Opposition People's National Party
(PNP), The Jamaica Gleaner relates.  According to Go-Jamaica News,
Opposition spokesman on finance, Dr. Omar Davies said the
opposition welcomes the move by the BOJ.

Meanwhile, Go-Jamaica News reports that the PNP has called for
legislation to require all domestic financial institutions to
contribute to a reserve fund.

As cited by Go-Jamaica, Dr. Davies said the reserve fund is
necessary particularly when institutions are threatened by a
financial crisis.  He added that the latest move by the BOJ
emphasizes the need for increased collaborations between the BOJ
and the Financial Service Commission in monitoring the sector.

The Jamaica Gleaner quotes the BOJ as stating that "The bank will
continue to closely monitor the financial system and take
appropriate action."

                          *     *     *

As cited by the Troubled Company Reporter-Latin America on
Oct. 14, 2008, The Jamaica Observer reported Finance Minister Don
Wehby said Jamaica's debts quadrupled to J$1 trillion amid anaemic
growth averaging roughly 1% per year.  Jamaica's debt to GDP ratio
had also increased sharply over the period, from 83.9% in 1997 to
130.7% in 2007, that report said.

The country added its pile of debts after it successfully raised
US$350 million at an 8% coupon this fiscal year out of a planned
external borrowing requirement of US$600 million, The Jamaica
Observer related.  Jamaica also has fiscal deficit of
J$19.1 billion to the end of August, but significantly better, by
about J$6 billion, than the budgeted J$25.2 billion.

According to The Jamaica Observer, Jamaica's high public debt, and
the consequent lack of fiscal space, meant that without tax reform
there was no money to deal with schools, or to make the investment
to achieve stronger economic growth.  About 1% of companies
paid 78% of corporate tax, with approximately 40% outside
the tax system.



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

CEMEX SAB: Net Income Drops 74% to US$200 Mil. in Third Quarter
---------------------------------------------------------------
CEMEX, S.A.B. de C.V. reported consolidated net sales decreased 5%
in the third quarter of 2008 to US$5.8 billion versus the
comparable period in 2007.  EBITDA decreased 4% in the third
quarter of 2008 to US$1.3 billion versus the same period of 2007,
mainly due to the exclusion of the company's Venezuelan operations
starting August 1, 2008.

Hector Medina, Executive Vice President of Planning and Finance,
said: “We are living in a time of extraordinary volatility in the
financial markets in a challenging operating environment in
several of the countries in which we operate.  During the quarter,
we had slightly better-than-expected EBITDA generation and our
diversified portfolio has partially compensated for the downturn
in the United States, Spain, and the United Kingdom.  Going
forward, we remain focused on strengthening our financial
flexibility."

                 Consolidated Corporate Results

Majority net income decreased 74% to US$200 million in the third
quarter of 2008 from US$780 million in the same period a year ago.

Net debt at the end of the third quarter was US$16.4 billion,
representing a decrease of US$1.2 billion during the quarter.  The
net-debt-to-EBITDA ratio reached 3.4 times for the third quarter
2008 compared with 3.5 times in the second quarter 2008.  Interest
coverage reached 4.8 times during the quarter, up from 4.4 in the
last quarter.

             Main Markets Third Quarter Highlights

Net sales in its operations in Mexico increased 10% during the
third quarter of 2008 to US$1 billion, compared with US$950
million in the same period of 2007.  EBITDA increased 21% to
US$408 million versus the same period of last year.

CEMEX’s operations in the United States reported net sales of
US$1.2 billion in the third quarter of 2008, down 28% from the
same period in 2007. EBITDA decreased 58% to US$176 million, from
US$420 million in the third quarter of 2007.

In Spain, net sales for the quarter were US$370 million, down 26%
from the third quarter of 2007, while EBITDA decreased 19% to
US$121 million.

The company's operations in the United Kingdom experienced a 19%
decrease in net sales, to US$446 million, when compared with the
same quarter of 2007.  EBITDA decreased 48% to US$17 million in
the third quarter from US$34 million in the comparable period in
2007.

Net sales in the Rest of Europe region increased 8% during the
third quarter of 2008 versus the comparable period in the previous
year, reaching US$1.2 billion. EBITDA was US$189 million for the
region, 13% higher compared to the same quarter of 2007.

CEMEX’s operations in South/Central America and the Caribbean
reported net sales of US$504 million during the third quarter of
2008, representing a decrease of 4% over the same period of 2007.  
EBITDA decreased 12% for the quarter to US$161 million versus the
same period in 2007.

Third-quarter net sales in Africa and the Middle East were US$295
million, up 49% from the same quarter of 2007.  EBITDA increased
73% to US$87 million versus the comparable period in 2007.

Operations in Asia and Australia reported an 11% increase in net
sales, to US$564 million, versus the third quarter of 2007, and
EBITDA was US$95 million, up 6% from the same period in the
previous year.

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.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 16, 2008,
Standard & Poor's Ratings Services 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.


GRUPO TMM: Comments on Bolsa's Request to on Details Due to Crisis
------------------------------------------------------------------
Grupo TMM S.A.B. said that it does not have a position in any
speculative derivative instruments, that only 18 percent of its
debt is denominated in U.S. Dollars, and that its only outstanding
hedge, which is on its Mexican Trust Certificates Program, has a
cap on the TIIE rate, or Mexico’s Interbank Equilibrium Interest
Rate, of 9.25 percent for three years.

The company provided this information publicly in response to the
Bolsa’s request to all publicly traded companies in Mexico to
provide additional information due to the current conditions of
the global financial markets.

                       About Grupo TMM

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

As reported in the Troubled Company Reporter-Latin America on
July 17, 2008, Grant Thornton, S.C., raised substantial doubt
about the ability of Grupo TMM, S.A.B, to continue as a going
concern after it audited the company's financial statements for
the year ended Dec. 31, 2007.  The auditing firm pointed to the
company's sustained substantial losses from continuing
operations during the past five years.


LEAR CORPORATION: Moody's Holds 'B2' Corp. Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family and
probability of default ratings of Lear Corporation, but lowered
the company's Speculative Grade Liquidity Rating to SGL-3 from
SGL-2.  In a related action, Lear's outlook was changed to
negative.  

The rating action is based on the company's recent announcement
that it has further lowered its 2008 earnings guidance as a result
of deteriorating and volatile industry and general economic
conditions.  Lear reduced its full-year 2008 sales outlook from
US$15 billion to approximately US$14 billion and now sees its core
operating earnings down approximately 20% from its previous
guidance of US$550 million to US$600 million issued on July 29,
2008.

While Lear continues to anticipate free cash flow to be positive,
Moody's believes it will be meaningfully lower than the
US$150 million expectation in the company's previous guidance.  
Moody's expects the weakening automotive production environment to
adversely impact Lear's operating metrics and could constrain the
magnitude of cushion under the financial covenants in the
company's bank credit facility over the next twelve months.

The negative outlook considers that while the company currently
maintains good credit metrics for the assigned rating, these
metrics will likely moderate due to the severe erosion in industry
fundamentals over the near-term.  Lear's revised guidance reflects
declining North American vehicle sales and production, the shift
in product mix to smaller passenger vehicles in the U.S., and the
lower automotive OEM production in Europe.

The outlook also considers that while Lear has successfully
implemented restructuring programs in the past, the current
industry environment continues to evolve, posing additional
execution risk.

Developments that could lead to a stabilized outlook include
stabilization of industry conditions, OEM market shares in North
America, and restructuring actions at Lear, resulting in margins
which would result in debt/EBITDA sustained below 4.5 times, or
EBIT/Interest coverage sustained at 2 times.

Developments that could lead to lower ratings include recurring
negative free cash flow, deterioration in margins leading to
debt/EBITDA sustained above 6 times, or EBIT/Interest coverage
sustained below 1.3 times.

Lear's Speculative Grade Liquidity rating of SGL-3 indicates
adequate liquidity over the next twelve months.  At June 30, 2008,
Lear's principal liquidity sources included cash balances of
approximately US$624 million, with about one-third of this is
located domestically, and about another one-third is available
internationally.  Moody's expects Lear's ability to generate
positive free cash flow over the next twelve months to be
challenged by the current industry environment.

The company's liquidity profile includes a Euro 315 million
factoring facility which expires in April 2011 and a US$1.29
billion revolving credit facility.  Approximately US$822 million
of the revolving credit facility matures in January 2012; while
approximately US$468 million is due in March 2010.  These
facilities were undrawn at June 30, 2008 with US$61 million of
letters of credit outstanding.  Lear currently has ample room
under the credit facility's covenants with leverage and interest
ratios of 2.1 times and 4.8 times compared to the covenant
thresholds of 3.5 times and 2.75 times, respectively.

However, the combination of current industry OEM production
pressures, which are expected to continue into 2009, and the
tightening of these covenants over the near-term are expected to
reduce the company's current covenant cushions.  The bank debt is
secured by the capital stock of all the company's domestic
subsidiaries and a portion of the first tier foreign subsidiaries,
and certain domestic assets subject to the 10% lien limitation
within the company's bond indentures, above these levels
collateral must be shared with the bonds.  Alternate liquidity is
further limited by the terms of the bank debt.

Ratings Lowered:

-- Speculative Grade Liquidity Rating, to SGL-3 from SGL-2

Ratings Affirmed:

-- Corporate Family Rating, B2
-- Probability of Default, B2
-- Senior Secured Term Loan, B1 (LGD3, 42%)
-- Senior Unsecured Notes, B3 (LGD4, 58%)

Based in Southfield, Michigan, Lear Corporation (NYSE: LEA) --
http://www.lear.com/-- supplies automotive seating systems,      
electrical distribution systems and electronic products.  Lear's
world-class products are designed, engineered and manufactured by
a diverse team of more than 90,000 employees at 236 facilities in
33 countries.  Lear's headquarters are in Southfield, Michigan.  
Following the disposition of its interior business, Lear expects
its ongoing revenues to approximate US$14.0 billion.

Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.


PORTOLA PACKAGING: Court Confirms Pre-packaged Plan
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware found that
Portola Packaging, Inc.'s second amended prepackaged plan of
reorganization had met the statutory requisites.  Accordingly, the
Court confirmed the Plan.

Confirmation of the pre-packaged plan followed Portola obtaining
an exit financing commitment from Wells Fargo Foothill, LLC and
Regiment Capital Special Situations Fund IV, LP for a US$66
million senior secured credit facility. Concurrently, Wayzata
Investment Partners LLC committed to provide up to US$30 million
in second-lien financing to refinance the existing second-lien
debt. Having obtained confirmation of its plan, Portola remains on
track with its current timetable to emerge from chapter 11 by the
end of October.

John LaBahn, Senior Vice President and Chief Financial Officer
said, "We continue to be very proud of what we have been able to
accomplish as we work to emerge with a significantly improved
capital structure. This will allow us to complete our
restructuring and exit bankruptcy by the end of October."

Pursuant to the confirmed plan of reorganization, holders of
Portola˙s existing senior unsecured notes will receive 100% of the
common stock of reorganized Portola, and Wayzata will become
Portola˙s controlling shareholder upon Portola˙s emergence from
bankruptcy. Through the court-assisted restructuring process,
Portola will have eliminated US$180 million in funded debt from
its balance sheet. The plan of reorganization specifically
provides that Portola˙s relationships with customers and trade
creditors are not impaired. Portola is pleased that it was able to
restructure its balance sheet without any impact upon its
relationships with its vendors and customers.

Portola President and CEO Brian Bauerbach added, "Our improved
balance sheet and reduced interest costs will enable us to better
serve our customers and improve our competitive position in the
packaging industry."

Portola filed the second amended plan and accompanying disclosure
statement on Oct. 10.  Since the filing of the original prepack
plan, Portola has filed plan supplements and amended exhibits to
plan supplements.

BankruptcyData says the amendments relate to the Debtors' second
lien term loan with Wayzata Investment Partners, rejected executor
contracts, unexpired leases and non-exclusive list of retained
causes of action and Debtors' officers and directors.

                    About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.  The company and 6 of its debtor-affiliates
filed for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D.
Del. Lead Case No. 08-12001).  Edmon L. Morton, Esq., Robert S.
Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as counsel.  When the
Debtors filed for protection from their creditors, they listed
assets of between US$50 million and US$100 million, and debts of
between US$100 million and US$500 million.  The company has
locations in China, Mexico and Belgium.


TERNIUM MEXICO: S&P Withdraws BB- Corp. Credit Rating By Request
----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'BB-' long-
term corporate credit rating on Mexico-based steel company Ternium
Mexico S.A. de C.V. at the company's request.  Ternium Mexico has
no global-scale rated debt outstanding.  At the same time, S&P
affirmed its national scale (CaVal) 'mxA-' long-term corporate
credit rating on the company.  The outlook is stable.
      
"The 'mxA-' rating on Ternium Mexico reflects the company's heavy
capital expenditure program and the highly cyclical and capital-
intensive nature of the steel industry," said S&P's credit analyst
Juan Pablo Becerra.  The ratings also account for the company's
above-average operating efficiency, its relatively low leverage,
its vertical integration, and its leading market position in
Mexico.

Headquartered in San Nicolas de los Garza, Mexico, Ternium Mexico
SA de CV (f.k.a. Grupo Imsa S.A.B. de C.V.) --
http://www.grupoimsa.com-- is a holding company for Luxembourg-
based Ternium S.A.  Ternium Mexico's products include galvanized
metal, painted metal, aluminum for construction, glass fiber and
painted laminates.


VITRO SAB: To Release Third Quarter 2008 Earnings on October 28
---------------------------------------------------------------
Vitro, S.A.B. de C.V. will hold its third quarter 2008 conference
call on Oct. 29, 2008 at 11:00 a.m. U.S. ET (9:00 am Monterrey
Time).  The earnings press release for the third quarter 2008 will
be issued on Oct. 28, 2008, after market close.

The conference call can be accessed by:

   Tel. Numbers: 888-713-4215 (U.S.)
                 617-213-4867 (international)
   Passcode: 56949068.

To pre-register, please visit:

https://www.theconferencingservice.com/prereg/key.process?key=PJX
CUHN3N

A replay will be available Oct. 29, 2008 at 1:00 p.m. U.S. ET,
ending at midnight U.S. ET on November 5, 2008.  The replay is
accessible by dialing:

     Tel. Numbers: 888-286-8010 (U.S.)
                   617-801-6888 (international)
     Passcode: 99492766.

A live web cast of the conference call and replay will be
available at: http://www.vitro.com.

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.

                         *      *      *

As reported in the Troubled Company Reporter-Latin America on
Oct. 16, 2008, 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.

TCR-Latin America also reported on Oct. 9, 2008, Moody's affirmed
the B2 senior unsecured debt and corporate family ratings of
Vitro S.A.B. de C.V.'s , while at the same time changing the
outlook for the company's ratings to negative from stable.


                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


           * * * End of Transmission * * *