TCRLA_Public/081020.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, October 20, 2008, Vol. 9, No. 208

                            Headlines

A R G E N T I N A

AEROLINEAS ARGENTINAS: Value Remains Undetermined
ED & EVENTS: Individual Reports Filing Deadline Is on February 12
ELS SA: Proofs of Claim Verification Deadline Is December 19
IBEROCRUZ SRL: Proofs of Claim Verification Deadline Is February 4
ISEC SA: Proofs of Claim Verification Deadline Is November 28

LAMIPLAC SA: Proofs of Claim Verification Deadline Is November 5
MAIGRANA SA: Proofs of Claim Verification Deadline Is December 19


B R A Z I L

ATARI INC: Seeks to Deregister Unsold Shares Following Merger
BANCO DO BRASIL: Eyes Strategy to Buy Loan Books Amid Fin'l Crisis
FORD MOTOR: Assures Clients of Auto Loans
FORD MOTOR: S&P Places Ratings on 9 Transactions Under Neg. Watch
GENERAL MOTORS: Wants Merger Deal With Chrysler This Month

GRUPO VOTORANTIM: Spends BRL2.2BB to Cut Foreign Exchange Exposure


C A Y M A N  I S L A N D S

AL-BUSTAN INVESTMENTS: Final Shareholders Meeting Is on Oct. 27
AL-DEEWAN INVESTMENTS: Holds Final Shareholders Meeting on Oct. 27
AL-SAFAT INVESTMENTS: Sets Final Shareholders Meeting on Oct. 27
AL-SALAM INVESTMENTS: Final Shareholders Meeting Set for Oct. 27
AL-SANBOUK INVESTMENTS: Final Shareholders Meeting Is Oct. 27

BOSTON PARTNERS: Proof of Claim Filing Deadline Is Oct. 24
MOSAIC PARTNERS: Filing for Proof of Claim Is Until Oct. 24
ROBECO WPG: Deadline for Proof of Claim Filing Is Oct. 24


C H I L E

AMERICAN INT'L: David Herzog Replaces Stephen Bensinger as CFO
AMERICAN INTERNATIONAL: Maurice Greenberg Discloses 10.36% Stake


E L  S A L V A D O R

BANCO AGRICOLA: Fitch Holds BB+/B ID Ratings; Shifts Outlook Neg.


J A M A I C A

AIR JAMAICA: Eyes US$108MM Losses; Pursues Divestment Amid Crisis


M E X I C O

CEMEX SAB: Recognizes Specific Targets for Cost Reduction


P A N A M A

BANCO INTERNACIONAL: S&P Keeps BB/B Rating; Shifts Outlook Stable
CHIQUITA BRANDS: S&P Ratings Unmoved by Finding Firm Joined Cartel


P E R U

BUNGE LTD: Asian Unit Acquires 50% Stake in Vietnamese Phu My Port


P U E R T O  R I C O

DENNY'S CORP: Same Store Sales Decline for Quarter Ended Sept. 24
HOME INTERIORS: Wants Court to Approve Asset Auction Procedures
MARIA CRISTINA DOMENECH: Case Summary & Largest Unsecured Creditor


T R I N I D A D  &  T O B A G O

HINDU CREDIT: President Delays Filing of Complaints for 48 Hours


V E N E Z U E L A

BANCO EXTERIOR: Fitch Affirms B+ Foreign and Local Currency IDRs
BANCO OCCIDENTAL: Fitch Holds B- ID Ratings; Shifts Outlook Stable
FERTINITRO FINANCE: Fitch Ups US$250MM Secured Bonds Rtng to 'B-'
PETROLEOS DE VENEZUELA: Plant Prod'n Resumes After Power Outage

* Three LatAm Lenders Pledge US$9.3BB Over Global Credit Crisis
* BOND PRICING: For the Week October 13 - October 17, 2008


                         - - - - -


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

AEROLINEAS ARGENTINAS: Value Remains Undetermined
-------------------------------------------------
Argentina's government, which is re-nationalizing its flag carrier
Aerolineas Argentinas, failed on Tuesday, October 14, to reach
agreement with Spanish owners Marsans on how much the troubled
company is worth.

With the airline crippled by debts of US$890 million and staff
strikes, Marsans agreed in July to sell up at a mutually agreed
price, but stark differences over what the losing company is worth
have raised the prospect of a prolonged battle for control, the FT
says.

Marsans says it had the company valued by Credit Suisse at between
US$250 million and US$400 million, the FT reports.  The
government, based on state court calculations, puts a negative
value of US$600 million on the airline with about 80% of the
domestic Argentine market, and its sister company Austral.

Company spokesman Jorge Molina stressed that they want to reach a
just price, otherwise they won't sell the company, the FT relates.

Under the July deal, which has now technically expired, Aerolineas
is temporarily being run by a government-led board which has
returned it to state stewardship after nearly two decades in
Spanish hands, FT notes.  It was sold to Spanish flag carrier
Iberia in a 1991 privatization and travel group Marsans took over
in 2001.

Marsans and the government met Tuesday to approve financial
accounts for 2007, but postponed consideration of 2008 results
until November 12, the report says.  Marsans executives then met
with government officials to start the talks on a valuation.

The FT writes that the government, which has pumped in more than
US$100 million since July and earmarked another US$187 million for
2009, maintained that it has no plans to pay Marsans to take over
the company.

But Marsans argued that the valuation should take into account
future cash flow and is convinced it should not leave empty-
handed, the report relates.  Marsans, which claimed it invested
US$900 million in the company, blamed the company's losses on the
government's failure to raise tariffs and the repeated strikes
since 2005.  Unions, however, claimed that Marsans failed to make
promised investments.

                           *     *     *

Aerolineas Argentinas had financial problems in the past, the
Troubled Company Reporter noted early September 2008.  On June 15,
2000, the TCR related that Aerolineas Argentinas needed a
US$650 million capital injection and sweeping cost cuts to save it
from bankruptcy.  Aerolineas' biggest shareholder covered a bulk
of its losses, which Spanish sources put at US$300 million in
2000.

Aerolineas Argentinas, according to the TCR, also defaulted on a
US$50 million bonds due on Dec. 23, 2003.  In 2005 the airline
admitted the possibility of letting Argentine partners into the
company.  In this year, Marsans reached a preliminary accord to
reduce its stake in Aerolineas Argentinas to 35% from 95%
including a local private investor (35%) and greater participation
of the Argentine state and provinces.


ED & EVENTS: Individual Reports Filing Deadline Is on February 12
-----------------------------------------------------------------
Marcelo Liberman, the court-appointed trustee for Ed & Events
S.A.'s reorganization proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, on February 12, 2009.

Mr. Liberman is verifying creditors' proofs of claim until
Nov. 25, 2008.  She will also submit to court a general report
containing an audit of Ed & Events' accounting and banking records
on March 23, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on September 21, 2009.

The debtor can be reached at:

                     Ed & Events S.A.
                     Reconquista 458
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Marcelo Liberman
                     Pinzon 1555
                     Buenos Aires, Argentina


ELS SA: Proofs of Claim Verification Deadline Is December 19
------------------------------------------------------------
Ricardo Fernandez, the court-appointed trustee for ELS SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 19, 2008.

Mr. Fernandez will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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 ELS SA and its creditors.

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

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

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

The debtor can be reached at:

                     ELS SA
                     San Martin 575
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Ricardo Fernandez
                     Tucuman 1567
                     Buenos Aires, Argentina


IBEROCRUZ SRL: Proofs of Claim Verification Deadline Is February 4
------------------------------------------------------------------
The court-appointed trustee for Iberocruz S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 4, 2008.

The trustee will present the validated claims in court as  
individual reports on March 17, 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 Iberocruz S.R.L. 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 Iberocruz S.R.L.'s
accounting and banking records will be submitted in court on
May 6, 2009.

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


ISEC SA: Proofs of Claim Verification Deadline Is November 28
-------------------------------------------------------------
Magdalena de la Quintana, the court-appointed trustee for ISEC
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until November 28, 2008.

Ms. de la Quintana will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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 ISEC SA and its creditors.

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

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

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

Ms. de la Quintana is also in charge of administering ISEC SA's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

                     ISEC SA
                     Lavalle 1537
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Magdalena de la Quintana
                     Cerrito 1136
                     Buenos Aires, Argentina


LAMIPLAC SA: Proofs of Claim Verification Deadline Is November 5
----------------------------------------------------------------
The court-appointed trustee for Lamiplac S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 5, 2008.

The trustee will present the validated claims in court as  
individual reports on December 18, 2008.  The National Commercial
Court of First Instance in La Plata, Buenos Aires, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by Lamiplac 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 Lamiplac S.A.'s
accounting and banking records will be submitted in court on
March 2, 2009.

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


MAIGRANA SA: Proofs of Claim Verification Deadline Is December 19
-----------------------------------------------------------------
Adriana Esnaola, the court-appointed trustee for Maigrana SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 19, 2008.

Ms. Esnaola will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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 Maigrana SA and its creditors.

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

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

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

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

The debtor can be reached at:

                     Maigrana SA
                     Parana 727
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Adriana Esnaola
                     Parana 489
                     Buenos Aires, Argentina



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

ATARI INC: Seeks to Deregister Unsold Shares Following Merger
-------------------------------------------------------------
Atari Inc. has filed post-effective amendments to remove from
registration any securities of the company that remain unsold at
the termination of the offering subject to the registration
statements.

The company seeks to remove from registration:

  -- the Form S-8 Registration Statement (Registration No.
     333-33353) pertaining to the registration of 4,000,000
     shares of its common stock, par value US$0.01 per share,      
     originally issuable pursuant to the GT Interactive Software
     Corp. 1997 Stock Incentive Plan was originally filed with      
     the Securities and Exchange Commission on Aug. 11, 1997;

  -- the Form S-8 Registration Statement (Registration No.
     333-39353) pertaining to the registration of 741,727 shares
     of the Company's common stock, par value US$0.01 per share,
     originally issuable pursuant to the The Singletrac
     Entertainment Technologies, Inc. 1996 Equity Incentive Plan
     and the Singletrac 1997/98 Employee Bonus Plan was
     originally filed with the Securities and Exchange Commission
     on Nov. 3, 1997;

  -- the Form S-8 Registration Statement (Registration No.
     333-61197) pertaining to the registration of 4,000,000
     shares of the Company's common stock, par value US$0.01 per
     share, originally issuable pursuant to the GT Interactive
     Software Corp. 1997 Stock Incentive Plan was originally
     filed with the Securities and Exchange Commission on
     Aug. 11, 1998;

  -- The Form S-8 Registration Statement (Registration No.
     333-62271) pertaining to the registration of 1,000,000
     shares of the Company's common stock, par value US$0.01 per
     share, originally issuable pursuant to the GT Interactive
     Software Corp. 1998 Employee Stock Purchase Plan was
     originally filed with the Securities and Exchange Commission
     on Aug. 26, 1998;

  -- the Form S-8 Registration Statement (Registration No.
     333-54878) pertaining to the registration of 13,308,345
     shares of the Company's common stock, par value US$0.01 per
     share, originally issuable pursuant to the Infogrames, Inc.
     2000 Stock Incentive Plan was originally filed with the
     Securities and Exchange Commission on Feb. 2, 2001; and

  -- the Form S-8 Registration Statement (Registration No.
     333-88804) pertaining to the registration of 568,328 shares
     of the Company's common stock, par value US$0.01 per share,
     originally issuable pursuant to the Infogrames, Inc. 2000
     Stock Incentive Plan was originally filed with the
     Securities and Exchange Commission on May 22, 2002.

On 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.

As a result of the merger, the company has terminated all
offerings of the Company's securities pursuant to certain existing
registration statements.

                         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 DO BRASIL: Eyes Strategy to Buy Loan Books Amid Fin'l Crisis
------------------------------------------------------------------
Banco do Brasil SA has seen opportunities to build on its
agricultural lending and unique funding sources in the current
financial crisis as well as a chance to buy up loan books, James
Newman of Business News Americas reports, citing BB executives in
a conference call.

According to bank data, BNamericas relates that with recent
changes in reserve requirement policies by central bank BCB, BB
has gained access to BRL11.4 billion (US$5.49 billion).

While BB plans to use some of this, it does not plan on using it
all to pump up its loan book, said Aldo Luiz Mendes, finance and
IR VP, as cited by BNamericas.

BNamericas says that with the BCB policy earlier this month to
incentivize large banks to take on smaller banks' loan portfolios
so they can gain liquidity, BB has planned BRL3 billion in
purchases, but will not reveal how much its individual deals have
cost.

"This is a strategic variability.  We're negotiating with more
than one [bank]," BNamericas quoted Mr. Mendez as saying.  "If I
say a price here, I could cause expectations and strategically, we
don't like to talk about that."

Asked whether BB, which has bought BRL1.5 billion in loans so far
in the last year and half, has been pressured by BCB to take on
loans more quickly, Mr. Mendez responded BCB knows "it takes time
to price these portfolios," BNamericas notes.

BB, BNamericas relates, has also seen itself as having sufficient
liquidity with its ratio of loans to deposits dropping to 90.3% in
August from 97.2% at end-June.  Total deposits at BB have
increased to BRL214 billion at end-August from BRL196 billion at
end-June.

When asked whether the bank would consider lowering dividends to
increase its capitalization, Mr. Mendez said "If we aim to
increase our capital base, especially tier 1 capital, it would
make sense to change the dividend policy," adding that "This is a
decision that will be discussed in the next quarter."

Mr. Mendez, as cited by BNamericas, disclosed that the bank
acknowledged that it expects to reduce its loan growth targets for
next year.  BB had expected loan growth for this year at 20-30%,
while it saw loans in 2009 expanding at 20-25%.

Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

On Feb. 29, 2008, Moody's Investors Rating Service assigned a
Ba2 foreign currency deposit rating to Banco do Brasil.


FORD MOTOR: Assures Clients of Auto Loans
-----------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co. said in a letter to dealers that it still has a credit arm
that will lend clients who buy the company's cars.

According to WSJ, Ford Motor was worried that car buyers were
staying away from showrooms because they were convinced they
wouldn't qualify for a loan.

As reported in the Troubled Company Reporter on Oct. 15, 2008,
GMAC LLC's CEO Al de Molina said that the company has "limited if
any access to funding" for its mortgage and auto-lending units and
that it may cut auto lending in some international markets and
that it is considering strategic initiatives.

WSJ states that a person familiar with the matter said that some
Ford Motor dealers have relayed the corporate letter to potential
clients in e-mails, assuring that the company continues to provide
automotive lending and that "Ford Credit has not tightened its
financing standards."

Ford Motor is considering putting employee pricing on every model
sold in the U.S., with financing through Ford Credit, WSJ relates,
citing a person briefed on the company's plans at a meeting this
month.   According to the report, the campaign
would also have a dealer cash payment of US$500 to US$1,500
included as part of the program.  The report states that the
program could be launched this month.

                   About Ford Motor Co.

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

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


FORD MOTOR: S&P Places Ratings on 9 Transactions Under Neg. Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on nine Ford
Motor Co.-related transactions on CreditWatch with negative
implications.

The rating actions reflect the Oct. 9, 2008, placement of the
long-term corporate credit and senior unsecured debt ratings on
Ford Motor Co. (Ford; B-/Watch Neg/NR) and its related entities on
CreditWatch with negative implications.

The nine transactions are pass-through transactions, and the
ratings on the trusts are based solely on the senior unsecured
ratings assigned to the underlying collateral.  The underlying
collateral consists of securities issued by Ford, as indicated in
the list below.

The corporate rating actions on Ford and its affiliates have no
immediate rating impact on the Ford-related asset-backed
securities supported by collateral pools of consumer auto loans or
auto wholesale loans.

             Ratings Placed on Creditwatch Negative

Corporate Backed Trust Certificates Ford Motor Co. Debenture-
Backed Series 2001-36 Trust

           Rating
           ------
Class   To              From  Underlying collateral
-----   --              ----  ---------------------
A1      CCC/Watch Neg   CCC  7.7% deb due 05/15/2097
A2      CCC/Watch Neg   CCC  7.7% deb due 05/15/2097

Corporate Backed Trust Certificates Ford Motor Company Note-Backed
Series 2003-6 Trust

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
A-1     CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

CorTS Trust For Ford Debentures

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg  CCC   7.4% deb due 11/01/2046

CorTS Trust II For Ford Notes Series 2003-3

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

PPLUS Trust Series FMC-1

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

PreferredPlus Trust Series FRD-1

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg   CCC  7.4% deb due 11/01/2046

Public STEERS Series 1998 F-Z4 Trust

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ----------------------
A       CCC/Watch Neg  CCC   7.7% deb due 05/15/2097
B       CCC/Watch Neg  CCC   7.7% deb due 05/15/2097

SATURNS Trust No. 2003-5

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Units   CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

Trust Certificates (TRUCs) Series 2002-1 Trust

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
A-1     CCC/Watch Neg  CCC   7.7% deb due 05/15/2097


GENERAL MOTORS: Wants Merger Deal With Chrysler This Month
----------------------------------------------------------
General Motors Corp. wants to reach a merger deal with Chrysler
LLC before the end of October, The Wall Street Journal reports,
citing sources familiar with the matter.

John Letzing at MarketWatch relates that banks and other lenders
support the planned merger.  WSJ relates that J.P. Morgan Chase &
Co. -- one of Chrysler's largest holders -- and Cerberus Capital
Management, which owns Chrysler, are supporting the deal.  

According to WSJ, sources said that GM is seeking to complete the
deal as soon as the end of this month, as it is expected to report
dismal third-quarter earnings in coming weeks and is looking new
sources of funding.  The report says that GM has created teams of
people analyzing potential cost-cutting and savings it can do with
Chrysler.

WSJ states that GM will lay off 1,500 workers in coming months at
three assembly plants.  Marketwatch relates that the layoffs will
affect hourly workers at plants in Michigan and Delaware.

           Chrysler CEO Won't Comment on GM Talks

Tom Krisher at The Associated Press relates that Chrysler's CEO
Bob Nardelli didn't comment on the company's merger talks with GM,
but said that a steep drop in U.S. auto sales has led to industry
consolidation.  "It certainly creates an environment for
consolidation where you can get synergies of productivity that
will allow you to be more competitive, not only here in the U.S.
market, but on a global basis," The AP quoted Mr. Nardelli as
saying. Mr. Nardelli said that Chrysler has had to reduce factory
capacity by 1.1 million vehicles due to the slump, The AP relates.

Mr. Nardelli, says The AP, said on the CNBC cable channel that
Chrysler has been open about seeking partners and creating
alliances.

                     About Chrysler LLC

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

                        *     *     *

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

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

                   About General Motors

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

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

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.


GRUPO VOTORANTIM: Spends BRL2.2BB to Cut Foreign Exchange Exposure
------------------------------------------------------------------
Grupo Votorantim said last week that it spent BRL2.2 billion
(US$963 million) to liquidate positions in derivatives acquired as
protection against the appreciation of Brazil's currency, The
Financial Times and Reuters write.  Votorantim, the FT notes, is
the third Brazilian company to announce substantial losses arising
from bets on the currency as the real has plummeted in value over
recent weeks.  Votorantim, however, said its foreign exchange
exposure through the derivatives in question had been "totally
eliminated", the FT reports.

Aracruz, a paper and pulp company in which Votorantim is a
controlling shareholder, said it had unrealized losses that would
have totaled BRL1.95 billion had its positions in currency
derivatives been liquidated by September 30, The FT relates.  It
did not say what its actual losses were, nor whether the positions
had been liquidated.

The FT observes that large Brazilian companies have made
substantial profits from currency derivatives in recent years, as
the real strengthened from a low of BRL3.95 to the U.S. dollar in
October 2002 to BRL1.56 in May this year.  But recently the real
has devalued sharply against the dollar as the crisis on global
financial markets caused a wave of panic selling in spite the
central bank's four dollar auctions.

As cited by the FT, Votorantim said its losses would be covered by
its cash holdings of about BRL10 billion.  It said it generated
BRL8.1 billion in cash on net profits of BRL30.9 billion in 2007.  
The company expects to generate BRL8.4 billion cash on
BRL34 billion net profits this year.

Votorantim joined companies such as pulp producer Aracruz and meat
processor Sadia in announcing massive trading losses in currency
derivatives, Reuters adds.

                    About Aracruz Celulose S.A.

Aracruz Celulose S.A. produces bleached hardwood kraft market
pulp.  The company produces eucalyptus pulp, which is a variety of
hardwood pulp used by paper manufacturers to produce a range of
products, including tissues, printing and writing papers, liquid
packaging boards and specialty papers.  The company's production
facilities consist of the Barra do Riacho Unit in Espirito Santo
State, which has three production units each with two bleaching,
drying and baling lines, the Guaiba Unit, located in the
municipality of Guaiba, State of Rio Grande do Sul, and Veracel,
located in the municipality of Eunapolis, State of Bahia, where it
has a 50% stake.

                         About Sadia S.A.

Sadia S.A. is a refrigerated and frozen protein products company,
operating in the processed product, poultry, pork and beef
segments.  Sadia has a product portfolio of over 1,000 products.
Its operations include breeding farms for poultry and hog
grandparent and parent stock, hatcheries, pork breeding centers,
slaughterhouses, processing units, animal feed production plants,
representative offices and distribution centers.  The company's
operations are organized into four segments: processed products
(frozen and refrigerated products and margarines), poultry
(chickens and turkeys), pork and beef.  In June 2008, Sadia
announced the acquisition of a 73.93% stake in Baumhardt Comercio
e Participacoes Ltda.

                      About Votorantim Group

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in banking, metals and
mining, pulp and paper, cement, agribusiness, and chemicals.  The
group also produces chemicals, frozen concentrated orange juice,
energy, financial services and venture capital investments.



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

AL-BUSTAN INVESTMENTS: Final Shareholders Meeting Is on Oct. 27
---------------------------------------------------------------
Al-Bustan Investments Ltd. will hold its final shareholders
meeting on Oct. 27, 2008, at 11:00 a.m., at the offices of Gulf
Investment House K.S.C., Dar Al-Awadi Tower, 27-30 Floors, Ahmed
Al-Jaber Street, Sharq, P.O. Box 28808, Safat 13149, Kuwait.

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.

Al-Bustan Investments' shareholder decided on Aug. 24, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Mohamed Mahsoom M. Ameen
              c/o Gulf Investment House K.S.C.
              Dar Al-Awadi Tower, 27-30 Floors
              Ahmed Al-Jaber Street, Sharq
              P.O. Box 28808
              Safat 13149, Kuwait


AL-DEEWAN INVESTMENTS: Holds Final Shareholders Meeting on Oct. 27
------------------------------------------------------------------
Al-Deewan Investments Ltd. will hold its final shareholders
meeting on Oct. 27, 2008, at 11:00 a.m., at the offices of Gulf
Investment House K.S.C., Dar Al-Awadi Tower, 27-30 Floors, Ahmed
Al-Jaber Street, Sharq, P.O. Box 28808, Safat 13149, Kuwait.

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.

Al-Deewan Investments' shareholder decided on Aug. 24, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Mohamed Mahsoom M. Ameen
              c/o Gulf Investment House K.S.C.
              Dar Al-Awadi Tower, 27-30 Floors
              Ahmed Al-Jaber Street, Sharq
              P.O. Box 28808
              Safat 13149, Kuwait


AL-SAFAT INVESTMENTS: Sets Final Shareholders Meeting on Oct. 27
----------------------------------------------------------------
Al-Safat Investments Ltd. will hold its final shareholders meeting
on Oct. 27, 2008, at 11:00 a.m., at the offices of Gulf Investment
House K.S.C., Dar Al-Awadi Tower, 27-30 Floors, Ahmed Al-Jaber
Street, Sharq, P.O. Box 28808, Safat 13149, Kuwait.

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.

Al-Safat Investments' shareholder decided on Aug. 24, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Mohamed Mahsoom M. Ameen
              c/o Gulf Investment House K.S.C.
              Dar Al-Awadi Tower, 27-30 Floors
              Ahmed Al-Jaber Street, Sharq
              P.O. Box 28808
              Safat 13149, Kuwait


AL-SALAM INVESTMENTS: Final Shareholders Meeting Set for Oct. 27
----------------------------------------------------------------
Al-Salam Investments Ltd. will hold its final shareholders meeting
on Oct. 27, 2008, at 11:00 a.m., at the offices of Gulf Investment
House K.S.C., Dar Al-Awadi Tower, 27-30 Floors, Ahmed Al-Jaber
Street, Sharq, P.O. Box 28808, Safat 13149, Kuwait.

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.

Al-Salam Investments' shareholder decided on Aug. 24, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Mohamed Mahsoom M. Ameen
              c/o Gulf Investment House K.S.C.
              Dar Al-Awadi Tower, 27-30 Floors
              Ahmed Al-Jaber Street, Sharq
              P.O. Box 28808
              Safat 13149, Kuwait

AL-SANBOUK INVESTMENTS: Final Shareholders Meeting Is Oct. 27
-------------------------------------------------------------
Al-Sanbouk Investments Ltd. will hold its final shareholders
meeting on Oct. 27, 2008, at 11:00 a.m., at the offices of Gulf
Investment House K.S.C., Dar Al-Awadi Tower, 27-30 Floors, Ahmed
Al-Jaber Street, Sharq, P.O. Box 28808, Safat 13149, Kuwait.

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.

Al-Sanbouk Investments' shareholder decided on Aug. 24, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Mohamed Mahsoom M. Ameen
              c/o Gulf Investment House K.S.C.
              Dar Al-Awadi Tower, 27-30 Floors
              Ahmed Al-Jaber Street, Sharq
              P.O. Box 28808
              Safat 13149, Kuwait


BOSTON PARTNERS: Proof of Claim Filing Deadline Is Oct. 24
----------------------------------------------------------
Boston Partners Long/Short Offshore Fund Ltd.'s creditors have
until Oct. 24, 2008, to prove their claims to William Butterly
III, 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 Aug. 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               William Butterly III
               c/o Robeco Investment Management Inc.
               909 3rd Avenue, 28th Floor
               New York, New York
               USA

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

Contact for inquiries:

               Bryant Terry
               Tel: (345) 949-9876
               Fax: (345) 949-1987


MOSAIC PARTNERS: Filing for Proof of Claim Is Until Oct. 24
-----------------------------------------------------------
Mosaic Partners Fund's creditors have until Oct. 24, 2008, to
prove their claims to S.L.C. Whicker and K.D. Blake, 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.

Mosaic Partners' 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:

               S.L.C. Whicker and K.D. Blake
               c/o  KPMG
               P.O. Box 493
               Grand Cayman, Cayman Islands
               Tel: (345) 949-4800

Contact for inquiries:
               James Irons
               Tel: (345) 914-496
               Fax: (345) 949-7164


ROBECO WPG: Deadline for Proof of Claim Filing Is Oct. 24
---------------------------------------------------------
Robeco WPG Farber Continuum Overseas Fund Ltd.'s creditors have
until Oct. 24, 2008, to prove their claims to William Butterly
III, 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.

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

The liquidator can be reached at:

               William Butterly III
               c/o Robeco Investment Management Inc.
               909 3rd Avenue, 28th Floor
               New York, New York
               USA

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

Contact for inquiries:

               Bryant Terry
               Tel: (345) 949-9876
               Fax: (345) 949-1987



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

AMERICAN INT'L: David Herzog Replaces Stephen Bensinger as CFO
--------------------------------------------------------------
American International Group, Inc., said Thursday that comptroller
David L. Herzog will be replacing Stephen J. Bensinger as chief
financial officer of the company, the Associated Press reported
Thursday.  Mr. Bensinger, acting finance chief of the company
since May, will be leaving, the company said.  Mr. Herzog will
"oversee the company's plan to shore up its capital and repay the
more than US$100 billion in loans it has received from the Federal
Reserve".

The Federal Reserve rescued AIG last month with a two-year,
US$85 billion credit line, in order that it could meet its CDS
obligations, as the alternative would have caused a chain of
defaults in the financial system, according to federal regulators.

Banks and other institutions use credit default swaps to hedge
against the risk of default in mortgage and other debt securities
they hold.  CDS contracts, which are privately negotiated
transactions, are not regulated by federal authorities.

AIG had drawn a total of US$70.3 billion on the US$85 billion
credit
line from the Fed as of last week.  The company also said last
week it would receive an additional US$37.8 billion loan from the
central bank.  AIG shares closed unchanged at US$2.43 Thursday.

Bloomberg's Aaron Pan reported Wednesday that credit legislators
and federal regulators have "called for more oversight of the
unregulated US$54.6 trillion market after the bankruptcy of Lehman
Brothers Holdings Inc., which was among the top 10 counterparties
of the contracts".

              About American International Group

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

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

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

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

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

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

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

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

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

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

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

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

                         *     *     *          

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

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


AMERICAN INTERNATIONAL: Maurice Greenberg Discloses 10.36% Stake
----------------------------------------------------------------
Maurice R. Greenberg, Edward E. Matthews, Starr International
Company, Inc., C. V. Starr & Co., Inc., Universal Foundation,
Inc., The Maurice R. and Corinne P. Greenberg Family Foundation,
Inc., Maurice R. and Corinne P. Greenberg Joint Tenancy Company,
LLC, and C. V. Starr & Co., Inc. Trust, disclosed in a Securities
and Exchange Commission filing that they may be deemed to
beneficially own in the aggregate 278,446,354 shares of American
International Group, Inc.'s common stock, representing roughly
10.36% of the 2,688,833,724 outstanding common stock as of
July 31, 2008.

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

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

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

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

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

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

S&P raised its ratings on preferred stock of International Lease
Finance Corp. (ILFC; A-/Watch Dev/A-1) to 'BBB' from 'B', and
revised the CreditWatch implications to developing from negative.  
All other ILFC ratings remain on CreditWatch with developing
implications.

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

                       *     *     *          

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

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



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

BANCO AGRICOLA: Fitch Holds BB+/B ID Ratings; Shifts Outlook Neg.
-----------------------------------------------------------------
Following the Outlook revision of El Salvador's 'BB+' sovereign
long-term rating to Negative from Stable, Fitch Ratings has
affirmed Banco Agricola as:

  -- Long-term issuer default rating at 'BB+';
  -- Individual rating at 'C/D'.

Fitch has also revised the Rating Outlook on Agricola's IDRs and
national ratings to Stable from Positive.

Agricola's IDRs are underpinned by the bank's sound financial
condition and are not constrained by the sovereign rating.  
Agricola's ratings also reflect its strong franchise and sustained
improvements in profitability, capitalization and asset quality,
but also consider the tough and increasingly challenging operating
environment.  Given the worsening outlook, both globally and
locally, which was a key driver of the recent sovereign rating
action, upside potential for Agricola's ratings is limited under
the current circumstances, hence the Outlook revision to Stable.

At end-June 2008, Agricola's sovereign exposure in the form of
securities accounted for 40% of the bank's equity base, without
considering the regulatory liquidity deposits held at the central
bank, which accounted for a further 65% of equity.  At the same
date, Agricola maintained sound financial indicators, with the
equity/assets ratio at 11.45%, non-performing loans accounting for
1.74% of total lending and a return on assets at 2%.  Going
forward, the tightening economic conditions and the impact of the
global liquidity squeeze will likely make it difficult for
Agricola and its local peers to sustain recent performance, but
Fitch considers that the bank's financial fundamentals will remain
adequate and consistent with the current ratings.

Fitch has affirmed these ratings and revised the Rating Outlook on
the long-term IDR and national-scale ratings to Stable:

  -- Long-term IDR at 'BB+';
  -- Short-term IDR at 'B';
  -- Individual at 'C/D';
  -- Support at'3';
  -- National-scale long-term at 'AA+(slv)';
  -- National-scale short-term at 'F1+(slv)'.
  -- National-scale for local issues of senior unsecured debt at
     'AA+(slv)';

  -- National-scale for local issues of senior secured debt at
     'AAA(slv)'.

Banco Agricola is El Salvador's largest bank, with a deposit and
asset market share of 28% at end-June 2006, and is part of one
of the largest financial groups in Central America.  IFBA owns a
92% stake in Banco Agricola and majority stakes in subsidiaries
in the insurance, stockbrokerage and pension fund management
sectors.  In turn, Banco Agricola's subsidiaries are credit card
issuer Credibac and the leasing company Arrendadora Financiera.



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

AIR JAMAICA: Eyes US$108MM Losses; Pursues Divestment Amid Crisis
-----------------------------------------------------------------
The Jamaica Gleaner reports that Air Jamaica is set to lose
US$108 million during the present financial year.  However, the
global slowdown in aviation and financial markets, and Jamaica's
own economic uncertainty, will not derail plans for the divestment
of national carrier Air Jamaica, says Senator Don Wehby.

Sen. Wehby, as cited by the Wednesday Business, said that the
timetable for selling the airline was still March 2009, The
Jamaica Gleaner relates.

"We are looking for a major international airline partner, who'll
be able to deliver operational efficiencies and expand alliances,
so that Air Jamaica becomes a viable option for more people around
the world, not just those in the 20 destinations now served by the
airline," The Jamaica Gleaner quotes Sen. Wehby as saying.

He also indicated that Jamaica would be retaining a stake in Air
Jamaica, the report writes.  But the senator declined to comment
on the portion being sold, saying it would breach the
confidentiality agreements with the parties helping to cobble the
deal.  He, however, said that the management control of the
airline will be handed to the private sector.

The Jamaica Gleaner observes that world aviation has been reeling
from rampant fuel prices in a volatile oil market that saw crude
hitting US$147 per barrel before retreating to the current US$80.  
On top of the soaring fuel prices, the airline industry faces
dampened travel market as equity investors' net worth erode.

Sen. Wehby, nevertheless, said that Air Jamaica is the leading
airline in the region and still a valuable asset, according to the
report.  He said that the airline holds 44% total market share,
comprised of 50% of all Jamaican passengers and 31% of all
visitors.

The senator, the report relates, would not confirm nor deny
reports that China has shown interest in the airline, citing the
confidentiality clause that the government has signed with the
International Financial Corporation.

New CEO Bruce Nobles, whose appointment could be short-lived if
the sale goes through, takes over a carrier whose balance sheet is
weighed down by J$86 billion (US$1.2 billion) of accumulated
losses, J$12 billion (US$170 million) incurred last year alone,
The Jamaica Gleaner notes.  Mr. Nobles leads the divestment of the
airline.

The Troubled Company Reporter-Latin America on Oct. 14, 2008, said
Bruce Nobles, who was Air Jamaica's President and Chief Operating
Officer between June 2002 and March 2003, returned to the
ailing airline as its President and Chief Executive Officer
effective Oct. 13, 2008.

                       About Air Jamaica

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

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



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

CEMEX SAB: Recognizes Specific Targets for Cost Reduction
---------------------------------------------------------
CEMEX S.A.B. de C.V. has identified specific targets in its
ongoing effort to reduce costs and optimize its business,
originally announced in mid-September.

Overall, CEMEX has identified close to US$500 million in recurrent
annualized cost reductions. Some of the cost reduction initiatives
throughout the companyís global network include budget cutbacks,
capacity closures, and headcount reductions.  These measures will
be fully implemented before the end of the year.

CEMEX has also significantly reduced its capital expenditure
program and will complete only those projects that are scheduled
to come on line early next year.

CEMEX will continue to re-evaluate all of the processes and
procedures of the business, on a global basis, with a view towards
achieving significant overall cost-reduction and appropriate
rightsizing of the business.  However, it is also taking
precautions to ensure that its actions are not detrimental to its
strong global franchise.  CEMEX manages its business for the long-
term and to create value for shareholders, and will ensure that
its cost reduction efforts are pursued with these goals in mind.

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.



===========
P A N A M A
===========

BANCO INTERNACIONAL: S&P Keeps BB/B Rating; Shifts Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB/B'
counterparty credit rating on Banco Internacional de Costa Rica
S.A.  The outlook was revised to stable from positive.
      
"The outlook revision reflects the low growth prospects in the
Costa Rican economy where most of BICSA's loans are concentrated,
and a more adverse local and international environment.  Together,
these could pressure the bank's profitability and asset quality in
2009.  These adverse economic trends reduce the likelihood of an
upgrade for BICSA," said S&P's credit analyst Leonardo Bravo.
     
More than half of Banco Internacional's assets and deposits are
located in Costa Rica, and a slowdown in that economy coupled with
inflationary pressures could strain the local companies' payment
capacity.  The impact of the global economic slow-down, especially
a recession in the U.S., is likely to keep Costa Rican GDP growth
low in 2009, partly because of weaker exports of goods and
services and reduced inflows of foreign direct investment.
Economic growth could decelerate toward 3% in 2008 and inflation
might reach 14% before declining in 2009.  In addition, growth
prospects in Central America where the bank operates could also be
under pressure given the more adverse global environment.
     
Even though these adverse developments reduce the likelihood of an
upgrade for Banco Internacional, the bank's financial profile is
consistent with the current ratings.  S&P thinks the bank still
has room to maneuver, even with slight downward pressure on
profitability and asset quality.  The bank is taking steps that
S&P expects to maintain its current financial profile in a more
adverse environment, such as focusing on corporate governance,
credit, and operational risk.  However, the bank is facing
important economic and financial challenges that are outside of
its control and could affect financial performance in the future.
     
Banco Internacional is located in Panama, but it is focused on its
trade finance business throughout Central America.  Although this
region had an adequate economic environment in the past few years,
the current global economic conditions pose challenges for Central
American economies, and trade finance operations could be
pressured.  Yet, the short-term nature of its loan portfolio gives
BICSA more flexibility than other banks to adapt to changing
market conditions.
     
S&P's rating is constrained by its concentrated loan and deposit
base, relatively low profitability levels, and below-average risk-
management policies.  The short-term nature of the bank's
portfolio, its focus on trade finance, and adequate asset quality
support the rating.
     
The stable outlook reflects S&P's expectation that the bank will
maintain its financial performance because of its tighter
operational controls, its disciplined approach to loan portfolio
growth, and improvements in corporate governance.  The ratings
could be pressured if the economic environment significantly
affects the loan portfolio asset quality, profitability, and
capitalization.

Based in Panama City, Banco Internacional de Costa Rica SA (aka
BICSA) -- http://www.bicsapan.com/-- was established in 1976 to
serve as a financing vehicle for global trade of Central American
corporations.  The bank's shareholders are Banco de Costa Rica
with 51% and Banco Nacional de Costa Rica with 49% of the shares.  
Banco Internacional has an office with an international banking
license in Miami (BICSA Miami) that accounts for 30% of total
loans and half of the correspondent banking business.  It also has
representative offices in Guatemala, Nicaragua, El Salvador, and
Costa Rica.


CHIQUITA BRANDS: S&P Ratings Unmoved by Finding Firm Joined Cartel
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Dole Food Co. Inc. (B-/Negative/--), Fresh Del Monte
Produce Inc. (BB-/Positive/--), and Chiquita Brands International
Inc. (B-/Stable/--) remain unchanged following the European
Commission's announcement that it has found that Chiquita, Dole,
and Internationale Fruchtimport Gesellschaft Weichert & Co KG,
participated in a cartel in Northern Europe between 2000 and 2002.  
However, based on Chiquita's prior voluntary notification and
cooperation with the investigation, the EC granted the company
immunity from any fines related to the conduct, subject to
customary conditions.

The EC has imposed a fine of EUR45.6 million (about US$62 million)
on Dole and its German subsidiary, Dole Fresh Fruit Europe OHG.
Dole intends to appeal the EC decision and fine, so it is unclear
when, if any, payment will be made.  Although Dole must still
address a May 2009 maturity of US$350 million, S&P believes near-
term liquidity would be sufficient even if the company is not
successful in its appeal.  At June 14, 2008, Dole had US$166
million available under its US$350 million asset-based revolving
credit facility, and about US$77 million of cash.

In addition, Dole continues to pursue its asset sale program,
including its September 2008 announcement that it signed a binding
letter of intent to sell its flowers division, and signed a
definitive purchase and sale agreement to sell two ripening and
distribution companies in Europe.  Dole expects these pending
divestitures, along with the sale of additional agricultural land,
will result in net proceeds of about US$145 million.

The EC also imposed a EUR14.7 million (about US$20 million) fine
on Weichert, a company in which Fresh Del Monte indirectly held a
noncontrolling financial interest until December 2002.  Although
Weichert has been a subsidiary of Fyffes plc since January 2003,
the EC holds Fresh Del Monte jointly and severally liable for
Weichert's conduct as a result of this financial interest.  Upon
receipt of the EC's full decision, Fresh Del Monte will consider
its options, including an action for annulment in the European
Court of First Instance.

However, if Fresh Del Monte is not successful in some type of
reversal of this fine, S&P believes liquidity would be sufficient
and credit measures would not be materially impacted by payment of
this fine.  As of June 30, 2008, Fresh Del Monte had cash of about
US$34 million and US$277 million available under its US$600
million revolving credit facility.

Headquartered in Cincinnati, Ohio, Chiquita Brands International
Inc. (NYSE: CQB) -- http://www.chiquita.com/-- is a marketer
and distributor of high-quality fresh and value-added food
products.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama.



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

BUNGE LTD: Asian Unit Acquires 50% Stake in Vietnamese Phu My Port
------------------------------------------------------------------
Bunge Limited's Asian operating arm, Bunge Asia has acquired a 50%
stake in the owner/operator of Phu My Port.  The investment
provides Bunge with greater opportunity to serve customers in the
growing market for agricultural commodities in Vietnam.

The transaction involves the acquisition of SSI Logistics, the
French subsidiary of France's state-owned SSI/EMC Group.  SSI
Logistics owns a 50% stake in Baria Serece, the owner/operator of
Phu My Port.  The port is located on the Thi Vai River,
approximately 70 kilometers from Ho Chi Minh City and near a large
number of commercial feed mill operations.  It is the only
commercial dry bulk port in Vietnam capable of receiving large,
Panamax-class ships.

In 2004, Bunge secured exclusive access to the port for shipments
of agricultural commodities.  Acquiring an ownership stake will
enable Bunge to invest alongside its partners to expand the
operation's capacity and traffic.  Plans call for adding new
storage facilities and more efficient discharging equipment that
should increase capacity significantly in the next several years.
Bunge is developing plans to construct a soybean processing plant
within the site as well.

Vietnam, with a population of 86 million and rising per capita
income, is a fast growing market for soybean meal and other
agricultural commodities.  Market forecasts call for aggregate
volumes of soybean meal, corn and wheat imports to increase by
approximately 10% per year over the next five years.

                     About Bunge Limited

Headquartered in White Plains, New York, Bunge Ltd. (NYSE: BG)
is a global agribusiness company which supplies fertilizer to
farmers, originates, transports and processes oilseeds, grains
and other agricultural commodities worldwide, produces food
products for commercial customers and consumers, and supplies
raw materials and services to the biofuels industry in South
America and Asia.  The company has operations in Brazil, Peru
and Argentina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2008, Moody's Investors Service changed the outlook for
Bunge Ltd.'s long-term debt to stable from negative, including
the guaranteed debt of subsidiaries rated Baa2; and the preferred
stock of Bunge Ltd., rated Ba1.  The rating outlook for the
senior long-term debt of Corn Products International, Inc., rated
Baa2, also was changed to stable from negative.



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

DENNY'S CORP: Same Store Sales Decline for Quarter Ended Sept. 24
-----------------------------------------------------------------
Denny's Corporation disclosed in a Securities and Exchange
Commission filing same-store sales for its company-owned and
franchised restaurants during the quarter ended Sept. 24, 2008,
compared with the related period in fiscal year 2007.

Nelson Marchioli, President and Chief Executive Officer, stated,
"We expect to report strong income growth in the third quarter
despite the ongoing macroeconomic decline.  We believe our recent
sales initiatives positively impacted our business but were unable
to offset reduced consumer spending, particularly in our lead
states of California and Florida.  Our ongoing transition towards
a franchise-based business model and our focus on profitable sales
programs have allowed us to protect operating margins and maximize
restaurant level cash flow."

                             3rd Quarter        Year-to-Date
                            2008      2007     2008      2007
                            ----      ----     ----      ----
Same-Store Sales
  Company Restaurants      (2.7%)     1.3%    (0.9%)     0.7%
  Franchised Restaurants   (6.1%)     3.2%    (3.6%)     2.2%
  System-wide Restaurants  (5.1%)     2.5%    (2.8%)     1.6%

Company Restaurant Sales
   Guest Check Average      6.7%      6.0%     6.3%      4.1%
   Guest Counts            (8.8%)    (4.5%)   (6.7%)    (3.2%)

Denny's ended the third quarter with a system mix of 78%
franchised and licensed restaurants and 22% company restaurants
compared with 66% franchised and licensed restaurants and 34%
company restaurants prior to the launch of the Franchise Growth
Initiative (FGI) in early 2007.  During the third quarter, Denny's
closed one company restaurant and sold 21 company restaurants to
franchisee operators under FGI.  Also during the quarter,
franchisees opened eight new restaurants, closed fourteen and
purchased 21 company restaurants.

Based on preliminary, unaudited results for the third quarter of
2008, Denny's expects adjusted income before taxes in the range of
US$8.0 to US$8.5 million, an increase of 38-47% compared with
adjusted income of US$5.8 million in the prior year period.  The
improvement in Denny's third quarter earnings is due primarily to
growth in its higher-margin franchise business and proactive menu
management, as well as lower depreciation expense from asset sales
and lower interest expense from debt reduction.  In addition, the
company expects to report total operating revenue of approximately
US$189.0 million compared with US$241.4 million in the prior year
period due primarily to the sale of 136 company restaurants over
the last four quarters.

                      About Denny's Corp.

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a     
full-service family restaurant chain, consisting of 354 company-
owned units and 1,191 franchised and licensed units, with
operations in the United States, Canada, Costa Rica, Guam, Mexico,
New Zealand and Puerto Rico.  

At June 25, 2008, the company's consolidated balance sheet showed
US$354.7 million in total assets and US$526.7 million in total
liabilities, resulting in a US$172.0 million stockholders'
deficit.

The company's consolidated balance sheet at June 25, 2008, also
showed strained liquidity with US$42.1 million in total assets
available to pay US$115.5 million in total current liabilities.


HOME INTERIORS: Wants Court to Approve Asset Auction Procedures
---------------------------------------------------------------
Bill Rochelle of Bloomberg News reports that Home Interiors &
Gifts, Inc., and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Northern District Texas on Oct. 10, 2008, to approve
auction procedures for the sale of the Debtors' assets.  The
Court, according to the report, has scheduled Nov. 5 to consider
approving the procedures.

As reported by the Troubled Company Reporter on Sept. 26, 2008,
Home Interiors said it plans to split itself up.  Under the new
plan, the company's U.S., Canada and Puerto Rico business assets
will be sold as as single unit.  The company's Mexican unit will
be offered separately.  Domistyle Inc., a Dallas manufacturer and
distributor of home fragrances and decor accessories, will be
offered as an independent company.  The Laredo Candle unit will be
offered as a separate entity, although it may be included in the
Domistyle sale.

As reported by the TCR on Sept. 23, the U.S. Bankruptcy Court for
the Northern District of Texas authorized Home Interiors & Gifts,
and its debtor-affiliates to sell the assets of its Dallas
Woodcraft Co. affiliate for US$652,000 to Myron Bowling
Auctioneers,
Inc.

                    About Home Interiors

Headquartered in Carrollton, Texas, Home Interiors & Gifts, Inc.
-- http://www.homeinteriors.com/-- manufactures, imports and         
distributes indoor and outdoor home decorative accessories.  It
was founded by Mary Crowley in 1957.  Through its affiliates,
the company has a significant presence in Mexico, Puerto Rico,
and Canada.  Annual revenue in 2007 reached US$300 million.  When
Mary Crowley, died in 1986, her son, Don Carter continued the
business operation nearly debt-free.  In a leveraged transaction
in 1998, private equity firm of Hicks, Muse, Tate, and Furst
acquired 66% of the parent company, which resulted in the
imposition of more than US$500 million in debt on the Debtors.  In
the face of decreased sales and increased debt load, bondholders
canceled their debts in February 2006 in exchange for receiving
most of the outstanding equity of the Debtors.

About 40% of the goods the Debtors sell are now acquired from
manufacturers in China.  In the last decade, sales volume in the
U.S. has waned, but the Debtors reported that sales in Mexico
and Puerto Rico significantly increased.

The company and six of its affiliates filed for Chapter 11
protection on April 29, 2008 (Bankr. N.D. Tex. Lead Case No.
08-31961).  Andrew E. Jillson, Esq., Cameron W. Kinvig, Esq.,
Lynnette R. Warman, Esq., and Michael P. Massad, Jr., Esq., at
Hunton & Williams, LLP, represent the Debtors in their
restructuring efforts.  The U.S. Trustee for Region 6 has
appointed seven creditors to serve on an Official Committee
of Unsecured Creditors.  Richard A. Lindenmuth, at Boulder
International LLC, is designated as CRO.  Munsch Hardt Kopf &
Harr PC represents the Committee in these cases.  When the
Debtors filed for protection against their creditors, they
listed assets of between US$100 million and US$500 million and the
same range of debts.


MARIA CRISTINA DOMENECH: Case Summary & Largest Unsecured Creditor
------------------------------------------------------------------
Debtor: Maria Cristina Perez Domenech
       100 Gran Blv. Paseos
       Suite 112 PMB 299
       San Juan, PR 00926

Bankruptcy Case No.: 08-06902

Chapter 11 Petition Date: October 15, 2008

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Luis D. Flores Gonzalez, Esq.
                 ldfglaw@coqui.net
                 Luis D. Flores Gonzalez Law Office
                 80 Calle Georgetti, Suite 202
                 San Juan, PR 00925-3624
                 Tel: (787) 758-3606
                 Fax: (787) 753-5317

Total Assets: US$1,867,650

Total Debts: US$1,094,586

Debtor's Largest Unsecured Creditor:

  Entity                          Claim Amount
  ------                          ------------
  Anhatta, Inc.                         US$4,500
  Plaza Cupey Gardens #200
  San Juan, PR 00926



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

HINDU CREDIT: President Delays Filing of Complaints for 48 Hours
----------------------------------------------------------------
Hindu Credit Union Co-Operative Society Limited (HCU) President
Harry Harnarine, said Tuesday that he would be waiting 48 hours
before taking his grouses to the court, Trinidad & Tobago Newsday
reports.  This gives Labour Minister, Rennie Dumas sufficient time
to respond to a stay of execution of the order of Commissioner of
Co-operative Development to wind up the credit union's assets.

As reported in the Troubled Company Reporter-Latin America on
Oct. 14, 2007, Commissioner Mitchell declared HCU insolvent after
Ernst and Young released its audit report of the company.  The
audit report disclosed that HCU has a net shortfall of assets to
liabilities of US$486.5 million.  HCU has assets of US$390,131,614
and liabilities of US$876,537,695.

"In the event that the Minister does not grant the appeal and put
a stay as relates to the actions of the Commissioner, we will want
to go to a judge in Chambers, this is why we have produced a
detailed document so that it will allow us to forward our case to
the court almost immediately," Trinidad & Tobago Newsday quoted
Mr. Harnarine as speaking to the press at the HCUís administrative
building, Chase Village Chaguanas.

As reported on Thursday by the Troubled Company Reporter-Latin
America, Mr. Harnarine confirmed Monday a filing of a formal
appeal with Minister of Labour and Small and Micro Enterprise
Development, Rennie Dumas, to suspend the HCU's liquidation.

Accompanying this filing was a stay of execution of the order of
the Commissioner for Co-operative development, to prevent
liquidation of the credit unionís assets seeing that the matter of
the appeal was currently being addressed by the minister, Trinidad
& Tobago Newsday says.

Mr. Harnarine, Trinidad & Tobago Newsday relates, thought that a
period of 48 hours would be sufficient for Dumas to respond to the
stay, while approximately 14 days would be allotted for the
minister to respond to the letter of appeal.

Citing Mr. Harnarine, Trinidad & Tobago Newsday relates that he
would have to take the matter to the courts if the Minister did
not respond.

                         About Hindu Credit

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

                          *     *     *

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



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

BANCO EXTERIOR: Fitch Affirms B+ Foreign and Local Currency IDRs
----------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings of
Venezuela-based Banco Exterior ratings:

  -- Long-term foreign and local currency issuer default ratings
     at 'B+';

  -- Short-term foreign and local currency rating at 'B';

  -- Individual at 'D';

  -- Support at 5

  -- Long-term National rating at 'AA-(ven)';

  -- Short-term National rating at 'F-1(ven)';

  -- Support Floor at 'NF'.

The Rating Outlook for Exterior's long-term issuer default rating
is Negative.  Further downturns in its capitalization and
profitability could trigger downgrades in all of Exterior's
ratings.  Also, additional government intervention that could
result on further pressure to the financial performance of the
bank could negatively affect its ratings.

Exterior's ratings reflect its consistently superior performance,
characterized by strong asset quality and good profitability.  Its
ratings are constrained by its size, the need to further diversify
revenue sources and the sustained decrease in its capitalization
ratios.  Exterior's ratings are also constrained by the negative
effects of government intervention over the bank business.

Its significant participation in retail lending, adequate funding
cost, efficiency levels and low provision needs have sustained
Exterior's profitability despite its concentrated revenue stream.  
Since 2005, profitability levels have decreased, similar to market
trends and mostly explained by interest rates and fee controls
imposed by the government.  Nevertheless, Exterior's profits still
stand as one of the highest in Venezuela and adequate for regional
standards.

At June 30, 2088, its return-on-average-assets ratio rebounded to
4.7%, a possible temporary trend, given higher expected government
intervention and market competition.

Exterior's vast knowledge of its niche market and the hike in
economic activity since 2004 have resulted in a sustained increase
of loans, being that asset quality metrics remain strong.  At
June 30, 2008, the past-due-to-gross-loans ratio increased to just
0.4%, but loan loss reserves represented a low 1.9% of total
lending.  Despite Exterior's historically low loss rates, the
volatility of the operating environment and lower capital cushion
suggest a more conservative loan loss provisioning policy.

Above-average profitability and a conservative cash dividend
policy in the past benefited Exterior's capital ratios despite its
steady growth.  Nevertheless, a more-than-proportional increase in
assets, lower profits and sizable cash dividends has eroded its
capital ratios.  At June 30, 2008, the equity to assets ratio
decreased to 8.4% (7.6% if fixed and foreclosed assets are
excluded), a level still notable but somehow tight given the
volatility of the environment.

Exterior was Venezuela's 12th-largest bank in terms of invested
funds at year-end December 2007, with a 2.5% market share.  It
holds a good position in the retail market and also targets large-
and medium-sized firms.  Spain's Grupo Bancario Industrial Fierro
controls around 85% of Exterior's equity and has interests in
other financial institutions in Latin America and Miami.

Venezuela-based Banco Exterior, C.A. --
http://www.bancoexterior.com/-- manages investment resources for  
the purpose of providing credit or financing to customers, along
with other related operations and financial services the bank
offers intermediate financial services, credit lines, financing,
as well as investment options in negotiable instruments.  Banco
Exterior is part of Grupo Bancario IF.


BANCO OCCIDENTAL: Fitch Holds B- ID Ratings; Shifts Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Banco Occidental de Descuento's
international scale ratings and change its Outlook to Stable from
Negative.  In the same action, Fitch Ratings has downgraded the
Long-Term National Scale Rating to 'BBB-(ven)' from 'BBB(ven)' as
a consequence of the sustained pressures to its capital levels and
below average profitability.  The current ratings are:

  -- Long-term foreign and local currency issuer default ratings
     affirmed at 'B-';

  -- Short-term foreign and local currency rating affirmed at 'B';

  -- Individual affirmed at 'D/E';

  -- Support affirmed at 5

  -- Short-term National rating affirmed at 'F-3(ven)';

The Support Floor rating is affirmed at No Floor.

The Outlook for the long-term IDR is Stable.  Banco Occidental
ratings could be benefit by improvements in its capitalization and
profitability ratios.  Significant deterioration of asset quality
ratios could negatively affect the banks ratings.

Banco Occidental de Descuento's ratings reflect its strong
regional presence and thorough knowledge in its area of influence.  
The bank's ratings are limited by a weak capital base, volatile
asset quality ratios, low profitability and the negative effects
of government intervention over the bank business.

Banco Occidental's capital ratios lag behind the market average
and compare unfavorably with international best practices.  As
such, at June 30, 2008, the equity-to-assets ratio decreased to
6.9%, while the Fitch free capital ratio stood at a low 5.1%,
being that the downward trend in profitability and still
significant increase on assets suggests further pressures to those
ratios, which is the main challenge of the bank going forward.

The bank's leadership in its home market and its expansion in
corporate and consumer loans have resulted in a sustained growth
of the loan portfolio.  Nevertheless the higher-than-proportional
increase of past due loans and lower loan growth affected its
asset quality ratios during the first half of 2008, faster than
the market average.  At June 30, 2008, the ratio of past due loans
to gross loans increased to 1.9%, while loan loss reserves
represented just 116% of past due loans, levels that compare
unfavorably with the market average considering its low profits
generation and tight capital base.  An above-average exposure to
government debt is also a concern.

Higher funding cost and interest rate controls, greater loan loss
provision needs and the absence of foreign exchange gains have
significantly reduced Banco Occidental's profitability ratios with
a return-to-average-assets ratio of just 1% during the first half
of 2008.  This ratio could still be pressured even further given
the high level of competition, provisioning needs and the lack of
income diversification.

Banco Occidental de Descuento -- http://www.bodinternet.com-- was  
Venezuela's fifth largest bank in terms of funds under management
at year-end June 2008, with a 6.9% market share.  It has a
privileged market position in Venezuela's leading oil-producing
region, Zulia.  The bank is controlled by Cartera de Inversiones
de Venezuela, which, in turn, is controlled by the bank's
president.


FERTINITRO FINANCE: Fitch Ups US$250MM Secured Bonds Rtng to 'B-'
-----------------------------------------------------------------
Fitch Ratings has upgraded to 'B-' from 'CCC' FertiNitro Finance
Inc.'s US$250 million 8.29% secured bonds due 2020.  The Rating
Outlook is Stable.  The rating action reflects an adequate
financial profile, recent improvements in operations and the
expectation that past operational problems will gradually be
resolved.

Although FertiNitro has experienced a highly favorable price
environment and production levels of ammonia and urea at near
nameplate capacity, above 2007 levels, the project needs to
demonstrate the capacity to operate efficiently on a sustained
basis.  Following this month's turnaround, FertiNitro plans to
proceed with its capital expenditure program; Fitch expects these
events to yield long term operational improvements.

After more than a year of the decree-law in effect, Fertinitro's
sales have been stable and redirection of its offtake to the
domestic market was less than initially expected by Fitch.  Fitch
has been informed by FertiNitro, that 160,000 Metric Tons of
Petroquimica de Venezuela, S.A. urea offtake would be redirected
to the domestic market in 2008.  According to the decree, the
redirected output must be sold in local currency for the
equivalent of approximately US$72 per MT.  Going forward, Fitch
believes that redirection of some of FertiNitro's output may have
modest effects to the project's revenues.  

In addition, the shareholders have decided to provide certain
additional capital contributions to FertiNitro to support the
continued economic viability of the Project, which Fitch views
positively.

Demand for urea in Venezuela is estimated by Pequiven to be
approximately 400,000 - 500,000 MT.  Pequiven's wholly owned
plants in the Ana Maria Campos and Moron complexes are not
producing sufficient urea to satisfy domestic requirements.  In
2007, aggregate production level of these plants was under 150,000
MT.  Fitch views the continued reliance on FertiNitro as a
concern.  While local sales from FertiNitro in 2007 were
approximately 192,000 MT, sales up to August 2008 have been only
128,000 MT.  Fitch will continue to monitor urea production in
Venezuela as well as domestic demand.

Higher ammonia and urea prices have enabled FertiNitro to
withstand growing operating cost pressures, primarily from natural
gas prices.  FertiNitro's debt service coverage ratio for 2007 was
at 2.82 times and as of July 2008 it was at 4.14x.

FertiNitro's current financial profile and prospective near-term
operating performance are consistent with the 'B-' credit rating
given that the project remains vulnerable to a variety of risks,
principally including the reliability of the plant and the
challenging Venezuelan sovereign and operating environment.

FertiNitro, located in the Jose Petrochemical Complex in
Venezuela, ranks as one of the world's largest nitrogen-based
fertilizer plants, with nameplate daily production capacity of
3,600 MT of ammonia and 4,400 MT of urea.  It is owned 35% by a
Koch Industries, Inc. subsidiary, 35% by Pequiven, a state-owned
petrochemicals company, 20% by a Snamprogetti S.p.A. subsidiary,
and 10% by a Cerveceria Polar, C.A. Subsidiary.


PETROLEOS DE VENEZUELA: Plant Prod'n Resumes After Power Outage
---------------------------------------------------------------
Operations at Petroleos de Venezuela S.A.'s Puerto La Cruz
refinery returned to normal operations on October 15, after a
power outage caused by tropical storm-turned hurricane Omar,
Reuters reports, citing a plant officer.

The hurricane which hit the Venezuelan coastal areas forced
authorities to suspend activities in the Petroleos de Venezuela
S.A. refinery, Reuters says.

According to the report, hurricane Omar hit considerably harder
Venezuela's northwestern Falcon State, particularly the Paraguana
Peninsula.

Headquartered in Caracas, Petroleos de Venezuela S.A. --
http://www.pdvsa.com/-- is Venezuela's state oil company in        
formed to develop the petroleum, petrochemical and coal industry.  
The company also plans, coordinates, supervises and controls the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                          *     *     *

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


* Three LatAm Lenders Pledge US$9.3BB Over Global Credit Crisis
---------------------------------------------------------------
The Associated Press reports that three Latin American lenders
pledged Monday, October 13, to supply US$9.3 billion in emergency
aid to help countries across the region ease cash-supply problems
amid the global credit crisis.

The Washington-based Inter-American Development Bank, AP notes,
would offer US$6 billion; the Bogota-based Latin American Reserves
Fund would offer US$1.8 billion; and the Caracas-based Andean
Development Corp. would offer US$1.5 billion.  The banks could
almost double those amounts next year.

Citing the lenders, AP relates that the cash will be available for
governments, central banks and other financial institutions as
part of a needed joint effort to combat the crisis.


* BOND PRICING: For the Week October 13 - October 17, 2008
----------------------------------------------------------

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

   ARGENTINA
   ---------
Alto Palermo SA          7.875     5/11/17     USD      51.31
Argnt-Bocon PRE8         2.000      1/3/10     ARS      65.37
Argnt-Bocon PR11         2.000     12/3/10     ARS      39.00
Argnt-Bocon PR13         2.000     3/15/24     ARS      37.52
Arg Boden                2.000     9/30/14     ARS      64.80
Arg Boden                7.000     10/3/15     USD      52.75
Autopistas Del Sol      11.500     5/23/17     USD      44.58
Bonar V                  7.000     3/28/11     USD      56.90
Bonar Arg $ V           10.500     6/12/12     ARS      50.92
Bonar VII                7.000     9/12/13     USD      51.05
Bonar X                  7.000     4/17/17     USD      43.21
Inversiones y Rep        8.500      2/2/17     USD      52.14
Argetina - NGB           2.000      2/4/18     ARS      73.02
Argent-EURDIS            7.820    12/31/33     EUR      27.45
Argent-$DIS              8.280    12/31/33     USD      38.00
Argent-Par               0.630    12/31/38     ARS      23.26
Banco Hipot SA           9.750     4/27/16     USD      67.31
Banco Macro SA           8.500      2/1/17     USD      65.61
Banco Macro SA           8.500      2/1/17     USD      71.50
Banco Macro SA           9.750    12/18/36     USD      50.37
Buenos-EURDIS            8.500     4/15/17     EUR      60.75
Buenos-$DIS              9.250     4/15/17     USD      52.28
Buenos Aire Prov         9.375     9/14/18     USD      47.45
Buenos Aire Prov         9.625     4/18/28     USD      40.50
Mendoza Province         5.500     9/04/18     USD      58.16

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

   BRAZIL
   ------
Banco Brasil (CI)        9.750     7/18/17     BRL      74.00
Banco BMG                9.150     1/15/16     USD      70.89
Banco SAfra CI          10.875      4/3/17     BRL      68.63
Cosan Finance            7.000      2/1/17     USD      70.90
Cosan Finance            7.000      2/1/17     USD      68.33
Cosan SA Industria       8.250     2/28/49     USD      55.00
AMBEV Int'l Finance      9.500     7/24/17     BRL      74.62
CESP                     9.750     1/15/15     BRL      54.17
JBS SA                  10.500      8/4/16     USD      73.75
Gol Finance              7.500     4/03/17     USD      59.52
Gol Finance              7.500     4/03/17     USD      55.50
Gol Finance              8.750     4/29/49     USD      47.50
Tam Capital Inc.         7.375     4/25/17     USD      73.90
Tam Capital Inc.         7.375     4/25/17     USD      70.00
Rede Empresas           11.125     4/29/49     USD      69.50
Banco Safra CI           0.100    12/20/56     BRL      74.67

   CAYMAN ISLANDS
   --------------
Barion Funding           0.100    12/20/56     EUR       5.44
Barion Funding           0.250    12/20/56     USD       5.10
Barion Funding           0.250    12/20/56     USD       5.10
Barion Funding           0.250    12/20/56     USD       5.10
Barion Funding           0.250    12/20/56     USD       5.10
Barion Funding           0.250    12/20/56     USD       5.10
Barion Funding           0.250    12/20/56     USD       5.10
Barion Funding           0.630    12/20/56     GBP      13.76
Barion Funding           1.440    12/20/56     GBP      25.12
Mazarin Fdg Ltd          0.100     9/20/68     EUR       3.90
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.52
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.52
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.52
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.52
Mazarin Fdg Ltd          0.250     9/20/68     USD       4.52
Mazarin Fdg Ltd          0.510     9/20/68     EUR      10.30
Mazarin Fdg Ltd          0.630     9/20/68     GBP      12.37
Mazarin Fdg Ltd          1.440     9/20/68     GBP      24.77
Sadia Overseas           6.875     5/24/17     USD      74.06
Shimao Property          8.000     12/1/16     USD      36.50
Shinsei Fin Caym         6.418     1/29/49     USD      39.94
Shinsei Fin Caym         6.418     1/29/49     USD      48.75
Vontobel Cayman         17.900     1/23/09     USD      60.20
Vontobel Cayman         10.650     2/27/09     USD      71.10

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

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

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

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


                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


           * * * End of Transmission * * *