TCRLA_Public/081021.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

            Tuesday, October 21, 2008, Vol. 9, No. 209

                            Headlines

A R G E N T I N A

AEROLINEAS ARGENTINAS: Talks on Price Setting Deferred for a Month
AMTA ANDAMIOS: Proofs of Claim Verification Deadline Is Dec. 18
CASPLAST SRL: Proofs of Claim Verification Deadline Is November 26
ESTABLECIMIENTO MET: Individual Reports Due November 26
LIFFORD SA: Proofs of Claim Verification Deadline Is December 10

PROINSAL SRL: Proofs of Claim Verification Deadline Is Dec. 23
SEGURTE SRL: Proofs of Claim Verification Deadline Is Dec. 16

* ARGENTINA: Moves to Protect Local Industry from Cheap Imports


B A H A M A S

JETBLUE AIRWAYS: Expands Caribbean Service Effective February 1


B E R M U D A

AMERICAN INT'L: Senators Want Halt on Mortgage Law Change Efforts


B R A Z I L

BANCO NACIONAL: Ecuador Must Pay Bank Loan or End Brazil Trade
BANCO NACIONAL: Grants BRL205 Mil. Financing for Agribusiness
BUNGE LTD: To Release Third Quarter 2008 Earnings on October 23
CAIXA ECONOMICA: May Guarantee Loans to Homebuilders
COMPANHIA SIDERURGICA: In Consortium Partnership for Namisa Buyout

FORD MOTOR: John Bond & Jorma Ollila Leave Board Member Posts
GENERAL MOTORS: Starts Looking for Hummer Buyer
NRG ENERGY: Gets US$6.2 Billion All-Stock Buy Offer from Exelon


C A Y M A N  I S L A N D S

AMBROSIUS HIGH: Deadline for Proof of Claim Filing Is Oct. 29
ANTHRACITE BALANCED (21): Proof of Claim Filing Is Until Oct. 29
BALANCED COMPANY (H21/A): Claims Filing Deadline Is Oct. 29
INTER FINANCIAL: Filing for Proof of Claim Is Until Oct. 29
ITC (CAYMAN): Deadline for Filing of Claims Is Oct. 29

LAQUE LIMITED: Proof of Claim Filing Deadline Is Oct. 29
MULBERRY LTD: Filing for Proof of Claim Deadline Is Oct. 29
PH2 CAPITAL: Deadline for Proof of Claim Filing Is Oct. 29
PH2 GLOBAL: Filing for Proof of Claim Deadline Is Oct. 29
PH2 GLOBAL MACRO: Proof of Claim Filing Deadline Is Oct. 29

ULTRA ACTIVE: Deadline for Proof of Claim Filing Is Oct. 29


M E X I C O

BURGER KING: Fitch Lifts Issuer Default Rating to 'BB'
GRUPO CASA: Moody's Lowers Ratings to Ba3; On Review for Downgrade
LEAR CORP: S&P Cuts Corp. Credit to 'B' on Weak Sales & Cash Flow
PILGRIM'S PRIDE: Plunges 24% on Bankruptcy Speculation
PILGRIM'S PRIDE: Denies Bankruptcy Rumors


P U E R T O  R I C O

ROYAL CARIBBEAN: To Hold 3Q Financials Conference Call on Oct. 28
ROYAL CARIBBEAN: Names Ian Bailey as Investor Relations President


T R I N I D A D  &  T O B A G O

HINDU CREDIT: PDRC Chairman Calls on Gov't to Protect Depositors
HINDU CREDIT: Trinidad Fraud Squad Conducts Probe on Operations

* Latin America Wants Current System Replaced and IMF Eradicated
* World Bank Slashes 2009 Growth Forecast for Latin America
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

AEROLINEAS ARGENTINAS: Talks on Price Setting Deferred for a Month
------------------------------------------------------------------
Argentina's government and Spanish travel group Marsans agreed  
last week to extend talks for one more month to set a price for
the state takeover of Aerolineas Argentinas, Reuters reports.

As reported by the Troubled Company Reporter-Latin America on
Oct. 20, 2008, Argentina's government, which is re-nationalizing
its flag carrier Aerolineas Argentinas, failed on October 14, to
reach agreement with Spanish owners Marsans on how much the
troubled company is worth.

The TCR, citing The Financial Times, reported that 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.

Marsans, according to the FT, had the company valued by Credit
Suisse at between US$250 million and US$400 million, the TCR-LA
related.  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 cited FT
report added.

According to Reuters, the two companies employ some 9,000 workers
and operate about 80% of domestic flights.

            Renationalization of Aerolineas Argentinas
                     May Lead to Legal Battle

Reuters reported late last month that Argentina's government could
face a bitter legal battle over the renationalisation of
Aerolineas Argentinas.

Burdened by debts of US$890 million, a bloated payroll and
paralysed by strikes, the airline was on the brink of collapse
when it was taken back under state stewardship in July after
almost 20 years in Spanish hands, the report said.

Reuters noted that Argentina privatized Aerolineas in 1991 in a
sale to Iberia, the Spanish flag carrier.  In 2001, Marsans, a
Spanish travel company, bought the airline.

But Vicente Muñoz, deputy director of Marsans, said the airline
had been hamstrung by government regulations and fare rises
granted last year had come too late, the report related.  Its six
unions, representing 9,200 staff, say Marsans failed to make
promised investments.  However, Marsans blames strikes -– there
were 40 in 2007 -– for pushing it into the red since 2005.

                           *     *     *

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.


AMTA ANDAMIOS: Proofs of Claim Verification Deadline Is Dec. 18
---------------------------------------------------------------
The court-appointed trustee for A.M.T.A. Andamios Mecano Tubular
Accesorios S.A.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until December 18, 2008.

The trustee will present the validated claims in court as
individual reports on March 3, 2009.  The National Commercial
Court of First Instance in 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
A.M.T.A. Andamios 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 A.M.T.A. Andamios'
accounting and banking records will be submitted in court on
April 15, 2009.

The trustee is also in charge of administering A.M.T.A. Andamios'
assets under court supervision and will take part in their
disposal to the extent established by law.


CASPLAST SRL: Proofs of Claim Verification Deadline Is November 26
------------------------------------------------------------------
The court-appointed trustee for Casplast SRL's bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 26, 2008.

The trustee will present the validated claims in court as  
individual reports on February 12, 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 Casplast SRL 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 Casplast SRL's
accounting and banking records will be submitted in court on
March 26, 2009.

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

The debtor can be reached at:

                     Casplast SRL
                     Teniente General Juan D. Peron 1410
                     Buenos Aires, Argentina


ESTABLECIMIENTO MET: Individual Reports Due November 26
-------------------------------------------------------
The court-appointed trustee for Establecimiento Met. Echeverria y
Toscano S.A.'s reorganization proceeding, will present the
validated claims as individual reports in the National Commercial
Court of First Instance in Rosario (Santa Fe) on November 26,
2008.

The trustee has verified creditors' proofs of claim until
October 15, 2008.  The trustee will also submit to court a general
report containing an audit of Ed & Events' accounting and banking
records on December 29, 2008.

Creditors will vote to ratify the completed settlement plan  
during the assembly on April 15, 2009.


LIFFORD SA: Proofs of Claim Verification Deadline Is December 10
----------------------------------------------------------------
The court-appointed trustee for Lifford S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 10, 2008.

The trustee will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 30, 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 Lifford 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 Lifford S.A.'s
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Lifford S.A.
                     Viamonte 1526
                     Buenos Aires, Argentina


PROINSAL SRL: Proofs of Claim Verification Deadline Is Dec. 23
--------------------------------------------------------------
Carlos Yacobino, the court-appointed trustee for Proinsal SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 23, 2008.

Mr. Yacobino will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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 Proinsal SRL 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 Proinsal SRL's
accounting and banking records will be submitted in court.

Infobae didn't state the submission dates for the reports.

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

The debtor can be reached at:

                     Proinsal SRL
                     Avenida Pueyrredon 2318
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Carlos Yacobino
                     Jean Jaures 933
                     Buenos Aires, Argentina


SEGURTE SRL: Proofs of Claim Verification Deadline Is Dec. 16
-------------------------------------------------------------
The court-appointed trustee for Segurte S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 16, 2008.

The trustee will present the validated claims in court as  
individual reports on March 2, 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 Segurte 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 Segurte S.R.L.'s
accounting and banking records will be submitted in court on
April 16, 2009.

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


* ARGENTINA: Moves to Protect Local Industry from Cheap Imports
---------------------------------------------------------------
Argentina is poised to step up protective barriers to shield local
industry from cheap imports from China and Brazil as the country
expects a widespread economic slowdown owing to the international
financial crisis, Dow Jones reports.

On Thursday, Customs Director Silvina Tirabassi announced that 120
additional products would be added to a list of goods carrying a
reference price fixed by the government, the report relates.  The
government uses these prices to designate goods that will suffer
sanctions when they enter the country at a cheaper price than the
reference price.  When this occurs, the government alleges dumping
on the part of the exporting country, Dow Jones writes.  The list
is mostly made up of textiles, shoes, domestic appliances, farm
machinery and linens.

"In the past months we've detected fraud totaling US$15 million,
particularly in textiles and motorcycles," local daily Clarin
quotes Ms. Tirabassi as saying, Dow Jones relates.

While the measures aren't officially targeted at imports from a
particular country, local industrialists are worried about
competition from Argentina's largest trading partner, Brazil, Dow
Jones says.  Brazil has seen its currency plunge this month in
relation to the dollar, while Argentina's peso has remained
relatively stable owing to central-bank intervention.  This has
made goods coming from Brazil much cheaper than those produced
domestically.

Brazil and Argentina are members of regional trading block
Mercosur, which also includes Paraguay and Uruguay with Venezuela
in the process of becoming a full member, the report notes.

                           *     *     *

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

On Oct. 17, 2008, the TCR-LA, citing The Agence France-Presse and
Reuters, reported that Argentina's government had struck a deal
with three foreign banks to renegotiate annual payments on part of
its US$150-billion sovereign debt mountain.  The accord with
Citibank aka Citigroup Inc., Deutsche Bank AG and Barclays Plc
runs to 2012, the head of the cabinet, according to Sergio Massa.

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

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



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

JETBLUE AIRWAYS: Expands Caribbean Service Effective February 1
---------------------------------------------------------------
JetBlue Airways will expand its footprint in the Caribbean with
new daily nonstop service from Orlando International Airport to
Nassau and twice daily service from Fort Lauderdale Hollywood
International Airport to Nassau.  All flights will begin on
February 1, 2009, pending receipt of government operating
authority.

Nassau is JetBlue's first international destination from its focus
city at Fort Lauderdale, where the airline will now offer as many
as 49 flights per day to 16 top destinations, including its recent
announcement of service to San Juan, Puerto Rico beginning
December 18, 2008 as well as Austin, Texas; Boston; Buffalo, N.Y.;
Charlotte, N.C.; Long Beach, Calif.; Newark, N.J.; Newburgh, N.Y.;
New York/JFK, New York/LaGuardia; Raleigh,
N.C.; Richmond, Va.; Syracuse, N.Y.; Washington, D.C./Dulles; and
White Plains, N.Y.

Orlando, which became JetBlue's seventh focus city earlier this
year, welcomes Nassau as its fourth international destination,
along with existing service to Cancun, Mexico and Santo Domingo,
Dominican Republic.  New service to Bogota, Colombia, begins
January 29, 2009, pending receipt of operating authority from the
Colombian Government.

"Our customers have asked for high quality service from Florida to
The Bahamas and JetBlue will continue to raise standards to a
higher level with our friendly, award-winning service, free and
unlimited snacks and refreshments, cozy leather seats with lots of
legroom and abundant personal entertainment choices -- all
included in the price of a JetBlue fare," said Scott Laurence,
JetBlue's director of route planning.  "Our customers know that
when they choose JetBlue, they'll get more than just a seat from A
to B. That's why they've made JetBlue Florida's carrier of
choice."

"Our close proximity to the U.S. is just one of the many
advantages which make the Islands of the Bahamas a preferred
vacation destination.  JetBlue's new nonstop jet service to Nassau
Paradise Island from both Orlando and Fort Lauderdale will now
make travel to the white sand beaches, crystal clear water and
world famous resorts of our islands, even more convenient and
affordable," said Fred Lounsberry, CEO of the Nassau Paradise
Island Promotion Board.

JetBlue's new service between Fort Lauderdale and Nassau:


----------------------------------------------------------
Fort Lauderdale, FL (FLL) to           Nassau (NAS) to
Nassau (NAS)                           Fort Lauderdale, FL (FLL)
----------------------------------------------------------
Depart - Arrive (Eff. Feb. 1, 2009)    Depart - Arrive
----------------------------------------------------------
9:58 a.m. - 11:00 a.m.               2:10 p.m. - 3:17 p.m.
5:15 p.m. - 6:17 pm.                 7:10 p.m. - 8:17 p.m.
----------------------------------------------------------
                         --All times local--
                   Aircraft: 100-seat EMBRAER E190
----------------------------------------------------------

JetBlue's new service between Orlando and Nassau:

----------------------------------------------------------
Orlando, FL (MCO) to                     Nassau (NAS) to
Nassau (NAS)                             Orlando, FL (MCO)
----------------------------------------------------------
Depart - Arrive (Eff. Feb. 1, 2009)      Depart - Arrive
----------------------------------------------------------
12:02 p.m. - 1:20 p.m.              11:55 a.m. - 1:18 p.m.
----------------------------------------------------------
                         --All times local--
                   Aircraft: 100-seat EMBRAER E190
----------------------------------------------------------

JetBlue is operating its Florida to Nassau flights with its new
EMBRAER 190 aircraft, a quiet, fuel-efficient, and full-size 100-
seat jet that offers travelers all of JetBlue's signature
amenities: personal seatback TVs with premium movie selections,
more than 100 channels of XM Satellite Radio(r), plus comfy
leather seats (either an aisle or window, with no middle seat!),
lots of legroom, unlimited free snacks and JetBlue's acclaimed
customer service.

                       About JetBlue Airways

Based in Forest Hills, New York, JetBlue Airways Corporation
(Nasdaq: JBLU) -- http://www.jetblue.com/-- is a passenger
airline that provides customer service primarily on point-to-
point routes.  As of Dec. 31, 2007, the company served 53
destinations in 21 states, Puerto Rico, Mexico and the
Caribbean.

JetBlue currently serves 53 cities with 600 daily flights.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2008, Moody's Investors Service downgraded the
Corporate Family and Probability of Default Ratings of JetBlue
Airways Corp. to Caa2 from Caa1, as well as the ratings of its
outstanding corporate debt instruments and certain Enhanced
Equipment Trust Certificates.  Moody's said the outlook is
negative.



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

AMERICAN INT'L: Senators Want Halt on Mortgage Law Change Efforts
-----------------------------------------------------------------
Elizabeth Williamson at The Wall Street Journal reports that
Senator Dianne Feinstein of California, and Senator Mel Martinez
of Florida asked American International Group Inc. on Friday to
stop using taxpayers money in its effort to diminish the new
federal controls over the mortgage industry.

WSJ relates that after receiving an emergency loan from the
government, in exchange of an 80% stake in the firm, AIG has
continued to lobby states implementing a federal law that subjects
mortgage originators to greater scrutiny.  Under the Secure and
Fair Enforcement for Mortgage Licensing Act of 2008, mortgage
originators must be licensed by the states, and that they must
supply comprehensive background information so regulators can
better track their activities.  WSJ states that bank regulators
have been fighting for the law, saying that if they had been
better able to track mortgage loan originators, they could have
stopped some fraudulent practices that led to AIG's problems.

WSJ reports that AIG, along with Citigroup Inc., and HSBC Holdings
PLC, have engaged in a state-by-state effort to win concessions as
states implement the law, saying that the licensing fees are too
expensive, and that the information required from originators
could lead to privacy violations.  The companies, the report says,
want greater transparency over how the licensing fees are to be
spent by the states.

According to WSJ, Sens. Feinstein and Martinez said in their
letter to AIG Chief Executive Edward Liddy, "We find it
unconscionable that AIG would take advantage of these taxpayer
loans while paying lobbyists to rollback taxpayer protections
against misrepresentations, deception, and fraud in mortgage
lending.  This crisis was stoked, in part, by abusive and
predatory lending practices that were made possible by lax
mortgage industry standards and oversight.  We hope AIG will
immediately cease all efforts to undermine strong licensing and
oversight standards for the mortgage industry."

                 About American International

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

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

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

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

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

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

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

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

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

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

                       *     *     *          

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

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



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

BANCO NACIONAL: Ecuador Must Pay Bank Loan or End Brazil Trade
--------------------------------------------------------------
Brazilian Foreign Minister Celso Amorim said trade between Brazil
and Ecuador could be cut off completely if San Francisco de Quito,
Ecuador's capital, refuses to pay back a loan it received from
Banco Nacional de Desenvolvimento Economico e Social SA, EFE News
Service reports.  The loan was used to finance construction of a
hydroelectric dam.

O Globo daily disclosed in statements from India that Mr. Amorim
said the loan the Ecuadorian government received from Brazilian
state development bank BNDES is guaranteed by the nations' trade
payment system, EFE notes.

Brazil's patience with Ecuador over a dispute sparked by the
expulsion of a Brazilian company from the Andean nation should not
be misconstrued as complacence, Mr. Amorim added, as cited by EFE.

According to EFE, after expelling Brazilian engineering giant
Odebrecht for problems with the San Francisco hydroelectric dam,
completed by the firm in late 2007 but out of commission since
June, the Ecuadorian government has threatened not to pay back the
US$293 million BNDES loan that financed the project.

Citing Quito, EFE relates that the money went to Odebrecht and not
the Ecuadorian government.

Mr. Amorim said in a statement Brazil is interested in maintaining
good relations with Ecuador and for that reason has been patient
in the negotiations, EFE states.

The report says that Brazilian President Luiz Inacio Lula da
Silva, in his initial reaction to Quito's treatment of Odebrecht,
suspended talks last week with Ecuador on joint infrastructure
projects, most importantly a plan to link the Ecuadorian Pacific
port of Manta with Manaus, Brazil, the largest city in the Amazon
region.

                           About Brazil

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

A TCR-LA report dated Oct. 9, 2008, said that the global financial
crisis unleashed panic Monday, October 6, in the stock exchange in
Sao Paulo, Brazil where trading had to be suspended twice,
according to various reports.  Markets in Buenos Aires and Mexico
City also plunged.

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

                           About Ecuador

As reported in the Troubled Company Reporter-Latin America on
March 25, 2008, Moody's Investors Service upgraded Ecuador's
foreign currency government bond rating, foreign currency bank
deposit ceiling and foreign currency country bond ceilings to B3
from Caa2.  Moody's said the outlook on all the ratings is stable.

In December 2007, Standard & Poor's Ratings Services assigned a
B- long-term sovereign local and foreign currency ratings and C
short-term sovereign local and foreign currency ratings on
Ecuador.

                       About Banco Nacional

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

                         *     *     *

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


BANCO NACIONAL: Grants BRL205 Mil. Financing for Agribusiness
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA approved a
BRL205 million loan to Rio Pardo Plan and Agricola Tatez.  The
borrowed amount will be used to implement a sugarcane crop and a
sugar and alcohol processing unit, with electric power co-
generation.  The project, in the city of Cerqueira Cesar, will
generate 1,500 direct jobs.

The project is located in the city of Cerqueira Cesar, to the west
of Sao Paulo, about 250 km away from the capital.  BNDES funds
account for 66% of total investments and will be transferred by a
pool of accredited financial institutions led by Unibanco.  The
other amounts will be transferred by the business groups Tavares
de Almeida, Tejofran e Zogbi,
project owners.

The project aims to create 1,500 direct jobs (more than 80% in
agriculture) and will use 100% of its own sugarcane, in
partnership with local producers.  In the first crop (2009/2010),
only ethanol will be produced.  From the following one, sugar and
energy will be produced for trading purposes.

Among the project highlights is the focus on ethanol and energy
cogeneration, at a time where the pursuit for renewable energy
sources and increasing demand for ethanol have positive
perspectives in the domestic and international markets.

                      About Banco Nacional

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

                        *     *     *

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


BUNGE LTD: To Release Third Quarter 2008 Earnings on October 23
---------------------------------------------------------------
Bunge Limited will announce its results for the quarter ended
Sept. 30, 2008, on Oct. 23, 2008, prior to the market opening.

Bunge Limited's management will host a conference call at 10:00
a.m. EDT on Oct. 23, 2008, to discuss the company's results.

To listen to the conference call, please dial:

    Tel. Numbers: (877) 719-9791 (U.S. or Canada)
                  (719) 325-4762 (outside U.S. or Canada)
    Confirmation code: 3968460.  

The conference call will also be available live on the company's
web site at: http://www.Bunge.com.

To access the webcast, click the "Investor Information" link on
the Bunge homepage then select "Webcasts and News Alerts".  Click
on the link for the "Q3 2008 Bunge Limited Conference Call," and
follow the prompts to join the call.  Please go to the web site at
least 15 minutes prior to the call to register and to download and
install any necessary audio software.

For those who cannot listen to the live broadcast, a replay of the
call will be available later in the day on Oct. 23, 2008, and
continuing through Nov. 22, 2008.  To listen to the replay:

   Tel. Numbers: (888) 203-1112 (U.S. or Canada)
                 (719) 457-0820 (U.S. or Canada)
   Confirmation code: 3968460.  

A rebroadcast of the conference call will also be available on the
company's Web site.  To locate the rebroadcast, select the link to
"News & Events" under "Investor Information". T he replay will be
available in "Audio Archives".  Follow the prompts to access the
replay.

                      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.


CAIXA ECONOMICA: May Guarantee Loans to Homebuilders
----------------------------------------------------
Newspaper O Estado de S. Paulo has cited Spokesman Teotonio
Rezende that Caixa Economica Federal may guarantee loans granted
by other banks to construction companies, Laura Price at Bloomberg
News reports.

According to the newspaper, CEF also plans to offer credit lines
to certain homebuilders.

Meanwhile, Brazil's government is preparing measures to rescue
homebuilders that have been hit by the global credit crisis, the
newspaper said, Bloomberg writes.

Citing Mr. Rezende, the newspaper related that many homebuilders
have announced plans to sell shares in initial public offerings or
leverage funds for land purchases and building projects, Bloomberg
adds.  The companies are unable to finish the projects as access
to credit has become more difficult, the newspaper related.

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

                        *    *    *

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


COMPANHIA SIDERURGICA: In Consortium Partnership for Namisa Buyout
------------------------------------------------------------------
Companhia Siderurgica Nacional has established a strategic
partnership with a consortium comprised by ITOCHU Corporation,
Nippon Steel Corporation, JFE Steel Corporation, POSCO, Sumitomo
Metal Industries, Ltd., Kobe Steel, Ltd. and Nisshin Steel Co.,
Ltd. (Consortium).  The transaction consists in the acquisition of
40% of the total capital of Nacional Minerios S.A. (Namisa), a
subsidiary of Companhia Siderurgica, for the aggregate amount of
approximately US$3.12 billion, payable in cash, and the entering
into certain mining products and related port services agreement
to be provided by Companhia Siderurgica to Namisa.

The Consortium's members obtained their respective corporate
approvals for the key terms and conditions of the transaction.  
Companhia Siderurgica already obtained its approvals, which were
conditioned on the parties reaching agreement on such key terms
and conditions.  The approvals are subject to the finalization and
execution of the definitive transaction agreements.  The parties
expect to sign final documentation next Tuesday, Oct. 21, 2008.

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

                          *     *     *

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

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


FORD MOTOR: John Bond & Jorma Ollila Leave Board Member Posts
-------------------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that Sir John R.
H. Bond and Jorma Ollila resigned as Ford Motor Co. board members
on Friday.

Messrs. Bond and Ollila have significant responsibilities within
their own companies in Europe and each has recently added new
responsibilities in advising governmental entities during these
difficult economic times.  Messrs. Bond and Ollila told the Board
of Directors that they couldn't devote the additional time and
international travel that would be required of them as the company
responds to the unprecedented external environment and rapidly
changing auto industry.

In addition to his board duties, Mr. Bond served as a member of
the Finance Committee of the Ford Motor board and served as a
consultant and senior advisor to the Executive Chairman, William
Clay Ford, Jr.  Mr. Bond's formal paid consultancy arrangement
with the company also terminates on Oct. 17, 2008, although Mr.
Bond may continue to act as an advisor to Mr. Ford on an informal,
unpaid basis.  Mr. Ollila served as a member of the Audit
Committee and the Nominating and Governance Committee of the
board.

According to WSJ, Messrs. Bond and Ollila won't be immediately
replaced and the board will now have 11 members.

The resignations had nothing to do with any disagreement over the
management or direction of the the company, and were not related
to the Don Leclair's retirement as chief financial officer, WSJ
relates, citing a Ford Motor spokesperson Mark Truby.  The report
quoted Mr. Truby as saying, "Ford's board remains very strong,
independent and experienced.  Our board members are fully engaged
in directing the company at this important time."

                   About Ford Motor Co.

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

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

                         *     *     *

As reported in the Trouble Company Reporter on Oct. 20, 2008,
Standard & Poor's Ratings Services placed the CCC ratings on nine
Ford Motor Co.-related transactions on CreditWatch with negative
implications.

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


GENERAL MOTORS: Starts Looking for Hummer Buyer
-----------------------------------------------
John D. Stoll and Jeff Bennett at The Wall Street Journal report
that General Motors Corp. has started formal talks with potential
buyers for its Hummer sport-utility-vehicle division.

GM has begun sending out a sale prospectus for Hummer, WSJ says,
citing a Hummer spokesperson.  According to the report, Hummer's
CEO Jim Taylor will lead the negotiations with interested parties.

WSJ relates that the Hummer sale would bring some cash to GM,
which is losing money, partly due to its continual restructuring
effort in North America.  Analysts say that GM could run short of
cash within 12 months.  GM is considering acquiring Chrysler.  The
report states that the Hummer and Chrysler deals are part of an
initiative for GM to avoid a potential liquidity crunch in 2009.

According to WSJ, GM started selling Hummer in June, when GM's
board of directors launched a strategic review of the brand as
demend for SUVs collapsed.  WSJ relates that Hummer sales dropped
as high gasoline prices and a rocky U.S. economy pressured
consumers.  The report says that GM, at first, said that it was
open to some options for Hummer, including an overhaul of its line
of models.  In recent months, some Hummer dealers had to stop
operations due to a 47% drop in the brand's sales in 2007, the
report states.  Edmunds.com says that dealers sold fewer than 10
Hummers per month and offered US$9,251 in sales incentives per
vehicle sold.

                    About General Motors

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

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

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


NRG ENERGY: Gets US$6.2 Billion All-Stock Buy Offer from Exelon
---------------------------------------------------------------
Exelon Corporation said Sunday that it proposes to acquire
Princeton, N.J.-based NRG Energy Inc in an all-stock transaction
with a fixed exchange ratio of 0.485 Exelon shares for each NRG
share with a value of US$26.43.  The offer represents a total
equity value of approximately US$6.2 billion for NRG based on
Exelon's closing price on October 17.

The offer represents a 37% premium to the October 17 closing price
for NRG shares, Exelon said.

In the all-stock transaction, which is intended to be tax-free,
NRG common shareholders would exchange their stock for Exelon
stock, which would provide NRG shareholders the opportunity to
participate in the future growth of the largest and most
diversified power company in the nation with a substantially
improved credit profile.

"An Exelon-NRG combination would result in a total enterprise
value of approximately US$60 billion with a generating capacity of
around 47,000 megawatts, or enough electricity to serve nearly 45
million homes," said John W. Rowe, Chairman and CEO of Exelon.  
"This combination would not only diversify Exelon's generation
portfolio geographically, it would also create immediate earnings
and cash flow accretion.  We believe a combination of Exelon and
NRG would represent an exceptional value for shareholders of both
companies."

            Strategic Benefits of a Combined Exelon-NRG

    --  Enhanced Scope and Scale - The combined company would
        constitute the largest power company in the U.S., with
        sufficient financial and operating strength to address
        the nation's increasingly urgent energy needs.  The
        combined company would have an enterprise value of about
        US$60 billion and a market capitalization of
        US$40 billion.

    --  Increased Generation Efficiency - Significant
        efficiencies of scale would be realized from the
        combination of Exelon and NRG.  The combined company's
        about 47,000 MW fleet (after giving effect to planned
        divestitures associated with regulatory approvals) would
        include 18,000 MW of nuclear generation.

    --  Unparalleled Fuel and Geographic Diversification - The
        combined company would have a more highly diversified mix
        of generation capacity with a presence in four major
        domestic competitive power generation regions and a
        diversified fuel mix using uranium, natural gas, coal and
        oil.

    --  Financial Strength - NRG is highly leveraged with over
        US$8 billion of debt and a credit rating of Ba3/B+.  The
        combination of Exelon and NRG will reduce the leverage
        associated with NRG's current business and enhance its
        credit rating.  Although the combination is expected to
        reduce Exelon's credit ratings, Exelon is committed to a
        path to restore the ratings of the combined company to
        Exelon's current ratings.

    --  Stock Appreciation Potential - The anticipated earnings
        and cash flow accretion, and the resulting strong balance
        sheet, offer shareholders of the combined company greater
        potential for stock appreciation.

    --  Stock Liquidity - With the largest market capitalization
        in the industry, and an exceptional record of growth over
        the past seven years, Exelon stock represents a more
        liquid investment for NRG shareholders and a more solid
        track record of value return for its shareholders.

    --  Substantial Synergies - The combined company would
        realize substantial efficiencies through the combination
        of solid operational, financial and service capabilities.
        Based on a preliminary analysis of publicly available
        information, Exelon expects the proposed transaction to
        be accretive to earnings and cash flow in the first full
        calendar year of operations of the combined company,
        before giving effect to purchase accounting and other
        adjustments that may result from due diligence
        investigation.

Mr. Rowe added, "We would welcome the opportunity to sit down with
NRG's CEO and board of directors and to move forward quickly with
this significant opportunity for value creation on all fronts."

                           About Exelon

Exelon Corporation (NYSE: EXC), -- http://www.exeloncorp.com/--  
incorporated on February 1999, is a utility services holding
company.  It operates through its principal subsidiaries Exelon
Generation Company, LLC (Generation), Commonwealth Edison Company
(ComEd) and PECO Energy Company (PECO).  Generation's business
consists of its owned and contracted electric generating
facilities, its wholesale energy marketing operations and its
competitive retail sales operations.  ComEd's energy delivery
business consists of the purchase and regulated retail and
wholesale sale of electricity and the provision of distribution
and transmission services to retail customers in northern
Illinois, including the City of Chicago.  PECO's energy delivery
business consists of the purchase and regulated retail sale of
electricity and the provision of transmission and distribution
services to retail customers in southeastern Pennsylvania,
including the City of Philadelphia, as well as the purchase and
regulated retail sale of natural gas and the provision of
distribution services to retail customers in the Pennsylvania
counties surrounding the City of Philadelphia.

                         About NRG Energy

NRG Energy, Inc. -- http://www.nrgenergy.com/-- (NYSE:NRG) owns
and operates a diverse portfolio of power generating facilities,
primarily in Texas and the Northeast, South Central and West
regions of the United States.  Its operations include baseload,
intermediate, peaking, and cogeneration and thermal energy
production facilities.  As of December 31, 2007, NRG had net
ownership in approximately 1,235 megawatt of power generating
capacity outside the United States in Australia, Brazil, and
Germany.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 1, 2008,
Standard & Poor's Ratings Services affirmed the 'B+' corporate
credit rating on NRG Energy Inc. and removed it from CreditWatch
with negative implications.

As reported by the TCR-Latin America on Sept. 12, 2008, Moody's
Investors Service affirmed all of NRG Energy, Inc.'s (NRG)
ratings, including its Corporate Family Rating at Ba3, the
senior unsecured debt at B1, and the Speculative Grade Liquidity
Rating at SGL-1. The rating outlook remains stable.



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

AMBROSIUS HIGH: Deadline for Proof of Claim Filing Is Oct. 29
-------------------------------------------------------------
Ambrosius High Yield Fund Ltd.'s creditors have until Oct. 29,
2008, to prove their claims to Stuart K. Sybersma and Ian A.N.
Wight, 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.

Ambrosius High's shareholder decided on Sept. 12, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               Attn: Jessica Turnbull
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
               Tel: (345) 949-7500
               Fax: (345) 949-8258


ANTHRACITE BALANCED (21): Proof of Claim Filing Is Until Oct. 29
----------------------------------------------------------------
Anthracite Balanced Company (21) Ltd.'s creditors have until Oct.
29, 2008, to prove their claims to Scott Aitken and Connan Hill,
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.

Anthracite Balanced's shareholder decided on Sept. 5, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Scott Aitken and Connan Hill
                P.O. Box 1109GT
                Grand Cayman, Cayman Islands
                Tel: (345) 949-7755
                Fax: (345) 949-7634


BALANCED COMPANY (H21/A): Claims Filing Deadline Is Oct. 29
-----------------------------------------------------------
Balanced Company (H21/A) Ltd.'s creditors have until Oct. 29,
2008, to prove their claims to Scott Aitken and Connan Hill, 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.

Balanced Company's shareholder decided on Sept. 5, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Scott Aitken and Connan Hill
                P.O. Box 1109GT
                Grand Cayman, Cayman Islands
                Tel: (345) 949-7755
                Fax: (345) 949-7634


INTER FINANCIAL: Filing for Proof of Claim Is Until Oct. 29
-----------------------------------------------------------
Inter Financial Corp. II's creditors have until Oct. 29, 2008, to
prove their claims to Piccadilly Cayman Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Inter Financial's shareholders agreed on Sept. 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                Piccadilly Cayman Limited
                c/o BNP Paribas Bank & Trust Cayman Limited
                3rd Floor Royal Bank House, Shedden Road
                P.O. Box 10632
                George Town, Grand Cayman
                Cayman Islands
               
Contact for inquiries:

                Ellen J. Christian
                Tel: (345) 945-9208
                Fax: (345) 945 9210


ITC (CAYMAN): Deadline for Filing of Claims Is Oct. 29
------------------------------------------------------
ITC (Cayman) Ltd.'s creditors have until Oct. 29, 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.

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

The liquidator can be reached at:

                S.L.C. Whicker and K.D. Blake
                c/o KPMG
                P.O. Box 493
                Grand Cayman, Cayman Islands
                Tel: (345) 949-4800
                Fax: (345) 949-7164

Contact for inquiries:

                Dorra Mohammed
                Tel: (345) 914-4475


LAQUE LIMITED: Proof of Claim Filing Deadline Is Oct. 29
--------------------------------------------------------
Laque Ltd.'s creditors have until Oct. 29, 2008, to prove their
claims to Royhaven Secretaries Limited, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Laque's shareholders agreed on Sept. 12, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Royhaven Secretaries Limited
               c/o Coutts House, 1446 West Bay Road
               P.O. Box 707
               Grand Cayman, Cayman Islands
               
Contact for inquiries:

               Sherine Bromfield
               Tel: 945-4777
               Fax: 945-4799


MULBERRY LTD: Filing for Proof of Claim Deadline Is Oct. 29
-----------------------------------------------------------
Mulberry Ltd.'s creditors have until Oct. 29, 2008, to prove their
claims to Stuart K. Sybersma and Ian A.N. Wight, 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.

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

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               Attn: Jessica Turnbull
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
               Tel: (345) 949-7500
               Fax: (345) 949-8258


PH2 CAPITAL: Deadline for Proof of Claim Filing Is Oct. 29
----------------------------------------------------------
PH2 Capital Holdings Ltd.'s creditors have until Oct. 29, 2008, to
prove their claims to Geoffrey Varga, 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.

PH2 Capital's shareholders agreed on Sept. 10, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Geoffrey Varga
               c/o Kinetic Partners Cayman LLP
               Harbour Center
               P.O. Box 10387APO
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Camele Burke
               Tel: (345) 623-9904
               Fax: (345) 623-0007


PH2 GLOBAL: Filing for Proof of Claim Deadline Is Oct. 29
---------------------------------------------------------
PH2 Global Macro Fund Ltd.'s creditors have until Oct. 29, 2008,
to prove their claims to Geoffrey Varga, 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.

PH2 Global's shareholders agreed on Sept. 10, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Geoffrey Varga
               c/o Kinetic Partners Cayman LLP
               Harbour Center
               P.O. Box 10387APO
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Camele Burke
               Tel: (345) 623-9904
               Fax: (345) 623-0007


PH2 GLOBAL MACRO: Proof of Claim Filing Deadline Is Oct. 29
-----------------------------------------------------------
PH2 Global Macro Master Fund Ltd.'s creditors have until Oct. 29,
2008, to prove their claims to Geoffrey Varga, 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.

PH2 Global's shareholders agreed on Sept. 10, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Geoffrey Varga
               c/o Kinetic Partners Cayman LLP
               Harbour Center
               P.O. Box 10387APO
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Camele Burke
               Tel: (345) 623-9904
               Fax: (345) 623-0007


ULTRA ACTIVE: Deadline for Proof of Claim Filing Is Oct. 29
-----------------------------------------------------------
Ultra Active Bond Fund Ltd.'s creditors have until Oct. 29, 2008,
to prove their claims to Stuart K. Sybersma and Ian A.N. Wight,
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.

Ultra Active's shareholder decided on Sept. 9, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               Attn: Mervin Solas
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
               Tel: (345) 949-7500
               Fax: (345) 949-8258



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

BURGER KING: Fitch Lifts Issuer Default Rating to 'BB'
------------------------------------------------------
Fitch Ratings has upgraded the long-term Issuer Default Rating for
Burger King Corporation to 'BB' from 'BB-', affirmed the company's
secured credit facility rating at 'BB+' and revised the Rating
Outlook to Positive.  At June 30, 2008, Burger King had
US$947 million of debt, most of which is secured.

The rating actions reflect continued improvement in Burger King's
credit profile due to positive same-store sales momentum,
substantial cash flow growth and stable debt balances.  Burger
King's strengthening financial condition and competitive position
in the quick service restaurant sector should enable the company
to perform well despite on-going pressure on consumer
discretionary spending and a difficult commodity cost environment.

Absent material deterioration in operating performance and credit
measures, ratings could be upgraded.  Given the challenging
operating environment, the continued prudent use of cash flow will
also be critical to any additional ratings upgrade.

During the fiscal year ended June 30, 2008, world-wide SSS grew
5.4%, up from 3.4% in fiscal 2007 and annual average restaurant
sales increased 9% to US$1.3 million.  Burger King's 18
consecutive
quarters of positive world-wide SSS growth have been driven by the
steady launch of appealing premium and value priced menu
offerings; such as the Steakhouse Burger and the BK Breakfast
Value Menu.  Fitch anticipates that the company's robust new
product pipeline and on-going implementation of longer competitive
hours of operation will continue to support SSS growth.

Burger King's WW company operated restaurant margin declined 70
basis points to 14.3% during fiscal 2008; due primarily to higher
beef, cheese and other food costs.  Nonetheless, strong revenue
growth in the company's higher margin franchise operations
combined with effective general and administrative cost management
resulted in EBITDA margin expansion of 130 bps to 18.3%.  Cash
flow from operations increased to US$243 million as operating
income increased 21.6% to US$354 million and the company benefited
from a significant reduction in tax-related accrued liabilities.

Burger King's cash flow comfortably covers its capital expenditure
requirements, which have increased over the past year due to
heightened unit remodeling, rebuilding and expansion activity.  
The company also continues to proactively manage its restaurant
portfolio to optimize growth.  In fiscal 2008, Burger King
utilized US$31 million of free cash flow along with approximately
US$27 million of proceeds from refranchising 38 company units to
acquire 83 units from franchisees.

The company intends to maintain its mix of franchised to company
unit ownership at approximately 90/10 but plans to reduce
concentration among its top franchisees over time.  Burger King's
total debt and cash balance remained relatively stable at
US$947 million and US$166 million, respectively, at June 30, 2008.

While these acquisitions were strategic in nature and the
financial health of the Burger King system has improved, due to
the current economic downturn, Fitch has factored in an increased
pace of franchise unit purchases into the ratings.  Burger King's
liquidity is supported by the US$73 million available on its
US$150 million revolver at June 30, 2008 and the fact that the
company does not have any significant maturities until its
revolver expires in June of 2011.

For the year ended June 30, 2008, Burger King's adjusted leverage
was 3.5 times, versus 3.9x for the 2007 fiscal year.  Adjusted
interest coverage was 2.9x and funds from operations fixed charge
coverage was 2.1x; up from 2.5x and 2.0x, respectively, during the
previous year.

Burger King has substantial room under its bank financial
covenants.  These covenants include; but are not limited to,
maximum leverage of 4x through June 30, 2008, 3.5x through
June 30, 2009 and 3.0x thereafter.  At June 30, 2008, Burger King
was in full compliance with this measure at 1.8x.

Burger King Holdings operates the world's No.2 fast food hamburger
chain with approximately 15% market share.  At June 30, 2008, the
company's 11,565 units, of which 65% were located in North America
and 35% were international, generated approximately US$15 billion
in system-wide sales.  Approximately 88% are owned and operated by
franchisees and 12% are operated by the company.  In 2008, Burger
King's three geographic reporting segments made the following
contributions to revenue and operating income: N.A., Europe, the
Middle East and Africa/Asia Pacific, and Latin America.  Private
equity owners TPG Capital, Bain Capital Partners and Goldman Sachs
Funds have reduced their ownership to 32% from 60% during fiscal
2007.

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/-- operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.


GRUPO CASA: Moody's Lowers Ratings to Ba3; On Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service downgraded Grupo Casa Saba, S.A.B. de
C.V.'s global and Mexican national scale corporate family ratings
to Ba3 and A3.mx from Ba2 and A1.mx, respectively.  The ratings
remain on review for possible further downgrade.

The downgrade reflects Casa Saba's currently weakened financial
profile, caused by an increased leverage pursuant to a recent
acquisition, reliance on short term bank financing amid difficult
credit market conditions, low cash reserves and working capital
investment needs.  The downgrade also reflects Moody's view that
the weakening economic environment and intense competition could
affect the company's margins and cash generation over the near to
medium term, thereby potentially putting pressure on credit
metrics.

The ratings remain on review for possible further downgrade.  The
review will focus on the company's plans to return to a more solid
liquidity position and mitigate performance challenges in its core
Mexican market.  Moody's will also review the company's longer
term financial and business strategies, noting that Casa Saba has
recently undergone geographic expansion with its May 2008
acquisition of a Brazilian pharmacy chain, Drogasmil.

Casa Saba's liquidity is currently weak because cash reserves only
partly cover short term debt and working capital volatility limits
free cash flow visibility.  As of June 30, 2008, MXN315 million in
cash covered MXN573 million in short term debt 0.55 times.  
Moody's believes that that coverage may have actually fallen in
3Q08 as competitive pressures require expanding receivable days
and inventories levels are rising in preparation for the winter
season.  For the 12 moths ended June 30, 2008, (LTM), free cash
flow after capital expenditures and dividends was negative
MXN60 million, down from MXN489 million in 2007.

Moody's notes that the second quarter of 2008 was the first
quarter since 2004 that Casa Saba has had any debt outstanding at
period end.  Over the past years, the company has generally
incurred debt only intra-quarter and for cash management purposes.  
As of June 30, 2008, total reported debt was MXN1,243 million, of
which MXN670 million related to drawdowns under a 7-year credit
facility used to fund part of Drogasmil's purchase price
consideration of around
MXN1.1 billion.

Moody's currently estimates that Casa Saba's second quarter of
2008 LTM Debt/EBITDA, pro forma for Drogsamil's full purchase
price and that company's expected annual earnings contribution,
would have been about 1.1 times.  Casa Saba has negotiated to pay
the Drogasmil purchase price over the course of several months,
with the last installment due in February 2009.  According to the
company, Casa Saba currently only maintains peso denominated debt
and does not have any type of derivatives contracts outstanding

Casa Saba's ratings continue to reflect the company's leading
position as one of two Mexican wholesale pharmaceutical
distributors with a nationwide coverage in the country's growing
private pharmaceutical market and a track record of solid
operational execution in extracting efficiencies over the past
years in support of stable or modestly positively trending
operating margins.  These credit strengths are partly offset by
the intense competitive environment the company faces, ongoing
gross margin pressures from large food retail and drug store
chains which are gaining negotiating power as their footprints
continue to grow, and a history of aggressive credit policies and
high levels of doubtful accounts in the traditional channel, which
is mainly comprised of independent pharmacies and smaller drug
store chains.

For the 12 months ended June 30, 2008, the company's revenues
reached about MXN27 billion (US$2.5 billion), of which 88% derived
from the distribution of pharmaceuticals (including 3% to
government entities), 9% from health and beauty aids, consumer
goods, general merchandise and other, and 3% from publications.

Headquartered in Mexico City, Grupo Casa Saba, S.A.B. de C.V.
(fka. Grupo Casa Autrey, SA de CV) -- http://www.casasaba.com--  
distributes pharmaceutical products, health, beauty aids and
consumer goods, general merchandise, and publications, as well as
office, electronic, and other products, including keyboards, audio
and television equipment, and related accessories.  The company
serves privately-owned and government pharmacies, mass
merchandisers, regional and national supermarkets, department
stores, convenience stores, wholesalers, and other specialized
channels.  Casa Saba is controlled by the Saba family, which owns
85% of the company's stock and is listed on the Mexican and New
York stock exchanges.


LEAR CORP: S&P Cuts Corp. Credit to 'B' on Weak Sales & Cash Flow
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Lear
Corp., including the corporate credit rating, to 'B' from 'B+',
reflecting the prospects for Lear's sales and cash flow to be
weaker than S&P expected in 2009, resulting in credit measures
that are inconsistent with the previous rating.  For the current
rating, S&P now expect adjusted debt to EBITDA to exceed 4.0x but
be less than 5.0x.  At the same time, S&P also lowered the issue-
level rating on Lear's US$1 billion senior secured term loan
facility (US$988 million outstanding) to 'BB-' from 'BB' and
lowered the issue-level rating on Lear's senior unsecured notes to
'B-' from 'B'.  The outlook is negative.

"Falling auto demand in North America and Europe and ongoing
adverse shifts in product mix toward smaller passenger cars in the
U.S. are the main reasons for the downgrade," said Standard &
Poor's credit analyst Lawrence Orlowski.  "We now expect U.S.
light-vehicle sales to be 13 million units in 2009, and light-
vehicle sales in Europe are continuing to weaken.  S&P believes
the weak economy will extend well into 2009 and suppress purchases
of big-ticket items such as autos, so S&P do not expect production
for many of Lear's key SUV and full-size pickup truck platforms to
rebound in the near term," he continued.

Lear recently reduced its 2008 guidance for sales and core
operating earnings by 7% and 20%, respectively.

Lear has a highly leveraged financial risk profile, combined with
a weak business risk position that is dominated by the intense
competitive pressures of the global auto supply industry.  Lear
has a solid market position in the global auto seating supply
sector (79% of revenues) and is a player in the
electrical/electronics auto supply market.

Although Lear has strong positions in the auto seating market and
good growth prospects outside North America, continuing challenges
come from customer concentration.  Its two largest customers, Ford
Motor Co. and General Motors Corp. (excluding the Saab, Volvo,
Jaguar, and Land Rover units), represented about 42% of global
sales in 2007.  Moreover, the prices of raw materials such as
steel, copper, and oil remain volatile, and unexpected price
increases could reduce margins as well.

S&P expects Lear to have sufficient liquidity to meet its cash
obligations during the next year.  Cash balances were US$624
million as of June 28, 2008, and there are no material debt
maturities until 2012. The bulk of Lear's cash needs are in the
U.S., where its free cash flow is weakest and the bulk of its debt
resides.  Still, Lear can move cash balances between certain
countries via intercompany notes and tax-related strategies.

The outlook is negative.  S&P expects the operating environment
for auto suppliers to remain difficult in 2009, and Lear's
leverage and heavy dependence on the U.S. auto manufacturers make
the company especially vulnerable to negative industry
developments.  For the current rating, S&P expects the company's
adjusted debt to EBITDA to stay below 5.0x and funds from
operations to debt to exceed 10%.  To reach the upper end or
higher of our expected debt-to-EBITDA measure, Lear's EBITDA would
have to drop an estimated 40% from the level of the 12 months
ended June 28, 2008, and S&P could lower the rating if such a
scenario seemed likely.

A revision in S&P's outlook to stable in the near term is unlikely
because market conditions will likely continue to deteriorate,
preventing an improvement in credit measures.

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

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


PILGRIM'S PRIDE: Plunges 24% on Bankruptcy Speculation
------------------------------------------------------
Choy Leng Yeong of Bloomberg News reports that Pilgrim's Pride
Corp. fell 76 cents to US$2.47 at 4:15 p.m. on the New York Stock
Exchange amid speculation it may file for bankruptcy if it fails
to refinance its debt.  Plunging 24 percent, the Company's shares
have slumped a total of 91 percent this year, according to the
report.

Independent rating company Egan-Jones Ratings Co. said there's a
70 percent chance Pilgrim's Pride will default on its debt,
according to the report.  The Company's long-term debt stood at
US$1.52 billion as of June 28, 2008, and it had US$54.1 million in
cash, according to a July regulatory filing, according to the
report.  It had US$341.4 million available to borrow from
credit lines as of July 29, according to the report.

The Wall Street Journal said the Company's possible bankruptcy and
sale is based on the statements of two unidentified people,
according to the report.

"We don't believe that a bankruptcy filing would be in anyone's
best interest, certainly not for our lenders, nor for our company
and investors," the Company's spokesman Gary Rhodes said in an e-
mailed statement according to the report.

                     About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  Pilgrim's Pride employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and Utah.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 29, 2008,
Standard & Poor's Ratings Services lowered its ratings on
Pilgrim's Pride Corp., including its corporate credit rating to
'CCC+' from 'BB-'.  In addition, S&P revised the CreditWatch
implications to developing from negative.

Moody's Investors Service lowered the ratings of Pilgrim's Pride
Corporation, including: (i) corporate family rating to B2 from
B1; (ii) probability of default rating to B2 from B1; (iii)
US$400 million 7.625% senior notes due 2015 to Caa1 from B3 and  
(iv) US$250 million senior subordinated notes due in 2017 and
US$5.1 million (original US$100 million) senior subordinated notes
due 2013 to Caa1 from B3.


PILGRIM'S PRIDE: Denies Bankruptcy Rumors
-----------------------------------------
Reuters reports that Pilgrim's Pride Corp. said on Friday that it
wouldn't file for bankruptcy protection, and that it was focusing
on a plan to resolve its problems.

Pilgrim's Pride spokesperson Gary Rhodes said in a statement, "We
don't believe that a bankruptcy filing would be in anyone's best
interest, certainly not for our lenders, nor for our company and
investors."

Lauren Etter and Jeffrey McCracken at The Wall Street Journal
relates that two people familiar with the matter said that
Pilgrim's Pride could be forced to seek bankruptcy-court
protection if it fails to raise money or extract concessions from
its lenders.  By filing for bankruptcy, Pilgrim's Pride could
speed up a sale of the company, the report says, citing the
sources.   According to the report, the sources said that
Pilgrim's Pride is considering selling its Mexican operations,
various poultry plants and some real estate, in which Tyson Foods
Inc. and Industrias Bachoco SA are potential suitors.

Citing independent rating company Egan-Jones Ratings Co., Choy
Leng Yeong at Bloomberg News relates that Pilgrim's Pride has a
70% possibility of defaulting on its debt.  As reported in the
Troubled Company Reporter on Oct. 2, 2008, Pilgrim's Pride
completed a definitive written agreement with its lenders to
temporarily waive the fixed-charge coverage ratio covenant under
its credit facilities through Oct. 28, 2008.  The lenders also
agreed to continue to provide liquidity under these credit
facilities during this same 30-day period in accordance with the
terms of the waiver agreement.  Pilgrim's Pride had requested the
temporary waiver after notifying lenders that it would report a
significant loss in the fourth quarter of fiscal 2008, which ended
Sept. 27, when it files its Form 10-K for the period.  

WSJ states that Pilgrim's Pride reported a US$53 million fiscal-
third-quarter loss, due to rising prices for feed, dropping prices
for chicken, and an increasingly untenable debt load.

Bloomberg quoted Morningstar Inc. analyst Ann Gilpin as saying,
"There's probably a 50-50 chance of bankruptcy.  They are having
serious issues with their profitability.  Their costs are going
up.  Their revenue is not keeping in pace with the increase in
input costs."

Bloomberg relates that Egan-Jones co-founder and president Sean
Egan as saying, "The unfortunate reality for Pilgrim's Pride is
that capital providers currently have little patience and even
less additional funds for struggling firms."

According to Bloomberg, Mr. Rhodes said that Pilgrim's Pride is
exploring opportunities to refinance and recapitalize its
business, and to find ways to operate more efficiently.  "Over the
past few weeks, we have been working hard to develop a
comprehensive business plan for the months ahead.  This plan will
help us address the financial and operational challenges -- such
as an oversupply of chicken, soft demand and weak market pricing,"
the report quoted Mr. Rhodes as saying.

Pilgrim's Pride Corp must convince creditors to give it more
months to shore up its business, Bob Burgdorfer at Reuters
relates, citing analysts.  According to the report, the analysts
doubt that the company will meet its obligations by the Oct. 28
deadline.  The company has been talking to lenders about longer-
term relief on its fixed-charge covenant, the report says, citing
a source.

According to WSJ, banks have gotten a lot tougher about lending
and some suppliers are demanding new payment terms, like payment
on delivery or even in advance.

WSJ reports that Pilgrim's Pride retained early this month Weil
Gotshal & Manges LLP as bankruptcy counsel and that it has also
been trying to line up debtor-in-possession financing.

                     About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  Pilgrim's Pride employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and Utah.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 29, 2008,
Standard & Poor's Ratings Services lowered its ratings on
Pilgrim's Pride Corp., including its corporate credit rating to
'CCC+' from 'BB-'.  In addition, S&P revised the CreditWatch
implications to developing from negative.

Moody's Investors Service lowered the ratings of Pilgrim's Pride
Corporation, including: (i) corporate family rating to B2 from B1;
(ii) probability of default rating to B2 from B1; (iii)
US$400 million 7.625% senior notes due 2015 to Caa1 from B3 and
(iv) US$250 million senior subordinated notes due in 2017 and
US$5.1 million (original US$100 million) senior subordinated notes
due 2013 to Caa1 from B3.



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

ROYAL CARIBBEAN: To Hold 3Q Financials Conference Call on Oct. 28
-----------------------------------------------------------------
Royal Caribbean Cruises Ltd. has scheduled a conference call with
analysts for 10 a.m. Eastern time, Tuesday, Oct. 28, 2008, to
discuss the company's third quarter financial results.  The call
can be listened to by all interested parties at the company's
investor relations web site at: http://www.rclinvestor.com.

To listen to the call, please dial:

   Tel. Numbers:  (877) 663-9606 (U.S. and Canada)
                  (706) 758-4628 (International)

There is no passcode or meeting number.  A replay of the webcast
will be available at the same site for a month following the call.

The Oct. 28 earnings call follows delivery of Celebrity Cruises
newest ship, Celebrity Solstice, which the company will take
possession of on Oct. 24, in Germany.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF Croisieres
de France.  The company has a combined total of 35 ships in
service and seven under construction.  It also offers unique land-
tour vacations in Alaska, Australia, China, Canada, Europe, Latin
America and New Zealand.  The company has operations in Puerto
Rico.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 8, 2008, Standard & Poor's Ratings Services lowered the
corporate credit rating on Royal Caribbean Cruises Ltd. to 'BB+'
from 'BBB-'.  S&P said the rating outlook is stable.


ROYAL CARIBBEAN: Names Ian Bailey as Investor Relations President
-----------------------------------------------------------------
Royal Caribbean Cruises Ltd. has named Ian Bailey as its new Vice
President of Investor Relations.

Mr. Bailey joined the company in 2000 and has been the Vice
President of Corporate and Capital Planning for the past 18
months.  He will now serve as the company's principle liaison with
analysts, investors and the financial press.  Mr. Bailey will work
closely with the New York and Oslo stock exchanges, and coordinate
analyst calls, investor conferences and financial presentations.

The appointment is effective immediately.  Analysts and investors
may reach Ian Bailey at 305-982-2625 or ibailey@rccl.com.

Greg Johnson, who previously served as AVP, Investor Relations has
assumed a new role within the company's Corporate and Strategic
Planning department.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF Croisieres
de France.  The company has a combined total of 35 ships in
service and seven under construction.  It also offers unique land-
tour vacations in Alaska, Australia, China, Canada, Europe, Latin
America and New Zealand.  The company has operations in Puerto
Rico.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 8, 2008, Standard & Poor's Ratings Services lowered the
corporate credit rating on Royal Caribbean Cruises Ltd. to 'BB+'
from 'BBB-'.  S&P said the rating outlook is stable.



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

HINDU CREDIT: PDRC Chairman Calls on Gov't to Protect Depositors
----------------------------------------------------------------
Penal/Debe Regional Corporation (PDRC) chairman Dr. Allen Sammy
has called on government to protect the investments of around
100,000 Hindu Credit Union Co-Operative Society Limited's (HCU)
depositors, Trinidad & Tobago's Newsday reports.

As cited by Newsday, Dr. Sammy expressed concern about the
"direction which the State was proceeding with the winding up of
the HCU, and the impending loss of millions of dollars of the
deposits of householders."  He added that "depositors investments
be guaranteed by the State, with their necessary intervention,
recovery programmes, monitoring and other institutional supports."

Dr. Sammy continued, "Many of these depositors live within the
Penal/Debe region, including those who were severed from Caroni
Limited . . . and from evidence coming to our Corporation, some of
the social consequences within the Penal Debe region are
frightening, a similar impact is likely to result, magnified ten
fold if the HCU goes under."

As reported in the Troubled Company Reporter-Latin America on
Oct. 15, 2008, Commissioner of Co-operative Development Charles
Mitchell's order to wound up HCU was opposed by the credit union's
former president, Harry Harnarine.  Mr. Harnarine, according to
Trinidad & Tobago Guardian, confirmed filing of a formal appeal
with Minister of Labour and Small and Micro Enterprise
Development, Rennie Dumas, to suspend the HCU's liquidation.  
According to the report, Mr. Harnarine's lawyer, Odai Ramischand,
argued that the liquidation is like a fire sale wherein properties
will be sold at a very undervalued price causing shareholders to
lose more.  Mr. Harnarine also questioned the independence of the
liquidator, Accountant Dave Rampersad, local managing partner for
Deloitte.

A TCR-Asia Pacific report on Oct. 14, 2008, said Commissioner
Mitchell declared HCU insolvent after Ernst and Young released its
audit report of the company.  The audit report disclosed that HCU
has a net shortfall of assets to liabilities of US$486.5 million.  
HCU has assets of US$390,131,614 and liabilities of
US$876,537,695.

                       About Hindu Credit

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

                          *     *     *

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


HINDU CREDIT: Trinidad Fraud Squad Conducts Probe on Operations
---------------------------------------------------------------
Trinidad and Tobago's Fraud Squad and Anti Corruption Bureau are
conducting an investigation into Hindu Credit Union Co-Operative
Society Limited's (HCU) financial operations on reports of several
discrepancies and financial improprieties involving tens of
millions of dollars, Caribbean Net News' Oscar Ramjeet writes.

According to the report, a Trinidad Express newspaper stated that
several people had already been interviewed and sources have said
that, based on several of the documents tendered by auditors Ernst
& Young, investigators may need to travel overseas to conduct
further inquiries.

Meanwhile, Deloitte's Dave Rampersad, the liquidator appointed by
the Commissioner of Cooperative Development, has started to
dispose of assets of the credit union in order to repay hundreds
of millions of dollars owed to more than 100,000 members of the
Union, Caribbean Net News relates.

As reported in the Troubled Company Reporter-Latin America on
Oct. 15, 2008, Commissioner of Co-operative Development Charles
Mitchell's order to wound up HCU was opposed by the credit union's
former president, Harry Harnarine.  Mr. Harnarine, according to
Trinidad & Tobago Guardian, confirmed filing of a formal appeal
with Minister of Labour and Small and Micro Enterprise
Development, Rennie Dumas, to suspend the HCU's liquidation.  
According to the report, Mr. Harnarine's lawyer, Odai Ramischand,
argued that the liquidation is like a fire sale wherein properties
will be sold at a very undervalued price causing shareholders to
lose more.  Mr. Harnarine also questioned the independence of the
liquidator, Accountant Dave Rampersad, local managing partner for
Deloitte.

A TCR-Asia Pacific report on Oct. 14, 2008, said Commissioner
Mitchell declared HCU insolvent after Ernst and Young released its
audit report of the company.  The audit report disclosed that HCU
has a net shortfall of assets to liabilities of US$486.5 million.  
HCU has assets of US$390,131,614 and liabilities of
US$876,537,695.  

                        About Hindu Credit

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

                          *     *     *

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


* Latin America Wants Current System Replaced and IMF Eradicated
----------------------------------------------------------------
Tim Anderson at Green Left Online reports that as stock markets
crashed and a global credit squeeze threatened global economies,
Latin American governments pushed ahead with plans for a new
financial architecture, to replace the current bankrupt system.

Venezuela's President Hugo Chavez insisted at an international
conference of political economists in Caracas on October 8 through
10, said the people of the world "no longer support" a privatized
banking system, Green Left relates.  The conference was  
hosted by the Miranda International Centre (CIM) and entitled
"Responses from the South to the global economic crisis".  The
International Monetary Fund (IMF) was one of those principally
responsible for the financial crisis.  It should "dissolve itself"
and "disappear from the Earth".

Ecuador's economic policy minister Pedro Paez said society must
"reclaim the leading role that has been kidnapped by the centres
of political and economic power . . . the capitalist system is not
the only option", the report writes.

Proposals for a new financial system also emerged from the CIM
conference.  In a joint report to the Venezuelan government,
conference participants urged immediate action to socialize the
banks and protect national savings without bailing out private
investors.  Green Left provides a summary of the recommendations
of the first report:

   1. States of the region should take immediate control of
      their banking systems, without indemnification, according
      to the principle of the new Ecuadorian constitution (290.7:
      "nationalization of private debt is prohibited").  These
      measures should aim to prevent capital flight.

      There is a need for each state to shut down offshore
      banking mechanisms.  Banking supervision must be
      strengthened.  One of these services should be to guarantee
      a minimum national investment level of liquid assets.

   2. There is a need for monetary coordination to avoid a war of
      "competitive devaluations", which would worsen the crisis,
      blocking a regional response and undermining the
      integration process of Union of South American Nations
      (Unasur -- a South American integration process begun in
      2007 that envisages a new continental currency).

      There must be clear signals from a Latin American monetary
      agreement and the definition of a system of payments based
      on a basket of Latin American currencies, which would
      provide measures of liquidity for each country.

      This in turn requires a substantial coordination of central
      banks and "overcoming neoliberal dogma".  In this respect
      they propose a South Fund (Fondo del Sur) as an alternative
      to the IMF.

   3. Taking advantage of the excess reserves of each country to
      create a payments system, they propose the immediate
      implementation of Bancosur, based on a democratic system of
      one country one vote. This bank can be "the heart" of the
      transformation of the existing network of banks.

      It is necessary to establish exchange controls to protect
      reserves and prevent capital flight.

   4. Countries of the region should consider a suspension of
      payments on public debt as a transitional measure to
      protect sovereign resources from the crisis and avoid an
      emptying of treasuries.

   5. They propose an emergency social fund to back food and
      energy sovereignty, as well as to attend to migratory
      problems and a possible cutting of remittances.  This fund
      could function within Bancosur or the ALBA Bank.

   6. Following the principle of assisting the people and not the
      bankers, social programs must be maintained, the priorities
      being: employment security, universal income, public
      health, education and housing.

   7. This is the opportunity for the countries of the region to
      get rid of the Inter-American Development Bank (IADB), the
      IMF and the World Bank, and to begin creating a new
      international financial architecture.

The proposals emerging from Latin America differ in important
respects from the bailouts taking place in the U.S. and Europe,
which seek to underwrite private losses and save the privatized
finance cartels, the report adds.


* World Bank Slashes 2009 Growth Forecast for Latin America
-----------------------------------------------------------
In the middle of the global financial meltdown, World Bank cuts
its 2009 growth forecast for Latin America, The Financial Times
reports.  The World Bank last week said it expects the region to
ask for emergency cash.

Financial Times cites Vice President for Latin America and the
Caribbean, Pamela Cox as saying that the bank is expecting 2.5% to
3.5% regional growth for next year.  Ms. Cox added that the bank's
earlier growth expectation of  4.2% and 4.6% for this year.

The report relates that programmes are under way in Brazil,
Bolivia and Chile with US$1 billion and another US$1 billion in
Argentina.  While a draw-down alternative for advance loans are
already in place in Mexico.  Similar programmes are also under
process in Colombia and Peru.  The World Bank also disclosed that
its financial arm, International Finance Corporation can provide
trade financing.

According to the FT, Ms. Cox marked Venuzuela and Ecuador as
especially vulnerable due to oil export dependendy while Chile is
better placed to tide over amidst the crises compared to its
neighbors.

Ms. Cox also noted that Argentine and Mexican car parts industry
will feel the pressure from falling sales, the FT writes.  While
the Caribbean will benifit from drops in commodity prices,
specifically from oil and food, the FT says.

Ms. Cox pointed out Haiti as a special case, where the World Bank
recently injected a US$25 million in emergency funds due to
catastrophic effects of recent hurricanes, the FT adds.

              International Institutions Offer Help

Meanwhile, Xinhua reports that the Inter-American Development Bank
(IDB), the Latin American Reserves Fund and the Caracas-based
Andean Development Corp. have pledged to provide a total of
US$10.7 billion in emergency aid to help Latin American countries
ease cash-supply problems, stimulate their exports and avoid
intense turmoil in the region amid the global economic crisis.

IDB President Luis Alberto Moreno said the loan will be available
for less developed countries in Central America and the Caribbean
region and other small South American countries with weak
economies, the report relates.

Xinhua notes that the International Monetary Fund (IMF) and the
World Bank have warned that developing economies should prepare to
face declining exports, reduced access to credit, fewer
remittances, unemployment and even closures of some financial
institutions and businesses.

Mr. Moreno, according to the report, said the IDB planned to
provide more loan projects within one or two years, increasing its
investment in Brazil, Mexico and Chile, which will become a new
locomotive for the economic growth in the region.

World Bank President Robert B. Zoellick said the World Bank could
double lending to Latin America if needed to boost cash supply and
protect jobs, Xinhua writes.  According to the bank, Latin
American countries received between 35% and 45% of
US$13.5 billion that it provided to developing countries in 2007.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                       Total
                                Shareholders       Total
                                      Equity       Assets        
Company             Ticker           (US$MM)      (US$MM)
-------             ------       ------------     -------
NOVA AMERICA SA     1NOVON BZ        (214.53)       24.63
NOVA AMERICA-PRF    1NOVPN BZ        (214.53)       24.63
IMPSAT FIBER NET    330902Q GR        (17.16)      535.01
TELECOMUNICA-ADR    81370Z BZ        (113.99)      143.31
ARTHUR LANGE SA     ALICON BZ         (13.92)       19.52
ARTHUR LANGE-PRF    ALICPN BZ         (13.92)       19.52
ARTHUR LANG-RT C    ARLA1 BZ          (13.92)       19.52
ARTHUR LANG-RC P    ARLA10 BZ         (13.92)       19.52
ARTHUR LAN-DVD C    ARLA11 BZ         (13.92)       19.52
ARTHUR LAN-DVD P    ARLA12 BZ         (13.92)       19.52
ARTHUR LANG-RT P    ARLA2 BZ          (13.92)       19.52
ARTHUR LANGE        ARLA3 BZ          (13.92)       19.52
ARTHUR LANGE-PRF    ARLA4 BZ          (13.92)       19.52
ARTHUR LANG-RC C    ARLA9 BZ          (13.92)       19.52
BOMBRIL             BMBBF US         (298.16)      278.65
BOMBRIL SA-ADR      BMBBY US         (298.16)      278.65
BOMBRIL SA-ADR      BMBPY US         (298.16)      278.65
BOMBRIL-RIGHTS      BOBR1 BZ         (298.16)      278.65
BOMBRIL-RGTS PRE    BOBR2 BZ         (298.16)      278.65
BOMBRIL             BOBR3 BZ         (298.16)      278.65
BOMBRIL-PREF        BOBR4 BZ         (298.16)      278.65
BOMBRIL CIRIO SA    BOBRON BZ        (298.16)      278.65
BOMBRIL CIRIO-PF    BOBRPN BZ        (298.16)      278.65
SOC COMERCIAL PL    CAD IX           (247.09)      139.57
SOC COMERCIAL PL    CADN SW          (247.09)      139.57
CAF BRASILIA        CAFE3 BZ         (543.59)       23.23
CAF BRASILIA-PRF    CAFE4 BZ         (543.59)       23.23
CONST A LINDEN      CALI3 BZ           (6.39)       34.39
CONST A LIND-PRF    CALI4 BZ           (6.39)       34.39
CAMBUCI SA          CAMB3 BZ          (27.32)      103.40
CAMBUCI SA-PREF     CAMB4 BZ          (27.32)      103.40
CAMBUCI SA          CAMBON BZ         (27.32)      103.40
CAMBUCI SA-PREF     CAMBPN BZ         (27.32)      103.40
COBRASMA            CBMA3 BZ       (1,686.13)       12.30
COBRASMA-PREF       CBMA4 BZ       (1,686.13)       12.30
TELEBRAS-PF RCPT    CBRZF US         (113.99)      143.30
CHIARELLI SA        CCHI3 BZ          (42.01)       25.67
CHIARELLI SA-PRF    CCHI4 BZ          (42.01)       25.67
CHIARELLI SA        CCHON BZ          (42.01)       25.67
CHIARELLI SA-PRF    CCHPN BZ          (42.01)       25.67
COBRASMA SA         COBRON BZ      (1,686.13)       12.30
COBRASMA SA-PREF    COBRPN BZ      (1,686.13)       12.30
SOC COMERCIAL PL    COME AR          (247.09)      139.57
COMERCIAL PLA-BL    COMEB AR         (247.09)      139.57
COMERCIAL PL-C/E    COMEC AR         (247.09)      139.57
COMERCIAL PLAT-$    COMED AR         (247.09)      139.57
CAFE BRASILIA SA    CSBRON BZ         (543.6)       23.23
CAFE BRASILIA-PR    CSBRPN BZ         (543.6)       23.23
SOC COMERCIAL PL    CVVIF US         (247.09)      139.57
DOCAS SA-RTS PRF    DOCA2 BZ           (4.51)      120.81
DOCA INVESTIMENT    DOCA3 BZ           (4.51)      120.81
DOCA INVESTI-PFD    DOCA4 BZ           (4.51)      120.81
DOCAS SA            DOCAON BZ          (4.51)      120.81
DOCAS SA-PREF       DOCAPN BZ          (4.51)      120.81
ESTRELA SA          ESTR3 BZ           (49.41)      71.22
ESTRELA SA-PREF     ESTR4 BZ           (49.41)      71.22
ESTRELA SA          ESTRON BZ          (49.41)      71.22
ESTRELA SA-PREF     ESTRPN BZ          (49.41)      71.22
FABRICA RENAUX      FRNXON BZ          (29.96)      79.56
FABRICA RENAUX-P    FRNXPN BZ          (29.96)      79.56
FABRICA TECID-RT    FTRX1 BZ           (29.96)      79.56
FABRICA RENAUX      FTRX3 BZ           (29.96)      79.56
FABRICA RENAUX-P    FTRX4 BZ           (29.96)      79.56
TECEL S JOSE        FTSJON BZ          (22.07)      46.95
TECEL S JOSE-PRF    FTSJPN BZ          (22.07)      46.95
CIMOB PARTIC SA     GAFON BZ           (38.35)      58.06
CIMOB PARTIC SA     GAFP3 BZ           (38.35)      58.06
CIMOB PART-PREF     GAFP4 BZ           (38.35)      58.06
CIMOB PART-PREF     GAFPN BZ           (38.35)      58.06
GAZOLA-RCPT PREF    GAZO10 BZ          (27.59)       9.36
GAZOLA SA-DVD CM    GAZO11 BZ          (27.59)       9.36
GAZOLA SA-DVD PF    GAZO12 BZ          (27.59)       9.36
GAZOLA              GAZO3 BZ           (27.59)       9.36
GAZOLA-PREF         GAZO4 BZ           (27.59)       9.36
GAZOLA-RCPTS CMN    GAZO9 BZ           (27.59)       9.36
GAZOLA SA           GAZON BZ           (27.59)       9.36
GAZOLA SA-PREF      GAZPN BZ           (27.59)       9.36
HAGA                HAGA3 BZ           (69.83)      14.18
FER HAGA-PREF       HAGA4 BZ           (69.83)      14.18
FERRAGENS HAGA      HAGAON BZ          (69.83)      14.18
FERRAGENS HAGA-P    HAGAPN BZ          (69.83)      14.18
HERCULES SA         HERTON BZ         (157.23)      27.94
HERCULES SA-PREF    HERTPN BZ         (157.23)      27.94
HERCULES            HETA3 BZ          (157.23)      27.94
HERCULES-PREF       HETA4 BZ          (157.23)      27.94
DOC IMBITUBA-RTC    IMBI1 BZ           (15.70)     170.83
DOC IMBITUBA-RTP    IMBI2 BZ           (15.70)     170.83
DOC IMBITUBA        IMBI3 BZ           (15.70)     170.83
DOC IMBITUB-PREF    IMBI4 BZ           (15.70)     170.83
DOCAS IMBITUBA      IMBION BZ          (15.70)     170.83
DOCAS IMBITUB-PR    IMBIPN BZ          (15.70)     170.83
IMPSAT FIBER-CED    IMPT AR            (17.17)     535.01
IMPSAT FIBER-BLK    IMPTB AR           (17.17)     535.01
IMPSAT FIBER-C/E    IMPTC AR           (17.17)     535.01
IMPSAT FIBER-$US    IMPTD AR           (17.17)     535.01
IMPSAT FIBER NET    IMPTQ US           (17.17)     535.01
CONST A LINDEN      LINDON BZ           (6.39)      34.39
CONST A LIND-PRF    LINDPN BZ           (6.39)      34.39
MINUPAR             MNPR3 BZ           (19.11)     106.54
MINUPAR-PREF        MNPR4 BZ           (19.11)     106.54
MINUPAR SA          MNPRON BZ          (19.11)     106.54
MINUPAR SA-PREF     MNPRPN BZ          (19.11)     106.54
WETZEL SA           MWELON BZ           (8.62)      88.58
WETZEL SA-PREF      MWELPN BZ           (8.62)      88.58
WETZEL SA           MWET3 BZ            (8.62)      88.58
WETZEL SA-PREF      MWET4 BZ            (8.62)      88.58
NOVA AMERICA SA     NOVA3 BZ          (214.53)      24.62
NOVA AMERICA-PRF    NOVA4 BZ          (214.53)      24.62
NOVA AMERICA SA     NOVAON BZ         (214.53)      24.62
NOVA AMERICA-PRF    NOVAPN BZ         (214.53)      24.62
TELEBRAS-CEDE BL    RCT4B AR          (113.99)     143.31
TELEBRAS-CED C/E    RCT4C AR          (113.99)     143.31
TELEBRAS-CEDEA $    RCT4D AR          (113.99)     143.31
TELEBRAS-RTS CMN    RCTB1 BZ          (113.99)     143.31
TELEBRAS-RTS PRF    RCTB2 BZ          (113.99)     143.31
TELEBRAS-CM RCPT    RCTB30 BZ         (113.99)     143.31
TELEBRAS-CM RCPT    RCTB31 BZ         (113.99)     143.31
TELEBRAS-CM RCPT    RCTB32 BZ         (113.99)     143.31
TELEBRAS-RCT        RCTB33 BZ         (113.99)     143.31
TELEBRAS-CEDE PF    RCTB4 AR          (113.99)     143.31
TELEBRAS-PF RCPT    RCTB40 BZ         (113.99)     143.31
TELEBRAS-PF RCPT    RCTB41 BZ         (113.99)     143.31
TELEBRAS-PF RCPT    RCTB42 BZ         (113.99)     143.31
TEXTEIS RENAUX      RENXON BZ           (79.9)      53.28
TEXTEIS RENAUX      RENXPN BZ           (79.9)      53.28
TELEBRAS-ADR        RTB US            (113.99)     143.31
SOC COMERCIAL PL    SCDPF US          (247.09)     139.57
SCHLOSSER SA        SCHON BZ           (55.96)      28.65
SCHLOSSER SA-PRF    SCHPN BZ           (55.96)      28.65
SCHLOSSER           SCLO3 BZ           (55.96)      28.65
SCHLOSSER-PREF      SCLO4 BZ           (55.96)      28.65
COMERCIAL PL-ADR    SCPDS LI          (247.09)     139.57
TECEL S JOSE        SJOS3 BZ           (22.07)      46.95
TECEL S JOSE-PRF    SJOS4 BZ           (22.07)      46.95
SANSUY              SNSY3 BZ           (35.49)     132.20
SANSUY-PREF A       SNSY5 BZ           (35.49)     132.20
SANSUY-PREF B       SNSY6 BZ           (35.49)     132.20
SANSUY SA-PREF A    SNSYAN BZ          (35.49)     132.20
SANSUY SA-PREF B    SNSYBN BZ          (35.49)     132.20
SANSUY SA           SNSYON BZ          (35.49)     132.20
TELEBRAS-PF RCPT    TBAPF US          (113.99)     143.31
TELEBRAS-ADR        TBAPY US          (113.99)     143.31
TELEBRAS SA         TBASF US          (113.99)     143.31
TELEBRAS-ADR        TBASY US          (113.99)     143.31
TELEBRAS-ADR        TBH US            (113.99)     143.31
TELEBRAS/W-I-ADR    TBH-W US          (113.99)     143.31
TELEBRAS-ADR        TBRAY GR          (113.99)     143.31
TELEBRAS-CM RCPT    TBRTF US          (113.99)     143.31
TELEBRAS-ADR        TBX GR            (113.99)     143.31
TELEBRAS-RTS CMN    TCLP1 BZ          (113.99)     143.31
TEKA                TEKA3 BZ          (257.44)     332.91
TEKA-PREF           TEKA4 BZ          (257.44)     332.91
TEKA                TEKAON BZ         (257.44)     332.91
TEKA-PREF           TEKAPN BZ         (257.44)     332.91
TEKA-ADR            TEKAY US          (257.44)     332.91
TELEBRAS-CED C/E    TEL4C AR          (113.99)     143.31
TELEBRAS-CEDEA $    TEL4D AR          (113.99)     143.31
TELEBRAS-COM RTS    TELB1 BZ          (113.99)     143.31
TELEBRAS-RCT PRF    TELB10 BZ         (113.99)     143.31
TELEBRAS SA         TELB3 BZ          (113.99)     143.31
TELEBRAS-BLOCK      TELB30 BZ         (113.99)     143.31
TELEBRAS-CEDE PF    TELB4 AR          (113.99)     143.31
TELEBRAS SA-PREF    TELB4 BZ          (113.99)     143.31
TELEBRAS-PF BLCK    TELB40 BZ         (113.99)     143.31
TELEBRAS-CM RCPT    TELE31 BZ         (113.99)     143.31
TELEBRAS-PF RCPT    TELE41 BZ         (113.99)     143.31
TEKA-PREF           TKTPF US          (257.44)     332.91
TEKA-ADR            TKTPY US          (257.44)     332.91
TEKA                TKTQF US          (257.44)     332.91
TEKA-ADR            TKTQY US          (257.44)     332.91
TELEBRAS SA         TLBRON BZ         (113.99)     143.31
TELEBRAS SA-PREF    TLBRPN BZ         (113.99)     143.31
TELEBRAS-RECEIPT    TLBRUO BZ         (113.99)     143.31
TELEBRAS-PF RCPT    TLBRUP BZ         (113.99)     143.31
TELEBRAS-RTS PRF    TLCP2 BZ          (113.99)     143.31
TECTOY-RTS/3        TOYB1 BZ            (3.62)      22.57
TECTOY-RCT PREF     TOYB10 BZ           (3.62)      22.57
TECTOY-PF-RTS5/6    TOYB11 BZ           (3.62)      22.57
TECTOY-RCPT PF B    TOYB12 BZ           (3.62)      22.57
TECTOY-BONUS RTS    TOYB13 BZ           (3.62)      22.57
TECTOY              TOYB3 BZ            (3.62)      22.57
TECTOY-PREF         TOYB4 BZ            (3.62)      22.57
TEC TOY SA-PREF     TOYB5 BZ            (3.62)      22.57
TEC TOY SA-PF B     TOYB6 BZ            (3.62)      22.57
TECTOY-RCT ORD      TOYB9 BZ            (3.62)      22.57
TECTOY SA           TOYBON BZ           (3.62)      22.57
TECTOY SA-PREF      TOYBPN BZ           (3.62)      22.57
TEC TOY SA-PREF     TOYDF US            (3.62)      22.57
TEXTEIS RENAUX      TXRX3 BZ            (79.9)      53.28
TEXTEIS RENAU-PF    TXRX4 BZ            (79.9)      53.28
VARIG SA            VAGV3 BZ        (4,523.46)     823.49
VARIG SA-PREF       VAGV4 BZ        (4,523.46)     823.49
VARIG SA            VARGON BZ       (4,523.46)     823.49
VARIG SA-PREF       VARGPN BZ       (4,523.46)     823.49
FER C ATL-RCT PF    VSPT10 BZ          (59.03)   1,284.55
FERROVIA CEN-DVD    VSPT11 BZ          (59.03)   1,284.55
FERROVIA CEN-DVD    VSPT12 BZ          (59.03)   1,284.55
FER c ATLANT        VSPT3 BZ           (59.03)   1,284.55
FER C ATLANT-PRF    VSPT4 BZ           (59.03)   1,284.55
FER C ATL-RCT CM    VSPT9 BZ           (59.03)   1,284.55
WIEST               WISA3 BZ           (66.01)      33.42
WIEST-PREF          WISA4 BZ           (66.01)      33.42
WIEST SA            WISAON BZ          (66.01)      33.42
WIEST SA-PREF       WISAPN BZ          (66.01)      33.42
IMPSAT FIBER NET    XIMPT SM           (17.16)     535.01


                            ***********

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 * * *