TCRLA_Public/081022.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, October 22, 2008, Vol. 9, No. 210

                            Headlines

A R G E N T I N A

CONSTRUCCIONES TECNOLOGICAS: Claims Verification Due December 4
DISTRIBUIDORA EDUCATIVA: Claims Verification Deadline Is Nov. 14
GLOBAL CROSSING: Inks Contingency Solutions Agreement With ANSES
MAXTER SA: Proofs of Claim Verification Deadline Is November 14
MEDICAL EXCELLENCE: Trustee Verifying Claims Until December 22

PERLINI SA: Proofs of Claim Verification Deadline Is December 18
TRIPLE NELSON: Proofs of Claim Verification Deadline Is Feb. 13
WORDTRANS SRL: Proofs of Claim Verification Deadline Is Nov. 27

* ARGENTINA: Plan to Nationalize Pension Funds Affects Merval


B E R M U D A

BRUNSWICK COMPANY: Proof of Claim Filing Deadline Is Nov. 7


B R A Z I L

ARACRUZ CELULOSE: Moody's Lowers Corporate Family Rating to Ba2
BANCO ITAU: Inks Deal With Marisa SA for BRL120 Million
BANCO NACIONAL: Expands Relations With Int'l Financial Firms
CIA SIDERURGICA: Itochu Says Namisa Buy Supports Diversification
COMPANHIA SIDERURGICA: Gets Positive Comments on Namisa Sale

COSAN LTD: Amends Stock Purchase Terms With Gavea & Mr. Mello
GENERAL MOTORS: Unable to Secure Financing for Chrysler Merger
GOL LINHAS: Incurs BRL48MM Net Loss From Currency and Fuel Hedges
NET SERVICOS: Mulls Reducing Impact of Exchange-Rate Changes
SADIA SA: Extraordinary Shareholders Meeting Scheduled for Nov. 3

SADIA SA: Toledo Plant Resumes Operations After Renovation
SOTHEBY'S: Brazil Arm Sees Boom in Real Estate Amid Global Crisis


C A Y M A N  I S L A N D S

ANTHRACITE BALANCED (21): Final Shareholders Meeting Set Oct. 29
BALANCED COMPANY (H21/A): Final Shareholders Meeting Is Oct. 29
INTER FINANCIAL: Holding Final Shareholder Meeting on Oct. 29
LAQUE LIMITED: Will Hold Final Shareholders Meeting on Oct. 29
O'CONNOR BUYOUT: To Hold Final Shareholders Meeting on Oct. 29

O'CONNOR BUYOUT MASTER: Final Shareholders Meeting Is on Oct. 29
O'CONNOR CREDIT: Holding Final Shareholders Meeting on Oct. 29
O'CONNOR CREDIT MASTER: Sets Final Shareholders Meeting on Oct. 29
O'CONNOR LONG/SHORT: Final Shareholders Meeting Set for Oct. 29
O'CONNOR LONG/SHORT MASTER: Final Shareholders Meeting on Oct. 29

O'CONNOR MULTI-LONG/SHORT: Final Shareholders Meeting Is Oct. 29
O'CONNOR MULTI-LONG/SHORT MASTER: Sets Final Shareholders Meeting
O'CONNOR PROPRIETARY: Holds Final Shareholder Meeting on Oct. 29
O'CONNOR PROPRIETARY (EURO): Final Shareholder Meeting Is Oct. 29
O'CONNOR QUANTITATIVE: Sets Final Shareholders Meeting on Oct. 29

O'CONNOR QUANTITATIVE MASTER: To Hold Final Shareholders Meeting
RED ORCHID: Will Hold Final Shareholders Meeting on Oct. 29


* CAYMAN ISLANDS: Tourism Sector to Face Tough Year Ahead


C H I L E

AMERICAN INT'L: To Stop Seeking for Changes in Mortgage Law


C O L O M B I A

* COLOMBIA: Short-Term Bonds to Jump on Rate Outlook, RBS Says


M E X I C O

AMERICAN AXLE: Production Slump Cues Fitch to Cut Debt Ratings
CORPORACION GEO: Moves 3rd Quarter 2008 Conference Call to Oct. 28
PAPER INTERNATIONAL: Section 341(a) Meeting Set for December 16

* MEXICO: Offers US$3.1 Billion Credit to Boost Housing Sector


P E R U

GOODYEAR TIRE: CFO Schmitz Resigns, Darren R. Wells Assumes Role


P U E R T O  R I C O

APARTMENT INVESTMENT: Fitch Holds 'BB+' Rating on Preferred Stock


V E N E Z U E L A

CHRYSLER LLC: Prefers GM Over Nissan-Renault, WSJ Report Says
CHRYSLER LLC: GM Unable to Secure Financing for Merger


                         - - - - -


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

CONSTRUCCIONES TECNOLOGICAS: Claims Verification Due December 4
---------------------------------------------------------------
Jose Tsanis, the court-appointed trustee for Construcciones
Tecnologicas SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until December 4, 2008.

Mr. Tsanis will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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 Construcciones Tecnologicas 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 Construcciones
Tecnologicas' accounting and banking records will be submitted in
court.

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

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

The debtor can be reached at:

                     Construcciones Tecnologicas SRL
                     Concordia 259
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Jose Tsanis
                     Tte. Gral. J. D. Peron 1410
                     Buenos Aires, Argentina


DISTRIBUIDORA EDUCATIVA: Claims Verification Deadline Is Nov. 14
----------------------------------------------------------------
The court-appointed trustee for D.E.Y.C. Distribuidora Educativa y
Cultural S.A.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until November 14, 2008.

The trustee will present the validated claims in court as  
individual reports on February 4, 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 Distribuidora Educativa 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 Distribuidora
Educativa's accounting and banking records will be submitted in
court on March 18, 2009.

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


GLOBAL CROSSING: Inks Contingency Solutions Agreement With ANSES
----------------------------------------------------------------
Global Crossing Ltd. has signed a 36-month contract with
Administracion Nacional de la Seguridad Social (ANSES) or the
National Administration of Social Security for Global Crossing's
Continuity Solutions.  Under the contract, Global Crossing will
replicate the Argentine social security agency's central services
in Global Crossing's data center in Buenos Aires, as well as
assign on-site technical personnel who will assist the agency
during its contingency period.

Global Crossing Continuity Solutions provide customers with
preventive tools and redundancy capabilities that help keep
businesses operating normally at all times.  The service helps
customers such as the Argentine social security agency to minimize
potential impacts created by unexpected interruptions in service
caused by acts of nature such as hurricanes, earthquakes or
floods, or by social, technological or other circumstances.

ANSES' Solutions, Information and Registration Services will be
seamlessly provisioned on Global Crossing's global IP converged
network.  Services protected in the event of a temporary service
interruption at the Argentine agency include payment of family
contributions, unemployment insurance, Social Security provisions,
and company reimbursements.

"For the first time in many years, this agency is hiring a
comprehensive alternative site for data processing service and we
are proud of this breakthrough," says ANSES general manager, Pablo
Fontdevilla.  "Global Crossing was among a group of highly
qualified bids that we received in response to our service request
to the marketplace."

Global Crossing recently expanded its data center in Buenos Aires
to seamlessly integrate the Argentine agency's applications on its
IP network. At the same time, the company enabled a dark
fiber-optic link to replicate data online from the social
security's primary site to its contingency site.

"We are pleased that the National Administration of Social
Security is relying on Global Crossing's Continuity Solutions as
its technological partner to ensure its business-critical
applications are always available and functioning normally," said
sales vice president for the southern cluster of Global Crossing
Latin America, Luis Piccolo.

The Argentine social security services covered under Global
Crossing's Continuity Solutions include customer counseling and
orientation, documentation receipt, grant of the Codigo Unico de
Identificacion Laboral (CUIL) or the Single Employment
Identification Number, retirement system option, recovery of
retirement track record, data change, acknowledgement of services,
readjustment and payroll certifications, automatic repayments,
absenteeism and repatriations, return to active or passive work,
work rehabilitation, family wages, notices to beneficiaries,
subsidies and other services.

                           ABOUT ANSES

National Administration of Social Security (ANSES) was created as
a decentralized agency in 1991, depending of the Ministry of
Labor, Employment and Social Security in Argentina to  administer
funds of the National Retirement System, working either under
master-servant relationship or on their own.  In addition the
agency also manages funds of the National Employment Fund for
Employment Programs managed by the Ministry of Labor, Employment
and Social Security, as well as the provisions for the Employment
Insurance Fund granted by the agency.

                      About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides
telecommunication  services over the world's first integrated
global IP-based network.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed US$25,511,000,000 in total assets and
US$15,467,000,000 in total debts.  Global Crossing emerged from
chapter 11 on Dec. 9, 2003.

Global Crossing's Latin American business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru,
Mexico, Venezuela and the United States (Florida).  It also has
operations in the United Kingdom.

                          *     *     *

As of June 30, 2008, the company reported US$2.65 billion in total
assets, US$2.80 billion in total liabilities, and US$150 million
in stockholders' deficit.

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Global Crossing Ltd. said in a statement that its
net loss increased 75% to US$89 million in the third quarter
2007, compared to US$51 million in the third quarter 2006.


MAXTER SA: Proofs of Claim Verification Deadline Is November 14
---------------------------------------------------------------
The court-appointed trustee for Maxter S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 14, 2008.

The trustee will present the validated claims in court as  
individual reports on December 30, 2008.  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 Maxter 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 Maxter S.A.'s
accounting and banking records will be submitted in court on
March 13, 2009.

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


MEDICAL EXCELLENCE: Trustee Verifying Claims Until December 22
--------------------------------------------------------------
The court-appointed trustee for Medical Excellence S.A.'s
reorganization proceeding will be verifying creditors' proofs of
claim until December 22, 2008.

The trustee will present the validated claims in court as  
individual reports on March 4, 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 Medical Excellence 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 Medical Excellence's
accounting and banking records will be submitted in court on
April 15, 2009.

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

The debtor can be reached at:

                     Medical Excellence SA
                     Elcano 3111
                     Buenos Aires, Argentina


PERLINI SA: Proofs of Claim Verification Deadline Is December 18
----------------------------------------------------------------
Oscar Paez, the court-appointed trustee for Perlini SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 18, 2008.

Mr. Paez will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, 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 Perlini SA and its creditors.

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

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

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

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

The debtor can be reached at:

                     Perlini SA
                     Moreno 1184
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Oscar Paez
                     Juan Manso 1666
                     Buenos Aires, Argentina


TRIPLE NELSON: Proofs of Claim Verification Deadline Is Feb. 13
---------------------------------------------------------------
Manuel Mansanta, the court-appointed trustee for Triple Nelson
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until February 13, 2009.

Mr. Mansanta will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 46, 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 Triple Nelson 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 Triple Nelson's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Triple Nelson SRL
                     Beruti 3776
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Manuel Mansanta
                     Avenida Cordoba 1351
                     Buenos Aires, Argentina


WORDTRANS SRL: Proofs of Claim Verification Deadline Is Nov. 27
---------------------------------------------------------------
Sandra D. Ambrosio, the court-appointed trustee for Wordtrans
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until November 27, 2008.

Ms. Ambrosio will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by Wordtrans 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 Wordtrans SRL's
accounting and banking records will be submitted in court.

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

Ms. Ambrosio is also in charge of administering Wordtrans 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:

                     Wordtrans SRL
                     Lugones 1516
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Sandra D. Ambrosio
                     H. Yrigoyen 1548
                     Buenos Aires, Argentina


* ARGENTINA: Plan to Nationalize Pension Funds Affects Merval
-------------------------------------------------------------
The International Herald Tribune, citing Bloomberg News, writes
that Argentina's main stock index Merval fell as much as 14%
Tuesday, October 21, the country's biggest loss in 11 years.  The
drop was due to the report that the government would nationalize
nearly US$30 billion in private pension funds, potentially
depriving the equity market of one of its biggest investors.  
Various reports relate that President Cristina Fernandez de
Kirchner intends to transfer the funds from ten firms to protect
retirees from the falling securities prices.

Reuters says international banks and insurance groups BBVA, HSBC
Holdings, MetLife Inc., and ING Groep NV are among the companies
that run the funds.

The Associated Press reports that when Argentines were allowed to
switch between private and public pension funds last year, only
20% opted for the government's plan.  About one-fourth of
Argentina's 40 million citizens use the private funds,
contributing US$4.6 [billion] annually.

         Pension Fund Nationalization Plan Meets Criticisms

The plan, the reports say, is subject to congressional approval
and has been met with several criticisms from analysts and
political oppositions.  Analysts call the move as a desperate
measure.

Critics, Reuters relates, said the government was looting pension
funds ahead of a tough budget year when it has to find billions of
dollars to pay and service debt.  Ms. Kirchner, however, said the
private pension fund administrators were the looters.

According to The New York Times, Ms. Kirchner dismissed criticism
that the move was simply a grab for cash, noting that the private
pension plan put in place 14 years ago had produced a low rate of
return for holders this year.

The IHT, citing Bloomberg, notes that Telecom Argentina, a large
telephone company, plunged as much as 27%, the most ever.  BBVA
Banco Frances and Banco Macro led a decline in banks.  Empresa
Distribuidora y Comercializadora Norte, the Buenos Aires-based
electricity distributor, lost more than a fifth of its value, the
steepest fall since its trading debut in April last year.  Telecom
tumbled the most on the Merval, losing 1.85 to 5 pesos.  Edenor
dropped 23% to 67 centavos.  Banco Frances, a large private bank,
lost 22% to 2.85 pesos, the lowest since November 2002.  Banco
Macro slid 19% to 3.06 pesos.

                           *     *     *

The Troubled Company Reporter-Latin America reported on Aug. 13,
2008, that Standard & Poor's Ratings Services lowered the Republic
of Argentina's global scale ratings to 'B' from 'B+' and 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 E R M U D A
=============

BRUNSWICK COMPANY: Proof of Claim Filing Deadline Is Nov. 7
-----------------------------------------------------------
Brunswick Company Ltd.'s creditors have until Nov. 7, 2008, to
prove their claims to Lakilah Spencer, 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.

Brunswick Company held a shareholders meeting on June 26, 2008, at
2:30 p.m. at Conyers Dill & Pearman, 2nd Floor, Richmond House,
Par-la-Ville Road, Hamilton, Bermuda.

The address of the company is:

               Brunswick Company Limited
               c/o Registrar of Companies
               Government Administration Building
               Parliament Street
               Hamilton, Bermuda

The liquidator can be reached at:
  
               Lakilah Spencer
               Tel: 295-1422 ext. 4190



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

ARACRUZ CELULOSE: Moody's Lowers Corporate Family Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Aracruz
Celulose S.A. to Ba2 (corporate family rating) from Baa3 (issuer
rating) on its global scale and to A1.br from Aa1.br on the
Brazilian national scale, and the ratings remain under review for
possible further downgrade.  Moody's had initiated a rating review
of Aracruz on Oct. 3, 2008, after the announcement by Aracruz of
substantial potential losses from currency derivatives
transactions, as well as the planned merger into Votorantim
Celulose e Papel S.A (Baa3 / Aa1.br under review for downgrade),
and on Oct. 15, 2008, Aracruz's issuer ratings were lowered to
Baa3 from Baa2 on its global scale and to Aa1.br from Aaa.br on
the national scale.

The rating action reflects Moody's view of increased liquidity
pressure deriving from its outstanding foreign currency
derivatives transactions.  The company's Sept. 30, 2008, quarterly
results published on Oct. 17, 2008, unveiled a significantly
higher derivatives exposure than originally announced, including
some US$2.16 billion in transactions tied to export prepayment
loans, in addition to the previously reported sell target forward
contracts with notional amount of some US$4.1 billion that
includes a 2.0 leverage in case the contracted strike price is
exceeded.  Also, while the large majority of the contracts do not
have call margin provisions, they do have monthly settlements that
place increasing pressure on Aracruz's liquidity position as its
cash balance of some US$594 million might be consumed to cover
monthly settlements in addition to repay maturing debt.

The continuing review of Aracruz's ratings will focus primarily on
the degree of potential impact on the company's leverage and
liquidity.  Also relevant to the review will be the likelihood and
timing of the announced acquisition by Votorantim Celulose of the
28% voting interest of Arapar S.A. in Aracruz and expected merger
with Aracruz.

The company's rating continues to be supported by its structural
cost advantages when compared to global peers, specifically with
regards to wood fiber, labor and energy costs.  Notwithstanding
the substantial concentration of clients, the majority of revenues
are generated under long-term supply agreements that support
stable sales volume with good geographic diversification.  As
constraining factors Moody's regards the relative small size of
Aracruz, the low operational diversity deriving from the capacity
concentration on one single site location, and the execution risk
and potential for debt increase associated with planned
investments in expansion of capacity.  The rating is also
constrained by the uncertainties regarding the effectiveness of
the ongoing industry consolidation process to improve market
discipline and reduce margins volatility.

Aracruz Celulose reported consolidated net revenues of US$2,017
million in the last twelve months ended June 30, 2008, including
50% of Veracel S.A., a joint-venture with Stora Enso (Ba1/stable)
for the production of 900,000 tons per year of bleached eucalyptus
market pulp.

Headquartered in Sao Paulo, Brazil, Aracruz Celulose S.A. --  
http://www.aracruz.com.br/-- produces eucalyptus pulp, a variety     
of hardwood pulp used by paper manufacturers to produce a range  
of products, including tissues, printing and writing papers,  
liquid packaging boards and specialty papers.  The company's  
production facilities consist of the Barra do Riacho Unit in  
Espirito Santo State, which has three production units each with  
two bleaching, drying and baling lines, the Guaiba Unit, located  
in the municipality of Guaiba, State of Rio Grande do Sul, and  
Veracel, located in the municipality of Eunapolis, State of  
Bahia, where it has a 50% stake.  Its four major shareholders  
are: the Safra, Lorentzen and Votorantim groups (each owning 28%  
of the voting shares) and BNDES, the Brazilian National Economic  
and Social Development Bank (12.5%).


BANCO ITAU: Inks Deal With Marisa SA for BRL120 Million
-------------------------------------------------------
Banco Itau Holding Financeira S.A., through its subsidiary Banco
Itau S.A., and MARISA S.A., have signed a "Memorandum of
Understanding" describing the framework of an operational
agreement for a term of 10 years, the purpose being to create a
new Itau/Marisa (co-branded) credit card, as well as making it
possible to offer, distribute and sell ITAU's products and
services to MARISA's customers on an exclusive basis.

The partnership shall involve an investment of about BRL120
million for ITAU, BRL65 million being for the exclusive rights and
for the use of MARISA's customer base for the duration of the
above mentioned operational agreement, and BRL55 million which
shall be earmarked should agreed targets be met over the course of
5 years.

On the basis of 50% for each party, ITAU and MARISA shall also
split the results accruing from the said offering, distribution
and sales.

MARISA is the largest chain store specializing in women's fashion
goods and underwear in Brazil with a store traffic of 140 million
customers annually, reporting gross consolidated net revenues of
BRL1.8 billion in 2007.  On September 30, 2008, MARISA had 207
stores in Brazil and more than 8 million private label cards.

The association between ITAU and MARISA will be instrumental in
expanding and improving the current offering of financial products
and services to MARISA's customers (such as widely accepted
branded credit cards, personal loans, loans repayable against
payroll and others), through the organization's distribution
channels.  MARISA will continue to have exclusive control over its
own private label store card.

The association will further strengthen ITAU's leadership in the
consumer credit market and in line with the strategy adopted for
association with major retailers in this segment.

The operating agreement will contribute on the part of MARISA to
the introduction of greater responsiveness in the sale of the
products to be offered under the partnership.  At the same time,
MARISA will be able to take full advantage of greater access to
ITAU's expertise.  Additional to these advantages, the association
will bring greater benefits to the company's customers by
providing user-friendly facilities for purchases
both in the network itself as well as outside its stores.  It will
also provide a greater range of financial products and services,
thus further enhancing MARISA's target customer base.

ITAU and MARISA confirm their intention of proceeding with work
for negotiating and signing of the definitive binding documents.

       Alfredo Egydio Setubal
       Investor Relations Officer
       Banco Itau Holding Financeira S.A.

       Paulo Sergio Borsatto
       Investor Relations Officer
       Marisa S.A.


              About Banco Itau Holding Financiera

Banco Itau Holding Financeira S.A. -- http://www.itau.com.br/--   
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA(Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.  The
bank has offices in Miami, New York, Hongkong, Lisbon,
Luxembourg, Bahamas, the Cayman Islands, Chile and Uruguay.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2007, Fitch changed the outlook of Banco Itau Holding
Financiera S.A.'s 'BB+' foreign currency IDR rating to positive
from stable.


BANCO NACIONAL: Expands Relations With Int'l Financial Firms
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has a huge
potential to broaden its relationship with international financial
institutions, increasing scale of investments in partnership with
multilateral organizations and private banks.  Luciano Coutinho
made important contacts during his visit to Japan last week.

One of the meetings took place on Friday, in Tokyo, with JBIC
directors.  Both banks are at the final stage of a loan deal
between the Japanese institution and the Brazilian bank.  On the
same day, Mr. Coutinho met the directors of a major Japanese
private financial institution, the Bank Tokyo-Mitsubishi and
Nomura Securities, and he believes that BNDES and the Japanese
banks are likely to get even closer.

“Japanese banks may develop with BNDES infrastructure investment
support funds and there is a huge interest in environment-related
financial instruments, such as the Amazon Fund”, Mr. Coutinho
said.

Although the status quo requires caution, BNDES President believes
that after the period of high market volatility due to the
international financial crisis, both countries may benefit from
the huge potential of collaboration and complementary development
opportunities.

During of visit of BNDES president, businessmen, bankers and
Japanese government officials were curious to see the potential
effects of the international financial crisis on Brazil.
Mr. Coutinho also introduced some data showing that Brazil is
quite in a position to face the outcomes of the international
financial crisis: the strength of domestic market, growing income
and declining unemployment, inflation and fiscal situation under
control, a healthy fund lending system and companies with low
indebtedness rates.

According to BNDES President, with the contacts he made in Japan,
it was evident that the current state of affairs requires
assessing the delicate situation the world economy is facing, but
the Japanese believe that developing countries, especially Brazil,
will play a key role as the drivers of world growth and offer
opportunities.

“They are starting to plan ahead and look forward to taking part
in long-term projects in Brazil”, Mr. Coutinho said.

In Japan, Mr. Coutinho also met senior executives of leading
Japanese companies, during a presentation delivered on Wednesday
in Keidanren, the main business entity of Japan in Tokyo.

Mr. Coutinho stated that Brazil is fully able to take part in
food, natural resources and biofuel projects, where Japan intends
to have a stake, while the eastern country may help Brazil in
efforts allowing local technology development.

Mr. Coutinho listed some investment opportunities enjoyed by the
Brazilian economy in several sectors, including energy, biofuels,
roads, railways and the development of digital TV, where both
countries are partners.

BNDES President was in Tokyo after attending an IMF and World Bank
meeting in Washington.  In the US capital, BNDES President
reported IDB’s approval (Inter-American Development Bank) of the
credit facility of US$1 billion to be transferred to BNDES to
grant loans to micro, small and medium sized businesses.  The
borrowing is the third portion of a facility approved back in
2005.

Mr. Coutinho also contacted World Bank directors and achieved
important progresses in negotiations for Bird to grant US$1
billion to BNDES.  For 2009, BNDES is well ahead in negotiations
to have at least R$3 billion in funds from multilateral
organizations and international banks.

                      About Banco Nacional

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

                        *     *     *

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


CIA SIDERURGICA: Itochu Says Namisa Buy Supports Diversification
----------------------------------------------------------------
As cited by The Financial Times, Japan's Itochu Corporation said
last Friday that a deal to buy 40% Nacional Minerios (Namisa)
stake fitted with its strategy of diversifying its business.  
Namisa is a Brazilian iron ore producer owned by Companhia
Siderurgica Nacional (CSN).

As reported by the Troubled Company Reporter-Latin America on
Oct. 21, 2008, Companhia Siderurgica has established a strategic
partnership with a consortium comprised by Itochu, Nippon Steel
Corporation, JFE Steel Corporation, Posco, Sumitomo Metal
Industries, Ltd., Kobe Steel, Ltd. and Nisshin Steel Co., Ltd.

The consortium's members, the TCR-LA reported, have 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.  

Itochu said it had not considered the current financial crisis in
its calculations, but was instead taking a long term view on the
industry.  The Japanese company already has investments in
Australia.

Itochu said last month it was aiming to control 30 million tones
of annual iron ore production by 2015, about triple its current
holdings, the FT recalls.

Meanwhile, the FT relates that South Korean steelmaker Posco
stated in a regulatory filing last Friday that it plans to buy a
6.48% stake in Namisa.  

The plan of a group of Asian steelmakers to buy Namisa stake
indicates that Asian companies are feeling the effects of the
credit crunch less than their western counterparts, The Financial
Times reports.  Asian steelmakers are buying iron ore producers to
counter the pricing power exerted by major mining groups.

The FT relates that three miners, Brazil's Vale and the Anglo-
Australian groups Rio Tinto and BHP Billiton, together control
about three quarters of global iron ore supply.  With demand for
ore soaring through the first half of the year, Vale had been
pushing for an unprecedented mid-year price increase on top of a
previously negotiated 71% hike in contract rates.

The FT relates that consortium will also enter into long-term iron
ore purchase agreements with the Brazilian company.  Each producer
will buy up to 14 million tonnes per annum after Namisa's
expansion is completed in 2013.

Namisa, which is located in the Brazilian state of Minas Gerais,
is expected to sell 18 million tonnes of iron in 2009 and aims to
expand its future production to 42 million tonnes per year, FT
says.  Last year Namisa reported net earnings of US$23 million on
sales of US$221 million.

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.


COMPANHIA SIDERURGICA: Gets Positive Comments on Namisa Sale
------------------------------------------------------------
Claudio Mendonca of Business News Americas reports that Brazilian
mining analysts reacted well to Companhia Siderurgica Nacional
S.A.'s October 17 announcement it was selling a 40% stake in its
Namisa iron ore mining subsidiary for
US$3.12 billion cash to a consortium comprised of Japanese and
South Korean companies.

As reported in the Troubled Company Reporter-Latin America on Oct.
21, 2008, CSN 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.  
The constuction consists of certain mining products and related
port services agreement to be provided by Companhia Siderurgica to
Namisa.

Pedro Galdi, an analyst at SLW Corretora, told BNamericas that he
tip his hat to CSN's CEO Benjamin Steinbruch saying that amid the
"crisis he was able to sell."

Luciana Leocadio of Ativa Corretora, BNamericas says, thought the
result was positive for CSN because it ups the value of the
company's mining assets during a period when demand is cooling
off.  "The implicit value of the sale was US$7.8 billion for 100%
of Namisa, slightly below what was announced by the Japanese press
but within expectations which hovered between US$7.0 billion to
US$10 billion," BNamericas quotes Ms. Leocadio as saying.

Maxima Asset Management Analyst Andre Segadilha, as cited by
BNamericas, said the deal turned out to be "excellent" for CSN,
adding that the price was really good.

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.


COSAN LTD: Amends Stock Purchase Terms With Gavea & Mr. Mello
-------------------------------------------------------------
Cosan Limited has agreed to revised terms for the purchase of its
class A common shares by certain investment funds managed by
affiliates of Gavea Investimentos Ltda. and Rubens Ometto Silveira
Mello, the controlling shareholder of Cosan Limited.

Under the revised terms, the Gavea Funds agree to collectively
invest up to US$150 million and Mr. Mello, directly or through an
entity under his control, agrees to invest a total of
US$50 million, each at US$4.50 per share.  With these two
subscriptions, Cosan Limited will raise US$200 million, to be used
to strengthen the capital structure of the Cosan Group to support
its growth, including possible future acquisitions and other
general corporate purposes.

The Gavea Funds will acquire up to 33,333,333 new class A common
shares, including in the form of Brazilian Depositary Shares, and
Mr. Mello will acquire a total 11,111,111 new class A common
shares.  With respect to the BDRs, payment will be made in reais
based on a real to U.S. dollar rate to be determined at closing.

Cosan Limited will extend the current subscription period for
eligible shareholders of record as of October 2, 2008, to
subscribe at the new price until 7 p.m. (New York City time) on
October 24, 2008.  Any subscription made under the prior terms is
automatically cancelled.  Holders of (1) class A common shares who
are either (i) not “U.S. persons” (as such term is defined in
Regulation S under the Securities Act) or (ii) “qualified
institutional buyers” (as such term is defined in Rule 144A under
the Securities Act) and (2) BDRs will, pursuant to exemptions from
registration under applicable United States securities laws, be
eligible to subscribe for the number of new class A common shares
or BDRs, as the case may be, equivalent to their respective
percentage ownership in Cosan Limited as of the record date of
October 2, 2008.

An amended subscription form is available.  Subscriptions for
Cosan Limited's new class A common shares or BDRs pursuant to the
subscription offer will be binding and irrevocable.  The rights to
subscribe for class A common shares and BDRs are not transferable
and not tradable on any securities exchange.

The number of new class A common shares and BDRs to be purchased
by the Gavea Funds may be reduced in the event that certain
existing minorities shareholders of Cosan Limited participate in
the preemptive subscription offer, but the Gavea Funds’ total
investment in Cosan Limited will not be less than US$60 million.

Each one class A common share of record as of October 2, 2008 will
have the right to subscribe for up to 0.241231 new class A common
shares.

Headquartered in Bermuda, Cosan Limited is a holding company of
the Sao Paulo, Brazil-based sugar and ethanol giant, Cosan S.A.
Industria e Comercio.  The company operates in three segments:
sugar, ethanol, and other products and services.  It is the
result of a corporate restructuring implemented last year, which
consisted of its listing on the New York Stock Exchange (NYSE).

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on Oct.
14, 2008, Standard & Poor's Ratings Services lowered its corporate
credit rating on sugar and ethanol producer Cosan Ltd. and its
Brazilian operating subsidiary, Cosan S.A. Industria e Comercio
(jointly referred to as Cosan), to 'BB-' from 'BB'.  At the same
time, S&P removed the ratings from CreditWatch, where they were
placed with negative implications on April 24, 2008.
     
S&P also lowered to 'BB-' from 'BB' the ratings on the bonds
issued by Cosan S.A. and its subsidiaries.  The outlook is stable.


GENERAL MOTORS: Unable to Secure Financing for Chrysler Merger
--------------------------------------------------------------
General Motors Corp. is still unable to secure the financing
necessary for its acquisition of Chrysler LLC, John D. Stoll and
Jeffrey McCracken at The Wall Street Journal report, citing people
familiar with the matter.

WSJ relates that outside money is needed to fund the cost-cutting
-- especially buyouts and severance packages for tens of thousands
of hourly and salaried employees, which could total as much as
40,000 jobs if a deal between GM and Chrysler succeeds.  WSJ says
that GM is already using up more than US$1 billion in cash a
month.

According to WSJ, GM considers the merger as a better way to
ensure the continued funding of hundreds of thousands of the
United Auto Workers union retiree pensions and health-care
benefits.  The report states that the new company would produce
above US$250 billion in yearly revenue, while owning more than 30%
of the U.S. market, and have an estimated US$30 billion in cash,
thus improving the firm's credit rating and lessening the
possibility of a bankruptcy filing by GM or Chrysler.

WSJ relates that several of the potential lenders are still
unconvinced.  According to the report, credit markets are
extremely tight, and a number of lenders are fearful of the
complexity and scale of a merger between two industrial giants
during an economic crisis.  The report says that supporters of the
deal could go to the U.S. government, arguing that a merger is
vital to the survival of the domestic auto industry.  

GM, Cerberus, and the banks could sell a stake in the new company
to the federal government, according to WSJ.  WSJ quoted a source
as saying, "It is still early days, but to make people feel more
comfortable or to get investors to buy in, you have to think a
government role would be important.  That role could take a lot of
forms, but it would be very important.  The government may need to
make it happen."

GM and Cerberus will still decide on how the transaction would be
structured, WSJ states, citing two people involved in the talks.

                 Merger Not Good for Michigan

Matthew Dolan at WSJ relates that a GM-Chrysler merger would land
a heavy economic blow on Michigan, which is already battered by
home foreclosures and the loss of tens of thousands of auto-
industry jobs over the last few years.  The report states that
since 2005, GM, Chrysler, and Ford Motor Co. have cut more than
100,000 jobs across the U.S., making the Detroit area one of the
highest foreclosure rates in the country, and making the economy
so dire that the U.S. State Department cut back on the placement
of Iraqi refugees in Michigan.

According to WSJ, Michigan's unemployment rate in August was 8.9%,
the highest in the U.S.  Economists suspect it could further
increase in 2009, even without a GM-Chrysler deal, the report
says.  Michigan, according to the report, had 13,605 foreclosure
filings in September, fourth highest in the U.S.

WSJ reports that analysts expect GM job cuts and closures at
several Chrysler facilities in Michigan that could be replaced by
GM operations.

                     About Chrysler LLC

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

                   About General Motors

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

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

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


GOL LINHAS: Incurs BRL48MM Net Loss From Currency and Fuel Hedges
-----------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4)
provides its investor update.

  General Guidance:

    Brazilian domestic demand growth at 2.1 GDP
    Brazilian 3Q08e GDP Growth at 4.7%
    Brazilian 3Q08e Domestic RPK Growth at 9.9%

  3Q08E General Comments:

    Average fuel price/liter: BRL2.29
    Average Fare: BRL275
    CASK: BRL17.6e cents
    RASK: BRL17.6e cents

During the third quarter of 2008, 10 737-300s and 8 767s were
removed from the fleet, causing an increase in maintenance
expenses and a decrease in ASK production, thus increasing the
GOL's consolidated CASK.

The airline's average stage length is projected to be
approximately 905 kilometers in third quarter 2008 versus 974
kilometers in third quarter of 2007.

                     Aircraft Delivery Schedule

As of June 30, 2008, GOL's fleet was comprised of 102 Boeing 737
aircraft and 10 Boeing 767s and had 97 aircraft on order with
options to acquire an additional 40 aircraft.

During the third quarter, GOL added 12 Boeing 737 aircraft and
removed 10 Boeing 737-300s and 8 767-300s from its consolidated
fleet.

                           Fuel Hedges

GOL continues to employ advanced fuel derivative agreements to
reduce its exposure to fluctuations in fuel price.  Current
agreements covering in third quarter 2008 are:

                                                  
  Estimated Fuel Liters Consumed (mm)              330
  Estimated Fuel Price per Liter (BRL)             2.29
  Liters (% of estimated consumption)         201 mm (61%) HO and  
                                          WTI with average price
                                              of US$133/bbl


  Operating Margin
    (Estimated EBIT margin, US GAAP)
  Estimated Operating Margin (%)              -1 - +1%


            Financial Results and Exchange Variation

On June 30, 2008, GOL had hedges for approximately 55% and 19% of
its jet fuel requirements at average crude equivalent prices of
approximately US$132 and US$133 per barrel for the third and
fourth quarters of 2008, respectively.  During the third quarter
2008, the airline sold those positions.

GOL also utilizes financial derivative instruments such as hedges
to offset its exposure to increases in the US$ exchange rate.  On
Sept. 30, 2008, the airline had approximately 46%, 25% and 12% of
its short and medium term obligations in foreign currency hedged
for fourth quarter 2008, first quarter 2009 and second quarter
2009, respectively.

The impact of gains in currency hedges and losses in fuel hedges
in the quarter results in an approximate net loss of BRL48
million.

During the third quarter 2008, the U.S. Dollar appreciated 20%
versus the Brazilian Real, equivalent to BRL0.32.  The exchange
variation on GOL's net foreign currency liabilities, mainly
related to long-term debt, with average term of 7.3 years, will
have a negative non-cash impact of approximately BRL225 million in
the quarter.

                         About GOL Linhas

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

                           *     *     *

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


NET SERVICOS: Mulls Reducing Impact of Exchange-Rate Changes
------------------------------------------------------------
Net Servicos de Comunicacao S.A., maintaining a policy of focusing
on its core business, has sought to minimize the impact of the
exchange-rate variation on its results.  One of its main efforts
has been to convert programming costs -– which in the past were
basically denominated in U.S. dollar -– into local currency, thus
avoiding the currency mismatch between its revenue and its main
operational cost.

Meanwhile, the company still has other costs potentially impacted
by the exchange rate, such as the imported equipment used in its
operations and debt issued abroad.

Aiming to ensure that the exchange-rate scenario does not
represent an obstacle to meeting its budget and established goals,
NET’s policy is to reduce foreign exchange risk in its cash flow.
To do so, it enters into foreign-currency hedge contracts to
protect the expected value of its future import volumes and the
payment of interest on debt during the period established by its
Financial Committee.

Concerning its financial debt, it should be noted that of the
total amount denominated in U.S. dollar, about 43% involves
perpetual bonds, which do not represent a cash flow risk or a
refinancing risk.

Management has used financial instruments as hedge mechanisms only
and never to speculate, ensuring that NET has fulfilled of all of
its obligations abroad without adversely affecting its liquidity
and the cash level needed to maintain accelerated growth, even in
a scenario of scarce funds in the capital markets.  Currently, NET
has a cash position of around R$1.0 billion to support its growth.

                        Capital Structure

Given the nature of the local financial market, a constant
challenge of Brazilian companies has been achieving a capital
structure that is adequate for long-term projects. Since financing
risk is a key factor in Brazil, this variable is crucial in any
funding decision involving new projects.

NET has sought to manage its capital structure prudently and
conservatively, using clear objectives to measure its degree of
leverage.  The main aspects considered by the Company before any
issue is the amortization schedule, cost of debt in accessible
markets, currency risk, visibility of its annual operating cash
flow, return on investment and the compatibility of this return.

Headquartered in Sao Paulo, Brazil, Net Servicos de Comunicacao
S.A. -- http://nettv.globo.com/NETServ/us/empr/sobr_visao.jsp--  
is the largest pay-television operator in Latin America.  The
company operates in 79 Brazilian cities, including Sao Paulo,
Rio de Janeiro, Belo Horizonte and Porto Alegre.  It is also the
leading provider of high-speed cable modem Internet access
through Net Virtua service.  Its advanced network of coaxial and
fiber-optic cable covers over 44,000 kilometers and passes
approximately 9 million homes.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, Moody's Investors Service assigned a Ba2 foreign
currency rating to the proposed up to US$200 million guaranteed
long term senior unsecured notes to be issued by Net Servicos de
Comunicacao S.A.  Moody's said the rating outlook is stable.


SADIA SA: Extraordinary Shareholders Meeting Scheduled for Nov. 3
-----------------------------------------------------------------
Sadia S.A.'s shareholders will have an Extraordinary General
Meeting on November 3, 2008, 2:00 p.m., at the company’s
headquarters, located in the City of Concordia, State of Santa
Catarina, at Avenida Attilio Fontana, 86, ZIP CODE 89700-000.

The meeting will discuss the:

   I – Matter to be resolved by the shareholders, as requested
       by the company’s management:

       1. Acknowledgement of the resignation of the President
          and Vice-President of the Board of Directors, carried
          out in accordance with art. 150 of Law 6,404/76.

  II – Matters to be resolved by the shareholders as per a
       shareholder’s request received at the company’s
       headquarters on October 8, 2008, and based on the sole
       paragraph of art. 123 of Law 6,404/76:

       1. “Disclosure of the Company’s Policy for the
          Application of Treasury Resources and clarification
          regarding the applicable control mechanisms of such
          Policy”

       2. “Detailing of all financial transactions related to
          exchange rate variation executed after the last
          approved financial statement (31.12.2007), especially
          the use of derivatives”.

       3. “Submission of a report of all transactions with
          Company shares involving 10.000 or more shares (common
          or preferred), registered in its books and carried out
          in the 30 day period immediately preceding the
          disclosure of the Press Release”;

       4. “Assessment of the need to engage a Special Audit to
          verify the abovementioned transactions”;

       5. “Resolution on the filing of the civil liability
          action set forth in art. 159 of Law 6,404/76, as well
          as a possible damages claim”.

Headquartered in Sao Paulo, Brazil, Sadia S.A. --
http://www.sadia.com-- operates in the agro industrial and food
processing sectors in Brazil and primarily produces a range of
processed products, poultry, and pork.  The company distributes
around 1,000 different products through distribution and sales
centers located in Brazil, China, Japan and Italy.

                           *     *      *

As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2008, Standard & Poor's Ratings Services lowered its long-
term corporate credit rating on Sadia S.A. and the rating on
subsidiary Sadia Overseas Ltd.'s US$250 million in senior
unsecured notes to 'BB' from 'BB+'.  At the same time, S&P removed
the ratings from CreditWatch, where they had been placed with
negative implications on Sept. 26, 2008.  S&P said the outlook on
the ratings is negative.

The TCR-LA also reported on Sept. 30, 2008, that Moody's Ratings
Services downgraded all ratings related to Sadia S.A. to Ba3 from
Ba2 following the announcement of some BRL760 million in cash
losses from positions in currency forward contracts and
counterparty losses in its offshore investment portfolio.


SADIA SA: Toledo Plant Resumes Operations After Renovation
----------------------------------------------------------
Sadia S.A.'s old factory in Toledo, Parana, which received
investment of BRL173 million (US$79 million) in restoration and
expansion, started operating this month, Brazzil Magazine reports.    
However, when adding other projects implemented by the company
over the year, the Toledo unit received a total of BRL206 million
(US$94 million) in investment.  Brazzil Mag recalls that the
investment was among the greatest promoted by Sadia last year and
in 2008.

The new factory covers an area of 17,200 square meters, 20%
greater than what was originally forecasted, and has a production
capacity of 70,000 tons a year, 30% greater than before, the
report notes.  The new unit expects to generate additional
revenues of BRL400 million (US$183 million).  Around 600 new jobs
will be created following the expansion of the factory.

With five automated production lines, the unit is going to produce
industrialized chicken products that are mostly exported,
according to the report.  The unit in Toledo may also be used to
produce and slaughter pork like breaded products, sausages and
bacon, and produce feed.  The unit will export products mainly to
Japan, South America, Latin America, Europe and the Middle East,
Brazzil Mag relates.

Headquartered in Sao Paulo, Brazil, Sadia S.A. --
http://www.sadia.com-- operates in the agro industrial and food
processing sectors in Brazil and primarily produces a range of
processed products, poultry, and pork.  The company distributes
around 1,000 different products through distribution and sales
centers located in Brazil, China, Japan and Italy.  Sadia has a
25% share of the meat and meat product market in the Gulf area,
including Saudi Arabia, the United Arab Emirates, Kuwait, Qatar,
Oman and Bahrain.

                           *     *      *

As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2008, Standard & Poor's Ratings Services lowered its long-
term corporate credit rating on Sadia S.A. and the rating on
subsidiary Sadia Overseas Ltd.'s US$250 million in senior
unsecured notes to 'BB' from 'BB+'.  At the same time, S&P removed
the ratings from CreditWatch, where they had been placed with
negative implications on Sept. 26, 2008.  S&P said the outlook on
the ratings is negative.

The TCR-LA also reported on Sept. 30, 2008, that Moody's Ratings
Services downgraded all ratings related to Sadia S.A. to Ba3 from
Ba2 following the announcement of some BRL760 million in cash
losses from positions in currency forward contracts and
counterparty losses in its offshore investment portfolio.


SOTHEBY'S: Brazil Arm Sees Boom in Real Estate Amid Global Crisis
-----------------------------------------------------------------
Fabio Rossi Filho, director of the Brazilian real estate branch of  
Sotheby's auction house, doesn't believe there is a crisis,
Brazzil Magazine writes.

"Buying real estate is, once again, a good deal.  It is a safe
haven in times of crisis and Brazil has great opportunities to
offer investors," Brazzil Mag quotes Mr. Rossi as stating.

With the market on the rise, Sotheby's Brazil hopes to end the
year with sales of BRL1 billion (US$481 million), according to the
report.  "For 2009, the target is to double this figure," he
added, pointing to the receptiveness that the group's offices
worldwide have shown for Brazilian real estate.

Currently, around 70% of the Sotheby's real estate buyers are
Brazilian and 30% are foreign, but this figure should rise next
year, Brazzil Mag relates.

                  Agribusiness Sector is Booming

According to Mr. Rossi, in November, Sotheby's is going to get a
new unit turned to agribusiness, to be based in the city of Campo
Grande, in the state of Mato Grosso do Sul.  An undisclosed Arab
fund is one of the company's foreign buyers in Brazil.

Brazzil Mag relates that the company offers around 200 main kinds
of real estate, including agricultural properties which is among
the most highly priced going for US$10.8 million.  "The country's
potential for trade of this kind of real estate is enormous," said
Mr. Rossi.

Based on the report, the company will open three more units this
year: one in Natal, Rio Grande do Norte, another in Joao Pessoa,
in Paraiba, and one in Maceio, in Alagoas.  The company also plans
to open offices in Rio de Janeiro and in Florianopolis, in Santa
Catarina.

                         About Sotheby's

Sotheby's, headquartered in New York NY, is one of the two largest
auction houses in the world.  Total revenues for the fiscal year
ended Dec. 31, 2007, were nearly US$918 million.

Sotheby's Brazil started at the end of 2006, opened an office in
Sao Paulo and invested around US$5 million, Brazzil Mag notes.  
The company's first year of operations was in 2007.  The company's
client portfolio in Sao Paulo includes apartments costing
US$700,000 to US$3 million, which is reportedly attractive to
foreign buyers.

                          *     *     *

As reported by the Troubled Company Reporter on June 20, 2008,
Moody's Investors Service affirmed Sotheby's ratings following the
company's 8-K filing announcement that it issued US$200 million of
convertible senior notes due 2013, US$50 million higher than the
amount initially rated on June 9, 2008.

The affirmation considers that the increase in the convertible
debt offering will not materially alter Sotheby's financial
profile.  Pro forma debt/EBITDA is still expected to remain well
below 5 times, Moody's stated leverage target that could trigger a
negative rating action.

On June 9, 2008, Moody's assigned a Ba3 rating to Sotheby's new
3.12% senior convertible notes due 2013.  A Ba3 rating was also
assigned to company's new US$150 million 7.75% senior unsecured
notes due 2015.  Sotheby's Ba2 Corporate Family Rating, Ba2
Probability of Default rating, and stable ratings outlook were
affirmed.

While the larger convertible debt offering did not impact
Sotheby's ratings, it did result in a minor change to the point
estimates of both the senior unsecured notes due 2015 and the
convertible senior notes due 2013, to LGD 5, 82% from LGD 5, 84%.



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

ANTHRACITE BALANCED (21): Final Shareholders Meeting Set Oct. 29
----------------------------------------------------------------
Anthracite Balanced Company (21) Ltd. will hold its final
shareholders meeting on Oct. 29, 2008, at 10:00 a.m., at the
offices of HSBC Bank (Cayman) Limited, P.O. Box 1109, George Town,
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

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): Final Shareholders Meeting Is Oct. 29
---------------------------------------------------------------
Balanced Company (H21/A) Ltd. will hold its final shareholders
meeting on Oct. 29, 2008, at 10:00 a.m., at the offices of HSBC
Bank (Cayman) Limited, P.O. Box 1109, George Town, Grand Cayman,
Cayman Islands.

These matters will be taken up during the meeting:

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

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: Holding Final Shareholder Meeting on Oct. 29
-------------------------------------------------------------
Inter Financial Corp. II will hold its final shareholders meeting
on Oct. 29, 2008, at 10:00 a.m., at the offices of BNP Paribas
Bank & Trust Cayman Limited, 3rd Floor Royal Bank House, Shedden
Road, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

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


LAQUE LIMITED: Will Hold Final Shareholders Meeting on Oct. 29
--------------------------------------------------------------
Laque Ltd. will hold its final shareholders meeting on Oct. 29,
2008, at Coutts House, 1446 West Bay Road, P.O. Box 707, Grand
Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

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


O'CONNOR BUYOUT: To Hold Final Shareholders Meeting on Oct. 29
--------------------------------------------------------------
O'Connor Buyout and Acquisition Trading Master Ltd. will hold its
final shareholders meeting on Oct. 29, 2008, at 1:30 p.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Buyout's shareholders agreed on July 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


O'CONNOR BUYOUT MASTER: Final Shareholders Meeting Is on Oct. 29
----------------------------------------------------------------
O'Connor Buyout and Acquisition Trading Master Ltd. will hold its
final shareholders meeting on Oct. 29, 2008, at 1:00 p.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Buyout's shareholders agreed on July 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


O'CONNOR CREDIT: Holding Final Shareholders Meeting on Oct. 29
--------------------------------------------------------------
O'Connor Credit Arbitrage Ltd. will hold its final shareholders
meeting on Oct. 29, 2008, at 12:30 p.m., at the offices of
Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, George Town,
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Credit's shareholders agreed on July 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


O'CONNOR CREDIT MASTER: Sets Final Shareholders Meeting on Oct. 29
------------------------------------------------------------------
O'Connor Credit Arbitrage Master Ltd. will hold its final
shareholders meeting on Oct. 29, 2008, at 12:00 p.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Credit's shareholders agreed on July 16, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


O'CONNOR LONG/SHORT: Final Shareholders Meeting Set for Oct. 29
---------------------------------------------------------------
O'Connor Long/Short Equity Opportunities Ltd. will hold its final
shareholders meeting on Oct. 29, 2008, at 11:30 a.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Long/Short's shareholders agreed on July 16, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


O'CONNOR LONG/SHORT MASTER: Final Shareholders Meeting on Oct. 29
-----------------------------------------------------------------
O'Connor Long/Short Equity Opportunities Master Ltd. will hold its
final shareholders meeting on Oct. 29, 2008, at 11:00 a.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Long/Short's shareholders agreed on July 16, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


O'CONNOR MULTI-LONG/SHORT: Final Shareholders Meeting Is Oct. 29
----------------------------------------------------------------
O'Connor Multi-Long/Short Strategies Ltd. will hold its final
shareholders meeting on Oct. 29, 2008, at 10:00 a.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Multi-Long/Short's shareholders agreed on July 16, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


O'CONNOR MULTI-LONG/SHORT MASTER: Sets Final Shareholders Meeting
-----------------------------------------------------------------
O'Connor Multi-Long/Short Strategies Master Ltd. will hold its
final shareholders meeting on Oct. 29, 2008, at 10:30 a.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Multi-Long/Short's shareholders agreed on July 16, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


O'CONNOR PROPRIETARY: Holds Final Shareholder Meeting on Oct. 29
----------------------------------------------------------------
O'Connor Proprietary Series Inconvertible Trading Ltd. will hold
its final shareholders meeting on Oct. 29, 2008, at 2:30 a.m., at
the offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box
1787, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Proprietary's shareholders agreed on July 16, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258



O'CONNOR PROPRIETARY (EURO): Final Shareholder Meeting Is Oct. 29
-----------------------------------------------------------------
O'Connor Proprietary Series Inconvertible Trading Ltd. will hold
its final shareholders meeting on Oct. 29, 2008, at 2:00 a.m., at
the offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box
1787, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Proprietary's shareholders agreed on July 16, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


O'CONNOR QUANTITATIVE: Sets Final Shareholders Meeting on Oct. 29
-----------------------------------------------------------------
O'Connor Quantitative Trading Strategies Ltd. will hold its final
shareholders meeting on Oct. 29, 2008, at 3:00 a.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Quantitative's shareholders agreed on July 16, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


O'CONNOR QUANTITATIVE MASTER: To Hold Final Shareholders Meeting
----------------------------------------------------------------
O'Connor Quantitative Trading Strategies Master Ltd. will hold its
final shareholders meeting on Oct. 29, 2008, at 3:30 a.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

O'Connor Quantitative's shareholders agreed on July 16, 2008,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
            
Contact for inquiries:

               Jessica Turnbull
               Telephone: (345)949-7500
               Fax: (345)949-8258


RED ORCHID: Will Hold Final Shareholders Meeting on Oct. 29
-----------------------------------------------------------
Red Orchid Secured Assets Ltd. will hold its final shareholders
meeting on Oct. 29, 2008, at the offices of Maples Finance
Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman,
Cayman Islands.

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

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

The liquidators can be reached at:

               Mark Hill and Giles Le Sueur
               c/o Maples Finance Jersey Limited
               2nd Floor Le Masurier House
               La Rue Le Masurier
               St. Helier, Jersey


* CAYMAN ISLANDS: Tourism Sector to Face Tough Year Ahead
---------------------------------------------------------
The Caymanian Compass writes that it's going to be a tough year
ahead for Cayman Islands' tourism industry pointing to a general
consensus from hotel and condo managers regarding the recent
global economic crisis.

Director of Sales and Marketing at the 295–room Grand Cayman
Marriott Beach Resort Carolina Voullieme discloses the demand
indicators for 2009 are very concerning, Caymanian Compass notes.  
She said that they expect fewer bookings next year that may still
cancel going forward.  She added that the people are not
traveling.

Good airlift, including new gateways from Cayman Airways, will
encourage new tourists to the islands, the CayCompass writes.

While indicators show that demand for December is 11% up on last
year, for October demand is 13% below last year and for November
it's down 20% on last year, the report says.  Demand for September  
was badly affected by hurricanes in the Caribbean region.

The 365–room Ritz–Carlton, Grand Cayman, which has always
responded positively to questions from the CayCompass on how
bookings are looking, declined to comment this time around.

At the 343–room Westin Casuarina Resort, General Manager Dan
Szydlowski said that although there is a concern that those booked
could cancel if the economic situation worsens, there is a need to
be optimistic about things.  As cited by the CayCompass, Mr.
Szydlowski said they are lucky so far in that no large groups have
canceled bookings for 2009.  He said it's too soon to tell how
things look with transient guests.  According to him, Cayman
Airways' Chicago and Washington DC winter flights may boost
tourism.

General Manager at the 108 room Comfort Suites, Ken Thompson share
in the optimism of Mr. Szydlowski.

At the Reef Resort, a 166 bedroom property in East End, Director
Tom McCallum said forward bookings have slowed radically with the
economic crisis, the report notes.

The CayCompass reports that General Manager Trudy Viers at the 41–
room Brac Reef Beach Resort said she has not had any cancellations
and bookings are strong for the rest of the year.  At Lacovia
Condominiums with 32 units, Manager Rory Mohammed said for
Thanksgiving they currently have only five bookings and General
Manager Carlene Alexander at Plantana Condominiums, with 36 units,
expects a lean winter.  Wakelyn Rivers of The Avalon, with 19
condo units, said there are indicators of a drop in demand.



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

AMERICAN INT'L: To Stop Seeking for Changes in Mortgage Law
-----------------------------------------------------------
Elizabeth Williamson at The Wall Street Journal reports that
American International Group Inc. said it will stop asking
lawmakers and regulators for changes in the mortgage law, after
the congress questioned the company on how it is using more than
US$120 billion loaned by the government.

"We're not suspending lobbying as a cost-saving measure but as
part of an overall review of what activities we should be involved
in," WSJ quoted AIG spokesperson Nick Ashooh as saying.

WSJ relates that congressional overseers have questioned AIG on
its lavish events in the days after its government rescue in
September, including a US$440,000 weekend at a California spa for
top business producers.

As reported in the Troubled Company Reporter on Oct. 20, 2008,
Senator Dianne Feinstein of California, and Senator Mel Martinez
of Florida asked AIG to stop using taxpayers money in its effort
to diminish the new federal controls over the mortgage industry.  
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.  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 want
greater transparency over how the licensing fees are to be spent
by the states.

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.  

According to WSJ, Mr. Ashooh said on Monday that the company has
cancelled about 160 events scheduled for the coming months, that
were to cost a total of US$80 million.  "We're reviewing all of
our expenses and activities.  As part of that we have suspended
lobbying activities," the report quoted Mr. Ashooh as saying.  Mr.
Ashooh said that Mr. Liddy has told employees that any personal
expenses incurred during the California spa weekend must be
reimbursed, according to the report.

AIG wasn't closing any of its lobbying offices for now, but staff
layoffs would be part of the company's restructuring, WSJ states,
citing Mr. Ashooh.  

          AIG CEO Demands Apology From Jim Cramer

Heidi N. Moore posted on The Deal Journal on Monday that AIG's CEO
Edward Liddy is demanding an apology from CNBC investor and "Mad
Money" host Jim Cramer.

Mr. Liddy said in a letter to Mr. Cramer, "I was deeply
disappointed last Thursday when you urged your viewers to harass
AIG employees....  I demand they be retracted and that you
apologize to AIG˙s employees.  It is one thing to criticize the
executive leadership of AIG -- that's fair commentary.  But it is
way out of bounds to incite people to confront and harass other
AIG employees -- hard-working, dedicated people who are running
good businesses and are committed to our success.  The employees
of AIG did not cause this mess, but they are paying for it -- in
diminished 401K savings and in some job losses as we sell
companies to repay the Federal loan."

                 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.



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

* COLOMBIA: Short-Term Bonds to Jump on Rate Outlook, RBS Says
--------------------------------------------------------------
Colombia's short-term peso bonds will likely advance on
speculation the central bank will reduce its overnight lending
rate this week, Andrea Jaramillo of Bloomberg News reports, citing
RBS Greenwich Capital Markets Inc.

Policy makers, Bloomberg says, will cut the overnight lending rate
a quarter percentage point to 9.75% at their October 24 meeting,
the firm estimates.  Banco de la Republica has lifted its key rate
4 percentage points since April 2006, to a seven-year high of 10%.

"Short-term bonds, mainly one- or two- year securities, should
continue to advance on expectations of a rate cut," Bloomberg
quotes RBS Macro Strategist Benito Berberas as saying.

Colombia's Stock Exchange, as noted by Bloomberg, disclosed that
the yield on the peso bond due July 2009 fell 3 basis points, or
0.03 percentage point, to 10.30% at 2:08 p.m. New York time on
October 20.

According to Bloomberg, Colombia's economy expanded at the slowest
pace since 2005 in the second quarter as efforts to stem inflation
damped consumer and industrial spending.  The economy grew 3.7% in
the April-through-June period, down from 4.5% in the first
quarter.

Bloomberg, citing the median forecast of 21 economists, states
that Banco de la Republica will leave the rate unchanged at 10
percent at this week's meeting.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept, 8, 2008, Fitch Ratings affirmed Colombia's foreign currency
sovereign Issuer Default Rating at 'BB+' and the short-term IDR at
'B'.

The TCR-LA on Feb. 29, 2008, Standard & Poor's Ratings Services
affirmed its 'BB+' long- and 'B' short-term foreign currency
sovereign credit ratings on the Republic of Colombia.



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

AMERICAN AXLE: Production Slump Cues Fitch to Cut Debt Ratings
--------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of American
Axle to 'B' from 'B+' and the company's unsecured debt to 'B/RR4'
from 'B+/RR4'.  The rating action reflects further deterioration
in production volumes of American Axle's key GM platform resulting
from accelerated production shutdowns and the deepening impact of
the credit crisis on dealers, leasing activity and retail sales
financing.  Negative cash flows in the remainder of 2008 and 2009
will be steeper than previously envisioned, and the company's
liquidity profile has tightened.

American Axle's restructuring of its labor contracts and
manufacturing footprint is expected to be completed by the end of
the first half of 2009, but the costs of implementation, when
combined with operating losses, will require access to its
revolving credit agreement which matures in 2010.

At the end of the second quarter, following an 87 day strike,
American Axle had US$196 million in cash and US$572 million
available under its unsecured revolving credit agreement.  
However, the company is likely to violate its leverage covenant at
some point over the next six months, and Fitch estimates that
American Axle could require US$300 million - US$350 million in
external borrowings debt in order to complete the transition to
its new manufacturing and labor model.  This will materially
increase the company's existing debt load of approximately US$858
million as of June 30, 2008. The company's shrunken market
capitalization severely limits the company's ability to raise
equity-linked capital.  American Axle has no other significant
maturities until 2010.

Given the current capital market conditions and deterioration in
the U.S. auto market, Fitch expects that American Axle will not be
able to establish a new revolver, even on a secured basis, in an
equivalent size to its existing facility.  Fitch expects that a
new facility could move to a borrowing-base collateral structure,
which would limit the company's borrowing capacity.  Primary
securitizable assets, include GM receivables and GM-dedicated
inventory, are likely to have a reduced collateral value.  In the
event of a new secured bank agreement, Fitch will review the
ratings and could further notch down the ratings on existing
unsecured debt.

Over the longer term, Fitch expects that the pickup truck will
partially rebound in line with any stabilization and improvement
in the housing market.  American Axle continues to expand its
geographic, customer and product diversification with healthy new
business wins, although a lot of this business remains in a start-
up phase and will not contribute to operating performance until
the second half of 2009.  The flexibility and cost reductions
provided by American Axle's new labor contract position the
company to downsize its cost structure in response to current
market conditions.  

The company should also benefit from modest commodity price
relief.  Over the longer term, improvement in the company's
operating performance and leverage position will be correlated
with the ramp-up of the company's international new business wins.  
Market conditions will also affect pension asset returns, which
will likely to require incremental pension contributions over the
next several years.

Ratings downgraded:

American Axle & Manufacturing, Inc
-- IDR to 'B' from 'B+'
-- Unsecured debt to 'B/RR4' from 'B+/RR4'.

American Axle & Manufacturing Holdings, Inc
-- IDR to 'B' from 'B+'.

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE: AXL) -- http://www.aam.com/   
-- is a world leader in the manufacture, engineering, design and
validation of driveline and drivetrain systems and related
components and modules, chassis systems and metal-formed
products for trucks, sport utility vehicles, passenger cars and
crossover utility vehicles.  In addition to locations in the
United States (Michigan, New York, Ohio and Indiana), the
company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea,
Thailand and the United Kingdom.


CORPORACION GEO: Moves 3rd Quarter 2008 Conference Call to Oct. 28
------------------------------------------------------------------
Corporacion Geo's Third Quarter 2008 Conference Call has been
changed to 10:00 am (EDT) remaining at 8:00 am Mexico City Time on
Tuesday, Oct. 28, 2008 to reflect the end of Daylight Savings Time
in Mexico.

The conference call can be accessed by calling:

    Tel. Numbers: (888) 713-4214 (U.S.)
                  (617) 213-4866 (International)
    Passcode: 48408814.

To pre-register for the conference call visit:
    
http://www.corporaciongeo.com/ir/conference/invitacion/3Q08%20Geo%
20CCall%20

A live web cast of the conference call and replay will be
available at the company's web site.

Headquartered in Mexico, Corporacion Geo, S.A. de C.V. --
http://www.corporaciongeo.com-- specializes in the construction    
of affordable low-income housing with operations in 33 cities
across 15 states in Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2008, Standard & Poor's Ratings Services has affirmed
its ratings, including the 'BB-' global scale and 'mxA-' national
scale long-term corporate credit ratings with stable outlook, on
Corporacion Geo S.A.B. de C.V.


PAPER INTERNATIONAL: Section 341(a) Meeting Set for December 16
---------------------------------------------------------------
The U.S. Trustee for Region 2 will convene a meeting of creditors
of Paper International Inc. and Fibers Management of Texas, Inc.,
on Dec. 16, 2008, at 2:00 p.m., in the Office of United States
Trustee at 80 Broad Street, 4th floor in New York.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in Prewitt, New Mexico, Paper International, Inc.
-- http://www.internationalpaper.com-- manufactures paper and
packaging products with operations in North America, Europe, Latin
America, Russia and North Africa.  The Debtors have more than
50,000 employees in in 20 countries.  The company and Fiber
Management of Texas, Inc. filed for Chapter 11 protection on
Oct. 6, 2008 (Bankr. S.D. N.Y. Lead Case No.08-13917).  Larren M.
Nashelsky, Esq., at Morrison & Foerster LLP, at represents the
Debtors.  The Debtor selected Meade Monger as their chief
restructuring officer.  The Debtors also selected AP Services, LLC
as their restructuring advisor.

Corporacion Durango, S.A.B. de C.V. of Durango, Mexico, owns
100% of the Debtors' interests as of October 6, 2008.  Corporacion
Durango filed a voluntary Chapter 15 petition in the United
States Bankruptcy Court for the District of New York, Case
No. 08-13911.

Paper International listed assetsof  between US$100 million and
US$500 million, and debts between US$500 million to US$1 billion,
while Fiber Management listed assets between US$1 million to US$10
million, and debts between US$500 million and US$1 billion.


* MEXICO: Offers US$3.1 Billion Credit to Boost Housing Sector
--------------------------------------------------------------
Mexico's government is offering MXN40 billion (US$3.1 billion) of
credit to mortgage lenders in a bid to bolster liquidity in the
housing market, Bloomberg News writes.

Bloomberg reports that Banco de Mexico also unveiled on October 13
a plan to provide financing to commercial banks in need of
liquidity.

As cited by Bloomberg, the Federal Mortgage Society, in charge of
developing Mexico's housing, said its beefed-up lending may
include bridge loans and emergency credit lines to mortgage
companies squeezed by restricted credit in global markets.

The mortgage plan follows other government moves to stabilize the
country's markets amid the global credit crunch, including the
central bank's sale of US$11.2 billion to stem the plunge of the
peso, the report notes.

Mortgage lenders' borrowing costs rose up to two percentage points
in the past month eroding investors' confidence, said Salvador
Orozco, a fixed income analyst with Banco Santander SA, the report
relates.

FMS head Javier Gavito, Bloomberg recalls, had said that Mexican
mortgage lenders cut their 2008 estimated mortgage-bond issuance
to MXN45 billion from MXN80 billion forecast in December, as
demand for the bonds fell amid tightening credit conditions.



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

GOODYEAR TIRE: CFO Schmitz Resigns, Darren R. Wells Assumes Role
----------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed that W. Mark
Schmitz, executive vice president and chief financial officer,
has elected to leave the company to pursue other interests.  
Darren R. Wells, previously senior vice president of finance and
strategy, has been named to replace Mr. Schmitz as CFO effective
immediately.

Mr. Schmitz, served the company as chief financial officer for
the past 14 months.  Mr. Wells, 42, was one of the key leaders
and architects of the company's financial restructuring since
joining the company from Visteon Corp. six years ago as
Goodyear's vice president and treasurer.  Mr. Wells was promoted
to senior vice president business development and treasurer in
May 2005, and to his most recent position in March 2007.

"The innovative plans to restructure our balance sheet executed
under [Mr. Wells'] leadership served as the foundation of the
company's rebirth as a stronger, more respected competitor in the
tire industry," Robert J. Keegan, chairman and chief executive
officer, said.  "As chief financial officer, [Mr. Wells] will
use his outstanding business and financial skills and strong
leadership capabilities to generate shareholder value."

A native of Indianapolis, Mr. Wells earned his bachelor of arts
degree from DePauw University in Greencastle, Indiana, and his
MBA in finance from Indiana University.  He held positions of
increasing importance in 10 years at Ford Motor Company,
including assignments in Australia for Ford Credit and Ford
Investment Enterprises. He returned to the U.S. in 2000 as
assistant treasurer of Visteon.

Mr. Schmitz was with Tyco International's Fire and Security
segment as vice president and chief financial officer for four
years prior to joining Goodyear.

"We appreciate [Mr. Schmitz'] contributions during a challenging
period in our industry and in the global economy, and wish him
well in the next phase of his career," Mr. Keegan said.

                         Liquidity Woes

As reported in the Troubled Company Reporter on Sept. 29, 2008,
Goodyear Tire stated that it will draw US$600 million from its
existing U.S. revolving credit facility due to a temporary delay
in its ability to access US$360 million of cash currently invested
with The Reserve Primary Fund.  The funds will also be used to
support seasonal working capital needs and to enhance the
company's cash liquidity position.

                      About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest   
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26 countries
and employs 80,000 people worldwide.  Goodyear has subsidiaries in
New Zealand, Venezuela, Peru, Mexico, Luxembourg, Finland, Korea
and Japan, among others.  

                         *     *     *

As reported by the Troubled Company Reporter-Europe on March 6,
2008, Fitch Ratings upgraded The Goodyear Tire & Rubber Company's
Issuer Default Rating to 'BB-' from 'B+' and senior unsecured debt
rating to 'B+' from 'B-/RR6'.



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

APARTMENT INVESTMENT: Fitch Holds 'BB+' Rating on Preferred Stock
-----------------------------------------------------------------
Fitch Ratings has affirmed the credit ratings of Apartment
Investment and Management Company as:

-- Issuer Default Rating at 'BBB-';
-- US$475 million corporate term loans at 'BBB-';
-- US$650 million revolving loan commitments at 'BBB-';
-- US$723.5 million of preferred stock at 'BB+'.

AIMCO Properties, L.P. (as co-borrower with Aimco)
-- Issuer Default Rating at 'BBB-';
-- US$475 million corporate term loans at 'BBB-';
-- US$650 million revolving loan commitments at 'BBB-'.

The Rating Outlook has been revised to Negative from Stable.

The Negative Outlook revolves around Aimco's small pool of
unencumbered apartment properties for the 'BBB-' rating level.  In
Fitch's view, maintaining an unencumbered pool is particularly
important as a source of contingent liquidity given the ongoing
challenges in the real estate debt capital markets.  Fitch
believes that Aimco's small pool of unencumbered assets relative
to its corporate debt is very low for the 'BBB-' IDR.

Fitch continues to assess liquidity among rated U.S. equity real
estate investment trusts, taking into account access to capital,
organic liquidity, committed bank lines, asset sales, joint
venture platforms, and access to the mortgage market and other
markets.  Positively, Fitch notes that Aimco has a proven track
record of accessing non-recourse property mortgage financing.  In
addition, Aimco has accessed funding through a US$650 million
committed bank line, US$475 million in term loans, Fannie Mae and
Freddie Mac financings, preferred and common stock, an established
asset sale platform and joint venture arrangements.

That being the case, Fitch continues to emphasize the importance
of maintaining a pool of unencumbered assets to generate
sufficient cash flow and value for corporate lenders.  Fitch
calculates that Aimco's unencumbered pool was equal to only 1.4%
of properties on a gross book basis as of year-end 2007 and notes
that this level is weak for the 'BBB-' rating in that it limits
financial flexibility, particularly in light of the recent turmoil
in the residential real estate credit markets.

The Negative Outlook centers on the view that while there is
residual cash flow and value available to corporate debt
investors, nearly all of the cash flow generated by the company's
portfolio is structurally subordinated to Aimco's non-recourse
secured property debt.  The Outlook also points to a Fitch-
calculated liquidity shortfall for Aimco through year-end 2009.

The 'BBB-' IDR continues to reflect Fitch's view that Aimco's
same-store property performance has been good.  Same-store net
operating income for Aimco grew 4.5% in calendar year 2007 and
4.4% in the second quarter of 2008 relative to the same periods in
the previous year, while same-store net operating income growth is
projected in the 2.5% - 4.5% range throughout 2008.  The 'BBB-'
rating also points to the strength of the company's management
team, Aimco's large, geographically diversified portfolio, strong
redevelopment platform and the multiple earning streams generated
through Aimco's various businesses.  

In addition, Aimco's fixed charge coverage ratio was 1.5 times for
the 12 months ended June 30, 2008 and 1.5x during 2007.  Fitch
calculates that Aimco's debt-to-recurring EBITDA and debt-to-
undepreciated book capital ratios as of June 30, 2008 were 9.0x
and 59.7% respectively, compared with 8.3x and 54.8%,
respectively, as of Dec. 31, 2006.

Given the ongoing pressures in the credit markets and Fitch's
focus on liquidity and unencumbered assets, Fitch's Negative
Outlook for Aimco will likely be resolved in the next 6-12 months.  
Fitch will likely downgrade Aimco's IDR to 'BB+' if the company
does not take meaningful steps towards establishing an
unencumbered pool in the coming months to the point where
unencumbered assets to unsecured corporate debt reaches 100%.  
Conversely, the Rating Outlook would likely return to Stable if
Aimco establishes a larger unencumbered pool during the next 6-12
months to the point where the ratio of unencumbered assets to
unsecured corporate debt reaches 150%.

Headquartered in Denver, Aimco had US$13.3 billion in
undepreciated book assets and US$4.6 billion in undepreciated book
equity as of June 30, 2008.  As of June 30, 2008, Aimco owned or
managed a real estate portfolio of 1,114 apartment properties
containing 188,672 apartment units located in 46 states, the
District of Columbia and Puerto Rico.



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

CHRYSLER LLC: Prefers GM Over Nissan-Renault, WSJ Report Says
-------------------------------------------------------------
John D. Stoll at The Wall Street Journal reports that people
familiar with the matter said that Chrysler LLC may join a
manufacturing and development alliance between Nissan Motor Co.
and Renault SA, but still prefers a merger deal with General
Motors Corp.

WSJ relates that a merger between Chrysler and GM would reduce the
exposure of Cerberus Capital Management LP -- Chrysler's owner --
to the volatile global auto industry.  While GM is yet unable to
secure financing for the deal, Cerberus Capital is continuing to
explore Chrysler's possible team up with Nissan.

According to WSJ, the sources said that Cerberus Capital is
considering selling a minority stake to Nissan and Renault.  
Nissan has taken the lead in negotiations with Cerberus and
Chrysler, the report says, citing the sources.

WSJ states that in an alliance with Nissan and Renault, Chrysler
would have a better chance of keeping much of its operations, than
in a merger with GM.  Chrysler, says the report, has overlapping
brands and North American manufacturing plants with GM.  According
to WSJ, Nissan and Renault have strong balance sheets, and a
Nissan-Renault-Chrysler alliance would have little overlap on the
companies' operations, with Chrysler strong in trucks and
minivans, and Nissan in small cars.

Citing sources, WSJ reports that Nissan executives believe
Chrysler could have considerable cost savings in purchasing, new-
vehicle development, and production, by teaming up with Nissan and
Renault.  

Nissan and Renault's CEO Carlos Ghosn has been interested in
adding a North American partner to the alliance, but said that his
companies aren't interested in mergers or acquisitions, WSJ says.

Mr. Ghosn and GM's CEO Rick Wagoner negotiated an alliance of
their companies in 2006, but Mr. Wagoner backed out, saying that
the deal was unnecessary and a bad deal for shareholders.  Mr.
Wagoner was pressured into the talks by GM shareholder and
billionaire investor Kirk Kerkorian.

                     About Chrysler LLC

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

                        *     *     *

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

As reported in the Troubled Company Reporter June 24, 2008,
Moody's Investors Service affirmed the B3 corporate family
rating and probability of default rating of Chrysler LLC, but
changed the outlook to negative from stable.  The change in
outlook reflects the increasingly challenging environment faced
by Chrysler as the outlook for US vehicle demand falls, and as
high fuel costs drive US consumers away from light trucks and
SUVs, and toward more fuel efficient vehicles.

As reported in the Troubled Company Reporter on May 9, 2008,
Fitch Ratings downgraded the issuer default rating of Chrysler
LLC to 'B' from 'B+', with a negative rating outlook.  Fitch
also downgraded the senior secured bank facilities, including
senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1';
and senior secured second-lien bank loan to 'CCC+/RR6' from
'BB+/RR1'.  The recovery rating on the second lien was also
downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset
value assumptions and associated recoveries in the event of a
stress scenario.


CHRYSLER LLC: GM Unable to Secure Financing for Merger
------------------------------------------------------
General Motors Corp. is still unable to secure the financing
necessary for its acquisition of Chrysler LLC, John D. Stoll and
Jeffrey McCracken at The Wall Street Journal report, citing people
familiar with the matter.

Citing people familiar with the talks, WSJ relates that outside
money is needed to fund the cost-cutting -- especially buyouts and
severance packages for tens of thousands of hourly and salaried
employees, which could total as much as 40,000 jobs if a deal
between GM and Chrysler succeeds.  WSJ says that GM is already
using up more than US$1 billion in cash a month.

According to WSJ, GM considers the merger as a better way to
ensure the continued funding of hundreds of thousands of the
United Auto Workers union retiree pensions and health-care
benefits.  The report states that the new company would produce
above US$250 billion in yearly revenue, while owning more than 30%
of the U.S. market, and have an estimated US$30 billion in cash,
thus improving the firm's credit rating and lessening the
possibility of a bankruptcy filing by GM or Chrysler.

WSJ relates that several of the potential lenders are still
unconvinced.  According to the report, credit markets are
extremely tight, and a number of lenders are fearful of the
complexity and scale of a merger between two industrial giants
during an economic crisis.  The report says that supporters of the
deal could go to the U.S. government, arguing that a merger is
vital to the survival of the domestic auto industry.  

GM, Cerberus, and the banks could sell a stake in the new company
to the federal government, according to WSJ.  WSJ quoted a source
as saying, "It is still early days, but to make people feel more
comfortable or to get investors to buy in, you have to think a
government role would be important.  That role could take a lot of
forms, but it would be very important.  The government may need to
make it happen."

GM and Cerberus will still decide on how the transaction would be
structured, WSJ states, citing two people involved in the talks.

                 Merger Not Good for Michigan

Matthew Dolan at WSJ relates that a GM-Chrysler merger would land
a heavy economic blow on Michigan, which is already battered by
home foreclosures and the loss of tens of thousands of auto-
industry jobs over the last few years.  The report states that
since 2005, GM, Chrysler, and Ford Motor Co. have cut more than
100,000 jobs across the U.S., making the Detroit area one of the
highest foreclosure rates in the country, and making the economy
so dire that the U.S. State Department cut back on the placement
of Iraqi refugees in Michigan.

According to WSJ, Michigan's unemployment rate in August was 8.9%,
the highest in the U.S.  Economists suspect it could further
increase in 2009, even without a GM-Chrysler deal, the report
says.  Michigan, according to the report, had 13,605 foreclosure
filings in September, fourth highest in the U.S.

WSJ reports that analysts expect GM job cuts and closures at
several Chrysler facilities in Michigan that could be replaced by
GM operations.

                   About General Motors

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

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

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

                     About Chrysler LLC

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

                        *     *     *

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

As reported in the Troubled Company Reporter June 24, 2008,
Moody's Investors Service affirmed the B3 corporate family
rating and probability of default rating of Chrysler LLC, but
changed the outlook to negative from stable.  The change in
outlook reflects the increasingly challenging environment faced
by Chrysler as the outlook for US vehicle demand falls, and as
high fuel costs drive US consumers away from light trucks and
SUVs, and toward more fuel efficient vehicles.

As reported in the Troubled Company Reporter on May 9, 2008,
Fitch Ratings downgraded the issuer default rating of Chrysler
LLC to 'B' from 'B+', with a negative rating outlook.  Fitch
also downgraded the senior secured bank facilities, including
senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1';
and senior secured second-lien bank loan to 'CCC+/RR6' from
'BB+/RR1'.  The recovery rating on the second lien was also
downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset
value assumptions and associated recoveries in the event of a
stress scenario.


                            ***********

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 * * *