TCRLA_Public/081027.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, October 27, 2008, Vol. 9, No. 213

                            Headlines

A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Mulls Improving Fin'l Services With Switzerland


A R G E N T I N A

ALAMOS DEL SUR: Trustee Verifying Proofs of Claim Until Nov. 21
LOPLOP SA: Proofs of Claim Verification Deadline Is February 12
LUNITO SA: Files for Bankruptcy Petition in Buenos Aires Court
MAISGRANA SA: Proofs of Claim Verification Deadline Is Dec. 12
NUEVA MONSERRAT: Individual Reports Filing Deadline Is on March 3

PRENDAFIN SA: Individual Reports Filing Deadline Is on December 9
RAWLEATHER SA: Proofs of Claim Verification Deadline Is Dec. 3
RECOLETO SA: Individual Reports Filing Deadline Is on Feb. 12
* ARGENTINA: Judge Bonadio Lifts Ban on Pension Funds Trading
* Moody's Concerned With Argentina's Pension Nationalization Plan


B E R M U D A

CENTRAL EUROPEAN: Taps Telenet CEO Duco Sickinghe as Board Member
CENTRAL EUROPEAN: To Release 3rd Quarter 2008 Earnings on Oct. 29
MONTPELIER RE: Gets FSA Okay Forming Lloyd’s Managing Agent
MONTPELIER RE: Posts US$142 Mil. Net Loss in Qtr. Ended Sept. 30


B O L I V I A

* BOLIVIA: President Puts Zinc Sector Under State of Emergency


B R A Z I L

BANCO DAYCOVAL: To Hold 3rd Qtr. 2008 Conference Call on Oct. 30
BANCO DO BRASIL: Buy Talks Continues; Won't Buy Other Banks
BANCO DO BRASIL: To Raise Car Loans Through Alliance w/ Carmakers
GOL LINHAS: Inks Interline Agreement With German Condor Airlines
JBS SA: DOJ Files Lawsuit to Derail National Beef Acquisition

SUL AMERICA: Fitch Lifts Foreign & Local Currency ID Ratings to BB


C A Y M A N  I S L A N D S

APERTA JAPAN: To Hold Final Shareholders Meeting on Oct. 30
FUND FOR THE CREATION: Claims Filing Deadline Is on Oct. 30
GOLDMAN SACHS: Proof of Claim Filing Deadline Is Oct. 30
KALLISTA ARBITRAGE: Deadline for Filing of Claims Is Oct. 30
NEA DIVERSIFIED: Holds Final Shareholders Meeting on Oct. 30

NEA DIVERSIFIED MASTER: Final Shareholders Meeting Is on Oct. 30
PUMA ENHANCED: Holding Final Shareholders Meeting on Oct. 30
SCION ASIAN: Will Hold Final Shareholders Meeting on Oct. 30
TURQUOISE II FUND: Sets Final Shareholders Meeting on Oct. 30
YKPI HOLDINGS: Filing for Proof of Claim Deadline Is Oct. 30


C H I L E

BUCYRUS INTERNATIONAL: Earns US$64.2 Million in 2008 Third Quarter


M E X I C O

MAXCOM TELECOM: Books MXN10 Million Net Income in 3rd Qtr. 2008
MAXCOM TELECOM: Moody's Affirms B3 Ratings; Shifts Outlook Stable
DIRECTV GROUP: Programming Unit Launches Telecentro
GRUPO ELEKTRA: Net Income Up 35% to MXN673 Mil. in 3rd Qtr. 2008
GRUPO IUSACELL: Incurs MXN777 Million Net Loss in 3rd Quarter 2008

GRUPO POSADAS: Moody's Puts Ba3 Ratings on Review for Downgrade
TV AZTECA: Books MXN492 Million Majority Net Income in 3Q 2008


                         - - - - -

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

ANTIGUA & BARBUDA: Mulls Improving Fin'l Services With Switzerland
------------------------------------------------------------------
Caribbean Net News relates that Antigua and Barbuda Prime
Minister, Baldwin Spencer wants to improve his country's financial
services and he is optimistic that Switzerland can be of great
assistance in that regard.

The Antigua Sun reported that the prime minister, after welcoming
Ambassador Jacques Gremaud, stated that there could be an
excellent opportunity for the expansion of economic co-operation
between Antigua and Barbuda and Switzerland.

Citing Mr. Spencer, Caribbean Net News says that his country could
learn from the Swiss experiences, particularly in the financial
services sector and that he saw opportunities for both countries
to develop strategic bilateral relations in this regard.

Antigua and Barbuda, Mr. Spencer said, has had the opportunity of
collaborating with Switzerland, particularly in the area of anti-
money laundering mechanisms, adding that other general areas
offered for further exploration and discussion included the
development of niche markets in Switzerland for selected products,
the news states.

Other areas of improvement discussed included:

   -- investment opportunities in Antigua and Barbuda,

   -- increased tourist arrivals from Switzerland, and

   -- the possibility of OECS mission in Geneva becoming
      accredited to Bern, the Swiss capital.

According to the news, Antigua and Barbuda has maintained
diplomatic relations with Switzerland at the non-residential level
since 1981.



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

ALAMOS DEL SUR: Trustee Verifying Proofs of Claim Until Nov. 21
---------------------------------------------------------------
The court-appointed trustee for Alamos del Sur SRL's
reorganization proceeding will be verifying creditors' proofs of
claim until November 21, 2008.

The trustee will present the validated claims in court as  
individual reports on February 11, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Alamos del Sur and its creditors.

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

A general report that contains an audit of Alamos del Sur's
accounting and banking records will be submitted in court on
March 25, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on August 12, 2009.

The debtor can be reached at:

                     Alamos del Sur SRL
                     Parana 433
                     Buenos Aires, Argentina


LOPLOP SA: Proofs of Claim Verification Deadline Is February 12
---------------------------------------------------------------
Maria Cenatiempo, the court-appointed trustee for Loplop SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 12, 2009.

Ms. Cenatiempo will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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 Loplop 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 Loplop SA's
accounting and banking records will be submitted in court.

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

Ms. Cenatiempo is also in charge of administering Loplop 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:

                     Loplop SA
                     Tucuman 944
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Maria Cenatiempo
                     Avenida Cordoba 1342
                     Buenos Aires, Argentina


LUNITO SA: Files for Bankruptcy Petition in Buenos Aires Court
--------------------------------------------------------------
The National Commercial Court of First Instance No. 23 in Buenos
Aires, is studying the merits of Lunito S.A.'s request to enter
bankruptcy protection.

Lunito S.A. filed a "Quiebra Decretada" petition following
cessation of debt payments.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

Clerk No. 46 assists the court in this case.

The debtor can be reached at:

                     Lunito S.A.
                     Avenida San Martin 3275
                     Buenos Aires, Argentina


MAISGRANA SA: Proofs of Claim Verification Deadline Is Dec. 12
--------------------------------------------------------------
The court-appointed trustee for Maisgrana S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 12, 2008.

The trustee will present the validated claims in court as  
individual reports.  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
Maisgrana 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 Maisgrana S.A.'s
accounting and banking records will be submitted in court.

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

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


NUEVA MONSERRAT: Individual Reports Filing Deadline Is on March 3
-----------------------------------------------------------------
Horacio Lifschutz, the court-appointed trustee for Nueva Monserrat
SA's bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, on March 3, 2009.

Mr. Lifschutz is verifying creditors' proofs of claim until
December 17, 2008.  She will also submit to court a general report
containing an audit of Nueva Monserrat SA's accounting and banking
records on April 15, 2009.

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

The debtor can be reached at:

                     Nueva Monserrat SA
                     Avda. Independencia 2199
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Horacio Lifschutz
                     Aguero 2053
                     Buenos Aires, Argentina


PRENDAFIN SA: Individual Reports Filing Deadline Is on December 9
-----------------------------------------------------------------
The court-appointed trustee for Prendafin S.A.'s bankruptcy
proceeding, will present the validated claims as individual
reports in the National Commercial Court of First Instance in
Lomas de Zamora, Buenos Aires, on December 9, 2008.

The trustee verified creditors' proofs of claim until October 22,
2008.  The trustee will also submit to court a general report
containing an audit of Prendafin S.A.'s accounting and banking
records on March 2, 2009.

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


RAWLEATHER SA: Proofs of Claim Verification Deadline Is Dec. 3
--------------------------------------------------------------
The court-appointed trustee for Rawleather S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 3, 2008.

The trustee will present the validated claims in court as  
individual reports on February 17, 2009.  A court in Argentina
will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Rawleather 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 Rawleather S.A.'s
accounting and banking records will be submitted in court on
April 1, 2009.

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


RECOLETO SA: Individual Reports Filing Deadline Is on Feb. 12
-------------------------------------------------------------
Maria Taboada, the court-appointed trustee for Recoleto S.A.'s
reorganization proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, on February 12, 2009.

Ms. Taboada is verifying creditors' proofs of claim until Nov. 29,
2008.  She will also submit to court a general report containing
an audit of Recoleto S.A.'s accounting and banking records on
March 26, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on August 26, 2009.

The debtor can be reached at:

                     Recoleto S.A.
                     Dante 40
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Maria Taboada
                     Ezeiza 264
                     Buenos Aires, Argentina


* ARGENTINA: Judge Bonadio Lifts Ban on Pension Funds Trading
-------------------------------------------------------------
Federal Judge Claudio Bonadio on October 21, lifted a ban on
securities trading by private pension funds that manage about
US$26 billion in assets, Bloomberg News quotes a Buenos Aires
Stock Exchange statement as saying.  The nation's private pension
funds, known as AFJPs, will be allowed to resume trading today,
October 27, the exchange said, citing the judge's order.

The judge also ordered the companies to halt shuffling portfolios
ahead of a proposal to nationalize them, Bloomberg News notes.  
Lawmakers are scheduled to start debating President Cristina
Fernandez de Kirchner's plan tomorrow, October 28.

The pension funds, the report relates, probably won't look to sell
off assets when the ban is lifted, said Hernan de la Carcova, a
portfolio manager at Grupo Rig in Buenos Aires.

According to Bloomberg News, the retirement system, set up in 1994
to help bolster capital markets, owns about 5% of companies listed
on the Buenos Aires stock exchange and 27% of shares available for
public trading, data compiled by pension funds show.  The AFJPs
held ARS86.2 billion (US$26.3 billion) in assets as of October 15,
of which 55% is government debt and 10 percent is domestic
equities, according to the regulator's Web site.

Argentine bonds fell as investors continued to dump the debt amid
a global financial market meltdown and concern the country is
trying to avert default by nationalizing the AFJPs, Bloomberg
adds.  The country's main stock index has tumbled 27 last week,
the most since 1990.

                          *     *     *

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.


* Moody's Concerned With Argentina's Pension Nationalization Plan
-----------------------------------------------------------------
The government of Argentina's proposal to end the country's
private pension fund system and force all workers into the
government's "pay-as-you-go" pension system exacerbates
Argentina's key underlying rating constraints, says the country's
analyst for Moody's Investors Service.

"Although the proposal, if approved, would provide the government
with greater financial flexibility in the short term, it
undermines the government's already weak policy credibility and
adds to negative perceptions about Argentina's institutional
integrity -- particularly governance and respect of contracts,"
said Moody's Vice President Mauro Leos.

He said the rating agency sees no immediate ratings impact from
the government's announcement on Tuesday because Argentina's B3
government bond ratings -- among the lowest in the sovereign
universe -- already reflect a very high probability of financial
distress. Negative rating action from the B3 level would be
appropriate if and when Argentina's already high default risk is
judged to have increased significantly.

Mr. Leos explained that the proposed law would lessen pressure on
public finances in the short term in two basic ways, beginning
with a boost to the government's annual revenue -- by about 1% of
GDP in 2009 -- as the contributions of the private pension
participants are brought onto the national budget.  It would also
transfer to the public sector the approximately ARS30 billion in
assets under management by the private pension funds, about half
of which is in the form of Argentine government debt.

"The transfer of these assets would enhance the government's
short-term funding flexibility by eliminating refinancing concerns
on the public debt currently held by the private pension funds,"
said Mr. Leos.  "However, these short-term benefits are outweighed
by more fundamental concerns."

In addition, the pension obligations that the Argentine government
would assume under the proposal are generally less binding in
nature.  "Sovereign governments commonly alter pension promises --
such as postponing the minimum retirement age -- in order to
lessen budget pressure," Mr. Leos observed.

Coming in the middle of the financial crisis, and with market
concerns about the government's financing needs in 2009 and 2010,
he said, the pension proposal appears to be a short-term fix to a
long-term problem.  He noted that government spending "is on an
unsustainable path," supported by ever-increasing revenues during
the commodity boom.

"With lower domestic economic growth anticipated in 2009 as a
result of the current global crisis and the fall in commodity
prices, the government is facing a major test of its ability and
willingness to limit spending," said Mr. Leos.  "The short-term
increase in revenues from pension nationalization would tempt the
government to delay the needed adjustment to put public finances
on a sustainable, cyclically-adjusted medium-term path."

Mr. Leos added that Moody's will monitor developments closely.



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

CENTRAL EUROPEAN: Taps Telenet CEO Duco Sickinghe as Board Member
-----------------------------------------------------------------
Central European Media Enterprises Ltd. has appointed Duco
Sickinghe as a member of CME's Board of Directors, effective
Oct. 22, 2008.

Commenting on the announcement, Central European Chairperson,
Ronald Lauder said:  "We are delighted to welcome Duco to the
Board. He brings more than 20 years of insight and experience in
the technology and media industries and will be a great resource
for CME as we continue to execute on our strategic growth
initiatives."

Vice Chairperson, Herbert Granath commented:  "Duco has a wealth
of knowledge, specifically in Internet, digital TV and premium
channel businesses.  With strong business acumen, he will be a
valuable addition to the Board and we look forward to his
contributions to the Company."

Mr. Sickinghe said:  "CME has established itself as the leading
broadcaster in Central and Eastern Europe and created a unique
footprint across seven countries.  I look forward to contributing
to the Company's future success and working with my fellow Board
members as we seek to achieve CME's strategic goals."

Mr. Sickinghe is the Chief Executive Officer and Managing Director
of Telenet Group Holding in Mechelen, Belgium.  Telenet is a
Flemish cable operator that is a leader in broadband Internet,
digital TV, Wi-Fi, fixed telephony and mobile services. The
company runs its own premium sports and movie channels and
generated approximately US$1.3 billion of revenue in 2007.

Prior to Telenet, Mr. Sickinghe worked for Wolter-Kluwer
Professional Publishing in a variety of roles, including Manager
of Sales & Marketing, Division General Manager in The Netherlands
and European Manager of Internet Ventures.  In 1994, he founded
and was Chief Executive Office of Software Direct, a large scale
distributor of software, which later became a joint venture with
Hachette Distribution Services in Paris.  Prior to that, he was
the Vice President of Marketing for Europe and then General
Manager for France of NeXT Computer.

Mr. Sickinghe started his career in finance with Hewlett-Packard
in its European headquarters in Switzerland.  At various stages
during his tenure at HP, Mr. Sickinghe served as the Product
Marketing Manager for the Laserjet product line in Europe and as
Channel Development Manager for Europe.  Mr. Sickinghe holds a
Bachelor degree and Master in Law from the University of Utrecht
in The Netherlands and a Master of Business Administration from
Columbia University.

                      About Central European

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

                          *     *     *

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

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


CENTRAL EUROPEAN: To Release 3rd Quarter 2008 Earnings on Oct. 29
-----------------------------------------------------------------
Central European Media Enterprises Ltd. will release its third
quarter 2008 financial results before U.S. market hours on
Oct. 29, 2008.

The company will also host a teleconference to discuss its third
quarter 2008 results on Oct. 29, 2008 at 11 a.m. New York time (3
p.m. London and 4 p.m. Prague time).  The teleconference will
refer to presentation slides which will be available on the
company's web site prior to the call at: http://www.cetv-net.com.

To access the teleconference:

   Tel. Number: +1 (412) 317-9250 (U.S. and International)
   Passcode: 9381217.  

The conference call will be broadcast live via
http://www.cetv-net.com.

A replay of the teleconference will be available for one week
following the call and can be accessed by dialing:

   Tel. Number: +1 (412) 317-0088 (U.S. and International)
   Passcode: 9381217.  

A digital audio replay in mp3 format will also be archived on the
company's Web site.

                      About Central European

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

                          *     *     *

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

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


MONTPELIER RE: Gets FSA Okay Forming Lloyd’s Managing Agent
-----------------------------------------------------------
Montpelier Re Holdings Ltd. has received approval from the
Financial Services Authority and Lloyd's to establish a wholly-
owned Lloyd’s Managing Agent subsidiary, Montpelier Underwriting
Agencies Limited (MUA), which will assume the management of
Montpelier Syndicate 5151 for the 2009 Underwriting Year of
Account with effect from 1st January 2009.

Syndicate 5151, which underwrites a book of non-marine property
and engineering classes and a limited amount of specialty casualty
business sourced from the London, U.S. and European markets, began
trading on July 1, 2007, under the management of Spectrum
Syndicate Management Limited.

Giuseppe Perdoni has been appointed Managing Director of MUA, and
Peter Rand has been appointed Director of Underwriting.  John
Goldsmith and Terry O’Neill have been appointed independent Non-
Executive Directors.

Richard Chattock, active underwriter of Syndicate 5151 since its
inception, also joins the board, along with Mike Paquette, Chief
Financial Officer of Montpelier, who has been appointed Finance
Director.  Chris Harris, President and Chief Executive Officer of
Montpelier, and Nicholas Newman-Young, former Managing Director of
Montpelier Marketing Services (UK) Limited, become Non-Executive
Directors while Tom Busher, Deputy Chairman of Montpelier and Head
of European Operations, assumes the role
of Chairman.

Montpelier Chairman, Anthony Taylor, said: "The establishment of
our own Lloyd’s Managing Agency begins a new chapter in the
development of our international platform.”

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

                          *     *     *

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


MONTPELIER RE: Posts US$142 Mil. Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Montpelier Re Holdings Ltd. incurred a net loss of US$142 million
for the quarter ended September 30, 2008.  The company’s net loss
reflects US$27 million of net realized losses, US$48 million of
net unrealized losses and US$13 million of net foreign exchange
losses.  The company noted that, as a result of the adoption of
FAS 159 in January 2007, it reports virtually all of its net
unrealized investment gains and losses, whether considered
temporary or permanent, as a component of net income.

The company reported an operating loss of US$55 million, which
excludes net investment and foreign exchange gains and losses,
income taxes and extraordinary gains, for the quarter ended
September 30, 2008.  The company’s operating loss reflects a
combined net financial impact from Hurricanes Gustav and Ike of
US$130 million, which is in line with our prior announcement.

The company’s loss ratio for the third quarter of 2008 was 119.9%
versus 26.8% for the comparable 2007 period.  The current period
includes US$23 million of favorable releases from prior year loss
reserves versus US$5 million included in the comparable 2007
period.

Chris Harris, President and Chief Executive Officer, said, “The
third quarter was a challenging period for our industry with
results impacted by both major storms and investment market
volatility.  While it is disappointing to suffer a loss in any
quarter, our Ike and Gustav losses were in line with expectations.  
Additionally, our conservatively positioned investment portfolio
held up well in a difficult investing
climate.  We enter the January renewal season with a strong
balance sheet and plan to take full advantage of the attractive
opportunities that we believe will increasingly present
themselves.”

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

                          *     *     *

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



=============
B O L I V I A
=============

* BOLIVIA: President Puts Zinc Sector Under State of Emergency
--------------------------------------------------------------
President Evo Morales declared a state of emergency in Bolivia's
zinc-mining industry after prices fell by more than half (US$45,
or 3.8%) this year to US$1,155 per ton, at the London Metal
Exchange on October 24, Bloomberg News reports.

The government, based on the report, will add US$5 million to a
US$12.7 million fund to help small-scale zinc producers, state
news service ABI cited Mining Minister Luis Alberto Echazu as
saying, Bloomberg News related.  President Morales will seek more
markets abroad for Bolivia's zinc, ABI said.

Bolivia's 3,300 small-scale zinc mines produce about 45,000 tons
of the metal a year, Bloomberg notes, citing the country's Mining
Ministry.  More funding is needed to prevent operations from
closing down, said Ramiro Aguilar, president of Bolivia's National
Mining Chamber, which represents about 33,000 miners.  He added
that the "funding is insufficient to help the industry get through
this period of low prices."

Bloomberg recalls that President Morales last year raised mining
taxes, seized Glencore International AG's tin smelter and sought a
50% stake in the company's zinc mines in a bid to take greater
control of Bolivia's natural resources.  Zinc, silver and tin
sales rose 30% to US$1.39 billion last year, accounting for a
third of the country's exports, according to the ministry Web
site.

Meanwhile, analyst Carlos Alberto Lopez wrote in an October report
for Cambridge Energy Research Associates that "Bolivia's continued
continued political, legal and social instability is discouraging
foreign and private investment," Bloomberg News notes.

                            *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2008, Fitch Ratings affirmed Bolivia's local and
foreign currency Issuer Default Ratings at 'B-'.  The rating
outlook is stable.  Fitch also affirmed the short-term IDR at 'B'
and the country ceiling at 'B-'.



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

BANCO DAYCOVAL: To Hold 3rd Qtr. 2008 Conference Call on Oct. 30
----------------------------------------------------------------
Banco Daycoval S.A. disclosed these webcast alert:

  What:   Banco Daycoval S.A.'s Third Quarter 2008 Results
          Conference Call

  When:   Oct. 30, 2008 at 10:00 AM ET

  Where:  http://prnewswire.isat.com.br/?palestra_id=398

  How:      Log on to the web at the address above.

  Contact:  Banco Daycoval S.A.
            Investor Relations Area
            Tel. Number:  +55-11-3138-1025,
            E-mail: ri@daycoval.com.br

The call will be archived at http://www.daycoval.com.br.  To  
access the replay, click on the Investor Relations section.

Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specializes in financing small and medium-sized companies, backed
by receivables.  It also operates with consignment lending for
payroll deduction and consumer financing.  Since June 2007, the
bank has had 29% of its shares traded at Bovespa on the New
Brazilian Stock Market.  These shares enjoy a tag-along privilege,
giving minority shareholders 100% of the value of the block of
controlling shares in the event of the sale of the institution.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2008, Standard & Poor's Ratings Services has revised the
outlooks on Banco Daycoval S.A. and Banco Indusval S.A. to stable
from positive.  At the same time, it affirmed the ratings on the
two Brazil-based banks, including the 'BB-' long-term and 'B'
short-term counterparty credit ratings on Daycoval and the 'B+'
long-term and 'B' short-term counterparty credit ratings on
Indusval.

TCR-Latin America also reported on Oct 10, 2008, Fitch Ratings
has revised to Stable the Outlook on Banco Daycoval S.A.:

  -- Long-term foreign currency issuer default rating affirmed at
     'BB-'/Stable Outlook;

  -- Short-term foreign currency issuer default rating affirmed
     at 'B';

  -- Long-term local currency issuer default rating affirmed at
     'BB-'/Stable Outlook;

  -- Short-term local currency issuer default rating affirmed at
     'B';

  -- Individual Rating affirmed at 'C/D';
  -- Support Rating affirmed at '5';
  -- Support Rating Floor 'No Floor' assigned;
  -- National Long-term Rating affirmed at 'A(bra)'/Outlook
     revised to Stable  -- National Short-term Rating affirmed at
     'F1(bra)'.


BANCO DO BRASIL: Buy Talks Continues; Won't Buy Other Banks
-----------------------------------------------------------
Noticias Financieras reports that Banco do Brasil (BB) federal
bank does not intend to purchase other banks, aside from those
currently being negotiated.

Banco do Brasil has been in talks with Banco do Estado do Piaui,
Nossa Caixa and Banco Regional de Brasilia (BRB), the report
quotes Aldo Luiz Mendes, Finance vice-president at BB, as saying.
The executive explained the effects of the executive measure (MP)
443, which allows BB and Caixa Economica Federal savings bank to
participate in the purchase or merger with banks in the same
conditions granted to commercial banks.

The MP, according to the report, raised speculations about the
acquisition of bank institutions by federal banks as a way to
balance the National Financial System (SFN) in face of the world
financial crisis.

As reported by the Troubled Company Reporter-Latin America on
Oct. 24, 2008, Bloomberg News wrote that Brazilian President Luiz
Inacio Lula da Silva authorized federally-controlled banks Banco
do Brasil SA and Caixa Economica Federal to buy stakes in
financial institutions to ease a credit crunch that's hurting
small and medium-size lenders.

President Lula, in a decree, also allowed Caixa Economica Federal,
known as CEF, to create a unit to buy shares in homebuilders, the
report noted.  Banco do Brasil fell 15% in Sao Paulo trading on
October 22.  CEF isn't publicly traded.

Authorities are stepping up efforts to inject cash into the
financial system after local funding costs for smaller banks
surged and loan issuance fell in October, Bloomberg observed.  The
move follows recent central bank measures to contribute more than
BRL160 billion (US$71 billion) to the banking system by easing
reserve requirement regulations.

                       About Banco do Brasil

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

                          *     *     *

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


BANCO DO BRASIL: To Raise Car Loans Through Alliance w/ Carmakers
-----------------------------------------------------------------
Brazil's state-run Banco do Brasil will increase its car loans to
boost auto sales through a partnership with manufacturers or by
buying a lending institution, Reuters reports, citing Brazilian
officials as saying last Thursday.

"We decided this because the auto industry is an extraordinary
production chain.  We don't want the sector to stop being the
flagship of the Brazilian economy," President Luiz Inacio Lula da
Silva told reporters in the capital Brasilia, Reuters notes.  
"Obviously, Banco do Brasil doesn't have the expertise in car
loans and would need a partner with an investment bank that has
expertise in financing the auto industry."

Minas Gerais state Gov. Aecio Neves supported the measure earlier
on Thursday, the report says.  "The president acknowledges, and I
think it's absolutely right, that Banco do Brasil may directly
operate in car financing, in partnership with an auto manufacturer
or buying a lending institution," Gov. Neves told reporters after
meeting with Lula to discuss fallout of the global financial
crisis.

Banco do Brasil already offers car loans but would now increase
its portfolio to help ease a credit crunch, the report adds.

                       About Banco do Brasil

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

                          *     *     *

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


GOL LINHAS: Inks Interline Agreement With German Condor Airlines
----------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. has signed an interline
agreement with Germany-based Condor Airlines.  Through this
partnership, passengers of the European airline can purchase
tickets on GOL to Belo Horizonte, Brasilia, Fortaleza, Maceio,
Natal, Rio de Janeiro and Sao Paulo.

The agreement allows the sale of point to point tickets.  For
added convenience, luggage will be checked through to passengers'
final destination on connecting international flights.  The
partnership increases GOL's feeder network by providing additional
options for passengers traveling with Condor.

Condor currently operates direct flights between Recife and
Salvador, in northeastern Brazil, and Frankfurt, in Germany.  The
airline serves more than 70 international destinations in Europe,
Asia, Africa and America.

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.


JBS SA: DOJ Files Lawsuit to Derail National Beef Acquisition
-------------------------------------------------------------
The Department of Justice filed a civil antitrust lawsuit in U.S.
District Court in Chicago to block the proposed acquisition by JBS
S.A., currently the third-largest U.S. beef packer, of National
Beef Packing Company LLC, the fourth-largest U.S. beef packer.  
The Department said that the proposed deal would combine two of
the top four U.S. beef packers resulting in lower prices paid to
cattle suppliers and higher beef prices for consumers.  The
Attorneys General of Colorado, Iowa, Kansas, Minnesota, Missouri,
Montana, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas
and Wyoming are joining the Department's lawsuit.

Brazil-based JBS is in the process of acquiring Smithfield Beef
Group Inc. from Smithfield Foods Inc.  The Department is not
challenging JBS's acquisition of Smithfield Beef Group Inc.  In
2007, JBS purchased Colorado-based Swift Foods Company.

Beef packers purchase annually US$30 billion in fed cattle from
feedlots, slaughter them, and process them into USDA-graded cuts
of beef and other products.  Packers then package the cuts as
boxed beef for sale to wholesalers and grocery store chains.

If not blocked, JBS's acquisition of Kansas City, Missouri-based
Nationalwould make it the largest U.S. beef packer, with an
ability to slaughter more than 40,000 head of cattle per day (or
more than one third of U.S. fed cattle packing capacity) and
annual sales of more than US$14 billion.

"The combination of JBS and National will likely lead to grocers,
food service companies and ultimately American consumers paying
higher prices for beef," said Thomas O. Barnett, Assistant
Attorney General in charge of the Department's Antitrust Division.
"It will also lessen the competition among packers in the purchase
of cattle that has been critical to ensuring competitive prices to
the nation's thousands of producers, ranchers and feedlots."

The Department said that JBS's acquisition of National would
substantially restructure the beef packing industry, eliminating a
competitively significant packer and placing more than 80 percent
of domestic fed cattle packing capacity in the hands of three
firms: JBS, Tyson Foods Inc., and Cargill Inc.  The Department
concluded that the acquisition would lessen competition among
packers in the production and sale of USDA-graded boxed beef
nationwide.  The Department also concluded that JBS's acquisition
of National would lessen competition among packers for the
purchase of fed cattle -- cattle ready for slaughter -- in the
High Plains, centered in Colorado, western Iowa, Kansas, Nebraska,
Oklahoma and Texas, and the Southwest.

JBS, the world's largest beef packer, operates three beef packing
plants in the High Plains region, located in Cactus, Texas; Grand
Island, Nebraska; and Greeley, Colorado.  It also operates a plant
in Hyrum, Utah.  JBS's annual beef sales in the United States
exceed US$6 billion.  JBS's headquarters in the United States are
in Greeley, Colorado.  In March 2008, JBS announced its plan to
acquire Smithfield Beef Group Inc., which has annual beef sales of
more than US$2.5 billion. Smithfield Beef Group Inc. operates a
plant in the Southwest, in Tolleson, Ariz., and also has plants in
Green Bay, Wisconsin; Plainwell, Michigan; and Souderton,
Pennsylvania.

National has two beef packing plants in the High Plains, in
Liberal and Dodge City, Kansas, and one plant in the Southwest, in
Brawley, California.  National has annual beef sales of about US$5
billion.

Headquartered in Sao Paulo, Brazil, JBS SA --
http://www.jbs.com.br/ir/-- listed on Bovespa's Novo Mercado   
under the symbol JBSS3, operates 23 plants in Brazil, six in
Argentina, 12 in the U.S. and nine in Australia from last year's
purchase of Swift & Company.  With pro-forma net revenues of
approximately US$20 billion, JBS currently has a slaughter
capacity of approximately 57,600 heads per day for cattle and
47,900 heads per day for hogs.


SUL AMERICA: Fitch Lifts Foreign & Local Currency ID Ratings to BB
------------------------------------------------------------------
Fitch Ratings has upgraded Sul America S.A., the holding company
controlling the Sul America Seguros insurance group activities,
foreign and local currency Issuer Default ratings to 'BB' from
'BB-' and affirmed the short-term foreign and local currency
ratings of 'B'.  At the same time, Fitch has upgraded Sul
America's senior notes to 'BB-' from 'B+'.  Fitch withdraws Sul
America's senior notes Recovery Rating of 'RR5' since recovery
ratings are not applied to 'BB' category.  The IDRs Rating Outlook
remains Stable.

The ratings action reflect Sul America's improvement in its asset
and liability management policies, mostly at the holding company
level, which resulted in adequate liquidity levels and reduced the
dependence on cash generation provided by its operational
companies.  Sul America's Eurobond issuance in February 2007
(US$200 million) and the IPO occurred in the fourth quarter 2007,
which represented BRL775 million in capital injection, enabled it
to enhance its debt maturity profile, to reduce its overall
indebtedness and, also, to lower its financing costs.  Sul America
prepaid BRL325 million in short-term debt.

Better operational results since 2006 also helped all the group
companies to increase their cash availability, specially the
holding company, decreasing substantially Sul America Seguros'
leverage ratio.  Influenced by the cash increase and the debt
reduction, the net debt/equity ratio reached -25% in first half
2008 declining from 53% in 2005.  At the holding company level,
such ratio improved to -2% in the first half of 2008.

Sul America Seguros also presented consistent enhancements of its
operational performance mainly due to the improvements on
underwriting and pricing policies adopted since 2004 as well as to
the positive trends of the local insurance market.  Its claims and
combined ratios, adjusted by non-recurring effects related to
retroactive health premiums, improved, respectively, from 76% and
102.5% in 2005, to 71% and 99% in June 2008.  The enhancement of
the liquidity of the operational and holding companies was also
reflected on the overall profitability of its investment
portfolio, which increased to 7% of gross premiums in H108, from a
low 2% in 2005.  This positive trend on the financial results of
the company has also benefited the operational ratio, which went
down to 92% in H108 from 100.5% in 2005.

Going forward, the company expects to further enhance its
operational efficiency by further improving its cost control
policies.  In 2007, the results were impacted in BRL40 million due
to non-recurring IPO expenses.  Sul America Seguros intends to
maintain underwriting practices aimed at protecting its loss ratio
in times of higher local inflation and volatile financial results.  
By 2010 the company foresees a reduction on its loss and combined
ratios, which Fitch believes relatively feasible, but highly
dependent on a stable operating environment and conservative
underwriting policies.

Similar to other market players, Sul America Seguros' business
portfolio is highly concentrated in retail branches, given the
company has posted strong growth on its group health business,
compensating the lower activity on its individual health business,
which sales were discontinued in 2004.  Claims ratios have
improved in most business lines, with strong growth and an
adequate control on the average cost of claims being key to
sustain this trend.  The group has gradually increased its
distribution agreements, and keeps on counting on more than 26,000
active, independent insurance brokers as its main sales channel,
while the joint-venture partnership with Banco do Brasil is still
the most relevant one.

Sul America Seguros is a diversified insurance group operating
throughout the Brazilian territory, specially focused on retail
lines such as auto, health and life.  In auto insurance it was the
second largest player, holding a 15% total market share in
premiums in December 2007.  In the health insurance segment, it
was also the second largest player, with a market share of 39% in
the same period.  

Additionally, it ranks third when the total income in the
insurance, pension and capitalization activities is considered,
with a total market share of 8% in 2007 (9% not considering the
capitalization business, segment in which the company does not
participate) according to the Superintendencia de Seguros Privados
and the Agencia Nacional de Saude and is the largest independent
insurance group in Brazil (not controlled by a bank).  Sul America
Seguros is, directly and indirectly, controlled by ING Group (36%)
and by Sulasa Participacoes S.A. (18%), which is owned by the
Larragoiti Family.  Other participations includes 9% of minority
shareholders and a 37% free float after the successful IPO
concluded in October 2007.

Headquartered in Rio de Janeiro, Brazil, Sul America SA --
http://www.sulamerica.com.br/-- is a multiline insurance company.   
It provides a range of insurance coverage to companies,
individuals and governmental entities.  The company offers
investment funds, health, life and property insurance.  Sul
America also provides asset and healthcare management services.  
It owns Saepar Servicos e Participacoes SA.  The company holds
shares in other companies, such as Sul America Companhia Nacional
de Seguros and Sul America Companhia de Seguro Saude.



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

APERTA JAPAN: To Hold Final Shareholders Meeting on Oct. 30
-----------------------------------------------------------
Aperta Japan Long/Short Offshore Fund Ltd. will hold its final
shareholders meeting on Oct. 30, 2008, at 9:00 a.m., at the
offices of Ogier, Attorneys, Queensgate House, South Church
Street, 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.

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

The liquidator can be reached at:

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

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

Contact for inquiries:

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


FUND FOR THE CREATION: Claims Filing Deadline Is on Oct. 30
-----------------------------------------------------------
The Fund for the Creation of New Japan's creditors have until
Oct. 30, 2008, to prove their claims to Guy Major and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Fund for the Creation' shareholders agreed on Sept. 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:

                Guy Major and Giles Kerley
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


GOLDMAN SACHS: Proof of Claim Filing Deadline Is Oct. 30
--------------------------------------------------------
Goldman Sachs Asset Management CBO II Ltd.'s creditors have until
Oct. 30, 2008, to prove their claims to Andrew Millar and Onson
Mukwedeya, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Goldman Sachs' shareholders agreed on Sept. 19, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Andrew Millar and Onson Mukwedeya
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


KALLISTA ARBITRAGE: Deadline for Filing of Claims Is Oct. 30
------------------------------------------------------------
Kallista Arbitrage Strategies Master Fund Ltd.'s creditors have
until Oct. 30, 2008, to prove their claims to Giles Kerley and Jan
Neveril, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidators can be reached at:

                Giles Kerley and Jan Neveril
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


NEA DIVERSIFIED: Holds Final Shareholders Meeting on Oct. 30
------------------------------------------------------------
NEA Diversified Strategies Ltd. will hold its final shareholders
meeting on Oct. 30, 2008, at 3:00 p.m., at the offices of DMS
Corporate Services Ltd., dms House, 20 Genesis Close, George Town,
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

NEA Diversified's shareholder decided on Sept. 4, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               DMS Corporate Services Ltd.
               c/o dms House, 2nd Floor
               P.O. Box 1344
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bernadette Bailey-Lewis
               Tel: (345) 946-7665
               Fax: (345) 946-7666


NEA DIVERSIFIED MASTER: Final Shareholders Meeting Is on Oct. 30
----------------------------------------------------------------
NEA Diversified Strategies Master Fund Ltd. will hold its final
shareholders meeting on Oct. 30, 2008, at 3:00 p.m., at the
offices of DMS Corporate Services Ltd., dms House, 20 Genesis
Close, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

NEA Diversified's shareholder decided on Sept. 4, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               DMS Corporate Services Ltd.
               c/o dms House, 2nd Floor
               P.O. Box 1344
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bernadette Bailey-Lewis
               Tel: (345) 946-7665
               Fax: (345) 946-7666


PUMA ENHANCED: Holding Final Shareholders Meeting on Oct. 30
------------------------------------------------------------
Puma Enhanced Absolute Fund Ltd. will hold its final shareholders
meeting on Oct. 30, 2008, at the offices of DMS Corporate Services
Ltd., dms House, 20 Genesis Close, George Town, Grand Cayman,
Cayman Islands.

These matters will be taken up during the meeting:

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

Puma Enhanced's shareholder decided on Sept. 10, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               DMS Corporate Services Ltd.
               c/o dms House, 2nd Floor
               P.O. Box 1344
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bernadette Bailey-Lewis
               Tel: (345) 946-7665
               Fax: (345) 946-7666


SCION ASIAN: Will Hold Final Shareholders Meeting on Oct. 30
------------------------------------------------------------
Scion Asian Opportunity Offshore Fund Ltd. will hold its final
shareholders meeting on Oct. 30, 2008, at 3:00 p.m., at the
offices of DMS Corporate Services Ltd., dms House, 20 Genesis
Close, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

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

Scion Asian's shareholder decided on Aug. 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               DMS Corporate Services Ltd.
               c/o dms House, 2nd Floor
               P.O. Box 1344
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bernadette Bailey-Lewis
               Tel: (345) 946-7665
               Fax: (345) 946-7666


TURQUOISE II FUND: Sets Final Shareholders Meeting on Oct. 30
-------------------------------------------------------------
Turquoise II Fund Ltd. will hold its final shareholders meeting on
Oct. 30, 2008, at SG Hambros Fund Managers (Jersey) Limited, 18th
The Esplanade, St Helier, Jersey, Channel Islands.

The accounting of the wind-up process will be taken up during the
meeting.
   
Turquoise II's shareholders agreed on June 23, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Christina Wilgress
               Laurent Minvielle
               Francois Bathemy
               Stanislas Debreu
               Alexandre Labbe
               c/o SH Corporate Services
               P.O. Box 61
               4th Floor, Harbour Center
               George Town, Grand Cayman
               Cayman Islands


YKPI HOLDINGS: Filing for Proof of Claim Deadline Is Oct. 30
------------------------------------------------------------
YKPI Holdings' creditors have until Oct. 30, 2008, to prove their
claims to Giles Kerley and Jan Neveril, the company's liquidators,
or be excluded from receiving any distribution or payment.

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

YKPI Holdings' shareholders agreed on Sept. 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:

                Giles Kerley and Jan Neveril
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands



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

BUCYRUS INTERNATIONAL: Earns US$64.2 Million in 2008 Third Quarter
------------------------------------------------------------------
Bucyrus International, Inc. reported its summary unaudited
financial results for the quarter ended Sept. 30, 2008.

Net earnings for the third quarter of 2008 were US$64.2 million
compared to US$28.6 million for the third quarter of 2007.  2008
third quarter net sales were US$646 million compared to net sales
of US$500.2 million for the same quarter of 2007.

The net assets acquired and results of operations of DBT GmbH
since the May 4, 2007 date of acquisition are included in Bucyrus'
financial information presented below.  As a result, the financial
results for the nine months ended September 30, 2008 are not
necessarily comparative to the results for the nine months ended
September 30, 2007 and may not be indicative of future results.  
Bucyrus has two reportable segments: surface mining and
underground mining. Prior to the acquisition of DBT, all of
Bucyrus' operations were in surface mining.

Gross profit for the third quarter of 2008 was US$182.3 million,
or 28.2% of sales, compared to US$123.6 million, or 24.7% of
sales, for the third quarter of 2007.

Headquartered in South Milwaukee, Wisconsin, Bucyrus
International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/--        
is a global manufacturer of electric mining shovels, walking
draglines and rotary blasthole drills and provides aftermarket
replacement parts and services for these machines.  In 2006, it
had sales of US$738 million.  The company has operations in
Brazil, Chile, China, Poland, the United Kingdom, Australia,
India, Germany and Peru, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2008, Moody's Investors Service raised the corporate
family rating and the secured debt ratings of Bucyrus
International Inc. to Ba2 from Ba3.  Moody's said the rating
outlook is positive.

The TCR reported on Oct. 15, 2008, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Bucyrus
International Inc. to 'BB' from 'BB-'.  At the same time, S&P
raised the rating on the company's credit facilities by one notch
to 'BB', the same as the corporate credit rating.  The recovery
rating on this debt remains unchanged at '3', indicating S&P's
expectation of meaningful recovery in the event of a payment
default.  S&P said the outlook is positive.



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

MAXCOM TELECOM: Books MXN10 Million Net Income in 3rd Qtr. 2008
---------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. reported its unaudited
financial and operating results for the quarter ended Sept. 30,
2008.  The company announced that the Board of Directors has
appointed Eduardo Vazquez Arroyo as acting Chief Executive Officer
effective immediately.

                        Third Quarter 2008

Financial Highlights:

  -- Third quarter 2008 revenues reached MXN717 million and
     increased by MXN100 million or 16% in comparison to the
     third quarter of 2007.

  -- EBITDA increased by 23% to reach MXN222 million in       
     comparison to the third quarter of 2007.
   
  -- EBITDA Margin increased by 182 basis points to 31% this
     reporting quarter, when compared to the same period last
     year.

  -- The company posted Net Income during the third quarter of
     MXN10 million, which compares favorably to a net loss of
     MXN8 million reported in the third quarter of 2007.

Operating Highlights:

  -- Total company Revenue Generating Units or RGUs, increased
     to 476,216 or 38% in the third quarter of 2008 compared to
     the same period last year.  The company recorded RGU net
     adds of 36,809 in the quarter.

  -- Total company customer base increased by 11% to reach
     234,670 customers.

  -- Voice RGUs (formerly voice lines in service) increased 15%
     to reach 375,191. Voice RGUs include residential voice,
     commercial voice, public telephony lines and wholesale
     lines.

  -- Data residential RGUs increased by 109% to 25,783.

  -- The company added 16,210 mobile RGUs to its residential and
     commercial business divisions during the third quarter,
     which brought the mobile RGU base to 55,725.

  -- Pay TV number of RGUs reached 16,161.  The company recorded
     TV net adds of 4,944 in the quarter.

  -- 2,259 public telephones were installed during the quarter
     bringing the number of coin operated phones to 33,551.

  -- Residential RGU per customer increased from 1.1 in the
     third quarter of 2007 to 1.5 in the third quarter of 2008.

  -- Commercial RGU per customer increased from 11.1 in the
     third quarter of 2007 to 14.9 in the third quarter of 2008.

                            Revenues

Maxcom total revenues for the third quarter of 2008 were MXN717
million, an increase of 16% over revenues of MXN617 million,
recorded in the third quarter of 2007.  The following table is a
breakdown of the sources of revenue for the company.

                           Residential

Residential revenues represented 41% of the total during the
third quarter, compared with 37% in the same quarter of 2007.
Revenues in the residential business segment reached MXN292
million, an increase of 28% in comparison to MXN228 million in the
third quarter of 2007.

In addition, the increase in revenues is due to an agreement with
Megacable to sell Maxcom's share in approximately 10,000
subscribers of our Toluca and Queretaro operations, for voice
termination under the original triple play agreements.  The
company entered into commercial agreements with Telemedia in
Queretaro and Cablenet in Toluca during 2005 in order to provide
voice termination for triple-play customers, which has now been
transferred to Megacable.  However, Megacable acquired these 2
companies during 2005 and 2008, respectively.  Megacable and
Maxcom mutually agreed to terminate the strategic alliance, and
as part of the transaction, approximately 10,000 subscribers were
sold to Megacable.  It is important to highlight that this
transaction does not include any transfer of infrastructure since
it belongs in its entirety to Megacable.  As part of the
agreement, Maxcom will continue to provide different services in
all of the cities in which it operates.

The takeup of products and upselling has improved the RGU per
customer in the residential business from 1.1 in the third
quarter of 2007 to 1.5 RGUs per customer in the third quarter of
2008.

                            Commercial

Commercial revenues represented 30% of the total during the third
quarter of 2008, and represented 29% in the in the third quarter
of 2007.  Revenues in Commercial Business reached MXN213 million,
an increase of 17% in comparison to MXN182 million in the same
period of 2007.

The 17% or MXN31 million increase in revenues during the third
quarter of 2008 is mainly explained by an increase in the average
revenue per customer that the company recorded and a 25% increase
in the number of RGUs.  

It is important to highlight that the number of customers
decreased by 7% in comparison to the third quarter of 2007.  As
in the previous quarter the company continues to filter clients
that had only one or two commercial voice lines.  However,
although the number of customers is declining, the company has
been successful in increasing its voice lines per customer numbers
from 10.8 lines per customer in the third quarter of 2007 to 14.8
lines per customer in the third quarter of 2008.

In addition, RGU per commercial customer increased from 11.1 in
the third quarter of 2007 to 14.9 in the third quarter of 2008.

                        Public Telephony

Public Telephony represented 16% of total revenues during the
third quarter of 2008.  Revenues in this business unit totaled
MXN113 million, an increase of 5% when compared to MXN108 million
in 2007.  The increase in revenues is attributed to the 29% growth
in the base of public telephones installed.  However and partially
offsetting this revenue growth, as the number of public telephones
continues to grow, the average revenue per public telephone tends
to decline.

                            Wholesale

In the third quarter of 2008, Wholesale revenues increased by 3%
to reach MXN95 million, in comparison to the MXN92 million
registered during the same quarter in the previous year.  The
increase in the Wholesale Business revenues was mainly driven by
an increase in long distance termination and CPPN traffic due to
better call completion through Maxcom's network.

                          Other Revenue

Other revenue represented less than 1% of total revenues and
reached MXN4 million, in comparison to MXN7 million or also less
than 1% of total revenues in the previous quarter. Other revenues
are primarily comprised of lease of microwave frequencies and CPE
sales.

                     Network Operation Cost

Network Operation Costs in the third quarter of 2008 increased
12% or MXN30 million to reach MXN284 million in comparison to
MXN254 million in the previous year, and was mainly due to a 14%
increase in network operating services and an increase in
technical expenses of 4%.  However and partially offsetting this
increase, installation expenses decreased by 34% due to a
reduction in the cost per single line installed and several
promotional offers with the company's bundled products.

Gross margin for the third quarter of 2008 was 60%, the same as
the gross margin recorded in the same period of 2007.

                              SG&A

SG&A expenses were MXN212 million in the third quarter of 2008,
15% above MXN184 million in the same period of 2007.  The MXN28
million increase was mainly driven by higher bad debt expenses as
a result of the deteriorating economic environment in Mexico,
higher external advisory expenses, salaries and staff related
costs, wages and benefits as a result of an increasing headcount
specifically in the residential and commercial sales forces which
have increased as a result of the increased coverage areas.  In
addition, to an increase in sales commissions and marketing
expenses, among others. These increases were partially offset by
lower insurance costs and stock option compensation.

                    EBITDA and Adjusted EBITDA

EBITDA for the third quarter of 2008 was MXN222 million, a 23%
increase from MXN180 million in the same period of last year.
EBITDA Margin was 31% during the period, 181 basis points higher
than 29% in the third quarter of 2007.

Adjusted EBITDA for the third quarter of 2008 was MXN223 million,
21% higher than MXN184 million in the same period of last year.  
Adjusted EBITDA Margin was 31% during the period, 135 basis points
higher than in the third quarter of 2007.      

                         Operating Income

Operating Income for the third quarter of 2008 was MXN81 million,
10% higher than MXN74 million in the previous year.  Operating
margin for the third quarter was 11%.

                 Comprehensive Financial Result

During the quarter, the company registered a Comprehensive
Financial Result of MXN69 million, a MXN36 million increase when
compared to MXN33 million in the same period of 2007.

The higher Comprehensive Financial Result was due to a net
exchange rate loss of MXN44 million in the third quarter of 2008,
compared to a net exchange rate gain of MXN13 million recognized
in the same period of last year, mainly due to the US dollar cash
position of the company.  At Sept. 30, 2008 the exchange rate
between the Mexican Peso and the United States Dollar was
MXN10.7919, compared to MXN10.9203 at he end of Sept. 30, 2007.
    
The company recorded a decrease of MXN28 million on the amount of
net interest expense when compared to the same quarter of 2007.  
While the amount of interest expense increased due to the overall
amount of debt in a year over year basis.  The company reopened
its Senior Notes on Sept. 5, 2007 for an additional US$25 million,
the capitalization of interest cost on telecommunications network
infrastructure build out partially offset this increase.

As a result of the change in the accounting standards in Mexico,
inflationary accounting (NIF B-10) is not required in a low-
inflation environment.  As of the third quarter of 2008 the
company prepared its financial statements in terms of historical
Mexican pesos.  Therefore, the comprehensive financial result will
no longer be affected by the results in monetary position.  In
this case the company recorded a monetary position loss of MXN33
million in the third quarter of 2007 which does not compare to the
third quarter of 2008.

                            Taxes

During the first quarter of 2008 and according to the latest tax
reform in Mexico, asset tax was replaced with the flat corporate
tax (Impuesto Empresarial a Tasa Unica).  The IETU is calculated
on a cash-flow basis, with the base determined by reducing taxable
revenue with specific deductions.  Since Capex is deductible, the
company is able to minimize tax payments given the aggressive
Capex plan for 2008.

The company recorded MXN8 million in taxes during the third
quarter 2008, compared to MXN43 million in the third quarter of
2007.  While Asset Tax, IETU and Income Tax represent cash
outflows, Deferred Income Tax is a non-cash item.

                          Net Income

The company posted net income during the third quarter of 2008 of
MXN10 million, which compares favorably to net loss of MXN8
million reported in the third quarter of 2007.

                     Capital Expenditures

Capital Expenditures during the period totaled MXN400 million,
higher than the MXN275 million recorded in the third quarter of
2007.  Capital Expenditures were primarily used for telephone
network systems, the build out of new clusters, and equipment for
Maxcom's network expansion.

                         Indebtedness

At Sept. 30, 2008 the company reported its indebtedness level at
MXN2,237 million. The company's leverage ratio measured by Total
Debt/EBITDA, pres ented a decrease, from 3.6 times in 2007 to 2.7
times in 2008.  In addition, Net Debt/EBITDA ratio presented an
even more important profile reduction from 3.3 times in 2007 to
0.9 times in 2008, as a result of the cash proceeds from the
company's initial public offering.

As a reminder in May 2007, the company entered into a currency
swap transaction to minimize the exchange rate risks related to
the coupon payments with respect to US$150 million aggregate
principal amount of the senior secured notes due 2014, for
payments during the period from June 2008 to December 2010.  In
addition, the company's cash position is almost entirely in US
dollars which further reduce the risk with currency fluctuations.

                Adoption of New Accounting Standards

B-10: As of Jan. 1, 2008, the company has adopted the changes to
"Inflationary Effects", B-10 in accordance with the Mexican
Financial Standards (NIF) which establishes the rules for the
recognition of inflationary effects in the country; furthermore,
it incorporates changes such as, reclassifying accumulated
results for non-monetary assets and has the possibility of
choosing between the national consumer price index (INPC) and the
value of UDIs.  It has been determine d that the country does not
face an inflationary environment, and therefore the company as of
Jan. 1, 2008 will suspend the recognition of these inflationary
effects in its financial information. Consequently, the financial
information corresponding to the period ended Sept. 30, 2007 is
expressed in Millions of Mexican Pesos of purchasing power at
Dec. 31, 2007 (date on which bulletin B-10 was still in effect)
and the financial information for 30, 2008 is in current Mexican
Pesos.

                          About Maxcom

Headquartered in Mexico City, Mexico, Maxcom Telecomunicaciones,
SA de CV, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom Telecomunicaciones
launched commercial operations in May 1999 and is currently
offering Local, Long Distance and Internet & Data services in
greater metropolitan Mexico City, Puebla and Queretaro.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 4, 2008, Moody's Investors Service confirmed Maxcom
Telecomunicaciones, S.A. de C.V.'s corporate family rating at
B3.  At the same time, Moody's confirmed its B3 rating on the
company's US$200 million in Senior Unsecured notes due in 2014.  
Moody's said the outlook for all ratings is now positive.  
Moody's rating action concludes the review for upgrade initiated
in November 2007.


MAXCOM TELECOM: Moody's Affirms B3 Ratings; Shifts Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service revised the outlook for Maxcom
Telecomunicaciones, S.A.B. de C.V.'s to stable from positive and
affirmed the company's existing B3 ratings.  The outlook change
was prompted by the likelihood of a softening in the company's
business and revenue growth through 2009, which would extend the
period in which the company could reverse its negative free cash
flow generation.

Anticipated slower revenue growth for years 2008 and 2009, below
Moody's original expectations, is a result of lower purchasing
power at Maxcom target markets, weaker economic conditions and
continued strong competition.  While Moody's believes that
Maxcom's business prospects remain favorable because of Mexico's
large unmet demand for telecom services (about 20% penetration
rate for fixed-line telecom services in Mexico) and the fact that
approximately 50% of new customers are first-time telephone
subscribers not switching from a competitor, the persistent high
negative free cash flow remains a key ratings factor.  Although
Maxcom may have some flexibility to reduce capex in the short
term, the need to continue to upgrade its network in order to
protect its subscriber base will likely keep capex levels fairly
high.

The B3 rating reflects Maxcom's negative free cash flow, small
size, and limited operating history.  The ratings reflect as well
our view that Maxcom has maintained prudent business and financial
policies.  The company's leverage, interest coverage and liquidity
are good for its B3 rating category.  Moody's believes that, at
Sept. 30, 2008, Maxcom's cash on hands covered about 70% of the
company's total debt, most of which matures in December 2014.

The stable outlook is supported by Moody's expectation that
Maxcom's current financial strength will not change dramatically.
It also assumes that the company will not need to incur additional
debt to operate and finance its negative free cash flow.  At LTM
ended in June 2008, adjusted debt to EBITDA dropped to 2.7 times,
down from 3.2 in 2007 and 4.2 times in 2006. Moody's expects debt
to EBITDA to remain stable for full year 2008 and 2009.

An upgrade of Moody's ratings on Maxcom is unlikely in the near
term but upward pressure is possible if the company is able to
stabilize its working capital needs while maintaining subscriber
growth above 20% and gradually reducing negative free cash flow.
However, if the current unfavorable economic trend for Mexico
continues, combined with Maxcom's sustained growth spending, a
downward ratings action could occur.  Specifically, ratings
downgrade could result from continued elevated negative free cash
flow, with or without higher leverage, a consequence of high capex
and working capital needs.

Headquartered in Mexico City, Mexico, Maxcom Telecomunicaciones,
SA de CV, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering Local, Long
Distance and Internet & Data services in greater metropolitan
Mexico City, Puebla and Queretaro.


DIRECTV GROUP: Programming Unit Launches Telecentro
---------------------------------------------------
DIRECTV Mas, DIRECTV Group Inc.’s Spanish- and English-language
programming service, in an effort to continuously provide
a comprehensive and high-quality programming lineup for the Latino
community in the U.S., has launched Telecentro, a Central American
Spanish-language channel that offers 24-hour news, entertainment
and sports programming from the best-known TV channels from El
Salvador, Guatemala, Honduras, Costa Rica, Nicaragua and Panama.

Available to U.S. audiences for the first time, Telecentro is home
to the best programming from Central America.  In addition to the
top-rated newscasts from El Salvador, Guatemala, Honduras, Costa
Rica and Nicaragua, Telecentro offers the best produced youth and
children’s entertainment, the most popular family programs during
the weekend and the largest number of live soccer matches from the
local national club tournaments from El Salvador, Guatemala,
Honduras and Costa Rica.

“With the addition of Telecentro to the DIRECTV Mas platform, we
can now provide the growing Central American communities across
the U.S. with programming that is relevant, exciting and connects
them to their native country,” said John de Armas, vice president,
WorldDirect, Inc. “No other content provider can offer this
experience.”

“Telecentro is proud to bring the best of Central America to the
U.S. for the first time, with the top-rated news, entertainment
and sports,” said Angel Gonzalez, Telecentro.  “Latinos in the
U.S. can experience El Salvador, Guatemala, Honduras, Costa Rica
and Nicaragua in the comfort of their own living rooms.”

To celebrate Telecentro’s launch in the U.S., DIRECTV and
Telecentro are co-hosting a private VIP reception today in
Washington, D.C.

Top Telecentro programs highlights include:

   * NOTI 7 is a Guatemalan newscast program covering national
     and international news.

   * TELEDEPORTE is a Sunday sports newscast that covers sports
     in Guatemala with an emphasis in local soccer.

   * NUESTRO MUNDO is a Monday to Friday magazine show produced
     in Guatemala, featuring news, entertainment and general
     interest programming, including but not limited to news,
     health, gossip, beauty tips, horoscope, culinary and
     traveling segments.

   * TELEDOS is a Salvadoran newscast covering national and
     international news.

   * VIVA LA MANANA is a Monday to Friday morning show produced
     in El Salvador featuring news, entertainment and general
     interest segments, including but not limited to news,
     health, gossip, beauty tips, horoscope, culinary and
     traveling segments.

   * HOY MISMO is a Honduras newscast covering national and
     international news.

   * ACCION 10 is a Nicaraguan newscast covering national and
     international news.

   * FUTBOL TELECENTRO provides full-length coverage (live or
     first-run tape delayed) of soccer matches of the national
     major leagues of El Salvador, Guatemala, Honduras and Costa
     Rica.

                      About DIRECTV Mas(TM)

DIRECTV Mas(TM) -- http://www.DIRECTVmas.com/-- offers the widest  
array of Spanish and English-language programming available and
the latest satellite technology, all combined to provide viewers
with digital-quality picture and sound at competitive prices.  The
service provides access to more than 45 Spanish-language channels
including top programming from Mexico, Central and South America,
Puerto Rico, the Dominican Republic and Spain.  DIRECTV Mas(TM)
programming offers sports, movies, music, news and educational
networks, and access to more than 230 English-language channels of
DIRECTV(R) programming, featuring the largest selection of pay per
view choices and sports programming available.

                         About Telecentro

Telecentro -- http://www.tvtelecentro.com/-- has the best content  
produced by the media leaders of Central America and offers 24/7
original programming from El Salvador: Telecorporación
Salvadorena; from Guatemala: Radio Television de Guatemala; from
Honduras: Televicentro; from Nicaragua: Channel 10 and from Costa
Rica: Repretel.  Telecentro has the top rated newscasts, the
highest quality women magazines, the best produced youth and kid’s
entertainment, the most popular family programs during the weekend
and on top of all this, the widest live coverage of soccer matches
from El Salvador, Guatemala, Honduras and Costa Rica.  Telecentro
is on channel 429 on DIRECTV Mas.

                          About DirecTV

Headquartered in El Segundo, California, The DirecTV Group Inc.
(NASDAQ:DTV) -- http://www.DirecTV.com/-- provides digital
television entertainment in the United States and Latin America.
The company's two business segments, DirecTV U.S. and DirecTV
Latin America, are engaged in acquiring, promoting, selling
and/or distributing digital entertainment programming via
satellite to residential and commercial subscribers.  DirecTV
Holdings LLC and its subsidiaries are a provider of direct-to-
home digital television services and a provider in the multi-
channel video programming distribution industry in the United
States.  DTVLA is a provider of DTH digital television services
throughout Latin America.  In January 2007, the company acquired
Darlene Investments LLC's 14.1% equity interest in DirecTV Latin
America, LLC.  DirecTV Latin America LLC is a multinational
company, which, as a result of this transaction, became a wholly
owned subsidiary of the company.  The DIRECTV Latin America
segment provides digital direct-to-home digital television
services to approximately 1.6 million subscribers in 27
countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2008, Moody's Investors Service assigned DIRECTV
Holdings, LLC's proposed new US$1 billion senior secured Term
Loan C maturing in 2013, and US$1.35 billion senior unsecured
notes maturing in 2016, which may increase to US$1.5 billion,
Baa3 (LGD2-19%) and Ba3 (LGD5-73%) ratings, respectively, and
affirmed all existing ratings for the company.  Moody's also
assigned the company an SGL-1  speculative grade liquidity
rating and changed its ratings outlook from negative to stable.

As of Feb. 9, 2008, The DIRECTV Group Inc. still carries
Standard & Poor's Ratings Services' 'BB' corporate credit and
'BB-' senior unsecured debt rating given on April 3, 2007.
Moody's said the outlook remains stable.


GRUPO ELEKTRA: Net Income Up 35% to MXN673 Mil. in 3rd Qtr. 2008
----------------------------------------------------------------
Grupo Elektra, S.A. de C.V. recorded a consolidated revenue of
MXN10,226 million and gross profit of MXN4,876 million for the
third quarter of 2008.

In nominal terms -- considering each quarter figures in current
peso terms -- consolidated revenue increased 4% and gross profit
rose 2%.

"Despite a difficult economic environment, we were able to
preserve the positive trend of consolidated revenue in the
quarter, thanks to our cutting-edge products and services that
permanently satisfy our customer needs," said Carlos Septien,
Chief Executive Officer of Grupo Elektra and Banco Azteca.  "In
line with our long-term strategy, we further enhanced our
expansion in Mexico and in Central and South America, with a 9%
increase in points of sales.  The expansion affected operating
expenses in the period and simultaneously strengthened our market
position and growth expectations in revenue and profitability
going forward."

                Consolidated Third Quarter Results

As detailed in the previous financial results press release,
changes in the financial reporting standards were implemented this
year.  Under the new rules, the 2008 figures are expressed in
current pesos, while the 2007 figures are reported in constant
pesos as of December 2007.  These analysis presents the financial
results under the new rules.

Consolidated Revenue

Consolidated revenue was MXN10,226 million in the third quarter of
2008, 2% higher than the MXN10,010 million reported in the same
period a year ago, as a result of a 1% increase in financial
revenue and a 3% increase in commercial revenue.

Total Costs

Consolidated costs were MXN5,351 million, compared to MXN5,154
million reported in the same period a year ago.  The main lines of
the financial cost are the creation of loan loss reserves and the
interest paid to depositors on savings.  The commercial cost
mainly includes the cost of goods sold.

Gross Profit

In third quarter 2008, gross profit was MXN4,876 million, compared
to MXN4,855 million reported in third quarter 2007.  The gross
margin this quarter was 48%.

Operating Expenses

Consolidated expenses were MXN3,607 million, compared with
MXN3,213 million in the same period a year ago.  The increase
mainly results from higher operating expenses in the financial
business -- due to increased operations, both in Mexico as well as
in Central and South America -- disbursements related to the
expansion of Grupo Elektra and Banco Azteca in Latin America, and
the selling of the FAW automobiles in Mexico.

During the quarter, the company took important steps to further
reduce expenses, which will be reflected in the results of
subsequent periods.

EBITDA and Net Income

In third quarter 2008, consolidated EBITDA was MXN1,269 million,
compared to MXN1,647 million in third quarter 2007; the EBITDA
margin for the quarter was 12%.

Net income for third quarter 2008 was MXN673 million, 35% higher
than MXN497 million for the same quarter of last year, mainly due
to a financial gain of MXN78 million this period, compared to a
Comprehensive Financial Cost of MXN508 million in the prior year.
The gain this quarter mainly resulted from net interest income and
a gain in foreign exchange.

The company registered a provision for taxes of MXN253 million in
the quarter, compared with MXN210 million in the prior year, in
line with the income tax rate applicable to the quarterly results;
as well as a gain of MXN21 million in the company's participation
in CASA, compared with a loss of MXN51 million a year ago.

Foreign Currency Position

The company reported a net asset position in dollars of US$1,278
million.  A substantial part of the monetary liabilities of the
company denominated in foreign currency correspond to the
operations in local currency in the Central and South American
countries where the company has presence.  Since the company has
corresponding assets in the same currency, there is no exchange
risk.

The company does not have derivative instruments for speculative
purposes that could affect its financial results due to exchange
fluctuations.

Cash and Cash Equivalents

As of Sept. 30, 2008, total cash and cash equivalents were
MXN45,773 million, 19% higher than the MXN38,320 million at the
end of third quarter 2007.  The increase was due to a higher cash
balance of the commercial business.

Consolidated Gross Loan Portfolio

As of Sept. 30, 2008, the total consolidated gross loan portfolio
of Banco Azteca Mexico and Banco Azteca and Elektrafin Latin
America was MXN25,228 million, compared to MXN24,948 million in
the same period of last year.

Capex

As of Sept. 30, 2008, capital expenditures were MXN1,340 million,
mainly reflecting the expansion in points of sale in Mexico and
Latin America; as well as maintenance and remodeling of stores and
bank branches.

                       Banco Azteca Mexico

During the third quarter, revenue from Banco Azteca Mexico was
MXN4,746 million, 9% higher than the MXN4,345 million reported a
year ago, as a result of a rise in the main credit lines of the
Bank.  The financial cost of the bank during the quarter was
MXN1,833 million, compared with MXN1,639 million reported last
year.

As of Sept. 30, 2008, the preliminary capitalization index of
Banco Azteca was 11.8%, higher than 11.5% reported at the end of
the same period in the prior year.  Banco Azteca considers the
index to be at a level that optimizes its equity's profitability.

Gross Credit Portfolio

The gross credit portfolio was MXN22,282 million, compared with
MXN22,264 million reported on Sept. 30, 2007.

At the end of the quarter, the Bank had a total of 9 million
active accounts, a 21% increase from 7.4 million accounts a year
ago.  The average term of the credit portfolio on principal credit
lines -- consumer, personal loans and Tarjeta Azteca -- was 61
weeks at the end of third quarter 2008, compared with 60 weeks of
the prior year.

The company has a thorough knowledge of its customers' payment
capacity and has been proactive with measures to control credit
risks to positively influence asset quality.  At the end of the
quarter, Banco Azteca Mexico delinquency index was 5.5%, compared
to 12.3% a year ago, an outstanding position in Mexico's consumer
credit segment.

Savings Accounts and Term Deposits

Net deposits of Banco Azteca Mexico were MXN43,847 million at the
end of third quarter 2008, 4% up than MXN42,215 million of the
previous year.  At the end of the quarter, Banco Azteca had a
total of 6.6 million active savings and deposit accounts, a 14%
increase from 5.8 million accounts at the end of the same period a
year ago.

                          Seguros Azteca

Revenue in the quarter was MXN310 million, compared to MXN344
million in the previous year.

At the end of the quarter, Seguros Azteca's total assets were
MXN1,546 million, 14% higher than the MXN1,361 million reported in
the same quarter of the prior year.  Stockholder's equity was
MXN817 million, 28% higher than the MXN640 million reported a year
ago.

                          Afore Azteca

As of Sept. 30, 2008, Siefore Azteca's assets under management
were MXN10,120 million.  Total assets were MXN306 million and
stockholder's equity was MXN269 million.

                      Commercial Business

Revenue from the commercial business in the quarter was MXN4,840
million, a 3% increase from the MXN4,694 million reported a year
ago.  This increase, in conjunction with a commercial cost
decrease, generated gross profit of MXN1,737 million, 18% higher
than the MXN1,471 million reported in the prior year.

                    Total Debt and Net Debt

As of Sept. 30, 2008, the total debt with cost of the commercial
business was MXN5,962 million, compared to MXN5,964 million
reported a year ago.  Net debt of the commercial business had a
negative balance of MXN13,317 million, compared with a negative
balance of MXN4,276 million as of Sept. 30, 2007.

The 82% of the total debt of the commercial business is
denominated in pesos, in line with the majority earnings of the
company, and has a weighted interest rate of 10.4%.  The remaining
18% of the debt denominated in foreign currency is covered with
operations on the asset side in the same currency.

                            Expansion

As of Sept. 30, 2008, the company had 1,957 points of sale, 9%
higher than 1,799 reported a year ago.  The number of units in
Mexico grew 5%, to 1,548, and in Central and South America the
increase was 24%, to 409 points of sale.

                         About Grupo Elektra

Grupo Elektra SA de CV –http://www.grupoelektra.com.mx-- is Latin  
America's leading financial services company and focused on the
mass market. The Group operates more than 1,900 points of sale in
Mexico, Brazil, Guatemala, Honduras, Peru, Panama, El Salvador and
Argentina.  Grupo Elektra also sells and markets its consumer
finance, banking and financial products and services through Banco
Azteca branches located in Mexico, Brazil, Panama, Guatemala,
Honduras and Peru.


GRUPO IUSACELL: Incurs MXN777 Million Net Loss in 3rd Quarter 2008
------------------------------------------------------------------
Grupo Iusacell, S.A.B. de C.V. disclosed net revenue of MXN2,696
million and EBITDA of MXN484 million in the third quarter of 2008.

In nominal terms -- considering each quarter figures in current
pesos -- revenue grew 3%, and EBITDA increased 2% in the third
quarter.

"For the 10th quarter in a row, we continued with our positive
revenue and EBITDA trend, and were able to preserve our
profitability margin this period", said Grupo Iusacell Chief
Executive Officer, Gustavo Guzman.  "On the strategic front, we
focused on further increasing our postpaid subscriber base, which
intensively uses our value added services, and represents higher
revenue per user.  The increase in postpaid clients translated
into additional costs in the short term -- primarily due to
handset subsidies -- but provides robust revenue in extended time
periods."

                        Third Quarter Results

As the company detailed in the previous quarter, this year changes
in norms of financial information were introduced.  Under the new
rules, the 2008 figure is in current pesos, while the 2007 figure
is in constant pesos as of December of 2007.

Net Revenue

Net revenue during the quarter increased 2% to MXN2,696 million
compared to MXN2,656 million in the same period of the previous
year.  Growth is mainly due to higher roaming revenue, postpaid
rent of cellular services, data service income, link leases and
revenue from our call center.

Particularly significant was the dynamism of the BAM service --
wireless mobile connectivity through Internet broadband, at the
fastest speed available in Mexico -- which reached 79,500 users,
more than double compared to 34,500 a year ago.

The BAM service enables our clients to access the most reliable
data connection service in Mexico -- wherever they are located --
allowing them to get information at any time, increasing their
response capacity.

The number of postpaid subscribers increased 18% over the year ago
period, a significant figure given their high profitability and
low churn rate.

Grupo Iusacell's subscriber base is 28% postpaid and 72% prepaid
users.  The ratio of postpaid subscribers to total users during
the period is five percentage points higher than the 23% at the
time of the Unefon merger -- during the second quarter of 2007 --
and the company is gearing its efforts toward continued strong
percentage growth in the future.  Prior to the Unefon merger,
Grupo Iusacell's subscriber mix was 35% postpaid and 65% prepaid.
Grupo Iusacell's objective is to eventually regain that same mix
of subscribers.

Costs and Expenses

Quarterly costs were MXN1,614 million, versus MXN1,543 million in
the same 2007 period.  The increase was a result of higher handset
subsidies -- consistent with the increase in postpaid subscribers
-- plus higher interconnection outlays as a result of growth in
voice traffic.

Operating expenses were MXN597 million, versus MXN634 million in
the third quarter a year earlier.  The reduction was a result of
lower personnel expenses, energy savings, lower travel,
advertising and advisory expenses, even though more points of sale
and increased customer service were added to bring the company
even closer to its clients.

At the end of the third quarter, the company started an important
expense reduction initiative as a proactive response to the
slowdown of the Mexican economy.  The lower expenses will improve
the operational efficiency of the company going forward.

EBITDA and Net Income

EBITDA for the quarter was MXN484 million, 1% above MXN479 million
posted in the year ago period.  EBITDA margin was 18%, the same
percentage as reported for the third quarter of 2007.

The company registered net loss of MXN777 million during the
quarter, versus net loss of MXN500 million a year earlier.  The
change is the result of a MXN417 million rise in the comprehensive
financial cost, due to increased foreign exchange loss and a lower
gain from monetary position.  The exchange loss is the result of a
net liability position in U.S. dollars and the depreciation of the
Mexican peso during the third quarter.

The company does not have exchange rate derivative instruments,
thus recent changes in the exchange rate of the Mexican peso
versus the US dollar have no additional influence in the company
results.

The increase in the comprehensive financial cost was partially
offset by lower depreciation and amortization as well as a
reduction in the tax provision.

Debt

As of Sept. 30, 2008, the debt balance of the company was
MXN10,660 million, practically constant compared to the MXN10,608
million reported a year ago. 79% of the debt has fixed interest
rates, which reduces the potential impact of fluctuations in the
debt markets.

Capex

Capital expenditures for the third quarter of 2008 were MXN226
million, mainly for system and equipment purchases for the purpose
of extending Iusacell's 3-G network coverage and capacity and its
EVDO services.

                     About Grupo Iusacell

Headquartered in Mexico City, Mexico, Grupo Iusacell, SA de CV
(BMV: CEL) -- http://www.iusacell.com-- is a wireless cellular
and PCS service provider in Mexico with a national footprint.
Independent of the negotiations towards the restructuring of its
debt, Grupo Iusacell reinforces its commitment with customers,
employees and suppliers and guarantees the highest quality
standards in its daily operations offering more and better voice
communication and data services through state-of-the-art
technology, including its new 3G network, throughout all of the
regions in which it operate.

                        *     *     *

As of Dec. 31, 2005, Grupo Iusacell's stockholders' deficit
widened to MXN2,076,000,000 from a deficit of MXN1,187,000,000
at Dec. 31, 2004.

Grupo Iusacell filed for bankruptcy protection on June 18 under
Mexican Law to prevent creditors from disrupting its debt
restructuring talks.  On July 14, 2006, Gramercy Emerging
Markets Fund, Pallmall LLC and Kapali LLC, owed an aggregate
amount of US$55,878,000 filed an Involuntary Chapter 11 Case
against Grupo Iusacell's operating subsidiary, Grupo Iusacell
Celular, SA de CV (Bankr. S.D.N.Y. Case No. 06-11599).  Alan M.
Field, Esq., at Manatt, Phelps & Phillips, LLP, represents the
petitioners.  Iusacell Celular then filed for bankruptcy
protection under Mexican Law on July 18, 2006.

The involuntary petition in the United States was dismissed in
December 2006.

                         
GRUPO POSADAS: Moody's Puts Ba3 Ratings on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed Grupo Posadas, S.A.B. de C.V.'s
Ba3 senior unsecured debt and corporate family ratings on review
for downgrade.

The review was prompted by margin calls that Posadas has received
on certain cross currency swaps for Mexican peso-denominated debt
instruments (primarily certificados bursatiles, or local notes),
which have created pressure on the company's short-term liquidity
and will require a swift response to alleviate the situation.

"Moody's review will focus on the feasibility and effectiveness of
various actions Posadas is currently pursuing in order to restore
its short-term financial flexibility," says Moody's Vice President
Sebastian Hofmeister.  According to the analyst, those actions
include, among others, drawdowns under pre-existing facilities and
certain other credit lines with a number of financial
institutions. The rating agency expects to conclude the review
within the coming weeks.

On Oct. 10, 2008, Posadas announced that the weakening of the peso
since Sept. 30, 2008, has caused the mark-to-market value of its
derivates portfolio to drop by US$26.6 million to negative US$37.7
million, resulting in margin calls by counterparties. While not
disclosed by the company, Moody's believes that the posted cash
collateral has become significant relative to existing cash
reserves as the peso continued to weaken in recent days, and that
external funding will be required to cover any liquidity
shortfall.

As of June 30, 2008, Posadas maintained MXN445 million in cash
reserves and a short-term debt of MXN639 million (includes the
current portion of long-term debt).  In July, the company issued
MXN750 million in certificados bursatiles due 2013 (as an add-on
to a MXN1.5 billion issuance in April), which has addressed
certain near-term debt maturities but may not necessarily have
caused short term debt to drop in third quarter 2008.  Moody's
notes, that Posadas faces material debt maturities in 2009,
including MXN250 million in certificados bursatiles due in May
2009 as well as scheduled principal amortization under a US$100
million syndicated facility and certain smaller credit lines.

Posadas' ratings continue to be supported by the company's leading
position and brand recognition in the Mexican hotel industry,
nationwide coverage, segment diversification, as well as adequate
credit metrics for the rating category as of June 30. These
strengths are partly offset by the intense competition from
several large and financially strong domestic and international
chains and the cyclical nature of the lodging industry, with
pressures on room rates and occupancy likely to mount in the
coming quarters as economic conditions continue to soften.  The
ratings also reflect Moody's belief that Mexicana, an ailing
airline, may in the future require financial support from Posadas,
its largest individual shareholder, which has a 30% equity stake
in the airline company.

For the 12 months ended June 30, 2008 (LTM), Posadas reported
revenues and EBITDA of MXN6,529 million and MXN1,540 million,
respectively, with EBITDA margin coming in at 23.6%, down 90 basis
points from 2007.  In first half of 2008, reported revenues
reached MXN1,875 million, up 14.6% from first half of 2007, while
EBITDA margin dropped 170 basis points to 22.3% over the same
period.  Adjusted LTM 2Q08 Debt/EBITDA, EBIT/Interest and Free
cash flow/Debt were about 3.8 times, 2.6 times and 4%, vs. 4.0
times, 2.4 times and 2% in 2007, respectively. Moody's expects
Posadas to report third quarter 2008 results next week.

Grupo Posadas SA de CV (BMV: POSADAS) -- http://www.posadas.com   
-- is the largest hotel operator in Mexico, specializing for over
37 years in providing high-quality hotel services aimed at
covering the specific needs of its hotel customers, currently
operates 107 hotels and approximately 19,368 rooms across Mexico,
the United States and South America.

Grupo Posadas operates under its Aqua, Fiesta Americana Grand,
Fiesta Americana, Fiesta Americana Vacation Club, Fiesta Inn, One
Hotel, Caesar Park, Caesar Business and The Explorean brands in
Brazil, Argentina and Chile.  The company owns a minority equity
stake (30%) in Grupo Mexicana de Aviacion S.A. de C.V., one of
Mexico's two largest commercial airlines.


TV AZTECA: Books MXN492 Million Majority Net Income in 3Q 2008
--------------------------------------------------------------
TV Azteca, S.A. de C.V. reported net sales of MXN2,614 million and
EBITDA of MXN1,024 million for the third quarter of 2008.  EBITDA
margin for the period was 39%.

In nominal terms-considering figures for each quarter in current
pesos-sales grew 7%, EBITDA increased 2%, and net income rose 12%.

"Our attractive programming options this quarter were complemented
with solid coverage of the Summer Olympic Games in Beijing, once
again expanding advertising demand within our content," said TV
Azteca Chief Executive Officer, Mario San Roman.  "Our clients'
preferences translated into top line growth-for the third
consecutive third quarter-and determined EBITDA and net income
increases in the period."

                       Third Quarter Results

As detailed in previous financial reports, changes in financial
reporting standards were implemented this year.  Under the new
rules, 2008 figures are expressed in current pesos, while 2007
figures are reported in constant pesos as of December 2007.

Net Sales

"The popularity of our content translated into a 39% full day
share of the Commercial Audience in the quarter, which resulted in
solid demand for advertising spaces in all of the time slots, and
increased sales," added Mr. San Roman.  "The coverage of the
Summer Olympic Games, with our comprehensive sports analysis, was
an additional boost to domestic revenues."

Third quarter revenue includes sales of MXN37 million from
Proyecto 40, which have been consolidated in TV Azteca results
beginning this year.

TV Azteca also reported net sales from Azteca America -- the
company's wholly owned broadcast television network focused on the
U.S. Hispanic market -- of MXN120 million, compared to MXN139
million a year ago.  The reduction this quarter is related to the
adverse economic environment in the United States.

Programming sales to other countries were MXN14 million in the
period, compared to MXN26 million the prior year. Revenue this
quarter resulted from the sale of the shows Lo que Callamos las
Mujeres and Montecristo, in Latin America, and Bellezas Indomables
in Europe.

Revenue from barter sales was MXN87 million, practically unchanged
from MXN86 million from the previous year.

Costs and Expenses

Total costs and expenses grew 10% in the quarter, as a result of a
12% increase in programming, production and transmission costs --
to MXN1,298 million, from MXN1,156 million in the same period a
year ago-and a 1% reduction in selling and administrative expenses
-- to MXN292 million, compared with MXN295 million in the same
quarter of 2007.

The increase in costs reflects the consolidation of Proyecto 40 in
TV Azteca results, and the production and transmission of the
Summer Olympic Games in Beijing.

Decrease in selling and administrative expenses resulted from
reductions in operating expenses and advisory fees, despite
increased business operations this quarter, reflecting efficiency
gains in the period.

EBITDA and Net Income

EBITDA was MXN1,024 million, 1% above the MXN1,019 million in the
same period of the prior year; EBITDA margin was 39%.

Below EBITDA the main changes were: i) reduction of MXN37 million
in other expenses, resulting from lower legal fees; ii) decrease
of MXN29 million in the provision for income tax; iii) a MXN33
million improvement in the results of minority stockholders, and
iv) a MXN22 million decrease in comprehensive cost of financing,
mainly derived from increased foreign exchange gains.

The company has a net asset monetary position of US$249 million,
which together with a peso depreciation this quarter, resulted in
exchange gains.

TV Azteca does not have exchange rate derivative instruments, thus
recent changes in the foreign exchange rates have no additional
influence in the company results.

Net majority income for the period was MXN492 million, 10% above
the MXN447 million from a year ago.

Outstanding Debt

As of Sept. 30, 2008, TV Azteca's outstanding debt-excluding
MXN1,292 million debt due 2069-was MXN7,703 million.  The 99% of
such debt is peso denominated, and of it, MXN6,000 million are
Securities Certificates that have gradual maturities starting in
2012.  Their interest rate is fixed at 9.29% annually, thanks to
interest coverage for the next three years.

The cash balance was MXN2,699 million, which resulted in net debt
of MXN5,004 million. Debt to last twelve months (LTM) EBITDA ratio
was 1.9 times, and net debt to LTM EBITDA was 1.2 times.

                       About TV Azteca

TV Azteca (BMV: TVAZTCA) (Latibex: XTZA) is one of the two
largest producers of Spanish-language television programming in
the world, operating two national television networks in Mexico
-- Azteca 13 and Azteca 7 -- through more than 300 owned and
operated stations across the country.  TV Azteca affiliates
include Azteca America Network, a new broadcast television
network focused on the rapidly growing US Hispanic market, and
Todito, an Internet portal for North American Spanish speakers.

                        *     *     *

Moody's Investor Services rated TV Azteca's senior unsecured
debt at B1.

                            ***********

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, Melanie Pador, 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 * * *