TCRLA_Public/081029.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, October 29, 2008, Vol. 9, No. 215

                            Headlines

A R G E N T I N A

ANBU SA: Individual Reports Filing Deadline Is on February 25
LA CASA DEL NEUMATICO: Proofs of Claim Verification Due Nov. 21
PATAGONIA INVERSIONES: Trustee Verifying Claims Until February 24
SUCESORES DE NATALIO: Informative Assembly Scheduled for March 31

* ARGENTINA: Lawmakers Review US$26 Bil. Nationalization Plan


B E R M U D A

ACRO-TECH LTD: Deadline for Proof of Claim Filing Is Nov. 13
ACRO-TECH LTD: Holding Final Shareholders Meeting on Dec. 1
FOSTER WHEELER: Units to Implement Feasibility Study in Ningxia


B O L I V I A

COEUR D'ALENE: Sells US$50 Mil. Senior Secured Convertible Notes


B R A Z I L

BANCO ITAU: Reports Initial Earnings of BRL5.9 Bil. in Third Qtr.


C A Y M A N  I S L A N D S

AIMCO CDO 2000-A: Proof of Claim Filing Deadline Is Oct. 31
ASP EQUITY: Deadline for Proof of Claim Filing Is Oct. 31
ASP INVESTMENTS: Filing for Proof of Claim Is Until Oct. 31
CLEARWATER GATE: Holds Final Shareholders Meeting on Oct. 31
EQUITY BPCWA: Proof of Claim Filing Deadline Is Oct. 31

GRAND ISLAND: Shareholders May Be Repaid From Repatriated Funds
HOLLAND PARK: Deadline for Proof of Claim Filing Is Oct. 31
LS PROPERTIES: Holding Final Shareholders Meeting on Oct. 31
NEW WEB HOLDINGS: Filing for Claims Deadline Is Oct. 31
POLESTAR EQUITY: Deadline for Filing of Claims Is Oct. 31

PRINTING EQUITY: Proof of Claim Filing Is Until Oct. 31
PRINTING HOLDINGS: Deadline for Filing of Claims Is Oct. 31
PRINTING IIP: Filing for Proof of Claim Deadline Is Oct. 31
PROGRESS REINSURANCE: Final Shareholders Meeting Is on Oct. 31
WEB EQUITY: Deadline for Proof of Claim Filing Is Oct. 31


C O L O M B I A

BANCOLOMBIA SA: Board OKs Compania de Financiamiento Acquisition
BANCOLOMBIA SA: Names Mauricio Rojas as Legal VP/Secretary General


M E X I C O

AXTEL SAB: Posts MXN159.2 Million Net Loss in Qtr. Ended Sept. 30
CODERE SA: S&P Puts B+ Corp. Credit Rating on Watch Negative
CORPORACION GEO: Reports MXN1.14 Mil. Net Income in 3rd Qtr. 2008
GRUPO TMM: Pemex Issues New Ruling on Tanker Contract Bids
VITRO SAB: Increased Liquidity Pressures Prompt Fitch's Neg. Watch


P A R A G U A Y

MILLICOM INT'L: Holds Fourth Annual Capital Markets in Paraguay


P U E R T O  R I C O

FIRST BANCORP: Books US$24.5 Million Net Income in 3rd Qtr. 2008
POPULAR INC: Mulls Termination of 600 U.S. Workers
SHAW GROUP: Unit Bags Service Contract From Petrobras


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Global Crisis to Badly Hit Tourism, PUSH Says

* U.K. Trade Minister Offers GBP46 Million Funding for Caribbean


                         - - - - -


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

ANBU SA: Individual Reports Filing Deadline Is on February 25
-------------------------------------------------------------
Susana Taboada, the court-appointed trustee for Anbu SA'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. 1, on February 25, 2009.

Ms. Taboada is verifying creditors' proofs of claim until Dec. 12,
2008.  She will also submit to court a general report containing
an audit of Anbu SA's accounting and banking records.

Infobae didn't state the submission date for the report.

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

The debtor can be reached at:

                     Anbu SA
                     Montevideo 536
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Susana Taboada
                     Ezeiza 2641
                     Buenos Aires, Argentina


LA CASA DEL NEUMATICO: Proofs of Claim Verification Due Nov. 21
---------------------------------------------------------------
Leticia Matej, the court-appointed trustee for La Casa del
Neumatico SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until November 21, 2008.

Ms. Matej will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 17, 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 La Casa 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 La Casa's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission date for the report.

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

The debtor can be reached at:

                     La Casa del Neumatico SRL
                     Avda. J. B. Justo 3005
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Leticia Matej
                     Tucuman 1567
                     Buenos Aires, Argentina


PATAGONIA INVERSIONES: Trustee Verifying Claims Until February 24
-----------------------------------------------------------------
Marcela Mazzoni, the court-appointed trustee for Patagonia
Inversiones SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until February 24, 2009.

Ms. Mazzoni will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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 Patagonia Inversiones 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 Patagonia Inversiones'
accounting and banking records will be submitted in court.

La Nacion didn't state the submission date for the report.

Ms. Mazzoni is also in charge of administering Patagonia
Inversiones' assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

                     Patagonia Inversiones SA
                     Sarmiento 776
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Marcela Mazzoni
                     Viamonte 1337
                     Buenos Aires, Argentina


SUCESORES DE NATALIO: Informative Assembly Scheduled for March 31
-----------------------------------------------------------------
Sucesores de Natalio Iglesias S.H.'s creditors will vote to ratify
the completed settlement plan during the assembly on March 31,
2009.

The court-appointed trustee for Sucesores de Natalio's
reorganization proceeding verified creditors' claims against the
company.  The trustee also submitted to court a general report
containing an audit of Anbu SA's accounting and banking records on
October 27, 2008.

Validated claims were used as basis in creating individual
reports, which he presented in court.

The debtor can be reached at:

                     Sucesores de Natalio Iglesias S.H.
                     San Jose de Metan
                     Salta


* ARGENTINA: Lawmakers Review US$26 Bil. Nationalization Plan
-------------------------------------------------------------
Argentine lawmakers is considering President Cristina Fernandez de
Kirchner's plan to nationalize about US$26 billion in private
pension funds, a proposal that stirred investor concerns the
country may default for a second time in a decade, Bill Faries of
Bloomberg News reports.

The social security committee in the lower house has began debate
on the proposal yesterday, Oct. 28, 2008, at 1 p.m. New York time.  
Labor Minister Carlos Tomada and Amado Boudou, who heads both the
social security administration and the private pension fund
regulator, reportedly spoke in support of the measure, according
to the congressional Web site.

Citing President de Kirchner, Bloomberg relates that the plan aims
to protect taxpayers and future retirees amid the global financial
crisis.  Her proposal caused Argentine stocks and bonds to plummet
as investors interpreted it as a sign the government wants to
seize the funds because it is running out of money to service its
debt.

Luis Costa, an emerging-market debt strategist at Commerzbank AG
in London, disclosed that it was probably one of the clumsiest
moves the Argentine government could ever have come up with.  "The
implication is terrible for any Argentine debt, local or
external," Bloomberg quoted Mr. Costa as saying.

Argentina, Bloomberg notes, hasn't had access to international
debt markets since its 2001 default on US$95 billion of bonds,
forcing it to turn to Venezuela to borrow about US$8.4 billion
since 2005.  Demand for its inflation-linked peso bonds has dried
up as economists say the government is underreporting price
increases.

According to opposition leaders, they will try to incorporate
safeguards into the bill so that the government can't use the
funds to pay off debt and boost spending.  Adrian Perez, head of
the opposition Civic Coalition party in the lower house, said
debate on the plan shouldn't be "rushed," Bloomberg notes.

"What the government couldn't get from the farmers it's now trying
to get from the pension system," Bloomberg notes, citing
opposition lawmaker Jose Garcia Hamilton in a phone interview.

Bloomberg says that about 3.6 million workers make contributions
to the private pension system.

Former Economy Minister Roberto Lavagna, as cited by Bloomberg,
said opposition to nationalization was muted because of discontent
over fees -- some as high as 39.5% -- on contributions that the
funds have charged since their creation in 1994.

                          *     *     *

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.



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

ACRO-TECH LTD: Deadline for Proof of Claim Filing Is Nov. 13
------------------------------------------------------------
Acro-Tech Ltd.'s creditors have until Nov. 13, 2008, to prove
their claims to Stephen W. Pearce, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Acro-Tech's shareholders agreed on Oct. 22, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

               Stephen W. Pearce
               c/o The Armoury Building
               1st Floor, 37 Reid Street
               Hamilton, Bermuda


ACRO-TECH LTD: Holding Final Shareholders Meeting on Dec. 1
-----------------------------------------------------------
Acro-Tech Ltd. will hold its final shareholders meeting on Dec. 1,
2008, at 9:00 a.m. at The Armoury Building, 37 Reid Street, 1st
Floor, Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.

Acro-Tech's shareholders agreed on Oct. 22, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

               Stephen W. Pearce
               c/o The Armoury Building
               1st Floor, 37 Reid Street
               Hamilton, Bermuda


FOSTER WHEELER: Units to Implement Feasibility Study in Ningxia
---------------------------------------------------------------
Foster Wheeler Ltd.'s subsidiaries, Foster Wheeler Energy Limited
and Foster Wheeler International Engineering & Consulting
(Shanghai) Co. Ltd., together with its consortium partner, Wuhuan
Engineering Company, have been awarded contracts by Sasol Synfuels
International (Proprietary) Limited and Shenhua Ningxia Coal
Industry Group Company Ltd. to perform a feasibility study for an
80,000 barrels per day coal-to-liquids (CTL) plant in the Ningxia
Hui Autonomous Region, the coal-rich western part of the People’s
Republic of China.

The Foster Wheeler contract value was not disclosed, and will be
included in the company's fourth-quarter 2008 bookings.

Foster Wheeler will develop the technical definition, engineering,
procurement and construction strategy and cost estimate and will
provide input to the project’s financial evaluation to support
project approval by the Chinese government.

The planned facility will convert coal into selected fuel products
such as diesel, naphtha and liquefied petroleum gas by combining
three principal processes: gasification of coal to synthesis gas,
the conversion of synthesis gas into liquid fuels using Sasol’s
low-temperature Fischer-Tropsch technology, and hydrocracking the
converted products into valuable fuel products.

“Foster Wheeler is delighted to be selected by Sasol and Shenhua,
together with our Chinese partner, to assist in the next stage of
the development of this planned world-scale CTL plant in China,
having been involved in the initial stage of the feasibility study
three years ago,” said Michael J. Beaumont, chairman and chief
executive officer of Foster Wheeler Energy Limited.  “We have
established an excellent and long-standing working relationship
with Sasol in the engineering and optimization of Sasol’s gas-to-
liquids and coal-to-liquids technologies.  This award reflects our
clients’ confidence in the creativity and specialist technical
expertise of our Business Solutions Group, which focuses on adding
value at the early development stages of projects, and in our long
and successful track record in China.”

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 28, 2008, Moody's Investors Service upgraded Foster
Wheeler LLC's corporate family rating to Ba2 from Ba3, and
raised its probability of default Rating to Ba2 from Ba3.  The
outlook continues to be positive.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2008, Standard & Poor's Ratings Services revised its
outlook on Foster Wheeler Ltd. to positive from stable.  At the
same time, S&P affirmed its 'BB' corporate credit rating on the
company.  The company reported total debt of approximately
US$150 million at Sept. 30, 2007.



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

COEUR D'ALENE: Sells US$50 Mil. Senior Secured Convertible Notes
----------------------------------------------------------------
Coeur d'Alene Mines Corporation has sold US$50 million in
aggregate principal amount of senior secured floating rate
convertible notes under an effective shelf registration statement
on file with the U.S. Securities and Exchange Commission.

The company has also sold to the purchaser a warrant to purchase
up to an additional US$25 million aggregate principal amount of
notes.  The notes are convertible into shares of the company's
common stock at the option of the holder at any time prior to the
close of business on the business day immediately preceding the
maturity date.  The initial conversion price is US$1.15 per share.  
The net proceeds to the Company were US$40.8 million.

The notes bear interest at LIBOR plus 7.50% per year, provided
that in no event will the annual rate be less than 9.00% or more
than 12.00%.  Interest is payable, at the company's option, in
cash, common stock or a combination of cash and common stock.  The
notes are the company's senior secured obligations, ranking
equally with all existing and future senior obligations and
ranking senior to all existing and future subordinated
indebtedness, and are secured by certain assets of the company's
Coeur Rochester, Inc. subsidiary.

The company intends to use the proceeds of this offering to fund
continued development of the Palmarejo silver/gold project in
Mexico and for general corporate purposes.

The company will file a prospectus supplement with the Securities
and Exchange Commission relating to the offering of the notes.  A
copy of the prospectus supplement may be obtained upon written
request to:

            Coeur d'Alene Mines Corp.
            505 Front Avenue
            P.O. Box I
            Coeur d'Alene, Idaho 83816.

                       About Coeur d'Alene

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                            *     *     *

Coeur d'Alene Mines Corp.'s US$180 million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.



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

BANCO ITAU: Reports Initial Earnings of BRL5.9 Bil. in Third Qtr.
-----------------------------------------------------------------
Banco Itau Holding Financeira S.A. will announce its third quarter
Financial Statements for 2008 on November 4, following their
review by the independent auditors and approval by the Board of
Directors at a meeting to be held on November 3.

Given the current state of the Brazilian and overseas financial
and capital markets, Itau has decided to anticipate the
announcement of its principal economic-financial data according to
currently available accounting information.

Itau’s accumulated net consolidated income for the nine months
ending September 2008 was BRL5.9 billion with an annualized return
of 26.3% on average equity.  The consolidated stockholders’ equity
of BRL31.6 billion increased 12.8% over September 2007.  The
solvency ratio at the end of September 2008 was 14.9%.

Third quarter 2008 net income was BRL1.8 billion and recurring net
income, BRL2.0 billion in the same period.  The accumulated
recurring net income for the first nine months of 2008 was BRL6
billion, corresponding to a growth of 12% compared with the same
period in 2007 and an annualized return on equity of 26.8%.

Itau’s consolidated assets increased by 32.9% compared with
September 2007, totaling BRL396.6 billion as at September 30 2008.

The credit portfolio including endorsements and sureties reported
a growth of 44.2% compared to the same period in 2007, recording
BRL164.5 billion.  In Brazil, the free credit portfolio –-
personal accounts segment -- advanced 34.5% in relation to
September 2007 reaching R$ 66.2 billion, and the corporate segment
was up by 55.7% in relation to the same period last year, totaling
BRL79.2 billion.

The non-performing loans index was 4.0% in September 2008 as
against 4.7% in September 2007, and 4.3% in June 2008.

The coverage ratio, the result of the division of provisions for
doubtful loan losses by the balance for non-performing loans
overdue more than 60 days, rose to 147% in the third quarter 2008.  
Excess provisions for doubtful loan losses were increased by R$
100 million in the quarter and now total BRL2.3 billion.

In the third quarter 2008, total deposits, debentures and assets
under management amounted to BRL374.0 billion, equivalent to an
increase of 20.3% compared to September 2007.  As at September 30
2008, total outstanding credit operations were equivalent to 92.7%
of deposits net of compulsory deposits, debentures and on-
lendings.

The managerial financial margin reported a quarter on quarter
increase of 8.6% (32.1% compared with September 2007) reaching
BRL6.4 billion, a 9.3% increase generated from customers and 3.9%
from market.

Itau has two kinds of foreign exchange-indexed derivatives:

   A) Overseas Investments

      All Itau’s overseas operations are covered by currency
      hedge operations, there being no exposure to foreign
      exchange risk.  These hedge operations use financial
      instruments that generate results equivalent to the CDI
      rate.

      The financial margin for this quarter was BRL295 million,
      1.7% more than the preceding quarter and for the
      accumulated 9-month period, recorded year-on-year growth of
      11%.

   B) Itau BBA’s Derivative Operations

Itau BBA offers derivative products of various kinds to its
customers for meeting their hedge requirements in line with the
characteristics of their activities.  Credit approval for a
derivatives operation is submitted to the bank’s credit committee,
which analyzes the customer’s capacity to settle the contract
including under stress situations.  Operations executed with
customers are immediately neutralized through the BMF to eliminate
market risks.

As of October 24, Itau BBA had outstanding derivative operations
of the swap with verification and target forward types with 96
customers.  The bank’s total exposure in these products at an
exchange rate of BRL2.30 per US dollar, for settlement at maturity
was BRL2.4 billion.  This is equivalent to an average debt of
BRL25 million per customer, the average exposure of the five
largest customers being BRL184 million.  Of the total number of
customers, 86 are classified as AA, A or B.  The total outstanding
value of this exposure corresponds to less than 1.5% of the credit
portfolio and less than 0.6% of the conglomerate’s assets.

Only the efficacy of one contract is juridically suspended due to
doubts as to completion of the same.

Following a review of the credit risks and after due examination
by its attorneys, the conglomerate’s management does not envisage
any material impact on its results in the forthcoming quarters.

The conference call for investment analysts will be held on
November 5 2008.

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

                        *    *    *

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



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

AIMCO CDO 2000-A: Proof of Claim Filing Deadline Is Oct. 31
-----------------------------------------------------------
Aimco CDO Series 2000-A's creditors have until Oct. 31, 2008, to
prove their claims to Wendy Ebanks and Prashant Veturkar, 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.

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

The liquidators can be reached at:

                Wendy Ebanks and Prashant Veturkar
                c/o Maples Finance Limited
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


ASP EQUITY: Deadline for Proof of Claim Filing Is Oct. 31
---------------------------------------------------------
ASP Equity Ltd.'s creditors have until Oct. 31, 2008, to prove
their claims to Westport Services Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

               Westport Services Ltd.
               P.O. Box 1111
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Evania Ebanks
               Tel: (345) 949-5122
               Fax: (345) 949-7920


ASP INVESTMENTS: Filing for Proof of Claim Is Until Oct. 31
-----------------------------------------------------------
ASP Investments Ltd.'s creditors have until Oct. 31, 2008, to
prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

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

The liquidator can be reached at:

               Westport Services Ltd.
               P.O. Box 1111
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Evania Ebanks
               Tel: (345) 949-5122
               Fax: (345) 949-7920


CLEARWATER GATE: Holds Final Shareholders Meeting on Oct. 31
------------------------------------------------------------
Clearwater Gate Gourmet Holdings Ltd. will hold its final
shareholders meeting on Oct. 31, 2008, at 9:00 a.m., at the
registered office of the company.

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.

Clearwater Gate's shareholder decided on Sept. 3, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Walkers SPV Limited
               c/o Walker House, 87 Mary Street
               George Town, Grand Cayman
               Cayman Islands

Contact for inquiries:

               Anthony Johnson
               Tel: (345) 914-6314


EQUITY BPCWA: Proof of Claim Filing Deadline Is Oct. 31
-------------------------------------------------------
Equity BPCWA Ltd.'s creditors have until Oct. 31, 2008, to prove
their claims to Westport Services Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Equity BPCWA's shareholders agreed on Sept. 15, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Westport Services Ltd.
               P.O. Box 1111
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bonnie Willkom
               Tel: (345) 949-5122
               Fax: (345) 949-7920


GRAND ISLAND: Shareholders May Be Repaid From Repatriated Funds
---------------------------------------------------------------
Shareholders are bound to get their money back from four locally
operated Grand Island Funds three months after the Cayman Islands
Monetary Authority (CIMA) placed the Funds under supervised
liquidation, the Cayman Net News writes.

In June, CIMA confirmed that the Funds had failed and been put
into voluntary liquidation by investors, the report recalls.  At
the time, it was widely speculated that the funds were primarily
trading oil commodities and could have lost more than
US$70 million.

Court-appointed receiver, PricewaterhouseCoopers (PwC), issued a
statement explaining that as of September 16, the Ontario Supreme
Court recognized a Cayman Islands' Grand Court order to release an
undisclosed amount of funds from Canadian bank Scotia McLeod to
accounts in Cayman, the report relates.

The report quotes the statement as stating that as of September
25, PwC was able to "repatriate monies previously held by Scotia
McLeod to bank accounts controlled by the Receivers in the Cayman
Islands.  The monies will remain in Cayman Island bank accounts
until such time the Grand Court orders the Receivers to distribute
the monies to the beneficial owners. . . .  [PwC] also obtained
books and records from Scotia McLeod."  The report notes that
these records will help further an investigation into the affairs
of the Grand Island Funds.

Additionally, the liquidators met with Grand Island Funds
shareholders and stakeholders updating them on the process of the
liquidation and the investigation, the Cayman Net News says.  The
investigation is said to be at an early stage.

The repatriation of an undisclosed amount of money from a Canadian
bank is being handled by a subsidiary, PwC Corporate Finance &
Recovery (Cayman Ltd.), the report notes.

Cayman Net News has learned from various sources that famous names
in Cayman were major investors in the Funds.  Close Brothers Ltd
was the fund administrator and local real-estate mogul Naul Bodden
was a director of at least one of the funds.

According to the Web site of the Cayman Real-Estate Fund, which
has not been connected to the funds in question, Mr. Bodden is
currently listed as member of the board and said to be managing in
excess of US$60 million in diversified funds, the report reveals.

The report adds that in July, detectives from the Financial Crimes
Unit arrested an unidentified 47-year-old man in connection with
the collapse of the funds, on grounds of suspicion of theft, false
accounting and uttering false documents.  No charges had been
filed against the man who is currently out on bail pending further
investigations.

            CIMA Statement Regarding Grand Island Funds

On June 25, 2008, The Cayman Islands Monetary Authority (CIMA)
confirmed that three CIMA-registered investment funds and a fourth
fund, not regulated by CIMA, have been placed into voluntary
liquidation by the funds' shareholders.

The entities, which are all Cayman-domiciled, are Grand Island
Commodity Trading Fund I, Grand Island Commodity Trading Fund II,
and Grand Island Income Fund, which were registered by CIMA in
2006, and Grand Island Master Fund, which is unregulated.

The shareholders appointed Messrs. David Walker and Nick Freeland
of PricewaterhouseCoopers as the Joint Voluntary Liquidators
(JVLs) at an extraordinary general meeting on June 17.  The action
was taken, with CIMA's knowledge, following the discovery of
irregularities in the funds' trading activities.

CIMA is continuing its own investigation into the matter and will
work with the courts and the liquidators to bring about the proper
winding up of the funds.

Enquiries regarding the funds and the liquidation should be
directed to the Joint Voluntary Liquidators:

   c/o Julia Yates
   PricewaterhouseCoopers
   Box 258 Strathvale House
   90 North Church Street
   Grand Cayman KY1-1104
   Phone: (345) 949-7000

                          *     *     *

Grand Island Commodity Trading Fund I, Grand Island Commodity
Trading Fund II, and Grand Island Income Fund are registered under
section 4(3) of the Mutual Funds Law (2007 Revision).  Section
4(3) allows a fund to be registered, rather than licensed, if,
among other requirements, the minimum aggregate investment
purchasable by an investor in the fund is US$100,000 or more.  By
virtue of the minimum subscription requirement, investors in
registered funds are high net-worth individuals/institutions who
accept the responsibility to perform their own due diligence
regarding the fund and its operations.


HOLLAND PARK: Deadline for Proof of Claim Filing Is Oct. 31
-----------------------------------------------------------
Holland Park Emerging Markets Fund's creditors have until Oct. 31,
2008, to prove their claims to G. James Cleaver and Richard E.L.
Fogerty, 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.

Holland Park's shareholder decided on Sept. 11, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                G. James Cleaver and Richard E.L. Fogerty
                c/o Kroll (Cayman) Limited
                4th Floor Bermuda House, Dr. Roy's Drive
                P.O. Box 1102
                George Town, Grand Cayman
                Cayman Islands

Contact for inquiries:

                Craig Florence
                Tel: +1 (345) 946-0081
                Fax: +1 (345) 946-0082


LS PROPERTIES: Holding Final Shareholders Meeting on Oct. 31
------------------------------------------------------------
LS Properties will hold its final shareholders meeting on Oct. 31,
2008, at 9:30 a.m., at the registered office of the company.

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.

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

The liquidator can be reached at:

               Walkers SPV Limited
               c/o Walker House, 87 Mary Street
               George Town, Grand Cayman
               Cayman Islands

Contact for inquiries:

               Anthony Johnson
               Tel: (345) 914-6314


NEW WEB HOLDINGS: Filing for Claims Deadline Is Oct. 31
-------------------------------------------------------
New Web Holdings Ltd.'s creditors have until Oct. 31, 2008, to
prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

New Web Holdings' shareholders agreed on Sept. 15, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Westport Services Ltd.
               P.O. Box 1111
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bonnie Willkom
               Tel: (345) 949-5122
               Fax: (345) 949-7920


POLESTAR EQUITY: Deadline for Filing of Claims Is Oct. 31
---------------------------------------------------------
Polestar Equity Ltd.'s creditors have until Oct. 31, 2008, to
prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Polestar Equity's shareholders agreed on Sept. 15, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Westport Services Ltd.
               P.O. Box 1111
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bonnie Willkom
               Tel: (345) 949-5122
               Fax: (345) 949-7920


PRINTING EQUITY: Proof of Claim Filing Is Until Oct. 31
-------------------------------------------------------
Printing Equity Ltd.'s creditors have until Oct. 31, 2008, to
prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Printing Equity's shareholders agreed on Sept. 15, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Westport Services Ltd.
               P.O. Box 1111
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bonnie Willkom
               Tel: (345) 949-5122
               Fax: (345) 949-7920


PRINTING HOLDINGS: Deadline for Filing of Claims Is Oct. 31
-----------------------------------------------------------
Printing Holdings Ltd.'s creditors have until Oct. 31, 2008, to
prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Printing Holdings' shareholders agreed on Sept. 15, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               Westport Services Ltd.
               P.O. Box 1111
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bonnie Willkom
               Tel: (345) 949-5122
               Fax: (345) 949-7920


PRINTING IIP: Filing for Proof of Claim Deadline Is Oct. 31
-----------------------------------------------------------
Printing IIP Ltd. 's creditors have until Oct. 31, 2008, to prove
their claims to Westport Services Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Printing IIP's shareholders agreed on Sept. 15, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Westport Services Ltd.
               P.O. Box 1111
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bonnie Willkom
               Tel: (345) 949-5122
               Fax: (345) 949-7920


PROGRESS REINSURANCE: Final Shareholders Meeting Is on Oct. 31
--------------------------------------------------------------
Progress Reinsurance Company Ltd. will hold its final shareholders
meeting on Oct. 31, 2008, at the offices of Marsh Management
Services Cayman Ltd.

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

Progress Reinsurance's shareholder decided on Aug. 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:

                 Marsh Management Services Cayman Ltd.
                 P.O. Box 1051GT
                 Building 4, Floor 2
                 23 Lime Tree Bay Avenue, Governors Square
                 Grand Cayman, Cayman Islands


WEB EQUITY: Deadline for Proof of Claim Filing Is Oct. 31
---------------------------------------------------------
Web Equity Ltd.'s creditors have until Oct. 31, 2008, to prove
their claims to Westport Services Ltd., the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Web Equity's shareholders agreed on Sept. 15, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               Westport Services Ltd.
               P.O. Box 1111
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Bonnie Willkom
               Tel: (345) 949-5122
               Fax: (345) 949-7920



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

BANCOLOMBIA SA: Board OKs Compania de Financiamiento Acquisition
----------------------------------------------------------------
At a meeting, the Board of Directors of Bancolombia S.A. Has
authorized the acquisition of more than 25% of the assets and
liabilities of Compania de Financiamiento Comercial
Sufinanciamiento S.A. (a.k.a. Sufi), a subsidiary of Bancolombia.  
The transaction is subject to certain regulatory approvals.

The transaction is expected to integrate Sufi's business lines,
except Tarjeta Exito and leasing contracts, with Bancolombia's
operations.  With the Authorized Transaction, Bancolombia expects
to improve Sufi's strengths, profitability and competitive
advantages.

The Authorized Transaction will not have a significant effect on
the financial statements of Bancolombia, as Bancolombia owns
directly and indirectly 99.99% of Sufi's outstanding stock.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York S0tock Exchange.

                            *     *     *

This concludes the Troubled Company Reporter-Latin America's
coverage of Bancolombia S.A. until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


BANCOLOMBIA SA: Names Mauricio Rojas as Legal VP/Secretary General
------------------------------------------------------------------
At a meeting, the Board of Directors of Bancolombia S.A. has
appointed Mauricio Rosillo Rojas as Legal Vice President and
Secretary General.  Mr. Rosillo Rojas holds a law degree from
Pontificia Universidad Javeriana, a post graduate degree in
financial law from Universidad de Los Andes, and a master's degree
in commercial and economic law from the University of Georgia in
the United States.  Additionally, Mr. Rosillo Rojas has taken
courses in European law at the Universite Libre de Bruxelles.

Mr. Rosillo Rojas has held several positions in the public and
private sectors including, secretary general of Fedeleasing,
Interim Colombian Superintendent of Banking Cooperatives
[Superintendente de Economia Solidaria (encargado)], director of
financial regulation of the Colombian Ministry of Finance,
supervisor of the securities market of the Colombian Stock
Exchange, and president of Autoregulador del Mercado de Valores, a
Colombian self-regulatory organization.  Mr. Rosillo Rojas is also
adjunct professor at Pontificia Universidad Javeriana and
Universidad de Los Andes.

Mr. Rosillo Rojas will join Bancolombia as Legal Vice President
and Secretary General on Dec. 1, 2008.  He will become a legal
representative of Bancolombia upon authorization by the Colombian
Superintendency of Finance.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York S0tock Exchange.

                            *     *     *

This concludes the Troubled Company Reporter-Latin America's
coverage of Bancolombia S.A. until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.



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

AXTEL SAB: Posts MXN159.2 Million Net Loss in Qtr. Ended Sept. 30
-----------------------------------------------------------------
Axtel, S.A.B. de C.V. reported MXN159.23 million net loss for the
third quarter ended Sept. 30, 2008, compared MXN211.90 million
from the same period in 2007.  The company also disclosed its
unaudited third quarter results ended Sept. 30, 2008.  

                           Highlights:

  -- Axtel's prudent capital structure and financial position has
     allowed it to remain with strong financial metrics during
     this volatile economic environment, as evidenced by its net
     debt to EBITDA ratio of 1.6 at the end of the quarter and of
     approximately 2.0 as of last week.

  -- Axtel has no significant debt maturities until 2011

  -- Axtel's debt structure and derivatives position is as:

     * a Libor/TIIE + 150 bps dual-currency (MXN1,042 million and
       US$110 million) syndicated loan with 10% quarterly payments
       starting in February 2010 and a final 20% payment in
       February 2012, with hedging consisting of full interest
       plus principal swap on the U.S. dollar tranche to a
       notional amount of MXN1,215 million paying an interest rate
       TIIE of + 135 bps

     * the 7.625% US$275 million Senior Notes program maturing in
       February 2017 with hedging consisting of coupons swapped
       to a notional amount of MXN3,038 million paying a fixed
       interest rate of 8.54% until the first call date (Feb. 1,
       2012)

     * the 11% US$162.5 million Senior Notes program maturing in
       December 2013, with hedging consisting of coupons swapped
       to a notional amount of MXN1,799 million paying a fixed
       interest rate of 12.28% until the first call date (Dec. 15,
       2008)

  -- The mark-to-market value of these derivative instruments was
     negative MXN78.1 million as of Sept. 30, 2008.  The mark-to-
     market value based on the prevailing Mexican peso to U.S.
     dollar and interest rates conditions was positive MXN520.5
     million as of Oct. 22, 2008.

  -- The company has no additional derivative instruments of any
     kind.

                     Revenues from operations

Revenues from operations totaled MXN2,859.1 million in the third
quarter of year 2008 from MXN3,081.3 million for the same period
in 2007, a decrease of MXN222.1 million, or -7%.

                       Sources of Revenues

Local services: Local service revenues contributed with 47% of
total revenues during the third quarter, compared with 43% in the
third quarter of 2007, totaling MXN1,340.4 million for the three-
month period ending on Sept. 30, 2008, representing a marginal
increase of less than 1% compared to the same quarter in 2007.  
During the quarter, cellular revenues and monthly rents increased
8% and 3%, respectively, compensating reduced measured service
revenues resulting from less local calls and further penetration
of commercial offers including free local calling.  

Long distance services: Long distance service revenues totaled
MXN319.8 million in the quarter ending Sept. 30, 2008, compared to
MXN352.3 million in the same quarter in 2007.  Due to a change in
the mix of lines in service, during this period, long-distance
revenues per minute declined from MXN0.83 to MXN0.75.  

Data & Network: Revenues from data and network revenues amounted
to MXN616.9 million for the three-month period ended Sept. 30,
2008, compared to MXN645.8 million in the same period in 2007, a
decrease of MXN28.9 million.  Dedicated Internet and VPNs
represented 89% of data & network revenues during the quarter.  
International traffic

In the third quarter of 2008, International traffic revenues
totaled MXN182.1 million, declining MXN131.9 million or 42% versus
same quarter of previous year.  A strong peso prevailing during
most of the quarter de-incentivized increased traffic and the mix
of off-net and on-net traffic affected the rate per minute.

Other services: Revenue from other services recorded MXN400 or 14%
of total revenues in the third quarter of 2008, compared to
MXN431.7 million registered in the same period in 2007.  The
decline is mainly explained by less activation fees caused by
lower new lines and reduced equipment sales compared with the same
quarter of 2007.  

                            Consumption

Local Calls: Local calls totaled 618.6 million in the three-month
period ended Sept. 30, 2008, a decrease of 13.5 million, or 2%,
from 632.2 million recorded in the same period in 2007.  A decline
in the number of calls per line explain this reduction.

Cellular ("Calling Party Pays"): Minutes of use of calls completed
to a cellular line amounted to 344.8 million in the three-month
period ended Sept. 30, 2008, compared to 265.6 million in the same
period in 2007, a 30% improvement equivalent to 79.2 million
minutes.

Long distance: Outgoing long distance minutes amounted to 424.7
million for the three-month period ended Sept. 30, 2008 from 423.7
million in the same period in 2007, a 1,000,000 minutes increase.  
Domestic long distance minutes represented 95% of total traffic
during the quarter.    

                         Operating Data

Lines in Service: As of Sept. 30, 2008, lines in service totaled
954.9 thousand, an increase of 70.3 thousand from the same date in
2007.  During the third quarter of 2008, net additional lines
declined 17.1 thousand.  The termination of the commercial
agreement with Cablemas in the city of Tijuana resulted in a one-
time transferring of approximately 15 thousand lines during the
third quarter of 2008.  As of Sept. 30, 2008, residential lines
represented 66% of total lines in service.

Line equivalents (E0 equivalents): As of Sept. 30, 2008, line
equivalents totaled 462.1 thousand, an increase of 25.6 thousand
from the same date in 2007.

Internet subscribers: As of Sept. 30, 2008, Internet subscribers
totaled 112.3 thousand, an increase of 5%, from 106.7 thousand
recorded on the same date in 2007.  Broadband subscribers
increased 26% totaling 89.1 thousand as of Sept. 30, 2008.  Axtel
continues to upgrade customers from dial-up service to broadband
access solutions.

              Cost of Revenues and Operating Expenses

Cost of Revenues: For the three-month period ended Sept. 30, 2008,
the cost of revenues declined MXN249.4 million, compared with the
same period of year 2007, primarily due to MXN110.6 million and
MXN92.7 million decreases in fixed-to-mobile termination rates and
long distance costs, respectively.

Gross Profit: Gross profit is defined as revenues minus cost of
revenues.  For the third quarter of 2008, the gross profit
accounted for MXN 2,014.8 million, an increase of MXN27.3 million
or 1%, compared with the same period in year 2007.  The gross
profit margin increased from 64.5% to 70.5% year-over-year is
mostly due to improved cellular margins.

Operating expenses: For the third quarter of year 2008, operating
expenses totaled MXN996.2 million compared to MXN901.4 million for
the same period in year 2007.  The incremental expenses are mainly
due to the costs associated with the new cities opened during the
last few quarters and expenses related to the new cities coming
soon.
    
                         Adjusted EBITDA

The Adjusted EBITDA totaled MXN1,018.7 million for the three-month
period ended Sept. 30, 2008, compared to MXN1,086 million for the
same period in 2007, a decrease of 6%. As a percentage of total
revenues, adjusted EBITDA represented 35.6% in the third quarter
of 2008, 38 bps higher than the margin recorded in the
year-earlier quarter.

                  Depreciation and Amortization

Depreciation and amortization totaled MXN715.2 million in the
three-month period ended Sept. 30, 2008 compared to MXN681.2
million for the same period in year 2007, an increase of MXN33.9
million or 5%.  The larger depreciation and amortization charge
is explained by capital expenditures associated with the
geographic expansion and network deployments.

                     Operating Income (loss)

Operating income totaled MXN303.5 million in the three-month
period ended Sept. 30, 2008 compared to an operating income of
MXN404.8 million registered in the same period in year 2007, a
decline of MXN101.3 million or 25%.

                 Comprehensive financial result

The comprehensive financial loss was MXN497.5 million for the
three-month period ended Sept. 30, 2008, compared to a loss of
MXN57.3 million for the same period in 2007.  A net interest
expense decrease of MXN10.5 million due to reduced indebtedness
and a non-cash foreign-exchange loss of MXN311 million compared to
MXN9.6 million gain in the year-earlier quarter due to the
depreciation of the peso, explain the majority of the CFR
difference.  The foreign-exchange loss incurred in the quarter is
partially mitigated by the MXN127.8 million reduced liability in
the mark-to-market of the derivative instruments.

                              Debt

The MXN351.2 million reduction in total debt versus year-earlier
date is explained by the reduction of lease obligations and a
slightly more favorable exchange rate on Sept. 30, 2008 compared
to the same date in 2007.

                       Capital Investments

Due to the investments associated to the preparation of the
additional cities coming soon and the front-loaded investments of
the WiMAX network, Axtel invested MXN1,153.2 million in network
and infrastructure during the third quarter of 2008, compared to
MXN616.8 million in the year-earlier quarter.  The majority of its
capital investments are devoted to access or last-mile assets.

                        Other Investments

Under its buy-back program, Axtel maintains 26.1 million AXTELCPOs
with a weighted average cost of MXN10.64 as of Oct. 22, 2008.
The authorized amount for the program is MXN440 million.

                           About Axtel

Axtel, S.A.B de C.V. -- http://www.axtel.com.mxformerly known    
as Axtel S.A. de C.V. provides local and long distance telephony,
broadband Internet, data and built-to-suit communications
solutions and long distance connectivity to business and
residential customers in Mexico.  The company also provides
telecommunications services using a suite of technologies
including FWA, WiMAX, copper, fiber optic, point to multipoint
radios and traditional point to point microwave access.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Aug. 16, 2007, Standard & Poor's affirmed the 'BB-' corporate
credit and senior unsecured debt ratings on Axtel and its notes
due 2013 and 2017.

In November 2007, Moody's Investors Service gave Axtel S.A.B Ba2
Long-Term Corporate Family Rating and Senior Unsecured Debt
Rating.


CODERE SA: S&P Puts B+ Corp. Credit Rating on Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit and senior unsecured debt ratings on Spanish and
Latin American gaming group Codere S.A. to 'B+' from 'BB-' and
placed them on CreditWatch with negative implications.  The
recovery rating of '3' on the senior unsecured debt of Codere
Finance (Luxembourg) S.A. remains unchanged.
     
"The one-notch downgrade reflects Codere's aggressive financial
profile and a probable shortfall in achieving target leverage
ratios at year-end 2008," said S&P's credit analyst Philip Temme.  
"In addition, the company faces threats to earnings from growing
currency depreciation risks -- particularly in respect of
Argentine and Mexican Peso earnings, which comprised 64% of first-
half 2008 EBITDA and which are only 50% hedged out to one year --
and softening earnings in its core Spanish market and Italy.  
Furthermore, additional smoking restrictions in Mexico (and
potentially Argentina) could dampen growth there."
     
The CreditWatch placement reflects the substantial uncertainties
surrounding the EUR176.3 million, plus interest, obligations owed
by Codere's controlling shareholders to former shareholders which
are due by Oct. 31, 2008.  Any failure by the controlling
shareholders to meet their obligations could result in a sale
process for the group being triggered, with unpredictable
consequences in current financial markets.
     
With almost two-thirds of earnings now generated from Argentine
and Mexican operations, Codere is exposed to contagion effects on
those markets and currencies arising from the liquidity squeeze.
Interest due is presently covered by European and Mexican EBITDA,
but this covenant could come under greater pressure in the event
of significant depreciation of the Mexican peso against the euro.
Meanwhile, Argentine gaming licenses equivalent to about 20% of
Argentine EBITDA are either presently up for renewal or will
become so in 2009, at potentially greater cost than in the past,
and political and regulatory risks in Argentina are rising.  A
total ban on smoking within the Mexican Federal District, a phased
partial ban nationwide and moves to introduce a partial ban within
parts of Buenos Aires province add to business pressures.
     
"Standard & Poor's will seek to resolve the CreditWatch once
greater clarity is available regarding the financing of Codere's
shareholders' payment and the likely outcome of any sales process
that might ensue as a result of non-payment," added Mr. Temme.  "A
change of control, material earnings deterioration,
crystallization of Italian legal claims, or an inability to cover
interest expenses from European earnings could all trigger a
further negative rating action."

Headquartered in Madrid, Spain, Codere S.A. --
http://www.codere.com-- operates slot machines, betting shops,  
casinos and race tracks in Spain, Italy and Latin America.  The
group also operates bingos in Argentina, Mexico and Colombia, when
the group acquired Cristaltec Service Srl, Maxibingo, Vasa &
Azzena Services Srl in 2007.


CORPORACION GEO: Reports MXN1.14 Mil. Net Income in 3rd Qtr. 2008
-----------------------------------------------------------------
Corporacion Geo S.A.B de C.V. dislosed a net income of
MXN1,141,482 for the third quarter ended September 2008, compared
to MXN1,057,437 net income in third quarter ended September 2007.
Year-on-year revenues, EBITDA and Net Profit increased 10.4%,
13.3% and 2.7% respectively.

Corporacion Geo's Chairman and Chief Executive Officer, Luis
Orvananos Lascurain commented: "This was another excellent quarter
for Geo. Growth in unit sales, revenue and EBITDA are all directly
related to our success in reducing seasonality and our strategy of
focusing on the fast-growing economic and affordable housing
segment.  Geo sold more than 13,000 homes this quarter, 63% of
which was driven by the strong demand and attractive growth
opportunities in affordable housing.  In fact, demand from this
important lower-income population segment remains unchanged,
largely due to continued support from the Government's social
policy; Geo has the largest market share of INFONAVIT and FOVISSTE
mortgages of our homebuilding peers.  Geo's strong business model
permits sustainable, profitable growth while ensuring we remain on
track to achieve our 2008 targets despite the challenging
worldwide environment."

"In light of the economic challenges we see ahead, our approach to
financial management will continue to be prudent and conservative.
However, our company has a healthy balance sheet, leverage of
1.3x, committed available lines of credit of almost MXN8,000
million, limited U.S. dollar exposure and enough liquidity to
support our operations.  Furthermore, we believe Geo's strategy,
scale and resources uniquely position us to be optimistic for 2009
in spite of the current market turmoil; where others will
experience difficulty, Geo will have opportunities," added Mr.
Orvananos Lascurain.

                    Third Quarter 2008 Results

Revenues

Revenues for the quarter rose 10.4% year-on-year to MXN4,231.7
million.  Revenue growth was driven primarily by a 21.1% increase
in the number of homes sold, a total of 13,349 units, compared
with 11,023 units sold in third quarter 2007, as Geo continued to
implement its strategy that focuses on the high-growth, low-income
segment of the population. 62.9% of total sales for the quarter
were concentrated in the lower income segment, compared with
53% in 2007.  This is in line with the company's 2008 objective to
reach 60% of total units sold in the low-income segment.  
Including the affordable plus segment, over 95% of units sold were
at the affordable entry level.  This strategy had a marginal
impact on its average selling price, which increased 3% year-on-
year to MXN334,187.
    
This quarter, Geo began disclosing revenue generated by retail
property sold in 2008 (lots and stores), given the potential
future importance of this business for Geo.  Based on government
policies, and as part of its strategy to build sustainable
communities, Geo will benefit from an increase in revenue related
to the sale of these types of properties.  Revenue generated by
the sale of 66 commercial properties totaled MXN22.2 million in
the third quarter.  As of 2008 Geo has sold 167 properties
totaling MXN75.2 million.

The increase in revenue in third quarter 2008 reflects the change
in seasonality of Geo's business; as was anticipated, Geo grew at
a slower pace than in the first two quarters of 2008. While the
first half of the year has traditionally represented 40% of annual
sales, the objective was to increase that percentage to
approximately 45%, thereby reducing revenue seasonality.  This is
reflected in a higher growth during the first half and a slower
pace in the second, in order to obtain 55% of the revenue in the
latter half of the year, compared with 60% in previous years.

Operating Profit

Operating profit for the quarter increased 10.8% year-on-year to
MXN713 million with operating margin increasing 7 bps to 16.8%
during the period.  This reflects the combined effect of a 43 bps
decrease in gross margin following the change in sales mix as the
company increases its focus on the fast growing lower income
segments, entirely offset by a 50 bps SG&A improvement.
Improvement in SG&A as a percentage of sales was due to tighter
administrative cost control and a streamlining of administrative
functions.

EBITDA

EBITDA increased 13.3% year-on-year to MXN1,018.9 million, with
EBITDA Margin up 63 bps to 24.1% from 23.4% in third quarter 2007.
This increase was mainly due to operational efficiencies.

Comprehensive Result of Financing

Comprehensive Result of Financing for the quarter rose 64.5%
year-on-year to MXN142.8 million.  This largely reflected the
MXN54.3 million increase in net financial expenses resulting from
the increase in bridge loans, financial leasing and land credits
used to finance the company's growth and to reduce the seasonality
of its business.

Geo's monetary position decreased by MXN8.2 million year-on-year
as this effect was eliminated at the beginning of 2008, a result
of the application of the new Mexican accounting principles. Geo
had an exchange rate loss of MXN13.7 million, a MXN9.9 million
year-on-year increase.

Net Profit, Margin & ROE

Net Profit for the quarter increased 2.7% to MXN388.2 million,
equivalent to an EPS of MXN0.72, from a net profit of MXN378
million, or an EPS of MXN0.71, in third quarter 2007. Net Profit
margin declined 69 bps to 9.2% during the period, mainly due to
increases in the Comprehensive Result of Financing, taxes and
Minority Interest. The effective income tax rate (provision) for
the third quarter 2008 rose to 29% compared with 28.5% in third
quarter 2007.  Additionally, the MXN3 million increase in minority
interest was the result of land acquisitions through joint
ventures with Prudential RealEstate Investors and Solida Banorte,
announced in 2004 and 2007 respectively.
   

Cash & Cash Equivalents

Cash balance as of Sept. 30, 2008 was MXN2,229.3 million, up 21.5%
versus MXN1,835 million as of Sept. 30, 2007, and up by MXN520.2
million on a sequential basis.

Accounts Receivable and Collections

Accounts Receivable as of Sept. 30, 2008 increased 12.8% against
third quarter 2007 or MXN883.3 million, closing at MXN7,795.3
million. The Accounts Receivable to Revenues ratio was 45.9%, 192
basis points below the third quarter 2007 level.  This decrease
was due mainly to the change in seasonality of the business,
reflected in a better collection in the second half of the year.

Inventories and Land Bank

Construction in Progress and Materials at the end of September
2008 grew year-on-year by MXN838.8 million, a 19.3% increase which
was in line with Geo's operating growth.

Total land bank inventories increased MXN431.4 million or 10.7%
against third quarter 2007.  As of Sept. 30, 2008, Geo's land bank
was equivalent to 304,075 units, through a combination of its own
land, land outsourcing, optioned land and joint ventures with
Prudential Real Estate Investors and Banorte's Solida.  Through
these, Geo controls a land bank representing 4.5 to 5 years of
continued annual unit production growth, with low financial cost
and limited ownership risk.

Operating Free Cash Flow

During third quarter 2008 Geo generated a negative Free Cash Flow
of MXN89.3 million compared with negative MXN887.1 million in
third quarter 2007, an improvement of MXN797.9 million.  This
trend change is a result of the strategy to reduce seasonality,
along with a general improvement of the working capital cycle.

Debt

Total Debt for third quarter 2008 increased year-on-year by
MXN1,577.2 million, or 28.4%.  The leverage ratio as of September
2008 has remained stable at 1.3 times versus last year and
sequentially.  During this period, Geo's debt profile improved
with short-term debt falling to 49.2% of total debt, at Sept. 30,
2008 from 64.3% of total debt at Sept. 30, 2007.

Bridge Loans represented 31.2% of total debt and are used to
finance the construction of approximately 35,000 homes at Geo's
107 business units.  Bridge loan structures are based on project
cycles, with their maturity always exceeding the period required
for each project's completion and payment collection.  Bridge loan
payment is also linked to housing sales, not to a specific date,
and Geo obtains a new bridge loan for each project with the
physical project acting as collateral.

Geo has unused available lines of credit in excess of MXN7,875
million pesos of which MXN3,442 correspond to bridge loans,
MXN4,433 to credits for land purchase, direct credits, commercial
paper, euro-commercial paper, the Certificados Bursatiles program
(medium term notes program) and leasing.  This access to capital
provides the company with financial resources necessary to
guarantee the long-term continuity of its operations.

The company's U.S. Dollar-denominated debt at the end of the
quarter is MXN334.9 million pesos and corresponds to a US$30
million eurocommercial paper, with maturity in 2009, and which
represents 4.7% of Geo's total debt.  In addition, Geo has only
one derivative instrument approved by the board since 2006, which
consists of an interest rate CAP for TIIE (Leader Rate) at 9%
covering 2,000 million pesos, to protect from interest rate
volatility.  Mark to Market of this position was US$2.08 million
as of Sept. 30, 2008.  Geo does not have exchange rate derivative
positions, and holds no speculative activities on derivatives or
hedging instruments.

Year-on-year, the average cost of debt rose 46 bps to 9.73% in
third quarter 2008 from 9.27% in third quarter 2007, mainly
reflecting the leader rate (TIIE) increase.

                       Labor & Headcount

As of Sept. 30, 2008, the company had 14,049 "eventual" workers
(labor), up 3% from third quarter 2007. In addition, management
and fixed personnel consisted of 7,218 employees, an increase of
3.6% when compared to September 2007.  The increase in
administrative, technical and commercial personnel will assure
continuity of Geo's talent program.

                   Share Repurchase Program

During the third quarter of the year, Geo purchased 46,300 shares
throughout the buyback program and no shares were sold.  
Therefore, the number of shares in the Buyback Fund at the end of
the quarter was 2,230,500.  In addition, total shares outstanding
as of Sept. 30, 2008 were 537,802,359.

                  Key Events for the Quarter

Geo announced the sale of its stake in Hipotecaria Su Casita: Geo,
a founding member of Hipotecaria Su Casita and one of Mexico's
leading low-income housing developers, announced the sale of its
6.94% stake in the company following the public offer made by Caja
Madrid.  The total amount to be received by Geo from this
transaction should amount to approximately US$400 million pesos.  
The funds obtained through this transaction should be received
between October and November 2008, and will be used to reduce debt
and improve Geo's Financial Structure.

Joint Venture with Grupo Metal Intra to develop self-storage
facilities: Corporacion Geo announced a Joint Venture with "Mi
Bodega Segura de Mexico" a subsidiary of Grupo Metal Intra and a
leader in the Mexican self-storage business, to begin establishing
self-storage facilities within Geo's Housing Developments.  The
storage areas will begin in 2009 with 8 projects in the state of
Mexico, Tijuana, Ensenada, Reynosa and Veracruz.  Geo will provide
the land and Grupo Metal Intra will build and operate the storage
space.

               Expectations for Fiscal Year 2008

Management maintains its financial expectations as revised within
Geo's first quarter 2008 earnings announcement.  Management
confirms revenue and EBITDA growth expectations of 12% to 14% in
real terms, equivalent to 17% to 19% in nominal terms -- assuming
inflation levels of 5%.  In addition, management continues to
expect the accounts receivable to sales ratio to end the year
between 42% to 44%.  Net debt at year-end is expected to decline
to the range of MXN3.9 to MXN4.2 billion.  As a result, the total
debt to EBITDA ratio is anticipated to range between 1.4 to 1.6
times.  Furthermore, for 2008 Geo expects a negative free cash
flow between MXN1 to MXN1.2 billion.

                      About Corporacion Geo

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

                           *     *     *

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


GRUPO TMM: Pemex Issues New Ruling on Tanker Contract Bids
----------------------------------------------------------
Grupo TMM S.A.B. reported that Pemex Refinancion issued a new
ruling on the bids for three bare boat and ship management product
tanker contracts that were pending to be solved, declaring them
null and void.

On July, 2008, Pemex declared the bids for such contracts null and
void.  Thereafter, TMM submitted an inconformity with the Ministry
of Public Administration who resolved on TMM’s favor and ordered
Pemex to reissue the ruling.

Pemex issued a resolution on Oct. 24, 2008, where TMM’s offer was
reviewed, not respecting the market conditions prevailing at the
time of such offer.  TMM will review this ruling and reserves its
right to proceed legally, according to its interests.

TMM’s three product tanker vessels are currently operating in the
international spot market and the Company expects to produce
similar results to those anticipated.

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

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


VITRO SAB: Increased Liquidity Pressures Prompt Fitch's Neg. Watch
------------------------------------------------------------------
Fitch Ratings has placed the Issuer Default Rating and outstanding
debt ratings for Vitro, S.A.B. de C.V. on Rating Watch Negative
as:

  -- Foreign currency issuer default rating 'B';
  -- Local currency issuer default rating 'B';
  -- US$300 million senior notes due 2012 'B+/RR3';
  -- US$225 million senior notes due 2013 'B+/RR3';
  -- US$700 million senior notes due 2017 'B+/RR3'.
  -- National scale long term rating 'BBB-(mex)';
  -- Certificados Bursatiles issuances due 2008, 2009 and 2011
     'BBB-(mex).

The rating actions reflect increased pressure on Vitro's liquidity
and financial flexibility following the company's recent
announcement of a US$227 million marked-to-market loss on its
derivative instruments.  A large portion of this non-cash loss is
associated with the company's natural gas hedge positions.  Vitro
has also had to post additional collateral to cover expected
losses related to these contracts, which in turn limits its
liquidity and financial flexibility.

Vitro's leverage will likely increase as it unwinds its derivative
contracts, with losses likely to be funded by its counterparties.  
Additionally, Vitro is working in several transactions that should
replenish near term liquidity and allow the company to operate.  
Vitro's inability to satisfactorily negotiate and fund derivative
losses and increase its liquidity would seriously affect the
company's ability to service near term obligations, despite having
only minimal maturities.

The Rating Watch Negative also reflects the current volatility in
the financial and credit markets, as well as a more challenging
operating environment due to lower economic growth prospects in
Mexico and other regions where Vitro has a presence.  Operating
weakness should be partially offset by the devaluation of the
Mexican peso and derivative contract losses are expected to be
partially offset by lower actual energy costs over the next year.

In recent months, Vitro announced reductions in its discretional
capital expenditures during 2008 in an effort to maintain
liquidity.  Vitro's management continues working on several
initiatives in order to enhance the company's liquidity position.

During the last twelve months ended June 30, 2008 Vitro had sales
of US$2.7 billion, EBITDA of US$360 million, exports of US$626
million and foreign sales by subsidiaries of US$907 million.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.



===============
P A R A G U A Y
===============

MILLICOM INT'L: Holds Fourth Annual Capital Markets in Paraguay
---------------------------------------------------------------
Millicom International Cellular S.A. is holding its fourth annual
capital markets event for analysts and investors.  This year, the
event is taking place in Paraguay.  Participants will be given a
country presentation and a tour of Tigo Paraguay’s operations,
which will include visits to points of sales and customer service
centres in Asuncion and Cuidad del Este. Tigo Paraguay will also
demonstrate its distribution and territory management systems, as
well as affordability initiatives and Tigo Cash, the mobile micro
payment system.

Marc Beuls, President and Chief Executive Officer of Millicom
commented: “Paraguay has, over several years, become the test bed
for new ideas within Millicom and it is a great market in which to
demonstrate some of the many initiatives that are being rolled-out
to put our Triple A strategy into action.  Such initiatives have
enabled Tigo to grow its market leading position in Paraguay.”

                   About Millicom International

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                          *     *     *

Millicom International Cellular S.A. continues to carry Moody's
Investors Service's Ba2 corporate family rating.  The rating was
previously at Ba3 and was upgraded by Moody's to its current
level in November 2007.  The company also carries B1 rating on
its existing senior notes from Moody's.  Moody's said the
outlook on the ratings is stable.



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

FIRST BANCORP: Books US$24.5 Million Net Income in 3rd Qtr. 2008
----------------------------------------------------------------
First BanCorp has reported net income for the third quarter ended
on Sept. 30, 2008 of US$24.5 million, compared with US$14.1
million for the same quarter of 2007, an increase of 74%.  The
company's return on average assets (ROA) and return on average
common equity (ROCE) for the third quarter of 2008 were 0.52% and
6.76%, respectively, compared to 0.32% and 1.99%, respectively,
for the quarter ended on Sept. 30, 2007
  
Total assets increased to US$19.3 billion as of Sept. 30, 2008
from US$17.2 billion as of Dec. 31, 2007.  Total stockholders'
equity amounted to US$1.44 billion as of Sept. 30, 2008, an
increase of US$19.6 million from Dec. 31, 2007.  

"First BanCorp's third quarter operating results were both
positive and encouraging taking into account current market
conditions.  The actions taken to improve net interest income have
resulted in margin expansion for the fourth consecutive quarter;
operating expenses are stable as we continue our cost reduction
efforts; we increased our loan portfolios prudently; and we
expanded our deposit base.  The results were impacted by the
adverse economic and financial markets environment that resulted
in significantly higher loan loss provisions mainly related to the
Corporation's loan portfolio in the United States," commented  
First BanCorp Chairman of the Board and Chief Executive Officer,
Luis M. Beauchamp.

Mr. Beauchamp closed by stating:  "It is with great pride that
First BanCorp celebrates its 60th Anniversary on Oct. 29, 2008.  
We are most grateful and thankful for the dedication of our
employees and the loyalty of our customers over these past years.
We are now one of the top 30 bank holding companies within the
United States serving over half a million customers in Puerto
Rico, Florida, and the United States and British Virgin Islands."

            Third Quarter 2008 Vs. Third Quarter 2007

Net interest income increased 38% to US$144.6 million for the
third quarter of 2008 from US$105 million in the third quarter of
2007.  By being liability sensitive the company benefited from
lower short-term interest rates on its interest bearing
liabilities as compared to rate levels during the third quarter of
2007.  Net interest spread and margin on a tax equivalent basis
were 3.03% and 3.37%, respectively, up 88 and 70 basis points from
the prior year third quarter.  The decrease in funding costs
associated with lower short-term interest rates was partially
offset by lower loan yields due to the repricing of variable rate
construction and commercial loans tied to short-term indexes and
the increase in non-accrual loans as compared to 2007 volumes.  
The increase in net interest income was also associated with a
higher volume of interest-earning assets, driven by an increase of
US$1.3 billion in average loans over the prior year third quarter.
This increase was driven by the growth in internal originations,
in particular commercial and residential real estate loans, and to
a lesser extent purchases of loans including the acquisition of a
US$218 million auto loan portfolio during the third quarter of
2008 which contributed to a wider spread.

The company has been extending the duration of its borrowings to
reduce exposure to high levels of market volatility.  Since the
first half of 2008 the company has been replacing swapped-to-
floating brokered certificates of deposit (CDs) that matured or
were called due to lower short-term rates with brokered CDs that
were not hedged with interest rate swaps; in this way, the company
locked-in current lower interest rates for longer periods.  Also,
the company has extended the maturity of other funding sources by,
among other things, entering into long-term repurchase agreements
at lower rates compared to rate levels a year ago.  The
comparisons against the previous year results reflect improvements
in net interest spreads and margins.  However, the extension in
the maturity of interest-bearing liabilities and increasing costs
due to the current credit crisis in the U.S. financial markets
could increase the company's current overall cost of funding in
the foreseeable future.  This possible increase in the cost of
funds is expected to be offset by higher and more rational loan
pricing in the markets where the company operates.

Net interest income for the third quarter of 2008 and 2007
includes the impact of changes in the valuation of derivative
instruments that economically hedge the company's brokered CDs and
medium-term notes and unrealized gains and losses on liabilities
elected to be measured at fair value under SFAS 159.  The change
in the valuation of derivative instruments and net unrealized
gains and losses on SFAS 159 liabilities recorded as part of net
interest income resulted in a net gain of US$4.3 million for the
third quarter of 2008, compared to a net loss of US$6.6 million
for the comparable period in 2007.

               Revenues and Provision for Losses

Partially offsetting higher revenues in 2008 were the increase of
US$58.6 million in the reserve for loan and lease losses and
higher foreclosure-related expenses as discussed above.  The
slowing economy and a deteriorating housing market in the United
States have necessitated increased reserves, mainly on the
company's condo-conversion loan portfolio in the U.S. mainland.  
To a lesser extent, higher reserves are also attributable to the
weakening economic conditions in Puerto Rico and the deterioration
in the credit quality of the loan portfolio.  The economy in
Puerto Rico has been in a recession since early 2006.

The provision for loan and lease losses amounted to US$55.3
million, or 223% of net charge-offs, for the third quarter of 2008
compared to US$34.3 million, or 157% of net charge-offs, for the
third quarter of 2007 and US$41.3 million, or 140% of net charge-
offs, for the second quarter of 2008.  The increase, as compared
to the third quarter of 2007, is mainly attributable to a higher
volume of impaired construction and commercial loans, increases to
the reserve factors for potential losses inherent in the loan
portfolio, and the growth of the company's total loan portfolio.

"Asset quality and portfolio management continue to be the
company's main focus. We have been proactive since 2006 in
managing our condo- conversion portfolio in the State of Florida.
We have achieved significant reductions in this exposure and have
strengthened the team in charge of managing these loans.  Officers
with vast experience in construction loans portfolio and workout
management have been appointed to take care of the specialized
needs of this exposure," commented Luis M. Beauchamp.

The increase in the provision for loan losses for the third
quarter of 2008 was significantly driven by two large impaired
loan relationships, one in the United States and one in Puerto
Rico, which required significant specific reserves.  With respect
to the United States mainland market, the company recorded
approximately US$16.7 million in additional reserves for impaired
loans during the third quarter of 2008, including US$9.6 million
for a condo-conversion loan in Miami, Florida with an outstanding
principal balance of US$52.6 million.  With respect to the Puerto
Rico market, specific reserves of approximately US$17.9 million
were allocated to commercial and construction that were identified
as impaired loans during the third quarter, including a US$4.8
million reserve allocated to a loan extended for land development
and construction of a mid-rise residential housing project with an
outstanding principal of US$15.2 million.  The construction of a
second phase of this mid- rise residential project has been
delayed in light of lower than expected demand due to diminished
consumer purchasing power and general economic conditions.  This
loan is in non-accrual status as of Sept. 30, 2008.

To a lesser extent, the company also increased its reserves for
the residential mortgage and construction loan portfolio from 2007
level to account for the increased credit risk tied to
recessionary conditions in Puerto Rico's economy.  Puerto Rico's
economy has been in recession for about three years caused by,
among other things, increases in utility costs, gasoline prices,
highway toll charges, implementation of sales taxes and periodic
impasses between the executive and the legislative branches of
the Commonwealth.  The above conditions, together with a recession
looming also in the U.S. mainland and rising food prices, will
continue to adversely affect the economy in Puerto Rico.  The
Puerto Rico housing market has not seen the dramatic decline in
housing prices that is affecting the U.S. mainland, but there is a
lower demand due to the diminished consumer purchasing power.
Recent decreases in oil prices should provide a relief to
consumers and should immediately impact the consumers' purchasing
power positively.

The company's net charge-offs for the third quarter of 2008 were
US$24.8 million or 0.79% of average loans on an annualized basis,
compared to US$21.8 million or 0.77% of average loans on an
annualized basis for the same period in 2007.  Despite the
increase, mainly driven by certain commercial loans charge-offs,
the company experienced a decrease in net charge-offs for consumer
loans which amounted to US$13.5 million for the third quarter of
2008, as compared to US$15.9 million for the third quarter of
2007.  Net charge- offs for consumer loans were relatively flat
compared to the previous trailing quarter ended on June 30, 2008.  
The decrease in net charge offs as compared to the third quarter
of 2007 and the stability as compared to the second quarter of
2008 is attributable to the changes in underwriting standards
implemented since late 2005 and as a consumer loan portfolio with
an average life of approximately four years has been replenished
by new originations under these revised standards.

Net charge-offs for the third quarter of 2008 decreased as
compared to the previous trailing quarter ended on June 30, 2008.
The decrease results from the previously reported significant
US$9.1 million charge-off related to a participation in a
commercial loan in the U.S. Virgin Islands and US$2.4 million in
charge-offs for the second quarter of 2008 related to previously
reported repossessions and the sale of condo-conversion loans in
the United States.

                      Non-Performing Loans

Total non-performing loans as of Sept. 30, 2008 were US$500.4
million compared to US$448.5 million as of June 30, 2008 and
US$413.1 million as of Dec. 31, 2007.  The slowing economy and
deteriorating housing market in the United States coupled with
recessionary conditions in Puerto Rico's economy have resulted in
higher non-performing balances in most of the company's loan
portfolios.

With regards to the United States portfolio, an impaired condo-
conversion loan of approximately US$6.4 million was classified as
non-performing during the third quarter of 2008.  This loan is
collateralized by an apartment complex in Largo, Florida.  Also in
Florida, a US$6.2 million commercial mortgage loan was classified
as non-accrual.  The balance of non-accruing residential mortgage
loans was also adversely affected by deteriorating economic
conditions in the United States, which accounted for US$2.4
million of the increase in non- accruing residential mortgages as
compared to balances as of June 30, 2008.

In Puerto Rico, a US$15.2 million impaired loan extended for land
development and construction of a mid-rise residential housing
project in Puerto Rico was placed in non-accrual status during the
third quarter of 2008.  The construction of a second phase of this
mid-rise residential project has been delayed in light of lower
than expected demand due to a diminished consumer purchasing power
and general economic conditions.  The weakening economic
conditions in Puerto Rico have also affected the volume of non-
performing residential mortgage loans although the non-performing
to total loan ratio for this portfolio remained flat at 7% since
the previous trailing quarter.  The relative stability of non-
performing residential loans in Puerto Rico reflects, to some
extent, the positive impact of loans modified through the loan
loss mitigation program.  Since the inception of the loan loss
mitigation program in the third quarter of 2007, the company has
completed approximately 335 loan modifications with an outstanding
balance of approximately US$55.3 million as of Sept. 30, 2008.  Of
this amount, loans of approximately US$31.6 million have been
returned to accruing status after a sustained period of
repayments.

The non-accruing consumer loan portfolio, mainly composed of
Puerto Rico loans, reflects a moderate increase of US$5.6 million,
from June 30, 2008, principally related to the auto loan
portfolio.  This portfolio continues to show signs of stability as
the net charge-offs to average loans ratio on the consumer
portfolio improved during the quarter to 2.91% from 3.02% for the
second quarter of 2008.

Partially offsetting the increase in non-performing commercial
loans was the purchase by a third party, during the third quarter
of 2008, of the outstanding debt related to a syndicated
commercial loan in the  U.S. Virgin Islands on which the company
had a participation.  The purchase agreement provided a full
release of the borrower's obligation to the participant banks,
thus the carrying value of approximately US$13 million on this
participation was taken out of non-accrual.  On Sept. 15, 2008,
the company collected approximately US$6.5 million from this
borrower.  The remaining balance of approximately US$6.5 million
is due on Jan. 14, 2009.

                          Income Taxes

For the quarter ended Sept. 30, 2008, the company recorded an
income tax benefit of US$3.7 million, compared to an income tax
expense of US$5.6 million recorded for the same period in 2007.  
The fluctuation is mainly related to increased deferred tax
benefits due to a higher provision for loan and lease losses and a
lower current income tax provision  due to lower taxable income.
    
            Financial Condition and Operating Data

Total assets as of Sept. 30, 2008 amounted to US$19.3 billion, an
increase of US$2.1 billion compared to total assets as of Dec. 31,
2007.  The company's loan portfolio increased by US$913.4 million
(before the allowance for loan and lease losses) driven by new
originations and the purchase of the US$218 million auto loan
portfolio during the third quarter of 2008.  Also, the increase in
total assets is attributable to the purchase of approximately
US$3.2 billion of fixed-rate U.S. government agency MBS during the
first half of 2008 as market conditions presented an opportunity
for the company to obtain attractive yields, improve its net
interest margin and replace the US$1.2 billion of U.S. Agency
debentures called by counterparties.  The company increased its
cash and money market investments by US$66.2 million in part as a
precautionary measure given the current crisis in the financial
markets.

The company has not been active in subprime or adjustable rate
mortgage loans (ARMs), nor has it been exposed to collateral
debt obligations or other types of exotic products that aggravated
the current financial crisis in the United States.  More than 90%
of the company's outstanding balance in its residential mortgage
loan portfolio consists of fixed-rate, fully amortizing, full
documentation loans and over 91% of the company's securities
portfolio is invested in U.S. Government and Agency debentures and
fixed-rate U.S. government sponsored-agency mortgage-backed
securities (mainly FNMA and FHLMC fixed-rate securities).  As of
Sept. 30, 2008 the company had US$4.3 billion and US$0.9 billion
in FNMA and FHLMC mortgage-backed securities and debt securities,
respectively, representing 85% of the total investment portfolio.  
The company's investment in equity securities is minimal and none
of its equity securities is related to U.S. financial institutions
that recently failed.

As of Sept. 30, 2008, total liabilities amounted to US$17.9
billion, an increase of approximately US$2.1 billion as compared
to US$15.8 billion as of Dec. 31, 2007.  The increase in total
liabilities was mainly attributable to a higher volume of
deposits, as the company has been issuing brokered CDs to finance
its lending activities, pay off repurchase agreements issued to
finance the purchase of MBS in the first half of 2008, accumulate
additional liquidity due to current market volatility and extend
the maturity of its borrowings.  Total deposits, excluding
brokered CDs, increased by US$594.5 million from the balance as of
Dec. 31, 2007.

The company's stockholders' equity amounted to US$1.4 billion as
of Sept. 30, 2008, an increase of US$19.6 million compared to the
balance as of Dec. 31, 2007 driven by the net income of US$91.1
million recorded for the first nine months of 2008. Partially
offsetting the increase due to current period earnings was a net
unrealized loss of US$21.9 million on the fair value of available
for sale securities recorded as part of comprehensive income in
connection with fluctuations in MBS prices.  Also, dividends
declared during the first nine months of 2008 amounted to US$49.6
million (US$19.4 million in common stock and US$30.2 million in
preferred stock).  In terms of dividend payments, the company is
confident, based on its internal forecast that it will be able to
continue paying the current dividend amounts to common, preferred
and trust preferred shareholders.

                      Liquidity and Capital

The company maintains a basic surplus (cash, short-term assets
minus short-term liabilities, and secured lines of credit) in
excess of a 5% self-imposed minimum limit amount over total
assets.  As of Sept. 30, 2008, the basic surplus ratio of
approximately 10.9% included un-pledged assets, Federal Home Loan
Bank (FHLB) lines of credit, collateral pledged at the Federal
Reserve (FED) Discount Window Program, and cash. Un-pledged assets
as of Sept. 30, 2008 are mainly composed of U.S. Agency fixed rate
debentures and mortgage-backed securities totaling US$1.2 billion,
which can be sold under agreements to repurchase.  The company
does not rely on uncommitted inter-bank lines of credit (federal
funds lines) to fund its operations; and does not include them in
the basic surplus computation.  The financial market disruptions
that began in 2007, and became exacerbated in 2008, continued to
impact the financial services sector and may affect access to
regular and customary sources of funding, including repurchase
agreements, as counterparties may not be willing to enter into
additional agreements in order to protect their liquidity.  
However, the company has taken direct actions to enhance its
liquidity positions and to safeguard the access to credit.  Such
initiatives include, among other things, the posting of additional
collateral and thereby increasing its borrowing capacity with the
FHLB and the FED through the discount window program, the issuance
of additional brokered CDs to increase its liquidity levels and
the extension of its borrowing maturities to reduce exposure to
high levels of market volatility.  The company understands that
current conditions of liquidity and credit limitations could
continue to be observed well into 2009.  Thus, the company will
continue to monitor the different alternatives available under
programs announced by the FED and the FDIC such as the Term
Auction Facility (TAF) for short-term loans, expansions to
qualifying collateral that the government will loan against,
including commercial paper, and guarantees of new issuances of
senior unsecured debts.

The company is well capitalized and positioned to manage economic
downturns.  The total regulatory capital ratio is estimated to be
over 13% and the Tier 1 capital ratio is estimated to be over
11.5%.  This translates to approximately US$410 million and US$780
million of total capital and Tier 1 capital, respectively, in
excess of the total capital and Tier 1 capital well capitalized
requirements of 10% and 6%, respectively.  The company is
evaluating the issuance of preferred stock through the U.S.
Treasury's recently announced Troubled-Asset Relief Program
(TARP).  The maximum amount of capital that the company can issue
is 3% of its risk-weighted assets.  A capital raise of this nature
would increase the total regulatory capital ratio to approximately
15%, or US$775 million in excess of well capitalized requirement,
and the Tier 1 capital ratio to approximately 14%, or
approximately US$1.2 billion in excess of the well capitalized
requirement.

Executive Vice President and Chief Financial Officer, Fernando
Scherrer commented on the capital and credit market situation:  
"In light of the recent liquidity issues affecting financial
institutions worldwide, and purely as a precautionary measure,
close to US$1 billion has been added to the Corporation's
liquidity.  We now stand at over 10% of basic surplus ratio, more
than double our internal policy limits.  The Corporation is well
capitalized, continues to be profitable and maintains sufficient
liquidity to operate in a sound and safe manner."

FirstBank Puerto Rico, a wholly-owned subsidiary of First BanCorp,
has a counterparty exposure with Lehman Brothers Special
Financing, Inc. (LBSF), which filed for bankruptcy on Oct. 3,
2008, in connection with derivative transactions under interest
rate swaps and the collateral pledged for these derivative
transactions.  The unsecured counterparty exposure of the company
with LBSF as of Sept. 30, 2008 totals approximately US$1.4 million
which has been reserved as of Sept. 30, 2008.  The company is
processing its claim for the return of collateral pledged to LBSF
which as of Sept. 30, 2008 amounted to approximately US$63
million.

                      About First BanCorp

First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is      
the parent company of FirstBank Puerto Rico, a state chartered
commercial bank with operations in Puerto Rico, the Virgin Islands
and Florida; of FirstBank Insurance Agency; and of Ponce General
Corporation.  First BanCorp, FirstBank Puerto Rico and FirstBank
Florida, formerly UniBank, the thrift subsidiary of Ponce General,
all operate within U.S. Banking laws and regulations.

                        *     *     *

First Bancorp. currently carries Fitch Ratings' BB long-term
issuer default rating and B short-term issuer default rating.


POPULAR INC: Mulls Termination of 600 U.S. Workers
--------------------------------------------------
Reuters reports that Popular Inc., the parent of Banco Popular,
said last Wednesday it plans to eliminate more than one-fourth of
its 139 U.S. branches and cut its U.S. workforce by 600 to cope
with the nation's economic downturn.

Popular Inc. reported a net loss of US$668.5 million for the
quarter ended Sept. 30, 2008, compared with a net income of
US$36.0 million in the same quarter of 2007.  The company
announced its financial results together with its additional
actions to restructure its U.S. operations.

Four analysts on average expected a loss of US$1.64 per share,
according to Reuters Estimates.

The company said these items principally impacted financial
results:                                     

A. Discontinuance of PFH

Losses of US$457.3 million, net of tax, related to the
discontinued operations of the U.S.-based reporting segment
Popular Financial Holdings ("PFH").  The losses included
writedowns of assets, losses on the sales of loans and
restructuring charges recorded in connection with actual sales and
scheduled disposition of PFH's assets.  Sales of PFH's portfolios
in connection with the discontinuance of PFH's operations are
expected to result in over US$900 million in additional liquidity,
of which US$198 million was received in September 2008.  The loan
sales completed in September 2008 and the expected asset sales to
Goldman Sachs scheduled for the fourth quarter of 2008, reduce
PFH's assets by more than US$1.2 billion.  The results for the
quarter also include the recording of a valuation allowance on
deferred tax assets of US$171.2 million.

B. Valuation Allowance

Losses from continuing operations of US$211.2 million primarily
resulting from a valuation allowance of US$189.2 million against
the company's deferred tax assets related to U.S. operations and
higher provision for loan losses of US$165.8 million as a result
of higher credit losses, particularly in real estate related
loans.

"These results are directly related to the decision announced two
months ago to sell the assets and discontinue the operations of
PFH.  We have also taken a partial valuation allowance on our
deferred tax assets related to our U.S. operations.  We remain
well capitalized and have raised liquidity to meet obligations
through 2009.  We are focused on the profitability of our U.S.
operations and we will be taking additional steps to further
reduce expenses and to close or consolidate unproductive
branches," indicated Richard L. Carrion, Chairman of the Board and
Chief Executive Officer of Popular, Inc.

                     Popular Needs to Downsize

There is a "need to downsize, and concentrate in areas where [the
company] can be most profitable," Reuters quoted Chief Financial
Officer Jorge Junquera as saying.

He said the cutbacks will affect all markets, and include the
elimination of all in-store branches in California, Reuters wrote.
Popular has branches in California, Florida, Illinois, New Jersey,
New York and Texas, which have large Hispanic populations.

According to the report, Popular also said it plans to scale back
underperforming businesses, and that its E-Loan unit will stop
making mortgages in the next few weeks.  It said staffing cuts
will reduce its U.S. workforce by one-third to about 1,200 from
1,800.  The company expects US$50 million of annual cost savings.

Mr. Junquera nevertheless said Popular remains "comfortably well-
capitalized," and plans to better integrate its U.S. operations
with those with Puerto Rico, Reuters noted.  The lender said it
has enough liquidity to meet its obligations through 2009.

                           About Popular

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.

                         *      *      *

The Troubled Company Reporter reported on Nov. 20, 2007, that   
Moody's Investors Service placed the ratings of Popular, Inc. and
its subsidiaries on review for possible downgrade.  The holding
company is rated A2 for senior debt and Prime-1 for short-term
debt.  The lead bank, Banco Popular de Puerto Rico, is rated B-
for bank financial strength and A1 for long-term deposits.  The
lead bank's Prime-1 rating is not on review.


SHAW GROUP: Unit Bags Service Contract From Petrobras
-----------------------------------------------------
The Shaw Group Inc.'s Energy & Chemicals Group has been awarded
contracts by Petroleo Brasileiro S.A. (Petrobras) to provide its
proprietary ethylene technology, including its Ultra Selective
Conversion (USC(R)) furnace equipment, basic engineering and
technical services for a 1,000 KTA ethylene plant in Brazil.  Shaw
also will provide similar services for the recovery section of a
petrochemical fluidized catalytic cracking (FCC) unit, in which
the converter section uses Petrobras’ FCC Plus technology.

The ethylene plant and petrochemical FCC unit are part of the
development of the Rio de Janeiro Petrochemical Complex (COMPERJ),
which is expected to increase Brazil’s heavy oil refining capacity
and help meet the increasing global demand for petrochemicals.  
The value of Shaw’s contracts, which was included in the company’s
previously announced backlog of unfilled orders, was not
disclosed.

“We will draw upon our 67 years of global olefins experience and
know-how to expand our presence in Brazil as we support Petrobras
in its development of COMPERJ – the largest industrial undertaking
in the history of Petrobras and Brazil,” said Lou Pucher,
president of Shaw’s Energy & Chemicals Group.

The ethylene plant award follows Shaw’s work with Cenpes, the
Research and Development Center of Petrobras, to develop the
preliminary design for the petrochemical FCC unit that will
produce 470 KTA propylene and 280 KTA ethylene.

The ethylene plant and petrochemical FCC unit will utilize Shaw’s
patented liquids cracking olefins recovery and contaminant removal
technologies to produce, recover and purify primarily polymer
grade ethylene, propylene and butadiene that will be consumed in
the downstream derivative units of the COMPERJ complex.

An established leader in ethylene technology, Shaw has provided
technology, design, engineering and/or construction for more than
120 plants with a worldwide reputation for exceptionally high
operational reliability, rapid start-up and superior performance.  
Since 1990, Shaw technology has been selected for 35 percent of
the world's ethylene capacity increases.  Currently, Shaw is
providing technology and EPC services for several other major
olefins projects worldwide.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the     
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, Puerto Rico,
the United Kingdom and, Venezuela, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on July
29, 2008, Standard & Poor's Ratings Services raised its ratings on
The Shaw Group Inc., including the corporate credit rating to
'BB+' from 'BB'.  S&P said the outlook is stable.

The TCR-LA also reported on April 22, 2008, that Moody's Investors
Service upgraded the corporate family rating of The Shaw Group,
Inc. to Ba1 from Ba2.  In addition, Moody's raised the rating on
the company's senior secured bank credit facility to Ba1 from Ba2.  
This action completed the review for upgrade initiated on Feb. 15,
2008.  Moody's said the rating outlook is stable.



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

* TRINIDAD & TOBAGO: Global Crisis to Badly Hit Tourism, PUSH Says
------------------------------------------------------------------
Trinidad & Tobago needs to reassess having tourism as its main
source of revenue, since that industry will be negatively impacted
by the global financial crisis, Trinidad Express quotes PUSH
foundation president Andrew Phillips as saying.

He said this was the consensus of the PUSH foundation conference
entitled "Rethinking Development in Tobago", which was held at
Institute of Critical Thinking a the University of the West Indies
(UWI) St Augustine campus last Saturday, the report writes.  The
conference is a precursor to what Mr. Phillips said would be a
"full fledged two-day conference" to be held in January next year,
when Tobago marks 120 years of association with Trinidad, the
report notes.

Mr. Phillips told the Express that threat to revenues by the
global economic crisis was explored.  He said the conference was
sensitized to the impact of the instability of the international
financial markets on Tobago tourism during a presentation by
United States-born university lecturer Manfred Jansen.

He said they also identified the need for Tobago to have its own
tertiary education institution, the report adds.


* U.K. Trade Minister Offers GBP46 Million Funding for Caribbean
----------------------------------------------------------------
U.K. Minister for Trade and Development Gareth Thomas has
announced on behalf of the UK Department for International
Development (DFID) a GBP46 million (US$78 million) package to help
the Caribbean develop more effective ways to trade with Europe and
the rest of the world, the Caribbean Net News reports.

Mr. Thomas said there were challenging times ahead for the region
as its looks to develop markets beyond the traditional goods of
sugar, rum and bananas and look to the huge potential within new
areas such as the service sector and niche tourism eco or special
interest trips, the report relates.

The funding, according to the report, aims to tackle issues
unveiled in research published by the department which shows that
while the Caribbean has the natural resources and talent to be a
global player, economic growth is slow.

A regional development fund of GBP10 million has been allocated to
develop a single market economy in the area -- a larger EU style
domestic market for international competitiveness, the Caribbean
Net News adds.


                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


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