TCRLA_Public/081030.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

            Thursday, October 30, 2008, Vol. 9, No. 216

                            Headlines

A R G E N T I N A

AGROTECNICA BIBBANO: Proofs of Claim Verification Due December 16
BELLE DE NUIT: Proofs of Claim Verification Deadline Is February 9
DE-LI SRL: Proofs of Claim Verification Deadline Is December 22
DELTA AIR: Adds New Flights to Latin America and Caribbean
FARMACIAS GR: Proofs of Claim Verification Deadline Is December 26

HEDWIN SA: Proofs of Claim Verification Deadline Is February 4
LA CARBONATA: Proofs of Claim Verification Deadline Is December 16
LA CASA DEL NEUMATICO: Individual Reports Filing Due February 9
MI PILAR: Trustee Verifying Proofs of Claim Until December 22
MULTIMEDIOS RAMOS: Claims Verification Deadline Is December 22

PANAMERICANA EXPORTADORA: Trustee Verifying Claims Until Dec. 22
SUR ON LINE: Proofs of Claim Verification Deadline Is December 17


B E R M U D A

CENTRAL EUROPEAN: Posts US$14.8 Million Net Loss in 3rd Qtr. 2008
COSAN LTD: Reports Private Placement & Subscription Offer Results


B R A Z I L

ARACRUZ CELULOSE: Halts Work at US$2.2 Billion Cellulose Plant
BANCO BRADESCO: Earns BRL6.015 Billion in Nine Months Ended Sept.
BANCO BRADESCO: Seeking to Acquire Loan Portfolios
UNIAO DE BANCOS: Expresses Interest in AIG's Local Operations
USINAS SIDERURGICAS: 12% Third Quarter Revenue Increase Expected

* BRAZIL: Extent of Subprime Bets' Damage Remains Uncertain


C A Y M A N  I S L A N D S

AMERICAN BUILDINGS: Sets Final Shareholders Meeting for Oct. 31
AZIMUTH DIVERSIFIED: Final Shareholders Meeting Is on Oct. 31
EATON VANCE CDO XI: Holds Final Shareholders Meeting on Oct. 31
FURSA OFFSHORE: Will Hold Final Shareholders Meeting on Oct. 31
GRANDWAY CRYSTAL: To Hold Final Shareholders Meeting on Oct. 31

HARTSHORNE CDO I: Final Shareholders Meeting Set for Oct. 31
METACAPITAL FIXED: Holding Final Shareholders Meeting on Oct. 31
METACAPITAL FIXED INCOME: Final Shareholders Meeting Set Oct. 31
METACAPITAL FIXED OFFSHORE: Final Shareholders Meeting Is Oct. 31
MLMI CAYMAN NIM 2004-OPT1: Final Shareholders Meeting Is Oct. 31

NEUBERGER BERMAN: To Hold Final Shareholders Meeting on Oct. 31
RCP/CAYMAN HOLDINGS: Holds Final Shareholders Meeting on Oct. 31
WESTWAYS FUNDING XI: Sets Final Shareholders Meeting on Oct. 31
WORLDWIDE VALUE: Holding Final Shareholders Meeting on Oct. 31
WORLDWIDE VALUE EQUITY: Final Shareholders Meeting Is Oct. 31


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: National Debt Balloons to US$9 Bil. in June


M E X I C O

DESARROLLADORA HOMEX: Net Income Down to US$31.84 Mln in 3Q 2008
GRUPO CASA: Books US$111.76 Million Net Income in 3rd Quarter 2008
GRUPO SENDA: Fitch Affirms B+ Local & Foreign Currency ID Ratings
INTERNATIONAL RECTIFIER: Okays US$100MM Stock Repurchase Program
VITRO SAB: Incurs MXN153 Million Net Loss in Third Quarter 2008


                         - - - - -


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

AGROTECNICA BIBBANO: Proofs of Claim Verification Due December 16
-----------------------------------------------------------------
Ernesto Garcia, the court-appointed trustee for Agrotecnica
Bibbano SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until December 16, 2008.

Mr. Garcia will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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 Agrotecnica Bibbano 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 Agrotecnica Bibbano's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Agrotecnica Bibbano SRL
                     Uruguay 292
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Ernesto Garcia
                     Sarmiento 1587
                     Buenos Aires, Argentina


BELLE DE NUIT: Proofs of Claim Verification Deadline Is February 9
------------------------------------------------------------------
Beatriz Stchevesky, the court-appointed trustee for Belle de Nuit
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until February 9, 2009.

Ms. Stchevesky will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5. 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 Belle de Nuit 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 Belle de Nuit's
accounting and banking records will be submitted in court.

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

Ms. Stchevesky is also in charge of administering Belle de Nuit's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

                     Belle de Nuit SRL
                     Salguero 3172
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Beatriz Stchevesky
                     Avenida Cordoba 817
                     Buenos Aires, Argentina


DE-LI SRL: Proofs of Claim Verification Deadline Is December 22
---------------------------------------------------------------
The court-appointed trustee for De-Li S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 22, 2008.

The trustee will present the validated claims in court as  
individual reports on March 9, 2009.  A court in Argentina will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by De-Li S.R.L. and its creditors.

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

A general report that contains an audit of De-Li S.R.L.'s
accounting and banking records will be submitted in court on
April 24, 2009.

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


DELTA AIR: Adds New Flights to Latin America and Caribbean
----------------------------------------------------------
Delta Air Lines Inc. announced flight service expansions in Latin
America and the Caribbean, including nine new flights and
increased seasonal schedules to six sunny destinations starting in
just a few weeks.

"Latin America and the Caribbean are the fastest-growing regions
this season for Delta, offering customers variety and plenty of
choices.  Whether you're in the mood for some relaxation on a
tropical island, adventure in the Amazon jungle, or great shopping
in Buenos Aires, we'll fly you there," said Christophe Didier,
Delta's vice president of Sales and Government Affairs for Latin
America and the Caribbean.

Expanded seasonal schedules will start in December between
Hartsfield-Jackson Atlanta International Airport and six Caribbean
destinations:

   -- Aruba (second daily flight);
   -- George Town, Cayman Islands (second Saturday flight);
   -- Montego Bay, Jamaica (third daily flight);
   -- Providenciales;
   -- Turks and Caicos (second Saturday flight);
   -- Punta Cana, Dominican Republic (second daily flight); and
   -- St. Maarten (second Saturday flight).

Delta also will add one year-round frequency to its existing
schedule between Atlanta and San Juan, Puerto Rico, starting on
November 22.

                          About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE: DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall
S. Huebner, Esq., at Davis Polk & Wardwell, represents the Debtors
in their restructuring efforts.  Timothy R. Coleman at The
Blackstone Group L.P. provides the Debtors with financial advice.  
Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump
Strauss Hauer & Feld LLP, provide the Official Committee of
Unsecured Creditors with legal advice.  John McKenna, Jr., at
Houlihan Lokey Howard & Zukin Capital and James S. Feltman at
Mesirow Financial Consulting, LLC, serve as the Committee's
financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  
On Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on Feb. 2,
2007.  On Feb. 7, 2007, the Court approved the Debtors' disclosure
statement.  In April 25, 2007, the Court confirmed the Debtors'
plan.  That plan became effective on April 30, 2007.  The Court
entered a final decree closing 17 cases on Sept. 26, 2007.


FARMACIAS GR: Proofs of Claim Verification Deadline Is December 26
------------------------------------------------------------------
The court-appointed trustee for Farmacias GR S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 26, 2008.

The trustee will present the validated claims in court as  
individual reports on March 11, 2009.  A court in Argentina will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Farmacias GR 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 Farmacias GR's
accounting and banking records will be submitted in court on
April 24, 2009.

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


HEDWIN SA: Proofs of Claim Verification Deadline Is February 4
--------------------------------------------------------------
The court-appointed trustee for Hedwin S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 4, 2009.

The trustee will present the validated claims in court as  
individual reports on March 18, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
Hedwin S.A. and its creditors.

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

A general report that contains an audit of Hedwin S.A.'s
accounting and banking records will be submitted in court on
May 4, 2009.

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

The debtor can be reached at:

                     Hedwin S.A.
                     Salta 514
                     Buenos Aires, Argentina


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

The trustee will present the validated claims in court as  
individual reports.  A court in Argentina will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
La Carbonata 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 Carbonata's
accounting and banking records will be submitted in court.

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

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


LA CASA DEL NEUMATICO: Individual Reports Filing Due February 9
---------------------------------------------------------------
Leticia Matej, the court-appointed trustee for La Casa del
Neumatico SRL'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 9, 2009.

Ms. Matej is verifying creditors' proofs of claim until Dec. 12,
2008.  She will also submit to court a general report containing
an audit of La Casa del Neumatico's accounting and banking records
on March 23, 2009.

Ms. Matej is also in charge of administering La Casa del
Neumatico'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


MI PILAR: Trustee Verifying Proofs of Claim Until December 22
-------------------------------------------------------------
Clorinda Donato, the court-appointed trustee for Mi Pilar SA's
reorganization proceeding will be verifying creditors' proofs of
claim until December 22, 2008.

Ms. Donato 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. 8, 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 Mi Pilar 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 Mi Pilar's accounting
and banking records will be submitted in court.

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

Creditors will vote to ratify the completed settlement plan  
during the assembly on October 14, 2009.

The debtor can be reached at:

                     Mi Pilar SA
                     Guido 1948
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Clorinda Donato
                     Maipu 42
                     Buenos Aires, Argentina


MULTIMEDIOS RAMOS: Claims Verification Deadline Is December 22
--------------------------------------------------------------
Elida Victorero, the court-appointed trustee for Multimedios Ramos
Mejia SA's bankruptcy proceeding, will be verifying creditors'
proofs of claim until December 22, 2008.

Ms. Victorero will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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 Multimedios Ramos 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 Multimedios Ramos'
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                     Multimedios Ramos Mejia SA
                     Campana 1325
                     Buenos Aires, Argentina

The trustee can be reached at:

                     Elida Victorero
                     Montevideo 711
                     Buenos Aires, Argentina


PANAMERICANA EXPORTADORA: Trustee Verifying Claims Until Dec. 22
----------------------------------------------------------------
The court-appointed trustee for Panamericana Exportadora y Cia.
S.A.'s reorganization proceeding will be verifying creditors'
proofs of claim until December 22, 2008.

The trustee will present the validated claims in court as  
individual reports.  The National Commercial Court of First
Instance in Buenos Aires will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by Panamericana
Exportadora 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 Panamericana
Exportadora's accounting and banking records will be submitted in
court.

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

Creditors will vote to ratify the completed settlement plan  
during the assembly.


SUR ON LINE: Proofs of Claim Verification Deadline Is December 17
-----------------------------------------------------------------
The court-appointed trustee for Sur On Line S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 17, 2008.

The trustee will present the validated claims in court as  
individual reports on March 4, 2009.  A court in Argentina will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Sur On Line 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 Sur On Line's
accounting and banking records will be submitted in court on
April 17, 2009.

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



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B E R M U D A
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CENTRAL EUROPEAN: Posts US$14.8 Million Net Loss in 3rd Qtr. 2008
-----------------------------------------------------------------
Central European Media Enterprises Ltd. has reported financial
results for the three months ended Sept. 30, 2008.

Net revenues for the third quarter of 2008 increased 15% to US$201
million, compared to the third quarter of 2007.  Operating income
for the quarter decreased US$22.3 million to US$6.1 million.  Net
loss decreased US$4 million to US$14.8 million.  Segment EBITDA
for the third quarter decreased 34% to US$42.5 million, compared
to the third quarter of 2007.

Central European's Chief Executive Officer, Michael Garin
commented:  "Our nine month results highlight the continued
strength of our operations across all our markets and we are
reaffirming our local currency guidance for 2008.  This means that
2008 will be another outstanding year for CME, continuing our
record of delivering year-on-year revenue and earnings growth.  
Our initial talks with advertisers for 2009 support our view that
the global economic crisis has not had a significant impact on TV
advertising spending in our markets.  We are committed to
delivering double digit local currency revenue and EBITDA growth
in 2009 in any economic scenario."

Chief Operating Officer, Adrian Sarbu added:  "We have strong
businesses that are leaders in their markets and generate cash.  
Our ability to create local content gives us control over our
capital expenditures, programming and production costs.  We remain
focused on our plan to deliver growth and maintain margins even in
a challenging economic environment."

                    Consolidated Results for the
                Three Months Ended Sept. 30, 2008

Consolidated net revenues for the three months ended Sept. 30,
2008 increased by 15% to US$201 million from US$174.8 million for
the three months ended Sept. 30, 2007.  Operating income for the
quarter was US$6.1 million compared with US$28.4 million for the
three months ended Sept. 30, 2007.  Net loss for the quarter was
US$14.8 million compared to US$18.8 million for the three months
ended Sept. 30, 2007.  

    Segment Results for the Three Months Ended Sept. 30, 2008

For the three months ended Sept. 30, 2008, total Segment Net
Revenues increased 15% to US$201 million from US$174.8 million for
the three months ended Sept. 30, 2007.  Total Segment EBITDA for
the three months ended Sept. 30, 2008 decreased 34% to US$42.5
million from US$64.2 million for the three months ended Sept. 30,
2007.  Segment EBITDA margin for the three months ended Sept. 30,
2008 was 21% compared to 37% reported in the three months ended
Sept. 30, 2007.

                   Guidance for Full Year 2008

As reported at its investor meeting on Oct. 23, 2008, the company
expects to deliver Segment Net Revenues of US$1,039 million and
Segment EBITDA of US$370 million in 2008 based on exchange rates
in effect on Oct. 21, 2008.  The value of the dollar has
appreciated significantly against the Euro and the local
currencies in its markets and the company expects it to continue
through the end of the year.  As a result,  the company believes
that its local currency guidance is a better indicator of the
underlying performance of its operations.

In addition, Central European expects to incur corporate operating
costs of approximately US$45 million and capital expenditures of
approximately US$110 million in 2008.

Segment Net Revenues are equal to U.S. GAAP net revenues.  Central
European does not present a reconciliation of anticipated Total
Segment EBITDA for the year to Dec. 31, 2008 to an equivalent US
GAAP measure because it has a significant amount of debt that is
denominated in Euros, and consequently the company's net earnings
are subject to inherently unpredictable and potentially material
foreign currency gains or losses.

                      About Central European

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

                          *     *     *

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

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


COSAN LTD: Reports Private Placement & Subscription Offer Results
-----------------------------------------------------------------
Cosan Limited disclosed the results of the subscription of its
class A common shares by certain investment funds managed by
affiliates of Gavea Investimentos Ltda. and by Rubens Ometto
Silveira Mello, the company's indirect controlling shareholder.

In accordance with the terms of the private placement announced on
October 16, 2008, (i) the Gavea Funds subscribed 33,333,333 class
A common shares and/or Brazilian Depositary Receipts, or “BDRs”,
each representing one class A common share, at the issue price of
US$4.50 per share and/or BDR, in the amount of US$150 million; and
(ii) Mr. Rubens Ometto Silveira Mello subscribed, through an
entity controlled by him, 11,111,111 new class A
common shares at the same price, in the amount of US$50 million.

Holders of class A common shares or BDRs who were either:

   (i) not “U.S. persons” (as such term is defined in Regulation
       S under the Securities Act) or

  (ii) “qualified institutional buyers” (as such term is defined
       in Rule 144A under the Securities Act) were, pursuant to
       exemptions from registration under applicable U.S.
       securities laws, eligible to subscribe for the number of
       new class A common shares or BDRs, as the case may be,
       equivalent to their respective percentage share ownership
       in the company as of the record date of October 2, 2008
       at US$4.50 per share and/or BDR.

As a result of the private placement and the subscription offer,
the Company issued 44,444,529 new class A common shares and/or
BDRs and its share capital now consists of:

                      Class A Shares
Shareholder             and/or BDRs     %    Class B Shares    %
-----------           --------------  -----  --------------  -----
Queluz Holding         11,111,111      6.37   66,321,766     68.85
Limited (1)
Usina Costa Pinto S.A.     -             0     30,010,278    31.15
Acucar e Alcool (1)
Aguassanta              5,000,000      2.87       -
Participacoes S.A.(1)
Gavea Funds(2)         33,333,333     19.12       -
Others                124,910,897     71.64       -
Total                 174,355,341    100.00   96,332,044    100.00

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

                        *    *    *

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



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B R A Z I L
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ARACRUZ CELULOSE: Halts Work at US$2.2 Billion Cellulose Plant
--------------------------------------------------------------
In Brazil, Aracruz Celulose S.A. placed on hold its BRL4.9 billion
(US$2.2 billion) cellulose plant in the southernmost state of Rio
Grande do Sul, the biggest individual project to be put on hold so
far, The Financial Times wrote.

The FT said Aracruz is one of three large companies to have
admitted to big losses on currency contracts that went wrong
during a sharp devaluation of the currency over the past two
months.  President Luiz Inacio Lula da Silva has reportedly warned
that about 200 companies face losses from similar currency bets.

According to Bloomberg News, Aracruz said it will suspend an
expansion project at its plant in Guaiba, Brazil, for one year to
"preserve the company's liquidity."  Investments in the project in
Rio Grande do Sul state will resume when market conditions
improve.

Aracruz, Bloomberg added, was also slowing its land purchases and
forest development for its Veracel 2 project, suspending land
purchases for its Minas Gerais project and reducing distribution
of dividends and interest for stockholders.  The company said it
hired an independent company to determine whether its derivatives
operations were in line with company policy.

Investment projects worth billions of dollars are being canceled
or delayed across Latin America due to the financial turmoil in
the industrialized world affecting the real economies of the
region, the FT observed.

                       Loss on Derivatives

Bloomberg reported that Aracruz posted its first quarterly loss in
six years after it took a charge of about US$1 billion on bad
currency bets.  The third-quarter net loss of BRL1.64 billion
(US$764 million), or BRL1.59 per share, compares with net income
of BRL260.9 million, or 25 centavos, a year earlier, Aracruz said
in a statement to the country's securities regulator.  Results are
based on generally accepted accounting principles in Brazil.

Under generally accepted accounting principals in the U.S., the
company reported a net loss of US$545.9 million, compared with net
income of US$105.3 million a year earlier, Aracruz said in a
separate statement, Bloomberg noted.

                          About Aracruz

Aracruz Celulose S.A. -- http://www.aracruz.com.br/-- produces  
bleached hardwood kraft market pulp.  The company produces
eucalyptus pulp, which is a variety of hardwood pulp used by paper
manufacturers to produce a range of products, including tissues,
printing and writing papers, liquid packaging boards and specialty
papers.  The company's production facilities consist of the Barra
do Riacho Unit in Espirito Santo State, which has three production
units each with two bleaching, drying and baling lines, the Guaiba
Unit, located in the municipality of Guaiba, State of Rio Grande
do Sul, and Veracel, located in the municipality of Eunapolis,
State of Bahia, where it has a 50% stake.  During the year ended
Dec. 31, 2007, the company produced approximately 2,569,000 tons
of bleached eucalyptus kraft pulp (BEKP) (3,095,000 tons including
50% of Veracel's pulp production).

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Oct. 22, 2008, Moody's Investors Service downgraded the ratings of
Aracruz Celulose S.A. to Ba2 (corporate family rating) from Baa3
(issuer rating) on its global scale and to A1.br from Aa1.br on
the Brazilian national scale, and the ratings remain under review
for possible further downgrade.  Moody's had initiated a rating
review of Aracruz on Oct. 3, 2008, after the announcement by
Aracruz of substantial potential losses from currency derivatives
transactions, as well as the planned merger into Votorantim
Celulose e Papel S.A (Baa3 / Aa1.br under review for downgrade),
and on Oct. 15, 2008, Aracruz's issuer ratings were lowered to
Baa3 from Baa2 on its global scale and to Aa1.br from Aaa.br on
the national scale.

The TCR-LA on Oct. 13, 2008, related that Fitch Ratings downgraded
the ratings of Aracruz Celulose S.A.: Local currency Issuer
Default Rating to 'BB+' from 'BBB'; Foreign currency IDR to 'BB+'
from 'BBB'; and National scale rating to 'AA-(bra)' from
'AA+(bra)'.  All of these ratings have been placed on Rating Watch
Negative.

On Oct. 7, 2008, the TCR-LA reported that Standard & Poor's
Ratings Services placed its 'BBB' long-term corporate credit
rating on Aracruz Celulose S.A. on CreditWatch with negative
implications.  The action follows the company's Oct. 2, 2008,
disclosure of losses on derivative contracts amounting to US$1
billion as of third-quarter 2008, as a result of the recent spike
in the value of the Brazilian real (22.4% from August 2008 to
September 2008).


BANCO BRADESCO: Earns BRL6.015 Billion in Nine Months Ended Sept.
-----------------------------------------------------------------
Banco Bradesco S.A. reported net income in the nine-month period
of 2008 stood at BRL6.015 billion (up 3.4% in relation to the net
income of BRL5.817 billion in nine-month period of 2007),
corresponding to EPS of BRL1.96 and to a return of 26.3% on
Average Shareholders' Equity.

The company's net Income comprised BRL3.917 billion from financial
activities, which represented 65% of the total, and BRL2.098
billion from Insurance and Private Pension Plans activities, which
accounted for 35% of the net income.

The company's market Capitalization on September 30, 2008 reached
BRL88.777 billion.

Total Assets stood in September 2008 at BRL422.706 billion, an
increase of 33.1% in relation to September 2007.  Annualized
return on average Assets reached 2.1%, vis-a-vis 2.7% in the same
period of 2007.

The Expanded Loan Portfolio, stood at BRL197.250 billion, 40.8%
higher than a year ago.  Loans to individuals totaled BRL69.984
billion (up 28.7%), while loans to corporate clients totaled
BRL127.266 billion (up 48.5%).

Total Funds Raised and Managed reached BRL571.740 billion, an
increase of 26.3% vis-a-vis the BRL452.698 billion as of September
2007.

Shareholders' Equity stood at BRL34.168 billion, a 17.0% growth
year over year.  The Capital Adequacy Ratio stood at 15.6%, under
the New Basel Capital Rules (Basel II).

Remuneration to shareholders in the form of Interest on
Shareholders' capital and dividends paid and provisioned in the
period totaled BRL2.072 billion, equivalent to 34.4% of the net
income.

The Efficiency Ratio calculated over a 12-month period stood at
41.6% (41.8% in September 2007).

In the period, investments in infrastructure, information
technology and telecommunications amounted to BRL1.839 billion, up
23.9% y-o-y.

Taxes and contributions, including social security, paid or
provisioned in the period, stemming from the main activities
developed by the Bradesco Organization, totaled BRL4.258 billion,
equivalent to 71% of the net income.

Bradesco's distribution is Brazil's largest private customer
service network, with 3,235 branches, 28,092 ATMs in the Bradesco
DiaNoite (Day & Night) Network, 4,850 ATMs in the Banco24Horas
(24HourBank) Network, 14,562 Bradesco Expresso outlets, 5,924
Banco Postal branches, 3,648 mini-branches and 216 branches of
Finasa Promotora de Vendas.

The company disclosed awards and acknowledgments received in the
third quarter of 2008:

   -- Leader in Sustainability and Corporate Governance in Latin
      America (Management & Excellence);

   -- Most Valuable Brand in Brazil (BrandFinance/Gazeta      
      Mercantil);
   -- Best Company in Human Resources (Epoca magazine);
   -- Winner of the Environmental Entity Award (ADVB-SP)
   -- Best Insurance Company in Latin America (World Finance)

August 18, Bradesco signed an agreement with The Bank of Tokyo
Mitsubishi UFJ, Ltd. establishing an operational alliance to
manage and distribute investment funds, through their respective
asset management companies BRAM -- Bradesco Asset Management S.A.  
Distribuidora de Titulos e Valores Mobiliarios and MUAM --
Mitsubishi UFJ Asset Management Co. Ltd.

Socially, aiming to contribute to better education in Brazil, for
over 51 years Bradesco has been developing a broad social and
educational program through Fundacao Bradesco, maintaining 40
schools mainly located in regions of acute socio-economic poverty
throughout all Brazilian states and Brasilia, the Federal
District.  For this year, the forecasted budget of BRL220.069
million will allow Fundacao Bradesco to serve over 411,000 people.

Derivative Operations Indexed to FX Variations:

   a. Bradesco's Position: these positions assumed with the
      purpose of hedging Bradesco's operations, mainly investments
      abroad (branches and subsidiaries).  It is worth mentioning
      that these operations are assumed with no speculative
      purposes, but in order to match assets and liabilities;

   b. Clients Position: Bradesco does not carry out operations
      with exotic options, called target forward, or any other
      type of leveraged operations.  We point out that Bradesco
      carries out only traditional operations with clients who
      intend to manage its foreign currency positions.  On
      October 23, 2008, Bradesco had amounts receivable from its
      206 clients in the amount of BRL973 million and amounts
      payable to its 110 clients in the amount of BRL655 million,
      and the higher amount receivable is BRL142 million and
      higher amount payable is BRL109 million.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

According to Bloomberg data, Banco Bradesco S.A. continues to
carry Moody's "Ba2" long-term foreign bank deposits and "B-" bank
financial strength rating with a stable outlook.


BANCO BRADESCO: Seeking to Acquire Loan Portfolios
--------------------------------------------------
Banco Bradesco S.A. may spend up to BRL5.4 billion (US$2.5
billion) to buy loan portfolios from other financial firms,
Alibaba News reports, citing Chief Executive Marcio Cypriano.

According to the report, Bradesco and Uniao de Bancos Brasileiros
SA have already taken advantage of recent central bank measures
aimed at encouraging large banks to acquire credit portfolios from
smaller financial firms in distress.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

According to Bloomberg data, Banco Bradesco S.A. continues to
carry Moody's "Ba2" long-term foreign bank deposits and "B-" bank
financial strength rating with a stable outlook.


UNIAO DE BANCOS: Expresses Interest in AIG's Local Operations
-------------------------------------------------------------
Uniao de Bancos Brasileiros SA has made an offer to the Fed for
all local operations of American International Group Inc. and is
awaiting a response, Business News Americas reports, citing a
company spokesperson.

The spokesperson, BNamericas notes, declined to provide details of
what operations would be included, the price, or the timeframe of
the offer.

BNamericas states that Unibanco has 52% of the voting capital in
local insurance JV Unibanco AIG, while the US insurer holds 48%.  
Last month, Unibanco said that it might look to exercise its right
of first refusal on AIG's share in the JV.

In September, BNamericas says the US government bailed out AIG
with a US$85 billion two-year loan through which it took a 79.9%
stake in the insurer.  The government opened another lending
facility worth US$37.8 billion earlier this month.

To pay back the loans, AIG disclosed it would be trying to sell
its American Life Insurance Company (ALICO) assets worldwide in
addition to most businesses not involved in its US P&C and foreign
general insurance operations, BNamericas adds.

Citing the latest figure from Brazil's insurance regulator Susep,
BNamericas relates that Unibanco AIG reported BRL3.45 billion
(US$1.49 billion) in total premiums from January-August, up 13.1%
from the same period last year.

                     About Uniao de Bancos

Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros
SA -- http://www.unibanco.com/-- is a full-service financial
institution providing a range of financial products and services
to a diversified individual and corporate customer base
throughout Brazil.  The company's businesses comprise segments:
Retail, Wholesale, Insurance and Pension Plans and Wealth
Management.  Uniao de Bancos and its associated companies
FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas)
offer a network composed of 17,000 points of service.  It also
counts on 7,580 automated teller machines and all 30 Hours'
products and services, including the telephone service and the
Internet banking.  The company's international network consists
of branches in Nassau and the Cayman Islands; representatives
offices in New York; banking subsidiaries in Luxembourg, the
Cayman Islands and Paraguay; and a brokerage firm in New York
-- Unibanco Securities Inc.

                          *     *     *

In April 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating to Uniao de Bancos Brasileiros SA.


USINAS SIDERURGICAS: 12% Third Quarter Revenue Increase Expected
----------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais S.A. will report a 12%
increase in Q3 revenues despite sales being flat by volume,
Business News Americas reports, citing Luciana Leocadio, an
analyst at brokerage Ativa.

"We are projecting an increase in revenues and improvements in
gross margins and Ebitda," Ms. Leocadio said in a report cited by
BNAmericas. "Although we are expecting sales volume to be at the
same level as Q2, a rise in steel prices in June and August will
likely trigger a 12% revenue increase year-on-year."

BNamericas relates Ms. Leocadio has estimated net revenues of
BRL4.46 billion (US$1.95 billion) for Usiminas in third quarter,
up 12.3% year-on-year, and net profits of 936mn reais, a 9.1% rise
against the same period one year earlier.

According to BNamericas, the company's quarterly earnings report
is scheduled to be released October 29.

Regarding cost of goods sold, BNAmericas says Ms. Leocadio is not
expecting rises in iron ore costs. She said higher coal and coke
prices will be partially reflected in Q3 due to low raw material
stocks but the impact is likely to be felt more in Q4 results.

"Our expectation is that Usiminas presents an expanding Ebitda
margin of 1.6 percentage points versus Q2, reaching a margin of
38.3%," BNamericas quoted Ms. Leocadio as saying.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais S.A. -- http://www.usiminas.com.br-- is among the
world's 20 largest steel manufacturing complexes, with a
production capacity of approximately 10 million tons of steel.
Usiminas System companies produces galvanized and non-coated
flat steel products for the automotive, small and large diameter
pipe, civil construction, hydro-electronic, rerolling,
agriculture, and road machinery industries.  Brazil consumes 80%
of its products and the company's largest export markets are the
US and Latin America.  The company also sells in China and
Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2008, Moody's Investors Service assigned a Ba1 local
currency rating and an Aa1.br rating on its Brazilian national
scale to the BRL500 million non-guaranteed subordinated
debentures due 2013 to be issued by Usinas Siderurgicas de Minas
Gerais S.A. (aka Usiminas).  Net proceeds from the debentures
issuance will be used to partially fund the company's capex
program.  Moody's said the rating outlook is stable.


* BRAZIL: Extent of Subprime Bets' Damage Remains Uncertain
-----------------------------------------------------------
The Financial Times reports that contradictory signals emerged
last Tuesday, about the extent of the damage suffered by Brazil's
companies and banks caused by failed bets on the domestic
currency, a crisis dubbed "Brazilian subprime".

Problems have mounted during the Brazilian real's sharp
devaluation against the U.S. dollar over the past few months, the
FT says.

The FT recounts that Banco Itau, Brazil's second-biggest private
sector bank, said its investment banking subsidiary had exposure
to potential losses in forward currency contracts that would have
been worth BRL2.4 billion had they all expired last Friday when
the exchange rate reached BRL2.30 to the dollar -– down from a
peak of BRL1.56 in May.  The bank said its subsidiary, Itau BBA,
had contracts with 96 customers and its exposure was equal to less
than 1.5% of Itau's total lending portfolio and less than 0.6% of
total assets.

The announcement, according to the FT, seemed likely to calm fears
of a systemic problem caused by currency derivatives, which have
resulted in enormous losses at a small number of companies.  The
government had said it will lend money at market interest rates to
companies that are unable to refinance their debts.  Last week,
the FT recalls, state-controlled banks were allowed to buy stakes
in ailing companies.

"It is calming to know there are now two sources of finance for
companies in difficulties," the FT cites Lia da Graça, of
BanifInvest, a brokerage in Sao Paulo as saying.  She, however,
added that it is uncertain how many companies have ended the
contracts and the size of the problem until February when banks
issue their fourth quarter reports.

The FT also mentions food processor Sadia; industrial conglomerate
Votorantim, and paper and pulp manufacturer Aracruz, which have
admitted to heavy losses from currency derivatives in recent
weeks.



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

AMERICAN BUILDINGS: Sets Final Shareholders Meeting for Oct. 31
---------------------------------------------------------------
American Buildings Company (Asia) LDC will hold its final
shareholders meeting on Oct. 31, 2008, at 3:00 p.m., at Flat A
19/F BLK T36, 20 Taikoo Wan Road, Oak Mansion, Hong Kong.

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

American Buildings' shareholder decided on Aug. 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:

               George Ka Ki Chang
               c/o Flat A 19/F BLK T36
               20 Taikoo Wan Road, Oak Mansion
               Hong Kong


AZIMUTH DIVERSIFIED: Final Shareholders Meeting Is on Oct. 31
-------------------------------------------------------------
Azimuth Diversified Hedge Ltd. will hold its final shareholders
meeting on Oct. 31, 2008, at 3:00 p.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.

Azimuth Diversified's shareholder decided on Sept. 16, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

               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


EATON VANCE CDO XI: Holds Final Shareholders Meeting on Oct. 31
---------------------------------------------------------------
Eaton Vance XI Ltd. will hold its final shareholders meeting on
Oct. 31, 2008, at 1:00 p.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.

Eaton Vance's shareholder decided on Sept. 16, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

               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


FURSA OFFSHORE: Will Hold Final Shareholders Meeting on Oct. 31
---------------------------------------------------------------
Fursa Offshore U.S. Event Driven Fund Ltd. will hold its final
shareholders meeting on Oct. 31, 2008, at 12:00 p.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.

Fursa Offshore's shareholder decided 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:

               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


GRANDWAY CRYSTAL: To Hold Final Shareholders Meeting on Oct. 31
---------------------------------------------------------------
Grandway Crystal Fund Ltd. will hold its final shareholders
meeting on Oct. 31, 2008, at 2:30 p.m., at the offices of Ogier,
Attorneys, Queensgate House, South Church Street, Grand Cayman,
Cayman Islands.

These matters will be taken up during the meeting:

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

Grandway Crystal's shareholder decided on July 23, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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

Contact for inquiries:

               Jonathan Bernstein
               Tel: (345) 949-9876
               Fax: (345) 949-1986


HARTSHORNE CDO I: Final Shareholders Meeting Set for Oct. 31
------------------------------------------------------------
Hartshorne CDO I Ltd. will hold its final shareholders meeting on
Oct. 31, 2008, at 12:30 p.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.

Hartshorne CDO's shareholder decided 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:

               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


METACAPITAL FIXED: Holding Final Shareholders Meeting on Oct. 31
----------------------------------------------------------------
Metacapital Fixed Income Benefit Plan Investor Offshore Fund Ltd.
will hold its final shareholders meeting on Oct. 31, 2008, at 2:30
p.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.

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

The liquidator can be reached at:

               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


METACAPITAL FIXED INCOME: Final Shareholders Meeting Set Oct. 31
----------------------------------------------------------------
Metacapital Fixed Income Relative Value Master Fund Ltd. will hold
its final shareholders meeting on Oct. 31, 2008, at 2:00 p.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.

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

The liquidator can be reached at:

               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


METACAPITAL FIXED OFFSHORE: Final Shareholders Meeting Is Oct. 31
-----------------------------------------------------------------
Metacapital Fixed Income Relative Value Offshore Fund Ltd. will
hold its final shareholders meeting on Oct. 31, 2008, at 1:30
p.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.

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

The liquidator can be reached at:

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


MLMI CAYMAN NIM 2004-OPT1: Final Shareholders Meeting Is Oct. 31
----------------------------------------------------------------
MLMI Cayman NIM 2004-OPT1 Ltd. will hold its final shareholders
meeting on Oct. 31, 2008, at 11:00 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.

MLMI Cayman'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 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


NEUBERGER BERMAN: To Hold Final Shareholders Meeting on Oct. 31
---------------------------------------------------------------
Neuberger Berman Intermediate Investment Offshore Fund Corp. 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.

Neuberger Berman's shareholder decided on Aug. 6, 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


RCP/CAYMAN HOLDINGS: Holds Final Shareholders Meeting on Oct. 31
----------------------------------------------------------------
RCP/Cayman Holdings Ltd. will hold its final shareholders meeting
on Oct. 31, 2008, at 10:30 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.

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

The 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


WESTWAYS FUNDING XI: Sets Final Shareholders Meeting on Oct. 31
---------------------------------------------------------------
Westways Funding XI Ltd. will hold its final shareholders meeting
on Oct. 31, 2008, at 3:30 p.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.

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

The liquidator can be reached at:

               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          


WORLDWIDE VALUE: Holding Final Shareholders Meeting on Oct. 31
--------------------------------------------------------------
Worldwide Value Equity Fund LDC will hold its final shareholders
meeting on Oct. 31, 2008, at 10:00 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.

Worldwide Value's shareholder decided on July 25, 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


WORLDWIDE VALUE EQUITY: Final Shareholders Meeting Is Oct. 31
-------------------------------------------------------------
Worldwide Value Equity Fund Ltd. will hold its final shareholders
meeting on Oct. 31, 2008, at 11:30 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.

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

The 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



==================================
D O M I N I C A N  R E P U B L I C
==================================

* DOMINICAN REPUBLIC: National Debt Balloons to US$9 Bil. in June
-----------------------------------------------------------------
dr1.com writes that over the last three and a half years, the
Dominican Republic's national debt has grown by 23.75%, going from
US$7.377 billion in 2004 to US$9.129 billion in June 2008, an
increase of US$1.752 billion.

The report relates that according to data obtained by El Caribe
from the Ministry of Hacienda Web site, the total amount of
US$9.129 billion is divided between external debt (US$7.929
billion) and internal debt (US$1.200 billion).

During the period covered by the analysis, the Dominican
Republic's external (foreign) debt has gone up from
US$6.379 billion to US$7.929 billion, a 24% increase, dr1.com
reports.  The internal public debt has gone from US$998 million to
US$1.2 billion, a 20% increase.

The report notes that the data from the Ministry of Hacienda
showed that bilateral debts have gone from US$2.132 billion to
US$3.360 billion, a 57% jump.

The total multilateral debt has increased by 24% and private debts
have risen just 8%.  Among the multilateral lenders is the Inter-
American Development Bank which has poured the largest amount of
money into the DR, but which showed a slight reduction (US$1.343
vs. US$1.342 billion).

On the other hand, the report adds that the debt with the World
Bank has gone from US$380 million to US$462 million, a 21%
increase, and the credits with the International Monetary Fund
have gone from US$203 million to US$622 million, a 326% increase.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Sept. 29, 2008, Fitch Ratings affirmed the Dominican Republic's
ratings as: Foreign currency issuer default rating at 'B'; Local
currency issuer default rating at 'B'; Country ceiling at 'B+';  
Brady bonds at 'B+/RR3'; Senior unsecured debt at 'B/RR4'; and
Short-term foreign currency issuer default rating at 'B'.

The TCR-LA reported on Sept. 29, 2008, that the trend of improving
credit fundamentals in emerging market sovereigns that has
prevailed since 2003 appears to have run its course, according to
an article published by Standard & Poor's Ratings Services titled,
"Emerging Market Sovereign Credit: At The Top Looking Down."

On Sept. 8, 2008, the TCR-LA wrote that the rating on the
Dominican Republic reflects the country's weak institutions and
poor governance that can undermine macroeconomic stability;
monetary constraints because of the large quasi-fiscal deficits of
the central bank; and poor external liquidity as a result of
growing current account deficit and falling net international
reserves.  The ratings are supported by the country's solid growth
prospects, with an annual per-capita GDP growth rate of more than
3% (although it is expected to fall below potential in 2008-09);
and high levels of foreign direct investment that support growth
prospects and partially mitigate its poor external liquidity.



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

DESARROLLADORA HOMEX: Net Income Down to US$31.84 Mln in 3Q 2008
----------------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. reported its financial
results for the third quarter ended Sept. 30, 2008.

       New Mexican Accounting Reporting Standard for 2008:

As companies in Mexico no longer follow inflation accounting
(Bulletin B-10), the third quarter of 2008 figures are presented
without inflation adjustment, while the third quarter of 2007
figures are presented with inflation adjustment through Dec. 31,
2007.  Therefore, the results of the two quarterly periods are not
directly comparable.

                 Highlights

  -- Total revenues in the 2008 third quarter increased 17% to
     MXN4.7 billion (US$432 million) from MXN4 billion (US$369
     million) in the year-ago period.

  -- Earnings before interest, taxes, depreciation and
     amortization (EBITDA), during the quarter were MXN1,127
     million (US$103 million), an 18% increase from the MXN955
     million (US$87 million) reported in the third quarter 2007.

  -- EBITDA margin increased 20 basis points to 23.9% in the
     third quarter 2008 from 23.7% EBITDA margin reported in the
     third quarter 2007.

  -- Net income decreased 37.8% to US$31,846,000 in the third
     quarter of 2008, mainly due to a foreign exchange loss of
     MXN298 million, compared to a foreign exchange gain of MXN88
     million recorded in the third quarter of 2007.

  -- Earnings per share for the third quarter of 2008 decreased
     37.7% to MXN1.04 compared to MXN1.67 in the comparable
     quarter of 2007, principally as a result of the foreign
     exchange charge.
    
"While we are generally pleased with our year-over-year revenue
and EBITDA performance, there is no doubt that world economic
weakness is creating a more challenging economic environment for
Mexican families.  In response to this challenging horizon we are
taking pro-active measures to adjust our strategy to face any
potential slowdown in the Mexican economy,"  said Homex Chief
Executive Officer, Gerardo de Nicolas.  "Many of these defensive
measures have been at the core of our strategy for more than a
decade; we will continue with our focus in the affordable entry
level market, where fundamentals remain solid, now with a product
offering targeting the lower affordable sector, thus lowering our
customer's reliance on bank financing.  We also will aim to
maintain our long-term debt profile and a more conservative
working capital strategy."

"We are adjusting, as well, our focus on lower middle income
segments, narrowing our product range from MXN600 thousand to
MXN1.5 million, and we will minimize land acquisitions for the
remainder of the year, reducing capital expenditures and enhancing
our cash position," Mr. de Nicolas concluded.

                    About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx-- is a vertically integrated home
development company focused on affordable entry-level and
middle-income housing in Mexico.  It is one of the most
geographically diverse homebuilders in the country.  Homex is
the largest homebuilder in Mexico, based on revenues, number of
homes sold and net income.

                        *      *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 3, 2008, Standard & Poor's Ratings Services assigned a
recovery rating on Desarrolladora Homex S.A.B. de C.V.'s US$250
million senior unsecured notes maturing in 2015, on Aug. 29, 2008.
The notes are rated 'BB-' (the same as the long-term corporate
credit rating), with a recovery rating of '3', indicating that
lenders can expect meaningful (50%-70%) recovery in the event of a
payment default.  The likelihood of default for Homex is reflected
in its 'BB-/Stable/--' corporate credit rating, which has not
changed.


GRUPO CASA: Books US$111.76 Million Net Income in 3rd Quarter 2008
------------------------------------------------------------------
Grupo Casa Saba recorded its consolidated financial and operating
results for the third quarter of 2008.

                           Net Sales
    
During the third quarter, Grupo Casa Saba's sales were US$6,682.02
million, an increase of 13.06%.

Sales for our Private Pharma division rose 13.89% during the third
quarter of 2008, as a result of the consolidation of investments
made within the sector over the past several months, including the
most recent acquisition of Drogasmil Medicamento e Perfumeria,
S.A., a Brazilian pharmacy chain.

Sales in our Health, Beauty, Consumer Goods, General Merchandise
and Other division increased 11.41% compared to the third quarter
of 2007.  This growth was due to an increase in sales of health
and beauty products.

Sales in our Government Pharma division rose 25.13% due to an
increase in sales to the Instituto Mexicano del Seguro Social
(IMSS), or the Mexican Social Security Institute, as well as the
Instituto de Seguridad y Servicios Sociales de los Trabajadores
del Estado (ISSSTE), or the Mexican Social Security and Service
Institute for Government Employees.

Publication sales decreased 11.23%, primarily as a result of lower
unit sales.  This decrease was due to the fact that Citem stopped
distributing some publications that did not meet our minimal
profitability requirements.

The sales mix did not change significantly this quarter.  Private
Pharma sales represented 83.88% of total sales (compared to 83.27%
during the third quarter of 2007), while Government Pharma
accounted for 3.83% (versus 3.46% during the third quarter of
2007). Health, Beauty, Consumer Goods, General Merchandise and
Other represented 9.20% (compared to 9.33% in the third quarter of
2007) and Publications made up the remaining 3.09% (versus 3.94%
during the third quarter of 2007).

                           Gross Income

During the third quarter of the year, Grupo Casa Saba's gross
income increased 35.78% to reach US$743.96 million. The company's
gross margin improved as a result of the recent investments, to
reach 11.13%.

                       Operating Expenses

Operating expenses reached US$517.88 million, an increase of
53.49% compared to the third quarter of 2007.  This was due to the
investments that were made over the past months.  Operating
expenses represented 7.75% of our total sales.

                        Operating Income

Operating income continued to grow.  This quarter, it rose 7.38%,
to reach US$226.07 million. The operating margin was 3.38%, 18
b.p. lower than the 3.56% margin registered in the third quarter
of 2007.  This was due to an increase in expenses related to the
investments made over the past several months.

      Operating Income Plus Depreciation and Amortization

Operating income plus depreciation and amortization for third
quarter 2008 was US$249.68 million, an increase of 4.34% compared
to the third quarter of 2007.  Depreciation and amortization for
the period was US$23.60 million, 17.89% lower than in the third
quarter of 2007.

                   Cash and Cash Equivalents

Cash and cash equivalents at the end of the third quarter of 2008
was US$292.96 million.

               Comprehensive Cost of Financing

During the third quarter of 2008, Grupo Casa Saba's comprehensive
cost of financing (CCF) was US$61.29 million due to an increase in
the amount of interest income paid as well as the effect of the
elimination of Bulletin B-10.

The interest payments were related to the long-term credit that
was obtained as a result of our most recent acquisition in Brazil
as well as the interest that was generated from the utilization of
short-term credits for our operations in Mexico and Brazil.

                     Other Expenses (Income)

During the third quarter of 2008, the Company registered an income
of US$14.45 million in other expenses (income).  The expenses
(income) from this line item were derived from activities that are
distinct from the company's everyday business operations.

                         Tax Provisions

During the third quarter, tax provisions were US$63.67 million.
These provisions included US$99.34 million for income tax and
-US$35.66 million for deferred income tax.

                          Net Income

Grupo Casa Saba's net income for the third quarter was US$111.76
million, a decrease of 40.23% compared to the third quarter of
2007.  This decrease was due to a higher comprehensive cost of
financing (CCF) as well as lower income from activities outside of
the company's normal business operations.

The net margin for the period was 1.67%, lower than the 3.16% net
margin obtained during the third quarter of 2007.

                        Working Capital

During the third quarter of 2008, our accounts receivable days
were virtually unchanged at 62 days (they were 62.1 days during
the third quarter of 2007). In addition, our accounts payable days
increased 2.9 days compared to 3Q07, to reach 50.2 days.  Finally,
our inventory days were 61.1 days, 3.7 more days than in 3Q07.

                     About Grupo Casa Saba

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
21, 2008, Moody's Investors Service downgraded Grupo Casa Saba,
S.A.B. de C.V.'s global and Mexican national scale corporate
family ratings to Ba3 and A3.mx from Ba2 and A1.mx, respectively.  
The ratings remain on review for possible further downgrade.


GRUPO SENDA: Fitch Affirms B+ Local & Foreign Currency ID Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed Grupo Senda Autotransporte, S.A., de
C.V.'s 'B+' local and foreign currency Issuer Default Ratings.  
The Rating Outlook for these corporate ratings is Stable.  Fitch
has also affirmed the 'B+/RR4' ratings of Grupo Senda's US$150
million senior secured guaranteed notes due in 2015.

Grupo Senda's ratings reflect the company's relatively high
financial leverage and its solid competitive position as a leading
provider of intercity bus passenger services in Mexico.  Further
factored into the ratings is Grupo Senda's vulnerability to a
devaluation of the Mexican peso; the company generates most of its
revenues in Mexican pesos and a portion of its costs and most of
its debt is denominated in U.S. dollars.  Grupo Senda's credit
ratings also take into account industry-related risks such as
seasonal fluctuations in passengers and fuel price volatility.  
Positively considered in the ratings is the importance of the
country's bus transportation within Mexico due to income
constraints that limit the ability of many people to use
alternative transportation sources such as automobiles or
airlines.

Grupo Senda's liquidity is tight, but should be manageable.  The
company had MXN142 million of cash and marketable securities and
MXN419 million of short-term debt as of June 30, 2008.  During the
latest twelve months ended June 30, 2008, the company generated
MXN467 million of funds from operations.  Grupo Senda maintains
access to committed credit lines in excess of MXN100 million.  To
repay short-term debt, the company will rely on a mix of FFO and
its cash and marketable securities balance.  It also intends to
refinance a portion of the debt.  The company uses derivative
contracts to hedge the U.S. dollar-denominated interest payment of
its notes due in 2015.

For the LTM ended June 30, 2008, Grupo Senda generated MXN759
million of EBITDA, a decline from MXN778 million during 2008.  The
company's revenues have grown by 2.8%, but its costs have risen
due to increasing diesel fuel costs and the introduction and
promotion of new routes.  For 2008, EBITDA is expected to decline
to around MXN700 million.

Headquartered in Monterrey, Mexico, Grupo Senda Autotransporte SA
de CV -- http://www.gruposenda.com-- is a holding company which   
provides interstate passenger bus transportation and package
delivery services covering 15 states and more than 120 cities in
northeast and central Mexico and 12 destinations in Texas in the
United States.


INTERNATIONAL RECTIFIER: Okays US$100MM Stock Repurchase Program
----------------------------------------------------------------
International Rectifier Corporation's Board of Directors has
authorized a stock repurchase program of up to US$100 million.  
The stock repurchase program reflects the Board’s confidence in
the overall financial strength of the Company and prospects for
the future.

Richard J. Dahl, Chairman of the Board of International Rectifier
said: “We have a great deal of confidence in the prospects of our
Company and believe that the share repurchase program
authorization demonstrates our commitment to creating long-term
value for all of our shareholders, while at the same time making
prudent use of funds.  We are, of course, monitoring the macro-
economic climate as well as market conditions in general and will
be mindful of this and other opportunities for deployment of our
resources.”

Any purchases under International Rectifier’s repurchase program
may be made from time-to-time in the open market or through
privately negotiated transactions.  Depending on market conditions
and other factors, these purchases may be commenced or suspended
at any time, or from time-to-time, without prior notice.

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                         *     *     *


As reported in the Troubled Company Reporter on Sept. 3, 2008,
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating on El Segundo, Calif.-based International Rectifier
Corp. (IR) would remain on CreditWatch with negative implications,
where it was placed on April 9, 2007, because of an accounting
investigation that prevented the company from filing financial
statements.


VITRO SAB: Incurs MXN153 Million Net Loss in Third Quarter 2008
---------------------------------------------------------------
Vitro S.A.B. de C.V. disclosed a MXN153 million net loss in the
third quarter of 2008, compared to a MXN3 million net loss in the
same period in 2007.  The company also reported that year over
year consolidated net sales rose 8.9 percent while EBITDA
increased 11.4 percent. The consolidated EBITDA margin increased
to 14.5 percent from 14.1 percent in the same period last year
despite a 68 percent increase in natural gas prices.

Commenting on the results for the quarter, Chief Financial
Officer, Enrique Osorio said, "This was another strong quarter,
with the highest EBITDA since 3Q'06.  We see a challenging 2009,
but we feel comfortable that we have a strong business with
competitive advantages that will play an important role in our
performance."

David Gonzalez, President of Glass Containers business unit,
commented, "This was again another solid quarter for containers,
both in the domestic and export markets, reflecting volume and
price increases across the board.  Domestic sales rose 25 percent
year-over-year, while export sales increased 8 percent, including
those to the U.S. market.  In turn, EBITDA rose 21.6 percent
year-over-year despite higher energy prices.  This was driven by
strong volumes, a favorable product mix, price increases to cover
the inflation of inputs and ongoing cost reduction initiatives and
the absence of costs related to the production interruptions in
3Q'07."

"We are taking a conservative approach to planning for next year.
We are also developing contingency plans and cost cutting
initiatives to be implemented across the board in preparation for
what we expect to be a more challenging environment in the year
ahead," continued Mr. Gonzalez.

Mr. Hugo Lara, President of Flat Glass business unit, noted,
"Despite tough industry conditions in the US and Spanish
construction segments and in the North American Automotive
business, Flat Glass sales fell only 1.4 percent this quarter.
Sales at Vitro Cristalglass, our Spanish subsidiary, increased
five percent which reflects a better price mix from the new value-
added production line as well as a strong Euro.  Auto glass sales
to the OEM market fell five percent as a result of weakening
demand, but we managed to mitigate some of the negative effects of
this downturn and gained market share in the North American market
through our increased participation in small car and CUV
platforms.  Vitro America sales remained flat as we continued to
focus on the commercial sector to offset some of the decline
experienced in product lines linked to the residential market such
as our mirror line.  The domestic market for float glass remained
strong, however we did see a decline in volume sold to Auto Glass
manufacturers."

"EBITDA for the Flat Glass business unit fell 26.7 percent as we
were unable to completely offset substantially higher energy and
raw material costs despite our cost reduction initiatives and a
better product and price mix as we shift towards higher value
added products.  Looking forward, we see a challenging industry
environment, however we are going to aggressively pursue cost
cutting initiatives which we expect will enable us to be better
prepared for the possibility of a prolonged slowdown and enable us
to become a stronger Company," continued Mr. Lara

Addressing the balance sheet, Mr. Osorio noted, "This was a good
quarter and we generated US$74 million dollars in free cash flow
before CapEx and dividends, which reflects the strength of our
business and continued efforts to preserve cash.  Net debt to
EBITDA remained stable quarter-over-quarter at 3.6 times.  The
average cost of debt, in turn, dropped almost 30 basis points
year-over-year to 9.1 percent.  Total financing result, however,
increased to US$267 million from US$38 million in 3Q'07, as a
result of the change in the mark-to-market of our derivative
portfolio.  Keep in mind that our current hedging portfolio
focuses on future commitments related to our operations
specifically our future natural gas requirements and coupon
payments on the US$1 billion senior Notes due 2012 and 2017.  As
of today, we have restructured our portfolio to significantly
reduce possible negative effects related to current volatility.
Our current mark-to-market on open positions is approximately
US$98 million."

"Given the severe and expected volatility in the international
financial markets, we are also maintaining close communication
with creditors, financial institutions, clients and suppliers, who
have reiterated their willingness to find favorable alternatives
based to the current financial conditions," Mr. Osorio closed.

                           About Vitro

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.

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on Oct.
9, 2008, Moody's affirmed the B2 senior unsecured debt and
corporate family ratings of Vitro S.A.B. de C.V.'s , while at the
same time changing the outlook for the company's ratings to
negative from stable.

TCR-Latin America also reported on Aug. 27, 2008, Standard &
Poor's Ratings Services has revised its outlook on Vitro S.A.B. de
C.V. to negative from stable.  At the same time S&P affirmed its
'B' long-term corporate credit and senior unsecured ratings on
Vitro.


                            ***********

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

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

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

                            ***********


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

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

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

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

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

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


           * * * End of Transmission * * *