TCRLA_Public/081104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, November 4, 2008, Vol. 9, No. 219

                            Headlines

A R G E N T I N A

ANGEL ESTEBAN: Proofs of Claim Verification Deadline Is Dec. 19
AVALON INVESTMENTS: Proofs of Claim Verification Due on Dec. 19
CERVECERIA Y MALTERIA: Fitch Affirms IDRs at 'BB'
COOPERATIVA: Proofs of Claim Verification Until Feb. 2
NEEDAR SA: Proofs of Claim Verification Deadline Is Feb. 10

TRANSPORTADORA DE GAS: Fitch Junks Ratings; Outlook Stable
GENERAL MOTORS: Merger Talks Proceed; Cerberus Halts Nissan Talks


C A Y M A N  I S L A N D S

CHAMPLAIN LTD: Fitch Affirms 'B-' Rating of Class A Notes
CASCADIA II: Fitch Affirms 'BB+' Rating ofUS$300MM Notes Due 2009


C H I L E

BANCO SANTANDER: Fitch Holds Individual Rating at 'B'


C O L O M B I A

EMPRESAS MUNICIPALES: Fitch Affirms IDR at 'CCC'; Outlook Stable


C U B A

* CUBA: Can't Keep 6% 1H Economic Growth Due to Hurricane Damages


D O M I N I C A N   R E P U B L I C

CAP CANA: Fitch Cuts Rating onUS$250MM Notes Due 2013 to 'CCC/RR4'


M E X I C O

HEXION SPECIALTY: Court Denies Lending Commitment Extension Plea


N E T H E R L A N D S  A N T I L L E S

PEAR MORTGAGE: Fitch Affirms 21 Tranches from Dutch RMBS


N I C A R A G U A

INFINITY ENERGY: Inks Forbearance Deal; Loan Moved to May 31


P U E R T O  R I C O

ALLIED WASTE: Earns US$112.5 Million in Quarter Ended September 30
ROYAL CARIBBEAN: Third Quarter Net Income Up US$411.9 Million
ROYAL CARRIBBEAN: Discloses End To Fuel Supplement


X X X X X X X X

* Large Companies with Insolvent Balance Sheets
* Trade & Investment Bet. Caribbean and Asia-Pacific Untapped


                         - - - - -

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A R G E N T I N A
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ANGEL ESTEBAN: Proofs of Claim Verification Deadline Is Dec. 19
---------------------------------------------------------------
Reinaldo Pireni, the court-appointed trustee for Angel Esteban
Sarmiento's bankruptcy proceeding, will be verifying creditors'
proofs of claim until December 19, 2008.

Mr. Pireni will present the validated claims in court as
individual reports.

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 Angel Esteban's
accounting and banking records will be submitted in court.

Mr. Pireni didn't state the submission dates for the reports.

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

The debtor can be reached at:

                    Angel Esteban Sarmiento
                    Avda. San Martin 1406
                    Buenos Aires, Argentina

The trustee can be reached at:

                    Reinaldo Pireni
                    Avda. Callao 930
                    Buenos Aires, Argentina


AVALON INVESTMENTS: Proofs of Claim Verification Due on Dec. 19
---------------------------------------------------------------
Donato Sacurno, the court-appointed trustee for Avalon Investments
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until December 29, 2008.

Mr. Sacurno will present the validated claims in court as
individual reports.

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 Avalon Investments's
accounting and banking records will be submitted in court.

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

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

The debtor can be reached at:

                    Avalon Investments SRL
                    Sarmiento 412
                    Buenos Aires, Argentina

The trustee can be reached at:

                    Donato Sacurno
                    Bernardo de Irigoyen 330
                    Buenos Aires, Argentina


CERVECERIA Y MALTERIA: Fitch Affirms IDRs at 'BB'
-------------------------------------------------
Fitch Ratings has affirmed the following ratings of Cerveceria y
Malteria Quilmes S.A.I.C.A. y G. (CMQ):

   -- Foreign Currency IDR 'BB';
   -- Local Currency IDR 'BB';
   -- Senior unsecured notes 'BB' due in 2012. (The 2012 notes
      were issued by Argentine Beverages Financial Trust (Gain
      Bebidas Argentinas), whose underlying asset is a loan
      granted by CMQ.)

The ratings have been removed from Rating Watch Negative and now
have a Stable Outlook.

CMQ is the largest brewer in Argentina with a 75% market share.
The company also has a strong presence within the country in soft
drink, juices and water.  CMQ is a wholly owned subsidiary of
Quinsa, which in turn is 99.9% owned by Companhia de Bebidas das
Americas (AmBev).  AmBev does not guarantee the debt of Quinsa and
its subsidiaries, including CMQ.  The rating of CMQ is two notches
higher than the Argentina country ceiling of 'B+' at 'BB'.  The
country ceiling has been exceeded due to the strategic importance
of CMQ and Quinsa to AmBev.  Fitch believes that it is likely that
AmBev would help CMQ pay its debt in the event of the imposition
of transfer and convertibility (T&C) restrictions by the Argentine
government to avoid the negative externality on the cost of
AmBev's debt that would result if one of its key subsidiaries
defaults.  Fitch also believes Quinsa would use some of the cash
it generates in its subsidiaries in Bolivia, Paraguay and Uruguay
to help CMQ repay debt in the event of T&C restrictions.

For the last-12-months (LTM) ended March 31, 2008, CMQ generated
ARP919 million (US$292 million) of operating profits plus
depreciation and amortization (EBITDA).  This figure represented
an increase from ARP911 million during 2007 and ARP726 million
during 2006.  At the end of March 2008, CMQ had ARP608 million
(US$192 million) of total debt and ARP252 million (US$80 million)
of cash and marketable securities.  The company's leverage, as
measured by total debt-to-EBITDA, was 0.7 times (x) and its net
leverage was 0.4x.

AmBev had BRL10 billion (US$6.3 billion) of total debt and BRL1.9
billion (US$1.2 billion) of cash and marketable securities as of
June 30, 2008.  For the LTM ended June 30, 2008, AmBev generated
BRL8.8 billion (US$ 5 billion) of EBITDA and BRL6.7 billion
(US$3.8 billion) of funds from operations (FFO). During this time
period, the company's net debt-to-EBITDA ratio was 0.9x and its
FFO adjusted leverage ratio was 1.4x.  AmBev will likely use its
free cash flow during 2009 to reduce its debt levels. This should
result in an improvement of its standalone credit protection
measures.


COOPERATIVA: Proofs of Claim Verification Until Feb. 2
------------------------------------------------------
Oscar Paez, the court-appointed trustee for Cooperativa de
Vivienda, Credito y Consumo San Isidro Ltda.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 2, 2009.

Mr. Paez will present the validated claims in court as individual
reports.

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 Cooperativa de
Vivienda's accounting and banking records will be submitted in
court.

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

Mr. Paez is also in charge of administering Cooperativa de
Vivienda, Credito y Consumo San Isidro Ltda.'s assets under court
supervision and will take part in their disposal to the extent
established by law.

The debtor can be reached at:

                    Cooperativa de Vivienda, Crédito y Consumo
                    San Isidro Ltda
                    Roque Perez 3694
                    Buenos Aires, Argentina

The trustee can be reached at:

                    Oscar Paez
                    Juana Manso 1666
                    Buenos Aires, Argentina


NEEDAR SA: Proofs of Claim Verification Deadline Is Feb. 10
-----------------------------------------------------------
Graciela Caccavallo, the court-appointed trustee for Needar SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 10, 2009.

Ms. Caccavallo will present the validated claims in court as
individual reports.

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 Needar SA's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

                    Needar SA
                    Azcuenaga 603
                    Buenos Aires, Argentina

The trustee can be reached at:

                    Graciela Caccavallo
                    Estados Unidos 2552
                    Buenos Aires, Argentina


TRANSPORTADORA DE GAS: Fitch Junks Ratings; Outlook Stable
----------------------------------------------------------
Fitch Ratings has downgraded the long-term local and foreign
currency Issuer Default Ratings of Transportadora de Gas del Norte
S.A.'s (TGN) to 'CCC' from 'B'.  Fitch has also downgraded to
'CCC' TGN's senior unsecured notes due in 2012, and has maintained
in 'RR4' the recovery rating of the notes.  In conjunction with
these rating actions, Fitch has downgraded TGN's national scale
rating to 'BB (arg)' from 'A-(arg)'.  The Rating Outlook has been
revised to Stable from Negative.

The rating downgrades reflect the anticipated reduction in TGN's
long-term performance as a result of 1) recent increase in
exchange rate risks due to a combination of peso devaluation and
potential reduction of export revenues; 2) the weak regulatory
framework and 3) uncertainty of the natural gas export's
sustainability.  Fitch expects TGN's cash flow from operations to
fall below original projections adding pressure on TGN's limited
financial flexibility.  The next principal and interest payments
of USD16 million and USD6.4 millions, respectively, are due on
Dec. 31 2008.  Currently, the company's cash position is
sufficient to these payments, although the margin of error as well
as the ability to replenish additional liquidity is limited given
TGN's lack of access to external financing.

The downgrades primarily reflect the rapidly deteriorating
external conditions and the potential for these conditions to
negatively impact TGN's ability to service debt given its current
cashflow generation and amortizing debt structure.  The margin of
safety to endure these threats has largely been exhausted
following almost nine years of frozen tariffs as well as the loss
of cash flow from a Chilean off-taker early this year.  For
issuers in the 'CCC' rating category default is a real possibility
and the capacity to meet financial commitments is vulnerable to
the deterioration in business and economic conditions.  Fitch
notes that business and economic conditions have been rapidly
deteriorating for the natural gas transportation business over the
past months.

Since Sept. 1, 2008, the devaluation of the peso was almost 9%,
with a limited expected reversal over the short term; additional
peso devaluation will further negatively impact the company's
ability to serve hard currency denominated debt as 42% of TGN's
EBITDA is generated domestically.

The natural gas sector regulatory framework remains weak. Although
the government seemed to be moving on the right path when it
announced a 20% tariff increase for natural gas transportation
contracts, such tariff increases would be directed to a separate
account outside the control of the transportation companies.  The
administrator of this fund has not been assigned and the mechanism
to apply the tariff increase has not yet been determined. Those
funds would be used for future capital expenditures.  The
mechanism to apply the tariff increase has not yet been
determined. The company's full tariff review is pending; the
outcome of this process will be a key factor in TGN's ability to
service debt going forward.

Restrictions on natural gas availability for export purposes
remain in place, which heighten the risk that other Chilean off-
takers replicate Electrica Santiago unilateral decision to
discontinue payments to TGN in last February.  Exports of gas are
important to TGN's credit profile, as they represent 42% of
revenues (58% of EBITDA) and provide the company with hard
currency.  Fitch's revised analysis indicates that free cash flow
before interest and debt service could decrease to approximately
USD55 million that compare to interest expenses of USD24 million
and debt amortization of USD32 million during each of the next two
years, with a debt service coverage ratio slightly below 1.0 times
(x).

At June 2008, TGN's total debt was USD345 million, composed by
USD141 million amortizing notes at 6.5% step-up due in 2012 and
USD204 million bullet notes at 7.5% step-up due in 2012.  Debt
restructuring was completed in late August 2006.  TGN's financial
strategy is constrained by a covenant package that restricts cash
applications.

In the near term, Fitch expects the Argentine pipeline industry to
remain volatile, due to underinvestment and continued government
interference.  TGN is exposed to a weak regulatory framework,
exchange rate and inflation risks.  Since 1999, TGN has had a flat
tariff structure and future tariff adjustments would require the
approval from its regulator.  So far, the company's tariff review
is pending; this negotiation is considered a key factor to
mitigate regulatory risk.

TGN is one of the two largest transporters of natural gas in
Argentina, delivering approximately 40% of the country's total gas
consumption and more than 50% of Argentine total gas exports.  TGN
has an exclusive license to operate the northern Argentina gas
pipeline system for a term of 35 years, which may be extended for
an additional 10-year period.  TGN's main shareholders are
Gasinvest S.A. (56.35%) and Blue Ridge Investments LLC (23.53%),
while 20% is floating in the market.

Gasivenst S.A. is in turn owned by TecPetrol Internacional SL
(27.2%), Transcogas Inversora S.A. (22.3%), Total Gas y
Electricidad Argentina S.A (20.6%), Petronas Argentina S.A(18.3%).
Total Gasandes (6,6%), and Compania General de
Combustibles S.A. (5%).


GENERAL MOTORS: Merger Talks Proceed; Cerberus Halts Nissan Talks
-----------------------------------------------------------------
Chrysler LLC's parent, Cerberus Capital Management LP, has ended
talks with Nissan Motor Co., Jeff Bennett and John Stoll at The
Wall Street Journal reports, citing a person familiar with the
discussions.

According to WSJ, the sources said that Cerberus Capital wants to
focus on merger discussions with General Motors Corp.

WSJ relates that Cerberus Capital has been negotiating with Nissan
since the start of the year about having Chrysler join the Nissan-
Renault SA alliance.  The three companies, says WSJ, had agreed
that Chrysler will produce pickup trucks for Nissan, while Nissan
will make a compact car for Chrysler.

Carlos Ghosn, Nissan and Renault's CEO, has dismissed reports of
talks with Chrysler as speculation, WSJ states.

        Treasury Won't Negotiate Financial Aid for Merger

A government official said on Thursday that the U.S. Treasury
Department won't negotiate with GM and the owners of Chrysler on a
request to provide direct government financial support to their
merger, David Lawder at Reuters reports.

Industry sources said that GM had asked for US$10 billion in a
government rescue package to support its acquisition of Chrysler
from Cerberus Capital Management, Reuters states. According to the
report, the request was viewed as above the US$25 billion in funds
to allow the automakers to produce fuel-efficient vehicles.
Citing the official, Reuters relates that the government is
working to accelerate the distribution to automakers of US$25
billion in factory retooling funds authorized by Congress in
September.

According to Reuters, the Treasury confirmed that automakers'
financial companies like GMAC LLC and Chrysler Financial would
qualify to sell distressed assets to the Treasury when it launches
reverse auctions under its US$700 billion market bailout program.
Reuters relates that the finance arms must be registered as
federally regulated bank holding companies to qualify for a
capital injection under the US$250 billion equity purchase portion
of the bailout program. Previous reports say that GMAC said that
it was seeking the bank holding company designation.

        Steve Girsky to Advise Union on Merger Talks

According to WSJ, the United Auto Workers union is preparing to
weigh in on a potential GM-Chrysler merger, which would likely
result in thousands of layoffs at Chrysler.  Citing people
familiar with the matter, WSJ relates that the union retained
Steve Girsky as adviser on the talks.  WSJ states that he will
assist UAW President Ron Gettelfinger in evaluating the talks
between GM and Chrysler.  The report says that Mr. Gettelfinger
has spoken out against the merger.

Mr. Girsky is president of Centerbridge Industrial Partners in New
York.  Mr. Girsky is a board member of Dana Corp.  Mr. Girsky
was a former adviser to GM Chief Executive Rick Wagoner and helped
the CEO in forming a restructuring plan for GM.

A person familiar with the matter said that UAW has begun meetings
with the auto makers hoping to "get a grasp of the situation," WSJ
reports.

                    About Chrysler LLC

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

                       *     *     *

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

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

                  About General Motors

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

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

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



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C A Y M A N  I S L A N D S
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CHAMPLAIN LTD: Fitch Affirms 'B-' Rating of Class A Notes
---------------------------------------------------------
Fitch Ratings takes these actions on Champlain Limited's
(Champlain) Variable Rate Notes:

   -- US$75,000,000 class A variable-rate notes affirmed at 'B-';
   -- US$15,000,000 class B variable-rate notes, rated 'B-',
      placed on Rating Watch Negative.

Fitch placed the class B notes on Rating Watch Negative to reflect
the possibility that Hurricane Ike (which made landfall in
Galveston, TX on Sept. 13, 2008) may represent a Class B Group I
event, as defined in the Champlain transaction documents.

Class B noteholders suffer a loss of principal and interest if
both a Group I (US hurricane generating modeled losses of US$10
billion or more or a US earthquake generating modeled losses of
US$5 billion or more) and a Group II event (US hurricane
generating modeled losses of US$20 billion or more or a US
earthquake generating modeled losses of US$10 billion or more)
occur within a risk period that ends on Dec. 31, 2008.
Additionally, the Group I and Group II events must occur within
365 days of each other to result in losses to note holders.

Published estimates of the insured loss from Hurricane Ike
continue to rise. Thus, it is possible that Hurricane Ike might
meet theUS$10 billion threshold for a Class B Group I event.

AIR Worldwide (AIR) is the notes' verification agent. Fitch notes
that the determination of whether Ike represents a Class B Group I
event depends on modeled industry losses using the version of the
AIR software that was escrowed when the transaction closed in
2005, not the current version of the AIR software or actual
industry losses.

Fitch also notes that even if Hurricane Ike is determined to be a
Class B Group I event, it will only result in a loss to note
holders if a Class B Group II event occurs before the end of the
risk period.

If Hurricane Ike is determined to be a Class B Group I event, then
Fitch expects to downgrade the Class B notes, most likely into the
'CCC' rating category.  If Hurricane Ike is determined not to be a
Class B Group I event, then Fitch expects to remove the Rating
Watch Negative and affirm the notes at their current rating.

Champlain is a Cayman Islands exempted company whose business
consists solely of the issuance of the notes and the execution and
performance of a counterparty contract with Montpelier Reinsurance
Ltd. and related activities.


CASCADIA II: Fitch Affirms 'BB+' Rating ofUS$300MM Notes Due 2009
----------------------------------------------------------------
Fitch Ratings affirmed the 'BB+' rating ofUS$300,000,000 principal
at-risk variable rate notes of Cascadia II Limited (Cascadia II)
due Aug. 31, 2009.

The rating action follows an annual review of the notes.

The notes provide Factory Mutual Insurance Company (FM Global)
with protection in the event of a major Pacific Northwest
earthquake.  To date, no events that would trigger a loss to note
holders have occurred.  Additionally, there have been no changes
to the ratings of FM Global or any of the key counterparties.

Cascadia II is a Cayman Islands exempted company whose business
consists solely of the issuance of the notes and the execution and
performance of a counterparty contract with FM Global and related
activities.



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C H I L E
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BANCO SANTANDER: Fitch Holds Individual Rating at 'B'
-----------------------------------------------------
Fitch takes various actions on Banco Santander Chile's (BSC)
ratings:

   -- Foreign and local currency long-term Issuer Default Ratings
(IDR), rated 'A+', remain on Rating Watch Negative;

   -- Foreign and local currency short-term IDR affirmed at 'F1';
   -- Long-term national rating affirmed at 'AAA'(chl);
   -- Short-term national rating affirmed at 'N1+(chl)';
   -- Individual affirmed at 'B';
   -- Support affirmed at '1'.

The Outlook on the National Long Term Rating remains Stable.

At the same time, Fitch has affirmed the national long-term rating
of 'AAA(chl)' on BSC's senior unsecured bonds totaling CLF75.5
million, the national long-term rating of 'AA+(chl)' on its
subordinated bonds totaling CLF28 million and the National Equity
Rating of Primera Clase Nivel 2 (chl).

The ratings of BSC reflect the potential support from Spain's
Banco Santander (Santander, rated 'AA/F1+', Rating Watch Negative)
given BSC's strategic importance and integration with its parent,
as well as its strong historical profitability, healthy asset
quality, leading market share and good capital adequacy.

BSC's foreign and local currency long-term IDRs are on Rating
Watch Negative (as of Oct. 14, 2008) following the same action
taken on Santander after the announcement of its intention to
acquire Sovereign Bancorp Inc.

Profitability has historically been strong, backed by healthy
operating revenues and strict cost control.  Although loan loss
provisions have risen as the bank has increased lending to
individuals and the economy has worsened, continued loan and fee
growth and cost control should continue to support its
profitability.

BSC's net interest revenue has grown strongly (up 29.8% year over
year in the first half of 2008, ended June) fuelled by strong loan
growth in consumer and SME loans and benefiting from a low cost
deposit base and a higher yield on its inflation-indexed (unidad
de fomento, or CLF) assets due to a higher inflation rate.  In
addition it has been widening spreads to compensate for the higher
risk of its loan portfolio.

A weakening operating environment and the bank's more retail
oriented loan book has led to a steady rise in loan loss
provisions.  However, its overdue/total loans ratio remains low at
1.12% at end-June 2008 as defined locally (installments overdue by
90 days), supported by higher charge-offs; loan loss reserve
coverage of 173.3% was adequate.  Under the Spanish definition of
overdue, which is more internationally comparable, the overdue
loans ratio would be around 2.5%, which is still acceptable.
Credit risk is expected to increase further as the portfolio
seasons but it should remain manageable as BSC has taken measures
to control it.

The bank complies with stringent domestic liquidity regulations
and benefits from a historically stable and well-diversified
deposit base, which represented almost 100% of the loan book
excluding mortgage loans, which are financed with long-term
liabilities.  Its capital base is good, with a capital/risk-
weighted assets ratio of 12.9% (Tier 1: 9.6%) at end-June 2008.

Subordinated debt, which has high equity-like features,
represented around 26.3% of its eligible capital, which is within
the 30% limit considered acceptable by Fitch.

BSC was the largest bank in Chile, with a market share of 20.6% in
total loans and the largest network with 468 branches at end-June
2008.  Spain's Santander has majority control of the bank, with a
76.91% stake; the remainder is widely held.

Fitch's National Ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.
National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as
'AAA(chl)' for national ratings in Chile.



===============
C O L O M B I A
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EMPRESAS MUNICIPALES: Fitch Affirms IDR at 'CCC'; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the 'CCC' foreign and local currency
issuer default ratings of Empresas Municipales de Cali S.A.
(Emcali).  The Rating Outlook is Stable.

Emcali's ratings reflect the company's expected low cash flow
generation relative to its fixed financial obligations. Going
forward, Emcali's future cash flow generation is projected to
barely cover debt service, and government support is imperative
for the company to meet financial obligations.  Currently, the
Colombian government is temporarily covering a certain portion of
Emcali's debt.  Absent government support, the company would have
little room, if any, to cover its fixed financial obligations and
any contingencies that may arise in the future.  At this time the
company is restricted from issuing additional debt, and it's not
expected to pay dividends in the medium term.

Emcali is the leading provider of electrical power, local exchange
telephone, and water and sewer services in the city of Cali,
Colombia.  The company is wholly owned by The Municipality of
Cali. TermoEmcali Funding Corp is a related party of Termoemcali I
S.A. E.S.P.  Termoemcali is directly owned by Emcali, Inversiones
Inca S.A., Caligen Ltda., Emsirva S.A. E.S.P. and The Municipality
of Cali.



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C U B A
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* CUBA: Can't Keep 6% 1H Economic Growth Due to Hurricane Damages
-----------------------------------------------------------------
Cuba's can't maintain its 6% economic growth in the first half of
2008, due to the damages caused by Hurricanes Gustav and Ike, the
Associated Press reports, citing Granma News.

Economy Minister Jose Luis Rodriguez, the report relates, said the
rise in gross domestic product in the year's final six months
"won't match the results of the first, which finished with 6
percent"

According to the report, Hurricane Gustav hit western Cuba on Aug.
30 and Ike slammed into the country's eastern flank barely a week
later, then raked most of the island.  Civil Defense Chief Ramon
Pardo Guerra said that collective damage from the storms had
reached nearly US$9.4 billion, the report says.

"The principal challenge at this time is the reconstruction of the
country, whose losses were initially calculated at US$5 billion
but which we calculate will be far more than that,"  AP cited Mr.
Rodriguez as saying.

AP recounts that Mr. Rodriguez projected last year that the
economy would grow 8% in 2008, but he and other officials began
warning in July, even before the hurricanes hit, that rising
global food and oil prices would cause "inevitable adjustments and
restrictions."

Mr. Rodriguez told Granma that Cuba's top priority is increasing
agricultural production since the government spends nearly US$2
billion per year to import food, much of it from the United
States, the report adds.



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

CAP CANA: Fitch Cuts Rating onUS$250MM Notes Due 2013 to 'CCC/RR4'
-----------------------------------------------------------------
Fitch Ratings has downgraded the rating on Cap Cana, S.A.'sUS$250
million senior secured notes from 'B' to 'CCC/RR4'.  The rating is
also placed on Rating Watch Negative.  The action follows a
significant deterioration in market conditions and an increase in
refinance risk associated with a Cap CanaUS$100 million bridge
loan coming due on Nov. 19, 2008.  The inability to access capital
markets coupled with a significant decrease in property sales has
created a lack of liquidity for the project, which is expected to
severely constrain its ability to continue normal operations.

A default on the bridge loan facility would trigger a cross
default to theUS$250 million senior secured notes due 2013.  These
notes are backed by sales receivables equal to a minimum of 1.25
times (x) the outstanding debt and real estate properties equal to
an additional 2x outstanding debt.  Despite the strong face value
of collateral, Cap Cana construction risk remains with a
significant portion of the sales receivables.  Failure to deliver
completed construction to buyers ultimately could impair the value
of the receivables.  Similarly, the illiquid nature of the real
estate collateral limits its potential to provide cash flow to Cap
Cana or prolongs recovery prospects to creditors.

The notes are also supported by structural features controlling
cash at the trustee level for the benefit of noteholders in the
form of a reserve account equal to 1x semi-annual debt service, a
construction escrow account, and receivables collection accounts.
The notes have a semi-annual interest payment due on Nov. 3, 2008.
In the event that this is not met by the company, the reserve
account would have to be applied to cover the payment.  Cap Cana
would then have 60 days to replenish the reserve account.



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

HEXION SPECIALTY: Court Denies Lending Commitment Extension Plea
----------------------------------------------------------------
Peter Lattman at The Wall Street Journal reports that the Hon.
Eileen Bransten of the New York state court has denied Hexion
Specialty Chemicals' request to extend a lending commitment by two
banks necessary to close the buyout of Huntsman Corp.

As reported in the Troubled Company Reporter on Oct. 31, 2008,
Hexion Specialty commenced an action in the Supreme Court of the
State of New York against affiliates of Credit Suisse and Deutsche
Bank (New York County Index No. 114552/08), alleging that the
banks breached their obligations under the financing commitment
letter to fund the closing of the Hexion-Huntsman merger.  The
counsel to affiliates of Credit Suisse and Deutsche Bank said that
the banks do not believe that the solvency opinion of American
Appraisal Associates and the solvency certificate of Huntsman's
Chief Financial Officer meet the condition of the commitment
letter, and stated that as a result the banks do not plan to fund
the proposed closing of the merger.  Hexion Specialty sought
specific performance of the banks' obligations on an expedited
basis.

According to WSJ, Judge Bransten ruled that Credit Suisse and
Deutsche Bank didn't have to extend their funding agreement, which
was originally struck in July 2007, because the contract expired
on Nov. 1.  Hexion Specialty spent the two recent months in
Delaware trying to get out of the merger itself, and had it not
spent that time, "it would not be where they are today, which is
on the eve of the commitment letter expiring," WSJ states, citing
Judge Bransten.

WSJ relates that as of Saturday, Apollo Management LP -- Hexion
Specialty's owner -- no longer has the backing of Credit Suisse
and Deutsche Bank.

Apollo Management, says WSJ, is under a separate court order in
Delaware that admonishes it to use its best efforts to close the
US$6.5 billion deal.  According to the report, if Apollo
Management fails to close the deal, it faces potentially billions
of dollars of damage claims by Huntsman in the Delaware Court of
Chancery and a Texas state court.

Hexion Specialty said it won't appeal Judge Bransten's ruling, WSJ
relates.

WSJ quoted Huntsman as saying, "We have our case pending in Texas,
we have our case pending in Delaware, and we will pursue both
those cases vigorously in the event that Hexion is not able to
bring its banks to the closing table."

                    About Huntsman

Headquartered in Salt Lake City, Utah, Huntsman Corporation
(NYSE: HUN) -- http://www.huntsman.com/-- is a manufacturer of
differentiated chemical products and inorganic chemical
products.  The company operates in four segments: Polyurethanes,
Materials and Effects, Performance Products and Pigments.  Its
products are used in a range of applications, including those in
the adhesives, aerospace, automotive, construction products,
durable and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining,
synthetic fiber, textile chemicals and dye industries.  Its Latin
American operations are in Argentina, Brazil, Chile, Colombia,
Guatemala, Panama and Mexico.

At March 31, 2008, the company's consolidated balance sheet
showed US$8.68 billion in total assets, US$6.71 billion in total
liabilities, US$32.1 million in minority interests, and
US$1.94 billion in total stockholders' equity.

                       *     *     *

As reported by the Troubled Company Reporter on Oct. 3, 2008,
Standard & Poor's Ratings Services said that its ratings on
Huntsman Corp. and Hexion Specialty Chemicals Inc. remain on
CreditWatch with negative implications, where they were placed on
July 5, 2007.   The initial CreditWatch placement followed the
announcement of Hexion's proposed debt-financed acquisition of
Huntsman in a transaction valued at more than US$10 billion,
including assumed debt.

In June 2008, S&P said that its ratings on Huntsman Corp. (BB-
/Watch Neg/--) remain on CreditWatch with negative implications,
where they were placed on July 5, 2007.

As reported in the Troubled Company Reporter on Oct. 6, 2008,
Huntsman Corp. (Huntsman - Ba3 Corporate Family Rating - Rating
Under Review For Downgrade) issued a press release on Sept. 29,
2008 announcing the decision of the Delaware Court of Chancery to
enter judgment in favor of Huntsman denying all declarations
sought by Apollo Management, L.P. and Hexion Specialty Chemicals,
Inc., in their suit requesting that the Court excuse Hexion from
its obligation to consummate the pending transaction.

                   About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexionchem.com/-- is a producer of thermosetting
resins, or thermosets.  Thermosets are a critical ingredient in
virtually all paints, coatings, glues and other adhesives produced
for consumer or industrial uses.  Hexion Specialty Chemicals is
controlled by an affiliate of Apollo Management L.P.

Hexion Specialty Chemicals Inc.'s balance sheet at June 30, 2008,
showed total assets ofUS$3.9 billion and total liabilities of
US$5.4 billion, resulting in a shareholders' deficit of
US$1.5 billion.



======================================
N E T H E R L A N D S  A N T I L L E S
======================================

PEAR MORTGAGE: Fitch Affirms 21 Tranches from Dutch RMBS
--------------------------------------------------------
Fitch Ratings has affirmed 21 tranches from seven Dutch
residential mortgage-backed securities (RMBS) transactions
following a satisfactory performance review of PEARL Mortgage
Backed Securities I B.V. (Pearl I), PEARL Mortgage Backed
Securities II B.V. (Pearl II), Green Apple B.V., Securitized
Guaranteed Mortgage Loans I B.V. (SGML), Dutch Mortgage Portfolio
Loans I B.V. (DMPL), Shield 1 B.V. and SwAFE I B.V.. The Outlooks
remain Stable.

Affirmations of the ratings on these transactions are based on low
arrears levels as well as extremely low losses realized by more
seasoned transactions.

Delinquencies, defined as mortgage loans that are more than three
months in arrears, remain low in Dutch transactions.  Within the
reviewed transactions, delinquencies ranged from as low as 0.03%
in SwAFE I B.V. as of August 2008 to Shield 1 B.V. at 0.38% as of
October 2008. Reported losses on these transactions have been
insignificant.

In Pearl I, Pearl II, SGML and Green Apple transactions, all
mortgages benefit from a Nationale Hypotheek Garantie (NHG)
guarantee which covers potential losses mortgage lenders incur on
a guaranteed loan after the sale or foreclosure of a related
property.

It is also important to note that, with the exception of SwAFE I
B.V. and DMPL, all of the reviewed transactions are currently in
their substitution periods.  Once they have reached the end of
their substitution periods, the transactions will be paid
sequentially.  Sequential pay down of the notes is expected to
provide a strong build up of credit enhancement within the
transactions.

The rating actions are:

PEARL Mortgage Backed Securities I B.V.:
Class A (ISIN XS0265250638): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0265252253): affirmed at 'BBB-'(BBB minus);
Outlook Stable

PEARL Mortgage Backed Securities II B.V.:
Class A (ISIN XS0304854598): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0304857690): affirmed at 'BBB-'(BBB minus);
Outlook Stable

Green Apple B.V.:
Class A (ISIN XS0322161026): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0322161299): affirmed at 'BBB+'; Outlook Stable
Class C (ISIN XS0322161372): affirmed at 'BBB-'(BBB minus);
Outlook Stable

Securitized Guaranteed Mortgage Loans I B.V:
Class A (ISIN XS0277021399): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0277021803): affirmed at 'BBB+'; Outlook Stable

Dutch Mortgage Portfolio Loans I B.V.:
Class A2 (ISIN XS0116881284): affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0116881524): affirmed at 'AAA'; Outlook Stable
Class C (ISIN XS0116881797): affirmed at 'BBB+'; Outlook Stable

Shield 1 B.V.
Class A (ISIN XS0238072895) affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0238073273) affirmed at 'AA'; Outlook Stable
Class C (ISIN XS0238073356) affirmed at 'A'; Outlook Stable
Class D (ISIN XS0238073513) affirmed at 'BBB+'; Outlook Stable
Class E (ISIN XS0238073604) affirmed at 'BB'; Outlook Stable
Class F (ISIN XS0238073786) affirmed at 'B'; Outlook Stable

SwAFE I B.V.:
Class A1 (ISIN XS0141782440) affirmed at 'AAA'; Outlook Stable
Class A2 (ISIN XS0141782879) affirmed at 'AAA'; Outlook Stable
Class B (ISIN XS0141783174) affirmed at 'AAA'; Outlook Stable

Fitch has employed its credit cover multiple methodology in
reviewing the deals to assess the level of credit support
available to each class of notes.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market. An Outlook indicates
the likely direction of any rating change over a one- to two-year
period.



=================
N I C A R A G U A
=================

INFINITY ENERGY: Inks Forbearance Deal; Loan Moved to May 31
------------------------------------------------------------
Infinity Energy Resources, Inc., entered into a Third Forbearance
Agreement dated Oct. 16, 2008, with Amegy Bank, N.A. under the
Loan Agreement dated Jan. 9, 2007, as amended and supplemented.

"We are very pleased that Amegy Bank has continued to support and
work with us as we move forward to ratify and finalize our
Nicaraguan concessions," Stanton E. Ross, chief executive officer
of Infinity Energy Resources, Inc., stated.

The Third Forbearance Agreement, along with an amendment to
Infinity's Revolving Note with Amegy, extends the maturity of the
Revolving Note until May 31, 2009, and grants a forbearance period
from June 1, 2008, to May 31, 2009.  Under the Agreement, so long
as there are no further defaults, Amegy agrees not to exercise any
remedies under the Loan Agreement, the Revolving Note and related
loan documents, and to waive the existing defaults for the
forbearance period.  Under certain circumstances, the forbearance
period may be extended until June 15, 2009.

The company has agreed that on or before Dec. 31, 2008, or at a
later date as agreed to by Amegy, it will have received all
governmental authorizations necessary for the validation and
ratification of its offshore Nicaraguan oil and gas concessions.
In addition, on or before Oct. 31, 2008, the company will have
obtained one or more subordinate, secured loans for use in
developing the Nicaraguan concessions and for general and
administrative expenses, the proceeds of which will be held in
escrow until Infinity receives the Governmental Approval.

Infinity also agreed to proceed with the sale and marketing of the
remaining oil and gas properties held by its subsidiary, Infinity
Oil & Gas of Wyoming, Inc.  After Infinity receives the
Governmental Approval in Nicaragua, Amegy may require, in its sole
discretion, Infinity to proceed with the sale and marketing of the
assets of its wholly owned subsidiary, Infinity Oil and Gas of
Texas, Inc.

Additional information regarding the Third Forbearance
Agreement is available in Infinity's Form 8-K filing submitted to
the Securities and Exchange Commission on Oct. 22, 2008.

                     About Infinity Energy

Headquartered in Denver, Infinity Energy Resources Inc. (Pink
Sheets: IFNY.PK) is an independent energy company engaged in the
exploration, development and production of natural gas and oil in
Texas and the Rocky Mountain region of the United States.  The
company also has oil and gas concessions covering 1.4 million
acres offshore Nicaragua in the Caribbean Sea.

                     Going Concern Doubt

Ehrhardt Keefe Steiner & Hottman PC, in Denver, expressed
substantial doubt about Infinity Energy Resources Inc.'s ability
to continue as a going concern after auditing the company's
consolidated financial statements for the years ended Dec. 31,
2007, and 2006.  The auditing firm pointed to the company's
recurring losses from operations significant working capital
deficit.



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

ALLIED WASTE: Earns US$112.5 Million in Quarter Ended September 30
------------------------------------------------------------------
Allied Waste Industries, Inc. reported financial results for its
third quarter and nine-months ended Sept. 30, 2008.

Net income for three months ended Sept. 30, 2008, was
$112.5 million compared to net income ofUS$27.2 million for the
same period in the previous year.

For the quarter, income from continuing operations increased 68%
toUS$112.5 million.  Prior year income from continuing operations
wasUS$66.9 million.

Total revenue for the third quarter was a record US$1.61 billion,
an increase of US$50 million, or 3.2%, over US$1.56 billion in the
third quarter 2007.  Higher revenue for the quarter benefited from
a 7.6% increase in average price, of which 370 basis points were
associated with the company's fuel recovery fee, partially offset
by a 4.4% decrease in volumes.  Lower volumes for the quarter
primarily reflect the impact of U.S. economic conditions.

Cash flow from operations in the third quarter 2008 was
US$281.3 million, compared with US$284.2 million in the comparable
quarter last year.  Free cash flow for the third quarter was
US$144.7 million, compared with prior year free cash flow of
US$168.8 million reflecting slightly higher capital expenditures
in the third quarter of 2008.

For nine months ended Sept. 30, 2008, the company's net income was
$296.5 million compared to net income of US$158.3 million for the
same period in the previous year.

For the nine-month period ended Sept. 30, 2008, Allied Waste's
revenues were US$4.67 billion, as pricing drove a US$124.3 million
increase over the prior year.  Operating income for the period
gained 13.3% to US$862.1 million, inclusive of US$45.0 million of
merger-related costs, losses from divestitures and asset
impairments.  Income from continuing operations was US$296.5
million for the first nine months of 2008, compared with US$192.2
million for the comparable 2007 period.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$13.9 billion, total liabilities of US$9.7 billion and
shareholders' equity of US$4.2 billion.

                       About Allied Waste

Based in Phoenix, Arizona, Allied Waste Industries Inc. (NYSE: AW)
-- http://www.alliedwaste.com/and http://www.disposal.com/--
provides waste collection, transfer, recycling and disposal
services to millions of residential, commercial and industrial
customers in over 100 major markets spanning 38 states and Puerto
Rico.

                         *     *     *

As reported in the Troubled Company Reporter on June 25, 2008,
Fitch Ratings placed the ratings of Allied Waste Industries Inc.
on Rating Watch Positive, including the company's CCC+/RR6 Senior
subordinated rating, following the announcement that the company
intends to merge with Republic Services Inc.


ROYAL CARIBBEAN: Third Quarter Net Income Up US$411.9 Million
-------------------------------------------------------------
Royal Caribbean Cruises Limited's third-quarter net income rose to
US$411.9 million, or US$1.92 per share, from US$395 million, or
US$1.84 per share, a year earlier, Reuters reports.

Royal Caribbean's quarterly revenue rose to US$2.06 billion from
US$1.95 billion a year earlier.

However, the report relates, the company warned that bookings were
down significantly in recent weeks.  "While the company's order
book remains solid, there has been a significant deterioration
recently in new bookings due to economic and financial turmoil,"
the company said.

According to the report, Royal Caribbean said new bookings slowed
considerably in September but have leveled off over the last
couple of weeks.  "As we have seen during other challenging
periods, our customers are delaying their further out purchase
decisions," the news agency cited CEO Brian Rice as saying.

Analysts on average had expected earnings of US$1.66 a share and
revenue of US$2.046 billion, according to Reuters Estimates.

Royal Caribbean, the report notes, said it expects earnings of
between 5 cents and 10 cents per share in the fourth quarter and
US$2.73 to US$2.78 for the full year, an increase from its
previous full-year guidance of US$2.55 to US$2.65.

Analysts had been expecting fourth-quarter earnings of 19 cents a
share and full-year earnings of US$2.59 a share, the report says.

Meanwhile, the report adds that falling oil prices are bringing
some relief to the cruise industry.

                  About Royal Caribbean

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

                            *     *     *

Royal Caribbean Cruises Ltd. continues to carry a 'BB+' corporate
credit rating from Standard & Poor's with stable outlook.


ROYAL CARRIBBEAN: Discloses End To Fuel Supplement
--------------------------------------------------
Royal Caribbean Cruises Limited disclosed that the company's fuel
supplement will no longer apply to new Royal Caribbean
International, Celebrity Cruises and Azamara Cruises bookings made
on or after November 10, 2008, anywhere in the world, for sailings
that depart on or after January 1, 2010.

This decision takes into consideration the recent reductions in
global fuel prices.  The company has also established specific
guidelines that will determine whether fuel supplement refunds
will be provided for sailings that begin in 2009 and later, which
were booked prior to November 10, 2008, if fuel prices remain
below a specific price threshold.

For 2009 sailings and 2010 sailings booked before November 10,
2008, the company will determine on a quarterly basis whether fuel
supplements will be refunded.  Refunds, in the form of an onboard
credit, will be provided if the closing price of West Texas
Intermediate fuel is US$65 or less, at the closing time of the New
York Mercantile Exchange, two weeks prior to the beginning of the
upcoming calendar quarter.  When those conditions are met, an
onboard credit will be provided to all guests on sailings that
begin during the upcoming calendar quarter.

The dates on which the price of West Texas Intermediate fuel will
be measured, and the quarters during which refunds could apply
are:

Fuel Price Determination Date        Quarter of Possible Fuel
                                     Supplement Refunds


December 18, 2008                    First quarter 2009
March 18, 2009                       Second quarter 2009
June 17, 2009                        Third quarter 2009
September 17, 2009                   Fourth quarter 2009
December 18, 2009                    First quarter 2010
March 18, 2010                       Second quarter 2010
June 17, 2010                        Third quarter 2010
September 17, 2010                   Fourth quarter 2010

The company will continue to closely monitor the movement of
global fuel prices and recognize that an upturn in those prices
could necessitate the reinstatement of a fuel supplement.

                   About Royal Caribbean

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

                            *     *     *

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



===============
X X X X X X X X
===============

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

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


* Trade & Investment Bet. Caribbean and Asia-Pacific Untapped
-------------------------------------------------------------
Oscar Ramjeet at Caribbean News reports that trade and investment
between Latin America and the Caribbean and the Asia-Pacific
region remains untapped despite the economic emergence of several
countries in that region especially China.

Citing The Barbados Advocate, the report relates that exports from
Barbados to the Asia-Pacific region remained at 2% from 2000 and
2007, while those to China remained practically nonexistent.

According to the report, several Caribbean countries have expanded
trade with Asia-Pacific countries during the said seven-year
period including the Bahamas, Cuba, Jamaica, and Suriname.

The Organization Briefing Paper report wrote that the "present
dynamic aggregate demand of the countries of the Asia-Pacific
region especially China's offer to Latin America and Caribbean
brought unprecedented production and export opportunities both in
commodities and in manufactures".  The report also stated that the
authorities of the Latin America and Caribbean regions should
redouble their opportunities to enhance their countries potential
trade and investment with Asia-Pacific region, the Caribbean News
says.



                            ***********

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, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, 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 * * *