TCRLA_Public/081106.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, November 6, 2008, Vol. 9, No. 201

                            Headlines

A N T I G U A  &  B A R B U D A

* ANTIGUA: Prime Minister Spencer Says Economy Remains Strong


A R G E N T I N A

DVD ONE: Proofs of Claim Verification Deadline Is February 3
GRINTEK SA: Trustee Verifying Proofs of Claim Until February 18
KADMA SRL: Proofs of Claim Verification Deadline Is December 1
LOUISE SRL:  Proofs of Claim Verification Deadline Is February 20
MDR CONSTRUCCIONES: Files for Reorganization in Buenos Aires Court

NEEDAR SA:  Proofs of Claim Verification Deadline Is February 10
TRIPLE NELSON: Proofs of Claim Verification Deadline Is Feb. 13
TOYOTA COMPANIA: Moody's Puts E+ Bank Financial Strength Rating
* ARGENTINA: Official Criticizes U.S. Pension Funds Freeze


B A R B A D O S

CONEXANT SYSTEMS: October 3 Balance Sheet Upside-Down by US$137MM


B R A Z I L

BLOCKBUSTER INC: Cuts Viacom Letter of Credit to US$75MM
FORD MOTOR: Sees Higher F150 Sales in Jan.; To Rehire 1,000
PROPEX INC: Files Joint Plan of Reorganization
PROPEX INC: Classification & Treatment of Claims Under Plan


C A Y M A N  I S L A N D S

BISCAYNE HOLDINGS: To Hold Shareholders' Meeting on November 27
CALCUTTA INVESTMENTS: To Hold Members' Meeting on Nov. 27
CHARIS PROPERTIES: To Hold Shareholders' Meeting on November 28
CRESCENT INVESTMENTS: To Hold Members' Meeting on Nov. 27
GLOBITECH HOLDING: To Hold Members' Meeting on December 2

JTM (CAYMAN): To Hold Shareholders' Meeting on December 12
MORNINGJOY LIMITED: To Hold Members' Meeting on November 27
MOROCHA YACHTING: To Hold Shareholders' Meeting on December 11
MYM LTD: To Hold Members' Meeting on Nov. 27
OH MULTI-STRATEGY: To Hold Shareholders' Meeting on December 2

REINDEER CAPITAL: To Hold Shareholders' Meeting on November 27
RESOLUTION WORLD: To Hold Shareholder's Meeting on November 27
RESOLUTION WORLD: To Hold Shareholder's Meeting on November 27
SAPIC II REFERENCE: To Hold Shareholders' Meeting on December 12
SUMMERLAND HOLDINGS: To Hold Members' Meeting on Nov. 27

WAFER TECH: To Hold Shareholders' Meeting on December 1


C O L O M B I A

CHIQUITA BRANDS: S&P Raises Sr. Unsec. Debt Ratings to 'B-'


C U B A

* CUBA: VP Sees 4% Economic Growth in 2008 Amid Storm Damages


D O M I N I C A N   R E P U B L I C

BANCREDITO: High Court Upholds Conviction in Bank Fraud
GENERAL MOTORS: October Deliveries Total 170,585 Drop 45%
GENERAL MOTORS: Union's Nod on Shutdowns & Layoffs May Sway Banks
* DOMINICAN REPUBLIC: Owes US$88.1MM Less in 3Q, Minister Says


J A M A I C A

AIR JAMAICA: Moody's Reviews Debt Ratings for Possible Downgrade
* Moody's Places Jamaica's Ratings on Review for Downgrade


M E X I C O

PILGRIM'S PRIDE: May Go Bankrupt in December, CreditSights Says
VITRO SAB: Fitch Downgrades IDR to 'B-'; Remains on Watch Neg


P U E R T O  R I C O

HORIZON LINES: Moody's Cuts CFR to B2; Outlook Negative


X X X X X X X X

* Fitch: Severe Global Recession Expected in 2009
* Upcoming Meetings, Conferences and Seminars


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A N T I G U A  &  B A R B U D A
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* ANTIGUA: Prime Minister Spencer Says Economy Remains Strong
-------------------------------------------------------------
Antigua and Barbuda's foreign direct investment, as well as local
private investment, remain strong despite the global financial
climate, Antigua Sun reports, citing Prime Minister Baldwin
Spencer.

Mr. Spencer, the report relates, said the injection of direct
investment from foreign sources was attributed to the trust that
donor countries and international agencies now have in the nation.

According to Antigua Sun, the government's bond issues had been
fully subscribed locally and in the regional and international
markets.

Mr. Spencer, the report notes, added that the country had been
brought back from the brink of economic collapse and was now
experiencing significant upgrades in infrastructure as well as the
delivery of a range of social programs.



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DVD ONE: Proofs of Claim Verification Deadline Is February 3
------------------------------------------------------------
Stella Maria Diaz, the court-appointed trustee for DVD One SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 3, 2009.

Ms. Diaz 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 the company 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 DVD One's accounting
and banking records will be submitted in court.

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

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

The debtor can be reached at:

                    DVD One SRL
                    Ayacucho 514
                    Buenos Aires, Argentina

The trustee can be reached at:

                    Stella Maria Diaz
                    Araoz 323
                    Buenos Aires, Argentina


GRINTEK SA: Trustee Verifying Proofs of Claim Until February 18
---------------------------------------------------------------
The court-appointed trustee for Grintek S.A.'s reorganization
proceeding will be verifying creditors' proofs of claim until
February 18, 2009.

The trustee will present the validated claims in court as
individual reports on April 1, 2008.  The National Commercial
Court of First Instance 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 Grintek S.A.'s
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 Grintek S.A.'s
accounting and banking records will be submitted in court on
May 13, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 22, 2009.


KADMA SRL: Proofs of Claim Verification Deadline Is December 1
--------------------------------------------------------------
The court-appointed trustee for Kadma S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 1, 2008.

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

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


LOUISE SRL:  Proofs of Claim Verification Deadline Is February 20
-----------------------------------------------------------------
The court-appointed trustee for Louise S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 20, 2009.

The trustee will present the validated claims in court as
individual reports on April 6, 2009.  The National Commercial
Court of First Instance 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 Louise S.R.L.'s
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 the company's
accounting and banking records will be submitted in court on
May 21, 2009.

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


MDR CONSTRUCCIONES: Files for Reorganization in Buenos Aires Court
------------------------------------------------------------------
MDR Construcciones SA has requested for reorganization approval
after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow the company to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance No. 20 in Buenos Aires with the assistance of Clerk
No. 40.

The debtor can be reached at:

                     MDR Construcciones
                     Avda. Cordoba 705
                     Buenos Aires


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

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

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


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

The trustee will present the validated claims in court as
individual reports on March 30, 2009.  The National Commercial
Court of First Instance 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 the company and
its creditors.

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

A general report that contains an audit of Triple Nelson's
accounting and banking records will be submitted in court on
May 12, 2009.

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


TOYOTA COMPANIA: Moody's Puts E+ Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating (BFSR) of E+ (plus) to Toyota Compania Financiera de
Argentina S.A.  (Toyota Compania Financiera).

At the same time, Moody's gave long- and short-term global local-
currency deposit ratings to the entity of Ba1 and Not Prime, as
well as long- and short-term foreign currency deposit ratings of
Caa1 and Not Prime.  Moody's also assigned to Toyota Compania
Financiera both a Aaa.ar local-currency and a Ba1.ar foreign-
currency deposit rating in the Argentine national scale.

All ratings have a stable outlook.

The relatively low BFSR primarily reflects the company's still
developing franchise in the Argentinean market, a very limited
track record of profitability and high dependence on wholesale,
primarily interbank funding, that represented 74% of total funding
as of June 30, 2008.  The company's monoline business orientation
and exposure to rising funding costs in Argentina are also
incorporated in the BFSR.  Moody's also indicated that the company
is facing a particularly challenging operating environment in the
highly competitive car financing segment.

Moody's Ba1 global local-currency deposit rating incorporates
Toyota Compania Financiera Baseline Credit Assessment of B3, which
is mapped from the E+ BFSR, as well as Moody's assessment of the
very high probability of parental support in case of stress.
Toyota Compania Financiera plays a key role as the financial agent
for Toyota Corporation in the country and therefore the strong
support and commercial and strategic dependence on its parent
results in a significant five-notch lift of the local currency
rating to Ba1.

Toyota Compania Financiera de Argentina S.A. is headquartered in
Buenos Aires, Argentina, and it had assets of Ar$ 308 million and
a loan portfolio amounting to Ar$ 274.7 million, as of June 2008.

These ratings were assigned to Toyota Compania Financiera de
Argentina S.A.:

   * Bank Financial Strength Rating: E+, with stable outlook.

   * Long- and short-term global local-currency deposit ratings:
     Ba1 and Not Prime, with stable outlook

   * Long- and short-term foreign currency deposit ratings: Caa1
     and Not Prime, with stable outlook

   * Long-Term National Scale Local-Currency Deposit Rating:
     Aaa.ar

   * Long -Term National Scale Foreign Currency Deposit Rating:
     Ba1.ar


* ARGENTINA: Official Criticizes U.S. Pension Funds Freeze
----------------------------------------------------------
The Head of the state-run agency overseeing private pension funds,
Sergio Chodos, criticized U.S. bondholders who persuaded a New
York judge to freeze the nation's pension fund investments in the
U.S., accusing them of trying to seize money that isn't theirs,
the Associated Press reports.

U.S. District Judge Thomas P. Griesa, the report relates, signed
an order this week temporarily barring Argentina from moving
pension fund assets out of the United States until he hears a
claim next week from bondholders who have a US$553 million
judgment against Argentina.

According to AP, the claim was filed on behalf of one of hundreds
of groups of creditors who rejected a restructuring of Argentine
debt in 2005 after the country defaulted on about US$95 million in
bonds in 2001.  The bondholders' attorney, Barry R. Ostrager, said
his law firm Simpson Thacher & Bartlett LLP sought the freeze
order after Argentine President Cristina Fernandez announced plans
on Oct. 21, to nationalize US$23 billion in private pension fund
assets to protect retirement money from the global financial
crisis, the report notes.

The Argentine Republic is a country in South America, constituted
as a federation of 23 provinces and an autonomous city. It is the
second largest country in South America by land area, and eighth
in the world.

                       *     *     *

According to a Bloomberg report on August 11, 2008, Argentina's
foreign debt rating was cut by Standard & Poor's on concern
slowing economic growth will crimp tax revenue while mounting
investor mistrust in inflation data erodes confidence in the
government.

S&P, the report said, lowered Argentina's rating to B, five levels
below investment grade and in line with countries including
Jamaica and Paraguay, from B+.

S&P analyst Sebastian Briozzo said,  Argentina faces ``increasing
economic challenges.  Inflation and fiscal and financial strain
have increased while the likelihood of the government taking
prompt corrective measures to staunch the loss of creditworthiness
remains low,'' the report relates.



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CONEXANT SYSTEMS: October 3 Balance Sheet Upside-Down by US$137MM
-----------------------------------------------------------------
Conexant Systems, Inc.'s balance sheet at Oct. 3, 2008, showed
total assets of US$446.4 million, and total liabilities of
US$583.1 million, resulting in shareholders' deficit of
US$136.7 million.

The company disclosed financial results for the fourth quarter of
fiscal 2008 that met the updated guidance provided on Sept. 30,
2008, when the company increased its earnings outlook.

            Fourth Fiscal Quarter Financial Results

Conexant presents financial results based on Generally Accepted
Accounting Principles well as select non-GAAP financial measures
intended to reflect its core results of operations.  The company
believes these core financial measures provide investors with
additional insight into its underlying operating results.  Core
financial measures exclude non-cash and other non-core items as
fully described in the GAAP to non-GAAP reconciliation in the
accompanying financial data.

On Aug. 11, 2008, Conexant completed the sale of its Broadband
Media Processing product lines to NXP Semiconductors.  The
financial results of the BMP business unit are classified as
discontinued operations in the company's financial statements for
all periods.

Excluding results from discontinued operations, revenues for the
fourth quarter of fiscal 2008 were US$122.6 million.  Core gross
margins were 54.5% of revenues.  Core operating expenses were
US$47.0 million, and core operating income was US$19.9 million.
Core net income was US$13.0 million.

On a GAAP basis, gross margins were 54.1% of revenues.  GAAP
operating expenses were US$57.2 million.  GAAP operating income
was US$9.2 million, and GAAP net loss from continuing operations
was US$2.2 million.  GAAP net income was US$0.4 million.  GAAP net
income in the quarter included a loss of US$3.7 million from
discontinued operations related to the BMP business, which was
offset by a gain on the sale of that business of US$6.3 million.

The company ended the quarter with US$105.9 million in cash and
cash equivalents, a sequential decrease of approximately US$30
million. The decrease was related to several events including the
company's retirement of US$80 million of its floating rate senior
notes due in November 2010, the reduction of a short-term
receivables facility by US$37 million, and aUS$16 million cash
payment for the purchase of Freescale's "SigmaTel" multifunction
printer business.  These items were partially offset byUS$95
million in cash received from the sale of the company's BMP
business to NXP.

"During our recently concluded fiscal year, we dramatically
improved our financial performance by exiting or selling
unprofitable businesses and significantly improving the
performance of our continuing businesses, expanding core gross
margins, and reducing core operating expenses," Scott Mercer,
Conexant's chairman and chief executive officer, said.  "As a
result, we delivered US$58 million in core operating income for
fiscal 2008, led by outstanding performance in our IPM product
lines.  We also strengthened our balance sheet by retiring nearly
US$175 million in debt during the year.

"Because of the financial improvements the Conexant team delivered
over the past fiscal year, we are a stronger, more competitive
company, and we are in a much better position to work through the
current economic challenges," Mr. Mercer said. "Moving forward, we
remain committed to driving further improvements in our business
model, generating positive cash flow, and strengthening our long-
term capital structure.  We will also continue to focus our
investments on market segments where we lead or have an
opportunity to lead, and we will continue to evaluate
opportunities to augment our internal product-development efforts
with select acquisitions."

                        About Conexant

Headquartered in Newport Beach, California,  (NASDAQ: CNXT) --
http://www.conexant.com/-- has a comprehensive portfolio of
innovative semiconductor solutions which includes products for
Internet connectivity, digital imaging, and media processing
applications.  Conexant is a fabless semiconductor company that
recorded revenues of US$809.0 million in fiscal year 2007.
Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.



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BLOCKBUSTER INC: Cuts Viacom Letter of Credit to US$75MM
--------------------------------------------------------
Blockbuster Inc. and Viacom Inc., its former parent company,
entered into Amendment No. 1 to the Amended and Restated Initial
Public Offering and Split-Off Agreement dated June 18, 2004.

Pursuant to the Amendment, the face amount of the Letter of Credit
required to be provided by Blockbuster for the benefit of Viacom
was reduced from US$150,000,000 to US$75,000,000 and the
conditions upon which Viacom may draw on the Letter of Credit were
amended.
In addition, in the Amendment, Blockbuster assumed responsibility
for the payment of any and all fees and expenses incurred in
connection with the establishment and maintenance of the Letter of
Credit.

In connection with the Amendment, Blockbuster, Viacom, Viacom
International Inc., CBS Corporation and CBS Operations Inc. each
also entered into a letter agreement dated Oct. 24, 2008, pursuant
to which Blockbuster consented to the assignment of the rights,
benefits, obligations, liabilities, and duties of CBS Corporation
and CBS Operations Inc. under the documents entered into in
connection with the Blockbuster split-off, including the IPO and
Split-Off Agreement, to Viacom, and the assumption by Viacom of
all such rights, benefits, obligations, liabilities and duties of
CBS Corporation and CBS Operations Inc.

Full-text copies of the Amendment 1 TO IPO and Split Agreement and
Letter Agreement dated Oct. 24, 2008, are available for free at
http://ResearchArchives.com/t/s?3473and
http://ResearchArchives.com/t/s?3474

                    About Blockbuster Inc.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a provider of in-home
movie and game entertainment, with over 7,800 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, and
Australia.

At Jan. 6, 2008, the company's total debt, including capital lease
obligations, was US$757.8 million compared with
US$984.2 million in Dec. 31, 2006.

                          *    *    *

In August 2008, Moody's Investors Service downgraded Blockbuster
Inc.'s probability of default rating to Caa1 from B3.  The
company's Caa1 corporate family rating, Caa2 senior subordinated
note rating, and SGL-4 speculative grade liquidity rating were
affirmed.  At the same time, Moody's raised the company's secured
bank facilities to B1 from B3.  Moody's said that the outlook
remains negative.

In December 2007, Fitch Ratings affirmed Blockbuster Inc.'s long-
term Issuer Default Rating at 'CCC' and the senior subordinated
notes at 'CC/RR6'.  Fitch said that the rating outlook is stable.


FORD MOTOR: Sees Higher F150 Sales in Jan.; To Rehire 1,000
-----------------------------------------------------------
The Associated Press reports that Ford Motor Co. said it will
rehire 1,000 workers to its Dearborn F-150 factory in January as
demand for pickup truck is expected to go up.

The AP relates that Ford Motor said it will restore a third shift
to the plant.  Ford Motor spokesperson Angie Kozleski said that
the workers will come from those laid off earlier this year at
many Ford Motor plants when the firm cut production, the report
says.

Ford Motor's President of the Americas operations, Mark Fields,
Ford's president of the Americas, said that the company has done
well selling down the 2008 models in preparation for the new one,
and the company is anticipating increased sales, The AP states.

                    About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          *    *    *

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


PROPEX INC: Files Joint Plan of Reorganization
----------------------------------------------
Propex Inc., Propex Holdings Inc., Propex Concrete Systems
Corporation, Propex Fabrics International Holdings I Inc., and
Propex Fabrics International Holdings II Inc. delivered to the
Court a Joint Plan of Reorganization and Disclosure Statement on
October 29, 2008.

Propex Inc. Executive Vice President and Chief Operating Officer
William S. Brant relates that the Plan contemplates the
reorganization and ongoing business operations of Propex, and the
resolution of the outstanding Claims against Propex pursuant to
Sections 1129(a) and 1123 of the Bankruptcy Code.  The Plan
classifies all Claims against and Interests in Propex into eight
separate classes per Debtor.

The Plan also provides for:

  (1) the continued corporate existence of Reorganized Propex
      after the Plan Effective Date as separate corporate
      entities;

  (2) the cancellation of existing notes, instruments,
      debentures and common stock on the Plan Effective Date;

  (3) the issuance of new debt and securities on or as soon as
      reasonably practicable after the Effective Date;

  (4) the amendment of Reorganized Propex's certificate of
      incorporation and by-laws, including (i) a provision
      prohibiting the issuance of non-voting equity securities
      and (ii) the issuance of New Equity Interests in an amount
      not less than the amount necessary to permit the
      distributions required by the Plan; and

  (5) Reorganized Propex's entry into an exit financing.

The contemplated sources of cash for Plan distributions include
Propex's existing cash balances, Propex's business operations,
sales of assets or the exit financing.

According to Mr. Brant, Propex is in the process of soliciting
financing for its exit revolving credit facility.  However, no
assurances can be made as to the likelihood of obtaining such
financing in the current distressed credit market, he notes.

Under the Plan, the board of directors of Reorganized Propex will
consist of five members and will be comprised of the chief
executive officer of Reorganized Propex and four members of the
board to be selected by the Prepetition Lenders.

Mr. Brant adds that while the Plan provides for a very
significant reduction in indebtedness, Reorganized Propex will
still have a significant amount of debt outstanding and
significant debt service requirements in the future.  As of the
Effective Date, Reorganized Propex expect to have more than US$200
million of total debt, of which US$155 million is secured debt.
It also expects to have as much as US$50 million of borrowings
under a revolving credit facility as of the Effective Date.

"The Plan . . . preserves the value of the Debtors' business as a
going concern and provides a meaningful return to numerous
creditors, Mr. Brant says.

A full-text copy of the Propex Plan of Reorganization is
available for free at:

      http://bankrupt.com/misc/Propex_Chapter11Plan.pdf

A full-text copy of the Propex Disclosure Statement is available
for free at:

    http://bankrupt.com/misc/Propex_DisclosureStatement.pdf
    http://bankrupt.com/misc/Propex_DisclosureStatement2.pdf

                        About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249).  The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets ofUS$562,700,000, and total debts ofUS$551,700,000.

(Propex Bankruptcy News, Issue No. 19; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Classification & Treatment of Claims Under Plan
-----------------------------------------------------------
The Joint Plan of Reorganization filed by Propex Inc. and its
debtor-affiliates designates claims and interests into certain
classes:

                              Estimated Aggregate      Class
Class  Description              Allowed Amount      Treatment
-----  -----------            -------------------    ---------
N/A  Administrative Claims                -      Unimpaired

N/A  DIP Lender Claims                    -      Unimpaired

N/A  Priority Tax Claims       US$2,500,000      Unimpaired

1A-E  Allowed Priority             US$50,000      Unimpaired
      Non-Tax Claims

2A-E  Allowed Secured           US$2,500,000      Unimpaired
      Tax Claims

3A-E  Allowed Other
      Secured Claims               US$200,000      Unimpaired

4A-E  Allowed Intercompany     US$31,000,000      Unimpaired
      Claims

5A-E  Allowed Prepetition     US$231,000,000        Impaired
      Lender Secured Claims

6A-E  Allowed Convenience         US$250,000        Impaired
      Class Claims

7A-E  Allowed General         US$235,000,000        Impaired
      Unsecured Claims        US$250,000,000

8A-E  Allowed Interest            Various          Impaired

The Classes of Claims will be entitled to these treatments:

Class Claim            Treatment
-----------            ----------
Administrative Claims  Paid in full.

Priority Tax Claims    Paid in full.

DIP Lender Claims      Paid in full.

Class 1A-E            Paid in full.

Class 2A-E            Paid in full.

Class 3A-E            Holders of Allowed Other Secured Claims
                      will receive one of these treatment:

                      (a) The legal, equitable, and contractual
                          rights of the Claimant will be
                          reinstated;

                      (b) Cash equal to the value of the
                          Claimant's interest in the property
                          of the Estate that constitutes
                          collateral;

                      (c) The property of the Estate that
                          constitutes collateral for that
                          Allowed Class 3A-E Claim will be
                          conveyed to the holder of the claim;

                      (d) A note secured by that Claimant's
                          collateral; or

                      (e) Other treatment as held by the Court
                          as equitable.

Class 4A-E    Each Allowed Class 4A-E Claimholder will have its
              claim reinstated.

Class 5A-E    Each Allowed Class 5A-E Claimholder will receive
              in full satisfaction, release and discharge of
              and in exchange for the allowed Prepetition
              Lender Secured Claims, a Pro Rata share of
              distribution.

Class 6A-E    Each Allowed Class 6A-E Claimholder will receive
              in full and final satisfaction, settlement, and
              discharge equal to:

                (i) 100% of its allowed Convenience Claim if
                    the Claim is equal to or less thanUS$25,000;
                    or

              (ii)US$25,000 if the holder's allowed Convenience
                    Claim is greater thanUS$25,000 and the
                    holder of the Allowed Convenience Claim
                    elects to participate in the Allowed
                    Convenience Claims Class.

              In no event will the distributions under this
              Class exceed the aggregate amount ofUS$250,000.

Class 7A-E    If the requisite holders of Allowed Class 7A-E
              General Unsecured Claims vote in favor of the
              Plan, each holder of an Allowed Unsecured Class
              will receive, in full and final satisfaction,
              settlement, release and discharge of its pro rata
              share of the General Unsecured Claim Distribution
              on account of their Allowed Prepetition Lender
              Deficiency Claims.

Class 8A-E    On the Effective Date, all interest in Propex will
              be cancelled and extinguished, and the holders of
              Allowed Interests will not receive or retain any
              distribution on account of the Allowed Interests.

              Unliquidated or Contingent Claims

William S. Brant, executive vice president and chief operating
officer of Propex, Inc., and Propex Holdings, Inc. relates that
pursuant to Section 502 of the Bankruptcy Code, any Claimant or
the Debtors may seek the estimation of any unliquidated claim or
contingent claim.

To the extent an unliquidated Claim or a contingent Claim is
estimated by a final order of the Court, it will receive the
treatment for the particular type of Claim.  Any unliquidated
Claim or contingent Claim will be treated as a Disputed Claim
until and unless it becomes an Allowed Claim pursuant to a final
Court order.

                        About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249).
The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets ofUS$562,700,000, and total debts ofUS$551,700,000.

(Propex Bankruptcy News, Issue No. 19; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000



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BISCAYNE HOLDINGS: To Hold Shareholders' Meeting on November 27
---------------------------------------------------------------
Biscayne Holdings Limited will hold its final shareholders'
meeting on November 27, 2008, at the offices of Cititrust (Cayman)
Limited, CIBC Financial Centre, in George Town, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Buchanan Limited
               P.O. Box 1170, George Town
               Grand Cayman


CALCUTTA INVESTMENTS: To Hold Members' Meeting on Nov. 27
---------------------------------------------------------
Calcutta Investments Limited will hold its final members' meeting
on November 27, 2008, at the offices of Cititrust (Cayman)
Limited, CIBC Financial Centre, in George Town, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Buchanan Limited
               P.O. Box 1170, George Town
               Grand Cayman


CHARIS PROPERTIES: To Hold Shareholders' Meeting on November 28
---------------------------------------------------------------
Charis Properties Cayman Ltd. will hold its final shareholders'
meeting on November 28, 2008, at 12:30 p.m.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Jon Miho
               Walkers SPV Limited
               Walker House, 87 Mary Street
               George Town, Grand Cayman KY1-9002
               Cayman Islands


CRESCENT INVESTMENTS: To Hold Members' Meeting on Nov. 27
---------------------------------------------------------
Crescent Investments Limited will hold its final members' meeting
on November 27, 2008, at the offices of Cititrust (Cayman)
Limited, CIBC Financial Centre, in George Town, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Buchanan Limited
               P.O. Box 1170, George Town
               Grand Cayman


GLOBITECH HOLDING: To Hold Members' Meeting on December 2
---------------------------------------------------------
Globitech Holding Company will hold its final mmebers' meeting on
December 2, 2008, at 2765 Sand Hill Road, Menlo Park, in
California, 94025, U.S.A..

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidators are:

               Donald Brooks
               Richard Frasch
               c/o Maples and Calder, Attorneys-at-law
               PO Box 309, Ugland House
               Grand Cayman KY1-1104
               Cayman Islands


JTM (CAYMAN): To Hold Shareholders' Meeting on December 12
----------------------------------------------------------
JTM (Cayman), Inc. will hold its final shareholders' meeting on
December 12, 2008, at 1 Aloha Tower Drive, in Honolulu, Hawaii.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Jon Miho
               c/o Maples and Calder, Attorneys-at-law
               PO Box 309, Ugland House
               Grand Cayman KY1-1104
               Cayman Islands


MORNINGJOY LIMITED: To Hold Members' Meeting on November 27
-----------------------------------------------------------
Morningjoy Limited will hold its final members' meeting on
November 27, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, in George Town, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Buchanan Limited
               P.O. Box 1170, George Town
               Grand Cayman


MOROCHA YACHTING: To Hold Shareholders' Meeting on December 11
--------------------------------------------------------------
Morocha Yachting Ltd. will hold its final shareholders' meeting on
December 11, 2008, at the offices of The Private Trust Corporation
Limited Charlotte St. Nassau, Bahamas.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Lana E. Taylor
               c/o Richard Rich
               Telephone: (345) 945 1830
               Cayman Business Park, A-7
               P.O. Box 10300, Grand Cayman KY1-1003
               Cayman Islands
               Telephone: (345) 945 1830
               Facsimile: (345) 945 1835


MYM LTD: To Hold Members' Meeting on Nov. 27
--------------------------------------------
MYM Ltd will hold its final members' meeting on November 27, 2008,
at the offices of Cititrust (Cayman) Limited, CIBC Financial
Centre, in George Town, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Buchanan Limited
               P.O. Box 1170, George Town
               Grand Cayman


OH MULTI-STRATEGY: To Hold Shareholders' Meeting on December 2
---------------------------------------------------------------
Oh Multi-Strategy Compass Fund, Ltd. will hold its final
shareholders' meeting on November 28, 2008, at 12:30 p.m.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Daniel Friedman
               c/o Maples and Calder, Attorneys-at-law
               P.O. Box 309, Ugland House
               Grand Cayman KY1-1104
               Cayman Islands


REINDEER CAPITAL: To Hold Shareholders' Meeting on November 27
--------------------------------------------------------------
Sapic II Reference Fund (10) Limited will hold its final
shareholders' meeting on November 27, 2008, at the offices of
Citco Trustees (Cayman) Limited, Regatta Office Park, West Bay
Road, Windward One, in Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               CDL Company ltd.
               P.O. Box 31106
               Grand Cayman KY1-1205


RESOLUTION WORLD: To Hold Shareholder's Meeting on November 27
--------------------------------------------------------------
Resolution World Sector Fund Limited will hold its final
shareholder's meeting on November 27, 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) giving explanation thereof.

The company's liquidator is:

               K.D. Blake
               c/o Alex Watkins
               P.O. Box 493, Grand Cayman KY1-1106
               Cayman Islands
               Telephone: 345-945-4421
               Facsimile: 345-949-7164


RESOLUTION WORLD: To Hold Shareholder's Meeting on November 27
--------------------------------------------------------------
Resolution World Sector Master Fund Limited will hold its final
shareholder's meeting on November 27, 2008.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidators are:

               S.L.C. Whicker
               K.D. Blake
               c/o Alex Watkins
               Telephone: 345-945-4421
               Facsimile: 345-949-7164
               P.O. Box 493, Grand Cayman KY1-1106
               Cayman Islands


SAPIC II REFERENCE: To Hold Shareholders' Meeting on December 12
----------------------------------------------------------------
Sapic II Reference Fund (10) Limited will hold its final
shareholders' meeting on December 12, 2008, at 9:30 a.m., at the
offices of Rawlinson & Hunter Services Ltd., One Capital Place,
George Town, in Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Peter D. Anderson
               P. O. Box 897, One Capital Place
               George Town, Grand Cayman KY1-1103
               Cayman Islands
               Telephone: (345) 949-7576
               Facsimile: (345) 949-8295


SUMMERLAND HOLDINGS: To Hold Members' Meeting on Nov. 27
--------------------------------------------------------
Summerland Holdings Limited will hold its final members' meeting
on November 27, 2008, at the offices of Cititrust (Cayman)
Limited, CIBC Financial Centre, in George Town, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Buchanan Limited
               P.O. Box 1170, George Town
               Grand Cayman


WAFER TECH: To Hold Shareholders' Meeting on December 1
-------------------------------------------------------
Wafer Tech China will hold its final shareholders' meeting on
December 1, 2008, at 2765 Sand Hill Road, Menlo Park, in
California, 94025, U.S.A.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidators are:

               Donald Brooks
               Richard Frasch
               c/o Maples and Calder, Attorneys-at-law
               PO Box 309, Ugland House
               Grand Cayman KY1-1104
               Cayman Islands



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CHIQUITA BRANDS: S&P Raises Sr. Unsec. Debt Ratings to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its senior
unsecured debt ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. to 'B-' (same as the corporate credit rating)
from 'CCC+' and the recovery rating to '4' from '5' indicating the
expectation of average (30% to 50%) recovery in the event of
payment default.  The upgrades are principally the result of about
$91 million of redemptions the company has made since June 2008.
At the same time, S&P affirmed the 'B-' corporate credit rating
and 'B+' senior secured ratings. The outlook is stable. As of
Sept. 30, 2008, Chiquita had abou tUS$805 million of debt.

Third-quarter sales ended Sept. 30, 2008, and increased 7%,
primarily due to improved banana pricing and favorable foreign
exchange rates.  The company had an operating loss of US$5 million
for third-quarter 2008, compared with a US$7 million loss the
previous year.  The relative improvement was due to stronger
banana operating income, as the salad and healthy snacks category
remains unprofitable.  Adjusted debt was about US$1.4 billion as
of Sept. 30, 2008, and declined by US$25 million after the quarter
ended, reflecting repayment of senior unsecured notes.  The
company has repaid US$91 million of notes since June 2008, using
proceeds from the sale of its Atlanta AG subsidiary.

The outlook is stable.  Chiquita has reduced leverage and improved
covenant cushion despite high industry costs.  S&P estimates that
if EBITDA (as calculated under the credit agreement) declines by
15%, given the current economic uncertainties, Chiquita would
maintain sufficient (greater than 20%) cushion on its financial
covenants.  "An outlook revision to positive would require
sustained improvement in operating performance, credit measures,
and covenant cushion," said Standard & Poor's credit analyst
Alison Sullivan.

"We could revise the outlook to negative if liquidity becomes
constrained, for example, if covenant cushion declined to the
single-digit percentage area, and/or operating trends deteriorate
and leverage increases significantly," she continued.



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* CUBA: VP Sees 4% Economic Growth in 2008 Amid Storm Damages
-------------------------------------------------------------
Cuba's economy is expected to grow 4% in 2008, despite the
devastating effects of two powerful hurricanes that caused more
than US$5 billion in damage, Caribbean News reports citing Cuban
Vice President Carlos Lage.

The report relates that before the global crisis and hurricanes
Gustav and Ike hit the country, Cuba had predicted its economy
would grow 8% this year.

"There are no doubts that the effects of the hurricanes have
produced a strong blow," the report cited Mr. Lage as saying.
"The economy is going to grow more than 4%. It's the estimate and
it's going to create conditions to keep advancing in the following
years," he added.

The Republic of Cuba, the most populous insular nation in the
Caribbean, consists of the island of Cuba, Isla de la Juventud and
several adjacent small islands.

                        *     *     *

According to Moody's site, the country continues to carry a Caa1
foreign currency rating with a
stable outlook.



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BANCREDITO: High Court Upholds Conviction in Bank Fraud
-------------------------------------------------------
The Supreme Court upheld an appellate court sentence of 8 years in
prison against former Bancredito executives Manuel A. Pellerano
and Felipe de Mendoza for the RD$20 billion fraud, The Dominican
Today reports.

The report relates that the high court penal chamber's ruling is
irrevocable, which means the ex-bankers will have to begin serving
the sentence.

Bancredito is a subsidiary of Banco Intercontinental, which
collapsed in 2003 as a result of massive fraud that drained it
of about US$657 million.  As a consequence, all of its branches
were closed.  The bank's current and savings accounts holders
were transferred to the bank's new owner -- Scotiabank.  The
bankruptcy of Baninter was considered the largest in world
history, in relation to the Dominican Republic's Gross Domestic
Product.  The resulting deficit was equal to 12% to 15% of the
country's national GDP.  It costs Dominican taxpayers
DOP55 billion and resulted to the country's worst economic
crisis.


GENERAL MOTORS: October Deliveries Total 170,585 Drop 45%
---------------------------------------------------------
General Motors Corp. dealers in the U.S. delivered 170,585
vehicles in October, down 45% compared with a year ago.  GM truck
sales of 97,119 were down 51% and car sales of 73,466 were off
34%.  The steep decline in vehicle sales was largely due to a
significant drop in the market's retail demand as uncertainty over
the deepening credit crisis impacted consumer confidence.

"The market has been shrinking for three years, but in October we
saw a dramatic decline for the industry and GM," said Mark LaNeve,
vice president of GM North America Vehicle Sales, Service and
Marketing.  "We are obviously disappointed in our results which
reflect a difficult comparison with a strong year-ago October
performance.  More importantly, it also reflects an unprecedented
credit crunch that is dramatically impacting the entire U.S.
economy -- from the housing market to big and small companies to
banks to family run businesses.  The credit freeze has also had a
very negative impact on consumers' confidence and their purchase
behavior across America."

Mr. LaNeve stated, "We outpaced the competition with our sales
results in August and September, and fell back with the industry
in October.  If you adjust for population growth, this is probably
the worst industry sales month in the post-WWII era.  We believe
there is considerable pent-up demand from the last three years,
but until the credit markets open up and consumer confidence
improves, the entire U.S. economy, and any industry like autos
that relies on financing, will suffer.  We'll do our part to
continue fighting against these significant economic headwinds by
bringing consumers the highest quality, most fuel efficient and
affordable cars, trucks and crossovers that we can."

Mr. LaNeve said that GM's no-haggle Red Tag Event starts
nationwide tomorrow, Nov. 4.  The Red Tag Event will provide great
deals on most new vehicles in GM's portfolio by offering a special
Red Tag vehicle price and customer cash back.  In addition, GM's
recently announced "Financing That Fits" program enables consumers
to find financing at affordable rates from GMAC and thousands of
other banks, credit unions and financing institutions.

Despite the poor results in October, there were a number of bright
spots for individual GM car and truck lines, including:

    -- Chevrolet Malibu retail sales were up 129%.  For the
        month, Malibu total sales reached nearly 11,000 vehicles.
        For the year, Malibu retail sales have totaled nearly
        98,000 cars, up 134% from year-ago figures.

    -- The all-new Pontiac Vibe recorded a 6% total sales
       increase in October.  Almost 42,000 Vibes have been sold
       this year, up 36% from the prior year.

    -- Saab retail sales were up 7.4% compared with a year ago,
       driven by the strong retail performance of the 9-3, which
       was up more than 16%.

    -- GM sold 44,500 Chevrolet Silverado, GMC Sierra, and
       Chevrolet Avalanche full-size pickups in October, further
       solidifying its segment leadership.

    -- GM hybrids continue to build sales momentum and the
       company has broken through the 10-thousand vehicle sales
       mark.  A total of 1,496 hybrid vehicles were delivered in
       the month.  Hybrid sales included: 372 hybrid Chevrolet
       Tahoe, 193 GMC Yukon and 230 Cadillac Escalade 2-mode
       SUVs delivered.  There were 325 Chevrolet Malibu, 22
       Saturn Aura, and 354 Vue hybrids sold in October.  GM has
       sold 10,549 hybrids so far in 2008.

GM continues to proactively manage inventories to align supplies
with market demand.  In October, only about 799,000 vehicles were
in stock, down about 146,000 vehicles (or about 15%) compared with
last year.  There were about 336,000 cars and 463,000 trucks
(including crossovers) in inventory at the end of October.

"These are extraordinary times for the U.S. economy, for consumers
and for an auto industry that is running at deep recessionary
levels relative to 1999- 2006.  We are offering the highest
quality and best value vehicles to customers in our history --
along with great incentives.  But we can't do it alone as GM or
the auto industry. It will take a coordinated national effort to
turn this economy around," Mr. LaNeve stated.

Certified Used Vehicles

October 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre- Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre- Owned Vehicles, were 33,735
vehicles, down 15 percent from October 2007.  Year-to-date sales
are 408,451 vehicles, down 7% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted October sales of 29,167 vehicles, down 16% from
October 2007.  Saturn Certified Pre-Owned Vehicles sold 783
vehicles, down 11%.  Cadillac Certified Pre-Owned Vehicles sold
3,051 vehicles, down 6%.  Saab Certified Pre-Owned Vehicles sold
506 vehicles, down 2%, and HUMMER Certified Pre-Owned Vehicles
sold 228 vehicles, up 75%.

Mr. LaNeve said, "October sales were disappointing for certified
GM programs, as consumer uncertainty over the growing credit
crisis had a negative impact on consumer confidence and retail
demand for both new and used vehicles.  Going forward, we will
continue offering consumers the tremendous peace of mind and value
that comes with a factory-backed, fully inspected and
reconditioned, late-model used vehicle from the GM brands they
know and trust."

      GM North America Reports October, 2008 Production
      Fourth Quarter Forecast Remains at 875,000 Vehicles

In October, GM North America produced 318,000 vehicles -- 151,000
cars and 167,000 trucks.  This is down 105,000 vehicles or 25
percent compared with October 2007 when the region produced
423,000 vehicles -- 152,000 cars and 271,000 trucks.  Production
totals include joint venture production of 11,000 vehicles in
October 2008 and 18,000 vehicles in October 2007.

The GM North America fourth-quarter production forecast remains at
875,000 vehicles -- 407,000 cars and 468,000 trucks -- which is
down about 16 percent compared with a year ago.  GM North America
built 1.042 million vehicles -- 358,000 cars and 684,000 trucks --
in the fourth-quarter of 2007.

                  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.


GENERAL MOTORS: Union's Nod on Shutdowns & Layoffs May Sway Banks
-----------------------------------------------------------------
John D. Stoll and Jeff Bennett at The Wall Street Journal report
that the United Auto Workers President Ron Gettelfinger's approval
on the plant shutdowns and worker layoffs that the General Motors
Corp. - Chrysler LLC merger will cause could sway banks and
lawmakers into considering financing the deal.

The merger may cost 74,000 jobs and close half of Chrysler's
plants, ABI World relates, citing accounting firm Grant Thornton
LLP.  WSJ states that analysts say that at least 50,000 workers
could be dismissed.

WSJ relates that the UAW doesn't have to approve the shutdowns and
layoffs.  The report says that the merged company could seek to
close several plants employing thousands of UAW members and
renegotiate parts of the labor contracts with GM and Chrysler.

Citing people familiar with the matter, Mr. Gettelfinger has
started meeting with GM Chief Operating Officer Fritz Henderson
and could reach out to Cerberus Capital Management LP's President
Stephen Feinberg.

According to WSJ, Sen. Barack Obama's victory in Tuesday's
presidential election could also boost the union's influence since
a deal may depend on bailout money from the government.  People
close to the union said that Sen. Obama has already consulted with
Mr. Gettelfinger on labor issues, WSJ states.

Previous reports say that Mr. Gettelfinger has expressed
disapproval of the GM-Chrysler merger, saying that it could lead
to massive job losses.  Sources said that Mr. Gettelfinger also
opposes renegotiating a massive health-care trust that the union
agreed to create for GM, Ford Motor Co., and Chrysler in 2007, WSJ
relates.

Steve Girsky isn't being placed in a decision-making role, but Mr.
Gettelfinger plans to have him present and active in discussions
with GM and Chrysler, WSJ reports, citing sources.

As reported in the Troubled Company Reporter on Nov. 3, 2008, UAW
retained Mr. Girsky as adviser on the talks.  Mr. Girsky will
assist Mr. Gettelfinger in evaluating the talks between GM and
Chrysler.

                    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.


* DOMINICAN REPUBLIC: Owes US$88.1MM Less in 3Q, Minister Says
--------------------------------------------------------------
Dominican Republic's foreign and internal public debt fell by
US$88.1 million at the end of the third quarter, Dominican Today
reports, citing Hacienda Minister Vicente Bengoa.

The report relates that as of September 30, the debt was US$9.04
billion, or 1% less compared with the first half tallied to June
30.

Mr. Bengoa noted that the total debt is 19.4% of the Gross
Domestic Product this year, a figure that is 13.6 percentage
points lower than in 2004, the newspaper reported.

The Dominican Republic is a nation on the island of Hispaniola,
part of the Greater Antilles archipelago in the Caribbean region.
The western third of the island Hispaniola is occupied by the
nation of Haiti, making Hispaniola one of two Caribbean islands
that are occupied by two countries, Saint Martin being the other.

The Dominican Republic is the site of the first permanent European
settlement in the Americas: Santo Domingo de Guzm=E1n, the nowadays
capital of the Dominican Republic, Santo Domingo.

According to Moody's site, the the country continues to carry a B2
foreign currency rating with a stable outlook, and a B2 local
currency rating with stable outlook.


As for the Argo Group and Flagstone Reinsurance stories, Terry
said we can report losses of certain companies as one time
reporting.



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AIR JAMAICA: Moody's Reviews Debt Ratings for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service placed the debt ratings of Air Jamaica
Limited, B1 senior unsecured notes guaranteed by the Government of
Jamaica, on review for possible downgrade.  The review coincides
with Moody's action placing the ratings of the Government of
Jamaica under review for downgrade on November 4, 2008.

The review will assess the implications for Air Jamaica of any
potential downgrade of the rating of the Government of Jamaica, as
well as the ongoing support for Air Jamaica provided by the
government.  The review will also consider the underlying credit
quality of Air Jamaica as well as the ability of the company to
improve its operating efficiency and financial performance in an
operating environment where declining discretionary consumer
spending could adversely affect tourism.  Separately, Moody's will
monitor the efforts of the Government of Jamaica to sell a
majority stake in Air Jamaica, which it has stated could occur by
March 2009.

On Review for Possible Downgrade:

   Issuer: Air Jamaica Limited

   * Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B2

   * Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B1

Outlook Actions:

   Issuer: Air Jamaica Limited

   * Outlook, Changed To Rating Under Review From Stable


* Moody's Places Jamaica's Ratings on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed Jamaica's ratings on review
for downgrade because the ongoing crisis is exerting significant
pressures on the country's external and fiscal positions, which
are expected to intensify and could further deteriorate credit
risk relative to peers.

Placed on review for downgrade are the B1 foreign-currency and the
Ba2 local-currency government bond ratings as well as the B2
foreign-currency bank deposit ceiling.

"Despite the government's adequate policy response and continued
strong commitment to servicing its obligations, the challenges
imposed by the global financial crisis and economic slowdown are
simply too severe for Jamaica to avoid an increase in credit
risk," said Moody's Vice President -- Senior Analyst Alessandra
Alecci.  "The government's precarious debt dynamics and onerous
debt burden, which exceeds 125% of GDP, leave very little room to
absorb shocks of this magnitude."

She said that Jamaica's financing requirements are sizeable due to
a large fiscal deficit and a deep external imbalance.  The current
account deficit could reach 20% of GDP this year as the economic
slowdown in Jamaica's key markets such as the US worsens, likely
lowering remittances and tourism inflows as the year closes.
While the size of the deficit is not dramatically different than
in 2007, the risk that non-debt-creating inflows such as foreign
direct investment will decline is increasing due to adverse global
conditions.

"The reliance on market funding at a time when the credit markets
are under stress for an undetermined period of time could present
Jamaica with a very difficult situation and spark a loss of
confidence in the ability to access financing," said Ms. Alecci.
"While the decline in foreign exchange reserves has been moderate
so far this year, there is a deterioration of reserves relative to
imports and to the country's external debt, leaving the
authorities with limited means to prevent a potentially sharp
depreciation as has occurred in other emerging markets."

On the fiscal front, she said, the combination of lower revenues
due to a slowdown in economic activity and higher expenditures due
to pressure on the interest and exchange rates and on capital
outlays as a result of the hurricane earlier this year are likely
to lead to an overshooting of this year's targeted budget deficit
of 4.5% of GDP.

"We expect the combination of a fiscal deterioration and lower
real GDP growth will lead to a worsening of Jamaica's debt
metrics, which already compare unfavorably to similarly rated
peers," said Ms. Alecci.  "The structure of Jamaica's public debt,
with over 50% exposed to foreign currency and interest rate
movements, makes the situation particularly vulnerable."

While the latest available data points to economic performance
that has remained broadly on track, ratings are forward-looking
and capture fundamental credit risks, explained the analyst.

"Given the severity of the ongoing global adjustment, Moody's
believes that Jamaica will be seriously tested by the severe
global-crisis headwinds," said Ms. Alecci.  "The public debt
burden and the resources needed to service debt leave Jamaica's
small, open economy with limited leeway to cushion adverse
exogenous developments."

During the review period, which could last up to three months,
Moody's will carefully assess the extent of the fiscal
deterioration, the ability of the government to access
multilateral financing to replace planned bond issuance, the
severity of the adjustment in the external accounts, and the
government's ease of access and cost of borrowing from domestic
capital markets, which have proven to be a key and steady source
of funding for the government.

Because of the very close linkages between Jamaica's fiscal and
external accounts, Moody's will also examine whether a gap between
the local- and foreign-currency government bond ratings is
justified. Moody's rating practice in recent years has been to
reduce or eliminate gaps between a country's foreign- and local-
currency government ratings absent specific and compelling
circumstances.

"We will also evaluate the degree to which the deterioration in
the ability to honor obligations could impair Jamaica's
traditionally high willingness to pay," said Ms. Alecci.  This
will require strong consensus and coordination among the
government, civil society and the private sector."

Unaffected by the actions are Jamaica's Ba3 foreign-currency bond
ceiling, A3 local-currency bond ceiling, and Baa1 local-currency
deposit ceiling.



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PILGRIM'S PRIDE: May Go Bankrupt in December, CreditSights Says
---------------------------------------------------------------
Dow Jones Newswires reports that credit research firm CreditSights
said that Pilgrim's Pride Corp. could file for Chapter 11
protection in December, when the firm has an interest payment due
on its bonds.

Bankruptcy for the nation's largest chicken producer, Pilgrim's
Pride Corp., is "highly probable," according to an independent
research firm, EMILY FREDRIX of the Associated Press reported on
Thursday.  Shares of Pilgrim's Pride edged belowUS$1 Thursday on
the news.  Its shares have already fallen 97% this year.

Pilgrim's Pride has few options to boost its cash position and
could file for bankruptcy after a grace period with bondholders
expires, Dow Jones relates, citing CreditSights.

As reported in the Troubled Company Reporter on Oct. 30, 2008,
Pilgrim's Pride said that it reached an agreement with its lenders
to extend the temporary waiver under its credit facilities through
Nov. 26, 2008.  Lenders have also agreed to provide continued
liquidity under credit facilities during this same period in
accordance with the terms of the waiver agreements.  Pilgrim's
Pride intends to exercise its 30-day grace period in making the
$25.7 million interest payment due Nov. 3,
2008, on its 7-5/8% Senior Notes and 8-3/8% Senior Subordinated
Notes.

When that grace period runs out, "a bankruptcy scenario now seems
highly probable," according to research firm CreditSights.
"Although the temporary waiver provides Pilgrim's Pride with
another 30 days of life, it appears to be more illusionary than
substantive," the report said.  According to Dow Jones, the deal
requires Pilgrim's Pride to hire a chief restructuring officer
from a list approved by lenders.

Dow Jones quoted Ray Atkinson, a spokesperson for Pilgrim's Pride,
as saying, "We continue to believe that Chapter 11 is not in
anyone's best interest, and we continue to work extremely hard to
develop a long-term solution to the issues we're facing."

                      About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  Pilgrim's Pride employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and Utah.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 30, 2008,
Moody's Investors Service lowered Pilgrim's Pride Corporation's
ratings, including the company's probability of default rating to
Caa2 from B2, following Pilgrim's Pride's announcement that it
wouldn't pay US$25.7 million of interest on its 7-5/8% Senior
Notes and its 8-3/8% Senior Subordinated Notes when due on Nov. 3,
2008, but will go into the thirty day grace period.  Moody's said
that the rating outlook is negative.

As reported in the Troubled Company Reporter on Sept. 29, 2008,
Standard & Poor's Ratings Services lowered its ratings on
Pilgrim's Pride Corp., including its corporate credit rating to
'CCC+' from 'BB-'.  In addition, S&P revised the CreditWatch
implications to developing from negative.


VITRO SAB: Fitch Downgrades IDR to 'B-'; Remains on Watch Neg
-------------------------------------------------------------
Fitch Ratings has downgraded these ratings for Vitro, S.A.B. de
C.V. (Vitro):

  -- Foreign currency Issuer Default Rating (IDR) to 'B-' from
      'B';

  -- Local currency IDR to 'B-' from 'B';

  -- US$300 million senior notes due 2012 to 'B-/RR4' from
      'B+/RR3';

  -- US$225 million senior notes due 2013 to 'B-/RR4' from
      'B+/RR3';

  -- US$700 million senior notes due 2017 to 'B-/RR4' from
      'B+/RR3'.

Fitch has also downgraded these national scale ratings of Vitro:

  -- National scale long term rating to 'BB(mex)' from 'BBB-
      (mex)';

  -- Certificados Bursatiles issuances due 2008, 2009 and 2011 to
      'BB(mex)' from 'BBB-(mex)'.

All ratings remain on Rating Watch Negative.

The rating downgrades reflect Vitro's expected increase in
leverage due to the unwinding of its derivative contracts.
Leverage is expected to rise above 4.5 times (x) from 3.9x, which
is no longer consistent with the previous rating category.  The
downgrades also consider the potential additional pressure on the
company's liquidity associated with its derivative positions.  The
rating actions anticipate the company will have to restore
liquidity through several transactions; failure to complete these
transactions could limit its financial flexibility to serve near-
term obligations.  The Rating Watch Negative reflects Vitro's weak
liquidity position as well as the difficulty in attaining
financing during this period of financial turmoil.  As of
Sept. 30, 2008, the company had unrestricted cash balances of
approximately US$72 million and had short-term debt of
US$158 million.

In addition, Vitro continues facing a challenging operating
environment due to reductions in economic growth in Mexico and
other regions where the company has a presence.

Vitro is the leading producer of flat glass and glass containers
in Mexico, serving the construction, automotive, beverage, retail,
and service industries.  Vitro exports products to more than 50
countries.  During the last 12 months ended Sept. 30, 2008, Vitro
had sales of US$2.7 billion, EBITDA of US$371 million, exports of
US$636 million and foreign sales by subsidiaries of
US$917 million.



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HORIZON LINES: Moody's Cuts CFR to B2; Outlook Negative
-------------------------------------------------------
Moody's Investors Service downgraded its debt ratings of Horizon
Lines, Inc.; corporate family and probability of default, each to
B2 from B1, senior secured to Ba2 from Ba1 and senior unsecured to
Caa1 from B3. Moody's also changed the outlook to negative from
stable.

The downgrades were prompted by 2008 operating results that
continue to trail expectations, both from the time of Horizon's
August 2007 refinancing and from the company's 2008 quarterly
earnings calls. As a result, credit metrics have migrated to
levels indicative of B2-rated corporate families. "Moody's also
believes that there are few catalysts to spark a positive
inflection of demand in 2009, particularly in Horizon's Hawaii and
Puerto Rico markets. This could sustain pressure on margins and
operating cash flow and slow the pace of the planned de-levering
of the capital structure," said Moody's Analyst, Jonathan Root.

The negative outlook reflects the potential for payments related
to the settlements of the ongoing Department of Justice
investigation of price fixing in the Puerto Rico trade or to the
class action lawsuits filed subsequent to the announcement of the
DOJ investigation to consume funds and weaken Horizon's current
good liquidity position.

The B2 corporate family rating reflects Horizon's leading position
in its core Jones Act markets and the important link Horizon
provides in the distribution chains of its customers' and the
geographic regions it serves. Moody's believes that these factors
should support a core level of underlying volume for the company's
services and should result in the continuing generation of a base
level of funds from operations that adequately cover Horizon's
debt service obligations, including during cyclical troughs in
demand. However, the unexpected acceleration of weak demand across
two of its three Jones Act markets challenges the ability of
productivity programs, cost containment initiatives and yield
measures to mitigate the effects of weakening demand on margins
and operating cash flows, to sustain credit metrics at levels
indicative of higher-rated corporate families. The ratings
recognize Horizon's current positive free cash flow generation and
the expectation that Horizon will apply future free cash flow to
repay revolver borrowings to strengthen liquidity and to de-lever
the capital structure. This should offset pressure on leverage and
coverage metrics that has resulted from the sharper than expected
downturn in demand.

Ratings could be downgraded if EBIT to Interest approached 1.0
time or Debt to EBITDA approached 6.5 times. Indications that the
resolution of the DOJ investigation and lawsuits related to the
pricing practices in Puerto Rico would require sizeable cash
payments or constrain Horizon's ability to serve the Puerto Rico
trade, or both, could also pressure the B2 rating, as could a new
share purchase authorization. Though not anticipated, one or more
acquisitions resulting in meaningfully higher debt levels could
also place downward pressure on the ratings, as could a debt-
financed program to replace the aging Jones Act fleet. The outlook
could be stabilized if the resolution of the investigation and
lawsuits does not impair the company's liquidity or its ability to
operate in the Puerto Rico trade lane.

Downgrades:

  Issuer: Horizon Lines, Inc.

  * Probability of Default Rating, Downgraded to B2 from B1

  * Corporate Family Rating, Downgraded to B2 from B1

  * Senior Secured Bank Credit Facility, Downgraded to Ba2,
    LGD2, 19% from Ba1, LGD2, 18%

  * Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
    Caa1 from B3

Outlook Actions:

  Issuer: Horizon Lines, Inc.

  * Outlook, Changed To Negative From Stable

Horizon Lines, Inc., based in Charlotte, North Carolina, through
its wholly-owned indirect operating subsidiary, Horizon Lines,
LLC, operates 12 Jones Act qualified U.S. flag container ships in
Jones Act liner services between the continental United States and
either Alaska, Hawaii, or Puerto Rico and 5 U.S. flag container
ships operating between the U.S. West coast and Guam, which
vessels are slot-chartered from the Far East to the U.S. West
Coast. Horizon also provides logistics services through its
wholly-owned indirect operating subsidiary Horizon Logistics, LLC.



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* Fitch: Severe Global Recession Expected in 2009
-------------------------------------------------
In its latest Global Economic Outlook, Fitch Ratings predicts that
the world's major advanced economies -- US, UK, Euro area and
Japan -- will next year experience the steepest decline in GDP
since World War II.  In aggregate GDP growth in these countries is
expected to be (minus) -0.8% in 2009, compared to an estimated
1.1% for 2008.  Tighter credit conditions, consumer retrenchment
and falling corporate investment are expected to combine to
deliver an unusually synchronised downturn across the advanced
economies.

World GDP will grow by just 1% next year -- the slowest rate since
the early 1990s -- and compared to an average of 3.5% over the
last five years.  The combination of recession in developed
countries, lower commodity prices and reduced international
capital flows will result in a sharp slowdown in growth in
emerging markets, though most will avoid outright recession.

The rapid intensification of the global credit crisis in the last
two months and clearer evidence of household retrenchment,
declining corporate investment intentions and falling world trade
growth explain the sharp deterioration in the outlook since
Fitch's previous Global Economic Outlook was published on July 4,
2008.  These factors far outweigh the benefits to income growth in
the advanced economies from the decline in commodity prices.

Recession driven by a contraction in the supply of credit is
uncharted territory for the world economy and there are few
historical parallels on which to gauge its possible depth or
length. However, the aggressive expansion of central bank
liquidity provision since early September, in combination with
major fiscal injections into the US and European banking systems
will head off the worst-case scenario of widespread deflation.
Nevertheless, the process of de-leveraging by households and
companies is now underway and this will weigh on spending for some
time. Declining asset prices, rising unemployment and job
uncertainty will result in higher desired household saving rates,
while the deterioration in the cost and availability of household
credit will push the adjustment further and faster.  Business
investment is also likely to fall sharply, consistent with its
highly pro-cyclical nature as companies anticipate weak final
demand and face tough borrowing conditions.

The recent widening of the credit crisis to emerging markets
dampens the prospects of companies in the advanced economies
switching sales strategies to the developing world as the US
consumer retrenches.  This will also weigh on investment.  In
particular, the increasingly likely prospect of a hard landing in
eastern Europe will hit German export growth, which has been a
mainstay of its recent recovery. Fitch also expects growth in
China to slow to just over 7% in 2009, its lowest rate for nearly
two decades.  Even so, it expects growth in Brazil, Russia, India
and China (BRICs) overall to be 5.7%, reflecting policy
flexibility, external financial strengths and structural factors.

The decline of inflationary pressures from the commodity markets
is positive news.  It will allow the European Central Bank and the
Bank of England to bring down interest rates rapidly, which will
ease the de-leveraging process and help banks' profitability.  In
concert, fiscal policy will also cushion the shock to growth as
governments absorb an increasing share of global liquidity through
higher borrowing and inject it back into the economy through tax
cuts or higher spending.  Indeed, the macroeconomic policy
response, along with the boost to real incomes from lower
commodity prices, forms an important part of the expectation for
recovery in 2010. This will, however, be to a rate well below that
seen in the last five years, when credit was abundant.

The report, "Global Economic Outlook, November 2008" is available
at the agency's public site, http://www.fitchratings.com/


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Nov. 11, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Turnaround Case Study
        Summit Club, Birmingham, Alabama
           Contact: www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds:A View From Workout Consultants
        TBA, Buffalo, New York
           Contact: www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     LI-TMA Social
        TBD, Melville, New York
           Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner Meeting
        TBD, Calgary, Alberta
           Contact: 503-768-4299 or www.turnaround.org

Nov. 17-18, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Distressed Investing
           Contact: 800-726-2524; 903-595-3800;
              www.renaissanceamerican.com

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Program
        Tournament Players Club at Jasna Polana, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
Restructuring/Bankruptcy
        Bankers Club, Miami, Florida
           Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Senior Housing & Long Term Care
        Washington Athletic Club,Seattle, Washington
           Contact: www.turnaround.org

Nov. 27, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting - Chris Kaup
        TBD, Phoenix, Arizona
           Contact: www.turnaround.org

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Party
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Christmas Function
        Terminal City Club, Vancouver, British Columbia
           Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

Dec. 8, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Gathering
        TBD, Long Island, New York
           Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        Washington Athletic Club, Seattle, Washington
           Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        University Club, Portland, Oregon
           Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        TBD, Phoenix, Arizona
           Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Sponsorships - Annual Golf Outing, Various Events
        TBA, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Distressed Investing Conference
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colorado
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casurina, Grand Cayman Island, AL
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons, Las Vegas, Nevada
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Beverly Wilshire, Beverly Hills, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
  NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
     NABT Spring Seminar
        The Peabody, Orlando, Florida
           Contact: http://www.nabt.com/

Apr. 20, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        John Adams Courthouse, Boston, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

Apr. 28-30, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

May 14-16, 2009
  ALI-ABA
     Chapter 11 Business Reorganizations
        Langham Hotel, Boston, Massachusetts
           Contact: http://www.ali-aba.org

June 11-13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

July 16-19, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Mt. Washington Inn
           Bretton Woods, New Hampshire
              Contact: http://www.abiworld.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Ocean Edge Resort, Brewster, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300; http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Chinas New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
     for Navigating the Restructuring Process
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency  Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Examining the Examiners: Pros and Cons of Using
     Examiners in Chapter 11 Proceedings
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  New 'Red Flag' Identity Theft Rules
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergersthe New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
     Audio Conference Recording
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!

Nov. 17-18, 2008
Distressed Investing
The Helmsley Park Lane - New York
Brochure will be available soon!

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=3DBAR

                            ***********

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, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
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 * * *