TCRLA_Public/081111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, November 11, 2008, Vol. 9, No. 224

                            Headlines

A R G E N T I N A

BANCO MACRO: Posts Ps.163.2MM Net Income for Third Quarter 2008
BERRIES DE LA: Proofs of Claim Verification Deadline Is Feb. 2
BPS IMPLANTES: Trustee Verifying Proofs of Claim Until Feb. 6
CASARES MEAT: Proofs of Claim Verification Deadline Is Dec. 23
GIUX SA: Trustee Verifying Proofs of Claim Until February 27

HORIZONS DE FRANCE: Proofs of Claim Verification Due on Feb. 11
YAC SERVI: Proofs of Claim Verification Deadline Is April 13


B E L I Z E

GENERAL MOTORS: Poor Liquidity Cues Fitch's Negative Watch Posting


B E R M U D A

BUENA FAMILIA: Creditors Can File Claims Until November 21
HOME RE: Proofs of Claim Filing Deadline Is November 21
HOME RE: Final Member's Meeting Is on December 12
REFCO CAPITAL: Proofs of Claim Filing Deadline Is November 21
REFCO CAPITAL: Final Members' Meeting Is on December 12

SEA CONTAINERS: Files 18 Supplementary Documents to Amended DS
SEA CONTAINERS: Can Access US$150MM DIP Funding from Fortis Bank
WHITE MOUNTAINS: Proofs of Claim Filing Deadline Is November 21
WHITE MOUNTAINS: Final Member's Meeting Is on December 9


B R A Z I L

BRASKEM S.A.: Posts BRL849 Million Net Loss for 3Q 2008
CAMARGO CORREA: To Continue Investing in Angola
CSN NAMISA: Unit to Invest US$2BB to Double Iron Ore Sales by 2015


C A R I B B E A N

AES CORP: 3Q Consolidated Revenues up 25% to US$4.3 Billion


C A Y M A N  I S L A N D S

ANSLEY PARKS: Proofs of Claim Filing Deadline is on Nov. 27
ARCA FUNDING: Proofs of Claim Filing Deadline is on November 27
ATAMI BEACH: Proofs of Claim Filing Deadline is November 27
BELVOIR PREMIUM: Proofs of Claim Filing Deadline is on November 27
BRIDGNORTH GLOBAL: Proofs of Claim Filing Deadline is on Nov. 26

BRIDGNORTH GLOBAL: Proofs of Claim Filing Deadline is on Nov. 26
BUNGE FERTILIZANTES: Proofs of Claim Filing Deadline is on Nov. 27
BUNGE TRADE: Proofs of Claim Filing Deadline is on November 27


C H I L E

CODELCO: Board OKs 2nd Stage Expansion of Gaby Mine


C O L O M B I A

ECOPETROL SA: Thompson & Knight Assists in Joint Venture With BP


J A M A I C A

AIR JAMAICA: No "Magic Wand" to Solve Airline's Problems, CEO Says


M E X I C O

ALL AMERICAN: Files Amended Disclosure Statement and Ch. 11 Plan


P U E R T O  R I C O

CENTENNIAL COMM: AT&T Will Acquire Firm for US$944 Million
DORAL: Declares Cash Dividend on Four Series of Preferred Stock


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


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BANCO MACRO: Posts Ps.163.2MM Net Income for Third Quarter 2008
---------------------------------------------------------------
Banco Macro S.A. reported net income of Ps.163.2 million for the
third quarter period ended September 30, 2008.  This result was
85%, or Ps.75.2 million higher than 3Q07's Ps.88.0 million, and
1%, or Ps.2.2 million above 2Q08.  The annualized 3Q08 ROAE and
ROAA were 24.2% and 2.9%, respectively.

The Bank's net financial income for the current quarter was
Ps.367.4 million, increasing 58% year to year ("YoY").  Banco
Macro's operating income of Ps.233.8 million jumped 148% YoY
compared to the Ps.94.3 million posted in 3Q07.

For the third quarter period ended September 30, 2008, Banco
Macro's financing to the private sector grew 26% YoY, or Ps.2,427
million.  Personal loans, which represent a strategic product for
the Bank, once again led annual private loan portfolio growth
while documents were the leading products for 3Q08.

Total deposits for the current period grew 13%, or Ps.1,878.3
million quarter on quarter ("QoQ"), totalling Ps.16.8 billion and
representing 80% of the Bank's liabilities.  Quarterly deposit
growth was led by private sector deposits (11% or Ps. 1.4 billion)
followed by public sector deposits (21% or Ps. 0.5 billion).

Banco Macro continued showing a strong solvency ratio, with an
excess capital of Ps.1.6 billion (22.1% capitalization ratio).  In
addition, the Bank's liquid assets remained at a high level,
reaching 53.7% of total deposits.

The Bank's non-performing lending to total lending ratio remained
at 2.0% and the coverage ratio was 104.6%.

In 3Q08, the Bank repurchased 32.4 million shares, according to
the Share Buy Back Program launched in January 8, 2008.  In
addition, the Bank repurchased nominal value US$ 10.85 million of
Class 2 Notes.

                        About Banco Macro

Headquartered in Buenos Aires, Argentina, Banco Macro (NYSE:
BMA; Buenos Aires: BMA) -- http://www.macro.com.ar/-- had
consolidated assets of ARS11.6 billion (US$3.7 billion) and
consolidated deposits of ARS6 billion (US$2 million) as of
June 2007.

                         *     *     *

The company continues to carry Fitch Ratings's Foreign
and local currency long-term Issuer Default Ratings at 'B+',
Foreign and local currency short-term IDRs at 'B', and
Individual at 'D'.  Fitch said the rating outlook is stable.


BERRIES DE LA: Proofs of Claim Verification Deadline Is Feb. 2
--------------------------------------------------------------
The court-appointed trustee for Berries de la Peninsula S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 2, 2009.

The trustee will present the validated claims in court as
individual reports on March 17, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
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 the company's
accounting and banking records will be submitted in court on
April 30, 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.


BPS IMPLANTES: Trustee Verifying Proofs of Claim Until Feb. 6
-------------------------------------------------------------
The court-appointed trustee for BPS Implantes S.R.L.'s
reorganization proceeding will be verifying creditors' proofs of
claim until February 6, 2009.

The trustee will present the validated claims in court as
individual reports on March 20, 2009.

A general report that contains an audit of BPS Implantes's
accounting and banking records will be submitted in court on
May 7, 2009.

Creditors will vote to ratify the completed settlement plan during
the assembly on October 28, 2009.


CASARES MEAT: Proofs of Claim Verification Deadline Is Dec. 23
--------------------------------------------------------------
The court-appointed trustee for Casares Meat S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 23, 2008.

The trustee will present the validated claims in court as
individual reports on March 10, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
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 the company's
accounting and banking records will be submitted in court on
April 21, 2009.

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


GIUX SA: Trustee Verifying Proofs of Claim Until February 27
------------------------------------------------------------
The court-appointed trustee for Giux S.A.'s reorganization
proceeding will be verifying creditors' proofs of claim until
February 27, 2009.

The trustee will present the validated claims in court as
individual reports on April 16, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
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 the company's
accounting and banking records will be submitted in court on
June 1, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 25, 2009.


HORIZONS DE FRANCE: Proofs of Claim Verification Due on Feb. 11
---------------------------------------------------------------
The court-appointed trustee for Horizons de France S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 11, 2009.

The trustee will present the validated claims in court as
individual reports on March 25, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
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 the company's
accounting and banking records will be submitted in court on
May 8, 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.


YAC SERVI: Proofs of Claim Verification Deadline Is April 13
------------------------------------------------------------
The court-appointed trustee for Yac Servi S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
April 13, 2009.

The trustee will present the validated claims in court as
individual reports on May 27, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by 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 Yac Servi's accounting
and banking records will be submitted in court on July 8, 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.



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GENERAL MOTORS: Poor Liquidity Cues Fitch's Negative Watch Posting
------------------------------------------------------------------
Fitch Ratings placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.

GM remains dependent on the capacity and willingness of its
suppliers to continue extending trade credit, as the company does
not have sufficient resources to finance ongoing operations in the
event that trade credit is curtailed.  Over the intermediate term,
GM's expanded debt load and debt service costs, when combined with
significantly reduced earnings capacity, indicate that material
improvement in the balance sheet is unlikely absent a
restructuring of the balance sheet.  This could eventually take
place through a distressed debt exchange.

Fitch believes that direct federal aid is highly likely to be
forthcoming, although the amount, timing, structure and term
remain uncertain.  Without material federal assistance in the
short term, Fitch would review the rating for a potential
downgrade to 'CC', which indicates that default is probable.
Given the extended cash drains expected through at least 2009 and
the need for balance sheet restructuring, provision of federal
assistance may not preclude a downgrade to 'CC'.

Deteriorating macroeconomic conditions and the effects of the
credit crisis continue to ratchet down retail sales volumes and to
expand negative cash flows. Restructuring costs, other one-off
items, and working capital outflows have exacerbated operating
losses, factors that will continue to hamper any recovery in the
near term.  The rationing of retail financing highlights the
tremendous capital advantage held by transplant manufacturers,
further impairing near-term volume and pricing potential.

In addition, Fitch placed these on Rating Watch Negative:

     -- Senior secured at 'B/RR1';
     -- Senior unsecured at 'CCC-/RR5'.

General Motors of Canada Ltd.

    -- Long term IDR 'CCC';
    -- Senior unsecured at 'CCC-/RR5'.



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BUENA FAMILIA: Creditors Can File Claims Until November 21
----------------------------------------------------------
The members of Buena Familia Limited decided to have the company
wound up on November 6, 2008 and appointed Robin J. Mayor as
liquidator.

The liquidator can be reached at:

          Messrs. Conyers Dill & Pearman
          Clarendon House
          2 Church Street
          Hamilton, HM 11
          Bermuda

Creditors of Buena Familia Limited have until November 21, 2008,
to prove their debts or claims.

A final general meeting of Buena Familia's members has been
scheduled on December 10, 2008 at 9:30 a.m.


HOME RE: Proofs of Claim Filing Deadline Is November 21
-------------------------------------------------------
Home Re Limited's creditors are given until November 21, 2008, to
prove their claims to John C. McKenna, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Home Re's members agreed on November 4, 2008, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The Liquidator can be reached at:

          John C. McKenna
          Finance & Risk Services, Ltd.
          P.O. Box HM 321, Hamilton HM BX
          Bermuda


HOME RE: Final Member's Meeting Is on December 12
-------------------------------------------------
Home Re Limited will hold its final member's meeting on Dec. 12,
2008, at 9:30 a.m.,  at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, in Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

The company's liquidator is:

          John C. McKenna
          Finance & Risk Services, Ltd.
          P.O. Box HM 321, Hamilton HM BX
          Bermuda


REFCO CAPITAL: Proofs of Claim Filing Deadline Is November 21
-------------------------------------------------------------
Refco Capital Markets International, Ltd.'s creditors are given
until November 21, 2008, to prove their claims to William B.
Flynn, the company's liquidator, or be excluded from receiving any
distribution or payment.

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

The company's members agreed on November 4, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The company's liquidator is:

          William B. Flynn
          19 W 44th Street - 12th Floor
          New York, N.Y. 10036 U.S.A.


REFCO CAPITAL: Final Members' Meeting Is on December 12
-------------------------------------------------------
Refco Capital Markets International, Ltd. will hold its final
members' meeting on December 12, 2008, at 9:30 a.m., at the
offices of Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, in Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.


SEA CONTAINERS: Files 18 Supplementary Documents to Amended DS
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware 18 documents as
additional supplement to their Second Amended Disclosure Statement
explaining their Second Amended Joint Plan of Reorganization:

   (1) Constitutional and organizational documents of Newco;

   (2) Newco transfer agreement;

   (3) Section 1129(a)(5) disclosures with respect to directors
       and officers;

   (4) U.K. Scheme of Arrangement of Sea Containers Services
       Ltd.;

   (5) GE SeaCo definitive settlement documents;

   (6) Executory contracts and unexpired leases to be assumed;

   (7) Executory contracts and unexpired leases to be assumed as
       amended;

   (8) Executory contracts and unexpired leases to be rejected;

   (9) Causes of action to be transferred to Newco;

  (10) Causes of action to be retained by the Reorganized
       Debtors;

  (11) Equalization escrow agreement;

  (12) Non-Debtor subsidiary trust deed;

  (13) Equalization-related employee claim trust deed;

  (14) Newco repatriation note;

  (15) No objection letter;

  (16) Agreement with respect to pension protection fund
       eligibility procedures;

  (17) Newco director and officer equity incentive plan; and

  (18) Plan administrator agreement.

The Debtors note that pursuant to the Plan, counterparties to
assumed or rejected contracts and leases may file an objection to
a cure amount by filing a proof of claim 30 days after the earlier
of the (i) date of any assumption, and (ii) the Plan's effective
date.  Failure to file an objection by the deadline will be deemed
an acceptance of the cure amounts proposed by the Debtors.

                    About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

(Sea Containers Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Can Access US$150MM DIP Funding from Fortis Bank
----------------------------------------------------------------
To successfully emerge from bankruptcy and consummate the
transactions contemplated under their Second Amended Joint Plan of
Reorganization, Sea Containers Ltd. and its debtor-affiliates need
to secure exit financing, relates Robert S. Brady, Esq., at Young
Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware.

For this reason, the Debtors seek authority from the United States
Bankruptcy Court for the District of Delaware to enter into a
US$150,000,000 exit financing with Fortis Bank (Nederland) N.V.
and DVB Bank S.E. pursuant to a commitment letter.

In addition to repaying the DIP loan, the Plan provides that the
Debtors use Exit Financing proceeds to fund certain payments
under the Plan, and provide working capital for SeaCo Finance
Ltd., the entity to which Sea Containers Ltd.'s container
interests will be transferred.

A copy of the Commitment Letter is available for free at:

              http://ResearchArchives.com/t/s?34b6

                     The Exit Facility

Under the Commitment Letter, the Exit Lenders will provide SCL
with exit financing consisting of a term loan facility of up to
US$150,000,000.

Borrower          SeaCo Finance Ltd.

Guarantors        Sea Containers SPC Ltd, Quota Holdings Ltd.
                   and Newco America

Administrative    Fortis Bank
Agent

Term Loan         Aggregate principal amount of up to
Facility          US$150,000,000 will be available pursuant to a
                   five-year term loan facility.

Maturity          The fifth anniversary after the Funding Date.
                   The Funding Date is expected to occur on or
                   prior to January 31, 2009.

Fees              * Upfront fee of 1.75% of the initial
                    principal amount under the Term Loan
                    Facility;

                  * Administrative Agent fee ofUS$75,000 fixed
                    annual fee;

                  * Commitment fee of 3% per annum of the
                    facility amount;

                  * Work fee of US$250,000; and

                  * Termination fee equal to (i) 75% of the
                    Upfront Fee, minus (ii) the Work Fee.

Events of         The usual and customary events in transaction
Default           of this type, including nonpayment of
                   principal, interest and fees, and failure to
                   perform covenants, and subject to carveout,
                   materiality and knowledge qualifiers, and cure
                   provisions.

Remedies upon an   Upon an Event of Default, the Exit Lenders
Event of Default   will be entitled to (i) accelerate the payment
                  of all obligations owing under the Facility,
                  and (ii) instruct the Borrower to sell or
                  liquidate the owned containers, any finance
                  leases, and repatriation note with any
                  proceeds received being applied first to
                  satisfy the obligations owing under the
                  Facility.

Mr. Brady declares that a limited purpose entity, currently named
Topco, may be formed on or prior to the loan's funding date to
acquire the shares of the Borrower.  Topco will be an additional
guarantor, and will pledge its shares in the Borrower.

To secure the Loan, the Borrower and Sea Containers SPC Ltd. will
grant the Administrative Agent valid and perfected first priority
liens and security interests in all of their present and future
property and assets, subject to customary and negotiated
exceptions.

The terms of the Facility are reasonable, and the best one
available to the Debtors, Mr. Brady tells the Court.  He adds
that terms were finalized after lengthy negotiations and thorough
consideration of numerous financing arrangements.  Absent the
Court's approval, the Debtors will be hard-pressed to maintain
their exit timetable, he continues.

To recall, the Debtors' voting and plan objection deadline is on
Nov. 10, 2008.  The plan confirmation hearing will commence
on Nov. 24.

                          *     *     *

Judge Kevin J. Carey authorized the Debtors to enter into the
US$150,000,000 exit financing with Fortis Bank and DVB Bank.  The
Court also approved the Commitment Letter, and directed the
Debtors to make payments of obligations pursuant to the Commitment
Letter as administrative claims under Sections 503(b) and
507(a)(1) of the Bankruptcy Code.

                    About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.  Sea
Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

(Sea Containers Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


WHITE MOUNTAINS: Proofs of Claim Filing Deadline Is November 21
---------------------------------------------------------------
White Mountains Holdings Bermuda Ltd.'s creditors are given until
November 21, 2008, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

The company's shareholders agreed on November 26, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The Liquidator can be reached at:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11, Bermuda


WHITE MOUNTAINS: Final Member's Meeting Is on December 9
--------------------------------------------------------
White Mountains Holdings Bermuda Ltd. will hold its final member's
meeting on December 9, 2008, at 9:30 a.m., at the offices of
Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, in
Hamilton, Bermuda.


These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

The company's liquidator is:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11, Bermuda



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BRASKEM S.A.: Posts BRL849 Million Net Loss for 3Q 2008
-------------------------------------------------------
Braskem S.A. posted a third-quarter net loss of 849 million reais
(US$400.7 million) from a net income of 132 million reais a year
earlier, affected by the devaluation of the real in the period,
Reuters reports.

Revenues in the third quarter, Business News Americas relates,
totaled 5 billion reais, 14% higher than Q2 due to price and sales
volume increases, especially for basic petrochemicals.

Reuters relates that Brazil's currency, the real BRBY, has
weakened 26% since reaching a nine-year high in early August,
causing huge losses for companies that had large dollar-
denominated debt or that held certain types of foreign exchange
derivatives.

According to the company's press release, the growth of the EBITDA
is 31%, jumping from R$519 million to R$683 million.  The EBITDA
margin was 13.6%, almost two percent above the margin reached in
the second trimester.  This performance reflects mainly the
increment of the revenue with petrochemical basics, especially of
aromatics, which compensated greater costs of naphta in the
period.

"Braskem focused on operational profitability maximization and
competitive maintenance in the petrochemical chain during the
period. Even with high naphtha prices we were able to improve our
margins and increase the use of the installed capacity in our
industrial units," Business News cited Braskem CEO Bernardo Gradin
as saying.

Meanwhile, Reuters notes that the company will delay the
construction of a polyethylene plant in Venezuela by one year and
a polypropylene plant there by two quarters due to the credit
crunch in global financial markets.  "The liquidity crisis has
changed some time frames," Mr. Gradin was cited by Reuters as
saying.

According to Reuters, the company will seek financing for the two
plants to go online in 2013 and 2012, respectively, in Germany and
Italy.  It will also tap the Inter-American Development Bank and
the Andean Development Corporation, Mr. Gradin said.

The expansion at its Camacari plant in Brazil's northeastern Bahia
state will now be completed in 2013, a year later than originally
planned, Gradin said, adding that other expansion plans could be
delayed as well, Reuters says.

Reuters adds that Braskem said it expects a slowdown in global
growth in 2009 and, because of that, it plans to cut output in the
fourth quarter "to adjust its plants in external markets to
current demand."

                        About Braskem S.A.

Braskem S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins
producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2008, Fitch Ratings affirmed the 'BB+' foreign and
local currency issuer default ratings of Braskem S.A. Fitch
also affirmed the 'BB+' ratings on the company's senior
unsecured notes 2008, 2014, and senior unsecured notes 2017.

TCR-LA reported on Dec. 10, 2007, that Standard & Poor's raised
Braskem's long-term corporate credit to 'BB+' from 'BB'.

On Nov. 28, 2007, Moody's Investors Service assigned the company
a corporate family rating of Ba1 on the agency's global scale.


CAMARGO CORREA: To Continue Investing in Angola
-----------------------------------------------
Camargo Correa SA plans to invest US$2 million over the next few
months in partnership with Escom Imobiliaria, of Portuguese Group
Espirito Santo, Macauhub News reports, citing Jornal de Angola.

The newspaper, the report relates, was told by a person familiar
with the situation that the partnership planned to hand over to
customers an eight-tower, 148 housing unit project, with areas
ranging between 140 and 190 square metres.  A second project for
foreign and national companies planning to set up new headquarters
is already underway, the person said.

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last 12
months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
October 6, 2008, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit ratings on Camargo Correa S.A. and
its subsidiary Camargo Correa Cimentos S.A., as well as its 'brAA'
Brazilian National Scale rating on Cimentos.  At the same time,
S&P affirmed its ratings on the issuances either made or
guaranteed by these two companies.  The outlook remained stable.


CSN NAMISA: Unit to Invest US$2BB to Double Iron Ore Sales by 2015
------------------------------------------------------------------
Companhia Siderurgica Nacional S.A.'s iron ore unit, Nacional
Minerios SA, will invest US$2 billion as part of a plan to double
sales and more than triple production by 2015, Fabiola Moura of
Bloomberg News reports.

The report relates that CSN forecast the unit's sales will
increase to 39 million tons in 2015 from 18.2 million tons in
2009, while production will grow to 33 million tons from 12.8
million tons.

According to the report, about US$1.2 billion of the planned
investment in Namisa, as the iron ore unit is known, will go to
two pellets plants with capacity to produce 12 million tons a
year.

Namisa will invest US$700 million in a concentrator plant for iron
ore purchased from the Casa de Pedra mine and US$100 million to
expand production capacity using Namisa's own mining assets, the
report says.

CSN estimates Namisa's reserves at 600 million tons.

Namisa's production cost, the report notes, is US$10 per ton and
may reach US$22 with transportation.  The total cost goes down to
US$18 per ton for ore bought from Casa de Pedra mine and range
from US$20 to US$40 per ton when Namisa buys the ore from third
parties, the company said, the report adds.

                  About Companhia Siderurgica

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.



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AES CORP: 3Q Consolidated Revenues up 25% to US$4.3 Billion
-----------------------------------------------------------
AES Corporation reported strong operational results for the third
quarter ended September 30, 2008, benefiting from higher pricing
across all regions and increased demand in Latin America.

"In the third quarter, our earnings were in line with our
expectations when adjusted for foreign currency transaction
impacts.  Our cash flows were strong, with Consolidated Free Cash
Flows increasing by nine percent," said Paul Hanrahan, President
and Chief Executive Officer of The AES Corporation.  "We also
recognize that we are operating in an environment with increased
market volatility.  As a result, we are taking aggressive steps to
preserve liquidity, prioritize investments and reduce costs."

"For the full year, and taking into consideration the foreign
exchange transaction impacts, we are modifying Adjusted Earnings
Per Share (EPS) guidance for 2008 from US$1.16 to US$1.07.
Looking to 2009, we are lowering our Adjusted EPS guidance by
US$0.05 to a range of US$1.15 to US$1.20, reflecting changes in
assumptions about foreign currency exchange rates.  However, we
are reaffirming 2009 guidance for Subsidiary Distributions of
US$1.1 billion to US$1.3 billion," added Mr. Hanrahan.

"We are well positioned to weather current market trends," said
Victoria D. Harker, Executive Vice President and Chief Financial
Officer of AES.  "As part of our earlier efforts to improve
financial flexibility, including refinancing US$2 billion of
parent debt, we have substantially reduced our near-term
obligations and extended their maturities while improving pricing.
At the subsidiary level, 93 percent of our debt is now in the
local functional currency, which minimizes risk.  As a result of
these initiatives, we expect that the 2009 and 2010 debt
maturities will be satisfied by our existing cash and operating
cash flows.  We are also pleased that the credit market recently
demonstrated confidence in AES by providing a US$1 billion
financing with favorable terms for the Angamos project in Chile."

Third Quarter 2008 Financial Highlights (comparisons of Q3 2008
  vs Q3 2007):

    * Consolidated Revenues up 25% to US$4.3 billion, primarily
      due to higher prices across all regions and increased volume
      in Latin America, as well as favorable foreign currency
      translation and recovery of pass-through expenses

    * Consolidated Gross Margin up 13% to US$1.0 billion, with
      improved Latin American performance and favorable foreign
      currency translation

    * Diluted Earnings Per Share from Continuing Operations up 57%
      to US$0.22

    * Adjusted EPS from Continuing Operations (a non-GAAP
      financial measure) up 47% to US$0.25 (see Appendix for
      reconciliation to GAAP), including US$0.09 of foreign
      currency transaction losses primarily in the Philippines and
      Chile

    * Net Income up 39% to US$145 million or US$0.22 per diluted
      share

    * Consolidated Operating Cash Flow up 3% to US$784 million
      primarily due to improved performance at our Latin America
      businesses and decreased net working capital requirements at
      our Latin America utility businesses

    * Consolidated Free Cash Flow (a non-GAAP financial measure)
      up 9% to US$642 million due to improved consolidated
      operating cash flow and lower maintenance capital
      expenditures

           Other Highlights and Recent Developments:

    * Closed a 17 year, non-recourse debt financing of
      approximately US$1 billion, at the blended cost of LIBOR
      plus 200 basis points, for the construction of the Angamos
      project, a 518 MW coal-fired plant located in northern Chile
      in October 2008

    * In July 2008 started commercial operations of Buffalo Gap
      III, a 170 MW wind farm in Abilene, Texas, and raised
      approximately US$240 million of tax-equity financing to
      replace the construction loan in July 2008

    * Repurchased 10.7 million shares of common stock at a total
      cost of approximately US$143 million in August and September
      2008

Year-to-Date 2008 Financial Highlights (comparison year to date of
Q3 2008 vs Q3 2007):

    * Consolidated Revenues up 27% to US$12.6 billion, primarily
      due to higher prices at our generation businesses across all
      regions and increased volume in Latin America, as well as
      favorable currency translation and recovery of pass-through
      expenses.

    * Consolidated Gross Margin up 17% to US$3.0 billion,
      primarily due to increased volume in Latin America and
      higher pricing and volume at our European generation
      businesses, as well as favorable foreign currency
      translation.

    * Diluted Earnings Per Share from Continuing Operations up
      156% to US$1.87, including US$1.31 gain from sale of
      Northern Kazakhstan businesses in May 2008.

    * Adjusted EPS from Continuing Operations (a non-GAAP
      financial measure) of US$0.81 (see Appendix for
      reconciliation to GAAP), including US$0.12 of foreign
      currency transaction losses primarily in the Philippines and
      Chile.

    * Net Income increased to US$1.3 billion, or US$1.87 per
      diluted share, from a loss of US$103 million or (US$0.15)
      per diluted share in 2007.  The 2007 result reflects loss on
      the sale of a Venezuelan subsidiary, CA La Electricidad de
      Caracas (EDC), which resulted in a non-cash, after-tax
      charge of US$676 million or US$1.00 per diluted share.

    * Consolidated Operating Cash Flow of US$1.6 billion, down
      from US$1.9 billion for the same period in 2007 (which
      included a US$151 million contribution from EDC, a business
      sold in May 2007).  The remaining US$146 million decrease is
      primarily due to higher commodity prices impacting net
      working capital needs in Asia.

    * Consolidated Free Cash Flow (a non-GAAP financial measure)
     of US$1.1 billion, down fromUS$1.2 billion for the same
     period in 2007.  Excluding any contribution from EDC, Free
     Cash Flow (a non-GAAP financial measure) would have decreased
     by approximately US$16 million due primarily to lower
     operating cash flow, offset by reduced maintenance capital
     expenditures.

Updated Guidance:

The Company updated its previously announced guidance as follows:

    * For 2008, based on strong operating performance, the company
      reaffirmed its Operating Cash Flow and Free Cash Flow (a
      non-GAAP financial measure) guidance, at US$2.2 billion and
      US$1.4 billion respectively.  The company lowered its
      Adjusted EPS guidance by US$0.09 to US$1.07 to reflect non-
      cash, unrealized mark-to-market foreign currency transaction
      losses primarily in the Philippines and Chile.  The company
      also lowered its guidance for Diluted Earnings per Share
      from Continuing Operations by US$0.15 to US$2.07 reflecting
      the change in Adjusted EPS as well as net losses
      totaling US$0.06 related to impairment charges and a loss on
      sale of a portion of its interest in a Latin American
      subsidiary.

    * For 2009, the company lowered its Adjusted EPS (a non-GAAP
      financial measure) guidance to US$1.15-US$1.20 primarily
      reflecting changes in assumptions about foreign currency
      exchange rates.  The company also reaffirmed its Subsidiary
      Distribution guidance of US$1.1 billion to US$1.3 billion.

Additional details regarding these guidance revisions are set
forth in the Appendix to this press release.

                    Non-GAAP Financial Measures

See Non-GAAP Financial Measures for definitions of Adjusted
Earnings Per Share and Free Cash Flow and reconciliations to the
most comparable GAAP financial measure.


                     About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
power company with operations in South America, Europe, Africa,
Asia, and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES has been in Eastern Europe for more than ten years since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004. The company has Latin America
operations in Argentina, Brazil, Chile, Dominican Republic, El
Salvador, and Panama.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, India,
Kazakhstan, Oman, Qatar, Pakistan and Sri Lanka.  Fuels include
coal, diesel, hydro, gas and oil. AES has been in the region
since 1994, when it acquired the Cili generation plant in China.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's Investors Service assigned a B1 rating to
The AES Corporation's proposed issuance of US$600 million senior
unsecured notes due 2020.  In addition, Moody's has affirmed the
ratings of AES, including the company's Corporate Family Rating
at B1, its Probability of Default Rating at B1, its senior
secured credit facilities at Ba1, its second priority senior
secured notes at Ba3, its senior unsecured notes at B1 and its
trust preferred securities at B3.  Moody's said the rating
outlook for AES is stable.

The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, AES Corporation was in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as stated in the credit agreements.  As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007.  There are no outstanding borrowings
under the senior unsecured facility.



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ANSLEY PARKS: Proofs of Claim Filing Deadline is on Nov. 27
-----------------------------------------------------------
Ansley Parks ABS CDO, Ltd.'s creditors have until Nov. 27, 2008,
to prove their claims to Chris Marett and Prashant Veturkar, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Ansley Parks's shareholders agreed on October 16, 2008, to place
the company into voluntary liquidation.

The Liquidators can be reached at:

           Chris Marett
           Prashant Veturkar
           Maples Finance Limited
           P.O. Box 1093GT, Grand Cayman
           Cayman Islands


ARCA FUNDING: Proofs of Claim Filing Deadline is on November 27
---------------------------------------------------------------
ARCA Funding 2006-11, Ltd's creditors have until November 27,
2008, to prove their claims to Chirs Marett and Jagjit (Bobby)
Toor, the company's liquidators, or be excluded from receiving any
distribution or payment.

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

ARCA Funding's Liquidators can be reached at:

           Chris Marett
           Bobby Toor
           Maples Finance Limited, P.O. Box 1093GT
           Grand Cayman, Cayman Islands


ATAMI BEACH: Proofs of Claim Filing Deadline is November 27
-----------------------------------------------------------
Creditors of Atami Beach Line Funding Limited have until November
27, 2008, to prove their debts or claims.

ATAMI's shareholders placed the company into liquidation on
October 7, 2008.

Daniel Rewalt and Giles Kerley, appointed joint liquidators, can
be reached at:

          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman
          Cayman Islands


BELVOIR PREMIUM: Proofs of Claim Filing Deadline is on November 27
------------------------------------------------------------------
Belvoir Premium Fund Limited's creditors have until November 27,
2008, to prove their claims to Jagjit (Bobby) Toor and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Belvoir Premium's shareholders agreed on October 2, 2008, to place
the company into voluntary liquidation.

Belvoir Premium's Liquidators can be reached at:

           Jagjit (Bobby) Toor
           Giles Kerley
           Maples Finance Limited
           P.O. Box 1093GT Grand Cayman
           Cayman Islands


BRIDGNORTH GLOBAL: Proofs of Claim Filing Deadline is on Nov. 26
----------------------------------------------------------------
Bridgnorth Global Banks Fund Limited's creditors have until
November 26, 2008, to prove their claims to Tommaso Cascella, Mark
Hoge and Christopher Williams, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

Bridgnorth's shareholders agreed on September 22, 2008, to place
the company into voluntary liquidation.

The Liquidators can be reached at:

           Tommaso Cascella
           Mark Hoge
           Christopher Williams
           c/o Maples Finance Limited, P.O. Box 1093GT
           Grand Cayman, Cayman Islands


BRIDGNORTH GLOBAL: Proofs of Claim Filing Deadline is on Nov. 26
----------------------------------------------------------------
Bridgnorth Global Banks Master Fund Limited's creditors have until
November 26, 2008, to prove their claims to Tommaso Cascella, Mark
Hoge and Christopher Williams, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

Bridgnorth's shareholders agreed on September 22, 2008, to place
the company into voluntary liquidation.

The Liquidators can be reached at:

           Tommaso Cascella
           Mark Hoge
           Christopher Williams
           c/o Maples Finance Limited, P.O. Box 1093GT
           Grand Cayman, Cayman Islands


BUNGE FERTILIZANTES: Proofs of Claim Filing Deadline is on Nov. 27
------------------------------------------------------------------
Bunge Fertilizantes International Participation Ltd.'s creditors
have until November 27, 2008, to prove their claims to Jan Neveril
and Giles Kerley, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Bunge Fertilizantes's shareholders agreed on September 22, 2008,
to place the company into voluntary liquidation.

The Liquidators can be reached at:

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


BUNGE TRADE: Proofs of Claim Filing Deadline is on November 27
--------------------------------------------------------------
Bunge Trade Participation Ltd.'s creditors have until Nov. 27,
2008, to prove their claims to Jan Neveril and Giles Kerley, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Bunge Trade's shareholders agreed on September 22, 2008, to place
the company into voluntary liquidation.

The Liquidators can be reached at:

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



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CODELCO: Board OKs 2nd Stage Expansion of Gaby Mine
---------------------------------------------------
Corporacion Nacional del Cobre (Codelco)'s board had approved the
second-stage expansion of its newest copper mine Gaby, in northern
Chile, Reuters reports.

The report relates that the company said Gaby mine, which started
operations in May, would produce some 70,000 tonnes of copper this
year, 12.5 percent less than the 80,000 projected earlier in the
year.

"We have reached capacity output.  This important achievement
brings us to annual output of 150,000 tonnes per year of copper,"
Reuters cited Gaby Chief Executive Eliseo Perez as saying.

According to the report, Mr. Perez said the Phase II expansion
would bring output to 170,000 tonnes per year over 28 months and
would cost about US$202 million.

The expansion comes at a time when global miners are reviewing
project viability as global economic growth slow and even retreats
in some cases, the report says.

Corporacion Nacional del Cobre -- Codelco -- explores, develops,
mines and processes copper in Chile.  The principal product of
the company is Grade A copper cathodes.  The company, which is
owned by Chilean government, exports most of its production to
companies in Europe and Asia.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America, on
June 24, 2008, citing Business News Americas, Mining Minister
Santiago Gonzales said the company needs upgrading.   The TCR-LA
related that protests demanding for the partial privatization of
Codelco have been increasing in recent months.

According to the TCRLA Codelco's workers had staged a drawn-out
strike in April to demand bonuses and benefits.  Work stoppage
brought closure of some of Codelco's mines, resulting in the
company incurring almost US$100 million on supply services as of
April 29, and contributed to the rising of copper prices.



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ECOPETROL SA: Thompson & Knight Assists in Joint Venture With BP
----------------------------------------------------------------
The global law firm of Thompson & Knight LLP recently assisted
Ecopetrol S.A., with a participation agreement for the joint
exploration of hydrocarbons in the U.S. Gulf of Mexico with two
U.S. subsidiaries of British Petroleum (BP).

The Firm served as outside counsel to Ecopetrol America Inc., a
subsidiary of Ecopetrol S.A., in the negotiation of the joint
venture to search for natural gas at depths exceeding 20,000 feet.
The agreement contemplates several phases.  During the first year
at least one exploratory well will be drilled and 3D seismic data
will be acquired.  The conditions and development of subsequent
phases will depend on the results obtained in the first phase.
Ecopetrols estimated investment for this first phase will amount
to approximately US$120 million and will be carried out in two
exploration areas in the Gulf of Mexico located in federal waters
offshore Texas, in which Ecopetrol will have a 15% and 30%
interest respectively.

Mauricio Echeverry, General Counsel for Ecopetrol; Rodolfo Garcia
Paredes, Leader of Ecopetrol International Legal Team; and Adriana
Londo=F1o Angel, Legal Project Leader for Ecopetrol, coordinated all
legal matters in connection with the transaction.  The Thompson &
Knight team of attorneys included Ben H. Welmaker, Pablo C.
Ferrante, David M. Wildes, and Ivan P=E9rez-Arteche.  The agreement
between the companies was finalized on October 20, 2008.

                             About BP

BP is one of the largest global energy companies with operations
in more than 100 countries across six continents.  The company
focuses on exploration and production of oil and gas; refining,
manufacturing, and marketing of oil products and petrochemicals;
transportation and marketing of natural gas; and BP Alternative
Energy, a growing business in renewable and low-carbon power and
next generation energy technolog

                         About Ecopetrol

Ecopetrol S.A. is an integrated-oil company that is wholly owned
by the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity.  In 2005, it
produced about 60 percent of Colombia's daily output.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign
and currency issuer default rating at 'BB+'.



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J A M A I C A
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AIR JAMAICA: No "Magic Wand" to Solve Airline's Problems, CEO Says
------------------------------------------------------------------
Newly appointed Air Jamaica CEO Bruce Nobles is optimistic with
the opportunities that are opened to the company but said he has
no "magic wand" to solve the airline's problems instantly, The
Jamaican Observer reports.

"I am not here as a critic, but to see what I can do to help," Mr.
Nobles was cited by the company as saying.

According to the report, the airline reported losses of
approximately US$170 million last year.  As reported by the
Troubled Company Reporter-Latin America on October 20, 2008,
citing The Jamaica Gleaner, Air Jamaica is set to lose US$108
million during the present financial year.

The TCRLA related that Senator Don Wehby said the timetable for
selling the airline was still March 2009.

                      About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America. Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994. However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                       *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Nov 6, 2008, 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.

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



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M E X I C O
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ALL AMERICAN: Files Amended Disclosure Statement and Ch. 11 Plan
----------------------------------------------------------------
All American Semiconductor Inc. delivered to the Hon. Laurel
Isicoff of the United States Bankruptcy Court for the Southern
District of Florida a first amended Chapter 11 plan of liquidation
dated Nov. 5, 2008, and a first amended disclosure statement
explaining the plan.

A hearing is set for Jan. 5, 2008, at 2:00 p.m., to consider the
adequacy of the Debtor's disclosure statement.  The hearing will
take place at 51 S.W. First Avenue, Room 1409 in Miami, Florida.
Objections, if any, are due Dec. 26, 2008.

                      Overview of the Plan

The Plan contemplates the continuation of the investigation and
liquidation process including the prosecution of litigation claims
in favor of the consolidated estate and the holders of allowed
claims.  On the plan's effective date, the liquidating trust will
pursue the liquidation of the liquidating trust assets with the
proceeds from the liquidation to be distributed to holders of
allowed claims in accordance to the terms of the plan.

Under the plan and the liquidating trust, Kenneth A. Welt, will be
appointed as the liquidating trustee.  Mr. Welt is expected to
liquidate all of the liquidating trust assets and distribute the
proceeds to holders of allowed claims.

No assets of the consolidated estate, including the liquidating
trust assets, will vest in the Debtors.  The Liquidating Trust
will be under the full control of Mr. Welt as provided in the
plan.  The liquidation of property of the consolidated estate is
intended to provide creditors with maximum distributions on their
allowed claims.

The plan classifies interests against and liens in the Debtor in
six classes.  The classification of treatment of interests and
claims are:

                Treatment of Interests and Claims

               Type                        Estimated     Estimated
Class         of Claims      Treatment    Amount        Recovery
-----         ---------      ---------    ---------     ---------
unclassified  superpriority             US$8,926,370    100%
               claims

unclassified  administrative               2,602,463    100%
               claims

unclassified  priority tax                 321,443      100%
               claims

1             allowed        unimpaired    468,580      100%
               priority
               claim

2A            lender secured unimpaired    0            100%
               claim

2B            allowed other  unimpaired    0            100%
               secured claim

3             allowed        impaired      32,378,192   32.2%
               unsecured
               claims

4             lender         impaired      15,213,701   32.2%
               deficiency
               claim

5             allowed        impaired      0
               subordinated
               claim

6             allowed        impaired                   0%
               interests

Classes 3 and 4 are entitled to vote for the plan.

Each allowed priority claim against the consolidated estate will
be paid in full on (i) the plan's effective date; (ii) the date of
a final order allowing the priority claim; or (iii) other date and
terms as may be agreed by the Official Committee of Unsecured
Creditors.

At the option of the liquidating trustee, the lenders shall
receive on account of their lender secured claim (i) cash in an
amount equal to the unpaid amount of the lender secured claim,
(ii) the proceeds of the sale or disposition of the collateral
securing lender secured claim, to the extent of the value of the
lenders' secured interest in the lender secured claim, (iii) the
collateral securing the lender secured claim, (iv) treatment that
leaves unaltered the legal, equitable and contractual rights to
which the Lenders are entitled, or (v) such other distribution as
agreed by Committee.

Each allowed other secured claim against the Debtors will be
classified in a separate sub-class within this Class 2B
and will be satisfied by each holder of an allowed other secured
claim receiving from the Debtors or their estates one or more of
the following, at the option of the liquidating trustee,
either (i) cash in an amount equal to the unpaid amount of the
other secured claim, (ii) the proceeds of the sale or disposition
of the collateral securing such Allowed Other Secured Claim
to the extent of the value of the holder's secured interest in the
Allowed Other Secured Claim, (iii) the collateral securing the
allowed other secured claim, (iv) a note with periodic cash
payments having a present value equal to the amount of the Allowed
Other Secured Claim, (v) such treatment that leaves unaltered the
legal, equitable and contractual rights to which the holder of
such Allowed Other Secured Claim is entitled, or (vi) other
distribution as agreed to by the Committee.

Each allowed unsecured claim against the Debtors will be satisfied
by distributions on each distribution date of cash on deposit from
time to time in the collected cash amounts to the holder of each
such Allowed Unsecured Claim on a pro rata basis with (i) the
other holders of Allowed Unsecured Claims in this Class 3 and (ii)
the Lenders on account of the Lender Deficiency Claim; provided,
that the holders of the Lender Deficiency Claim shall not be
entitled to receive any distribution on account thereof from the
proceeds of the Certain Specified Assets.

The Lender Deficiency Claim against the Debtors will be satisfied
by distributions to the lenders on a pro rata basis with
the holders of all allowed unsecured claims in Class 3.  The
distributions to the lenders under the plan will be made on each
distribution date and will be made from cash on deposit from
time to time in the collected cash accounts.

Each allowed subordinated claim against the consolidated estate
will be satisfied by distributions to the holder of each allowed
subordinated claim on a pro rata basis with the holders of all
allowed subordinated claims in Class 5.

The holders of interests will not receive or retain any property
or interest in property on account thereof.  All interests shall
be canceled as of the effective date.

Based in Miami, Florida, All American Semiconductor Inc. (Pink
Sheets: SEMI.PK) -- http://www.allamerican.com/-- distributes
electronic components manufactured by others.  The company
distributes a full range of semiconductors including transistors,
diodes, memory devices, microprocessors, microcontrollers, other
integrated circuits, active matrix displays and various board-
level products.  All American also distributes passive components
such as capacitors, resistors and inductors; and electromechanical
products such as power supplies, cable, switches, connectors,
filters and sockets.  The company also offers complete solutions
for flat panel display products.

In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers.  The company has 36
strategic locations throughout North America and Mexico, as well
as operations in China and Western Europe.

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963).  Craig D. Hansen, Esq., Tina M. Talarchyk, Esq., and
Stephen D. Lerner, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors.  Mesirow Financial Consulting, LLC serve as
financial advisor to the Committee.  William Hawkins, Esq., at
Loeb & Loeb, LLP, is the Official Committee of Unsecured Creditors
general bankruptcy counsel.  Jerry M. Markowitz, Esq., at
Markowitz, Davis, Ringel & Trusty, P.A., is the Committee's local
counsel.  As of Feb. 28, 2007, the Debtors' balance sheet showed
total assets of US$117,634,000 and total debts of US$106,024,000.



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P U E R T O  R I C O
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CENTENNIAL COMM: AT&T Will Acquire Firm for US$944 Million
----------------------------------------------------------
AT&T Inc. will acquire Centennial Communications Corp. for
US$944 million in cash.  The transaction will enhance AT&T's
wireless coverage for customers in largely rural areas of the
Midwest and Southeast United States and in Puerto Rico and the
U.S. Virgin Islands.  With the addition of Centennial
Communications' wired network in Puerto Rico, AT&T will also be
able to better serve the company's business customers who operate
there.

As a result of the acquisition, Centennial Communications'
1.1 million wireless subscribers -- many of them in rural areas --
will have access to the wireless network with the best global
coverage and to the nation's premier lineup of innovative wireless
devices, including iPhone 3G, an AT&T exclusive.  Centennial
Communications' customers who choose select smartphones -- such as
the BlackBerry(R) Bold(TM), another AT&T exclusive -- and AT&T
LaptopConnect cards will also enjoy free access to the nation's
largest Wi-Fi network.

"Mobility is a vital investment area for AT&T and our company's
biggest growth driver," said Ralph de la Vega, president and chief
executive officer of AT&T Mobility and Consumer Markets.  "This
transaction enhances network coverage for our consumer and
business customers and is expected to create long-term value for
AT&T's stockholders," he added.

Mr. de la Vega stated, "This acquisition offers important benefits
for wireless customers of both AT&T and Centennial.  Our existing
customers will enjoy a better on-network calling experience in the
current Centennial roaming areas.  And Centennial customers will
have access to a mobile-to-mobile network of nearly 75 million
subscribers, AT&T's national and international roaming
capabilities, our terrific device offerings and our great
portfolio of applications and services."

The Centennial Communications acquisition demonstrates AT&T's
commitment to continuously enhance network quality and coverage
for its wireless customers.  The addition of Centennial
Comunications' high-quality 850 megahertz spectrum will improve
service quality for AT&T customers in parts of Indiana, Louisiana,
Michigan, Mississippi, Ohio, and Texas.

Centennial Communications also provides switched voice and high-
capacity data and Internet Protocol solutions for business
customers in Puerto Rico.  The transaction gives AT&T a network
presence in Puerto Rico and will allow the company to better serve
its multinational business customers with a presence in this U.S.
territory.

"Centennial has a 20-year history of doing what is best for our
customers, and this transaction is a natural next step for us,"
said Michael J. Small, CEO of Centennial Communications.  "As a
result of this merger, our wireless customers will enjoy greatly
expanded network coverage and access to AT&T's wide range of
innovative products and services.  Our business customers will
benefit from AT&T's expertise in delivering networking services
and solutions to businesses of all sizes.  I thank our associates
for their dedication and hard work in always rising to the
challenges of our rapidly changing industry, and I take pride that
our company will become part of a world-class organization like
AT&T," he added.

Under terms of the agreement, Centennial Communications
stockholders will receive US$8.50 per share for a total equity
price of US$944 million.  Including net debt, the total enterprise
value is approximately US$2.8 billion.  AT&T expects the proposed
transaction to deliver significant value to its stockholders.  The
acquisition offers opportunities for synergies in areas including
corporate overhead, advertising, customer care and network
operations.  In the first year after the transaction closes, AT&T
expects minimal dilution to EPS and cash flow, driven by upfront
integration costs.

The acquisition is subject to regulatory approval, the approval of
Centennial's stockholders and other customary closing conditions.
Welsh, Carson, Anderson & Stowe -- Centennial Communications'
largest stockholder -- has agreed to vote in support of this
transaction.  AT&T is working to obtain approvals by the end of
the second quarter of 2009.

Centennial Communications' 1.1 million wireless customers are in
Puerto Rico and the U.S. Virgin Islands as well as in:

    --  Kalamazoo, Cass City, Newaygo, Battle Creek, Benton
        Harbor, Jackson, Roscommon, Allegan, Grand Rapids,
        Lansing, Muskegon and Saginaw-Bay City, Mich.;

    --  Miami, Kosciusko, Huntington, Kokomo, Muncie, Anderson
        and Lafayette, Indiana;

    --  Lima and Findlay-Tiffin and Williams County, Ohio;

    --  Lafayette, Alexandria, Iberville, Bastrop and Lake
        Charles and Caldwell, West Feliciana, Beauregard and
        DeSoto parishes, Los Angeles;

    --  Beaumont-Port Arthur, Texas; and

    --  Claiborne and Copiah counties, Mississippi.

                           About AT&T

AT&T Inc. is a premier communications holding company.  Its
subsidiaries and affiliates, AT&T operating companies, are the
providers of AT&T services in the United States and around the
world.  Among their offerings are the world's most advanced
Internet protocol-based business communications services and the
nation's leading wireless, high speed Internet access and voice
services.  In domestic markets, AT&T is known for the directory
publishing and advertising sales leadership of its Yellow Pages
and YELLOWPAGES.COM organizations, and the AT&T brand is licensed
to innovators in such fields as communications equipment.

               About Centennial Communications

Based in Wall, New Jersey, Centennial Communications Corp.
(Nasdaq: CYCL) - http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 582,200 access
lines and equivalents.  The US business owns and operates wireless
networks in the Midwest and Southeast covering parts of six
states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe is a significant
shareholder of Centennial.

                         *     *     *

Centennial Communications Corp. continues to carry Moody's
Investor Services' 'Caa1' senior unsecured debt rating, which was
placed in September 2006.


DORAL: Declares Cash Dividend on Four Series of Preferred Stock
---------------------------------------------------------------
Doral Financial Corporation declared the regular monthly cash
dividends on the company's 7% Noncumulative Monthly Income
Preferred Stock, Series A (the "Series A Preferred Stock"), 8.35%
Noncumulative Monthly Income Preferred Stock, Series B (the
"Series B Preferred Stock") and 7.25% Noncumulative Monthly Income
Preferred Stock, Series C (the "Series C Preferred Stock") for the
months of October, November and December.

The monthly dividend for the Series A, B and C preferred stock is
US$0.2917, US$0.173958, US$0.151042 per share, respectively and
payable on October 31, 2008, December 1, 2008 and December 31,
2008.  In the case of Series A Preferred Stock, the dividend is
payable holders of record as of close of business on October 29,
November 27, and December 29, 2008, with respect to the October,
November and December monthly dividends respectively.

In the case of the Series B and Series C Preferred Stock, the
dividend is payable to holders of record as of close of business
on October 15, November 15 and December 15, 2008, with respect to
the October, November and December monthly dividends respectively.

Doral Financial Corporation also declared the quarterly dividend
on the Company's 4.75% Perpetual Cumulative Convertible Preferred
Stock, in the amount of US$2.96875 per share.  The dividend is
payable on December 15, 2008 to holders of record as of the close
of business on December 1, 2008.

                      About Doral Financial

Based in New York City, Doral Financial Corp. (NYSE: DRL)
-- http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank; Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm; Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Doral Financial Corp. to
'B+' from 'B' and removed it from CreditWatch Positive, where it
had been placed July 20, 2007.  S&P said the outlook is stable.



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

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


                          - - - - -


                          ***********

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.


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