TCRLA_Public/081112.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, November 12, 2008, Vol. 9, No. 225

                            Headlines

A R G E N T I N A

ARWIN GROUP: Trustee Verifying Proofs of Claim Until December 11
AVAL RURAL: Moody's Keeps B2 Financial Rating With Stable Outlook
BAUDRACCO SA: Trustee Verifies Proofs of Claim
CAJA DE VALORES: S&P Cuts Long-Term Counterparty Rating to 'B+'
CONFECCIONES PICO: Proofs of Claim Verification Due on April 1

COOPERATIVA: Proofs of Claim Verification Due on February 2
FILKEM SA: Proofs of Claim Verification Due on March 2
GLOBAL CROSSING: Posts 3Q Financial Results for 2008
IMPRESORA AR-YA: Proofs of Claim Verification Due on Feb. 16
INTEGRAL SERVER: Proofs of Claim Verification Due on February 26

SOL DECORACIONES: Proofs of Claim Verification Due on Feb. 8
SOPROSER SA: Trustee Verifying Proofs of Claim Until March 4
TELCOM ARGENTINA: Earns P$831 Million for 9-Mos Ended Sept. 30


B E L I Z E

GENERAL MOTORS: Expanding Cash Losses Cues S&P's Junk Ratings


B E R M U D A

CITADEL: To Shut Down Bermuda Unit on High Cost of Capital
HANSA MARE: Proofs of Claim Filing Deadline Is November 21
HANSA MARE: Final Members' Meeting Is on December 9
MAN AB: Proofs of Claim Filing Deadline Is November 21
MAN AB: Final Members' Meeting Is on December 10

MAN INCREASED: Proofs of Claim Filing Deadline Is November 21
MAN INCREASED: Final Members' Meeting Is on December 10
PHYSICIANS INSURANCE: Proofs of Claim Filing Due on November 21
PHYSICIANS INSURANCE: Final Members Meeting Is on December 10


B R A Z I L

ARACRUZ CELULOSE: S&P Cuts Rating to 'BB' From 'BBB-'
BANCO BGN: Moody's Hikes Rating to 'Ba1' After BNP Paribas Merger
COMPANHIA SIDERURGICA: Sees 3Q Loss After Stock Bets Soured
TAM SA: Posts R$112.7 Million Net loss for Third Quarter 2008
UNIBANCO: Merrill Lynch Raises JV Company's Rating to 'Neutral'


C A Y M A N  I S L A N D S

ALADDIN CDO: Proofs of Claim Filing Due on November 27
ATTENTUS CDO: Proofs of Claim Filing Due on November 27
AZABU HOLDING: Proofs of Claim Filing Due on November 27
BLACKBIRD LEASING: Proofs of Claim Filing Due on November 27
LAKEFIELD CARIBBEAN: Proofs of Claim Filing Due on November 28

MOUNTAIN VIEW: Proofs of Claim Filing Due on November 27
MOVIDA ASSET: Proofs of Claim Filing Due on November 27
MUGELLO ABS: Proofs of Claim Filing Due on November 27
NATIONWIDE FINANCIAL: Proofs of Claim Filing Due on Nov. 27
NEWSTAR ARCTURUS: Proofs of Claim Filing Due on November 27

NH CAPITAL: Proofs of Claim Filing Due on November 27
NIGHTINGALE LEASING: Proofs of Claim Filing Due on Nov. 27


C O L O M B I A

ECOPETROL S.A.: Net Income Up 123% to COL$3.93 Trillion in 3Q2008
ECOPETROL SA: Fitch Affirms Foreign Currency IDR at 'BB+'
* COLOMBIA: Economy May Slow 1%-4% in 2009, Bank President Says


E C U A D O R

* ECUADOR: Gov't to Ask OPEC for Exception to Cutbacks


M E X I C O

BANCO BILBAO: Merrill Lynch Cuts Rating to "Underperform"
FORD CREDIT: Parent's Downgrade Cues Moody's 'Ba3' Rating
MAXCOM TELECOMUNICACIONES: S&P Affirms 'B' Rating


V E N E Z U E L A

* VENEZUELA: To Form US$4 Billion Joint Bank With Russia


                         - - - - -


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

ARWIN GROUP: Trustee Verifying Proofs of Claim Until December 11
----------------------------------------------------------------
The court-appointed trustee for Arwin Group S.A.'s bankruptcy
proceeding will be verifying creditors' proofs of claim until
December 11, 2008.

The trustee will present the validated claims in court as
individual reports on February 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
April 14, 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.


AVAL RURAL: Moody's Keeps B2 Financial Rating With Stable Outlook
-----------------------------------------------------------------
Moody's Latin America affirmed the B2 global local-currency
insurance financial strength rating of Aval Rural SGR with a
stable outlook.  In the same rating action, the rating agency
placed Aval Rural's A1.ar IFS rating on the Argentine national
scale under review for possible upgrade.

Moody's stated that the GLC rating affirmation and review for
upgrade of the national scale rating reflects Aval Rural's
improving trends in some areas of its business and financial
profile, despite a worsening operating environment and greater
volatility in its business of providing financial guarantees to
the agricultural sector.  The rating agency said that Aval Rural
has maintained overall credit fundamentals, specifically its good
market position as one of the leading guarantors.  Moreover, the
company has experienced a relatively low level of delinquent
guaranties, and continues to maintain strong operational and
financial integration with its main sponsor, Nidera S.A. Nidera
specializes in the cultivation and export of grains, oilseeds and
subproducts, as well as in the breeding of hybrid seeds, and in
the distribution of seeds, fertilizers and agri-chemicals.
In addition, the company's investment quality has improved
somewhat since the company initiated business in 2005 as it has
diversified into higher-quality asset classes over the past three
years.

Aval Rural SGR is engaged in the business of providing guarantees
for working-capital and capital-expenditure loans borrowed by
Argentine crop producers or grain warehouses, as well as for
storage centers and wholesale distributors of hybrid seeds,
fertilizers, agri-chemicals, and other agricultural inputs.  The
rating agency said that Aval Rural's market share, based on total
amount of outstanding guarantees, is estimated at 9%, and the
company is a very well known player in the agricultural sector,
having experienced significant business growth since its
inception..

However, the rating agency pointed out that Aval Rural's operating
leverage level -- calculated as the ratio of total par outstanding
divided by adjusted investments -- rose from 1.3 times in 2006 to
1.9 times as of Sept. 30 2008, reflecting new regulatory
requirements, more active business operations and outstanding
guarantees, and the high Argentine inflation.  Moody's also stated
that industry risk is another credit concern, given crop price
volatility and a deteriorating operating environment.

Specifically commenting on Aval Rural's A1.ar national scale
rating, Moody's noted that the review for possible upgrade is
driven by the generally improving trends in the company's credit
profile may indicate a higher national scale rating is appropriate
although the improvement is not meaningful in the context of the
GLC rating.  Moody's B2 global local currency IFS rating in
Argentina can be mapped to a Aa3.ar, A1.ar, or A2.ar national
scale IFS rating; Aval Rural's A1.ar national scale rating is in
the middle of this range.

The rating agency said that the review for possible upgrade will
focus on these factors: 1) the likely development of Aval Rural's
financial profile (e.g. profitability, capital adequacy) in the
near term relative to other competitors; 2) the current regulatory
framework and economic conditions for Aval Rural's guaranty
beneficiaries, and 3) Nidera S.A.'s financial and business
profile.

Based in Buenos Aires City, Aval Rural SGR is one of the biggest
financial guarantors in the local industry.  For the fiscal year
ended Sept. 30 2008, total assets were AR$64.3 million, and the
company reported a net loss of AR$0.3 million.


BAUDRACCO SA: Trustee Verifies Proofs of Claim
----------------------------------------------
The court-appointed trustee for Baudracco S.A.'s bankruptcy
proceedings verified creditors' proofs of claim until November 6,
2008.

The trustee will present the validated claims in court as  
individual reports on December 19, 2008.  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
March 5, 2009.

Creditors will vote to ratify the completed settlement plan  
during the assembly on August 21, 2009.


CAJA DE VALORES: S&P Cuts Long-Term Counterparty Rating to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered on November 6, 2008,
its long-term global scale counterparty credit rating on Caja de
Valores S.A., Argentina's central securities depository, to 'B+'
from 'BB-'.  The short-term counterparty credit rating was
affirmed at 'B'.  The outlook is stable.

The rating action follows our downgrade of the Republic of
Argentina to 'B-' from 'B'.

"The ratings on Caja remain two notches above the sovereign
rating, reflecting the company's critical role and good track
record in serving the Argentine capital markets," said Standard &
Poor's credit analyst Delfina Cavanagh.  "However, the downgrade
incorporates the higher systemic risk in Argentina, our perception
of a higher risk of sovereign interference with Caja's operations,
and the expectation that decreased market activity may hurt the
company's profitability."

The counterparty credit rating assesses Caja's ability and
willingness to satisfy its financial obligations in a timely
manner and includes the operational risks that might impair its
business franchise or financial profile.  We see high systemic
risk in Argentina, which causes profits to be volatile during
financial and economic crises.

However, the rating also considers the company's low-risk
operations, including acting as registrar and agent of custody and
payment; its strong financial profile; and its adequate operating
safeguards, with good information technology and proper insurance
against fraud or theft.


CONFECCIONES PICO: Proofs of Claim Verification Due on April 1
--------------------------------------------------------------
Horacio Lifschutz, the court-appointed trustee for Confecciones
Pico SRL's bankruptcy proceeding, will be verifying creditors'
proofs of claim until April 1, 2009.

Mr. Lifschutz will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 46, 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 Confecciones Pico's and its
creditors.

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

A general report that contains an audit of Confecciones Pico's
accounting and banking records will be submitted in court.

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

The debtor can be reached at:

          Confecciones Pico SRL
          Mario Bravo 658
          Buenos Aires, Argentina

The trustee can be reached at:

          Horacio Lifschutz
          Aguero 2053
          Buenos Aires, Argentina


COOPERATIVA: Proofs of Claim Verification Due on February 2
-----------------------------------------------------------
The court-appointed trustee for Cooperativa de Vivienda Credito y
Cons. San Isidro Ltda.'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 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
April 29, 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.


FILKEM SA: Proofs of Claim Verification Due on March 2
------------------------------------------------------
Carlos Battaglia, the court-appointed trustee for Filkem SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until March 2, 2009.

Mr. Battaglia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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.

Mr. Battaglia 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.

The Trustee can be reached at:

          Carlos Battaglia
          Viamonte 1592
          Buenos Aires, Argentina


GLOBAL CROSSING: Posts 3Q Financial Results for 2008
----------------------------------------------------
Global Crossing Ltd. reported its unaudited consolidated financial
and operational results for the third quarter
of 2008.

                        Summary

Global Crossing's consolidated revenue grew 12 percent year over
year to US$667 million for the third quarter of 2008, and adjusted
gross margin was US$357 million or 54 percent of revenue.  Revenue
from the company's "invest and grow" category -- that part of the
business focused on serving global enterprises and carrier
customers, excluding wholesale voice -- increased 17 percent year
over year to US$560 million.  Adjusted cash EBITDA was US$88
million, and the company generated US$84 million in cash from
operating activities.  As of September 30, 2008, Global Crossing
had US$380 million of cash and cash equivalents, including a US$28
million improvement in unrestricted cash and cash equivalents to
US$346 million.  Adjusted cash EBITDA and adjusted gross margin
are non-GAAP measures that are defined and reconciled below.

"We delivered another quarter of solid financial results.  We also
booked record new orders and our attrition remained unchanged
despite a challenging macroeconomic environment," said John
Legere, Global Crossing's chief executive officer.  "As companies
increase their focus on reducing costs and conserving cash in this
environment, our products and solutions are helping CIOs reduce
their outlay for the essential IT and telecommunications
services their companies rely upon."

                     Revenue and Margin

Global Crossing generated total consolidated revenue of US$667
million, despite an unfavorable US$5 million foreign exchange
impact in the third quarter of 2008 as compared to the second
quarter.  Consolidated revenue was US$653 million in the second
quarter of 2008 and US$594 million in the third quarter of 2007.
During the quarter, the company's "invest and grow" category
generated revenue of US$560 million, an increase of US$14 million
or 3 percent sequentially and an increase of US$83 million or 17
percent year over year.

On a segment basis, "Rest of World" (ROW) reported US$289 million
of "invest and grow" revenue, an improvement of US$9 million or 3
percent sequentially and US$44 million or 18 percent year over
year.  GC Impsat segment generated "invest and grow" revenue of
US$122 million, a sequential increase of US$6 million or 5 percent
and US$27 million or 28 percent year over year.  The company's
GCUK segment reported US$152 million in "invest and grow" revenue,
a reduction of US$2 million or 1 percent sequentially and a year-
over-year increase of US$11 million or 8 percent.  On a constant
currency basis, GCUK revenue would have grown 1 percent
sequentially.

The company continues to manage its wholesale voice business for
margin.  This business generated US$106 million of revenue in the
quarter, flat with the second quarter of 2008 and a decrease of
US$9 million year over year.  Wholesale voice adjusted gross
margin was US$12 million in the quarter, flat compared to the
prior quarter.

The company's order levels remained healthy, a key indicator of
continuing strength in customer demand for the company's services.
New orders in the third quarter reached a record average of US$4.4
million in monthly recurring revenue compared to US$4.0 million in
the second quarter of 2008 and US$4.0 million in the third quarter
of 2007.

For the quarter, Global Crossing reported consolidated adjusted
gross margin of US$357 million or 54 percent of revenue.  This
compares with US$347 million or 53 percent in the second quarter
of 2008 and US$306 million or 52 percent in the third quarter of
2007.  The company's "invest and grow" business generated US$344
million of adjusted gross margin or 61 percent of revenue during
the third quarter of 2008.  This compares with "invest and grow"
adjusted gross margin of US$334 million or 61 percent in the
second quarter of 2008 and US$289 million or 61 percent in the
third quarter of 2007.

                          Costs

Cost of access expense for the third quarter was US$310 million,
compared with US$306 million for the second quarter of 2008 and
US$288 million for the third quarter of 2007.  Cost of access
expense increased by US$4 million on a sequential basis on
consolidated revenue growth of US$14 million.

Cost of revenue -- which includes cost of access; technical real
estate, network and operations; third-party maintenance; and cost
of equipment sales -- increased to US$472 million in the third
quarter, compared with US$464 million in the second quarter of
2008 and US$435 million in the third quarter of 2007.  Cost of
revenue as a percentage of revenue totaled 71 percent during the
quarter.  This compares with 71 percent in the second quarter of
2008 and 73 percent in the third quarter of 2007.

Excluding cost of access, cost of revenue was US$162 million in
the third quarter of 2008, compared with US$158 million in the
second quarter of 2008 and US$147 million in the third quarter of
2007 . The majority of the third quarter sequential increase was
due to higher utility charges.  The year-over-year increase is
primarily attributable to higher maintenance and equipment costs,
as well as higher facilities rent and utilities expense, partially
driven by the company's European collocation business.  Excluding
cost of access, cost of revenue as a percentage of revenue totaled
24 percent during the quarter.  This compares with 24 percent in
the second quarter of 2008 and 25 percent in the third quarter of
2007.

Sales, general and administrative (SG&A) expenses were US$125
million in the third quarter, a decline of US$8 million on a
sequential basis and an increase of US$27 million compared to the
third quarter of 2007.  The sequential improvement was primarily
driven by a reduction in accruals for stock-based incentive
compensation and to a lesser degree, lower restructuring costs.
The year-over-year variance was primarily due to a US$10 million
increase in compensation costs and the US$11 million real estate
restructuring reserve reversal reflected in the year-ago period.
As a percentage of revenue, SG&A was 19 percent, compared to 20
percent in the second quarter of 2008.  In the third quarter of
2007, as a percentage of revenue, SG&A was 16 percent, reflecting
the impact of the aforementioned real estate restructuring reserve
reversal.

                         Earnings

Global Crossing reported adjusted cash EBITDA of US$88 million in
the third quarter of 2008, compared with US$77 million in the
prior quarter.  In the third quarter of 2007, adjusted cash EBITDA
was US$74 million, including the US$11 million real estate
restructuring reserve reversal.

For the third quarter of 2008, ROW, GCUK and GC Impsat segments
contributed US$7 million,US$39 million and US$42 million of
adjusted cash EBITDA, respectively.

The company's adjusted cash EBITDA was unfavorably impacted by
US$1 million sequentially due to foreign exchange movements in the
third quarter.  "The local nature of our global service delivery
operations provides a substantial natural hedge in terms of flow
through impact to our adjusted cash EBITDA," said John
Kritzmacher, Global Crossing's chief financial officer.
Global Crossing's consolidated net loss applicable to common
shareholders was US$71 million for the third quarter of 2008,
compared with a loss of US$89 million in the second quarter of
2008 and the third quarter of 2007.

                    Cash and Liquidity

As of September 30, 2008, Global Crossing had US$380 million of
cash and cash equivalents, compared to US$377 million at June 30,
2008.  The company reported an increase in unrestricted cash of
US$28 million in the third quarter compared to a cash use of US$44
million in the second quarter of 2008 and US$93 million in the
third quarter of 2007.  The company's increase in unrestricted
cash and cash equivalents of US$28 million included an US$11
million unfavorable impact associated with currency translation on
unrestricted cash in the third quarter, offset by the release of
US$22 million in restricted cash reserves in accordance with the
performance requirements under the GC Impsat bond indenture.

Included in the cash and cash equivalent balances was US$34
million and US$59 million of restricted cash and cash equivalents,
respectively.

Cash flow provided by operating activities for the third quarter
of 2008 was US$84 million, including US$24 million in cash
interest paid and US$42 million in proceeds from the sale of
Indefeasible Rights of Use (IRUs) and prepaid services.  The
company used US$68 million for capital expenditures, including
principal payments on capital leases and capital debt.

              Note regarding GC Chile transfer

During the third quarter, Global Crossing transferred its GC Chile
operations from its ROW segment to its GC Impsat segment and in
accordance with SFAS No. 141, "Business Combinations," since the
transfer was between entities under common control, the company is
required to retroactively restate its GC Impsat segment results to
include GC Chile in those results and similarly remove GC Chile
from its ROW segment results for all periods presented.

   Guidance

The following table is provided for informational purposes only
and represents the company's 2008 guidance as
provided on March 12, 2008.

    Metric (US$ in millions)             2008 Guidance
    ---------------------             ----------------
    Revenue                          US$2,570 -  $2,675
    Adjusted Cash EBITDA               $320   -  $380
    Cash Use                          ($85)   - ($35)

   Non-GAAP Metrics

Pursuant to the Securities and Exchange Commission's (SEC's)
Regulation G, the attached schedules include definitions of Global
Crossing's adjusted cash EBITDA and adjusted gross margin
measures, as well as reconciliations of such measures to the most
directly comparable financial measures calculated and presented in
accordance with U.S. Generally Accepted Accounting Principles
(U.S. GAAP).

                   About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides  
telecommunication  services over the world's first integrated
global IP-based network.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed US$25,511,000,000 in total assets and
US$15,467,000,000 in total debts.  Global Crossing emerged from
chapter 11 on Dec. 9, 2003.

Global Crossing's Latin American business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru,
Mexico, Venezuela and the United States (Florida).  It also has
operations in the United Kingdom.

                          *     *     *

As of June 30, 2008, the company reported US$2.65 billion in total
assets, US$2.80 billion in total liabilities, and US$150 million
in stockholders' deficit.


IMPRESORA AR-YA: Proofs of Claim Verification Due on Feb. 16
------------------------------------------------------------
The court-appointed trustee for Impresora Ar-Ya SRL's bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 16, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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 Impresora Ar-Ya and its
creditors.

The Debtor can be reached at:

          Impresora Ar-Ya SRL
          Avenida Cabildo 1621
          Buenos Aires, Argentina


INTEGRAL SERVER: Proofs of Claim Verification Due on February 26
----------------------------------------------------------------
The court-appointed trustee for Integral Server Latinoamericana
S.A.'s bankruptcy proceeding, will be verifying creditors' proofs
of claim until February 26, 2009.

The trustee will present the validated claims in court as
individual reports on April 14, 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 28, 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.


SOL DECORACIONES: Proofs of Claim Verification Due on Feb. 8
------------------------------------------------------------
Nestor Iribe, the court-appointed trustee for Sol Decoraciones
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until February 8, 2009.

Mr. Iribe will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 8, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by Sol Decoraciones 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 Sol Decoraciones's
accounting and banking records will be submitted in court.

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

The debtor can be reached at:

          Sol Decoraciones SRL
          Avenida Rivadavia 8346
          Buenos Aires, Argentina

The trustee can be reached at:

          Nestor Iribe
          Avenida Corrientes 1250
          Buenos Aires, Argentina


SOPROSER SA: Trustee Verifying Proofs of Claim Until March 4
------------------------------------------------------------
Estudio Fizzani y Asociados, the court-appointed trustee for
Soproser SA's reorganization proceeding will be verifying
creditors' proofs of claim until March 4, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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 Soproser SA and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 19, 2009.

The Debtor can be reached at:

          Soproser SA
          Alsina 943
          Buenos Aires, Argentina


TELCOM ARGENTINA: Earns P$831 Million for 9-Mos Ended Sept. 30
--------------------------------------------------------------
Telecom Argentina reported a Net Income of P$831 million for the
nine-month period ended September 30, 2008 or +35% when compared
to same period of the previous year, which included P$102 million
that resulted from discontinued operations.

Telecom Argentina Group continued with the expansion of its
business in the nine-month period ended September 30, 2008.  Net
Revenues increased by P$1,274 million when compared to same period
of the previous fiscal year ("9M07"), amounting to P$7,789
million.  Revenues generated by the Cellular business grew by 25%
and the Internet business increased by 36%.

Cellular subscribers totaled 13.7 million (+18%), while broadband
subscribers reached 976,000 (+44%). Fixed lines in service also
increased by 3% to 4.3 million.

Operating Profit Before Depreciation and Amortization ("OPBDA")
reached P$2,502 million (+11% vs. 9M07), equivalent to 32% of Net
Revenues, mainly fueled by the growth in the cellular telephony.
On the contrary, fixed line telephony profitability continued to
weaken due to frozen tariffs of regulated services and the
inflation effect on the cost structure.

Operating Profit amounted to P$1,540 million (+28%), equivalent to
20% of Net Revenues (+134 bps. vs. 9M07).

Net Income reached P$831 million (+35% vs. 9M07).

Investments (excluding materials) totaled P$1,156 million during
9M08 (+41% vs. 9M07), where P$581 million were allocated to fixed
telephony (+32% vs. 9M07).

Net Financial Debt (before NPV effect) declined to P$1,191 million
(- P$1,325 million vs. September 2007).  The Net Financial Debt to
OPBDA ratio declined from 0.8x as of the end of September 2007 to
0.4x as of the end of September 2008.

                  About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides  
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2008, Fitch Ratings upgraded Telecom Argentina's
foreign and local currency issuer default ratings to 'B+' from
'B'.  Fitch said the outlook is positive.



===========
B E L I Z E
===========

GENERAL MOTORS: Expanding Cash Losses Cues S&P's Junk Ratings
-------------------------------------------------------------
On Nov. 7, 2008, Standard & Poor's Ratings Services lowered its
ratings, including the corporate credit rating, on General Motors
Corp. to 'CCC+' from 'B-' and removed them from CreditWatch, where
they had been placed with negative implications on Oct. 9, 2008.   
The outlook is negative.  Earlier, S&P also lowered the issuer
credit ratings on GMAC LLC (CCC/Negative/C), the auto and real
estate finance company owned 49% by GM and 51% by an investment
consortium led by Cerberus FIM Investors LLC, and on GMAC's
Residential Capital LLC mortgage unit (CCC-/Negative/C).
     
The GM downgrade reflects expanding cash losses in GM's operations
caused by sharply lower U.S. and now European light-vehicle sales
and the recent dramatic shift in demand away from large pickup
trucks and SUVs in the U.S.  S&P expects cash outflows to quickly
reduce the company's liquidity during the next few quarters,
perhaps to levels that would force GM to consider a financial
restructuring, even if it does not file for bankruptcy.  S&P now
believes GM will use much more cash this year than S&P's previous
estimate of as much as US$16 billion in its global automotive
operations, including cash restructuring costs and costs related
to bankrupt former unit Delphi Corp.  This cash use may continue
unabated in the early part of 2009, even as the company continues
to aggressively slash costs and conserve cash.  GM's cash balances
as of Sept. 30, 2008, were US$16.2 billion; the company has stated
that it needs US$11 billion to US$14 billion to operate.
     
GM's situation has become increasingly dire in light of the
weakening global economic outlook and the state of the capital
markets, leaving its ability to reduce its cash use through
internal actions highly dependent on factors beyond its direct
control.  There has been periodic speculation that GM or another
of the Michigan-based automakers might eventually seek to
reorganize under Chapter 11 bankruptcy protection.  S&P believes
the most likely trigger for a financial restructuring or
bankruptcy filing continues to be cash reserves falling to
dangerously low levels.
     
GM may ultimately receive loans or other financial support from
the U.S. government, but GM said it is no longer exploring a
merger with Chrysler LLC (CCC+/Negative/--).  Although S&P expects
federal assistance to arrive early in 2009, or perhaps sooner, in
connection with a US$25 billion government loan program, the form,
timing and magnitude of this and any further assistance are
difficult to predict.  It is important to stress that S&P would
likely view such assistance as buying more time for GM rather than
as a solution to its fundamental business risks, including
deteriorating global demand.  Likewise, S&P would not view any
resumption of talks involving GM and Chrysler–-or any other
automaker–-even in combination with government support, as a
panacea for these companies' credit concerns.

In any event, S&P's most fundamental and serious concerns
regarding GM remain unchanged: the pressures on liquidity facing
both GM and its finance affiliate GMAC during the rest of this
year and 2009, caused by the rapidly weakening state of most
automotive markets globally, and continued turmoil in the credit
markets.

S&P expects U.S. light-vehicle sales of 13.7 million units or less
this year, the lowest in 15 years and down sharply from
16.1 million units in 2007.  S&P also expects sales to fall
further in 2009, to about 13 million units or less, as the economy
remains weak and housing prices and consumers' access to credit
remain under pressure.  The outlook for other major auto markets,
including Europe, has suddenly turned much bleaker in the past few
months as economic woes have dampened automotive demand beyond the
U.S.
     
The ratings reflect the possibility that the multiple problems the
company faces in stemming cash outflows will eventually overwhelm
its cash and liquidity during 2009.  Items that GM can address
over time, such as its overcapacity, labor costs, and product
lineup, will not, in S&P's view, be sufficient to produce any
meaningful reduction in its cash use in the immediate future.  
S&P's concern is that the company may not have the liquidity to
endure the economic downturn and realize these benefits.
     
S&P still views the four-year labor contract reached in late 2007
with the United Auto Workers union as a substantial long-term
positive for GM's turnaround efforts in North America.  However,
under the current agreement, the large retiree health care and
other cost savings from the contract will not begin to accrue
until 2010.

                          Liquidity

Liquidity is thin, and S&P expects it to be significantly reduced
this year and next by continued heavy cash outflows.  Cash and
short-term investments at the parent totaledUS$16.2 billion at
Sept. 30, 2008.  GM has borrowed all of itsUS$4.48 billion secured
revolving credit facility that expires in 2011.  The revolving
credit facility has a borrowing-base maintenance covenant that
requires collateral to exceed certain levels.  S&P does not
believe this covenant requirement is likely to be breached in the
near term.
     
GM's debt maturities will be moderate but will use precious
liquidity during the next few years.  The weighted-average
maturity of debt at GM is still measured in double-digit years.  
But as part of its plan to conserve cash, GM has deferred certain
cash payments to a temporary asset account established to fund a
UAW retiree health care trust starting in 2010, substituting a 9%
note due that year.  As a result, GM faces a potential US$7
billion in payments to the UAW trust in early 2010, although the
UAW has been flexible in accommodating GM's recent moves to
bolster its liquidity and may be open to further modifications to
the payments.

Other GM cash commitments for the near term include:

   * Capital expenditures of about US$4.8 billion for 2009, a
     greatly reduced level; and
   * Retiree health care payments of aboutUS$3 billion per year
     through 2009, until the UAW health care agreement is fully
     implemented.

S&P believes the company has significant unencumbered assets that
could be used to support additional borrowing, but because capital
market conditions remain very difficult, especially for automotive
companies, S&P is cautious about GM's ability to raise any capital
at this time.
     
GM's worldwide pension plans were overfunded at the end of 2007.  
S&P believe that in 2008, additional obligations from
restructuring and challenging investment conditions could turn
this to an underfunded position on a global basis.  The company
disclosed that its U.S. hourly plan, which was overfunded by
US$11.8 billion at the end of 2007, was underfunded by about
US$500 million as of Sept. 30, 2008.

                             Outlook

The negative outlook reflects S&P's view that cash losses in 2008
and early 2009 could easily cause GM's liquidity to sink below
necessary levels, even if management's cash-saving actions or
capital-raising activities are partly successful.
     
S&P could lower the ratings further if S&P came to believe that
cash balances would drop significantly belowUS$14 billion. This
could occur even with higher levels of sales than S&P has seen in
recent months.  S&P could also lower the rating if GMAC cannot
continue to fund even its recently reduced levels of auto loan
originations.
     
S&P would evaluate the effect of any specific announcements
regarding federal funding as it materializes.  S&P expects some
form of federal assistance to arrive early in 2009, or perhaps
sooner, in connection with a US$25 billion government loan
program, but the form, timing, and magnitude of this and any
further assistance are difficult to predict.  S&P stresses that
S&P would likely view such assistance as buying more time for GM
rather than solving its fundamental business risks.

                          Ratings List
             Downgraded; CreditWatch/Outlook Action

                               To                 From
                               --                 ----
General Motors Corp.
Corporate Credit Rating       CCC+/Negative/--   B-/Watch Neg/--
Senior Secured                B                  B+/Watch Neg
   Recovery Rating             1                  1
Senior Unsecured              CCC+               B-/Watch Neg
   Recovery Rating             4                  4
Equipment Trust Certificates  CCC+               B-/Watch Neg



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

CITADEL: To Shut Down Bermuda Unit on High Cost of Capital
----------------------------------------------------------
Citadel Investment Group is closing down CIG Reinsurance Ltd, a
Bermuda reinsurer it formed in 2004, amid competition and high
cost of capital, Lilla Zuill of Reuters News reports citing a
source familiar with the matter.

Reuters relates CIG Reinsurance, a property-catastrophe reinsurer
which does not have a financial strength rating, was formed as
Citadel saw reinsurance as uncorrelated with its other investment
strategies.  Property-catastrophe reinsurers provide backup
coverage to other insurers spreading the risk of large losses
among several carriers.

According to Reuters, Citadel thought it had a winning business
plan with CIG Re because it was fully collateralized, giving the
insured certainty their claims would be paid if catastrophe
struck.  However, as the US$1.9 trillion hedge fund industry
grapple with the global financial crisis, analysts expect there
will be collapses.

Headquartered in Chicago, Illinois, Citadel Investment Group --
http://www.citadelgroup.com/-- is one of the world's largest  
hedge funds, accounting for as much as 2% of trading activity in
at the New York Stock Exchange and Nasdaq every day.  Because of
this high volume, the company also acts as a market maker on
smaller exchanges for some blue-chip stocks.  It currently manages
some US$17 billion for a wide range of investors.


HANSA MARE: Proofs of Claim Filing Deadline Is November 21
----------------------------------------------------------
Hansa Mare Shipping Ltd.'s creditors are given until November 21,
2008, to prove their claims to Christopher C. Morris, 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 decided on November 5, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The Liquidator can be reached at:

          Christopher C. Morris
          Century House
          16 Par-la-Ville Road
          Hamilton HM 08, Bermuda


HANSA MARE: Final Members' Meeting Is on December 9
---------------------------------------------------
Hansa Mare Shipping Ltd. will hold its final membrs meeting on
December 9, 2008, at 9:30 a.m., at the offices of Arthur Morris
Christensen & Co., Century House, 16 Par-la-Ville Road, in
Hamilton HM 08, 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:

          Christopher C. Morris
          Century House
          16 Par-la-Ville Road
          Hamilton HM 08, Bermuda


MAN AB: Proofs of Claim Filing Deadline Is November 21
------------------------------------------------------
Man AB Fund Ltd's creditors are given until November 21, 2008, to
prove their claims to Beverly Mathias, 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 3, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The Liquidator can be reached at:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN AB: Final Members' Meeting Is on December 10
------------------------------------------------
Man AB Fund Ltd will hold its final members' meeting on Dec. 10,
2008, at 9:30 a.m. at the offices of Argonaut Limited, Argonaut
House, 5 Park Road, in Hamilton HM O9, 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:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN INCREASED: Proofs of Claim Filing Deadline Is November 21
-------------------------------------------------------------
Man Increased Leverage Trading Series 4 Ltd's creditors are given
until November 21, 2008, to prove their claims to Beverly Mathias,
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 decided on November 3, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The Liquidator can be reached at:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN INCREASED: Final Members' Meeting Is on December 10
-------------------------------------------------------
Man Increased Leverage Trading Series 4 Ltd will hold its final
members' meeting on December 10, 2008, at 9:30 a.m. at the offices
of Argonaut Limited, Argonaut House, 5 Park Road, in Hamilton HM
O9, 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.


PHYSICIANS INSURANCE: Proofs of Claim Filing Due on November 21
---------------------------------------------------------------
Physicians Insurance Company 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 members decided on November 7, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The Liquidator can be reached at:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


PHYSICIANS INSURANCE: Final Members Meeting Is on December 10
-------------------------------------------------------------
Physicians Insurance Company Ltd. will hold its final members'
meeting on December 10, 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.



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

ARACRUZ CELULOSE: S&P Cuts Rating to 'BB' From 'BBB-'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered on November 6, 2008,
its long-term corporate credit rating on Aracruz Celulose S.A. to
'BB' from 'BBB-'.  We also lowered the Brazil national scale
rating on Aracruz to 'brAA' from 'brAAA'.  The ratings were
removed from CreditWatch Negative, where they were placed Oct. 3,
2008.  The outlook is stable.

"The rating action is a result of the increase in Aracruz's debt
by US$2.13 billion (twice the debt in September 2008, including
50% of Veracel Celulose S.A. [Veracel] debt) because of
derivatives losses the company recently announced," said Standard
& Poor's credit analyst Marcelo Costa.  These losses were incurred
to eliminate 97% of Aracruz's derivative exposure to "sell target
forward" contracts.

The rating action also reflects several corporate actions
management is currently undertaking to minimize the financial
consequences of this additional debt and to preserve liquidity.
These include postponement of the Guaiba mill expansion,
suspension of dividend payments, and other actions aimed at
improving corporate governance and avoiding similar issues in the
future.

The additional debt will materially change the company's financial
standpoint and credit risk profile, but is still in line with the
current rating.  On Sept. 25, 2008, Aracruz announced that target
forward derivative instruments had been strongly affected by the
U.S. dollar spike.  The notional amount of such transactions
reached more than US$10 billion, which was equivalent to 5x
Aracruz's annual net sales.

Our assumptions as to the conditions of the new US$2.13 billion
debt incorporate Aracruz's ability to negotiate a long-term
repayment schedule with an amortizing structure comfortable enough
to avoid refinancing risk in the next several years.  With that
and the actions taken to preserve liquidity, we expect Aracruz to
be able to present positive free cash-flow generation, with a
funds from operations (FFO)-to-total debt ratio of more than 15%,
EBITDA interest coverage higher than 2.5x, and a total debt-to-
EBITDA ratio lower than 4.5x, while maintaining strong cash
holdings.

The rating on Aracruz still reflects the company's strong
operating and business fundamentals, which we believe remain
fairly intact despite the worsening of its financial profile.
Aracruz has a strong, competitive position in the market pulp
business as a low-cost producer (average cash cost of around
US$270 per ton in the first nine months of 2008, including 50% of
Veracel), and has one of the lowest cash costs in the world. It
can generate free cash flow in periods of no expansion capacity
investments.

Aracruz is the world's leading producer of bleached eucalyptus
Kraft pulp, accounting for about 26% of the global supply. The
product is used to manufacture tissue (58%), high value-added
specialty papers (22%), and printing and writing paper (20%).
Aracruz's nominal production capacity (3.3 million tons per year)
is distributed among three pulp-making units: Barra do Riacho in
Espirito Santo, Guaiba in Rio Grande do Sul, and Veracel in Bahia.

The stable outlook reflects our expectation that Aracruz will be
able to raise the US$2.13 billion additional debt under adequate
terms (with a long-term tenor and a smooth amortizing structure to
avoid refinancing risk in the next several years).  It also
assumes the company will sustain strong profitability, a
conservative approach to additional capital spending, and a focus
on preserving liquidity.  With that, Aracruz should be able to
sustain a FFO-to-total debt ratio higher than 15%, an EBITDA-to-
interest coverage ratio of about 2.5x, a net debt-to-EBITDA ratio
of about 3.5x, and free operating cash flow-to-total debt ratio
higher than 8%.

If the US$2.13 billion additional debt is structured in different
terms than we considered in our projections, or if Aracruz's
performance deteriorates as a result of a change in market
fundamentals coinciding with its investments to expand Guaiba
(which both could put pressure on its immediate liquidity position
or lead the company to not deliver the expected above metrics), we
could revise the outlook to negative or lower the ratings.  We
would only consider a positive outlook if Aracruz's profitability
remains strong and the company promotes a material debt
deleverage.


BANCO BGN: Moody's Hikes Rating to 'Ba1' After BNP Paribas Merger
-----------------------------------------------------------------
Moody's Investors Service upgraded to Ba1 from Ba3 the long-term
global local currency deposit rating of Banco BGN S.A.  Moody's
also upgraded BGN's long-term foreign currency rating to Ba2 from
Ba3 and the long-term national scale deposit rating to Aa2.br from
A2.br.  The bank's D- bank financial strength rating and the
short-term deposit ratings of Not Prime and BR-1 were unaffected
by this action.  All ratings have stable outlook.

The rating action concludes the review for possible upgrade of the
bank's deposit ratings that followed BNP Paribas Group's agreement
to acquire 100% of BGN's outstanding shares.

Moody's noted that BGN's Ba1 global local currency deposit rating
incorporates its assessment of a moderate probability of support
from the bank's new parent, BNP Paribas.  In Moody's view, BGN
would not be eligible to receive systemic support in light of its
modest participation in the Brazilian deposits market.  The bank's
Ba2 foreign currency deposit rating is now constrained by the
country ceiling, the rating agency said.

Moody's also indicated that the outlook on the D- bank financial
strength rating, equivalent to a baseline credit assessment of
Ba3, remains stable.  BGN's BFSR is supported by the bank's well
established and focused operation in the payroll-lending segment,
from which it generates most of its earnings.  The rating also
incorporates BNPP's expected active involvement in BGN's risk and
funding management.

Banco BGN is headquartered in Recife, Brazil.  As of June 2008,
BGN had total assets of approximately R$1.54 billion ($968
million) and equity of R$194 million ($122 million).

These ratings were upgraded:

  -- Long-term local currency deposit rating: to Ba1 from Ba3,
     with stable outlook

  -- Long-term foreign currency deposit rating: to Ba2 from Ba3,
     with stable outlook

  -- Long-term Brazilian national scale rating: to Aa2.br from
     A2.br, with stable outlook


COMPANHIA SIDERURGICA: Sees 3Q Loss After Stock Bets Soured
-----------------------------------------------------------
Companhia Siderurgica Nacional S.A. said it may post its first
loss in six years after bets on its own stock soured last quarter
Bloomberg News reports.

Bradesco Corretora analyst Raphael Biderman, the report relates,
said the company may post a third-quarter loss of BRL414 million
(US$192 million), from a BRL699.2 million profit a year earlier,
while Spinelli SA analyst Jayme Alves foresees a loss of BRL300
million.

According to the report, the company held BRL1.98 billion of so-
called total-return equity swaps tied to its American depositary
receipts as of June 30.  CSN's bets that its ADRs would extend a
five-year rally turned bad last quarter after commodity prices
fell, sending the equities down 52%, the report notes.  "CSN has
made a lot of profit already on these swaps, and now it has to
give some back.  They will continue to cause a loss if these
shares keep falling," Bloomberg News cited Mr. Alves as saying.

CSN, the report points out, said in a statement to Brazil's
securities regulator that gains from the equity swaps totaled
US$845 million between April 2003 and Sept. 26, while the ADRs
rose 11-fold during that period.

Meanwhile, the report adds that CSN also took a hit after the
Brazilian real plunged 16% in the quarter, boosting the size of
its dollar- denominated debt in local-currency terms.  The
increased debt, coupled with expenses related to the bad stock
bets, may lead to financial costs of BRL1.6 billion, Goldman
Sachs' analyst Marcelo Aguiar said, Bloomberg News notes

Mr. Aguiar expects increased sales to more than make up for the
financial losses, allowing CSN to post a profit of BRL49 million,
Bloomberg News says.

                 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.


TAM SA: Posts R$112.7 Million Net loss for Third Quarter 2008
-------------------------------------------------------------
TAM S.A. reported third quarter results for 2008.


                   Operational Performance

  Domestic Operations

    -- TAM reached 52.4% average market share in 3Q08.

    -- ASKs (capacity) increased 16.7% in 3Q08 compared to 3Q07 as
       a result of the net increase in the operating narrow body
       fleet of 11 aircraft, composed by the increase of 2 A319,
       15 A320 and 1 A321, compensated by the elimination of the
       Fokker 100 (in 3Q07 we had 7 F-100 in our operating fleet).
       Also block hours by aircraft maintained 12.6 hours/day
       (total operation).

    -- RPKs (demand) increased 17.2% in 3Q08 compared to 3Q07.

    -- TAM's domestic load factor increased to 67.6% in 3Q08,
       compared to 67.3% in 3Q07.


   International Operations

    -- TAM reached 75.8% average market share in 3Q08.

    -- ASKs (capacity) increased 23.1% in 3Q08, due to the
       increase of 1 B777, 2 A340, 3 A330 and 2 B767 into our
       international operating fleet and by the first redelivery
       of MD11, allowing the beginning of long haul daily flights
       to Frankfurt and Madrid.  In South America we started daily
       flights to Caracas and Montevideo and two frequencies a
       week to Bariloche through the increase in the narrow body
       fleet in the region.
       Also in South America, we increase our supply operating the
       B777 to Santiago and substituting all TAM Mercosur's F100
       to A320 aircraft.

    -- RPKs (demand) increased 38.1% comparing 3Q08 with 3Q07.

    -- TAM's international load factor increased 8.6 p.p. to 79.6%
       in 3Q08 compared to 71% in 3Q07.


                     Financial Performance

    -- Total CASK increased by 14.3% in 3Q08 compared to 3Q07, and
       CASK excluding fuel increased 1.2%.

    -- EBIT and EBITDAR margins of 5.8% and 14.6% respectively.

    -- Net loss of R$112.7 million, a negative margin of 3.9%.

    -- Our total cash and cash equivalents equaled R$2,105
       million.

    -- Return on Equity (ROE) of (0.68) %.


                       About TAM S.A.

TAM S.A. -- http://www.tam.com.br/-- has business agreements      
with the regional airlines Pantanal, Passaredo, Total and Trip.  
As of Jan. 14, the daily flight on the Corumba -- Campo Grande
route in Mato Grosso do Sul began to be operated by a partnership
with Trip.  With the expansion of the agreement with NHT, TAM will
now be serving 82 destinations in Brazil, 45 of which with its own
flights.  In addition, the company is strengthening its presence
in Rio Grande do Sul and Santa Catarina.

The company's international operations include direct flights to
17 destinations: New York and Miami (USA), Paris (France), London
(England), Milan (Italy), Frankfurt (Germany), Madrid (Spain),
Buenos Aires and Cordoba (Argentina), Santiago (Chile), Caracas
(Venezuela), Montevideo and Punta del Este (Uruguay), AsunciOn and
Ciudad del Este (Paraguay), and Santa Cruz de la Sierra and
Cochabamba (Bolivia)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based airline TAM S.A.
to 'BB-' from 'BB'.  S&P's outlook is revised to stable from
negative.

As reported in the TCR-Latin America on June 23, 2008, Fitch
Ratings affirmed the 'BB' Foreign and Local Currency Issuer
Default Ratings of TAM S.A.  Fitch also affirmed the 'BB' rating
of its US$300 million senior unsecured notes due in 2017 as well
as the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch revised its rating
outlook to negative from stable.


UNIBANCO: Merrill Lynch Raises JV Company's Rating to 'Neutral'
--------------------------------------------------------------
The rating of Itau Unibanco Holding SA, a joint venture company of  
Unibanco Holdings  and Itausa, was raised to "neutral" from
"underperform" by Merrill Lynch & Co., Adam Haigh of Bloomberg
News reports.

According to Bloomberg News, Merrill Lynch cited lower costs and
possible tax benefits after the purchase of Uniao de Bancos
Brasileiros SA (Unibanco) by Banco Itau Holding Financeira SA.

As reported by the Troubled Company Reporter-Latin America on
November 5, 2008, a joint-venture agreement has been executed
envisioning the merger of the financial operations of Itau and
União de Bancos Brasileiros S.A. ("Unibanco"), the controlling
shareholders of Investimentos Itau S.A and Unibanco Holdings said
in a statement.

The joint-venture provides for a corporate restructuring, which
will cause the migration of the current shareholders of Unibanco
Holdings S.A. ("Unibanco Holdings") and Unibanco to a public
listed company to be called Itau Unibanco Holding S.A., currently
Banco Itau Holding Financeira S.A. ("Itau Unibanco Holding"),
which will be made through a merger of shares.

Itau Unibanco Holding will have Itausa and the controlling
shareholders of Unibanco Holdings, such control to be exerted by
means of a non-financial institution to be incorporated for the
purpose of this transaction.

Unibanco and Unibanco Holdings' common shares currently held by
its non-controlling shareholders will be exchanged into common
shares issued by Itau Unibanco Holding, following the same
exchange rate negotiated by the Parties for the exchange of the
common shares held by the controlling shareholders of Unibanco
Holdings.

For the preferred shares, the exchange rate was calculated based
on the market average of price of the Units (share certificates
representing one preferred share of Unibanco and one preferred
share of Unibanco Holdings) and of the preferred shares of Banco
Itau Holding Financeira S.A. in the last 45 sessions of the
Brazilian Stock Exchange - Bovespa.  Both the Units and the
preferred shares of Banco Itau Holding Financeira S.A. are part of
the IBX-50 and the Ibovespa, and are also negotiated in the New
York Stock Exchange.

The conclusion of the corporate restructuring will depend on the
approval of the Central Bank of Brazil and of other relevant
authorities.

                             Purpose

Stockholders' Equity of approximately 51.7 billion Reais
(09.30.08) and a net profit of 8.1 billion Reais up to
September 2008, ensures a relevant capital base for Itau Unibanco
Holding, preparing it for:

* strength the support to Brazilian companies and their national
  and international operations;
* expand its business in Brazil;
* support the growth of the credit transaction of our clients;
* compete in the international market;
* substantial increase in economic scale gains in all client
  segments;
* substantial synergies in various business.

One of the competitive differentials of Itau and Unibanco is the
internal segmentation strategy of the businesses, which allows a
better identification of the necessities of each class of clients,
the creation of specific banking products and services and the
optimization of the use of each potential segment, providing broad
series of banking products and services for a diversified base
formed by individual and corporate clients.  Itau Unibanco Holding
will increase the potential of such segmentation culture.

                       Corporate Structure

Before the conclusion of the corporate restructuring, Itausa will
transfer to Banco Itau Holding Financeira S.A. its shares of Banco
Itau Europa S.A. by the approximate amount of R$1.2 billion, being
R$550 million by means of the issuance of common shares of Banco
Itau Holding Financeira S.A. (21 million of shares) and the
remaining amount will be paid in cash.

                      About Uniao de Bancos

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

                          *     *     *

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



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

ALADDIN CDO: Proofs of Claim Filing Due on November 27
------------------------------------------------------
Aladdin CDO I, Ltd.'s creditors have until Nov. 27, 2008, to prove
their claims to Hugh Thompson and Emile Small, 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.

The company's shareholders agreed on October 13, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The Liquidators can be reached at:

          Hugh Thompson
          Emile Small
          c/o Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


ATTENTUS CDO: Proofs of Claim Filing Due on November 27
-------------------------------------------------------
Attentus CDO V, Ltd.'s creditors have until Nov. 27, 2008, to
prove their claims to Onson Mukwedeya and Daniel Rewalt, 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.

The company's shareholders agreed on October 7, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The Liquidators can be reached at:

          Onson Mukwedeya
          Daniel Rewalt
          c/o Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


AZABU HOLDING: Proofs of Claim Filing Due on November 27
--------------------------------------------------------
Azabu Holding Corporation's creditors have until Nov. 27, 2008, to
prove their claims to Martin Couch 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.

The company's shareholders agreed on October 27, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The Liquidators can be reached at:

          Martin Couch
          Giles Kerley
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


BLACKBIRD LEASING: Proofs of Claim Filing Due on November 27
------------------------------------------------------------
Blackbird Leasing Limited's creditors have until Nov. 27, 2008, to
prove their claims to Melanie Whittaker and Carl Gosselin, 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.

The company's shareholders agreed on October 9, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The Liquidators can be reached at:

          Melanie Whittaker
          Carl Gosselin
          c/o Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


LAKEFIELD CARIBBEAN: Proofs of Claim Filing Due on November 28
--------------------------------------------------------------
Lakefield Caribbean Africa Limited's creditors have until Nov. 28,
2008, to prove their claims to Pierre Martel, 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 Liquidator can be reached at:

          Pierre Martel
          SGS Group Management Ltd
          1, Place des Alpes
          Geneva, Switzerland - 1211


MOUNTAIN VIEW: Proofs of Claim Filing Due on November 27
--------------------------------------------------------
Mountain View CLO V Ltd.'s creditors have until Nov. 27, 2008, to
prove their claims to Chris 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.

The company's shareholders agreed on October 27, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The Liquidators can be reached at:

          Chris Marett
          Jagjit (Bobby) Toor
          c/o Maples Finance Limited
          P.O. Box 1093GT Grand Cayman


MOVIDA ASSET: Proofs of Claim Filing Due on November 27
-------------------------------------------------------
Movida Asset Co., Ltd's creditors have until Nov. 27, 2008, to
prove their claims to Guy Major and Carl Gosselin, 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.

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

The Liquidators can be reached at:

          Guy Major
          Carl Gosselin
          c/o Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


MUGELLO ABS: Proofs of Claim Filing Due on November 27
------------------------------------------------------
Mugello ABS CDO 2006-1 Ltd.'s creditors have until Nov. 27, 2008,
to prove their claims to Kareem Robinson and Emile Small, 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.

The company's shareholders agreed on October 13, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The Liquidators can be reached at:

          Kareem Robinson
          Emile Small
          c/o Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


NATIONWIDE FINANCIAL: Proofs of Claim Filing Due on Nov. 27
-----------------------------------------------------------
Nationwide Financial Funding LLC's creditors have until Nov. 27,
2008, to prove their claims to Phillip Hinds and Onson Mukwedeya,
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.

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

The Liquidators can be reached at:

          Phillip Hinds
          Onson Mukwedeya
          c/o Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


NEWSTAR ARCTURUS: Proofs of Claim Filing Due on November 27
-----------------------------------------------------------
Newstar Arcturus CLO I Ltd.'s creditors have until Nov. 27, 2008,
to prove their claims to Kareem Robinson and Jan Neveril, 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.

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

The company's Liquidators are:

          Kareem Robinson
          Jan Neveril
          c/o Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


NH CAPITAL: Proofs of Claim Filing Due on November 27
-----------------------------------------------------
NH Capital (Cayman) Limited's creditors have until November 27, to
prove their claims to Giles Kerley and Phillip Hinds, 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.

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

The Liquidators can be reached at:

          Giles Kerley
          Phillip Hinds
          c/o Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


NIGHTINGALE LEASING: Proofs of Claim Filing Due on Nov. 27
----------------------------------------------------------
Nightingale Leasing Limited' creditors have until Nov. 27, 2008,
to prove their claims to Melanie Whittaker and Carl Gosselin, 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.

The company's shareholders agreed on October 9, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The Liquidators can be reached at:

          Melanie Whittaker
          Carl Gosselin
          c/o Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands



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

ECOPETROL S.A.: Net Income Up 123% to COL$3.93 Trillion in 3Q2008
-----------------------------------------------------------------
Ecopetrol S.A. reported financial results for the third quarter
ended September 30, 2008.

For the third quarter of 2008, net income increased 123% to
COL$3.93 trillion from COL$1.76 trillion in the third quarter of
2007.  Earnings per share reached COL$97.06, up from COL$49.28
earned in the prior year period.

Third quarter 2008 operating income increased 57.4% to COL$3.96
trillion from COL$2.51 trillion.  Third quarter 2008 EBITDA was
COL$4.62 trillion, a 61% increase over COL$2.87 trillion reported
for the 2007 comparable period.  EBITDA margin was 46% compared to
51% reported for last year's third quarter.

Ecopetrol's third quarter sales increased 76.4% to COL$9.97
trillion from COL$5.65 trillion in the third quarter of 2007.
Domestic sales increased 55% and accounted for 63% of total sales;
international sales were up 131.5% and represented 37% of total
sales.

Commenting on third quarter results, Mr. Javier G. Gutierrez,
Chief Executive Officer, noted, "We are pleased to report that
Ecopetrol's strong year-over-year growth was driven by a
combination of increased oil and natural gas production, which
resulted in higher exports, as well as higher selling prices.  We
continue to increase production through our 107 directly operated
fields and 168 joint operation agreements."

Third quarter 2008 gross profit was COL$4.49 trillion, an increase
of 55% from COL$2.90 trillion reported in last year's third
quarter.  Gross margin was 45%, compared to 51.3%% in the prior
year.  The year-over-year decline in gross margin was primarily
attributable to the impact of higher year-over-year oil prices on
Ecopetrol's purchases of hydrocarbons from the Agencia Nacional de
Hidrocarburos (ANH), its purchases of crude from joint operation
agreements and its purchases of imported products.  Additionally,
cost of sales was impacted by the strengthening of the U.S. dollar
against the Colombian Peso.  Variable costs represented 75% of
2008 third quarter cost of sales, up from 59% in last year's third
quarter, and accounted for approximately 90.6% of the year-over-
year expense increase.  During the period, Ecopetrol increased its
investment in the upgrade and maintenance of existing production
fields contributing to a slight increase in the company's fixed
costs.

Selling, general and administrative expenses were COL$532 billion,
or 5.3% of sales for the third quarter of 2008 compared to COL$383
billion or 6.8% of sales in last year's third quarter.

Administrative expenses increased during the 2008 third quarter
due to an adjustment in salaries and variable compensation as well
as the increase in the non-deductible value-added tax that was
levied on the sale of crude oil to the Cartagena refinery.
"During this period of volatile oil prices," Mr. Gutierrez said,
"Ecopetrol's exceptionally strong balance sheet gives us the
financial flexibility to execute on our long term strategic growth
plan, while maintaining our disciplined approach to capital
investments and our commitment to improving operating margins and
maximizing cash generation."

   Exploration and Production Highlights

Oil and gas production, on a barrel-of-oil-equivalent basis,
increased to 441,000 barrels per day in the third quarter compared
to 392,000 barrels per day in the same period of the prior year.
The WTI price, market reference for Ecopetrol, averaged US$118 per
barrel during the 2008 third quarter compared to US$76 per barrel
last year.  The average prices of the basket of crudes and
byproducts exported by Ecopetrol were US$102 per barrel and US$92
per barrel, respectively.  This compares with US$66 per barrel and
US$58 per barrel, respectively, in last year's third quarter.

Seismic activity in the third quarter reached 872 kilometers for
Company- operated fields and 77 for joint operation agreements,
for a total of 949 kilometers.

Through September 2008 the company participated in the drilling of
8 exploratory wells.  Of those, 5 were drilled by Ecopetrol alone
and the other 3 jointly with partners.

   Third Quarter Exploration & Production News

   -- Discovery of Hydrocarbons at Lisama Norte-1 Well in
      Santander September 29, 2008 - Ecopetrol announced the
      discovery of crude oil and natural gas at the Lisama Norte-1
      well located in the department of Santander.  The discovery
      exemplifies the Company's strategy to reduce risk by
      exploring areas that are near existing producing fields.

   -- Ecopetrol Confirms the Presence of Hydrocarbons at Arrayan-1
      in Huila September 5, 2008 - Ecopetrol confirmed the  
      presence of crude oil and natural gas at the company's 100%
      owned Arrayan-1 well, which is located in the basin of the
      Magdalena River Valley in the department of Huila.

   -- Ecopetrol Signs Important Transaction with Union Oil Company
      of California September 2, 2008 - Ecopetrol, through its
      U.S. subsidiary, reached an agreement with Union Oil company
      of California to acquire a 9.2% interest in K2, a deepwater
      oil and gas field located in the Gulf of Mexico.  The US$510
      million transaction is consistent with the company's plans
      for strategic and international growth.

   -- Ecopetrol and Pacific Rubiales Reach Joint Exploration
      Agreement July 31, 2008 - Ecopetrol S.A. and Pacific
      Rubiales reached an agreement, subject to approval by
      regulatory agency ANH, by which the two companies would
      jointly develop the Alicante Block located in the Llanos
      Orientales region in Colombia.

   Refining Highlights

Crude oil refined from the Barrancabermeja refinery during the
third quarter averaged 235.7 thousand bpd compared to 227.5
thousand bpd in the third quarter of the prior year.

The company continues to advance in the construction of a
hydrotreatment plant in Barrancabermeja.  Additionally, Ecopetrol
selected a project management consultant for the modernization
process at the refinery.

   Balance Sheet /Cash Flow Statement Highlights

  -- At September 30, 2008, the Company had cash and cash
     equivalents of COL$5.54 trillion and no debt.

  -- Accounts payable of COL$5.97 trillion at September 30, 2008,
     included COL$2.33 trillion representing dividends declared by
     the General Assembly of Shareholders but not yet paid. In the
     first nine months of 2008, the Company has paid one half of
     the COL$4.65 trillion in dividends declared.

  -- Net cash provided by operating activities in the 2008 third
     quarter was COL$5.05 trillion compared to COL$2.47 trillion
     in last year's third quarter.

  -- Capital expenditures amounted to COL$2.61 trillion in this
     year's third quarter, of which COL$2.15 trillion, or 82.4%,
     related to Exploration and Production activities.  In last
     year's third quarter, capital expenditures were
     COL$0.85 trillion, of which COL$0.43 trillion, or 50.5%,
     related to Exploration and Production activities.

   First 9Mo 2008 Highlights Compared to First 9Mo 2007

    -- Net income increased 153% to COL$9.58 trillion
    -- EBITDA was COL$13.6 trillion, up 71% from 2007 levels
    -- Sales increased 73.2% to COL$26.61 trillion
    -- Oil and gas production reached 444 mboed at the end of
       September, compared to 393 mboed in 2007
    -- Crude oil refined averaged 309.200 bpd compared to 305.400
       bpd.
    -- Net income per share was COL$236.66

   Recent Corporate Developments

  -- On September 18, 2008, Ecopetrol listed its Level II American
     Depositary Shares (ADS) on the New York Stock Exchange.  Each
     ADS represents 20 ordinary shares of Ecopetrol's common
     stock.

  -- On September 18, 2008, Ecopetrol signed an agreement to
     conduct technical and agronomic viability studies to evaluate
     the potential cultivation of sugar cane and sweet sorghum for
     ethanol production in the department of Meta.  Ecopetrol will
     contribute COL$871 million toward the studies.

--  The Colombian Institute of Technical and Certification
     Standards, Icontec, granted Ecopetrol the ISO 9001-2001 and
     NTCGP 1000-2004 quality certificates for the first time for
     all activities in all areas of the Company. The certification   
     is another step in assuring customers and shareholders that
     Ecopetrol's products and processes meet the highest
     international standards of quality.

  -- Duff & Phelps de Colombia S.A. confirmed Ecopetrol's
     corporate AAA rating based on the Company's sound financial
     profile, the magnitude and stability of its oil and gas
     reserves, its growing production levels, and its dominant
     share of the Colombian market.

  Outlook

Looking ahead, Mr. Gutierrez commented, "Difficult market
conditions have caused extreme volatility in oil and gas prices.
However, we believe that our strong balance sheet and proven
operating efficiencies give us the ability to take advantage of
the Company's substantial growth prospects.  For full year 2008,
we expect capital expenditures to amount to COL$10.23 trillion.
This investment, as well as our 2009 capital expenditure plans,
which will be finalized and announced in January, put us on track
to successfully implement our long-term strategic plan to further
develop our existing asset base and acquire new exploration areas
and producing assets."

Additionally, it is expected that by the end of the year, the
pension liabilities will be spun-off from the Company's balance
sheet along with the corresponding assets to form "patrimonies
autonomos pensionales".


                    About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest  
company in Colombia as measured by revenue, profit, assets and
shareholders' equity. The Company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas. Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America. It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. (BVC) under the symbol ECOPETROL. The Company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.


ECOPETROL SA: Fitch Affirms Foreign Currency IDR at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Ecopetrol S.A.'s foreign and local
currency issuer default ratings at 'BB+' and 'BBB-', respectively.
The Rating Outlook is Stable.

Ecopetrol's ratings are strongly linked with the credit profile of
the Republic of Colombia (local and foreign currency ratings of
'BBB-' and 'BB+', respectively), its majority shareholder.  This
connection is based on the Colombian government's ownership of the
company as well as its exposure to changes in regulation and
receipt of subsidies from central government.  Ecopetrol's
capitalization process has separated somewhat, yet not entirely,
the company from the government.  Now the company has budgetary
independency and greater financial flexibility, which bodes well
for its financial profile.

Ecopetrol's ratings are supported by the company's strong
financial profile, sizable and stable reserves, steady production
levels and dominant domestic market share.  The ratings also
reflect Ecopetrol's vulnerability to fluctuations in international
commodity prices and tightening environmental regulations
requiring material investment in downstream operations.

Ecopetrol must participate in a competitive bid process to acquire
new exploratory blocks.  Since 2003, oil and gas exploration and
production has become a more competitive business for Ecopetrol,
when the administration of Colombian petroleum resources was
removed from the company and assigned to the National Hydrocarbons
Agency.  As a result, Ecopetrol must increase its capital
expenditures and enter into joint ventures with other companies in
order to develop future reserves and increase crude production
levels to remain competitive.  Before this, the company had
participation rights in successful exploration blocks.

Due to the aforementioned fundamental business change, Ecopetrol
established a very aggressive capital expenditure and investment
program of approximately US$60 billion for the 2008 to 2015
period.  The company plans to finance this capital-expenditure
program using internal cash flow generation, on and off balance
sheet debt issuances as well as a possible second equity offering,
which could increase the company's total floating capital up to
20% and dilute the government ownership down to no more than 80%.  
This capital expenditure program is aggressive and required of
significant internal cash flow generation to be financed.  Fitch
expects leverage, as measured by total adjusted debt (including
off-balance sheet debt) to EBTIDA, to range between 2.0 times (x)
and 2.5x over the medium term.  Should leverage increase beyond
this levels, it could pressure credit quality and result in a
rating downgrade.

Ecopetrol is a vertically integrated oil company owned by the
Colombian government (approximately 89%).  The company's
activities include exploration for and production of crude oil and
natural gas, as well as refining, transportation, distribution and
marketing of refined products.  Ecopetrol is Latin America's
fourth-largest integrated oil company with crude production during
2007 of 399,000 boe per day and refining capacity of 330,000 bpd.


* COLOMBIA: Economy May Slow 1%-4% in 2009, Bank President Says
---------------------------------------------------------------
Colombia's central bank Chief Jose Dario Uribe said the country's
economy may expand 1% next year in the "worst case scenario" due
to turmoil resulting from the worst credit crisis in 80 years,
Helen Murphy of Bloomberg News reports.

The report relates that Mr. Uribe said growth may decelerate to 1%
to 4% depending on how the global slowdown affects consumer
confidence, capital flows and exports to the U.S., Venezuela and
Ecuador.  The economy may slow to 3.5% in 2008 from 8 percent last
year, he said.

"Monetary policy has helped Colombia face the shocks we're seeing
from the global crisis,"  Bloomberg cited Mr. Uribe as saying.  
The bank's next decision would be to cut interest rates, without
giving a time frame, he said.

According to the report, 16 interest rate increases since April
2006 may help bring down inflation next year to under 5%, and the
central bank has maintained the benchmark rate at 10% since a
quarter-point increase in July, the report notes.

The report points out that costly bank lending and concern over
the global economic crisis prompts consumers to curb spending and
put off the purchase of big ticket items caused the decrease of
economic expansion.

Moreover, the report adds that Mr. Uribe said policy makers have
increased borrowing costs by 4 percentage points since April 2006
to rein in inflation that's held above the bank's target of 3.5
percent to 4.5 percent for more than a year. Inflation will end
2008 at about 7.5 percent.

                       About Colombia

The Republic of Colombia is a country in northwestern South
America.  It is the 26th largest nation in the world
and the fourth largest in South America (after Brazil, Argentina,
and Peru), with an area more than twice that of
France.   According to Moody's website, the company continues to
carry foreign currency rating of Ba1 with stable
outlook.



=============
E C U A D O R
=============

* ECUADOR: Gov't to Ask OPEC for Exception to Cutbacks
------------------------------------------------------
Ecuador's Oil Minister Derlis Palacios said the government of
Ecuador will ask Organization of Petroleum Exporting Countries  
(OPEC) for an exception if the oil cartel moves to slash
production for the second time in a month, the Associated Press
reports.

The president of OPEC, the report relates, said the 13-member
cartel could further reduce output if plummeting oil prices aren't
bolstered by last month's production cut of 1.5 million barrels a
day.

Mr. Palacios said Ecuador deserves to avoid further cuts because
its production is marginal and oil exports pay for about 40% of
its national budget, AP notes.

According to AP, Mr. Palacios said his country now produces
493,000 barrels of oil a day, following OPEC's first production
cut.  He ruled out breaking away from the cartel over the matter,
the report adds.

Ecuador is a representative democratic republic in South America,
bordered by Colombia on the north, by Peru on the east and south,
and by the Pacific Ocean to the west.  It is one of only two
countries in South America (with Chile) that does not have a
border with Brazil.  According to Moody's Investors Service, the
company continues to carry a B3 foreign currency rating with
stable outlook.



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

BANCO BILBAO: Merrill Lynch Cuts Rating to "Underperform"
---------------------------------------------------------
Merrill Lynch & Co. cut Banco Bilbao Vizcaya Argentaria SA's
rating to "underperform" from "neutral" stating that the bank's
Mexican business will be affected by the global credit crisis,
Alexis Xydias of Bloomberg News reports.

"Mexico could face a significant retraction in credit lines as
access to funding has been curtailed reflecting the collateral
effects of the global credit crunch, higher risk perception,
reduced risk appetite and weaker estimated domestic economic
growth," Merrill said in a report cited by Bloomberg News.

According to Blooomberg News, Sergio Gamez, a London-based analyst
at Merrill, cut his price estimate on BBVA shares to EUR8.33 from
EUR10.89.

Mexico and the U.S. were BBVA's second-largest source of revenue
in the most recent earnings statement, Bloomberg News says.

Banco Bilbao Vizcaya Argentaria is headquartered in Bilbao,
Spain.  At the end of December 2006, total consolidated assets
amounted to EUR412 billion.  BBVA SA has a subsidiary bank
operating in Colombia.


FORD CREDIT: Parent's Downgrade Cues Moody's 'Ba3' Rating
---------------------------------------------------------
Moody's de Mexico downgraded Ford Credit de Mexico S.A. de C.V.
long-term Mexican National Scale debt rating to Ba3.mx from
Baa3.mx.  At the same time, Moody's downgraded the short-term
Mexican National Scale debt rating to MX-4 from MX-3.  The outlook
is negative.

The rating downgrade follows Moody's action on parent company Ford
Motor Credit Company LLC's rating (senior unsecured rating
downgraded to B3 from B2, with negative outlook).

Ford Credit de Mexico's debt rating is based on an irrevocable and
unconditional guarantee provided by Ford Motor Credit Company LLC.  

These ratings were downgraded:

  -- Mexican National Scale long-term debt rating: Ba3.mx from
     Baa3.mx

  -- Mexican National Scale short-term debt rating: MX-4 from
     MX-3

  -- Outlook: Negative


MAXCOM TELECOMUNICACIONES: S&P Affirms 'B' Rating
-------------------------------------------------
Standard & Poor's Ratings Services affirmed on November 6, 2008,
its 'B' long-term corporate credit rating on Mexico City-based
Maxcom Telecomunicaciones S.A.B. de C.V. (Maxcom).  The outlook is
positive.  The recovery rating on Maxcom's 'B' rated senior
unsecured notes will stay at '3', indicating our expectation of
substantial (50%-70%) recovery in the event of a payment default.

"The rating affirmation reflects that, notwithstanding Maxcom's
favorable credit-related metrics, we are concerned about the
impact of Mexico's economic downturn on the company's operations,
particularly the potential softening of its revenue and EBITDA
growth and an increase in working capital investments.  The
affirmation also reflects the potential weakening of Maxcom's key
financial ratios as a result of the depreciation of the Mexican
peso versus the U.S. dollar," said Standard & Poor's credit
analyst Marcela Duenas.

Our rating on Maxcom is supported by the company's complete
offering of telecom services, including third-party wireless phone
services and video on its network; its offering of "triple-play"
and "quadruple-play" bundled packages at very competitive prices;
its network expansion strategy, which is based on building
clusters, meaning the network is completed first in one geographic
area and then spread to another; and its expertise in managing
customer credit.  Tempering factors include the strong competition
from wireline and fixed wireless local telephony operators, mobile
telephony, and cable operators; and Maxcom's limited financial
flexibility, particularly with respect to its free operating cash-
flow generation that has remained negative as a result of the
company's high capital expenditure program.  In addition, frequent
management changes continue to be a rating factor, as evidenced by
the recent departure of the CEO.

An early mover when offering new services, local access provider
Maxcom is basically a voice-driven, middle- to low-income
residential and small and midsize enterprise-oriented company. Its
growth strategy is based on clusters, and it offers packages at
competitive prices relative to the incumbent's regulated
nationwide prices.  The company is the smallest of the three
significant local-access providers in the country, with 375,191
voice Revenue Generating Units (RGUs) and total RGUs of 476,216 as
of September 2008.  Maxcom has a local presence in the cities of
Mexico City, Puebla, Queretaro, Toluca, Tehuacan, and San Luis
Potosi.

The positive outlook reflects our expectation that Maxcom's
financial position could prove resilient in less-favorable
economic conditions.  A positive rating action is possible if
Maxcom continues to post an EBITDA margin at the 30% level and
keeps its working capital investments in check.  We could revise
the outlook to stable if the competitive environment deteriorates
so that Maxcom is unable to sustain its total debt-to-EBITDA ratio
close to 3.0x and requires external financing to fund its capital
expenditure program.  We believe this could happen if Maxcom
experiences a significant decline in subscribers, significantly
increases its customer delinquencies, or the Mexican peso exhibits
further weakness versus the U.S. dollar.



=================
V E N E Z U E L A
=================

* VENEZUELA: To Form US$4 Billion Joint Bank With Russia
--------------------------------------------------------
Bloomberg News reported that on November 7, Venezuela agreed to
form a US$4 billion joint bank with Russia to pay for development
projects, along with 14 other agreements between the oil-exporting
countries.

According to the report, Venezuela is seeking new funding sources
as bonds and bank loans become more difficult to arrange amid a
lack of buyers for emerging market debt.  The country formed a
US$12 billion development fund largely with Chinese loans that are
being repaid in oil, said the report.

The joint bank will primarily finance economic development in
Venezuela, Elias Jaua, the South American country's minister of
land and agriculture, told Bloomberg News in an interview.

The Troubled Company Reporter-Latin America reported on Oct. 28,
2008, that in affirming Venezuela's 'BB-/B' sovereign credit
rating with a stable outlook, Standard & Poor's Ratings Services
said it expects the government's current account to remain in
surplus until at least 2011.  Although deficits in the capital and
financial account of the balance of payments could reduce public-
sector external assets, S&P believes Venezuela's external position
will provide a floor to the rating, assuming no further material
declines in oil prices.

S&P expects Venezuela's inflation to be high at 30% in 2008 and at
about 26% for 2009.

S&P also noted the country's rapid growth and deterioration of
credit quality in the financial sector.  Domestic credit has
expanded by 70% in 2007, and S&P expects that it will expand
another 50% in 2008.  At the same time, nonperforming loans
-- albeit still at low levels -- grew to 2% in 2008 from 1% in
2007.
     
The stable outlook reflects S&P's expectations that at this level
of oil prices, the government will likely undertake a fiscal
adjustment in 2009 through a devaluation of the bolivar, which
will facilitate a real reduction in public sector wages and
transfers.  



                            ***********

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

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

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

                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese V. Profetana, Marites O. Claro, Joy  
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.


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

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

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

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


           * * * End of Transmission * * *