TCRLA_Public/081113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, November 13, 2008, Vol. 9, No. 226

                            Headlines

A R G E N T I N A

ARIANNE TRADE: Trustee Verifying Proofs of Claim Until Dec. 12
BANCO HIPOTECARIO: Posts Third Quarter 2008 Financial Results
PATAGONIA WINES: Asks for Opening of Preventive Contest
TELCOM ARGENTINA: Sees ARS1.7 Billion CAPEX for 2008
* Moody's Reports Effects of Pension Changes on Insurance Groups


B R A Z I L

CAIXA ECONOMICA: In Talks w/ Small Banks to Buy Credit Portfolios
CEMIG: 3Q Profit Drops 57%to BRL547.13MM on Rate Cuts
ELETROBAS: Earns BRL2.1 Billion in Third Quarter 2008
NOSSA: Hits Record Low This Month on Terms for Acquisition Report


C A Y M A N  I S L A N D S

CABLE & WIRELESS: S&P Holds B Rating; Changes Outlook to Positive
CARSS FINANCE: Requires Creditors to File Claims by Nov. 27
CARSSX FINANCE: Requires Creditors to File Claims by Nov. 27
CENTEX HOME: Creditors' Proofs of Debt Due on November 27
CEVAL INTERNATIONAL: Creditors' Proofs of Debt Due on November 27

COLUMBUSNOVA CLO: Creditors' Proofs of Debt Due on December 12
COMMAND CORPORATION: Placed Under Voluntary Liquidation
CRP VI: Creditors' Proofs of Debt Due on November 27
DEL MAR CLO: Creditors' Proofs of Debt Due on November 27
DIOGENES CDO: Creditors' Proofs of Debt Due on November 27

PINNACLE PEAK: Creditors' Proofs of Debt Due on November 27
PPB INTERNATIONAL: Creditors' Proofs of Debt Due on November 27
PURE HOLDINGS: Creditors' Proofs of Debt Due on November 27
PURE JSPC: Creditors' Proofs of Debt Due on November 27
QVP CDO: Creditors' Proofs of Debt Due on November 27

SIS CAYMAN: Creditors' Proofs of Debt Due on November 27
SOUND BEACH: Creditors' Proofs of Debt Due on November 27
STACK 2007-1: Creditors' Proofs of Debt Due on November 27
STACK 2007-3: Creditors' Proofs of Debt Due on November 27
STONY CREEK: Creditors' Proofs of Debt Due on November 27

TENORITE CDO: Requires Creditors to File Claims by Nov. 27
THE DAI-ICHI: Creditors' Proofs of Debt Due on November 27
TREMONT HEDGE: Requires Creditors to File Claims by Nov. 27
TROY AIRCRAFT: Requires Creditors to File Claims by Nov. 27
UNWANTED II: Requires Creditors to File Claims by Nov. 27


C U B A

* CUBA: To Mine Gold & Copper-Zinc Deposits in the Provinces


C H I L E

CODELCO: Cuts Japan, Korea Copper Fee by 30% to 6-Year Low


M E X I C O

GRUMA SAB: S&P Cuts Rating on US$300 Mil. Perpetual Bonds to 'B+'
* Fitch Releases Mexican RMBS Performance Quarterly Report


V E N E Z U E L A

* VENEZUELA: Lends US$20MM to Antigua & Barbuda for Home Project


X X X X X X X X

* S&P Says Market Perception Of Creditworthiness Affects Insurers
* S&P Says Speculative-Grade Credit Spread Tightens To 1,379 BPS
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ARIANNE TRADE: Trustee Verifying Proofs of Claim Until Dec. 12
--------------------------------------------------------------
The court-appointed trustee for Arianne Trade S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 12, 2008.


BANCO HIPOTECARIO: Posts Third Quarter 2008 Financial Results
-------------------------------------------------------------
Banco Hipotecario S.A. reported financial results for third
quarter 2008.

  -- Aggregated results for the nine-month period were of
     Ps. (37.7) million, compared to Ps. 47.7 million of the same
     period of 2007.  Net income was adversely influenced by the
     effect of certain BH investments linked to the value of BH
     shares (total return swaps), that negatively impacted net
     income by Ps. 46.7 million in the period.

  -- Core business results continued the positive trend, financial
     income from loans grew 12.0% in the quarter and 60.3%
     year-on-year, adjusted net financial margins were 13.0%
     higher than a year ago, and non-performing loans ratio is
     similar to one year ago.

  -- Lending activity grew 1.6% in the quarter and 22.3%
     year-on-year.

  -- Deposits grew 12.6% in the quarter and 106.2% year-on-year.

  -- Sound equity ratio of 24.2%.

  -- BH ranks tenth in terms of assets, fourth in terms of
     household financing and third in terms of net worth in the
     local financial system.

                 About Banco Hipotecario

Banco Hipotecario SA, headquartered in Buenos Aires, Argentina,
-- http://www.hipotecario.com.ar--  is a commercial bank and
specialty mortgage provider.  Its product line includes personal
loans, credit cards and deposit accounts.  Additionally, the Bank
specializes in the provision of short-term financing for exporting
companies, factoring services, purchase and sale of foreign
currency, custodial services, safe deposit box rentals, payroll
bank accounts, securities brokerage services and sales of
insurance.  Banco Hipotecario SA provides services to both
individuals and companies.  It operates through a network of 35
branches and 59 service agencies.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 7, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Banco Hipotecario S.A. and
Banco Patagonia S.A. to 'B-' from 'B' following a similar rating
action on the sovereign credit rating on the Republic of
Argentina.  The outlook on all affected ratings is stable.

"The rating actions reflect the close linkage between the credit
quality of the sovereign and that of the financial system in
Argentina," said Standard & Poor's credit analyst Sergio Garibian.


PATAGONIA WINES: Asks for Opening of Preventive Contest
-------------------------------------------------------
Patagonia Wines & Foods SA has asked for the opening of its
preventive contest.

The petition will be heard before the National Commercial Court of
First Instance No. 11 in Buenos Aires, with the assistance of
Clerk No. 22.


TELCOM ARGENTINA: Sees ARS1.7 Billion CAPEX for 2008
----------------------------------------------------
Telecom Argentina S.A. expects total CAPEX for 2008 to reach
approximately ARS1.7 billion (US$514 million), equivalent to 15%
of consolidated revenues for the year, TeleGeography News reports,
citing BNamericas.

According to the report, COO Franco Bertone indicated that the
spending has been earmarked for the expansion of fixed line
network capacity, increasing broadband infrastructure and boosting
3G coverage.

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.

                          *     *     *

Telecom Argentina continues to carry 'B+' foreign and local
currency issuer default ratings from Fitch with positive outlook.
The ratings were upgraded by Fitch to their current level from 'B'
in February 2008.


* Moody's Reports Effects of Pension Changes on Insurance Groups
----------------------------------------------------------------
Moody's Latin America says in a recently published report that
changes in the Argentine pension system proposed by the government
would have a negative impact on insurers involved in the
previsional annuity segment

In this report, Moody's comments that, under the proposal, the
private defined contribution retirement savings (or
"capitalization") system, which has been part of the national
pension system since 1994, would cease to exist, and in turn, the
government would take over administration going forward, shifting
to a public pay-as-you-go pension system.  This would negatively
affect the credit and rating profile of provisional insurance
groups, and could eventually result in downgrades.

Moody's notes that "In the case this bill is approved by the
Argentine Congress, insurers that are currently involved in the
provisional annuity segment would continue to administer their in
force business and reserves on a run-off basis, but will no longer
issue new business going forward."  The report goes on to say that
some of these insurers may try to expand and diversify their
strategy and operations into other business lines.  Moody's adds
that "The credit and rating implication for these possible
developments will be company specific, focused on strategic plans,
capital, and group affiliation--current and possible changes in
the future."

The report also states that since the "capitalization" system has
been a primary source of growth and development for the Argentine
capital markets, the elimination of that system would contribute
to the already declining growth of the Argentine economy, and
therefore also likely cause a decline in the level of insurance
activity in the country.



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

CAIXA ECONOMICA: In Talks w/ Small Banks to Buy Credit Portfolios
-----------------------------------------------------------------
Caixa Economica Federal is negotiating with several small banks to
buy their credit portfolios, amid the global financial crisis,
Reuters reports, citing Bank CEO Maria Fernanda Coelha.

The report relates that Caixa has currently acquired credit
portfolios from four small, local banks for BRL2 billion (US$899
million) in the past months.

"There are various conversations in this sense that should be
concluded by the end of the year," Reuters cited Mr. Coelha as
saying.  He added the bank was not planning to buy up any
particular bank, after the government passed a provisional measure
allowing the big state banks to step up in emergency situations
and buy smaller banks.

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin
America.  Founded in Jan. 12, 1861, Caixa Economica is the
second biggest Brazilian bank, second only to Banco do Brasil,
and offers services in thousands of Brazilian towns, ranking
third in Brazil in number of branches.  The company has more
than 32 million accounts and controls more than US$170 billion.
It is responsible for executing policies in the areas of housing
and basic sanitation, the administration of social funds and
programs and federal lotteries.

                        *    *    *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


CEMIG: 3Q Profit Drops 57%to BRL547.13MM on Rate Cuts
-----------------------------------------------------
Companhia Energetica de Minas Gerais's third quarter profit
decreased 57% to BRL516.24 million (US$232 million) from BRL547.13
million a year earlier, after it reduced rates to comply with a
government mandate, Laura Price of Bloomberg News reports.

The report relates that the company's net sales climbed 3.4% to
BRL2.76 billion from BRL2.67 billion a year.

According to Bloomberg News, Brazil's electrical-power regulator,
Aneel, requires power companies to cut customer rates when they
increase efficiency.

Julia Costa, an analyst at Agora CTVM in Rio de Janeiro, as cited
by Bloomberg News said, "Distributor sales volumes have grown even
as they've earned less as a result of the tariff reduction.  She
noted "increases in generator rates have not been enough to
compensate for the lower distributor rates."

Bloomberg News relates that Marcelo Britto, an analyst at Banco
Bradesco SA's brokerage in Sao Paulo, said an increase in Brazil's
benchmark interest rate, Selic, pushed up Cemig's debt costs from
a year ago.  Central bank policy makers raised rates four times to
13.75 percent from April this year, the report adds.

Meanwhile, Bloomberg News says, the company may benefit slightly
in the fourth quarter from an increase in prices charged by its
unit, Light SA.

                         About CEMIG

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

Companhia Energetica de Minas Gerais aka CEMIG continues to carry
corporate family ratings of Ba2 from Moody's Investors Service on
the rating agency's global scale.  The rating was assigned by
Moody's in March 2007.


ELETROBAS: Earns BRL2.1 Billion in Third Quarter 2008
-----------------------------------------------------
Centrais Eletricas Brasileiras SA recorded a BRL2.1 billion
(US$952 million) net income for the third quarter 2008, from a
BRL174.1 million loss in the year-earlier period, Bloomberg News
reports.

The company, the report relates, attributed the increase in profit
to the increase of received rate from power generation
subsidiaries.  Daniel Gorayeb, utility analyst with Accerta
Investment Consultancy in Sao Paulo, as cited by Bloomberg News,
said the company's generation units have their  power rates linked
to changes in the country's IGPM consumer price index, which
increased 12% in year-ended Sept. 2008, helping it win rate
increases from Brazil's regulator.

According to the report, third-quarter net sales climbed 24% to
BRL7.15 billion from BRL5.78 billion a year earlier.

Eletrobras said it had a 2.6 billion-real currency gain in the
third quarter after the U.S. dollar rose against the Brazilian
real, boosting the value of its dollar-denominated receivables,
the report adds.

                      About Eletrobras

Centrais Eletricas Brasileiras SA, a.k.a. Eletrobras, operates
in the electric power sector in Brazil.  The objective of
Eletrobras is to perform activities involving studies, projects,
construction and operation of electric power plants,
transmission and distribution lines as well as underlying trade
operations arising therefrom.  Eletrobras is tasked with the
preparation of studies and with drawing up construction projects
for hydroelectric generation, transmission lines and substations
to supply Brazil.  It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked to the generation,
transmission and distribution of electric power.

                          *     *     *

Centrais Eletricas Brasileiras S.A. aka Eletrobras continues to
carry a 'BB+' long-term foreign currency counterparty credit
rating from Standard & Poor's with positive outlook.  The rating
was raised by S&P to its current level from 'BB' in May 2007.


NOSSA: Hits Record Low This Month on Terms for Acquisition Report
-----------------------------------------------------------------
Banco Nossa Caixa SA's shares fell the most this month on
speculation the lender may be acquired by Banco do Brasil SA on
worse terms than it had sought, Fabio Alves of Bloomberg News
reported Tuesday.

As reported by the Troubled Company Reporter - Latin America on
August 27, 2008, citing Brazilian financial daily Valor Economico,
Banco Nossa and Banco do Brasil were disagreeing on the amount to
be paid for the acquisition of Banco Nossa's assets.

Citing newspaper O Estado de S. Paulo, Bloomberg News relates
Brazil's government will pay between BRL6.4 billion (US$2.9
billion) and BRL7 billion for control of Nossa Caixa.  The federal
government plans to pay the amount in three years in cash and
stock, while the state of Sao Paulo is seeking to be paid in cash
only and in a single payment, the newspaper added.

According to Bloomberg News, the company slumped 5.2% to BRL50.38,
the most since Oct. 31.  The shares plunged 16% earlier, the
steepest intraday decline since its initial public offering in
October 2005, while Banco do Brasil slid 1.2 percent to BRL14.24.

"The stock is reacting to speculation that the terms for the deal
won't be what the state of Sao Paulo was seeking, with the
possibility that payment will be spaced out and not all in cash,"
Jayme Alves, an analyst at brokerage Spinelli SA, told Bloomberg
in a telephone interview.

                      About Banco Nossa

Headquartered in Sao Paulo, Brazil, Banco Nossa Caixa SA --
http://www.nossacaixa.com.br/-- operates as a multiple bank
offering banking and financial services through commercial and
loan portfolios, including real estate and foreign exchange, as
well as administering credit cards. Through its subsidiary, it
operates with private pensions. Nossa Caixa uses demand, saving
and time deposits, which include judicial deposits, to fund its
operations. The main focus of Nossa Caixa is to attend
individuals, especially public employees and small and medium-
sized companies in Sao Paulo, as well as state and municipal
government agencies. As the official bank for the government of
the State of Sao Paulo, it administers the state's resources and
state lotteries and takes care of the payroll of the indirect
state administration and part of the direct administration. As
of Dec. 31, 2005, the Bank's network consisted of 2,579
attendance points in its distribution network.

                             *     *     *

Banco Nossa Caixa SA continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in April 2008.



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

CABLE & WIRELESS: S&P Holds B Rating; Changes Outlook to Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on U.K.-based telecommunications provider Cable & Wireless
PLC to positive from developing following the group's announcement
that it intends to demerge its business units.  The 'BB-' long-
term and 'B' short-term corporate credit ratings on C&W were
affirmed.

At the same time, the 'BB-' senior unsecured debt rating on the
GBP200 million notes due 2012 issued by C&W, and on the GBP200
million guaranteed notes due 2019 issued by related entity Cable &
Wireless International Finance B.V., were affirmed.  The recovery
rating on the bonds is unchanged at '3', indicating Standard &
Poor's expectation of meaningful (50%-70%) recovery in the event
of a payment default.

"The outlook revision primarily reflects the positive effect that
a demerger of the Cable & Wireless EAUS (Europe, Asia, and U.S.)
business unit and the International business unit will have on the
group's credit profile, as S&P understands from the company that
the two series of GBP200 million rated bonds would remain
supported by the operationally stronger International unit," said
Standard & Poor's credit analyst Helen O'Toole.

The outlook revision also acknowledges the improving trend in cash
generation at C&W's EAUS business.  Gross adjusted debt at
Sept. 30, 2008, was GBP817.5 million.

The EAUS business continues to show good growth, thanks to the
turnaround strategy launched in 2006 that focuses on a smaller
number of larger business customers.  This, together with the move
toward more profitable data and ongoing cost reductions, enabled
reported EBITDA margins to increase to 13.2% (GBP262 million)
compared with 8.0% a year earlier.  The International business
continued to perform well, with the broadband and mobile divisions
the clear growth drivers.

Should the integration of Thus deliver the expected benefits and
operating trends remain steady, there could be room for an
upgrade.

In the event that the demerger plans are dropped by C&W, S&P would
assess the implications in terms of its business and financial
strategy and the related consequences on the group's credit
profile.  Beyond these aspects, S&P expects no surprises in terms
of negative operating and cash flow trends.  S&P also expects a
continuously supportive liquidity position.  Should these
expectations not be met, the ratings or outlook would most likely
be negatively affected.


CARSS FINANCE: Requires Creditors to File Claims by Nov. 27
-----------------------------------------------------------
The creditors of CARSS Finance CI 2004-A Limited are required to
file their proofs of debt by November 27, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Andrew Dean
          Jagjit (Bobby) Toor
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


CARSSX FINANCE: Requires Creditors to File Claims by Nov. 27
------------------------------------------------------------
The creditors of Carssx Finance Limited are required to file their
proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Andrew Dean
          Jagjit (Bobby) Toor
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


CENTEX HOME: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------
The creditors of Centex Home Equity Advance Receivables Company
Ltd. are required to file their proofs of debt by November 27,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2008.

The company's liquidators are:

          George Bashforth
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


CEVAL INTERNATIONAL: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------------------
The creditors of Ceval International Participation Ltd. are
required to file their proofs of debt by November 27, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 22,
2008.

The company's liquidators are:

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


COLUMBUSNOVA CLO: Creditors' Proofs of Debt Due on December 12
--------------------------------------------------------------
The creditors of Columbusnova CLO V Ltd. 2007-III are required to
file their proofs of debt by December 12, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 17, 2008.

The company's liquidators are:

          Chris Marett
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


COMMAND CORPORATION: Placed Under Voluntary Liquidation
-------------------------------------------------------
The shareholders of Command Corporation met on October 1, 2008,
and resolved to voluntarily liquidate the company's business.

The company is accepting creditors' proofs of debt until today,
November 13, 2008.

The company's liquidators are:

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


CRP VI: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------
The creditors of CRP VI are required to file their proofs of debt
by November 27, 2008, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on October 9, 2008.

The company's liquidators are:

          Carlos Farjallah
          Prashant Veturkar
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


DEL MAR CLO: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------
The creditors of Del Mar CLO II, Ltd. are required to file their
proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Guy Major
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


DIOGENES CDO: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of Diogenes CDO III Ltd. are required to file their
proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 13, 2008.

The company's liquidators are:

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



PINNACLE PEAK: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------------
The creditors of Pinnacle Peak CDO II, Ltd. are required to file
their proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Jan Neveril
          Phillip Hinds
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


PPB INTERNATIONAL: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------------
The creditors of PPB International I Ltd. are required to file
their proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Guy Major
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


PURE HOLDINGS: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------------
The creditors of Pure Holdings are required to file their proofs
of debt by November 27, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Jagjit (Bobby) Toor
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


PURE JSPC: Creditors' Proofs of Debt Due on November 27
-------------------------------------------------------
The creditors of Pure JSPC Holdings are required to file their
proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Jagjit (Bobby) Toor
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


QVP CDO: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------
The creditors of QVP CDO Ltd. are required to file their proofs of
debt by November 27, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 7, 2008.

The company's liquidators are:

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


SIS CAYMAN: Creditors' Proofs of Debt Due on November 27
--------------------------------------------------------
The creditors of Sis Cayman Ltd. are required to file their proofs
of debt by November 27, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 14, 2008.

The company's liquidators are:

          Jan Neveril
          Emile Small
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


SOUND BEACH: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------
The creditors of Sound Beach CLO 1 Ltd. are required to file their
proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 3, 2008.

The company's liquidators are:

          Hugh Thompson
          Jagjit (Bobby) Toor
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


STACK 2007-1: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of Stack 2007-1 Ltd. are required to file their
proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Chris Marett
          Carl Gosselin
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


STACK 2007-3: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of Stack 2007-3 Ltd. are required to file their
proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 13, 2008.

The company's liquidators are:

          Chris Marett
          Emile Small
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


STONY CREEK: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------
The creditors of Stony Creek CLO are required to file their proofs
of debt by November 27, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 13, 2008.

The company's liquidators are:

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


TENORITE CDO: Requires Creditors to File Claims by Nov. 27
----------------------------------------------------------
The creditors of Tenorite CDO I Ltd. are required to file their
proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 3, 2008.

          Phillipa White
          Carl Gosselin
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


THE DAI-ICHI: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of The Dai-Ichi Life Funding SPV Holdings are
required to file their proofs of debt by November 27, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on October 17, 2008.

The company's liquidators are:

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


TREMONT HEDGE: Requires Creditors to File Claims by Nov. 27
-----------------------------------------------------------
The creditors of Tremont Hedge Fund Limited are required to file
their proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Guy Major
          Giles Kerley
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


TROY AIRCRAFT: Requires Creditors to File Claims by Nov. 27
-----------------------------------------------------------
The creditors of Troy Aircraft Ltd. are required to file their
proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 17, 2008.

The company's liquidators are:

          Melanie Whittaker
          Prashant Veturkar
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


UNWANTED II: Requires Creditors to File Claims by Nov. 27
---------------------------------------------------------
The creditors of Unwanted II Ltd. are required to file their
proofs of debt by November 27, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 15, 2008.

The company's liquidators are:

          Kareem Robinson
          Prashant Veturkar
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands



=======
C U B A
=======

* CUBA: To Mine Gold & Copper-Zinc Deposits in the Provinces
------------------------------------------------------------
Cuba will begin mining gold and copper-zinc deposits in the
central Cuban province of Villa Clara under the framework of the
Bolivarian Alternative for the Americas (ALBA) agreement,
Caribbean Net News reports.

The report relates that Armando Garcia, chief of operations for
the Geominera del Centro Company, told a local newspaper that the
gold mine is located in the municipality of Placetas and the
copper-zinc mine in Manicaragua.   The company will use similar
technology currently being used in other mines in Cuba, Caribbean
Net News says.

According to the report, Cuba is developing several economic and
social programs under the ALBA initiative that promotes regional
integration and is seen as an alternative to made-in-the-US free
trade agreements.  Other projects developed in the framework of
ALBA include the massive fuel refinery and derivative processing
facilities in Cienfuegos, the same report adds.

The Republic of Cuba consists of the island of Cuba, Isla de la
Juventud and several adjacent small islands.  Cuba is located in
the northern Caribbean at the confluence of the Caribbean Sea, the
Gulf of Mexico and the Atlantic Ocean.  Cuba is south of the
eastern United States and The Bahamas, west of the Turks and
Caicos Islands and Haiti and east of Mexico.  The Cayman Islands
and Jamaica are to the south.  According to Moody's Rating Agency
the company currently holds a Caa1 foreign currency rating with
stable outlook.



=========
C H I L E
=========

CODELCO: Cuts Japan, Korea Copper Fee by 30% to 6-Year Low
----------------------------------------------------------
Corporacion Nacional del Cobre cut the premium on sales to Japan
and South Korea by more than 30% to a six-year low in a bid to
keep market share as global consumption growth slows, Jae Hur at
Bloomberg News reports.

The report relates that the company will reduce the fee to US$64 a
metric ton for South Korea in 2009 from US$99 a ton this year, and
will cut the premium for Japan to US$65 a ton from US$102.

According to the report, Copper prices have plunged by more than
half from their record US$8,940 a ton on July 2 to a three-year
low as the global credit crunch pushes the world toward recession,
cutting demand for raw materials.  "The outlook for demand is
gloomy in the short term.  We expect to see a recovery in late
2009 or 2010," the report cited Hidenori Kamoo, general manager of
market research at Pan Pacific, Japan's biggest refined copper
producer, said from Tokyo, as saying.

Bloomberg News notes that the International Copper Study Group
said global production outpaced demand by 65,000 tons in July.
Producers need to make "severe"cutbacks to prevent supplies from
overwhelming demand, George Cheveley, a fund manager at Investec
Asset Management Ltd., told the news agency.

The report adds that Kim Gyung Jung, an analyst with Samsung
Securities Co., said the fee reduction "will help Codelco win more
long-term contracts to supply regional buyers."

                     About Codelco

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

                          *     *     *

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

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



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

GRUMA SAB: S&P Cuts Rating on US$300 Mil. Perpetual Bonds to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on GRUMA S.A.B. de C.V. and its rating on Gruma's
US$300 million perpetual bonds to 'B+' from 'BB' and left the
ratings on CreditWatch with negative implications, meaning that
S&P could lower or affirm the ratings following the completion of
S&P's review.

"The downgrade reflects S&P's perception that Gruma's leverage
will increase as a result of the likely unwinding of its
derivative positions and that its liquidity will tighten," said
Standard & Poor's credit analyst Enrique Gomez Tagle.  As of
Sept. 30, 2008, Gruma had US$62 million in cash and about
US$50 million in committed credit lines.  Debt maturities total
US$58 million in the fourth quarter of 2008 and approximately
US$90 million in 2009.  S&P expects cash levels to remain
relatively low and free cash flow generation to be limited by
interest payments on additional indebtedness.

On Oct. 13, 2008, S&P downgraded Gruma to 'BB' from 'BBB-' based
on S&P's perception that Gruma's financial policy became more
aggressive, as evidenced by its continued use of derivative
instruments, which resulted in significant noncash losses.  On
Oct. 28, 2008, the company reported mark-to-market losses of
US$788 million on open foreign exchange derivative instruments
with several counterparties.  In addition, it reported that it had
reached an agreement to close its derivatives positions with the
only counterparty entitled to make margin calls.  Gruma is
expected to pay this settlement by Nov. 25, 2008.  The current
rating incorporates S&P's expectation that the company will
achieve a resolution with the other counterparties to close its
remaining derivative positions.


* Fitch Releases Mexican RMBS Performance Quarterly Report
----------------------------------------------------------
Fitch Ratings released the third issue of its 'Mexican RMBS
Performance Quarterly Report'.  This installment provides an
overview of the Mexican residential mortgage-backed securities
(RMBS) market during the third quarter of 2008 (3Q'08), as well as
a detailed analysis of the performance of transactions currently
rated by Fitch.

According to the report, during the third quarter the majority of
the RMBS transactions continued to experience higher
delinquencies, though most of this remains in line with Fitch's
original expectations.  Overall, bonds placed in 2004 and 2005
continue to perform better than newer transactions and bank issued
notes perform better than the transactions placed by Sofoles.
Peso denominated transactions also outperformed UDI denominated
ones. In this report, Fitch has introduced metrics related to 90
day delinquencies.  While Fitch believes delinquencies greater
than 180 days is the best indicator of loss for Mexican mortgages,
Fitch believes these 90 day numbers provide a good early warning
for transaction performance.

Fitch has seen a fairly large increase in delinquencies over the
past three months.  While some of these increases can be
attributed to specific events of particular portfolios, much of
this relates to the pressures on economic growth and rising
inflation.  In relation to this, Fitch placed eight transactions
on Rating Watch Negative however, the agency has affirmed its
current ratings on 34 transactions issued by Sofoles and banks and
seven transactions placed by Infonavit during the third quarter

Public issuance will be difficult to place during the fourth
quarter, however, Sociedad Hipotecaria Federal (SHF) announced a
program of support mechanisms aimed at ensuring continued market
access for the Sofoles.  The program involves a variety of
products to ensure the Sofoles will have funding during these
increasingly difficult markets.  These products include secured
lines of credit and partial guarantees.



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

* VENEZUELA: Lends US$20MM to Antigua & Barbuda for Home Project
----------------------------------------------------------------
The Antigua and Barbuda government plans to borrow US$20 million
from Venezuela to develop a residential community for its civil
servants in North Sound, Afeefah Beharry of AntiguaSun News
reports.

The report relates that the government will access the loan from
Banco de Desarrollo Economico y Social de Venezuela.

"This struggle is long overdue.  The government has been trying to
work with the bank in Venezuela and the government of Venezuela to
obtain this US$20 million," the report cited Minister of Housing
and Social Transformation Hilson Baptiste as saying.

Mr. Baptiste, the report notes, said the loan has since been
divided into two phases.  The bank is prepared to make US$10
million available to the government now and the rest will be
handed over at a later date, he said.

According to the Sun, Mr. Baptiste said the terms and conditions
of the loan are very attractive to the government, since it was
negotiated at a three per cent interest rate.  It is a 20-year
loan with a five-year moratorium, he added.

The Bolivarian Republic of Venezuela is a country on the northern
coast of South America.  The country comprises a continental
mainland and numerous islands located off the Venezuelan coastline
in the Caribbean Sea.  The Bolivarian Republic of Venezuela
possesses borders with Guyana to the east, Brazil to the south,
and Colombia to the west.  Trinidad and Tobago, Grenada, St.
Lucia, Barbados, Curaçao, Bonaire, Aruba, Saint Vincent and the
Grenadines and the Leeward Antilles lie just north, off the
Venezuelan coast.  Falling within the tropics, Venezuela sits
close to the equator, in the Northern Hemisphere.  According to
Moody's Rating Agency, the country continues to carry a B2 foreign
currency rating and a B1 local currency rating with stable
outlook.



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

* S&P Says Market Perception Of Creditworthiness Affects Insurers
------------------------------------------------------------------
In a confidence-sensitive industry, many insurers have seen their
financial strength acutely affected by market perception of their
credit quality, according a report published by Standard & Poor's
Ratings Services.  "Ratings are based on fundamental analysis;
however, when assessing creditworthiness, the speed with which
confidence can be lost in an insurer is an important consideration
for us," Said Standard & Poor's Credit Analyst Mark Puccia.  When
a crisis strikes, insurers that lack sufficient resources to cover
all contingent calls on liquidity could quickly be insolvent,
despite having otherwise healthy business operations and strong
capital.  American International Group is an example where the
combination of mark-to-market losses on securities backed by its
credit default swaps and rating-related triggers required the
company to post significant collateral.  S&P previously recognized
AIG's potential mortgage-related losses and collateral
requirements, but the rapid decline in asset values and market
confidence exceeded S&P's expectations, causing the rating action.
This created a huge liquidity strain on what S&P had viewed as a
healthy company: This limited its ability to access funding.

S&P consistently have considered triggers, material adverse
condition clauses, and other covenants when assessing an insurer's
financial strength.  Even in normal times, S&P evaluates how an
insurer is positioned to handle stress scenarios, balancing
sources of liquidity available in these scenarios against its
liability structure and potential liquidity calls.  S&P believes
triggers elevate default risk, and therefore it is appropriate
that ratings address this added risk.  While two companies may be
virtually identical in terms of operations and balance sheet, if
one has material contingent liquidity calls and very tight
triggers, S&P usually will consider it to have a higher credit
risk.


* S&P Says Speculative-Grade Credit Spread Tightens To 1,379 BPS
----------------------------------------------------------------
The Standard & Poor's investment-grade spread widened marginally
yesterday, expanding 4 basis points, to 493 bps from 489 bps.  The
speculative-grade spread, on the other hand, contracted 22 bps, to
1,379 bps from 1,401 bps.  Most rating category spreads contracted
as well, with 'AA' at 397 bps, 'A' at 454 bps, 'BB' at 909 bps,
and 'B' at 1,453 bps.  The 'BBB' and 'CCC' spreads widened, to 590
bps and 2,550 bps, respectively, the latter hitting a new five-
year high.

Most industry spreads tightened as well, with financial
institutions at 652 bps, banks at 583 bps, and telecommunications
at 699 bps, an average of 5 bps tighter than Friday's figures.
Industrials, on the other hand, widened slightly to 820 bps from
818 bps, and utilities remained unchanged at 502 bps.

With speculative-grade defaults on the rise, a higher
preponderance of credit downgrades, and a general malaise about
the future of the economy, S&P expects spreads to remain at their
elevated levels for some time until confidence is restored to the
market.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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



                            ***********

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 * * *