TCRLA_Public/081114.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

            Friday, November 14, 2008, Vol. 9, No. 227

                            Headlines

A R G E N T I N A

ALAMOS DEL SUR: Proofs of Claim Due on Nov. 21
LOMA NEGRA: S&P Cuts Foreign Currency Long-Term Rating to 'B'
BIO DIESEL: Court to Hear Reorganization Petition
BROLITE SA: Proofs of Claim Verification Due on February 20
DEYGOR ELECTRONIC: Proofs of Claim Verification Due on February 12

RIO EXPORT: Court to Hear Reorganization Petition


B E R M U D A

SCOTTISH RE: Investors Win US$37.5 Million Class Action Payout


B R A Z I L

BANCO DO BRASIL: Terms to Acquire Nossa Caixa Not Yet Set
BANCO DO BRASIL: Gets New Acquisition Powers From Congress


C A Y M A N  I S L A N D S

ANGEL ENTERPRISES: Creditors' Proofs of Debt Due on November 27
ARLO X: Moody's Withdraws Rating on EUR13.5 Million Notes
CALCUTTA INVESTMENTS: Requires Creditors to File Claims by Nov. 27
CALM SEAS: Creditors' Proofs of Debt Due on November 27
CAPADON CAPITAL: Requires Creditors to File Claims by Nov. 29

CRESCENT INVESTMENTS: Creditors' Proofs of Debt Due on November 27
KEFTON CDO: Creditors' Proofs of Debt Due on November 27
LEGEND INVESTMENTS: Creditors' Proofs of Debt Due on November 27
LONG RIDGE: Requires Creditors  to File Claims by November 27
MARKOV CDO: Requires Creditors  to File Claims by November 27

MBNA AMERICAN: Creditors' Proofs of Debt Due on November 27
MF INVESTMENT: Requires Creditors to File Claims by November 27
MOUNTAIN VIEW: Creditors' Proofs of Debt Due on November 27
NAVIGATOR CORP: Requires Creditors to File Claims by Nov. 27
NORTHLAND FUNDING: Creditors' Proofs of Debt Due on November 27

OIL INTERNATIONAL: Creditors' Proofs of Debt Due on November 27
OLYMPIA PLACE: Creditors' Proofs of Debt Due on November 27
OZ ASIA: Creditors' Proofs of Debt Due on November 27
OZ EUROPE: Requires Creditors to File Claims by November 27
OZ OVERSEAS: Requires Creditors to File Claims by November 27

SAPIC-98 REFERENCE: Requires Creditors to File Claims by Dec. 5
SUNNY DAY: Creditors' Proofs of Debt Due on November 27


C O L O M B I A

BANCOLOMBIA: Earns COP894.5 Billion in January-October 2008
* COLOMBIA: Mulls Selling COP 2 Trillion More Bonds This Year


C O S T A  R I C A

* COSTA RICA: Legislators Sign Free Trade Agreement


E C U A D O R

* ECUADOR: Seeks EU Trade Talks as Neighboring Countries Move On


J A M A I C A

AIR JAMAICA: Appoints Two New Executives in Management Team
AIR JAMAICA: Nobles Sees Unclear Future if Divestment Plan Fails
CASH PLUS: Minister of Justice Fires Liquidator


V E N E Z U E L A

* VENEZUELA: Sees Low GDP Growth in 2009 Amid Falling Oil Prices


X X X X X X X X

* S&P Reports Decline of Issuers Poised to Move Up Credit Spectrum
* Moody's Says Global Speculative Default Rate to Reach 10.4%


                         - - - - -


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

ALAMOS DEL SUR: Proofs of Claim Due on Nov. 21
----------------------------------------------
Roberto Massacane, the court-appointed trustee for Alamos del Sur
SRL's bankruptcy proceeding will be verifying creditors' proofs of
claim until Nov. 21, 2008.

Mr. Massacane will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, 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.

The informative hearing is set for August 12, 2009.

The debtor can be reached at:

          Alamos del Sur SRL
          Parana 433
          Argentina

The trustee can be reached at:

          Roberto Massacane
          Roque Saenz Pena
          Argentina


LOMA NEGRA: S&P Cuts Foreign Currency Long-Term Rating to 'B'
-------------------------------------------------------------
On Nov. 5, 2008, Standard & Poor's Ratings Services placed its
'B+' local-currency long-term corporate credit rating on
Argentina-based cement producer Loma Negra C.I.A.S.A. (Loma) on
CreditWatch Negative.  At the same time, S&P lowered its foreign-
currency long-term corporate credit rating to 'B' from 'B+'.  The
foreign-currency rating is also placed on CreditWatch Negative.

The CreditWatch Negative on the local-currency rating reflects
S&P's perception that the corporate sector in Argentina faces
tougher challenges than before and that overall credit quality has
weakened given S&P's view of a riskier business environment for
companies operating in the country.  As a result, S&P is analyzing
the impact of government intervention, financial flexibility,
parent support, cash-flow stability, and overall leverage on the
final ratings.

The rating could remain higher than that on the sovereign if S&P's
analysis shows that, under a sovereign default scenario, the
company can generate sufficient local-currency resources to meet
all its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.

The lower foreign-currency rating follows a change in the transfer
and convertibility (T&C) assessment for Argentina to 'B-' from
'B+'.  The T&C assessment for Argentina is S&P's view of the
probability of the sovereign restricting access to foreign
exchange needed by Argentina-based issuers for debt service.
S&P's foreign currency rating on Loma remains higher than that on
the Republic of Argentina and on CreditWatch with negative
implications while S&P reviews the impact of mitigating factors,
mainly parent support.  This factor may allow the ratings to
remain above the current T&C assessment for Argentina.

The corporate credit ratings reflect the exposure to swings in
economic activity in Argentina, the inherent volatility of the
cement industry, the company's limited product and geographic
diversification, and its exposure to currency mismatch risk.  The
company's sound market position as the largest cement producer in
Argentina, competitive cost structure from raw materials access
and logistic integration, and relatively adequate financial
profile supported by healthy cash-flow generation and a manageable
debt maturity schedule partially mitigate the negative factors.

S&P's corporate credit ratings on Loma are one notch higher than
that on the company's stand-alone credit quality.  This is because
S&P considers its operating performance, financial health, and
strategic fit with its sole shareholder, Camargo Correa Cimentos
S.A. (BB/Stable/--), as incentives for Camargo's support.

The 'BB' rating on Loma's US$100 million notes with final maturity
in 2013 is aligned with the corporate credit rating on Camargo
because of Camargo's irrevocable and unconditional full guarantee
of payment on the issuance.  Consequently, the rating on the bond
will move in tandem with the rating on Camargo.

In line with growing economic activity in Argentina, Loma has
shown positive operating performance.  During the fiscal year
ended August 2008, the increases in prices and volumes helped Loma
to offset the rise in operational costs (energy, gas, and freight
that had resulted in the EBITDA margin declining to 29.3% from
33.6% in fiscal 2007) and allowed a slight increase in its EBITDA
generation.  S&P expects cement companies to keep facing margin
pressures because of additional operating cost increases, mainly
on energy and gas, and on more expensive alternative fuels such as
fuel oil and pet coke used because of gas supply limitations in
the local market.  Loma's profitability and funds generation
should depend mainly on local economic performance, the execution
of public work plans and private projects in the country, and the
company's flexibility to transfer cost increases to final prices.

Loma maintains good cash-flow protection measures, with
consolidated EBITDA interest coverage of 7.4x and a funds from
operations (FFO)-to-debt ratio of 52.3% in the fiscal year ended
Aug. 31, 2008, compared with 7.2x and 57.0%, respectively, in
fiscal 2007.  The decline in debt levels (9% year on year) allowed
the company to offset the increased income tax burden (as a
consequence of the depletion of fiscal credits) and resulted in
only a slight decline in the FFO coverage ratio.  Despite margin
pressures and potential volatility in demand, Loma should be able
to maintain adequate credit metrics for the current rating
category, including EBITDA interest coverage of at least 5x and a
FFO-to-total debt ratio of more than 30%.

Loma has a relatively moderate capital structure, with a
debt-to-capitalization ratio of 47.1% as of Aug. 31, 2008, and a
debt-to-EBITDA ratio of 1.2x in the fiscal year ended August 2008.
S&P expects funding needs and shareholders' investment strategies
to influence Loma's dividend policy, which might add to debt.
However, current ratings assume the maintenance of a relatively
moderate financial policy, with a debt-to-EBITDA ratio of less
than 2x, which would not jeopardize the company's financial
profile.

In July 2005, the Argentine Antitrust Authorities assessed
penalties against cement companies in the country in response to
anticompetitive practices aimed at fixing prices and market share.
Loma has appealed its fine, which originally amounted to Argentine
pesos 167.2 million (about US$55 million).  By the end of
August 2008, the court dismissed the appeal.  Although Loma's
cash-flow generation and adequate access to financial markets
should enable it to absorb the cash outflow resulting from the
fine, S&P will continue monitoring the evolution of this process
and its impact on the company's financial situation.

                            Liquidity

Loma's liquidity position is somewhat weak given its relatively
low cash position compared to its short-term debt, amid
challenging conditions in domestic and international financial
markets.  As of Aug. 31, 2008, Loma had cash holdings of almost
US$6.5 million, compared with short-term debt of US$41.9 million.
These factors are to a certain extent mitigated by the company's
good cash generation and relatively manageable maturity schedule.
Shareholders guarantee part of Loma's financial debt; this
indicates Camargo's support for the company and provides
additional flexibility.

In addition, the hedges taken by the company in January 2008 on
rated guaranteed notes' interest coupons help mitigate the
exposure to currency mismatch risk.  About half the company's
consolidated debt is denominated in U.S. dollars, while almost all
cash being generated is in Argentine pesos.

Loma's EBITDA generation (about $150 million) should allow the
company to cover interest payments (about $20 million) and capital
expenditures and to continue reducing debt levels.

Ratings List

Ratings Lowered; CreditWatch Action

                              To                From
                              --                ----
Corporate Credit Rating
Foreign Currency             B/Watch Neg/--    B+/Stable/--

CreditWatch Action
Corporate Credit Rating
Local Currency               B+/Watch Neg/--   B+/Stable/--


BIO DIESEL: Court to Hear Reorganization Petition
-------------------------------------------------
The National Commercial Court of First Instance No. 10 in Buenos
Aires, with the assistance of Clerk  No. 19, will hear a
reorganization petition filed by Bio Diesel SA.


BROLITE SA: Proofs of Claim Verification Due on February 20
-----------------------------------------------------------
The court-appointed trustee for Brolite S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 20, 2009.

The trustee will present the validated claims in court as
individual reports on April 7, 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 22, 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.


DEYGOR ELECTRONIC: Proofs of Claim Verification Due on February 12
------------------------------------------------------------------
The court-appointed trustee for Deygor Electronic S.R.L.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 12, 2009.

The trustee will present the validated claims in court as
individual reports on March 31, 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 15, 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.


RIO EXPORT: Court to Hear Reorganization Petition
-------------------------------------------------
The National Commercial Court of First Instance No. 13 in Buenos
Aires, with the assistance of Clerk  No. 26, will hear a
reorganization petition filed by Rio Export SA.



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

SCOTTISH RE: Investors Win US$37.5 Million Class Action Payout
--------------------------------------------------------------
Scottish Re Group Limited's investors won a US$37.5 million
lawsuit against the company, several former officers and
directors, its auditors and underwriters of two public offerings
of the reinsurer's shares in 2005, The Royal Gazette News reports.

According to The Gazette, all investors who acquired Scottish Re
shares of any class between February 17, 2005, and February 20,
2007, are eligible to recover some money.

In a class action complaint, investors alleged that the defendants
issued false and misleading statements and made omissions
concerning Scottish Re's financial well being and future business
prospects, and covered up significant operational deficiencies,
The Gazette points out.  Under the terms of the proposed
agreement, the same report says, class counsel will receive 15% of
the settlement amount as fees -- a total of US$5.6 million -- plus
an additional US$600,000 as reimbursement for expenses.

The Gazette notes that the defendants included:

  * Lord Norman Lamont, a former UK Chancellor of the Exchequer
    under the then-Prime Minister Margaret Thatcher,

  * Scott Wilkomm, life reinsurer's former chief executive
    officer,

  * Michael Austin, who was a director of the Cayman Islands
    Monetary Authority from 1997 to 2004,

  * Michael Austin, who was a director of the Cayman Islands
    Monetary Authority from 1997 to 2004,

  * Chairman from 2002 to 2004, and Lord Norman Lamont, who served
    as a Government Minister in the United Kingdom from 1979 to
    1993 under Prime Minister Margaret Thatcher,

  * Elizabeth Murphy,

  * Dean E. Miller,

  * Michael C. French,

  * William Caulfeild-Browne,

  * Robert Chmely, Hazel O'Leary,

  * Lehman Brothers Inc.;

  * Bear, Stearns & Co. Inc.,

  * Banc of America Securities LLC;

  * Keefe, Bruyette & Woods, Inc.;

  * Oppenheimer & Co. Inc.; Advest, Inc.;

  * RBC Dain Rauscher Inc.; Stifel,

  * Nicolaus & Company, Incorporated;

  * Goldman, Sachs & Co.;

  * Wachovia Capital Markets, LLC;

  * A.G. Edwards & Sons, Inc.;

  * Fox-Pitt, Kelton Incorporated;

  * Bear Stearns International Limited;

  * Lehman Brothers OTC Derivatives, and

  * Scottish Re's independent auditors during the class period,
    Ernst & Young LLP.

                     About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United
Kingdom, United States, and Singapore.  Its flagship operating
subsidiaries include Scottish Annuity & Life Insurance Company
(Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re Capital
Markets, Inc., a member of Scottish Re Group Ltd., is a registered
broker dealer that specializes in securitization of life insurance
assets and liabilities.

As reported in the Troubled Company Reporter-Latin America on
June 17, 2008, Moody's Investors Service placed on review with
direction uncertain Scottish Re Group Ltd.'s senior unsecured
shelf of (P)Caa1, subordinate shelf of (P)Caa2, junior subordinate
shelf of (P)Caa2, preferred stock of Caa3, and preferred stock
shelf of (P)Caa3.  Moody's had previously placed the ratings on
review for possible downgrade.



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

BANCO DO BRASIL: Terms to Acquire Nossa Caixa Not Yet Set
---------------------------------------------------------
Banco do Brasil SA denied a newspaper report that it will pay cash
in acquiring Banco Nossa Caixa, saying the negotiation terms are
not yet set, Heloiza Canassa of Bloomberg News reports.

As reported by the Troubled Company Reporter-Latin America on
November 10, 2008, citing Bloomberg News, Folha de S. Paulo
newspaper said Banco do Brasil may pay about 6.4 billion reais
(US$3 billion) for Banco Nossa Caixa.

The TCR-LA relates that the newspaper said Jose Serra, the
governor of Sao Paulo state, which controls Nossa Caixa, met
Finance Minister Guido Mantega in Brasilia to set the price.

According to the TCR-LA, the price may change slightly and needs
to be ratified by President Luiz Inacio Lula da Silva.  The deal,
which started being discussed in April, may be announced in coming
days, and the price is about 2 times Nossa Caixa's book value at
the end of June, the newspaper said, TCR-LA noted.

                    About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

On Feb. 29, 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating to Banco do Brasil.


BANCO DO BRASIL: Gets New Acquisition Powers From Congress
----------------------------------------------------------
Banco do Brasil SA received new acquisition powers after Brazil's
lower house of congress approved key parts of presidential measure
MP 443, Businesses News Americas reports, citing congressional
news service Agencia Camara.

BNAmericas relates that the lower house passed the measures
allowing the bank and its subsidiaries to buy stakes in or full
ownership of other financial institutions, including banks and
private pension providers.

Afonso Colla Francisco of law firm Bastos-Tigre, Coelho da Rocha e
Lopes Advogados, told BNamericas that the bill now passes to
Brazil's senate, where it could potentially face large numbers of
amendments.

BNAmericas says it is unclear whether Banco do Brasil will wait
for congressional passage of the bill to complete some of its
upcoming purchases.

As reported by the Troubled Company Reporter-Latin America on
October 27, 2008, citing Noticias Financieras, Banco do Brasil
does not intend to purchase other banks, aside from those
currently being negotiated. TCR-LA related that Aldo Luiz Mendes,
Finance vice-president said Banco do Brasil has been in talks with
Banco do Estado do Piaui, Nossa Caixa and Banco Regional de
Brasilia (BRB).

                    About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

On Feb. 29, 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating to Banco do Brasil.



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

ANGEL ENTERPRISES: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------------
The creditors of Angel Enterprises 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 liquidator is:

          Buchanan Limited
          c/o Francine Jennings
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


ARLO X: Moody's Withdraws Rating on EUR13.5 Million Notes
---------------------------------------------------------
Moody's Investors Service has withdrawn its rating of this class
of notes issued by ARLO X Limited:

Series A-1E EUR13,500,000 Alhambra Secured Limited Recourse
Credit-Linked Notes

  -- Current Rating: WR
  -- Prior Rating: Caa3, under review for possible downgrade
  -- Prior Rating Action Date: Oct. 10, 2008


CALCUTTA INVESTMENTS: Requires Creditors to File Claims by Nov. 27
------------------------------------------------------------------
The creditors of Calcutta Investments 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 liquidator is:

          Buchanan Limited
          c/o Francine Jennings
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


CALM SEAS: Creditors' Proofs of Debt Due on November 27
-------------------------------------------------------
The creditors of Calm Seas Company 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 liquidator is:

          Buchanan Limited
          c/o Francine Jennings
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


CAPADON CAPITAL: Requires Creditors to File Claims by Nov. 29
-------------------------------------------------------------
The creditors of Capadon Capital, Ltd. are required to file their
proofs of debt by November 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 26, 2008.

The company's liquidator is:

          Jonathan Nicholson
          P.O. Box 1976, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:(345) 516-0210


CRESCENT INVESTMENTS: Creditors' Proofs of Debt Due on November 27
------------------------------------------------------------------
The creditors of Crescent Investments 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 liquidator is:

          Buchanan Limited
          c/o Francine Jennings
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


KEFTON CDO: Creditors' Proofs of Debt Due on November 27
--------------------------------------------------------
The creditors of Kefton 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 Oct. 17, 2008.

The company's liquidators are:

          Onson Mukwedeya
          Guy Major
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


LEGEND INVESTMENTS: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------------
The creditors of Legend Investments 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 liquidator is:

          Buchanan Limited
          c/o Francine Jennings
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


LONG RIDGE: Requires Creditors  to File Claims by November 27
-------------------------------------------------------------
The creditors of Long Ridge CLO 2007-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 Oct. 3, 2008.

The company's liquidators are:

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


MARKOV CDO: Requires Creditors  to File Claims by November 27
-------------------------------------------------------------
The creditors of Markov 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 Oct. 13, 2008.

The company's liquidators are:

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


MBNA AMERICAN: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------------
The creditors of MBNA American European Structured Offerings No. 4
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 Oct. 14, 2008.

The company's liquidators are:

          Phillip Hinds
          Emile Small
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


MF INVESTMENT: Requires Creditors to File Claims by November 27
---------------------------------------------------------------
MF Investment Corp. requires its creditors 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 Oct. 14, 2008.

The company's liquidators are:

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


MOUNTAIN VIEW: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------------
Mountain View CLO V Ltd. requires its creditors 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 Oct. 16, 2008.

The company's liquidators are:

          Chris Marett
          Jagjit (Bobby) Toor
          Mountain View CLO V Ltd.
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


NAVIGATOR CORP: Requires Creditors to File Claims by Nov. 27
------------------------------------------------------------
The creditors of Navigator Corporation 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 liquidator is:

          Michail Mathioudakis
          10, DiadochouI Pavlou
          16675-Glyfada, Athens - Greece
          c/o Lisa Vasquez
          Telephone:(345) 945 1830
          Facsimile:(345) 945 1835


NORTHLAND FUNDING: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------------
The creditors of Northland Funding 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 17, 2008.

The company's liquidators are:

          Chris Marett
          Onson Mukwedeya
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


OIL INTERNATIONAL: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------------
The creditors of Oil International 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 17, 2008.

The company's liquidators are:

          Jan Neveril
          Carl Gosselin
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


OLYMPIA PLACE: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------------
The creditors of Olympia Place 2002-1 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 27, 2008.

The company's liquidators are:

          Carlos Farjallah
          Emile Small
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


OZ ASIA: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------
The creditors of OZ Asia Overseas Fund (BPI), 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 27, 2008.

The company's liquidators are:

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


OZ EUROPE: Requires Creditors to File Claims by November 27
-----------------------------------------------------------
The creditors of OZ Europe Overseas Fund II (BPI), 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 2, 2008.

The company's liquidators are:

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


OZ OVERSEAS: Requires Creditors to File Claims by November 27
-------------------------------------------------------------
The creditors of Oz Overseas Fund II (BPI), 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 2, 2008.

The company's liquidators are:

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


SAPIC-98 REFERENCE: Requires Creditors to File Claims by Dec. 5
---------------------------------------------------------------
The creditors of Sapic-98 Reference Fund (5) Limited are required
to file their proofs of debt by December 5, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 17, 2008.

The company's liquidators are:

          Peter D. Anderson
          S. Alan Milgate
          Rawlinson & Hunter Services Ltd.
          P. O. Box 897
          One Capital Place, Third Floor
          George Town, Grand Cayman KY1-1103
          Cayman Islands


SUNNY DAY: Creditors' Proofs of Debt Due on November 27
-------------------------------------------------------
The creditors of Sunny Day 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 liquidator is:

          Buchanan Limited
          c/o Francine Jennings
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands



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

BANCOLOMBIA: Earns COP894.5 Billion in January-October 2008
-----------------------------------------------------------
Bancolombia S.A reported unconsolidated net income of
COP70.1 billion in October 2008.  Net income for Bancolombia on an
unconsolidated basis totaled COP894.5 billion for the first ten
months of 2008, increasing 37.5% as compared to the same period of
2007.

    - Net interest income, including investment securities,
      totaled COP220.7 billion in October 2008. For the ten-month
      period ended October 31, 2008, net interest income totaled
      COP2,101.4 billion, increasing 35.5% as compared to the
      same period last year.

    - Net fees and income from services in October 2008 totaled
      COP68.5 billion.  For the ten-month period ended
      October 31, 2008, net fees and income from services totaled
      COP653.1 billion, which represents an increase of 21.3% as
      compared to the same period of 2007.

    - Other operating income totaled COP31.6 billion in October
      2008.  For the ten-month period ended October 31, 2008,
      other operating income totaled COP465.6 billion increasing
      75.9% as compared to the same period last year.  Bancolombia
      notes that a considerable part of this revenue comes from
      dividend income received from subsidiaries, which is
      eliminated in the consolidated results as it is an
      intercompany transaction.  As a result, this dividend income
      is only recorded in Bancolombia's unconsolidated results.

    - Net provisions totaled COP87.2 billion in October 2008.
      Net provisions totaled COP491.1 billion for the ten-month
      period ended October 31, 2008, which represents an increase
      of 105.8% as compared to the same period of 2007.

    - Operating expenses totaled COP150.9 billion in October
      2008.  For the ten month period ended October 31, 2008,
      operating expenses totaled COP1,448.0 billion, increasing
      13.6% as compared to the same period of 2007.

Total assets (unconsolidated) amounted to COP36.9 trillion, loans
amounted to COP26.7 trillion, deposits totaled COP23.4 trillion
and Bancolombia's total shareholders' equity amounted to
COP5.6 trillion.

Bancolombia's (unconsolidated) level of past due loans as a
percentage of total loans amounted to 3.42% as of October 31,
2008, and the level of allowance for past due loans amounted to
128.13% as of the same date.

                           Market Share

According to Colombia's national banking association, Asobancaria,
the bank's market share of the Colombian financial system as of
October 2008 was:

* 18.7% of total deposits,
* 21.1% of total net loans,
* 19.8% of total savings accounts,
* 21.5% of total checking accounts, and
* 15.8% of total time deposits.

                         About Bancolombia

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York S0tock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2008, Moody's Investors Service upgraded to Ba2, stable
from Ba3, positive the foreign-currency deposit ratings assigned
to the two banks it rates in Colombia.  This action is the direct
result of Moody's decision to upgrade Colombia's foreign currency
country ceilings for bonds and deposits to Baa3 and Ba2,
respectively.

At the same time, Moody's upgraded Bancolombia's foreign currency
subordinated bond rating to Baa3 from Ba1.  The outlook is stable.


* COLOMBIA: Mulls Selling COP 2 Trillion More Bonds This Year
-------------------------------------------------------------
The Republic of Colombia plans to sell an additional 2 trillion
pesos (US$855 million) of Treasury bonds this year, accelerating
sales originally planned for 2009, Bloomberg News reports, citing
William Ortiz, Colombia's undersecretary of public credit.

The Finance Ministry, the report relates, had planned to sell
21.8 trillion pesos of Treasury bonds that will mature in 2011,
2013 and 2018.

According to the report, the government will also sell inflation-
linked bonds due in 2013 and 2023.

"The government is anticipating a very difficult 2009 and so is
seeking financing now before credit becomes more costly.  It's
simply avoiding the negative consequences of the uncertainty that
may come next year," Bloomberg News cited Alvaro Camaro, chief
analyst at Stanford Financial Group's unit in Bogota, as saying.

Mr. Ortiz, Bloomberg News points out, said the government will
save 500 billion pesos in debt payments due next year, and will
reduce its local debt sales next year to 22 trillion pesos.  Funds
from the sales will be deposited in the Treasury's account at the
central bank, and the central bank will to compensate for the loss
of liquidity resulting from investors buying the new Treasury
bonds, he added.

The government has said it plans to borrow US$1 billion in foreign
bonds next year and tap US$1.4 billion from multilateral lenders
in 2009, Bloomberg News posts.

The report adds that Finance Minister Oscar Ivan Zuluaga said that
should turbulence in global financial and credit markets disrupt
the government's bond sale plans, Colombia could borrow the US$1
billion rather than sell bonds in that amount under adverse market
conditions.

                         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 Rating Agency, the country currently holds a Ba1 Foreign
currency rating with stable outlook.



==================
C O S T A  R I C A
==================

* COSTA RICA: Legislators Sign Free Trade Agreement
---------------------------------------------------
The Republic of Costa Rica's legislators have approved their
country's entry into the Central America, Dominican Republic and
United States Free Trade Agreement (DR-CAFTA), effective
January 1, 2009, dr1 News reports.

The country, the report recounts, signed the agreement in 2004
along with El Salvador, Nicaragua, Honduras and the DR, but
congressional approval had not been achieved until now.

According to the report, the passing of the DR-CAFTA agreement
comes at a time when Costa Rica positions itself to strengthen its
trade relations with China.

The Republic of Costa Rica is a country in Central America,
bordered by Nicaragua to the north, Panama to the east and south,
the Pacific Ocean to the west and south and the Caribbean Sea to
the east.  According to Moody's Investors Service, the country
continues to carry a Ba1 foreign and local currency rating with a
positive outlook.



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

* ECUADOR: Seeks EU Trade Talks as Neighboring Countries Move On
----------------------------------------------------------------
Ecuador seeks to negotiate a trade deal with the European Union,
after neighboring Colombia and Peru abandoned efforts at a
regional partnership in favor of their own deals with the European
bloc, the Associated Press reports.

Foreign Minister Maria Isabel Salvador, the report relates, said
the county hopes to secure "fairer" trade terms than those sought
by neighboring counties, and may link a deal to political
cooperation.

According to the AP, the so-called Andean Community of Nations,
which includes Colombia, Peru, Ecuador and Bolivia, had discussed
plans to seek a trade deal with Europe as a group.  However, talks
stalled amid internal disputes over free trade, which is more
heavily favored by Colombia and Peru, the report notes.

The European Union commissioner for foreign relations, Benita
Ferrero-Waldner, said the EU would begin talks for individual
trade deals with Colombia and Peru, the AP says.

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.



=============
J A M A I C A
=============

AIR JAMAICA: Appoints Two New Executives in Management Team
-----------------------------------------------------------
Air Jamaica has appointed two executives in its newly restructured
management team, Jamaica Gleaner reports, citing Company Chair
Shirley Williams.

The report relates that President and CEO Bruce Nobles' revised
team now includes:

  * Subodh Karnik, who took up office on November 6 as executive
    vice-president, commercial services; and

  * Howard Hall, senior vice-president and chief financial
    officer who came onboard in October.

According to the Gleaner, other members of Mr. Nobles' executive
team include:

  -- Captain Geoffrey Campbell, vice-president (VP) Operations,
  -- Howard McCalla, VP maintenance,
  -- Charmaine Heslop DaCosta, VP human resources, and
  -- Nerine Small, general counsel, and head of the Legal
     Department.

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

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

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.

On Review for Possible Downgrade:

   Issuer: Air Jamaica Limited

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

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

Outlook Actions:

   Issuer: Air Jamaica Limited

   * Outlook, Changed To Rating Under Review From Stable


AIR JAMAICA: Nobles Sees Unclear Future if Divestment Plan Fails
----------------------------------------------------------------
Air Jamaica President Bruce Nobles admitted that there is no clear
plan for the future of the airline if the management fails to
divest the carrier by the March 31 deadline, Jamaica Gleaner
reports.

"If for some reason that (the divestment) doesn't work, obviously,
we would have to come up with a contingency plan, but I can't
predict right now and I wouldn't want to predict what that would
be," Mr. Nobles was quoted by The Gleaner as saying.

As reported by the Troubled Company Reporter-Latin America on
October 20, 2008, citing The Jamaica Gleaner, Air Jamaica is set
to lose US$108 million during the present financial year.
However, the global slowdown in aviation and financial markets,
and Jamaica's own economic uncertainty, will not derail plans for
the divestment of national carrier Air Jamaica, said Senator Don
Wehby.

According to The Gleaner, Mr. Nobles is still optimistic with the
divestment plan regardless of the current financial crisis citing
that the airline "brand is a very powerful" with many local and
international supporters.

The Bruce Golding-led administration, the report points out, has
already made it clear that it does not want the airline on the
books when it prepares the 2009-2010 Budget.

Mr. Nobles said his team has been in discussion with potential
purchasers to ensure the divestment is completed by the deadline,
the report says.

The Gleaner adds that the Government has contracted the services
of IFC, the private sector arm of the World Bank, as consultants
and advisers in the divestment process.

                       About Air Jamaica

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

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

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.

On Review for Possible Downgrade:

   Issuer: Air Jamaica Limited

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

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

Outlook Actions:

   Issuer: Air Jamaica Limited

   * Outlook, Changed To Rating Under Review From Stable


CASH PLUS: Minister of Justice Fires Liquidator
-----------------------------------------------
Cash Plus Limited's liquidator, L. Monty Kandekore, was fired by
the Ministry of Justice, RadioJamiaca News reports.

As reported by the Troubled Company Reporter-Latin America on
October 2, 2008, citing The Jamaica Observer, Cash Plus
Development, a subsidiary of Carlos Hill's Cash Plus group, was
placed into liquidation by the Supreme Court on Sept. 19, 2008.
The liquidation order was made by Justice Marva McDonald following
an application by the court-approved trustee in bankruptcy, Mr.
Kandekore, the same report said.

"His services were terminated at October 31, 2008, I'm not
prepared to say why," the agency cited Permanent Secretary in the
Ministry, Carol Palmer, as saying.

According to RadioJamiaca News, Mr. Kandekore has been replaced by
Deputy Head of the Administrator-General's Department, Andrew
Gyles.  Mr. Gyles will oversee operations at the Office of the
Trustee in Bankruptcy, and continue the process of liquidating
Cash Plus, until a replacement is found, the same report says.

The TCR-LA recounted that Mr. Kandekore was appointed liquidator
in June by the court, following an application by the Premier
League Clubs Association to wind up Cash Plus Group Limited,
because of its failure to honor sponsorship commitments regarding
the National Premier League Football competition.

                   About Cash Plus Limited

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14. The firm has 40,000 lenders with loans
totaling J$4 billion.  Cash Plus was unable to repay its
investors.  The Financial Services Commission said it was informed
by the attorney acting on behalf of Cash Plus that the investment
club lacked the funds to start the repayment of the principal and
interest owing to its investors.  PricewaterhouseCoopers'
accountant Kevin Bandoian was appointed as joint receiver-manager
for Cash Plus.



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

* VENEZUELA: Sees Low GDP Growth in 2009 Amid Falling Oil Prices
----------------------------------------------------------------
The Bolivarian Republic of Venezuela may post a low GDP Growth of
2.0% in 2009, from 6.0% in 2008, due to the falling of oil prices,
Latin Business Chronicle reports, citing International Monetary
Fund.

The report relates that next year's results will be Latin
America's second worst after Mexico and Venezuela's worst
performance since 2003.  The country had an average of 10.7% in
the 2004-08 period, the report says.

"In an economy so heavily dependent on oil income -- both from a
fiscal and external accounts standpoint -- a decline in oil prices
is very bad news," the news agency quoted Alberto Ramos, the
senior Latin America economist at U.S. investment bank Goldman
Sachs, as saying.  "Even more so when there are already very large
imbalances brewing in the economy and the regime has very little
policy flexibility," Mr. Ramos added.

                        About Venezuela

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 Reports Decline of Issuers Poised to Move Up Credit Spectrum
------------------------------------------------------------------
Globally, the number of issuers poised to migrate up the credit
spectrum decreased to 14 issuers, one less than last month's count
and two higher than the 48-month low of 12 issuers in July, said
an article published by Standard & Poor's.

Global potential rising stars are defined as entities that are
rated 'BB+' with either a positive outlook or with ratings on
CreditWatch with positive implications.

Meanwhile, the count of entities about to cross over in the
opposite direction (potential fallen angels) is elevated at 57
issuers, unsurprising given crossover credits' generally
corroborative relationship with the broader economy.

The two new rising stars added since last month bring the year-to-
date total for rising stars to 38 issuers, affecting debt worth
US$168.88 (EUR132.06) billion, more than one-third of which is
attributed to the change in the sovereign rating on the Federative
Republic of Brazil.  This compares with a tally of 36 issuers this
past year, with total rated debt worth US$71.81 (EUR56.11)
billion, according to the article, titled "Global Potential Rising
Stars (Premium)."  Current potential rising stars constitute
US$11.49 (EUR8.98) billion in rated debt.

"Fallen angels exceed rising stars by a margin of four," said
Diane Vazza, head of Standard & Poor's Global Fixed Income
Research Group.  "And the volatility in the credit markets,
coupled with overall downward pressure, especially noted by the
sharp decline in potential rising stars and general malaise
regarding global economic and credit circumstances, supports S&P's
belief that crossover credit quality is more strongly poised for
credit deterioration rather than improvement."


* Moody's Says Global Speculative Default Rate to Reach 10.4%
-------------------------------------------------------------
Moody's Investors Service's default rate forecasting model now
predicts that the global speculative-grade issuer-weighted
corporate default rate will climb to 4.3% by the end of this year
and rise sharply to 10.4% a year from now.

"Speculative-grade corporate default rates are expected to climb
sharply throughout 2009 as Moody's baseline forecast now
incorporates a deep and protracted US recession.  Corporate
default rates in this cycle will likely match or exceed the peak
levels reached in the previous two US recessions of 1990-91 and
2000-01," says Moody's Director of Corporate Default Research
Kenneth Emery.

Moody's global speculative-grade default rate edged higher to 2.8%
in October, from September's revised level of 2.7% and 1.1% a year
ago.  Measured on a dollar volume basis, the default rate remained
unchanged at 2.4% from September's revised level.  A year ago, the
global dollar-weighted bond default rate stood at 0.7%.

For both U.S. and European speculative-grade issuers, Moody's
forecasting model foresees default rates increasing to 4.9% and
2.2%, respectively, by the end of this year and 11.2% and 9.7% a
year from now.

The U.S. speculative-grade default rate increased from a revised
level of 3.1% in September to 3.3% in October.  At this time last
year, the U.S. default rate was 1.1%.  Measured on a dollar-
weighted basis, the default rate finished at 2.7%, unchanged from
last month's revised figure.  At this time last year, the U.S.
dollar-weighted bond default rate stood at 0.6%.

Across industries over the coming year, Moody's default rate
forecasting model indicates that the Consumer Transportation
sector will be the most troubled in the U.S. and the Durable
Consumer Goods sector will have the highest default rate in
Europe.

Moody's speculative-grade corporate distress index--which measures
the percentage of rated issuers that have debt trading at
distressed levels--rose more than 60% from September's 29.7% to
48.5% in October, marking the highest level since Moody's launched
the index in 1996.  A year ago, the index was much lower at 4.6%.

There Moody's were a total of ten rated corporate debt defaulters
in October.  Three are from U.S. and Iceland, respectively and one
each from United Kingdom, Mexico, Japan, and Hong Kong.

Year-to-date, a total of 71 Moody's-rated corporate issuers have
defaulted this year, compared with 16 defaults for the same period
last year.  Of the 71 defaulters, 59 are from the U.S. and Canada
and eight are from Europe

In the leveraged loan market, a total of four Moody's-rated
issuers defaulted in October.  None of these four issuers are
included in Moody's loan default rate as their loans are unrated.
The trailing 12-month U.S. leveraged loan default rate remained
unchanged at 2.9% from September to October.  A year ago, the
leveraged loan default rate was much lower at 0.3%.



                            ***********

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 * * *