TCRLA_Public/081117.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

            Monday, November 17, 2008, Vol. 9, No. 228

                            Headlines

A R G E N T I N A

CDC INT: Proofs of Claim Verification Deadline Is December 22
COMPANIA LATINOAMERICA: S&P Changes Outlook to Negative
ENVASADORA DEL: Proofs of Claim Verification Deadline is Feb. 9
EPSON SA: Proofs of Claim Verification Due on February 26
FILKEM SA: Proofs of Claim Verification Due on March 2

KONTAL SA: Proofs of Claim Verification Due on February 19
MI PILAR: Trustee Verifying Proofs of Claim Until December 22
PATAGONIA INVERSIONES: Proofs of Claim Verification Due on Feb. 24
PETROBAS ENERGIA: Citi Downgrades Rating to Sell
RAF EXPORTACION: Proofs of Claim Verification Due on February 17

SOPROSER SA: Trustee Verifying Proofs of Claim Until March 4
TECNOLENGO SRL: Trustee Verifies Proofs of Claim
TRANSPORTES BARLOQUI: Proofs of Claim Verification Due on Feb. 9
WARLOW SA: Proofs of Claim Verification Due on February 5


B R A Z I L

AES CORP: Brazil Unit's 3Q Profit Drops 24.9% to BRL148.3 Million
ARACRUZ: Ends All Activities on Newly Reserved Indian Land
BANCO DO BRASIL: Seeks to Expand Market Share Amid Credit Squeeze
BRASIL TELECOM: Launches Mobile TV Service in Porto Alegre City
TELE NORTE: Wants to Delay US$301 Million Phone License Fee

* BRAZIL: Lower Demand Prompts Manufacturers to Cut Output


C A Y M A N  I S L A N D S

BISCAYNE HOLDINGS: Creditors' Proofs of Debt Due on November 27
EATON VANCE: Creditors' Proofs of Debt Due on November 27
GIBRALTAR LIMITED: Creditors' Proofs of Debt Due on November 27
HAMILTON CDO: Creditors' Proofs of Debt Due on November 27
HIGHLAND PHARMA: Creditors' Proofs of Debt Due on November 27

HSPI HG: Creditors' Proofs of Debt Due on November 27
IJARAH I: Requires Creditors to File Claims by November 27
IJARAH II: Requires Creditors to File Claims by November 27
J-CASHING II: Creditors' Proofs of Debt Due on November 27
JTU LIMITED: Creditors' Proofs of Debt Due on November 27

MORNINGJOY LIMITED: Creditors' Proofs of Debt Due on November 27
MYM LTD: Creditors' Proofs of Debt Due on November 27
SUMMERLAND HOLDINGS: Creditors' Proofs of Debt Due on November 27


C O L O M B I A

ECOPETROL S.A.: To Present Extension Plan to Board This Week


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Minister Montas Favors IMF Agreement


E C U A D O R

* ECUADOR: President Correa Warns of a US$10 Bil. Debt Default


M E X I C O

URBI DESAROLLOS: S&P Affirms 'BB-' Corporate Credit Rating
COMPANIA DE DESAROLLO: S&P Affirms 'BB+' Long-Term Rating


P E R U

BANCO DE CREDITO: Fitch Affirms 'BB+' Subordinated Notes Rating


X X X X X X X

* BOND PRICING: For the Week November 11 - November 14, 2008


                         - - - - -


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

CDC INT: Proofs of Claim Verification Deadline Is December 22
-------------------------------------------------------------
The court-appointed trustee for Cdc Int Group S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 22, 2008.

The trustee will present the validated claims in court as
individual reports on March 9, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 24, 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.


COMPANIA LATINOAMERICA: S&P Changes Outlook to Negative
-------------------------------------------------------
On Nov. 5, 2008, Standard & Poor's Ratings Services revised its
outlook on Argentina-based Compania Latinoamericana de
Infraestructura y Servicios S.A. (CLISA; B-/--) to negative from
stable.

The action reflects S&P's expectations that a deteriorating
business environment in the country coupled with narrow financial
flexibility for Argentine entities and pressures on the foreign
exchange rate will result in weaker repayment capacity.  CLISA's
exposure to public-sector-related counterparties poses additional
challenges given potential delays in collection and the low
flexibility to adjust the terms and conditions of contracts,
particularly to pass through cost pressures coming from inflation.

The rating on CLISA reflects the company's vulnerable business
profile and high leverage.  CLISA depends heavily on the Argentine
economy because of its high exposure to public-sector counterparty
risk in all of its core business units.  Also, the limitations to
passing through cost increases in tariffs in its core business
segments and the still-uncertain regulatory environment affecting
its transportation division add volatility to revenues, margins,
and cash-flow generation.  The company's limited financial
flexibility and exposure to currency mismatch risk frame its
highly leveraged financial profile.  Alleviating these weaknesses
somewhat are its good competitive position in its main business
segments and its moderate business diversification.

CLISA's margins and cash-flow generation are highly volatile,
mainly as a result of constant cost increases affecting its more
regulated units in waste management, transportation, and water
distribution.  These businesses require frequent tariff
renegotiations and, in some cases, ad hoc compensation fees from
the government.  In the transportation division, these fees
currently represent more than 100% of the division's revenues,
revealing the company's heavy dependence on the Argentine
government.  However, the relatively adequate positioning of its
construction division and some degree of business diversification
help the company compensate for some volatility.

Despite the recent relatively adequate financial performance for
the rating category, CLISA's prospects remain uncertain.
Considering the 12 months ended June 2008, the company's EBITDA
and funds from operations reached $72 million and $58 million,
respectively, resulting in EBITDA interest coverage and FFO-to-
debt ratios of 2.1x and 26.9%, respectively, compared with
2.3x and 16.4% for the same period of 2007.  During the 12 months
ended June 2008, debt-to-EBITDA and debt-to-capitalization ratios
improved to 3x and 75.4%, respectively, compared with 3.8x and
75.7% a year earlier.  Future financial performance will be
closely linked to the uncertain evolution of the construction
sector, CLISA's ability to collect from public counterparties, and
its ability to pass through cost pressures.

Argentina-based CLISA is a holding company operating in
construction, waste management, water services, and--through its
concession to operate the subway system in the city of Buenos
Aires--transportation.  The company also participates in toll
roads through subsidiaries that are registered at equity value.
During the six months ended June 2008, about 50% of CLISA's
consolidated EBITDA generation came from construction, 25% from
waste management, 18% from transportation, and 7% from water
distribution.

                           Liquidity

CLISA's liquidity position is weak and will continue to be a
determining factor in the rating.  As of June 2008, the company
had about $50 million in cash, compared to short-term debt of
$92 million, of which $15 million corresponded to its 2008 notes
and about $30 million was short-term bank loans.  S&P is concerned
about the company's ability to refinance its financial obligations
amid tight financial markets and uncertain cash-flow generation.

                           Outlook

The negative outlook reflects S&P's expectation that CLISA's
creditworthiness will continue to be challenged by the worsening
business environment, particularly given its weak liquidity
position.  S&P could lower the rating if the company fails to
achieve some refinancing alternatives that are currently underway
and/or if S&P perceives that financial conditions of public-
sector-related entities get worse.  On the other hand, S&P could
revise
the outlook to stable if the company's liquidity condition
improves significantly.

                        Ratings List
                       Outlook Action

CLISA-Compania Latinoamericana de Infraestructura y Servicios S.A.

                                 To                From
                                 --                ----
  Corporate Credit Rating       B-/Negative/--    B-/Stable/--


ENVASADORA DEL: Proofs of Claim Verification Deadline is Feb. 9
---------------------------------------------------------------
The court-appointed trustee for Envasadora del Oeste S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 9, 2009.


EPSON SA: Proofs of Claim Verification Due on February 26
---------------------------------------------------------
The court-appointed trustee for Epson S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 26, 2009.

The trustee will present the validated claims in court as
individual reports on April 14, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 28, 2009.  The trustee is also in charge of administering the
company's assets under court supervision and will take part in
their disposal to the extent established by law.


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

Mr. Battaglia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.


KONTAL SA: Proofs of Claim Verification Due on February 19
----------------------------------------------------------
The court-appointed trustee for Kontal S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 19, 2009.

The trustee will present the validated claims in court as
individual reports on April 2, 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.


MI PILAR: Trustee Verifying Proofs of Claim Until December 22
-------------------------------------------------------------
The court-appointed trustee for Mi Pilar S.A.'s reorganization
proceeding will be verifying creditors' proofs of claim until
December 22, 2008.

The trustee will present the validated claims in court as
individual reports on March 6, 2009.   The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 23, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 14, 2009.


PATAGONIA INVERSIONES: Proofs of Claim Verification Due on Feb. 24
------------------------------------------------------------------
The court-appointed trustee for Patagonia Inversiones S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 24, 2009.


PETROBAS ENERGIA: Citi Downgrades Rating to Sell
------------------------------------------------
Citi downgrades Petrobras Energia S.A's ratings to Sell from Hold,
and lowered price target from US$13 to US$6, Street Insider News
reports.

"We downgrade PZE to Sell/Speculative and lowered our target price
to US$6/ADR.  In spite of positive domestic pricing in 3Q08,
higher Argentine risk and very limited production growth are
reasons to be cautious on PZE. . . .  We are lowering our 2009
EBITDA forecast only by 8%, as our lower oil prices is offset by
higher gasoline and diesel prices in the ST.  However, in the
medium term, product prices should move with oil and our revisions
to our 2010-11 estimates are larger (EBITDA declines 19%-22%).
Our revised numbers also include CIR current economic forecasts
for Argentina," the news agency cited a Citi analyst as saying.

Headquartered in Buenos Aires, Argentina, Petrobras Energia S.A.
-- http://www.petrobras.com.ar/-- is an integrated company
engaged in energy sector.  The company's activities are divided
into four segments.  The oil and gas exploration and production
segment is responsible for the acquisition, exploration and
maintenance of oil and gas reserves, as well as the production
of fuels.  The refining and distribution segment is engaged in
the refining of crude oils and their processing into lubricants.
It is represented by Refineria del Norte SA and Empresa
Boliviana de Refinacao SA.  The petrochemistry segment is
engaged in the production of styrene, polystyrene, rubber,
fertilizers and polypropylene through Innova SA and Petroquimica
Cuyo SA.  The gas and energy segment is involved in the
production of gas and electric energy, and energy transportation
through Transportadora de Gas del Sur SA.  The company also
operates in Bolivia, Ecuador, Peru, Colombia and Venezuela.

                         *     *     *

In October 2007, Moody's Investors Service assigned a 'Ba1'
issuer rating on Petrobras Energia S.A.

In April 2007, Standard & Poor's assigned a 'BB' long-term
foreign issuer credit rating on the company.

In May 2007, Fitch Ratings assigned a 'BB' long-term foreign
currency issuer default rating on the company.


RAF EXPORTACION: Proofs of Claim Verification Due on February 17
----------------------------------------------------------------
The court-appointed trustee for Raf Exportacion Importacion y
Comercio S.R.L.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until February 17, 2009.

The trustee will present the validated claims in court as
individual reports on April 1, 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 19, 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.


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

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 19, 2009.


TECNOLENGO SRL: Trustee Verifies Proofs of Claim
------------------------------------------------
The court-appointed trustee for Tecnolengo S.R.L.'s reorganization
proceeding verified creditors' proofs of claim until Oct. 10,
2009.

The trustee will present the validated claims in court as
individual reports on December 26, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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

Creditors will vote to ratify the completed settlement plan
during the assembly on August 14, 2009.

    
TRANSPORTES BARLOQUI: Proofs of Claim Verification Due on Feb. 9
----------------------------------------------------------------
The court-appointed trustee for Transportes Barloqui S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 9, 2009.

The trustee will present the validated claims in court as
individual reports on March 23, 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 11, 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.


WARLOW SA: Proofs of Claim Verification Due on February 5
---------------------------------------------------------
The court-appointed trustee for Warlow S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 5, 2009.

The trustee will present the validated claims in court as
individual reports on March 19, 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 7, 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.



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

AES CORP: Brazil Unit's 3Q Profit Drops 24.9% to BRL148.3 Million
-----------------------------------------------------------------
The AES Corporation's Brazil unit, AES Eletropaulo, posted a 24.9%
decline in third-quarter net profit to BRL148.3 million (US$62.3
million) from a BRL197.5 million net profit of in the same period
last year, Dow Jones reports.

The report relates that the decrease in income is attributable to
increase in taxes and other expenses.  Expenses rose 32.6% to
BRL266.7 million from last year and 24.8% compared to the second
quarter, the report says.

According to Dow Jones, third-quarter net revenue rose 11.6% to
BRL1.96 billion from BRL1.75 billion last year, while net debt
declined 14.8% quarter-over-quarter to BRL2.79 billion.

The company's third-quarter EBITDA of BRL381.1 million is 17%
lower than the BRL459 million in the third quarter last year
because of an increase in taxes and other expenditures, the report
notes.

Dow Jones adds that the company said that its net debt declined
14.8% quarter-over-quarter to BRL2.79 billion.

Eletropaulo is the largest energy-distribution company in Latin
America.

                      About AES Corporation

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's has affirmed the ratings of AES, including
the company's Corporate Family Rating at B1, its Probability of
Default Rating at B1, its senior secured credit facilities at Ba1,
its second priority senior secured notes at Ba3, its senior
unsecured notes at B1 and its trust preferred securities at B3.
Moody's said the rating outlook for AES is stable.


ARACRUZ: Ends All Activities on Newly Reserved Indian Land
----------------------------------------------------------
Aracruz Celulose S.A. Aracruz Celulose ended on November 5, 2008,
all activities related to the removal of wood from 11,000 hectares
in an area that the Ministry of Justice recently declared to be
Indian land.  Initiated on July 17, the operation was concluded 10
days in advance of the deadline (November 15) set by the National
Indian Foundation.

The wood removal was called for under the terms of the Conduct
Adjustment Agreement signed by the company and the indigenous
communities last December, which had been accompanied by FUNAI,
the Federal Public Prosecutor's Office and the Ministry of
Justice.  The TAC defined each party's obligations in the transfer
of the 11,000 hectares of land from Aracruz to the Indians.

Among the commitments signed by the company in the agreement was
logistical support to FUNAI to help demarcate the lands, financing
of an ethno-environmental study and financial support (amounting
R$3 million) of projects stemming from the study and selected by
the Indians, aimed at fostering economic and social development of
the indigenous communities.

                  About Aracruz Celulose

Headquartered in Sao Paulo, Brazil, Aracruz Celulose S.A. --
http://www.aracruz.com.br/-- produces eucalyptus pulp, a variety
of hardwood pulp used by paper manufacturers to produce a range
of products, including tissues, printing and writing papers,
liquid packaging boards and specialty papers.  The company's
production facilities consist of the Barra do Riacho Unit in
Espirito Santo State, which has three production units each with
two bleaching, drying and baling lines, the Guaiba Unit, located
in the municipality of Guaiba, State of Rio Grande do Sul, and
Veracel, located in the municipality of Eunapolis, State of
Bahia, where it has a 50% stake.  Its four major shareholders
are: the Safra, Lorentzen and Votorantim groups (each owning 28%
of the voting shares) and BNDES, the Brazilian National Economic
and Social Development Bank (12.5%).

                        *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Standard & Poor's Ratings Services lowered on
its long-term corporate credit rating on Aracruz Celulose S.A. to
'BB' from 'BBB-'.  We also lowered the Brazil national scale
rating on Aracruz to 'brAA' from 'brAAA'.  The ratings were
removed from CreditWatch Negative, where they were placed Oct. 3,
2008.  The outlook is stable.


BANCO DO BRASIL: Seeks to Expand Market Share Amid Credit Squeeze
-----------------------------------------------------------------
Banco do Brasil SA plans to expand its market shares in Brazil to
17% by next year, from 16.5% currently, as competitors face
difficulties in expanding credit amid higher borrowing costs,
Bloomberg News reports, citing Finance Vice President Aldo Luiz
Mendes.

"It's a challenging goal but it's not impossible.  There're a
smaller number of banks who're able to provide credit, so this
crisis is an opportunity for us to grow.  We're in a time of
credit shortage but we have the wherewithal to lend," Bloomberg
News quoted Mr. Luiz as saying.

As reported by the Troubled Company Reporter-Latin America on
October 24, 2008, Bloomberg News related that President Luiz
Inacio Lula da Silva authorized Banco do Brasil to buy stakes in
financial institutions to ease a credit crunch that's hurting
small and medium-size lenders.

According Bloomberg News, Banco do Brasil's loan portfolio
increased 35% in the third quarter from a year earlier to BRL202.2
billion, while overall lending in the country in the 12 months
ended September expanded 34%.  The bank is also betting on
acquisitions to gain market share and regain its position as Latin
America's largest lender after being overtaken by the combination
of Banco Itau Holding Financeira SA's and Uniao de Bancos
Brasileiros SA, the report says.  The bank forecast its growth in
lending would slow next year to 20% to 25%, from 34% to 36% for
2008, the report notes.

Bloomberg News adds that the lender is postponing plans to expand
abroad while there are uncertainties about the global credit
crunch and the effects of that on economic growth.

                     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.


BRASIL TELECOM: Launches Mobile TV Service in Porto Alegre City
---------------------------------------------------------------
Brasil Telecom Participacoes SA launched a trial run of its mobile
TV service in the city of Porto Alegre, Telecom Papers News
reports.

The report relates that the service will be fully launched in
December and include nine TV channels: CNN, Cartoon Network,
Discovery Channel, Discovery Kids, Band, Band News, MTV Brasil,
Whoohoo and Sexy TV.

According to the report, the application, developed by Brazilian
company M1nd Corporation, is compatible with 10 Nokia devices from
Brasil Telecom's portfolio.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
involved in the telecommunications sector.  Its main activity is
the management of Brasil Telecom SA (BrT), which operates a
local fixed-line telephone in Brazil.  BrT also provides data
and voice, broadband and Internet services.  It also owns Nova
Tarrafa Participacoes Ltda and Nova Tarrafa Inc., which provide
Internet services.

                         *     *     *

In April 2008, Moody's Investors Service placed Brasil Telecom
Participacoes S.A.'s Ba1 rating on review for possible upgrade
after the announced acquisition by Tele Norte Leste
Participacoes S.A.


TELE NORTE: Wants to Delay US$301 Million Phone License Fee
-----------------------------------------------------------
Tele Norte Leste Participacoes SA wants to delay the payment of a
BRL700 million (US$301 million) fee for high-speed Internet-
capable cellular phone licenses, Jeb Blount of Bloomberg News
reports, citing Dow Jones.

The report relates that the company, which operates under the Oi
brand, wants to delay the payment to maintain its cash for
investments amid an international reduction in credit.

According to the report, the proposed delay of 18 months is
supported by other telephone companies and has been presented to
the government by the National Celular Telephone Operators
Association, or Acel, Dow Jones said, citing Oi CEO Luiz Eduardo
Falco.

Without the payment delay, long-term investments may be
jeopardized, Bloomberg points out.

                  About Tele Norte Leste

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                         *     *     *

The company continues to carry Standard and Poor's BB+ local and
foreign currency rating.


* BRAZIL: Lower Demand Prompts Manufacturers to Cut Output
----------------------------------------------------------
Brazilian manufacturers are reducing output as the global
financial crisis lowers product demand, Bloomberg News reports
citing O Estado de S. Paulo.

According to the report, Estado said across the country factory
utilization fell to 85 percent of installed capacity in October,
down 0.7 percentage point from July, with furniture makers the
hardest hit.

Furniture makers are cutting production to 80 percent of capacity
in October, from 86 percent in July while producers of chemicals,
textiles and industrial machinery are idling capacity, Bloomberg
News relates.



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

BISCAYNE HOLDINGS: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------------
The creditors of Biscayne Holdings 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
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360


EATON VANCE: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------
The creditors of Eaton Vance 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
          Prashant Veturkar
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


GIBRALTAR LIMITED: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------------
The creditors of Gibraltar 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 10, 2008.

The company's liquidators are:

          Phillipa White
          Prashant Veturkar
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


HAMILTON CDO: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of Hamilton 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 17, 2008.

The company's liquidators are:

          Martin Couch
          Onson Mukwedeya
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


HIGHLAND PHARMA: Creditors' Proofs of Debt Due on November 27
-------------------------------------------------------------
The creditors of Highland Pharma CLO, 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


HSPI HG: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------
The creditors of HSPI HG 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 10, 2008.

The company's liquidators are:

          Carl Gosselin
          Carlos Farjallah
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


IJARAH I: Requires Creditors to File Claims by November 27
----------------------------------------------------------
The creditors of Ijarah I 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 10, 2008.

The company's liquidators are:

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


IJARAH II: Requires Creditors to File Claims by November 27
-----------------------------------------------------------
The creditors of Ijarah II 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 10, 2008.

The company's liquidators are:

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


J-CASHING II: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The creditors of J-Cashing II Holding Co., 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:

          Dianne Scott
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


JTU LIMITED: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------
The creditors of JTU 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 10, 2008.

The company's liquidators are:

          Carlos Farjallah
          Onson Mukwedeya
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


MORNINGJOY LIMITED: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------------
The creditors of Morningjoy 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
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360


MYM LTD: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------
The creditors of MYM 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
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360


SUMMERLAND HOLDINGS: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------------------
The creditors of Summerland Holdings 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
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360



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

ECOPETROL S.A.: To Present Extension Plan to Board This Week
------------------------------------------------------------
Ecopetrol S.A. will present an extension plan for the Rubiales
heavy oilfield held by Toronto-based Pacific Rubiales to its board
this week, Businesses News Americas reports.

"This is a very good project. It would increase production by
100,000b/d and extend the parallel contract to 2032," the report
cited Ronald Pantin, CEO Pacific Rubiales, as saying.

According to the report, an MOU would preempt a final agreement.

Mr. Rubiales, the report relates, said Pacific Rubiales was
interested in talking with Ecopetrol to sign a parallel contract
for secondary recovery on the Rubiales field.  The agreement would
be vital to Pacific Rubiales' production after the expiration date
on 2016, he added, BNAmericas related.

Pacific Rubiales operates the field with a 40% stake and Ecopetrol
holds the balance, the report adds.

                     About Ecopetrol S.A.

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

                        *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Fitch Ratings has affirmed Ecopetrol S.A.'s
foreign and local currency issuer default ratings at 'BB+' and
'BBB-', respectively.  The Rating Outlook is Stable.



===================================
D O M I N I C A N   R E P U B L I C
===================================

* DOMINICAN REPUBLIC: Minister Montas Favors IMF Agreement
----------------------------------------------------------
Temistocles Montas, the Dominican Republic's Economy, Planning and
Development Minister, said that the government could sign an
agreement with the International Monetary Fund for monitoring the
Dominican economy next year, dr1 News reports.

However, the report notes, Mr. Montas excluded the possibility,
for the time being at least, of a meeting between President
Fernandez and the representatives of the international financial
organization.

According to dr1 News, the official left open the possibility of
signing an agreement with the IMF in support of an "economic
evaluation that the IMF mission is doing now and which should
throw some light on things."

Mr. Montas explained that an eventual agreement to "monitor" the
situation would be based on government obligations to a certain
economic policy that the IMF would validate, but it does not imply
conditions or obligations to act in a specific direction, the
report added.

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



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

* ECUADOR: President Correa Warns of a US$10 Bil. Debt Default
--------------------------------------------------------------
Ecuador may not be able to pay on parts of its US$10 billion
foreign debt, its president, Rafael Correa, warned, Naomi Mapstone
of The Financial Times reports.

According to the report, Mr. Correa said a preliminary report of
Ecuador's debt-audit commission highlighted "terrible"
irregularities with the management and renegotiation of the
country's debt by previous administrations that amounted to "a
real robbery for the country".

The FT relates that with a final internal audit report coming
Thursday, Mr. Correa said "if there are sufficient grounds for
illegitimacy, we won't pay this debt."

Ecuador last defaulted on its debt in 1999, the FT notes.



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

URBI DESAROLLOS: S&P Affirms 'BB-' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
the 'BB-' global scale and 'mxA-' national scale long-term
corporate credit ratings, on URBI Desarrollos Urbanos S.A.B. de
C.V.  The outlook is stable.

"The ratings on Urbi are limited by the company's aggressive
financial policy, accounting practices, and marketing strategies,
the latter particularly in its rent-to-own program," said Standard
& Poor's credit analyst Laura Martinez.

The ratings also reflect an increase in the use of debt to fund
higher working capital needs to support the company's growth
plans, increasing competition, the concentration of mortgage
originations in Infonavit, and the degree of political risk
inherent to Invonavit.

These factors are somewhat offset by Urbi's operating efficiency
and flexibility, high EBITDA margins, position as one of the
largest homebuilders in Mexico, and leadership in the northern
Mexican states.


COMPANIA DE DESAROLLO: S&P Affirms 'BB+' Long-Term Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
rating on Compania de Desarrollo Aeropuerto Eldorado S.A.'s
$116 million 10.19% notes due 2011.  The outlook is stable.  The
rating reflects several risks.

First, there was a continued shortfall in revenues resulting from
fewer aircraft landings than expected--both domestic and
international.  CODAD has had to rely on payments under the
minimum-revenue guarantee from the Republic of Colombia's Unidad
Administrativa Especial de la Aeronautica Civil to fully service
its debt obligations.

"Just 30% of the MRG amount is held in cash in a trust fund for
noteholders.  The fund is replenished only once a year, while debt
service is paid semiannually, leading to some concern about the
liquidity of the obligated payments.  Furthermore, the guarantee
can be drawn on for certain limited purposes other than debt
service.  The nonrecourse nature of the debt to Aerocivil,
Colombia, and CODAD'S owners, is also a concern for us," said
Standard & Poor's credit analyst Monica Ponce.

Offsetting these risks are several strengths, such as a guarantee
from Aerocivil that provides CODAD with a minimum level of
revenues if aircraft landings (for which airlines are charged a
tariff to cover maintenance expenses and debt-service payments)
fall below a predetermined level.  So far, this revenue floor has
been sufficient to meet its annual debt-service obligations.

There is also a strong connection between Aerocivil and the
national government.  The tariff structure diminishes inflation
and currency risks, as well as provides Aerocivil with rate-
setting flexibility.

The airport is important to the city of Bogotá and to Colombia as
the country's main aviation facility in terms of domestic and
international airline passenger traffic and flight operations.

CODAD is a special-purpose corporation.  Aerocivil awarded it a
concession title to build the second runway at the Eldorado
International Airport in Bogotá to address capacity constraints
and maintain both runways through 2015.  CODAD collects all
landing fees at the airport.  These fees, along with the MRG from
Aerocivil, secure the repayment of the bonds.

The MRG utilization rate increased to 3.6% from 2.7% in 2007, due
to a higher mix of lighter airplanes that landed at El Dorado
airport.  Tariffs are set according to the weight of the airplane,
and, therefore, lighter airplanes translate into lower tariffs,
which, in turn, translate into lower revenue growth.  In S&P's
opinion, these MRG utilization levels are still acceptable.

An annually funded account equal to 30% of the MRG for that year
supports the transaction's liquidity until the bond's maturity
date in 2011.  As of June 30, 2008, total debt outstanding was
$38.8 million, and the next debt-service payment of $6.96 million
is scheduled for Nov. 30, 2008.  S&P expects Eldorado Airport to
continue to cover its payments fully and on time.

"The stable outlook reflects the outlook assigned to the Republic
of Colombia.  The outlook also reflects CODAD's dependence on the
MRG from Aerocivil to service its debt.  Ratings could be lowered
if there are significantly fewer landings during the next few
years that lead to higher utilization levels of the MRG than those
seen in 2003 and 2004--around 11%.  In addition, any rating action
on the Republic of Colombia could also lead to a rating action on
CODAD," Ms. Ponce added.



=======
P E R U
=======

BANCO DE CREDITO: Fitch Affirms 'BB+' Subordinated Notes Rating
---------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on Banco de Credito
del Peru to Positive from Stable and taken these rating actions on
their outstanding Issuer Default Ratings and debt ratings:

  -- Foreign currency long term IDR affirmed at 'BBB-';

  -- Foreign currency short term IDR affirmed at 'F3';

  -- Local currency long term IDR affirmed at 'BBB-';

  -- Local currency short term IDR affirmed at 'F3';

  -- Subordinated notes maturing November 2021 and October 2022
     affirmed at 'BB+';

  -- Individual upgraded to 'C' from 'C/D';

  -- Support affirmed at '3';

  -- Support floor upgraded to 'BB+' from 'BB-'.

The upgrade of the Individual rating reflects BCP's increasingly
diversified balance sheet and revenue stream, driven by its growth
in lending to individuals and to small and medium enterprises.

This growth has, in turn improved profitability and internal
capital generation, building BCP's Tier I equivalent capital ratio
to over 11%; Fitch is comfortable that, going forward, the bank's
performance should underpin capitalization that should remain at
or near these levels.  BCP's ratings also reflect its dominant
franchise, important market share across all segments, broad, low
cost deposit base, diversified loan portfolio, improved asset
quality and adequate reserve coverage.  BCP's systemic importance,
improving efficiency and the depth and breadth of its management
also Support its ratings; these also factor in its somewhat high
obligor concentration and related lending.

The rating upgrade on BCP's support floor reflects the bank's
systemic importance and Peru's improved economic standing.  Given
BCP's systemic importance, it would likely receive support from
authorities, should it be required.  Peru's ability to provide
such support is considered moderate but has improved through sound
economic performance; Peru's sovereign rating was upgraded to
'BBB-' in April and affirmed on Nov. 10, 2008.

The Positive Outlook on BCP's IDRs could lead to a rating upgrade
if Peru's economic environment sees a continuation of its
relatively benign reaction to the global slowdown.  With Fitch
expecting still relatively strong growth in Peru of around 5% in
2009, the operating environment for banks should also prove to be
less stressful than is the case in more heavily affected
economies.  This should result in more moderate growth for bank
credit portfolios, and while some pressure on asset quality is to
be expected, operating conditions should allow BCP to maintain its
strong financial fundamentals through the downturn in the local
economic cycle; if this proves the case, the banks IDRs will
benefit.  If, on the other hand, the local cycle turns more
negative than anticipated, BCP's performance could be more
strongly affected, and the Outlook returned to Stable.  Downside
risk to BCP's IDRs is limited by its Support floor of 'BB+'.

BCP's loan portfolio grew rapidly across all business segments but
especially in retail banking, providing increased interest
revenues and mitigating margin compression while largely recurring
and well diversified non-interest revenues increased to contribute
over 35% of operating revenues.  Personnel costs increased in line
with BCP's expansion but should grow slower than revenues and
decline in relative terms going forward; administrative expenses
were well under control.  Loan loss provisions increased
reflecting the shift to retail banking and a conservative reserve
policy.  The overall result was higher net income and record
profitability.

Portfolio quality remained healthy in relative terms while
absolute PDL figures bottomed at December 2007 - and resumed a
very moderate growth in 1H08 - signaling what could be a peak in
asset quality that is likely to remain better than the industry
average thanks to continuous growth, sound risk management and
wide industry diversification.  Loan loss reserves improved and
cover PDLs comfortably; expected deterioration will likely see
ample coverage ratios reduced somewhat, but these should continue
to provide more than sufficient coverage of potential losses.
Funding is broadly based and has a relatively low cost.  Liquidity
is adequate and reversed the slightly decreasing trend in response
to global markets turmoil.  BCP's capital ratios stabilized thanks
to retained earnings; the BIS regulatory capital ratio is 13.5 at
June 2008; Fitch eligible capital ratio also improved to 11.2%
(adjusting for non-deferrable subordinated debt).

BCP is Peru's largest bank, with a dominating market share of
about 39% of the system's assets.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 97.2% of BCP; Credicorp is widely held by
local and foreign institutional shareholders.


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

* BOND PRICING: For the Week November 11 - November 14, 2008
------------------------------------------------------------

   Issuer               Coupon    Maturity   Currency    Price
   ------               ------    --------   --------    -----

   ARGENTINA
   ---------
Alto Palermo SA          7.875     5/11/17     USD      33.99
Argnt-Bocon PRE8         2.000      1/3/10     ARS      52.98
Argnt-Bocon PR11         2.000     12/3/10     ARS      33.04
Argnt-Bocon PRE9         2.000     3/15/24     ARS      52.87
Argnt-Bocon PR12         2.000      1/3/16     ARS      42.32
Argnt-Bocon PR13         2.000     3/15/24     ARS      19.76
Arg Boden                2.000     9/30/14     ARS      31.96
Arg Boden                7.000     10/3/15     USD      20.19
Autopistas Del Sol      11.500     5/23/17     USD      19.95
Bonar V                  7.000     3/28/11     USD      23.92
Bonar Arg $ V           10.500     6/12/12     ARS      34.47
Bonar VII                7.000     9/12/13     USD      22.54
Bonar X                  7.000     4/17/17     USD      21.94
Inversiones y Rep        8.500      2/2/17     USD      39.79
Argentina - NGB          2.000      2/4/18     ARS      40.56
Argentina – DIS          5.830    12/31/33     ARS      42.89
Argent-EURDIS            7.820    12/31/33     EUR      23.11
Argent-$DIS              7.820    12/31/33     EUR      20.00
Argent-$DIS              8.280    12/31/33     USD      19.95
Argent-$DIS              8.280    12/31/33     USD      26.00
Argent-Par               0.630    12/31/38     ARS      16.70
Banco Hipot SA           9.750    11/16/10     USD      41.93
Banco Hipot SA           9.750     4/27/16     USD      27.87
Banco Macro SA           8.500     2/01/17     USD      41.95
Banco Macro SA          10.750     6/07/12     USD      44.09
Banco Macro SA           9.750    12/18/36     USD      32.36
Buenos-EURDIS            8.500     4/15/17     EUR      28.00
Buenos-$DIS              9.250     4/15/17     USD      13.10
Buenos Aire Prov         9.375     9/14/18     USD      18.45
Buenos Aire Prov         9.625     4/18/28     USD      19.45
Loma Negra Ciasa         7.250     3/15/13     USD      58.27
Mendoza Province         5.500     9/04/18     USD      31.75

   BERMUDA
   -------
AIG Sunamerica           5.625     2/01/12     GBP      69.50
AIG Sunamerica           6.375    10/05/20     GBP      59.41
Bishopgate Assessment    5.107     9/28/37     GBP      73.68
XL Capital Ltd           6.500    12/31/49     USD      57.50

   BRAZIL
   ------
AMBEV Int'l Finance      9.500     7/24/17     BRL      70.00
Arantes International
Limited                 10.250     6/19/13     USD      29.91
Banco Brasil (CI)        9.750     7/18/17     BRL      65.00
Banco Brasil (CI)        7.950     1/29/49     USD      73.25
Banco BMG                8.750      7/1/10     USD      72.38
Banco BMG                7.250     5/23/11     USD      59.50
Banco BMG SA             9.150     1/15/16     USD      57.25
Banco Cruzeiro           9.375     9/26/11     USD      69.43
Banco Cruzeiro          10.750    11/24/16     USD      62.25
Banco Ind E Com          8.250     9/21/09     USD      71.25
Banco Ind E Com          7.000     4/23/10     USD      74.74
Banco Ind E Com          9.750     3/03/16     USD      59.87
Banco Mercantil          7.750     5/08/12     USD      69.80
Banco Safra CI          10.875      4/3/17     BRL      56.00
Banespa                  8.700    12/29/49     USD      73.25
BCP Finance Company      5.543     6/29/49     EUR      65.02
BCP Finance Company      4.239    10/29/49     EUR      54.63
Braskem Financial
Limited                  7.250     6/05/18     USD      68.50
Braskem Nac Desenv       6.369     6/16/18     USD      68.75
Braskem SA               9.000     4/29/49     USD      52.50
Braskem SA               9.750     6/29/49     USD      62.25
Brazel-Global BD        10.125     5/15/27     USD      67.18
Brazil Rep of           10.250     1/10/19     BRL      66.00
BR Malls Int Fi          8.500     4/15/17     EUR      13.10
Cosan Finance            7.000      2/1/17     USD      61.50
Cosan Finance            7.000      2/1/17     USD      64.93
Cosan SA Industria       8.250     2/28/49     USD      47.57
CESP                     9.750     1/15/15     BRL      68.50
CSN Islands VI           6.148      5/6/15     USD      74.77
CSN Islands X            9.500     7/31/49     USD      68.00
Dasa Finance             8.750     5/29/18     USD      63.00
Eletrobras               7.750    11/30/15     USD      40.02
Embraer Overseas         6.375     1/24/17     USD      65.50
JBS SA                   9.375      2/7/11     USD      56.00
JBS SA                  10.500      8/4/16     USD      37.00
Gerdau S/A               8.875     9/29/49     USD      75.50
Gol Finance              7.500     4/03/17     USD      71.92
Gol Finance              7.500     4/03/17     USD      35.00
Gol Finance              8.750     4/29/49     USD      24.00
Marfrig Overseas         9.625    11/16/16     USD      40.00
Petrobras Energ          9.375    10/30/13     USD      75.00
Petrobras Energi         5.875     5/15/17     USD      71.84
Tam Capital Inc.         7.375     4/25/17     USD      73.90
Tam Capital Inc.         7.375     4/25/17     USD      70.00
Rede Empresas           11.125     4/29/49     USD      69.50

   CAYMAN ISLANDS
   --------------
Banco BPI               4.150    11/14/35     EUR      68.54
Barion Funding           0.100    12/20/56     EUR       4.47
Barion Funding           0.250    12/20/56     USD       4.39
Barion Funding           0.250    12/20/56     USD       4.39
Barion Funding           0.250    12/20/56     USD       4.39
Barion Funding           0.250    12/20/56     USD       4.39
Barion Funding           0.250    12/20/56     USD       4.39
Barion Funding           0.250    12/20/56     USD       4.39
Barion Funding           0.630    12/20/56     GBP      11.86
Barion Funding           1.440    12/20/56     GBP      22.45
Bes Finance Limited      6.625     5/08/49     EUR      61.15
Bes Finance Limited      5.580     7/29/49     EUR      55.00
Bes Finance Limited      4.500    12/29/49     EUR      54.34
DP World Sukuk           6.250     7/02/17     USD      53.50
Mazarin Fdg Ltd          0.100     9/20/68     EUR       3.32
Mazarin Fdg Ltd          0.250     9/20/68     USD       3.56
Mazarin Fdg Ltd          0.250     9/20/68     USD       3.56
Mazarin Fdg Ltd          0.250     9/20/68     USD       3.56
Mazarin Fdg Ltd          0.250     9/20/68     USD       3.56
Mazarin Fdg Ltd          0.250     9/20/68     USD       3.56
Mazarin Fdg Ltd          0.510     9/20/68     EUR       9.41
Mazarin Fdg Ltd          0.630     9/20/68     GBP      11.18
Mazarin Fdg Ltd          1.440     9/20/68     GBP      22.73
Sadia Overseas           6.875     5/24/17     USD      74.06
Shimao Property          8.000     12/1/16     USD      36.50
Shinsei Fin Caym         6.418     1/29/49     USD      39.94
Shinsei Fin Caym         6.418     1/29/49     USD      48.75
Vontobel Cayman         17.900     1/23/09     USD      60.20
Vontobel Cayman         10.650     2/27/09     USD      71.10

   CHILE
   -----
Codelco Inc.             5.625     9/21/35     USD      73.21
Codelco Inc.             6.150    10/24/36     USD      71.32

   COLOMBIA
   --------
Bancolombia              6.875     5/25/17     USD      72.00
Chaoda

   DOMINICAN REPUBLIC
   ------------------
Dominican Republic       9.040     1/23/18     USD      59.40

   ECUADOR
   -------
Rep of Ecuador          12.000    11/15/12     USD      21.62
Rep of Ecuador           9.375    12/15/15     USD      25.75

  EL SALVADOR
  -----------
El Salvador Rep          8.250     4/10/32     USD      64.75
El Salvador Rep          7.625     9/21/34     USD      70.00
El Salvador Rep          7.625     6/15/35     USD      52.50

   JAMAICA
   -------
Jamaica Govt LRS         7.500     10/6/12     JMD      72.40
Jamaica Govt LRS        12.750     6/29/22     JMD      68.83
Jamaica Govt LRS        12.750     6/29/22     JMD      68.85
Jamaica Govt LRS        12.850     5/31/22     JMD      69.41
Jamaica Govt LRS        13.375    12/15/21     JMD      72.36
Jamaica Govt            11.000     7/27/12     EUR      74.25
Jamaica Govt            10.500    10/27/14     EUR      63.00
Jamaica Govt            10.625     6/20/17     USD      72.80
Jamaica Govt             8.000     6/24/19     USD      65.51
Jamaica Govt             8.500     2/28/36     USD      71.00
Jamaica Govt             8.000     3/15/39     USD      74.75

    MEXICO
    ------
Agile Property           9.000     9/22/13    USD      46.52
Chaoda Modern Agri       7.750     2/09/10    USD      67.00


  PUERTO RICO
  -----------
Puerto Rico Cons         6.100      5/1/12     USD      69.00
Puerto Rico Cons         6.200      5/1/17     USD      70.00

  PANAMA
  ------
Panama                   6.700     1/26/36     USD      71.14

  PERU
  ----
Republic of Peru         7.500    10/14/14     EUR      74.00
Republic of Peru         6.550     3/14/37     USD      74.00
Peru B Soberano          6.950     8/12/31     PEN      71.72
Peru B Soberano          6.900     8/12/37     PEN      69.53

  URUGUAY
  -------
Uruguay                  3.700     6/26/37     UYU      72.38

   VENEZUELA
   ---------
Petroleos de Ven         5.250     4/12/17     USD      36.95
Petroleos de Ven         5.375     4/12/27     USD      34.87
Petroleos de Ven         5.500     4/12/27     USD      33.00
Venezuela                5.750     2/26/16     USD      63.37
Venezuela                6.000     12/9/20     USD      54.50
Venezuela                7.000     3/16/15     EUR      72.90
Venezuela                7.000     3/16/15     EUR      71.38
Venezuela                7.000     12/1/18     USD      64.50
Venezuela                7.000     3/31/38     USD      54.12
Venezuela                7.650     4/21/25     USD      59.00
Venezuela                9.000      5/7/23     USD      67.00
Venezuela                9.250      5/7/28     USD      66.50
Venezuela                9.375     1/13/34     USD      66.25



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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