TCRLA_Public/081118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, November 18, 2008, Vol. 9, No. 229

                            Headlines

A R G E N T I N A

ALTERNATIVA PARA: Proofs of Claim Verification Due on March 13
ARGELITE SA: Informative Assembly Scheduled on October 11, 2009
BERRIES DE LA: Proofs of Claim Verification Due on February 2
CITESA SA: Proofs of Claim Verification Due on February 3
DELTA DISTRIBUCIONES: General Audit Report to be Filed November 30

KONTAL SA: Proofs of Claim Verification Due on February 19
LEYLAND ARGENTINA: Claim Verification Deadline Is December 18
MUNDO ORGANICO: Trustee Verifying Proofs of Claim Until March 24
PROFUMI SA: Proofs of Claim Verification Due on December 29
* BUENOS AIRES: S&P Lowers Foreign Currency Issuer Rating to B-


B E R M U D A

AHL P3: Creditors' Proofs of Debt Due on November 28
AHL P3: Members to Hold General Meeting on December 16
AP HEDGE: Requires Creditors to File Claims by November 28
AP HEDGE: Members to Hold General Meeting on December 16
GLOBAL FUTURES: Creditors' Proofs of Debt Due on November 28

GLOBAL FUTURES: Members to Hold General Meeting on December 16
MAN AP: Creditors' Proofs of Debt Due on November 28
MAN AP: Members to Hold General Meeting on December 16
MAN PERFORMANCE: Creditors' Proofs of Debt Due on November 28
MAN PERFORMANCE: Members' Final Meeting Slated for December 16

NIMIR GROUP: Requires Creditors to File Claims by December 1
NIMIR GROUP: Members' Final Meeting Set for December 16
OCEAN GRAND: Creditors' Proofs of Debt Due on December 4
ROCHESTER FSC: Creditors' Proofs of Debt Due on November 28
ROCHESTER FSC: Member's Meeting Set for December 16

THE OLD COLONY: Creditors' Proofs of Debt Due on December 9


B R A Z I L

GERDAU AMERISTEEL: Posts US$316.9MM Net Income for Qtr. Ended Sept
TELE NORTE: Third Quarter Profit Drops 61% to 246 Million Reais
* BRAZIL: Calls for Caution in Global Effort to Cut Interest Rates


C A Y M A N  I S L A N D S

AC CP 06-2: Creditors' Proofs of Debt Due on November 30
AC CP 06-2: Members' Final Meeting Set for December 6
BIG LEO: Creditors' Proofs of Debt Due on December 4
BIG LEO: Shareholders' Meeting Set for December 12
GREIO AL-SOOR: Creditors' Proofs of Debt Due on December 11

GREIO AL-SOOR: Members' Final Meeting Set for December 11
O'CONNOR GLOBAL: Creditors' Proofs of Debt Due on December 11
SUNRISE AIR: Creditors' Proofs of Debt Due on December 4
SUNRISE AIR: Final Shareholders' Meeting Set for December 12
WOLF ROCK: Creditors' Proofs of Debt Due on December 11


E C U A D O R

* ECUADOR: President Correa to Seek Legal Basis for Debt Default
* ECUADOR: Moody's Lowers Sovereign Ratings on Coupon Nonpayment


J A M A I C A

AIR JAMAICA: Minister Bartlett Assures Commitment to Airline
CASH PLUS: Company Friends Want New Trustee


M E X I C O

CEMEX SAB: In Talks With Five Banks to Refinance Debt


P U E R T O  R I C O

DORAL FINANCIAL: Posts US$1.8MM Net Loss in Quarter Ended Sept. 30


X X X X X X X X

* Moody's Says Latin American Banks Brace for Tougher Times
* Fitch Says US Government Support of AIG Eases SF Rating Concerns
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ALTERNATIVA PARA: Proofs of Claim Verification Due on March 13
--------------------------------------------------------------
Maria Adornetto, the court-appointed trustee for Alternativa para
la Empresa SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until March 13, 2009.

Ms. Adornetto will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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.

The Debtor can be reached at:

          Alternativa para la Empresa SRL
          Hipolito Yrigoyen 636
          Buenos Aires, Argentina

The trustee can be reached at:

          Maria Adornetto
          Suipacha 670
          Buenos Aires, Argentina


ARGELITE SA: Informative Assembly Scheduled on October 11, 2009
---------------------------------------------------------------
Creditors of Argelite S.A. are scheduled to vote to ratify a
completed settlement plan during the assembly on October 11, 2009.

The deadline for the verification of claims against Argelite S.A.
was October 24, 2008.


BERRIES DE LA: Proofs of Claim Verification Due on February 2
-------------------------------------------------------------
Maria Rodriguez, the court-appointed trustee for Berries de la
Peninsula SA's bankruptcy proceeding, will be verifying creditors'
proofs of claim until February 2, 2009.

Ms. Rodriguez 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.

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.

The Trustee can be reached at:

          Maria Rodriguez
          Avenida Corrientes 3169
          Argentina, Buenos Aires


CITESA SA: Proofs of Claim Verification Due on February 3
---------------------------------------------------------
The court-appointed trustee for Citesa S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 3, 2009.


DELTA DISTRIBUCIONES: General Audit Report to be Filed November 30
------------------------------------------------------------------
A general report that contains an audit of Delta Distribuciones
S.R.L.'s accounting and banking records will be submitted in court
on November 30, 2008.

The proofs of claim verification deadline was September 15, 2008.

The court-appointed trustee for the company presented the
validated claims in court as individual reports on October 30,
2008.


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

Ms. Lissarrague will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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.

The Trustee can be reached at:

          Graciela Lissarrague
          Tte. Gral. J. D. Peron 1509
          Argentina, Buenos Aires


LEYLAND ARGENTINA: Claim Verification Deadline Is December 18
-------------------------------------------------------------
The court-appointed trustee for Leyland Argentina S.R.L.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 18, 2008.

The trustee will present the validated claims in court as
individual reports on  March 5, 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 Leyland Argentina S.R.L. 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 Leyland Argentina
S.R.L.'s accounting and banking records will be submitted in court
on April 22, 2009.

The trustee is also in charge of administering Leyland Argentina
S.R.L.'s assets under court supervision and will take part in
their disposal to the extent established by law.


MUNDO ORGANICO: Trustee Verifying Proofs of Claim Until March 24
----------------------------------------------------------------
The court-appointed trustee for Mundo Organico S.A.'s
reorganization proceeding will be verifying creditors' proofs of
claim until March 24, 2009.

The trustee will present the validated claims in court as
individual reports on May 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
July 8, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 15, 2009.


PROFUMI SA: Proofs of Claim Verification Due on December 29
-----------------------------------------------------------
Elisa Tomattis, the court-appointed trustee for Profumi SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 29, 2008.

Ms. Tomattis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, 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.

The Trustee can be reached at:

          Elisa Tomattis
          Roque Saenz Pena 110
          Argentina, Buenos Aires


* BUENOS AIRES: S&P Lowers Foreign Currency Issuer Rating to B-
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
foreign currency issuer credit rating on City of Buenos Aires to
'B-' from 'B'.  The action followed a change in S&P's transfer and
convertibility assessment on the Republic of Argentina (B-
/Stable/C) to 'B-' from 'B+'.  At the same time, S&P affirmed
S&P's local currency issuer credit rating on the city at 'B'.  The
outlook is stable.

The T&C assessment on Argentina is S&P's view of the probability
of the sovereign restricting access to foreign exchange needed by
Argentina-based nonsovereign issuers for debt service.  This
assessment is now similar to the rating level associated with the
likelihood of the sovereign defaulting on its foreign-currency
obligations--our 'B-' foreign currency rating on Argentina.

"Although the T&C assessment does not always constrain the
ratings, the possibility of sovereign intervention restricting
access to foreign exchange to service debt and foreign-exchange
obligations is key to determining foreign currency ratings," said
Standard & Poor's credit analyst Delfina Cavanagh.

In contrast to other Argentine local governments, the city has
retained its local currency rating, reflecting its privileged
position, with financial flexibility and low debt.

                            Rationale

On Nov. 14, 2008, Standard & Poor's Ratings Services lowered its
long-term sovereign credit rating on the Republic of Ecuador to
'CCC-' from 'B-' and placed the ratings on CreditWatch with
negative implications, with the exception of the short-term rating
of 'C'.  At the same time, S&P lowered the transfer and
convertiblity assessment to 'CCC-' from 'B-'.

Standard & Poor's revised its recovery rating on the Global 2012s
and Global 2030s to 6, indicating the expectation for negligible
(0%-10%) recovery in the event of a payment default, from 4.  S&P
also assigned a recovery rating of '5' on the Global 2015s,
indicating the expectation for modest (10%-30%) recovery in the
event of a payment default.  The distinction between these bonds
reflects S&P's understanding that the government considers the
2012s and 2030s to be "illegitimate" and therefore would be
treated differently in a default scenario than the 2015s.  Given
the respective recovery ratings, the issue-level ratings on the
Global 2012s and 2030s are 'C', and on the Global 2015s, 'CC'.

The rating actions reflect the government's announcement that it
will not pay the $30 million coupon on its Global 2012s due Nov.
15 (and payable Nov. 17) on this due date.  The government plans
to use the 30-day grace period to further consider the legitimacy
of some of its external debt through legal channels.  Clear
capacity to pay, with about US$2 billion of cash on hand,
highlights the extreme weakness in willingness to pay.  The
combination of sharply lower oil prices and an expected hit to
economic growth resulting from lower exports and remittances is
expected to pressure fiscal accounts in 2009.  However,
willingness, not capacity, to pay is currently the overwhelming
credit weakness.

                           CreditWatch

The three notch downgrade reflects the severe uncertainty
regarding the government's willingness and likelihood to pay
during the grace period.  If the government signals its intention
to pursue a restructuring of its debt with bondholders during this
period, S&P likely will lower the ratings to 'SD', indicating
selective default.  The still unpublished debt commission report
appears to have played a key role in the government's decision.
The report apparently also includes criticism of multilateral
debt.  In addition, the government has indicated it may consider
suspending debt service on this debt as well.



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

AHL P3: Creditors' Proofs of Debt Due on November 28
----------------------------------------------------
The creditors of AHL P3 Trading Limited are required to file their
proofs of debt by November 28, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 4, 2008.

The company's liquidator is:

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


AHL P3: Members to Hold General Meeting on December 16
------------------------------------------------------
The members of AHL P3 Trading Limited will hold their general
meeting on December 16, 2008, at 9:30 a.m., at the offices of
Argonaut Limited, Argonaut House, 5 Park Road, in Hamilton HM O9,
Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

The company's liquidator is:

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


AP HEDGE: Requires Creditors to File Claims by November 28
----------------------------------------------------------
The creditors of AP Hedge Strategic Series A Trading Ltd are
required to file their proofs of debt by November 28, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 4, 2008.

The company's liquidator is:

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


AP HEDGE: Members to Hold General Meeting on December 16
--------------------------------------------------------
The members of AP Hedge Strategic Series A Trading Ltd will hold
their general meeting on December 16, 2008, at Argonaut Limited,
Argonaut House, 5 Park Road, in Hamilton HM O9, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

The company's liquidator is:

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


GLOBAL FUTURES: Creditors' Proofs of Debt Due on November 28
------------------------------------------------------------
The creditors of Global Futures Fund VII Limited are required to
file their proofs of debt by November 28, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 4, 2008.

The company's liquidator is:

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


GLOBAL FUTURES: Members to Hold General Meeting on December 16
--------------------------------------------------------------
The members of Global Futures Fund VII Limited will hold their
general meeting on December 16, 2008, at 9:30 a.m., at the offices
of Argonaut Limited, Argonaut House, 5 Park Road, in Hamilton HM
O9, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

The company's liquidator is:

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


MAN AP: Creditors' Proofs of Debt Due on November 28
----------------------------------------------------
The creditors of Man AP Hedge Strategic Series A Ltd are required
to file their proofs of debt by November 28, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 4, 2008.

The company's liquidator is:

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


MAN AP: Members to Hold General Meeting on December 16
------------------------------------------------------
The members of Man AP Hedge Strategic Series A Ltd will hold their
final general meeting on December 16, 2008, at 9:30 a.m., at the
offices of Argonaut Limited, Argonaut House, 5 Park Road, in
Hamilton HM O9, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

The company's liquidator is:

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


MAN PERFORMANCE: Creditors' Proofs of Debt Due on November 28
-------------------------------------------------------------
The creditors of Man Performance Bond USD Ltd. are required to
file their proofs of debt by November 28, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 13, 2008.

The company's liquidator is:

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


MAN PERFORMANCE: Members' Final Meeting Slated for December 16
--------------------------------------------------------------
The members of Man Performance Bond USD Ltd. will hold their final
general meeting on December 16, 2008, at 9:30 a.m., at the offices
of Argonaut Limited, Argonaut House, 5 Park Road, in Hamilton HM
O9, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

The company's liquidator is:

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


NIMIR GROUP: Requires Creditors to File Claims by December 1
------------------------------------------------------------
The creditors of Nimir Group Limited are required to file their
proofs of debt by December 1, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 10, 2008.

The company's liquidator is:

          Steven J. Trumper
          Sofia House, 1st Floor
          48 Church Street
          Hamilton Bermuda


NIMIR GROUP: Members' Final Meeting Set for December 16
-------------------------------------------------------
The members of Nimir Group Limited will hold their final general
meeting on December 16, 2008, at 10:00 a.m., at the 1st Floor of
Sofia House, 48 Church Street, in Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

The company's liquidator is:

          Steven J. Trumper
          Sofia House, 1st Floor
          48 Church Street
          Hamilton Bermuda


OCEAN GRAND: Creditors' Proofs of Debt Due on December 4
--------------------------------------------------------
The creditors of Ocean Grand Chemicals Holdings Limited are
required to file their proofs of debt by December 4, 2008, to be
included in the company's dividend distribution.

The company's Scheme Administrators are:

          Joseph Kin Ching Lo
          Derek Kar Yan Lai
          One Pacific Place, 35/F.
          88 Queensway, Hong Kong


ROCHESTER FSC: Creditors' Proofs of Debt Due on November 28
-----------------------------------------------------------
The creditors of Rochester FSC, Ltd. are required to file their
proofs of debt by November 28, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 14,
2008.

The company's liquidator is:

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


ROCHESTER FSC: Member's Meeting Set for December 16
---------------------------------------------------
The sole member of Rochester FSC, Ltd. will hold a final general
meeting on December 16, 2008, at 9:30 a.m., at the offices of
Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, in
Hamilton, Bermuda.

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.

The company's liquidator is:

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


THE OLD COLONY: Creditors' Proofs of Debt Due on December 9
-----------------------------------------------------------
The creditors of The Old Colony Club are required to file their
proofs of debt by December 9, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Wakefield Quin
          Chancery Hall
          52 Reid Street
          Hamilton, Bermuda



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

GERDAU AMERISTEEL: Posts US$316.9MM Net Income for Qtr. Ended Sept
------------------------------------------------------------------
Gerdau Ameristeel Corporation reported net income of
US$316.9 million (US$0.73 per share fully diluted) for the three
months ended September 30, 2008, a 156.0% increase in comparison
to net income of US$123.8 million (US$0.40 per share fully
diluted) for the three months ended September 30, 2007.

For the nine months ended September 30, 2008, net income was
US$742.0 million ($1.71 per share fully diluted) an increase of
87.1% compared to net income of US$396.5 million (US$1.29 per
share fully diluted) for the nine months ended September 30, 2007.

Net sales for the three months ended September 30, 2008 increased
78.6% to US$2.5 billion from US$1.4 billion for the three months
ended September 30, 2007.  For the three months ended
September 30, 2008, finished steel shipments increased to 2.1
million tons, an increase of 305 thousand tons from the three
months ended September 30, 2007, primarily as a result of the
acquisition of Chaparral Steel in September 2007.  Additionally,
average mill finished steel selling prices for the three months
ended September 30, 2008 increased 60.1% over the level in this
same period in 2007 and 19.6% over second quarter 2008 levels.

Net sales for the nine months ended September 30, 2008 increased
73.2% to US$7.1 billion from US$4.1 billion for the nine months
ended September 30, 2007.  For the nine months ended September 30,
2008, finished steel shipments increased to 7.0 million tons, an
increase of 1.6 million tons from the nine months ended
September 30, 2007, primarily as a result of the acquisition of
Chaparral Steel.  Additionally, average mill finished steel
selling prices for the nine months ended September 30, 2008
increased 39.4% over the level in this same period in 2007.

For the three months ended September 30, 2008, metal spread, the
difference between mill selling prices and scrap raw material
costs, was US$662 per ton, an increase of US$222 per ton from the
same period in 2007.  The increase is partially attributable to
the higher margin structural products from the addition of the
Chaparral products.  For the nine months ended September 30, 2008,
metal spread was US$530 per ton, an increase of US$121 per ton
from the same period in the prior year.  Partially offsetting this
increase in metal spread has been a significant cost increase in
alloys, energy and other raw material consumables used in our
production process.

Earnings before interest, taxes, depreciation and amortization
("EBITDA") was US$581.4 million for the three months ended
September 30, 2008, compared to EBITDA of US$250.2 million for the
three months ended September 30, 2007.  For the nine months ended
September 30, 2008, EBITDA was US$1.5 billion compared to US$735.1
million for the nine months ended September 30, 2007.

In prior years, the company purchased investments that are
comprised of variable rate debt obligations, known as auction rate
securities.  During the three and nine months ended
September 30, 2008, the company recorded a US$7.0 million and
US$46.7 million charge to write down the carrying value of these
investments to their fair market value of US$47.2 million.  The
original investment in these securities was approximately
US$104.2 million.  The impact to earnings per share of this
writedown for the three and nine months ended September 30, 2008
was approximately US$0.02 and US$0.11 per share, respectively.
The effective tax rate was unfavorably impacted by this writedown
as no associated tax benefit was recorded for this item.

Included in selling and administrative expense for the three and
nine months ended September 30, 2008 is a non-cash pretax expense
reversal of US$9.8 million and a non-cash pretax expense of
US$6.0 million, respectively, to mark-to-market outstanding stock
appreciation rights and expenses associated with other executive
compensation agreements compared to a non-cash pretax expense
reversal of US$2.2 million and a non-cash pretax expense of
US$16.0 million, respectively for the three and nine months ended
September 30, 2007.

On July 14, 2008, the company acquired substantially all of the
assets of Hearon Steel Co., a rebar fabricator and epoxy coater
with locations in Muskogee, Tulsa and Oklahoma City, Oklahoma.  On
October 27, 2008, the company acquired Metro Recycling, a scrap
processor with two locations in Guelph and one in Mississauga,
Ontario, Canada.  On October 31, 2008, the Company acquired the
operating assets of Sand Springs Metal Processors, a scrap
processor located in Sand Springs, Oklahoma.

On November 4, 2008, the Board of Directors approved a quarterly
cash dividend of US$0.02 (two US$ cents) per common share, payable
December 8, 2008 to shareholders of record at the close of
business on November 20, 2008.

                           CEO Comments

Mario Longhi, President and CEO of Gerdau Ameristeel, commented:
"The results from the third quarter of 2008 represent our fourth
successive quarter in which we have delivered increased net
earnings to our shareholders from our balanced long product
portfolio of rebar, merchant, structural and wire rod products.
Our recent acquisitions further strengthened both our downstream
rebar fabrication business, which represents an outlet for a
significant portion of our mill rebar production, and our upstream
raw materials scrap procurement group, which has increased our
captive scrap sourcing to approximately 40%.  We will use our
proven methodologies to integrate these operations into our
existing business, in an effort to capture the synergies that
these opportunities present.

We expect shipment volume in the fourth quarter to be reduced from
the levels of the third quarter.  As we enter this period of
economic uncertainty we will remain focused on driving
productivity and cost improvement initiatives as we have done over
the past several years.  Our balance sheet is strong with good
liquidity and with no significant scheduled debt repayments until
2011.  With decreasing scrap costs and shipment volumes, we
anticipate a significant reduction in the investment of working
capital as we match production to customer demand, which should
further enhance our liquidity position in the fourth quarter."

                    About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America. Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America. The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.  Gerdau Ameristeel is a unit of Brazilian firm

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2008, Moody's Investors Service changed the outlook of
these ratings for Gerdau Ameristeel Corp. to positive from stable:

    -- Ba1 Probability of Default Rating;
    -- Ba1 Corporate Family Rating; and
    -- Ba1 US$405 million Senior Unsecured Guaranteed Notes due
       2011 (LGD 4, 62%).


TELE NORTE: Third Quarter Profit Drops 61% to 246 Million Reais
---------------------------------------------------------------
Tele Norte Leste Participacoes SA's third quarter profit dropped
61% to 246 million reais from 637 million reais in the same period
last year, after it increased debt and a currency decline boosted
expenses, Heloiza Canassa of Bloomberg News reports.

The report relates that revenues at the company, which does
business under the Oi brand, rose 7.1% to 4.75 billion reais.

According to the report, Oi's debt almost tripled from a year
earlier as the company prepared to take control of Brasil Telecom
Participacoes SA, a transaction that may cost as much as
13 billion reais.  A 16% decline in the value of the Brazilian
real against the U.S. dollar last quarter also increased the
carrier's financial costs, which rose 10-fold to 535 million
reais, the report says.

"We gained a lot from the real appreciation against the dollar in
past years.  What we are giving back is a small stake of that,"
Bloomberg News cited Chief Executive Officer Jose Luis Salazar as
saying.

Bloomberg News says that Oi's net debt totaled 9.15 billion reais
at the end of September, from a 3.13 billion reais a year earlier.
About 8% of the company's debt is linked to the currency
fluctuation, which caused an additional expense of 295 million
reais in the quarter, the same report notes.

Oi earnings shouldn't have a big effect on the company's shares,
the report cited Luciana Leocadio, an analyst at Ativa Corretora
in Rio de Janeiro, as saying.  "Expectations related to the
success or failure of the Brasil Telecom acquisition will have a
broader impact on shares than the company's earnings," he added.

Bloomberg News recounts that Telemar Norte Leste SA, Oi's
operating unit, agreed on April 25 to pay 5.86 billion reais for a
controlling stake in rival Brasil Telecom Participacoes.

                    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: Calls for Caution in Global Effort to Cut Interest Rates
------------------------------------------------------------------
Brazil Finance Minister Guido Mantega said interest-rate easing
should be coordinated among world leaders to avoid disrupting
economies with little room to reduce rates more aggressively,
Fabio Alves of Bloomberg News reports.

Minister Mantega, the report relates, said with financial markets
"completely integrated, if one country takes isolated action, the
money can shift to another that didn't."  "Brazil will lower
interest rates on its own way and will not do what the U.S. and
the U.K. have done in terms of reducing rates, though Brazil will
seek to lower the cost of capital as a whole," he said.

Bloomberg News recounts that the central bank on Oct. 29 kept the
benchmark lending rate unchanged at 13.75%, halting six months of
interest-rate increases to stem higher inflation.

According to the report, the government said consumer prices as
measured by the benchmark IPCA index rose 6.41% in the 12 months
through October from 6.25% in September.  The annual rate was the
highest since July 2005, and exceeded the median forecast of 6.40%
in a Bloomberg survey of 19 economists.

"If Brazil were to pursue an aggressive monetary policy, boosting
liquidity and credit in reais or dollars in our country, other
countries may take advantage of that and would not give us
anything in return," the report cited Minister Mantega as saying.
"For this plan to work, there must be synchronism in adopting
monetary measures," he added.

Minister Mantega, the report points out, said global leaders must
take immediate fiscal and monetary stimulus to keep the global
economy from slipping into a deeper recession.

The report adds that Mr. Mantega said, "It was also clear from our
colleagues in the U.K. and Australia that there must be further
global effort to take measures to increase trade financing, which
have dried up and hurt developing nations."

The Federative Republic of Brazil is the largest and most populous
country in South America.  It is the fifth largest country by
geographical area, the fifth most populous country, and the fourth
most populous democracy in the world.  Its population comprises
the majority of the world's Portuguese speakers.  According to
Moody's Rating Agency, the country continues to carry a BA1 local
and foreign currency rating.



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

AC CP 06-2: Creditors' Proofs of Debt Due on November 30
--------------------------------------------------------
The creditors of AC CP 06-2 Funding Company are required to file
their proofs of debt by November 30, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 16, 2008.

The company's liquidator is:

          Griffin Management Limited
          c/o Janeen Aljadir
          Caledonian Trust (Cayman) Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 914 -4943
          Facsimile:(345) 814-4859


AC CP 06-2: Members' Final Meeting Set for December 6
-----------------------------------------------------
The members of AC CP 06-2 Funding Company will hold their final
meeting on December 6, 2008, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on August 16, 2008.

The company's liquidator is:

          Griffin Management Limited
          c/o Janeen Aljadir
          Caledonian Trust (Cayman) Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 914 -4943
          Facsimile:(345) 814-4859


BIG LEO: Creditors' Proofs of Debt Due on December 4
----------------------------------------------------
The creditors of Big Leo Capital Corporation are required to file
their proofs of debt by December 4, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 21, 2008.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands
          Telephone:(345) 914-6314


BIG LEO: Shareholders' Meeting Set for December 12
--------------------------------------------------
The shareholders of Big Leo Capital Corporation will hold their
final meeting on December 12, 2008, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on October 21, 2008.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands
          Telephone:(345) 914-6314


GREIO AL-SOOR: Creditors' Proofs of Debt Due on December 11
-----------------------------------------------------------
The creditors of Greio Al-Soor (Cayman) Limited are required to
file their proofs of debt by December 11, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 22, 2008.

The company's liquidator is:

          Griffin Management Limited
          c/o Janeen Aljadir
          Caledonian Trust (Cayman) Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 914-4943
          Facsimile:(345) 814-4859


GREIO AL-SOOR: Members' Final Meeting Set for December 11
---------------------------------------------------------
The members of Greio Al-Soor (Cayman) Limited will hold their
extraordinary final meeting on December 11, 2008, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on October 22, 2008.

The company's liquidator is:

          Griffin Management Limited
          c/o Janeen Aljadir
          Caledonian Trust (Cayman) Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 914-4943
          Facsimile:(345) 814-4859


O'CONNOR GLOBAL: Creditors' Proofs of Debt Due on December 11
-------------------------------------------------------------
The creditors of O'Connor Global Commodity Markets Limited are
required to file their proofs of debt by December 11, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on October 20, 2008.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone:(345) 949 7500
          Facsimile:(345) 949 8258


SUNRISE AIR: Creditors' Proofs of Debt Due on December 4
--------------------------------------------------------
The creditors of Sunrise Air Ltd. are required to file their
proofs of debt by December 4, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 22, 2008.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


SUNRISE AIR: Final Shareholders' Meeting Set for December 12
------------------------------------------------------------
The shareholders of Sunrise Air Ltd. will hold their final meeting
on December 12, 2008, at 9:15 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on October 22, 2008.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


WOLF ROCK: Creditors' Proofs of Debt Due on December 11
-------------------------------------------------------
The creditors of Wolf Rock International Fund are required to file
their proofs of debt by December 11, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 16, 2008.

The company's liquidator is:

          Avalon Management Limited
          c/o P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone:(+1) 345 946-4422
          Facsimile:(+1) 345 769-9351



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

* ECUADOR: President Correa to Seek Legal Basis for Debt Default
----------------------------------------------------------------
Ecuador President Rafael Correa will suspend payments on foreign
debt he deems "illegitimate" should an upcoming report find there
is legal basis to do so, Matthew Walter of Bloomberg News reports.

The country, the report relates, citing Finance Minister Maria
Elsa Viteri, will use a 30-day grace period on a US$30.6 million
bond payment due November 15, to analyze its legal options.

As reported by the Troubled Company Reporter - Latin America on
Nov. 17, 2008, citing the Financial Times, President Correa said
it may not be able to pay on parts of its US$10 billion foreign
debt.

According to the TCRLA, President 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".

Bloomberg News points out that the price on the US$510 million
bond maturing in 2012 plunged to as low as 14 cents on the dollar
on November 14, sending yields over 100%, as investors braced for
the first sovereign default since the global financial crisis
deepened in September.

President Correa, Bloomberg notes, said the decision not to make
the interest payment isn't a moratorium, since the government
legally has until Dec. 15 to make the payment.  A committee will
present an audit of Ecuador's foreign debt on Nov. 20, which the
government will use to determine the legitimacy of its foreign
debt, the report adds.

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


* ECUADOR: Moody's Lowers Sovereign Ratings on Coupon Nonpayment
----------------------------------------------------------------
Moody's Investors Service downgraded Ecuador's sovereign ratings
in light of the government's announcement that it would not pay
the coupon on the 2012 global bonds on time.

Downgraded to Caa1 were Ecuador's B3 foreign currency government
bond rating, B3 foreign currency bank deposit ceiling and B3
foreign currency country bond ceiling.  In addition, these ratings
were placed on review for downgrade.

"The government's announcement that it will not honor its
obligations to bondholders on the November 17 coupon payment date
despite ample liquidity underscores Ecuador's poor willingness to
pay," said Moody's Vice President -- Senior Analyst Alessandra
Alecci.  "Ecuador's very frail institutional framework is indeed a
key driver of the ratings and is in sharp contrast with Ecuador's
debt indicators, which are among the strongest among similarly
rated peers."

The current government has consistently emphasized that, if faced
with a trade-off between implementing its ambitious social agenda
and meeting its external debt obligations, it would forego debt
payments, said the analyst.  "Given the extraordinarily good
performance of Ecuador's fiscal accounts so far this year and the
sizeable accumulation of government deposits, the timing of this
decision is surprising as it is clear that such a trade-off does
not currently exist," said Alecci.  "It seems that the
government's stance towards bondholders is motivated by political
and ideological factors, given the very small fiscal relief that a
default would bring compared to the damage to the government's
ability to access international markets."

She explained that the government's course of action is unclear as
it appears that several options are being considered.  According
to the partially disclosed findings of a government appointed debt
commission report, portions of the public debt stock are deemed to
be "illegitimate."  The government said that during the 30-day
grace period for the coupon payment, it will consider the report's
recommendations, which will be made available to the public next
week.

"Similar statements regarding the intention not to honor
obligations were made in early 2007, but, since then, despite
aggressive rhetoric to the contrary, the government has remained
current on its payments," said Alecci.  "This announcement
highlights that, as the fundamentals erode in line with a downturn
to the oil cycle -- to which Ecuador is increasingly exposed --
the government's already very poor willingness to pay would
deteriorate," said Alecci.

This action does not affect Ecuador's other ratings.

Moody's review will be concluded within three months at the
latest.  Among the issues considered will be the extent of losses
to bondholders in the event of a forced restructuring.



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

AIR JAMAICA: Minister Bartlett Assures Commitment to Airline
------------------------------------------------------------
London Tourism Minister Edmund Bartlett assured Jamaicans in
London of the Government's commitment to Air Jamaica, noting that
the national carrier would not "fade away", Jamaica Information
Service reports.

As reported by the Troubled Company Reporter - Latin America on
November 14, 2008, citing Jamaica Gleaner, 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.  "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 said, the same
report noted.

According to Jamaica Information, responding to the Mr. Nobles's
comment, Mr. Bartlett said Air Jamaica would remain an important
part of the travel industry.

"The report about Air Jamaica gave a much distorted position as to
the airline's future and the impression given was that if the
divestment was not completed in March, Air Jamaica would fade
away.  I just want that point to be clarified.  This Government
has absolutely no intention of having Air Jamaica not remaining an
important part of the landscape of our travel industry,"   Jamaica
Information cited Mr. Bartlett as saying.

Jamaica Information relates that Mr. Bartlett also said, "The
point is that we have never enjoyed having to bear the burden of
carrying the losses of Air Jamaica.  The strategy therefore is to
move towards removing Air Jamaica from the budget and to make it a
viable concern on its own and that project is being driven by the
need to divest a substantial portion of Air Jamaica.  It may very
well be that we may have to retain a portion of it, but the
intention is to ensure that it is privately operated but it
remains Air Jamaica."

Meanwhile, Jamaica Information points out that the Air Jamaica's
Senior Director, George DeMacardo, reiterated that the decision to
remove Air Jamaica from the London route was due to the heavy
losses that could no longer be sustained.

                       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: Company Friends Want New Trustee
-------------------------------------------
Cash Plus Limited's investors have raised concern about the
removal of the Trustee in Bankruptcy and Liquidator, L. Monty
KandeKore, RadioJamaica News reports.

As reported by the Troubled Company Reporter - Latin America on
November 14, 2008, citing RadioJamiaca News, Cash Plus liquidator,
L. Monty Kandekore, was fired by the Ministry of Justice.

According to the TCRLA, 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.

RadioJamaica News relates that the group, "Friends of Cash Plus"
says it is anxious for the courts to appoint a new Trustee to
accelerate the process necessary for investors to be repaid as
soon as possible.

TCRLA noted that 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 said.

                        About Cash Plus

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.



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

CEMEX SAB: In Talks With Five Banks to Refinance Debt
-----------------------------------------------------
CEMEX, S.A.B. de C.V. is in talks with five banks to refinance
part of its US$6.6 billion debt due at the end of 2009, Reuters
reports.

The report relates that some investors are concerned it will
struggle to refinance amid tight global credit conditions and
falling sales volumes in its key U.S. and European markets.

According to Reuters, to "negotiate joint bilateral facilities"
for itself and its Cemex Espana unit,  the company chose:

  -- Spain's BBVA
  -- Banco Santander
  -- HSBC
  -- Britain's Royal Bank of Scotland, and
  -- Citigroup

The report points out that the banks will help Cemex amend other
existing syndicated loans.  "If consents are obtained, Cemex would
achieve greater financial flexibility by lengthening the maturity
of the bilateral and syndicated facilities," Reuters cited the
company as saying.

Meanwhile, the report says that Cemex's purchase last year of
Australia's Rinker just as the U.S. housing market was collapsing
increased Cemex's net debt to US$16.4 billion.  Even though Cemex
has reduced its debt by US$3 billion since that acquisition,
investors say the company is still highly leveraged, the same
report notes.

Reuters adds that Cemex aims to extend a payment of US$446 million
in locally-issued debentures to late 2011 and said it had won
commitments to defer US$1 billion of a syndicated loan out to
December 2010.
                   About Cemex S.A.B.

CEMEX, S.A.B. de C.V. (CEMEX) a holding company primarily engaged,
through its operating subsidiaries, in the production,
distribution, marketing and sale of cement, ready-mix concrete,
aggregates and clinker.  The company is a global cement
manufacturer with operations in North America, Europe, South
America, Central America, the Caribbean, Africa, the Middle East,
Oceania and Asia.  As of December 31, 2007, the company's main
cement production facilities were located in Mexico, the United
States, Spain, the United Kingdom, Germany, Poland, Croatia,
Latvia, Venezuela, Colombia, Costa Rica, the Dominican Republic,
Panama, Nicaragua, Puerto Rico, Egypt, the Philippines and
Thailand.  On August 28, 2007, CEMEX completed the acquisition of
100% of the Rinker Group Limited.

                         *     *     *
As reported by the Troubled Company Reporter - Latin America on
November 4, 2008, Fitch Ratings has downgraded these ratings of
Cemex, S.A.B. de C.V. (Cemex) and related entities:

   -- Cemex foreign currency Issuer Default Rating (IDR) to 'BB+'
      from 'BBB-';

   -- Cemex local currency IDR to 'BB+' from 'BBB-';

   -- Cemex Espana S.A. (Cemex Espana) IDR to 'BB+' from 'BBB-';

   -- Senior unsecured debt obligations of Cemex and Cemex Espana
      to 'BB+' from 'BBB-';

   -- Rinker Materials Corporation US$150 million senior unsecured
      notes due 2025 to 'BB+' from 'BBB-';

   -- Cemex long-term national scale rating to 'AA-(mex)' from
      'AA+(mex)';

   -- Cemex short-term national scale rating to 'F1(mex)' from
      'F1+(mex)';

The Rating Outlook is Negative.



====================
P U E R T O  R I C O
====================

DORAL FINANCIAL: Posts US$1.8MM Net Loss in Quarter Ended Sept. 30
------------------------------------------------------------------
Doral Financial Corporation posted results for the quarter ended
September 30, 2008.  The company reported a net loss for the
quarter ended September 30, 2008 of US$1.8 million, compared to a
net loss of US$62.1 million for the comparable 2007 period, a
reduction of its net loss of US$60.4 million.

The company also reported that its two banking subsidiaries, Doral
Bank and Doral Bank, FSB, continue to maintain regulatory capital
ratios above well capitalized requirements.

Doral continues to generate improvement in many of its key
fundamentals:

    * Reported a pre-tax loss of US$0.7 million in the third
      quarter of 2008 compared to a pre-tax loss of
      US$148.4 million for the comparable 2007 period.

    * Expanded Net Interest Margin from 1.81% in the third quarter
      of 2007 to 1.96% in the third quarter of 2008.

    * Raised net interest income contribution by 20% to
      US$134.9 million in the first three quarters of 2008
      from US$112.2 million for the corresponding 2007 period, and
      by 19% to US$47.0 million in the third quarter of 2008,
      from US$39.4 million for the corresponding 2007 period.

    * Opened more than 90,000 retail deposit accounts since the
      beginning of the year, including over 34,000 in the third
      quarter.  Increased retail banking and insurance fees 53%
      to US$10.4 million for the third quarter 2008, compared
      to US$6.8 million for the corresponding 2007 period.

    * Lowered non-interest expense as a result of the company's
      efforts to control costs and the elimination of expenses
      related to its recapitalization efforts; non-interest
      expense for the third quarter of 2008 fell 28% to
      US$52.4 million, compared to US$73.2 million for the
      corresponding period in 2007.

    * Continued to strengthen compliance, as seen in the FDIC's
      recent termination of the consent order related to historic
      BSA compliance issues.

    * Continues to implement innovative community programs,
      including Ruta Pink, aimed to promote early detection of
      breast cancer by providing free mammograms.  So far, Ruta
      Pink has provided 965 mammograms island wide.  Doral also
      launched the community program domingos d museo, which
      provided free entrance to the Puerto Rico Museum of Art
      featuring a festival of art and educational activities.
      More than 10,000 people visited the museum during the
      program.

"Even as we remain watchful over the economic environment, we are
continuing to move forward with our overall transformation to a
full service community bank.  The ongoing improvement across our
key fundamentals is a reflection of the progress we have made in
our transformation strategy.  The actions we've taken to date have
allowed us to grow our core operating income, enhance our
underwriting standards, reduce costs, improve compliance and
preserve capital.  Although we have more work ahead, these actions
provide Doral financial strength during this difficult economic
environment," said Glen R. Wakeman, President and CEO of Doral
Financial Corporation.

* Tier 1 capital to average assets in the case of Doral Financial
  and Doral Bank PR and Tier 1 capital to adjusted total assets in
  the case of Doral Bank NY.

* Doral Financial was not subject to regulatory capital
  requirements as of September 30, 2008.  Ratios were prepared as
  if the company were subject to the requirement for comparability
  purposes.

Net loss attributable to common shareholders for the third quarter
of 2008 amounted to US$10.1 million, or a diluted loss per share
of US$0.19, compared to net loss of US$70.5 million, or a diluted
loss per share of US$1.59, for the third quarter of 2007.

Net loss for the third quarter of 2008 improved compared to the
third quarter of 2007, principally due to

(1) a US$121.5 million increase in non interest income,
(2) a US$20.8 million reduction in non interest expense, and
(3) a US$7.6 million increase in net interest income, partially
    offset by
       (i) an US$87.3 million increase in income tax expense and
      (ii) a US$2.1 million increase in the provision for loan and
           lease losses.

Net interest income for the third quarter of 2008 rose by
US$7.6 million to US$47.0 million, compared to US$39.4 million for
the same period in 2007, primarily driven by a US$9.7 million
decline in interest expense partially offset by a reduction of
US$2.0 million in interest income.

The company's reduction in leverage, together with the decline in
cost of funds, resulted in an expansion in the net interest margin
from 1.81% in the third quarter of 2007 to 1.96% in the third
quarter of 2008.

The provision for loan and lease losses for the third quarter of
2008 amounted to US$7.2 million, compared to US$5.1 million for
the corresponding period in 2007, mostly due to the increase in
delinquencies in the residential loan portfolio.  The company
assists borrowers with initiatives such as the Loan Restructuring
Program.  As of September 30, 2008, without reducing rate or
forgiving principal and interest, the Company has processed
US$217.7 million worth of residential mortgage, construction and
commercial loans through the program.

Non-interest income for the third quarter of 2008 was
US$11.9 million, compared to a loss of US$109.6 million for the
same period in 2007, an increase of US$121.5 million.
The non-interest loss in the third quarter of 2007 was primarily
related to the sale of US$1.9 billion in securities and
extinguishment of associated liabilities as part of the company's
effort to reduce its interest rate risk profile.  During the third
quarter of 2008, the company terminated its repurchase financing
and TBA ("to-be-announced") forward agreements with Lehman
Brothers, as a result of the commencement of a Securities Investor
Protection Corporation liquidation proceeding against Lehman
Brothers, resulting in a US$4.2 million charge.  The charge
relates to the realization of a loss arising from the sale of
securities that were held by Lehman Brothers under the terminated
repurchase financing and forward agreements.

Non-interest expense for the third quarter of 2008 was
US$52.4 million, compared to US$73.2 million for the corresponding
period in 2007.  The US$20.8 million improvement was driven by
cost control measures implemented in 2008 and the elimination of
expenses associated with the 2007 recapitalization.

Doral Financial recognized an income tax expense during the third
quarter of 2008 of US$1.1 million, compared to an US$86.3 million
tax benefit for the corresponding period in 2007, principally
related to changes in the valuation allowance for deferred tax
assets.

Loan production was US$318.3 million during the third quarter of
2008, compared to US$354.0 million for the comparable period in
2007, a decrease of approximately 10% primarily the result of
tighter underwriting standards and the decision to cease financing
the construction of new housing projects in Puerto Rico.

Total assets as of September 30, 2008 were US$10.0 billion, an
increase of 7% compared to US$9.3 billion as of December 31, 2007,
due primarily to a net increase in the company's available for
sale securities portfolio of approximately of US$939.4 million and
an increase in its loan portfolio of US$166.5 million, partially
offset by a US$524.5 million reduction in cash and due from banks,
money market investments and securities purchased under agreements
to resell.  Total liabilities increased US$875.1 million from
approximately US$8.0 billion as of December 31, 2007 to
approximately US$8.8 billion as of September 30, 2008, principally
due to the increase of borrowings used to finance the purchase of
the securities.

                   About Doral Financial

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

                          *     *     *

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



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

* Moody's Says Latin American Banks Brace for Tougher Times
-----------------------------------------------------------
Moody's Investors Service's credit outlook for the major Latin
American banking systems is negative, which expresses the agency's
view on the likely future direction of fundamental credit
conditions in the industry over the next 12 to 18 months.  It is
also predicated on a scenario of potential global economic
deceleration and deleveraging.  This opinion says one of the
report's authors, Senior Vice President Celina Vansetti.  Indeed,
the report's conclusion is that most banks in these major banking
systems appear to be well positioned to face turbulent market
conditions.  Moody's weighted average bank financial strength
rating for the Latin American banks is a sturdy C-.

"Of course, the far less benign economic environment Moody's are
experiencing will make it very difficult for Latin banks to
maintain the growth recorded in previous years and thus preserve
their currently robust financial metrics," Ms. Vansetti points
out.

Moreover, throughout the region, banking systems are facing a
significant liquidity crunch, both in dollars and in local
currency.  A more challenging credit environment will certainly
exacerbate the effects of such a liquidity shortage on Latin
American economies.

"In response to threats of global deleveraging, "says Ms.
Vansetti, "we have witnessed prompt and forceful measures by
country policymakers to provide financial flexibility to their
markets.  The authorities across the region seem to have broad
policy options at hand that could be further utilized, if
necessary."

The comment specifically explores the largest banking systems of
the region, including Brazil, Mexico, Chile, and Argentina.
Moody's notes in the report that the region's banking systems have
benefited from several years of quality profitability, which has
in turn allowed for capital and loss reserve accumulation.
According to the analyst, strict regulatory oversight has also
steered the systems towards improved solvency over the last
decade.

"Unlike many emerging market peers, banks in Latin America are
predominantly invested and funded in their own markets and in
their own currencies," Ms. Vansetti explains.  "Consequently," she
says, "business opportunities offered by their domestic franchises
mean that there is only limited exposure to troubled offshore
assets overall.  Moreover, Latin American banks are not dependent
on foreign currency financing.  The capacity of local markets has
ensured that growth can still be achieved, despite contractions
elsewhere."

"However," the analyst warns, "the banks still remain exposed to
volatile funding conditions and potential asset quality
deterioration especially as regional economies are expected to
decelerate in 2009."


* Fitch Says US Government Support of AIG Eases SF Rating Concerns
------------------------------------------------------------------
Fitch Ratings says that the high degree of support extended by the
US government to AIG has removed the risk of adverse rating action
on global structured finance transactions where AIG or one of its
subsidiaries is a counterparty.

Fitch affirmed AIG's Issuer Default rating at 'A' on 10 November
2008, among other rating affirmations, and removed its ratings
from Rating Watch Evolving.  This followed the announcement by the
US Treasury and the Federal Reserve of a series of actions to
provide a high level of explicit and implicit government support
to AIG.  Furthermore, Fitch believes the US government has
significant incentives to ensure AIG is successful in implementing
its restructuring plan.  Fitch expects the assumed 'government
support floor' for AIG to remain in place until AIG fully executes
its restructuring plan, thereby limiting immediate AIG
counterparty risk in existing structured finance transactions.

Many of the transactions involved were exposed to AIG counterparty
risk in the form of interest rate and FX swaps or other derivative
contracts and, to a much lesser extent, in the form of rental
guarantees of rental payments in certain CMBS transactions.  Each
contract has specific remedies to mitigate counterparty risk.  In
most instances collateral was posted by the relevant AIG entity
for the benefit of the transaction following AIG's downgrade in
September 2008.  Had the RWE, prior to its removal, resulted in
adverse rating action for the insurer, AIG would have breached
Fitch's current criteria for counterparties that support
structured finance transactions with the highest investment-grade
ratings, which incorporates a minimum rating expectation of
'A'/'F1'.  In that event, Fitch would have expected AIG to take
remedial action in the form of either replacement or guarantee of
AIG's commitment or collateralisation of the position, in order
for the structured finance ratings to be maintained at current
levels.

Fitch is currently reviewing its counterparty criteria in light of
recent market turmoil.  Fitch will continue to monitor the
structured finance transactions involved in the course of its
surveillance process and will provide further commentary, if
warranted, in the future.


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

                                       Total
                                Shareholders           Total
                                      Equity          Assets
Company              Ticker           (US$MM)         (US$MM)
-------              ------      ------------         -------

ARGENTINA

IMPSAT FIBER NET   330902Q GR   535007008          -17165000
SOC COMERCIAL PL       CAD IX   139570831.88       -247091997.76
SOC COMERCIAL PL      CADN SW   139570831.88       -247091997.76
SOC COMERCIAL PL      COME AR   139570831.88       -247091997.76
COMERCIAL PLA-BL     COMEB AR   139570831.88       -247091997.76
COMERCIAL PL-C/E     COMEC AR   139570831.88       -247091997.76
COMERCIAL PLAT-$     COMED AR   139570831.88       -247091997.76
SOC COMERCIAL PL     CVVIF US   139570831.88       -247091997.76
IMPSAT FIBER-CED      IMPT AR   535007008          -17165000
IMPSAT FIBER-BLK     IMPTB AR   535007008          -17165000
IMPSAT FIBER-C/E     IMPTC AR   535007008          -17165000
IMPSAT FIBER-$US     IMPTD AR   535007008          -17165000
IMPSAT FIBER NET     IMPTQ US   535007008          -17165000
SOC COMERCIAL PL     SCDPF US   139570831.88       -247091997.76
COMERCIAL PL-ADR     SCPDS LI   139570831.88       -247091997.76
IMPSAT FIBER NET     XIMPT SM   535007008          -17165000

BRAZIL

NOVA AMERICA SA     1NOVON BZ    24626613.28       -214533898.68
NOVA AMERICA-PRF    1NOVPN BZ    24626613.28       -214533898.68
TELECOMUNICA-ADR    81370Z BZ   143309109.58       -113988222.38
ARTHUR LANGE SA     ALICON BZ    21333792.82        -16295577.05
ARTHUR LANGE-PRF    ALICPN BZ    21333792.82        -16295577.05
ARTHUR LANG-RT C     ARLA1 BZ    21333792.82        -16295577.05
ARTHUR LANG-RC P    ARLA10 BZ    21333792.82        -16295577.05
ARTHUR LAN-DVD C    ARLA11 BZ    21333792.82        -16295577.05
ARTHUR LAN-DVD P    ARLA12 BZ    21333792.82        -16295577.05
ARTHUR LANG-RT P     ARLA2 BZ    21333792.82        -16295577.05
ARTHUR LANGE         ARLA3 BZ    21333792.82        -16295577.05
ARTHUR LANGE-PRF     ARLA4 BZ    21333792.82        -16295577.05
ARTHUR LANG-RC C     ARLA9 BZ    21333792.82        -16295577.05
AZEVEDO              AZEV3 BZ    68152487.37         -6925197.37
AZEVEDO-PREF         AZEV4 BZ    68152487.37         -6925197.37
AZEVEDO E TRAVAS    AZEVON BZ    68152487.37         -6925197.37
AZEVEDO E TRA-PR    AZEVPN BZ    68152487.37         -6925197.37
BOMBRIL              BMBBF US   278653663.32       -298164381.34
BOMBRIL SA-ADR       BMBBY US   278653663.32       -298164381.34
BOMBRIL SA-ADR       BMBPY US   278653663.32       -298164381.34
BOMBRIL-RIGHTS       BOBR1 BZ   278653663.32       -298164381.34
BOMBRIL-RGTS PRE     BOBR2 BZ   278653663.32       -298164381.34
BOMBRIL              BOBR3 BZ   278653663.32       -298164381.34
BOMBRIL-PREF         BOBR4 BZ   278653663.32       -298164381.34
BOMBRIL CIRIO SA    BOBRON BZ   278653663.32       -298164381.34
BOMBRIL CIRIO-PF    BOBRPN BZ   278653663.32       -298164381.34
CAF BRASILIA         CAFE3 BZ    24584012.11       -625722332.5
CAF BRASILIA-PRF     CAFE4 BZ    24584012.11       -625722332.5
CONST A LINDEN       CALI3 BZ    34390427.37         -6388297.23
CONST A LIND-PRF     CALI4 BZ    34390427.37         -6388297.23
CAMBUCI SA           CAMB3 BZ   103400576.69        -27323017.25
CAMBUCI SA-PREF      CAMB4 BZ   103400576.69        -27323017.25
CAMBUCI SA          CAMBON BZ   103400576.69        -27323017.25
CAMBUCI SA-PREF     CAMBPN BZ   103400576.69        -27323017.25
COBRASMA             CBMA3 BZ    12304222.57      -1686129522.89
COBRASMA-PREF        CBMA4 BZ    12304222.57      -1686129522.89
TELEBRAS-PF RCPT     CBRZF US   143309109.58       -113988222.38
CHIARELLI SA         CCHI3 BZ    28105500.65        -48937476.66
CHIARELLI SA-PRF     CCHI4 BZ    28105500.65        -48937476.66
CHIARELLI SA         CCHON BZ    28105500.65        -48937476.66
CHIARELLI SA-PRF     CCHPN BZ    28105500.65        -48937476.66
COARI PART           COAR3 BZ  1461235077.88           -26410.22
COARI PART-PREF      COAR4 BZ  1461235077.88           -26410.22
COBRASMA SA         COBRON BZ    12304222.57      -1686129522.89
COBRASMA SA-PREF    COBRPN BZ    12304222.57      -1686129522.89
CAFE BRASILIA SA    CSBRON BZ    24584012.11       -625722332.5
CAFE BRASILIA-PR    CSBRPN BZ    24584012.11       -625722332.5
CAMBUCI SA-PREF      CXDOF US   103400576.69        -27323017.25
D H B                DHBI3 BZ   131069410.26       -348317856
D H B-PREF           DHBI4 BZ   131069410.26       -348317856
DHB IND E COM        DHBON BZ   131069410.26       -348317856
DHB IND E COM-PR     DHBPN BZ   131069410.26       -348317856
DOCAS SA-RTS PRF     DOCA2 BZ   136784864.48         -9340308.26
DOCA INVESTIMENT     DOCA3 BZ   136784864.48         -9340308.26
DOCA INVESTI-PFD     DOCA4 BZ   136784864.48         -9340308.26
DOCAS SA            DOCAON BZ   136784864.48         -9340308.26
DOCAS SA-PREF       DOCAPN BZ   136784864.48         -9340308.26
ACO ALTONA SA        EAAON BZ    97712066.46        -24969928.66
ACO ALTONA-PREF      EAAPN BZ    97712066.46        -24969928.66
ACO ALTONA           EALT3 BZ    97712066.46        -24969928.66
ACO ALTONA-PREF      EALT4 BZ    97712066.46        -24969928.66
ESTRELA SA           ESTR3 BZ    71218519.21        -49406716.11
ESTRELA SA-PREF      ESTR4 BZ    71218519.21        -49406716.11
ESTRELA SA          ESTRON BZ    71218519.21        -49406716.11
ESTRELA SA-PREF     ESTRPN BZ    71218519.21        -49406716.11
FABRICA RENAUX      FRNXON BZ    79560832.23        -29957398.92
FABRICA RENAUX-P    FRNXPN BZ    79560832.23        -29957398.92
FABRICA TECID-RT     FTRX1 BZ    79560832.23        -29957398.92
FABRICA RENAUX       FTRX3 BZ    79560832.23        -29957398.92
FABRICA RENAUX-P     FTRX4 BZ    79560832.23        -29957398.92
TECEL S JOSE        FTSJON BZ    46954015.93        -22071795.58
TECEL S JOSE-PRF    FTSJPN BZ    46954015.93        -22071795.58
CIMOB PARTIC SA      GAFON BZ    58063942.04        -38356980.45
CIMOB PARTIC SA      GAFP3 BZ    58063942.04        -38356980.45
CIMOB PART-PREF      GAFP4 BZ    58063942.04        -38356980.45
CIMOB PART-PREF      GAFPN BZ    58063942.04        -38356980.45
HAGA                 HAGA3 BZ    14183673.77        -69830658.03
FER HAGA-PREF        HAGA4 BZ    14183673.77        -69830658.03
FERRAGENS HAGA      HAGAON BZ    14183673.77        -69830658.03
FERRAGENS HAGA-P    HAGAPN BZ    14183673.77        -69830658.03
HERCULES SA         HERTON BZ    27940734.33       -157234682.86
HERCULES SA-PREF    HERTPN BZ    27940734.33       -157234682.86
HERCULES             HETA3 BZ    27940734.33       -157234682.86
HERCULES-PREF        HETA4 BZ    27940734.33       -157234682.86
DOC IMBITUBA-RTC     IMBI1 BZ   170830081.98        -15708557.87
DOC IMBITUBA-RTP     IMBI2 BZ   170830081.98        -15708557.87
DOC IMBITUBA         IMBI3 BZ   170830081.98        -15708557.87
DOC IMBITUB-PREF     IMBI4 BZ   170830081.98        -15708557.87
DOCAS IMBITUBA      IMBION BZ   170830081.98        -15708557.87
DOCAS IMBITUB-PR    IMBIPN BZ   170830081.98        -15708557.87
CONST A LINDEN      LINDON BZ    34390427.37         -6388297.23
CONST A LIND-PRF    LINDPN BZ    34390427.37         -6388297.23
MINUPAR              MNPR3 BZ    93144658.46        -17771713.75
MINUPAR-PREF         MNPR4 BZ    93144658.46        -17771713.75
MINUPAR SA          MNPRON BZ    93144658.46        -17771713.75
MINUPAR SA-PREF     MNPRPN BZ    93144658.46        -17771713.75
WETZEL SA           MWELON BZ    88581010.18         -8624859.07
WETZEL SA-PREF      MWELPN BZ    88581010.18         -8624859.07
WETZEL SA            MWET3 BZ    88581010.18         -8624859.07
WETZEL SA-PREF       MWET4 BZ    88581010.18         -8624859.07
NORDON MET-RTS       NORD1 BZ    22848014.1         -20982959.59
NORDON MET           NORD3 BZ    22848014.1         -20982959.59
NORDON METAL        NORDON BZ    22848014.1         -20982959.59
NOVA AMERICA SA      NOVA3 BZ    24626613.28       -214533898.68
NOVA AMERICA-PRF     NOVA4 BZ    24626613.28       -214533898.68
NOVA AMERICA SA     NOVAON BZ    24626613.28       -214533898.68
NOVA AMERICA-PRF    NOVAPN BZ    24626613.28       -214533898.68
PARQUE TEM-DV CM      PQT5 BZ    95927828.89       -232450189.93
PARQUE TEM-DV PF      PQT6 BZ    95927828.89       -232450189.93
PARQUE TEM-RT CM     PQTM1 BZ    95927828.89       -232450189.93
PARQUE TEM-RCT P    PQTM10 BZ    95927828.89       -232450189.93
PARQUE TEM-RT PF     PQTM2 BZ    95927828.89       -232450189.93
HOPI HARI SA         PQTM3 BZ    95927828.89       -232450189.93
HOPI HARI-PREF       PQTM4 BZ    95927828.89       -232450189.93
PARQUE TEM-RCT C     PQTM9 BZ    95927828.89       -232450189.93
PROMAN               PRMN3 BZ    15427264.8           -422252.85
RECRUSUL - RT        RCSL1 BZ    31427766.04        -30307605.66
RECRUSUL - RCT      RCSL10 BZ    31427766.04        -30307605.66
RECRUSUL-BON RT     RCSL11 BZ    31427766.04        -30307605.66
RECRUSUL-BON RT     RCSL12 BZ    31427766.04        -30307605.66
RECRUSUL - RT        RCSL2 BZ    31427766.04        -30307605.66
RECRUSUL             RCSL3 BZ    31427766.04        -30307605.66
RECRUSUL-PREF        RCSL4 BZ    31427766.04        -30307605.66
RECRUSUL - RCT       RCSL9 BZ    31427766.04        -30307605.66
TELEBRAS-CEDE BL     RCT4B AR   143309109.58       -113988222.38
TELEBRAS-CED C/E     RCT4C AR   143309109.58       -113988222.38
TELEBRAS-CEDEA $     RCT4D AR   143309109.58       -113988222.38
TELEBRAS-RTS CMN     RCTB1 BZ   143309109.58       -113988222.38
TELEBRAS-RTS PRF     RCTB2 BZ   143309109.58       -113988222.38
TELEBRAS-CM RCPT    RCTB30 BZ   143309109.58       -113988222.38
TELEBRAS-CM RCPT    RCTB31 BZ   143309109.58       -113988222.38
TELEBRAS-CM RCPT    RCTB32 BZ   143309109.58       -113988222.38
TELEBRAS-RCT        RCTB33 BZ   143309109.58       -113988222.38
TELEBRAS-CEDE PF     RCTB4 AR   143309109.58       -113988222.38
TELEBRAS-PF RCPT    RCTB40 BZ   143309109.58       -113988222.38
TELEBRAS-PF RCPT    RCTB41 BZ   143309109.58       -113988222.38
TELEBRAS-PF RCPT    RCTB42 BZ   143309109.58       -113988222.38
TEXTEIS RENAUX      RENXON BZ    53282796.81        -79901641.65
TEXTEIS RENAUX      RENXPN BZ    53282796.81        -79901641.65
RECRUSUL SA         RESLON BZ    31427766.04        -30307605.66

RECRUSUL SA-PREF    RESLPN BZ    31427766.04        -30307605.66
TELEBRAS-ADR           RTB US   143309109.58       -113988222.38
SCHLOSSER SA        SCHON BZ     28646786.21        -55962285.6
SCHLOSSER SA-PRF    SCHPN BZ     28646786.21        -55962285.6
SCHLOSSER           SCLO3 BZ     28646786.21        -55962285.6
SCHLOSSER-PREF      SCLO4 BZ     28646786.21        -55962285.6
TECEL S JOSE        SJOS3 BZ     46954015.93        -22071795.58
TECEL S JOSE-PRF    SJOS4 BZ     46954015.93        -22071795.58
SANSUY              SNSY3 BZ    132198982.68        -35488475.19
SANSUY-PREF A       SNSY5 BZ    132198982.68        -35488475.19
SANSUY-PREF B       SNSY6 BZ    132198982.68        -35488475.19
SANSUY SA-PREF A   SNSYAN BZ    132198982.68        -35488475.19
SANSUY SA-PREF B   SNSYBN BZ    132198982.68        -35488475.19
SANSUY SA          SNSYON BZ    132198982.68        -35488475.19
TELEBRAS-PF RCPT    TBAPF US    143309109.58       -113988222.38
TELEBRAS-ADR        TBAPY US    143309109.58       -113988222.38
TELEBRAS SA         TBASF US    143309109.58       -113988222.38
TELEBRAS-ADR        TBASY US    143309109.58       -113988222.38
TELEBRAS-ADR          TBH US    143309109.58       -113988222.38
TELEBRAS/W-I-ADR    TBH-W US    143309109.58       -113988222.38
TELEBRAS-ADR        TBRAY GR    143309109.58       -113988222.38
TELEBRAS-CM RCPT    TBRTF US    143309109.58       -113988222.38
TELEBRAS-ADR          TBX GR    143309109.58       -113988222.38
TELEBRAS-RTS CMN    TCLP1 BZ    143309109.58       -113988222.38
TEKA                TEKA3 BZ    332909420.92       -257444571.66
TEKA-PREF           TEKA4 BZ    332909420.92       -257444571.66
TEKA               TEKAON BZ    332909420.92       -257444571.66
TEKA-PREF          TEKAPN BZ    332909420.92       -257444571.66
TEKA-ADR            TEKAY US    332909420.92       -257444571.66
TELEBRAS-CED C/E    TEL4C AR    143309109.58       -113988222.38
TELEBRAS-CEDEA $    TEL4D AR    143309109.58       -113988222.38
TELEBRAS-COM RTS    TELB1 BZ    143309109.58       -113988222.38
TELEBRAS-RCT PRF   TELB10 BZ    143309109.58       -113988222.38
TELEBRAS SA         TELB3 BZ    143309109.58       -113988222.38
TELEBRAS-BLOCK     TELB30 BZ    143309109.58       -113988222.38
TELEBRAS-CEDE PF    TELB4 AR    143309109.58       -113988222.38
TELEBRAS SA-PREF    TELB4 BZ    143309109.58       -113988222.38
TELEBRAS-PF BLCK   TELB40 BZ    143309109.58       -113988222.38
TELEBRAS-CM RCPT   TELE31 BZ    143309109.58       -113988222.38
TELEBRAS-PF RCPT   TELE41 BZ    143309109.58       -113988222.38
TEKA-PREF           TKTPF US    332909420.92       -257444571.66
TEKA-ADR            TKTPY US    332909420.92       -257444571.66
TEKA                TKTQF US    332909420.92       -257444571.66
TEKA-ADR            TKTQY US    332909420.92       -257444571.66
TELEBRAS SA        TLBRON BZ    143309109.58       -113988222.38
TELEBRAS SA-PREF   TLBRPN BZ    143309109.58       -113988222.38
TELEBRAS-RECEIPT   TLBRUO BZ    143309109.58       -113988222.38
TELEBRAS-PF RCPT   TLBRUP BZ    143309109.58       -113988222.38
TELEBRAS-RTS PRF    TLCP2 BZ    143309109.58       -113988222.38
TECTOY-RTS/3        TOYB1 BZ     22566094.55         -3622979.59
TECTOY-RCT PREF    TOYB10 BZ     22566094.55         -3622979.59
TECTOY-PF-RTS5/6   TOYB11 BZ     22566094.55         -3622979.59
TECTOY-RCPT PF B   TOYB12 BZ     22566094.55         -3622979.59
TECTOY-BONUS RTS   TOYB13 BZ     22566094.55         -3622979.59
TECTOY              TOYB3 BZ     22566094.55         -3622979.59
TECTOY-PREF         TOYB4 BZ     22566094.55         -3622979.59

TEC TOY SA-PREF     TOYB5 BZ     22566094.55         -3622979.59
TEC TOY SA-PF B     TOYB6 BZ     22566094.55         -3622979.59
TECTOY-RCT ORD      TOYB9 BZ     22566094.55         -3622979.59
TECTOY SA          TOYBON BZ     22566094.55         -3622979.59
TECTOY SA-PREF     TOYBPN BZ     22566094.55         -3622979.59
TEC TOY SA-PREF     TOYDF US     22566094.55         -3622979.59
TEXTIL RENAUXVIE    TXRX3 BZ     53282796.81        -79901641.65
TEXTEIS RENAU-PF    TXRX4 BZ     53282796.81        -79901641.65
VARIG SA            VAGV3 BZ    823489961.7       -4523463322.51
VARIG SA-PREF       VAGV4 BZ    823489961.7       -4523463322.51
VARIG SA           VARGON BZ    823489961.7       -4523463322.51
VARIG SA-PREF      VARGPN BZ    823489961.7       -4523463322.51
FER C ATL-RCT PF   VSPT10 BZ   1284550170.67        -59027064.46
FERROVIA CEN-DVD   VSPT11 BZ   1284550170.67        -59027064.46
FERROVIA CEN-DVD   VSPT12 BZ   1284550170.67        -59027064.46
FER C ATLANT        VSPT3 BZ   1284550170.67        -59027064.46
FER C ATLANT-PRF    VSPT4 BZ   1284550170.67        -59027064.46
FER C ATL-RCT CM    VSPT9 BZ   1284550170.67        -59027064.46
WIEST               WISA3 BZ     33418550.49        -66007868.44
WIEST-PREF          WISA4 BZ     33418550.49        -66007868.44
WIEST SA           WISAON BZ     33418550.49        -66007868.44
WIEST SA-PREF      WISAPN BZ     33418550.49        -66007868.44



                            ***********

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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