TCRLA_Public/081119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, November 19, 2008, Vol. 9, No. 229

                            Headlines

A R G E N T I N A

BLUCE SA: Trustee Verifying Proofs of Claim Until February 23
CAMPO ENTRERRIANO: Trustee to Present Validated Claims on Dec. 2
DON QUIJOTE: Trustee Verifying Proofs of Claim Until February 24
PETROBAS ENERGIA: Citi Downgraded Stock Rating to Sell
SOL DECORACIONES: Trustee Verifying Proofs of Claim Until Feb. 8

TRANSPORT Y LOGISTICA: Verifying Proofs of Claim Until February 6


B E R M U D A

CHEVRON BANGLADESH: Members' Final Meeting Set for December 19
NIMIR PETROLEUM: Creditors' Proofs of Debt Due on December 1
NIMIR PETROLEUM: Members' Final Meeting Set for December 16
NIMIR PETROLEUM: Creditors' Proofs of Debt Due on December 1
NIMIR PETROLEUM: Members' Final Meeting Set for December 16

SHOREWOOD ASIA: Creditors' Proofs of Debt Due on November 28
SHOREWOOD ASIA: Members' Final Meeting Set for December 19
SPC (BERMUDA): Creditors' Proofs of Debt Due on November 28
SPC (BERMUDA): Members' Final Meeting Set for December 19
SPC ASIA: Requires Creditors to File Claims by November 28

SPC ASIA: Members' Final Meeting Set for December 19


B R A Z I L

BANCO DO BRASIL: Third Quarter Net Income Up 37% to BRL1.87 Bil.
CSN: Third Quarter Net Profit Drops to BRL40 Million
CSN: No Plans to Cut Output, To Maintain Production Expansion
* BRAZIL: Currency Falls on Bets Crisis to Lower Investments


C A Y M A N  I S L A N D S

EQUITY EUROPE: Requires Creditors to File Claims by December 12
EQUITY EUROPE: Members to Hear Wind-Up Report on December 12
OAK STRATEGIES: Creditors' Proofs of Debt Due on December 12
OAK STRATEGIES: Members to Hear Wind-Up Report on December 12
OYSTER INVESTMENTS: Creditors' Proofs of Debt Due on December 12

OYSTER INVESTMENTS: Members to Hear Wind-Up Report on December 12
WOLF ROCK: Shareholders' Final Meeting Set for December 12
WOLF ROCK MASTER: Shareholders' Final Meeting Set for December 12
WOLF ROCK MASTER: Creditors' Proofs of Debt Due on December 11
WOLF ROCK GENERAL: Creditors' Proofs of Debt Due on December 11

WOLF ROCK GENERAL: Shareholders' Meeting Set for December 12
WOLF ROCK CAPITAL: Creditors' Proofs of Debt Due on December 11
WOLF ROCK CAPITAL: Shareholders' Meeting Set for December 12


C H I L E

AES CORP: Names Elizabeth Hackenson as Senior VP & CIO


C O L O M B I A

ECOPETROL: Inks US$344 Mil. Refinery Modernization Deal


D O M I N I C A N  R E P U B L I C

BANCREDITO: Judge Issues Arrest for Ex-Bank Executives
* DOMINICAN REPUBLIC: Manufacturing Down 30% on Weak Demand


E C U A D O R

ECUADOR: Fitch Puts CCC Foreign Currency Rating on Negative Watch


M E X I C O

* MEXICO: May Report Slowest Growth in 5 Years Amid Global Crisis


                         - - - - -


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

BLUCE SA: Trustee Verifying Proofs of Claim Until February 23
-------------------------------------------------------------
The court-appointed trustee for Bluce S.A.'s bankruptcy proceeding
will be verifying creditors' proofs of claim until February 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.


CAMPO ENTRERRIANO: Trustee to Present Validated Claims on Dec. 2
----------------------------------------------------------------
The court-appointed trustee for Campo Entrerriano S.R.L.'s
reorganization proceeding will present the validated creditors'
proofs of claim on December 2, 2008.

The trustee has verified the proofs of claim until Oct. 21, 2008.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 16, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 10, 2009.


DON QUIJOTE: Trustee Verifying Proofs of Claim Until February 24
----------------------------------------------------------------
The court-appointed trustee for Don Quijote Cereales S.R.L.'s
bankruptcy proceeding will be verifying creditors' proofs of claim
until February 24, 2009.

The trustee will present the validated claims in court as
individual reports on April 13, 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.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 27, 2009.


PETROBAS ENERGIA: Citi Downgraded Stock Rating to Sell
------------------------------------------------------
StreetInsider.com reported last week that Citi downgraded
Petrobras Energia from Hold to Sell and lowered price target from
US$13 to US$6.

According to the report, a Citi analyst said, "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."

Headquartered in Buenos Aires, Argentina, Petrobras Energia S.A.
(NYSE: PZE) -- 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.

                         *     *     *

The company continues to carry Moody's Ba1 GLCR rating.  The
company's Ba2 foreign currency bond rating reflects its Ba1 GLCR,
as well as a sizable export profile and strong track record
servicing its foreign currency debt during the Argentine financial
crisis.


SOL DECORACIONES: Trustee Verifying Proofs of Claim Until Feb. 8
----------------------------------------------------------------
The court-appointed trustee for Sol Decoraciones S.R.L.'s
bankruptcy proceeding will be verifying creditors' proofs of claim
until February 8, 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.

     
TRANSPORT Y LOGISTICA: Verifying Proofs of Claim Until February 6
-----------------------------------------------------------------
The court-appointed trustee for Transport y Logistica S.R.L.'s
bankruptcy proceeding will be verifying creditors' proofs of claim
until February 6, 2009.

The trustee will present the validated claims in court as
individual reports on March 20, 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 6, 2009.



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

CHEVRON BANGLADESH: Members' Final Meeting Set for December 19
--------------------------------------------------------------
The members of Chevron Bangladesh, Ltd. will hold their final
general meeting on December 19, 2008, at 11:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


NIMIR PETROLEUM: Creditors' Proofs of Debt Due on December 1
------------------------------------------------------------
The creditors of Nimir Petroleum Company Azerbaijan 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 PETROLEUM: Members' Final Meeting Set for December 16
-----------------------------------------------------------
The members of Nimir Petroleum Company Azerbaijan Limited will
hold their final meeting on December 16, 2008, at 10:30 a.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

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 PETROLEUM: Creditors' Proofs of Debt Due on December 1
------------------------------------------------------------
Nimir Petroleum Company North Africa Limited requires its
creditors 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 PETROLEUM: Members' Final Meeting Set for December 16
-----------------------------------------------------------
The members of Nimir Petroleum Company North Africa Limited will
hold their final meeting on December 16, 2008, at 10:45 a.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

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


SHOREWOOD ASIA: Creditors' Proofs of Debt Due on November 28
------------------------------------------------------------
The creditors of Shorewood Asia Ventures, 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 13,
2008.

The company's liquidator is:

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


SHOREWOOD ASIA: Members' Final Meeting Set for December 19
----------------------------------------------------------
The members of Shorewood Asia Ventures, Ltd. will meet on Dec. 19,
2008, at 10:30 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


SPC (BERMUDA): Creditors' Proofs of Debt Due on November 28
-----------------------------------------------------------
SPC (Bermuda) Ltd. requires its creditors 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:

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


SPC (BERMUDA): Members' Final Meeting Set for December 19
---------------------------------------------------------
The members of SPC (Bermuda) Ltd. will meet on December 19, 2008,
at 9:30 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

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

The company's liquidator is:

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


SPC ASIA: Requires Creditors to File Claims by November 28
----------------------------------------------------------
SPC Asia, Ltd. requires its creditors 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:

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


SPC ASIA: Members' Final Meeting Set for December 19
----------------------------------------------------
The members of SPC Asia, Ltd. will meet on December 19, 2008, at
10:00 a.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

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

The company's liquidator is:

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



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

BANCO DO BRASIL: Third Quarter Net Income Up 37% to BRL1.87 Bil.
---------------------------------------------------------------
Banco do Brasil SA's third quarter net income surged 37%
to BRL1.87 billion (US$826.3 million) from BRL1.36 billion in the
same period last year, due to a lending boom to farmers, retail
consumers and businesses, Elzio Barreto of Reuters reported.

Reuters related that the bank's return on equity, averaged
30.5%, up sharply from 27.9% in the previous quarter and 26.3% a
year earlier, as it kept default rates under control despite the
surge in lending; while credit portfolio soared 34.6% to
BRL202.2 billion, led by a 45.4% increase in consumer lending and
42.7% gain loans to companies.

According to Reuters, in the third quarter, the bank posted
BRL444.7 billion in total assets, from BRL351.7 billion a year ago
and BRL403.5 billion in the second quarter.

As reported by the Troubled Company Reporter - Latin America on
November 10, 2008, Bloomberg News said Banco do Brasil may pay
about BRL6.4 billion (US$3 billion) for Banco Nossa Caixa SA.
According to that report, Jose Serra, the governor of Sao Paulo
state, which controls Nossa Caixa, met Finance Minister Guido
Mantega in Brasilia to set the price.

Reuters added that the banks has also snapped up BRL1.5 billion in
credit portfolios from smaller banks as it seeks to increase its
presence in automobile lending and other types of consumer credit.

                      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.


CSN: Third Quarter Net Profit Drops to BRL40 Million
----------------------------------------------------
Reese Ewing of Reuters reported that Companhia Siderurgica
Nacional S.A. (CSN) posted a third-quarter net profit of 40
million reais (US$18 million), down sharply from 699 million reais
in the year-earlier period, impacted by the increase in financial
costs.

The company posted a net loss of 1.7 billion reais in financial
results in the quarter, mostly due to its Total Return Equity Swap
program with its American Depository Receipts on the New York
Stock Exchange, Reuters related.

As reported by the Troubled Company Reporter - Latin America on
November 12, 2008, Bloomberg News said CSN expected to post its
first loss in six years after bets on its own stock soured last
quarter.  The same report added that the company held BRL1.98
billion of so-called total-return equity swaps tied to its
American depositary receipts as of June 30.  CSN's bets that its
ADRs would extend a five-year rally turned bad last quarter after
commodity prices fell, sending the equities down 52%, Bloomberg
News noted.

Meanwhile, Reuters said the company's earnings before interest,
taxes, depreciation and amortization (EBITDA), rose to 2.1 billion
reais from 1.3 billion reais in the third quarter of 2007, while
net revenue grew strongly from July through September to
4 billion reais from nearly 3 billion a year ago.

"The third quarter showed a fairly positive scenario, with a fall
in IPCA (inflation), strong growth in GDP, growth in credit
operations, improved employment and an increase in industrial
production," Reuters cited the company as saying.  "From mid-
September signs of uncertainty began to arise due to the global
economic contraction."

                    About Companhia Siderurgica

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


CSN: No Plans to Cut Output, To Maintain Production Expansion
-------------------------------------------------------------
Companhia Siderurgica Nacional S.A. (CSN) had no plans to cut
output this year and would maintain investments to expand
production in coming years, Denise Luna of Reuters reports.

"All our projects continue and until December we'll keep
production at full capacity," Reuters cited Luis Fernando
Martinez, CSN commercial director, as saying.

According to the report, the company would go ahead with the
construction of a new steel plant in Congonhas in central Minas
Gerais state.  The first module with an output of 1.5 million
tonnes would go on line as scheduled at the end of 2012, the
report notes.

Reuters says the company would also push ahead with the expansion
of its Casa de Pedra mine, boosting iron ore capacity from an
expected 30 million tonnes in 2009 to 40 million in 2010.

The report relates Mr. Martinez said, "If there are any big
changes, we can reevaluate but for now, everything is still on."

                About Companhia Siderurgica

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


* BRAZIL: Currency Falls on Bets Crisis to Lower Investments
------------------------------------------------------------
Brazil's currency, real, fell on concerns that investments into
Latin America's biggest economy will decline amid global
recession, Adriana Brasileiro of Bloomberg News reports.

"Investors are very cautious because we aren't really sure how
deep the economic slump will be," the report cited Hideaki Iha, a
currency trader at Fair Corretora in Sao Paulo, as saying.  "We do
know global market liquidity will be severely reduced," he added.

According to Bloomberg News, the real weakened 1.5% to 2.2746 per
dollar at 2:21 p.m. New York time, November 17, after most trading
ended in Brazil, from 2.2415 on Nov. 14.  Brazil's currency has
depreciated 28.3 percent in the past three months, the worst
performance among the 16 major currencies tracked by Bloomberg.

Brazil had net foreign currency outflows of US$4.6 billion in
October, from a net foreign inflows of US$2.8 billion in
September, the report says.

Bloomberg News relates that according to Banco Votorantim, the
yield on Brazil's zero-coupon bond due in January 2010 rose seven
basis points, or 0.07 percentage point, to 15.32%.  The yield on
Brazil's overnight futures contract for January 2009 delivery fell
10 basis points to 13.55%, the same report adds.

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
==========================

EQUITY EUROPE: Requires Creditors to File Claims by December 12
---------------------------------------------------------------
The creditors of Equity Europe Limited are required to file their
proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, Grand Cayman KY1-1104


EQUITY EUROPE: Members to Hear Wind-Up Report on December 12
------------------------------------------------------------
The members of Equity Europe Limited will meet on December 12,
2008, at 11:00 a.m., to hear the liquidators' report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, Grand Cayman KY1-1104


OAK STRATEGIES: Creditors' Proofs of Debt Due on December 12
------------------------------------------------------------
Oak Strategies Fund requires its creditors to file their proofs of
debt by December 12, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, Grand Cayman KY1-1104


OAK STRATEGIES: Members to Hear Wind-Up Report on December 12
-------------------------------------------------------------
The members of Oak Strategies Fund will meet on December 12, 2008,
at 10:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, Grand Cayman KY1-1104


OYSTER INVESTMENTS: Creditors' Proofs of Debt Due on December 12
----------------------------------------------------------------
The creditors of Oyster Investments Ltd. are required to file
their proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, Grand Cayman KY1-1104


OYSTER INVESTMENTS: Members to Hear Wind-Up Report on December 12
-----------------------------------------------------------------
The members of Oyster Investments Ltd. will meet on December 12,
2008, at 9:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, Grand Cayman KY1-1104


WOLF ROCK: Shareholders' Final Meeting Set for December 12
----------------------------------------------------------
The shareholders of Wolf Rock International Fund will hold their
final meeting on December 12, 2008, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
proceedings and property disposal.

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


WOLF ROCK MASTER: Shareholders' Final Meeting Set for December 12
-----------------------------------------------------------------
The shareholders of Wolf Rock Master Fund 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
proceedings and property disposal.

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


WOLF ROCK MASTER: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------------
The creditors of Wolf Rock Master 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 September 1,
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


WOLF ROCK GENERAL: Creditors' Proofs of Debt Due on December 11
---------------------------------------------------------------
The creditors of Wolf Rock General Partner 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 September 1,
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


WOLF ROCK GENERAL: Shareholders' Meeting Set for December 12
------------------------------------------------------------
The shareholders of Wolf Rock General Partner Limited will hold
their final meeting on December 12, 2008, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and proceedings and property disposal.

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


WOLF ROCK CAPITAL: Creditors' Proofs of Debt Due on December 11
---------------------------------------------------------------
The creditors of Wolf Rock Capital (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 September 1,
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


WOLF ROCK CAPITAL: Shareholders' Meeting Set for December 12
------------------------------------------------------------
The shareholders of Wolf Rock Capital (Cayman) Limited will hold
their final meeting on December 12, 2008, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and proceedings and property disposal.

The company commenced liquidation proceedings on September 1,
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



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

AES CORP: Names Elizabeth Hackenson as Senior VP & CIO
------------------------------------------------------
The AES Corporation has appointed Elizabeth Hackenson as Senior
Vice President and Chief Information Officer (CIO).  Ms. Hackenson
will report to Andres Gluski, Executive Vice President and Chief
Operating Officer of AES.

As CIO, Ms. Hackenson will lead AES's information technology
strategy to enhance the company's financial controls and
operational performance.  She will continue the implementation of
a unified enterprise resource planning platform across AES
businesses and will enhance collaboration strategies. Ms.
Hackenson's team also manages AES's IT infrastructure and
applications.

"Elizabeth is a proven leader in the IT industry and ideally
suited for the global challenges AES faces.  We are very excited
to have her join our team and look forward to having her lead our
IT upgrade and consolidation efforts," said Mr. Gluski.

Ms. Hackenson has more than 25 years of IT experience and most
recently served as Senior Vice President and CIO for
Alcatel-Lucent.  While at Alcatel-Lucent, she designed a global
shared services team that deployed collaboration tools for
operations in more than 130 countries while managing corporate
applications that served a total of 80,000 employees.  Prior to
her role at Alcatel-Lucent, she was the CIO of MCI, and held
numerous leadership positions at UUNet and Concert Communications.

                      About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's 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.



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

ECOPETROL: Inks US$344 Mil. Refinery Modernization Deal
-------------------------------------------------------
Ecopetrol S.A. and JV Foster Wheeler-Process Consultants have
signed a US$344 million project management consultancy contract
for the modernization of the Barrancabermeja refinery, Businesses
America News reports.

According to the report, Project Manager Carlos Bustillo said the
project will increase refinery capacity by 50,000b/d to 300,000b/d
starting in December 2012 and allow heavy crude to be processed.

The upgrade also will provide a processing configuration to meet
the projected 2013 Colombian clean fuels product specifications,
Foster Wheeler said, the report notes.

According to the report, the joint venture was awarded the
contract through a closed bidding process which also included the
participation of Fluor Corporation, Kellog Brown and Root and
WorleyParsons.

                       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 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
==================================

BANCREDITO: Judge Issues Arrest for Ex-Bank Executives
------------------------------------------------------
Judge Saulo Isabel Diaz issued an exit impediment against
ex-bank executives Manuel Arturo Pellerano and Juan Felipe
Mendoza, who were sentenced to eight years in prison after being
convicted of fraud in the US$900 million Bancredito collapse, The
Dominican Today reports.

A Dominican Today report cited by the Troubled Company Reporter-
Latin America on Jan. 22, 2007, said the Dominican central bank
and the banks superintendence were plaintiffs of a DOP20-billion
fraud case against the Bancredito officials.  The indictment
cited:

         -- forgery of bank or commercial documents,

         -- swindle,

         -- breach of trust,

         -- adulteration and manipulation of documents and data,
            to divert controls and the investigation by the
            monetary and financial authority and the drafting
            and approval of balances, and

         -- use of false financial statements to hide irregular
            operations.

Judge Diaz said he notified his ruling to the Immigration Agency
so the appropriate measures are taken, the Dominican Today
relates.  Judge Diaz is currently reviewing the motions presented
by Pellerano's and Mendoz's lawyers, who requested a stay of the
incarceration order, for which he is studying their arguments, the
same report says.

The Dominican Today relates the ruling makes the two ex bankers
subject to arrest at any time to begin serving out their sentence.

                         About Bancredito

Bancredito is a subsidiary of Banco Intercontinental, which
collapsed in 2003 as a result of massive fraud that drained it
of about US$657 million.  As a consequence, all of its branches
were closed.  The bank's current and savings accounts holders
were transferred to the bank's new owner -- Scotiabank.  The
bankruptcy of Baninter was considered the largest in world
history, in relation to the Dominican Republic's Gross Domestic
Product.  The resulting deficit was equal to 12% to 15% of the
country's national GDP.  It costs Dominican taxpayers
DOP55 billion and resulted to the country's worst economic
crisis.


* DOMINICAN REPUBLIC: Manufacturing Down 30% on Weak Demand
-----------------------------------------------------------
Dominican Republic's industrial production has declined nearly 30%
due to the the world financial crisis, The Dominican Today
reports, citing Codopyme group president Issachart Burgos.
Codopyme group represents small and medium-sized firms.

"The industrial sector, which is obviously the one that generates
the most employment, is the one which in a first phase is being
hurt by the fall in demand, The Dominican cited Mr. Burgos as
saying.  "Small merchants have had to resort to individual
strategies to maintain the flow of buying and selling, but even
so, commercial activity continues declining," he said.

The report relates Mr. Burgos urged the Dominican government to
invest at least 1 billion pesos (US$140 million) in a fund aimed
at enabling small and medium-sized firms to gain access to credit.

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: Fitch Puts CCC Foreign Currency Rating on Negative Watch
-----------------------------------------------------------------
Fitch Ratings placed Ecuador's long-term foreign currency Issuer
Default Rating of 'CCC' on Rating Watch Negative to reflect a
reasonable probability of near term downgrades.  Ecuador's IDR
already incorporates the risk that default is a real possibility
in the near term, particularly in light of ongoing concerns about
the government's willingness to pay its obligations.

In addition, these individual bond ratings are downgraded:

  -- Global 2012 & 2030 uncollateralized foreign currency bonds to
     'CCC-/RR5' from 'CCC/RR4'.

Fitch has affirmed these ratings:

  -- Short-term foreign currency IDR at 'C';

  -- Country ceiling at 'B-';

  -- Collateralized foreign currency Par and Discount Brady bonds
     at 'CCC+/RR3';

  -- Global 2015 at 'CCC/RR4'.

The placement on Rating Watch Negative from Stable Outlook
reflects the government's decision to halt interest payments on
the Global 2012 bond that was due on November 15 to asses the
'legality' of Ecuador's outstanding external debt.

The downgrade to the individual bond ratings and recovery ratings
for the Global 2012 & 2030 bonds to 'CCC-/RR5' from 'CCC/RR4'
reflects official statements identifying these two securities as
'illegal,' hence, increasing the probability of default relative
to other market debt and potentially reducing recovery prospects
for investors.

"While the oil windfall of the past two years has strengthened
Ecuador's capacity to service debt, the government has always
conditioned payments to political variables,' said Erich Arispe,
Associate Director in Fitch's Sovereign Group.  The government has
repeatedly indicated that it will only service debt deemed
'legitimate,' and that it would not reduce politically important
social spending to fulfill its debt obligations. 'The announcement
raises further concerns about the willingness of the Correa
administration to service debt under the low oil price scenario
expected in 2009," added Arispe.

Fitch will continue to monitor the government's communications
with respect to its intentions to service or restructure its debt.
In the event the government does not pay its missed coupon within
the 30-day grace period on the Global 2012 bond or announces a
distressed debt exchange, the IDR would be downgraded to indicate
probable and imminent losses in NPV terms to bondholders.  At the
time of a payment default or the consummation of a DDE, Fitch
would downgrade the long-term foreign currency IDR to either 'RD'
or 'D', depending on if the default is selective or more broadly
based.



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

* MEXICO: May Report Slowest Growth in 5 Years Amid Global Crisis
-----------------------------------------------------------------
Mexico's finance ministry may report the slowest economic growth
in five years as a global slump hits the country, Hugh Collins of
Bloomberg News reports.

Gross domestic product probably expanded 1.3% in the third
quarter, according to the median estimate of 10 economists
surveyed by Bloomberg.

The report says growth of 1.3% would be the lowest since at least
2003.  According to Bloomberg News, Pedro Tuesta, an economist at
research firm 4Cast Inc. in New York, said the slowdown in the
U.S. economy is weakening demand for Mexican exports, 80% of which
go to the country's northern neighbor, while a reduction in
remittances from Mexicans living abroad is hurting retail
spending.

Mexico "is showing all the strains of the U.S. economy.  The
fourth quarter may be better than the third, but only marginally,"
the report cited Mr. Tuesta as saying.

A slumping economy will probably curb inflation in 2009, giving
the central bank more room to cut interest rates in a bid to spur
growth, Tuesta said, Bloomberg News relates.

According to Bloomberg News, the finance ministry will report the
data on Nov. 21 at 3:30 p.m. New York time.



                            ***********

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
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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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