TCRLA_Public/081120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, November 20, 2008, Vol. 9, No. 230

                            Headlines

A R G E N T I N A

ALTO PALERMO: S&P Downgrades Rating to 'B-'; Outlook Is Stable
AVAL RURAL: Moody's Affirms Low-B Global Ratings
IRSA INVERSIONES: S&P Downgrades Corporate Credit Rating to 'B-'


B A H A M A S

FORD MOTOR: Seeks Up to US$8BB of Requested Auto Financial Aid


B R A Z I L

BANCO DO BRASIL: President Lula Wants Bank to Maintain Top Rank
BANCO NACIONAL: Loans Up 30% to US$37.2BB Bet. Nov. '07 & Oct. '08
UNIBANCO: Banco Itau Holding Discloses Interest on Capital


C A Y M A N  I S L A N D S

CANTILLON US: Creditors' Proofs of Debt Due on December 3
CANTILLON US: Shareholders' Final Meeting Set for December 12
EFG HEALTHCARE: Creditors' Proofs of Debt Due on Dec. 3
EFG HEALTHCARE: Shareholders' Meeting Set for December 12
EFG HEALTHCARE: Shareholders' Meeting Set for December 12

GLOBAL MAESTRO: Creditors' Proofs of Debt Due on December 11
HUMAX CAYMAN: Creditors' Proofs of Debt Due on December 11
HUMAX CAYMAN: Shareholders' Final Meeting Set for December 11
LEE MUNDER: Creditors' Proofs of Debt Due on December 11
MUE CAPITAL: Requires Creditors to File Claims by December 11

MUE CAPITAL: Members' Final Meeting Slated for December 18
SIRE SPECIAL: Creditors' Proofs of Debt Due on December 2
SIRE SPECIAL: Shareholder's Final Meeting Set for December 15
SYSTEIA MULTI-STRATEGIES: Creditors' Proofs of Debt Due on Dec. 3
SYSTEIA MULTI-STRATEGIES: Shareholders' Meeting Set for December 2

THE MACRO: Commences Liquidation Proceedings


C H I L E

CODELCO: Sees Strong Decline in Profits
CODELCO: Mulls Joint Venture With China's Minmetals


E C U A D O R

PETROECUADOR: Affiliate Inks 2D Seismic Deal With Scan Geophysical
* ECUADOR: Willing to Meet With Bondholders to Discuss Debt
* ECUADOR: Seeks to Deepen Ties With Republic of China


G U A T E M A L A

REPUBLIC OF GUATEMALA: S&P Keeps BB Rating; Outlook Stable


J A M A I C A

AIR JAMAICA: Divestment to be Completed on March 31, 2009
JAMAICA: Fitch Ratings Downgrades Issuer Default Rating to 'B'


M E X I C O

METROFINANCIERA SA: S&P Downgrades Rating on $100 Mil. Securities
VITRO SAB: Names Hugo Lara as Chief Executive Officer
* MEXICO: Signs Oil Cooperation Deal With Indonesia


P A N A M A

GENERAL MOTORS: Seeks Up to US$12BB of Requested Auto Fin'l Aid


P U E R T O  R I C O

ROYAL CARIBBEAN: To Suspend Common Stock Dividend Payment


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -

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

ALTO PALERMO: S&P Downgrades Rating to 'B-'; Outlook Is Stable
--------------------------------------------------------------
On Nov. 5, 2008, Standard & Poor's Ratings Services lowered its
foreign currency corporate credit rating on Argentine real estate
company Alto Palermo S.A. to 'B-' from 'B+'.  The outlook on this
rating is stable.  At the same time, S&P placed the 'B+' local
currency corporate credit rating on the company on CreditWatch
with negative implications.

The lowering of the foreign currency corporate credit rating
follows a change in the transfer and convertibility assessment for
Argentina to 'B-' from 'B+'.  The T&C assessment for Argentina is
S&P's view of the probability of the sovereign restricting access
to foreign exchange needed by Argentina-based issuers for debt
service.  The change is based on S&P's perception that the
government is increasingly intervening in the foreign-exchange
market, which may affect nonsovereign entities' ability to access
foreign exchange that they need for debt service.  The action
follows recent measures taken by the Argentine government to help
alleviate pressure on the currency--such as amending export
repatriation requirements to require repatriation of proceeds in
10 days, from 180 days.  Such actions suggest increased sovereign
intervention risk.

The CreditWatch negative listing of the local currency rating
reflects our perception that the corporate sector in Argentina
faces tougher challenges than before and that overall credit
quality has weakened what S&P views as a riskier business
environment for companies operating in the country.  As a result,
S&P are analyzing the impact of government intervention, financial
flexibility, parent support, cash flow stability, and overall
leverage on the ratings.  The ratings could remain higher than the
sovereign rating on the Republic of Argentina (B-/Stable/C) if
S&P's analysis shows that, if the sovereign defaults, the company
can generate sufficient local-currency resources to meet all its
financial obligations, both local- and foreign-currency, absent
the risk of direct sovereign intervention that may constrain
payment of foreign-currency debt.

The ratings on APSA reflect the inherent volatility of the real
estate and shopping mall sectors, particularly in light of the
economic volatility in Argentina and the increased leverage to
develop its investment plan.  The company's long-term maturity
profile and good cash generation given its solid competitive
position in the shopping mall sector in Argentina, and especially
in Buenos Aires, partially mitigate these factors.  These
qualities allow for strong negotiating power with tenants and
suppliers and help to keep operations efficient.

The real estate sector is cyclical because of economic volatility
in the country, which affects rental and property prices.  The
strong demand for APSA's strategic locations and diversified
tenant portfolio somewhat protect the company from economic
cyclicality.  In addition, there is a variable component in the
company's rental prices, based on tenants' sales, that offers
revenues some protection against inflation.

After four years of significant growth because of favorable
economic conditions, APSA has started an intensive investment
plan, which is funded with the proceeds from its May 2007,
$170 million bond issuance and with internal cash generation.  The
company is developing a shopping center on an important access to
the city of Buenos Aires, that will be one of the largest centers
operated by the company and that will increase rental space by
16%.  APSA also plans to develop other centers in the country,
including a shopping center in Neuquén province, and to continue
expanding and refurbishing some of its existing facilities.  In
addition, the company signed an agreement to acquire Soleil
Factory, a shopping center located on the outskirts of Buenos
Aires, for $21 million by year-end 2007; about 60% of this amount
would be funded by the seller in seven years.  S&P expects the
investments to strengthen APSA's competitive position and cash
generation during the short-to-medium term.

Implementing the investment plan increased APSA's leverage.  In
the fiscal year ended June 2008, APSA's consolidated debt-to-
EBITDA ratio was 3.2x (compared with 3.4x at fiscal year-end in
June 2007 and 1.2x in 2006).  In all cases, debt included $47
million convertible notes that APSA's two major shareholders own
(99.6%) and have a conversion option that could be exercised at
any time before maturity in July 2014. Excluding the convertible
notes, the debt-to-EBITDA ratio was 2.6x in fiscal 2008 and 2.7x
in fiscal 2007.  However, in fiscal first-quarter 2009, the
company showed significant deterioration in its consolidated
EBITDA generation as a result of losses registered in the credit
card business on the significant increase in funding costs and
delinquency rates and on lower funding availability in the
industry.  This was only partially offset by growth in its core
shopping center business.  This also resulted in equity
contributions to the credit card business of about $35 million in
September and October of 2008.  S&P will monitor the performance
of this business unit and its impact on APSA's credit quality and
liquidity position.

APSA is a leading real estate company that owns, leases, operates,
develops, and acquires shopping centers in Argentina.  The company
manages a portfolio of six shopping centers in the Buenos Aires
metropolitan area and four in the interior of the country (in
Córdoba, Mendoza, Salta, and Santa Fe).  In addition, APSA has a
93.4% controlling stake in Tarshop S.A., a company that operates
under the Tarjeta Shopping brand name. APSA is owned by IRSA
Inversiones y Representaciones S.A. (local currency B+/
Watch Neg/--; foreign currency B-/Stable/--) and Parque Arauco
S.A. (not rated), with a 63.3% and 29.5% stake, respectively. Both
are leading real estate developers in Argentina and Chile.

                          Liquidity

APSA's liquidity position presents some challenges given the
current economic environment.  As of September 2008, the company
had consolidated cash holdings of about $97 million, compared with
short-term debt of $49 million.  About $18 million of these cash
holdings was devoted to a dividend payment approved in October
2008.  The company's liquidity position has deteriorated as a
result of the capital infusions and loans provided to the credit
card business.  S&P will monitor the evolution of this business
and its impact on APSA's liquidity position.

In addition, APSA's long-term debt structure helps mitigate its
exposure to currency mismatch risks; 71% of consolidated debt as
of September 2008 was dollar denominated, while all cash
generation is in Argentine pesos.  As of September 2008, about 19%
of the company's consolidated financial debt was related to bonds
amortizing between 2009 and 2012, 18% was related to convertible
notes with a final maturity in 2014, and 47% was related to bullet
notes that mature in 2017.

                            Outlook

The stable outlook on the foreign currency rating reflects S&P's
perception that the risks of potential sovereign intervention
restricting access to foreign exchange to service debt and
foreign-exchange obligations are balanced at the current rating
level.  The future rating trajectory will depend on S&P's
perception of transfer and convertibility factors in Argentina.

                     Alto Palermo S.A.

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

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


AVAL RURAL: Moody's Affirms Low-B Global Ratings
------------------------------------------------
Moody's Latin America placed on review for possible upgrade the
national scale rating of A1.ar and has affirmed the global local
currency rating of B2 of certain Argentine transactions where the
underlying assets are guaranteed by Aval Rural S.G.R., an
Argentine financial guarantor.  This rating action follows the
Nov. 10, 2008 rating action on Aval Rural, when Moody's placed the
company's A1.ar rating on review for possible upgrade.

The rating assigned to these transactions is primarily based on
the rating of Aval Rural.  Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to these transactions.

The complete rating action is:

  -- Fideicomiso Financiero Aval Rural VIII, A1.ar national scale
     rating placed on review for possible upgrade; B2 global local
     currency rating affirmed.

  -- Fideicomiso Financiero Agro Deró I, A1.ar national scale
     rating of the Fixed Rate Debt Securities placed on review for
     possible upgrade; B2 global local currency rating affirmed.


  -- Fideicomiso Financiero Ceres Tolvas I, A1.ar national scale
     rating of the Fixed Rate Debt Securities placed on review for
     possible upgrade; B2 global local currency rating affirmed.


IRSA INVERSIONES: S&P Downgrades Corporate Credit Rating to 'B-'
----------------------------------------------------------------
On Nov. 5, 2008, Standard & Poor's Ratings Services lowered its
foreign currency corporate credit rating on Argentine real estate
company IRSA Inversiones y Representaciones S.A. to 'B-' from
'B+'.  The outlook on this rating is stable.  At the same time,
S&P placed the 'B+' local currency corporate credit rating on
CreditWatch with negative implications.

The lowering of the foreign currency corporate credit rating
follows a change in the transfer and convertibility assessment for
Argentina to 'B-' from 'B+'.  The T&C assessment for Argentina is
S&P's view of the probability of the sovereign restricting access
to foreign exchange needed by Argentina-based issuers for debt
service.  The change is based on S&P's perception that the
government is increasingly intervening in the foreign-exchange
market, which may affect nonsovereign entities' ability to access
foreign exchange that they need for debt service.  The action
follows recent measures taken by the Argentine government to help
alleviate pressure on the currency--such as amending export
repatriation requirements to require repatriation of proceeds in
10 days, from 180 days.  Such actions suggest increased sovereign
intervention risk.

The CreditWatch negative listing of the local currency rating
reflects our perception that the corporate sector in Argentina
faces tougher challenges than before and that overall credit
quality has weakened amid what S&P view as a riskier business
environment for companies operating in the country.  As a result,
S&P are analyzing the impact of government intervention, financial
flexibility, parent support, cash flow stability, and overall
leverage on the ratings.  The ratings could remain higher than the
sovereign rating on the Republic of Argentina (B-/Stable/C) if
S&P's analysis shows that, if the sovereign defaults, the company
can generate sufficient local-currency resources to meet all its
financial obligations, both local- and foreign-currency, absent
the risk of direct sovereign intervention that may constrain
payment of foreign-currency debt.

The ratings on IRSA reflect the company's geographic concentration
in the highly cyclical Argentine real estate market and increased
leverage to fund its growth strategy.  These factors are partially
offset by the company's strong market position backed by the good
quality and location of its diverse asset portfolio, the
relatively more stable cash stream from the office rental and
shopping center businesses compared with other segments in the
real estate industry, and the long-term debt maturity profile.

The Argentine real estate industry is highly volatile as a result
of macroeconomic fluctuations affecting property and rental
prices.  This risk is somewhat offset by the attractive growth
potential in most of the segments in which IRSA operates and the
good quality of its asset portfolio.  Nevertheless, S&P expects
operations to be influenced by and strongly correlated with
domestic economic activity and performance.

In 2007, IRSA and partially owned subsidiary Alto Palermo S.A.
(APSA; local currency B+/Watch Neg/--; foreign currency B-
/Stable/--) issued long-term bonds for $150 million and
$170 million, respectively, primarily to finance the company's
expansion plan.  The plan includes the expansion of the office
rental and shopping center segments by acquiring four class AAA
office buildings--La Nación, Dock del Plata, Edificio Bank Boston,
and República--and a shopping mall in the city of Córdoba.  IRSA
is currently developing an office building in Dique IV in the
Puerto Madero area and a shopping center on an important access
road to the city of Buenos Aires and that will be one of the
largest centers operated by APSA.  S&P expects the Dique IV
project to be completed by the end of 2008 and the shopping mall
in the first half of 2009.

In the residential segment, the investment plan includes a project
with Cyrela Brazil Realty S.A. for the construction of residential
buildings (including a project in Vicente Lopez that is already
sold out), mainly financed with unit presales.  In January 2008,
APSA announced the acquisition of Soleil Factory, a shopping
center on the outskirts of Buenos Aires, for $21 million, which is
subject to a series of conditions.  And, in June 2008, it
announced the purchase of a property near the Alto Palermo
shopping center for $18 million.  The transactions were funded
through a mix of cash payments and vendor financing.  In April
2008, IRSA acquired a participation in a company that is the owner
of an office building in New York (the "Lipstick" building),
reporting a cash payment of about $23 million.

The company's 2007 bond issuances resulted in increased debt and
weaker consolidated financial metrics.  This was partially
mitigated by the incorporation of assets that quickly started
generating cash in the office rental and shopping center
businesses and the more long-term debt structure, with a
significant portion of maturities scheduled for 2017.  In the
fiscal year ended June 2008, IRSA's consolidated debt to EBITDA
and funds from operations to debt amounted to 3.5x and 26.8%,
respectively, compared with 1.6x and 57.2%, respectively, in
fiscal 2006 (prior to the implementation of the expansion plan).
However, in the first quarter of fiscal 2009, the company showed
significant deterioration in consolidated EBITDA generation, as a
result of the losses registered in the credit card business on
significant increases in funding costs and delinquency rates and
on lower funding availability in the industry, only partially
offset by growth in the shopping center and office rental
segments.  This also resulted in equity contributions to the
credit card business, about $35 million in September and October
of 2008.  S&P will monitor the performance of this business unit
and the impact on IRSA's credit quality and liquidity position.

On an individual basis, IRSA's debt repayment capacity depends on
cash flow from office rentals and real estate development units
plus dividends received, especially from 63.3%-owned subsidiary
APSA.  During fiscal 2008, IRSA received about $12 million in
dividends from APSA and about $3 million in interest from APSA's
convertible notes.  In addition, the office unit registered an
EBITDA generation of about $25 million.  Combined with dividends
from subsidiaries, this covered IRSA's interest payments for
fiscal 2008 by 2.8x, on an individual basis.  For fiscal 2009, S&P
expects interest coverage to be 3x to 3.5x, reflecting the full
impact of the 2008 office building acquisitions and the
incorporation of new projects.  This should help counterbalance
the effects of a potential slowdown in the Argentine economy.

IRSA is the largest player in Argentina's real estate industry.
It holds a high-quality asset portfolio, both directly and through
its subsidiaries, with a book value of $1.4 billion in
consolidated assets.  The main components are shopping centers and
offices (59% of total assets), residential and land reserves
(11%), hotels (5%), and financial operations and other (25%).
IRSA has a leading position in the shopping center segment in
Buenos Aires, a rather important position in class A and AAA
office buildings in Buenos Aires, and 10% of the five-star hotel
rooms in the city.

                          Liquidity

Despite the capital infusions made to the credit card business in
September and October of 2008, IRSA maintains a relatively
adequate liquidity position as a result of its cash holdings and
improved debt profile after the bond issuances.  As of Sept. 30,
2008, IRSA's consolidated cash holdings amounted to
approximately $129 million, compared with short-term debt of
$78 million and total consolidated debt of about $438 million.

                           Outlook

The stable outlook on the foreign currency rating reflects S&P's
perception that the risks of potential sovereign intervention
restricting access to foreign exchange to service debt and
foreign-exchange obligations are balanced at the current rating
level.  The future rating trajectory will depend on S&P's
perception of transfer and convertibility factors in Argentina.

           IRSA Inversiones y Representaciones S.A.

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

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



=============
B A H A M A S
=============

FORD MOTOR: Seeks Up to US$8BB of Requested Auto Financial Aid
--------------------------------------------------------------
Siobhan Hughes at Dow Jones Newswires reports that Ford Motor Co.
CEO Alan Mulally said that his company is seeking US$7 billion to
US$8 billion of the requested US$25 billion in emergency funding
from the government.

American Bankruptcy Institute reports that the U.S. Senate
Democrats released details of a US$25 billion Auto Rescue Package.
The funding is part of an economic stimulus package carved from
the US$700 billion financial market bailout, the report says.
Bankruptcy Law360 says top executives of U.S. automakers on
Tuesday made their case before a Senate panel, arguing that they
should be next in line to get government aid in the wake of the
financial crisis.

Dow Jones relates that General Motors CEO Rick Wagoner said that
the company wants US$10 billion to US$12 billion of the requested
funding.  According to Dow Jones, Mr. Wagoner told Sen. Bob Corker
at a Senate Banking Committee hearing, "We felt that we should get
our proportionate market share of that."

Chrysler LLC CEO Robert Nardelli said that his company wants
$7 billion, Dow Jones states.

                   Curbs in Executives' Pay

Matthew Dolan at The Wall Street Journal reports that GM and Ford
may set up caps on executive pay.  The report says that the bill
in the House of Representatives has provisions that would bar
bonuses for executives of companies receiving loans.  The report
states that the bill in the congress would demand:

    -- no bonuses to workers making more than US$200,000,
    -- no "golden parachutes" payouts to fleeing executives, and
    -- "no compensation plan that could encourage manipulation
       of reported earnings to enhance compensation."

Chrysler said in a statement that it expected any loan package to
come with conditions "including taxpayers having equity.  We do
not expect that this is a final product.  The company is open to
further discussions with Congress."

Ford Motor and GM spokespersons said their companies are reviewing
the bills released on Monday, WSJ relates.  The companies are
already taking steps that would effectively institute similar
kinds of caps, the report says, citing the spokespersons.

WSJ states that Mr. Wagoner's salary was increased by 33% to about
US$2.2 million this year -- compared to US$1.65 million in 2007 --
and equity compensation of at least US$1.68 million for his
performance in 2007, even though GM has been losing money since
2005.  According to the report, Mr. Wagoner was also awarded
75,000 restricted stock units valued at US$1.68 million, based on
GM's closing stock price in March, and given stock options
representing 500,000 shares.

WSJ reports that GM officials insist those reported figures need
context.  Mr. Wagoner took a 50% cut in his base salary pay in
2006, the report states, citing GM spokesperson Tony Cervone.
Figures cited by the company indicate that Mr. Wagoner's overall
compensation is down from 2003 when he made US$8.3 million in
compensation from salary and bonuses alone.  Mr. Cervone said that
much of Mr. Wagoner's overall compensation is also "at-risk," or
tied to the stock price of the company which has dropped.  GM,
according to the report, said that they would cut bonuses this
year.

Mr. Mulally, says WSJ, has also got "a rich pay package," while
Ford is losing money and even pulled back from a pledge to return
to profitability in 2009.  WSJ relates that Ford reported in April
2008 the Mr. Mulally received US$2 million in base salary, a US$4
million bonus and more than US$11 million of stock and options
last year.  The report says that Mr. Mulally's base salary
remained the same over 2006.  According to the report, Mr. Mulally
has earned almost US$50 million in compensation since leading
Ford.

WSJ relates that after Mr. Mulally's pay package was disclosed,
Ford said that it will pay bonuses to hourly and salaried
employees despite its losses, partly to avoid any bitterness among
the rank and file.  Ford executives said in a conference call
earlier this month that those bonuses have now been cut.  Mr.
Mulally said in "Good Morning America" that Ford has stopped merit
raises, incentives and bonuses for top management.

Less is known about Chrysler CEO Robert Nardelli's package because
the company is privately held, WSJ says.

According to WSJ, Chrysler said it will keep multimillion dollar
retention bonuses promised to executives in 2007, when it was
taken over the private equity firm, Cerberus Capital Management.
A Chrysler spokesperson said that those bonuses will be paid out
in August 2009, the report says.  They were valued at US$30
million, but have been reduced because some executives have
already left the company without being able to cash out their
bonus, the report states, citing the spokesperson.

                    About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                      *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.



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

BANCO DO BRASIL: President Lula Wants Bank to Maintain Top Rank
---------------------------------------------------------------
Brazil President Luiz Inacio Lula da Silva wants state-owned Banco
do Brasil SA to grow and maintain its top ranking among banks in
the country, Elzio Barreto of Reuters writes.

"We want Banco do Brasil to be far bigger than any other bank in
the country," the report cited President Lula as saying.

According to Reuters, President Lula discussed with Finance
Minister Guido Mantega and Central Bank Chief Henrique Meirelles
regarding the country's economic situation and also Banco's
takeover of Nossa Caixa, which is controlled by the Sao Paulo
state government.

As reported by the Troubled Company Reporter-Latin America on
November 10, 2008, Bloomberg News related that according to
newspaper Folha de S. Paulo, Banco do Brasil may pay about BRL6.4
billion (US$3 billion) for Banco Nossa Caixa.  The report noted
the price may change slightly and needs to be ratified by
President Lula.

                     About Banco do Brasil

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

                          *     *     *

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


BANCO NACIONAL: Loans Up 30% to US$37.2BB Bet. Nov. '07 & Oct. '08
------------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA ( National
Bank for Economic and Social Development) posted a loan growth of
30% to US$37.2 billion between November 2007 and October this
year, Brazzil Magazine reports.

According to the report, for the volume of loans granted in the
first 10 months of 2008, the bank's loan increased 44% to
BRL71.5 billion (US$ 30,7 billion), over the same period last
year.

The bank, the report relates, said the industrial and
infrastructure sectors registered great expansion in financing
both in the last 12 months and in the interval from January to
October this year.

The infrastructure area answers to 40% of all disbursements in the
last 12 months, or BRL35 billion (US$ 15 billion), while the main
investment was made in logistics and energy sectors, the report
says.

Brazzil Magazine notes that in the same period, industry received
BRL34.5 billion (US$ 14.8 billion), almost the same participation,
reflecting the good performance of the textile and garment
sectors, mining and food and beverage.

The bank said the quantity of inquiries from January to October
showed that the disposition of the private sector to make loans
and invest shows that the international financial crisis has not
affected the demand for credit, the report discloses.

"Despite a worsening of the international crisis and reduction of
liquidity, the BNDES should play an important part in sustaining
investment in the economy," Brazzil Magazine cited the bank as
saying.

                       About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                         *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


UNIBANCO: Banco Itau Holding Discloses Interest on Capital
----------------------------------------------------------
Itau Unibanco Holding S.A., currently Banco Itau Holding
Financeira S.A. reported results of its Board of Directors'
meeting held on November 17, 2008.

It was decided to assign the interest on capital provisioned in
the audited financial statements dated September 30, 2008,
allocated to the amount of mandatory dividend for the year 2008:

    1) on account of the provisioned amount, the stockholders have
       already received on November 3, 2008 a monthly anticipation
       of dividends equivalent to R$ 0.012 per share (based upon
       the stockholding position dated September 30, 2008) and
       shall receive on December 1, 2008 another part of dividends
       equivalent to R$0.012 per share (based upon the
       stockholding position dated October 31, 2008), as per
       method established by the company; and

    2) to pay, on January 30, 2009, the balance equivalent to
       R$0.38965 per share, as interest on capital, less
       withholding income tax of 15%, which shall result in a net
       interest equivalent to R$0.33120 per share, not considered
       in such withholding corporate stockholders evidencing
       immunity or exemption thereto, which shall have as base
       date to determine the right to receive the relevant
       interest:

       a) in Brazil, the final stockholding position on
          November 21, 2008; as of November 24, 2008 the shares
          shall be traded ex rights to such interest;

       b) in the United States of America, the date
          November 26, 2008 shall be considered as "Record Date"
          to comply with the obligations undertaken in the ADRs
          program held by the company; as of November 24, 2008 the
          ADRs shall be traded ex rights to such interest.

As reported by the Troubled Company Reporter - Latin America on
November 5, 2008, a joint-venture agreement was executed
envisioning the merger of the financial operations of Itau and
Uniao de Bancos Brasileiros S.A. ("Unibanco"), the controlling
shareholders of Investimentos Itau S.A and Unibanco Holdings said
in a statement.

The joint-venture provides for a corporate restructuring, which
will cause the migration of the current shareholders of Unibanco
Holdings S.A. ("Unibanco Holdings") and Unibanco to a public
listed company to be called Itau Unibanco Holding S.A., currently
Banco Itau Holding Financeira S.A. ("Itau Unibanco Holding"),
which will be made through a merger of shares.

                       About Uniao de Bancos

Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros
SA -- http://www.unibanco.com/-- is a full-service financial
institution providing a range of financial products and services
to a diversified individual and corporate customer base
throughout Brazil.  The company's businesses comprise segments:
Retail, Wholesale, Insurance and Pension Plans and Wealth
Management.  Uniao de Bancos and its associated companies
FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas)
offer a network composed of 17,000 points of service.  It also
counts on 7,580 automated teller machines and all 30 Hours'
products and services, including the telephone service and the
Internet banking.  The company's international network consists
of branches in Nassau and the Cayman Islands; representatives
offices in New York; banking subsidiaries in Luxembourg, the
Cayman Islands and Paraguay; and a brokerage firm in New York
-- Unibanco Securities Inc.

                          *     *     *

In April 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating to Uniao de Bancos Brasileiros SA.



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

CANTILLON US: Creditors' Proofs of Debt Due on December 3
---------------------------------------------------------
The creditors of Cantillon U.S. Low Volatility Ltd. are required
to file their proofs of debt by December 3, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 18, 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


CANTILLON US: Shareholders' Final Meeting Set for December 12
-------------------------------------------------------------
The shareholders of Cantillon U.S. Low Volatility Ltd. 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
property disposal.

The company commenced liquidation proceedings on Sept. 18, 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


EFG HEALTHCARE: Creditors' Proofs of Debt Due on Dec. 3
-------------------------------------------------------
The creditors of EFG Healthcare Long/Short Equity General Partner
Limited are required to file their proofs of debt by December 3,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 24, 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


EFG HEALTHCARE: Shareholders' Meeting Set for December 12
---------------------------------------------------------
The shareholders of EFG Healthcare Long/Short Equity General
Partner Limited will hold their final meeting on December 12,
2008, at 8:45 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on April 24, 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


EFG HEALTHCARE: Shareholders' Meeting Set for December 12
---------------------------------------------------------
The shareholders of EFG Healthcare Long/Short Equity Limited will
hold their final meeting on December 12, 2008, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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


GLOBAL MAESTRO: Creditors' Proofs of Debt Due on December 11
------------------------------------------------------------
Global Maestro Fund I Limited requires its creditors 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 24, 2008.

The company's liquidator is:

          Stuart Sybersma
          Mervin Solas, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone:(345) 949 7500
          Facsimile:(345) 949 8258


HUMAX CAYMAN: Creditors' Proofs of Debt Due on December 11
----------------------------------------------------------
The creditors of Humax Cayman, Inc 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 23, 2008.

The company's liquidators are:

          Bronwynne Arch
          Sylvia Lewis
          c/o Sylvia Lewis
          Bronwynne Arch and Sylvia Lewis
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


HUMAX CAYMAN: Shareholders' Final Meeting Set for December 11
-------------------------------------------------------------
The shareholders of Humax Cayman, Inc will hold their final
meeting on December 11, 2008, at 10:30 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 23, 2008.

The company's liquidators are:

          Bronwynne Arch
          Sylvia Lewis
          c/o Sylvia Lewis
          Bronwynne Arch and Sylvia Lewis
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


LEE MUNDER: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------
The creditors of Lee Munder Investment Partners, Ltd. 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 Oct. 17, 2008.

The company's liquidator is:

          Geoffrey Varga
          c/o Kinetic Partners Cayman LLP, Harbour Centre
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone:(345) 623 9904
          Facsimile:(345) 623 0007


MUE CAPITAL: Requires Creditors to File Claims by December 11
-------------------------------------------------------------
The creditors of Mue Capital Two Holding Inc. 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 Oct. 24, 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


MUE CAPITAL: Members' Final Meeting Slated for December 18
----------------------------------------------------------
The members of Mue Capital Two Holding Inc. will hold their
extraordinary final meeting will be held on December 18, 2008, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 24, 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


SIRE SPECIAL: Creditors' Proofs of Debt Due on December 2
---------------------------------------------------------
The creditors of Sire Special Opportunity Partners Offshore, Ltd
are required to file their proofs of debt by December 2, 2008, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2008.

The company's liquidator is:

          Mark R. Eaker
          152 W. 57th Street, 16th Floor
          New York, NY 10019
          c/o Shameer Jasani
          Telephone:(345) 949 9876
          Facsimile:(345) 949 1986


SIRE SPECIAL: Shareholder's Final Meeting Set for December 15
-------------------------------------------------------------
The sole shareholder of Sire Special Opportunity Partners
Offshore, Ltd will hold final meeting on December 15, 2008, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Sept. 30, 2008.

The company's liquidator is:

          Mark R. Eaker
          152 W. 57th Street, 16th Floor
          New York, NY 10019
          c/o Shameer Jasani
          Telephone:(345) 949 9876
          Facsimile:(345) 949 1986


SYSTEIA MULTI-STRATEGIES: Creditors' Proofs of Debt Due on Dec. 3
-----------------------------------------------------------------
The creditors of Systeia Multi-Strategies 1 are required to file
their proofs of debt by December 3, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 10, 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


SYSTEIA MULTI-STRATEGIES: Shareholders' Meeting Set for December 2
------------------------------------------------------------------
The shareholders of Systeia Multi-Strategies 1 will hold their
final meeting on December 2, 2008, at 8:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Sept. 10, 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


THE MACRO: Commences Liquidation Proceedings
--------------------------------------------
The shareholders of The Macro Fund (US) Limited met on October 23,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Stuart Sybersma
          Mervin Solas, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone:(345) 949 7500
          Facsimile:(345) 949 8258



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

CODELCO: Sees Strong Decline in Profits
---------------------------------------
Corporacion Nacional del Cobre (Codelco) said it will post a
strong decline in its profit due to the global economic crisis,
International Business Times reports.

According to the report, worries of an economic recession more
than halved copper prices, as the metal reached a peak in July
after investors saw a slump in demand.

"I don't know exactly the magnitude, but there is no doubt
Codelco's surplus will be strongly affected by the drop on the
copper's price, there is no doubt about it," said Chile Mine
Minister Santiago Gonzale was cited by Reuters as saying, the
report relates.

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


CODELCO: Mulls Joint Venture With China's Minmetals
---------------------------------------------------
Corporacion Nacional del Cobre (Codelco) is evaluating joint
venture exploration prospects with China's Minmetals, Monica
Vargas of Reuters reports, citing Chile Mine Minister Santiago
Gonzalez.

"This is a great opportunity for us as a country because if we are
able to capitalize on Chinese investments in Chile, we will take a
big step toward strengthening mining investment," Minister
Gonzalez was cited by Reuters as saying.

According to the report, a Chinese delegation led by the country's
deputy mining minister would arrive in Chile in January in search
of business prospects.

The company's production has declined in recent years as ore
grades fell at aging mines, the report discloses.

Reuters notes that the company is investing heavily in expansions
at existing mines, but has inaugurated only one new mine, the Gaby
pit in northern Chile.

As reported by the Troubled Company Reporter - Latin America on
November 11, 2008, Reuters reported Codelco's board approved the
second-stage expansion of its newest copper mine Gaby.  The
company said Gaby mine, which started operations in May, would
produce some 70,000 tonnes of copper this year, 12.5 percent less
than the 80,000 projected earlier in the year, the same report
noted.

Meanwhile, Reuters points out that China recently relinquished its
right to buy a large stake in Gaby but the market expects a
compensation deal for Minmetals.

Reuters adds that Codelco is expecting to see profits tumble from
record highs in recent years, and Minister Gonzalez said the
company must capitalize on falling costs of materials used in
mining.

                          About Codelco

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



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

PETROECUADOR: Affiliate Inks 2D Seismic Deal With Scan Geophysical
------------------------------------------------------------------
Petroecuador's affiliate, Petroproduccion, issued a letter of
agreement for Scan Geophysical ASA to implement a major 2D seismic
program off Ecuador in support of the government's plan to develop
hydrocarbon prospects in the region, Oil and Gas Journal reports.

According to the report, the agreement, which is subject to the
parties finalizing a mutually agreeable contract, calls for Scan
Geophysical to shoot about 10,000 km of 2D marine acquisition in
waters along most of the Ecuadorian coast.

Amistad gas field off the southwestern coast is Ecuador's only
Pacific offshore production, but several operators have drilled
discoveries and established production to the south off Peru's
northwest coast, the report says.

                        About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                          *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.


* ECUADOR: Willing to Meet With Bondholders to Discuss Debt
-----------------------------------------------------------
Ecuador is willing to meet with bondholders to discuss its debts,
Bloomberg News reports, citing Finance Minister Maria Elsa Viteri.

As reported by the Troubled Company Reporter - Latin America on
November 18, 2008, Bloomberg News said 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.

The Financial Times related that President Correa said it may not
be able to pay on parts of its US$10 billion foreign debt.
According to the report, 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."

Meanwhile, Bloomberg News notes that the country continues to
negotiate a US$1 billion loan with the Inter-American Development
Bank and may also seek financing from the Organization of
Petroleum Exporting Countries.

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.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
November 18, 2008, 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.


* ECUADOR: Seeks to Deepen Ties With Republic of China
------------------------------------------------------
Ecuador seeks to deepen its ties with China in the fields of
diplomacy, politics and commerce, Xinhua News reports, citing
President Rafael Correa.

According to the report, Mentor Villagomez, undersecretary of
economy and commerce, said President Correa has set some
initiatives as priorities for strengthening the bilateral ties,
like transportation cooperation and technical exchanges.

The Ecuadorian government, the report relates, has also proposed
other measures, including making Ecuador a Chinese tourist
destination, strengthening Ecuador's commercial offices in China
and periodically sending commercial missions to the country.

Meanwhile, Xinhua notes Mikio Kuwayama, representative of the UN
Economic Commission for Latin America and the Caribbean (ECLAC),
said Ecuador should do more to explore Chinese markets.  "China
has become a very important country for the export of the Latin
American countries, but for Ecuador it is still very limited, and
it must change.  It must diversify its products to be exported to
China," he said.

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.

                           *     *     *

As reported by the Troubled Company Reporter - Latin America on
November 18, 2008, 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.



=================
G U A T E M A L A
=================

REPUBLIC OF GUATEMALA: S&P Keeps BB Rating; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Republic of Guatemala to stable from positive.

Standard & Poor's also said that it affirmed its 'BB/B' foreign
currency and 'BB+/B' local currency sovereign credit ratings and
its 'BBB-' transfer and convertibility assessment on the republic.

"We revised the outlook to stable to reflect the slowdown of the
encouraging momentum seen in both Guatemala's tax collections and
GDP growth in the last two years," explained Standard & Poor's
credit analyst Roberto Sifon Arevalo.  S&P expects tax revenues as
a percentage of GDP to be about 11.7% in 2008, lower than in prior
years and likely remaining low in 2009.  Standard & Poor's also
revised its GDP growth projections for 2008 and 2009 to 3.8% and
3.5%, respectively, because of adverse external conditions.

The recession in the U.S. economy is already affecting the pace of
growth of workers' remittances, which will likely grow about 6% in
2008 versus 14% in 2007 and could decline in 2009.  Slower
economic growth throughout Central America will likely hurt
regional demand for Guatemalan imports, dampening medium-term
growth prospects.

"The ratings on Guatemala continue to be supported by relatively
low levels of debt and a still manageable--albeit deteriorating--
fiscal deficit," Mr. Sifon Arevalo added.  The general government
deficit was about 1.5% in 2007 and should increase to 2% in 2008
and in 2009 as a result of high inflationary pressures and
spillover effects of the recession in the U.S. economy as well as
its impacts in the other regional economies.  In addition,
Guatemala's fiscal flexibility and creditworthiness will continue
to be constrained over the medium term by a narrow tax base and
continual current account deficits that in 2008 are expected to
increase to about 6% of GDP.

"Further steps to improve transparency and political cohesion--as
well as to lower the general government debt-to-revenues ratio
through widening the tax base while containing debt levels—would
improve Guatemala's financial profile, boosting the rating," Mr.
Sifon Arevalo noted.  "On the other hand, fiscal slippage and a
return to political polarization that limits the government's
ability to apply effective economic policies could place downward
pressure on the ratings."



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

AIR JAMAICA: Divestment to be Completed on March 31, 2009
---------------------------------------------------------
The divestment of Air Jamaica is scheduled to be completed by
March 31, 2009, Jamaican Information Service reports, citing
Senator Donald Wehby, Minister without Portfolio in the Ministry
of Finance and the Public Service.

"The Divestment Committee is working with the International
Finance Corporation, a member of the World Bank.  The final phase
of the divestment, marketing and implementation, is currently
underway and the marketing document, an information memorandum,
has been finalised," the report cited Senator Wehby as saying.

As reported by the Troubled Company Reporter - Latin America on
November 14, 2008, Jamaica Gleaner related that Air Jamaica
President Bruce Nobles admitted there is no clear plan for the
future of the airline if the management fails to divest the
carrier by the March 31 deadline.

According to another TCRLA report on October 20, 2008, The Jamaica
Gleaner said Air Jamaica is set to lose US$108 million during the
present financial year.  However, the global slowdown in aviation
and financial markets, and Jamaica's own economic uncertainty,
will not derail plans for the divestment of national carrier Air
Jamaica, said Senator Don Wehby.

That report noted Mr. Nobles and his team had been in discussion
with potential purchasers to ensure the divestment is completed by
the deadline.  The Government has contracted the services
of IFC, the private sector arm of the World Bank, as consultants
and advisers in the divestment process, the same report added.

Jamaican Information Service relates Senator Wehby said, "The
deliverables for the divestment are clear.  The Air Jamaica brand
must be maintained; adequate airlift must be provided for the
island; and the selected partner must have extensive airline
experience, matched with the appropriate capital."

Meanwhile, The Jamaican Observer reports Bustamante Industrial
Trade Union (BITU) has asked the management of Air Jamaica to
develop an alternative plan, in case the divestment of the airline
fails to materialise by next March.

In a letter to the airline's president, Bruce Nobles, BITU
President Kavan Gayle said an alternative plan was necessary to
ensure that "Brand Air Jamaica" continues to fly, whether or not
the divestment succeeds, according to The Observer.

"Whilst the union understands the government's position that the
airline in its present state must be divested, it is of great
concern to us that if the divestment plan fails there is no real
alternative," the report cited Mr. Gayle as saying.

                        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.


JAMAICA: Fitch Ratings Downgrades Issuer Default Rating to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded Jamaica's ratings:

  -- Long-term foreign Issuer Default Rating (IDR) to 'B' from
     'B+';

  -- Local currency IDR to 'B' from 'B+';

  -- Country ceiling to 'B+' from 'BB-';

  -- Senior unsecured debt 'B/RR4' from 'B+/RR4'.

Fitch has also assigned a Short-term Foreign Currency IDR of 'B'.
The Rating Outlook is Negative.

The downgrade reflects Fitch's view that shocks from global
financial turbulence and the expected US recession have heightened
downside credit risks given Jamaica's modest and deteriorating
international liquidity, large current account deficit and
comparatively high public debt burden.

"The recent depreciation pressures on the Jamaican Dollar as well
as sales of international reserves signal rising challenges facing
the island due to the worsening international environment," said
Shelly Shetty, Senior Director in Fitch's Sovereign Group.

While the government continues to demonstrate a strong willingness
to service its debt in a timely manner, its capacity to respond to
current external shocks has weakened.  In October 2008, the
central bank lost nearly 20% in international reserves.  Moreover,
the Bank of Jamaica established a USD300 million facility to
assist the financial system in meeting external margin calls on
certain Government of Jamaica bonds.

On the back of declining reserves, Fitch's international liquidity
ratio is estimated to fall to 111% in 2009 from 141% in 2007,
against the 'B' median of 184%.  Furthermore, at 10.6 weeks,
international reserves coverage of goods and services imports is
currently lower than in 2002/03 when the island last faced
financial crisis.  In addition, the GOJ must finance a
EUR200 million Eurobond maturity in February 2009, although
raising these funds in international capital markets currently
appears difficult.  Nevertheless, Fitch notes that the
government's pro-active engagement with multilaterals could yield
disbursements which could supplant the sovereign's external market
financing needs.

Jamaica's macroeconomic environment is challenged by stalled
economic growth, double-digit inflation and a large current
account deficit.  "Although falling commodity prices are likely to
provide some relief on external accounts and inflation in the
coming months, weakening global demand and lower capital inflows
increase the risk of a sharper macroeconomic adjustment in 2009,"
added Shetty.

The island is heavily dependent on the U.S. for tourism and
remittances, both of which could be adversely affected by a U.S.
recession.  Furthermore, the global slowdown could temper growth
in foreign direct investment, which has been essential to
financing double-digit current account deficits.  Fitch projects
that the current account deficit plus net FDI flows could reach a
'B' category high of over 8% of gross domestic product in 2009,
reflecting Jamaica's vulnerability to a potential reduction in
private capital inflows.

Jamaica's fiscal indicators, such as government debt of over 100%
of GDP and nearly 400% of revenues, compare quite unfavorably with
the 'B' median.  The GOJ has consistently missed its fiscal
targets in recent years, and chose a rather unambitious goal of a
4.5% of GDP deficit for the current fiscal year.  Rising domestic
interest rates and a weakening exchange rate could add to the
government's debt servicing costs, especially as a high proportion
of government debt is either linked to interest rates or the
exchange rate.  In addition, slowing economic growth, falling
alumina prices, hurricane-related reconstruction costs and
increasing wage demands by certain public sector employees could
further challenge fiscal accounts.

Jamaica's 'B' ratings are supported by its political stability and
a debt service record that is better than most rating peers.  The
ratings incorporate the authorities' commitment and the country's
institutional strengths which have allowed it to service its
crushing debt burden even during periods of extreme financial
stress.

Absent an appropriate policy response, rising macroeconomic
pressures could lead to economic and financial crisis and result
in a downgrade of Jamaica's ratings.  Additionally, a significant
erosion of the country's external liquidity position would be
negative for sovereign creditworthiness.  On the other hand,
easing of external financing constraints and resilience of the
policy framework in the face of the deteriorating external
environment could help stabilize the ratings.



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

METROFINANCIERA SA: S&P Downgrades Rating on $100 Mil. Securities
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its rating
on Metrofinanciera S.A. de C.V. SOFOM E.N.R.'s $100 million
perpetual, noncumulative subordinated step-up securities to 'C'
from 'CCC-'.  At the same time, S&P affirmed S&P's 'B' long-term
counterparty credit rating, S&P's 'mxBBB-/mxA-3' national scale
rating, and S&P's senior unsecured debt rating on Metrofinanciera.
The outlook remains negative.

"The rating action follows Metrofinanciera missing its
$2.8 million coupon payment," said Standard & Poor's credit
analyst Arturo Sanchez.  The potential deferral of interest on
Metrofinanciera's hybrid security had been increasing given the
company's limited liquidity position and pressured capitalization.
Interest payments on its hybrid security are noncumulative, which
means that bondholders will not have the right to receive unpaid
coupons.

This missed coupon payment does not constitute an event of default
for the company.  The 'C' subordinated debt rating is not lowered
further due to S&P's expanded definition of S&P's 'C' rating to
include issues on which cash coupons have been deferred,
eliminated, or in some cases, paid in kind, as permitted under the
terms of this hybrid issue.

The counterparty credit and senior unsecured debt ratings on
Metrofinanciera continue to reflect the company's limited
liquidity and deteriorating financial performance.  However, in
S&P's opinion, support from Sociedad Hipotecaria Federal S.N.C.
(SHF; national scale: mxAAA/Stable/mxA-1+), a Mexican government-
related entity, has been crucial to somewhat reestablish the
company's financial flexibility and has given it room to maneuver
in the current stressed market environment.

Metrofinanciera's funding profile has deteriorated due to its
reliance on volatile wholesale funding sources, which have become
scarcer and more expensive in current market conditions than
before.  In addition, its sizable exposure to land investments
continues to constrain the ratings. Counterbalancing these factors
is SHF's proven support.

The outlook on the counterparty credit rating on Metrofinanciera
is negative, reflecting high refinancing risk posed by the large
amount of debt maturing during the next 12 months and S&P's
expectation that the company's limited liquidity, exposure to land
investments, and pressures on its funding capabilities and
financial flexibility will persist.

If SHF reduces its support for Metrofinanciera in any way, S&P
will lower the rating, possibly more than one notch.  A major
deterioration in asset quality indicators that might place
negative pressures on the company's financial profile, and
significantly incremental short-term debt affecting its current
capital structure, could also lead to a downgrade.  For an outlook
revision to stable, the company would need to divest its exposure
to land.  SHF's continued support and Metrofinanciera's ability to
increase the number of eligible assets are also crucial to ratings
stability.


VITRO SAB: Names Hugo Lara as Chief Executive Officer
-----------------------------------------------------
Vitro S.A.B. de C.V.has named Hugo Lara as its Chief Executive
Officer.

According to Bloomberg News, Vitro appointed Mr. Lara to replace
Federico Sada, a member of the company's controlling family who
resigned after holding the post since 1995.

The company said Roberto Rubio, who was the President of Diverse
Industries and Central Technology, has been designated as
President of the Flat Glass business unit, formerly in charge of
Hugo Lara.

Mr. Rubio's previous experience as head of such business unit will
be a key issue for its future performance, the company noted.

The Technology function will be integrated to Vitro's Flat Glass
and Glass Containers businesses units.

Enrique Osorio, former Chief Financial Officer, has decided to
retire from the company.

The company also said Finance and Administrative areas have been
merged and will be under Claudio Del Valle.

David Gonzalez will continue as Glass Containers President and
Alejandro Sanchez Mújica as President Legal and General Counsel,
the company added.

Bloomberg News says the company said Oct. 29 that its derivative
losses widened to US$360 million from US$227 million earlier that
month, mostly from the wrong bet that natural gas would rise from
highs this summer.

                           About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on
Oct. 9, 2008, Moody's affirmed the B2 senior unsecured debt and
corporate family ratings of Vitro S.A.B. de C.V.'s , while at the
same time changing the outlook for the company's ratings to
negative from stable.

TCR-Latin America also reported on Aug. 27, 2008, Standard &
Poor's Ratings Services has revised its outlook on Vitro S.A.B. de
C.V. to negative from stable.  At the same time S&P affirmed its
'B' long-term corporate credit and senior unsecured ratings on
Vitro.


* MEXICO: Signs Oil Cooperation Deal With Indonesia
---------------------------------------------------
Mexican President Felipe Calderon and Indonesian President Susilo
Bambang Yudhoyono disclosed an oil cooperation agreement between
their state-run oil companies, Agence France-Presse reports.

According to the report, the agreement established cooperation in
"development, scientific and technological investigation, and
exploration and drilling" between Petroleos Mexicanos (Pemex) and
Pertamina, Indonesia's oil company.

President Yudhoyono, the report relates,said he was also seeking
to increase economic ties between the two countries, while
President Calderon said another cooperation agreement in
agriculture, education and diplomatic training had also been
signed with the visiting president.

As reported by the Troubled Company Reporter - Latin America on
November 19, 2008, Bloomberg News said Mexico's finance ministry
may report the slowest economic growth in five years as a global
slump hits the country.  Gross domestic product probably expanded
1.3% in the third quarter, according to the median estimate of 10
economists surveyed by Bloomberg.



===========
P A N A M A
===========

GENERAL MOTORS: Seeks Up to US$12BB of Requested Auto Fin'l Aid
---------------------------------------------------------------
Siobhan Hughes at Dow Jones Newswires reports that General Motors
CEO Rick Wagoner said that the company wants US$10 billion to
US$12 billion of the requested US$25 billion in emergency funding
from the government.

According to Dow Jones, Mr. Wagoner told Sen. Bob Corker at a
Senate Banking Committee hearing, "We felt that we should get our
proportionate market share of that."

Dow Jones relates that Ford Motor Co. CEO Alan Mulally said that
his company was seeking US$7 billion to US$8 billion.  Chrysler
LLC CEO Robert Nardelli, according to Dow Jones, said that his
company wants US$7 billion.

American Bankruptcy Institute reports that the U.S. Senate
Democrats released details of a US$25 billion Auto Rescue Package.
The funding is part of an economic stimulus package carved from
the US$700 billion financial market bailout, the report says.
Bankruptcy Law360 says top executives of U.S. automakers on
Tuesday made their case before a Senate panel, arguing that they
should be next in line to get government aid in the wake of the
financial crisis.

                   Curbs in Executives' Pay

Matthew Dolan at The Wall Street Journal reports that GM and Ford
may set up caps on executive pay.  The report says that the bill
in the House of Representatives has provisions that would bar
bonuses for executives of companies receiving loans.  The report
states that the bill in the congress would demand:

    -- no bonuses to workers making more than US$200,000,
    -- no "golden parachutes" payouts to fleeing executives, and
    -- "no compensation plan that could encourage manipulation
       of reported earnings to enhance compensation."

Chrysler said in a statement that it expected any loan package to
come with conditions "including taxpayers having equity.  We do
not expect that this is a final product.  The company is open to
further discussions with Congress."

Ford Motor and GM spokespersons said their companies are reviewing
the bills released on Monday, WSJ relates.  The companies are
already taking steps that would effectively institute similar
kinds of caps, the report says, citing the spokespersons.

WSJ states that Mr. Wagoner's salary was increased by 33% to about
US$2.2 million this year -- compared to US$1.65 million in 2007 --
and equity compensation of at least US$1.68 million for his
performance in 2007, even though GM has been losing money since
2005.  According to the report, Mr. Wagoner was also awarded
75,000 restricted stock units valued at US$1.68 million, based on
GM's closing stock price in March, and given stock options
representing 500,000 shares.

WSJ reports that GM officials insist those reported figures need
context.  Mr. Wagoner took a 50% cut in his base salary pay in
2006, the report states, citing GM spokesperson Tony Cervone.
Figures cited by the company indicate that Mr. Wagoner's overall
compensation is down from 2003 when he made US$8.3 million in
compensation from salary and bonuses alone.  Mr. Cervone said that
much of Mr. Wagoner's overall compensation is also "at-risk," or
tied to the stock price of the company which has dropped.  GM,
according to the report, said that they would cut bonuses this
year.

Mr. Mulally, says WSJ, has also got "a rich pay package," while
Ford is losing money and even pulled back from a pledge to return
to profitability in 2009.  WSJ relates that Ford reported in April
2008 the Mr. Mulally received US$2 million in base salary, a US$4
million bonus and more than US$11 million of stock and options
last year.  The report says that Mr. Mulally's base salary
remained the same over 2006.  According to the report, Mr. Mulally
has earned almost US$50 million in compensation since leading
Ford.


WSJ relates that after Mr. Mulally's pay package was disclosed,
Ford said that it will pay bonuses to hourly and salaried
employees despite its losses, partly to avoid any bitterness among
the rank and file.  Ford executives said in a conference call
earlier this month that those bonuses have now been cut.  Mr.
Mulally said in "Good Morning America" that Ford has stopped merit
raises, incentives and bonuses for top management.

Less is known about Chrysler CEO Robert Nardelli's package because
the company is privately held, WSJ says.

According to WSJ, Chrysler said it will keep multimillion dollar
retention bonuses promised to executives in 2007, when it was
taken over the private equity firm, Cerberus Capital Management.
A Chrysler spokesperson said that those bonuses will be paid out
in August 2009, the report says.  They were valued at US$30
million, but have been reduced because some executives have
already left the company without being able to cash out their
bonus, the report states, citing the spokesperson.

                  About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

                    *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
ofUS$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. economy.



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

ROYAL CARIBBEAN: To Suspend Common Stock Dividend Payment
---------------------------------------------------------
Royal Caribbean Cruises Ltd. will stop paying its common stock
dividend to save money as the global economic slowdown continues
to hurt the travel industry, Mark McSherry of Reuters reports.

According to the report, the company reported higher third-quarter
profit but warned that bookings were down significantly in recent
weeks.

"We recognize our dividend is important to many of our
shareholders," the report cited Chief Executive Officer Richard
Fain as saying.  "However, the best way to reward all of our
shareholders is to continue to position the company for future
earnings growth and enhance our liquidity during this period of
heightened economic and financial market volatility."

The company, the report relates, said it has made recent cost
savings it estimates will save it US$125 million a year and that
it will continue to assess its liquidity position.

                      About Royal Caribbean

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF Croisieres
de France.  The company has a combined total of 35 ships in
service and seven under construction.  It also offers unique land-
tour vacations in Alaska, Australia, China, Canada, Europe, Latin
America and New Zealand.  The company has operations in Puerto
Rico.

                            *     *     *

As reported in the Troubled Company Reporter on November 11, 2008,
Standard & Poor's Ratings Services placed its ratings for Miami,
Florida-based Royal Caribbean Cruises Ltd. on CreditWatch with
negative implications, including the 'BB+' corporate credit rating
and the 'BB+' issue-level rating on the company's senior unsecured
debt.



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
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  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *