TCRLA_Public/081121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, November 21, 2008, Vol. 9, No. 231

                            Headlines

A R G E N T I N A

ATLANTICA HOTELS: Proofs of Claim Verification Due on February 17
AVALON INVESTMENTS: Proofs of Claim Verification Due on Dec. 29
CANDELETI SRL: Proofs of Claim Verification Due on December 12
DVD ONE: Proofs of Claim Verification Deadline is February 3
EPSON SA: Proofs of Claim Verification Due on February 26

FRIGORIFICO LIDERCAR: Proofs of Claim Verification Due on Feb. 25
IL POSTINO: Proofs of Claim Verification Due on December 17
INSERTEC SRL: Proofs of Claim Verification Due on March 3
PELEXPORT SA: Proofs of Claim Verification Due on December 11
PETROBAS ENERGIA: S&P Puts 'BB' Rating on CreditWatch Negative

PUBLIMED SA: Proofs of Claim Verification Due on February 10
SALVO CONSTRUCCIONES: Proofs of Claim Verification Due on Nov. 7
TRANSPORTADORA DE GAS: S&P Puts 'B+' Rating on Negative Watch
VIAL TIGRE: Proofs of Claim Verification February 17
YPF SA: S&P Downgrades Long-Term Corporate Credit Rating to 'BB'


B R A Z I L

BRASKEM SA: Credit Crisis May Affect US$1.5 Bil. Loan Repayment
COMPANHIA VALE: Shares Drop as JPMorgan Cuts Forecasts
GENERAL MOTORS: CEO Wagoner Says Bankruptcy Would Be Catastrophic


C A Y M A N  I S L A N D S

ALLEGRO FUND: Creditors' Proofs of Debt Due on December 3
ALLEGRO FUND: Shareholders' Final Meeting Set for December 12
DELFINA CAPITAL: Creditors' Proofs of Debt Due on December 2
DELFINA CAPITAL FUND: Members' Final Meeting Set for January 30
DELFINA CAPITAL: Creditors' Proofs of Debt Due on December 2

DELFINA CAPITAL MASTER: Members' Final Meeting Set for January 30
GLOBAL ESSENTIAL: Requires Creditors to File Claims by December 2
GLOBAL ESSENTIAL: Members' Final Meeting Set for January 31
LPSB INVESTEMENTS: Requires Creditors to File Claims by Dec. 3
QUADRANGLE PARTNERS: Creditors' Proofs of Debt Due on December 3

QUADRANGLE PARTNERS: Shareholders' Final Meeting Set for Dec. 12
RITCHIE FIXED: Creditors' Proofs of Debt Due December 11
RITCHIE FIXED: Shareholders' Final Meeting Set for December 15
SPINNAKER CAPITAL: Requires Creditors to File Claims by Dec. 11
SPINNAKER CAPITAL: Shareholders' Final Meeting Set for Dec. 11

STONEWORKS GLOBAL: Requires Creditors to File Claims by Dec. 3
STONEWORKS GLOBAL: Creditors' Proofs of Debt Due on December 3
UG HIDDEN: Creditors' Proofs of Debt Due on November 17
UNI HANI: Creditors' Proofs of Debt Due on December 11


C H I L E

EMPRESA NACIONAL: May Have Difficulty Repaying US$1 Bil. Loan
CODELCO: Cuts China Copper Fee by 32% Amid Slow Global Growth
SAMSUNG ELECTRONICS: Resumes Operations in Mexico Plant


C O L O M B I A

* COLOMBIA: Central Bank to Cut Rates Over Losses on Ponzi Schemes


E C U A D O R

* ECUADOR: May Default on 2012 Bonds After Audit Report


J A M A I C A

NATIONAL COMMERCIAL: Moody's Cuts Issuer Default Ratings to 'B'


M E X I C O

METROFINANCIERA SA: Fitch Downgrades Rating on 11.25% Notes


P U E R T O  R I C O

INDUSTRIAS VASSALLO: Case Summary and 20 Largest Unsec. Creditors
INDUSTRIAS VASSALLO: Files for Bankruptcy in Puerto Rico


V E N E Z U E L A

* Moody's Says Venezuela's Ratings Supported by Low Debt Burdens


X X X X X X X X

* Ford & GM CEOs Say No to US$1 Salary in Exchange for Gov't Aid


                         - - - - -


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

ATLANTICA HOTELS: Proofs of Claim Verification Due on February 17
-----------------------------------------------------------------
Susana Gonzalez Cabrerizo, the court-appointed trustee for
Atlantica Hotels International del Plata SA's bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 17, 2009.

Ms. Cabrerizo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The debtor can be reached at:

          Atlantica Hotels International del Plata SA
          Esmeralda 1082
          Buenos Aires, Argentina

The trustee can be reached at:

          Susana Gonzalez Cabrerizo
          Acevedo 492
          Buenos Aires, Argentina


AVALON INVESTMENTS: Proofs of Claim Verification Due on Dec. 29
---------------------------------------------------------------
The court-appointed trustee for Avalon Investments S.R.L.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until December 29, 2008.

The trustee will present the validated claims in court as
individual reports on March 12, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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


CANDELETI SRL: Proofs of Claim Verification Due on December 12
--------------------------------------------------------------
The court-appointed trustee for Candeleti S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 12, 2008.

The trustee will present the validated claims in court as
individual reports on February 27, 2009.

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


DVD ONE: Proofs of Claim Verification Deadline is February 3
------------------------------------------------------------
The court-appointed trustee for Dvd One S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 3, 2009.

The National Commercial Court of First Instance in Buenos Aires
will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.


EPSON SA: Proofs of Claim Verification Due on February 26
---------------------------------------------------------
Miguel Rudnitzky, the court-appointed trustee for Epson SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 26, 2008.

Mr. Rudnitzky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Debtor can be reached at:

          Epson SA
          Bautista Ambrosetti 216
          Buenos Aires, Argentina

The trustee can be reached at:

          Miguel Rudnitzky
          Cachimayo 11
          Buenos Aires, Argentina


FRIGORIFICO LIDERCAR: Proofs of Claim Verification Due on Feb. 25
-----------------------------------------------------------------
The court-appointed trustee for Frigorifico Lidercar S.A.'s
reorganization proceeding will be verifying creditors' proofs of
claim until February 25, 2009.

The National Commercial Court of First Instance in Buenos Aires
will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 11, 2009.


IL POSTINO: Proofs of Claim Verification Due on December 17
-----------------------------------------------------------
The court-appointed trustee for Il Postino S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 17, 2008.


INSERTEC SRL: Proofs of Claim Verification Due on March 3
---------------------------------------------------------
The court-appointed trustee for Insertec S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
March 3, 2009.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 3, 2009.


PELEXPORT SA: Proofs of Claim Verification Due on December 11
-------------------------------------------------------------
the court-appointed trustee for Pelexport S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 11, 2008.

The trustee will present the validated claims in court as
individual reports on February 27, 2009.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 15, 2009.


PETROBAS ENERGIA: S&P Puts 'BB' Rating on CreditWatch Negative
--------------------------------------------------------------
On Nov. 5, 2008, Standard & Poor's Ratings Services placed its
'BB' foreign-currency long-term corporate credit rating on
Argentina-based Petrobras Energia S.A. on CreditWatch Negative.

The CreditWatch with negative implications reflects a change in
S&P's transfer and convertibility assessment for Argentina to 'B-'
from 'B+'.  In the case of PESA, ratings remain above the T&C
assessment while S&P reviews the impact of mitigating factors,
mainly potential parent support, a sufficiently strong export
profile or geographic diversity, and a strong cash position.
These factors may allow the ratings to remain above the current
T&C assessment for Argentina.

The ratings on PESA mainly reflect S&P's perception of the
existence of economic incentives from Petroleo Brasileiro S.A. -
Petrobras (Petrobras; FC: BBB/Stable/A-3) to support PESA, given
PESA's strategic importance as a key foreign subsidiary in Latin
America.  This was evidenced partly through the standby purchase
agreement granted to PESA to support the issuance of US$300
million 10-year notes in May 2007.  As a result, S&P's final
rating on PESA is two notches above its stand-alone credit rating,
and four notches above the foreign currency rating on the Republic
of Argentina (B-/Stable/C).  In addition, the rating on the
US$300 million notes due 2017 reflects the benefit of the credit
support provided under the terms of the SPA.

The stand-alone credit rating on PESA reflects its high exposure
to uncertain and rapidly changing economic and regulatory rules,
mainly in Argentina, Venezuela, and Ecuador; its significant need
for capital expenditures (to develop its reserve base and increase
production levels); and weak reserve replacement ratios.  Those
factors are partially mitigated by an adequate level of
integration between upstream and downstream operations in
Argentina, and competitive production costs.

The rating on the US$300 million notes due 2017 is aligned with
that on Petrobras, considering the SPA provided by Petrobras for
the notes.  The SPA has several guarantee-like features and
provides strong credit support for the notes.  However, there are
some differences from a typical guarantee, mostly in the
enforcement mechanisms and procedures if Petrobras fails to comply
with its obligations under the agreement.

PESA, an Argentina-based subsidiary of Petrobras, is one of the
largest oil-and-gas production companies in the country.  It is
involved in several energy-related businesses in Argentina,
Ecuador, Venezuela, and Peru, among other countries.  As of
June 30, 2008, PESA had US$1.8 billion in total debt outstanding.

With sales of about US$4.5 billion for the 12 months ended
Sept. 30, 2008, and consolidated assets of approximately US$6
billion as of Sept. 30, 2008 (excluding the companies under joint
control, proportionally consolidated), PESA is one of the most
important energy companies in Argentina.  As of December 2007, the
company had proved reserves of 483 million barrels of oil
equivalent and an adequate reserve life of 9.5 years at 2007
production levels.  Its reserve base is relatively balanced
between oil (55%) and natural gas, with 55% located in Argentina.

S&P believes PESA's ability to fund capital expenditures is a
major credit factor.  The company needs to develop its reserve
base and increase production to grow in the exploration and
production business and thus improve its future repayment
capacity.  Given PESA's debt relative to its generation ability,
S&P believes the company will need to refinance most of its
existing obligations to fund the required significant investments
internally.  In this context, PESA's adequate financial
flexibility is a key credit factor. Potential parental support and
the market's association of PESA with Petrobras should enhance
financial flexibility.

During the first nine months of 2008, PESA's oil and gas
production volumes decreased 16% and 4%, respectively, when
compared to the same period of 2007, mainly as a result of the
sale of a 40% stake in the "Lote X" in Peru, some labor strikes,
and the natural decline of certain mature fields in Argentina.
Nevertheless, the decline in production was more than compensated
by higher average realization prices, particularly in Ecuador and
Peru, and to a lesser extent in Argentina.  As a result, PESA
improved its main consolidated credit metrics.  For the 12 months
ended Sept. 30, 2008, PESA's EBITDAX interest coverage and funds
from operations -to-total ratios debt reached 7.7x and 46%,
respectively, from 5.2x and 27.9%, respectively, in fiscal 2007.
In spite of further tax pressures mainly in Ecuador and declining
production levels, in a lower price environment S&P expects PESA
to post minimum ratios of EBITDAX interest coverage and FFO-to-
total debt in excess of 3x and 20%, respectively, to maintain its
stand-alone rating.  Nevertheless, the company still faces
significant capital expenditure needs, which should be at least
US$500 million to US$600 million per year and would result in
modest free cash generation.

PESA has a relatively aggressive capital structure with a total
debt–to-total capitalization ratio of 40.6% as of Sept. 30, 2008,
and total debt-to-EBITDAX ratio of 1.7x for the 12 months ended at
the same date.  S&P deems that there's little room for debt
reduction in the medium term in light of the company's strong
capital expenditure requirements.

                           Liquidity

PESA's liquidity position is good and is mainly based on its good
financial flexibility and strong cash position.  S&P believes that
the market's identification of PESA with the Petrobras group will
help PESA with its manageable refinancing needs.  As of Sept. 30,
2008, total debt was US$1.8 billion, including approximately
US$537 million in the short term, while cash reserves amounted to
about US$472 million.

PESA's liquidity position significantly improved since first-
quarter 2008 as a result of the sale of 40% of its upstream
operations in Peru to its controlling shareholder for about
US$430 million.  PESA also announced the acquisition of a 13.72%
stake in El Tordillo and La Tapera-Puesto Quiroga areas in
Argentina for aboutUS$117 million.  Peruvian operations are very
profitable and accounted for about 10% of PESA's oil and gas
production in 2007.

S&P sees these transactions as part of Petrobras' strategy to
optimize its asset portfolio in Latin America, and they don't
change S&P's perception of its commitment and potential support to
its Argentine subsidiary, which is one of the key determinants in
the ratings.  S&P expects PESA to be increasingly focused in
Argentina as Petrobras' vehicle in this country.  In this sense,
S&P expect PESA to apply most of its current strong cash position
to continue financing E&P investments and potentially to finance
opportunistic acquisitions, mainly in Argentina.

Considering the company's high capital expenditure needs, S&P
expects PESA to continue relying on refinancing for a significant
portion of its maturities, which present some concentration in
2009 and 2010 (about US$322 million and US$412 million,
respectively).

S&P does not expect the company to make significant dividend
payments that would jeopardize its debt repayment capacity.
Instead, S&P expects PESA to direct cash generation to capital
expenditures to increase production capacity and reduce financial
debt, thereby improving its capital structure.

                           Ratings List

CreditWatch Action             To                 From

Petrobras Energia S.A.

  Corporate Credit Rating
  Foreign Currency             BB/Watch Neg/--   BB/Stable/--


PUBLIMED SA: Proofs of Claim Verification Due on February 10
------------------------------------------------------------
The court-appointed trustee for Publimed S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 10, 2009.


SALVO CONSTRUCCIONES: Proofs of Claim Verification Due on Nov. 7
----------------------------------------------------------------
The court-appointed trustee for Salvo Construcciones S.H.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until November 7, 2008.

The trustee will present the validated claims in court as
individual reports on December 22, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 6, 2009.


TRANSPORTADORA DE GAS: S&P Puts 'B+' Rating on Negative Watch
-------------------------------------------------------------
On Nov. 5, 2008, Standard & Poor's Ratings Services placed its
'B+' long-term counterparty credit rating on Argentina-based
Transportadora de Gas del Sur S.A. on CreditWatch Negative.

The CreditWatch Negative on the local-currency ratings reflects
S&P's perception that the corporate sector in Argentina faces
tougher challenges than before and that overall credit quality has
weakened given S&P's view of a riskier business environment for
companies operating in the country.  As a result, S&P is analyzing
the impact of government intervention, financial flexibility,
parent support, cash-flow stability, and overall leverage on the
final ratings.  The ratings could remain above that of the
sovereign if S&P's analysis shows that, under a sovereign default
scenario, the company can generate sufficient local-currency
resources to meet all its financial obligations (both local and
foreign currency), absent the risk of direct sovereign
intervention that may constrain payment of foreign currency debt.

The CreditWatch Negative on the foreign-currency ratings reflects
a change in S&P's transfer and convertibility assessment for
Argentina to 'B-' from 'B+'.  In the case of TGS, ratings remain
above the T&C assessment while S&P reviews the impact of
mitigating factors, mainly a sufficiently strong export profile,
moderate leverage and strong cash position, sound free cash-flow
generation under a sovereign stress scenario, and modest debt-
maturity schedules.  These factors may allow the ratings to remain
above the current T&C assessment for Argentina.

The ratings on TGS reflect the high political and regulatory risk
the company faces in Argentina, the dependence on natural gas
availability for its unregulated business, and the currency
mismatch between revenues (partially in Argentine pesos) and debt
service (in U.S. dollars).  These risks are partially offset by
the company's strong competitive position as one of the country's
two largest natural gas transportation companies, profitable
unregulated activities, strong liquidity position, and very
favorable debt maturity schedule, with no principal maturities
until 2014.  As of June, 30, 2008, the company had about
$460 million in total debt.

The uncertain availability of natural gas to be processed at the
Cerri Complex is adding increasing volatility to TGS'
profitability and cash flow.  In harsh winters such as that of
2007, natural gas restrictions for large industrial users are
higher as residential demand increases for heating purposes.
Also, in November 2007, the Argentine government established,
through the Secretary of Energy's Resolution No. 394, a new export
duty regime for crude oil and several refined products.  These
include natural gasoline, one of TGS' products.  The impact of
this new measure is mainly a ceiling on the company's realization
prices for natural gasoline, limiting the potential benefits from
higher international market prices.  Although S&P already
incorporated these risks in the current ratings, if the impact is
greater than expected and translates into annual EBITDA generation
of less thanUS$180 million, the current ratings or outlook could
come under pressure.

With no principal maturities until 2014, S&P expects TGS to be
able to generate around US$180 million in EBITDA in 2009, which
will allow the company to more than cover its projected interest
payments of abou tUS$45 million.  S&P expects TGS' funds from
operations -to-interest and FFO-to-total debt ratios to be at
least 3.5x to 4.0x and 20% to 25%, respectively, in the next
two years, under a conservative scenario for the unregulated
business and assuming no tariff increase for the gas
transportation segment.  Also, assuming that capital expenditures
do not exceed US$50 million per year, TGS should continue to
generate adequate free cash flow.  The company now holds debt with
less-restrictive covenants and would be allowed to start paying
dividends, but these would depend on further developments in the
unresolved ownership structure of TGS' parent company, Compania de
Inversiones de Energia S.A., with this issue in turn linked to its
debt restructuring.  Nevertheless, S&P does not expect TGS' future
dividend policy to jeopardize its repayment capacity.

TGS has a moderate capital structure, with a total debt-to-
capitalization ratio of 32.1% as of Sept. 30, 2008, and a total
debt-to-EBITDA ratio of 2.0x for the 12 months ended Sept. 30,
2008.  S&P does not expect the company to increase its current
leverage, as measured in U.S. dollars, in the next two to three
years.  Changes in the exchange rate will remain critical for TGS
because its entire debt burden is in U.S. dollars.

TGS is Argentina's largest natural gas transportation company,
delivering more than 60% of total gas consumed in the country.  It
has a 35-year license to operate Argentina's southern gas
transportation system, a regulated activity.  TGS also operates a
natural gas separation facility near Bahia Blanca.  The company
separates natural gas into ethane, butane, propane, and natural
gasoline, all of which are sold, unregulated, to distributors,
refineries, and other third parties.

                             Liquidity

TGS' liquidity position is strong, given expected adequate cash
reserves, medium-term expectations of positive free cash flow
generation, and a light debt maturity schedule until 2014.  As of
Sept. 30, 2008, TGS had about US$180 million in cash and short-
term investments, abundantly exceeding its short-term debt.  S&P
expects TGS to maintain a solid liquidity position, mainly as a
result of expected positive free cash generation and manageable
debt maturities and capital expenditure needs.

                           Ratings List

Transportadora de Gas del Sur S.A

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


VIAL TIGRE: Proofs of Claim Verification February 17
----------------------------------------------------
The court-appointed trustee for Vial Tigre S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
February 17, 2009.

The trustee will present the validated claims in court as
individual reports on April 1, 2009.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 19, 2009.


YPF SA: S&P Downgrades Long-Term Corporate Credit Rating to 'BB'
----------------------------------------------------------------
On Nov. 5, 2008, Standard & Poor's Ratings Services lowered its
local currency, long-term corporate credit rating on Argentina-
based YPF S.A. to 'BB' from 'BB+' and placed it on CreditWatch
Negative.  At the same time, S&P placed its foreign-currency,
long-term corporate credit rating on YPF on CreditWatch Negative.

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

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

The CreditWatch with negative implications on the foreign-currency
rating reflects a change in S&P's transfer and convertibility
assessment for Argentina to 'B-' from 'B+'.  In the case of YPF,
ratings remain above the T&C assessment while S&P reviews the
impact of mitigating factors, mainly a sufficiently strong export
profile, moderate leverage and strong cash position, sound free
cash-flow generation under a sovereign stress scenario, modest
debt-maturity schedules, and parent support.  These factors may
allow the ratings to remain above the current T&C assessment for
Argentina.

The ratings on YPF S.A. mainly reflect the challenges of operating
in the highly uncertain and rapidly changing economic and
regulatory environment in Argentina, a geographically concentrated
reserve base, very weak reserve replacement ratios, and an
aggressive dividend policy, set at 90% of net income.  Those
factors are partially offset by YPF's moderate debt, the company's
vertical integration of its operating units, its dominant market
position in Argentina, and a certain degree of potential support
from Repsol-YPF S.A. (BBB/Stable/A-2).

Following the sale of a minority stake, YPF is currently 84%
controlled by Repsol.  The Argentina-based Petersen Group
(Eskenazi family) holds about a 15.4% stake and has an option to
purchase an additional 10% in the next four years.  The agreement
also contemplates that Repsol would make a public offer for an
additional 20% of YPF's share capital in secondary markets,
including the Buenos Aires stock exchange.  As a result, Repsol
might reduce its stake to about 55% in the medium term.
Therefore, YPF's significance to the Repsol group, and the group's
eventual support, may decline because of a reduced reserve base,
declining production levels, and less exposure to the Argentine
market.

YPF has a large and highly developed reserve base. As of Dec. 31,
2007, the company had proved reserves of 1.28 billion barrels of
oil equivalent --48% oil and 70% developed.  Geographic diversity
is low, since the reserve base is almost fully concentrated in
Argentina, mostly in the Neuquina Basin and the San Jorge Basin.
From an operating perspective, these regions are generally low
risk because of their long production histories.  Reserve
replacement has been less than 15% on average in the past three
years, excluding revisions.  Taking into account fiscal 2007
production levels and proved reserves as of Dec. 31, 2007,
combined reserve life is low, at about five and a half years.

YPF's reserve base has declined by approximately 45% since year-
end 2003, mainly because of the unexpected downward revision of
its proven reserves by 509 million boe in January 2006, less
exploratory activity, and less drilling activity in producing
fields with economically convenient costs.  S&P considers the low
reserve replacement a negative credit factor because it might
create pressure for additional capital expenditures to both
sustain production and find additional reserves.  Future
exploration activities would be highly linked to price signals in
Argentina.  The company's current strategy is aimed at
rejuvenating mature fields through infill drilling and secondary
and tertiary recovery.  Although this strategy would gradually
improve the segment's performance, a significant extension of the
company's reserve base would require new findings, which in turn
would be highly linked to prevailing economic and regulatory
conditions in Argentina.  Under a better price environment, some
other unconventional resources, such as tight gas, would offer
some growth potential.

Despite government intervention--export duties and pressures to
curb domestic prices--that have prevented the company from
benefiting fully from international crude oil prices, YPF has
reported exceptional cash-flow protection measures in the past
five years because of its very low debt and still-strong cash
generation.  Funds from operations covered more than 2x total
adjusted debt in the 12 months ended Sept. 30, 2008.  Despite
large dividend payments during the past five years, the company
has sustained free cash flows at very healthy levels.  Total
adjusted debt was 19.4% of total capitalization as of Sept. 30,
2008.

At current fuel prices in Argentina, S&P expects YPF to be able to
generate at least US$3.3 billion to US$3.8 billion in EBITDA in
2008 and 2009, which should allow the company to make capital
expenditures of about US$1.5 billion per year, pay taxes, and
dividends of about US$1 billion to US$1.3 billion per year.  Debt
service requirements are very manageable as a result of the
company's very low debt.

Despite YPF's weak operating performance in its exploration and
production segment, S&P expects the company to be able to maintain
moderate leverage, strong cash-flow protection measures for the
rating category, and an adequate ability to make sizable capital
expenditures and face high dividend requirements.  S&P will
continue closely monitoring YPF's operating performance in light
of its persistent weak reserve replacement and S&P's expectations
about potential support from Repsol.

S&P expects YPF to increase its debt, mainly to releverage its
balance sheet and enhance liquidity given its strong capital
expenditures and dividend requirements.  However, S&P expects YPF
to maintain strong cash-flow protection measures, with FFO-to-
total debt and free operating cash flow-to-total debt ratios
exceeding 80% and 30%, respectively.  Ultimately, the amount of
debt will depend on operating cash flow performance.  This in turn
would depend for the most part on domestic fuel prices in
Argentina and potential asset acquisitions.

                             Liquidity

S&P considers YPF's liquidity position to be adequate because of
the company's healthy cash generation and very manageable debt
maturities.  As of Sept. 30, 2008, YPF's cash reserves amounted to
US$307 million, with total debt of US$1.7 billion (including about
US$575 million in asset retirement obligations) and short-term
debt ofUS$944 million.  S&P expects YPF's capital expenditures
needs to be covered by internally generated funds, and free
operating cash flows to remain positive in the medium term.

YPF has followed an aggressive dividend policy during the past
five years, resulting in an average payout ratio of close to 100%.
Nevertheless, this has not affected YPF's credit quality.  S&P
expects YPF to maintain a payout ratio of at least 90% in light of
the shareholders' agreement between Repsol and Grupo Petersen.

                           Ratings List

                Rating Lowered; CreditWatch Action

   YPF S.A.                       To                From
                                  --                ----
   Corporate Credit Rating
     Foreign Currency             BB/Watch Neg/--   BB/Stable/--
     Local Currency               BB/Watch Neg/--   BB+/Stable/--



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

BRASKEM SA: Credit Crisis May Affect US$1.5 Bil. Loan Repayment
---------------------------------------------------------------
Brazilian petrochemicals company Braskem SA and Chilean
electricity provider Empresa Nacional de Electricidad SA may have
"trouble" repaying US$2.5 billion of debt in the next 15 months,
Bloomberg News reports citing analysts at RBC Capital Markets.

The report says according to RBC analysts led by Eduardo Suarez in
Toronto, the companies only have "small cash positions" to cover
their debt repayments, putting pressure on the companies to seek
funding at a time when it's scarce and expensive.

According to Bloomberg News, data compiled by RBC Capital showed
Braskem faces debt repayments of US$1.5 billion through the end of
2009 and has US$1.1 billion of cash and liquid assets to draw on
while Endesa has US$1 billion of debt due to be repaid in the same
period and US$150 million of cash and assets.

Spokespeople for Braskem and Endesa Chile however both said their
companies have enough cash to honor debt repayments, the report
discloses.

Endesa Chile has enough cash and credit lines to meet debt
repayments, the company said in an e-mailed response to Bloomberg
News.

Braskem meanwhile said it has "nothing to worry about" with BRL1.8
billion (US$750 million) of cash available to repay BRL1.2 billion
of debt expiring in the next 12 months, Bloomberg News notes.

                        About Braskem S.A.

Braskem S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins
producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Nov.
11, 2008,
Reuters said Braskem S.A. posted a third-quarter net loss of
BRL849 million (US$400.7 million) from a net income of BRL132
million reais a year earlier, affected by the devaluation of the
real in the period.

As reported in the Troubled Company Reporter-Latin America on Jan.
17, 2008, Fitch Ratings affirmed the 'BB+' foreign and local
currency issuer default ratings of Braskem S.A. Fitch also
affirmed the 'BB+' ratings on the company's senior
unsecured notes 2008, 2014, and senior unsecured notes 2017.


COMPANHIA VALE: Shares Drop as JPMorgan Cuts Forecasts
------------------------------------------------------
Companhia Vale do Rio Doce dropped to the lowest in three years in
New York trading on November 20 after JPMorgan Chase & Co. said
iron ore prices may fall next year because of slumping demand,
Fabio Alves of Bloomberg News reports.

The report relates that the company's American depositary receipts
declined for a fifth day, losing 12% to US$8.80, the lowest since
September 2005.  Vale shares were not traded in Brazil due to a
holiday.

According to the report, JPMorgan analysts led by Rodolfo De
Angele wrote in a report that prices for benchmark Australian ore
for the year starting April 1 may drop 30% to 101.27 U.S. cents
per dry metric ton unit.  The bank previously forecast a
10% decline from this year's contract price of 144.66 cents, or
about US$92 a ton, according to Bloomberg calculations.

Mr. De Angele, the report notes, also cut his price forecast for
Vale's ADRs by 24% to US$23.40 from US$30.70.  He reiterated his
"overweight" rating on Vale, saying the stock is "still cheap,"
the report says.

"Current prices discount an extreme scenario of collapsing prices
in the short and long term as well -- we would have to assume our
full iron ore price curve declines by 30% not to see upside on
Vale," Mr. De Angele wrote, Bloomberg relates.

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.


GENERAL MOTORS: CEO Wagoner Says Bankruptcy Would Be Catastrophic
-----------------------------------------------------------------
General Motors Corporation distributed to certain members of the
U.S. government materials related to the testimony by G. Richard
Wagoner, Jr., GM Chairman and Chief Executive Officer, before the
Senate Banking Committee on November 18, 2008, and before the
House Committee on Financial Services on November 19.

General Motors Corp, along with Ford Motor Company and Chrysler
LLC, has requested a US$25-billion bailout for automakers in order
to help them avoid collapse or bankruptcy.  The Big 3 have
proposed to access emergency funding from the US$700-billion
package approved by Congress in October intended to bail out
financial institutions.

A copy of Mr. Wagoner's presentation is available for free at:
http://researcharchives.com/t/s?3501

Mr. Wagoner sad that GM has taken far-reaching actions over the
last several years to restructure and position its business for
viability.  Despite dramatic cost reductions, among other things,
the credit crisis is overwhelming operating plans -- weakening
U.S. vehicle market and closing off financial market funding.

"Bankruptcy filing would be catastrophic to the nation; would have
massive and far reaching systematic economic and social costs."

Mr. Wagoner noted that GM directly employs 240,000 people and
supports another 5 million jobs at dealers, parts suppliers and
service providers.  He said a Chapter 11 bankruptcy filing by GM,
which comprises 4% of U.S. gross domestic product, would be
catastrophic:

  -- Successful Chapter 11 filing would require both preservation
     of revenue (especially in a high fixed cost industry like
     the auto industry) and successful financing while in
     bankruptcy

  -- Filing would precipitate massive and rapid desertion by
     customers:

     * automobiles are the second largest purchase for most
       individuals, and purchase decisions are impacted by
       consideration of warranty, service parts and residual
       value

     * customers have other options: a June 2008 survey by CNW
       Research indicated that about 80% of customers would not
       purchase a vehicle from bankrupt manufacturer

  -- In today's credit market, financing while in bankruptcy
     would be very difficult -- especially if the company was not
     able to protect its revenue base

  -- Significant negative effects on U.S. automotive industry,
     broader economy and global credit markets.

Mr. Wagoner warned that a full collapse by the Detroit 3 in 2009
would cause more than 1.7 million in lost jobs in 2009, and a 50%
reduction by the Detroit 3 will result to 1.4 million jobs cut.
He gave these figures in a full collapse:

                         2009        2010         2011
                         ----        ----         ----
Detriot 3 Reduction       100%        100%         100%
Direct Employment      (239,341)    (239,341)    (205,611)
Supplier Employment    (973,969)    (795,223)    (544,598)
Indirect Employment  (1,738,034)  (1,427,452)  (1,021,354)
                    ----------   ----------   ----------
                    (2,951,344)  (2,462,016)  (1-771,563)

Mr. Wagoner assured lawmakers that GM would be "a winning auto
company for the long-term".  He said GM is building the best cars
in its 100-year history, including a U.S. launch of the Chevrolet
Cruze in 2010, and recent successful launch of the Cadillac CTS,
Chevrolet Malibu and Buick Enclave.  He added that GM's landmark
agreement with union United Auto Workers provides new operating
flexibility, competitive U.S. hourly labor costs in 2010 and caps
GM's hourly retiree healthcare liability.

European and Asian automakers, while implementing job cuts and
other cost reductions to address the worldwide economic crisis,
are not facing trouble as deep as the U.S. Big 3's.  "We're
expecting to be profitable next year; that's the goal," BMW Chief
Executive Officer Norbert Reithofer said in an interview.
Volkswagen AG, Europe's largest carmaker, according to Bloomberg,
is continuing with plans to complete its Chattanooga, Tennessee,
plant by the second half of 2010, and expects U.S. production in
2009 to equal this year's.  Nissan Motor Co., Japan's third-
largest automaker, said profit in the second half of 2008 may go
to "zero" because of lower sales in the U.S. and a stronger yen.

BMW agreed with GM's views that a bankruptcy by GM would have
catastrophic effects, especially on the auto-parts supply sector,
but said that it wouldn't acquire GM's Hummber, Saab or Opel
brands, which acquisition would boost GM's liquidity.  "If such a
large company would declare bankruptcy, it would also have
tremendous effects on the supply sector," Mr. Reithofer, BMW's
CEO, said. "I wouldn't like it at all."

"We don't know if GM will go bankrupt, but we certainly don't hope
so," said Mark Barnes, COO of Volkswagen's America unit.  "Now
that we are building a U.S. plant, we need suppliers."

Bloomberg TV says GM is suspending production at a plant in
Thailand. Bloomberg also noted that Mr. Wagoner has indicated he
may step down from GM if asked to.

Meanwhile, American Bankruptcy Institute says while the heads of
the Big Three automakers of Detroit pleaded at a Senate Banking
Committee for emergency government aid to stave off potential
collapse, they appeared they had not persuaded enough lawmakers to
move quickly on a bailout.  ABIWorld.org also said the
government's handling of the crisis in the airline industry
following the September 11, 2001, terrorist attacks could offer a
blueprint for a potential intervention to prop up the automakers.

                      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 ofUS$110.425 billion, total
liabilities ofUS$170.3 billion, resulting in a stockholders'
deficit ofUS$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.



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

ALLEGRO FUND: Creditors' Proofs of Debt Due on December 3
---------------------------------------------------------
The creditors of Allegro Fund 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 October 14, 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


ALLEGRO FUND: Shareholders' Final Meeting Set for December 12
-------------------------------------------------------------
The shareholders of Allegro Fund will hold their final meeting on
December 12, 2008, at 10:15 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 14, 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


DELFINA CAPITAL: Creditors' Proofs of Debt Due on December 2
------------------------------------------------------------
The creditors of Delfina Capital Fund 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 Oct. 24, 2008.

The company's liquidators are:

          Christopher D. Johnson
          Russell Smith
          c/o Chris Johnson Associates Ltd
          80 Elizabethan Square
          Shedden Road, George Town
          Grand Cayman
          Telephone:(345) 946 0820
          Facsimile:(345) 946 0864


DELFINA CAPITAL FUND: Members' Final Meeting Set for January 30
---------------------------------------------------------------
The members of Delfina Capital Fund Ltd. will hold their final
meeting on January 30, 2009, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 24, 2008.

The company's liquidators are:

          Christopher D. Johnson
          Russell Smith
          c/o Chris Johnson Associates Ltd
          80 Elizabethan Square
          Shedden Road, George Town
          Grand Cayman
          Telephone:(345) 946 0820
          Facsimile:(345) 946 0864


DELFINA CAPITAL: Creditors' Proofs of Debt Due on December 2
------------------------------------------------------------
The creditors of Delfina Capital Master Fund 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 Oct. 24, 2008.

The company's liquidators are:

          Christopher D. Johnson
          Russell Smith
          Chris Johnson Associates Ltd
          80 Elizabethan Square
          Shedden Road, George Town
          Grand Cayman
          Telephone:(345) 946 0820
          Facsimile:(345) 946 0864


DELFINA CAPITAL MASTER: Members' Final Meeting Set for January 30
-----------------------------------------------------------------
The members of Delfina Capital Master Fund Ltd. will hold their
final meeting on January 30, 2009, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 24, 2008.

The company's liquidators are:

          Christopher D. Johnson
          Russell Smith
          c/o Chris Johnson Associates Ltd
          80 Elizabethan Square
          Shedden Road, George Town
          Grand Cayman
          Telephone:(345) 946 0820
          Facsimile:(345) 946 0864


GLOBAL ESSENTIAL: Requires Creditors to File Claims by December 2
-----------------------------------------------------------------
The creditors of Global Essential Fund 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 Oct. 24, 2008.

The company's liquidators are:

          Russell Smith
          Chris Johnson Associates Ltd
          80 Elizabethan Square
          Shedden Road, George Town
          Grand Cayman
          Telephone:(345) 946 0820
          Facsimile:(345) 946 0864


GLOBAL ESSENTIAL: Members' Final Meeting Set for January 31
-----------------------------------------------------------
The members of Global Essential Fund Ltd. will hold their final
meeting on January 31, 2009, at 11:00 p.m., to hear 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 liquidators are:

          Russell Smith
          Chris Johnson Associates Ltd
          80 Elizabethan Square
          Shedden Road, George Town
          Grand Cayman
          Telephone:(345) 946 0820
          Facsimile:(345) 946 0864


LPSB INVESTEMENTS: Requires Creditors to File Claims by Dec. 3
--------------------------------------------------------------
The creditors of LPSB Investements 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 Oct. 6, 2008.

The company's liquidator is:

          Andrew Johnson
          c/o Wilmington Trust (Cayman), Ltd.
          Century Yard, 4th Floor
          Cricket Square, Elgin Avenue
          P O Box 32322, Grand Cayman KY1-1209
          Cayman Islands


QUADRANGLE PARTNERS: Creditors' Proofs of Debt Due on December 3
----------------------------------------------------------------
The creditors of Quadrangle Partners Fund (QAM) 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 August 11, 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


QUADRANGLE PARTNERS: Shareholders' Final Meeting Set for Dec. 12
----------------------------------------------------------------
The shareholders of Quadrangle Partners Fund (QAM) Ltd. will hold
their final meeting on December 12, 2008, at 9:45 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on August 11, 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


RITCHIE FIXED: Creditors' Proofs of Debt Due December 11
--------------------------------------------------------
The creditors of Ritchie Fixed Income Arbitrage Trading, 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 May 13, 2008.

The company's liquidator is:

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


RITCHIE FIXED: Shareholders' Final Meeting Set for December 15
--------------------------------------------------------------
The shareholders of Ritchie Fixed Income Arbitrage Trading, Ltd.
will hold their final meeting on December 15, 2008, at 2:45 p.m.,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on May 13, 2008.

The company's liquidator is:

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


SPINNAKER CAPITAL: Requires Creditors to File Claims by Dec. 11
---------------------------------------------------------------
The creditors of Spinnaker Capital 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. 23, 2008.

The company's liquidators are:

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


SPINNAKER CAPITAL: Shareholders' Final Meeting Set for Dec. 11
--------------------------------------------------------------
The shareholders of Spinnaker Capital Ltd will hold their final
meeting on December 11, 2008, at 10:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 23, 2008.

The company's liquidators are:

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


STONEWORKS GLOBAL: Requires Creditors to File Claims by Dec. 3
--------------------------------------------------------------
The creditors of Stoneworks Global Macro Master Fund Inc. 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 Oct. 6, 2008.

The company's liquidator is:

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


STONEWORKS GLOBAL: Creditors' Proofs of Debt Due on December 3
--------------------------------------------------------------
The creditors of Stoneworks Global Macro Fund Inc. are required to
file their proofs of debt by December 30, 2008, to be included in
the company's dividend  distribution.

The company commenced liquidation proceedings on Sept. 11, 2008.

The company's liquidator is:

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


UG HIDDEN: Creditors' Proofs of Debt Due on November 17
-------------------------------------------------------
The creditors of UG Hidden Dragon Undervalued Assets Fund Limited
are required to file their proofs of debt by Nov. 17, 2008, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Ming-Ching Wang
          Zhi-Shan Road, 8/F., No. 196, Section 2
          Shihlin District
          Taipei City 111, Taiwan


UNI HANI: Creditors' Proofs of Debt Due on December 11
------------------------------------------------------
The creditors of Uni Hani 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. 28, 2008.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Sherine Bromfield
          P O Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799



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

EMPRESA NACIONAL: May Have Difficulty Repaying US$1 Bil. Loan
-------------------------------------------------------------
Chilean electricity provider Empresa Nacional de Electricidad SA
and Brazilian petrochemicals company Braskem SA may have "trouble"
repaying US$2.5 billion of debt in the next 15 months, Bloomberg
News reports citing analysts at RBC Capital Markets.

The report says according to RBC analysts led by Eduardo Suarez in
Toronto, the companies only have "small cash positions" to cover
their debt repayments, putting pressure on the companies to seek
funding at a time when it's scarce and expensive.

According to Bloomberg News, data compiled by RBC Capital showed
Braskem faces debt repayments of US$1.5 billion through the end of
2009 and has US$1.1 billion of cash and liquid assets to draw on
while Endesa has US$1 billion of debt due to be repaid in the same
period and US$150 million of cash and assets.

Spokespeople for Braskem and Endesa Chile however both said their
companies have enough cash to honor debt repayments, the report
discloses.

Endesa Chile has enough cash and credit lines to meet debt
repayments, the company said in an e-mailed response to Bloomberg
News.

Braskem meanwhile said it has "nothing to worry about" with BRL1.8
billion (US$750 million) of cash available to repay BRL1.2 billion
of debt expiring in the next 12 months, Bloomberg News notes.

Headquartered in Santiago, Chile, Empresa Nacional de Electricidad
S.A. (SCL:ENDESA) -- http://www.endesa.cl/-- is an electric
generation company with operations in Chile, Argentina, Colombia
and Peru, as well as interest in Brazil. The Company's core
business is electricity generation.  It also participates in the
engineering services industry and has a highway concession.  As of
December 31, 2007, Endesa Chile's consolidated installed capacity
was 12,720 megawatts, with 62.6% hydroelectric capacity and 37.2%
thermal electric and 0.2% wind power generation capacity.  As of
December 31, 2007, the Company owned and operated 25 generation
facilities in Chile, with an aggregate installed capacity of 4,779
megawatts.  As of December 31, 2007, it also had interests in 25
generation facilities outside Chile, with an aggregate installed
capacity of 7,941 megawatts. In October 10, 2007, Enel Energy
Europe S.R.L., a subsidiary of Enel S.p.A and ACCIONA, S.A.
jointly and concurrently acquired 92.06% interest in ENDESA, S.A.


CODELCO: Cuts China Copper Fee by 32% Amid Slow Global Growth
-------------------------------------------------------------
Corporacion Nacional del Cobre (Codelco) cut the the surcharge on
sales to China by 32% to a six-year low to encourage buyers to
enter long-term contracts as global growth slows, Bloomberg News
reports.

According to the report, the company will reduce its fee, added to
copper prices to cover shipping and insurance costs, to US$75 a
metric ton for China in 2009 from US$110 a ton this year.

Copper prices, the report says, have plunged by more than half
from a record US$8,940 a ton in July to a three-year low as the
global credit crunch pushes the world into an economic recession,
cutting demand for raw materials.

Codelco's fee for buyers in China was higher than for buyers
elsewhere in Asia, indicating "the company is relatively more
bullish on Chinese demand," Bloomberg News cited Yang Changhua, an
analyst at Beijing Antaike Information Development Co., as saying.

Bloomberg notes the International Copper Study Group said global
production outpaced demand by 65,000 tons in July.  Producers need
to make "severe" cutbacks to prevent supplies from overwhelming
demand, George Cheveley, a fund manager at Investec Asset
Management Ltd., told Bloomberg News.

As reported by the Troubled Company Reporter - Latin America on
November 11, 2008, Codelco cut the premium on sales to Japan and
South Korea by more than 30% to a six-year low in a bid to keep
market share as global consumption growth slows.   The report
related that the company will reduce the fee to US$64 a metric ton
for South Korea in 2009 from US$99 a ton this year, and will cut
the premium for Japan to US$65 a ton from US$102.

                           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.


SAMSUNG ELECTRONICS: Resumes Operations in Mexico Plant
-------------------------------------------------------
Samsung Electronics Co. Ltd.'s Mexico plant is back to normal
operations after falling orders from Circuit City Stores Inc.
forced the company to shut down the factory on Oct. 31 and Nov. 7,
Bloomberg News reports.  The company blamed the two-day factory
closure on the U.S. electronics retailer.

According to the Troubled Company Reporter, Circuit City together
with 17 affiliates filed a voluntary petition for reorganization
relief under Chapter
11 of the Bankruptcy Code before the U.S. Bankruptcy Court for the
Eastern District of Virginia in Richmond, Virginia, on November
10.

Citing the Seoul Economic Daily, Bloomberg News relates Samsung
recently switched to a four-day production week at its Mexico
plant to reduce inventory because of the global economic
recession.

Bloomberg News adds Seoul Economic Daily said Samsung Electronics
is also considering idling factories in South Korea, excluding
plants that make chips and liquid-crystal displays, from Dec. 25
until Jan. 4.

However, James Chung, a Seoul-based spokesman at Samsung, told
Bloomberg News by phone nothing has been decided on idling
factories in South Korea.

                    About Samsung Electronics

Samsung Electronics Co. Ltd. -- http://www.samsung.com/sec/-- is
a Korea-based company engaged in the provision of consumer
electronics, communication products, semiconductor products and
home appliances.  The Company operates its business through five
divisions.  Its digital media division offers televisions (TVs),
monitors, computers, printers, moving picture experts group audio
layer 3 (MP3) players, digital set top boxes and others.  Its
communication division provides mobile phones, key phones, network
systems and others.  Its semiconductor division offers memory
chips, system large scale integrated circuits (LSICs), hard disk
drives (HDDs) and others.  Its LCD division offers thin film
transistor (TFT) LCD modules and others.  Its home appliances
division provides air conditioners, refrigerators, washing
machines, microwave ovens and others.  The Company established two
subsidiaries: China-based wholly owned subsidiary Suzhou Samsung
Electronics Export on July 24, 2008, and SCOMMTECH Japan on
August 19, 2008.



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

* COLOMBIA: Central Bank to Cut Rates Over Losses on Ponzi Schemes
------------------------------------------------------------------
Colombia's central bank may decide to lower interest rates today
as losses tied to the collapse of local pyramid schemes, along
with the global financial crisis, hurt economic growth, Bloomberg
News reports, citing Finance Minister Oscar Ivan Zuluaga.

"The discussion within the board is not if, but when, we should
cut rates,” Bloomberg News quoted Minister Zuluaga, who represents
the government on the seven-member board, as saying.  "Hopefully
it's this Friday and the government will defend that position."

According to the report, Minister Zuluaga told Bloomberg
Television as many as 500,000 Colombians face losses of money
invested in Ponzi schemes that promised returns of as much as 200
percent in about a week.  He said unofficial estimates
showed as much as 2 trillion pesos (US$850 million) may have been
entrusted to the fraudulent financial companies.

The magnitude of the losses, Bloomberg News says, may be
equivalent to 3.7 percent of Colombia's foreign currency reserves
of US$23 billion.

Minister Zuluaga however noted the government wouldn't provide
funds for people who were swindled, instead, government efforts
were aimed at prosecuting those responsible and making sure
economically-hit areas recovered quickly with farming loans and
housing subsidies, Bloomberg News relates.



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

* ECUADOR: May Default on 2012 Bonds After Audit Report
-------------------------------------------------------
Ecuador may halt bond payments after its debt audit commission
uncovered "illegality and illegitimacy" in the country's foreign
obligations, Daniel Cancel and Lester Pimentel at Bloomberg News
report.

According to the report, the commission said the government's
global bonds due in 2012 and 2030 "show serious signs of
illegality," such as a lack of government authorization for their
issuance.  The commission however made no recommendations on
actions for the government to take, the report says.

The 2012 and 2030 bonds are restructured securities from the
country's last default in 1999, Bloomberg News relates.

The commission, as cited by Bloomberg News, went on to say that
the growth in Ecuador's debt over the past three decades "occurred
for the benefit of the financial sector and transnational
companies and clearly went against the interests of the country."

Bloomberg News recalls President Rafael Correa withheld a US$30
million interest payment that came due Nov. 15 on the 2012 bonds,
saying he'd use a monthlong grace period to analyze the
commission's final report and determine whether to honor the debt.

Last week, Bloomberg News says, Ecuador's bonds plummeted after
Mr. Correa withheld the interest payment on a US$510 million bond.
The bond's price sank to as low as 14 cents on the dollar on Nov.
14, pushing yields over 100 percent, after trading at 42 cents two
days earlier and 95 cents two months earlier, the report notes.
The bonds have rebounded however this week to trade at 26 cents on
the dollar, the report adds citing JPMorgan Chase & Co.

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2008, Fitch Ratings placed Ecuador's long-term foreign
currency Issuer Default Rating of 'CCC' on Rating Watch Negative
to reflect a reasonable probability of near term downgrades.
Ecuador's IDR already incorporates the risk that default is a real
possibility in the near term, particularly in light of ongoing
concerns about the government's willingness to pay its
obligations, Fitch said.



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

NATIONAL COMMERCIAL: Moody's Cuts Issuer Default Ratings to 'B'
---------------------------------------------------------------
In line with the recent downgrade of Jamaica's sovereign rating,
Fitch Ratings has downgraded the long term local and foreign
currency Issuer Default Ratings of Jamaica-based National
Commercial Bank Jamaica Limited to 'B' from 'B+'.

These ratings were also affirmed:

  -- Short-term foreign and local currency IDR at 'B';
  -- Individual ratings at 'D';
  -- Support rating at '4';
  -- Support floor rating at 'B'.

The Sovereign rating action reflects Fitch's view that shocks from
global financial turbulence and the expected U.S. recession have
heightened downside credit risks given Jamaica's modest and
deteriorating international liquidity.

The rating action on NCBJ reflects its high exposure to sovereign
debt and government entities, which comprises approximately 43% of
NCBJ's assets at September 2008 and which have seen their
creditworthiness deteriorate.  The support rating and support
rating floor are unchanged given NCBJ's significant systemic
importance and Jamaica's support history.  The Rating Outlook is
Negative in line with our view of the sovereign's
creditworthiness.

Future rating movement will be highly contingent upon a change in
this view, given the bank's sizeable sovereign exposure.
Improvements in the individual rating will be contingent upon
further diversification of the bank's balance sheet while
sustaining current profitability, asset quality and capital
levels.  NCBJ ratings reflect its strong domestic franchise,
adequate profitability, good asset quality and capital levels.
NCBJ's high exposure to sovereign and large corporate loans, as
well as the negative effects of a volatile operating environment,
limit the bank's ratings.

Fitch has also reaffirmed the ratings of Jamaica Diversified
Payments Company, a future flow remittances securitization issued
by NCBJ and currently rated 'BBB-' by Fitch.  The affirmation
comments on NCBJ's systemic importance and likelihood the bank
survives future economic stresses.  Fitch's view on the bank's
performance risk and going concern assessment remains consistent
with an investment grade rating.  Current debt service coverage
levels remain strong, greater than 50 times quarterly requirements
based on recent reporting.  Fitch notes that any future
adjustments to the Jamaican sovereign or NCBJ ratings, a concern
reflected in their 'Outlook Negative' status, could result in an
adjustment to the future flow securitization as well.

NCBJ is the largest bank in the system in terms of assets with a
38% market share at end-June 2008. In 2002, the Jamaican
government sold a majority stake in the bank to Advantage
Investment Corporation (AIC), one of Canada's largest privately
held mutual fund management companies.



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

METROFINANCIERA SA: Fitch Downgrades Rating on 11.25% Notes
-----------------------------------------------------------
Fitch has downgraded the USD100 million 11.25% perpetual
non-cumulative subordinated step-up notes issued by the Mexican
mortgage company Metrofinanciera, S.A. de C.V. to 'C/RR6' from
'CCC-/RR6', following the deferral of the coupon due on November
18, 2008 for USD 2.8 million.  The coupons of this issue are
deferrable on a non-cumulative basis and therefore the holders
cannot claim future payments on the deferred coupons.  As per the
notes indenture, Metro is allowed to defer coupon payments when
its risk-weighted capital ratio stands below 8%, and this is not
considered a default of the company.  The company's other issuer
and debt ratings were affirmed.

In turn, Metro's Individual rating was downgraded to 'F' from
'D/E'.  Metros' financial profile reflects continued weakening of
asset quality, liquidity, capital adequacy, profitability and
business risk.  An 'F' rating is retrospective and reflects
Fitch's view that, given the continuing pressure on Metro's
capacity to refinance its liabilities in the capital markets, the
entity would have defaulted absent the support measures put in
place by the Sociedad Hipotecaria Federal.  Fitch has indicated in
the past that such support was likely, and it has proven critical
for Metro's continued operations.  For further detail, see Fitch's
commentaries 'Fitch Affirms Metrofinanciera's at 'B+' and
'BBB(mex)' with Stable Outlook; Individual Downgraded to 'D/E''
released on Aug. 19, 2008 and 'SHF Support Program Sets a Rating
Floor for Non-Bank Mortgage Companies'.

Metro's Issuer Default Ratings and national-scale ratings are
support-driven and continue to reflect the potential support from
SHF, in order to sustain continued financing for the socially
important housing sector.  The company's long-term IDRs are
aligned to Metro's support rating floor at 'B+', which in turn is
derived from the '4' support rating.

The issue and recovery ratings of the perpetual subordinated notes
at 'C/RR6' reflect Fitch's view that recovery prospects are low.
While Fitch considers that official support will allow Metro to
continue fulfilling its senior unsecured obligations, the notes
are unlikely to benefit from external support.  Hence, recovery
expectations are limited in view of the subordinated nature of
this issue and the uncertainty over the foreseeable future on
Metro's ability to improve its financial condition while reducing
its reliance on external support.

The rating actions are:

  -- Foreign currency long-term IDR affirmed at 'B+';

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

  -- Local currency long-term IDR affirmed at 'B+';

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

  -- USD100m 11.25% perpetual non-cumulative subordinated step-up
     notes downgraded to 'C/RR6' from 'CCC-/RR6';

  -- Individual rating downgraded to 'F' from 'D/E';

  -- Support rating affirmed at '4';

  -- Support rating floor affirmed at 'B+';

  -- Long-term national-scale issuer rating, including local
     senior debt issues affirmed at 'BBB(mex)';

  -- Short-term national-scale issuer rating, including the
     company's commercial paper affirmed at 'F3(mex)'.

The Rating Outlook is Stable.



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

INDUSTRIAS VASSALLO: Case Summary and 20 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: Industrias Vassallo, Inc.
       1000 CARR. No. 506
       Coto Laurel
       Ponce, PR 00780-2935

Bankruptcy Case No.: 08-07752

Chapter 11 Petition Date: November 17, 2008

Court: District of Puerto Rico (Old San Juan)

Judge: Brian K. Tester

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                 cacuprill@aol.com
                 Charles A. Curpill, PSC Law Office
                 Second Floor, 356 Calle Fortaleza
                 San Juan, PR 00901
                 Tel (787) 977-0515

Estimated Assets:US$1,000,001 to US$100,000,000

Estimated Debts:US$1,000,001 to US$100,000,000

The Debtor did not file a list of its largest unsecured creditors.


INDUSTRIAS VASSALLO: Files for Bankruptcy in Puerto Rico
--------------------------------------------------------
Industrial Vassalo Inc. of Coto Laurel, Puerto Rico, made a
voluntary filing under Chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court for the District of
Puerto Rico, according to Bloomberg News' Christopher Scinta.

The company did not disclose reasons why it filed for bankruptcy,
Mr. Scinta notes.

Mr. Scinta, citing papers filed with the Court, says the company
owes US$11.9 million to its unsecured creditors and US$35.9
million in loans to secured lender Westernbank.

The company's unit Syroco Inc. filed for bankruptcy in New York in
July 2007 after three years of losses, which case was converted to
Chapter 7 liquidation in March 2008, Bloomberg notes.

Industrial Vassallo Inc. makes PVC water pipes.



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

* Moody's Says Venezuela's Ratings Supported by Low Debt Burdens
----------------------------------------------------------------
In its annual report on Venezuela, Moody's Investors Service says
that, in addition to the strength that comes from sizable energy
exports, Venezuela's B2/B1 government bond ratings are also
supported by low external and government debt burdens compared to
other countries in the 'B' rating category.

"And a strong external asset position provides a cushion if the
current drop in oil prices deepens," said Moody's Vice President
Gabriel Torres, author of the report.  "However, the ratings are
limited by a highly contentious political and policy environment
with little policy consensus between the government and the
opposition, leading to a high susceptibility to event risk and a
very low level of institutional strength."

He said the administration of President Hugo Chavez has been in
power for almost 10 years but has yet to reach a political
compromise with the opposition.  The government's unorthodox
policy mix -- in managing inflation, the exchange rate, and
government spending -- raises concerns about the long-term
viability of the economic model.

"Despite large oil revenues, the true fiscal position is hard to
measure due to a lack of transparency in government accounts and
the extensive use of extra-budgetary spending, all indicators of
the country's very weak institutional strength," said Torres.

Venezuela's ratings have been on review for possible upgrade since
Sept. 19, reflecting a good payments track record in addition to
the steady improvement in government and external debt indicators
of recent years.  The rating review focuses on whether Venezuela's
fiscal and external improvements, set against ongoing domestic
political concerns, justify a higher rating in the context of
recent global economic and financial volatility.

"Our views on Venezuela and its credit position are premised on
the success of the authorities in managing the country through the
world financial crisis without incurring a deep and sustained
deterioration in relative credit metrics," said Torres.  "The
ongoing global crisis has spared Venezuela until recently as the
country has little dependence on external capital inflows given
its sizable oil exports."

But the drop in oil prices, which have been more than halved since
July's historic highs, pose a challenge for the fiscal and
external accounts, explained the analyst.  The government has
announced a more austere budget for next year, and will likely
benefit from financial assets close to one-third of GDP, which
provides significant short-term flexibility.  But a more long-term
reduction in oil prices forces the government to significantly
reduce spending given its limited external financing options.



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

* Ford & GM CEOs Say No to US$1 Salary in Exchange for Gov't Aid
----------------------------------------------------------------
Josh Mitchell at Dow Jones Newswires reports that the CEOs of
General Motors Corp. and Ford Motor Co. said they would refuse a
US$1 salary in exchange for government aid.

According to Dow Jones, a House Financial Services Committee
member told GM CEO Rick Wagoner and Ford Motor CEO Alan Mulally
during a hearing on Wednesday that reducing their annual salaries
to US$1 would be "an important symbolic gesture" as they seek for
US$25 billion in loans funded by tax dollars

Mr. Wagoner said that his salary has already been decreased
significantly and that he has given up other forms of
compensation, Dow Jones states.  Workforce.com relates that
Mr. Wagoner said he had previously cut his salary by 50%.

Dow Jones quoted Mr. Mulally as saying, "I understand your point
about the symbol.  But I think, not just for me, but we're trying
to fill a skilled and motivated team."  According to
Workforce.com, Mr. Mulally -- who earned US$21 million in 2007 --
said that he was concerned that cutting compensation might cause
Ford Motor to lose executives and be unable to attract top talent.
Dow Jones says that when Mr. Mulally was pressed on whether he
would work for US$1 per year, he said, "I think I'm OK where I
am."

Chrysler LLC CEO Robert Nardelli said he would be willing to work
under a US$1 salary as a condition for a federal bailout package,
Dow Jones reports.  Workforce.com relates that Mr. Nardelli said
that he would accept a US$1 yearly salary if it helped Chrysler
obtain its US$7 billion share of a proposed US$25 billion
automaker rescue package.

Dow Jones states that former Chrysler CEO Lee Iacocca accepted in
1979 to have a US$1 yearly salary to secure a US$1.5 billion loan
guarantee from the government, which bailed out the company in the
1980s.

Neal E. Boudette, Josh Mitchell, and Siobhan Hughes at The Wall
Street Journal report that Ford Motor, Chrysler, and GM, tried
told the House Financial Services Committee that the auto industry
could collapse without emergency assistance from the government.

According to WSJ, Chrysler has worked out some contingency plans
in case it has to file for Chapter 11 protection.  Mr. Nardelli
said that Chrysler has "looked at all aspects" of a potential
bankruptcy filing and "have gone through advisors to help us think
this through," WSJ relates.

A bankruptcy filing would likely lead GM to "liquidate the company
because you wouldn't have any revenue," and so GM has decided to
put "all effort into avoiding" bankruptcy and hasn't worked out a
detailed contingency plan, WSJ says, citing Mr. Wagoner.

WSJ states that Mr. Mulally said Ford Motor has studied a
bankruptcy option and believes "it is not a viable" option.

Messrs. Wagoner and Nardelli, as they did in a Senate committee
hearing on Tuesday, said that without help, GM and Chrysler could
run out of money soon, WSJ reports.

Democrats, according to WSJ, are proposing to take the requested
$25 billion auto bailout from the US$700 billion plan for the
financial markets.  The Bush administration is saying that the
companies should get the money quicker from previously approved
loans, WSJ states.  President-elect Barack Obama is backing quick
aid to the auto makers, according to the report.

WSJ relates that Rep. Barney Frank, the Massachusetts Democrat who
chairs the committee, crafted a House plan that requires
automakers to submit operating and restructuring plans and
describe how the loan money would be used.  The report says that
under that bill, taxpayers would be reimbursed, with interest,
while "golden parachutes" and dividend payments over the life of
the loans would be banned.

The proposed loans being supported by Democrats would be for 10
years, starting at an interest rate of 5%, and would be provided
under the government's US$700 billion financial rescue plan, WSJ
states.

              Nissan & Renault No Longer Seeking Alliances

Nissan Motor Co. and Renault SA's Carlos Goshn has said he's no
longer seeking alliances, according to Bloomberg TV.

As reported in the Troubled Company Reporter on Oct. 22, 2008,
Chrysler might join a manufacturing and development alliance
between Nissan Motor and Renault, but still preferred a merger
deal with GM.  While GM was unable to secure financing for the
deal, Chrysler parent Cerberus Capital was continuing to explore
Chrysler's possible team up with Nissan.  Cerberus Capital was
considering selling a minority stake to Nissan and Renault.

                        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-'.

                       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
of US$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.


                            ***********

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 * * *