TCRLA_Public/081125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, November 25, 2008, Vol. 9, No. 234

                            Headlines

A R G E N T I N A

CAMEGRAL SA: Proofs of Claim Verification Due on December 29
HIGH COMM: Proofs of Claim Verification Due on February 12
MASTER ING: Proofs of Claim Verification Due on December 12
MIGUEL ANTONIO: Proofs of Claim Verification Due on March 11
SBD SA: Proofs of Claim Verification Due on February 17


B A H A M A S

BERMUDA REINSURANCE: Final Meeting Slated for December 22
FOCUS CAPITAL: Creditors' Proofs of Debt Due on December 5
FOCUS CAPITAL: Members' Final Meeting Set for December 23
FOCUS CAPITAL HOLDINGS: Creditors' Proofs of Debt Due on Dec. 5
FOCUS CAPITAL HOLDINGS: Members' Final Meeting Set for Dec. 24

FUND AMERICAN: Creditors' Proofs of Debt Due on Dec. 5
FUND AMERICAN: Members' Final Meeting Set for December 23
PARETO (BERMUDA): Requires Creditors to File Claims by Dec. 5
PARETO (BERMUDA): Members' Final Meeting Set for December 31
PARETO CURRENCY: Creditors' Proofs of Debt Due on December 5

PARETO CURRENCY: Members' Final Meeting Set for December 30
UNOCAL SESULU: Creditors' Proofs of Debt Due on Dec. 5
UNOCAL SESULU: Members' Final Meeting Set for December 30


B E R M U D A

FORD MOTOR: Bank Loan Sells for 65% Discount in Secondary Market
FORD MOTOR: Mulls Sale of Five Planes to Cut Costs
FORD MOTOR: S&P Junks Corporate Ratings on Increasing Cash Use


B R A Z I L

BANCO DO BRASIL: Shares Fall 14% Due to Overbid for Nossa Caixa
ELETROBRAS: Mulls Sale of US$1BB Bonds in 2009 to Finance Business
* BHP Billiton & Comphania Vale to Close JV Plants on Weak Demand


C A Y M A N  I S L A N D S

ATLANTIC VISTA: Creditors' Proofs of Debt Due on December 12
ATLANTIC VISTA: Final Meeting Slated for December 13
CYRUS SHORT: Placed Under Voluntary Liquidation
CYRUS SHORT: Shareholder's Final Meeting Set for December 11
CYRUS SHORT: Commences Liquidation Proceedings

CYRUS SHORT: Shareholder to Hear Wind-Up Report on December 11
INTREPID MULTI-SECTOR: Placed Under Voluntary Liquidation
INTREPID MULTI-SECTOR: Shareholders' Final Meeting Set for Dec. 23
LF OIL: Creditors' Proofs of Debt Due on December 9
LF OIL: Shareholders' Final Meeting Set for December 23

LF O&G: Creditors' Proofs of Debt Due on December 9
LF O&G: Shareholders' Final Meeting Set for December 23
NEUQUEN OIL: Creditors' Proofs of Debt Due on December 9
NEUQUEN OIL: Shareholders' Final Meeting Set for December 23
PACIFIC VISTA II: Creditors' Proofs of Debt Due on December 12

PACIFIC VISTA II: Final Meeting Slated for December 13
PACIFIC VISTA: Creditors' Proofs of Debt Due on December 12
PACIFIC VISTA: Final General Meeting Set for December 13
TDF OIL: Creditors' Proofs of Debt Due on December 9
TDF OIL: Shareholders' Final General Meeting Set for December 23

TDF O&G: Creditors' Proofs of Debt Due on December 9
TDF O&G: Shareholders' Final Meeting Set for December 23


C H I L E

GENERAL MOTORS: Bank Loan Sells for 64% Off in Secondary Market
GENERAL MOTORS: Board Willing to Consider Chapter 11, Says WSJ
GENERAL MOTORS: GMAC Exchange Offer Won't Affect 'CCC+' Rating
GENERAL MOTORS: To Give Up 2 Corporate Jets to Diffuse Criticisms
SOCIEDAD DE INVERSIONES: S&P Maintains 'BB-' Corporate Rating


C O L O M B I A

ECOPETROL: Inks Two Partnership Agreements With Italy's Eni
* COLOMBIA: Signs Deal With China to Improve Trade


E C U A D O R

PETROECUADOR: Export Revenue Drops 24% to US$401.17MM in October
* ECUADOR: President Won't Drop Loan Suit Despite Threats on Ties


M E X I C O

CEMEX SAB: Fitch Corrects Rating Release to Include Rinker IDR
CONSTELLATION COPPER: Liquidity Woes May Prompt Bankruptcy Filing
FAIRCHILD SEMICONDUCTOR: Moody's Retains 'Ba3' Corporate Rating
FORD MOTOR: Increasing Cash Use Prompts S&P to Junk Corp. Ratings
SANLUIS RASSINI: Moody's Withdraws 'Caa1' Corporate Family Rating

SEMGROUP ENERGY: Failure to File Financial Reports Cues Delisting
* MEXICO: May Meet 6% Growth Goal by 2012, Finance Minister Says


P E R U

* PERU: Signs Investment Protection Agreement With Japan


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Inks Oil Conglomerate Deal With Russia
* VENEZUELA: Calls on OPEC to Cut Output by 1 Million Barrels
* VENEZUELA: Pres. More Concerned on Global Crisis Than Oil Prices


X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

CAMEGRAL SA: Proofs of Claim Verification Due on December 29
------------------------------------------------------------
The court-appointed trustee for Camegral S.A.'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 28, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 7, 2009


HIGH COMM: Proofs of Claim Verification Due on February 12
----------------------------------------------------------
Ruben Faure, the court-appointed trustee for High Comm SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 12, 2009.

Mr. Faure will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 17, 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:

          High Comm SA
          Medrano 70
          Buenos Aires, Argentina

The trustee can be reached at:

          Ruben Faure
          Avda. Corrientes 1312
          Buenos Aires, Argentina


MASTER ING: Proofs of Claim Verification Due on December 12
-----------------------------------------------------------
The court-appointed trustee for Camegral S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
December 12, 2008.

The trustee will present the validated claims in court as
individual reports on March 4, 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 24, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 22, 2009.


MIGUEL ANTONIO: Proofs of Claim Verification Due on March 11
------------------------------------------------------------
Leandro Villari, the court-appointed trustee for Miguel Antonio
Casabuono SRL Servicios de Catering's bankruptcy proceeding, will
be verifying creditors' proofs of claim until March 11, 2009.

Mr. Villari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The debtor can be reached at:

          Miguel Antonio Casabuono SRL Servicios de Catering
          Superi 1276/78
          Buenos Aires, Argentina

The trustee can be reached at:

          Leandro Villari
          Viamonte 723
          Buenos Aires, Argentina


SBD SA: Proofs of Claim Verification Due on February 17
-------------------------------------------------------
The court-appointed trustee for Sbd S.A.'s bankruptcy proceedings,
will be verifying creditors' proofs of claim until Feb. 17, 2009.

The trustee will present the validated claims in court as
individual reports on April 1, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 4, 2009.



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

BERMUDA REINSURANCE: Final Meeting Slated for December 22
---------------------------------------------------------
The Bermuda Reinsurance Company Limited will hold their final
general meeting on December 22, 2008, at 10:00 a.m., at the
offices of PricewaterhouseCoopers, Dorchester House, 7 Church
Street, in Hamilton, HM 11, Bermuda.

At the meeting, Nigel J.S. Chatterjee, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FOCUS CAPITAL: Creditors' Proofs of Debt Due on December 5
----------------------------------------------------------
The creditors of Focus Capital Ltd. are required to file their
proofs of debt by December 5, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 20, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


FOCUS CAPITAL: Members' Final Meeting Set for December 23
---------------------------------------------------------
The members of Focus Capital Ltd. will hold  a final general
meeting on December 23, 2008, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Nov. 20, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


FOCUS CAPITAL HOLDINGS: Creditors' Proofs of Debt Due on Dec. 5
---------------------------------------------------------------
The creditors of Focus Capital Holdings Ltd. are required to file
their proofs of debt by December 5, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 20, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


FOCUS CAPITAL HOLDINGS: Members' Final Meeting Set for Dec. 24
--------------------------------------------------------------
The members of Focus Capital Holdings Ltd. will hold their final
general meeting on December 24, 2008, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Nov. 20, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


FUND AMERICAN: Creditors' Proofs of Debt Due on Dec. 5
------------------------------------------------------
The creditors of Fund American Management Company, Ltd. are
required to file their proofs of debt by December 5, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


FUND AMERICAN: Members' Final Meeting Set for December 23
---------------------------------------------------------
The members of Fund American Management Company, Ltd. will meet on
December 23, 2008, at 9:30 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


PARETO (BERMUDA): Requires Creditors to File Claims by Dec. 5
-------------------------------------------------------------
The creditors of Pareto (Bermuda) Limited are required to file
their proofs of debt by December 5, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


PARETO (BERMUDA): Members' Final Meeting Set for December 31
------------------------------------------------------------
The members of Pareto (Bermuda) Limited will meet on December 31,
2008, at 9:30 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


PARETO CURRENCY: Creditors' Proofs of Debt Due on December 5
------------------------------------------------------------
The creditors of Pareto Currency Absolute Return Fund Limited are
required to file their proofs of debt by December 5, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


PARETO CURRENCY: Members' Final Meeting Set for December 30
-----------------------------------------------------------
The members of Pareto Currency Absolute Return Fund Limited will
meet on December 30, 2008, at 9:30 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


UNOCAL SESULU: Creditors' Proofs of Debt Due on Dec. 5
------------------------------------------------------
The creditors of Unocal Sesulu, Ltd. are required to file their
proofs of debt by December 5, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


UNOCAL SESULU: Members' Final Meeting Set for December 30
---------------------------------------------------------
The members of Unocal Sesulu, Ltd. will meet on December 30, 2008,
at 9:30 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda



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

FORD MOTOR: Bank Loan Sells for 65% Discount in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Ford Motor Co. is
a borrower traded in the secondary market at 34.40 cents-on-the-
dollar during the week ended November 21, 2008, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents a drop of 11.40 percentage points from
the previous week, the Journal relates.

The syndicated loan matures on Dec. 15, 2013, and Ford pays 300
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.

Meanwhile, participations in a syndicated loan under which General
Motors Corp. is a borrower traded in the secondary market at 35.33
cents-on-the-dollar during the week ended November 21, 2008, as
reported in the Journal.  This represents a drop of 10.52
percentage points from the previous week, the Journal relates.
The syndicated loan matures on Nov. 27, 2013, and GM pays 275
basis points over LIBOR to borrow under the facility.  The bank
loan carries Moody's B1 rating and Standard & Poor's B rating.

Bank debt of other companies in the auto industry are also being
sold at substantial discount, according to data compiled by Loan
Pricing Corp. and reported in The Wall Street Journal.

Participations in a syndicated loan under which Avis Budget Car
Rental LLC is a borrower traded in the secondary market at 38.71
cents-on-the-dollar during the week ended November 21, 2008.  This
represents a drop of 10.43 percentage points from the previous
week, the Journal relates.  The syndicated loan matures on April
12, 2012, and Avis pays 125 basis points over LIBOR to borrow
under the facility.  The bank loan carries Moody's Ba1 rating and
Standard & Poor's BB rating.

Participations in a syndicated loan under which Lear Corp. is a
borrower traded in the secondary market at 56.57 cents-on-the-
dollar during the same period.  This represents a drop of 7.54
percentage points from the previous week, the Journal relates.
The syndicated loan matures on March 29, 2012, and Lear pays 250
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.


FORD MOTOR: Mulls Sale of Five Planes to Cut Costs
--------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co. said that it is considering selling its five aircraft.

WSJ quoted Ford Motor spokesperson Mark Truby as saying, "Ford's
top priority is to continue making progress on our transformation
plan, and we do not want anything to distract us.  We are
exploring all cost-effective solutions for our air travel.... We
have sold four planes since 2005."

Citing Mr. Truby, WSJ relates that Ford Motor has three small jets
used for executives' travel and two planes used to carry larger
groups of workers to help introduce new products.

WSJ states that lawmakers and the press criticized executives for
using the planes while seeking for aUS$25 billion bailout from the
government.  The CEOs didn't tell the Congress that it is often
corporate policy that they fly on private planes to ensure their
security and save valuable time, WSJ says.

General Motors Corp., according to WSJ, was criticized for using
private jets to fly to Washington D.C. while seeking for
government financial assistance.  GM said on Friday that it will
sell two of its five corporate planes, the report states

                      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-'.


FORD MOTOR: S&P Junks Corporate Ratings on Increasing Cash Use
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its ratings
on Ford Motor Co., Ford Motor Credit Co., and related entities,
including the corporate credit ratings to 'CCC+' from 'B-', and
removed them from CreditWatch, where they had been placed with
negative implications on Oct. 9, 2008.  At the same time, S&P
lowered the counterparty credit rating on FCE Bank PLC, Ford
Credit's European bank, to 'B-' from 'B', maintaining the one-
notch rating differential between FCE and its parent.  The rating
outlook on all entities is negative.

The downgrades reflect increasing and ongoing cash use in Ford's
automotive operations caused by plummeting U.S. and now European
light-vehicle demand and the dramatic consumer shift away from
large pickup trucks and SUVs in the U.S. earlier this year.

"We expect Ford's cash outflows to further reduce its cash
balances during the next few quarters, which will test the
company's ability to maintain sufficient liquidity throughout
2009," said Standard & Poor's credit analyst Robert Schulz.  S&P
still expects theUS$10.7 billion revolving credit facility to
remain undrawn through the end of 2008, although S&P estimates
that continued adverse industry conditions could force the company
to begin drawing on this facility in the first half of 2009,
followed by possibly significant draws by the end of 2009.

Ford's current liquidity position remains superior to that of its
Michigan-based competitors, General Motors Corp. and Chrysler LLC
(both CCC+/Negative/--), and S&P believes Ford Credit has been
less constrained recently in its ability to provide financing for
Ford customers.  As a result, Ford faces a less imminent, but
still significant, danger of falling below the necessary levels of
cash to run its automotive business.  Still, the difference in
liquidity relative to that of its competitors provides Ford with a
few additional quarters of comfort rather than a year or more.  In
S&P's view, the company may be forced to consider a financial
restructuring or bankruptcy filing in 2009, caused by the very
weak outlook for vehicle sales in most of the world.  The failure
of one or more of Ford's Michigan-based competitors would
adversely affect many of Ford's own suppliers, and the resulting
turmoil could reduce Ford's liquidity further.  S&P believes the
most likely trigger for a financial restructuring or bankruptcy
filing by Ford would be a reduction in cash and bank facility
availability, approaching levels that are insufficient to operate
the business, rather than the company making a strategic decision.

The company usedUS$7.9 billion in cash, including cash
restructuring costs, in its global automotive operations in the
third quarter, bringing toUS$12.8 billion its cash use for the
first nine months of the year.  Since then, U.S. industry sales
plummeted even further in October amid the worsening financial
crisis, and S&P believes demand has remained anemic in November.
Moreover, weak European demand has led Ford to sharply cut
production in that region.  Consequently, S&P expects Ford's cash
use to continue unabated through the end of this year and early
2009, even as the company continues to aggressively slash costs
and conserve cash.

Ford and the other Michigan-based automakers may ultimately
receive loans or other financial support from the U.S. government,
although the form, timing, and magnitude of this assistance are
difficult to predict.  Although S&P expects some of the
$25 billion of previously appropriated government loan funding to
begin arriving early in 2009, or perhaps sooner, the amount of
funding under this program may be modest at first and spread out
over multiple years.  Even if the government expedites funding or
creates a new program, it is important to stress that S&P would
likely view such assistance as buying more time for these
companies rather than as a solution to their fundamental business
risks, especially deteriorating global demand.

S&P expects U.S. light-vehicle sales of about 13.3 million units
or less this year, the lowest in 15 years and down sharply from
16.1 million units in 2007.  S&P also expects sales to fall
further in 2009, to about 12.3 million units, as the economy
remains weak and housing prices and consumers' access to credit
remain under pressure.  The outlook for other major auto markets,
including Europe, has suddenly turned much bleaker in the past few
months as economic woes have dampened automotive demand beyond the
U.S.

The weak environment prompted Ford to augment its latest
restructuring plan with a series of additional cash-saving actions
to be implemented through 2010.  These include lower capital
spending, reduced inventory and other working capital, and further
salaried headcount and compensation reductions.

The ratings on Ford reflect the possibility that the multiple
problems the company faces in stemming cash use could overwhelm
its cash and liquidity during 2009.  Items that Ford can address
over time, such as its overcapacity, labor costs, and product
lineup, will not, in S&P's view, be sufficient to produce any
meaningful reduction in its cash use in the immediate future.  A
stabilization of industry sales, even at low levels, would lead to
somewhat lower but still sizable cash use in 2009.  Nonetheless,
S&P's concern is that the company may not have the liquidity to
survive this economic downturn.

S&P still views the four-year labor contract reached in late 2007
with the United Auto Workers union as a substantial long-term
positive for Ford's turnaround efforts in North America.  However,
under the current agreement, the large retiree health care and
other cost savings from the contract will not begin to accrue
until 2010.

The negative outlook reflects S&P's view that cash losses could
easily cause Ford's liquidity to sink below necessary levels in
2009, even if management's cash-saving actions are partly
successful.

S&P could lower the ratings further if S&P came to believe that
cash balances plus availability under the revolving credit
facility would drop significantly belowUS$10 billion by the end of
2009.  This could occur even with more vehicle sales than S&P has
seen in recent months.  S&P could also lower the rating if Ford
Credit cannot maintain sufficient funding to continue its already
lower levels of auto loan originations.

S&P will evaluate the effect of any specific announcements
regarding federal funding as they materialize.  S&P expects some
form of federal assistance to arrive early in 2009, or perhaps
sooner, but the form, timing, and magnitude of this and any
further assistance are difficult to predict.  S&P stresses that
S&P would likely view such assistance as buying more time for Ford
rather than solving its fundamental business risks.



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

BANCO DO BRASIL: Shares Fall 14% Due to Overbid for Nossa Caixa
---------------------------------------------------------------
Banco do Brasil SA shares fell to the lowest level in three years
amid investors conclusion that it overpaid to buy a controlling
stake in Banco Nossa Caixa SA, Bloomberg News reported on November
21.

Bloomberg News relates that Banco do Brasil sank 14% to BRL11.41
on November 21, in Sao Paulo trading, the lowest price since
August 2005, while Nossa Caixa surged 23% to BRL63, the highest
price since it went public in October 2005.

As reported by the Troubled Company Reporter - Latin America on
November 24, 2008, Bloomberg News said that Banco do Brasil will
buy a 71.2% stake in Banco Nossa for BRL5.39 billion (US$2.25
billion) in cash after 7 months of negotiations.  The bank is
paying BRL70.63 a share, an 18th month installment of
BRL299.2 million beginning March 2009, aiming to regain its top
rank as Latin America's biggest financial group, the same report
noted.

Bloomberg notes that the bank paid 38% more than Nossa Caixa's
closing price of BRL51.30 on Nov. 19, the last day before the deal
was disclosed.

"They paid too much for Nossa Caixa," the report cited Debora
Morsch, who helps manage about US$305 million at Solidus Brokerage
in Porto, Alegre, Brazil, as saying.  "The premium came as a
surprise to the market.  The price was a reflection of the
pressure Banco do Brasil was under to catch up with its bigger
rivals," she said.

Bloomberg News adds that Mario Pierry, an analyst at Deutsche Bank
AG wrote in a note to clients, "The price paid is very high, by
any measure.  The deal should be dilutive to 2009 and 2010
earnings."  Mr. Pierry predicts Nossa Caixa's acquisition will
dilute Banco do Brasil's profit per share by 6% in 2009 and by
10% in 2010, "assuming no synergies," he wrote.

"We believe the acquisition makes strategic sense, but it appears
that Banco do Brasil overpaid," Mr. Pierry was quoted by the news
agency as saying.

                     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.

                          *     *     *

Banco do Brasil continues to carry a Ba2 foreign currency deposit
rating from Moody's Investors Service.  The rating was placed in
February 2008.


ELETROBRAS: Mulls Sale of US$1BB Bonds in 2009 to Finance Business
------------------------------------------------------------------
Centrais Eletricas Brasileiras SA (Eletrobras) will seek to raise
US$1 billion from debt markets in 2009 to finance its business,
Bloomberg News reports, citing Chief Financial Officer Astrogildo
Fraguglia Quental.

The report relates that the company also plans to sell shares and
raise funds in the medium to long-term.

Mr. Quental said Eletrobras probably won't be able to sell
US$400 million in bonds approved by its board planned for this
year because of market conditions, the report notes.  "We're going
to take the matter up again in 2009 with the estimated issue of
US$1 billion," he added.

Centrais Eletricas Brasileiras SA, a.k.a. Eletrobras, operates in
the electric power sector in Brazil.  The objective of Eletrobras
is to perform activities involving studies, projects, construction
and operation of electric power plants, transmission and
distribution lines as well as underlying trade operations arising
therefrom.  Eletrobras is tasked with the preparation of studies
and with drawing up construction projects for hydroelectric
generation, transmission lines and substations to supply Brazil.
It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked to the generation,
transmission and distribution of electric power.

                          *     *     *

Centrais Eletricas Brasileiras S.A. aka Eletrobras continues to
carry a 'BB+' long-term foreign currency counterparty credit
rating from Standard & Poor's with positive outlook.  The rating
was raised by S&P to its current level from 'BB' in May 2007.


* BHP Billiton & Comphania Vale to Close JV Plants on Weak Demand
-----------------------------------------------------------------
BHP Billiton Limited and Companhia Vale do Rio Doce will cut
output of iron-ore pellets from their Samarco venture in Brazil by
65% on weakening demand for the steelmaking material, Bloomberg
News reports.

In a company press release dated Nov. 22, the Samarco venture said
there will be a reduction in pellet production in response to
current weak market demand.  The company said it would temporarily
shut down two older iron ore pellet plants from the end of
November 2008 to mid-January 2009, at which time the situation in
the markets will be re-assessed.  The third iron ore pellet plant
that was commissioned in April 2008 will remain operating, the
company noted.

Samarco disclosed its total iron ore pellet production capacity is
21.6 million tonnes per annum (100 per cent basis), while the
capacity for the third pellet plant is 7.6 million tonnes per
annum (100 per cent basis).

BHP Billiton Chief Executive of Ferrous and Coal, Marcus Randolph,
said the global market conditions were proving challenging for the
steel industry and its raw materials providers.

"There is no doubt that these are very challenging times across
the whole industry, and there is substantial uncertainty around
the short term outlook.  While the adjustment at Samarco was
entirely the decision of the Joint Venture's independent
management team, BHP Billiton believes this is a sensible decision
in the current climate.  We will continue to monitor the situation
and Samarco is also working closely with its customers through
this period," Mr. Randolph said.

Bloomberg News says a deepening global financial crisis has
reduced demand for steel, prompting makers in Asia, Europe and
North America to slash output, curbing their need for iron ore and
pellets.

Bloomberg News adds that Vale plans to cut 140 jobs at its port,
rail and pellet operations at Tubarao, Espirito Santo, a trade
union said.



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

ATLANTIC VISTA: Creditors' Proofs of Debt Due on December 12
------------------------------------------------------------
Atlantic Vista Ooffshore Fund, Ltd requires its creditors to file
their proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          DMS Corporate Services Ltd.
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          c/o Bernadette Bailey-Lewis
          Telephone:(345) 946 7665
          Facsimile:(345) 946 7666


ATLANTIC VISTA: Final Meeting Slated for December 13
----------------------------------------------------
Atlantic Vista Offshore Fund, Ltd will hold its final general
meeting on December 13, 2008, at 3:00 p.m., at the offices of dms
Corporate Services Ltd, dms House, 20 Genesis Close, in George
Town, Grand Cayman.

At the meeting, DMS Corporate Services Ltd, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

          DMS Corporate Services Ltd.
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          c/o Bernadette Bailey-Lewis
          Telephone:(345) 946 7665
          Facsimile:(345) 946 7666


CYRUS SHORT: Placed Under Voluntary Liquidation
-----------------------------------------------
The sole shareholder of Cyrus Short Credit Fund, Ltd. resolved to
voluntarily liquidate the company's business on Oct. 23, 2008.

Creditors are required to file their proofs of debt today,
Nov. 25, to be included in the company's dividend distribution.

The company's liquidator is:

          Ogier
          c/o Angus Davison
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone:(345) 949 9876
          Facsimile:(345) 949 1986


CYRUS SHORT: Shareholder's Final Meeting Set for December 11
------------------------------------------------------------
The sole shareholder of Cyrus Short Credit Fund, Ltd. will hold
their final meeting on December 11, 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 Oct. 23, 2008.

The company's liquidator is:

          Ogier
          c/o Angus Davison
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone:(345) 949 9876
          Facsimile:(345) 949 1986


CYRUS SHORT: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Cyrus Short Credit Master Fund, Ltd.
resolved to voluntarily liquidate the company's business on
Oct. 23, 2008.

Creditors are required to file their proofs of debt today,
Nov. 25, to be included in the company's dividend distribution.

The company's liquidator is:

          Ogier
          c/o Angus Davison
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone:(345) 949 9876
          Facsimile:(345) 949 1986


CYRUS SHORT: Shareholder to Hear Wind-Up Report on December 11
--------------------------------------------------------------
The sole shareholder of Cyrus Short Credit Master Fund, Ltd. will
hold their final meeting on December 11, 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 Oct. 23, 2008.

The company's liquidator is:

          Ogier
          c/o Angus Davison
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone:(345) 949 9876
          Facsimile:(345) 949 1986


INTREPID MULTI-SECTOR: Placed Under Voluntary Liquidation
---------------------------------------------------------
The sole shareholder of Intrepid Multi-Sector II, Ltd. resolved to
voluntarily liquidate the company's business on Oct. 29, 2008.

Creditors are required to file their proofs of debt today, Nov.25,
to be included in the company's dividend distribution.

The company's liquidator is:

          Reid Services Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


INTREPID MULTI-SECTOR: Shareholders' Final Meeting Set for Dec. 23
------------------------------------------------------------------
The shareholders of Intrepid Multi-Sector II, Ltd. will meet on
December 23, 2008, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          Reid Services Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


LF OIL: Creditors' Proofs of Debt Due on December 9
---------------------------------------------------
The creditors of LF Oil and Gas Company LDC are required to file
their proofs of debt by December 9, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          Westport Services Ltd
          c/o Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-5122
          Facsimile: 949-7920


LF OIL: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------
The shareholders of LF Oil and Gas Company LDC will hold their
final general meeting on December 23, 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 Oct. 29, 2008.

The company's liquidator is:

          Westport Services Ltd
          c/o Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-5122
          Facsimile: 949-7920


LF O&G: Creditors' Proofs of Debt Due on December 9
---------------------------------------------------
The creditors of LF O&G Company LDC are required to file their
proofs of debt by December 9, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          Westport Services Ltd
          c/o Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-5122
          Facsimile: 949-7920


LF O&G: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------
The shareholders of LF O&G Company LDC will hold their  final
general meeting on December 23, 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 Oct. 29, 2008.

The company's liquidator is:

          Westport Services Ltd
          c/o Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-5122
          Facsimile: 949-7920


NEUQUEN OIL: Creditors' Proofs of Debt Due on December 9
--------------------------------------------------------
The creditors of Neuquen Oil and Gas Company LDC are required to
file their proofs of debt by December 9, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          Westport Services Ltd
          c/o Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-5122
          Facsimile: 949-7920


NEUQUEN OIL: Shareholders' Final Meeting Set for December 23
------------------------------------------------------------
The shareholders of Neuquen Oil and Gas Company LDC will hold
their  final general meeting on December 23, 2008, at 11:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          Westport Services Ltd
          c/o Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-5122
          Facsimile: 949-7920


PACIFIC VISTA II: Creditors' Proofs of Debt Due on December 12
--------------------------------------------------------------
Pacific Vista II, SPC requires its creditors to file their proofs
of debt by December 12, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          DMS Corporate Services Ltd.
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          c/o Bernadette Bailey-Lewis
          Telephone:(345) 946 7665
          Facsimile:(345) 946 7666


PACIFIC VISTA II: Final Meeting Slated for December 13
------------------------------------------------------
Pacific Vista II, SPC will hold its final general meeting on
December 13, 2008, at 3:00 p.m., at the offices of dms
Corporate Services Ltd, dms House, 20 Genesis Close, in George
Town, Grand Cayman.

At the meeting, DMS Corporate Services Ltd, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

          DMS Corporate Services Ltd.
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          c/o Bernadette Bailey-Lewis
          Telephone:(345) 946 7665
          Facsimile:(345) 946 7666


PACIFIC VISTA: Creditors' Proofs of Debt Due on December 12
-----------------------------------------------------------
The creditors of Pacific Vista, SPC are required to file their
proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          DMS Corporate Services Ltd.
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          c/o Bernadette Bailey-Lewis
          Telephone:(345) 946 7665
          Facsimile:(345) 946 7666


PACIFIC VISTA: Final General Meeting Set for December 13
--------------------------------------------------------
Pacific Vista, SPC will hold its final general meeting on Dec. 13,
2008, at 3:00 p.m., at the offices of dms Corporate Services Ltd,
dms House, 20 Genesis Close, in George Town, Grand Cayman.

At the meeting, DMS Corporate Services Ltd, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

          DMS Corporate Services Ltd.
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          c/o Bernadette Bailey-Lewis
          Telephone:(345) 946 7665
          Facsimile:(345) 946 7666


TDF OIL: Creditors' Proofs of Debt Due on December 9
----------------------------------------------------
The creditors of TDF Oil and Gas Company LDC are required to file
their proofs of debt by December 9, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          Westport Services Ltd
          c/o Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-5122
          Facsimile: 949-7920


TDF OIL: Shareholders' Final General Meeting Set for December 23
----------------------------------------------------------------
The shareholders of TDF Oil and Gas Company LDC will hold their
final general meeting on December 23, 2008, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          Westport Services Ltd
          c/o Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-5122
          Facsimile: 949-7920


TDF O&G: Creditors' Proofs of Debt Due on December 9
----------------------------------------------------
The creditors of TDF O&G Company LDC are required to file their
proofs of debt by December 9, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 29, 2008.

The company's liquidator is:

          Westport Services Ltd
          c/o Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-5122
          Facsimile: 949-7920


TDF O&G: Shareholders' Final Meeting Set for December 23
--------------------------------------------------------
The shareholders of TDF O&G Company LDC will hold their  final
general meeting on December 23, 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 Oct. 29, 2008.

The company's liquidator is:

          Westport Services Ltd
          c/o Avril G. Brophy
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-5122
          Facsimile: 949-7920



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

GENERAL MOTORS: Bank Loan Sells for 64% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which General Motors
Corp. is a borrower traded in the secondary market at 35.33 cents-
on-the-dollar during the week ended November 21, 2008, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents a drop of 10.52 percentage points
from the previous week, the Journal relates.  The syndicated loan
matures on Nov. 27, 2013, and GM pays 275 basis points over LIBOR
to borrow under the facility.  The bank loan carries Moody's B1
rating and Standard & Poor's B rating.

Participations in a syndicated loan under which Ford Motor Co. is
a borrower traded in the secondary market at 34.40 cents-on-the-
dollar during the week ended November 21, 2008, the Journal says.
This represents a drop of 11.40 percentage points from the
previous week, the Journal relates.

The syndicated loan matures on Dec. 15, 2013, and Ford pays 300
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.

Bank debt of other companies in the auto industry are also being
sold at substantial discount, according to data compiled by Loan
Pricing Corp. and reported in The Wall Street Journal.

Participations in a syndicated loan under which Avis Budget Car
Rental LLC is a borrower traded in the secondary market at 38.71
cents-on-the-dollar during the week ended November 21, 2008.
This represents a drop of 10.43 percentage points from the
previous week, the Journal relates.  The syndicated loan matures
on April 12, 2012, and Avis pays 125 basis points over LIBOR to
borrow under the facility.  The bank loan carries Moody's Ba1
rating and Standard & Poor's BB rating.

Participations in a syndicated loan under which Lear Corp. is a
borrower traded in the secondary market at 56.57 cents-on-the-
dollar during the same period.  This represents a drop of 7.54
percentage points from the previous week, the Journal relates.
The syndicated loan matures on March 29, 2012, and Lear pays 250
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.


GENERAL MOTORS: Board Willing to Consider Chapter 11, Says WSJ
--------------------------------------------------------------
General Motors Corp.'s board of directors are willing to consider
options for the company, including filing for Chapter 11
protection, John D. Stoll at The Wall Street Journal reports,
citing people familiar with the matter.

WSJ relates that GM CEO Rick Wagoner told Congress last week that
the GM management has ruled out the option of filing for
bankruptcy, and instead is trying to convince lawmakers to provide
financial assistance.  GM said in a statement that the board had
discussed bankruptcy but decided that it wasn't a "viable solution
to the company's liquidity problems."

Citing people familiar with the matter, WSJ says that the board
agrees that seeking government bailout is GM's top priority, but
isn't willing to dismiss the possibility of a Chapter 11 filing.
The report says that the board will consider all options in light
of circumstances as they may develop.

Josh Mitchell at WSJ relates that U.S. House Speaker Nancy Pelosi
and Senate Majority Leader Harry Reid said that GM, Ford Motor
Corp., and Chrysler LLC must provide to the Congress a documented
assessment of their finances, including the amount of money they
need to return to "long-term viability," by Dec. 2, 2008.

On Friday, GM said it is pushing ahead with new cost-cutting
measures.  It said three plants in the U.S. and one in Ontario,
Canada, would extend their normal two-week holiday shut-downs into
January.  It also said it would close down an Ontario truck plant
sooner than it had planned.

GM also confirmed it is ending leases on two of the five remaining
corporate jets in its fleet.  The move comes after Mr. Wagoner and
Detroit's two other auto CEOs were chastised in Congress for
flying corporate jets to meetings this week in which they asked
for billions of dollars in public assistance.

Mr. Wagoner, Ford's Alan Mulally and Chrysler's Robert Nardelli
told lawmakers they have been restructuring their companies and
need bridge loans to carry them through until the economy
recovers. Mr. Wagoner asked the government forUS$10 billion
toUS$12
billion in immediate funding.

                 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.


GENERAL MOTORS: GMAC Exchange Offer Won't Affect 'CCC+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (CCC+/Negative/--) are not immediately
affected by the GMAC LLC's exchange offer for certain notes of
both GMAC and its 100%-owned subsidiary Residential Capital LLC.
GM owns 49% of GMAC.  S&P views the exchange as a distressed debt
exchange and, as a result, S&P lowered the ratings on both GMAC
and Residential Capital and placed them on CreditWatch with
negative implications.  Although the GMAC offer is part of an
attempt to improve its capital levels as it seeks to become a bank
holding company, S&P believes that if the exchange fails, GMAC
and/or Residential Capital might file for bankruptcy protection.

The ratings on GM, which were lowered in early November, reflect
the concern that the automaker's liquidity could become
insufficient to operate its business during the first half of 2009
or earlier.  GM and GMAC are discussing changes to the operating
agreements between them.  Should these discussions or GMAC's own
situation lead to a further reduction in financing access for GM
retail customers, S&P believes GM's financial position would
become even more precarious.

In S&P's view, the timeframe during which the financial survival
of the domestic automakers will be determined has accelerated in
the past 60 days amid the deepening financial market crisis and
worsening consumer confidence, and S&P now views the next few
quarters as the most critical period.  S&P will evaluate the
effect of any specific announcements regarding federal funding as
they are made.  Although S&P expects some of theUS$25 billion of
previously appropriated government loan funding to begin arriving
early in 2009, or perhaps sooner, the amount of funding under this
program may be modest at first and spread out over multiple years.
Even if the government expedites funding or creates a new program,
it is important to stress that S&P would likely view such
assistance as buying more time for GM rather than as a solution to
its fundamental business risks, especially deteriorating global
demand.  In addition, S&P envisions a scenario in which federal
government assistance may be predicated on financial restructuring
of some existing debt.


GENERAL MOTORS: To Give Up 2 Corporate Jets to Diffuse Criticisms
-----------------------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that General
Motors Corp. said on Friday that it will offload two of its five
corporate planes, after being criticized for using private jets to
fly to Washington D.C. while seeking for government financial
assistance.

WSJ states that lawmakers and the press criticized executives for
using the planes while seeking for aUS$25 billion bailout from the
government.  The CEOs didn't tell the Congress that it is often
corporate policy that they fly on private planes to ensure their
security and save valuable time, WSJ says.

Ford Motor Co. said that it is also considering selling its five
aircraft, WSJ reports.  WSJ quoted Ford Motor spokesperson Mark
Truby as saying, "Ford's top priority is to continue making
progress on our transformation plan, and we do not want anything
to distract us.  We are exploring all cost-effective solutions for
our air travel.... We have sold four planes since 2005."

Citing Mr. Truby, WSJ relates that Ford Motor has three small jets
used for executives' travel and two planes used to carry larger
groups of workers to help introduce new products.

                  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.


SOCIEDAD DE INVERSIONES: S&P Maintains 'BB-' Corporate Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit and senior unsecured ratings on Chile-based Sociedad de
Inversiones Pampa Calichera S.A. after Pampa solicited the consent
from the holders of its US$250 million bonds to change certain
conditions of the bonds.  The ratings were removed from
CreditWatch with negative implications--where they were placed on
June 26, 2008--given the sizable debt (US$494 million) Pampa
allocated to its controlling holding companies.

Pampa has to gain the consent of its shareholders to upstream cash
to its controlling companies in order to service that debt.  Pampa
is requesting that its bondholders allow an increase in its
dividend payout to 90% of cash flow and permit the distribution of
an extraordinary dividend of $48 million.  Pampa is also proposing
to increase both the collateral securing payment of the bonds (to
3x from 2x) and the reserve account to two from one coupon.  In
addition, on Nov. 20, 2008, Inversiones SQ S.A.-–the ultimate
controlling company in Pampa's parent structure--announced that,
if consent is granted, it would reduce Pampa's controlling
companies' debt up to US$170 million during 2009.  In S&P's
opinion, the structural enhancements and the reduction of debt
would balance the proposed changes at the 'BB-' rating level, even
if Pampa's ability to build up cash would become somewhat
diminished as a result.

"The rating affirmation reflects S&P's conclusion that both
structures are consistent with the rating category and offset the
deterioration in credit quality resulting from the need to
upstream significant cash to repay the financing at Pampa´s parent
level," said Standard & Poor's credit analyst Diego Ocampo.

The affirmation is also supported by S&P's expectation that the
company's ultimate source of cash, Sociedad Quimica y Minera de
Chile S.A. (SQM; BBB+/CreditWatch Negative/--), will align its
dividend policy with Pampa's controlling group's need for cash—as
indicated by SQM board's recent announcement to distribute $100
million in provisory dividends.

The ratings on Pampa reflect the company's high leverage, its
expected volatile debt-service coverage--which varies according to
SQM's bottom-line performance, and S&P's concerns regarding SQM's
ownership structure.  The ratings also reflect the relatively long
tenor of Pampa's debt--with no principal maturities until 2018,
and SQM's volatile, but strong, ability to generate cash flow.

"The stable outlook reflects S&P's expectation that Pampa's
dividend inflows, coupled with its cash position, will allow the
company to cover its debt service, whether the upstreaming consent
is approved or not.  The ratings could be downgraded if dividend
inflows are lower than expected," Mr. Ocampo added.

If the consent is approved, lower dividends would mean that the
dividend flow does not allow Pampa to cover interest and its
parent's debt service.  If consent is not given, the current
ratings would incorporate S&P's expectation that Pampa will
receive enough dividends to result in funds from operation
covering at least 3x interest expenses.  If consent is not given,
the ratings could be lowered if S&P finds evidence of
vulnerabilities in the structure that detract from Pampa´s
expected cash buildup and/or repayment ability.  Any rating upside
will depend on SQM's having a consistently stable and higher-than-
expected dividend flow.



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

ECOPETROL: Inks Two Partnership Agreements With Italy's Eni
-----------------------------------------------------------
Ecopetrol S.A. has signed two partnership agreements with Italy's
Italy's energy company Eni, which aims to boost its assets in the
American continent, Dow Jones Newswires reports.

OilVoice News relates that the first agreement will enable
Ecopetrol to farm into Eni's current U.S. Gulf of Mexico
exploration portfolio.

Ecopetrol, OilVoice News notes, will be assigned a 20 to 25%
working interest on at least five wells to be drilled within
December 31, 2012.  Under the terms of the agreement, Ecopetrol
will invest and carry a portion of Eni's drilling costs for a
total in excess of US$220 million, the same report says.

According to Dow Jones, the second agreement is a memorandum of
understanding aimed at boosting cooperation between then two
companies.  A joint team will be set up to assess further farm
opportunities for Ecopetrol from Eni's exploration portfolio, DJ
says.

DJ adds that Ecopetrol will also offer Eni access to opportunities
in Colombia and other Latin American countries.

OilVoice News points out that the strategic partnership agreements
will enable Eni to manage and diversify the risk of its
exploration portfolio.

                          About Eni

In the Americas, Eni currently owns lease interests in 408 blocks
within the US Gulf of Mexico, 70% of which are located in
deepwater.  In this area, Eni delivered a strong exploration
performance in 2008, with a success rate above 80%, and continues
to be a key producer with a daily equity production in excess of
100,000 boe.  In addition, the company owns lease interest in 173
licenses in the North Slope of Alaska.  In South America Eni
carries out exploration and/or production activities in Venezuela,
Trinidad & Tobago, Ecuador, Brazil and Argentina.

                       About Ecopetrol S.A.

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

                          *     *     *

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


* COLOMBIA: Signs Deal With China to Improve Trade
--------------------------------------------------
Colombia's government signed a bilateral investment treaty with
China, granting most favored nation status to each other's
companies, Joshua Goodman of Bloomberg News reports.

Colombian President Alvaro Uribe, the report relates, said he
wants to "deepen immensely relations with China and its
government."

According to the report, Colombia, after lobbying unsuccessfully
for the U.S. Congress to approve a free-trade agreement reached in
February 2006, is broadening its trade agenda to catch up with
regional neighbors that have been rushing to embrace Asia.

Democrats in Congress earlier this year, the report recounts,
delayed a vote on the trade accord with Colombia, denying
President Uribe a chance at his most significant foreign policy
victory.  Mr. Uribe said he would continue to pursue the U.S.
accord "with urgency and patience."

Bloomberg News meanwhile notes that Colombia also signed a free-
trade agreement with Canada, extending to 13 the number of
countries it has reached accords with.

                         About Colombia

The Republic of Colombia is a country in northwestern South
America.  It is the 26th largest nation in the world
and the fourth largest in South America (after Brazil, Argentina,
and Peru), with an area more than twice that of
France.   According to Moody's website, the company continues to
carry foreign currency rating of Ba1 with stable
outlook.



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

PETROECUADOR: Export Revenue Drops 24% to US$401.17MM in October
----------------------------------------------------------------
Petroecuador's oil export revenues in October dropped 24% to
US$401.17 million from US$526.33 million in the previous month,
Mercedes Alvaro of DowJones Business News reports, citing a
company data.

The report relates that the company's data showed, in terms of
volume, Petroecuador exported 6.56 million barrels of crude oil in
October, up 11% from 5.91 million barrels in September.

According to the report, Petroecuador's export total includes Napo
crude from the former Occidental Petroleum Co. fields that where
seized on May 15, 2006, claiming Occidental had broken the terms
of its operating contract.

Exports of Oriente crude in October were 4.83 million barrels,
while exports of Napo crude were 1.73 million barrels, the report
says.

DJ Newswires adds that the average price of Oriente in October
fell 30% to US$63.32 a barrel from US$90.24 in September, while
the Napo crude's price was US$55.34 per barrel, a 35% decrease
from US$85.15 in the previous month.

                       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: President Won't Drop Loan Suit Despite Threats on Ties
-----------------------------------------------------------------
Reuters reports that Ecuadorean President Rafael Correa said he
would not withdraw an international suit to suspend a Brazilian
loan repayment even if it frays diplomatic ties between the two
countries.

As reported by the Troubled Company Reporter - Latin America on
November 24, 2008, Bloomberg News said Ecuador filed an
international lawsuit to suspend payment on a loan owed to a
Brazilian government bank, charging that the credit's terms are
unlawful.

According to Bloomberg News the lawsuit comes days after President
Correa raised the specter of default by threatening not to repay
debt considered to be illegal or riddled with irregularities when
contracted by past governments.  The same report related that its
debt audit commission uncovered "illegality and illegitimacy" in
the country's foreign obligations.  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 Bloomberg said.

Jorge Glas, head of a government fund handling the lawsuit, said
the loan granted by BNDES, Brazil's state development bank, was
linked to a construction company that was expelled from the
country over a contractual dispute, Bloomberg News noted.

In September, Bloomberg News recounted, President Correa
threatened not to repay the the central bank, holding that the
loan was granted to Brazilian top construction firm Odebrecht to
build a plant and not to the government.

"Their measure hurt us deeply as I told Brazil President Lula da
Silva.  We respect it, but don't share it and we will not quit
defending the interests of our country," Reuters cited President
Correa as saying.  "We have not suspended the payment, we have not
thrown the contract on the trash, we are complying with the
contract and started an arbitration claim," he added.

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.



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

CEMEX SAB: Fitch Corrects Rating Release to Include Rinker IDR
--------------------------------------------------------------
Cemex's ratings were downgraded by Fitch Ratings on Oct. 31, 2008.
In that press release, the downgrade and withdrawal of the Rinker
IDR was omitted.  Fitch issued an amended press release to include
that rating action:

Fitch Ratings has downgraded these ratings of Cemex, S.A.B. de
C.V. and related entities:

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

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

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

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

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

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

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

The Rating Outlook is Negative.

In addition to this action, these ratings have been downgraded and
withdrawn:

-- Rinker Group Limited (Rinker) Long Term IDR to 'BB+' from
    'BBB-';

-- Rinker Short Term IDR to 'B' from 'F3'.

The rating actions reflect weaker than expected operating results
and higher leverage levels than previously anticipated due to
economic weakness in most of the company's important markets.
Additionally, adverse market conditions have slowed the pace of
the company's divestiture program and should continue to make this
process challenging over the next year.  Further incorporated into
the ratings is Cemex's reduced liquidity position, with the
company facing significant maturities during 2009 amid a difficult
credit market, resulting in increased refinancing risk.

The ratings also consider the company's strong global business
position as an integrated cement player, robust cash flow
generation ability and good geographic diversification, with a
presence in over 50 countries.

While the company has been able to reduce debt by close to US$3
billion since the Rinker acquisition, leverage remains higher than
originally anticipated.  At Sept. 30, 2008 Cemex had total
adjusted debt of US$23.3 billion.  Adjusted debt includes total
debt plus perpetual debt and operating leases; considering annual
estimated EBITDAR of US$4.9 billion, the total adjusted debt to
EBITDAR ratio is 4.8 times (x), still high for the rating
category.  While the company should continue to focus its efforts
on debt reduction, prevalent weak operating market conditions in
its main markets, as well as revised economic growth prospects for
most of the regions in which it operates should result in a slower
than expected pace of deleveraging for the company.

Fitch's ratings incorporate the recent measures announced by the
company that are focused on increasing free cash flow generation.
Cemex recently announced a cost cutting program that will provide
US$500 million in recurrent annual savings, starting in 2009.  The
company has also reduced its capital expenditure program for 2009
to US$845 million, coming down from US$2 billion in 2008 and has
targeted additional assets to divest.  These measures should
provide additional free cash flow to be used towards debt
repayment.

Cemex's liquidity position is tight, as the company faces
maturities of US$5.7 billion during 2009.  Of this figure,
US$3 billion consist of a syndicated loan related to the Rnker
acquisition which matures in December 2009.  The company has
started negotiating with its main banks, and has closed
commitments totaling close to US$1.3 billion to extend the
maturity until December 2010.  The remaining US$2.6 billion in
maturities in 2009 are spread throughout the year and consist
ofUS$310 million of Certificados Bursatiles issued in the local
capital markets and US$2.3 billion in bank debt.  Additionally,
the recent volatility in currencies resulted in mark-to-market
losses on derivatives instruments held by the company totaling
US$711 million as of Oct. 14, 2008.  Cash posted on margin calls
totaled US$445 million; further margin calls are limited as the
company has unwound most of its cross currency swaps positions
related to its peso denominated debt and all of its capital hedge
position.  Cash available at this date was US$630 million.

CEMEX is the third-largest cement producer in the world based on
production capacity of approximately 97 million metric tons and
operates in more than 50 countries.   The company is also the
global leader in the ready mix concrete market with sales of over
80.5 million cubic meters and an important global player in the
aggregates business with sales of 222.7 million tons.  In 2007,
the company's net revenues and EBITDA reached US$21.7 billion and
US$4.6 billion, respectively.  Pro forma including full year
results from Rinker, EBITDA reached US$5.1 billion.  CEMEX's U.S.
operations generated 32% of consolidated EBITDA followed by the
Mexico with 24% and Spain with 11%.


CONSTELLATION COPPER: Liquidity Woes May Prompt Bankruptcy Filing
-----------------------------------------------------------------
Constellation Copper Corporation reports that it has been delayed
in filing its interim financial statements for its third quarter
ended Sept. 30, 2008, and Management Discussion & Analysis related
thereto by the required filing date under applicable Canadian
securities laws, namely Nov. 14, 2008.

The delay is attributable to the uncertainty of reaching an
agreement with Jaguar Financial Corporation and Glencore
International AG pursuant to the letter of intent disclosed on
Sept. 3, 2008, and the status of the company's ongoing
negotiations with secured creditor Investec Bank (UK) Limited.

Consequently, the company does not know whether it will be able to
continue operating as a going concern, unless the relief requested
from Investec to cover critical operating and other expenses is
granted or another source of financing becomes available.  The
company may consider filing for legal protection from its
creditors in both Canada and the United States if cash liquidity
problems can not be resolved.

The company anticipates that it will be in a position to file its
Third Quarter Report by Jan. 14, 2009.  Until its Third Quarter
Report is filed, the company intends to satisfy the requirements
of the "alternate information guidelines" described in CSA Staff
Notice 57-603, including issuing bi-weekly default status reports.

As a result of this delay, Constellation management has asked the
securities regulatory authorities in each of the Provinces of
Canada to put in place a management cease trade order covering all
persons who are directors, officers or insiders of the company or
who have been directors, officers or insiders of Constellation
during the period that the financial statements are being
prepared.  If the company's Third Quarter Report is not
filed by Jan. 14, 2009, one or all of the authorities may impose
an issuer cease trade order against Constellation.

The company does not believe that it will be affected by this
aspect of the Notice because it anticipates that it will be in a
position to file its Third Quarter Report by Jan. 14, 2009.
The MCTO will remain in place until two full business days after
receipt by the authorities of all filings that the company is
required to make pursuant to applicable Canadian securities laws.

                  About Constellation Copper

Headquartered in Lakewood, Colorado, Constellation Copper
Corporation (CCU: TSX) -- http://www.constellationcopper.com/--
evaluates and develops mineral properties in the United States and
Mexico. The company holds its properties primarily through three
of its wholly owned subsidiaries, Lisbon Valley Mining Co. LLC,
Minera Terrazas S.A. de C.V. and San Javier del Cobre S.A. de C.V.
LVMC operates the Lisbon Valley copper mine, which comprises three
main deposits: Sentinel, Centennial and GTO, plus the Cashin
satellite deposit, with reserves and resources totaling +50
million tons and grading an average 0.48% copper. Minera Terrazas
holds the company's interest in the Terrazas zinc-copper project
located in north- central Mexico.  The property has a total
resource of 90 million tonnes grading 1.37% zinc and 0.32% copper
in two adjacent deposits. San Javier del Cobre S.A. de C.V. holds
the company's interest in the San Javier copper property located
in northwestern Mexico.


FAIRCHILD SEMICONDUCTOR: Moody's Retains 'Ba3' Corporate Rating
---------------------------------------------------------------
Moody's Investors Service affirmed Fairchild Semiconductor
Corporation's (a wholly owned subsidiary of Fairchild
Semiconductor International, Inc.) Ba3 corporate family rating and
SGL-1 speculative grade liquidity rating.  The ratings outlook was
revised to stable from positive.  Moody's also affirmed the Ba2
rating on the company's senior secured credit facilities.

The stabilization of the ratings outlook reflects the likely
contraction in Fairchild's sales and margins because of weak end-
market demand.  The company recently announced that it expects
sales to sequentially decline 16% to 21% for the December 2008
quarter.  However, the stable outlook is supported by Moody's
expectation that the company should maintain very good liquidity
throughout the near term and improved supply chain management, as
evidenced through previous cycles.

Despite the potential severity of the current global economic
downturn and Fairchild's exposure to weakening end-markets (such
as consumer, automotive, computing), the affirmation of the Ba3
corporate family rating is supported by Moody's expectation that
while maintaining very good liquidity, it can mitigate the impact
of declining sales on its margins, within a tolerable bandwidth,
through cost containment initiatives and continued emphasis on
working capital management.  In Moody's opinion, based on various
stress scenarios, the company should have the ability to sustain
credit metrics that are appropriate for the Ba3 ratings category
over the medium-term.  However, to the extent the company
experiences a decline in demand levels greater than Moody's
expectations, this could apply negative pressure to the ratings.

Moody's notes that Fairchild's end-market visibility is somewhat
limited given that a material portion of its products are sold
through distributors, many of whom are coping with reduced orders
and are trying to reduce inventories.  Additionally, the company's
exposure to the mature Standard Products business could constrain
gross margins, particularly if ASP's sharply decline.

These ratings were affirmed:

-- Corporate family rating at Ba3;

-- Probability-of-default rating at B1;

--US$100 million senior secured revolving credit facility due
    2012 at Ba2 (LGD2, 27%);

--US$515.8 million senior secured term loan due 2013 at Ba2
    (LGD2, 27%).

Fairchild's Ba3 corporate family rating continues to reflect the
company's moderate leverage, its favorable business profile as the
largest global supplier of power semiconductors, and significant
historical improvements in operating margins, but also considers
the highly competitive nature of the company's markets, ongoing
acquisition risk, and its exposure to softening end-markets.  As
such, Moody's will continue to monitor the company's business
strategy, the pricing environment, and its cost control efforts.
In Moody's opinion, Fairchild's liquidity position is very good
due to its large cash balance, favorable debt maturity profile,
expectations for positive cash flow, and capacity under its
revolving credit facility.

The last rating action for Fairchild occurred on May 02, 2008,
when Moody's affirmed the company's Ba3 corporate family rating
and SGL-1 speculative grade liquidity rating.

Fairchild Semiconductor Corporation, based in South Portland,
Maine, is the world's largest global supplier of power
semiconductors.  The company reported sales of approximately
US$1.7 billion through the twelve months ended Sept. 28, 2008.

In Asia-Pacific, the company has sales offices in Australia and
People's Republic of China among others.

In Europe, it also has sales offices in France and Germany among
others.

In Latin America, it has sales offices in Brazil and Mexico.


FORD MOTOR: Increasing Cash Use Prompts S&P to Junk Corp. Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its ratings
on Ford Motor Co., Ford Motor Credit Co., and related entities,
including the corporate credit ratings to 'CCC+' from 'B-', and
removed them from CreditWatch, where they had been placed with
negative implications on Oct. 9, 2008.  At the same time, S&P
lowered the counterparty credit rating on FCE Bank PLC, Ford
Credit's European bank, to 'B-' from 'B', maintaining the one-
notch rating differential between FCE and its parent.  The rating
outlook on all entities is negative.

The downgrades reflect increasing and ongoing cash use in Ford's
automotive operations caused by plummeting U.S. and now European
light-vehicle demand and the dramatic consumer shift away from
large pickup trucks and SUVs in the U.S. earlier this year.

"We expect Ford's cash outflows to further reduce its cash
balances during the next few quarters, which will test the
company's ability to maintain sufficient liquidity throughout
2009," said Standard & Poor's credit analyst Robert Schulz.  S&P
still expects the $10.7 billion revolving credit facility to
remain undrawn through the end of 2008, although S&P estimates
that continued adverse industry conditions could force the company
to begin drawing on this facility in the first half of 2009,
followed by possibly significant draws by the end of 2009.

Ford's current liquidity position remains superior to that of its
Michigan-based competitors, General Motors Corp. and Chrysler LLC
(both CCC+/Negative/--), and S&P believes Ford Credit has been
less constrained recently in its ability to provide financing for
Ford customers.  As a result, Ford faces a less imminent, but
still significant, danger of falling below the necessary levels of
cash to run its automotive business.  Still, the difference in
liquidity relative to that of its competitors provides Ford with a
few additional quarters of comfort rather than a year or more.  In
S&P's view, the company may be forced to consider a financial
restructuring or bankruptcy filing in 2009, caused by the very
weak outlook for vehicle sales in most of the world.  The failure
of one or more of Ford's Michigan-based competitors would
adversely affect many of Ford's own suppliers, and the resulting
turmoil could reduce Ford's liquidity further.  S&P believes the
most likely trigger for a financial restructuring or bankruptcy
filing by Ford would be a reduction in cash and bank facility
availability, approaching levels that are insufficient to operate
the business, rather than the company making a strategic decision.

The company used US$7.9 billion in cash, including cash
restructuring costs, in its global automotive operations in the
third quarter, bringing to US$12.8 billion its cash use for the
first nine months of the year.  Since then, U.S. industry sales
plummeted even further in October amid the worsening financial
crisis, and S&P believes demand has remained anemic in November.
Moreover, weak European demand has led Ford to sharply cut
production in that region.  Consequently, S&P expects Ford's cash
use to continue unabated through the end of this year and early
2009, even as the company continues to aggressively slash costs
and conserve cash.

Ford and the other Michigan-based automakers may ultimately
receive loans or other financial support from the U.S. government,
although the form, timing, and magnitude of this assistance are
difficult to predict.  Although S&P expects some of the $25
billion of previously appropriated government loan funding to
begin arriving early in 2009, or perhaps sooner, the amount of
funding under this program may be modest at first and spread out
over multiple years.  Even if the government expedites funding or
creates a new program, it is important to stress that S&P would
likely view such assistance as buying more time for these
companies rather than as a solution to their fundamental business
risks, especially deteriorating global demand.

S&P expects U.S. light-vehicle sales of about 13.3 million units
or less this year, the lowest in 15 years and down sharply from
16.1 million units in 2007.  S&P also expects sales to fall
further in 2009, to about 12.3 million units, as the economy
remains weak and housing prices and consumers' access to credit
remain under pressure.  The outlook for other major auto markets,
including Europe, has suddenly turned much bleaker in the past few
months as economic woes have dampened automotive demand beyond the
U.S.

The weak environment prompted Ford to augment its latest
restructuring plan with a series of additional cash-saving actions
to be implemented through 2010.  These include lower capital
spending, reduced inventory and other working capital, and further
salaried headcount and compensation reductions.

The ratings on Ford reflect the possibility that the multiple
problems the company faces in stemming cash use could overwhelm
its cash and liquidity during 2009.  Items that Ford can address
over time, such as its overcapacity, labor costs, and product
lineup, will not, in S&P's view, be sufficient to produce any
meaningful reduction in its cash use in the immediate future.  A
stabilization of industry sales, even at low levels, would lead to
somewhat lower but still sizable cash use in 2009.  Nonetheless,
S&P's concern is that the company may not have the liquidity to
survive this economic downturn.

S&P still views the four-year labor contract reached in late 2007
with the United Auto Workers union as a substantial long-term
positive for Ford's turnaround efforts in North America.  However,
under the current agreement, the large retiree health care and
other cost savings from the contract will not begin to accrue
until 2010.

The negative outlook reflects S&P's view that cash losses could
easily cause Ford's liquidity to sink below necessary levels in
2009, even if management's cash-saving actions are partly
successful.

S&P could lower the ratings further if S&P came to believe that
cash balances plus availability under the revolving credit
facility would drop significantly below $10 billion by the end of
2009.  This could occur even with more vehicle sales than S&P has
seen in recent months.  S&P could also lower the rating if Ford
Credit cannot maintain sufficient funding to continue its already
lower levels of auto loan originations.

S&P will evaluate the effect of any specific announcements
regarding federal funding as they materialize.  S&P expects some
form of federal assistance to arrive early in 2009, or perhaps
sooner, but the form, timing, and magnitude of this and any
further assistance are difficult to predict.  S&P stresses that
S&P would likely view such assistance as buying more time for Ford
rather than solving its fundamental business risks.


SANLUIS RASSINI: Moody's Withdraws 'Caa1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Sanluis Rassini, S.A. de
C.V.'s Caa1 corporate family rating because it believes it lacks
adequate information for continued coverage.  At the time of the
withdrawal, Sanluis Rassini's Caa1 rating had been on review for
possible downgrade.  Moody's does not rate any of the company's
debt instruments.

Sanluis Rassini, S.A. de C.V., headquartered in Mexico City,
Mexico, is the main operating subsidiary of Sanluis Corporacion,
S.A.B. de C.V., an entity publicly traded on the Mexican stock
exchange.  Sanluis Rassini is the number one manufacturer of leaf
spring suspension components for light trucks in the NAFTA region
and in Brazil.  The company also operates coil springs and brakes
components businesses.  For the 12 months ended Sept. 30, 2008,
revenues and EBITDA reached USD681 million and USD51 million,
respectively.


SEMGROUP ENERGY: Failure to File Financial Reports Cues Delisting
-----------------------------------------------------------------
SemGroup Energy Partners, L.P., received an Additional Staff
Determination Letter from The NASDAQ Stock Market, stating that
SGLP is not in compliance with NASDAQ's Marketplace Rule
4310(c)(14) because it did not timely file its Quarterly Report on
Form 10-Q for the quarterly period ended Sept. 30, 2008, with the
Securities and Exchange Commission, and that this issue may serve
as an additional basis to delist SGLP's common units from NASDAQ.

SGLP received a similar NASDAQ Staff Determination Letter on
Aug. 19, 2008, in connection with SGLP's inability to timely file
its Quarterly Report on Form 10-Q for the period ended June 30,
2008, with the SEC.  SGLP appealed that Staff Determination and
attended a hearing before the NASDAQ Listing Qualifications Panel
on Oct. 16, 2008, during which SGLP requested that the Panel grant
additional time to regain compliance with NASDAQ's filing
requirement.  There can be no assurance that the Panel will grant
SGLP's request for continued listing.  Pending a decision by the
Panel, SGLP's common units will remain listed on NASDAQ.

SGLP was unable to timely file the Second Quarter Form 10-Q and
the Third Quarter Form 10-Q due to uncertainties surrounding the
filing of voluntary petitions by SemGroup, L.P. and certain of its
subsidiaries for reorganization under Chapter 11 of the Bankruptcy
Code in the United States Bankruptcy Court for the District of
Delaware on July 22, 2008.

SGLP's management and the board of directors of its general
partner are evaluating the impact of the Bankruptcy Filings and
certain related matters on SGLP's financial statements.  SGLP
expects to file the Second Quarter Form 10-Q and the Third Quarter
Form 10-Q as soon as is reasonably practicable after the
evaluation has been completed.

                       About SemGroup

SemGroup L.P. -- http://www.semgrouplp.com/-- is a
midstream service company providing the energy industry means to
move products from the wellhead to the wholesale marketplace.
SemGroup provides diversified services for end users and consumers
of crude oil, natural gas, natural gas liquids, refined products
and asphalt.  Services include purchasing, selling, processing,
transporting, terminaling and storing energy.  SemGroup serves
customers in the United States, Canada, Mexico, Wales, Switzerland
and Vietnam.

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525).  These represent the Debtors' restructuring efforts: John
H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq.
at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P.
Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges
LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil
Gotshal & Manges LLP.  Kurtzman Carson Consultants L.L.C. is the
Debtors' claims agent.  The Debtors' financial advisors are The
Blackstone Group L.P. and A.P. Services LLC.

Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude Company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act.  The CCAA stay expires on
Nov. 21, 2008.

SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed US$5,429,038,000 in total assets and
US$5,033,214,000 in total debts.  In their petition, they showed
more than US$1,000,000,000 in estimated total assets and more than
US$1,000,000,000 in total debts.

(SemGoup Bankruptcy News, Issue No. 15; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


* MEXICO: May Meet 6% Growth Goal by 2012, Finance Minister Says
----------------------------------------------------------------
Mexican Finance Minister Agustin Carstens said Mexico may meets
its goal of annual economic growth of 6% by 2012, saying strong
public finances will help the country recover quickly from a
worldwide slowdown, Thomas Black of Bloomberg News reports.

The report relates that Mexico has been able to boost government
spending in the face of a global economic crisis for the first
time in decades after years of reducing foreign debt and
increasing international reserves.  "We have invested in our
stability.  We're going to preserve it, and it will reap benefits
for us very soon," Bloomberg News cited Minister Carstens as
saying.

According to the report, the government will spend more than the
revenue it collects in 2009 for the first time in four years to
help stimulate the economy.  Changes in the law to increase taxes,
relax regulations on oil monopoly Petroleos Mexicanos and to reign
in government pension costs during the first two years of
President Felipe Calderon's administration will give Mexico the
capacity to grow at higher rates, Minister Carstens said, the
report points out.

The government will maintain its 2009 economic growth estimate of
1.8%.

Bloomberg News adds that the government will keep providing
companies with guarantees to help them sell commercial paper in
Mexico until the market normalizes.



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

* PERU: Signs Investment Protection Agreement With Japan
--------------------------------------------------------
Peru and Japan signed an investment protection agreement that may
clear the way for free-trade negotiations, Alex Emery of Bloomberg
News reports.

The report relates that Peru President Alan Garcia and Japan Prime
Minister Taro Aso signed the accord in Lima, with President Garcia
aiming to begin talks for a trade accord during a trip to Japan in
February.

According to the report, Peru is seeking new markets for its
products to offset slumping demand in the U.S

Trade between Peru and Japan, mainly metals and fish products,
jumped 70% to about US$3 billion last year, Bloomberg News notes,
citing the Trade Ministry.

"Peru is the gateway that links Asia to the Americas," Minister
Aso said, the report adds.

                         *     *     *

As reported by the Troubled Company Reporter on Aug. 21, 2008,
Moody's Investors Service upgraded the foreign-currency bond
rating of the government of Peru to Ba1 from Ba2 in light of
significant and sustained reductions in foreign-currency related
credit vulnerabilities.

The foreign-currency country ceiling for bonds and notes was
also upgraded to Baa3 from Ba1, and the country ceiling for
foreign-currency bank deposits was raised to Ba2 from Ba3.
Also, the short-term foreign-currency bond ceiling was raised to
Prime-3 (P-3) from Not Prime.  All ratings have a stable
outlook.



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

PETROLEOS DE VENEZUELA: Inks Oil Conglomerate Deal With Russia
--------------------------------------------------------------
Petroleos de Venezuela S.A will partner a consortium of Russian
companies in creating a conglomerate for oil and gas drilling and
processing during a visit this week to Caracas of Russian
President Dmitri Medvedev, EL Universal reports.

"We will sign a memorandum for a strategic partnership between
Pdvsa and a Russian oil consortium, which will form an industrial
holding, not only for production but also for whole processing" of
crude oil, the report cited Minister of Energy and Petroleum and
PDVSA President Rafael Ramirez as saying.

According to the report, the Russian consortium is composed of
companies Rosneft, Lukoil, TNK-BP, Surguneftgaz and Gazprom.

Gazprom, Lukoil and TNK-BP have been allocated blocs for
quantification and certification of reserves at the rich Orinoco
oil belt, south-eastern Venezuela, the report says.

President Medvedev is scheduled to arrive in Caracas for a two-day
visit, aiming to improve bilateral cooperation of Russia and
Venezuela in the areas of defense, energy, technology and finance.

Headquartered in Caracas, Petroleos de Venezuela S.A. --
http://www.pdvsa.com/-- is Venezuela's state oil company in
formed to develop the petroleum, petrochemical and coal industry.
The company also plans, coordinates, supervises and controls the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                          *     *     *
Petroleos de Venezuela S.A. continues to carry a 'BB-' long-term
corporate credit rating from Standard & Poor's with stable
outlook.  The rating was affirmed by S&P in April 2008.


* VENEZUELA: Calls on OPEC to Cut Output by 1 Million Barrels
-------------------------------------------------------------
Venezuela will call on the Organization of Petroleum Exporting
Countries (OPEC) to reduce oil output by 1 million barrels before
year-end amid severe drop in oil prices, Bloomberg News reports,
citing Energy and Oil Minister Rafael Ramirez.

The report relates that the country also wants to ensure that all
members are complying with the production cut of 1.5 million
barrels a day that they agreed to Oct. 24.

"We have to ensure this cut is implemented before the end of the
year" to insure inventories do not continue to expand, Ramirez
said.  "Because of the reduction of demand, there exists an
important oversupply in the market of at least more than 1 million
barrels a day," the report cited Minister Ramirez as saying.

Meanwhile, according to the report,  Ali Rodriguez, the South
American country's finance minister and the former president of
OPEC, said today's lower prices may cause future oil shortages.

"Because of the violent price crash, many projects that were in
progress and others that were being proposed are frozen or
slowed," Mr. Rodriguez said, the report notes.  "If low prices
remain for a long period, surely there will be an oil shortage for
lack of investment, and even having enough oil there may not be
enough products for lack of investment in refineries," he added.

Moreover, Bloomberg News adds that Minister Ramirez said that
Venezuela didn't hedge its sales for next year to protect against
low prices, and doesn't support speculating in the oil market and
instead is setting up long-term supply contracts with dedicated
customers to reduce price volatility.

                         About Venezuela

The Bolivarian Republic of Venezuela is a country on the northern
coast of South America.  The country comprises a continental
mainland and numerous islands located off the Venezuelan coastline
in the Caribbean Sea.  The Bolivarian Republic of Venezuela
possesses borders with Guyana to the east, Brazil to the south,
and Colombia to the west.  Trinidad and Tobago, Grenada, St.
Lucia, Barbados, Curaçao, Bonaire, Aruba, Saint Vincent and the
Grenadines and the Leeward Antilles lie just north, off the
Venezuelan coast.  Falling within the tropics, Venezuela sits
close to the equator, in the Northern Hemisphere.

According to Moody's Rating Agency, the country continues to carry
a B2 foreign currency rating and a B1 local currency rating with
stable outlook.


* VENEZUELA: Pres. More Concerned on Global Crisis Than Oil Prices
------------------------------------------------------------------
Venezuelan President Hugo Chavez said he's more concerned about
the global financial crisis than the falling price of oil, which
accounts for 90% of the South American country's exports, Matthew
Walter of Bloomberg News reports.

The report relates that the country is prepared to withstand the
recent drop in crude oil prices, the president said after casting
his ballot today in Caracas for the country's state and municipal
elections.

"I'm studying this crisis very closely.  Should Venezuelan oil
prices hold at US$50, or even lower, the Venezuelan economy, the
nation, the fatherland will continue to advance," the report cited
President Chavez as saying.

According to the report, President Chavez said the surge in oil
prices earlier this year was "unfair," because of the drag it
created on poor oil importing countries in Central America and the
Caribbean.  "I was more concerned when the price of oil was at
$150 than when it fell to US$50.  "At $150, all the countries in
Central America cracked," he said.

                          About Venezuela

The Bolivarian Republic of Venezuela is a country on the northern
coast of South America.  The country comprises a continental
mainland and numerous islands located off the Venezuelan coastline
in the Caribbean Sea.  The Bolivarian Republic of Venezuela
possesses borders with Guyana to the east, Brazil to the south,
and Colombia to the west.  Trinidad and Tobago, Grenada, St.
Lucia, Barbados, Curaçao, Bonaire, Aruba, Saint Vincent and the
Grenadines and the Leeward Antilles lie just north, off the
Venezuelan coast.  Falling within the tropics, Venezuela sits
close to the equator, in the Northern Hemisphere.

According to Moody's Rating Agency, the country continues to carry
a B2 foreign currency rating and a B1 local currency rating with
stable outlook.



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

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


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

ARGENTINA

SOC COMERCIAL PL      COME AR      422118016        -747305024
COMERCIAL PLA-BL     COMEB AR      422118016        -747305024
COMERCIAL PL-C/E     COMEC AR      422118016        -747305024
SOC COMERCIAL PL     CVVIF US      422118016        -747305024
COMERCIAL PL-ADR     SCPDS LI      422118016        -747305024
SOC COMERCIAL PL       CAD IX      422118016        -747305024
SOC COMERCIAL PL      CADN SW      422118016        -747305024
SOC COMERCIAL PL     SCDPF US      422118016        -747305024
IMPSAT FIBER-C/E     IMPTC AR      535007008         -17165000
COMERCIAL PLAT-$     COMED AR      422118016        -747305024
IMPSAT FIBER NET     XIMPT SM      535007008         -17165000
IMPSAT FIBER-$US     IMPTD AR      535007008         -17165000
IMPSAT FIBER-CED      IMPT AR      535007008         -17165000
IMPSAT FIBER NET     IMPTQ US      535007008         -17165000
IMPSAT FIBER-BLK     IMPTB AR      535007008         -17165000
IMPSAT FIBER NET   330902Q GR      535007008         -17165000


BRAZIL


SOC COMERCIAL PL      COME AR      422118016        -747305024
SCHLOSSER SA         SCHON BZ       45358000         -95113000
SANSUY               SNSY3 BZ      235182000         -63134000
RECRUSUL-PREF        RCSL4 BZ       50165000         -48377000
TECEL S JOSE-PRF     SJOS4 BZ       74948000         -35231000
SANSUY SA-PREF A    SNSYAN BZ      235182000         -63134000
SANSUY SA-PREF B    SNSYBN BZ      235182000         -63134000
SANSUY-PREF A        SNSY5 BZ      235182000         -63134000
BOMBRIL              BOBR3 BZ      442846016        -485678016
TELEBRAS-BLOCK      TELB30 BZ      228750000        -181948000
NOVA AMERICA-PRF     NOVA4 BZ       39309000        -342439008
TECBLU-PREF B        TENE6 BZ       14792000         -12122000
ARTHUR LANG-RC C     ARLA9 BZ       34053000         -26011000
TECBLU -RTS TENE1          BZ       14792000         -12122000
NORDON MET-RTS       NORD1 BZ       36470000         -33493000
CAMBUCI SA           CAMB3 BZ      165048000         -43613000
TELEBRAS-ADR         TBRAY GR      228750000        -181948000
TECBLU              TBLUON BZ       14792000         -12122000
TEKA-ADR             TKTQY US      526557984        -449536992
TECBLU-PREF B       TBLUBN BZ       14792000         -12122000
TEKA                 TEKA3 BZ      526557984        -449536992
TELEBRAS-RTS CMN     TCLP1 BZ      228750000        -181948000
COARI PART           COAR3 BZ     2332423424            -42156
TELEBRAS-CM RCPT     TBRTF US      228750000        -181948000
TELEBRAS SA TBASF          US      228750000        -181948000
ARTHUR LANGE-PRF    ALICPN BZ       34053000         -26011000
TELEBRAS SA-PREF     TELB4 BZ      228750000        -181948000
SANSUY SA           SNSYON BZ      235182000         -63134000
TECBLU-PREF A       TBLUAN BZ       14792000         -12122000
FERROVIA CEN-DVD    VSPT11 BZ     2050398976         -94219000
TECTOY-RTS/3         TOYB1 BZ       41684000          -2539000
SCHLOSSER SA-PRF     SCHPN BZ       45358000         -95113000
ESTRELA SA          ESTRON BZ      113679000         -78863000
RECRUSUL-BON RT     RCSL12 BZ       50165000         -48377000
RECRUSUL - RT        RCSL1 BZ       50165000         -48377000
RECRUSUL - RCT      RCSL10 BZ       50165000         -48377000
TELEBRAS-PF RCPT    RCTB41 BZ      228750000        -181948000
CHIARELLI SA-PRF     CCHPN BZ       44862000         -78114000
TECEL S JOSE         SJOS3 BZ       74948000         -35231000
RECRUSUL             RCSL3 BZ       50165000         -48377000
TELEBRAS-PF RCPT     TBAPF US      228750000        -181948000
PROMAN               PRMN3 BZ       24461000           -591000
TELEBRAS-PF RCPT     CBRZF US      228750000        -181948000
HOPI HARI-PREF       PQTM4 BZ      153120000        -371036992
RECRUSUL-BON RT     RCSL11 BZ       50165000         -48377000
SAUIPE SA-PREF      PSEGPN BZ       12437154         -15537250
HOPI HARI SA         PQTM3 BZ      153120000        -371036992
SAUIPE-PREF          PSEG4 BZ       12437154         -15537250
VARIG SA-PREF        VAGV4 BZ     1782444032       -9791036416
TELEBRAS-CEDE PF     RCTB4 AR      228750000        -181948000
TELEBRAS-ADR           TBX GR      228750000        -181948000
RECRUSUL SA         RESLON BZ       50165000         -48377000
TEXTEIS RENAUX      RENXPN BZ       85050000        -127539000
DHB IND E COM-PR     DHBPN BZ      209212992        -555984960
DHB IND E COM        DHBON BZ      209212992        -555984960
TELEBRAS-RTS CMN     RCTB1 BZ      228750000        -181948000
TELEBRAS-CEDEA $     RCT4D AR      228750000        -181948000
TELEBRAS-CED C/E     RCT4C AR      228750000        -181948000
NOVA AMERICA SA      NOVA3 BZ       39309000        -342439008
TELEBRAS-CM RCPT    RCTB32 BZ      228750000        -181948000
TELEBRAS-CM RCPT    RCTB31 BZ      228750000        -181948000
TELEBRAS-CM RCPT    RCTB30 BZ      228750000        -181948000
CAMBUCI SA          CAMBON BZ      165048000         -43613000
TECTOY-RCT ORD       TOYB9 BZ       41684000          -2539000
DOC IMBITUBA-RTC     IMBI1 BZ      272678976         -25074000
TEC TOY SA-PREF      TOYB5 BZ       41684000          -2539000
TECTOY-PREF          TOYB4 BZ       41684000          -2539000
TEXTIL RENAUXVIE     TXRX3 BZ       85050000        -127539000
TELEBRAS SA-PREF    TLBRPN BZ      228750000        -181948000
TECTOY SA-PREF      TOYBPN BZ       41684000          -2539000
TECTOY SA           TOYBON BZ       41684000          -2539000
RECRUSUL - RCT    RCSL9 BZ       50165000         -48377000
TECTOY-RCT PREF     TOYB10 BZ       41684000          -2539000
COBRASMA SA-PREF    COBRPN BZ       19640000       -2691399936
SAUIPE               PSEG3 BZ       12437154         -15537250
TECTOY               TOYB3 BZ       41684000          -2539000
MINUPAR SA          MNPRON BZ      179201008         -34191000
ACO ALTONA-PREF      EALT4 BZ      170270992         -31429000
TECTOY-PF-RTS5/6    TOYB11 BZ       41684000          -2539000
WIEST                WISA3 BZ       71372000        -140973008
DOCA INVESTIMENT     DOCA3 BZ      218336000         -14909000
FER C ATLANT-PRF     VSPT4 BZ     2050398976         -94219000
FER C ATLANT         VSPT3 BZ     2050398976         -94219000
HERCULES SA         HERTON BZ       25126000        -273456000
WIEST SA-PREF       WISAPN BZ       71372000        -140973008
WIEST SA            WISAON BZ       71372000        -140973008
WIEST-PREF           WISA4 BZ       71372000        -140973008
VARIG SA            VARGON BZ     1782444032       -9791036416
TELEBRAS-PF RCPT    RCTB40 BZ      228750000        -181948000
VARIG SA             VAGV3 BZ     1782444032       -9791036416
HERCULES SA-PREF    HERTPN BZ       25126000        -273456000
FERROVIA CEN-DVD    VSPT12 BZ     2050398976         -94219000
NOVA AMERICA-PRF    1NOVPN BZ       39309000        -342439008
FER C ATL-RCT PF    VSPT10 BZ     2050398976         -94219000
VARIG SA-PREF       VARGPN BZ     1782444032       -9791036416
TELEBRAS-CEDE PF     TELB4 AR      228750000        -181948000
NOVA AMERICA SA     1NOVON BZ       39309000        -342439008
BOMBRIL-RIGHTS       BOBR1 BZ      442846016        -485678016
TECBLU-RCPT CMN       TEN8 BZ       14792000         -12122000
TELEBRAS-PF RCPT    TELE41 BZ      228750000        -181948000
DTCOM- DIR TO CO     DTCY3 BZ       12439000         -15664000
TELEBRAS-PF BLCK    TELB40 BZ      228750000        -181948000
TEKA-ADR             TEKAY US      526557984        -449536992
TEKA-PREF           TEKAPN BZ      526557984        -449536992
BOMBRIL SA-ADR       BMBBY US      442846016        -485678016
TEKA-PREF            TEKA4 BZ      526557984        -449536992
TELEBRAS-RCT PRF     TELB10 BZ     228750000        -181948000
TELEBRAS-COM RTS      TELB1 BZ     228750000        -181948000
NORDON METAL         NORDON BZ      36470000         -33493000
TELEBRAS-CED C/E      TEL4C AR     228750000        -181948000
TECBLU-PREF C        TBLUCN BZ      14792000         -12122000
TEKA                  TKTQF US     526557984        -449536992
DTC DIRECT CO-RT    1DTCONR BZ      12439000         -15664000
CAF BRASILIA          CAFE3 BZ      39241000        -998777984
DTC DIRECT CO SA     1DTCON BZ      12439000         -15664000
TELEBRAS-RECEIPT     TLBRUO BZ     228750000        -181948000
MINUPAR-PREF          MNPR4 BZ     179201008         -34191000
TELEBRAS SA          TLBRON BZ     228750000        -181948000
TECBLU                TENE3 BZ      14792000         -12122000
TECBLU-PR A RC       TENE11 BZ      14792000         -12122000
SCHLOSSER-PREF        SCLO4 BZ      45358000         -95113000
TECBLU-RCPT PREF       TEN9 BZ      14792000         -12122000
TECBLU-COM RCT        TENE9 BZ      14792000         -12122000
TECBLU-PREF C         TENE7 BZ      14792000         -12122000
FER HAGA-PREF         HAGA4 BZ      22639980        -111463696
TECBLU-PREF A         TENE5 BZ      14792000         -12122000
TELEBRAS-ADR          TBAPY US     228750000        -181948000
ARTHUR LANG-RT C      ARLA1 BZ      34053000         -26011000
ARTHUR LANG-RC P     ARLA10 BZ      34053000         -26011000
TELEBRAS-RTS PRF      TLCP2 BZ     228750000        -181948000
TELEBRAS-CM RCPT     TELE31 BZ     228750000        -181948000

CAFE BRASILIA-PR     CSBRPN BZ      39241000        -998777984
CAFE BRASILIA SA     CSBRON BZ      39241000        -998777984
TELEBRAS-PF RCPT     TLBRUP BZ     228750000        -181948000
CHIARELLI SA          CCHON BZ      44862000         -78114000
CHIARELLI SA-PRF      CCHI4 BZ      44862000         -78114000
CHIARELLI SA          CCHI3 BZ      44862000         -78114000
PARQUE TEM-RCT C      PQTM9 BZ     153120000        -371036992
FABRICA RENAUX-P      FTRX4 BZ     126672000         -55261000
COARI PART-PREF       COAR4 BZ    2332423424            -42156
TELEBRAS-RCT         RCTB33 BZ     228750000        -181948000
CAMBUCI SA-PREF       CXDOF US     165048000         -43613000
CIMOB PARTIC SA       GAFP3 BZ      92681664         -61225412
HAGA                  HAGA3 BZ      22639980        -111463696
PARQUE TEM-DV PF       PQT6 BZ     153120000        -371036992
ACO ALTONA-PREF       EAAPN BZ     170270992         -31429000
ACO ALTONA SA         EAAON BZ     170270992         -31429000
FERRAGENS HAGA       HAGAON BZ      22639980        -111463696
DTCOM- DIRECT-PR      DTCY4 BZ      12439000         -15664000
D H B-PREF            DHBI4 BZ     209212992        -555984960
D H B                 DHBI3 BZ     209212992        -555984960
TELEBRAS-ADR            TBH US     228750000        -181948000
ARTHUR LANGE SA      ALICON BZ      34053000         -26011000
FER C ATL-RCT CM      VSPT9 BZ    2050398976         -94219000
DOCAS SA-RTS PRF      DOCA2 BZ     218336000         -14909000
TEXTEIS RENAUX       RENXON BZ      85050000        -127539000
TELEBRAS-PF RCPT     RCTB42 BZ     228750000        -181948000
BOMBRIL SA-ADR        BMBPY US     442846016        -485678016
TEKA                 TEKAON BZ     526557984        -449536992
BOMBRIL               BMBBF US     442846016        -485678016
TELEBRAS-ADR            RTB US     228750000        -181948000
ARTHUR LAN-DVD C     ARLA11 BZ      34053000         -26011000
SANSUY-PREF B         SNSY6 BZ     235182000         -63134000
BOMBRIL-RGTS PRE      BOBR2 BZ     442846016        -485678016
TELEBRAS SA           TELB3 BZ     228750000        -181948000
KUALA-PREF            ARTE4 BZ      11856000         -33570000
KUALA                 ARTE3 BZ      11856000         -33570000
ARTHUR LANGE          ARLA3 BZ      34053000         -26011000
ARTHUR LANGE-PRF      ARLA4 BZ      34053000         -26011000
AZEVEDO E TRAVAS     AZEVON BZ     108785000         -11054000
AZEVEDO-PREF          AZEV4 BZ     108785000         -11054000
TEXTEIS RENAU-PF      TXRX4 BZ      85050000        -127539000
ARTEX SA             ARTXON BZ      11856000         -33570000
CAMBUCI SA-PREF       CAMB4 BZ     165048000         -43613000
TELEBRAS-ADR          TBASY US     228750000        -181948000
CONST A LIND-PRF      CALI4 BZ      54894000         -10197000
COBRASMA-PREF         CBMA4 BZ      19640000       -2691399936
COBRASMA              CBMA3 BZ      19640000       -2691399936
ESTRELA SA            ESTR3 BZ     113679000         -78863000
CAMBUCI SA-PREF      CAMBPN BZ     165048000         -43613000
ARTHUR LANG-RT P      ARLA2 BZ      34053000         -26011000
BOMBRIL CIRIO SA     BOBRON BZ     442846016        -485678016
BOMBRIL CIRIO-PF     BOBRPN BZ     442846016        -485678016
BOMBRIL-PREF          BOBR4 BZ     442846016        -485678016
DOC IMBITUBA-RTP      IMBI2 BZ     272678976         -25074000
CAF BRASILIA-PRF      CAFE4 BZ      39241000        -998777984
FABRICA RENAUX       FRNXON BZ     126672000         -55261000

TEC TOY SA-PREF       TOYDF US      41684000          -2539000
CONST A LIND-PRF     LINDPN BZ      54894000         -10197000
CONST A LINDEN       LINDON BZ      54894000         -10197000
TELEBRAS/W-I-ADR      TBH-W US     228750000        -181948000
DOCA INVESTI-PFD      DOCA4 BZ     218336000         -14909000
DOC IMBITUBA          IMBI3 BZ     272678976         -25074000
MINUPAR SA-PREF      MNPRPN BZ     179201008         -34191000
TECTOY-BONUS RTS     TOYB13 BZ      41684000          -2539000
DOCAS IMBITUBA       IMBION BZ     272678976         -25074000
DOC IMBITUB-PREF      IMBI4 BZ     272678976         -25074000
WETZEL SA            MWELON BZ     150210992          -8903000
CONST A LINDEN        CALI3 BZ      54894000         -10197000
TELEBRAS-RTS PRF      RCTB2 BZ     228750000        -181948000
TEKA-ADR              TKTPY US     526557984        -449536992
TELECOMUNICA-ADR     81370Z BZ     228750000        -181948000
TEKA-PREF             TKTPF US     526557984        -449536992
PARQUE TEM-DV CM       PQT5 BZ     153120000        -371036992
NOVA AMERICA-PRF     NOVAPN BZ      39309000        -342439008
NOVA AMERICA SA      NOVAON BZ      39309000        -342439008
SAUIPE SA            PSEGON BZ      12437154         -15537250
PARQUE TEM-RT PF      PQTM2 BZ     153120000        -371036992
PARQUE TEM-RCT P     PQTM10 BZ     153120000        -371036992
PARQUE TEM-RT CM      PQTM1 BZ     153120000        -371036992
SCHLOSSER             SCLO3 BZ      45358000         -95113000
WETZEL SA-PREF        MWET4 BZ     150210992          -8903000
WETZEL SA             MWET3 BZ     150210992          -8903000
WETZEL SA-PREF       MWELPN BZ     150210992          -8903000
AZEVEDO E TRA-PR     AZEVPN BZ     108785000         -11054000
TELEBRAS-CEDE BL      RCT4B AR     228750000        -181948000
TELEBRAS-CEDEA $      TEL4D AR     228750000        -181948000
FABRICA RENAUX        FTRX3 BZ     126672000         -55261000
FABRICA TECID-RT      FTRX1 BZ     126672000         -55261000
FABRICA RENAUX-P     FRNXPN BZ     126672000         -55261000
DOCAS IMBITUB-PR     IMBIPN BZ     272678976         -25074000
CIMOB PARTIC SA       GAFON BZ      92681664         -61225412
TECEL S JOSE-PRF     FTSJPN BZ      74948000         -35231000
TECEL S JOSE         FTSJON BZ      74948000         -35231000
COBRASMA SA          COBRON BZ      19640000       -2691399936
MINUPAR               MNPR3 BZ     179201008         -34191000
TECTOY-RCPT PF B     TOYB12 BZ      41684000          -2539000
ACO ALTONA            EALT3 BZ     170270992         -31429000
TEC TOY SA-PF B       TOYB6 BZ      41684000          -2539000
ESTRELA SA-PREF      ESTRPN BZ     113679000         -78863000
RECRUSUL - RT         RCSL2 BZ      50165000         -48377000
ESTRELA SA-PREF       ESTR4 BZ     113679000         -78863000
NORDON MET            NORD3 BZ      36470000         -33493000
ARTEX SA-PREF        ARTXPN BZ      11856000         -33570000
FERRAGENS HAGA-P     HAGAPN BZ      22639980        -111463696
RECRUSUL SA-PREF     RESLPN BZ      50165000         -48377000
ARTHUR LAN-DVD P     ARLA12 BZ      34053000         -26011000
HERCULES-PREF         HETA4 BZ      25126000        -273456000
HERCULES              HETA3 BZ      25126000        -273456000
CIMOB PART-PREF       GAFP4 BZ      92681664         -61225412
DOCAS SA-PREF        DOCAPN BZ     218336000         -14909000
AZEVEDO               AZEV3 BZ     108785000         -11054000
CIMOB PART-PREF       GAFPN BZ      92681664         -61225412
DTCOM DIRECT-RCT      DTCY9 BZ      12439000         -15664000
DOCAS SA             DOCAON BZ     218336000         -14909000
ENACAR                EMPOF US    3226756096       -9463063552
CARVILE             CARVILE CI    1295758976       -6212240384
CARVILE-RT         CARVILEO CI    1295758976       -6212240384
ENACAR-RT           ENACARO CI    3226756096       -9463063552
ENACAR               ENACAR CI    3226756096       -9463063552



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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