TCRLA_Public/081126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, November 26, 2008, Vol. 9, No. 235

                            Headlines

A R G E N T I N A

ALDEL SA: Proofs of Claim Verification Due on December 26
ELECTROMAC SA: Proofs of Claim Verification Due on February 12
FRIGORIFICO: Trustee Verifying Proofs of Claim Until Feb. 16
MARSAN AGRICOLA: Trustee Verifying Proofs of Claim Until Feb. 26
SAIS SISTEMAS: Proofs of Claim Verification Due on March 4

SANITARIOS DEL: Trustee Verifying Proofs of Claim Until March 2
* ARGENTINA: Seeks to Boost Ties With Mexico
* Fitch Puts Ratings on Argentine Corporates on Negative Watch
* Big 3 May Ask Congress for Measures That Would Spur Demand
* Obama Team Denies Explore Prepack Bankruptcy for Big 3


B E R M U D A

BCG VENTURES: Creditors' Proofs of Debt Due on December 10
BCG VENTURES: Members' General Meeting Set for December 30


B R A Z I L

BANCO NOSSA: S&P Reviews 'D+' Bank Financial Strength Rating
BANCO GMAC: Moody's Cuts Bank Financial Strength Rating to 'E'
DELPHI CORP: Wants to Defer GM Deal and DIP Hearing to Dec. 1
* BRAZIL: Currency Gains Most in Six Weeks After Citigroup Rescue
* BRAZIL: Foreign Investments to Fall US$10 Billion in 2009

* BRAZIL: Car Industry Faces Severe Recession


C A Y M A N  I S L A N D S

FRONT STREET: Creditors' Proofs of Due on December 3
GREYLOCK EMERGING: Creditors' Proofs of Debt Due on December 2
GREYLOCK EMERGING: Shareholder's Final Meeting Set for Dec. 16
GREYLOCK EMERGING: Requires Creditors to File Claims by Dec. 2
GREYLOCK EMERGING: Shareholder's Meeting Set for December 16

MSS GLOBAL: Creditors' Proofs of Debt Due on December 3
MSS GLOBAL: Shareholders' Final Meeting Set for Dec. 12
MSS EQUITY: Creditors' Proofs of Debt Due on December 3
MSS EQUITY: Shareholders' Final Meeting Set for Dec. 12
MSS EQUITY: Creditors' Proofs of Debt Due on December 3

MSS EQUITY: Shareholders' Final Meeting Set for Dec. 12
MSS EQUITY: Creditors' Proofs of Debt Due on December 3
MSS EQUITY: Shareholders' Final Meeting Set for Dec. 12
NEUQUEN O&G: Creditors' Proofs of Debt Due on December 9
NEUQUEN O&G: Shareholders' Final Meeting Set for December 23

NEW STAR: Creditors' Proofs of Debt Due on December 12
NEW STAR: Final Meeting Set for December 12
OLD MUTUAL: Creditors' Proofs of Due on December 11
OLD MUTUAL: Shareholders' Meeting Set for December 17
OLD MUTUAL: Creditors' Proofs of Due on December 11

OLD MUTUAL: Shareholders' Meeting Set for December 17
SILVER SPLASH: Creditors' Proofs of Due on December 28
TIEDEMANN JAPAN: Creditors' Proofs of Debt Due on December 14
TIEDEMANN JAPAN: Shareholder's Final Meeting Set for Dec. 17


C H I L E

* CHILE: Third Quarter GDP Grows 4.8%, Topping Estimates


E C U A D O R

* ECUADOR: Has Limited Tools to Challenge Debt


J A M A I C A

JAMAICA PRODUCERS: Posts US$1.1BB Loss in 40 Weeks Ended October 4
* JAMAICA: Sugar Industry Divestment Woes Workers


M E X I C O

AMERICAN INT'L: Will Sell Int'l Lease to Investors & Management
SIX FLAGS: Receives Listing Non-Compliance Notice from NYSE
SIX FLAGS: September 30 Balance Sheet Upside-Down byUS$200MM


X X X X X X

* Latin Stocks May Gain 30% in 2009, Deutsche Bank Says


                         - - - - -


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

ALDEL SA: Proofs of Claim Verification Due on December 26
---------------------------------------------------------
Hugo Pantaleo, the court-appointed trustee for Aldel SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 26, 2008.

Mr. Pantaleo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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 trustee can be reached at:

          Hugo Pantaleo
          Avenida Belgrano 687
          Buenos Aires, Argentina


ELECTROMAC SA: Proofs of Claim Verification Due on February 12
--------------------------------------------------------------
Estudio Bruzzo Plotno y Asociados, the court-appointed trustee for
Electromac SA's reorganization proceedings, will be verifying
creditors' proofs of claim until February 12, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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.


FRIGORIFICO: Trustee Verifying Proofs of Claim Until Feb. 16
------------------------------------------------------------
The court-appointed trustee for Frigorifico Buenos Aires
S.A.I.C.A.I. y F.'s bankruptcy proceedings will be verifying
creditors' proofs of claim until February 16, 2009.

The trustee will present the validated claims in court as
individual reports on April 7, 2009.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 22, 2009.


MARSAN AGRICOLA: Trustee Verifying Proofs of Claim Until Feb. 26
----------------------------------------------------------------
The court-appointed trustee for Marsan Agricola Ganadera S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until February 26, 2009.

The trustee will present the validated claims in court as
individual reports on April 9, 2009.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 21, 2009.


SAIS SISTEMAS: Proofs of Claim Verification Due on March 4
----------------------------------------------------------
Jorge Lopez Mayorga, the court-appointed trustee for Sais Sistemas
Argentinos Integrales de Salud SA's bankruptcy proceedings, will
be verifying creditors' proofs of claim until March 4, 2009.

Mr. Mayorga will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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:

          Sais Sistemas Argentinos Integrales de Salud SA
          Maipu 53
          Buenos Aires, Argentina

The trustee can be reached at:

          Jorge Lopez Mayorga
          Tucuman 1455
          Buenos Aires, Argentina


SANITARIOS DEL: Trustee Verifying Proofs of Claim Until March 2
---------------------------------------------------------------
The court-appointed trustee for Sanitarios del Sol S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 2, 2009.

The trustee will present the validated claims in court as
individual reports on April 16, 2009.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 1, 2009.


* ARGENTINA: Seeks to Boost Ties With Mexico
--------------------------------------------
During a two day visit in Argentina, Mexico President Felipe
Calderon called the country a "friend and privileged partner,
saying both country held meetings to analyze bilateral relations
with the purpose of deepening the benefit for the people, Buenos
Aires Herald reports.

According to the report, President Calderon highlighted the
importance of implementing the proposals made in the Strategic
Association Agreement, signed by both countries in 2007.

"The aim is to promote integrated association that will
institutionalize legal tools, political agreements, economic and
commercial ties, and cooperation in all of our countries'
sectors," the report cited President Calderon as saying.

As reported by the Troubled Company Reporter - Latin America on
November 7, 2008, Standard & Poor's Ratings Services lowered its
foreign and local currency sovereign credit ratings on the
Republic of Argentina to 'B-/C' from 'B/B'.  The outlook remains
stable.


* Fitch Puts Ratings on Argentine Corporates on Negative Watch
--------------------------------------------------------------
Fitch Ratings has placed the credit ratings of these Argentine
corporates on Rating Watch Negative upon the decision by the
Argentine Senate to approve President Cristina Fernandez de
Kirchner's plan to nationalize the private pension funds (AFJP):

  -- Alto Palermo S.A.;
  -- Cablevision S.A.;
  -- Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ);
  -- Industrias Metalurgicas Pescarmona S.A. (IMPSA);
  -- Inversiones y Representaciones S.A.;
  -- Pan American Energy LLC;
  -- Petrobras Energia S.A.(Formerly Pecom Energia S.A.);
  -- Telecom Argentina S.A.;
  -- Telecom Personal S.A.;
  -- Telefonica de Argentina S.A. (TASA);
  -- Transener S.A.;
  -- Transportadora de Gas del Sur S.A. (TGS);
  -- YPF S.A.

In Fitch's view, the nationalization of the AFJPs will heighten
liquidity risks due to diminished investor perception of Argentina
as well as increase funding costs to the corporates.  The absence
of private pension funds would also marginalize the domestic bond
market as a source of funding and liquidity for these companies
going forward.

In addition, through the nationalization of the pensions, the
Argentine government will now own substantial equity stakes in
some of the companies placed on Rating Watch Negative and as a
result could become a member of their Board of Directors.  The
credit profile of these corporates could come under additional
pressure if the strategic direction and capital structures of
these companies are altered as a result of the government's
influence and interference through its board position.

Fitch expects to resolve the Rating Watch Negative status of the
companies listed below in the months ahead as the plan is
implemented and as the government's role in these companies
becomes more transparent.  The deteriorating macroeconomic and
business environment will also be considered in these potential
rating actions.

Fitch has placed these ratings on Rating Watch Negative:

Alto Palermo S.A.

  -- Foreign currency Issuer Default Ratings (IDR) 'B+';
  -- Local currency IDR 'B+';
  -- Senior unsecured notes Due 2012 & 2017 'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR 'B+';
  -- Local currency IDR 'B+';
  -- Senior unsecured notes due 2012, 2013, 2015 & 2016 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR 'BB';
  -- Local currency IDR 'BB';
  -- Senior unsecured notes due 2012 'BB'.
Industrias Metalurgicas Pescarmona S.A. (IMPSA)
  -- Foreign currency IDR 'B';
  -- Local currency IDR 'B';
  -- Senior unsecured notes due 2009 & 2014 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR 'B+';
  -- Local currency IDR 'B+';
  -- Senior unsecured notes due 2017 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR 'BB';
  -- Local currency IDR 'BB+';
  -- Senior unsecured notes due 2009 & 2012 'BB'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Foreign currency IDR 'BB';
  -- Local currency IDR 'BB';
  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR 'B+';
  -- Local currency IDR 'B+';
  -- Senior unsecured notes due 2011 & 2014 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR 'B+';
  -- Local currency IDR 'B+';
  -- Senior unsecured notes due 2010 'B+/RR4'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR 'B+';
  -- Local currency IDR 'BB';
  -- Senior unsecured notes due 2010 & 2011 'BB-/RR3'.

Transener S.A.

  -- Foreign currency IDR 'B';
  -- Local currency IDR 'B';
  -- Senior unsecured notes due 2016 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR 'B+';
  -- Local currency IDR 'B+';
  -- Senior unsecured notes due 2017 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR 'BB+';
  -- Local currency IDR 'BBB-';
  -- Senior unsecured notes due 2009 & 2028 'BB+'.


* Big 3 May Ask Congress for Measures That Would Spur Demand
------------------------------------------------------------
John D. Stoll and Monica Langley at The Wall Street Journal report
that General Motors Corp., Ford Motor Co., and Chrysler LLC might
ask the Congress to take measures to spur consumer demand, in
addition to aUS$25 billion bailout.

Tom Krisher at The Associated Press reports that the Congress has
asked GM, Chrysler, and Ford Motor Co. to show how they would
ensure that:

    -- the government would be reimbursed,

    -- the government would get a share in future profits,

    -- how the companies would stop dividend payments,

    -- how the companies would stop lavish executive pay
       packages,

    -- how the companies would meet fuel-efficiency standards,
       and

    -- how the companies would address their health care and
       pension obligations to workers.

GM CEO Rick Wagoner told the press on Thursday that the firm has
already shared a detailed plan confidentially with the Bush
administration and key staffers in Washington.  "Historically,
things like your future product plans, technology plans and
financial plans would be competitively sensitive information, and
so for a variety of reasons, we wouldn't be sharing that
publicly," The AP quoted Mr. Wagoner as saying.

According to WSJ, concern is rising in Detroit that it will be
difficult to show lawmakers how Ford Motor, GM, and Chrysler can
return to profitability with sales at their current depressed
level.  WSJ quoted an executive at one of the auto companies as
saying, "There is no way any car company can make money at the
current demand level.  The government has to get credit flowing so
that the market goes back to at least 14 million to 15 million
[vehicles].... We can figure out how to survive at that level."

WSJ reports that a spokesperson for Sen. Charles Schumer said that
the official will:

    -- ask the Federal Reserve to make financing available for
       the auto companies' lending arms, which would allow them
       to offer more auto loans; and

    -- also ask the Treasury to speed approval of GMAC LLC's
       request to become a bank holding company.

Auto dealers and a few members of the Congress called for tax
incentives or other measures designed to improve car buying, WSJ
reports.  Michigan Gov. Jennifer Granholm said that she is working
with the auto makers to come up with a "definitive plan" to
present to Congress on Dec. 2, which is also the deadline for Ford
Motor, GM, and Chrysler to present their business plans.

One way of getting help from TARP would be to have banks that get
some of the US$700 billion bring financing to GM, Ford Motor, and
Chrysler, or provide those companies with short-term loans to keep
them from running short of cash, WSJ relates, citing Gov.
Granholm.

               Need for More Cost Cutting Measures

GM and Chrysler must implement drastic spending cuts, to ensure
their companies live long enough to use any loans they get, The AP
states, citing industry analysts and bankruptcy experts.

According to The AP, GM and Chrysler face huge expenses and a lack
of revenue, as car buyers are having trouble getting financing or
are delaying big purchases due to uncertainty about their jobs.
Citing experts, the report says that inside the headquarters of GM
and Chrysler, teams are likely to be seeking ways to reduce
expenses any way they can, including delays in new investments.

The AP relates that GM said on Friday that it is canceling its
traditional holiday party for the media, and will replace that
party with a US$5,000 donation to a journalism scholarship fund.
Chrysler CEO Bob Nardelli said that the company has a cash
committee that scrutinizes requests every week, according to the
report.

Lawmakers, says The AP, also criticized Chrysler and GM's high
labor costs and the jobs bank, in which laid-off employees get 95%
of their pay plus benefits even though they aren't working.
According to The AP, the United Auto Workers said that it already
cut the jobs bank and placed time limits on it in new contracts
signed with the firms in 2007.  The report states that more than
3,500 employees are still getting paid for not working, and that
number will increase as the companies continue layoffs.

GM should seek help from the United Auto Workers union, The AP
reports, citing Northeastern University corporate turnaround
professor Harlan Platt.  "The bank right now is the union, and
they're going to have to give up something in the near term so
they have something very valuable in the long term," the report
quoted Mr. Platt as saying.

The AP relates that UAW President Ron Gettelfinger said on
Thursday that the union is at the bargaining table already and
that it "would welcome all the other stakeholders to the table to
make some concessions."

Citing a source familiar with the matter, WSJ says that GM is
negotiating some of its financial obligations, including terms of
debt and money it owes to UAW.  According to the report, the
source said that GM's board is open to considering all options for
GM's survival and will be meeting several times this week.  Ford
motor and Chrysler executives said on Sunday that they are also
developing plans, the report states.

John D. Stoll and Sharon Terlep at WSJ relates that, as part of a
drive to cutUS$15 billion in costs, GM is not even keeping its 562
wall clocks in working order, now stops escalators at its
Renaissance Center headquarters at 7 p.m., has changed the type of
wipe-up towels it buys, used cheaper pencils, and eliminated voice
mail in the plants, the report states.

According to The AP, GM said on Friday that it would extend
holiday shutdowns and make other production cuts at five North
American factories.  GM also accelerated the closure of a truck
plant in Ontario, the report says.  GM and Chrysler, WSJ relates,
have stopped or slowed work on new vehicles to cut development
expenditures, and didn't hold news conferences at the Los Angeles
Auto Show last week.

WSJ reports that Ford Motor said earlier this month that it will
lay off about 10% of its North American salaried work force, and
cut its capital spending, manufacturing, information-technology,
and advertising costs.

GM won't be giving out in 2009 its "Mark of Excellence" awards to
its top-selling dealers, and has cut the fleet of cars for
reporters to test drive, WSJ states.

            Suppliers May Demand Cash on Delivery

Dow Jones Newswires relates that three major auto suppliers --
which provide GM with everything from brakes to entertainment
systems -- said on Thursday that the company may have to pay cash
on delivery for parts if it fails to secure government bailout.
According to Dow Jones, GM already acknowledged the threat of
suppliers switching to cash on delivery from the traditional 60-
to 90-day payment terms.

Dow Jones quoted an official at one supplier as saying, "No one
wants [cash on delivery], but we have to protect ourselves at this
point.  We have other customers that need products and we have to
pay our people to keep our plants open."

According to Dow Jones, GM Chief Financial Officer Fritz Henderson
said in a conference call, "We've not seen [cash on delivery] in
any substantive way, and we'll just have to continue to work with
them."

              Ellen J. Kullman May Leave Board

Joann S. Lublin at The Wall Street Journal reports that DuPont Co.
directors have asked the company's CEO Ellen J. Kullman to quit
her post at General Motors Corp.'s board before the agreed June
2009 deadline.

DuPont wants Ms. Kullman to leave GM sooner because she "lacks
time to breathe," WSJ states, citing a source.  Ms. Kullman had
agreed to resign from GM's board when DuPont directors named her
as the company's CEO.  MarketWatch reported in September 2008 that
Ms. Kullman was elected CEO as of Jan. 1.

According to WSJ, a GM spokesperson said that the company's
directors are meeting several times a week by phone as the company
seeks financial aid from the government, among other options.

                      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-'.


* Obama Team Denies Explore Prepack Bankruptcy for Big 3
--------------------------------------------------------
Bankruptcy Law360 reports that President-elect Barack Obama's
transition team has reportedly said it is not exploring a
prepackaged bankruptcy plan for the automakers.

According to the report, officials from Obama's team quickly
denied reports that surfaced Friday morning that the transition
team had contacted at least one bankruptcy law firm to discuss a
prepackaged deal.

American Bankruptcy Institute says the Obama transition team is
exploring a swift, prepackaged bankruptcy for automakers as a
possible solution to the industry's financial crisis.

ABI says the Detroit Three's troubles may affect the financial
sector.  Citing a Wall Street Journal report, ABI notes that the
automakers owe more than US$100 billion to their bankers and
bondholders, and Wall Street is starting to wonder how much of
that will be paid back.

As reported by the Troubled Company Reporter on November 19, 2008,
Siobhan Hughes at Dow Jones Newswires said Chrysler CEO Robert
Nardelli said his company wants US$7 billion of the requested
US$25 billion in emergency funding from the government.

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

Ford Motor Co. CEO Alan Mulally said that his company is seeking
US$7 billion to US$8 billion, Dow Jones reported.

                      About Ford Motor Co.

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

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

                      *     *     *

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

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



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

BCG VENTURES: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of BCG Ventures (Bermuda) Ltd are required to file
their proofs of debt by December 10, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 21, 2008.

The company's liquidator is:

          Jennifer Y. Fraser
          Canona Court, 22 Victoria Street
          Hamilton, Bermuda


BCG VENTURES: Members' General Meeting Set for December 30
----------------------------------------------------------
The members of BCG Ventures (Bermuda) Ltd. will hold their general
meeting on December 30, 2008, at 9:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Nov. 21, 2008.

The company's liquidator is:

          Jennifer Y. Fraser
          Canona Court, 22 Victoria Street
          Hamilton, Bermuda



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

BANCO NOSSA: S&P Reviews 'D+' Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
Banco Nossa Caixa S.A.'s D+ bank financial strength rating and the
global long and short term local currency deposit ratings of A3
and Prime 2.  The Ba2/ Not Prime foreign currency and the Aaa.br/
BR-1 national scale deposit ratings were affirmed.  At the same
time, Moody's affirmed all ratings assigned to Banco do Brasil
S.A.'s (BB) with a stable outlook.

The rating actions are in response to the announced acquisition of
Nossa Caixa by BB in an all-cash transaction estimated at
R$5.4 billion, which will give BB control over 71.2% of Nossa
Caixa's shares.  The closing of the transaction is subject to
approvals by regulatory authorities and by the State of Sao Paulo
House of Representatives.  Upon completion of the purchase, Nossa
Caixa becomes a subsidiary of Banco do Brasil.

Moody's said the review of Nossa Caixa's ratings will focus on the
benefits the bank will derive from being part of a much larger,
diversified banking franchise, with a broader product offering
that could well complement Nossa Caixa's modest cross-selling
capability.  The review will also evaluate the effects of the
integration process on Nossa Caixa's operations and customer base.
The rating agency noted that BB's market share and presence in the
wealthy state of Sao Paulo may be substantially expanded as it
incorporates Nossa Caixa's distribution network and largely
captive customer base.  Moreover, this acquisition ensures BB's
access to additional core and judicial deposits currently held by
Nossa Caixa, which further strengthen the bank's broad-based
funding sources.  BB will also be retaining Nossa Caixa's role as
financial agent for the State of Sao Paulo, which is a core
competency of BB's government business segment.

Moody's noted that BB is likely to benefit from a "flight to
safety" under the current market instability.  The bank has been
able to grow its deposit base by nearly 20% since the end of
September.  Conversely, however, in affirming BB's ratings,
Moody's noted that as a government controlled bank, BB may be
called upon to play an extraordinary role in offering credit in
Brazil, which may potentially conflict with management's defined
targets for asset allocation and profitability.  The anticipated
economic slowdown and challenging market conditions could also
well add pressures to the bank's asset quality and capital
indicators going forward.

Banco Nossa Caixa is headquartered in Sao Paulo, Brazil and as of
September 2008, it had assets of R$53.4 billion (equivalent to
US$28.1 billion).  Banco do Brasil is headquartered in Brasilia,
Brazil and it had assets of R$451.9 billion (equivalent to
US$267.5 billion) in the third quarter.

These ratings assigned Banco Nossa Caixa S.A. have been placed on
review for possible upgrade:

  -- Bank financial strength rating: D+,

  -- Long and short-term global local currency deposit ratings: A3
     and Prime 2

These ratings have been affirmed and remain on stable outlook:

Banco Nossa Caixa S.A.:

  -- Long and short-term foreign currency deposit rating of Ba2
     and Not Prime

  -- Long and short-term Brazilian national scale rating of Aaa.br
     and BR-1

Banco do Brasil S.A.:

  -- Bank financial strength rating of C

  -- Long and short-term global local currency deposit ratings of
     A1 and Prime 1

  -- Long and short-term foreign currency deposit rating of Ba2
     and Not Prime

  -- Long and short-term Brazilian national scale rating of Aaa.br
     and BR-1

  -- Long-term foreign currency debt ratings for Banco do Brasil
     and BB Cayman Branch of Baa3


BANCO GMAC: Moody's Cuts Bank Financial Strength Rating to 'E'
--------------------------------------------------------------
Moody's Investors Service downgraded Banco GMAC S.A.'s bank
financial strength rating to E from E+ and both its global long-
term local and foreign currency deposit ratings to Caa2 from B3.

Moody's also downgraded Banco GMAC's long-term national scale
deposit rating to B2.br from Ba3.br.  The outlook remains negative
for all ratings except the BFSR, which outlook was changed to
stable.  The actions on Banco GMAC's ratings are a direct result
of Moody's downgrade of GMAC LLC's long-term senior unsecured
rating to C from Caa1, announced on Nov. 20, 2008.

Banco GMAC's ratings were lowered because of the bank's reliance
on its parent to provide a relevant amount of its funding through
a stand-by credit facility.  The extremely weakened
creditworthiness of GMAC LLC generates uncertainty on its ability
to maintain such support to Banco GMAC.  Management, therefore,
may be compelled to reduce loan origination as it aims to adjust
its credit portfolio to funding availability.

During the past weeks, Banco GMAC has been able to access
additional funding sources through credit sales agreements and
lines of credit backed by loans as collateral, which were provided
by some large Brazilian banks.  Moreover, prospects of support by
the Brazilian government to the auto industry and its banks could
also result in additional funding to the bank.  Nevertheless, as
signs of potential slowdown in car sales are being reported and
financing conditions remain unfavorable, Moody's is concerned that
the quality of the bank's loan portfolio could deteriorate.  That
would, in turn, pressure the bank's stand-alone creditworthiness.
Banco GMAC is headquartered in Sao Paulo, Brazil.  As of June
2008, Banco GMAC had total assets of R$7.6 billion
(US$4.8 billion) and shareholders' equity of R$948 million
(US$596 million).

These ratings of Banco GMAC S.A. were downgraded:

  -- Bank financial strength rating: to E from E+, stable outlook

  -- Global long-term local-currency deposit rating: to Caa2 from
     B3, negative outlook

  -- Long-term foreign-currency deposit rating: to Caa2 from B3,
     negative outlook

  -- Brazilian long-term national scale deposit ratings: to B2.br
     from Ba3.br, negative outlook


DELPHI CORP: Wants to Defer GM Deal and DIP Hearing to Dec. 1
-------------------------------------------------------------
Delphi Corp. asked the U.S. Bankruptcy Court for the Southern
District of New York at the monthly omnibus hearing to defer
completing the hearings on Delphi's GM Arrangement Second
Amendment Agreement Approval Motion and Debtor-In Possession
Accommodation Motion until Dec. 1, 2008, pending further
discussions among Delphi, GM and the Administrative Agent for the
DIP Lenders.

Delphi filed both motions with the Bankruptcy Court on Nov. 7,
2008.  The DIP Accommodation Motion seeks authority to continue
use of the proceeds from its DIP Credit Facility through June 30,
2009, pursuant to an accommodation agreement to be entered into
between Delphi and certain lenders that constitute the majority of
holders by amount of Delphi's two most senior tranches of its DIP
Credit Facility.  When filed, the agreement reflected the support
of the administrative agent and the anticipated support of the
Required Lenders for Delphi's transformation efforts, despite the
economic downturn and the unprecedented turmoil in the capital
markets.  The company made various changes to the Accommodation
Agreement since the November 7 filing in order to obtain support
from as many DIP lenders as practicable and has received signature
pages from more than the Required Lenders needed to implement the
agreement.

The GM Arrangement Second Amendment Agreement Approval Motion
provides the company with access to up to US$600 million in
additional liquidity through June 2009 through a combination of
US$300 million in additional payments from GM that are
subordinated to the DIP lenders and the temporary acceleration of
US$300 million in payments from GM during March, April and May of
2009.  The company said that while the original form of
Accommodation Agreement was acceptable to GM, GM has asked, and
Delphi has agreed, to reconsider certain of the subsequent
amendments agreed to between Delphi and the Required Lenders
subsequent to the November 7 filing.  Delphi intends to engage in
discussions with GM and certain of Delphi's DIP lenders in an
attempt to identify acceptable changes to the documents presented
to the Bankruptcy Court.  While there can be no assurance that
acceptable changes will be agreed among the parties, the company
expects such discussions to be completed before the continued
hearing on Dec. 1, 2008.

                      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.

                     About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional headquarters
in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


* BRAZIL: Currency Gains Most in Six Weeks After Citigroup Rescue
-----------------------------------------------------------------
Beazil's Real strengthened the most in six weeks, gaining 6.1% to
2.3195/ US$1 at 2:51 p.m. New York time on November 24, from
2.4613 on Nov. 21, Bloomberg News reports.  This is due to an
increase of demand for higher-yielding, emerging-market assets
after the U.S. government's rescue of Citigroup Inc.

The report recounts that Citigroup received US$306 billion of U.S.
government guarantees for troubled mortgages and toxic assets and
a US$20 billion cash injection from the U.S. Treasury Department.

"With the bailout of Citigroup, that should bring back some risk
appetite.  Investors are becoming more and more convinced maybe
the sell-off in Brazil has gone a bit too far," Bloomberg cited
Bartosz Pawlowski, an emerging-markets currency strategist at TD
Securities Ltd. in London, as saying.

The report notes Win Thin, a currency strategist at Brown Brothers
Harriman & Co. in New York, said Brazil's currency is likely to
strengthen to 2.1 to 2.3/ US$1 by year-end.   "Over the next few
months, we'll see clues that the economic outlook is not great,
but at least it's stabilizing," Mr. Thin said.

Brazil's central bank placed 44,000 currency swaps out of 65,500
contracts offered in two auctions on November 24 to support the
real, Bloomberg News says.  The bank said it will assess market
demand tomorrow for another swap auction to be held on Nov. 26,
the report adds.

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


* BRAZIL: Foreign Investments to Fall US$10 Billion in 2009
-----------------------------------------------------------
Brazil's estimated trade surplus (positive balance of exports less
imports) for 2008 has been revised from US$23.78 billion down to
US$23.6 billion, Brazzil Magazine reports.

The report relates the projection for 2009 has risen from
US$13.32 billion to US$13.71 billion.

According to the report, analysts have maintained their projection
of a US$30 billion current account deficit (all transactions
between Brazil and foreign countries) for 2008, and revised it
from US$31.65 billion to US$30.03 billion for next year.

The projection concerning foreign direct investment (capital that
enters the productive sector of the economy, generating employment
and income) was maintained at US$35 billion, for 2008, and
US$25 billion for 2009, the report notes.

Brazzil Magazine says that as for the basic interest rate (Selic),
estimates were maintained for both the end of 2008 (13.75%) and
2009 (13.31%).

Analysts have adjusted the the growth of the Gross Domestic
Product projection this year from 5.23% to 5.24% and maintained
the rate at 3% for 2009, the report points out.  Brazzil Magazine
posts that the expected growth of industrial projection this year
has been reduced from 5.80% down to 5.78%.  In 2009, analysts
expect a 3% increase, as against 3.16% in the previous estimate.

The report adds that for this year, analysts' are projecting that
the Brazilian net public debt should be equivalent to 39% of the
GDP, as against a previous estimate of 39.04%.  The estimate for
2009 has been maintained at 38%.

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


* BRAZIL: Car Industry Faces Severe Recession
---------------------------------------------
Brazil car industry and and related workers are starting to forge
strategies for facing severe recession in the sector, Steel Guru
News reports, citing BNamericas.

Steel Guru relates BNamericas reported that the south of Rio de
Janeiro state, where car factories like Peugeot Citroen,
Volkswagen's truck and bus assembly plant and big metalwork like
the Companhia Siderúrgica Nacional operate, is on the alert.

According to Steel Guru News, a report released by Institute of
Geography & Statistics said unemployment between January and
October 2008 was about 8%, 1.6 percentage points lower than for
the same period in 2007.  But factories like Peugeot Citroen are
starting to talk about canceling the third shift, the existence of
which was taken until recently as a sign of the production boom in
the industry, Steel Guru notes.

"Management is arguing that there are over 28,000 finished cars in
stock and that it makes no sense to produce more if people aren't
buying them," Steel Guru cited Renato Soares, head of
Metalworkers' Union of South Fluminense, as saying.  The CSN
called for conversations with the union, saying that because of
the crisis, demand for car parts is falling, as is demand for
steel, he added.

Steel Guru News says, the same situation is happening in the
southern city of Sao Paulo, the biggest consumer market in the
country, where 15% of car manufacturing takes place.

Meanwhile, companies located in Sao Paulo namely General Motors,
Honda, Volkswagen and Ford, as well as Fiat in the state of Minas
Gerais, have brought forward the annual holidays of some 25,000
workers, Steel Guru News adds.

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



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

FRONT STREET: Creditors' Proofs of Due on December 3
----------------------------------------------------
Front Street Energy and Power Performance Offshore Fund Inc.
requires its creditors to file their proofs of debt by December 3,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 27, 2008.

The company's liquidator is:

          David A.K. Walker
          Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:(345) 914 8662
          Facsimile:(345) 945 4237


GREYLOCK EMERGING: Creditors' Proofs of Debt Due on December 2
--------------------------------------------------------------
The creditors of Greylock Emerging Markets Equity Master Fund,
Ltd. are required to file their proofs of debt by December 2,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2008.

The company's liquidator is:

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


GREYLOCK EMERGING: Shareholder's Final Meeting Set for Dec. 16
--------------------------------------------------------------
The sole shareholder of Greylock Emerging Markets Equity Master
Fund, Ltd. will hold a final meeting on December 16, 2008, at
11:30 a.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 28, 2008.

The company's liquidator is:

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


GREYLOCK EMERGING: Requires Creditors to File Claims by Dec. 2
--------------------------------------------------------------
Greylock Emerging Markets Equity Fund, Ltd. requires its creditors
to file their proofs of debt by December 2, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2008.

The company's liquidator is:

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


GREYLOCK EMERGING: Shareholder's Meeting Set for December 16
------------------------------------------------------------
The sole shareholder of Greylock Emerging Markets Equity Fund,
Ltd. will hold a final meeting on December 16, 2008, at 11:30
a.m., to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 28, 2008.

The company's liquidator is:

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


MSS GLOBAL: Creditors' Proofs of Debt Due on December 3
-------------------------------------------------------
The creditors of MSS Global Macro 5 are required to file their
proofs of debt by December 3, 2008, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


MSS GLOBAL: Shareholders' Final Meeting Set for Dec. 12
-------------------------------------------------------
The shareholders of MSS Global Macro 5 will hold their final
meeting on December 12, 2008, at 10:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


MSS EQUITY: Creditors' Proofs of Debt Due on December 3
-------------------------------------------------------
The creditors of MSS Equity Hedge 2 are required to file their
proofs of debt by December 3, 2008, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


MSS EQUITY: Shareholders' Final Meeting Set for Dec. 12
-------------------------------------------------------
The shareholders of MSS Equity Hedge 2 will hold their final
meeting on December 12, 2008, at 10:45 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


MSS EQUITY: Creditors' Proofs of Debt Due on December 3
-------------------------------------------------------
The creditors of MSS Equity Hedge 8 are required to file their
proofs of debt by December 3, 2008, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


MSS EQUITY: Shareholders' Final Meeting Set for Dec. 12
-------------------------------------------------------
The shareholders of MSS Equity Hedge 8 will hold their final
meeting on December 12, 2008, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


MSS EQUITY: Creditors' Proofs of Debt Due on December 3
-------------------------------------------------------
The creditors of MSS Equity Hedge 14 are required to file their
proofs of debt by December 3, 2008, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


MSS EQUITY: Shareholders' Final Meeting Set for Dec. 12
-------------------------------------------------------
The shareholders of MSS Equity Hedge 14 will hold their final
meeting on December 12, 2008, at 11:15 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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


NEUQUEN O&G: Creditors' Proofs of Debt Due on December 9
--------------------------------------------------------
The creditors of Neuquen 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


NEUQUEN O&G: Shareholders' Final Meeting Set for December 23
------------------------------------------------------------
The shareholders of Neuquen O&G Company LDC will hold their final
meeting on December 23, 2008, at 11:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 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


NEW STAR: Creditors' Proofs of Debt Due on December 12
------------------------------------------------------
The creditors of New Star Atlas Hedge Fund Limited are required to
file their proofs of debt by December 2, 2008, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Richard L. Finlay
          c/o Krysten Lumsden
          P.O. Box 2681, Grand Cayman KY1-1111
          Telephone:(345) 945 3901
          Facsimile:(345) 945 3902


NEW STAR: Final Meeting Set for December 12
-------------------------------------------
New Star Atlas Hedge Fund Limited will hold their final meeting on
December 12, 2008, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard L. Finlay
          c/o Krysten Lumsden
          P.O. Box 2681, Grand Cayman KY1-1111
          Telephone:(345) 945 3901
          Facsimile:(345) 945 3902


OLD MUTUAL: Creditors' Proofs of Due on December 11
---------------------------------------------------
Old Mutual Spectrum Vista Fund Limited requires its creditors to
file their proofs of debt by December 11, 2008, to be included in
the company's dividend distribution.

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

The company's liquidators are:

          John Sutlic
          Roger Priaulx
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone:(345) 949 8455
          Facsimile:(345) 949 8499


OLD MUTUAL: Shareholders' Meeting Set for December 17
-----------------------------------------------------
The shareholders of Old Mutual Spectrum Vista Fund Limited will
hold a final meeting on December 17, 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 Oct. 30, 2008.

The company's liquidators are:

          John Sutlic
          Roger Priaulx
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone:(345) 949 8455
          Facsimile:(345) 949 8499


OLD MUTUAL: Creditors' Proofs of Due on December 11
---------------------------------------------------
Old Mutual Spectrum Targa Fund Limited requires its creditors to
file their proofs of debt by December 11, 2008, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone:(345) 949 8455
          Facsimile:(345) 949 8499


OLD MUTUAL: Shareholders' Meeting Set for December 17
-----------------------------------------------------
The shareholders of Old Mutual Spectrum Targa Fund Limited will
hold a final meeting on December 17, 2008, at 9:00 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone:(345) 949 8455
          Facsimile:(345) 949 8499


SILVER SPLASH: Creditors' Proofs of Due on December 28
------------------------------------------------------
Silver Splash Ltd requires its creditors to file their proofs of
debt by December 28, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2008.

The company's liquidators are:

          Kenneth Krys
          Richard Hamilton
          Governors Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue, PO Box 31237
          Grand Cayman
          Cayman Islands
          Facsimile:(345) 946-6728


TIEDEMANN JAPAN: Creditors' Proofs of Debt Due on December 14
-------------------------------------------------------------
The creditors of Tiedemann Japan Ltd. are required to file their
proofs of debt by December 14, 2008, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


TIEDEMANN JAPAN: Shareholder's Final Meeting Set for Dec. 17
------------------------------------------------------------
The sole shareholder of Tiedemann Japan Ltd. will hold a final
meeting on December 17, 2008, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

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



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

* CHILE: Third Quarter GDP Grows 4.8%, Topping Estimates
--------------------------------------------------------
Chile's economy's economy grew 4.8% in the third quarter from a
year earlier on domestic demand and energy output, beating
economists' forecasts of 4.7%, Sebastian Boyd of Bloomberg News
reports.

The country earlier forecast a 4.5% GDP growth, the report notes.

"These figures surprised the market and showed that the Chilean
economy is surprisingly resistant to a rapid deceleration," the
report cited Juan Pablo Castro, an economist at Banco Santander SA
in Santiago, as saying.  "Consumption is still growing at around 6
percent even though you'd expect to see the effects of inflation
and interest-rate rises," he added.

The report relates Chile's central bank said growth probably will
slow to between 2% and 3% in 2009 from an estimated 4% to 4.5%
this year as a global economic slowdown curbs demand for Chilean
exports such as copper and table grapes, and internal demand
growth slows to 0.6% from 9.2% this year.

President Michelle Bachelet's government "has said since 2006 that
the high price of copper wouldn't last for ever and that fact has
always been included in our estimates," Finance Minister Andres
Velasco was cited by the news agency as saying.  "The real copper
price used in 2009 will have an affect on the real budget surplus,
but not on our ability to invest," Mr. Velasco added.

According to the report, President Bachelet said a US$1.15 billion
fiscal stimulus plan, adding to US$850 million previously
announced, drawing on savings built after copper prices more than
quadrupled to a record US$4.07 per pound in July.  The government
uses estimates of the average copper price over the next 10 years
to plan spending, and aims for a so-called structural budget
surplus, or surplus using that long-term copper price, equal to
0.5% of GDP, the report adds.



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

* ECUADOR: Has Limited Tools to Challenge Debt
----------------------------------------------
Ecuador would find challenging its foreign debt in U.S. courts
difficult because the country signed away its legal rights in bond
agreements over a 20-year period, Stephan Kueffner of Bloomberg
News reports, citing Alejandro Olmos, a member of a committee
appointed by President Rafael Correa to review the debt.

The report relates that Mr. Olmos said halting debt payments
without the support of a court decision would be a "catastrophe"
for the nation.  Bondholders could seize Ecuador's assets,
including those of state-owned oil company PetroEcuador.

"If he doesn't pay, it will be because he has sufficient legal
backing to do so.  If no possibility exists for a legal contest,
he unfortunately will have to accept that and he will have to
pay," the report cited Mr. Olmos as saying.

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.

Bloomberg News notes that lawyers from Ecuador and the U.S. are
reviewing the country's options.

Mr. Olmos said in several contracts reviewed by the commission,
Ecuadorean officials signed away all rights to a legal action,
including a trial by jury, weakening its position under U.S. law,
the report says.  Moreover, there are parts of the contracts that
hold Ecuador hostage," Mr. Olmos added.

Meanwhile, the report points out that Ecuador Politics Minister
Patino said that the government could seek renegotiation talks
with creditors.

Economist Jaime Carrera, head of the Quito-based Fiscal Policy
Observatory, said it's not clear whether the government in fact
wants to renegotiate the debt, the report adds.

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



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

JAMAICA PRODUCERS: Posts US$1.1BB Loss in 40 Weeks Ended October 4
------------------------------------------------------------------
Jamaica Producers Group's posted a US$1.1 billion loss in the 40
weeks ended October 4 from a US$326 million loss during the
corresponding period last year, RadioJamaica News reports.

The report relates that Jamaica Producers attributed its loss
during the third quarter to the deteriorating economic conditions
in the United Kingdom and Europe, which are its primary markets.

According to the report, the producers also blamed the passing of
the tropical Storm Gustav and the restructuring charges to
incurred losses.

The company, the report notes, said the current losses are
unacceptable and it is looking at ways to turn around its
operations including a further exit from unprofitable and non-core
business activities.

Meanwhile, RadioJamaica News says Jamaica Producers paid out
US$54.4 million during its recent redundancy exercise.  The costs
were associated with the closure of the Eastern Banana Estates in
St. Thomas and a part of the acreage at St. Mary Banana Estates,
the report posts.

RadioJamaica News recounts that more than 400 workers at Eastern
Banana lost their jobs in October.

Jamaica Producers said it would cease banana production at the
location due to devastation caused by Tropical Storm Gustav, the
report adds.

                  About Jamaica Producers

Jamaica Producers Group Limited -- http://www.jpjamaica.com/ --
is engaged in juice and food manufacturing and distribution, the
cultivation, marketing and distribution of bananas locally and
overseas, shipping and the holding of investments.  The company is
organized into three business segments: Banana Division, which
comprises the growing, sourcing, ripening, marketing and
distribution of bananas, and the operation of a shipping line that
inter alia transports bananas to the United Kingdom; Fresh &
Processed Foods Division, which comprises the production and
marketing of fresh juices, drinks, and other freshly prepared
foods and tropical snacks, and Corporate segment.  The Fresh &
Processed Foods Division consists of the company's prepared foods
businesses in juice, smoothies, desserts, soups and ready meals,
chilled distribution and tropical snack foods.


* JAMAICA: Sugar Industry Divestment Woes Workers
-------------------------------------------------
The divestment of Jamaica's sugar industry could have a
catastrophic effect on thousands of workers, Jamican Gleaner
reports.

"No one has said anything to us.  I am worried, very worried, but
we will just have to hope and pray that having laboured here all
our lives, it will not be in vain," Roselyn Barrette, a more than
30-year veteran, was quoted by the report as saying.

Jamaica is an island nation of the Greater Antilles, 234
kilometers in length and as much as 80 kilometers in width
situated in the Caribbean Sea.  It is about 145 kilometers south
of Cuba, and 190 kilometers west of the island of Hispaniola, on
which Haiti and the Dominican Republic are situated.  According to
Moody's Investor Site, the country continues to hold a B1 foreign
currency rating and a Ba2 local currency rating.



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

AMERICAN INT'L: Will Sell Int'l Lease to Investors & Management
---------------------------------------------------------------
Reuters reports that American International Group will sell
International Lease Finance Corp, its plane-leasing business, to a
group of investors and the unit's management.

Bloomberg News relates that ILFC founder and CEO Steve Udvar-Hazy
said that he and other unidentified investors will close the deal
by early 2009.  Mr. Udvar-Hazy said that ILFC has a value of
around US$10 billion, the report states.

According to Flightglobal.com, Mr. Udvar-Hazy founded ILFC 35
years ago, and in 1990 AIG purchased it for US$1.3 billion in
stock.
Cargonewsasia.com relates that ILFC depended on AIG's "blue-chip"
credit rating for access to capital to purchase planes, but was
locked out of the debt market when AIG's rating dropped in
September.  Flightglobal.com says that Mr. Udvar-Hazy has been
reportedly negotiating for several months to buy ILFC back from
AIG.  According to Cargonewsasia.com, AIG suffered major losses on
mortgage derivatives and is selling assets to repay a bailout loan
from the Federal Reserve.

    AIG to Rename aigdirect.com as 21st Century Insurance

Hugh Son at Bloomberg reports that AIG spokesperson Nicholas
Ashooh said that the company will rebrand its aigdirect.com
business as 21st Century Insurance, effective January 2009.
Bloomberg relates that AIG has owned a stake in 21st Century since
1994.  It acquired in September 2007 the remaining 39% of shares
in 21st Century forUS$813 million, according to the report.

Rebranding the unit will make the business more attractive to a
prospective buyer, Bloomberg says, citing AIG's personal auto
group chief Tony DeSantis.

Mr. DeSantis said in a Nov. 17 letter that AIG will launch new
television commercials and a revamped logo and Web site on
Jan. 5, 2009, Bloomberg states.

Bloomberg quoted J.D. Power and Associates director Jeremy Bowler
as saying, "They probably weighed the benefits and costs and
figured that it has more worth labeled as 21st Century than as AIG
Direct.  Every consumer has so many choices, and AIG's problems
have been so highly publicized -- why would someone choose a
company with a bad rap?"

According to Bloomberg, AIG will also lay off about 6.6% of
aigdirect.com's workers.  The report says that the unit had 5,500
employees as of September 2007.

             China Life Eyes AIG's Asian Assets

Citing a senior China Life manager, Eadie Chen and Samuel Shen at
Reuters report that the company is interested in purchasing AIG's
Asian assets.

According to Reuters, the manager said in an interview, "We want
to buy parts of AIG's business, especially those in areas of Asia
such as Hong Kong, Singapore and South Korea." The report says
that the official declined to be disclosed because a deal wasn't
yet public.

Published reports in China say that China Life president Wan Feng
said at a media briefing that the quality of AIG's insurance
business in Asia was good but needed further observation, because
that company's financial condition might worsen.

A consortium led by China Investment Corporation and including
Chinese insurers was negotiating to purchase a 49% stake in AIG
unit Alico, in a deal that could be worth as much as
US$10.6 billion, Japanese business daily Nikkei relates.
According to the report, the talks carry a year-end deadline.

A China Investment Corp. official denied that the firm was
interested in buying a stake in AIG, Dow Jones Newswires states.

  Collapse Derails Ex-CEO's settlement With Attorney General

AIG's collapse derailed a settlement between the company's former
CEO Maurice R. Greenberg and the New York Attorney General Andrew
Cuomo's office, Chad Bray at The Wall Street Journal reports,
citing David Ellenhorn, a lawyer from the Attorney General's
office.

According to WSJ, Mr. Ellenhorn told New York Supreme Court
Justice Charles E. Ramos in Manhattan during a hearing on Monday
that Mr. Greenberg had an oral agreement with the Attorney
General's office to settle a long-running lawsuit and were
preparing to put the settlement on the record "the week AIG
crashed."

Paul Tharp at The New York Post relates that Mr. Greenberg was
accused of improperly dressing up corporate books to show improved
profits.  According to the report, the lawsuit was filed more than
three years ago by former attorney general Eliot Spitzer.  Citing
lawyers familiar with the matter, the report says that Mr.
Greenberg was being asked to pay a big fine to settle the case,
but he was believed to be resisting.

Sources said in September that Mr. Greenberg could be fined at
least US$100 million as part of a settlement envisioned by Mr.
Cuomo's office, WSJ states.

             About American International Group

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on Sept. 8, 2008, to
US$4.76 on Sept. 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw- Hill  Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On Sept. 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, US$40 billion of newly issued
AIG perpetual preferred shares and warrants to purchase a number
of shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility. The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had US$1.022 trillion in total consolidated
assets and US$950.9 billion in total debts.  Shareholders' equity
was US$71.18 billion, including the addition of US$23 billion of
consideration received for preferred stock not yet issued.


SIX FLAGS: Receives Listing Non-Compliance Notice from NYSE
-----------------------------------------------------------
Six Flags, Inc., received notification from the New York Stock
Exchange that the company is not in compliance with the continued
listing standards of the NYSE because the thirty-day average
market capitalization of the company's common stock has been less
than US$75 million and, at the same time, the company's
stockholders' equity on its consolidated balance sheet has been
less than US$75 million.

Under applicable NYSE rules, the company must respond to the NYSE
within forty-five days from the receipt of the NYSE's notification
with a plan that demonstrates the company's ability to achieve
compliance with the continued listing standards within eighteen
months from the receipt of the NYSE's notification.  The company
intends to consider all available alternatives to achieve
compliance and intends to timely submit a plan to the NYSE that
demonstrates the company's ability to achieve compliance.  Subject
to the NYSE's acceptance of the company's plan and the company's
compliance with the NYSE's other continued listing standards, the
company's common stock will remain listed on the NYSE during the
eighteen-month period.  Failure to be listed on the NYSE does not
constitute a default under any of the company's debt instruments.

Headquartered in New York City, Six Flags Inc. (NYSE: SIX) --
http://www.sixflags.com/-- is the world's largest regional
theme park company with 21 parks across the United States, Mexico
and Canada.  Founded in 1961, Six Flags has provided world class
entertainment for millions of families with cutting edge, record-
shattering roller coasters and appointment programming with events
like the popular Thursday and Sunday Night Concert Series.  Now 47
years strong, Six Flags is recognized as the preeminent thrill
innovator while reaching to all demographics -- families, teens,
tweens and thrill seekers alike -- with themed attractions based
on the Looney Tunes characters, the Justice League of America,
skateboarding legend Tony Hawk, The Wiggles and Thomas the Tank
Engine.

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 13, 2008,
Fitch Ratings has placed these ratings for Six Flags, Inc. on
rating watch negative: (i) issuer default rating at 'CCC'; (ii)
senior unsecured notes (including the 4.5% convertible notes)
at 'CC/RR6'; and (iii) preferred stock at 'C/RR6'.


SIX FLAGS: September 30 Balance Sheet Upside-Down byUS$200MM
-----------------------------------------------------------
Six Flags, Inc.'s balance sheet at Sept. 30, 2008, showed total
assets of US$2.9 billion and total liabilities of US$3.1 billion,
resulting in stockholders' deficit of roughly US$200 million.

Six Flags disclosed its operating results for the third quarter
and nine months ended Sept. 30, 2008.

Total revenues of US$489.3 million increased 5% over the prior-
year quarter, while total attendance increased 0.2 million.

The company's net income from continuing operations improved by
US$54.4 million to US$144.3 million from US$89.9 million in the
prior- year quarter.  The income growth reflects revenues growth
of US$25.1 million and US$2.8 million in reduced operating costs
and expenses, which decreased from US$283.3 million in the prior-
year third quarter to US$280.5 million for the current-year
quarter reflecting planned reductions in marketing expenses, which
were partially offset by increased utilities, general liability
expenses, and loss on fixed assets.  Also included in the change
in net income from continuing operations for the third quarter
were prior-year expenses associated with the settlement of a
California labor class action lawsuit and reduced minority
interest in earnings of US$5.2 million reflecting the company's
purchase of its partner's interest in Six Flags Discovery Kingdom
in July of last year.

For the nine months ended Sept. 30, 2008, total revenues increased
US$44.8 million, or 5%, to US$903.2 million from US$858.5 million
in the prior-year period.

Total revenue per capita for the first nine months increased
US$1.69, or 4%, to US$40.62 from US$38.93 in the prior-year
period, reflecting increased per capita guest spending and
sponsorship, licensing and other fees. Increased per capita guest
spending of US$0.96, or 3%, to US$38.58 from US$37.62 in the
prior-year period was driven by increased rentals, admissions,
food and beverages, parking and retail revenues.  Sponsorship,
licensing and other fees increased US$16.4 million, or 57%, to
US$45.2 million.

                        Cash and Liquidity

As of Sept. 30, 2008, the company had US$34.3 million in
unrestricted cash and US$246.2 million available (after reduction
for outstanding letters of credit of approximately US$28.8
million) on its US$275 million revolving credit facility, a
portion of which we use to fund our off-season expenditures.

A full text copy of the company's 10-Q filing is available for
free at http://ResearchArchives.com/t/s?3524

                     About Six Flags Inc.

Headquartered in New York City, Six Flags Inc. (NYSE: SIX) --
http://www.sixflags.com/-- is the world's largest regional
theme park company with 21 parks across the United States, Mexico
and Canada.  Founded in 1961, Six Flags has provided world class
entertainment for millions of families with cutting edge, record-
shattering roller coasters and appointment programming with events
like the popular Thursday and Sunday Night Concert Series.  Now 47
years strong, Six Flags is recognized as the preeminent thrill
innovator while reaching to all demographics -- families, teens,
tweens and thrill seekers alike -- with themed attractions based
on the Looney Tunes characters, the Justice League of America,
skateboarding legend Tony Hawk, The Wiggles and Thomas the Tank
Engine.

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 13, 2008,
Fitch Ratings has placed these ratings for Six Flags, Inc. on
rating watch negative: (i) issuer default rating at 'CCC'; (ii)
senior unsecured notes (including the 4.5% convertible notes)
at 'CC/RR6'; and (iii) preferred stock at 'C/RR6'.



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

* Latin Stocks May Gain 30% in 2009, Deutsche Bank Says
-------------------------------------------------------
Latin American stocks may rally 30% in U.S. dollar terms during
2009, Bloomberg News reports, citing Deutsche Bank AG's head of
equity strategy in the region, Guilherme Paiva.

The report relates Mr. Paiva, in a note to clients, said the worst
of the U.S. recession "will be over" by then and global equity
markets will have fallen too far.  Brazil's Bovespa index may end
2009 at 45,000, a 44% gain from last week's close of 31,250.60,
while Mexico's Bolsa index may advance 31% to 24,000, and Chile's
Ipsa may increase 27% to 3,000, Bloomberg News says.

"Long-term investors will reap attractive absolute returns even if
their short-term timing is off," Mr. Paiva wrote, the report
notes.

According to Bloomberg News, the MSCI Latin America Index has
plunged 62% in 2008, and posted gains of between 35% and
67% in the prior five years.

"Long gone are the heydays of consecutive 40% annual returns for
Latin American stocks,"  Mr. Paiva said, the report adds.



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *