TCRLA_Public/081202.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, December 2, 2008, Vol. 9, No. 239

                            Headlines

A R G E N T I N A

ARLUC SA: Proofs of Claim Verification Due on February 20
ARMY SA: Proofs of Claim Verification Due on March 18
CENTRO MODELO: Proofs of Claim Verification Due on February 20
HUSKY SRL: Proofs of Claim Verification Due on February 12
PIRELLI NEUMATICOS: Moody's Puts 'B1' First Time Corporate Rating

PUBLIMED SA: Proofs of Claim Verification Due on February 10
* ARGENTINA: Cuts Natural Gas Subsidies, Raises Rates


B A R B A D O S

FORD MOTOR: Expected Drop in November Sales May Help Bailout Plea
GENERAL MOTORS: Turns to Debtholders to Evade Chapter 11 Filing


B E R M U D A

HELICON REINSURANCE: Creditors' Proofs of Debt Due on Dec. 10
HELICON REINSURANCE: Members' Final Meeting Set for December 30
MAN-GLENWOOD: Creditors' Proofs of Debt Due on Dec. 10
MAN-GLENWOOD: Members' Final Meeting Set for December 30
MAN-IP 220: Creditors' Proofs of Debt Due on Dec. 10

MAN-IP 220: Members' Final Meeting Set for December 30
MAN-IP 220: Creditors' Proofs of Debt Due on Dec. 10
MAN-IP 220: Members' Final Meeting Set for December 30


B R A Z I L

ARACRUZ CELULOSE: Board Members and Executives to Step Down
BRASIL TELECOM: Signs 1-Year Contract With Convergys
INDEPENDENCIA SA: Moody's Maintains 'B2' Corporate Family Rating
SABESP: Shares Gain on Report Fund to Buy Utility Stakes


C A Y M A N  I S L A N D S

LITCHFIELD ATLANTIC: Commences Liquidation Proceedings
LITCHFIELD ATLANTIC: Shareholders' Final Meeting Set for Dec. 23
ROBECO CDO: Creditors' Proofs of Debt Due on December 12
SAGINAW DISCOVERY: Creditors' Proofs of Debt Due on December 11
SAGINAW DISCOVERY: Final Meeting Set for December 18

SAGINAW DISCOVERY: Creditors' Proofs of Debt Due on December 11
SAGINAW DISCOVERY: Shareholder's Final Meeting Set for Dec. 18
SENECA CBO: Creditors' Proofs of Debt Due on December 12
STONEY LANE: Requires Creditors to File Claims by December 12
TENJIN HOLDINGS: Creditors' Proofs of Debt Due on December 12

VISAGE CDO: Creditors' Proofs of Debt Due on December 12
WAILEA OFFSHORE: Commences Liquidation Proceedings
WAILEA OFFSHORE: Shareholders' Final Meeting Set for Dec. 23


C H I L E

* CHILE: Oct. Industrial Output Fell 0.8% Amid Global Fin'l Crisis


C O L O M B I A

ECOPETROL: Finds Hydrocarbon Presence in Quifa-5 Well


J A M A I C A

JAMAICA PRODUCERS: Replaces Banana Exports to Tropical Snacks


M E X I C O

METROFINANCIERA MORTGAGE: Moody's Downgrades Ratings to 'Ba2'
MICHOACAN STATE: Moody's Downgrades Issuer Credit Rating to 'Ba2'
* MEXICO: Can't Escape "Important Slowdown" in Economy, Ortiz Says


P U E R T O  R I C O

PILGRIM'S PRIDE: May File for Ch. 11, Expects US$998-Mil. FY Loss


V E N E Z U E L A

PDVSA: Assesses Funding for Ecuador & Nicaragua Refineries


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ARLUC SA: Proofs of Claim Verification Due on February 20
---------------------------------------------------------
The court-appointed trustee for Arluc S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 20, 2009.


ARMY SA: Proofs of Claim Verification Due on March 18
-----------------------------------------------------
The court-appointed trustee for Army SA's bankruptcy proceedings,
will be verifying creditors' proofs of claim until March 18, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

The Debtor can be reached at:

          Army SA
          Murguiondo 3084
          Buenos Aires, Argentina


CENTRO MODELO: Proofs of Claim Verification Due on February 20
--------------------------------------------------------------
The court-appointed trustee for Centro Modelo de Cardiologia
S.R.L.'s reorganization proceedings, will be verifying creditors'
proofs of claim until February 20, 2009.

The trustee will present the validated claims in court as
individual reports on March 20, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 5, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 19, 2009.


HUSKY SRL: Proofs of Claim Verification Due on February 12
----------------------------------------------------------
Nestor del Potro, the court-appointed trustee for Husky SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 12, 2009.

Mr. del Potro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

The debtor can be reached at:

          Husky SRL
          avda Santa Fe 4860
          Buenos Aires, Argentina

The trustee can be reached at:

          Nestor del Potro
          Paraná 552
          Buenos Aires, Argentina


PIRELLI NEUMATICOS: Moody's Puts 'B1' First Time Corporate Rating
-----------------------------------------------------------------
Moody's has assigned a first-time B1 local currency corporate
family rating and an Aa3.ar Argentina national scale rating to
Pirelli Neumaticos S.A.  The outlook is stable.

The B1 local currency corporate family rating and Aa3.ar Argentina
National Scale rating reflect Pirelli's de-leveraged operations in
Argentina and solid credit metrics in comparison with other auto
suppliers worldwide, particularly in terms of profitability.

The ratings are principally constrained by Pirelli's relatively
small scale compared to peers and by its lack of geographic or
product diversification.  Pirelli's only product is tires and most
of its revenues come from only one region, with 83% of sales
within Argentina, 13% in Brazil and 4% in other markets in Latin
America.  In addition to its small size, Pirelli is a single-asset
company in Argentina and therefore more vulnerable to unexpected
events such as plant outages or strikes.

Pirelli benefits from the global corporate structure provided by
its ultimate parent company, Pirelli SPA (Italy; unrated).
Pirelli's operations benefit from being part of the Pirelli SPA
network, since the Brazilian subsidiary and other subsidiaries
around the world receive exports from Pirelli, or from which
Pirelli imports end-products for sale in Argentina or acquires raw
materials.  However, the assigned B1 rating considers Pirelli's
standalone creditworthiness and does not incorporate any
expectation of direct financial support from its parent company.

Pirelli's revenues have grown at a pace of approximately 7% CAGR
over the past 5 years, driven by the strong growth in the
Argentine auto industry.  The assigned ratings incorporate Moody's
expectation that the overall Argentine economy and auto industry
will experience an abrupt slowdown in 2009 and perhaps longer.
The impact of the slowdown on Pirelli could be mitigated by its
high proportion of sales to the aftermarket, which represent 81%
of sales, compared to only 19% to the OEM segment.  The
aftermarket is expected to continue to benefit from the recent
strong growth in new car sales even during a slowdown, due to the
expansion of the total fleet.  The total number of vehicles in
Argentina has grown from 5.8 million in 2003 to approximately
8.5 million as of June 2008.

Pirelli's operations are cost efficient due to competitive labor
and energy costs, and Pirelli's profitability is strong for its
rating category.  Although increased labor costs have put pressure
on margins over the past two years, Pirelli has been able to
partially pass through increased costs to its tire prices.
Pirelli manages liquidity to finance its operations through
internal cash generation.  Pirelli uses short-term bank financing
only for seasonal working capital needs.

Pirelli's B1 local currency corporate family rating reflects its
global default and loss expectation, while the Aa3.ar national
scale rating reflects the standing of Pirelli's credit quality
relative to its domestic peers.  Issuers or issues rated Aa.ar
demonstrate very strong creditworthiness relative to other
domestic issuers.  Moody's National Scale Ratings are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Argentina are designated by
the ".ar" suffix.  NSRs differ from global scale ratings in that
they are not globally comparable to the full universe of Moody's
rated entities, but only with other rated entities within the same
country.

The stable outlook is based on Moody's expectation that Pirelli's
aftermarket tire business will be resilient in a downturn,
allowing the company to maintain low leverage and strong credit
metrics for its rating category.

Negative pressure on the ratings or outlook could result from a
greater than expected impact of the an eventual downturn in the
auto industry and overall economy in Argentina.  Quantitatively, a
downgrade could result from a drop in Pirelli's EBIT margin to
below 8% on a three-year average basis or a significant increase
in leverage, with adjusted total debt to EBITDA of above 2.0
times.  Indications of a weakening market share in the local tire
market could also add negative pressure on the ratings.

An upgrade in the ratings or outlook could result from increased
size and geographic diversification, along with an improving
business environment in Argentina.  Improved disclosure of
financial results would also be necessary for an upgrade,
including quarterly financial statements.

Headquartered in Buenos Aires, Pirelli Neumaticos S.A. is the
Argentine subsidiary of Pirelli SPA, one of the global tire
providers for the auto industry.  Pirelli Neumaticos had 2007
revenues of approximately US$250 million.


PUBLIMED SA: Proofs of Claim Verification Due on February 10
------------------------------------------------------------
Sandra D. Ambrosio, the court-appointed trustee for Publimed SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 10, 2009.

Ms. Ambrosio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

The Debtor can be reached at:

          Publimed SA
          Caranday 889
          Buenos Aires, Argentina

The Trustee can be reached at:

          Sandra D Ambrosio
          Hipolito Yrigoyen
          Buenos Aires, Argentina


* ARGENTINA: Cuts Natural Gas Subsidies, Raises Rates
-----------------------------------------------------
Argentine Planning Minister Julio de Vido said the government
eliminated natural gas subsidies, which will mean higher well-head
prices and rate increases for the biggest residential and
industrial consumers, Drew Benson of Bloomberg News reports.

Mr. de Vido, the report relates, said the move, effective Nov. 1,
will save the government 1.4 billion pesos (US$420 million) a
year.  "These measures will produce a significant and direct
reduction in subsidies for natural gas rates and as such increase
production, which means more jobs," Mr. De Vido added.

According to the report, consumers that use the most natural gas,
36% of residential users and 1.5% of industrial clients, will pay
higher rates.

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.



===============
B A R B A D O S
===============

FORD MOTOR: Expected Drop in November Sales May Help Bailout Plea
-----------------------------------------------------------------
Alex P. Kellogg at The Wall Street Journal reports that an
expected decline in auto sales for November could help Ford Motor
Co., GM, and Chrysler LLC make their case before the Congress for
a government bailout.

If the three companies succeed, the Congress could start
considering legislation next week, according to WSJ.  The report
says that big declines for stronger rivals like BMW, Toyota Motor
Corp., and Honda Motor Co. would support GM, Ford Motor, and
Chrysler's argument that the financial crisis is a major cause of
trouble across the auto industry.

Citing Barclays Capital, WSJ says that vehicle sales in November
are expected to come in at an annualized pace of below 11 million
vehicles, a slight improvement from October's rate of
10.6 million.  The report states that the November 2008 vehicle
sales would be five million vehicles below the 16.1 million year-
ago seasonally adjusted annualized rate.  GM, Ford Motor, and
Chrysler could suffer 30% drops or more in their sales, according
to the report.

         PBGC Express Concern on Use of Pension Funds

WSJ reports that the U.S. Pension Benefit Guaranty Corp. has
written to GM, Ford Motor, and Chrysler, asking for projections on
how they will use their pension plans to cover early retirements
or other buyout deals.  PBGC, says the report, is concerned that
the companies' use of pension funds to pay for restructuring
threatens to drain the funds.  The agency is worried that it might
have to step in to make the payments, the report states.

WSJ relates that the three companies' pension plans currently are
currently overfunded and PBGC Director Charles E. F. Millard said
that they won't have any funding problems in the next year or so.
WSJ says that Mr. Millard was worried of the continued use of the
plans for other corporate purposes, including restructuring, as
Ford Motor, GM, and Chrysler could take several more years to
restructure and could use the pension plans to cover the cost of
offering buyouts and early retirement.

The PBGC reported a US$14 billion deficit in 2007, which was
narrowed to US$11 billion in September 2008, according to WSJ.

                      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-'.


GENERAL MOTORS: Turns to Debtholders to Evade Chapter 11 Filing
---------------------------------------------------------------
John D. Stoll and Monica Langley at The Wall Street Journal report
that people familiar with the matter said that General Motors
Corp. is asking debtholders to exchange debt with equity.

WSJ relates that GM CEO Rick Wagoner and company executives are
drafting a business plan to be submitted to the Congress by
Tuesday.  The plan, says WSJ, must prove that GM can remain a
viable company despite bleak market conditions.  The report states
that GM will insist that it can turn itself into a leaner entity
with the help of a short-term loan from the government and
agreements with creditors and unions.  Citing people familiar with
the matter, the report says that that plan is yet to be approved
by GM's board and would include details on how GM will lighten its
debt obligations without filing for Chapter 11.

According to WSJ, many unsecured debtholders would absorb big
losses on their investment, but access to equity could allow them
to cash out of GM at a more attractive price.

WSJ quoted KDP Investment Advisors auto analyst Kip Penniman as
saying, "The terms will be very important," and investors will ask
"are they really going to fix this company or are we going to
potentially be back in a bankruptcy situation in a couple of
years."  Mr. Penniman, according to the report, said that this
recent maneuver could be critical to gaining government support.
It must be accompanied by strategy shifts or bondholders might
decline, the report states, citing the analyst.

WSJ says that GM has been asking banks, investors, and other
parties to help it as it seeks to sell assets, raise financing,
and cut debt.  "At a high level, we think interest expense
reduction is needed immediately for cash flow improvement, but GM
simply needs to reduce overall leverage.  This suggests principal
reduction should be one of the primary drivers of debt
restructuring," the report quoted J.P. Morgan Chase & Co. auto
analyst Himanshu Patel as saying.

J.P. Morgan estimates GM's debt load at US$43.3 billion, with an
annual interest expense of US$2.9 billion, WSJ reports.  The debt
has been a primary cause in GM's deterioration in recent years,
says the report.

Alex P. Kellogg at WSJ states that an expected decline in auto
sales for November could help GM, Ford Motor Co., and Chrysler LLC
make their case before the Congress for a government bailout.  If
the three companies succeed, the Congress could start considering
legislation next week, according to the report.  The report says
that big declines for stronger rivals like BMW, Toyota Motor
Corp., and Honda Motor Co. would support GM, Ford Motor, and
Chrysler's argument that the financial crisis is a major cause of
trouble across the auto industry.

Citing Barclays Capital, WSJ says that vehicle sales in November
are expected to come in at an annualized pace of below 11 million
vehicles, a slight improvement from October's rate of
10.6 million.  The report states that the November 2008 vehicle
sales would be five million vehicles below the 16.1 million year-
ago seasonally adjusted annualized rate.  GM, Ford Motor, and
Chrysler could suffer 30% drops or more in their sales, according
to the report.

Douglas A. McIntyre at 24/7 Wall St. relates that the debt to
equity conversion GM is seeking won't solve its problems.
According to 24/7, it would lead to several more problems.

GM's debt, according to WSJ, is trading at "distressed levels."
24/7 states that GM, with its stock at US$5.24, has a market cap
of US$3.2 billion.  The report says that a large conversion of
debt to equity could dilute shareholders by two or three times the
current level of stock, and GM's price-per-share could drop below
US$2.  The value of the equity "could be further compromised" when
GM secures a government loan, the report adds.

         PBGC Express Concern on Use of Pension Funds

WSJ reports that the U.S. Pension Benefit Guaranty Corp. has
written to GM, Ford Motor, and Chrysler, asking for projections on
how they will use their pension plans to cover early retirements
or other buyout deals.  PBGC, says the report, is concerned that
the companies' use of pension funds to pay for restructuring
threatens to drain the funds.  The agency is worried that it might
have to step in to make the payments, the report states.

WSJ relates that the three companies' pension plans currently are
currently overfunded and PBGC Director Charles E. F. Millard said
that they won't have any funding problems in the next year or so.
WSJ says that Mr. Millard was worried of the continued use of the
plans for other corporate purposes, including restructuring, as
Ford Motor, GM, and Chrysler could take several more years to
restructure and could use the pension plans to cover the cost of
offering buyouts and early retirement.

The PBGC reported aUS$14 billion deficit in 2007, which was
narrowed toUS$11 billion in September 2008, according to WSJ.

                      About General Motors

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

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

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

                          *     *     *

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

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

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

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



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

HELICON REINSURANCE: Creditors' Proofs of Debt Due on Dec. 10
-------------------------------------------------------------
The creditors of Helicon Reinsurance Company, 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. 24, 2008.

The company's liquidator is:

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


HELICON REINSURANCE: Members' Final Meeting Set for December 30
---------------------------------------------------------------
The members of Helicon Reinsurance Company, Ltd. will hold their
final meeting 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. 24, 2008.

The company's liquidator is:

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


MAN-GLENWOOD: Creditors' Proofs of Debt Due on Dec. 10
------------------------------------------------------
The creditors of Man-Glenwood Select (Series A) Limited 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. 24, 2008.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


MAN-GLENWOOD: Members' Final Meeting Set for December 30
--------------------------------------------------------
The members of Man-Glenwood Select (Series A) Limited will hold
their final meeting 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. 24, 2008.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


MAN-IP 220: Creditors' Proofs of Debt Due on Dec. 10
----------------------------------------------------
The creditors of Man-IP 220 (Series 2) Limited 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. 24, 2008.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


MAN-IP 220: Members' Final Meeting Set for December 30
------------------------------------------------------
The members of Man-IP 220 (Series 2) Limited will hold their final
meeting 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. 24, 2008.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


MAN-IP 220: Creditors' Proofs of Debt Due on Dec. 10
----------------------------------------------------
The creditors of Man-IP 220 (Series 3) Limited 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. 24, 2008.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


MAN-IP 220: Members' Final Meeting Set for December 30
------------------------------------------------------
The members of Man-IP 220 (Series 3) Limited will hold their final
meeting 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. 24, 2008.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda



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

ARACRUZ CELULOSE: Board Members and Executives to Step Down
-----------------------------------------------------------
Aracruz Celulose SA, after posting a US$2.13 billion expense on
bad currency bets, said three board members and four executives
will step down after the resignation of Chief Financial Officer
Isac Zagury, Bloomberg News reports.

According to the report these officials will resign from their
posts:

   Board Members
   -------------

   * Haakon Lorentzen,
   * Eliezer Batista da Silva,
   * Luiz Aranha Correa do Lago, and
   * Alex Harry Haegler -- substitute board member

   Executives
   ----------

   * Mauro Agonilha (auditing committee),
   * Carlos Jürgen Temke (strategy committee), and
   * Ignacio Ferraz de Sa Freire Jr. (tax committee)

As reported by the Troubled Company Reporter - Latin America on
November 28, 2008, Bloomberg News said Aracruz Celulose
announced that it would lose US$1 billion due to its investments
in currency-related derivative contracts that exceeded established
company policy guidelines.  This resulted in the American
Depository Receipt (ADR) closing at US$23.40 per share on
October 3, a decline of US$7.84 from the prior day's close.

"Aracruz doesn't have enough cash now to pay the derivatives
debt," Bloomberg News cited Peter Ping Ho, an analyst at Planner
Corretora who has a neutral rating on the shares, as saying.  "Now
they have two problems: to negotiate the debt and to get a new
management," he added.

                       About Aracruz Celulose

Brazil-based Aracruz Celulose SA (SAO:ARCZ6) --
http://www.aracruz.com.br/-- is producer of bleached hardwood
kraft market pulp.  The Company produces eucalyptus pulp, which is
a variety of hardwood pulp used by paper manufacturers to produce
a range of products, including tissues, printing and writing
papers, liquid packaging boards and specialty papers.  The
Company's production facilities consist of the Barra do Riacho
Unit in Espirito Santo State, which has three production units
each with two bleaching, drying and baling lines, the Guaiba Unit,
located in the municipality of Guaiba, State of Rio Grande do Sul,
and Veracel, located in the municipality of Eunapolis, State of
Bahia, where it has a 50% stake.  During the year ended December
31, 2007, the Company produced approximately 2,569,000 tons of
bleached eucalyptus kraft pulp (BEKP) (3,095,000 tons including
50% of Veracel's pulp production).

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Aracruz Celulose S.A. To 'BB'
from 'BBB-'.  We also lowered the Brazil national scale rating on
Aracruz to 'brAA' from 'brAAA'.  The ratings were removed from
CreditWatch Negative, where they were placed Oct. 3, 2008.  The
outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2008, Fitch Ratings downgraded Aracruz Celulose S.A.'s
Local currency Issuer Default Rating (IDR) to 'BB-' from 'BB+' and
Foreign currency IDR to 'BB-' from 'BB+'.
The ratings remain on Rating Watch Negative.

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2008, Moody's Investors Service downgraded the ratings of
Aracruz Celulose S.A. to Ba2 (corporate family rating) from Baa3
(issuer rating) on its global scale and to A1.br from Aa1.br on
the Brazilian national scale, and the ratings remain under review
for possible further downgrade.


BRASIL TELECOM: Signs 1-Year Contract With Convergys
----------------------------------------------------
Brasil Telecom S.A. signed a one-year agreement with Convergys for
the its Dynamic Decisioning Solution.

Brasil Telecom is a leader in converged fixed-mobile solutions as
well as a full-service telecommunications operator that has a rich
voice, data, Internet, and managed services product portfolio for
residential, enterprise, commercial, and government customers.
Brasil Telecom has more than 8 million fixed lines in service and
the second-largest broadband access base in Latin America (over
1.6 million).  It has 4.5 million mobile subscribers.

Brasil Telecom was seeking a solution that could drive revenue
growth through customized customer offerings made in real-time by
its contact center agents for its wireless customer base.  Brasil
Telecom selected and piloted Convergys Dynamic Decisioning and
within four weeks, witnessed a dramatic 50 percent increase in
cross-sell and up-sell acceptance rates from its customers.  With
a fully deployed Dynamic Decisioning implementation, Brasil
Telecom will be able to proactively push timely offerings to
contact center agents while the agents are on the phone with
customers, thus eliminating trial and error work on behalf of the
contact center agents and lowering associated contact center
costs.

"The relationship management experts at Convergys brought us new
and innovative ideas on how we could transform our contact center
operations to drive revenues and at the same time improve our
customers' satisfaction.  This 'one-to-one' selling approach
allowed us to offer the best package for each customer's needs"
said Brasil Telecom Marketing Director Dalton Hayakawa. "This
agreement is one more milestone marking our successful, long-term
partnership with Convergys."

"This agreement offers further proof that Convergys' Dynamic
Decisioning Solution provides the impactful results that our
clients are looking for," said Jean-Herve Jenn, Convergys
President, International.  "Convergys' Relationship Management
vision helps our clients lower operating costs, increase revenue,
and deliver to their customers an unprecedented level of
customized service."

Brasil Telecom has used Convergys' Infinys [R] convergent BSS
software since 2002.  Today, Infinys supports Brasil Telecom's
wireless, wireline, data, and Internet service customers.

Convergys Dynamic Decisioning is a key component of Convergys'
Multichannel Automation Solutions portfolio.  It identifies the
specific customer's needs, makes real-time decisions, and provides
actionable multi-channel responses focused on increasing revenue,
decreasing costs, and reducing churn.

                        About Convergys

Convergys Corporation is a global leader in relationship
management.  It provide solutions that drive more value from the
relationships its clients have with their customers and employees.
Convergys turns these everyday interactions into a source of
profit and strategic advantage for our clients.

For more than 30 years, its  unique combination of domain
expertise, operational excellence, and innovative technologies has
delivered process improvement and actionable business insight to
clients that now span more than 70 countries and 35 languages.

Convergys is a member of the S&P 500 and has been voted a Fortune
Most Admired Company for eight consecutive years.  It has
approximately 75,000 employees in 81 customer contact centers and
other facilities in the United States, Canada, Latin America,
Europe, the Middle East, and Asia, and our global headquarters in
Cincinnati, Ohio.

                      About Brasil Telecom

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
involved in the telecommunications sector.  Its main activity is
the management of Brasil Telecom SA (BrT), which operates a
local fixed-line telephone in Brazil.  BrT also provides data
and voice, broadband and Internet services.  It also owns Nova
Tarrafa Participacoes Ltda and Nova Tarrafa Inc., which provide
Internet services.

                         *     *     *

In April 2008, Moody's Investors Service placed Brasil Telecom
Participacoes S.A.'s Ba1 rating on review for possible upgrade
after the announced acquisition by Tele Norte Leste
Participacoes S.A.


INDEPENDENCIA SA: Moody's Maintains 'B2' Corporate Family Rating
----------------------------------------------------------------
Moody's affirmed Independencia S.A.'s B2 local currency corporate
family rating and B2 guaranteed senior unsecured rating following
the announcement of a capital increase of up to BRL 450 million by
BNDES Participacoes S.A. in Independencia's parent company,
Independencia Participacoes S.A., which will subsequently be
transferred to Independencia.  The outlook remains stable.

"The affirmation of the B2 ratings and stable outlook is based on
Moody's view that the eventual capital increase by up to BRL 450
million in Independencia will alleviate the company's previously
tight liquidity position and bring the company's Net Debt to
EBITDA financial coverage ratio to within 4.0 times from 4.86
times as of Sept. 30, 2008," affirmed Moody's VP Senior Analyst,
Soummo Mukherjee.

With 86% of its debt dollar denominated, Independencia's net debt
position increased significantly as a result of the recent 20.25%
weakening of the Brazilian real against the $from June 30th to
Sept. 30, 2008.  As a result, Independencia's Net Debt to EBITDA,
as defined by its bond indenture covenants, increased from 3.93
times at the end of 2nd quarter 2008 to 4.86 times at the end of
3rd quarter, 2008, causing the company to breach its debt
incurrence covenant of Net Debt to EBITDA of below 4.0 times.

While Independencia's debt position will remain exposed to BRL
devaluation risk with a further 21.3% weakening of the BRL against
the dollar since Sept. 30, 2008, Moody's expects the company's
fourth quarter EBITDA to benefit from higher utilization rates of
newly installed capacity and higher revenues on its export sales
due to the weaker BRL.  The disbursement of the BRL 450 million by
BNDESPAR is expected to occur in two tranches, with the first BRL
250 million expected to be paid by the end of this week and the
remaining BRL 200 million in the first quarter of 2009.  Once the
first tranche of BRL 250 million is received, Moody's expects that
the company's Net Debt to EBITDA covenant ratio would already
return to approximately 4.0 times.

Moody's also views as positive the entry of BNDESPAR as a minority
owner with up to a 33% stake in Independencia.  BNDESPAR is a
wholly-owned subsidiary of Banco Nacional de Desenvolvimento
Economico e Social S.A. -- BNDES, rated A1/Aaa.br by Moody's.
BNDESPAR's main role is to support the Brazilian capital markets
through minority, medium term equity investments in the corporate
sector, as well as through debt instruments aimed to improve
corporate financial structures.

Independencia's rating or outlook could come under downward
pressure if the company's margins were to deteriorate
significantly or its liquidity becomes constrained due to the loss
of key export markets or increased difficulty to access or roll-
over trade finance lines.  Quantitatively, ratings could also be
downgraded if Net Debt / EBITDA remain above 4.0 times for two
consecutive quarters and if Total Debt / EBITDA remains above 5.0
times at the end of 2009.  Moody's regards Independencia's
leverage as measured by Total Debt to EBITDA of 6.0 times for the
LTM period ending on Sept. 30, 2008 as high for its rating
category.

The rating or outlook could be upgraded if the company increases
its size, scale and diversification, improves its financial
reporting and corporate governance standards, and reduces Total
Debt to EBITDA (according to Moody's standard adjustments) to
below 4.0 times on a sustainable basis.

Headquartered in Cajamar, Sao Paulo, Brazil, Independencia is
Brazil's fourth largest producer of fresh and frozen beef and the
second largest producer of wet blue leather with twelve beef
slaughtering and deboning facilities, two jerked beef plants and
four storage facilities located in these seven Brazilian States:
Goias, Mato Grosso do Sul, Mato Grosso, Minas Gerais, Sao Paulo,
Rondonia and Tocantins.


SABESP: Shares Gain on Report Fund to Buy Utility Stakes
--------------------------------------------------------
Cia. de Saneamento Basico do Estado de Sao Paulo (Sabesp) on
Nov. 28 gained to a one-week high on reports a workers
compensation fund may spend at least BRL10 billion (US$4.5
billion) to buy stakes in water utilities, Paulo Winterstein of
Bloomberg News reported.

The company, the report said, gained 3.6% to BRL23.42 in Sao Paulo
trading.

According to the report, citing Valor Economico newspaper, the
fund (FGTS), may buy minority equity stakes or bonds from state-
controlled companies such as Sabesp and Cia. De Saneamento de
Minas Gerais.

"This is good for the industry as a whole," the report cited
Vicente Koki, analyst at Banif Investment Bank in Sao Paulo, as
saying.  "The credit market is pretty much closed, and costs are
higher, so this calms down concern because you now have resources
that the industry can make use of," he added.

Bloomberg News said Mr. Koki rated the company "buy", adding he
favors infrastructure during the credit crisis because it is a
defensive industry.

                          About Sabesp

Companhia de Saneamento Basico do Estado de Sao Paulo, a.k.a.
Sabesp (Bovespa: SBSP3; NYSE: SBS) -- http://www.sabesp.com.br
-- is one of the largest water and sewage service providers in
the world based on the population served in 2005.  It operates
water and sewage systems in Sao Paulo, Brazil.

                           *     *     *

As reported by the Troubled Company Reporter - Latin America on
September 26, 2008, Standard & Poor's Ratings Services affirmed
its 'BB-' corporate credit rating on the Brazilian water utility
Companhia de Saneamento Basico do Estado de Sao Paulo (Sabesp) and
the ratings on several of the company's debt issues.  At the same
time, S&P also affirmed its 'brA+' Brazil national scale ratings
on Sabesp and several of the company's issues, and assigned its
'brA+' rating to the company's ninth debentures issuance.  The
outlook is positive.



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

LITCHFIELD ATLANTIC: Commences Liquidation Proceedings
------------------------------------------------------
Litchfield Atlantic Liquidfunds, Ltd. commenced liquidation
proceedings on October 6, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2008, will 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


LITCHFIELD ATLANTIC: Shareholders' Final Meeting Set for Dec. 23
----------------------------------------------------------------
The shareholders of Litchfield Atlantic Liquidfunds, Ltd. will
hold their 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. 6, 2008.

The company's liquidator is:

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


ROBECO CDO: Creditors' Proofs of Debt Due on December 12
--------------------------------------------------------
The creditors of Robeco CDO VI Limited are required to file their
proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 17, 2008.

The company's liquidators are:

          Daniel Rewalt
          Bobby Toor
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


SAGINAW DISCOVERY: Creditors' Proofs of Debt Due on December 11
---------------------------------------------------------------
The creditors of Saginaw Discovery Master Fund are required to
file their proofs of debt by December 11, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2008.

The company's liquidators are:

          K.D. Blake
          S.L.C. Whicker
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o James Irons
          Telephone:345-914-4496
          Facsimile:345-949-7164


SAGINAW DISCOVERY: Final Meeting Set for December 18
----------------------------------------------------
The sole shareholder of Saginaw Discovery Master Fund will hold
final meeting on December 18, 2008, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 31, 2008.

The company's liquidators are:

          K.D. Blake
          S.L.C. Whicker
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o James Irons
          Telephone:345-914-4496
          Facsimile:345-949-7164


SAGINAW DISCOVERY: Creditors' Proofs of Debt Due on December 11
---------------------------------------------------------------
The creditors of Saginaw Discovery Fund are required to file their
proofs of debt by December 11, 2008, to be included in the
company's

The company commenced liquidation proceedings on Oct. 31, 2008.

The company's liquidators are:

          K.D. Blake
          S.L.C. Whicker
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o James Irons
          Telephone:345-914-4496


SAGINAW DISCOVERY: Shareholder's Final Meeting Set for Dec. 18
--------------------------------------------------------------
The sole shareholder of Saginaw Discovery Fund will hold final
meeting on December 18, 2008, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 31, 2008.

The company's liquidators are:

          K.D. Blake
          S.L.C. Whicker
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o James Irons
          Telephone:345-914-4496


SENECA CBO: Creditors' Proofs of Debt Due on December 12
--------------------------------------------------------
The creditors of Seneca CBO IV, Limited are required to file their
proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Andrew Millar
          Carl Gosselin
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


STONEY LANE: Requires Creditors to File Claims by December 12
-------------------------------------------------------------
The creditors of Stoney Lane Funding II Ltd. are required to file
their proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Kareem Robinson
          Emile Small
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


TENJIN HOLDINGS: Creditors' Proofs of Debt Due on December 12
-------------------------------------------------------------
The creditors of Tenjin Holdings Inc. 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. 31, 2008.

The company's liquidators are:

          Emile Small
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


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

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

The company's liquidators are:

          Chris Marett
          Prashant Veturkar
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


WAILEA OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------
Wailea Offshore Fund, Ltd. commenced liquidation proceedings on
October 30, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Wailea Advisors, LP
          450 Knights Run Avenue
          Suite 1906, Tampa, Florida 33602


WAILEA OFFSHORE: Shareholders' Final Meeting Set for Dec. 23
------------------------------------------------------------
The shareholders of Wailea Offshore Fund, Ltd. will hold their
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 October 30, 2008.

The company's liquidator is:

          Wailea Advisors, LP
          450 Knights Run Avenue
          Suite 1906, Tampa, Florida 33602



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

* CHILE: Oct. Industrial Output Fell 0.8% Amid Global Fin'l Crisis
------------------------------------------------------------------
Chilean industrial production unexpectedly fell and industrial
sales had their second-biggest decline of the year in October as
the global financial crisis slowed economic growth, Nathan Gill of
Bloomberg News reports.

The National Statistics Institute, the report relates, said output
dropped 0.8% in October from October 2007.   Economists expected
output to rise 1.0%, according to the median estimate of 13
analysts surveyed by Bloomberg.

"The numbers are weak," the report cited Rafael de la Fuente,
economist at BNP Paribas in New York, as saying.  "This is a good
gauge of the slowdown in domestic demand Chile is currently
witnessing," he added.

According to Bloomberg News, Chile's central bank said economic
growth may slow next year as the global downturn curbs demand for
Chilean exports and internal demand falls.

Chilean President Michelle Bachelet meanwhile said the economy is
prepared to face the global financial crisis and the government's
top priority in the next 15 months will be to control the fallout
from any slowdown, the report relates.

Industrial sales, Bloomberg News notes, fell 3.9% in October from
a 2.6% rise in September and 4.0% decline in August, the institute
said.   The October and August results are the worst since June
2002, the report notes.  Economists expected a 0.4 percent rise,
according to the median estimate of eight analysts surveyed by
Bloomberg.

Bloomberg News adds unemployment fell to 7.5%, down from 7.8% in
September and was lower than the 7.7% forecast in a Bloomberg
survey of 14 economists.



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

ECOPETROL: Finds Hydrocarbon Presence in Quifa-5 Well
-----------------------------------------------------
Ecopetrol S.A. found evidence of hydrocarbon presence in the
Quifa-5 well, which is located in the Quifa Block, in the Eastern
Plains basin in the province of Meta.

The Quifa-5 exploratory well was drilled by Meta Petroleum LTD.,
the operator under the Quifa joint venture agreement with the
company signed on December 22, 2003.  Ecopetrol S.A has a 30%
interest in the Quifa Association Contract.

Drilling of the Quifa-5 well began on November 18, 2008, reaching
total depth (3,262 feet MD -- "measured depth") on November 24,
2008, having reached the exploration target on the basal
sandstones of the Carbonera Formation.

The data obtained from the drilling and the electric logs is
currently being evaluated to determine the petrophysical
characteristics of the zone of interest, as the preliminary
results indicate the presence of hydrocarbons.

Nevertheless, it is necessary to wait for the results of the
production tests to determine if the well can be classified as a
discovery well in accordance with the Quifa Association Contract.

In the next few days, the initial production tests will take place
on the Quifa-5 well, at which point Ecopetrol S.A. and the
Operator Meta Petroleum must define the technical aspects related
to the intervals that are to be tested in the well.

                       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.



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

JAMAICA PRODUCERS: Replaces Banana Exports to Tropical Snacks
-------------------------------------------------------------
Jamaica Producers Group Limited is now exporting cassava chips,
under the 'St Mary's' brand, from its previous banana export
products, Jamaica Gleaner reports.

According to the report, the company also plans to add new lines
for plantain, breadfruit and sweet potato chips as it expands its
snack business.

The report relates the company launched JP Tropical Foods, which
will handle the combined banana production, other tropical
production, the snack-food business and the produce selling to the
local market.

Chief Executive Officer Jeffrey Hall said he is confident that the
cassava chip products will "perform well," adding that the taste
is consistent with the taste profile that the Jamaican consumer
loves.

As reported by the Troubled Company Reporter - Latin America on
November 26, 2008, 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.

The TCRLA related 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,
and the passing of the tropical Storm Gustav and the restructuring
charges to incurred losses.

"The way we are doing our business now is we see it as a
vertically integrated agro-business, and by that we mean we're
investing in growing, manufacturing and in selling, and the total
investment in that is quite significant," Mr. Hall was cited by
Jamaica Gleaner as saying.

                      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.



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

METROFINANCIERA MORTGAGE: Moody's Downgrades Ratings to 'Ba2'
-------------------------------------------------------------
Moody's de Mexico has downgraded to Ba2 from Baa1 (Global Scale,
Local Currency) and to A2.mx from Aaa.mx (Mexican National Scale)
the ratings of six Metrofinanciera mortgage backed
securitizations.  The ratings continue to be on review for
possible downgrade.  The affected securitizations include METROCB
04U, METROCB 05U, MFCB 05U, METROCB 06U, MTROCB 07U, and MTROCB
08U.  The ratings had been placed on review for possible downgrade
on Nov. 7, 2008.

This rating action reflects Moody's continued concerns with
Metrofinanciera's performance as servicer of the securitized
portfolios.  In particular, and based on recent company statements
during the announcement of its 2008 third quarter financial
statements, Moody's is concerned about the data integrity of the
servicer reports prepared by the company that are used to monitor
performance of the transactions.  In addition, Moody's is
concerned with the servicer's ability to properly identify and
reconcile collections from mortgage loans on its balance-sheet
portfolio and those sold to the securitizations.  This concern is
reinforced by the lack of an independent party to perform periodic
cash reconciliations and collateral audits and to verify the
accuracy of the reports on an ongoing basis.

Finally, the rating action is also based on heightened concerns
about Metrofinanciera's stability as a servicer, which could
negatively affect its ability to properly perform its duties as
primary servicer of the securitized mortgage loans.  Moody's
believes that the sum of the factors mentioned currently makes the
ratings assigned to the transactions inconsistent with investment
grade.

Moody's ongoing review will focus on the previously reported
servicing irregularities, including the inability of the servicer
to identify collections belonging to the trusts and to transfer
collections on a timely manner.  The review will also focus on
data integrity and the company's servicing stability, evaluating
the extent of any support from Sociedad Hipotecaria Federal to the
company.  Finally, Moody's will continue to review the performance
of Metrofinanciera's mortgage-backed transactions.

The complete rating action is:

Originator and Servicer: Metrofinanciera S.A. de C.V., Sociedad
Financiera de Objeto Multiple, Entidad No Regulada.

Issuer: Banco Invex, S.A., Institucion de Banca Multiple, Invex
Grupo Financiero only in its capacity as trustee of these
securitization trusts:

  -- METROCB 04U, ratings downgraded to Ba2 from Baa1 (Global
     Scale, Local Currency) and to A2.mx from Aaa.mx (National
     Scale Rating).  Ratings continue to be on review for possible
     downgrade.

  -- METROCB 05U, ratings downgraded to Ba2 from Baa1 (Global
     Scale, Local Currency) and to A2.mx from Aaa.mx (National
     Scale Rating).  Ratings continue to be on review for possible
     downgrade.

  -- METROCB 06U, ratings downgraded to Ba2 from Baa1 (Global
     Scale, Local Currency) and to A2.mx from Aaa.mx (National
     Scale Rating).  Ratings continue to be on review for possible
     downgrade.

Issuer: Bank of New York, S.A. only in its capacity as trustee of
these securitization trust:

  -- MFCB 05U, ratings downgraded to Ba2 from Baa1 (Global Scale,
     Local Currency) and to A2.mx from Aaa.mx (National Scale
     Rating).  Ratings continue to be on review for possible
     downgrade.

Issuer: Bank of America (Mexico), S.A., Institucion de Banca
Multiple, Grupo Financiero Bank of America, S.A. only in its
capacity as trustee of these securitization trusts:

  -- MTROCB 07U, ratings downgraded to Ba2 from Baa1 (Global
     Scale, Local Currency) and to A2.mx from Aaa.mx (National
     Scale Rating).  Ratings continue to be on review for possible
     downgrade.

  -- MTROCB 08U, ratings downgraded to Ba2 from Baa1 (Global
     Scale, Local Currency) and to A2.mx from Aaa.mx (National
     Scale Rating).  Ratings continue to be on review for possible
     downgrade.


MICHOACAN STATE: Moody's Downgrades Issuer Credit Rating to 'Ba2'
-----------------------------------------------------------------
Moody's downgraded the issuer rating of the State of Michoacan to
A2.mx (Mexico National Scale) and Ba2 (Global Scale, Local
Currency) from A1.mx/Ba1.  The outlook is stable.  The rating
action was prompted by the deterioration of budgetary performance,
which in recent years has resulted in a material increase in debt
levels, both short and long-term.  While debt service requirements
remain manageable, constant pressures to increase current spending
have shrunk the state's already tight operating margins reducing
further its budgetary flexibility.  The ratings also take into
account the state's narrow, but growing, economic base as well as
its moderate off balance sheet exposure and indirect debt levels.

Michoacan's budgetary performance has been marked in recent years
by the allocation of a significant portion of its discretionary
revenue to fund education spending and the maintenance of capital
spending levels well above the state's internal funding capacity.
As revenue growth lagged that of current and capital spending,
operating margins shrunk and the state's overall budgetary balance
started showing recurrent financing deficits, deteriorating
liquidity levels.  Over the last three years, operating margins
have trended downward reaching 0.4% of total revenue last year,
while overall budgetary results have been consistently negative,
ranging from a deficit of 0.7% of total revenue in 2005 to a
shortfall of 8.8% in 2007, as calculated by Moody's.

The rating action was also predicated on the rapid increase in
debt levels observed over the last few years.  Late in 2007, the
state issued MXP3.5 billion in debt certificates bringing long-
term debt levels to 21.6% of total revenue, up from 9.0% in 2006.
Also affecting the state's debt profile is its continuous reliance
on short-term financing, reflecting recurrent underlying budgetary
shortfalls.  As of September 2008, the state's short term debt
measured MXP1.36 billion, compared to a peak of MXP1.7 billion
last year and MXP972 million in 2006.  This debt is due before
year-end and in spite of the recent and significant tightening of
the local credit markets, Moody's anticipates that the state will
be able to refinance this debt, if required.

The state has almost no indirect or guaranteed debt outstanding
and its pension fund is expected to be self-sufficient for the
next 15 to 20 years.

The population of the state measures close to four million.
Economic activity in Michoacan focuses on the services sector in
the municipality of Morelia and the Port of Lazaro Cardenas, while
the remainder of the state economy is mainly dedicated to
agricultural activities.  Poverty and illiteracy levels in
Michoacan are relatively high, generating per capita income levels
of only 57% of the national average.


* MEXICO: Can't Escape "Important Slowdown" in Economy, Ortiz Says
------------------------------------------------------------------
Mexico Central Bank Governor Guillermo Ortiz said Mexico's economy
won't avoid an "important slowdown" amid a global credit crisis,
Jens Erik Gould of Bloomberg News reports.

"Today, developed countries are in recession," the report cited
Mr. Ortiz as saying.  "An important slowdown is already occurring
in developing countries.  Mexico obviously won't escape that
slowdown."

According to the report, Mexico's third-quarter growth of
1.6% was the lowest in five years.  Merrill Lynch & Co. and Credit
Suisse Group AG, the report recounts, reduced their estimates for
growth next year to 0.4% and 0.6%, respectively, saying the slump
in the U.S. will sap demand for Mexican exports.

As reported by the Troubled Company Reporter - Latin America on
Nov. 25, 2008, Bloomberg News cited Mexican Finance Minister
Agustin Carstens as saying Mexico may meet its goal of annual
economic growth of 6% by 2012, saying strong public finances will
help the country recover quickly from a worldwide slowdown.

According to that 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, as cited
by Bloomberg News.

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



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

PILGRIM'S PRIDE: May File for Ch. 11, Expects US$998-Mil. FY Loss
-----------------------------------------------------------------
According to The Wall Street Journal, Robert Moskow, a Credit
Suisse equity analyst, said in a report issued Friday that he
expects Pilgrim's Pride management to announce Monday whether it
will seek protection from creditors under federal bankruptcy laws.

As reported by the Troubled Company Reported on Nov. 28, 2008,
Pilgrim's Pride reached an agreement with its lenders to extend
the temporary waiver under its credit facilities until Dec. 1,
2008.  The company, in its announcement of the waiver, said it
continues to pursue opportunities to refinance and recapitalize
its business, and to position itself to capitalize on its
strategic advantages.

In its latest filing with the Securities and Exchange Commission,
Pilgrim's Pride said that "due to the ongoing discussions with its
lenders regarding temporary waivers under its credit facilities
and related financial uncertainties," it was unable to file its
annual report on Form 10-K for the fiscal year ended September 27,
2008.

Pilgrim's Pride, however, made a preliminary disclosure that for
the fiscal year ended Sept. 27, 2008, it expects to report a net
loss of US$998.6 million, or US$14.40 a share, on sales of
US$8.5 billion.  During the 2007 fiscal fourth quarter, the
company generated net income of US$33.2 million, or 50 cents a
share, on sales of US$2.1 billion.

The company anticipates reporting a net loss of US$802.0 million,
or $10.83 per share, on sales of US$2.17 billion for the fourth
fiscal quarter ended September 27, 2008.  These results are
anticipated to include a non-cash charge of US$501.4 million, or
US$6.77 per share, primarily related to the impairment of goodwill
acquired in connection with the company's acquisition of Gold Kist
Inc. and an income tax valuation allowance of US$35.0 million, or
US$0.47 per share, against net operating losses generated by the
company.  Excluding these items, the company's anticipated net
loss would have been US$265.6 million, or US$3.59 per share.

Also anticipated to be included in the fourth fiscal quarter ended
Sept. 27 are losses on feed ingredient derivative contracts of
about US$155.7 million, which are anticipated to be US$96.9
million, or US$1.31 per share, net of tax.  The company expects to
recognize losses on feed ingredient derivative contracts for the
first quarter of fiscal 2009 of US$21.8 million, which are
anticipated to be US$13.4 million, or US$0.18 per share, net of
tax, with respect to feed ingredient derivative contracts that
remained open at September 27, 2008.  These feed ingredient
derivative contracts were closed in October 2008.  For the fiscal
year ended Sept. 27, 2008, the company anticipates reporting
losses on feed ingredient derivative contracts of approximately
US$38.3 million, which are anticipated to be US$23.8 million, or
US$0.34 per share, net of tax, which represents less than 1% of
the Company'sUS$3.4 billion total feed ingredient spend for fiscal
2008.  For the fourth quarter of fiscal 2007, the company reported
a net profit of US$33.2 million, or US$0.50 per share, on total
sales of US$2.11 billion.

For the full 2008 fiscal year, Pilgrim's Pride anticipates
reporting a net loss of US$998.6 million, or US$14.40 per share,
on net sales of US$8.5 billion.  These results are anticipated to
include a non-cash charge of US$501.4 million, or US$7.23 per
share, primarily related to goodwill impairment from the Gold Kist
acquisition and an income tax valuation allowance of approximately
US$60.0 million, or US$0.87 per share, against net operating
losses generated by the Company.  Excluding these items, the
Company's anticipated net loss would have been US$437.2 million,
or US$6.31 per share.  In fiscal 2007, the Company reported net
income of US$47.0 million, or US$0.71 per share, on sales of
US$7.50 billion.

The Annual Report was due November 26.  The company says it
intends to file its Report on or prior to Dec. 11, the 15th
calendar day following the prescribed due date.

                    About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  Pilgrim's Pride employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and Utah.

                      *     *     *

As reported in the Troubled Company Reporter on Sept. 29, 2008,
Standard & Poor's Ratings Services lowered its ratings on
Pilgrim's Pride Corp., including its corporate credit rating to
'CCC+' from 'BB-'.  In addition, S&P revised the CreditWatch
implications to developing from negative.

Moody's Investors Service lowered the ratings of Pilgrim's Pride
Corporation, including: (i) corporate family rating to B2 from
B1; (ii) probability of default rating to B2 from B1; (iii)
US$400 million 7.625% senior notes due 2015 to Caa1 from B3 and
(iv)US$250 million senior subordinated notes due in 2017 and
US$5.1 million (originalUS$100 million) senior subordinated notes
due 2013 to Caa1 from B3.



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

PDVSA: Assesses Funding for Ecuador & Nicaragua Refineries
---------------------------------------------------------
Petroleos de Venezuela S.A. (PDVSA) is reevaluating how to pay for
the two refineries it planned to build for political allies,
Ecuador and Nicaragua, Associated Press reports, citing PDVSA VP
Elogio Del Pino.  The two refinery could cost the company about
US$7.5 billion or more.

The report relates that Mr. Del Pino said PDVSA is looking for
financing to help pay for the refineries.

The planned refinery in Ecuador would refine about 300,000 barrels
of crude per day, while the Nicaraguan refinery would handle some
150,000 barrels.

According to the report, the company's move is a sign that the
global economic downturn — and depressed crude prices — could be
starting to restrict President Chavez's ambitious international
aid and oil investments.  Borrowing, however, could help Venezuela
meet some pledges if necessary, the report says.

President Chavez, the report recounts, has made plans to build
various refineries in Venezuela and other Latin American countries
to reduce reliance on U.S. refineries and the U.S. market.  The
government may adjust some of its plans if oil prices remain low,
President Chavez said.

AP notes that Mr. Del Pino said PDVSA will reevaluate funding only
for some international projects, and that domestic investment in
the oil industry will be unchanged.  "The idea is to maintain
investment in the country, because our idea is to have between
300,000 and 400,000 barrels (of oil) per day of potential — so
that when the rebound in oil prices comes ... we can then open up
that production," the report quoted Mr. Del Pino as saying.

                   About Petroleos de Venezuela

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.



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