TCRLA_Public/081204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, December 4, 2008, Vol. 9, No. 241

                            Headlines

A R G E N T I N A

AES CORP: Argentina Gov't Finds Irregularities in AES Unit


B E R M U D A

ARA RECP: Creditors' Proofs of Debt Due on December 12
ARA RECP: Members' Final Meeting Set for January 13
BLACKFRIARS HOLDINGS: Creditors' Proofs of Debt Due on Dec. 12
BLACKFRIARS HOLDINGS: Members' Final Meeting Set for December 30
BROKERAGE SERVICES: Creditors' Proofs of Debt Due on Dec. 12

BROKERAGE SERVICES: Members' Final Meeting Set for December 30
CALIFORNIA RENTAL: Creditors' Proofs of Debt Due on December 17
CALIFORNIA RENTAL: Final General Meeting Set for December 30
CHINA CAPITAL: Creditors' Proofs of Debt Due on Dec. 12
CHINA CAPITAL: Members' Final Meeting Set for January 13

KE BETA: Creditors' Proofs of Debt Due on Dec. 12
KE BETA: Members' Final Meeting Set for December 30
LENNOX HOLDINGS: Court Enters Wind-Up Order
MILLENNIUM GLOBAL: Court Enters Wind-Up Order
MILLENNIUM GLOBAL: Court Enters Wind-Up Order

PARTNERRE: Increases Hurricane Ike Claims Estimate to 61%


B R A Z I L

PETROLEO BRASILEIRO: May Borrow Additional Funds, CEO Says
UNIBANCO: Goldman Advises Investors to Sell Puts
* BRAZIL: Foreigners Dump Stocks for 6th Straight Month
* BRAZIL: May Miss US$202BB Export Target for 2008, Minister Says


C A Y M A N  I S L A N D S

CALLIDUS INTERNATIONAL: Shareholders to Hold Meeting on Dec. 17
INFOR CAYMAN: Shareholders to Hold Meeting on Dec. 15
INFOR LIMITED: Shareholders to Hold Meeting on Dec. 15
KELLETT HOLDINGS: Shareholders' Final Meeting Set for December 11
O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11

O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11
O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11
O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11
O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11
O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11

TEAMSTAR HOLDINGS: Shareholders to Hold Meeting on December 11
UBS ALTERNATIVE: Shareholders' Final Meeting Set for Dec. 11
UBS NEUTRAL: Shareholders' Final Meeting Set for Dec. 11
WESTHARBOR EVENT: Shareholder's Final Meeting Set for December 15
WESTHARBOR EVENT: Shareholder's Final Meeting Set for December 15


G U A T E M A L A

GUATEMALA ELECTRICITY: S&P Keeps 'BB-' Rating on US$100 Mil. Notes


J A M A I C A

BANK OF JAMAICA: Hikes Rates on Certs. of Deposits
CASH PLUS: Employees Won't Get Redundancy Payments


M E X I C O

BANCO INTERACCIONES: Moody's Puts Ba2 Rating on Subordinated Debt
* MEXICO: Study Says Economy to Worsen in 2009
* MEXICO: Companies Must Detail Derivative Bets, Regulator Says


P U E R T O  R I C O

PILGRIM'S PRIDE: Chapter 11 Filing Cues Moody's 'D' Rating
PILGRIM'S PRIDE: Tells Customers It's Business As Usual
PILGRIM'S PRIDE: Wants Schedules Filing Deadline Moved to Feb. 1


V E N E Z U E L A

PDVSA: Releases Orinoco Data to 19 Oil Companies


X X X X X X X X

* Detroit 3 Submit Turnaround Plan to Congress; SeeksUS$9BB Loan


                         - - - - -


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

AES CORP: Argentina Gov't Finds Irregularities in AES Unit
----------------------------------------------------------
The Argentina government has found accounting irregularities in
the AES Corp's Argentina unit, Edelap, adding they are considering
taking legal actions, Reuters reports, citing Planning Ministry.

The Planning Ministry, the report relates, said an audit had
revealed an "irregular" debt operation had benefited AES but left
Edelap without sufficient funds to guarantee services.  "As a
result of this maneuver, profit has shifted from Edelap to AES ...
Edelap remains in debt and cannot carry out the necessary
investments to maintain the service," the Ministry said, adding
that Planning Minister Julio De Vido had informed the U.S.
ambassador.

AES has nine power plants in Argentina, representing about
10% of the country's generating capacity, and two distribution
companies -- Edelap and Edes -- that supply some 460,000
customers.

                      About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's affirmed the ratings of AES, including
the company's Corporate Family Rating at B1, its Probability of
Default Rating at B1, its senior secured credit facilities at Ba1,
its second priority senior secured notes at Ba3, its senior
unsecured notes at B1 and its trust preferred securities at B3.
Moody's said the rating outlook for AES is stable.



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

ARA RECP: Creditors' Proofs of Debt Due on December 12
------------------------------------------------------
The creditors of ARA RECP Fund Management 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 Nov. 27, 2008.

The company's Liquidator is:

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


ARA RECP: Members' Final Meeting Set for January 13
---------------------------------------------------
The members of ARA RECP Fund Management Limited will hold their
final general meeting on January 13, 2009, 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. 27, 2008.

The company's Liquidator is:

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


BLACKFRIARS HOLDINGS: Creditors' Proofs of Debt Due on Dec. 12
--------------------------------------------------------------
The creditors of Blackfriars Holdings (Bermuda) 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 Nov. 28, 2008.

The company's Liquidator is:

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


BLACKFRIARS HOLDINGS: Members' Final Meeting Set for December 30
----------------------------------------------------------------
The members of Blackfriars Holdings (Bermuda) Ltd. will hold their
final general meeting on Dec. 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. 28, 2008.

The company's Liquidator is:

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


BROKERAGE SERVICES: Creditors' Proofs of Debt Due on Dec. 12
------------------------------------------------------------
The creditors of Brokerage Services, 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 Nov. 25, 2008.

Richard C. Maida is the company's liquidator.


BROKERAGE SERVICES: Members' Final Meeting Set for December 30
--------------------------------------------------------------
The members of Brokerage Services, Ltd. will hold their final
general meeting on Dec. 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. 25, 2008.

Richard C. Maida is the company's liquidator.


CALIFORNIA RENTAL: Creditors' Proofs of Debt Due on December 17
---------------------------------------------------------------
The creditors of California Rental Reinsurance Company Ltd. are
required to file their proofs of debt by December 17, 2008, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Mike Morrison
          KPMG Advisory Limited
          Crown House
          4 Par-la-Ville Road
          Hamilton HM 08, Bermuda


CALIFORNIA RENTAL: Final General Meeting Set for December 30
------------------------------------------------------------
The sole member of California Rental Reinsurance Company Ltd. Will
hold the final general meeting on December 30, 2008, at 10:00
a.m., to hear the liquidator's report on the company's wind-up
proceedings and property disposal.


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

The company's liquidator is:

          Mike Morrison
          KPMG Advisory Limited
          Crown House
          4 Par-la-Ville Road
          Hamilton HM 08, Bermuda


CHINA CAPITAL: Creditors' Proofs of Debt Due on Dec. 12
-------------------------------------------------------
The creditors of China Capital Partners 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 Nov. 26, 2008.

The company's Liquidator is:

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


CHINA CAPITAL: Members' Final Meeting Set for January 13
--------------------------------------------------------
The members of China Capital Partners Limited will hold their
final general meeting on Jan. 13, 2009, 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. 26, 2008.

The company's Liquidator is:

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


KE BETA: Creditors' Proofs of Debt Due on Dec. 12
-------------------------------------------------
The creditors of KE Beta Leasing 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 Nov. 25, 2008.

The company's Liquidator is:

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


KE BETA: Members' Final Meeting Set for December 30
---------------------------------------------------
The members of KE Beta Leasing Ltd will hold their final general
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. 26, 2008.

The company's Liquidator is:

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


LENNOX HOLDINGS: Court Enters Wind-Up Order
-------------------------------------------
On November 21, 2008, the Supreme Court of Bermuda entered an
order to have Lennox Holdings Limited's operations wound up.

Conyers Dill & Pearman, the company's official receiver were
appointed as provisional liquidators of the company.


MILLENNIUM GLOBAL: Court Enters Wind-Up Order
---------------------------------------------
On November 21, 2008, the Supreme Court of Bermuda entered an
order to have Millennium Global Emerging Credit Master Fund
Limited's operations wound up.

The company's provisional liquidators are:

          Michael W Morrison
          Charles Thresh
          KPMG Advisory Limited
          Richard Heis
          KPMG LLP, UK


MILLENNIUM GLOBAL: Court Enters Wind-Up Order
---------------------------------------------
On November 21, 2008, the Supreme Court of Bermuda entered an
order to have Millennium Global Emerging Credit Fund Limited's
operations wound up.

The company's provisional liquidators are:

          Michael W Morrison
          Charles Thresh
          KPMG Advisory Limited
          Richard Heis
          KPMG LLP, UK


PARTNERRE: Increases Hurricane Ike Claims Estimate to 61%
---------------------------------------------------------
PartnerRe Limited increased its estimate of claims from Hurricane
Ike by 61% to US$305 million, saying it would likely prove to be
the third costliest hurricane in history for the industry, The
Royal Gazette reports, citing PartnerRe Chief Executive Officer
Patrick Thiele.

The report relates that Mr. Thiele said, "It has proved to be more
destructive to offshore energy installations and had a much larger
and more damaging footprint on land than was originally estimated.
We expect the impact of this increase on fourth quarter results to
be partially mitigated by the higher level of catastrophe-exposed
premiums that we typically earn in the second half of the year."

The report recounts that Ike roared through the Gulf of Mexico
last September and smashed into Galveston and its path of
destruction continued inland.  Estimates of total insured losses
related to the storm range between US$10 billion and
US$20 billion, the report says.

The Gazette relates Bermuda's insurance and reinsurance companies
have already announced combined losses of more than US$3 billion
from hurricanes Ike and Gustav.

PartnerRe Ltd. -- http://www.partnerre.com/ -- is an
international reinsurance group.  The company provides reinsurance
on a worldwide basis through its wholly owned subsidiaries,
Partner Reinsurance Company Ltd.  (Partner Reinsurance), PartnerRe
SA, Partner Reinsurance Europe Limited (PartnerRe Europe) and
Partner Reinsurance Company of the United States (PartnerRe U.S.).
Risks reinsured include, but are not limited to property,
casualty, motor, agriculture, aviation/space, catastrophe,
credit/surety, engineering, energy, marine, specialty property,
specialty casualty, multiline and other lines and life/annuity and
health.  PartnerRe also offers alternative risk products that
include weather and credit protection to financial, industrial and
service companies on a worldwide basis.



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

PETROLEO BRASILEIRO: May Borrow Additional Funds, CEO Says
----------------------------------------------------------
Petroleo Brasileiro SA CEO Jose Sergio Gabrielli said the company
might borrow additional funds from state-controlled banks to use
as working capital, Laura Price of Bloomberg News reports, citing
Folha de S. Paulo newspaper.

The report relates that the company will decide whether to obtain
further loans depending on whether international credit lines and
banks' official leverage limits return to normal.

According to Bloomberg News, the newspaper said Petrobras gets as
much as US$5 billion of credit a year via international markets
and resorted to borrowing US$2 billion from Brazil's government-
controlled bank Caixa Economica Federal when international credit
lines dried up.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-
- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.  Petrobras has operations in China, India, Japan, and
Singapore.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook is stable.


UNIBANCO: Goldman Advises Investors to Sell Puts
------------------------------------------------
Goldman Sachs Group Inc. said investors should sell put options on
Uniao de Bancos Brasileiros SA American depositary receipts
because its merger with Banco Itau Holding Financeira SA will
create a financial services "powerhouse" and boost earnings,
Bloomberg News reports.

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

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

According to Bloomberg News, Goldman strategists John Marshall and
Stuart Kaiser said the strategy will help investors profit from
"high levels of uncertainty" in the options market.  Unibanco's
implied volatility, at around 107 for contracts one month from
expiration, is "extremely" elevated, the analysts added.

The analysts, Bloomberg News notes, said by selling a put option,
an investor is betting that the contract won't be exercised,
allowing them to keep as profit the price paid.

Unibanco ADRs advanced 9.5% to US$62.76 in New York on Dec. 2.
Goldman recommended selling the January US$50 puts, which slipped
10% to US$5.40, Bloomberg News adds.

                     About Uniao de Bancos

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

                          *     *     *

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


* BRAZIL: Foreigners Dump Stocks for 6th Straight Month
-------------------------------------------------------
Foreign investors has been selling Brazil stocks in BM&FBovespa
SA, Brazil stock exchange, for a sixth straight month in November
as redemptions and increased risk aversion forced funds to sell
stocks, Paulo Winterstein of Bloomberg News reports.

According to the report, BM&FBovespa said investors sold
BRL1.16 billion (US$481 million) more than they bought in stocks
last month, bringing the total for 2008 to BRL24.2 billion since
December 2000.

"It's a movement of deleveraging that we've seen very clearly in
the Bovespa, due to the fact that our bourse is very liquid,"
Bloomberg News quoted Roni Lacerda, who helps manage the
equivalent of US$624 million at Mercatto Gestao de Recursos in Rio
de Janeiro, as saying.  "Dedicated funds continue to have
redemptions, but we've had sharper movements before.  There's less
turbulence now than we've had before, but it's difficult to know
when we'll see the end."

Bloomberg News relates according to a Nov. 24 survey of managers
by Sanford C. Bernstein & Co, hedge funds are about halfway done
selling securities to reduce their use of borrowed money and may
unload US$200 billion more to complete the process.

The report states Bernstein's survey found that 63% of hedge-fund
managers said the sale of assets to cut leverage was at least half
completed, while 23% said the process was three-quarters finished.

Bloomberg News notes that the 66-stock Bovespa Index, which gets
about half its value from producers of energy and raw materials,
fell for a sixth month in November, sliding 1.8% for its longest
streak since 1995.

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


* BRAZIL: May Miss US$202BB Export Target for 2008, Minister Says
-----------------------------------------------------------------
Welber Barral, Brazilian Ministry of Development, Industry and
Foreign Trade, said the country may miss its US$202 billion export
target for this year due to the international situation and
Brazil's tragic floods, Brazzil Magazine reports.

The report relates that Minister Barral said due to the oil price
rollback and the effect of the heavy rains, there is difficulty in
reaching this year's export goal.  However, even if the target
will be missed the year end results will still be positive, with
estimates to at least US$200 billion in foreign sales, which is
already recorded, he said.

According to the report, the company recorded export sales of
US$184,125 billion, from January to November, short of
US$16 billion to reach this year's target.

Meanwhile, the report says Mr. Barral avoided projections for
2009, but he admitted that the country should have greater
difficulty to maintain the rhythm of foreign sales next year.

"A reduction in exports in 2009 should depend on the performance
in the second half of the year. The first half will be very hard.
We hope that the second half, with liberalization of trade, will
be better," Mr. Barral said.

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



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

CALLIDUS INTERNATIONAL: Shareholders to Hold Meeting on Dec. 17
---------------------------------------------------------------
The shareholders of Callidus International Ltd. will hold their
final meeting on December 17, 2008, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands


INFOR CAYMAN: Shareholders to Hold Meeting on Dec. 15
-----------------------------------------------------
The shareholders of Infor Cayman Subco Limited will hold their
final meeting on December 15, 2008, at 11:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Gundega Tamane
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone:345-945-4309
          Facsimile:345-949-7164


INFOR LIMITED: Shareholders to Hold Meeting on Dec. 15
------------------------------------------------------
The shareholders of Infor Limited will hold their final meeting on
December 15, 2008, at 11:00 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Gundega Tamane
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone:345-945-4309
          Facsimile:345-949-7164


KELLETT HOLDINGS: Shareholders' Final Meeting Set for December 11
-----------------------------------------------------------------
The shareholders of Kellett Holdings Limited will hold their final
meeting on December 11, 2008, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Sharon Meghoo
          PO Box 707, Grand Cayman KY1-1107
          Telephone:945-4777
          Facsimile:945-4799


O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11
-----------------------------------------------------------------
The shareholders of O'Connor Proprietary Series II Fundamental
Long/Short and Convertible Arbitrage Limited will hold their final
meeting on December 11, 2008, at 12:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11
-----------------------------------------------------------------
The shareholders of O'Connor Proprietary Series II Fundamental
Long/Short and Convertible Arbitrage (Euro) Limited will hold
their final meeting on December 11, 2008, at 12:30 p.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11
-----------------------------------------------------------------
The shareholders of O'Connor Proprietary Series III (Euro) Limited
will hold their final meeting on December 11, 2008, at 2:00 p.m.,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11
-----------------------------------------------------------------
The shareholders of O'Connor Proprietary Series III (Swiss Franc)
Limited will hold their final meeting on December 11, 2008, at
1:30 p.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11
-----------------------------------------------------------------
The shareholders of O'Connor Proprietary Series III Limited will
hold their final meeting on December 11, 2008, at 1:00 p.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands


O'CONNOR PROPRIETARY: Shareholders' Final Meeting Set for Dec. 11
-----------------------------------------------------------------
The shareholders of O'Connor Proprietary Series III Master Limited
will hold their final meeting on December 11, 2008, at 2:30 p.m.,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands


TEAMSTAR HOLDINGS: Shareholders to Hold Meeting on December 11
--------------------------------------------------------------
The shareholders of Teamstar Holdings Limited will hold their
final meeting on December 11, 2008, to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Sharon Meghoo
          PO Box 707, Grand Cayman KY1-1107
          Telephone:945-4777
          Facsimile:945-4799


UBS ALTERNATIVE: Shareholders' Final Meeting Set for Dec. 11
------------------------------------------------------------
The shareholders of UBS Alternative and Quantitative Diversified
Index Limited will hold their final meeting on December 11, 2008,
at 10:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands


UBS NEUTRAL: Shareholders' Final Meeting Set for Dec. 11
--------------------------------------------------------
The shareholders of UBS Neutral Alpha Strategies (Norwegian
Kroner) Limited will hold their final meeting on December 11,
2008, at 10:30 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands


WESTHARBOR EVENT: Shareholder's Final Meeting Set for December 15
-----------------------------------------------------------------
The sole shareholder of Westharbor Event Driven Plus Master Fund
Limited will hold final meeting on December 15, 2008, at
11:30 a.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Gordon I. Macrae
          c/o Craig Florence
          Kroll (Cayman) Limited
          Bermuda House, 4th Floor
          P.O. Box 1102, Dr. Roy's Drive
          Grand Cayman, KY1-1102, Cayman Islands
          Telephone:(345) 946-0081
          Fax:(345) 946-0082


WESTHARBOR EVENT: Shareholder's Final Meeting Set for December 15
-----------------------------------------------------------------
The sole shareholder of Westharbor Event Driven Plus Fund Limited
will hold final meeting on December 15, 2008, at 12:00 p.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Gordon I. Macrae
          c/o Craig Florence
          Kroll (Cayman) Limited
          Bermuda House, 4th Floor
          P.O. Box 1102, Dr. Roy's Drive
          Grand Cayman, KY1-1102, Cayman Islands
          Telephone:(345) 946-0081
          Fax:(345) 946-0082



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

GUATEMALA ELECTRICITY: S&P Keeps 'BB-' Rating on US$100 Mil. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' rating on
Guatemala Electricity Trust's 8.5% US$100 million fixed-rate notes
due 2014, and removed the rating from CreditWatch negative, where
it was placed Sept. 5, 2008.

The rating affirmation follows S&P's Dec. 1, 2008, affirmation of
the 'BB-' rating on Empresa Electrica de Guatemala S.A.'s and
S&P's removal of the rating from CreditWatch negative.  EEGSA's
outlook is negative.

The 'BB-' rating on the 8.5% notes is based on the foreign
currency rating on EEGSA, the underlying obligor.  The rating also
reflects a well-defined structure and the enforceability provided
by the participation agreement in which Citibank N.A. assigned
100% participation of all credit and collection rights under the
loan agreement.  The ongoing debt service for Guatemala
Electricity Trust's notes is paid from the cash flow generated by
all credit and collections rights sold to the trust and originated
under an international loan agreement between Citibank N.A. and
EEGSA.

The notes have been performing as expected, with interest and
principal payments being made according to the notes' terms.

      Ratings Affirmed and Removed From CreditWatch Negative

                 Guatemala Electricity Trust

                                    Rating
                                    ------
  Issue                        To               From
  -----                        --               ----
  8.5% US$100 million notes    BB-              BB-/Watch Neg



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

BANK OF JAMAICA: Hikes Rates on Certs. of Deposits
--------------------------------------------------
Effective December 1, 2008, rates applicable to Certificates of
Deposit issued by Bank of Jamaica will be adjusted:

Tenor           30-days 60-days 90-days 120-days 180-days 365-days
New rates       17.00%  17.50%  20.00%  20.20%   21.50%   24.00%
Previous rates  14.65%  14.85%  15.05%  15.15%   15.35%   16.70%

In recent weeks, developments in external markets have led to a
sharp rise in the yields on Government of Jamaica (GOJ) Global
Bonds and USD Bonds issued by Jamaican companies.  Initially,
these changes gave rise to increased demand for foreign exchange
by securities dealers to meet margin calls from overseas creditors
to which the Bank responded by providing US Dollars as needed.

Whilst foreign exchange inflows to the country continue to be
sufficient to meet regular commercial needs, the increasing
attractiveness of these securities has created further demand for
foreign exchange by a wider cross-section of persons. This has
triggered a disorderly depreciation in the exchange rate, which
if allowed to persist, will only precipitate higher inflation and
greater macroeconomic instability.

In addition to these factors, financial institutions hold
significant sums in BOJ securities that are due to mature over the
next three weeks.  This high level of Jamaica Dollar liquidity in
the context of these attractive foreign currency alternatives
makes it necessary for BOJ to take this action.  This increase in
interest rates is designed to dampen the extraordinary demand
related to portfolio decisions and thereby restore predictability
and order to local financial markets.

The Bank of Jamaica is the country's central bank.  Established in
October 1960 by the Bank of Jamaica Law.  The Bank has three main
functions:

    * formulating and implementing monetary policy to maintain
      price stability;
    * ensuring the maintenance of a sound and efficient financial
      system; and
    * meeting the currency needs of the public.

                            *     *     *

On Sept. 16, 2008, the Troubled Company Reporter-Latin America,
citing Radio Jamaica, reported that the Bank of Jamaica's year-to-
date losses were US$3.42 Billion.  According to the report,
information in Central Bank's balance sheet shows a reversal from
US$350 million profit in January and US$3 billion profit in year
end 2007 to US$3.42 billion losses as of Aug. 27, 2008.

Radio Jamaica reported on June 12, that Bank of Jamaica's balance
sheet showed increasing year to date losses of US$1.75 billion, as
of June 11, 2008.  Stability in the foreign currency markets, in
part, have caused BoJ's continuing financial losses.


CASH PLUS: Employees Won't Get Redundancy Payments
--------------------------------------------------
Around 500 former employees of Cash Plus Limited, who were sent
home earlier this year after the company was placed in
receivership, were informed that they will not be receiving
redundancy payments, Radio Jamaica reports.

The report relates that the multi-million dollar payments were
originally scheduled for late last month.

According to the report, the former workers who requested
anonymity said they received letters last week outlining that the
redundancy payments cannot be made at this time.  A spokesperson
for the group said there was no indication when they will receive
their redundancy payments, the report discloses.

Radio Jamaica notes that Ministry of Labour confirmed that the
Provisional Liquidator of Cash Plus Limited revealed that there
were insufficient funds to meet the redundancy payments.

The Provisional liquidator could apply to the Supreme Court for
the sale of company's assets to help offset the redundancy
payments, however, there's no indication how long such a process
will take, the report adds.

                        About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14. The firm has 40,000 lenders with loans
totaling J$4 billion.  Cash Plus was unable to repay its
investors.  The Financial Services Commission said it was informed
by the attorney acting on behalf of Cash Plus that the investment
club lacked the funds to start the repayment of the principal and
interest owing to its investors.  PricewaterhouseCoopers'
accountant Kevin Bandoian was appointed as joint receiver-manager
for Cash Plus.



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

BANCO INTERACCIONES: Moody's Puts Ba2 Rating on Subordinated Debt
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long term global local
currency subordinated debt rating to Banco Interacciones, S.A.'s
Program of non-convertible subordinated notes eligible for Tier 2
capital treatment.  On its Mexican National Scale, Moody's de
Mexico assigned a long term subordinated debt rating of A2.mx.
The program has been established for up to Mx$2 billion.  Moody's
also assigned Ba2 and A2.mx subordinated debt ratings to the first
takedown of Tier 2 capital notes of up to Mx$500 million, issued
under the program. These notes are due in 2018.

Moody's noted that the Ba2 subordinated debt rating assigned to
the Tier 2 capital notes is one notch below the bank's GLC deposit
rating of Ba1, in line with Moody's notching guidelines for bank
junior securities.  In the same way, the A2.mx Mexican National
Scale subordinated debt rating for the Tier 2 capital notes is one
notch below the bank's senior NSR.

Banco Interacciones is headquartered in Mexico City providing
primarily finance to states and municipalities as well as
infrastructure projects.

The last rating action was on Nov. 12, 2007 when Moody's
Investors Service assigned a Ba2 long-term global local currency
subordinated debt rating to Banco Interacciones, S.A.'s
Mx$700 million of non-convertible, eligible for Tier-2 capital,
subordinated notes.

These ratings were assigned to Banco Interacciones, S.A.'s non
convertible subordinated Tier 2 capital-eligible notes of up to
Mx$2 billion and first take down of up to Mx$500 million:
Long term global local currency subordinated debt rating of Ba2
Mexican National Scale subordinated debt rating, long-term: A2.mx


* MEXICO: Study Says Economy to Worsen in 2009
----------------------------------------------
A study conducted by the Bank of Mexico (BANXICO) revealed that
the country's economy next year would likely worsen due to the
global financial crisis, Prensa Latina reports.

As reported by the Troubled Company Reporter on Dec. 2, 2008,
Bloomberg News said Mexico Central Bank Governor Guillermo Ortiz
said Mexico's economy won't avoid an "important slowdown" amid a
global credit crisis.

According to Bloomberg News, Mexico's third-quarter growth of
1.6% was the lowest in five years.  Merrill Lynch & Co. and Credit
Suisse Group AG, the same 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.

Meanwhile, based on polls, Prensa Latina relates the bank's
analysts predicted a 0.1% decrease of the Gross Domestic Product
during the first quarter of 2009, likely to grow only 0.38% in 12
months, which would be a historic figure.

According to Prensa Latina, the analysts also considered that
about 161,000 formal jobs would be created next year, only
16.1% of what the population demands.

BANXICO said inflation would reach 4.4%, that could result to
the Central Bank's failure to reach its 3.0% inflation target by
the end of 2010, Prensa Latina notes.

Moreover, 87% of analysts consider that the situation for
businesses will worsen next year, with pessimistic viewpoints over
the economic growth in Mexico, and November registering its worst
behavior, the report says.

However, in a TCRLA report 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%.


* MEXICO: Companies Must Detail Derivative Bets, Regulator Says
---------------------------------------------------------------
Mexico's National Banking and Securities Commission, the country's
securities regulator, will now require companies to provide a more
detailed explanation of their derivative holdings after wrong-way
bets triggered more than US$3 billion in losses, William Freebairn
of Bloomberg News reports.

The report relates that Guillermo Babatz, president of the
regulator commission, said they will require companies to report a
list of derivatives they own, their purpose and their value under
two scenarios at the end of each quarter.

Mexican companies, Bloomberg News recounts, recorded losses last
quarter as bets on gains in the peso and energy prices soured when
the global financial crisis deepened in September.  Bad derivative
bets also spurred tighter rules in Brazil, where regulators are
requiring greater details on the contracts following more than
BRL5 billion (US$2.08 billion) in losses, the report discloses.

According to the report, Mexican companies must file the
derivatives disclosure forms for the third quarter by the end of
this month, and for the future quarters.

"Our recent experience with financial derivatives has shown how
damaging inadequate disclosure of operations with these
instruments can be for a firm,"  the report cited M. Babatz as
saying.

Meanwhile, Bloomberg News says an investigation to whether
companies properly disclosed and accounted for their investments
in financial derivatives has been started.  The commission is
preparing to sanction some companies, which have the right to
respond, the report notes.

Moreover, Brazil's regulators required companies to estimate the
impact of derivatives on earnings based on three risk scenarios in
the third quarter, and in future quarters, the report says, citing
Suzana Ferreira Liskauskas, spokeswoman for Comissao de Valores
Mobiliarios, the Rio de Janeiro-based agency in charge of
regulating Brazilian markets.



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

PILGRIM'S PRIDE: Chapter 11 Filing Cues Moody's 'D' Rating
----------------------------------------------------------
Moody's Investors Service lowered Pilgrim's Pride Corporation's
ratings, including the company's probability of default rating to
D from Caa2, following Pilgrim's Pride's announcement that the
company and certain subsidiaries have filed for voluntary
bankruptcy under Chapter 11.  The rating outlook is stable.
Moody's will withdraw the company's ratings soon.

Ratings lowered, and to be withdrawn:

-- Corporate family rating to Ca from Caa1

-- Probability of default rating to D from Caa2

--US$400 million 7.625% senior notes due 2015 to Ca (LGD5, 85%)
    from Caa3 (LGD4, 67%)

--US$250 million senior subordinated notes due in 2017 and

--US$5.1 million (original US$100 million) senior subordinated
    notes due 2013 to Ca (LGD6, 94%) from Caa3 (LGD5,83%)

The company's third bank covenant waiver expired without a
permanent solution.  In addition, the thirty day grace period for
payment of bond interest originally due on November 3 is about to
expire.  For the fiscal year ended Sept. 27, 2008, Pilgrim's Pride
reported a net loss excluding a goodwill impairment and income tax
valuation allowance of US$437.2 million.  In the fourth fiscal
quarter, the company incurred losses on feed grain derivatives
contracts of US$96.9 million, net of tax.  Market prices for
breast
meat have yet to recover, further hurting profitability.

The lowered ratings on the unsecured debt instruments reflect
Moody's expectation of higher recovery on the unrated secured bank
facilities.

Headquartered in Pittsburg, Texas, Pilgrim's Pride Corporation is
the world's largest chicken company.  Moody's previous rating
action was the lowering of the company's ratings and the
assignment of a negative outlook on Oct. 27, 2008.


PILGRIM'S PRIDE: Tells Customers It's Business As Usual
-------------------------------------------------------
Pilgrim's Pride Corporation sent letters to customers and
suppliers on Dec. 1 to clarify that it "is continuing its
operations and is not going out of business."

Bob Wright, chief operating officer of the Company, said that the
Chapter 11 filing was a difficult but necessary step as a result
of the significant short-term operational and liquidity challenges
facing the Company from a combination of high feed ingredient
costs, an oversupply of chicken, weak market pricing and soft
demand.

The Company, however, noted that it intends to be "business as
usual" as it moves through this process.  "Chapter 11 for us means
reorganization, not liquidation," the press release said.

The Company also said that it has already been in contact with our
major suppliers.  "They have pledged to support Pilgrim's Pride
through its reorganization by continuing to ship on normal terms."

Several parties have filed notices of appearance and requests for
service of papers in the Debtors' Chapter 11 cases:

* Lonnie A. Pilgrim
* Tyson Farms, Inc., Cobb Vantress, Inc., Tyson Fresh Meats,
   Inc., Tyson Foods, Inc.
* MAC Trailer Leasing, Inc.
* Banc of America Leasing & Capital, LLC
* Bank of Montreal
* Fort Worth ISD
* Texas Comptroller of Public Accounts
* Arlington ISD
* Dallas County, Lamar CAD, Camp CAD
* Entergy Mississippi, Inc., Entergy Louisiana, LLC, Entergy
  Arkansas, Inc.
* General Electric Capital Corporation
* Calyon New York Branch
* Unified Foodservice Purchasing Co-Op LLC
* CoBank, ACB, as administrative agent for syndication parties

                    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.  In addition, the company owns 34
processing plants in the United States and 3 processing plants
n Mexico.  The processing plants are supported by 42 hatcheries,
31 feed mills and 12 rendering plants in the United States and 7
hatcheries, 4 feed mills and 2 rendering plants in Mexico.
Moreover, the company owns 12 prepared food production facilities
in the United States.  The company 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.

Pilgrim's Pride Corporation and six other affiliates filed Chapter
11 petitions on December 1, 2008 (Bankr. N. D. of Texas, Lead Case
No. 08-45664).  Pilgrim's Pride has engaged Stephen A. Youngman,
Esq., Martin A. Sosland, Esq., and Gary T. Holzer, Esq., at Weil,
Gotshal & Manges LLP, as bankruptcy counsel.  The Debtors have
also tapped Baker & McKenzie LLP as special counsel.  Lazard
Freres & Co., LLC is the company's investment bankers and William
K. Snyder of CRG Partners Group LLC as chief restructuring
officer.  The company's claims and noticing agent is Kurtzman
Carson Consulting LLC. Pilgrim's Pride had total assets of
US$3,847,185,000, and debts of US$2,700,139,000 as of June 28,
2008.

(Pilgrim's Pride Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


PILGRIM'S PRIDE: Wants Schedules Filing Deadline Moved to Feb. 1
----------------------------------------------------------------
Pilgrim's Pride Corporation and its debtor-affiliates ask
permission from the U.S. Bankruptcy Court for the Northern
District of Texas to extend by 45 days to Feb. 1, 2009, their
deadline to file their (i) schedules of assets and liabilities,
(ii) schedules of executory contracts and unexpired leases, and
(iii) statements of financial affairs Pursuant to Section 521 of
the Bankruptcy Code and Rule 1007(b) of the Federal Rules of
Bankruptcy Procedure, the Debtors are required to file the
Schedules and Statements within 15 days after their bankruptcy
filing.

The Debtors relate that to prepare their Schedules, they must
compile information from books, records, and documents relating
to thousands of claims, assets and contracts.

"This information is voluminous and is located in numerous places
throughout the Debtors' organization," Stephen A. Youngman, Esq.,
the Debtors' proposed counsel, at Weil, Gotshal & Manges LLP, in
Fort Worth, Texas, maintains.

Mr. Youngman adds that the task is further complicated by the
fact that there are seven Debtor entities involved in these cases
and the Debtors' employee will have to compile schedules from the
records of each of the seven Debtors.

To that extent, the Debtors anticipate that they will be unable
to complete their Schedules of Asset and Liabilities within the
designated period owing to these complexities and the diversity
of their operations.

                    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.  In addition, the company owns 34
processing plants in the United States and 3 processing plants
n Mexico.  The processing plants are supported by 42 hatcheries,
31 feed mills and 12 rendering plants in the United States and 7
hatcheries, 4 feed mills and 2 rendering plants in Mexico.
Moreover, the company owns 12 prepared food production facilities
in the United States.  The company 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.

Pilgrim's Pride Corporation and six other affiliates filed Chapter
11 petitions on December 1, 2008 (Bankr. N. D. of Texas, Lead Case
No. 08-45664).  Pilgrim's Pride has engaged Stephen A. Youngman,
Esq., Martin A. Sosland, Esq., and Gary T. Holzer, Esq., at Weil,
Gotshal & Manges LLP, as bankruptcy counsel.  The Debtors have
also tapped Baker & McKenzie LLP as special counsel.  Lazard
Freres & Co., LLC is the company's investment bankers and William
K. Snyder of CRG Partners Group LLC as chief restructuring
officer.  The company's claims and noticing agent is Kurtzman
Carson Consulting LLC. Pilgrim's Pride had total assets of
US$3,847,185,000, and debts ofUS$2,700,139,000 as of June 28,
2008.

(Pilgrim's Pride Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).



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

PDVSA: Releases Orinoco Data to 19 Oil Companies
------------------------------------------------
Petroleos de Venezuela S.A. (PdVSA) gave foreign oil companies
access to key geological information as part of a licensing round
of heavy-oil fields, Raul Gallegos of Dow Jones Newswires reports.

Dow Jones relates PdVSA delivered "data-packs" to 19 oil
companies, one of the initial steps in the first licensing round
for Orinoco oil blocks held in a decade, which include details of
potential deals with PdVSA as well as technical readouts of the
areas offered.

According to the report, interested companies had to pay
US$2 million each for access to the data-pack stage.

Those who paid include:

  -- U.K.'s BP Plc (BP),
  -- U.S. oil company Chevron Corp.,
  -- Spain's Repsol YPF SA (REP),
  -- Brazil's Petroleo Brasileiro (PBR),
  -- Norway's StatoilHydro (STO),
  -- and Royal Dutch Shell Plc (RDSB.LN),
  -- companies from Japan, China, Portugal, Colombia, Malaysia
     and India, and
  -- a consortium of Russian oil companies, expecting to develop a
     strong association with PdVSA.

The report says Venezuela has opened up three blocks in the
Carabobo area of the oil-rich Orinoco region, and PdVSA is now
offering seven fields located within those blocks for future
development with foreign partners.

Dow Jones adds that after the selection, the chosen companies
would partner with PdVSA in three separate joint venture companies
that would pump, upgrade and sell the oil.  The ventures would
build three upgrading plants that would turn the heavy, sulfurous
oil into a more marketable crude for export, the report relates.

                   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
===============

* Detroit 3 Submit Turnaround Plan to Congress; SeeksUS$9BB Loan
---------------------------------------------------------------
John D. Stoll and Matthew Dolan at The Wall Street Journal report
that General Motors Corp., Chrysler LLC, and Ford Motor Co.
presented their turnaround plans to the Congress on Tuesday, with
Ford Motor asking for a US$9 billion line of credit.

According to WSJ, Ford Motor said in its 33-page turnaround plan
submitted to the Congress that it doesn't need federal funds
immediately.  Ford Motor explained that it needs the US$9 billion
line of credit to be available in case the recession would be
longer and deeper than expected, WSJ states.

WSJ says that Ford Motor is in better shape than GM, mainly
because Ford Motor mortgaged almost all of its assets in 2006,
which raised US$18 billion long before credit markets tightened.

WSJ relates that Ford Motor estimated that it will return to
profitability by 2011.  Ford Motor, according to the report, said
that it would accelerate the development of new hybrid and
battery-powered vehicles, reduce dealers selling its vehicles, and
retool plants to make small cars in the U.S. that it can sell for
a profit.

Ford Motor CEO Alan Mulally, says WSJ, suggested that the UAW
union may also have to make concessions to help the companies
recover and convinced Congress to approve aid.  Mr. Mulally said
that all the elements of the current UAW labor contract should be
re-evaluated to keep the auto industry competitive, the report
states.

           GM SeeksUS$18BB in Government Loans

GM, according to WSJ, is requesting forUS$18 billion in government
loans.

WSJ relates that GM's Plan indicated that the company is in a more
dire situation than previously thought.  The loans the company
requested is about US$6 billion more than it was requesting in
November.  As reported in the Troubled Company Reporter on Nov.
19, 2008, GM CEO Rick Wagoner said that the company wanted US$10
billion to US$12 billion of the requested US$25 billion in
emergency funding from the government.

According to WSJ, GM said that it needs an immediate injection of
US$4 billion to stay afloat until year-end.

WSJ reports that GM President Frederick Henderson said in a
conference call on Tuesday that GM could give taxpayers:

       -- warrants for company stock,

       -- a senior position in the company's lineup of
          creditors, and

       -- a promise to pay the money back sometime around 2012.

GM's North American operations could break even by 2012, WSJ
states, citing Mr. Henderson.

To try to reduce its debt load by US$30 billion, or about 50%, GM
will start negotiating with bondholders this week to swap debt for
equity, and ask the United Auto Workers to allow the company to
make changes on its obligations to a union health-care trust set
to begin paying benefits to retirees in 2010, WSJ relates.

Mr. Henderson, according to WSJ, said that the attempt to
restructure the balance sheet is essentially an out-of-court
bankruptcy reorganization.

WSJ reports that GM also told the Congress that it is considering:

       -- the sale of its Saab division, or
       -- the sale or consolidation of its Saturn brand and
          reduction of its vehicle line up to 40 models from 60.

GM will continue cuts in workforce and structural costs and hire
lower-cost workers, WSJ says.

   Chrysler May Lack Cash to Run Co. in First Quarter 2009

According to WSJ, Chrysler said on Tuesday that its cash may not
be enough for the company to operate in the first quarter of 2009.
WSJ relates that Chrysler is seeking US$7 billion from the
government by Dec. 31.  Chrysler, WSJ states, said that CEO Robert
Nardelli gets a US$1 a year salary and receives no health care or
other benefits.

                     Decline in Sales

Mike Barris at WSJ relates that U.S. auto makers continued to
report sharp sales declines in November 2008.  As reported in the
TCR on Dec. 1, 2008, an expected decline in auto sales for
November could help GM, Ford Motor, and Chrysler make their case
before the Congress for a government bailout.  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 GM North American Sales Chief Mark LaNeve, WSJ reports that
the auto industry sold 34%, or 400,000, fewer vehicles in November
2008, compared to 2007, equivalent to "the annual volume of two
full production plants that have simply evaporated in a single
month.  The global economic crisis and credit freeze have had a
very negative impact on the vehicle market which runs on consumer
confidence and available financing."

According to WSJ, GM car sales dropped 44% and light trucks
declined 39%.  WSJ says that GM's light-vehicle sales totaled
153,404, down from 261,273.  The company also lowered its fourth-
quarter production forecast, WSJ states.  The report says that GM
expects fourth-quarter North American production of 835,000
vehicles, down from its previous estimate of 875,000.  GM,
according to the report, also expects 600,000 vehicles to be made
in North America during the first quarter 2008, down compared to
885,000 in 2007, when production of about 100,000 vehicles were
lost from the American Axle strike.

Ford Motor's sales decreased 31% and Chrysler's sales declined
47%, WSJ relates.

            Bankruptcy Still Not Good Option

Citing House Speaker Nancy Pelosi, WSJ states that filing for
bankruptcy isn't a good option for the troubled auto makers,
partly due to the length of time a restructuring would take.  GM
President Frederick Henderson reiterated to the press in a
conference call that the company isn't considering bankruptcy as
an option and that it is focusing on securing help from the
government, WSJ says.

People familiar with the situation said that UAW top leaders are
telling some of the union's officials that GM may have to file for
Chapter 11 protection before Christmas if the company fails to
secure government funding in the coming days, WSJ relates.  UAW,
says the report scheduled an emergency meeting on
Dec. 3 to discuss what role the union should play in helping GM,
Ford Motor, and Chrysler become more viable companies.

GM remains firm on its decision on not filing for Chapter 11 and
isn't expected to change its mind, says WSJ.  "We do not believe
that a Chapter 11 filing is a viable option, nor does it answer
the current liquidity issues, which have been brought on by the
collapse of the financial markets and consumer confidence issues,"
the report quoted GM spokesperson Tony Cervone as saying.

American Bankruptcy Institute relates that Prof. Elizabeth Warren,
the head of a new congressional panel set up to monitor the
federal bailout, says that the government still does not seem to
have a coherent strategy for easing the financial crisis, despite
the billions it has already spent in that effort.

                      About Ford Motor Co.

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

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

                      *     *     *

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

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

                      About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

                      About General Motors

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

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

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets ofUS$110.425 billion, total
liabilities 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.

                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *