TCRLA_Public/081209.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 9, 2008, Vol. 9, No. 244

                            Headlines

A R G E N T I N A

ARLUC SA: Trustee Verifying Proofs of Claim Until February 20
CONSTRUCTORA MEDICA: Proofs of Claim Verification Due on March 13
HIGH COMM: Proofs of Claim Verification Due on February 12
I. P. REDES: Proofs of Claim Verification Due on February 20
INSTITUTO OLIVARES: Proofs of Claim Verification Due on Feb. 4

LATINA SRL: Proofs of Claim Verification Due on Dec. 22


B A R B A D O S

FORD MOTOR: Seeks Financial Support From Canadian Gov't
FORD MOTOR: Will Review Strategic Alternatives for Volvo Cars
GENERAL MOTORS: May Replace Rick Wagoner as CEO
GENERAL MOTORS: S&P Downgrades Corporate Credit Rating to 'CC'


B E R M U D A

COMERICA (BERMUDA): Creditors Proofs of Debt Due on Dec. 19
COMERICA (BERMUDA): Members' Final Meeting Set for January 6


B R A Z I L

ARLO IV: Moody's Downgrades Ratings on Two Note Classes to 'Ca'
BRASKEM: Unit Continues to Operate Normally Despite Pipeline Leak
* BRAZIL: Hotels Unaffected by Global Crisis, ABIH Says
* BRAZIL: Bovespa Index May Rise to 66,500 By End of 2009


C A Y M A N  I S L A N D S

MORGAN STANLEY: Members Receive Wind-Up Report
MORGAN STANLEY: Members Receive Wind-Up Report
ORICO ASSET: Members' Receive Wind-Up Report
ROSEWOOD LTD: Members' Receive Wind-Up Report
TASTE STRATEGIES: Liquidators Present Wind-Up Report

THE FUND: Liquidators Present Wind-Up Report
UNITED GLOBAL: Members' Receive Wind-Up Report
WAYFARER CDO: Members' Receive Wind-Up Report
SAGINAW DISCOVERY: Shareholder to Hold Final Meeting on Dec. 18
SAGINAW DISCOVERY: Shareholder to Hold Final Meeting on Dec. 18

EEGO FUND: Member to Hear Wind-Up Report
SUNDIAL FUND: Shareholder to Hold Final Meeting on Dec. 11
SUNDIAL MASTER: Shareholder to Hold Final Meeting on Dec. 11


E C U A D O R

* ECUADOR: Signs 12 Agreements With Iran


J A M A I C A

AIR JAMAICA: Government Assures it Won't Abandon Airline


M E X I C O

BANCO CREDIT SUISSE: Moody's Affirms BFSR at D+; Outlook Stable
DESARROLLADORA HOMEX: Moody's Affirms Senior Debt Rating at 'Ba3'
DEUTSCHE BANK MEXICO: Moody's Says 'D' BSFR Outlook Is Stable
* MEXICO: Implements "Austere" Cost Cuts to Counter Trading Slumps


P E R U

CLOROX COMPANY: September 30 Balance Sheet Upside-Down by US$370MM


P U E R T O  R I C O

HOME INTERIORS: Gets Go Signal to Sell Assets at Jan. 15 Auction


V E N E Z U E L A

* VENEZUELA: President Says Economy to Face Difficult Years


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: Trustee Verifying Proofs of Claim Until February 20
-------------------------------------------------------------
The court-appointed trustee for Arluc S.A.'s bankruptcy
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 April 7, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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


CONSTRUCTORA MEDICA: Proofs of Claim Verification Due on March 13
-----------------------------------------------------------------
The court-appointed trustee for Constructora Medica S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 13, 2009.

The trustee will present the validated claims in court as
individual reports on April 27, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 10, 2009.


HIGH COMM: Proofs of Claim Verification Due on February 12
----------------------------------------------------------
The court-appointed trustee for High Comm S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 12, 2009.

The trustee will present the validated claims in court as
individual reports on March  27, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 12, 2009.


I. P. REDES: Proofs of Claim Verification Due on February 20
------------------------------------------------------------
The court-appointed trustee for I. P. Redes S.A.'s bankruptcy
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 April 3, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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


INSTITUTO OLIVARES: Proofs of Claim Verification Due on Feb. 4
--------------------------------------------------------------
The court-appointed trustee for Instituto Olivares S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until February 4, 2009.

The trustee will present the validated claims in court as
individual reports on March 16, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 29, 2009.


LATINA SRL: Proofs of Claim Verification Due on Dec. 22
-------------------------------------------------------
The court-appointed trustee for Latina S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of  claim until
December 22, 2008.

The trustee will present the validated claims in court as
individual reports on March 26, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 27, 2009.



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

FORD MOTOR: Seeks Financial Support From Canadian Gov't
-------------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co., General Motors Corp., and Chrysler LLC have approached the
Canadian government for financial support.

According to WSJ, Canada's Minister of Industry Tony Clement and
Michael Bryant, Ontario's Minister of Economic Development, said
that they received the restructuring plans they requested from
Chrysler Canada, Ford Motor Company of Canada, and General Motors
of Canada.  The report says that the amount requested in the plans
would be in addition to the US$34 billion that the three companies
are requesting from the U.S. Congress.

WSJ relates that Ford Motor submitted its plan to the Canadian
government on Friday, asking for a US$2 billion line of credit and
assuring the government that it wouldn't access the line unless:

    -- a more severe downturn in the economy occurred, or
    -- a position similar to the one Ford Motor has taken in its
       bid for a US$9 billion credit line pending before the U.S.
       Congress.

Chrysler spokesperson Lori McTavish said that the company
presented its plan in Canada on Thursday, asking for a
US$1.6 billion loan from the Federal Government and Province of
Ontario, WSJ reports.  "The amount requested is based on
Chrysler's percent of North American production, which is 23
percent," the report quoted Ms. McTavish as saying.

WSJ states that a GM official said on Friday that the company was
in negotiations with the Canadian government.  GM didn't disclose
the amount of the loan it is seeking from the government.

Argentina

WSJ relates that the Argentine government said on Saturday that it
will offer the country's auto industry about US$900 million in
loans.  The Argentine government, according to the report, said on
Thursday that it would invest US$3.9 billion to grant low-cost
loans to farmers, industry, and automakers.  The government said
that program includes the local branches of Renault SA, PSA
Peugeot Citroen, Ford Motor, GM, Fiat Group SpA, and Volkswagen
SA, the report states.

Citing Argentine Production Minister Deborah Giorgi, WSJ reports
that the auto makers will each offer two models selling for
$10,000 or less for people purchasing a new car for the first
time, and must shun layoffs and hold down profit margins on cars
sold under the program.

        Bailout Requests in Congress & Administration

Greg Hitt, Jeffrey McCracken, and Matthew Dolan of WSJ state that
signs of deterioration in the U.S. job market boosted the bailout
requests of GM, Ford Motor, and Chrysler.  The Democratic leaders
in the Congress and the George W. Bush administration are close to
reaching an agreement to provide a down payment to keep the auto
industry afloat until early next year, according to WSJ.

WSJ relates that the deal would draw funds from a program
initially meant to help the industry retool to meet higher fuel-
economy standards.  The funding level is expected to be between
US$14 billion and US$15 billion, the report says.

The proposed pact, WSJ states, would include a commitment to
rapidly replenish the retooling program, have strong government
oversight through a new board to be created to help manage the
industry's restructuring.

      Ford, GM, Chrysler Use Internet to Win Support

Emily Steel at WSJ relates that GM, Ford Motor, and Chrysler are
using digital-marketing techniques to seek support for their
federal aid requests.  The report says that Ford Motor, GM, and
Chrysler have launched campaigns on several Web sites, including
Google, YouTube, various blogs, Facebook, and the social-messaging
site Twitter.

Ford Motor, says WSJ, posted videos on YouTube.  WSJ relates that
Ford Motor started purchasing Internet search ads to appear when
bailout-related keywords are used and display ads on news sites --
including those of WSJ and CNN.  According to the report, Ford
Motor is also using blogs and other social media.  The report
states that Ford Motor has enlisted members of its staff to
respond to blog postings and messages on Twitter.

According to WSJ, Chrysler used blogs and created a new YouTube
channel called Grab Democracy, as well as a Web site to promote
its position.  Chrysler launched a virtual road show, which
includes CEO Robert Nardelli talking about the company's business
plan with his senior management team, WSJ relates.

GM, WSJ reports, is running ads linked to search terms about the
auto bailout, the United Auto Workers and the economy, posting
videos on YouTube, and buying ads on the third-party sites where
Google sells space.  GM's site, GMFactsandFiction.com, explains
how the company ended up in its current situation and its plans,
WSJ says.

                      About Ford Motor Co.

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

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

                      *     *     *

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

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


FORD MOTOR: Will Review Strategic Alternatives for Volvo Cars
-------------------------------------------------------------
Ford Motor Company will re-evaluate strategic options for Volvo
Car Corporation, including the possible sale of the Sweden-based
premium automaker.

Ford said the decision to re-evaluate strategic options for Volvo
comes in response to the significant decline in the auto industry
particularly in the past three months and the severe economic
instability worldwide.  The strategic review of Volvo is in line
with a broad range of actions Ford is taking to strengthen its
balance sheet and ensure it has the resources to implement its
product-led transformation plan.

"Given the unprecedented external challenges facing Ford and the
entire industry, it is prudent for Ford to evaluate options for
Volvo as we implement our ONE Ford plan," said Ford president and
CEO Alan Mulally.  "Volvo is a strong global brand with a proud
heritage of safety and environmental responsibility and has
launched an aggressive plan to right-size its operations and
improve its financial results.  As we conduct this review, we are
committed to making the best decision for both Ford and Volvo
going forward."

Ford said the review likely will take several months to complete.
In the meantime, Ford will continue working closely with Volvo as
it implements its restructuring plan under CEO Stephen Odell, who
was appointed to lead Volvo earlier this year.

At the same time, Ford and Volvo will continue to put in place
processes that allow Volvo to operate on a more stand-alone basis
in the absence of the Premier Automotive Group structure, an
effort which began in November 2007 following a previous review by
Ford of strategic options for Volvo.

"Outstanding safety, an increased focus on environmentally
friendly vehicles and contemporary Scandinavian design will
continue to be the foundation upon which we will build a strong
Volvo business for the future," Mr. Odell said.  "We intend to
build upon our strong brand heritage and to appeal to our global
customers with vehicles like the new XC60 -- the safest car Volvo
has ever built.  Volvo also will introduce seven low-emission
models in 2009, giving us the best environmental product range in
the premium segment.

"We have a strong brand presence in Europe, North America and the
Asia Pacific region, and are growing in key markets such as China
and Russia, where we are the leading premium brand," Mr. Odell
added.

                      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: May Replace Rick Wagoner as CEO
-----------------------------------------------
John D. Stoll at The Wall Street Journal reports that General
Motors Corp., along with Chrysler LLC, is being pressured to
proceed with implementing tough measures to change how it does
business, including the possible replacement of its CEO Rick
Wagoner.

Mr. Wagoner should leave GM as part of any broader bailout
package, WSJ says, citing Sen. Chris Dodd.  The report states that
Sen. Dodd said on CBS' "Face The Nation" talk show, "I think
you've got to consider new leadership.  If you're going to
restructure, you've got to bring in a new team to do this.  I
think [Mr. Wagoner] has to move on."

WSJ relates that Mr. Wagoner played a part in some of the missteps
that led to GM's financial problems, including:

    -- the heavy use of sales incentives to drive sales,

    -- a reliance on truck sales and a belated recognition of
       consumer interest in hybrids, and

    -- other fuel-saving small cars.

        Bailout Requests in Congress & Administration

Greg Hitt, Jeffrey McCracken, and Matthew Dolan of WSJ state that
signs of deterioration in the U.S. job market boosted the bailout
requests of GM, Ford Motor Co., and Chrysler.  The Democratic
leaders in the Congress and the George W. Bush administration are
close to reaching an agreement to provide a down payment to keep
the auto industry afloat until early next year, according to WSJ.

WSJ relates that the deal would draw funds from a program
initially meant to help the industry retool to meet higher fuel-
economy standards.  The funding level is expected to be between
US$14 billion and US$15 billion, the report says.

The proposed pact, WSJ states, would include a commitment to
rapidly replenish the retooling program, have strong government
oversight through a new board to be created to help manage the
industry's restructuring.

                  Other Financial Support

Canada

Matthew Dolan at WSJ says that GM, Ford Motor, and Chrysler have
approached the Canadian government for financial support.

According to WSJ, Canada's Minister of Industry Tony Clement and
Michael Bryant, Ontario's Minister of Economic Development, said
that they received the restructuring plans they requested from
Chrysler Canada, Ford Motor Company of Canada, and General Motors
of Canada.  The report says that the amount requested in the plans
would be in addition to the US$34 billion that the three companies
are requesting from the U.S. Congress.

WSJ relates that Ford Motor submitted its plan to the Canadian
government on Friday, asking for a US$2 billion line of credit and
assuring the government that it wouldn't access the line unless:

    -- a more severe downturn in the economy occurred, or
    -- a position similar to the one Ford Motor has taken in its
       bid for a US$9 billion credit line pending before the U.S.
       Congress.

Chrysler spokesperson Lori McTavish said that the company
presented its plan in Canada on Thursday, asking for a
US$1.6 billion loan from the Federal Government and Province of
Ontario, WSJ reports.  "The amount requested is based on
Chrysler's percent of North American production, which is 23
percent," the report quoted Ms. McTavish as saying.

WSJ states that a GM official said on Friday that the company was
in negotiations with the Canadian government.  GM didn't disclose
the amount of the loan it is seeking from the government.

Argentina

WSJ relates that the Argentine government said on Saturday that it
will offer the country's auto industry about US$900 million in
loans.  The Argentine government, according to the report, said on
Thursday that it would invest US$3.9 billion to grant low-cost
loans to farmers, industry, and automakers.  The government said
that program includes the local branches of Renault SA, PSA
Peugeot Citroen, Ford Motor, GM, Fiat Group SpA, and Volkswagen
SA, the report states.

Citing Argentine Production Minister Deborah Giorgi, WSJ reports
that the auto makers will each offer two models selling for
US$10,000 or less for people purchasing a new car for the first
time, and must shun layoffs and hold down profit margins on cars
sold under the program.

                       Merger Plans

WSJ reports that Chrysler and Cerberus Capital Management LP are
suspected that they merely want short-term financing to have time
before selling Chrysler or merging it with another company.

Chrysler, according to WSJ, told the Congress it "remains focused
upon developing partnerships, strategic alliances or a
consolidation as a fundamental element of its restructuring."

Previous reports say that Chrysler was in alliance talks with
Nissan Motor Co., and merger negotiations with GM, but decided to
abandon both talks to seek government bailout.  WSJ relates that
some members of the House Financial Services Committee suggested
during a hearing on Friday that Chrysler resume merger talks with
GM.

Citing people familiar with the matter, Neal E. Boudette, John D.
Stoll, and Alex P. Kellogg at WSJ relate that Mr. Nardelli and GM
CEO Rick Wagoner agreed that they need to focus on securing
federal bailout loans before considering a merger, which is
expected to be complicated and time-consuming.  The report says
that merger talks could hinder new concessions with the United
Auto Workers union, which is against a GM-Chrysler merger.
Analysts explained that a merged firm could result in layoffs of
tens of thousands of workers due to "excess factory jobs,"
according to the report.

WSJ reports that Messrs. Nardelli and Wagoner said that they could
consider a merger as part of broader plan to provide financial aid
to GM, Chrysler, and Ford Motor Co.  According to WSJ, Mr. Wagoner
and other top officials at GM believed that the company could save
a lot by combining with Chrysler.

Sources said that GM and Chrysler didn't rule out any merger plans
between the two companies, WSJ states.

            Chrysler Hires Bankruptcy Counsel

Chrysler has hired Jones Day as counsel on a possible bankruptcy
filing, Jeffrey McCracken, Mike Spector, and Peter Lattman at WSJ
report, citing people familiar with the matter.

According to Thom Weidlich and James Rowley at Bloomberg News,
Jones Day had counseled GM on a potential merger with Chrysler.

Bloomberg relates that Chrysler is seeking a US$7 billion
financial aid from the government, fearing that it might run out
of cash by March 31, 2009.  Without the government's help,
Chrysler might have to file for bankruptcy, says Bloomberg.

Chrysler said in a statement that it has retained Jones Day and
other outside advisors "to provide a comprehensive independent
analysis of the various options available to the company."

Corinne Ball, Jones Day's co-head of restructuring, is handling
the case, WSJ states, citing people familiar with the matter.  Ms.
Ball, according to WSJ, has worked on other automotive
bankruptcies like Dana Corp. and many cases involving the United
Auto Workers union.  The report says that Ms. Ball represented GM
in its acquisition of Daewoo.

                 Cerberus' Refusal to Help

WSJ states that Congress has questioned why Chrysler's majority
owner, Cerberus Capital, doesn't step up to stabilize the company.
Chrysler's CEO Robert Nardelli, says the report, told the Senate
that he already asked Cerberus Capital for help but was turned
down.

According to WSJ, Rep. Ginny Brown-Waite said that if Cerberus
Capital isn't willing to "put forth any more money to stave off
bankruptcy, how could we in all good conscience expect taxpayers
to take on this substantial cost?"  Mr. Nardelli said that
Cerberus Capital provided investments for purchasing Chrysler from
then-parent Daimler AG of Germany, the report states.  "It's not
as if they haven't tried to provide financial support for us over
this period," and "I assume they don't have access to additional
funds," the report quoted Mr. Nardelli as saying.

      Ford, GM, Chrysler Use Internet to Win Support

Emily Steel at WSJ relates that GM, Ford Motor, and Chrysler are
using digital-marketing techniques to seek support for their
federal aid requests.  The report says that Ford Motor, GM, and
Chrysler have launched campaigns on several Web sites, including
Google, YouTube, various blogs, Facebook, and the social-messaging
site Twitter.

Ford Motor, says WSJ, posted videos on YouTube.  WSJ relates that
Ford Motor started purchasing Internet search ads to appear when
bailout-related keywords are used and display ads on news sites --
including those of WSJ and CNN.  According to the report, Ford
Motor is also using blogs and other social media.  The report
states that Ford Motor has enlisted members of its staff to
respond to blog postings and messages on Twitter.

According to WSJ, Chrysler used blogs and created a new YouTube
channel called Grab Democracy, as well as a Web site to promote
its position.  Chrysler launched a virtual road show, which
includes CEO Robert Nardelli talking about the company's business
plan with his senior management team, WSJ relates.

GM, WSJ reports, is running ads linked to search terms about the
auto bailout, the United Auto Workers and the economy, posting
videos on YouTube, and buying ads on the third-party sites where
Google sells space.  GM's site, GMFactsandFiction.com, explains
how the company ended up in its current situation and its plans,
WSJ says.

                      About General Motors

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

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

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: S&P Downgrades Corporate Credit Rating to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its
corporate credit rating on General Motors Corp. to 'CC' from
'CCC+' and lowered the ratings on the company's senior secured and
senior unsecured debt.  The outlook is negative.

The downgrade follows GM's announcement, as part of its request
for immediate federal assistance, that it will seek to reduce its
current debt burden by more than half as it attempts to reduce
cash outflows and win support for the new U.S. government-backed
loans.

"We believe the most likely scenario is that GM will offer to
exchange some or all of its outstanding debt for equity or new
debt at a steep discount to face value," said S&P's credit analyst
Robert Schulz.  "Given GM's weakening liquidity position, S&P
consider such an offer to be a distressed exchange and, as such,
is tantamount to a default," he continued.  S&P understands that
the company plans to complete this restructuring by March 2009.

If GM were to complete an exchange offer, S&P would expect to
lower the corporate credit rating on GM to 'SD' (selective
default) and lower the exchanged issue ratings to 'D'.  S&P would
then, shortly thereafter, assign a new corporate credit rating to
GM based on its assessment of the company's new capital structure
and liquidity profile, while taking into account its business
prospects and other relevant rating considerations.  This
assessment would include the effect of any new loans or other
assistance provided by the U.S. government to GM, if such
assistance is extended.

S&P's preliminary expectation is that, even with substantial
government support that enables GM to avoid a bankruptcy filing,
the corporate credit rating would likely not rise out of the 'CCC'
category immediately following the consummation of a debt
exchange.  S&P recognize that the post-exchange capital structure
could result in substantially lower debt and interest costs, and
government funding could improve GM's liquidity.  However, it is
S&P's view that many fundamental business risk considerations
would remain unchanged for at least the next year and perhaps
longer, most notably the company's exposure to deteriorating
vehicle demand globally, but also the substantial execution risk
of the company's ongoing restructuring and repositioning.

GM on Tuesday announced its plan to restructure its debt and
presented several other restructuring steps to the U.S. Congress
in advance of hearings this week.  The automaker is seeking
$12 billion in government loans and a US$6 billion credit line to
bolster its liquidity.  It said it also needs US$4 billion of the
loans by the end of December to continue operating into early next
year.  GM estimated that under its baseline scenario, it will burn
through an additional US$5 billion of cash from operations in the
first quarter of 2009 and up to US$8 billion under a downside
scenario.

These projections underscore the dramatic erosion of GM's
financial position caused by the weakening global economy, scarce
credit availability, and shifts in demand away from GM's more
profitable vehicle segments.

The outlook is negative.  S&P would expect to lower the corporate
credit rating to 'SD' and the affected issue ratings to 'D' upon
completion of a debt exchange offer.  S&P would then, shortly
thereafter, assign a new corporate credit rating to GM based on,
among other things, its assessment of the company's new capital
structure and liquidity profile.  S&P's preliminary expectation is
that, even with substantial government support, GM's corporate
credit rating would not rise above the 'CCC' category following
the completion of a debt exchange.



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

COMERICA (BERMUDA): Creditors Proofs of Debt Due on Dec. 19
-----------------------------------------------------------
The creditors of Comerica (Bermuda) Limited are required to file
their proofs of debt by December 19, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 3, 2008.

The company's liquidator is:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11, Bermuda


COMERICA (BERMUDA): Members' Final Meeting Set for January 6
------------------------------------------------------------
The members of Comerica (Bermuda) Limited will hold their final
meeting on January 6, 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 Dec. 3, 2008.

The company's liquidator is:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11, Bermuda



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

ARLO IV: Moody's Downgrades Ratings on Two Note Classes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Arlo IV Limited.

The transaction is a static synthetic CDO referencing a portfolio
of eight bespoke CDOs which in turn each references 54 corporate
issuers among 111 reference entities.  The 4% cross-subordination
is available in each of the eight underlying bespoke CDOs
composing part of the reference portfolio of each note.  This
transaction was restructured in August 2007.

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on September 15, 2008; Fannie Mae
and Freddie Mac, which were placed into the conservatorship of the
U.S. government on September 8, 2008; and three Icelandic banks,
specifically Kaupthing Bank hf, Landsbanki Islands hf, and Glitnir
Banki hf.  The transaction also has a significant exposure to
other corporate names which continue to deteriorate in the current
economic environment.  This weighs on the ratings of the tranches
in this transaction.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports:

  -- Moody's Approach to Rating Synthetic CDOs (July 2003)

  -- Moody's Revisits Its Assumptions Regarding Corporate Default
     (and Asset) Correlations for CDOs (November 2004)

  -- Understanding Collateral Risks of Funded Synthetics in CDOs
     (June 2006)

The rating actions are:

Arlo IV Limited:

(1) Series 2005 (Wagner I) EUR 19,000,000 Class A Notes due 2013

  -- Current Rating: Ca
  -- Prior Rating: Ba1
  -- Prior Rating Date: 10 July 2008

(2) Series 2005 (Wagner I) EUR 20,000,000 Class B Notes due 2013

  -- Current Rating: Ca
  -- Prior Rating: Ba1
  -- Prior Rating Date: 10 July 2008


BRASKEM: Unit Continues to Operate Normally Despite Pipeline Leak
-----------------------------------------------------------------
An article posted on SOA World Magazine's site on Dec. 5, said
Braskem's Triunfo Petrochemical Complex, a unit recently acquired
from Compania Petroquimica do Sul, in southern Brazil's has been
operating at normal capacity despite the recent leak of Petrobras'
Gasbol pipeline that cut natural gas supplies to the region.
Plant officials were forced to use other feedstock to continue
operations.

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

                          *     *     *

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

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


* BRAZIL: Hotels Unaffected by Global Crisis, ABIH Says
-------------------------------------------------------
Brazil's hotel sector so far has been unaffected by the global
financial crisis as it continues to have good business and spared
from any cancellations, Brazzil Magazine reports, citing Alvaro
Bezerra de Mello, president at the Brazilian Hotel Industry
Association (ABIH).

ABIH, the report relates, sees profitable income ahead as the
country's tourism should do well after Carnival, the high season
of the city of Rio de Janeiro.

According to the report, President Bezerra de Mello said the
industry's plan to promote domestic tourism has been successful.
The success was due to the appreciation of the real, leading to
the decline of local tourist seeking to travel abroad, opting
rather to travel within the country.  "This internal tourist flow
is really helping right now," he added.

Late this year, the report recounts, occupation rates so far have
been "exceptional," the report cited Mr. Bezerra de Mello as
saying.

Currently, the report says, the industry is working with 85% of
national tourists and 15% of foreigners, emphasizing that it
should take some time before international tourists find out that
traveling to Brazil has become cheaper, due to the depreciation of
the currency.

Brazzil Magazine adds the president at the ABIH believes that the
movement should remain good up until the Carnival champions'
parade, due in late February 2009.

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: Bovespa Index May Rise to 66,500 By End of 2009
---------------------------------------------------------
Brazil's Bovespa Index may rise to 66,500 by the end of next year,
Alexander Ragir of Bloomberg News reports, citing Sao Paulo-based
brokerage, Itau Corretora.  The broker recommended banks and
steelmakers as industries that are likely to outperform the
market.

The report says Itau Corretora's estimate of "fair value" for the
main stock index is 9.5% below its previous forecast of 73,500.
It also represents an 89% gain from December 4's closing level of
35,127.77.

"It is not time yet to take on a lot of risk," strategists Tomas
Awad and Sergio Vailati said in a note to clients obtained by
Bloomberg News.  "Even so, although we fully agree that news flow
will continue to be negative, we believe that the sharp
deceleration of October and November economic results could soon
make upcoming month- over-month comparisons slightly more
forgiving," they said.

According to the report, the strategists wrote that the Bovespa
may trade at 12.7 times 2009 earnings, up from an estimated 7
times.  The "major risk" to Itau's forecast would be car demand
not recovering to "reasonable" levels in the next one to two
months, boosting unemployment, they added.

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
==========================

MORGAN STANLEY: Members Receive Wind-Up Report
----------------------------------------------
The members of Morgan Stanley ABS Capital I Inc. NIM 2003-NC6N
Ltd. met on November 27, 2008, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MORGAN STANLEY: Members Receive Wind-Up Report
----------------------------------------------
The members of Morgan Stanley ABS Capital I Inc. NIM 2003-HE1N
Ltd. met on November 27, 2008, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ORICO ASSET: Members' Receive Wind-Up Report
--------------------------------------------
The members of Orico Asset Finance Holdings met on Dec. 12, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Giles Kerley
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


ROSEWOOD LTD: Members' Receive Wind-Up Report
---------------------------------------------
The members of Rosewood Ltd. met on Dec. 12, 2008, and received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Peter Lundin
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


TASTE STRATEGIES: Liquidators Present Wind-Up Report
----------------------------------------------------
The members of Taste Strategies Ltd. met on Dec. 12, 2008, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Jan Neveril
          Giles Kerley
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


THE FUND: Liquidators Present Wind-Up Report
--------------------------------------------
The members of The Fund for the Creation of New Japan met on
Dec. 12, 2008, and received the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Guy Major
          Giles Kerley
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


UNITED GLOBAL: Members' Receive Wind-Up Report
----------------------------------------------
The members of United Global CDO 2 I met on Dec. 12, 2008, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Giles Kerley
          Bobby Toor
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


WAYFARER CDO: Members' Receive Wind-Up Report
---------------------------------------------
The members of Wayfarer CDO Limited 2006-1 met on Dec. 12, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SAGINAW DISCOVERY: Shareholder to Hold Final Meeting on Dec. 18
---------------------------------------------------------------
The sole shareholder of Saginaw Discovery Master Fund will hold
their final meeting on December 18, 2008, at 2:00 p.m.  At the
meeting, the shareholder will be asked to:

   -- confirm, ratify and approve the conduct of the liquidation
      by the liquidators, S.L.C. Whicker and K.D. Blake;
   -- approve the quantum of the liquidators' remuneration, that
      being fixed by the time properly spent by the liquidators
      and their staff;
   -- lay accounts before the meeting showing how the winding up
      has been conducted and how the property of the company has
      been disposed of as at the date of the final meeting and to
      approve such accounts; and
   -- authorize the liquidators to retain the records of the
      company and of the liquidators for a period of five years
      from the dissolution of the company, after which they may be
      destroyed.

The company's liquidator is:

          K.D. Blake
          c/o James Irons
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone:345-914-4496/ 345-949-4800
          Facsimile:345-949-7164/ 345-949-7164


SAGINAW DISCOVERY: Shareholder to Hold Final Meeting on Dec. 18
---------------------------------------------------------------
The sole shareholder of Saginaw Discovery Fund will hold their
final meeting on December 18, 2008, at 2:00 p.m.  At the meeting,
the shareholder will be asked to:

   -- confirm, ratify and approve the conduct of the liquidation
      by the liquidators, S.L.C. Whicker and K.D. Blake;
   -- approve the quantum of the liquidators' remuneration, that
      being fixed by the time properly spent by the liquidators
      and their staff;
   -- lay accounts before the meeting showing how the winding up
      has been conducted and how the property of the company has
      been disposed of as at the date of the final meeting and to
      approve such accounts; and
   -- authorize the liquidators to retain the records of the
      company and of the liquidators for a period of five years
      from the dissolution of the company, after which they may be
      destroyed.

The company's liquidator is:

          K.D. Blake
          c/o James Irons
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone:345-914-4496/ 345-949-4800
          Facsimile:345-949-7164/ 345-949-7164


EEGO FUND: Member to Hear Wind-Up Report
----------------------------------------
The member of Eego Fund International met on Dec. 15, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          James Bitzer
          c/o Caledonian House
          PO Box 1043, Grand Cayman KY1-1102
          Tel: +345 914 4910
          Fax: +345 814 4868


SUNDIAL FUND: Shareholder to Hold Final Meeting on Dec. 11
----------------------------------------------------------
The sole shareholder of Sundial Fund Limited will hold their final
meeting on December 11, 2008, at 2:15 p.m.  At the meeting, the
shareholder will be asked to:

   -- confirm, ratify and approve the conduct of the liquidation
      by the liquidators, S.L.C. Whicker and K.D. Blake;
   -- approve the quantum of the liquidators' remuneration, that
      being fixed by the time properly spent by the liquidators
      and their staff;
   -- lay accounts before the meeting showing how the winding up
      has been conducted and how the property of the company has
      been disposed of as at the date of the final meeting and to
      approve such accounts; and
   -- authorize the liquidators to retain the records of the
      company and of the liquidators for a period of five years
      from the dissolution of the company, after which they may be
      destroyed.

The company's liquidator is:

          K.D. Blake
          c/o James Irons
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone:345-914-4496/ 345-949-4800
          Facsimile:345-949-7164/ 345-949-7164


SUNDIAL MASTER: Shareholder to Hold Final Meeting on Dec. 11
------------------------------------------------------------
The sole shareholder of Sundial Master Fund Limited will hold
their final meeting on December 11, 2008, at 2:00 p.m.  At the
meeting, the shareholder will be asked to:

   -- confirm, ratify and approve the conduct of the liquidation
      by the liquidators, S.L.C. Whicker and K.D. Blake;
   -- approve the quantum of the liquidators' remuneration, that
      being fixed by the time properly spent by the liquidators
      and their staff;
   -- lay accounts before the meeting showing how the winding up
      has been conducted and how the property of the company has
      been disposed of as at the date of the final meeting and to
      approve such accounts; and
   -- authorize the liquidators to retain the records of the
      company and of the liquidators for a period of five years
      from the dissolution of the company, after which they may be
      destroyed.

The company's liquidator is:

          K.D. Blake
          c/o James Irons
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone:345-914-4496/ 345-949-4800
          Facsimile:345-949-7164/ 345-949-7164



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

* ECUADOR: Signs 12 Agreements With Iran
----------------------------------------
Iran and Ecuador signed 12 memorandums of understanding during
Ecuadorean President Rafael Correa's visit to Tehran, The
International Herald Tribune reports, citing Iranian official news
agency.

According to the report, the agreements signed were in the fields
of industry, energy, oil, banking, health and commerce.

Iran is working to improve relations with South American nations
with left-leaning leaders opposed to the U.S, the report says.

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



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

AIR JAMAICA: Government Assures it Won't Abandon Airline
--------------------------------------------------------
Jamaica has no intention of abandoning Air Jamaica after it is
divested next year, Jamaica Information Service reports, citing
Minister of Finance and the Public Service, Audley Shaw.

As reported by the Troubled Company Reporter - Latin America on
November 20, 2008, Jamaica Information Service said the divestment
of Air Jamaica is scheduled to be completed by March 31, 2009.
"The Divestment Committee is working with the International
Finance Corporation, a member of the World Bank.  The final phase
of the divestment, marketing and implementation, is currently
underway and the marketing document, an information memorandum,
has been finalized," the report cited Senator Don Wehby as saying.

Jamaica Gleaner related Air Jamaica President Bruce Nobles
admitted there is no clear plan for the future of the airline if
the management fails to divest the carrier by the March 31
deadline.

According to a TCRLA report on October 20, 2008, The Jamaica
Gleaner said Air Jamaica is set to lose US$108 million during the
present financial year.  However, the global slowdown in aviation
and financial markets, and Jamaica's own economic uncertainty,
will not derail plans for the divestment of Air Jamaica, said
Senator Don Wehby.

That same report noted Mr. Nobles and his team had been in
discussion with potential purchasers to ensure the divestment is
completed by the deadline.  The Government has contracted the
services of IFC, the private sector arm of the World Bank, as
consultants and advisers in the divestment process, the same
report added.

Jamaican Information Service related Senator Wehby said, "The
deliverables for the divestment are clear.  The Air Jamaica brand
must be maintained; adequate airlift must be provided for the
island; and the selected partner must have extensive airline
experience, matched with the appropriate capital."

"I want to give you loyal Air Jamaica customers and the people of
Jamaica the assurance that the decision of the Government to
divest Air Jamaica includes World Bank assistance for the process
of putting the airline on a sound footing, once and for all,"
Jamaica Information Service cited Senator Wehby as saying.

Jamaica Information Service adds that Senator Wehby credited Air
Jamaica with providing some 50% of all the passengers who arrive
in the island, and that over the past three months, the airline
has significantly improved on its on-time arrival record.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994. However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.



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

BANCO CREDIT SUISSE: Moody's Affirms BFSR at D+; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service affirmed the long and short-term ratings
of Credit Suisse (deposits and senior debt at Aa1/P-1, bank
financial strength rating at B) -- the principal banking
subsidiary of Credit Suisse Group -- as well as affirming the
ratings of Credit Suisse Group (senior debt at Aa2/ P-1) and its
other subsidiaries.  At the same time, the rating agency changed
its rating outlook on Credit Suisse Group and most of its
subsidiaries to negative from stable.  The rating outlook for
Banco Credit Suisse Mexico, S.A. (foreign currency deposits at
Baa1/P-2, bank financial strength rating at D+) remains stable.

The rating action follows Credit Suisse's announcement that it had
a net loss of approximately CHF3 billion during October and
November, reflecting a significant pre-tax loss in its Investment
Banking division due to challenging market conditions.  Credit
Suisse also announced that it intends to accelerate its plans to
further reduce risk positions and volatility in the Investment
Bank business, including an exit from certain proprietary and
principal trading activities as well as certain origination
activities.  In connection with this the bank has announced plans
to lower costs by reducing its headcount by approximately 11%,
with most of the reduction relating to the Investment Bank.

Moody's said that the quarter-to-date loss reveals a degree of
earnings volatility inconsistent with Credit Suisse's current
ratings.  With a BFSR of B and deposits rated Aa1, Credit Suisse
is one of the higher rated firms among those large banks and
securities firms with a significant concentration in capital
markets activities.  Moody's believes that Credit Suisse has
managed through the credit crisis more effectively than many of
its peers through a combination of good risk management and rapid
reduction of risk concentrations, supported by the strong and
stable earnings contribution of its Private Banking business.

However, the bank's substantial losses on proprietary trading
since mid-year, together with further markdowns on its remaining
portfolio of illiquid risk assets, highlight a significant risk
appetite and over reliance on hedging and diversification
strategies which have proven ineffective in the current market
environment.  The resulting earnings volatility is a concern not
only because of the increased risk of losses, but also because of
the potential impact such earnings volatility could have on Credit
Suisse's Private Banking business.  Although client flows in
Private Banking are generally stable, and have demonstrated strong
performance at Credit Suisse over the past year, Moody's believes
customer confidence in this business could nonetheless be impaired
were the bank to suffer an extended period of losses or negative
publicity.

Going forward, Moody's will focus on the future earnings and risk
profile of Credit Suisse under its revised Investment Bank
strategy, and more importantly the permanence of that strategy.
"The steps Credit Suisse announced today, if successful, could
lead to a less volatile earnings profile that still generates
risk-adjusted returns consistent with the bank's current ratings,"
said David Fanger, Senior Vice President and Moody's lead analyst
on Credit Suisse.  "However, implementing this strategy
successfully may be challenging in the current environment.  In
addition, even if successful over the near-term, the bank is
likely to face pressures to return to a more aggressive strategy
in the future, when market conditions improve."
The negative outlook reflects the risks posed to the rating if the
bank's risk reduction strategy is not successful.

Moody's noted that Credit Suisse's credit profile continues to be
supported by a strong liquidity and capital position, as well as
the more stable earnings profile of its Private Banking and Swiss
businesses.  The bank announced that it expects to have a tier 1
ratio of around 13% at year-end, which is higher than many of its
peers.

The last rating action was on October 17, 2008 when the ratings of
Credit Suisse Group and subsidiaries were affirmed.

Credit Suisse Group reported consolidated assets of CHF1,394
billion and shareholders' equity of CHF 39.0 billion as of
September 30, 2008 and is headquartered in Zurich, Switzerland.


DESARROLLADORA HOMEX: Moody's Affirms Senior Debt Rating at 'Ba3'
-----------------------------------------------------------------
Moody's affirmed Desarrolladora Homex's senior unsecured debt
rating at Ba3, its national scale issuer rating at A3.mx, and its
global scale local currency issuer rating at Ba3.  The rating
outlook was revised to stable from positive.

The revision to a stable outlook reflects the current global
macro-economic challenges which are pressuring Homex's clients,
specifically for middle and higher income homes.  Furthermore,
banks and mortgage sofoles/sofomes are curtailing their mortgage
origination targets and substantially tightening their
underwriting criteria.  INFONAVIT, which represents more than 60%
of the mortgage financing in Mexico, and 82% of Homex's clients'
source of financing for 2008 and 95% for 2009 continues to be
committed to the origination of low-income housing.  However, it
recently revised downwards its origination target guidance for the
next two years.  It expects to issue 10% less loans in 2009 than
its previous budget, which is flat from 2008.  For 2010 it is
forecasting a 5% decline from its previous budget, but a 14%
increase from 2009 levels.  Homex has prudently adjusted its
growth prospects and refocused more of its construction to the
low-income housing sector in which INFONAVIT is the main mortgage
financing provider.  Moody's expects these market challenges to
continue to negatively affect Homex's operations, growth, margins
and efficiency measures.  In addition, although Homex has
maintained solid credit metrics in this challenging operating
environment, these metrics are more consistent with a Ba3, stable
outlook rating.

Moody's Ba3 global local currency and A3.mx national scale issuer
ratings reflect Desarrolladora Homex's position as one of the top
five homebuilders in Mexico in terms of housing units sold, as
well as its conservative capital structure and sound profitability
and liquidity.  Furthermore, the Mexican housing market exhibits
strong demographics, with demand far exceeding supply.  Homex is a
publicly traded company, listed on the Bolsa Mexicana de Valores
and the New York Stock Exchange, which enhances transparency and
corporate governance.  These positive factors are offset by the
high costs of land and infrastructure, and some speculative
homebuilding.  Other challenges include the business's reliance on
the Mexican Government's support for housing, and Mexico's
economic and political environment.

The stable rating outlook is based on Moody's determination that
Homex's sound management team executes strong internal controls,
construction expertise and efficient methods.  Moody's believes
that Homex has strong franchise value, with a well-recognized
brand and a valuable land reserve strategy.  The stable outlook
also reflects Moody's expectation that Homex will at least
maintain its current credit metrics and continue to improve
efficiencies in land development.  Furthermore, Moody's also
expects that Homex will continue to focus on targeting its current
product mix, while maintaining high quality construction and its
market leadership.

Moody's stated that rating improvements could result from bringing
Total Debt/EBITDA closer to 1X, Total Debt/Total Assets closer to
11%, fixed charge coverage closer to 9X, while at a minimum
maintaining EBITDA margins in the low to mid 20%.  Continued
improvement in its industry leadership in the sector and as a
public company would also be a plus.  Downward rating pressure
would result from substantial missteps in its growth strategy,
which includes a joint venture focused on the lease-to-own
program, as well as total debt to total asset levels approaching
25%, while EBITDA margins fall below 15% and fixed charge coverage
falls consistently below 4.5X.  Increased costs of land and land
development would also result in negative rating pressure, as
would an adverse shift in governmental housing policy.

These ratings were affirmed with a stable outlook:

Desarrolladora Homex, S.A. De C.V.

  -- National scale issuer rating at A3.mx and global scale local
     currency issuer rating at Ba3

Desarrolladora Homex, S.A. De C.V.

  -- Ba3 senior notes issued in the USA

The last rating action with respect to Homex was on September 17,
2007 when Moody's affirmed its ratings.  The rating outlook
remained positive.

Desarrolladora Homex, S.A. de C.V. is based in Culiacan, Sinaloa,
Mexico.  The firm reported assets of approximately US$27,339
million Mexican Pesos and equity of approximately $11,203 million
Mexican Pesos as of September 30, 2008.  Homex is a homebuilder
engaged in the development, construction, marketing and sale of
mostly affordable housing in Mexico.

Homex's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Homex's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.


DEUTSCHE BANK MEXICO: Moody's Says 'D' BSFR Outlook Is Stable
-------------------------------------------------------------
Moody's Investors Service affirmed Deutsche Bank Mexico S.A.'s A1
global local currency deposit rating but changed the outlook to
negative from stable.  All other existing ratings, including the
bank financial strength rating of D, the Baa1/Prime-2 foreign
currency deposit ratings, and the Aaa.mx/MX-1 Mexican National
Scale have stable outlooks.

The action on Deutsche Bank Mexico follows a similar rating action
taken on parent Deutsche Bank AG, where Moody's changed the
outlook on DB's Aa1 long-term debt and deposit ratings and B BFSR
to negative from stable

The A1 GLC deposit rating assigned to Deutsche Bank Mexico to a
great extent incorporates Moody's assessment of the probability of
very high support that could be received from its parent company
DB.  Moody's noted that an integral part of the support to the
Mexican entity is the transfer of a significant portion of the
risks related to the principal trading and investment banking
activities of Deutsche Bank Mexico to other entities of the DB
group.  Deutsche Bank Mexico's operation is supported by its
parent in the form of risk management policies, strategy, and
business model.

The last rating action was on May 11, 2007 when the BFSR and GLC
and foreign currency deposit ratings of Deutsche Bank Mexico were
assigned.

Deutsche Bank Mexico is headquartered in Mexico City, and reported
Mx$8.98 billion in assets as of September 30, 2008.

This action was taken on Deutsche Bank Mexico, S.A.:

  -- Global Local Currency Deposit Rating of A1: Outlook changed
     to negative from stable


* MEXICO: Implements "Austere" Cost Cuts to Counter Trading Slumps
------------------------------------------------------------------
Mexico's Stock Exchange is implementing "austere" cost cuts to
offset a slump in trading that may last through the second quarter
of 2009, Bloomberg News reports, citing Exchange Chairman
Guillermo Prieto.

Chairman Prieto, in a television interview, told Bloomberg News
trading volumes fell to the lowest this year in November,
prompting the exchange to take "austerity measures."  The exchange
has cut spending on items such as mobile-phone usage and may trim
payrolls next year, he added.

According to the report, Mexico's trading after Brazil's Bovespa
has slumped as the global credit crunch eroded demand for
emerging-market assets.  The Bolsa Index has declined 38% from a
record reached April 22, Chairman Prieto said, adding he doesn't
expect any initial public offerings in Mexico next year.

Bolsa Mexicana de Valores SAB, the operator of the stock exchange,
rose after Chairman Prieto announced the spending cuts, the report
notes.

Bloomberg News says Bolsa's decline this year has been led by
companies that rely on the U.S. for their sales:

-- Cemex SAB -- a cement producer that gets about a quarter of
   revenue from the U.S. -- has dropped 65% in 2008; and

-- Alfa SAB -- a maker of  aluminum engine heads and blocks -- has
   also fallen 65% this year because of concern that demand from
   U.S. automakers will weaken as the global economic slump
   deepens.

Chairman Prieto, the report adds, said he aims to bring operating
margins in line with publicly-traded peers.



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

CLOROX COMPANY: September 30 Balance Sheet Upside-Down by US$370MM
------------------------------------------------------------------
The Clorox Company's balance sheet at Sept. 30, 2008, showed total
assets of US$4.58 billion and total liabilities of US$4.95
billion, resulting in a stockholders' deficit of about US$370.00
million.

The company reported net earnings of US$128 million compared to
net earnings of US$111 for the same period in the previous year.

The company stated in its regulatory filing with the Securities
and Exchange Commission that its financial condition and
liquidity remain strong as of Sept. 30, 2008.  Net cash provided
by operations was US$93 million for the three months ended
Sept. 30, 2008, compared to US$163 million for the three months
ended Sept. 30, 2007.  The decrease was due to higher working
capital.  Working capital reflected the impact of the BBI
acquisition and higher inventory levels resulting from increased
commodity costs and inventory builds to support both new product
launches and the manufacturing network consolidation.  Also
contributing to the decline in cash flow were higher incentive
compensation and interest payments versus the prior year quarter.

The company's balance of working capital, defined in this context
as total current assets net of total current liabilities,
increased by US$16 million from June 30, 2008 to Sept. 30, 2008,
due to decreases in accrued liabilities and accounts payable,
partially offset by a decrease in receivables and other current
assets.  The US$99 million decrease in accrued liabilities and
accounts payable was driven by US$50 million of profit sharing and
incentive compensation payments offset by a net decrease of
US$13 million in accrued interest on long-term debt due to the
timing of payments.

Capital expenditures were US$39 million during the three months
ended Sept. 30, 2008, compared to US$26 million in the comparable
prior year quarter.

Net cash used for financing activities was US$75 million for the
three months ended Sept. 30, 2008, compared to US$110 million in
the comparable prior year quarter.  The change in cash used for
financing activities was primarily due to lower repayments of
commercial paper due to the decrease in cash provided by
operations.

At Sept. 30, 2008, the company had US$754 million commercial paper
outstanding at a weighted average interest rate of 5.3%.  At
June 30, 2008, the company had US$781 million commercial paper
outstanding at a weighted average interest rate of 2.9%.

At Sept. 30, 2008, the company had a US$1.20 billion revolving
credit agreement, which expires in April 2013.  The company
believes the revolving credit is now available and will continue
to be available for general corporate purposes and to support
commercial paper issuances.

A full-text copy of the the 10-Q filing is available for free at
http://ResearchArchives.com/t/s?3506

                   About The Clorox Company

Headquartered in Oakland, California, The Clorox Company (NYSE:
CLX) -- http://www.thecloroxcompany.com/-- manufactures and
markets household cleaning products with fiscal year 2007
revenues of US$4.8 billion.  Clorox markets some of consumers'
most trusted and recognized brand names, including its namesake
bleach and cleaning products, Green Works(TM) natural cleaners,
Armor All(R) and STP(R) auto-care products, Fresh Step(R) and
Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden
Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R)
water-filtration systems, Glad(R) bags, wraps and containers,
and Burt's Bees(R) natural personal care products.

Clorox has manufacturing facilities in China, Costa Rica,
Dominican Republic, Malaysia, Panama, Peru, United Kingdom,
among others.



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

HOME INTERIORS: Gets Go Signal to Sell Assets at Jan. 15 Auction
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
granted Home Interiors & Gifts, Inc., and its affiliates authority
to sell their assets pursuant to competitive bidding and public
auction.

The Debtors received the green light to auction off the capital
stock of Domistyle, Inc., and certain other assets; the capital
stock of Home Interiors de Mexico, S de RL de CV, and Home
Interiors de Mexico, S.A. de C.V.; and certain of the assets of
Laredo Candle Company, LLC.

Interested parties may submit bids by Jan. 8, 2009.  The
Debtors will hold an auction Jan. 15, 2009.  No stalking horse
bidder for each of the asset groups has been named.

                      About Home Interiors

Headquartered in Carrollton, Texas, Home Interiors & Gifts, Inc.
-- http://www.homeinteriors.com/-- manufactures, imports and
distributes indoor and outdoor home decorative accessories. It
was founded by Mary Crowley in 1957.  Through its affiliates, the
company has a significant presence in Mexico, Puerto Rico, and
Canada. Annual revenue in 2007 reached US$300 million.  When Mary
Crowley, died in 1986, her son, Don Carter continued the business
operation nearly debt-free.  In a leveraged transaction in 1998,
private equity firm of Hicks, Muse, Tate, and Furst acquired 66%
of the parent company, which resulted in the imposition of more
than US$500 million in debt on the Debtors.  In the face of
decreased sales and increased debt load, bondholders canceled
their debts in February 2006 in exchange for receiving most of the
outstanding equity of the Debtors.

About 40% of the goods the Debtors sell are now acquired from
manufacturers in China.  In the last decade, sales volume in the
U.S. has waned, but the Debtors reported that sales in Mexico and
Puerto Rico significantly increased.

The company and six of its affiliates filed for Chapter 11
protection on April 29, 2008 (Bankr. N.D. Tex. Lead Case No.
08-31961).  Andrew Jillson, Esq., Cameron Kinvig, Esq., Robert
McCormick, Esq., and Mike Massad, Esq., at Hunton & Williams, LLP,
represent the Debtors in their restructuring efforts.  The U.S.
Trustee for Region 6 has appointed seven creditors to serve on an
Official Committee of Unsecured Creditors.  Richard A. Lindenmuth
at Boulder International LLC, is designated as CRO.  Munsch Hardt
Kopf & Harr, PC represents the Committee in these cases.  When the
Debtors filed for protection against their creditors, they listed
assets and debts of between US$100 million and US$500 million
each.



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

* VENEZUELA: President Says Economy to Face Difficult Years
-----------------------------------------------------------
Venezuelan President Hugo Chavez said the country's economy will
face difficult years ahead as the world financial crisis expands
and demand for oil, the country's principal export, wanes, Daniel
Cancel of Bloomberg News reports.

As reported by the Troubled Company Reporter - Latin America on
November 25, 2008, Bloomberg News said President Chavez is more
concerned about the global financial crisis than the falling price
of oil, which accounts for 90% of the South American country's
exports.

In that report, Bloomberg News related, the country is prepared to
withstand the recent drop in crude oil prices.

"The world is in crisis," the report cited President Chavez as
saying.  "It hasn't hit Venezuela yet, but we can't say that a
crisis of this magnitude, depth and impact won't affect us.  The
economy will go through difficult moments in coming years without
a doubt.  But Venezuela has what it takes to navigate through the
storm," he added.

According to Bloomberg News, President Chavez has called on his
government to follow an "austere" budget next year and to reduce
spending.

Venezuela's economy, the report says, is slowing after years of
growth.  The economy expanded 4.6% in the third quarter from a
year earlier, the lowest rate in five years as annual inflation
accelerated to a five-year high of 36% in September, Bloomberg
News adds.

The Bolivarian Republic of Venezuela is a country on the northern
coast of South America.  The country comprises a continental
mainland and numerous islands located off the Venezuelan coastline
in the Caribbean Sea.  The Bolivarian Republic of Venezuela
possesses borders with Guyana to the east, Brazil to the south,
and Colombia to the west.  Trinidad and Tobago, Grenada, St.
Lucia, Barbados, Curaçao, Bonaire, Aruba, Saint Vincent and the
Grenadines and the Leeward Antilles lie just north, off the
Venezuelan coast.  Falling within the tropics, Venezuela sits
close to the equator, in the Northern Hemisphere.  According to
Moody's Rating Agency, the country continues to carry
a B2 foreign currency rating and a B1 local currency rating with
stable outlook.



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


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


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

ARGENTINA

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


BRAZIL

FER C ATLANT-PRF      VSPT4 BZ      -85429000       2074043008
HOPI HARI-PREF        PQTM4 BZ     -388872000        152268000
SANSUY-PREF A         SNSY5 BZ      -63134000        235182000
COARI PART            COAR3 BZ         -56000       3270861056
SANSUY SA-PREF A     SNSYAN BZ      -63134000        235182000
SANSUY SA-PREF B     SNSYBN BZ      -63134000        235182000
ARTHUR LANG-RC P     ARLA10 BZ      -26011000         34053000
TELEBRAS-PF BLCK     TELB40 BZ     -187984000        226080000
FABRICA RENAUX        FTRX3 BZ      -55261000        126672000
TELEBRAS-ADR            RTB US     -187984000        226080000
FABRICA TECID-RT      FTRX1 BZ      -55261000        126672000
TELEBRAS-PF RCPT     RCTB42 BZ     -187984000        226080000
TEXTEIS RENAUX       RENXPN BZ     -135343008         86140000
SCHLOSSER             SCLO3 BZ      -95113000         45358000
SCHLOSSER-PREF        SCLO4 BZ      -95113000         45358000
COBRASMA SA-PREF     COBRPN BZ    -2764018944         19346000
SCHLOSSER SA-PRF      SCHPN BZ      -95113000         45358000
TELEBRAS/W-I-ADR      TBH-W US     -187984000        226080000

TECBLU-PREF A        TBLUAN BZ      -13127000         14637000
BOMBRIL SA-ADR        BMBPY US     -485678016        442846016
TELEBRAS-ADR            TBH US     -187984000        226080000
KUALA-PREF            ARTE4 BZ      -33570000         11856000
VARIG SA              VAGV3 BZ   -10176870400       2094450944
CAF BRASILIA-PRF      CAFE4 BZ    -1042639040         38244000
TECBLU-PREF C        TBLUCN BZ      -13127000         14637000
STAROUP SA-PREF      STARPN BZ       -3164000         66833000
BOTUCATU TEXTIL       STRP3 BZ       -3164000         66833000
TELEBRAS SA          TLBRON BZ     -187984000        226080000
STAROUP SA           STARON BZ       -3164000         66833000
CAMBUCI SA            CAMB3 BZ      -42495000        177378992
TELEBRAS SA           TBASF US     -187984000        226080000
FER C ATLANT          VSPT3 BZ      -85429000       2074043008
TELEBRAS-PF RCPT      TBAPF US     -187984000        226080000
TELEBRAS-CED C/E      RCT4C AR     -187984000        226080000
PARQUE TEM-RT PF      PQTM2 BZ     -388872000        152268000
PARQUE TEM-DV PF       PQT6 BZ     -388872000        152268000
TELEBRAS-CEDE PF      TELB4 AR     -187984000        226080000
PARQUE TEM-RCT C      PQTM9 BZ     -388872000        152268000
PROMAN                PRMN3 BZ        -591000         24461000
NOVA AMERICA SA      1NOVON BZ     -353104000         40955000
SANSUY                SNSY3 BZ      -63134000        235182000
NORDON METAL         NORDON BZ      -33521000         36317000
ARTHUR LANGE          ARLA3 BZ      -26011000         34053000
NORDON MET-RTS        NORD1 BZ      -33521000         36317000
NOVA AMERICA-PRF     1NOVPN BZ     -353104000         40955000
TELEBRAS-PF RCPT      CBRZF US     -187984000        226080000
PARQUE TEM-DV CM       PQT5 BZ     -388872000        152268000
NOVA AMERICA-PRF      NOVA4 BZ     -353104000         40955000
TECBLU-RCPT PREF       TEN9 BZ      -13127000         14637000
TELEBRAS-CM RCPT     RCTB31 BZ     -187984000        226080000
TELEBRAS-CM RCPT     RCTB32 BZ     -187984000        226080000
EXCELSIOR-RCT         BAUH9 BZ       -3589000         20444000
DHB IND E COM         DHBON BZ     -555984960        209212992
TELEBRAS-PF RCPT     RCTB40 BZ     -187984000        226080000
TELEBRAS-PF RCPT     RCTB41 BZ     -187984000        226080000
TELEBRAS-RCT         RCTB33 BZ     -187984000        226080000
TELEBRAS-RTS PRF      TLCP2 BZ     -187984000        226080000
SAUIPE SA            PSEGON BZ      -16319050         17641202
SAUIPE SA-PREF       PSEGPN BZ      -16319050         17641202
SAUIPE                PSEG3 BZ      -16319050         17641202
BUETTNER SA-RTS       BUET1 BZ      -54926000        148186992
TELEBRAS-CEDEA $      RCT4D AR     -187984000        226080000
TELEBRAS-RTS CMN      RCTB1 BZ     -187984000        226080000
TELEBRAS-CEDE BL      RCT4B AR     -187984000        226080000
PARQUE TEM-RCT P     PQTM10 BZ     -388872000        152268000
TECTOY-PREF           TOYB4 BZ       -2539000         41684000
CONST A LIND-PRF      CALI4 BZ      -13659000         51808000
TECTOY-BONUS RTS     TOYB13 BZ       -2539000         41684000
TECTOY                TOYB3 BZ       -2539000         41684000
TECTOY SA            TOYBON BZ       -2539000         41684000
ACO ALTONA SA         EAAON BZ      -31429000        170270992
TEC TOY SA-PF B       TOYB6 BZ       -2539000         41684000
TECTOY-RCT ORD        TOYB9 BZ       -2539000         41684000
TELEBRAS-PF RCPT     TLBRUP BZ     -187984000        226080000

MINUPAR               MNPR3 BZ      -34191000        179201008
DTC DIRECT CO SA     1DTCON BZ      -16264999         11902000
TELEBRAS-RECEIPT     TLBRUO BZ     -187984000        226080000
TECTOY-PF-RTS5/6     TOYB11 BZ       -2539000         41684000
VARIG SA             VARGON BZ   -10176870400       2094450944
TECTOY-RTS/3          TOYB1 BZ       -2539000         41684000
TECTOY-RCT PREF      TOYB10 BZ       -2539000         41684000
SAUIPE-PREF           PSEG4 BZ      -16319050         17641202
TECEL S JOSE-PRF      SJOS4 BZ      -37557000         79567000
FERROVIA CEN-DVD     VSPT11 BZ      -85429000       2074043008
FERROVIA CEN-DVD     VSPT12 BZ      -85429000       2074043008
WIEST SA-PREF        WISAPN BZ     -140973008         71372000
WIEST-PREF            WISA4 BZ     -140973008         71372000
WIEST                 WISA3 BZ     -140973008         71372000
HERCULES              HETA3 BZ     -273456000         25126000
TEXTEIS RENAU-PF      TXRX4 BZ     -135343008         86140000
MINUPAR-PREF          MNPR4 BZ      -34191000        179201008
TEC TOY SA-PREF       TOYDF US       -2539000         41684000
TEXTIL RENAUXVIE      TXRX3 BZ     -135343008         86140000
VARIG SA-PREF        VARGPN BZ   -10176870400       2094450944
TELEBRAS-RCT PRF     TELB10 BZ     -187984000        226080000
VARIG SA-PREF         VAGV4 BZ   -10176870400       2094450944
BOMBRIL               BOBR3 BZ     -485678016        442846016
TELEBRAS-ADR          TBRAY GR     -187984000        226080000
TELEBRAS-COM RTS      TELB1 BZ     -187984000        226080000
ESTRELA SA-PREF      ESTRPN BZ      -80125000        153186000
FERRAGENS HAGA-P     HAGAPN BZ     -110814000         25668954
TELEBRAS-CEDEA $      TEL4D AR     -187984000        226080000
PARQUE TEM-RT CM      PQTM1 BZ     -388872000        152268000
GASCOIGNE EMPREE     1GASON BZ    -1048602048       1586146944
TECBLU-PREF B         TENE6 BZ      -13127000         14637000
TELEBRAS-BLOCK       TELB30 BZ     -187984000        226080000
TELEBRAS-RTS CMN      TCLP1 BZ     -187984000        226080000
TEKA                  TEKA3 BZ     -449536992        526557984
AZEVEDO               AZEV3 BZ      -10976000        116398000
TELEBRAS-ADR            TBX GR     -187984000        226080000
TEXTEIS RENAUX       RENXON BZ     -135343008         86140000
TEKA-ADR              TEKAY US     -449536992        526557984
TECTOY-RCPT PF B     TOYB12 BZ       -2539000         41684000
TEKA                 TEKAON BZ     -449536992        526557984
TECBLU-PREF C         TENE7 BZ      -13127000         14637000
TECBLU-COM RCT        TENE9 BZ      -13127000         14637000
CAMBUCI SA-PREF       CXDOF US      -42495000        177378992
TELEBRAS SA           TELB3 BZ     -187984000        226080000
TEKA                  TKTQF US     -449536992        526557984
TEKA-ADR              TKTQY US     -449536992        526557984
DTC DIRECT CO-RT    1DTCONR BZ      -16264999         11902000
TEKA-ADR              TKTPY US     -449536992        526557984
TELEBRAS-PF RCPT     TELE41 BZ     -187984000        226080000
TECBLU-RCPT CMN        TEN8 BZ      -13127000         14637000
FERRAGENS HAGA       HAGAON BZ     -110814000         25668954
TELEBRAS-CM RCPT     TELE31 BZ     -187984000        226080000
TECBLU-PR A RC       TENE11 BZ      -13127000         14637000
TECBLU                TENE3 BZ      -13127000         14637000
DOCAS SA-PREF        DOCAPN BZ      -23571000        206494000
TECBLU -RTS           TENE1 BZ      -13127000         14637000

ARTHUR LANG-RT P      ARLA2 BZ      -26011000         34053000
CAMBUCI SA           CAMBON BZ      -42495000        177378992
CAMBUCI SA-PREF      CAMBPN BZ      -42495000        177378992
TELEBRAS-ADR          TBAPY US     -187984000        226080000
CAMBUCI SA-PREF       CAMB4 BZ      -42495000        177378992
COBRASMA-PREF         CBMA4 BZ    -2764018944         19346000
NOVA AMERICA-PRF     NOVAPN BZ     -353104000         40955000
FER C ATL-RCT CM      VSPT9 BZ      -85429000       2074043008
COBRASMA              CBMA3 BZ    -2764018944         19346000
TEKA-PREF             TKTPF US     -449536992        526557984
ARTHUR LAN-DVD P     ARLA12 BZ      -26011000         34053000
NOVA AMERICA SA      NOVAON BZ     -353104000         40955000
TELECOMUNICA-ADR     81370Z BZ     -187984000        226080000
CONST A LINDEN        CALI3 BZ      -13659000         51808000
TEC TOY SA-PREF       TOYB5 BZ       -2539000         41684000
ACO ALTONA-PREF       EALT4 BZ      -31429000        170270992
TECBLU-PREF B        TBLUBN BZ      -13127000         14637000
ARTHUR LANG-RT C      ARLA1 BZ      -26011000         34053000
HOPI HARI SA          PQTM3 BZ     -388872000        152268000
SCHLOSSER SA          SCHON BZ      -95113000         45358000
TECEL S JOSE          SJOS3 BZ      -37557000         79567000
CENT AMAPA            CTAP3 BZ      -11996000            15000
TELEBRAS SA-PREF      TELB4 BZ     -187984000        226080000
CAFE BRASILIA SA     CSBRON BZ    -1042639040         38244000
CAFE BRASILIA-PR     CSBRPN BZ    -1042639040         38244000
CHIARELLI SA          CCHON BZ      -85685000         42853000
WETZEL SA-PREF       MWELPN BZ       -8903000        150210992
CHIARELLI SA          CCHI3 BZ      -85685000         42853000
CHIARELLI SA-PRF      CCHI4 BZ      -85685000         42853000
COBRASMA SA          COBRON BZ    -2764018944         19346000
ARTHUR LAN-DVD C     ARLA11 BZ      -26011000         34053000
DOCA INVESTI-PFD      DOCA4 BZ      -23571000        206494000
COARI PART-PREF       COAR4 BZ         -56000       3270861056
AZEVEDO E TRA-PR     AZEVPN BZ      -10976000        116398000
EXCELSIOR-RT          BAUH1 BZ       -3589000         20444000
BAUMHARDT IRM-PR     BAUMPN BZ       -3589000         20444000
BOMBRIL SA-ADR        BMBBY US     -485678016        442846016
EXCELSIOR ALIMEN      BAUH3 BZ       -3589000         20444000
EXCELSIOR-PREF        BAUH4 BZ       -3589000         20444000
TECBLU-PREF A         TENE5 BZ      -13127000         14637000
EXCELSIOR-RT          BAUH2 BZ       -3589000         20444000
SANSUY SA            SNSYON BZ      -63134000        235182000
KUALA                 ARTE3 BZ      -33570000         11856000
NOVA AMERICA SA       NOVA3 BZ     -353104000         40955000
ARTHUR LANGE-PRF      ARLA4 BZ      -26011000         34053000
ARTEX SA-PREF        ARTXPN BZ      -33570000         11856000
TELEBRAS-CM RCPT      TBRTF US     -187984000        226080000
TECBLU               TBLUON BZ      -13127000         14637000
ARTEX SA             ARTXON BZ      -33570000         11856000
BOMBRIL CIRIO SA     BOBRON BZ     -485678016        442846016
BOMBRIL CIRIO-PF     BOBRPN BZ     -485678016        442846016
TEKA-PREF             TEKA4 BZ     -449536992        526557984
BOMBRIL-PREF          BOBR4 BZ     -485678016        442846016
BUETTNER              BUET3 BZ      -54926000        148186992
BUETTNER-PREF         BUET4 BZ      -54926000        148186992
BOTUCATU-PREF         STRP4 BZ       -3164000         66833000

BUETTNER SA-RT P      BUET2 BZ      -54926000        148186992
AZEVEDO-PREF          AZEV4 BZ      -10976000        116398000
BOMBRIL               BMBBF US     -485678016        442846016
CHIARELLI SA-PRF      CCHPN BZ      -85685000         42853000
BAUMHARDT IRMAOS     BAUMON BZ       -3589000         20444000
BOMBRIL-RIGHTS        BOBR1 BZ     -485678016        442846016
BOMBRIL-RGTS PRE      BOBR2 BZ     -485678016        442846016
AZEVEDO E TRAVAS     AZEVON BZ      -10976000        116398000
TELEBRAS-ADR          TBASY US     -187984000        226080000
TEKA-PREF            TEKAPN BZ     -449536992        526557984
HERCULES SA-PREF     HERTPN BZ     -273456000         25126000
WIEST SA             WISAON BZ     -140973008         71372000
TELEBRAS-CED C/E      TEL4C AR     -187984000        226080000
HERCULES SA          HERTON BZ     -273456000         25126000
DOC IMBITUBA-RTP      IMBI2 BZ      -25164000        202283008
SANSUY-PREF B         SNSY6 BZ      -63134000        235182000
HERCULES-PREF         HETA4 BZ     -273456000         25126000
DOC IMBITUBA-RTC      IMBI1 BZ      -25164000        202283008
CIMOB PART-PREF       GAFPN BZ      -77366408         90471752
DTCOM- DIRECT-PR      DTCY4 BZ      -16264999         11902000
CIMOB PARTIC SA       GAFP3 BZ      -77366408         90471752
TELEBRAS-CM RCPT     RCTB30 BZ     -187984000        226080000
FER HAGA-PREF         HAGA4 BZ     -110814000         25668954
ALL MALHA PAULIS      GASC3 BZ    -1048602048       1586146944
GASCOIGNE EMP-PF      GASC4 BZ    -1048602048       1586146944
HAGA                  HAGA3 BZ     -110814000         25668954
ARTHUR LANG-RC C      ARLA9 BZ      -26011000         34053000
MINUPAR SA           MNPRON BZ      -34191000        179201008
CONST A LIND-PRF     LINDPN BZ      -13659000         51808000
TELEBRAS-CEDE PF      RCTB4 AR     -187984000        226080000
TELEBRAS-RTS PRF      RCTB2 BZ     -187984000        226080000
WETZEL SA             MWET3 BZ       -8903000        150210992
MINUPAR SA-PREF      MNPRPN BZ      -34191000        179201008
WETZEL SA            MWELON BZ       -8903000        150210992
DOCAS IMBITUB-PR     IMBIPN BZ      -25164000        202283008
ARTHUR LANGE SA      ALICON BZ      -26011000         34053000
DOC IMBITUB-PREF      IMBI4 BZ      -25164000        202283008
DOCAS IMBITUBA       IMBION BZ      -25164000        202283008
TELEBRAS SA-PREF     TLBRPN BZ     -187984000        226080000
CONST A LINDEN       LINDON BZ      -13659000         51808000
ACO ALTONA            EALT3 BZ      -31429000        170270992
NORDON MET            NORD3 BZ      -33521000         36317000
EXCELSIOR-RCT        BAUH10 BZ       -3589000         20444000
DOC IMBITUBA          IMBI3 BZ      -25164000        202283008
DTCOM DIRECT-RCT      DTCY9 BZ      -16264999         11902000
BUETTNER SA          BUETON BZ      -54926000        148186992
DTCOM- DIR TO CO      DTCY3 BZ      -16264999         11902000
BUETTNER SA-PRF      BUETPN BZ      -54926000        148186992
CAF BRASILIA          CAFE3 BZ    -1042639040         38244000
TECTOY SA-PREF       TOYBPN BZ       -2539000         41684000
ACO ALTONA-PREF       EAAPN BZ      -31429000        170270992
CIMOB PART-PREF       GAFP4 BZ      -77366408         90471752
DHB IND E COM-PR      DHBPN BZ     -555984960        209212992
D H B                 DHBI3 BZ     -555984960        209212992
D H B-PREF            DHBI4 BZ     -555984960        209212992
ARTHUR LANGE-PRF     ALICPN BZ      -26011000         34053000

DOCAS SA             DOCAON BZ      -23571000        206494000
DOCAS SA-RTS PRF      DOCA2 BZ      -23571000        206494000
GASCOIGNE EMP-PF     1GASPN BZ    -1048602048       1586146944
FABRICA RENAUX-P     FRNXPN BZ      -55261000        126672000
FABRICA RENAUX       FRNXON BZ      -55261000        126672000
FER C ATL-RCT PF     VSPT10 BZ      -85429000       2074043008
TECEL S JOSE-PRF     FTSJPN BZ      -37557000         79567000
TECEL S JOSE         FTSJON BZ      -37557000         79567000
FABRICA RENAUX-P      FTRX4 BZ      -55261000        126672000
WETZEL SA-PREF        MWET4 BZ       -8903000        150210992
ESTRELA SA            ESTR3 BZ      -80125000        153186000
CIMOB PARTIC SA       GAFON BZ      -77366408         90471752
ESTRELA SA           ESTRON BZ      -80125000        153186000
ESTRELA SA-PREF       ESTR4 BZ      -80125000        153186000
DOCA INVESTIMENT      DOCA3 BZ      -23571000        206494000
ENACAR                EMPOF US    -9463063552       3226756096
ENACAR-RT           ENACARO CI    -9463063552       3226756096
CARVILE-RT         CARVILEO CI    -6212240384       1295758976
CARVILE             CARVILE CI    -6212240384       1295758976
ENACAR               ENACAR CI    -9463063552       3226756096



                            ***********

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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