TCRLA_Public/081201.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

           Monday, December 1, 2008, Vol. 9, No. 238

                            Headlines

A R G E N T I N A

GERDAU SA: To Postpone US$524-Mil. Investment in Argentina


B A H A M A S

FORD MOTOR: May Get Gov't Bailout, Says Deutsche; Shares Rise


B E R M U D A

ACA SOLUTIONS: Creditors' Proofs of Debt Due on December 10
ACA SOLUTIONS: Final Meeting Slated for December 30
CE BALI: Creditors' Proofs of Debt Due on December 10
CE BALI: Members' Final Meeting Set for December 30
E*TRADE ASIA: Creditors' Proofs of Debt Due on December 10

E*TRADE ASIA: Members' Final Meeting Set for December 30
GENPAR HOLDINGS: Creditors' Proofs of Debt Due on December 10
GENPAR HOLDINGS: Members' Final Meeting Set for December 30
HELICON RE: Creditors' Proofs of Debt Due on December 10
HELICON RE: Members' Final Meeting Set for December 31

REFCO INC: Suit Against Account Holder Settled for US$17.5 Million
THE ANDESITE: Requires Creditors to File Claims by Dec. 10
THE ANDESITE: Members' Final Meeting Set for December 30


B R A Z I L

TELE NORTE: Plans R$2 Bil. Notes Issue to Buy Brasil Telecom Stake


C A Y M A N  I S L A N D S

BEACON (CAYMAN): Placed Under Voluntary Liquidation
BICHUMI GLOBAL: Creditors' Proofs of Debt Due on December 12
BUNGE TRADE: Creditors' Proofs of Debt Due on December 12
C-BASS CBO: Creditors' Proofs of Debt Due on December 12
C-SQUARED: Creditors' Proofs of Debt Due on December 12

CHANCELLOR/TRITON: Creditors' Proofs of Debt Due on December 12
ENHANCED LOAN: Creditors' Proofs of Debt Due on December 12
HAMILTON GARDENS: Creditors' Proofs of Debt Due on December 12
KONA LIMITED: Requires Creditors to File Claims by December 12
MC KOSHIGAYA: Requires Creditors to File Claims by December 12

MC KOSHIGAYA: Members' Final Meeting Set for December 12
MC MUSASHIMURAYAMA: Creditors' Proofs of Debt Due on December 12
MC MUSASHIMURAYAMA: Members' Final Meeting Set for December 12
MYSTIC POINT: Creditors' Proofs of Debt Due on December 12
NIEUW HAARLEM: Creditors' Proofs of Debt Due on December 12

NINE STEPS: Creditors' Proofs of Debt Due on December 12
NORTHWATER PORTABLE: Creditors' Proofs of Debt Due on December 12
NORTHWATER PORTABLE: Members' Final Meeting Set for December 12
NORTHWATER PORTABLE: Creditors' Proofs of Debt Due on December 12
NORTHWATER PORTABLE: Members' Final Meeting Set for December 12

PACIFICA CDO: Creditors' Proofs of Debt Due on December 12


C H I L E

EMPRESAS IANSA: S&P Downgrades Corporate Credit Rating to 'BB-'


D O M I N I C A N   R E P U B L I C

BANCREDITO: Sentencing Judge Sends Police to Arrest Ex-Bankers


E C U A D O R

* ECUADOR: May Hike Tariff On Goods to Protect Domestic Producers


J A M A I C A

AIR JAMAICA: Gov't Gets Help From IDB for Airline Stake Sale


M E X I C O

FLEETWOOD ENTERPRISES: Closes Plants and Consolidates Operations
METROFINANCIERA SA: Third Quarter Results Cue S&P to Junk Ratings


P U E R T O  R I C O

COMERIO MEDICAL: Court Sets Status Conference for January 13
PILGRIM'S PRIDE: Gets Third Extension of Covenant Waiver


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Says Petropiar is Operating Below Capacity


X X X X X X X X

* BOND PRICING: For the Week November 24 - November 28, 2008


                         - - - - -


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

GERDAU SA: To Postpone US$524-Mil. Investment in Argentina
----------------------------------------------------------
Gerdau S.A. plans to suspend its plan to build a US$524-million
steel mill in Santa Fe, Argentina, this November, Reese Ewing of
Reuters reports.

The company, the report relates, revised the timeline of the
implementation of its plan due to the global financial crisis.
The company did not say how long the investments would be delayed
but said it would inform the market as soon as it had reached a
decision, the report says.

According to the report, the new mill was planned to have the
capacity to produce 1.1 million tonnes of steel and steel products
by 2016.

                        About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
28, 2008, Moody's Investors Service changed to positive from
stable the outlook of all ratings related to Gerdau S.A. (Ba1
Corporate Family Rating and Ba1 US$600 million guaranteed
perpetual bonds).



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

FORD MOTOR: May Get Gov't Bailout, Says Deutsche; Shares Rise
-------------------------------------------------------------
Soyoung Kim at Reuters reports that Deutsche Bank said that
chances for Ford Motor Co. and General Motors Corp., and Chrysler
LLC to get a bailout from the government have improved.

Reuters quoted Deutsche Bank analyst Rod Lache as saying, "There
is growing concern about the risks to the U.S. economy that would
be derived from inaction.  The proximity of these bailout hearings
to the Citigroup bailout may have also tipped the scales
somewhat."

Ford Motor, GM, and Chrysler would likely present "relatively
aggressive" plans to the Congress during a Dec. 8 session,
addressing challenges to operating costs and revenues, Reuters
says, citing Mr. Lache.  "We believe winning over skeptics will
require U.S. automakers to submit plans that demonstrate an
ability to achieve cash flow break-even at relatively low demand
and conservative market share levels," the report quoted Mr. Lache
as saying.

Mr. Lache, according to Reuters, said that GM could reduce its
yearly fixed costs for North American operations to the
US$20 billion range, from US$31 billion, but that would involve
"significant execution and timing risks."  Shareholders would
likely be diluted near no value for the stock, even if GM were
able to restructure outside of bankruptcy, the report says, citing
Mr. Lache.

"There is speculation that the automakers are going to release
their future business plan by Monday, which would allow the
government to give the auto industry their funds for the bailout,"
Reuters quoted brokerage firm vFinance Investments options
strategist William Lefkowitz as saying.

Reuters relate that some analysts expect GM's remaining equity
value to be wiped out by a government recapitalization.  According
to the report, Mr. Lefkowitz said that "trading in options" on GM
shares was active on Wednesday.  Call options allow buyers to
acquire a security at the predetermined price.

Reuters relates that GM shares surged 36.5%, or US$1.30, to
US$4.86 on the New York Stock Exchange, after hitting a 70-year
low of US$1.70 last week.  The report says that Ford Motor shares
also rose 26.5%, or 44 cents, to US$2.10 on the same day.  No
mention of Chrysler's shares was made.

            No Changes in Executive Compensation

Matthew Dolan at The Wall Street Journal reports that Ford Motor
hasn't indicated any changes in CEO Alan Mulally's salary, after
the Congress suggested that company executives cut their pay.
Ford Motor said in a statement that its board of directors'
compensation committee regularly reviews pay packages.

As reported in the Troubled Company Reporter on Nov. 20, 2008, Mr.
Mulally and GM CEO Rick Wagoner refused to have their salaries cut
to US$1 per year.  Chrysler CEO Robert Nardelli agreed in the
US$1 yearly salary.

Citing people familiar with the matter, WSJ relates that Mr.
Nardelli isn't paid a salary now under his current employment
agreement.  WSJ states that Mr. Nardelli will be compensated when
Chrysler's owner Cerberus Capital Management LP make a profit on
its acquisition of the auto maker.

          Ford Motor Focuses on Car Manufacturing

Seattlepi.com columnist Joel Connelly says that Mr. Mulally said
on Wednesday, "It's all about the products: We decided to make
cars that people really do want.  It's a very sophisticated plan."

According to Mr. Connelly, Mr. Mulally told the Seattle Rotary
Club, "This is a big deal for Ford because in the United States,
we had focused on big trucks and SUVs," and now has "the most safe
portfolio of new products."  The report states that Mr. Mulally
said that "in the United States, because of cost structures, we
moved away from cars."

                      About Ford Motor Co.

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

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

                      *     *     *

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

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



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

ACA SOLUTIONS: Creditors' Proofs of Debt Due on December 10
-----------------------------------------------------------
The creditors of ACA Solutions, Ltd. are required to file their
proofs of debt by December 10, 2008, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


ACA SOLUTIONS: Final Meeting Slated for December 30
---------------------------------------------------
ACA Solutions, Ltd. will hold a final general meeting on Dec. 30,
2008, at 9:30 a.m., at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, in Hamilton, Bermuda.

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

The company's liquidator is:

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


CE BALI: Creditors' Proofs of Debt Due on December 10
-----------------------------------------------------
The creditors of CE Bali Ltd. are required to file their proofs of
debt by December 10, 2008, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


CE BALI: Members' Final Meeting Set for December 30
---------------------------------------------------
The members of CE Bali Ltd. will hold their final meeting on
December 30, 2008, at 9:30 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


E*TRADE ASIA: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of E*TRADE Asia Ltd. are required to file their
proofs of debt by December 10, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 24, 2008.

The company's liquidator is:

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


E*TRADE ASIA: Members' Final Meeting Set for December 30
--------------------------------------------------------
The members of E*TRADE Asia Ltd. will hold their final meeting on
December 30, 2008, at 9:30 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 24, 2008.

The company's liquidator is:

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


GENPAR HOLDINGS: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------------
The creditors of Genpar Holdings Limited are required to file
their proofs of debt by December 10, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 24, 2008.

The company's liquidator is:

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


GENPAR HOLDINGS: Members' Final Meeting Set for December 30
-----------------------------------------------------------
The members of Genpar Holdings Limited will hold their final
meeting on December 30, 2008, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Nov. 24, 2008.

The company's liquidator is:

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


HELICON RE: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------
The creditors of Helicon Re Holdings, Ltd. are required to file
their proofs of debt by December 10, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 24, 2008.

The company's liquidator is:

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


HELICON RE: Members' Final Meeting Set for December 31
------------------------------------------------------
The members of Helicon Re Holdings, Ltd. will hold their final
meeting on December 31, 2008, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Nov. 24, 2008.

The company's liquidator is:

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


REFCO INC: Suit Against Account Holder Settled for US$17.5 Million
------------------------------------------------------------------
Bankruptcy Law360 says the plan administrator for Refco Capital
Markets Ltd. has settled an adversary proceeding with an account
holder, allowing US$175 million in unsecured claims to stand
against the estate.  In return, the report says, the claimant has
agreed to return US$17.5 million of a disputed US$30 million to
RCM.  The proposed settlement, the report says, resolves the
administrator's action to disallow the account holder's claims.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its Chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Pursuant to the plan, RJM, LLC, was named plan administrator to
reorganized Refco, Inc. and its affiliates, and Marc S. Kirschner
as plan administrator to Refco Capital Markets, Ltd.  (Refco
Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


THE ANDESITE: Requires Creditors to File Claims by Dec. 10
----------------------------------------------------------
The Andesite Global Health Science Fund Limited requires its
creditors to file their proofs of debt by December 10, 2008, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


THE ANDESITE: Members' Final Meeting Set for December 30
--------------------------------------------------------
The members of The Andesite Global Health Science Fund Limited
will hold their final meeting on December 30, 2008, at 9:30 a.m.,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

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



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

TELE NORTE: Plans R$2 Bil. Notes Issue to Buy Brasil Telecom Stake
------------------------------------------------------------------
Tele Norte Leste Participacoes S.A. (Oi Participacoes) plans an
issuance of R$2 billion (US$877.6 million) in promissory notes to
acquire stake in Brasi Telecom SA, Reuters reports.

As reported by the Troubled Company Reporter - Latin America on
November 24, 2008, Oi Participacoes received the government's
green light to acquire Brasil Telecom, as Luiz Inacio Lula da
Silva, President of the Federative Republic of Brazil, approved a
change in the country's telecommunications law.

According to TCRLA, the Financial Times reported that Oi
agreed to buy Brasil Telecom for R$5.9 billion (US$3.5 billion)
and to make an offer to minority shareholders which, if completed,
would raise the total purchase price to about R$12.4 billion.

Reuters notes the issuance of 80 promissory notes for
R$25 million each will be coordinated by Bradesco BBI, Itau BBA
and Santander.

With the issuance, Reuter says Oi will have raised about R$10
billion for the future acquisition of Brasil Telecom, nearly 80%
of the R$13 billion it expects to disburse for the takeover.

Jose Luis Salazar, director of finance and investor relations at
Oi., said the company will use their cash flow for additional
fees, Reuters notes.

The report adds the communications ministry and President Silva
are still expected to give the final approval for the takeover.

                       About Brasil Telecom

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

                         *     *     *

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

                       About Tele Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                          *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services placed on CreditWatch with negative implications the
'BB+' corporate credit rating on Tele Norte Leste Participacoes
S.A.  The creditwatch resulted from TmarPart's decision to buy
out its holding company's preferred shares.



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

BEACON (CAYMAN): Placed Under Voluntary Liquidation
---------------------------------------------------
The shareholders of Beacon (Cayman) Ltd. met on October 17, 2008,
and resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 27, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          Jan Neveril
          Carl Gosselin
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


BICHUMI GLOBAL: Creditors' Proofs of Debt Due on December 12
------------------------------------------------------------
The creditors of Bichumi Global I Limited are required to file
their proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Prashant Veturkar
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


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

The company commenced liquidation proceedings on Sept. 22, 2008.

The company's liquidators are:

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


C-BASS CBO: Creditors' Proofs of Debt Due on December 12
--------------------------------------------------------
The creditors of C-Bass CBO XX Ltd. are required to file their
proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Chris Watler
          Onson Mukwedeya
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


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

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

The company's liquidators are:

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


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

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

The company's liquidators are:

          Dianne Scott
          Carl Gosselin
          Maples Finance Limited
          P.O. Box 1093GT
          Grand Cayman, Cayman Islands


ENHANCED LOAN: Creditors' Proofs of Debt Due on December 12
-----------------------------------------------------------
The creditors of Enhanced Loan Facility 2000-1, Ltd. are required
to file their proofs of debt by December 12, 2008, to be included
in the company's dividend distribution.

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

The company's liquidators are:

          Chris Marett
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


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

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

The company's liquidators are:

          Carlos Farjallah
          Bobby Toor
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


KONA LIMITED: Requires Creditors to File Claims by December 12
--------------------------------------------------------------
The creditors of Kona Limited are required to file their proofs of
debt by December 12, 2008, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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


MC KOSHIGAYA: Requires Creditors to File Claims by December 12
--------------------------------------------------------------
The creditors of MC Koshigaya Holdings, Inc. are required to file
their proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Carl Gosselin
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


MC KOSHIGAYA: Members' Final Meeting Set for December 12
--------------------------------------------------------
The members of MC Koshigaya Holdings, Inc. will hold their final
meeting on December 12, 2008, at to hear the liquidators' report
on the company's wind-up proceedings and property disposal.

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

The company's liquidators are:

          Carl Gosselin
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


MC MUSASHIMURAYAMA: Creditors' Proofs of Debt Due on December 12
----------------------------------------------------------------
The creditors of MC Musashimurayama Holdings, Inc. are required to
file their proofs of debt by December 12, 2008, to be included in
the company's dividend distribution.

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

The company's liquidators are:

          Carl Gosselin
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


MC MUSASHIMURAYAMA: Members' Final Meeting Set for December 12
--------------------------------------------------------------
The members of MC Musashimurayama Holdings, Inc. will hold their
final meeting on December 12, 2008, at to hear the liquidators'
report on the company's wind-up proceedings and property disposal.

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

The company's liquidators are:

          Carl Gosselin
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


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

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

The company's liquidators are:

          Mora Goddard
          Carl Gosselin
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


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

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

The company's liquidators are:

          Carlos Farjallah
          Carl Gosselin
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


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

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

The company's liquidators are:

          Bobby Toor
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


NORTHWATER PORTABLE: Creditors' Proofs of Debt Due on December 12
-----------------------------------------------------------------
The creditors of Northwater Portable Alpha U.S. Bond Fund are
required to file their proofs of debt by December 12, 2008, to be
included in the company's dividend distribution.

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

The company's liquidators are:

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


NORTHWATER PORTABLE: Members' Final Meeting Set for December 12
---------------------------------------------------------------
The members of Northwater Portable Alpha U.S. Bond Fund will hold
their final meeting on December 12, 2008, at to hear the
liquidators' report on the company's wind-up proceedings and
property disposal.

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

The company's liquidators are:

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


NORTHWATER PORTABLE: Creditors' Proofs of Debt Due on December 12
-----------------------------------------------------------------
The creditors of Northwater Portable Alpha U.S. Equity Fund are
required to file their proofs of debt by December 12, 2008, to be
included in the company's dividend distribution.

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

The company's liquidators are:

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


NORTHWATER PORTABLE: Members' Final Meeting Set for December 12
---------------------------------------------------------------
The members of Northwater Portable Alpha U.S. Equity Fund will
hold their final meeting on December 12, 2008, at to hear the
liquidators' report on the company's wind-up proceedings and
property disposal.

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

The company's liquidators are:

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


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

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

The company's liquidator is:

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



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

EMPRESAS IANSA: S&P Downgrades Corporate Credit Rating to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on Chilean sugar producer Empresas Iansa
S.A. to 'BB-' from 'BB+' and removed the rating from CreditWatch,
where it was placed with negative implications on Nov. 20, 2008.

"The downgrade reflects the deterioration in the company's
financial profile as a result of weakening conditions in its core
sugar business and increased working capital requirements in its
juice business.  These factors led IANSA to increase its financial
debt to $196 million as of Sept. 30, 2008, from $109 million one
year earlier, causing its liquidity position and credit metrics to
weaken significantly.  S&P expects the fundamentals of the sugar
business to remain vulnerable for the next two years, which will
put significant pressure on IANSA's financial profile," said
Standard & Poor's credit analyst Diego Ocampo.

S&P foresees significant challenges ahead for the company in its
core sugar division, which would negatively affect the company's
profitability and cash flow generation.  During the past few
quarters, IANSA's performance has been hurt by a shortage of sugar
beets (since farmers have switched to more profitable crops such
as wheat and corn).  Since IANSA owns a very small portion of the
land required to maintain its sugar production volumes, it depends
on independent farmers.  Crop substitution reduces the company's
source of beet supply, raises beet prices, and causes sugar
imports to increase, reducing IANSA's overall profitability.
Although S&P expects this situation to moderate in 2009, S&P still
has concerns about beet prices going forward, and IANSA's ability
to lower its production costs.

IANSA's financial profile is considered aggressive, given the
company's deteriorated cash flow generation ability, its current
weak liquidity position, and peak debt levels.  For the 12 months
ended September 2008, funds from operations-to-debt and EBITDA
interest coverage ratios fell to 4.5% and 1.8x, respectively, from
30.0% and 4.0x, in fiscal year 2007.  S&P also expects IANSA's
current cost reduction plan to result in slightly better EBITDA
generation for 2009 and 2010, reaching levels of $30 million and
resulting in EBITDA margins close to 7%, compared with 3.5% for
the past 12 months as of September 2008.  In this scenario, FFO-
to-debt and EBITDA interest coverage ratios should remain close to
15% and 3x in 2009 and 2010.

In addition, considering the last 12 months as of September 2008,
the company has shown weaker leverage metrics than in the past,
with debt-to-total capital and debt-to-EBITDA reaching 34.6% and
12.4x, respectively, compared with 21.0% and 3.1x, as of December
2007.  S&P expects some improvement in these metrics for 2009 and
2010, with total debt-to-total capital close to 30% and
debt-to-EBITDA ranging from 4x to 5x.

IANSA is one of the largest agribusinesses in Chile and is the
country's only sugar producer, providing about 77% of the sugar
consumed in the domestic market.  Sugar is the company's core
business, accounting for 49% of revenues in the first nine months
of 2008.  IANSA also produces and sells sugar-related animal feed
products, mainly for cattle, (12% of revenues) and provides raw
materials and technical assistance to farmers (9% of revenues).
In addition, in February 2008, the company merged its fruit juice
operation with those of Jugos Concentrados S.A.  During the first
nine months of 2008, the juice business represented about 16% of
IANSA's consolidated revenues.

The negative outlook reflects the challenges the company will face
in refinancing its short-term debt amid growing restrictions in
credit markets and adverse conditions in its core business unit.
Although S&P has factored the company's more aggressive financial
profile into the current rating, S&P expects credit metrics to
recover slightly in 2009 and 2010.  If the company fails to
significantly reduce its short-term debt below $40 million, and
lift its FFO-to-debt and debt-to-EBITDA ratios to 15% and 4x, S&P
would lower the ratings further.  On the other hand, the outlook
could return to stable if liquidity improves to the above
parameters and S&P perceives better business conditions for the
sugar business in Chile.



===================================
D O M I N I C A N   R E P U B L I C
===================================

BANCREDITO: Sentencing Judge Sends Police to Arrest Ex-Bankers
--------------------------------------------------------------
Sentencing judge Saulo Diaz ordered the arrest of ex-bankers
Manuel A. Pellerano and Felipe Mendoza after they failed to show
up in court,  The Dominican Today reports.

According to the report, the defendants' attorney, Fernando Langa,
had pledged they would voluntarily come in at 10:00 a.m. Thursday
last week to begin serving an eight year prison sentence.

As reported by the Troubled Company Reporter - Latin America on
November 19, 2008, the Dominican Today reported Judge Diaz issued
an exit impediment against Mr. Arturo Pellerano and Mr. Mendoza,
who were sentenced to eight years in prison after being convicted
of fraud in the US$900 million Bancredito collapse.

The same report related that Dominican central bank and the banks
superintendence were plaintiffs of a DOP20-billion fraud case
against the Bancredito officials.  The indictment cited:

         -- forgery of bank or commercial documents,

         -- swindle,

         -- breach of trust,

         -- adulteration and manipulation of documents and data,
            to divert controls and the investigation by the
            monetary and financial authority and the drafting
            and approval of balances, and

         -- use of false financial statements to hide irregular
            operations.

                      About Bancredito

Bancredito is a subsidiary of Banco Intercontinental, which
collapsed in 2003 as a result of massive fraud that drained it
of about US$657 million.  As a consequence, all of its branches
were closed.  The bank's current and savings accounts holders
were transferred to the bank's new owner -- Scotiabank.  The
bankruptcy of Baninter was considered the largest in world
history, in relation to the Dominican Republic's Gross Domestic
Product.  The resulting deficit was equal to 12% to 15% of the
country's national GDP.  It costed Dominican taxpayers
DOP55 billion and resulted to the country's worst economic
crisis.



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

* ECUADOR: May Hike Tariff On Goods to Protect Domestic Producers
-----------------------------------------------------------------
Ecuador may hike import duties on 940 goods to protect domestic
producers as its economy slows, the Associated Press reports.

Industry Ministry, the report relates, said the higher rates would
boost government revenue by US$86 million a year.

According to the report, the Ministry said US$1.1 billion-worth of
the goods have been sold so far this year.   However, Ecuador's
chamber of commerce warned the move would inflate prices and cause
shortages and smuggling, the report says.

AP notes that President Rafael Correa had vowed to raise tariffs
on 800 goods.

In a summit, to which President Correa did not attend,  World
leaders pledged to avoid projectionist tariff hikes amid the
current world financial crisis, the report adds.

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



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

AIR JAMAICA: Gov't Gets Help From IDB for Airline Stake Sale
------------------------------------------------------------
The Jamaican Government has received a multi-million dollar
package from the Inter-American Development Bank (IDB) to assist
with the sale of Air Jamaica, RadioJamaica reports.

The report relates that IDB and Jamaica signed a US$30 million
non-reimbursable, technical co-operation agreement.

According to the report, the funds will be used to prepare a
strategic plan for the divestment of Air Jamaica, by auditing the
financial and technical systems as well as providing the required
inputs for decision-making.

Minister Without Portfolio in the Finance Ministry Senator Don
Wehby who signed on behalf of Jamaica said it would be necessary
to carry out studies and audits to provide management with the
information it needs to complete the airline's strategic plan,
RadioJamaica notes.

As reported by the Troubled Company Reporter - Latin America on
November 20, 2008, Jamaican 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 finalised," the same report cited Senator
Wehby as saying.

That 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.

                        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
===========

FLEETWOOD ENTERPRISES: Closes Plants and Consolidates Operations
----------------------------------------------------------------
Fleetwood Enterprises, Inc., disclosed the consolidation of
several manufacturing facilities in coordinated actions designed
to match current production to market demand and improve capacity
utilization.

The company has notified its associates of the closures at its
manufactured housing plants in Woodland, California; Auburndale,
Florida; Willacoochee, Georgia; Benton, Kentucky; and Pembroke,
North Carolina.  All of these plants will work through the orders
they have and will begin transitioning production to some of the
remaining 13 Fleetwood Housing Group facilities.  They are
expected to close within approximately 60 days.  The company's
Trendsetter Homes plant in Douglas, Georgia, which is one of two
producing modular housing, will also be closed, effective
immediately.

Impending closure announcements were also made at Fleetwood's
travel trailer manufacturing centers in Crawfordsville, Indiana,
and Mexicali, Mexico.  After the transition, all of the company's
travel trailers and fifth wheels will be produced in its three
existing plants in Ohio and Oregon.

"In the current economic climate, it is essential that we match
our production to demand," said Elden L. Smith, Fleetwood's
president and chief executive officer.  "With 13 remaining
housing plants and three travel trailer plants, we can continue
to service all our existing dealers and the markets in which we
currently operate.  As difficult as it is to make decisions like
these that impact the lives of our valued associates, we must
position Fleetwood to operate profitably under the present and
foreseeable business circumstances.  We believe that these moves,
in conjunction with the previously announced consolidation of two
motor home plants, other significant cost-saving measures, and our
proposed balance sheet restructuring, will enable us to weather
the current economic crisis."

The company will work to place a limited number of associates
within the organization, but it is expected that most of the jobs
will be permanently lost.  Assistance will be provided to all
affected associates in cooperation with state and local agencies.

               About Fleetwood Enterprises, Inc.

Based in Riverside, California, Fleetwood Enterprises Inc. --
http://www.fleetwood.com/-- through its subsidiaries, is one of
North America's largest producers of recreational vehicles and
manufactured homes.  Fleetwood has approximately 9,000 associates
working in facilities strategically located throughout the nation.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 21, 2008,
Moody's Investors Service downgraded the ratings of Fleetwood
Enterprises, Inc.'s corporate family rating to Caa3 from Caa1;
probability of default to Caa3 from Caa1; and, trust preferred
securities to Ca from Caa3.  The outlook remains negative.


METROFINANCIERA SA: Third Quarter Results Cue S&P to Junk Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit ratings on Metrofinanciera, S.A. de
C.V. SOFOM, E.N.R., to 'CCC+' from 'B'.  At the same time S&P
lowered its long- and short-term national scale counterparty
credit and senior unsecured ratings on Metrofinanciera to
'mxB+/mxB' from 'mxBBB-/mxA-3'.  All ratings were placed on
CreditWatch with negative implications.

The rating action follows Metrofinanciera's third-quarter 2008
financial statements announcement, which reveals a series of notes
that can result in asset-quality deterioration and the possibility
of several accounting adjustments for previous financial reports.
The latter point stems from an internal audit the company is
conducting to assess: 1) the quality of its loan portfolio and its
land bank investments; and 2) a review of its structured
deals.  Although the impact on asset quality and profitability is
not yet determined, given the ongoing auditory that is expected to
conclude within 90 days, S&P expects deterioration of
Metrofinanciera's financial standing.

The rating action also reflects the company's limited liquidity
position in terms of facing its short-term debt maturities.
However, S&P continues to consider support from Sociedad
Hipotecaria Federal S.N.C. (SHF; national scale mxAAA/Stable/mxA-
1+), a Mexican government-related entity, for the refinancing of
its upcoming debt maturities, including its commercial paper.
Notwithstanding the latter, Metrofinanciera's inability to
increase the number of eligible assets has also put at risk the
possibility of having additional funding support from SHF and
other banks in the future.

In S&P's view, there is a higher likelihood that, after the audits
conclude, there will be a debt restructuring, given the limited
cash flow generation, high debt burden, and the high possibility
that the number of unencumbered assets will be significantly less
than what the company has.  In such a scenario, the amount of
assets that could ultimately be pledged to have additional
financing may not be sufficient to cover for Metrofinanciera's
unsecured and bank debt.

S&P will resolve the CreditWatch once the audits are concluded, at
which time S&P will assess the company's asset quality and real
amount of unencumbered assets that could be monetized, as opposed
to debt maturities.  Likewise, if Standard & Poor's perceives a
less degree of support from SHF into Metrofinanciera, the ratings
could be lowered. If a downgrade takes place, it could be in more
than one notch.



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

COMERIO MEDICAL: Court Sets Status Conference for January 13
------------------------------------------------------------
The United States Bankruptcy Court in Puerto Rico will hold a
status conference in the bankruptcy case of Comerio Medical
Hospital at 10:00 a.m. on January 13, 2009, at US POST OFFICE &
COURTHOUSE BLDG., 300 RECINTO SUR, 2ND FLOOR COURTROOM 2 in San
Juan.

Creditors may file proofs of claim by March 8, 2009.  Governmental
entities have until May 5, 2009, to file proofs of claim.

Based in Comerio, Puerto Rico, Comerio Medical Hospital filed for
bankruptcy protection on October 31, 2008 (Bankr. D. P.R. Case No.
08-07429).  The Hon. Enrique S. Lamoutte Inclan presides over the
case.  Jorge R. Collazo Sanchez, Esq., in Coamo, Puerto Rico,
represents the Debtor.  When the Debtor filed for bankruptcy, the
Debtor estimated its assets to be less than US$50,000.  The Debtor
said its debts total US$1,267,400.


PILGRIM'S PRIDE: Gets Third Extension of Covenant Waiver
--------------------------------------------------------
Pilgrim's Pride Corporation said it reached an agreement with its
lenders to extend the temporary waiver under its credit facilities
until Dec. 1, 2008.

The company said it continues to pursue opportunities to refinance
and recapitalize its business, and to position itself to
capitalize on its strategic advantages.

                     About Pilgrim's Pride

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

                       *     *     *

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

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



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

PETROLEOS DE VENEZUELA: Says Petropiar is Operating Below Capacity
------------------------------------------------------------------
Petroleos de Venezuela SA and Chevron Corp.'s heavy-oil producing
joint venture, Petropiar, has been operating below capacity since
an October power outage, Steven Bodzin of Bloomberg News reports,
citing Vice President Eulogio Del Pino.

According to the report, Petropiar's upgrader, a specialized plant
that converts tar-like heavy oil into a lighter grade for export,
lost a sulfur unit in the blackout, cutting output to 135,000
barrels a day.  The project is designed to handle 180,000 barrels
of crude.

Venezuela's power grid, Bloomberg News recounts, has failed three
times this year, causing nationwide blackouts.   All four of
Venezuela's upgraders broke down because of the blackout,
including a two-week stoppage at Petrozuata, the only one without
a private-sector partner.

Mr. Del Pino, the report adds, said Petropiar is repairing its
sulfur unit and is trying to move planned maintenance from
February to January.

                 About Petroleos de Venezuela

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

                          *     *     *

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



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

* BOND PRICING: For the Week November 24 - November 28, 2008
------------------------------------------------------------

Issuer                  Coupon    Maturity   Currency   Price
------                  ------    --------   --------   -----

   ARGENTINA
   ---------
Alto Palermo SA          7.875    05/11/17     USD      34.82
Argnt-Bocon PRE8         2.000    01/03/10     ARS      53.49
Argnt-Bocon PR11         2.000    12/03/10     ARS      30.42
Argnt-Bocon PRE9         2.000    03/15/24     ARS      47.67
Argnt-Bocon PR12         2.000    01/03/16     ARS      44.45
Argnt-Bocon PR13         2.000    03/15/24     ARS      17.44
Argnt-Par                0.630    12/31/38     ARS      17.70
Arg Boden                2.000    09/30/14     ARS      27.97
Arg Boden                7.000    10/03/15     USD      21.80
Autopistas Del Sol      11.500    05/23/17     USD      19.96
Bonar V                  7.000    03/28/11     USD      29.16
Bonar Arg $ V           10.500    06/12/12     ARS      35.00
Bonar VII                7.000    09/12/13     USD      26.89
Bonar V                  7.000    03/28/11     USD      29.16
Bonar X                  7.000    04/17/17     USD      25.65
Argentina DIS          5.830    12/31/33     ARS      41.58
Argentina - NGB          2.000    02/04/18     ARS      33.98
Argentina Nobac          8.000    04/21/10     ARS      70.09
Argent-$DIS              7.820    12/31/33     EUR      18.82
Argent-$DIS              8.280    12/31/33     USD      25.75
Argent-$DIS              8.280    12/31/33     USD      41.58
Argent-Par               0.630    12/31/38     ARS      17.70
Banco Hipot SA           9.750    11/16/10     USD      36.50
Banco Hipot SA           9.750    04/27/16     USD      30.00
Banco Macro SA           8.500    02/01/17     USD      43.96
Banco Macro SA          10.750    06/07/12     USD      30.93
Banco Macro SA           9.750    12/18/36     USD      29.88
Bonar X                  7.000    04/17/17     USD      25.65
Buenos-$DIS              9.250    04/15/17     USD      18.45
Buenos-$DIS              8.500    04/15/17     USD      18.50
Buenos Aire Prov         9.625    04/18/28     USD      17.46
Industrias Metal        11.250    10/22/14     USD      46.14
Inversiones y Rep        8.500    02/02/17     USD      36.92
Loma Negra Ciasa         7.250    03/15/13     USD      59.43
Mendoza Province         5.500    09/04/18     USD      29.50
Pan America              7.750    02/09/12     USD      67.48
Petrobras Energi         5.875    05/15/17     USD      71.37
Transener                8.875    12/15/16     USD      29.25
Trasport De Gas          7.875    05/14/17     USD      47.00
YPF SA                  10.000    11/02/28     USD      74.13

   BERMUDA
   -------
AIG Sunamerica           5.625    02/01/12     GBP      66.06
AIG Sunamerica           6.375    10/05/20     GBP      59.81

   BRAZIL
   ------
AMBEV Int'l Finance      9.500    07/24/17     BRL      70.00
Arantes International
Limited                 10.250    06/19/13     USD      26.50
Banco BPI                4.150    11/14/35     EUR      73.09
Banco Brasil (CI)        9.750    07/18/17     BRL      69.50
Banco BMG                7.250    05/23/11     USD      59.25
Banco BMG SA             9.150    01/15/16     USD      62.58
Banco Cruzeiro          10.750    11/24/16     USD      69.41
Banco Ind E Com          8.250    09/21/09     USD      65.50
Banco Ind E Com          7.000    04/23/10     USD      64.90
Banco Ind E Com          9.750    03/03/16     USD      49.42
Banco Mercantil          7.750    05/08/12     USD      67.19
Banco Mercantil          8.500    11/08/10     USD      74.86
Banco Safra CI          10.875    04/03/17     BRL      64.00
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     EUR       5.24
Barion Funding           0.250    12/20/56     EUR       5.24
Barion Funding           0.250    12/20/56     EUR       5.24
Barion Funding           0.250    12/20/56     EUR       5.24
BCP Finance Company      5.543    06/29/49     EUR      60.16
Bertin Ltda             10.250    10/05/16     USD      46.00
Bertin Ltda             10.250    10/05/16     USD      48.09
Braskem Financial
Limited                  7.250    06/05/18     USD      66.75
Braskem Financial
Limited                  7.250    06/05/18     USD      68.31
Braskem SA               9.000    04/29/49     USD      59.00
Braskem SA               9.750    06/29/49     USD      64.37
Braskem SA               8.000    01/26/17     USD      75.00
Brazil Rep of           10.250    01/10/19     BRL      75.00
BR Malls Int Fi          8.500    04/15/17     EUR      54.88
BR Malls Int Fi          9.750    11/29/49     USD      54.88
Cosan Finance            7.000    02/01/17     USD      64.06
Cosan Finance            7.000    02/01/17     USD      61.50
Cosan SA Industria       8.250    02/28/49     USD      47.57
JBS SA                   9.375    02/07/11     USD      57.00
JBS SA                  10.500    08/04/16     USD      57.11
Gerdau S/A               8.875    09/29/49     USD      75.50
Independencia In         9.875    05/15/15     USD      38.00
Independencia In         9.875    01/31/17     USD      36.00
Mazarin FDG Limited      0.250    09/20/68     USD       3.94
Mazarin FDG Limited      0.250    09/20/68     USD       3.94
National Steel           9.875    05/29/49     USD      58.00
Net Servicos             9.250    11/29/49     USD      68.37
Sadia Overseas           6.875    05/24/17     USD      70.00
Soc Gen Accept           0.750    12/21/11     EUR      38.23
Soc Gen Accept          10.350    11/24/08     EUR      67.13
Soc Gen Accept           8.000    12/20/13     EUR      23.04
Soc Gen Accept           7.000    12/19/12     EUR      51.48
Soc Gen Accept           7.000    12/19/12     EUR      56.08
Soc Gen Accept           7.000    02/27/13     EUR      13.32
Soc Gen Accept          14.000    04/09/09     EUR      41.95
Soc Gen Accept          17.750    01/05/09     EUR      16.52
Suntech Power            0.250    02/15/12     USD      47.50
RBS-Zero Hora Ed        11.250    06/15/17     BRL      53.70
Rede Empresas           11.125    04/29/49     USD      40.00
Rede Empresas           11.125    04/29/49     USD      51.35
Vigor                    9.250    02/23/17     USD      45.56

   CAYMAN ISLANDS
   --------------
801 Grand B-2            1.225    09/20/16     USD      63.84
Agile Property           9.000    09/22/13     USD      48.00
Aig Sunamerica           5.625    02/01/12     GBP      66.06
Ambev Intl Finan         9.500    07/24/17     BRL      70.00
Apex Silver              2.875    03/15/24     USD       3.00
Apex Silver              4.000    09/15/24     USD      12.00
Asif II                  5.125    01/28/13     GBP      67.50
Banco Brasl              9.750    07/18/17     BRL      69.50
Banco BPI                4.150    11/14/35     EUR      73.07
Banco Safra CI          10.875    04/03/17     BRL      64.00
Barion Funding           0.100    12/20/56     EUR       4.59
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.630    12/20/56     GBP      12.46
Barion Funding           1.440    12/20/56     GBP      23.30
BCP Finance Company      4.239    10/29/49     EUR      57.08
BCP Finance Company      5.543    06/29/49     EUR      60.16
Bes Finance Limited      6.625    05/08/49     EUR      60.93
Bes Finance Limited      5.580    07/29/49     EUR      55.05
Bes Finance Limited      4.500    12/29/49     EUR      53.55
Blue City Co             1.000    11/07/13     USD      60.62
Braskem Fin Limited      7.250    06/05/18     USD      68.31
Braskem Fin Limited      7.250    06/05/18     USD      66.75
Cayman Exchange Fund     6.750    11/17/10     USD      62.97
China Med Tech           4.000    08/15/13     USD      49.61
China Properties         9.125    05/04/14     USD      33.00
Choda Mod Agri           7.750    02/08/10     USD      70.00
Country Garden           2.500    02/22/13     CNY      44.02
Dasa Finance             8.750    05/29/18     USD      61.42
Dasa Finance             8.750    05/29/18     USD      64.56
DP World Sukuk           6.250    07/02/17     USD      53.00
Dubai Holding Comm       4.750    01/30/14     EUR      55.92
DWR CYMN FIN             4.473    03/31/57     GBP      67.37
Embraer Overseas         6.375    01/24/17     USD      62.50
ESFG International       5.753    06/29/49     EUR      41.12
Gol Finance              7.500    04/03/17     USD      42.50
Greentown China          9.000    11/08/13     USD      27.07
Hutch Whampoa            4.125    06/28/15     EUR      74.67
Imcopa Intl Caym        10.375    11/27/09     USD      72.42
Ja Solar Hold Company    4.500    05/15/13     USD      30.71
Lai Fung Holding         9.125    04/04/14     USD      47.79
Lupatech Finance         9.875    07/29/49     USD      47.43
Mazarin Fdg Ltd          0.250    09/20/68     EUR       3.94
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.94
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.94
Mazarin Fdg Ltd          0.630    09/20/68     GBP      10.47
Mazarin Fdg Ltd          1.440    09/20/68     GBP      21.57
Minerva Overse           9.500    02/01/17     USD      47.50
Mizuho Capital I         5.020    06/29/49     EUR      69.00
Mufg Cap Fin1            6.346    07/29/49     EUR      63.00
Mufg Cap Fin2            4.850    07/29/49     EUR      54.50
Mufg Cap Fin4            5.271    01/29/49     EUR      55.66
Mufg Cap Fin5            6.299    01/25/49     GBP      56.99
Odebrecht Finc           7.500    10/18/17     USD      72.00
Parkson Retail           7.125    05/30/12     USD      57.04
Parkson Retail           7.875    11/14/11     USD      66.55
Pubmaster Fin            6.962    06/30/28     GBP      68.52
Resona PFD Glob          7.191    12/29/49     USD      45.00
Seagate Tech HDD         6.800    10/01/16     USD      62.31
Shimao Property          8.000    12/01/16     USD      31.12
Shinsei Fin Caym         6.418    01/29/49     USD      25.00
SMFG Preferred           6.078    01/29/49     USD      69.44
SMFG Preferred           6.164    01/29/49     USD      53.69
STB Finance              5.834    09/29/49     GBP      72.11
Subsea                   2.800    06/06/11     USD      64.17
Suntech Power            3.000    03/15/13     USD      27.12
Tam Capital Inc.         7.375    04/25/17     USD      44.00
Tam Capital Inc.         7.375    04/25/17     USD      46.42
TMB Bank PCL/CI          7.750    05/29/49     USD      54.89
Transocean Inc.          1.500    12/15/37     USD      72.82
Trina Solar Limited      4.000    07/15/13     USD      31.60
Vestel Elec Fin          8.750    05/09/12     USD      38.89
Vontobel Cayman         11.350    01/23/09     USD      51.20
Vontobel Cayman         17.900    01/23/09     USD      43.20
Vontobel Cayman         11.300    04/24/09     USD      56.60
Vontobel Cayman         10.650    02/27/09     USD      36.20
Vontobel Cayman         10.550    02/27/09     USD      68.80
Xinao Gas Holdings       7.375    08/05/12     USD      60.00
XL Capital Limited       6.500    12/31/49     USD      33.87

   COLOMBIA
   --------
Bancolombia              6.875    05/25/17     USD      72.00
Chaoda Mod Agri          7.750    02/08/10     USD      70.00

   DOMINICAN REPUBLIC
   ------------------
Dominican Republic       9.040    01/23/18     USD      57.14

   ECUADOR
   -------
Rep of Ecuador          12.000    11/15/12     USD      23.62
Rep of Ecuador           9.375    12/15/15     USD      25.75

  EL SALVADOR
  -----------
El Salvador Rep          8.250    04/10/32     USD      64.45
El Salvador Rep          7.625    09/21/34     USD      67.56
El Salvador Rep          7.650    06/15/35     USD      56.37

   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      73.15
Jamaica Govt             8.000    06/24/19     USD      69.37
Jamaica Govt             8.000    03/15/39     USD      68.29
Jamaica Govt             9.250    10/17/25     USD      74.24
Jamaica Govt LRS        12.750    06/29/22     JMD      68.70
Jamaica Govt LRS        12.750    06/29/22     JMD      68.69
Jamaica Govt LRS        12.850    05/31/22     JMD      69.29
Jamaica Govt LRS        13.375    12/15/21     JMD      72.28
Jamaica Govt LRS        13.375    04/27/32     JMD      67.60
Jamaica Govt            10.500    10/27/14     EUR      71.00
Jamaica Govt             8.500    02/28/36     USD      72.26

    MEXICO
    ------
Agile Property           9.000    09/22/13     USD      48.00
Mer Lynch Int CV         8.000    01/30/09     CHF      48.60
Mer Lynch Int CV        10.400    06/23/10     CHF      69.00
Mer Lynch Int CV        10.760    03/16/09     CHF      35.02
Mer Lynch Int CV        11.200    03/16/09     CHF      26.22
Mer Lynch Int CV        11.330    03/16/09     CHF      65.59
Mer Lynch Int CV        11.400    03/16/09     CHF      63.31
Mer Lynch Int CV        11.540    03/16/09     CHF      68.71
Mer Lynch Int CV        11.660    03/16/09     CHF      11.76
Mer Lynch Int CV        11.720    03/16/09     CHF      26.70
Mer Lynch Int CV        11.730    03/16/09     CHF      73.77
Mer Lynch Int CV        12.200    03/16/09     CHF      19.81
Mer Lynch Int CV        12.460    03/16/09     CHF      27.81
Mer Lynch Int CV        12.760    03/16/09     CHF      22.43
Mer Lynch Int CV        13.100    03/16/09     CHF      42.04
Mer Lynch Int CV        13.280    03/16/09     CHF      11.34
Mer Lynch Int CV        13.720    03/16/09     CHF      50.54
Mer Lynch Int CV        14.530    03/16/09     CHF      17.06
Mer Lynch Int CV        14.890    03/16/09     CHF      28.36
Mer Lynch Int CV        15.000    03/16/09     CHF      57.20
Mer Lynch Int CV        15.220    03/16/09     CHF      23.22
Mer Lynch Int CV        15.520    03/16/09     CHF      30.67
Mer Lynch Int CV        15.710    03/16/09     CHF      64.42
Mer Lynch Int CV        16.330    03/16/09     CHF      11.51
Mer Lynch Int CV        16.380    03/16/09     CHF      10.27
Mer Lynch Int CV        16.450    03/16/09     CHF      41.12
Mer Lynch Int CV        16.800    03/16/09     CHF      31.78
Mer Lynch Int CV        17.140    03/16/09     CHF      44.55
Mer Lynch Int CV        18.000    03/27/09     CHF      49.20
Mer Lynch Int CV        18.020    03/27/09     CHF      67.41
Mer Lynch Int CV        19.110    03/16/09     CHF      09.22
Mer Lynch Int CV        19.380    03/16/09     CHF      02.69
Mer Lynch Int CV        22.000    03/16/09     CHF      09.80
Mer Lynch Int CV        22.670    03/16/09     CHF      06.42


PUERTO RICO
  -----------
Puerto Rico Cons         6.100    05/01/12     USD      69.00
Puerto Rico Cons         6.200    05/01/17     USD      70.00
Puerto Rico Cons         6.500    04/01/16     USD      69.75

PANAMA
  ------
Wilbros Group            2.750    03/15/24     USD      61.14

URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      41.41
Uruguay                  4.250    04/05/27     UYU      51.83
Uruguay                  5.000    09/14/18     UYU      67.08
Uruguay                  7.625    03/21/36     UYU      67.50


   VENEZUELA
   ---------
Petroleos de Ven         5.250    04/12/17     USD      35.12
Petroleos de Ven         5.375    04/12/27     USD      31.25
Petroleos de Ven         5.500    04/12/37     USD      29.92
Venezuela                5.375    08/07/10     USD      69.00
Venezuela                5.750    02/26/16     USD      43.00
Venezuela                6.000    12/09/20     EUR      39.00
Venezuela                7.000    03/16/15     EUR      58.53
Venezuela                7.000    03/16/15     EUR      54.24
Venezuela                7.000    12/01/18     USD      43.50
Venezuela                7.000    03/31/38     USD      37.75
Venezuela                7.650    04/21/25     USD      41.00
Venezuela                8.500    10/08/14     USD      59.00
Venezuela                9.000    05/07/23     USD      46.37
Venezuela                9.250    09/15/27     USD      64.50
Venezuela                9.250    05/07/28     USD      46.25
Venzod - 189000          9.375    01/13/34     USD      46.37
Venzod - 189000         10.750    09/19/13     USD      64.00
Venezuela               10.750    09/19/13     USD      74.07
Venezuela               13.625    08/15/13     USD      73.00



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *