TCRLA_Public/081215.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 15, 2008, Vol. 9, No. 248

                            Headlines

A R G E N T I N A

BITZER ARGENTINA: Trustee Verifying Proofs of Claim Until Feb. 2
CENTRAL TERMICA: Moody's Puts 'B2' Rating on Global Local Currency
HIATRIX SA: Trustee Verifying Proofs of Claim Until March 11
INTETEL SA: Trustee Verifying Proofs of Claim Until March 5
MERKADER SRL: Trustee Verifying Proofs of Claim Until March 9

MIGUEL ACOSTA: To Submit Accounting Records on February 20
QUEBECOR WORLD: Converts Debt to Equity to Cut Taxes
REMISES VIP: Trustee Verifying Proofs of Claim Until March 17
SAN CRISTOBAL: Moody's Affirms 'B2' Ratings; Outlook Negative
SEINE SRL: Trustee Verifying Proofs of Claim Until March 3

VIATAS DE LOS: Trustee Verifying Proofs of Claim Until Feb. 10


B E R M U D A

EIC ENTERPRISES: Creditors' Proofs of Debt Due on December 29
EIC ENTERPRISES: Members' General Meeting Set for January 20
LENARD'S INTERNATIONAL: Creditors' Proofs of Debt Due on Dec. 24
VERTEX HOLDINGS: Creditors' Proofs of Debt Due on December 31
VERTEX HOLDINGS: Members' Final Meeting Set for January 26

XL CAPITAL: Sees US$200 Mil. 4Q Loss from Alternative Investments


B R A Z I L

BANCO BONSUCESSO: Moody's Downgrades BFSR to D-; Outlook Negative
CEMEX S.A.B: Shares Drop 19% on Failed Debt Exchange
GENERAL MOTORS: Hires Lawyers & Bankers to Mull Chapter 11 Filing
GENERAL MOTORS: Ind. Fiduciary Extends Share Trading Blackout
GENERAL MOTORS: Suppliers Seek Advance Payments

* BRAZIL: Plans US$3.6 Billion Tax Cuts to Spur Growth


C A Y M A N  I S L A N D S

ASKLEPIOS INVESTMENT: Creditors' Proofs of Debt Due on Dec. 29
BALDOCK BUSINESS: Creditors' Proofs of Debt Due on December 24
BEAR STEARNS: Asks Court to Dismiss Funds' Liquidator Suit
BEAR STEARNS: BofA Sues BSAM for Fraud, Breach of Contract
CUMULUS CLIMATE: Creditors' Proofs of Debt Due on December 29

IXIS ABS: Creditors' Proofs of Debt Due on December 29
J-FINANCE: Creditors' Proofs of Debt Due on December 29
KK FUNDING: Creditors' Proofs of Debt Due on December 29
MQ JAPAN: Creditors' Proofs of Debt Due on December 29
MQ JAPAN: Creditors' Proofs of Debt Due on December 29

PACIFIC OCEAN: Creditors' Proofs of Debt Due on December 22
PACIFIC OCEAN: Creditors' Proofs of Debt Due on December 22
PACIFIC OCEAN: Creditors' Proofs of Debt Due on December 22
ROSECREST FX: Creditors' Proofs of Debt Due on December 22
STADIA CAPITAL: Creditors' Proofs of Debt Due on December 16

THE TANTALLON: Commences Liquidation Proceedings
THE TANTALLON: Creditors' Proofs of Debt Due on December 29
TREMBLANT GROWTH: Commences Liquidation Proceedings
TREMBLANT SUPER: Commences Liquidation Proceedings
TREMBLANT-TRIDENT: Commences Liquidation Proceedings

UFJ PARTNERS: Creditors' Proofs of Debt Due on December 29
WINTHROP LANE: Creditors' Proofs of Debt Due on December 29


C H I L E

BREAKWATER RESOURCES: PostsUS$34.9 Mil Net Loss 9-Mo. 2008


C O L O M B I A

BANCOLOMBIA: Sells Mortgage Loans to Titularizadora Colombiana


E C U A D O R

* ECUADOR: Still Undecided on Debt Default, Minister Viteri Says


G U A T E M A L A

EMPRESA ELECTRICA: Moody's Lowers CFR to 'Ba3'; Outlook Negative


M E X I C O

POWERMATE CORP: Committee Sues Sun Capital for Fraudulent Transfer


X X X X X X X X

* LATIN AMERICA: Credit Suisse Cuts Latam GDP Forecast to 1.4%
* Credit Unions to Extend US$10 Billion in Loans to Detroit 3
* BOND PRICING: For the Week December 8 - December 12, 2008


                         - - - - -


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

BITZER ARGENTINA: Trustee Verifying Proofs of Claim Until Feb. 2
----------------------------------------------------------------
The court-appointed trustee for Bitzer Argentina S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until February 2, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 27, 2009.


CENTRAL TERMICA: Moody's Puts 'B2' Rating on Global Local Currency
------------------------------------------------------------------
Moody's Latin America has assigned a B2 Global Local Currency
Rating and A2.ar National Scale Rating to Central Termica Loma de
la Lata bank credit lines with Banco de la Nacion Argentina (not
rated).  The outlook is stable.

Ratings for CTLLL were originally assigned on August 11, 2008 in
conjunction with US$200 million proposed notes to be issued to
finance the expansion project at Loma La Lata, that were
subsequently issued in the amount of US$178 million in September.
The ratings assigned to CTLLL's BNA credit lines, which amount to
approximately US$20 million, are at the same level as the
US$178 million notes since the bank lines will also benefit from
the same guarantee from the parent company as the notes.

Proceeds from the notes were used to collateralize upcoming
payments under the expansion project at Loma La Lata and to repay
shareholder advance payments for the project.  The company is now
seeking US$20 million in working capital financing from BNA to
complete the financing structure that was supposed to have an
advanced tax refund, taht is pending the decree that will rule the
tax refund decree.

CTLL's B2 local currency rating reflects its global default and
loss expectation, while the A2.ar national scale rating reflects
the standing of CTLLL's credit quality relative to its domestic
peers.  Moody's National Scale Ratings are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs in Argentina are designated by the ".ar"
suffix.  Issuers or issues rated A2.ar present above-average
creditworthiness relative to other domestic issuers.  NSRs differ
from global scale ratings in that they are not globally comparable
to the full universe of Moody's rated entities, but only with
other rated entities within the same country.

The B2 and A2.ar national scale ratings reflect the key risks and
strengths of CTLLL's expansion project to close the cycle of its
existing thermal generation plant but also take into consideration
the strength of the guarantee from the group holding company,
Pampa Energia S.A.  The ratings are principally constrained by the
current high level of uncertainty in the regulatory environment
for electric utilities operating in Argentina.

The ratings incorporate Moody's view that there is a relatively
high likelihood that the completed expansion project will be able
to sign long term contracts for natural gas supply, based on the
group's track record with other projects, such as C.T. Güemes.
Contracted long term natural gas supply is important because it
will allow sales into the Energia Plus market or the term market,
in which tariffs are likely to be higher than the spot market.
The lack of electricity sales contracts and possible delays in
project completion are also factors that constrain the ratings;
however, the guarantee from Pampa Energia helps to mitigate these
risks to a certain degree, although the guarantee does fall away
once CTLLL is able to reduce its exposure to the electricity spot
market to below 50% of total revenues.

Finally, the ratings consider the experience of the management
team at Pampa Energia and the group's expertise for the
development of energy projects in Argentina.

Over the short to medium term, Moody's expects the electricity
sector will continue to face significant uncertainties for cost
recovery along with a low degree of predictability of the timing
and nature of changes in the regulatory environment.
Nevertheless, the outlook for the ratings for CTLLL is stable
primarily due to the relatively straight forward nature of the
project, the parent guarantee and the fact the project is needed
to help meet Argentina's energy needs.

The rating or outlook could be upgraded if the regulatory
environment improves and becomes more predictable.  CTLLL's
ability to effectively implement its business strategy, with a
preponderance of sales to a well developed Energia Plus market
could also be support for an upgrade consideration.

The rating or outlook could de downgraded if the financial
strength of Pampa Energia experiences a significant deterioration
in its financial condition or if there is a deterioration in the
regulatory environment such that persistent cost increases cannot
be recovered by utilities in a timely fashion.

Central Termica Loma de la Lata S.A. is a thermoelectric power
plant located above major gas fields in the Neuquina's basin, in
the Province of Neuquen-Argentina.  CTLLL has a current installed
capacity of 369 MW, which is expected to increase by 176 MW after
the project completionin 2010.

Pampa Energia is one of the largest integrated electric utilities
company in Argentina. Pampa Energia controls Edenor (B2/A1.ar
Sta.), the largest distribution utility with a 23% market share
and Transener, which has 95% of the high voltage transmission
market.  Pampa Energia also controls generation plants with
approximately 1900 MW of installed capacity or about 8% of the
total market.


HIATRIX SA: Trustee Verifying Proofs of Claim Until March 11
------------------------------------------------------------
Julio Cesar Moralejo, the court-appointed trustee for Hiatrix SA's
bankruptcy  proceedings will be verifying creditors' proofs of
claim until March 11, 2009.

Mr. Moralejo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Debtor can be reached at:

           Hiatrix SA
           Chacabuco 1298
           Buenos Aires, Argentina

The Trustee can be reached at:

           Julio Cesar Moralejo
           Junin 55
           Buenos Aires, Argentina


INTETEL SA: Trustee Verifying Proofs of Claim Until March 5
-----------------------------------------------------------
The court-appointed trustee for Intetel S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 5, 2009.

The trustee will present the validated claims in court as
individual reports on April 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
June 1, 2009.


MERKADER SRL: Trustee Verifying Proofs of Claim Until March 9
-------------------------------------------------------------
The court-appointed trustee for Merkader S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 9, 2009.

The trustee will present the validated claims in court as
individual reports on April 17, 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 28, 2009.


MIGUEL ACOSTA: To Submit Accounting Records on February 20
----------------------------------------------------------
A general report that contains an audit of Miguel Acosta e Hijos
S.R.L.'s accounting and banking records will be submitted in court
on February 20, 2009.


QUEBECOR WORLD: Converts Debt to Equity to Cut Taxes
----------------------------------------------------
According to Bloomberg's Bill Rochelle, Quebecor World Inc. is
converting some debt to equity to avoid US$25 million in taxable
interest income that might result in paying taxes unnecessarily.

The company says the transaction will have "no measurable adverse
impact on creditors."

Meanwhile, Quebecor World said Nov. 27 that it has determined the
final conversion rate applicable to the 66,601 Series 5 Cumulative
Redeemable First Preferred Shares (TSX: IQW.PR.C) that will be
converted into Subordinate Voting Shares effective as of
December 1, 2008.  Taking into account all accrued and unpaid
dividends on the Series 5 Preferred Shares up to and including
December 1, 2008, Quebecor World has determined that, in
accordance with the provisions governing the Series 5 Preferred
Shares, each Series 5 Preferred Share will be converted effective
as of December 1, 2008 into 13.578125 Subordinate Voting Shares.
Registered holders of Series 5 Preferred Shares who submitted
notices of conversion on or prior to September 26, 2008 will
receive in the coming days from Quebecor World's transfer agent
and registrar, Computershare Investor Services Inc., certificates
representing their Subordinate Voting Shares resulting from the
conversion.  About 904,316 new Subordinate Voting Shares will thus
be issued by Quebecor World to holders of Series 5 Preferred
Shares effective as of December 1, 2008.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW) -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Ernst & Young, Inc., the monitor of Quebecor World Inc., and its
affiliates' reorganization proceedings under the Canadian
Companies' Creditors Arrangement Act, filed a petition under
Chapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Court
for the Southern District of New York on September 30, 2008, on
behalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814).  The chapter 15
case is before Judge James M. Peck.  Kenneth P. Coleman, Esq., at
Allen & Overy LLP, in New York, serves as counsel to the chapter
15 petitioner.

QWI and certain of its subsidiaries commenced the CCAA proceedings
before the Quebec Superior Court (Commercial Division) on
January 20, 2008.  The following day, 53 of QWI's U.S.
subsidiaries, including Quebecor World (USA), Inc., filed
petitions under Chapter 11 of the U.S. Bankruptcy Code.

The Honorable Justice Robert Mongeon oversees the CCAA case.
Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the
Company in the CCAA case.  Ernst & Young Inc. was appointed as
Monitor.

Quebecor World (USA) Inc., its U.S. subsidiary, along with other
U.S. affiliates, filed for chapter 11 bankruptcy before the U.S.
Bankruptcy Court for the Southern District of New York (Lead Case
No. 08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter
LLP, represents the Debtors in their restructuring efforts.  The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

QWI is the only entity involved in the CCAA proceedings that is
not a Debtor in the Chapter 11 Cases.

As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000 total
liabilities of US$4,326,500,000 preferred shares of US$62,000,000
and total shareholders' deficit of US$976,400,000.

The Hon. Robert Mongeon of the Quebec Superior Court has extended
until Dec. 14, 2008, the stay under the Canadian Companies'
Creditors Arrangement Act.

(Quebecor World Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


REMISES VIP: Trustee Verifying Proofs of Claim Until March 17
-------------------------------------------------------------
Fernando Aquilino, the court-appointed trustee for Remises VIP
SA's bankruptcy  proceedings will be verifying creditors' proofs
of claim until March 17, 2009.

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

The Trustee can be reached at:

           Fernando Aquilino
           Lavalle 1459
           Buenos Aires, Argentina


SAN CRISTOBAL: Moody's Affirms 'B2' Ratings; Outlook Negative
-------------------------------------------------------------
Moody's Latin America affirmed San Cristobal Mutual de Seguro's B2
global local-currency and A2.ar Argentine national scale insurance
financial strength ratings.  The outlook for the ratings is
stable.

According to Moody's, the affirmation of San Cristobal's ratings
reflects its adequate brand and local market position in the
Argentine property & casualty sector, its restored profitability
after losses in the 2007 fiscal year, its stable asset quality,
and its granular product risk.

However, these credit strengths are offset by these factors: a)
the company's relatively high gross underwriting leverage of 13.4
times shareholders' equity as of June 30th 2008; (b) its high
concentration (74% of net premiums written) in the intensely
competitive Argentine motor business; and (c) the weak operating
environment of Argentina.

Moody's also pointed out that the insurer's gross underwriting
leverage --a capital adequacy metric that relates gross premiums
and loss reserves relative to net shareholders' equity— has
increased persistently since 2005, driven by the high inflationary
environment in the country and the lack of profitability for most
of the players in the motor insurance market in Argentina.
Nevertheless, the rating agency noted that San Cristobal's
management was successful in implementing certain actions to
reduce the underwriting losses in fiscal year 2008 ended June 30,
2008 and to report an underwriting profit in the first quarter
ended September 30, 2008.

San Cristobal's ratings affirmation reflects Moody's expectation
that this improvement in the company's results will continue in
the near term and will therefore help to lower its underwriting
leverage to the 10-11 times range.  The rating agency also said
that other rating factors like its operating efficiency and market
presence help to mitigate its credit weaknesses.

San Cristobal is a leading personal lines insurance company,
holding a 4.8% market share in the property and casualty segments
and has been operating in the local market for more than 60 years.
Additionally, San Cristobal successfully expanded its operations
to other business lines through its controlled companies: Asociart
S.A. ART (monoline workers compensation) and San Cristobal Seguro
de Retiro (annuities).

Based in Rosario City, San Cristobal Mutual de Seguros Generales
reported total assets of AR$954 million and shareholders' equity
of AR$221.4 million, as of the end of the first quarter of the
2008/09 fiscal year, ended September 30th. 2008.  During the first
quarter of 2008, San Cristobal's total gross premium amounted to
AR$191.6 million, and its net income was AR$12.2 million.


SEINE SRL: Trustee Verifying Proofs of Claim Until March 3
----------------------------------------------------------
Ramon Fernandez, the court-appointed trustee for Seine SRL's
bankruptcy  proceedings will be verifying creditors' proofs of
claim until March 3, 2009.

Mr. Fernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Debtor can be reached at:

           Seine SRL
           avenida La Plata 61/63
           Buenos Aires, Argentina

The Trustee can be reached at:

           Ramon Fernandez
           Vedia 1624
           Buenos Aires, Argentina


VIATAS DE LOS: Trustee Verifying Proofs of Claim Until Feb. 10
--------------------------------------------------------------
The court-appointed trustee for Viatas de los Andes S.R.L.'s
bankruptcy  proceedings will be verifying creditors' proofs of
claim until February 10, 2009.



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B E R M U D A
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EIC ENTERPRISES: Creditors' Proofs of Debt Due on December 29
-------------------------------------------------------------
The creditors of EIC Enterprises Limited are required to file
their proofs of debt by December 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 10, 2008.

The company's liquidator is:

          Kun-Kuang Hsu
          No. 158, Sec. 1, Jiafeng 2nd Street
          Chubei City, Hshichu County
          Taiwan 30264


EIC ENTERPRISES: Members' General Meeting Set for January 20
------------------------------------------------------------
The members of EIC Enterprises Limited will hold their general
meeting on January 20, 2008, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.  The meeting will be held at Conference Room of
EiC Corp. at 3375 Scott Blvd., Suite #110, Santa Clara,
California, U.S.A.

The company commenced liquidation proceedings on Dec. 10, 2008.

The company's liquidator is:

          Kun-Kuang Hsu
          No. 158, Sec. 1, Jiafeng 2nd Street
          Chubei City, Hshichu County
          Taiwan 30264


LENARD'S INTERNATIONAL: Creditors' Proofs of Debt Due on Dec. 24
----------------------------------------------------------------
The creditors of Lenard's International Food Enterprises Limited
are required to file their proofs of debt by December 24, 2008, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 10, 2008.

The company's liquidator is:

          Christopher C Morris
          Century House, 16 Par-la-Ville Road
          Hamilton HM 08
          Islands of Bermuda


VERTEX HOLDINGS: Creditors' Proofs of Debt Due on December 31
-------------------------------------------------------------
The creditors of Vertex Holdings Limited are required to file
their proofs of debt by December 31, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Richard H. Black
          Mello Jones & Martin
          Thistle House, in 4 Burnaby Street
          Hamilton


VERTEX HOLDINGS: Members' Final Meeting Set for January 26
----------------------------------------------------------
The members of Vertex Holdings Limited will hold their final
meeting on January 26, 2009, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard H. Black
          Mello Jones & Martin
          Thistle House, in 4 Burnaby Street
          Hamilton


XL CAPITAL: Sees US$200 Mil. 4Q Loss from Alternative Investments
-----------------------------------------------------------------
XL Capital Limited expects to post more than US$200 million losses
for the fourth quarter from its alternative investments, adding
the loss is "largely in line with" its third quarter losses,
Jonathan Kent of The Royal Gazette reports.

The company released figures of the possible losses after
Bloomberg News released a report saying it is planning a stake
sell-out.

As reported by the Troubled Company Reporter - Latin America on
December 12, 2008, Bloomberg News said XL Capital is seeking
buyers for its business after it reported investment losses larger
than its market value.  In that same report, the company said it
has been buffeted this year by losses stemming from the global
credit crisis and downgrades from three major credit-rating
companies.

According to The Associated Press, the company's shares tumbled
US$1.87 or 32.3% on December 10 to US$3.92 after Bloomberg News
published a report on potential sale of the company.

In response to market rumors, the company issued a statement
saying that it is continuing to explore value-enhancing
opportunities available to it and is being assisted in that effort
by one of its long-standing financial advisors, Goldman, Sachs &
Co.

The company posted a US$1.65 billion loss in the third quarter, as
it incurred a charge of US$1.42 billion tied to former subsidiary
Syncora Holdings Ltd.  During the quarter, XL Capital made
payments and issued stock to Syncora, as part of a deal to end
reinsurance agreements between the them.

XL Capital, in its Dec. 10 statement, said it anticipates the
mark-to-market decline on its investment portfolio due to changes
in credit spreads and interest rates since the end of the third
quarter of 2008 to date would be largely in line with that
reported for the third quarter of 2008.  The company noted that
future market movements will occur between now and the end of the
fourth quarter of 2008, and those movements will affect the mark-
to-market on the investment portfolio that the company will report
for the fourth quarter of 2008.

                        About XL Capital

Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications. Concurrently A.M. Best has withdrawn the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.



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B R A Z I L
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BANCO BONSUCESSO: Moody's Downgrades BFSR to D-; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating assigned to Banco Bonsucesso S.A. to D- (D minus) from D,
and both global local and foreign currency deposit ratings to Ba3,
from Ba2.  Moody's also lowered the bank's long-term Brazilian
national scale deposit rating to A2.br from A1.br.  The short-term
local and foreign currency deposit ratings remained Not Prime,
while the short-term national scale rating remained at BR-1.  The
outlook on all the ratings is negative.

The rating actions conclude the review for possible downgrade
initiated in October 14, 2008.  The downgrade reflects the
vulnerability of Banco Bonsucesso's specialized franchise to the
new market dynamics that suggest low growth and much tighter and
expensive liquidity conditions.  Moody's notes that the current
restrictive funding environment could substantially reduce the
bank's loan activity, and further shrink its balance sheet, with
negative pressures on the bank's earnings power and on the
viability of Bonsucesso's franchise in the near future.

Moody's notes that management has largely addressed the bank's
liquidity shortage and business dynamic by entering into four
additional loan sale agreements of its highly liquid payroll
loans.  These agreements enable the bank to generate additional
R$2 billion in loans over the next 12 months.  However, as the
credit portfolio declines and Bonsucesso continues to face deposit
outflows, the bank's liquidity position could further squeeze.
The negative outlook on the ratings, therefore, reflects Moody's
concerns about Bonsucesso's ability to manage its liquidity and
funding position, given the reliance on more volatile funding
sources.  Management's efforts to diversify the bank's product
offering, starting in 2006 and involving the establishment of a
commercial lending platform -- responsible for roughly 20% of
total credit portfolio as of September 2008 -- are likely to
diminish significantly over the next few quarters in face of stiff
competition and funding constraints.  This could delay
Bonsucesso's ability to replenish declining earnings, a situation
that may be common to other similar size banks in the market.

Moody's believes that there is limited probability of asset
quality deterioration in Bonsucesso's predominantly low risk
portfolio, which reflects the bank's expertise and established
position in the payroll loans segment.

The last rating action was on October 14, 2008 when Moody's
Investors Service placed the ratings of Banco Bonsucesso S.A on
review for possible downgrade.

Banco Bonsucesso S.A is headquartered in Belo Horizonte, Brazil,
and it had unconsolidated assets of R$1,271 million
(US$666.7 million) and equity of R$300 million (US$157.5 milllion)
as of September 30, 2008.

These ratings assigned to Banco Bonsucesso S.A. were downgraded
and placed on negative outlook:

  -- Bank Financial Strength Rating: to D- from D;

  -- Global Long-Term Local Currency Deposit Rating: to Ba3 from
     Ba2;

  -- Long-Term Foreign Currency Deposit Rating: to Ba3 from Ba2;

  -- Long-Term Brazilian National Scale Deposit Rating: to A2.br
     from A1.br.

These ratings assigned to Banco Bonsucesso were affirmed:
Global Short-Term Local Currency Deposit Rating at Not Prime;
Short-Term Foreign Currency Deposit Rating at Not Prime,
Brazilian Short-Term National Scale Deposit Rating at BR-1


CEMEX S.A.B: Shares Drop 19% on Failed Debt Exchange
----------------------------------------------------
Cemex S.A.B. de C.V's shares fell 19% on December 11, as dismal
results from a debt exchange spurred investors to take profits
following a big rally earlier in the week, Ken Parks of Wall
Street Journal reports.

According to the report, Cemex's American depositary shares fell
US$1.98 to US$8.63 on the New York Stock Exchange, while shares
had surged 45% from Dec. 8 to Dec. 10 after U.S. President-elect
Barack Obama said he would spend billions on infrastructure
projects to boost the U.S. economy.

However, the report says, optimism gave way to dismay after Cemex
said that it only managed to swap short-term debt for 970.4
million pesos (US$72.4 million) in longer-term notes, from 5.57
billion pesos it had originally hoped to exchange.  Cemex said all
the debt under the exchange-offer program that wasn't refinanced
will be repaid as originally scheduled, WSJ notes.

WSJ recalls Cemex shares were down 50% in the year-to-date at the
close of trading on December 10 on investors' concerns about the
company's debt and its exposure to the struggling U.S. economy.

Meanwhile, BBVA Bancomer said it sees significant downside to
Cemex's share price due to the poor results of the exchange offer
and the market's overreaction to the potential benefits of the
U.S. stimulus plan, WSJ adds.

                           About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de
C.V.'s  'BBB-' foreign currency Issuer Default Rating to 'BB+';
'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured
debt obligations to 'BB+'.  The Rating Outlook is Negative.

According to Fitch, the rating actions reflect weaker than
expected operating results and higher leverage levels than
previously anticipated due to economic weakness in most of the
company's important markets.


GENERAL MOTORS: Hires Lawyers & Bankers to Mull Chapter 11 Filing
-----------------------------------------------------------------
Jeffrey McCracken, John D. Stoll, and Greg Hitt at The Wall Street
Journal report that people familiar with the matter said General
Motors Corp. has hired lawyers and bankers to mull over a possible
Chapter 11 filing by the company.

According to WSJ, GM has retained Harvey Miller of Weil Gotshal &
Manges LP as bankruptcy counsel.  GM, says the report, has also
hired:

    -- restructuring veteran Jay Alix,
    -- Evercore Partners' William Repko, and
    -- Blackstone Group's Arthur Newman.

WSJ relates that the hiring of bankruptcy experts indicates GM's
increasing desperation as it waits for government financial
assistance, which is being considered in the Congress.  WSJ states
that while Senate Majority Leader Harry Reid hopes to push a bill
through this week, Sen. John Thune says that there is a lot of
resistance on the bailout.

Citing a source, WSJ reports that GM CEO Rick Wagoner has been
hesitant to consider the company's possible bankruptcy on fears
that it would discourage potential car buyers.  A bankruptcy
filing, according to the report, would also be very expensive and
difficult due to tight credit markets.  Mr. Wagoner is still
against filing for Chapter 11, the report states.

The board is keeping all options open, says WSJ, citing GM
director Kent Kresa.  GM's board is putting Mr. Wagoner to
deepening scrutiny, meeting three times a week and receiving
constant updates on the financial situation, the report states.
Mr. Kresa, according to the report, said that the GM management
was constantly caught off guard by auto sale drops.  Executives
kept changing sales projections, but the managers never fully
understood how bad the situation could get, the report syas,
citing Mr. Kresa.

WSJ states that GM now operates near its minimum-required funding
options, and GM executives are worried that suppliers could
tighten credit terms and the government could swiftly take back
its loans.  "This is an urgent situation and we need to deal with
it," the report quoted Mr. Kresa as saying.

GM will be meeting with its dealers this week to discuss a new
advertising campaign to increase sales, WSJ report.  According to
WSJ, GM will also discuss the possible closure of its Saturn
division or put it into bankruptcy protection, as it is a separate
entity.

Peter A. McKay at WSJ relates that GM led in stock declines on
Thursday, sliding 10.4%.

        Ellen Kullman Leaves Board for DuPont CEO Post

DuPont President Ellen J. Kullman has resigned from GM's Board of
Directors, effective Dec. 11, 2008, to focus on her new
responsibilities at DuPont.  Ms. Kullman will become chief
executive officer of DuPont on Jan. 1, 2009.

"I have been proud to serve on GM's Board for four years," Ms.
Kullman said.  "GM has made important advancements across a number
of fronts and I wish the GM team continued success as they work to
overcome the current challenges."

"I understand and respect Ellen's need to focus on DuPont right
now," noted George M.C. Fisher, presiding director of GM's Board.
"She's been a great Board member for GM, and we'll miss her."

Ms. Kullman served on GM's Audit Committee and Investment Funds
Committee.  There are no immediate plans to replace her on those
committees.

                     About General Motors

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

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

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

                         *     *     *

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

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

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

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


GENERAL MOTORS: Ind. Fiduciary Extends Share Trading Blackout
-------------------------------------------------------------
General Motors Corp. disclosed in a regulatory filing with the
Securities and Exchange Commission that State Street Bank and
Trust Company, which serves as the independent fiduciary of the GM
Common Stock Fund in the Plans, has extended until further notice
the temporary suspension on purchases of the GM Common Stock Fund
that began on September 30.

General Motors disclosed on Sept. 30, 2008, that it had suspended
purchases of its common stock, par value US$1-2/3 per share, by
employees in GM's Savings-Stock Purchase Plan and the Personal
Savings Plan.  All purchases of Common Stock under the Plans were
suspended because the Plans had issued all of their registered
shares of Common Stock.  This suspension was the result of recent
unexpectedly high demand among the Plans' participants due to
increased employee interest and a lower market price for the
Common Stock.  The demand significantly exceeded the usual volume
and exhausted the supply of registered stock more quickly than the
administrators of the Plans foresaw.  This trading blackout began
on Sept. 30, 2008, and was expected to end the week of Nov. 9,
2008, when GM planned to file a registration statement with the
SEC registering additional shares for the Plans.

State Street determined that, due to GM's earnings announcement
and related information about GM's business, it was not
ppropriate to allow additional investments by participants into
the GM Common Stock Fund.  As independent fiduciary, State Street
is specifically authorized pursuant to its agreements with GM and
the Plan documents to impose restrictions on purchases or
exchanges into and out of the GM Common Stock Fund at any time.

GM has not registered additional shares of GM Common Stock for the
Plans with the SEC.  Plan participants, other than directors and
officers, are not prevented from selling Common Stock through the
Plans, or buying or selling Common Stock outside the Plans, during
the blackout period.  Based on the provisions of the Plans, these
participants may also at any time exchange shares in the Common
Stock Fund for other investment options or change their
contribution election.  The contributions of participants directed
to the GM Common Stock Fund, will be invested in the default fund
for the Plan in which they participate, unless they provide new
instructions.  This means that, until the temporary suspension for
Common Stock purchases is removed, that contributions to the S-SPP
will be invested in the Pyramis Strategic Balanced Commingled Pool
investment option and that contributions to the PSP will be
invested in the Pyramis Active Lifecycle Commingled Pool
Investment option closest to the year that the participant will
attain the age of 65.

On Nov. 21, 2008, GM sent a notice to its directors and executive
officers informing them of the trading restrictions in the Common
Stock Fund imposed by State Street and that the blackout period
instituted on Sept. 30, 2008, would continue.  During the blackout
period, GM's directors and executive officers will be prohibited
from directly acquiring, disposing of or transferring any equity
securities of GM acquired by them in connection with their service
and employment with GM in such capacities.  The notice was sent to
ensure compliance with Section 306(a) of the Sarbanes-Oxley Act of
2002.  In accordance with the unforeseeable circumstance exemption
under Section 306(a) GM determined that it was unable to give
advance notice of the blackout period to the directors and
executive officers.

A full-text copy of the notice is available for free at
http://ResearchArchives.com/t/s?360e

                      About General Motors

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

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

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: Suppliers Seek Advance Payments
-----------------------------------------------
Some auto-parts suppliers have asked General Motors Corp. for
advance payments, after the company warned that it would run out
if it fails to secure loans from the government, Jeff Green at
Bloomberg News reports, citing people familiar with the matter.

According to Bloomberg, the sources said that GM has rejected the
requests.  The report says that GM pays its 3,600 suppliers about
45 days after getting an invoice.  Advance payment requests
started in the last several weeks but have not disrupted vehicle
production, the report states, citing a person familiar with the
matter.   GM Purchasing Vice President Bo Andersson denied to the
trade publication Automotive News on Nov. 25 that suppliers were
seeking payment in advance or shorter turnarounds on invoices.

GM spokesperson Dan Flores, Bloomberg relates, said, "Despite the
current economic challenges, GM remains committed to maintaining a
strong, open relationship with our suppliers.  GM remains focused
on maintaining payment terms and being a prompt payer."

   Car Czar Appointment May Spur Holders' Demand for Payouts

Banc of America Securities analyst Glen Taksler said that the
appointment of a "car czar" to supervise the government bailout
program has raised the possibility of a bankruptcy event for
credit-default swaps.  A car czar might trigger "what's known as
an event in the vast market for credit-default swaps," which would
cause holders of GM and Ford Motor Co. credit protection to demand
payouts, WSJ says, citing Banc of America.

Mr. Taksler said that The International Swaps and Derivatives
Association, a standard-setter for credit-derivatives trading,
identified the appointment of an administrator, trustee, or
similar official to oversee all or most of an entity's assets as a
trigger event for a bankruptcy filing, WSJ relates.  WSJ quoted
Mr. Taksler as saying, "The result may depend on the exact wording
of a potential bailout package.  We find arguments both for and
against an autos czar triggering CDS. ... The actual process is
likely to be determined through ISDA."

According to WSJ, the Depository Trust & Clearing Corp. said that
institutions like banks and insurance firms hold US$43.15 billion
in credit protection on GM debt.  WSJ relates that excluding
contracts sold by the same institutions holding GM DCS, there is
about US$3.3 billion in GM CDS outstanding, while the DTCC said
that for Ford Motor debt, there is about US$34 billion in gross
CDS and about US$2.8 billion in net swaps outstanding.  Chrysler
LLC, according to the report, is a private company and doesn't
trade in the CDS market.

Corey Boles, Patrick Yoest, and Josh Mitchell posted on The Wall
Street Journal blog that the government financial bailout bill
being considered in the House of Representatives would require
Chrysler's parent, Cerberus Capital Management, to put up equity
warrants for Chrysler to get an emergency loan, because Chrysler
is a private company.

                     About General Motors

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

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

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

                         *     *     *

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

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

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

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



* BRAZIL: Plans US$3.6 Billion Tax Cuts to Spur Growth
------------------------------------------------------
Brazil's government will cut taxes by BRL8.4 billion
(US$3.6 billion) to boost economy and meet a 4% growth target next
year, Bloomberg News reports, citing Finance Minister Guido
Mantega.

The report relates the stimulus plan will also allow the central
bank to use international reserves to help Brazilian companies
repay dollar debts, thus easing pressure on the weakening local
currency.  The tax cuts on personal income, consumer loans and
automobiles will help sustain economic growth as demand for
commodity exports dries up, Minister Mantega was cited by the
report as saying.

"If companies have the courage to keep investments and avoid
layoffs, we'll be able to meet our growth target," Bloomberg News
quoted Minister Mantega as saying.

According to the report, in a central bank survey published
Dec. 8, analysts expect Brazil's economic growth to fall to 2.5%
next year from 5.2% this year.

"The measure takes pressure from the credit market in reais and
increases the availability of the dollars in the Brazilian
currency market," Bloomberg News quoted Central Bank President
Henrique Meirelles as saying.

Roberto Padovani, chief economist at WestLB AG in Sao Paulo, as
cited by the report, said the central bank measures could also
relieve some pressure on the local currency.

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

ASKLEPIOS INVESTMENT: Creditors' Proofs of Debt Due on Dec. 29
--------------------------------------------------------------
The creditors of Asklepios Investment Limited are required to file
their proofs of debt by Dec. 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 2008.

The company's liquidators are:

          Carl Gosselin
          Phillipa White
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


BALDOCK BUSINESS: Creditors' Proofs of Debt Due on December 24
--------------------------------------------------------------
The creditors of Baldock Business (Cayman) Ltd. are required to
file their proofs of debt by December 24, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 11, 2008.

The company's liquidator is:

          Stuarts Corporate Services Ltd.
          Cayman Financial Centre, 4F
          36A Dr. Roy's Drive
          George Town, P.O. Box 2510
          Grand Cayman KY1-1104
          Telephone:(345) 949 3344
          Facsimile:(345) 949 2888


BEAR STEARNS: Asks Court to Dismiss Funds' Liquidator Suit
----------------------------------------------------------
Ralph Cioffi, Raymond McGarrigal, Scott Lennon, Michelle Wilson-
Clarke, Walkers FS, Deloitte & Touche Cayman Islands, and Bear
Stearns Cos., ask the U.S. District Court for the Southern
District to dismiss the complaint filed by Geoffrey Varga,
voluntary liquidator of Bear Stearns High-Grade Structured Credit
Strategies (Overseas) Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage (Overseas) Ltd.

Mr. Cioffi complains that the core accusation of Mr. Varga's
complaint, which is that the Defendants set up the funds planning
from the outset to fail, is improbable because he cared about his
reputation and would never design a fund to fail.  Mr. Cioffi
adds that the Varga complaint is rife with unacceptable language
choices, like "name calling" and other non-substantive insult
slinging.

Mr. McGarrigal asserts that, with respect to Mr. Varga's first
claim, which alleges breach of contract, should be dismissed
because he was not a party to the contract in question.

Messrs. Lennon and Wilson-Clarke and Walkers FS argue that the
Court lacks personal jurisdiction because they are all located in
the Cayman Islands and that they do not have enough contacts with
New York to sustain general or specific jurisdiction.

Deloitte & Touche asserts that its role in the audit of the Bear
Stearns hedge fund was limited.  Deloitte explains that Deloitte
Cayman only issued audit opinions on the financial statements of
the Overseas Funds and that.  Deloitte complains that Mr. Varga's
complaint fails to allege any particular facts regarding what
Deloitte Cayman did in connection with its audits of the Overseas
Funds that would tie Deloitte Cayman to the Domestic Funds or the
Master Funds.

On behalf of Bear Stearns Cos., Barry H. Berke, Esq., at Kramer
Levin Naftalis & Frankel LLP, in New York, contends that the
Plaintiffs seek to blame Bear Stearns and others for losses that
the four hedge funds suffered as a result of the unforeseen and
unforeseeable dislocation in the credit markets that began during
the spring of 2007 and is still evolving to this day.

Mr. Berke says Bear Stearns all itself in offering materials as
"speculative," and warned investors of "a substantial risk of
loss, including the possibility of the total loss of an
investment therein."

In addition, Mr. Berke relates that the impact of the credit
market contraction was not limited to the hedge funds because
many sophisticated institutions, including competing hedge funds
and investment banks, suffered and continue to suffer, as a
result of the unforeseen market phenomenon.

Against that backdrop, the opportunistic nature of the litigation
now before the Court is clear, Mr. Berke says.  He explains that
although the amended complaints in the cases are lengthy, the
basic theory is simple:  the Funds' demise, and the attendant
losses, resulted from supposed mismanagement, self-dealing and
fraud, rather than from an unprecedented market dislocation.

Mr. Berke submits that the Navigator, FIC and Varga amended
complaints suffer from defects that compel dismissal as to the
Bear Stearns Defendants.  He points out that with regard to
defendants named in Navigator and Varga, the plaintiffs do little
more than identify those individuals as employees of BSAM or
BS&Co.

Apart from the paucity of particularized, relevant factual
allegations as to the individual Bear Stearns Defendants, the
claims asserted in the cases cannot proceed for a host of other
reasons, including failure to adequately plead demand futility,
lack of standing, exculpation pursuant to the funds' governing
documents and absence of sufficient "scienter" allegations.

Accordingly, Bear Stearns submits that the various pleading
defects in FIC and Varga compel dismissal of the actions in their
entirety as against the Bear Stearns Defendants.  Similarly, the
Court should dismiss all of the claims asserted in the Navigator
amended complaint, with the exception of two limited claims
against BSAM only.

        Tannin Joins Bear Stearns Defendants' Request

Matthew Tannin joins in the arguments made by the Bear Stearns
Defendants that FIC's class claim for breach of contract should
be dismissed because it fails to identify the contracts or
specific provisions that were breached.

Mr. Tannin argues that he was not a party to the agreements
alleged in the complaint and, as a result, cannot be liable for
any breach of the terms.  He notes that the Navigator amended
complaint's class claim for breach of contract suffers from the
same deficiency and should be dismissed.

                     About Bear Stearns Cos.

New York City-based The Bear Stearns Companies Inc. (NYSE: BSC) --
http://www.bearstearns.com/-- is a leading financial services
firm serving governments, corporations, institutions and
individuals worldwide. The company's core business lines include
institutional equities, fixed income, investment banking, global
clearing services, asset management, and private client services.
The company has approximately 14,000 employees worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 28, 2007,
Fitch Ratings' affirmed its Negative Outlook for The Bear Stearns
Companies Inc. following the announcement of the company's fiscal
year earnings for 2007.

On Nov. 14, 2007, Fitch affirmed Bear Stearns' long-term credit
ratings, along with its subsidiaries. Fitch also downgraded the
short-term rating to 'F1' from 'F1+', and Individual rating to
'B/C' from 'B'.

                   About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.  On
August 30, 2007, the Honorable Burton R. Lifland denied the
Funds protection under Chapter 15 of the Bankruptcy Code.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


BEAR STEARNS: BofA Sues BSAM for Fraud, Breach of Contract
----------------------------------------------------------
Bank of America, National Association, and Banc of America
Securities, LLC, filed a complaint against Bear Stearns Asset
Management, Inc., and three of its former fund managers and
directors, Ralph Cioffi, Matthew Tannin, and Raymond McGarrigal,
before the United States District Court for the Southern District
of New York.

Lawrence S. Robbins, Esq., at Robbins Russel Englebert Orseck
Untereiner & Sauber LLP, relates in a Court filing that the
lawsuit is an action for breach of contract, fraud, and related
causes of action arising from BSAM and the managers' misconduct
in connection with a securitization transaction structured and
marketed by Bank of America, as well as certain financing
transactions with the Bank in the spring of 2007.

In May 2007, at the request of BSAM, BANA structured and marketed
a US$4,000,000,000 securitization, known as a "collateralized debt
obligation-squared" transaction, in which mortgage-backed assets,
primarily ones owned by two hedge funds managed by BSAM, were
pooled and structured to support the sale of certain securities.

BANA and each of Bear Stearns High-Grade Structured Credit
Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund, Ltd.,
entered into various derivative transactions, including without
limitation interest rate, total return, credit spread, credit
default and credit index swap transactions, pursuant to
International Swaps and Derivatives Association, Inc., Master
Agreements, dated November 4, 2003, and July 31, 2006.

BofA Securities and each of the Bear Stearns Funds also entered
into repurchase and reverse repurchase transactions pursuant to
Master Repurchase Agreements, dated December 5, 2003, and
July 28, 2006.

In June 2007, BSAM and BANA entered into a termination and
purchase agreement, which, among others, provides that the Bear
Stearns Funds will sell BofA Securities subject to the Repurchase
Transactions and transfer to BANA all voting consent under the
Transactions.

In October 2007, BANA appeared in the Chapter 15 cases of the
Bear Stearns Funds asking the court overseeing the Chapter 15
cases to determine that the injunction order it entered does not
bar BANA from exercising its voting rights.

BANA alleges in the District Court action that, over the course
of many months, BSAM and its officers and employees concealed
from BANA that the hedge funds were suffering substantial
withdrawal requests from investors and were in imminent danger of
collapse.  The Fund did collapse in July 2007 and filed
liquidation proceedings before the Grand Court of Cayman Islands.

BANA further alleges that BSAM and the managers breached their
contractual and other duties to BANA because they were desperate
to secure liquidity to prop up the failing hedge funds.
Mr. Robbins further relates that in May 2007, the Defendants
caused the hedge funds to enter into a series of short-term
financing transactions to obtain nearly US$1,000,000,000 from BANA
without appraising it of the funds' precarious financial
condition.

"When the hedge funds were unable to meet their obligations to
repay the Bank for the short-term financing, the Bank suffered
significant losses," Mr. Robbins contends.

Against this backdrop, BANA and BofA Securities ask the District
Court for compensatory damages and punitive damages in an amount
to be proven at a trial, as well as compensation of attorneys'
fees and costs.

The lawsuit will be heard before Southern New York District Judge
Crotty.

                         *     *     *

In a Court-approved stipulation, BANA, BofA Securities, BSAM and
the managers agreed that:

* BSAM will serve and file a motion to dismiss or answer to
   the complaint no later than January 16, 2009;

* Messrs. Cioffi, Tannin, and McGarrigal will serve and file
   motions to dismiss or answers no later than January 23,
   2009;

* the Bank will serve and file opposing papers to the motions
   to dismiss no later than March 24, 2009;

* BSAM will serve and file replies on its dismissal motion no
   later than April 28, 2009;

* Messrs. Cioffi, Tannin, and McGarrigal will serve and file
   papers no later than May 5, 2009; and

* oral arguments on the motions to dismiss will be heard at a
   later date.

                   About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.  On
August 30, 2007, the Honorable Burton R. Lifland denied the
Funds protection under Chapter 15 of the Bankruptcy Code.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


CUMULUS CLIMATE: Creditors' Proofs of Debt Due on December 29
-------------------------------------------------------------
The creditors of Cumulus Climate Fund are required to file their
proofs of debt by December 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 2008.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          Telephone:(345) 946 7665
          Facsimile:(345) 946 7666


IXIS ABS: Creditors' Proofs of Debt Due on December 29
------------------------------------------------------
The creditors of Ixis ABS CDO 2 Ltd. are required to file their
proofs of debt by Dec. 29, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 13, 2008.

The company's liquidators are:

          Phillipa White
          Prashant Veturkar
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


J-FINANCE: Creditors' Proofs of Debt Due on December 29
-------------------------------------------------------
The creditors of J-Finance Corporation are required to file their
proofs of debt by Dec. 29, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 2008.

The company's liquidators are:

          Martin Couch
          Onson Mukwedeya
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


KK FUNDING: Creditors' Proofs of Debt Due on December 29
--------------------------------------------------------
The creditors of KK Funding Corporation are required to file their
proofs of debt by Dec. 29, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 12, 2008.

The company's liquidators are:

          Kareem Robinson
          Prashant Veturkar
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


MQ JAPAN: Creditors' Proofs of Debt Due on December 29
------------------------------------------------------
The creditors of MQ Japan Market Neutral Master Fund are required
to file their proofs of debt by Dec. 29, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 13, 2008.

The company's liquidators are:

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


MQ JAPAN: Creditors' Proofs of Debt Due on December 29
------------------------------------------------------
The creditors of MQ Japan Market Neutral Fund are required to file
their proofs of debt by Dec. 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 13, 2008.

The company's liquidators are:

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


PACIFIC OCEAN: Creditors' Proofs of Debt Due on December 22
-----------------------------------------------------------
The creditors of Pacific Ocean Capital – Asia Telecom Fund are
required to file their proofs of debt by December 22, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 2008.

The company's liquidators are:

          Thomas Husted
          Thomas Fuller
          P O Box 268, Grand Cayman KY1-1104
          Cayman Islands
          Tel:(345) 949 2648
          Fax:(345) 949 8613


PACIFIC OCEAN: Creditors' Proofs of Debt Due on December 22
-----------------------------------------------------------
The creditors of Pacific Ocean Capital – Asia Telecom Fund – Non
US Feeder are required to file their proofs of debt by Dec. 22,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 2008.

The company's liquidators are:

          Thomas Husted
          Thomas Fuller
          P O Box 268, Grand Cayman KY1-1104
          Cayman Islands
          Tel:(345) 949 2648
          Fax:(345) 949 8613


PACIFIC OCEAN: Creditors' Proofs of Debt Due on December 22
-----------------------------------------------------------
The creditors of Pacific Ocean Capital – Asia Telecom Fund – US
Feeder are required to file their proofs of debt by Dec. 22, 2008,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 2008.

The company's liquidators are:

          Thomas Husted
          Thomas Fuller
          P O Box 268, Grand Cayman KY1-1104
          Cayman Islands
          Tel:(345) 949 2648
          Fax:(345) 949 8613


ROSECREST FX: Creditors' Proofs of Debt Due on December 22
-----------------------------------------------------------
The creditors of Rosecrest FX Fund are required to file their
proofs of debt by Dec. 22, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 4, 2008.

The company's liquidator is:

          Rainer Buchecker
          c/o Close Brothers (Cayman) Limited
          P.O. Box 1034, Harbour Place, 4th Floor
          103 South Church Street
          Grand Cayman KY1-1102, Cayman Islands


STADIA CAPITAL: Creditors' Proofs of Debt Due on December 16
------------------------------------------------------------
The creditors of Stadia Capital Intensive Fund, Ltd. are required
to file their proofs of debt by December 16, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 13, 2008.

The company's liquidators are:

          David A.K. Walker
          Ian Stokoe
          c/o Julia Yates
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:(345) 914 8605
          Facsimile:(345) 945 4237


THE TANTALLON: Commences Liquidation Proceedings
------------------------------------------------
On October 30, 2008, the shareholder of The Tantallon Smaller
Companies Fund resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
December 12, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

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


THE TANTALLON: Creditors' Proofs of Debt Due on December 29
-----------------------------------------------------------
The creditors of The Tantallon Smaller Companies (Non US Feeder)
Fund are required to file their proofs of debt by Dec. 29, 2008,
to be included in the company's dividend distribution.

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

The company's liquidators are:

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


TREMBLANT GROWTH: Commences Liquidation Proceedings
---------------------------------------------------
On November 14, 2008, the sole shareholder of Tremblant Growth
Strategies Ltd. passed a resolution to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Ogier, PO Box 1234
          Grand Cayman KY1-1108, Cayman Islands
          Telephone:(345) 815-1705
          Facsimile:(345) 949 1986


TREMBLANT SUPER: Commences Liquidation Proceedings
--------------------------------------------------
On November 14, 2008, the sole shareholder of Tremblant Super
Concentrated Fund Ltd. passed a resolution to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Ogier, PO Box 1234
          Grand Cayman KY1-1108, Cayman Islands
          Telephone:(345) 815-1705
          Facsimile:(345) 949 1986


TREMBLANT-TRIDENT: Commences Liquidation Proceedings
----------------------------------------------------
On November 14, 2008, the sole shareholder of Tremblant-Trident
Partners Ltd. passed a resolution to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Ogier, PO Box 1234
          Grand Cayman KY1-1108, Cayman Islands
          Telephone:(345) 815-1705
          Facsimile:(345) 949 1986


UFJ PARTNERS: Creditors' Proofs of Debt Due on December 29
-----------------------------------------------------------
The creditors of UFJ Partners Funds Management (Cayman) Limited
are required to file their proofs of debt by Dec. 29, 2008, to be
included in the company's dividend distribution.

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

The company's liquidators are:

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


WINTHROP LANE: Creditors' Proofs of Debt Due on December 29
-----------------------------------------------------------
The creditors of Winthrop Lane Funding Ltd. are required to file
their proofs of debt by Dec. 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 12, 2008.

The company's liquidators are:

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



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

BREAKWATER RESOURCES: PostsUS$34.9 Mil Net Loss 9-Mo. 2008
---------------------------------------------------------
Dundee Corporation disclosed in a regulatory filing containing its
third quarter results that in the nine months ended September 30,
2008, Breakwater Resources Ltd. reported a net loss of
US$34.9 million on revenues of US$201.9 million compared with
earnings of US$61.7 million on revenues of US$201.6 million in the
same period of the prior year.

Dundee Corp. holds a 25% stake in Breakwater.

Breakwater's gross sales revenue from the sales of zinc, copper,
lead, silver and gold concentrates increased by US$29.1 million or
11% to US$298.0 million from the same period in 2007, despite an
increase in concentrate sold of 71%, reflecting higher prices for
gold and silver, offset by a 43% reduction in the realized zinc
price.  Direct operating costs increased by US$65.9 million to
US$153.6 million, primarily due to increased concentrate sales and
higher costs of fuel, labour and supplies.

At Sept. 30, 2008, Breakwater had working capital of
US$48.8 million compared with US$82.6 million at December 31,
2007.  Earnings in Breakwater are sensitive to operating
performance, metal prices, smelter treatment charges and the U.S.
foreign exchange rate.

During the third quarter of 2008, Dundee purchased 1 million
shares of Breakwater in the open market for US$0.3 million.  "We
currently own approximately 113 million shares of Breakwater,
representing a 25% interest.  Included in our equity earnings for
the nine months ended September 30, 2008, is a loss of
US$8.3 million representing our share of losses in Breakwater for
this period.  Offsetting the loss is a dilution gain of
US$3.0 million which we recognized following issuances of common
shares by Breakwater," Dundee said.

"At September 30, 2008, the market value of our interest in
Breakwater was US$24.2 million, substantially below our carrying
value of US$79.5 million.  While Breakwater continues to report
its financial results based on accounting principles applicable to
a going concern, certain market conditions, including falling
metal prices and higher operating costs, cast substantial doubt
about Breakwater's ability to continue its operations in the
normal course of business and its ability to achieve and sustain
profitable operations.  Adjustments to the financial operating
results of Breakwater could be material should Breakwater be
unable to continue as a going concern," Dundee related.

According to Dundee, subsequent to September 30, 2008, Breakwater
said that it would temporarily suspend operations at both the
Langlois mine in Quebec and the Myra Falls mine in British
Columbia.  "This decision was precipitated by the decline in
commodity prices and the general deterioration of the short-term
economic outlook globally, which have mitigated the overall
operational improvements in Breakwater's production and costs at
both mines.  This action enables Breakwater to retain zinc assets
that will be mined in the future when the zinc market returns to
levels that more accurately reflect underlying supply and demand
fundamentals," Dundee said.

                  About Breakwater Resources

Breakwater Resources Ltd. is a mineral resource company engaged in
the acquisition, exploration, development and mining of base metal
and precious metal deposits in the Americas.  Breakwater has three
producing zinc mines: the Myra Falls mine in British Columbia,
Canada; the El Mochito mine in Honduras; and the El Toqui mine in
Chile.  The Langlois mine in north western Quebec, Canada has
temporarily suspended operations.  Breakwater is listed on the
Toronto Stock Exchange under the ticker BWR.



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

BANCOLOMBIA: Sells Mortgage Loans to Titularizadora Colombiana
--------------------------------------------------------------
Bancolombia S.A. sold mortgage loans in Pesos to Titularizadora
Colombiana S.A. amounting to approximately Ps. $151.0 billion
(approximately US$65.6 million).

These mortgage loans will be secured by Titularizadora through the
issuance of mortgage-backed securities.

The purpose of this transaction is to continue the transfer of
Bancolombia's mortgage loans to the capital markets.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York S0tock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2008, Moody's Investors Service upgraded to Ba2, stable
from Ba3, positive the foreign-currency deposit ratings assigned
to the two banks it rates in Colombia.  This action is the direct
result of Moody's decision to upgrade Colombia's foreign currency
country ceilings for bonds and deposits to Baa3 and Ba2,
respectively.

At the same time, Moody's upgraded Bancolombia's foreign currency
subordinated bond rating to Baa3 from Ba1.  The outlook is stable.




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

* ECUADOR: Still Undecided on Debt Default, Minister Viteri Says
----------------------------------------------------------------
Ecuador is still undecided whether to default on foreign debt as
oil revenue plunges and doesn't take the decision "lightly,"
Bloomberg News reports, citing Finance Minister Maria Elsa Viteri.

According to the report, Ms. Viteri said President Rafael Correa
will announce the decision when he is ready to do so.

Ms. Viteri, the report notes, is scheduled to meet U.S.
congressional staff during the trip as the government seeks to
drum up support for its position that much of its foreign debt was
contracted illegally.  "This should not affect other debt issuance
in the future," Ms. Viteri was quoted as saying.

As reported by the Troubled Company Reporter - Latin America on
December 11, 2008, Bloomberg News said, citing Policy Minister
Ricardo Patino, Ecuador is seeking support from countries in Latin
America on President Correa's decision on whether to default on
US$3.9 billion in bonds that the government considers "illegal."

As published in the Troubled Company Reporter-Latin America on
Nov. 25, 2008, Reuters reported that President Correa said he
would not withdraw an international suit to suspend a Brazilian
loan repayment even if it frays diplomatic ties between the two
countries.

In that TCRLA report, Bloomberg News said Ecuador filed a lawsuit
to suspend payment on a loan owed to a Brazilian government bank,
charging that the credit's terms are unlawful.

Bloomberg News recalled the country's debt audit commission
uncovered "illegality and illegitimacy" in the country's foreign
obligations and stated that the government's global bonds due in
2012 and 2030 "show serious signs of illegality," such as a lack
of government authorization for their issuance.

Bloomberg News related Jorge Glas, head of a government fund
handling the lawsuit, said the loan granted by BNDES, Brazil's
state development bank, was linked to a construction company that
was expelled from the country over a contractual dispute.

In September, Bloomberg News recounted, President Correa
threatened not to repay the central bank, holding that the loan
was granted to Brazilian top construction firm Odebrecht to build
a plant and not to the government.

According to Bloomberg News, Minister Patino said the country is
seeking support from Argentina, Venezuela, Bolivia and Central
American countries for its decision to declare part of its
estimated US$10 billion in foreign debt illegal.  The country is
also sending a delegation to Chile and Peru to seek their support
for any decision regarding those bonds, and Minister Patino with
Minister Viteri will meet U.S. legislators, the report related.

Ms. Viteri, Bloomberg News relates, said the government expects
the price of local crude to average US$40 a barrel next year, down
from an earlier US$85 estimate.  Oil accounted for US$3.7 billion
out of US$9.1 billion in government revenue through the end of
August this year, Bloomberg News says citing the central bank.

"The first quarter would be the toughest," Ms. Viteri noted.



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

EMPRESA ELECTRICA: Moody's Lowers CFR to 'Ba3'; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
and the senior unsecured rating of Empresa Electrica de Guatemala
S.A. to Ba3 from Ba2 with a negative outlook.

The rating action is driven by the anticipated material
deterioration in the near term of EEGSA's credit metrics, in the
wake of the August 2008 tariff decision by the Comision Nacional
de Electricidad y Energia regarding the reduction of the Value
Added of Distribution-charge by 45% and the subsequent disputes
among the CNEE and EEGSA.  Historically, Moody's had considered
the Guatemalan Regulatory framework to be relatively stable but
still untested and developing.

The untested characteristic has been highlighted by the outcome of
the 2008 VAD-review process whereby certain mechanisms in the
legislation were used for the first time, resulting in additional
unresolved disputes.  Furthermore, the 2008 VAD-review raised
concerns about the predictability and transparency of the process,
and the overall supportiveness of the regulatory framework.  Based
upon the results of the VAD-review process, EEGSA's financial
profile will deteriorate substantially from historical results due
to a material weakening in its ability to recover operating costs
and generate a sufficient rate of return.  On a consolidated
basis, Moody's expects EEGSA's cash flow minus Dividends to
adjusted/debt to be in the low teens and cash flow interest
coverage ratio to be less than 3x.  By comparison, the FYE 2007
cash flow minus dividends to adjusted/debt was 34.1% and the cash
flow interest coverage ratio registered 8.1x. The new reduced
tariff rates are in effect through August 2012.

Despite the significant VAD-charge reduction, the one notch
downgrade reflects the fact that EEGSA's historical results were
strong for its rating category due to the 2003 favorable VAD- CNEE
decision; however, those ratings were in part capped by the
developing and untested regulatory environment in Guatemala and
the limitations of Guatemala's Ba1 country ceiling.

Moody's observes that EEGSA's financial flexibility could also be
negatively impacted as the prospective financial results may
prohibit EEGSA from being able to incur additional indebtedness
under the existing maximum debt and minimum interest coverage
ratios required under an incurrence test in its International Loan
Agreement.  Nevertheless, this risk is mitigated by the
substantial amount of EEGSA balance sheet liquidity and the fact
that internal cash flow is expected to be sufficient to satisfy
all capital requirements over the near term. In addition, the
recent VAD-decision, if not reversed, may also have an impact on
the level of distributions that EEGSA can pay because of a
distribution test in the International Loan Agreement.

The negative outlook is based on the anticipated deterioration in
the credit metrics combined with EEGSA's limited financial
flexibility given the lack of any committed working capital
facilities to meet any unanticipated needs coupled with an
expected economic slowdown in Guatemala.  The rating outlook could
be stabilized, if the CNEE's VAD-decision is substantially
overturned as a result of the Guatemalan Courts' decision or if
other efforts are put in place by EEGSA's shareholders that
materially mitigate the financial impact of the CNEE's VAD-
decision, assuming that EEGSA's financial performance also
improves over time.  Given the absence of any standalone credit
facilities, the rating could be downgraded if financial
performance ends up being materially weaker than anticipated or if
internal liquidity is not prudently managed such that substantial
dividends are paid to the shareholders leaving the liquidity of
EEGSA and COMEGSA strained relative to its working capital
requirements or other required capital needs.  A further
deterioration in the regulatory environment would also place
downwards pressure on the ratings.

Moody's rates EEGSA's US$100m 8.5% senior global unsecured notes
due in December 2014 which were sold pursuant to Rule 144A.  This
issuance of these Trust Notes entitles the holder to receive
payments generated by the Trust Assets under a Participation
Agreement by the Lender.  These payments equal the payments to be
received by the Lender pursuant to the International Loan
Agreement with EEGSA.  Trust certificates are structured so that
funds available to the trust will be sufficient to pay amounts due
on the Trust Certificates as if the Trust Certificates were
EEGSA's senior unsecured obligations.

The last rating action on EEGSA was the assignment of Ba2
Corporate Family Rating and senior unsecured rating on December 8,
2004.

Headquartered in Guatemala City, EEGSA is the largest distribution
company in the country in terms of GWh distributed.  EEGSA owns
100% of the distribution assets within its service area and
operates under an Authorization Agreement expiring in 2048, to
provide electric distribution services to the Departments of
Guatemala, Escuintla and Sacatepequez.



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

POWERMATE CORP: Committee Sues Sun Capital for Fraudulent Transfer
------------------------------------------------------------------
Bloomberg News reports that the U.S. Bankruptcy Court for the
District of Delaware has extended Powermate Corp.'s exclusive
rights to file and solicit acceptances of a Chapter 11 liquidating
plan until March 12 plan.

Meanwhile, Bloomberg's Bill Rochelle relates that Powermate is
facing a suit for wrongful death by survivors of three individuals
who were asphyxiated by defective generators following Hurricane
Ike.  The plaintiffs have asked the Court to modify the automatic
stay modified so they may proceed with the wrongful-death action
in state court.

As reported by the Dec. 2 edition of the Troubled Company
Reporter, citing Bill Rochelle, the official committee of
unsecured creditors appointed in Powermate's obtained the
Bankruptcy Court's approval to settle a lawsuit against Sun
Capital Partners Inc., the private-equity investor that bought 95%
of Powermate in 2004.  According to Mr. Rochelle, in exchange for
the withdrawal of the suit, aUS$4.7 million fund will be created
for unsecured creditors, while Sun Capital will waive unsecured
claims.  The Creditors Committee sued Sun Capital Partners
alleging fraudulent transfer and breach of fiduciary duty.

                         About Powermate

Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, and pressure washers.
Powermate Holding Corp. is the parent of Powermate Corp.  In
turn, Powermate Corp. owns 100% of Powermate International Inc.
Powermate Corp. operates the companys assets located in the
United States. Powermate International has sales employees in
Hong Kong and the Philippines.  Powermate Holding has no
employees or operations.  Sun Capital Partners bought 95% of
Powermate in 2004.

Powermate Holding has two other non-debtor subsidiaries,
Powermate Canadian Corp., located in Canada and Powermate S. de
R.L. de C.V., which is domiciled in Mexico.

The three companies filed for chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498).  Kenneth J. Enos,
Esq.. and Michael R. Nestor, Esq., at Young, Conaway, Stargatt &
Taylor, represent the Debtors.  The Official Committee of
Unsecured Creditors, which has seven creditor members, is
represented by Monika J. Machen, Esq., at Sonnenschein Nath
Rosenthal LLP.

On May 23, 2008, the Debtors' summary of schedules posted total
assets of US$60,139,442 and total debts of US$85,700,759.



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


* LATIN AMERICA: Credit Suisse Cuts Latam GDP Forecast to 1.4%
--------------------------------------------------------------
Credit Suisse, in an e-mail report obtained by Bloomberg News,
said Latin America's economies will expand at the slowest pace
since 2002, with inflation and fiscal deficits worsening next year
as the global financial crisis deepens.

"We project substantially lower real GDP growth in Latin America
in 2009, dropping from an estimated 4.5% in 2008 to 1.4% in 2009.
Growth in 2009 should be particularly weak in Mexico at 0.6% in
real terms, down from an estimated 1.8% expansion in 2008,"Credit
Suisse was quoted by Bloomberg News as saying.

According to Bloomberg News, Latin American economies are
suffering as the global slowdown cuts prices for commodities
including oil, soybeans and copper, eroding exports and tax
revenue.  Argentina's tax revenue rose 18% in November from a year
earlier, while declining oil prices have battered Venezuela's
economy, which grew 4.6% in the third quarter, Bloomberg News
relates.

Argentina's economy faces the biggest decline in the Credit Suisse
forecast, with 2009 growth of 1.5%, from an expected 6.2% this
year, while Peru's economy will expand 4.5% next, the most in the
region, Credit Suisse's report said, according to Bloomberg News.

Credit Suisse raised its inflation forecast for Latin America to
7% from 6.8% for next year, Bloomberg News says.

Bloomberg News notes Credit Suisse said Latin American economies
will face fiscal deficits of 2.1% next year, from an estimated
0.4% this year, while Venezuela will run a fiscal deficit of
4.7%, the biggest in Latin America.

"The fiscal situation in Latin America is likely to deteriorate
next year, but it should not reach the same levels as in the 2001-
2002 period,"when it was 2.8% of GDP, Credit Suisse was quoted by
Bloomberg News as saying.


* Credit Unions to Extend US$10 Billion in Loans to Detroit 3
-------------------------------------------------------------
Sharon Terlep at The Wall Street Journal reports that a group of
1,300 credit unions have pledged to extend about US$10 billion in
auto loans.

According to WSJ, the credit unions are aiming to win new
borrowers while providing General Motors Corp., Ford Motor Co.,
and Chrysler LLC financial assistance.

Tom Henderson at Crain's Detroit Business relates that GM and the
Michigan Credit Union League said on Dec. 10 that a consortium of
credit unions in Michigan, Ohio, Indiana, and Illinois have agreed
to provide up to US$10 billion to finance the sale of new GM
vehicles through June 2009, in exchange for supplier discounts
from GM to more than 12 million credit union members in the
Midwest.  According to a statement posted at
Lovemycreditunion.org, credit union members will be able to get an
additional US$250 bonus cash between Dec. 10, 2008 and Jan. 5,
2009, on their eligible new GM vehicle purchase.

The GM price discount program includes these brands: Buick,
Cadillac, Hummer, Saab, Chevrolet, GMC, Saturn, and Pontiac.  The
program runs from Dec. 8, 2008, through June 30, 2009.

WSJ relates that the credit union group said that it's working
with Ford Motor Co. and Chrysler LLC on a similar arrangement.


* BOND PRICING: For the Week December 8 - December 12, 2008
-----------------------------------------------------------

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

   ARGENTINA
   ---------
Alto Palermo SA          7.875    05/11/17     USD      35.15
Argent-DIS               7.820    12/31/33     ARS      17.11
Argent-DIS               8.820    12/31/33     ARS      26.00
Argent-Par               0.630    12/31/38     ARS      20.75
Argentina-NGB            2.000    02/04/18     ARS      38.70
Argnt-Bocon PRE8         2.000    01/03/10     ARS      55.95
Argnt-Bocon PR11         2.000    12/03/10     ARS      35.34
Argnt-Bocon PRE9         2.000    03/15/24     ARS      56.07
Argnt-Bocon PR12         2.000    01/03/16     ARS      46.17
Argnt-Bocon PR13         2.000    03/15/24     ARS      16.89
Arg Boden                2.000    09/30/14     ARS      33.96
Arg Boden                7.000    10/03/15     USD      25.76
Autopistas Del Sol      11.500    05/23/17     USD      19.96
Banco Hipot SA           9.750    11/16/10     USD      35.50
Banco Hipot SA           9.750    04/27/16     USD      31.31
Bonar X                  7.000    04/17/17     USD      31.10
Argentina – DIS          5.830    12/31/33     ARS      52.07
Banco Macro SA           8.500    02/01/17     USD      48.42
Banco Macro SA          10.750    06/07/12     USD      30.92
Bonar V                  7.000    03/28/11     USD      39.68
Bonar VII                7.000    09/12/13     USD      28.04
Bonar ARG $ V           10.500    06/12/06     ARS      35.33
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      19.53
Buenos Aire Prov         9.625    04/18/28     USD      19.44
Emp Distrib Nort        10.500    10/09/17     USD      38.00
Industrias Metal        11.250    10/22/14     USD      46.00
Inversiones y Rep        8.500    02/02/17     USD      39.57
Loma Negra Ciasa         7.250    03/15/13     USD      61.75
Mastellone Herma         8.000    06/30/12     USD      19.95
Mendoza Province         5.500    09/04/18     USD      30.87
Pan America              7.750    02/09/12     USD      69.96
Petrobras Energi         5.875    05/15/17     USD      68.01
Telefonica Argen         8.850    08/01/11     USD      72.43
Transener                8.87     12/15/16     USD      30.10
Trasport De Gas          7.875    05/14/17     USD      47.00
Xstrata Capital          4.000    08/14/17     USD      55.62
YPF SA                  10.000    11/02/28     USD      74.51

   BRAZIL
   ------
Arantes International    10.250    06/19/13    USD      31.00
Banco BMG                7.250    05/23/11     USD      66.00
Banco BMG SA             9.150    01/15/16     USD      62.14
Banco Cruzeiro          10.750    11/24/16     USD      72.11
Banco Ind E Com          9.750    03/03/16     USD      42.55
Banco Mercantil          7.750    05/08/12     USD      67.05
Barion Funding           0.100    12/20/56     USD       5.23
Bertin Ltda             10.250    10/05/16     USD      48.59
Bertin Ltda             10.250    10/05/16     USD      47.75
Braskem SA               9.000    04/29/49     USD      60.37
Braskem SA               9.750    06/29/49     USD      69.00
Braskem SA               8.000    01/26/17     USD      74.25
BR Malls Int Fi          8.500    04/15/17     EUR      61.01
Cosan Finance            7.000    02/01/17     USD      62.50
Cosan SA Industria       8.250    02/28/49     USD      46.57
JBS SA                  10.500    08/04/16     USD      62.00
Independencia In         9.875    05/15/15     USD      43.00
Independencia In         9.875    01/31/17     USD      42.12
Lehman Brothers         10.000    03/20/09     EUR       5.00
Mazarin FDG Limited      0.100    09/20/68     USD       3.17
National Steel           9.875    05/29/49     USD      57.50
Net Servicos             9.250    11/29/49     USD      69.12
Soc Gen Accept           0.750    12/21/11     EUR      40.06
Soc Gen Accept           8.000    12/20/13     EUR      24.79
Soc Gen Accept           7.000    02/27/13     EUR      15.52
Soc Gen Accept          14.000    04/09/09     EUR      44.75
Soc Gen Accept          17.750    01/05/09     EUR      20.09
Suntech Power            0.250    02/15/12     USD      64.68
RBS-Zero Hora Ed        11.250    06/15/17     BRL      49.70
Rede Empresas           11.125    04/29/49     USD      47.91
Rede Empresas           11.125    04/29/49     USD      39.05
Vigor                    9.250    02/23/17     USD      48.89

   CAYMAN ISLANDS
   --------------
801 Grand B-2            1.225    09/20/16     USD      69.50
Agile Property           9.000    09/22/13     USD      50.55
Aig Sunamerica           5.625    02/01/12     GBP      69.80
Aig Sunamerica           5.375    02/01/12     GBP      60.70
Ambev Intl Finan         9.500    07/24/17     BRL      70.00
Apex Silver              2.875    03/15/24     USD       2.40
Apex Silver              4.000    09/15/24     USD      12.00
Asif II                  5.125    01/28/13     GBP      67.87
Banco Brasl              9.750    07/18/17     BRL      72.50
Banco Safra CI          10.875    04/03/17     BRL      63.50
Barion Funding           0.100    12/20/56     EUR       5.23
Barion Funding           0.250    12/20/56     USD       6.47
Barion Funding           0.250    12/20/56     USD       6.47
Barion Funding           0.250    12/20/56     USD       6.47
Barion Funding           0.250    12/20/56     USD       6.47
Barion Funding           0.250    12/20/56     USD       6.47
Barion Funding           0.630    12/20/56     GBP      12.94
Barion Funding           1.440    12/20/56     GBP      23.98
BCP Finance Company      4.239    10/29/49     EUR      52.88
BCP Finance Company      5.543    06/29/49     EUR      59.37
Bes Finance Limited      6.625    05/08/49     EUR      56.50
Bes Finance Limited      5.580    07/29/49     EUR      52.66
Bes Finance Limited      4.500    12/29/49     EUR      49.26
Blue City Co             1.000    11/07/13     USD      62.90
Braskem Fin Limited      7.250    06/05/18     USD      68.43
Braskem Fin Limited      7.250    06/05/18     USD      66.75
China Med Tech           4.000    08/15/13     USD      39.93
China Properties         9.125    05/04/14     USD      39.02
Country Garden           2.500    02/22/13     CNY      38.05
Dasa Finance             8.750    05/29/18     USD      68.00
DP World Sukuk           6.250    07/02/17     USD      51.00
Dubai Holding Comm       4.750    01/30/14     EUR      53.00
Dubai Holding Comm       6.000    02/01/17     GBP      55.92
DWR CYMN FIN             4.473    03/31/57     GBP      69.61
Embraer Overseas         6.375    01/24/17     USD      67.00
ESFG International       5.753    06/29/49     EUR      36.50
Fair Vantage Ltd         1.000    06/03/13     GBP      61.21
Gol Finance              7.500    04/03/17     USD      43.00
Gol Finance              7.500    04/03/17     USD      46.50
Gol Finance              8.750    04/29/17     USD      30.50
Greentown China          9.000    11/08/13     USD      30.50
Ja Solar Hold Company    4.500    05/15/13     USD      33.00
Lupatech Finance         9.875    07/29/49     USD      50.25
Mafrig Overseas          9.635    11/16/16     USD      48.02
Mazarin Fdg Ltd          0.250    09/20/68     EUR       4.73
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.73
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.73
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.73
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.73
Mazarin Fdg Ltd          0.630    09/20/68     GBP      10.83
Mazarin Fdg Ltd          1.440    09/20/68     GBP      22.15
Minerva Overse           9.500    02/01/17     USD      45.50
Mizuho Capital I         5.020    06/29/49     EUR      60.46
Mizuho Capital INV I     6.686    03/29/49     EUR      61.16
Mufg Cap Fin1            6.346    07/29/49     EUR      72.30
Mufg Cap Fin2            4.850    07/29/49     EUR      56.91
Mufg Cap Fin4            5.271    01/29/49     EUR      56.98
Mufg Cap Fin5            6.299    01/25/49     GBP      54.37
New Asat Finance         9.250    02/01/11     USD      6.26
Parkson Retail           7.125    05/30/12     USD      58.00
Prince Fin Global        4.500    01/26/17     EUR      72.64
Pubmaster Fin            6.962    06/30/28     GBP      53.41
Resona PFD Glob          7.191    12/29/49     USD      46.07
Seagate Tech HDD         6.800    10/01/16     USD      60.31
Shimao Property          8.000    12/01/16     USD      40.15
Shimao Property          8.000    12/01/16     USD      39.00
SMFG Preferred           6.078    01/29/49     USD      70.98
SMFG Preferred           6.164    01/29/49     USD      69.30
SMFG Preferred           6.164    01/29/49     USD      47.97
Subsea                   2.800    06/06/11     USD      64.24
Suntech Power            3.000    03/15/13     USD      24.50
Tam Capital Inc.         7.375    04/25/17     USD      46.43
Tam Capital Inc.         7.375    04/25/17     USD      49.05
TMB Bank PCL/CI          7.750    05/29/49     USD      54.73
Transocean Inc.          1.500    12/15/37     USD      71.07
Trina Solar Limited      4.000    07/15/13     USD      33.55
UOB Cayman Limited      5.796     12/29/49     USD      64.84
Vestel Elec Fin          8.750    05/09/12     USD      38.89
Vontobel Cayman         11.350    01/23/09     USD      73.00
Vontobel Cayman         17.900    01/23/09     USD      48.60
Vontobel Cayman         11.300    04/24/09     USD      57.60
Vontobel Cayman         10.650    02/27/09     USD      52.40
Vontobel Cayman         10.550    02/27/09     USD      47.20
Xinao Gas Holdings       7.375    08/05/12     USD      64.50
XL Capital Limited       6.500    12/31/49     USD      25.62

   DOMINICAN REPUBLIC
   ------------------
Dominican Republic       8.625    01/23/18     USD      50.36
Dominican Republic       9.040    01/23/18     USD      59.68


   ECUADOR
   -------
Rep of Ecuador          12.000    11/15/12     USD      27.37
Rep of Ecuador           9.375    12/15/15     USD      28.25

  EL SALVADOR
  -----------
El Salvador Rep          8.250    04/10/32     USD      60.25
El Salvador Rep          7.625    09/21/34     USD      67.75
El Salvador Rep          7.650    06/15/35     USD      57.68

   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      72.59
Jamaica Govt             8.000    06/24/19     USD      68.16
Jamaica Govt             8.000    03/15/39     USD      54.27
Jamaica Govt             8.500    02/28/36     USD      69.00
Jamaica Govt             9.250    10/17/25     USD      71.50
Jamaica Govt LRS        12.750    06/29/22     JMD      68.02
Jamaica Govt LRS        12.750    06/29/22     JMD      68.04
Jamaica Govt LRS        12.850    05/31/22     JMD      69.60
Jamaica Govt LRS        13.375    12/15/21     JMD      71.56
Jamaica Govt LRS        13.375    04/27/32     JMD      66.94
Jamaica Govt LRS        13.375    04/27/32     JMD      66.94
Jamaica Govt LRS        13.375    04/27/32     JMD      74.62
Jamaica Govt            14.000    10/27/14     EUR      74.98

    MEXICO
    ------
Mer Lynch Int CV         8.000    01/30/09     CHF      56.80
Mer Lynch Int CV        10.760    03/16/09     CHF      35.97
Mer Lynch Int CV        11.200    03/16/09     CHF      27.61
Mer Lynch Int CV        11.330    03/16/09     CHF      66.00
Mer Lynch Int CV        11.400    03/16/09     CHF      58.77
Mer Lynch Int CV        11.540    03/16/09     CHF      73.12
Mer Lynch Int CV        11.660    03/16/09     CHF      12.72
Mer Lynch Int CV        11.720    03/16/09     CHF      28.15
Mer Lynch Int CV        11.730    03/16/09     CHF      74.71
Mer Lynch Int CV        12.200    03/16/09     CHF      22.08
Mer Lynch Int CV        12.460    03/16/09     CHF      29.90
Mer Lynch Int CV        12.760    03/16/09     CHF      24.38
Mer Lynch Int CV        13.100    03/16/09     CHF      42.11
Mer Lynch Int CV        13.280    03/16/09     CHF      12.19
Mer Lynch Int CV        13.720    03/16/09     CHF      55.15
Mer Lynch Int CV        14.530    03/16/09     CHF      19.74
Mer Lynch Int CV        14.890    03/16/09     CHF      30.77
Mer Lynch Int CV        15.000    03/16/09     CHF      59.80
Mer Lynch Int CV        15.220    03/16/09     CHF      22.69
Mer Lynch Int CV        15.520    03/16/09     CHF      36.98
Mer Lynch Int CV        16.330    03/16/09     CHF      12.75
Mer Lynch Int CV        16.380    03/16/09     CHF      10.65
Mer Lynch Int CV        16.450    03/16/09     CHF      42.02
Mer Lynch Int CV        16.800    03/16/09     CHF      31.78
Mer Lynch Int CV        17.140    03/16/09     CHF      47.79
Mer Lynch Int CV        18.000    03/27/09     CHF      48.00
Mer Lynch Int CV        18.020    03/27/09     CHF      69.61
Mer Lynch Int CV        19.110    03/16/09     CHF      10.69
Mer Lynch Int CV        19.380    03/16/09     CHF      01.97
Mer Lynch Int CV        22.000    03/16/09     CHF      09.25
Mer Lynch Int CV        22.670    03/16/09     CHF      07.25


PUERTO RICO
  -----------
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      58.50

URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      41.87
Uruguay                  4.250    04/05/27     UYU      52.75
Uruguay                  5.000    09/14/18     UYU      67.12
Uruguay                  7.625    03/21/36     UYU      70.00
Uruguay                  7.875    07/15/27     UYU      73.81



   VENEZUELA
   ---------
Petroleos de Ven         5.250    04/12/17     USD      33.45
Petroleos de Ven         5.375    04/12/27     USD      29.75
Petroleos de Ven         5.500    04/12/37     USD      29.25
Venezuela                6.000    12/09/20     EUR      40.12
Venezuela                7.000    03/16/15     EUR      58.03
Venezuela                7.000    03/16/15     EUR      49.99
Venezuela                7.000    12/01/18     USD      45.00
Venezuela                7.000    03/31/38     USD      38.62
Venezuela                7.650    04/21/25     USD      43.50
Venezuela                8.500    10/08/14     USD      56.50
Venezuela                9.000    05/07/23     USD      48.50
Venezuela                9.250    09/15/27     USD      63.50
Venezuela                9.250    05/07/28     USD      49.00
Venzod - 189000          9.375    01/13/34     USD      49.00
Venzod - 189000         10.750    09/19/13     USD      66.50
Venezuela               10.750    09/19/13     USD      72.48
Venezuela               13.625    08/15/13     USD      73.00
Venezuela               05.750    02/26/16     USD      44.37



                            ***********

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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