TCRLA_Public/081222.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 22, 2008, Vol. 9, No. 253

                            Headlines

A R G E N T I N A

AEROLINEAS ARGENTINAS: Back Into Government's Hands
LA INTERNACIONAL: Proofs of Claim Verification Due on March 27
SALVO CONSTRUCCIONES: Proofs of Claim Verification Due on Feb. 23
SAINVILLE SA: Proofs of Claim Verification Due on Feb. 25
SOLUCIONES ECOLOGICAS: Proofs of Claim Verification Due on May 13


B E R M U D A

BOXER 3: Creditors' Meeting Set for December 23
CONSORTIUM ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 12
CONSORTIUM ENTERPRISES: Members Receive Wind-Up Report
NAGARA LTD: Creditors' Meeting Set for December 23


B R A Z I L

AES CORP: Brazil Units Sign Licensing Deal With Imagem Geosistemas
BANCO BONSUCESSO: Moody's Withdraws 'D' Rating on BFSR
BNDES: Jan-Nov Loans Up 41% to BRL79.9 Billion
BRASIL TELECOM: Oi Gets Regulatory Okay to Acquire Company
DELPHI CORP: To Sell Global Exhaust Business to Bienes for US$17MM

FORD MOTOR: Will Extend Plant Shutdown to January 12


C A Y M A N  I S L A N D S

AALL & COMPANY: Shareholders' Final Meeting Set for Dec. 30
AURARIAN OFFSHORE: Members' Final Meeting Set for Dec. 29
BHRAMAVIRA CAPITAL: Members Receive Wind-Up Report
BHRAMAVIRA CAPITAL: Members Receive Wind-Up Report
CABLE & WIRELESS: To Layoff 1/3 of 3,700 Regional Workforce

CCL CARDINALASIA: Shareholder to Hear Wind-Up Report on Dec. 29
COPINULA INVESTMENTS: Members' Meeting Set for December 29
FRM ACADEMY: Shareholders' Final Meeting Set for Dec. 29
FRM DIVERSIFIED: Shareholders' Final Meeting Set for Dec. 29
GRACECHURCH CAPITAL: Shareholders' Final Meeting Set for Dec. 29

HORIZON AL: Shareholder to Hear Wind-Up Report on December 24
MA INVESTMENTS: Shareholders' Final Meeting Set for Dec. 29
PGS FOCUS-GLOBAL: Shareholders' Final Meeting Set for Dec. 30
POLAR CAPITAL: Shareholders' Final Meeting Set for Dec. 29
POLAR CAPITAL: Shareholders' Final Meeting Set for Dec. 29

SABIN INVESTMENTS: Shareholders' Final Meeting Set for Dec. 24
SION HALL: Shareholders' Final Meeting Set for Dec. 29
YOKOHAMA EXCELLENT: Shareholders' Final Meeting Set for Dec. 29
ZEST INVESTMENTS: Shareholders' Final Meeting Set for Dec. 24
ZEST INVESTMENTS II: Shareholders' Final Meeting Set for Dec. 24

ZEST INVESTMENTS III: Shareholders' Final Meeting Set for Dec. 24


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: 103 Free Zone Firms to Begin Operations


G U A T E M A L A

BANCO INDUSTRIAL: Moody's Changes Outlook on Ba3 Rating to Stable
* GUATEMALA: Moody's Changes Outlook on 'Ba2' FCGR to Stable


J A M A I C A

AIR JAMAICA: Seeks Strategic Partner in the United States
* JAMAICA: Gets US$90MM Loan From Inter-American Development Bank


M E X I C O

HIPOTECARIA CREDITO: Moody's Affirms Issuer Rating to 'B1'


P U E R T O  R I C O

ANTIOCH COMPANY: Wants to Access US$4 Million BoA DIP Facility


V E N E Z U E L A

* VENEZUELA: To Cut Gov't Spending in 2009 After Oil Price Drops


X X X X X X X X

* Car Czar May Force Bankruptcy Filing for GM & Chrysler


* BOND PRICING: For the Week December 15 - December 19, 2008


                         - - - - -


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

AEROLINEAS ARGENTINAS: Back Into Government's Hands
---------------------------------------------------
Argentina's senate has passed into law a bill to expropriate
Aerolineas Argentinas after nearly two decades in Spanish hands,
the Financial Times reports.

The law, according to the FT, declares Aerolineas and its sister
company Austral a public service, given the vast size of the
country and the flag carrier's duty to serve even unprofitable
routes.

Aerolineas has 80 per cent of the domestic air market but operates
all of its 33 routes at a loss, the FT says.

Approval of the law, by 42 votes to 21, comes as "no surprise . .
. but it still hurts", Jorge Molina, an Aerolineas director, told
the FT.

The FT relates Mr. Molina confirmed that ousted owners Marsans, a
Spanish travel group, planned to sue the government for more than
US$1 billion at the World Bank's arbitration tribunal, and a
protracted legal battle looks to be on the cards.

According to Linda Young at AHN, Marsans had agreed to sell the
government a majority share in the company, claiming the airline
companies were worth US$440, but government officials said that
the companies were running a deficit of about US$900 and wanted to
pay a token US$1 for the airlines that had only been privatized 18
years ago.

                   About Aerolineas Argentinas

Aerolineas Argentinas is Argentina's largest domestic and
international airline.  It is the national airline and carries
around 70% of Argentina's domestic traffic and 40% of
international flights from Ministro Pistarini International
Airport, which is located in Ezeiza, Buenos Aires.  Aerolineas
Argentinas and LAN Airlines are the only Latin American airlines
that fly to Oceania.


LA INTERNACIONAL: Proofs of Claim Verification Due on March 27
--------------------------------------------------------------
The court-appointed trustee for La Internacional Empresa de
Transporte de Pasajeros S.A.C.I.I. y F.'s bankruptcy proceedings,
will be verifying creditors' proofs of claim until March 27, 2009.

The trustee will present the validated claims in court as
individual reports on May 14, 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 29, 2009.


SALVO CONSTRUCCIONES: Proofs of Claim Verification Due on Feb. 23
-----------------------------------------------------------------
The court-appointed trustee for Salvo Construcciones S.H.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 23, 2009.

The trustee will present the validated claims in court as
individual reports on April 7, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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


SAINVILLE SA: Proofs of Claim Verification Due on Feb. 25
---------------------------------------------------------
The court-appointed trustee for Sainville S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
February 25, 2009.

The trustee will present the validated claims in court as
individual reports on April 8, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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


SOLUCIONES ECOLOGICAS: Proofs of Claim Verification Due on May 13
-----------------------------------------------------------------
The court-appointed trustee for Soluciones Ecologicas S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 13, 2009.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 24, 2009.



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

BOXER 3: Creditors' Meeting Set for December 23
-----------------------------------------------
The creditors of Boxer 3 Ltd will meet on December 23, 2008, at
9:15 a.m.  At the meeting, the creditors will be asked to:

   -- receive the full statement of the position of the company's
      affairs, together with a list of the creditors and the
      estimated amount of their claims;

   -- nominate a liquidator; and

   -- appoint a Committee of Inspection.


CONSORTIUM ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 12
----------------------------------------------------------------
The creditors of Consortium Enterprises Ltd are required to file
their proofs of debt by January 12, 2008, to be included in the
company's dividend distribution.

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


CONSORTIUM ENTERPRISES: Members Receive Wind-Up Report
------------------------------------------------------
The members of Consortium Enterprises Limited will meet on
Jan. 26, 2009, at 9:30 a.m., at # 2 Reid Street, in Hamilton,
Bennuda.

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

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


NAGARA LTD: Creditors' Meeting Set for December 23
--------------------------------------------------
The creditors of Nagara Ltd will meet on December 23, 2008, at
10:15 a.m.  At the meeting, the creditors will be asked to:

   -- receive the full statement of the position of the company's
      affairs, together with a list of the creditors and the
      estimated amount of their claims;

   -- nominate a liquidator; and

   -- appoint a Committee of Inspection.



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

AES CORP: Brazil Units Sign Licensing Deal With Imagem Geosistemas
------------------------------------------------------------------
AES Corporation's Brazil units, AES Sul and AES Eletropaulo,
signed an enterprise license agreement (ELA) with ESRI's Brazilian
distributor Imagem Geosistemas E Comercio Ltda.  The ELA will
provide deployments of current ESRI geographic information system
(GIS) software for the desktop and server as well as support,
training, and maintenance.  Both utilities are taking advantage of
this program, which allows them to expand GIS technology across
the company while keeping costs low.

AES Sul recently integrated its accounting data from SAP with the
physical data in its GIS.  ESRI's ArcGIS platform enables the
development of GIS visualization and geoprocessing services that
can easily be used by other platforms, such as SAP NetWeaver, to
create composite applications specifically for utilities.  Using
ArcGIS Mobile and ArcGIS Server technologies, AES Sul field crews
keep data fresh with real-time updates of work orders and customer
information.

"With the integrated platform, AES Sul has the guarantee of
automatic updates that were in the past manual and not completely
reliable," said Sandra Heck, GIS coordinator for AES Sul.  "Asset
management is conducted through a unique channel that involves
access to data through the SAP and GIS environments."

AES Eletropaulo uses GIS to meet and keep its company-wide goal of
more rapid response to work orders and outages.  The utility
recently updated its distribution maps and customer database
within an ArcGIS platform.

"Since implementation of enterprise GIS, we have seen marked
success in the productivity and quality in our work as well as a
significant reduction in operating cost," said Silvio Baldan, a
business analyst with AES Eletropaulo.  "We are a company with the
highest level of technology related to the electric assets. It is
essential for us to be aligned with international best practices,
and this includes the use of GIS from ESRI."

"We are pleased to support AES Sul and Eletropaulo with t his new
agreement," said Gustavo Dias, a GIS expert with Imagem. "This ELA
will save the time and money typically expended on updating GIS
technology.  Instead, the utilities will be able to focus on asset
management, customer service, and expansion of networks."

The core technology for the ELA is ESRI's ArcGIS software, a
complete system to author, serve, and use geographic information.
The technology provides geographic information to those who need
it, including analysts, decision makers, and field staff, through
its support of mobile, Web, and desktop clients.

                            About ESRI

ESRI -- http://www.esri.com -- has been giving customers around
the world the power to think and plan geographically.  The market
leader in GIS, ESRI software is used in more than 300,000
organizations worldwide including each of the 200 largest cities
in the United States, most national governments, more than two-
thirds of Fortune 500 companies, and more than 7,000 colleges and
universities.  ESRI applications, running on more than one million
desktops and thousands of Web and enterprise servers, provide the
backbone for the world's mapping and spatial analysis.  ESRI is
the only vendor that provides complete technical solutions for
desktop, mobile, server, and Internet platforms.

                          About AES Sul

AES Sul is a divisions of major international power company AES.
As one of the world's largest power companies, AES owns and
operates a diverse and growing portfolio of generation and
distribution businesses with the capacity to serve 100 million
people worldwide.  AES Sul serves one million consumers in the
metropolitan region of Porto Alegre, the Rio Pardo and Taquari
Valleys, and the central and western frontier regions.

                      About AES Eletropaulo

AES Eletropaulo serves six million customers in 24 municipal
districts of the metropolitan area of São Paulo.

                      About AES Corporation

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

The company has operations in Argentina through its unit, Empresa
Distribuidora La Plata SA (EDELAP).

                          *     *     *

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


BANCO BONSUCESSO: Moody's Withdraws 'D' Rating on BFSR
------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco Bonsucesso S.A. for business reasons.

The bank has no rated foreign currency debt outstanding.  This
action does not reflect a change in Bonsucesso's creditworthiness.

Moody's last rating action was on December 11, 2008 when all
ratings assigned to Bonsucesso were lowered in conclusion of
Moody's review for possible downgrade initiated in October 14th,
2008.  In this rating action, Moody's downgraded Bonsucesso's bank
financial strength rating to D- from D, the global local and
foreign currency deposit ratings to Ba3 from Ba2, and the national
scale deposit rating in Brazil to A2.br from A1.br.  At the same
time, all ratings were placed on negative outlook.

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 withdrawn:

  * Bank financial strength rating - D-

  * Global long-term and short-term local currency deposit ratings
    -- Ba3 and Not Prime;

  * Long-term and short-term foreign currency deposit ratings --
    Ba3 and Not Prime;

  * Brazilian long-term and short-term national scale deposit
    ratings -- A2.br and BR-1


BNDES: Jan-Nov Loans Up 41% to BRL79.9 Billion
----------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA's loan
volume increased 41% to BRL79.9 billion (US$33.75 billion) in
January-November from the same period last year, Rogerio Jelmayer
of Dow Jones Newswires reports.

According to the report, the largest part of the loan volume went
to:

-- local manufacturers, who obtained BRL32.4 billion loans, and
-- infrastructure projects which received BRL31.3 billion.

Loans provided by BNDES, the report relates, were expected to soar
this year due to the expansion of the economy, which demands more
investments from companies.

The report notes local companies are facing credit restrictions
from traditional banks and are using BNDES as one of few
alternatives for their financing.  The loans provided by BNDES are
highly attractive because the bank offers lower interest rates
than local private banks, DJ Newswires says.

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


BRASIL TELECOM: Oi Gets Regulatory Okay to Acquire Company
----------------------------------------------------------
Brazil's telecommunications regulator, Anatel, approved with
restrictions Telemar Norte Leste SA (Oi Participacoes)'s plan to
acquire Brasil Telecom Participacoes SA, Reuters reports.

As reported in the Troubled Company Reporter-Latin America on
December 19, 2008, Bloomberg News said Anatel may restrict Telemar
Norte's plan to acquire Brasil Telecom by giving the state-
development bank and pension funds the right to veto the deal.  In
that report, Emilia Ribeiro, a board member of regulator Anatel,
said she wants to prevent the new phone company from being
acquired by a foreign company after it benefited from an injection
of BRL6.87 billion (US$2.88 billion) of government money and a
change in regulations.

According to Reuters, the total price tag for the takeover may
rise to BRL12.3 billion, taking into consideration an offer for
Brazil Telecom's minority shareholders.

Anatel, Reuters notes, set several restrictions to the deal, such
as keeping the same number of workers in the company and its
subsidiaries, including Brasil Telecom, for at least until April
2011.

The company, the report says, will also have to invest in research
and development for the next 10 years and to provide broadband
Internet to all cities it operates in up to ten months after
setting up infrastructure.  Oi will also have to provide a certain
amount of equipment for public institutions from 2010 and allow
part of its net to be used by other operators, the report adds.

                       About Brasil Telecom

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

                          *     *     *

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


DELPHI CORP: To Sell Global Exhaust Business to Bienes for US$17MM
------------------------------------------------------------------
Delphi Corporation said it received approval from the U.S.
Bankruptcy Court for the Southern District of New York for the
sale of assets related to the company's global exhaust business to
Bienes Turgon for $17 million, subject to adjustments.

"Delphi's sale of its global exhaust business is a significant,
meaningful step as the company progresses with ongoing corporate
and divisional transformation plans,"  said Ron Pirtle, president,
Delphi Powertrain Systems.  "This move further refines our
powertrain product portfolio to feature core, differentiated
technologies in which Delphi possesses competitive advantages and
for which customers are calling."

Delphi selected Bienes Turgon as the lead bidder and received
court approval to proceed with the sale process for the global
exhaust business.

Delphi will carefully manage the transition of the business, and
the sale will be completed in coordination with Delphi's
customers, suppliers, employees, unions and other stakeholders.

The transaction, which is subject to certain closing conditions,
including completion of consultation procedures with certain
unions and works councils, and completion of the closing
documents, is expected to close during the first half of 2009.

Although the company is divesting its exhaust business, Delphi
Powertrain continues to provide full engine management systems
-- including air and fuel management, combustion and valvetrain
technology -- through its gas EMS product business unit.

                    About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional headquarters
in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.


FORD MOTOR: Will Extend Plant Shutdown to January 12
----------------------------------------------------
Ford Motor Co. decided to extend the shutdown of some of 10 of its
assembly plants for an extra week in January, citing slow sales,
The Associated Press reports.

The AP relates that Ford Motor spokesperson Angie Kozleski said
that the normal two-week holiday shutdown will be extended to Jan.
12, 2009, at all operating assembly plants except the plant in
Claycomo and the Dearborn truck plant, which will both resume
operations on Jan. 5, 2009.  The two plants, says The AP, make the
F-150 pickup truck.  Claycomo also makes the Ford Escape and
Mercury Mariner, the report states.

According to The AP, Ford Motor will also extend the shutdown at
some engine, transmission and parts stamping plants, or shut
portions of them.

        Ford Not in Loan Pact Talks With Credit Unions

Sharon Terlep at The Wall Street Journal reports that while
General Motors Corp. and Chrysler LLC have entered into loan
agreements with credit unions, Ford Motor isn't in talks on a
similar deal, as it believes its finance arm, Ford Financial, can
meet buyers' needs.

                      About Ford Motor Co.

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

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

                        *     *     *

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

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



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

AALL & COMPANY: Shareholders' Final Meeting Set for Dec. 30
-----------------------------------------------------------
The shareholders of AALL & Company (Cayman) Ltd. will hold their
final meeting on December 30, 2008, to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Brian Patrick Randall
          Susan G. Raesmith
          c/o B.P. Randall
          P O Box 1166, Grand Cayman KY1-1102
          Telephone:345-814-3117
          Facsimile:345-945-5772


AURARIAN OFFSHORE: Members' Final Meeting Set for Dec. 29
---------------------------------------------------------
The members of Aurarian Offshore, Ltd. will hold their final
general meeting on December 29, 2008, at 3:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


BHRAMAVIRA CAPITAL: Members Receive Wind-Up Report
--------------------------------------------------
The members of Bhramavira Capital Master Fund Limited met on
Dec. 17, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Skye Quinn
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:(345) 914 8678
          Facsimile:(345) 945 4237


BHRAMAVIRA CAPITAL: Members Receive Wind-Up Report
--------------------------------------------------
The members of Bhramavira Capital Fund Limited met on  Dec. 17,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Skye Quinn
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:(345) 914 8678
          Facsimile:(345) 945 4237


CABLE & WIRELESS: To Layoff 1/3 of 3,700 Regional Workforce
-----------------------------------------------------------
Cable & Wireless plc (LIME) will lay off one-third of its 3,700
regional workforce as part of company restructuring, Tad Stoner of
Cayman Net News reports.

As reported by the Troubled Company Reporter - Latin America on
Dec. 12, 2008, The Associated Press said Cable & Wireless PLC is
dismissing about 1,200 workers at its Caribbean operations as part
of a regional restructuring.

In that same report, Cable & Wireless said layoffs at its
landline, internet, mobile, entertainment (LIME) operations will
affect employees in 13 islands.

"We have determined that the optimum number for the business we
are creating is approximately 2,500," the company was quoted by
Cayman Net News as saying.  "Consequently, over the next 10 months
we will be reducing our employee headcount across the region in
line with that reality."

Cayman Net News says from the company's 240 staff, industry
insiders estimated "fairly significant" numbers, ranging anywhere
from 25 employees to 80 employees will be lay off.

Cayman News notes that a company executive predicted the company
was likely to offer compensation.  "I think they [redundant
employees] are getting a severance package; Cable & Wireless will
do that, they're pretty straightforward," he way quoted by the
report as saying.

In a statement obtained by Cayman News, the company said, "During
the past few months, we have been communicating on an on-going
basis with our colleagues that there will be an overall reduction
in our workforce across the region.  Many of them will find
challenging new roles in the new business structure, and those
that do not will be fairly compensated through redundancy
packages.  The company will also provide a wide range of support
through our human resources departments for them as they leave the
company and look to new opportunities."

"Redundancies, where they arise, will be undertaken with
sensitivity and with strict adherence to the respective labour
laws, of the specific country and, where applicable, the
collective agreements that are in place," the statement said, the
report adds.

                     About Cable and Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-" long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


CCL CARDINALASIA: Shareholder to Hear Wind-Up Report on Dec. 29
---------------------------------------------------------------
The sole shareholder of CCL Cardinalasia Absolute Fund will hear
on December 29, 2008, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Edward Shiu Lun Lee
          Suite 1909, 19th Floor
          9 Queen's Road Central
          Central, Hong Kong
          Telephone:(852) 2869 1201
          Facsimile:(852) 2869 1207


COPINULA INVESTMENTS: Members' Meeting Set for December 29
----------------------------------------------------------
The members of Copinula Investments Ltd. will meet on Dec. 29,
2008, at 10:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gloria Virginia De La Pa Ferguson De Borja
          Suite 400 A, 245 S.E.
          1st Street, Miami, Florida 33131
          United States


FRM ACADEMY: Shareholders' Final Meeting Set for Dec. 29
--------------------------------------------------------
The shareholders of FRM Academy Fund (Cayman Nominee) Limited will
hold their final meeting on December 29, 2008, at 9:30 a.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          John Renouf
          c/o FRM Investment Management Limited
          PO Box 173, Trafalgar Court
          Admiral Park St. Peter Port
          Guernsey GY1 4HG, C.I.


FRM DIVERSIFIED: Shareholders' Final Meeting Set for Dec. 29
------------------------------------------------------------
The shareholders of FRM Diversified Fund (Cayman Nominee) Limited
will hold their final meeting on December 29, 2008, at 9:30 a.m.,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Renouf
          c/o FRM Investment Management Limited
          PO Box 173, Trafalgar Court
          Admiral Park St. Peter Port
          Guernsey GY1 4HG, C.I.


GRACECHURCH CAPITAL: Shareholders' Final Meeting Set for Dec. 29
----------------------------------------------------------------
The shareholders of Gracechurch Capital will hold their final
meeting on December 29, 2008, at 9:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Management Limited
          Zephyr House, Third Floor
          122 Mary Street, P.O. Box 715
          Grand Cayman KY1-1107
          Cayman Islands


HORIZON AL: Shareholder to Hear Wind-Up Report on December 24
-------------------------------------------------------------
The sole shareholder of Horizon Al Mashraq Fund will hear on
December 24, 2008, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone:(345) 815-1705
          Facsimile:(345) 949 1986


MA INVESTMENTS: Shareholders' Final Meeting Set for Dec. 29
-----------------------------------------------------------
The shareholders of MA Investments, LDC will hold their final
meeting on December 29, 2008, at 8:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          DMS Corporate Services Ltd.
          dms Corporate Services Ltd.
          dms House, 20 Genesis Close
          P.O. Box 1344, George Town
          Grand Cayman KY1-1108
          Cayman Islands


PGS FOCUS-GLOBAL: Shareholders' Final Meeting Set for Dec. 30
-------------------------------------------------------------
The shareholders of PGS Focus-Global Currency Ltd. will hold their
final meeting on December 30, 2008, at 8:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KYI-1102
          Telephone:(345) 949 8455
          Facsimile:(345) 949 8499


POLAR CAPITAL: Shareholders' Final Meeting Set for Dec. 29
----------------------------------------------------------
The shareholders of Polar Capital Japan Fund Limited will hold
their final meeting on December 29, 2008, at 9:30 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Management Limited
          Zephyr House, Third Floor
          122 Mary Street, P.O. Box 715
          Grand Cayman KY1-1107
          Cayman Islands


POLAR CAPITAL: Shareholders' Final Meeting Set for Dec. 29
----------------------------------------------------------
The shareholders of POLAR Capital Lotus Fund Limited will hold
their final meeting on December 29, 2008, at 10:00 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Management Limited
          Zephyr House, Third Floor
          122 Mary Street, P.O. Box 715
          Grand Cayman KY1-1107
          Cayman Islands


SABIN INVESTMENTS: Shareholders' Final Meeting Set for Dec. 24
--------------------------------------------------------------
The shareholders of Sabin Investments Ltd. will hold their final
meeting on December 24, 2008, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

Mrs. J. Priaulx is the company's liquidator.


SION HALL: Shareholders' Final Meeting Set for Dec. 29
------------------------------------------------------
The shareholders of Sion Hall Macro Master Fund Limited will hold
their final meeting on December 29, 2008, at 9:00 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Management Limited
          Zephyr House, Third Floor
          122 Mary Street, P.O. Box 715
          Grand Cayman KY1-1107
          Cayman Islands


YOKOHAMA EXCELLENT: Shareholders' Final Meeting Set for Dec. 29
---------------------------------------------------------------
The shareholders of Yokohama Excellent Holdings Inc. will hold
their final meeting on December 29, 2008, at 9:45 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


ZEST INVESTMENTS: Shareholders' Final Meeting Set for Dec. 24
-------------------------------------------------------------
The shareholders of Zest Investments Limited will hold their final
meeting on December 24, 2008, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Candace Ebanks
          c/o Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632
          Royal Bank House, 3rd Floor
          Shedden Road, George Town
          Grand Cayman KY1-1006, Cayman Islands
          Telephone: 345 945 9208
          Fax: 345 945 9210


ZEST INVESTMENTS II: Shareholders' Final Meeting Set for Dec. 24
----------------------------------------------------------------
The shareholders of Zest Investments II will hold their final
meeting on December 24, 2008, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Candace Ebanks
          c/o Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632
          Royal Bank House, 3rd Floor
          Shedden Road, George Town
          Grand Cayman KY1-1006, Cayman Islands
          Telephone: 345 945 9208
          Fax: 345 945 9210


ZEST INVESTMENTS III: Shareholders' Final Meeting Set for Dec. 24
-----------------------------------------------------------------
The shareholders of Zest Investments III will hold their final
meeting on December 24, 2008, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Candace Ebanks
          c/o Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632
          Royal Bank House, 3rd Floor
          Shedden Road, George Town
          Grand Cayman KY1-1006, Cayman Islands
          Telephone: 345 945 9208
          Fax: 345 945 9210



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

* DOMINICAN REPUBLIC: 103 Free Zone Firms to Begin Operations
-------------------------------------------------------------
103 new free zone companies will begin operations in Dominican
Republic, with a total investment of five billion pesos, The
Dominican Today reports, citing Export Free Zones Council (CNZFE)
director Luisa Fernandez.

According to the report, Ms. Fernandez said the companies are in
the areas of textiles, where she said exports fell 21% this year.

Sixty nine of the new companies, the report relates, will operate
in different free zone parks across the country, and 34 others in
special free zones.

Ms. Fernandez said a new free zone park was approved, that cost
RD$121 million, which will create 2,326 new direct jobs and
affirmed the new companies will recover part of the ones lost,
especially in textiles.

As reported by the Troubled Company Reporter -Latin America on
Dec. 3, 2008, the Dominican Today said four business associations
warned that if the exports aren't stimulated there'll be massive
layoffs next year, because exports have plunged more than 60%.

In that report, the associations of Free Zones, Industries,
Exporters and Agribusiness (JAD) said their common interest is
that the country can confront the challenges in the world's new
economic order, and to spur development they propose that exports
must be declared a national priority.  "We feel that the crisis
affecting the world powers forces us, as a country dependent on
those economies, to urgently adopt the measures needed to secure a
currency income volume, in response to this critical moment, to
better protect the national productive system," the associations
said.

The report related the industrialists requested declaring exports
a national priority and to follow a common agenda for that
purpose.

According to Moody's Investors Service, the country continues to
carry a B2 foreign currency rating with a stable outlook, and a B2
local currency rating with stable outlook.



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

BANCO INDUSTRIAL: Moody's Changes Outlook on Ba3 Rating to Stable
-----------------------------------------------------------------
Moody's Investors Service changed the outlook on Banco Industrial
S.A.'s Ba3 long term foreign currency bank deposit rating to
stable from positive following a similar action on the Guatemalan
country ceiling for deposits.  The rating remains constrained by
the country ceiling.

This action does not affect the bank's D financial strength
rating, which remains with a negative outlook.  Moody's also
affirmed the stable outlook on the Ba3 foreign currency
subordinated debt rating for the bank's Tier One capital notes,
which remains unconstrained by the Ba1 foreign currency bond
ceiling.

The last action taken on Banco Industrial's ratings was on
April 22, 2008 when Moody's Investors Service assigned a Ba3 to
the bank's capital notes.

Banco Industrial S.A is headquartered in Guatemala City,
Guatemala, and reported consolidated assets of Quetzales
41.2 billion (US$5.5 billion) and equity of Quetzales 3.6 billion
(US$ 500 million) as of September 30, 2008.

This rating was affected:

  -- Ba3 long term foreign currency deposit rating, outlook
     changed to stable from positive


* GUATEMALA: Moody's Changes Outlook on 'Ba2' FCGR to Stable
------------------------------------------------------------
Moody's Investors Service has changed the outlook on Guatemala's
Ba2 foreign-currency government rating to stable from positive to
reflect reduced prospects for a ratings upgrade.  This reflects a
relative worsening of Guatemala's credit metrics compared to
similarly rated countries as well as the impact of the global
crisis, which will make credit improvements more difficult.

The outlooks on Guatemala's Ba1 country ceiling for foreign-
currency bonds and Ba3 country ceilings for foreign-currency
deposits also changed to stable from positive.  The stable outlook
on the Ba1 local-currency bond rating remains unchanged.
Guatemala's A3 country ceilings for local-currency bonds and for
deposits were not changed.

"Despite recent above-trend growth, Guatemala is growing slower
than the median for Ba sovereigns; Guatemala is getting poorer and
smaller compared to other Ba countries," said Moody's Vice
President Gabriel Torres.  "Ten years ago Guatemala's per capita
GDP was 82% of Ba rated nations that has dropped to 58% because of
the lower relative growth."

Torres explained that sovereign ratings express relative standings
of creditworthiness, and that even a growing economy with stable
debt burdens like Guatemala's can have negative ratings
developments if its credit peers improve faster.  The economy as a
whole has also become relatively smaller, said the analyst,
falling from 101% to 62% of the average size for Ba sovereigns in
the same time period.  The country's debt burden has also worsened
relative to the Ba median with the debt-to-GDP ratio growing from
34% of the average of Ba countries in 2002 to an estimated 58%
this year.  Measured as a percentage of government revenues, the
ratio jumped from 57% to 108%.

"Economic growth will likely slow down in 2009 as the full impact
of the global crisis is felt in Guatemala," said Torres.  "Average
growth was 5.5% in 2006 and 2007 but will fall closer to 4% this
year and 3% in 2009, due to reduced remittance growth, lower
demand for its exports and worsening international and domestic
credit conditions."  He added that lower growth is possible if the
crisis deepens but Moody's does not expect a recession next year.
"The fiscal position is also likely to worsen in 2009" said
Torres.  "We expect the fiscal deficit to be around 2% in 2009,
slightly higher than results in recent years."

Despite the reduced upgrade prospects, Moody's expects the country
will manage the current crisis without significant deterioration
to its main credit metrics.  "Guatemala benefits from an important
upside in that it is politically well positioned to address a
deepening of the global crisis," said Torres.  "The nation enjoys
significant policy consensus, and changes in government have not
led to major changes in basic policies."

The last rating action with respect to the Government of Guatemala
was on July 24, 2006 when the outlooks on the government's Ba2
foreign-currency ratings, Ba1 country ceiling for foreign-currency
bonds, and Ba3 country ceiling for foreign-currency bank deposits
were all raised to positive from stable.



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

AIR JAMAICA: Seeks Strategic Partner in the United States
---------------------------------------------------------
Air Jamaica is seeking for a strategic partner in the United
States market that can help the cash-strapped carrier turnaround
its economic fortunes, Jamaica Observer reports.

"Whether the partner is another airline, a hotel company or even a
financial company, the goals must be in sync: Maintain the brand
and its value in the marketplace, and put the airline in a solid
financial position," President Bruce Nobles was quoted by the
report as saying.

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

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

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

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

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

In a statement obtained by Bloomberg News, the company said, "The
resounding message delivered during Mr Nobles' visit to the US is
that the name Air Jamaica will continue to live on, and the
airline will continue to provide the great service to which its
clients have become accustomed to over the years."

                        About Air Jamaica

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

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

                          *     *     *

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


* JAMAICA: Gets US$90MM Loan From Inter-American Development Bank
-----------------------------------------------------------------
Jamaica received US$90 million of the recently agreed US$101
million loan package from the Inter-American Development Bank
(IDB), Jamaica Information Service reports.  The loan agreement is
covering three loans.

According to the report, Audley Shaw, minister of finance and
public service, said the loans reflected the refocused strategy of
the Government, as it seeks to source less expensive loans to meet
its budgetary requirements, as well as to gradually reduce
dependence on expensive loans from the international capital
markets.  Minister Shaw, the report relates, also pointed out that
earlier this week, the Finance Ministry completed negotiations
with the IDB regarding the US$300 million Liquidity Program for
Growth Sustainability.

"The program will provide substantial liquidity to our commercial
banks that are currently facing reduced access to foreign credit
lines and inter-bank credit, and will also provide credit to the
goods and services producing sectors,"  Minister Shaw was quoted
by the report as saying.

Meanwhile, the report says next year, the IDB Board will consider
the loans for the Liquidity Program for Growth Sustainability and
the facility for the expansion of the PATH Program, totaling
US$315 million.  The loan agreements are scheduled to be signed by
Prime Minister Bruce Golding and IDB President, Louis Alberto
Moreno, in Jamaica, on January 19, the report adds.

Jamaica is an island nation of the Greater Antilles, 234
kilometers in length and as much as 80 kilometers in width
situated in the Caribbean Sea.  It is about 145 kilometers south
of Cuba, and 190 kilometers west of the island of Hispaniola, on
which Haiti and the Dominican Republic are situated.

According to Moody's Investor Site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.



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

HIPOTECARIA CREDITO: Moody's Affirms Issuer Rating to 'B1'
----------------------------------------------------------
Moody's de Mexico downgraded Hipotecaria Credito y Casa's short-
term national scale rating to MX-3 from MX-2.  Concurrently,
Moody's also affirmed Credito y Casa's Not Prime global scale
local currency short-term rating, Baa2.mx national scale issuer
rating and B1 global scale local currency issuer rating.  The
ratings outlook was revised to negative from stable.

The downgrade of Credito y Casa's short-term national scale rating
to MX-3 from MX-2 reflects global capital market challenges,
specifically for mortgage financing, which have strained all
mortgage companies' in Mexico ability to securitize their mortgage
portfolio, a key liquidity tool for the sofol.  The company, as
well as some of its peers, have recently become much more reliant
on funding from SHF to finance its business.  Moody's does not
expect this to change in the intermediate-term as the global
capital markets remain constrained.  Nevertheless, Moody's
believes that the company will be able to meet its short-term debt
maturities, but a higher cost to its growth plans and future
profitability.

The negative rating outlooks for both the national scale and
global local currency ratings reflects pressure on key credit
metrics, particularly net operating margin, as well as a rise in
delinquencies in the mortgage portfolio due to inefficient
collection processes resulting from integration challenges into
Grupo Coppel's infrastructure.  In late 2007 Coppel purchased a
100% equity stake in Credito y Casa.  Credito y Casa's individual
mortgage customers are paying their mortgages, however in many
cases are only paying a portion of the full monthly balance due.

This, along with Mexican accounting rules which require retention
of already current loans to remain in the delinquent portfolio for
several months, has artificially inflated the delinquent loan
portfolio.  When taking this into account the past due portfolio
for 3Q08 decreases from 22.2% to closer to 8%.  Credito y Casa's
net operating margin, which decreased to the high single-digit
range following the Coppel equity investment, is lower than other
sofol peers because they have a higher reserve requirement, as the
company has to adhere to banking capital and loan reserve
requirements.  Furthermore, Moody's does not expect Credito y Casa
to improve its credit metrics and margins substantially in the
intermediate term, as its operations will likely continue to be
impacted by the global recession and constrained global capital
markets.

A return to stable outlook would reflect improved efficiencies in
Credito y Casa's collection process while reducing portfolio
delinquencies and defaults.  Fixed charge coverage above 1x and
operating margins in the double digits would also support a return
to stable outlook.  A downgrade would result should Credito y Casa
fail to successfully integrate with Coppel through improvement in
its portfolio delinquencies and an increase in efficiencies in its
collections process.  Furthermore, a weakening of current credit
metrics will result in an immediate downgrade.  Significant
restructuring of SHF and the housing finance system and sustained
negative pre-provision net operating margins would result in
negative pressure to the ratings.

The last rating action with respect to Hipotecaria Credito y Casa
was on June 23, 2006, when Moody's assigned a (P)B1 senior
unsecured debt (global scale, local currency), and Baa2.mx
(national scale), ratings to the company's MXP$3 Billion MTN
programs with a stable outlook.

These ratings were downgraded:

  * Hipotecaria Credito y Casa -- short term national scale rating
    to MX-3 from MX-2

These ratings were affirmed with a negative outlook:

  * Hipotecaria Credito y Casa -- Baa2.mx national scale issuer
    rating, Baa2.mx National Scale senior unsecured long-term debt
    shelf rating, B1 global scale local currency issuer rating,
    and (P)B1 global local currency senior unsecured long-term
    debt rating on an MTN Program

Hipotecaria Credito y Casa, based in Culiacan, Sinaloa, Mexico,
started operations in 1997 as a non-bank financial
institution/Sofol Mortgage Company.  CyC's main activity consists
of extending mortgages financed by monies from SHF to low income
households.  As of September 30, 2008, the company reported assets
of $19,864 million Mexican pesos and $1,761 million Mexican pesos
in equity.

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



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

ANTIOCH COMPANY: Wants to Access US$4 Million BoA DIP Facility
--------------------------------------------------------------
The Antioch Company and its debtor-affiliates obtained permission
from the United States Bankruptcy Court for the Southern District
of Ohio to obtain US$4 million in postpetition financing from a
group of financial institutions led by Bank of America N.A., as
agent.

The three DIP Lenders have committed to fund these amounts:

     Lender                      Commitment
     -------                     ----------
     Bank of America, N.A.     US$1,428,571
     Fifth Third Bank            $1,428,571
     National City Bank          $1,142,857

The Debtors also seek the Court's consent to use cash collateral
securing repayment of loan to their prepetition lenders.

The DIP Loan will bear interest at Prime Rate plus 3%.  In the
event of default, the facility will incur interest at Prime Rate
plus 5%.  Interest will be computed on the basis of actual days
elapsed and a 365-day year in all cases and will be payable
monthly in arrears in cash.

According to the Debtors, proceeds of the facility and cash
collateral will be used to fund general corporate needs including
working capital, and pay fees and expenses related to the
financing and the Chapter 11 cases.

The Debtors will grant the DIP Lenders first priority senior
priming security interests and liens on all of their assets.  The
DIP Lenders claims' will have priority over and any and all
administrative expenses.

The DIP facility is subject to a US$250,000 carve-out for payment
of fees and expenses incurred by professionals of the Debtors or
any statutory committee.  The DIP agent will be paid US$40,000 in
closing fee in cash for the benefit of the lenders and a US$25,000
in arrangement fee on closing.

The DIP facility contains customary and appropriate events of
default.

The hearing to consider approval of the DIP facility has been
postponed to an unset date.  It was originally set for Dec. 18,
2009.

Michael J. Kaczka, Esq., at McDonald Hopkins LLC, relates the
Debtors, the Official Committee of Unsecured Creditors and the
Debtors' secured lenders have reached an agreement in principle
resolving certain objections to the DIP request raised by the
Committee.  The Debtors, Mr. Kaczka notes, have submitted a
proposed final order to the Court.

A full-text copy of the Debtor-in-Possession Agreement is
available for free at http://ResearchArchives.com/t/s?3675

A full-text copy of the Cash Collateral Budget is available for
free at http://ResearchArchives.com/t/s?3676

                        About Antioch Co.

The Antioch Co. -- http://www.antiochcompany.com/-- owns St.
Cloud-based Creative Memories.  The company was founded in 1926.
It consists of operating and business units located in Ohio,
Minnesota, Nevada, and Virginia.  The direct-selling division
encompasses the U.S. and Puerto Rico, Canada, Australia, New
Zealand, Germany, Japan and the United Kingdom, with expansion
planned in other European countries.  The Antioch employs more
than 1,090 people and manufactures, packages and markets more than
3,000 products to tens of thousands of independent sales
consultants and retail dealers.  As reported in the Troubled
Company Reporter on Nov. 17, 2008, The Antioch reached an
agreement with lenders to restructure its debt.  To facilitate
this agreement, Antioch and six of its subsidiaries filed
voluntary petitions for Chapter 11 protection on Nov. 13, 2008
(Bankr. S.D. Ohio Lead Case No. 08-35741).  McDonald Hopkins LLC
represents the Debtors in their restructuring efforts.  The United
States Trustee for Region 9 appointed creditors to serve on an
Official Committee of Unsecured Creditors.  In their summary of
schedules, the Debtors listed US$66,388,321 in total assets and
US$141,142,236 in total liabilities.



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

* VENEZUELA: To Cut Gov't Spending in 2009 After Oil Price Drops
----------------------------------------------------------------
Venezuela may have to cut government spending next year after oil
prices plunged more than 70% since July, Bloomberg News reports,
citing Finance Minister Ali Rodriguez.

According to the report, Venezuela's 2009 budget is based on a
forecast that the country's oil exports will average US$60 a
barrel next year.   Minister Rodriguez said Venezuela is "strongly
in-line" with Saudi Arabia's view that US$75 a barrel is an
"adequate price."

"If you have a drop in income, you have to cut," the report cited
Minister Rodriguez as saying.  "We don't yet know how much. We're
evaluating different scenarios with different oil prices and
levels of production and export."

Venezuelan lawmakers, the report says, approved a budget for 2009
that calls for a 22% increase in spending compared with the
original budget passed for this year, and Rodriguez has said the
government won't trim spending during the first quarter.

Meanwhile, Bloomberg News notes, Venezuelan Planning Minister
Haiman El-Troudi said the government doesn't foresee any problems
financing development projects in 2009.  It could face difficulty
in 2010 should the crisis continue, he said.

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

According to Moody's Rating Agency, the country continues to carry
a B2 foreign currency rating and a B1 local currency rating with
stable outlook.



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

* Car Czar May Force Bankruptcy Filing for GM & Chrysler
--------------------------------------------------------
Citing Senator Carl Levin, John Hughes at Bloomberg reports that
the U.S. Treasury may adopt a plan that would let a car czar or
the Treasury secretary force General Motors Corp. and Chrysler LLC
into bankruptcy if the two companies fail to prove that they can
survive without government financial assistance.

Bloomberg relates that the Treasury plan would resemble a measure
that the Congress passed last week that was rejected by the
Senate.  According to the report, Sen. Levin said that GM and
Chrysler would be required to submit viability plans by March 31,
2009, or lose any government support.  The report quoted Senator
Levin as saying, "The power rests in the hands of either the czar
or the Secretary of the Treasury to force bankruptcy by
March 31."

Sen. Levin, states Bloomberg, said that Treasury Secretary Henry
Paulson and his successor would "in effect" be the car czar
because the Treasury Department would supervise the financial
assistance program.  The administration was moving with
"deliberative speed" in considering possible financing for U.S.
automakers, the report says, citing Mr. Paulson.

According to Bloomberg, White House spokesperson Tony Fratto said,
"There will be conditions to any taxpayer financing.  There will
be rigorous oversight to make sure that these companies are doing
what they promised to do, and we want to make sure that everyone
is making the concessions that they're going to have to commit to
make."

              GM-Chrysler Merger Talks Resume

General Motors Corp. has resumed talks with Chrysler LLC on a
possible merger, after Cerberus Capital Management LP said that it
is willing to sell part of its stake in Chrysler, The Wall Street
Journal reports, citing people familiar with the matter.

According to WSJ, Cerberus Capital restarted the talks as cash in
GM and Chrysler become scarce.

Sources said that GM and Chrysler ended the negotiations in early
November, Naoko Fujimura and Dave McCombs at Bloomberg News
relate.

Shawn Langlois at MarketWatch reports that GM spokesperson Tony
Cervone denied the merger negotiations, saying, "We are not in
merger talks with Chrysler.  We stated in November that any talks
related to a potential merger were tabled so we could focus on our
liquidity situation.  That remains the case."  MarketWatch states
that Chrysler spokesperson Shawn Morgan also dismissed the reports
as rumor.


* BOND PRICING: For the Week December 15 - December 19, 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

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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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