TCRLA_Public/081229.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 29, 2008, Vol. 9, No. 256



AES CORP: Court Order on Pension Payments Lifts Shares


* BARBADOS: Central Bank Lost US$50,000 to Theft


XL CAPITAL: Sees US$60-US$80MM Gain After Fund Terminates


BRASKEM SA: Inks Long-Term Bio-Ethanol Supply Deal With Sojitz
GENERAL MOTORS: Court Cuts Legal Fees in Investors Settlement
GENERAL MOTORS: S&P Won't Raise Credit Rating Above CCC on Loans
GENERAL MOTORS: S&P Downgrades Issue-Level Rating to 'C'
GRAPHIC PACKAGING: Bank Loan Sells at Substantial Discount

C A Y M A N  I S L A N D S

APEX SILVER MINES: Agrees to File for Chapter 11 & Sell Mine
* CAYMAN ISLANDS: CIMA Probes Regulated Entities Exposed to Madoff
* CAYMAN ISLANDS: Two Funds Get Sued Over US$1.05 Bil. Claim


AIR COMET: Files for Bankruptcy Protection

D O M I N I C A N  R E P U B L I C

AES DOMINICANA: S&P's Rating Cut on Country Won't Affect 'B-'
EMPRESA GENERADORA: S&P's Rating Cut on Country Won't Affect 'B'
DOMINICAN REPUBLIC: S&P's Rating Cut to B Won't Affect Utilities


* ECUADOR: Sells US$700 Mil. Bonds in Local Auction


NCBJ: CariCRIS Cuts Unit's Foreign Currency Rating to "CariBB+"


CEMEX SAB: Creditors Approve US$2.2 Bil. Loan Refinancing
CERVECERIA NACIONAL: S&P Retains 'B+' Rating with Stable Outlook
FORD MOTOR: Moody's Downgrades Senior Unsecured Rating to 'Caa1'
FORD MOTOR: Moody's Downgrades CFR to 'Caa3'; Outlook Negative
KEY PLASTICS: Gets Interim Access to $7-Mil. Wayzata DIP Facility

P U E R T O  R I C O

FIRST BANCORP: U.S. Treasury Gives Prelim OK on Bailout Plan


PDVSA: Unit Doubles Daily Output to 1.56 Billion Cubic Feet


* BOND PRICING: For the Week December 22 - December 26, 2008

                         - - - - -


AES CORP: Court Order on Pension Payments Lifts Shares
Fabio Alves of Bloomberg News reported AES Corp.'s Brazilian unit,
Eletropaulo Metropolitana SA, gained 4 percent to BRL25.27 in Sao
Paulo trading, the most in more than a week, on Dec. 26 as it will
post an extraordinary gain of about BRL124 million (US$52.4
million) in the fourth quarter after getting a favorable tax

Bloomberg News relates that according to a statement posted on the
Web site of CVM, Brazil's securities regulator, the extraordinary
gain is related to a court decision that relieves the company of
obligations to pay certain pension and health-care taxes for 1999
to 2004.

"We believe the announcement of reversal of provisions is
extremely positive for Eletropaulo, as it adds to our expectations
for a high dividend yield in the second half of 2008," Banco
Santander SA analysts Marcio Prado and Andre Gaeta wrote in a note
to clients obtained by Bloomberg News.

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

                          *     *     *

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


* BARBADOS: Central Bank Lost US$50,000 to Theft
------------------------------------------------ reported that Barbados' Central Bank revealed
that BDS$100,000 (US$50,000) is missing from its vaults.

Last month, the report recalls, the Central Bank said it lost
BDS$1.4 million (US$700,000) in new 100-dollar bills.

According to the report, lawmen have been called in to investigate
the latest disappearance, even as they continue to probe the
earlier theft.

Three men including a former Central Bank employee have been
charged and they are
expected to reappear in court next month, the report relates.


XL CAPITAL: Sees US$60-US$80MM Gain After Fund Terminates
XL Capital Ltd. expects a gain of US$60 million to US$80 million
after early termination of a fund with a unit of France's Axa SA,
Andrew Frye of Bloomberg News reports.

XL "will be paid a greater share of the remaining funds than was
originally agreed", the report cited the company as saying.  In
return, Axa Insurance Ltd. was released from a sale-and-purchase
agreement, XL said.

According to the report, XL's chief executive officer Michael
McGavick is under pressure to bolster finances after more than
US$2 billion in net losses over 12 months and a December 15 rating
downgrade by Standard & Poor's.  Axa said it inherited the deal
after its 2006 acquisition of Winterthur from Credit Suisse Group
AG, the report says.

"It's a good thing for both parties," Emmanuel Touzeau, a
spokesman for the French insurer, told Bloomberg News in an
interview.  "There is also a gain on Axa's side," Mr. Touzeau

The fund, which initially had US$185 million, was set up to
protect XL in case reinsurance deals failed, the report says.

Headquartered in Bermuda, XL Capital Ltd. -- 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.


BRASKEM SA: Inks Long-Term Bio-Ethanol Supply Deal With Sojitz
Sojitz Corp. signed a deal with Japan's Sojitz Corp for a long-
term supply of bio-ethanol, Megumi Yamanaka of Bloomberg News

According to the report, Sojitz Corp will buy ethyl tertiary butyl
ether from Braskem.

Sojitz, the report notes, will supply ETBE to customers in the
European Union and Japan.

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

                         *     *     *

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

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

GENERAL MOTORS: Court Cuts Legal Fees in Investors Settlement
The Associated Press reports that U.S. District Judge Gerald
Rosen in Detroit has reduced legal fees in General Motors Corp.'s
$303 million settlement with investors.

The AP states that the lawyers represented people who invested in
GM stock or bonds over a six-year period.  The AP relates that two
lead lawyers and five law firms, who represented the people who
invested in GM stock or bonds over a six-year period, asked for a
19% share in the settlement -- almost $60 million -- which Judge
Rosen found excessive.  According to The AP, the judge instead
allowed the lawyers to get 15%, or $45 million, which Judge Rosen
said would add up to a rate of $1,825 per hour.

The complainants, according to The AP, claimed that they suffered
due to GM's accounting mistakes and misleading statements about
the health of the firm.  Their lawyers said that the case was very
risky due to GM's financial condition and that there was no
guarantee of victory, The AP relates.

                  SUV Plant in Dayton Closes

The AP reports that GM's sport-utility vehicle plant in the Dayton
suburb of Moraine has closed, after operating for 27 years.  The
AP states that Tuesday was the final day of production at the

According to The AP, GM said in June that it planned to close the
plant as high gasoline prices drove consumers away from SUVs.  The
AP says that about 1,080 hourly people worked at the plant.  About
572 workers will be working at GM's Moraine engine plant, which
the company co-owns with Isuzu.

            Restructuring Will Wipe Out Stockholders,
                   Credit Suisse Analyst Says

Greg Bensinger and Angela Greiling Keane at Bloomberg New report
that Credit Suisse Group AG analyst Christopher Ceraso said that
the restructuring needed to win government bailout could wipe out
GM's stockholders.

Bloomberg quoted Mr. Ceraso as saying, "Over the next two months,
as bondholders, union representatives and company management meet
to hammer out concessions, we think it will become increasingly
clear that the enormous sacrifice of value on the part of the
union and bondholders will require the complete or near-complete
elimination of the existing GM equity."

The U.S. government will also claim as much as 20% of GM's equity
value in exchange for the loans, Bloomberg states, citing Mr.

Bloomberg relates that Mr. Ceraso cut his rating on GM shares to
"underperform" from "neutral".  Bloomberg states that on Dec. 22,
Mr. Ceraso cut in half the one-year target price on GM to $1.

Citing Mr. Ceraso, Bloomberg says that GM may still end up in
bankruptcy if debtholders and labor groups fail to reach an

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- 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 $110.425 billion, total
liabilities of $170.3 billion, resulting in a stockholders'
deficit of $59.9 billion.

                         *     *     *

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

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

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

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

GENERAL MOTORS: S&P Won't Raise Credit Rating Above CCC on Loans
Standard & Poor's Ratings Services said that despite the nearly
$21 billion in emergency loans announced by the U.S. and Canadian
governments to help General Motors Corp. and Chrysler LLC avert
near-term bankruptcies, S&P is not likely to raise the credit
ratings on these companies above the 'CCC' category in the near
future.  S&P lowered the corporate credit rating on Chrysler to
'CC' from 'CCC+', reflecting S&P's view of the likelihood of a
distressed exchange offer for the company's secured debt.  S&P
also revised its post-default recovery expectations on GM's
unsecured debt because of the collateral to be pledged and the
relative priority of the new government loans, leading S&P to
lower the issue-level ratings on this debt.

The U.S. government announced Friday it would provide a total of
$9.4 billion in loans to GM in two payments, on Dec. 29, 2008, and
Jan. 16, 2009; another $4 billion could become available on
Feb. 17, 2009.  The U.S. government will lend $4 billion to
Chrysler on Dec. 29, 2008.  On Saturday, the Canadian and Ontario
governments announced they would together provide about
$3.3 billion to the Canadian units of GM and Chrysler in stages
over the next two months.  Sweden and Germany have also pledged to
aid their local units of the Michigan-based automakers.

S&P views the actions as necessary to give GM and Chrysler
sufficient liquidity to run their automotive operations for a few
more months, as opposed to facing severe liquidity shortfalls and
heightened risks of bankruptcies by early January 2009.  In
addition, S&P see these loans as underscoring the willingness of
the U.S. and other governments to prevent an abrupt and disorderly
collapse of the automotive industry, which would heighten
pressures on an already weak economy.

However, S&P does not believe governments are willing to provide
open-ended support to these companies.  President Bush, in
announcing the U.S. loan package, said the assistance will provide
a "brief window" for restructuring outside of bankruptcy court,
and if they are unable to do so, the loans "will provide time for
companies to make the legal and financial preparations necessary
for an orderly Chapter 11 process."

In addition, S&P believes the bankruptcy risk remains high for GM
and Chrysler, as well as for Ford Motor Co., for the rest of next
year because of a range of fundamental challenges that will not be
alleviated by the government funding and, in S&P's view, will keep
cash outflows high or potentially erode liquidity.  In S&P's view,
these challenges include:

-- Very weak auto sales in the U.S. and falling demand in Europe
    and other global markets. S&P expects U.S. light-vehicle
    sales to decline to 11.1 million units in 2009, from an
    expected 13.1 million in 2008.  Monthly sales in the U.S.
    could remain even lower on a seasonally adjusted annual basis
    in December and early 2009 after averaging about 10.4 million
    units per month in October and November;

-- The need to promptly carry out--as part of the deal to
    receive federal loans--a series of complex restructuring
    actions, including negotiating lower wages and benefits and
    revised work rules with unions, cutting more plant capacity,
    rationalizing dealer networks, and potentially extracting
    savings from suppliers;

-- Potential for further market share losses caused by continued
    or increased customer concerns about these companies' long-
    term financial viability;

-- Constrained credit markets, which have sharply reduced the
    ability of GMACLLC and DaimlerChrysler Financial Services
    Americas LLC to finance new purchases of GM or Chrysler cars.
    S&P is also increasingly concerned about their ability to
    provide adequate inventory financing for dealers. The federal
    loans announced on Friday do not directly bolster the
    struggling finance affiliates;

-- Potential supplier failures caused by sharply lower
    automobile volumes and extended holiday shutdowns of assembly
    plants.  Even if the worst-case scenario of an abrupt
    bankruptcy by GM or Chrysler is avoided, weaker suppliers
    still face major liquidity challenges for the foreseeable
    future; and

-- In GM's case, the unresolved exposure to bankrupt major
    supplier Delphi Corp. Delphi has been unable to emerge from
    bankruptcy protection and recently obtained a forbearance
    agreement from debtor-in-possession lenders to keep funding
    in place until June 30, 2009.  However, if Delphi is unable
    to extend this agreement or find alternative funding, S&P
    believes it may be forced to cease operations, which would
    put enormous pressure on GM's ability to maintain its North
    American operations.

The incoming Obama Administration may provide more extensive loans
to GM and Chrysler, provided that the companies present a plan for
financial viability to the government by Feb. 17, 2009, as
stipulated in the preliminary loan documents.  However, S&P can
envision scenarios under which such funding could be provided as
part of a prearranged bankruptcy filing.  Under terms of the
current loans, GM must reduce its unsecured indebtedness by at
least two-thirds through an exchange offer for equity or new debt.

Chrysler does not have unsecured debt but said Friday it intends
to work with its secured lenders to obtain concessions.  Although
it did not provide specific details, S&P interpret this to mean
that Chrysler will offer to exchange some or all of its secured
debt for equity or new debt at a steep discount to face value.
S&P likely would consider such an offer to be a distressed
exchange and, as such, tantamount to a default.

Ford is not currently seeking loans from the government because it
has an undrawn $10.7 billion revolving credit facility, although
it has asked the U.S. government for a $9 billion credit line to
help ensure that its liquidity remains sufficient through 2009 if
industry conditions remain very weak.  If Ford were to receive
such a large credit line, depending on its terms S&P could revise
its recovery ratings and potentially lower S&P's issue-level debt
ratings to reflect worsened recovery prospects.  However, S&P
notes that its recovery ratings on Ford's unsecured debt are
currently at the lowest level of '6', indicating S&P's expectation
of very low (0 to 10%) recovery in the event of a default.

S&P's recovery ratings on U.S. automaker debt are based on
simulated default scenarios that each include, among other things,
the assumption of a bankruptcy filing, multi-year reorganization,
and eventual emergence from bankruptcy.  S&P's expected recovery
prospects for secured and unsecured debtholders vary by automaker,
largely reflecting the company-specific mix of secured and
unsecured debt in the capital structure rather than vastly
different fundamentals for each company.

Regarding the rated auto supplier universe, S&P placed the ratings
on 15 companies on CreditWatch on Nov. 14, 2008, because of their
significant exposure to the Michigan-based automakers.  S&P
expects to complete S&P's review of these companies in January
2009.  Although the immediate risk of a GM or Chrysler bankruptcy
now seems reduced, the risk remains high in 2009 in S&P's view,
and production levels will likely be low enough -- even without an
automaker bankruptcy -- to inflict further severe distress on the
supply base.  Accordingly, S&P believes few auto supplier ratings
will be affirmed at current levels, and many ratings may be
lowered by more than one notch.

GENERAL MOTORS: S&P Downgrades Issue-Level Rating to 'C'
Standard & Poor's Ratings Services said it has lowered its issue-
level ratings on the unsecured debt of General Motors Co. and
General Motors of Canada Ltd. to 'C' from 'CC'.  At the same time,
S&P revised its recovery rating on GM's debt to '6' from '4',
indicating that lenders can expect to receive negligible (0 to
10%) recovery in the event of a payment default.

The rating actions reflect GM's planned receipt of up to
$13.4 billion of U.S. government loans, plus another approximately
$2.5 billion from the Canadian and Ontario governments.  In
addition, Germany and Sweden have signaled that they may make
loans to GM units in those countries, which would further diminish
the value to unsecured creditors of the equity in foreign

"We expect these U.S. and Canadian government loans to be backed
by a security package that includes currently unencumbered assets,
which would lead to a significant decrease in value for unsecured
debtholders in the event of a bankruptcy or payment default," said
Standard & Poor's credit analyst Robert Schulz.

The likelihood of GM's initiating a distressed exchange offer on
its unsecured debt is already reflected in the company's corporate
credit rating of CC/Negative/--, which has not changed.  In
addition, issue-level ratings on GM's $4.48 billion senior secured
revolving credit facility and $1.5 billion term loan remain at
'CCC,' two notches above the corporate credit rating.  The
recovery rating on the secured debt remains at '1,' indicating
expectations of very high (90% to 100%) recovery in the event of a
payment default.

GRAPHIC PACKAGING: Bank Loan Sells at Substantial Discount
Participations in a syndicated loan under which Graphic Packaging
International is a borrower traded in the secondary market at
66.44 cents-on-the-dollar during the week ended December 19, 2008,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents a drop of 3.81
percentage points from the previous week, the Journal relates.
Graphic Packaging pays 225 basis points over LIBOR to borrow under
the facility.  The bank loan carries Moody's Ba3 rating and
Standard & Poor's BB- rating.

Headquartered in Marietta, Georgia, Graphic Packaging
Corporation (NYSE:GPK) -- is
a provides paperboard packaging solutions for a variety of
products to multinational and other consumer products companies.
The company provides its customers paperboard, cartons and
packaging machines, either as an integrated solution or
separately.  Its packaging products are made from a variety of
grades of paperboard.  GPC manufactures its packaging products
from coated unbleached kraft paperboard and coated recycled
paperboard that it produces at its mills, and a portion from
paperboard purchased from external sources.  The company
operates in four geographic areas: the United States, Central
and South America (Brazil), Europe and Asia-Pacific.   GPC
conducts its business in two segments, paperboard packaging and

As reported by the Troubled Company Reporter-Latin America on
March 14, 2008, Graphic Packaging Holding Company completed its
combination of Graphic Packaging Corporation and Altivity
Packaging LLC.  The combination of Graphic Packaging and Altivity
created a company with pro-forma 2007 revenues of over US$4.4
billion and pro-forma 2007 adjusted EBITDA of approximately US$553

Headquartered in Carol Stream, Illinois, Altivity Packaging -- produces various products such as
folding cartons, bag and plastic packaging, and decorative
laminations.  Altivity Packaging also provides gift boxes for
department stores and other retail venues, as well contract
packaging services and inks and coatings.  The company, which
operates about 60 manufacturing plants across the US, serves the
food, medical, and electronic industries, among others.  In 2006
Altivity Packaging was established after TPG Capital's purchase
of Smurfit-Stone Container's consumer packaging unit.

                          *     *     *

As reported by the Troubled Company Reporter on March 24, 2008,
Moody's Investors Service affirmed Graphic Packaging International
Inc.'s B1 corporate family rating, B3 subordinated notes, and
SGL-3 speculative grade liquidity rating (indicating adequate
liquidity) following the announcement of the completed combination
of its operations with Altivity Packaging, LLC.  Moody's also
assigned a Ba3 rating to the company's new $1.2 billion term loan
C due 2014.

The existing ratings have been downgraded on both the secured bank
facilities, to Ba3 from Ba2, and the senior unsecured notes, to B3
from B2, due to the revised capital structure.  The additional
amounts of senior secured debt move the ratings of this debt
toward the B1 corporate family rating while the senior unsecured
notes are lowered by one notch.  The outlook remains negative.
Proceeds from the transaction will be used to pay off Altivity's
existing debt, thus Altivity's ratings have been withdrawn.

C A Y M A N  I S L A N D S

APEX SILVER MINES: Agrees to File for Chapter 11 & Sell Mine
Bloomberg's Bill Rochelle notes that Apex Silver Mines Ltd. agreed
to file for Chapter 11 bankruptcy to carry out a letter of intent
where Sumitomo Corp. will pay $22.5 million for Apex's interest in
the San Cristobal mine in Bolivia.

   Letter of Intent for Sale of San Cristobal to Sumitomo

Apex entered into a non-binding letter of intent with Sumitomo
related to the sale on November 14, 2008. Pursuant to the deal,
the $22.5 million cash purchase price is payable at the closing of
the sale.  Apex would continue to manage the mine following the
sale.  Apex and Sumitomo are continuing to negotiate definitive
documentation related to this transaction.  Upon completion of the
sale, the holders of the Apex $290.0 million in convertible notes
would be entitled, under the existing terms of the notes, to
redeem the notes for cash.  The non-binding letter of intent is
subject to significant conditions, including the restructuring of
the Apex convertible notes in a voluntary reorganization under
chapter 11 of the U.S. Bankruptcy Code.

               Termination of Derivative Positions

Apex, Sumitomo and Minera San Cristobal, S.A. have entered into
agreements with BNP Paribas and Barlcays PLC for the termination
of the derivative positions established as a requirement of the
San Cristobal project financing arrangements.  Apex paid
approximately $59.0 million, or 65% of the final net settlement
amounts with respect to the derivative positions, and repaid
Sumitomo $7.5 million in respect of 65% of funding previously
provided by Sumitomo to MSC to settle certain derivative
positions.  Apex made these payments from the $91.0 million
previously deposited by Apex as cash collateral for the benefit of
the counterparties to the derivative positions.  Apex received the
remaining cash collateral, totaling $24.5 million.

           Project Finance Loans Acquired by Sumitomo

Sumitomo has acquired 90% of the San Cristobal project finance
loans from the lenders at par plus accrued interest, together with
the right to exercise remedies of the lenders against MSC, Apex
and other Apex subsidiaries.  Apex anticipates that Sumitomo, as
the current holder of the San Cristobal project finance loans and
the rights to exercise remedies against MSC, will have the right
to accelerate the indebtedness outstanding upon a default by MSC
or Apex and its affiliates including the circumstances described
in Apex's quarterly report on Form 10-Q, for the quarter ending
September 30, 2008.  As noted in that filing, Apex does not have,
and does not expect to have, sufficient cash to fully settle its
share of the obligations if they were to become immediately due
and payable and has reclassified such obligations as short-term in
its consolidated balance sheets.

              Amendment to Sumitomo Loan Agreement

Under the terms of the Amendment to the Loan Agreement dated
August 11, 2008, with SC Minerals Aktiebolag, a subsidiary of
Sumitomo, SC Minerals has agreed to increase by $25.0 million the
amount available for borrowing by MSC.  SC Minerals is the 35%
shareholder of MSC.  The additional $25 million is to be used
solely to fund MSC's operating expenses.  The $25.0 million is in
addition to the $125.0 previously borrowed pursuant to the
original Loan Agreement and subsequent Amendments to the Loan
Agreement.  The additional loan amount may be borrowed by MSC at
any time on or before December 31, 2008.  Apex expects that MSC
will borrow the full Additional Loan Amount on December 22, 2008.

If the full amount available under the amended Loan Agreement is
fully drawn (including the Additional Loan Amount), no payments
are made by MSC prior to maturity, and SC Minerals were to convert
all amounts payable into MSC shares as of the maturity date,
Apex's indirect ownership interest in MSC would be reduced to
approximately 40.5% (approximately 48.2% on conversion of
principal only).

                     About Apex Silver Mine

Apex Silver Mines Ltd. explores and develops silver and other
mineral properties in Central and South America.  The Company is
based in George Town, Cayman Islands.

* CAYMAN ISLANDS: CIMA Probes Regulated Entities Exposed to Madoff
The Cayman Islands Monetary Authority (CIMA) said it has been
following the developments relating to charges of massive
investment fraud brought in the USA against investment broker and
former Nasdaq Stock Exchange Chairman Bernard Madoff. Prosecutors
allege that the fraud could run as high as US$50 billion.

According to CIMA, it has done a check of its records and database
and has found no evidence so far that Mr Bernard Madoff or any
Madoff company is providing direct services to any Cayman Islands-
regulated fund.  An initial check of the Companies Registry shows
no Madoff-related entity incorporated in the Cayman Islands.

However, given that investors in Mr Madoff's investment funds
include banking and other institutions across Europe, the UK and
the USA, CIMA anticipates that there could be a number of Cayman-
regulated funds as well as other institutions that have made
investments into the Madoff funds/schemes and which, therefore,
could be impacted.

CIMA said it has received confirmation from one Cayman fund
administrator that one of its regulated funds had significant
investment in the Madoff funds.  One bank has also confirmed that
it had significant exposure to the Madoff funds.  This is a Class
B affiliate bank that does not conduct any domestic business.
CIMA is continuing to investigate whether there are any other
CIMA-regulated institutions that have exposure to Madoff's funds
and will continue to monitor the situation and work with regulated
entities that may be impacted.

CIMA notes the matter is now in the hands of the US Securities and
Exchange Commission (SEC) for review and investigation.  In line
with its ongoing working relationship with the SEC, which was
formalized through the Undertaking Between Cayman Authorities and
the SEC in 2005, CIMA stands ready to provide any assistance it is
able to on this and other matters, given that so many of the
organizations which provide services to and on behalf of CIMA-
regulated funds are also regulated by the SEC.

With the intensification of the global financial crisis, CIMA said
it has seen less fund authorizations between July and November
this year (586 funds authorized) compared to the same period in
2007 (820 authorized).  At the same time, there were more
terminations between July and November this year (311
terminations) than for the same period last year (219
terminations).  However, the level of terminations, which averaged
60 per month between July and November this year, is still very
low when compared to the overall number of active Cayman Islands-
authorized funds, which remains at over 10,000.

CIMA anticipates the numbers of terminations in December and
January to increase substantially.  However, it must be noted that
these two months are the ones in which funds traditionally
terminate.  CIMA said it will have a fuller picture of the numbers
of terminations during the first quarter of 2009.

Steps that regulated funds have been taking to manage their
liquidity problems include suspending redemptions and/or the
calculation of net asset values (NAV).  To date, CIMA said it is
aware of 67 funds that have suspended redemptions, 44 funds that
have suspended their NAV calculation, and two funds that have been
forced into court ordered liquidation.  A positive sign is that
three funds that had formerly suspended redemptions have now
lifted their suspensions, CIMA noted.

* CAYMAN ISLANDS: Two Funds Get Sued Over US$1.05 Bil. Claim
US investment funds Palm Beach Finance Partners LP (PBFP) and Palm
Beach Finance II LP (PBF II) sued two Cayman Islands-based
investment fund affiliates and their offshore liquidator over
rights to pursue a US$1.05 billion claim in the bankruptcy of
Minnesota-based investment firm, Petters Group Worldwide,
Caribbean Net News reported citing financial newsletter

According to the report, the complaint, filed November 25, 2008
with the US District Court for the District of Minnesota, alleges

  -- Palm Beach Offshore Ltd "invested approximately
     US$200 million of funds contributed by its limited
     partners in the purchase of secured, short-term
     promissory notes issued by Petters Capital"; and

  -- Palm Beach Offshore II Ltd also "invested
     approximately US$850 million of funds by its
     limited partners and investors in the offshore
     funds" to purchase Petters Capital promissory
     notes, all of which were "delivered in, and
     …governed by the laws of the State of Minnesota".

However, the report says it is claimed in the suit that Petters
Capital, which was created as a "special purpose vehicle" to raise
financing for alleged acquisition of merchandise, was running a
Ponzi scheme in which "little or none of the merchandise to be
bought and sold ever existed".

The report relates that according to OffshoreAlert, Petters Group
Worldwide has since gone into receivership and Petters Capital,
along with other Petters entities, is now in bankruptcy in the US
Bankruptcy Court for the District of Minnesota.

OffshoreAlert, as cited by the report, also stated Petters Group
Worldwide has been embroiled in a criminal indictment brought
against the Group and its former CEO and Chairman, Thomas Joseph
Petters, by the US District Attorney for alleged investment fraud
that is believed to total more than US$2 billion.

Meanwhile, the report reveals the suit also claimed Geoffrey
Varga, who was the liquidator for the offshore funds, "made an
unlawful request to the US trustee asserting that he was
authorized to represent the funds in the Petters' bankruptcy" as a
member of the creditors' committee that was formed to conduct the
day-to-day business of the funds following the commencement of the
bankruptcy proceedings.

The plaintiffs, the report notes, are now seeking unspecified
damages and declarations that the defendants have "no rights or
interests in any respect relating to PBFP and have a disputed
claim relating to PBFII and therefore have no right to represent
PBFII on the Petters' Bankruptcy Creditors' Committee".


AIR COMET: Files for Bankruptcy Protection
Reuters reported Air Comet Chile, a unit of Spanish travel group
Marsans, filed for bankruptcy protection.

"The bankruptcy request was filed on Friday, and we cannot comment
any more on the subject because it is in judicial process," a
source with the company told Reuters.

According to Reuters, Air Comet's filing came less than one week
after the Argentine Senate voted to expropriate Aerolineas
Argentinas, also owned by Marsans.

The report recalls in September, Air Comet began cutting back on
routes, frequency of flights and reducing the number of aircraft
in its domestic fleet.

D O M I N I C A N  R E P U B L I C

AES DOMINICANA: S&P's Rating Cut on Country Won't Affect 'B-'
Standard & Poor's Ratings Services said that its recent downgrade
of the Dominican Republic does not immediately affect the ratings
on Dominican utilities companies.  Rated companies are AES
Dominicana Energia Finance S.A. (B-/Stable/--), Empresa Generadora
de Electricidad Itabo S.A. (B/Stable/--), and Empresa Generadora
de Electricidad Haina S.A. (B-/Stable/--).  Standard & Poor's
lowered the long-term sovereign credit rating on the Dominican
Republic to 'B' from 'B+'.

The ratings on these electricity generators reflect the challenges
of operating in the country's electric industry, in which payments
received from distributors depend largely on government subsidies.
Despite the deteriorating economic outlook for the Dominican
Republic, S&P believes the subsidy for 2009 will remain in place
because the recent drop in fuel prices should considerably reduce
the amounts subsidized.  However, S&P will continue to closely
monitor developments relating to the subsidy.

EMPRESA GENERADORA: S&P's Rating Cut on Country Won't Affect 'B'
Standard & Poor's Ratings Services said that its recent downgrade
of the Dominican Republic does not immediately affect the ratings
on Dominican utilities companies.  Rated companies are AES
Dominicana Energia Finance S.A. (B-/Stable/--), Empresa Generadora
de Electricidad Itabo S.A. (B/Stable/--), and Empresa Generadora
de Electricidad Haina S.A. (B-/Stable/--).  Standard & Poor's
lowered the long-term sovereign credit rating on the Dominican
Republic to 'B' from 'B+'.

The ratings on these electricity generators reflect the challenges
of operating in the country's electric industry, in which payments
received from distributors depend largely on government subsidies.
Despite the deteriorating economic outlook for the Dominican
Republic, S&P believes the subsidy for 2009 will remain in place
because the recent drop in fuel prices should considerably reduce
the amounts subsidized.  However, S&P will continue to closely
monitor developments relating to the subsidy.

Standard & Poor's Ratings Services said that its recent downgrade
of the Dominican Republic does not immediately affect the ratings
on Dominican utilities companies.  Rated companies are AES
Dominicana Energia Finance S.A. (B-/Stable/--), Empresa Generadora
de Electricidad Itabo S.A. (B/Stable/--), and Empresa Generadora
de Electricidad Haina S.A. (B-/Stable/--).  Standard & Poor's
lowered the long-term sovereign credit rating on the Dominican
Republic to 'B' from 'B+'.

The ratings on these electricity generators reflect the challenges
of operating in the country's electric industry, in which payments
received from distributors depend largely on government subsidies.
Despite the deteriorating economic outlook for the Dominican
Republic, S&P believes the subsidy for 2009 will remain in place
because the recent drop in fuel prices should considerably reduce
the amounts subsidized.  However, S&P will continue to closely
monitor developments relating to the subsidy.

DOMINICAN REPUBLIC: S&P's Rating Cut to B Won't Affect Utilities
Standard & Poor's Ratings Services said that its recent downgrade
of the Dominican Republic does not immediately affect the ratings
on Dominican utilities companies.  Rated companies are AES
Dominicana Energia Finance S.A. (B-/Stable/--), Empresa Generadora
de Electricidad Itabo S.A. (B/Stable/--), and Empresa Generadora
de Electricidad Haina S.A. (B-/Stable/--).  Standard & Poor's
lowered the long-term sovereign credit rating on the Dominican
Republic to 'B' from 'B+'.

The ratings on these electricity generators reflect the challenges
of operating in the country's electric industry, in which payments
received from distributors depend largely on government subsidies.
Despite the deteriorating economic outlook for the Dominican
Republic, S&P believes the subsidy for 2009 will remain in place
because the recent drop in fuel prices should considerably reduce
the amounts subsidized.  However, S&P will continue to closely
monitor developments relating to the subsidy.


* ECUADOR: Sells US$700 Mil. Bonds in Local Auction
Ecuador sold US$700 million of bonds to its Social Security
Institute in Dec. 24 auctions held on local stock exchanges,
Stephan Kueffner of Bloomberg News reported, citing Quito-based
newspaper Diario Hoy.

According to the report, the newspaper said state-run institute,
known as IESS, will likely buy another US$750 million of
government bonds after markets reopen today, Dec. 29.

IESS, the report relates, bought US$350 million each of two
securities -- six-year bonds that pay an interest rate of 6.5
percent and seven-year bonds that pay a rate of 6.75%.

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings has downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


NCBJ: CariCRIS Cuts Unit's Foreign Currency Rating to "CariBB+"
CariCRIS lowered its ratings on National Commercial Bank Jamaica
Limited (NCBJ) and its subsidiary NCB Capital Markets Limited
(NCBCML) of Jamaica:

NCBJ      from CariBBB       to CariBBB-  Foreign Currency
               CariBBB+         CariBBB   Local Currency

NCBCML    from CariBBB-      to CariBB+   Foreign Currency
               CariBBB          CariBBB-  Local Currency

According to CariCRIS, the downgrade on the two entities reflects
the increased financial and economic difficulty that the weakened
global economy poses to Jamaica.

CariCRIS believes that the impact from contagion could be severe
on Jamaica because of the challenging macroeconomic conditions
that existed prior to the global economic crisis.  These include
modest and deteriorating international liquidity, large current
account deficit, high inflation, onerous debt burden and stalled
economic growth.

The ratings on NCBJ reflect its strong market position in Jamaica
as well as its good and improving asset quality and provisioning.
The ratings are also supported by the comfortable capitalization,
high profitability and good diversity in earnings.  In addition to
the challenges facing the relatively weak economy in which NCBJ
operates, these rating strengths are tempered by its high funding
costs and scope for improvement in its risk management systems.

The ratings on NCBCML reflect the tightening credit conditions in
the international market and subsequent loss of its international
credit lines.  They also reflect its high liquidity gap and the
limited liquidity support mechanisms available, as well as the
loss of key members of the management team in the last year.
These factors are tempered by the company's robust capital
adequacy levels and strong market position as the second largest
(based on asset size) securities dealer with the most extensive
geographic coverage in Jamaica.  The company leverages on its
relationship with its parent, NCBJ, thereby reaping synergistic
benefits such as the lowest operating efficiency ratio in the
industry.  Additionally, NCBCML has a favourable resource profile
which is strengthened by an increasing focus on retail clients.


CEMEX SAB: Creditors Approve US$2.2 Bil. Loan Refinancing
CEMEX, S.A.B. de C.V. said it has received confirmation from its
creditors to refinance close to US$2.2 billion in bank loans
maturing throughout 2009 and early 2010.  The final maturity for
the amounts refinanced will be February 2011.

The company said it also received confirmation from its creditors
that intend to extend close to US$1.5 billion of the US$3.0
billion syndicated loan facility due in December of 2009.

Meanwhile, the necessary consent of the relevant bank lenders to
amend, among other conditions, the leverage ratio covenant in the
company's existing syndicated loan facilities, as communicated on
December 15, 2008, was duly executed on December 19, 2008.  This
consent is now unconditional.

The refinancing process remains ongoing for maturities not yet
committed to be extended.

CEMEX had previously communicated that it had selected five banks
to coordinate a global effort to:

     i) negotiate new long-term syndicated bilateral
        facilities to replace existing short-term
        bilateral facilities,

    ii) extend the maturity by one year of a portion
        of the US$3.0 billion Rinker acquisition
        syndicated loan facility due in December 2009, and

   iii) amend the leverage ratio covenant, among other
        conditions, of certain existing syndicated loan

The company said its net interest expense for the first half of
2009 is expected to remain flat versus the same period in 2008, at
about US$500 million, as higher spreads for its U.S. dollar and
Euro denominated debt, plus a higher interest expense resulting
from partial shift to Mexican peso-denominated debt, are being
substantially offset by lower average base rates and floating
interest rate strategy.

The implementation of the refinancing and extensions is subject to
obtaining the necessary commitments from the financial
institutions and to the satisfactory completion of final
documentation and satisfaction of customary conditions precedent
by January 31, 2009, the company stated.

William Freebairn at Bloomberg News relates Cemex dropped 1.9
percent to 11.77 pesos in Mexico City trading on Dec. 24, the
fourth decline in five days, after UBS AG and Banco Santander SA
said debt maturities will exceed cash flow in 2011, even after a
refinancing of some loans coming due next year.

Jamaica Observer meanwhile reports that Cemex plans to sell its 20
per cent stake in Trinidad Cement Limited ("TCL") in response to
difficult times.

According to the Jamaica Observer, TCL notified the Jamaica Stock
Exchange (JSE) that "there have been developments in the financial
fortunes of the company's largest shareholder, CEMEX, as a
consequence of the global financial crisis".

"While the board of directors of TCL, has not been officially
informed of CEMEX's plans, information has been received from
credible sources that the 20 per cent shareholding in the company
currently held by CEMEX will be divested as a part of its debt-
restructuring exercise," TCL said in a release obtained by the
Jamaica Observer.

                          About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. (NYSE: CX) -- 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.

CERVECERIA NACIONAL: S&P Retains 'B+' Rating with Stable Outlook
Standard & Poor's Ratings Services said that that its ratings and
outlook on Cerveceria Nacional Dominicana C. Por A. (CND;
B+/Stable/--) remain unchanged following the recent downgrade on
the Dominican Republic to 'B' from 'B+'.

The rating on CND considers the challenges of operating in the
Dominican Republic, the exposure to the nation's economic cycles,
and CND's vulnerability to external shocks.  Despite the
deteriorating economic outlook for the Dominican Republic, S&P
believes CND will be able to maintain its solid business profile
by consolidating its leading position in the country and
increasing its participation in other markets while improving its
financial profile.

S&P will continue to monitor the company's performance, including
its operating margins and sales volumes; the magnitude of the
expected economic slowdown; and CND's financial policies,
including the strategy to deleverage its capital structure.

FORD MOTOR: Moody's Downgrades Senior Unsecured Rating to 'Caa1'
Moody's Investors Service downgraded the senior unsecured rating
of Ford Motor Credit LLC to Caa1 from B3 after the Corporate
Family Rating of its ultimate parent, Ford Motor Company, was
downgraded to Caa3 from Caa1.  The outlook for the ratings of both
firms is negative.

One consideration in the downgrade of Ford Credit's ratings is the
increased potential that Ford could restructure its liabilities
through a distressed debt exchange and the ramifications of such
an action for Ford Credit.  A distressed offering could be seen by
Ford as a necessary condition to negotiating labor contract
concessions equal to those obtained by GM and Chrysler in
connection with their receiving support from the U.S. government.

Moody's believes that there is a low probability that such a
distressed offering by Ford would also involve Ford Credit's
creditors.  However, until there is greater clarity regarding the
operating prospects of the Detroit automakers, the auto finance
affiliates, including Ford Credit, could continue to face
heightened credit market uncertainty, thereby constraining their
financial and operating flexibility.

The Ford Credit downgrade also reflects the potential that
extended credit market dislocations, coupled with the global
economic downturn, could have the effect of permanently weakening
the longer-term operating fundamentals of the auto finance
captives of the Detroit automakers.  Should capital market access
and funding costs not return to historic norms, Ford Credit's
future business activities would likely narrow in scope, its
earnings and margins would erode, and its ability to absorb
cyclical credit losses would weaken.

Ford Credit continues to address current market conditions by
undertaking actions to preserve liquidity and capital levels.  In
Moody's view, Ford Credit has sufficient cash resources to support
near-term operating and debt repayment requirements, when
considering the firm's cash balances, operating cash flow, and
cash generated by expected further declines in earning asset
levels. Moody's expects Ford Credit's leverage profile to remain
adequately positioned.

Moody's links the ratings of Ford Credit with those of Ford due to
the business and ownership connections that tie the two firms'
performance and prospects.  However, Moody's believes that the
risk of lower potential recovery that would accompany a Ford
distressed debt exchange is not likely to pertain to creditors of
Ford Credit.  Therefore, the recovery differential between the two
sets of creditors is supportive of the wider ratings notching
between Ford and Ford Credit that results from the rating actions.
Ford Credit's negative ratings outlook, mirroring the negative
outlook at Ford, is based upon continuing operating uncertainties
in the auto sector, as well as declining asset quality trends and
adverse funding conditions facing Ford Credit.

The last rating action was on November 7, 2008 when the ratings of
Ford Motor Credit LLC were downgraded to B3 from B2 with a
negative outlook.

Ratings affected by the actions include:

Issuer: Ford Motor Credit LLC:

-- Senior unsecured: to Caa1 from B3, Subordinate shelf: to
    (P)Caa3 from (P)Caa2

Issuer: FCE Bank Plc:

-- Senior unsecured: to Caa1 from B3

Issuer: Ford Credit Australia Ltd.:

-- Backed senior unsecured: to Caa1 from B3

Issuer: Ford Credit Canada Limited:

-- Backed senior unsecured: to Caa1 from B3

Issuer: Ford Motor Credit Co. of New Zealand Ltd.:

-- Backed senior unsecured: to Caa1 from B3

Issuer: Ford Credit Capital Trusts I, II, and III:

-- Backed preferred shelf: to (P)Caa3 from (P)Caa2

Ford Motor Credit LLC is the Dearborn, Michigan-based captive
finance arm of Ford Motor Company. The company reported third
quarter 2008 total assets of $155 billion.

FORD MOTOR: Moody's Downgrades CFR to 'Caa3'; Outlook Negative
Moody's Investors Service lowered the Corporate Family Rating and
Probability of Default Rating of Ford Motor Company to Caa3 from
Caa1 and lowered the company's Speculative Grade Liquidity rating
to SGL-4 from SGL-3.  The outlook is negative.  The downgrade
reflects the increased risk that Ford will have to undertake some
form of balance sheet restructuring in order to achieve the same
UAW concessions that General Motors and Chrysler are likely to
achieve as a result of the recently-approved government bailout
loans.  Such a balance sheet restructuring would likely entail a
loss for bond holders and would be viewed by Moody's as a
distressed exchange and consequently treated as a default for
analytic purposes.

Bruce Clark, Senior Vice President with Moody's said, "In return
for its loans to GM and Chrysler, Washington is going to demand
that all stake holders step up and make sacrifices.  This will
mean wage and benefit concessions from the UAW, and haircuts to
debt for creditors."  Clark went on to explain, "Even if Ford ends
up not needing government loans because of its stronger liquidity
position, the company must have UAW parity with GM and Chrysler.
But, the UAW is unlikely to make concessions to Ford unless Ford's
creditors also bear some pain in the form of a debt

The terms of the recently-approved $17.4 billion in short-term
government financing for GM and Chrysler include important
operational and financial targets.  Substantial progress in
achieving these targets will be important to: the government's
decision to extend these loans beyond March 31, 2009; the
provision of any additional funds that might be needed; and, the
restoration of the companies' operational competitiveness.  These
targets include substantial wage and benefit concessions by the
UAW and a reduction in debt by as much as two-thirds through a
debt for equity exchange.  Moody's expects that considerable
progress will be made in both of these targeted areas.

Ford has maintained that it is not facing a near-term liquidity
shortfall, and it is not seeking short-term financial assistance
from the government. Rather, it has requested the provision of up
to $9 billion in bridge financing that would be available should
market and demand conditions during 2009 be worse than the company
anticipates.  Nevertheless, if GM and Chrysler achieve UAW
concessions in conjunction with a forced reduction in debt,
Moody's believes it will be critical for Ford to obtain similar
labor concessions in order to remain competitive.  However, Ford
is unlikely to receive those concessions in the absence of some
form of debt reduction that would entail a loss to bond holders.

Moody's expects that the framework of the government loans
extended to GM and Chrysler will create considerable labor and
cost of capital motivations for Ford to undertake a debt
restructuring even if the company does not have to draw on bailout
funds from the government.  Moreover, it is possible that the
provision of the committed borrowing facility that Ford is
requesting from the government could have labor concession and
debt reduction provisions similar to those contained in the loans
granted to GM and Chrysler.

Ford's liquidity position at September 30, 2008 consisted of
$18.9 billion in cash and $10.7 billion in undrawn committed
credit facilities. The company believes that this liquidity
profile, combined with the cash saving initiatives it is
undertaking, should enable it to fund itself through 2009.
However, the weak outlook for the US economy, depressed consumer
confidence, and falling automotive demand in the US and Europe
could severely strain the company's liquidity position during
2009.  Ford's current operating plan anticipates that US light
vehicle sales will approximate 12.2 million units during 2009.
This planning assumption is significantly higher than the 10.3
million seasonally adjusted annual rate of US automotive shipments
for November.  As a result of these mounting operating pressures
Ford's Speculative Grade Liquidity rating was lowered to SGL-4,
indicating weak liquidity during the coming 12 to 15 months. These
same operating pressures result in the negative rating outlook.

The last rating action on Ford was an affirmation of the company's
Caa1 Corporate Family Rating on December 3, 2008.

Ford Motor Company, headquartered in Dearborn, Michigan, is a
leading global automotive manufacturer.

KEY PLASTICS: Gets Interim Access to $7-Mil. Wayzata DIP Facility
The Hon. Mary F. Walrath of the United States Bankruptcy
Court for the District of Delaware authorized Key Plastics LLC
and Key Plastics Finance Corp. to access, on an interim basis,
up to $7 million in postpetition financing under the secured
superpriority debtor-in-possession financing agreement dated
Dec. 15, 2008, with a group of financial institutions led
by Wayzata Investment Partners LLC, as administrative and
collateral agent.

Judge Walrath also authorized the Debtors to use cash collateral
securing repayment of secured loan to the lender.

Wayzata Investment agreed to provide as much as $20 million in
financing on a final basis.

Under the agreement, the loan will incur interest at 15% and
the default rate is interest rate plus 2% per annum.  The DIP
agreement will mature on the earlier to occur of

  -- Feb. 28, 2009, unless extended by the lenders; or
  -- the effective date of any confirmed plan of reorganization.

The DIP facility is subject to a $500,000 carve-out to pay fees
and expenses incurred by professionals.

To secure their DIP obligations, the lenders will be granted
superpriority claim against the Debtors with priority over any and
all administrative expenses.

The DIP agreement contains customary and appropriate events of

A full-text copy of the Secured Superpriority Debtor-in-Possession
Financing Agreement dated Dec. 15, 2008, is available for free

A full-text copy of the Collateral Agreement is available for free

A full-text copy of the Guaranty Agreement is available for free

                       About Key Plastics

Headquartered in Northville, Michigan, Key Plastics LLC aka Key
Plastics Technology LLC -- supply
plastic components to the automotive industry. The Debtors have
24 manufacturing facilities located in the United States, Canada,
Mexico, Germany, Portugal, Spain, the Czech Republic, France,
Slovakia, Italy and China. According to Bloomberg News, the
company filed for bankruptcy in March 23, 2000, in Detroit and
emerged a year later under the ownership of private-equity firm
Carlyle, Bloomberg said. The company and Key Plastics Finance
Corp. filed for Chapter 11 protection on December 15, 2008 (Bankr.
D. Del. Case Nos. 08-13326 and 08-13324). Mark D. Collins, Esq.,
Richards Layton & Finger PA, represents the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed assets and debts between $100 million
to $500 million each.

P U E R T O  R I C O

FIRST BANCORP: U.S. Treasury Gives Prelim OK on Bailout Plan
First BanCorp has received preliminary approval from the U.S.
Department of the Treasury to participate in its Capital Purchase
Program (the "CPP").

As a result, First BanCorp expects to issue and sell to Treasury
approximately US$400 million in newly issued shares of the
corporation's preferred stock and a warrant to purchase up to
US$60 million or approximately 5.8 million shares of common stock
of the corporation, in accordance with the terms of the CPP Term

The additional capital will increase the total regulatory capital
ratio to approximately 15%, or US$775 million in excess of the
well capitalized requirement, and the Tier 1 capital ratio to
approximately 14.0%, or approximately US$1.2 billion in excess of
the well capitalized requirement.

First BanCorp's participation in the CPP is subject to standard
terms and conditions.  The preferred stock will qualify as Tier 1
regulatory capital and will carry a 5% coupon for the first five
years, and a 9% coupon thereafter.  The warrant will have a 10-
year term, will be immediately exercisable upon issuance and will
be transferable.  Issuance of the preferred stock and warrant is
subject to satisfaction of closing conditions and due diligence
procedures, which are expected to be completed within the next 30

Luis M. Beauchamp, Chairman and CEO of First BanCorp commented,
"the Corporation is very pleased to have received preliminary
approval from the U.S. Department of the Treasury.  Upon final
approval and funding of this additional capital, First BanCorp
will have further strengthened its capital position and liquidity.
This capital will be deployed in the markets we operate, these
being Puerto Rico, Florida and the U.S. Virgin Islands and will
have the effect of assisting the economic recovery of these
markets.  We are committed in assisting our customers in
supporting long-term economic growth plans in their personal
finances and businesses.  Supporting such growth is the only way
the economy will improve."

                       About First BanCorp

First BanCorp -- is the parent
corporation of FirstBank Puerto Rico, a state-chartered commercial
bank with operations in Puerto Rico, the Virgin Islands and
Florida; of FirstBank Insurance Agency; and of Ponce General
Corporation.  First BanCorp, FirstBank Puerto Rico and FirstBank
Florida, the thrift subsidiary of Ponce General, all operate
within U.S. banking laws and regulations.  The Corporation
operates a total of 194 branches, stand-alone offices and in-
branch service centers throughout Puerto Rico, the U.S. and
British Virgin Islands, and Florida.  Among the subsidiaries of
FirstBank Puerto Rico are Money Express, a finance company; First
Leasing and Car Rental, a car and truck rental leasing company;
and FirstMortgage, a mortgage origination company.  In the U.S.
Virgin Islands, FirstBank operates First Insurance VI, an
insurance agency, and First Express, a small loan company.  First
BanCorp's common and preferred shares trade on the New York Stock
Exchange under the symbols FBP, FBPPrA, FBPPrB, FBPPrC, FBPPrD and


PDVSA: Unit Doubles Daily Output to 1.56 Billion Cubic Feet
Petroleos de Venezuela S.A.'s unit, Petroleos de Venezuela S.A.
Gas (PDVSA Gas), has doubled its daily output over the past decade
from 742 million cubic feet to 1.56 billion cubic feet, Dow Jones
reports, citing an official report.

According to Dow Jones, the increase in output by PDVSA Gas was
achieved as part of a plan by President Hugo Chavez's socialist
government to "increase natural gas consumption to support
petrochemical development and improve people's quality of life."

The report notes that according to the company report, PDVSA
obtained "total revenues of US$22.43 billion between 1998 and
2008," with net earnings of "6.3 billion."  PDVSA Gas invested
some US$1.85 billion and paid an accumulated "3.53 billion" into
government coffers during that period.

"That shows that PDVSA's financial situation, despite the current
distortions in the world hydrocarbons market, remains solid," the
official report obtained by Dow Jones read.

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

                          *     *     *

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


* BOND PRICING: For the Week December 22 - December 26, 2008

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

Alto Palermo SA          7.875    05/11/17     USD      41.02
Argent-DIS               5.830    12/31/33     ARS      30.00
Argent-DIS               7.820    12/31/33     ARS      22.75
Argent-DIS               8.820    12/31/33     ARS      30.62
Argent-Par               0.630    12/31/38     ARS      13.42
Argentina-NGB            2.000    02/04/18     ARS      40.39
Argnt-Bocon PRE8         2.000    01/03/10     ARS      56.60
Argnt-Bocon PR11         2.000    12/03/10     ARS      34.00
Argnt-Bocon PRE9         2.000    03/15/24     ARS      46.73
Argnt-Bocon PR12         2.000    01/03/16     ARS      46.85
Argnt-Bocon PR13         2.000    03/15/24     ARS      16.50
Arg Boden                2.000    09/30/14     ARS      36.02
Arg Boden                7.000    10/03/15     USD      27.49
Banco Hipot SA           9.750    04/27/16     USD      31.31
Bonar X                  7.000    04/17/17     USD      33.22
Banco Macro SA           8.500    02/01/17     USD      50.08
Bonar V                  7.000    03/28/11     USD      38.62
Bonar VII                7.000    09/12/13     USD      31.22
Bonar ARG $ V           10.500    06/12/06     ARS      35.20
Buenos-$DIS             14.250    06/01/12     USD      73.50
Buenos-$DIS              8.500    04/15/17     USD      20.00
Deutsche (Radars)        4.000    12/22/11     USD      57.90
Emp Distrib Nort        10.500    10/09/17     USD      43.29
Mendoza Province         5.500    09/04/18     USD      27.25
Petrobras Energi         5.875    05/15/17     USD      73.29
Prov Del Neuquen         8.656    10/18/14     USD      50.08
Telefonica Argen         8.850    08/01/11     USD      73.00
Transener                8.87     12/15/16     USD      33.10
Trasport De Gas          7.875    05/14/17     USD      53.86
Xstrata Capital          4.000    08/14/17     USD      53.66

Arantes International    10.250   06/19/13     USD      71.53
Banco BMG                7.250    05/23/11     USD      68.08
Banco BMG SA             9.150    01/15/16     USD      62.24
Banco Fibra SA           7.000    06/06/11     USD      74.08
Banco Ind E Com          9.750    03/03/16     USD      55.55
Banco Mercantil          7.750    05/08/12     USD      69.52
Barion Funding           0.100    12/20/56     USD       4.60
Bertin Ltda             10.250    10/05/16     USD      55.00
Braskem SA               9.000    04/29/49     USD      66.62
BR Malls Int Fi          8.500    04/15/17     EUR      63.53
JBS SA                  10.500    08/04/16     USD      67.00
Independencia In         9.875    05/15/15     USD      55.37
Independencia In         9.875    01/31/17     USD      54.25
Lehman Brothers         10.000    03/20/09     EUR       5.00
National Steel           9.875    05/29/49     USD      62.00
Net Servicos             9.250    11/29/49     USD      73.00
Soc Gen Accept           0.750    12/21/11     EUR      41.29
Soc Gen Accept           8.000    12/20/13     EUR      21.76
Soc Gen Accept           7.000    02/27/13     EUR      16.14
Soc Gen Accept          14.000    04/09/09     EUR      49.65
Suntech Power            0.250    02/15/12     USD      70.63
Rede Empresas           11.125    04/29/49     USD      43.00
Vigor                    9.250    02/23/17     USD      40.05

Aes Dominicana          11.000    12/13/15     USD      39.25
Aes Dominicana          11.000    12/13/15     USD      39.25
Agile Property           9.000    09/22/13     USD      56.14
Aig Sunamerica           5.625    02/01/12     GBP      65.46
Aig Sunamerica           5.375    02/01/12     GBP      61.50
Ambev Intl Finan         9.500    07/24/17     BRL      71.37
Apex Silver              2.875    03/15/24     USD       1.00
Apex Silver              4.000    09/15/24     USD      12.02
Asif II                  5.125    01/28/13     GBP      68.50
Bancaja Intl Fin         5.700    06/30/22     EUR      74.68
Banco Safra CI          10.875    04/03/17     BRL      64.50
Barion Funding           0.100    12/20/56     EUR       4.60
Barion Funding           0.250    12/20/56     USD       7.58
Barion Funding           0.250    12/20/56     USD       7.58
Barion Funding           0.250    12/20/56     USD       7.58
Barion Funding           0.250    12/20/56     USD       7.58
Barion Funding           0.250    12/20/56     USD       7.58
Barion Funding           0.630    12/20/56     GBP      13.15
Barion Funding           1.440    12/20/56     GBP      24.44
BBVA Bancomer SA         4.799    05/17/17     EUR      64.50
BBV Intl Fin             7.000    12/01/25     USD      60.97
BCP Finance Company      4.239    10/29/49     EUR      50.50
BCP Finance Company      5.543    06/29/49     EUR      51.18
Bes Finance Limited      6.625    05/08/49     EUR      56.97
Bes Finance Limited      5.580    07/29/49     EUR      47.50
Blue City Co             1.000    11/07/13     USD      63.96
Braskem Fin Limited      7.250    06/05/18     USD      70.00
Castle Holdco 4          9.875    11/16/16     GBP      11.13
China Med Tech           4.000    08/15/13     USD      72.53
China Med Tech           4.000    08/15/13     USD      49.75
China Properties         9.125    05/04/14     USD      43.07
Citadel Finance          6.250    12/15/11     USD      73.02
Dasa Finance             8.750    05/29/18     USD      72.42
DP World Sukuk           6.250    07/02/17     USD      58.06
DP World Sukuk           6.250    07/02/17     USD      54.00
Dubai Holding Comm       4.750    01/30/14     EUR      58.25
Dubai Holding Comm       6.000    02/01/17     GBP      57.18
DWR CYMN FIN             4.473    03/31/57     GBP      70.14
Embraer Overseas         6.375    01/24/17     USD      71.12
Fair Vantage Ltd         1.000    06/03/13     GBP      70.50
Gol Finance              7.500    04/03/17     USD      47.00
Gol Finance              7.500    04/03/17     USD      34.75
Investcorp Cap           8.080    03/27/09     USD      53.00
Ja Solar Hold Company    4.500    05/15/13     USD      38.68
Lupatech Finance         9.875    07/29/49     USD      55.31
Mafrig Overseas          9.635    11/16/16     USD      51.00
Mazarin Fdg Ltd          0.250    09/20/68     EUR       5.47
Mazarin Fdg Ltd          0.250    09/20/68     USD       5.47
Mazarin Fdg Ltd          0.250    09/20/68     USD       5.47
Mazarin Fdg Ltd          0.250    09/20/68     USD       5.47
Mazarin Fdg Ltd          0.250    09/20/68     USD       5.47
Mazarin Fdg Ltd          0.630    09/20/68     GBP      13.15
Mazarin Fdg Ltd          1.440    09/20/68     GBP      11.03
Minerva Overse           9.500    02/01/17     USD      60.05
Mizuho Capital I         5.020    06/29/49     EUR      56.50
Mizuho Capital INV I     6.686    03/29/49     EUR      57.50
Monument Global          5.405    11/17/31     EUR      70.70
Mufg Cap Fin1            6.346    07/29/49     EUR      51.40
Mufg Cap Fin2            4.850    07/29/49     EUR      57.00
Mufg Cap Fin4            5.271    01/29/49     EUR      57.50
Mufg Cap Fin5            6.299    01/25/49     GBP      71.04
New Asat Finance         9.250    02/01/11     USD      7.00
Parkson Retail           7.125    05/30/12     USD      59.07
Prince Fin Global        4.500    01/26/17     EUR      71.33
Reg Div Funding          5.251    01/25/36     USD      33.73
Reg Div Funding          5.251    01/25/36     USD      33.73
Resona PFD Glob          7.191    12/29/49     USD      47.08
Seagate Tech HDD         6.800    10/01/16     USD      67.75
Shimao Property          8.000    12/01/16     USD      43.76
SMFG Preferred           6.078    01/29/49     USD      67.99
Subsea                   2.800    06/06/11     USD      64.36
Sunamer Inst Fnd         6.150    10/14/19     EUR      57.03
Tam Capital Inc.         7.375    04/25/17     USD      46.62
Trina Solar Limited      4.000    07/15/13     USD      31.57
UOB Cayman Limited       5.796    12/29/49     USD      66.30
Vestel Elec Fin          8.750    05/09/12     USD      44.50
Vontobel Cayman          8.350    03/27/09     USD      73.80
Vontobel Cayman         10.050    02/20/09     USD      28.20
Vontobel Cayman         10.550    01/27/09     USD      74.80
Vontobel Cayman         10.550    03/27/09     USD      65.60
Vontobel Cayman         12.150    02/20/09     USD      46.60
Vontobel Cayman         17.900    01/23/09     USD      45.20
Vontobel Cayman         10.650    02/27/09     USD      45.60
Xinao Gas Holdings       7.375    08/05/12     USD      66.50
XL Capital Limited       6.500    12/31/49     USD      56.02
XL Capital Limited       6.375    12/31/49     USD      56.97
XL Capital Limited       6.500    12/31/49     USD      15.00

CAP                      7.375    09/15/36     USD      73.32

Costa Rica TPS           7.750    08/30/11     USD      73.44

Dominican Republic       9.040    01/23/18     USD      64.40

Ecuador-Par Strp         4.000    05/28/18     USD      52.20
Ecuador-Par Strp         4.000    02/28/25     USD      59.05
Ecua-Par B RCT           4.000    02/28/25     USD      37.54
Rep of Ecuador           5.950    01/20/16     USD      67.97
Rep of Ecuador           6.150    01/18/18     USD      62.21

El Salvador Rep          8.250    04/10/32     USD      71.16
El Salvador Rep          8.250    04/10/32     USD      71.16

El Salvador Rep          7.625    09/21/34     USD      73.52
El Salvador Rep          7.650    06/15/35     USD      65.44
El Salvador Rep          8.250    06/15/35     USD      71.16

Jamaica Govt LRS         7.500    10/06/12     JMD      70.52
Jamaica Govt             8.000    06/24/19     USD      55.00
Jamaica Govt             8.500    02/28/36     USD      64.50
Jamaica Govt            10.500    10/27/14     USD      72.00
Jamaica Govt LRS        12.750    06/29/22     JMD      65.19
Jamaica Govt LRS        12.750    06/29/22     JMD      65.17
Jamaica Govt LRS        12.850    05/31/22     JMD      65.68
Jamaica Govt LRS        13.375    12/15/21     JMD      68.44
Jamaica Govt LRS        13.375    04/27/32     JMD      64.19
Jamaica Govt            14.000    06/30/21     EUR      71.70
Jamaica Govt            15.000    08/30/32     EUR      73.84
Jamaica Govt            15.000    09/06/32     EUR      73.84
Jamaica Govt            15.500    03/24/28     EUR      74.75

Mer Lynch Int CV         8.000    01/30/09     CHF      59.20
Mer Lynch Int CV        10.760    03/16/09     CHF      36.36
Mer Lynch Int CV        11.200    03/16/09     CHF      31.06
Mer Lynch Int CV        11.330    03/16/09     CHF      66.83
Mer Lynch Int CV        11.400    03/16/09     CHF      70.14
Mer Lynch Int CV        11.540    03/16/09     CHF      72.91
Mer Lynch Int CV        11.660    03/16/09     CHF      13.79
Mer Lynch Int CV        11.720    03/16/09     CHF      27.86
Mer Lynch Int CV        12.200    03/16/09     CHF      22.38
Mer Lynch Int CV        12.460    03/16/09     CHF      34.90
Mer Lynch Int CV        12.760    03/16/09     CHF      25.97
Mer Lynch Int CV        13.100    03/16/09     CHF      45.30
Mer Lynch Int CV        13.280    03/16/09     CHF      12.18
Mer Lynch Int CV        13.720    03/16/09     CHF      61.86
Mer Lynch Int CV        14.530    03/16/09     CHF      22.92
Mer Lynch Int CV        14.890    03/16/09     CHF      33.48
Mer Lynch Int CV        15.220    03/16/09     CHF      22.74
Mer Lynch Int CV        15.520    03/16/09     CHF      37.45
Mer Lynch Int CV        16.330    03/16/09     CHF      13.65
Mer Lynch Int CV        16.380    03/16/09     CHF      10.77
Mer Lynch Int CV        16.450    03/16/09     CHF      38.05
Mer Lynch Int CV        16.800    03/16/09     CHF      30.65
Mer Lynch Int CV        17.140    03/16/09     CHF      52.63
Mer Lynch Int CV        17.750    01/05/09     CHF      18.85
Mer Lynch Int CV        18.000    03/27/09     CHF      67.85
Mer Lynch Int CV        18.020    03/27/09     CHF      71.64
Mer Lynch Int CV        19.110    03/16/09     CHF      10.16
Mer Lynch Int CV        19.380    03/16/09     CHF      01.82
Mer Lynch Int CV        22.000    03/16/09     CHF      11.20
Mer Lynch Int CV        22.670    03/16/09     CHF      07.20

Carribean Rest          14.250    06/01/12     USD      73.50
Carribean Rest          14.250    06/01/12     USD      73.50
Doral Financial Corp     7.000    04/26/12     USD      44.88
Doral Financial Corp     7.100    04/26/17     USD      73.50
Doral Financial Corp     7.150    03/26/16     USD      69.63
Puerto Rico Cons         6.500    04/01/16     USD      69.75
Puerto Rico GNMA         5.750    04/01/21     USD      46.50

Carnival Corp            6.650    01/15/28     USD      74.39
Panama Notes             7.000    12/30/15     USD      74.21
Wilbros Group            2.750    03/15/24     USD      58.50

Uruguay Gov Bond         7.500    03/23/11     USD      55.95
Uruguay Gov Bond         7.500    03/23/11     USD      55.95
Uruguay Gov Bond         7.500    03/23/11     USD      75.00
Uruguay Gov Bond         7.625    03/05/12     USD      48.88
Uruguay Gov Bond         8.000    02/25/10     USD      71.31
Uruguay Gov Bond         8.000    02/25/18     USD      54.38
Uruguay Gov Bond         9.750    02/28/12     USD      52.13
Uruguay Gov Bond         9.750    02/28/12     USD      52.13
Uruguay Gov Bond         9.750    02/28/20     USD      63.36
Uruguay Fixed            7.500    03/23/11     USD      66.42
Uruguay Fixed            8.000    02/25/18     USD      71.85

Petroleos de Ven         5.250    04/12/17     USD      35.45
Petroleos de Ven         5.375    04/12/27     USD      29.00
Petroleos de Ven         5.500    04/12/37     USD      27.37
Venezuela                5.750    12/09/20     EUR      40.00
Venezuela                6.000    12/09/20     EUR      38.00
Venezuela                7.000    03/16/15     EUR      48.37
Venezuela                7.000    03/16/15     EUR      52.46
Venezuela                7.000    12/01/18     USD      41.35
Venezuela                7.000    03/31/38     USD      35.62
Venezuela                7.650    04/21/25     USD      39.00
Venezuela                8.500    10/08/14     USD      50.37
Venezuela                9.000    05/07/23     USD      41.62
Venezuela                9.250    09/15/27     USD      53.12
Venezuela                9.250    05/07/28     USD      41.50
Venzod - 189000          9.375    01/13/34     USD      45.75
Venzod - 189000         10.750    09/19/13     USD      64.50
Venezuela               10.750    09/19/13     USD      67.50
Venezuela               13.625    08/15/13     USD      65.91
Venezuela               05.750    02/26/16     USD      65.37


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


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,

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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contact Christopher Beard at 240/629-3300.

           * * * End of Transmission * * *