TCRLA_Public/081230.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

           Tuesday, December 30, 2008, Vol. 9, No. 257



YPF SA: Moody's Reviews 'Ba2' Foreign Currency Bond Rating
TRANSPORTADORA DE GAS: Moody's Cuts Foreign Currency Ratings to B2


TEEKAY CORPORATION: Moody's Cuts Ratings to Low-B; Outlook Stable


DELPHI CORP: Keeps Plan Exclusivity From Committee Until March 31
ELETROPAULO METROPOLITANA: Fitch Affirms 'BB-' Issuer Ratings
GLOBAL CROSSING: Provides Data Center & Internet Services to RPC
* BRAZIL: Petrobras Gets BRL4.4 Bil. Loan Refinancing

C A Y M A N  I S L A N D S

AL FARAJ: Members Receive Wind-Up Report
ARCSUKUK (MULTICURRENCY): Members Hear Wind-Up Report
BELVOIR PREMIUM: Members Hear Wind-Up Report
BUNGE TRADE: Members Hear Wind-Up Report
BURGUNDY PROPERTIES: Members Hear Wind-Up Report
CAPADON CAPITAL: Shareholders Receive Wind-Up Report

CARDIGAN INVESTMENT: Members Hear Wind-Up Report
CARANAT LIMITED: Members Receive Wind-Up Report
DB SANGHA: Shareholder Receives Wind-Up Report
DEW INVESTMENTS: Members Hear Wind-Up Report
EMERGING MARKETS: Members Hear Wind-Up Report

HOLLISTER INVESTMENTS: Members Receive Wind-Up Report
KAMIYACHO PARK: Members Hear Wind-Up Report
OFGP LIMITED: Members Hear Wind-Up Report
PACIFIC OCEAN: Sole Shareholder Receive Wind-Up Report
PACIFIC OCEAN: Sole Shareholder Receive Wind-Up Report

RAVENSBERG LIMITED: Members Hear Wind-Up Report
SABCO LIMITED: Members Hear Wind-Up Report
SEA BREEZE: Members Hear Wind-Up Report
WEALDSTONE INVESTMENTS: Members Receive Wind-Up Report
WEEPING WILLOW: Members Hear Wind-Up Report


TRANSTEL INTERMEDIA: Distressed Exchange Cues Fitch's 'D' Rating

D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: 2008 Haiti Trade Down US$21 Million


PETROECUADOR: To Sign Oil Refinery Overhaul Pact w/ SK-E&C
* ECUADOR: President Wants Debt Restructuring to Proceed in Jan.
* ECUADOR: To Cut Foreign Oil Cos' Output to Comply w/ OPEC


BANK OF JAMAICA: Ups Cash Reserve Requirements For All Banks
CVM GROUP: Shuts Down Money Losing Hot 102 MoBay Operations
* JAMAICA: Used Car Dealers Blame 50% Sales Drop on Global Crisis


CEMEX SAB: To Sell 20% Stake in TCL Group
CONSTELLATION COPPER: Seeks Assignment in Bankruptcy Under BIA
FORD CREDIT: Moody's Downgrades Long-Term Debt Rating to 'Caa1'
GRUPO KUO: Fitch Affirms Issuer Default Ratings at 'B+'
MUNICIPALITY OF TLANEPANTLA: Moody's Cuts Issuer's Rating to 'B1'

UNION DE CREDITO: Moody's Assigns BFSR to 'E'; Outlook Stable


* FITCH: US$17.4MM Bailout Gives Automakers Temporary Relief
* Large Companies With Insolvent Balance Sheets

                         - - - - -


YPF SA: Moody's Reviews 'Ba2' Foreign Currency Bond Rating
Moody's Investors Service placed under review for downgrade YPF
S.A.'s Baa2 global local currency rating and the Ba2 foreign
currency bond rating for its US$225 million of bonds due in
February 2009. Moody's outlook for the GLCR rating has been
negative.  The review for downgrade is prompted by deteriorating
economic conditions in Argentina and the decline in global
commodity markets, and by concerns that higher government revenue
needs and an unpredictable government policy framework could lead
to tax and regulatory changes that will in turn put pressure on
YPF's financial profile and operating performance.  In addition,
Moody's will assess whether YPF's GLCR should be maintained at a
level that pierces Argentina's Ba1 global local currency ceiling,
given current conditions in Argentina and a view that Repsol YPF
S.A., which is a major potential source of external support to
YPF, is pursuing a longer-term strategy to reduce its ownership in
and exposure to YPF.

The review of the Ba2 FCBR will consider whether a potential
change in YPF's GLCR and in the view of the company's status as a
significant energy exporter with sizable offshore foreign currency
generation could result in a downgrade of the Ba2 FCBR, which
currently pierces Argentina's B2 foreign currency ceiling.

The last rating action that affected YPF was on June 3, 2008, when
Moody's noted that it was maintaining a negative outlook of YPF's
GLCR rating, following the stabilizing of parent Repsol YPF's Baa1
rating outlook.

YPF S.A. is the largest energy company in Argentina. It is
headquartered in Buenos Aires.

TRANSPORTADORA DE GAS: Moody's Cuts Foreign Currency Ratings to B2
Moody's downgraded Transportadora de Gas del Sur's Foreign
Currency debt ratings to B2 from B1 and its National Scale rating
to from  TGS's Ba3 Global Local Currency rating was
affirmed.  The outlook remains stable.  TGS's B2 rating is
constrained by Argentina's B2 sovereign foreign currency bond

The downgrade was primarily prompted by an expected decline in the
gas pipeline operator's export revenues in 2009, together with
increased risks associated with access to natural gas, as
illustrated by the drop in TGS export volumes in 2007 caused by
government decisions on natural gas allocation.  TGS's export
revenues are likely to decline considerably approximately 50% in
2009 due to 1) the abrupt drop in energy prices in the second half
of 2008; and 2) a 2008 increase in export taxes that has impacted
TGS's after tax export revenues and therefore its ability to
maintain funds offshore.

The rating continues to reflect TGS's strong credit metrics and
debt protection measures for its rating category.  TGS has
significantly reduced debt from more than US$900 million at the
end of FY 2004 to a current debt level of approximately
US$400 million.  Despite frozen tariffs in the regulated segment,
TGS was able to achieve this debt reduction due to the strong cash
generation from the very favorable international prices received
for LGN in the unregulated segment coupled with relatively low
investments for capital expenditures and no material dividend
payments.  On the other hand, the ratings continue to be
constrained by TGS's exposure to dollar denominated debt,
regulatory uncertainty and volatility in LGN prices.

Profitability over the last couple of years was mainly driven by
TGS's unregulated business, which has always been exposed to
volatile commodity prices and, more recently, to margin pressure
driven by increased export taxes.  Additionally, future gas
availability for processing is a growing concern over the medium
term due to the low level of natural gas reserve replacement in

While tariffs in the regulated segment have remained frozen since
2002, transportation revenues still provide stable cash flow
generation for the company.  The concession renegotiation with the
government has taken longer than expected and the recent proposal
for a 20% provisional tariff increase does not yet provide a long-
term solution for an appropriate tariff mechanism.

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

The stable outlook reflects Moody's expectation that even in the
absence of a license renegotiation, TGS will be able to maintain
stable operating performance and solid credit metrics for its
current rating level.  It also acknowledges that the proposed
provisional tariffs should improve the company's financial
situation and position it more comfortably in its rating category.
A conclusion of the renegotiation of the concession resulting in a
tariff increase for TGS that allows it to improve returns and
profitability and which gives it a more predictable regulatory
framework could have a positive impact on TGS's local currency
rating in combination with a reduction in foreign currency debt.
Given the recently demonstrated government willingness to
interfere with TGS's ability to access gas supply for sale
offshore to generate foreign currency revenues, TGS's B2 foreign
currency rating is now constrained by Argentina's B2 foreign
currency bond ceiling.  TGS's ratings would be upgraded if
Argentina's foreign currency bond ceiling is upgraded.

TGS's B2 foreign currency rating would be downgraded if
Argentina's country ceiling is downgraded.  The local currency
rating or outlook could be downgraded if total adjusted debt to
EBITDA increases to over 5 times.  In addition, a dividend payout
leading to Retained Cash Flow to total adjusted debt lower than
15% could also have a negative rating impact.

Headquertered in Buenos Aires, Argentina, TGS operates one of the
two main gas pipelines in Argentina, with a 62% share in the gas
transportation system, and is one of the country's largest natural
gas liquids producers.  TGS' revenues for the last twelve months
as of September, 2008 reached ARS 1.4 billion (approximately
US$420 million) and gross export revenues of approximately US$190
million during the first nine months of the year.


TEEKAY CORPORATION: Moody's Cuts Ratings to Low-B; Outlook Stable
Moody's Investors Service downgraded its debt ratings of Teekay
Corporation -- Corporate Family to Ba3 from Ba2, senior unsecured
to B1 from Ba3.  Moody's affirmed the speculative grade liquidity
rating of SGL-2.  The rating outlook is stable.

"The downgrades reflect Moody's belief that continuing high debt
levels in 2009 are likely to leave credit metrics exposed to
weaker earnings as tanker demand and freight rates decline from
their recent peak levels" said Moody's Analyst Jonathan Root.
"Moody's expects earnings from the vessels trading spot to be
pressured as 2009 unfolds because of the broader implications of
the recently-announced OPEC production cuts and sustained weak
demand as the global economic malaise persists," continued Root.
The lower operating cash flow that would likely accompany a lower
rate environment could temper the amount of planned debt reduction
in 2009.  Historical practices of selling vessels or raising
equity at the daughter companies could also be more challenging
because of current credit and financial market conditions, in
Moody's view.

The affirmation of the SGL-2 liquidity rating reflects Teekay's
good liquidity position, characterized by sizable cash flow from
vessel operations of the fixed-rate fleet and it typically
maintaining consolidated unrestricted cash and revolver
availability in excess of US$1.3 billion.  The SGL-2 rating also
considers increasing distributions to third-party holders of the
equity units of the daughter companies.

The ratings consider Teekay's leading market position as the owner
and operator of the largest tanker fleet in the world.  The
chartering-out of about half of the fleet on long-term contracts
helps support cash flow from operations at levels that cover
current debt service obligations, which supports the ratings.  So
too does the good liquidity profile and good coverage of debt from
owned vessels and retained interests in the daughter companies.
These factors balance the risk of having about half of revenues
(about US$1.5 billion in 2008) exposed to the highly-cyclical spot
market and the elevated financial leverage resulting from the
acquisitions and ongoing investments to grow the business.  The
Ba3 rating indicates that Moody's still believes the company's
risk profile is stronger than that implied by estimated Debt to
EBITDA at or above 7.0 times and estimated EBIT to Interest below
1.5 times, each on a consolidated basis at September 30, 2008.
This is because of the operating cash flow profile of the fixed
fleet, supportive long-term fundamentals of the marine
transportation sectors that Teekay serves, Teekay's share of
distributions by its MLP's and the sizeable cash balance including
about US$700 million of restricted cash backing certain capital
lease obligations of certain LNG vessels.

The stable outlook reflects Moody's expectation that the potential
exists for 2009 to provide an inflection point in Teekay's credit
profile, notwithstanding the weak outlook for the tanker market.
The outsized capital outlays to enter the FPSO business and expand
the LNG business are winding down, which should restrain further
increases in the debt balance, at least over the near term, and as
long as Teekay does not look to capitalize on investment
opportunities that might arise because of the weak shipping and
financial market conditions.

The ratings could be further downgraded if Debt to EBITDA does not
approach 5.5 times, if EBIT to Interest does not approach 1.7
times or if Retained Cash Flow to Net Debt does not remain above
10%.  Further increases in debt, either from share purchases,
acquisitions or additional charters-in could also result in a
downgrade.  The outlook could be changed to positive if Debt to
EBITDA approaches 5.0 times, EBIT to Interest was sustained above
2.5 times or Retained Cash Flow to Net Debt was sustained above
15% through the cycle's trough.  Positive Free Cash Flow to Debt,
exclusive of sale and purchase activities that is sustained above
5% could also lead to a positive outlook.

The last rating action was on December 20, 2007 when Moody's
affirmed the Ba2 corporate family, Ba3 senior unsecured and SGL-2
ratings and changed the ratings outlook to stable from negative.


Issuer: Teekay Corporation

-- Corporate Family Rating, Downgraded to Ba3 from Ba2

-- Senior Unsecured Regular Bond/Debenture, Downgraded to B1
    from Ba3

Teekay Corporation, a Marshall Islands corporation headquartered
in Hamilton, Bermuda, having its main operating office in
Vancouver, Canada, operates a fleet of 189 owned, chartered-in or
managed crude, refined products, LNG, LPG and FPSO vessels,
including 25 newbuildings on order.


DELPHI CORP: Keeps Plan Exclusivity From Committee Until March 31
Delphi Corp. has retained its sole right to file a reorganization
plan until March 31, 2008.

The U.S. Bankruptcy Court for the Southern District of New York
allowed Delphi to retain from the official committee of unsecured
creditors its exclusive rights to propose a Chapter 11 plan.
Other creditors are precluded by the confirmed plan from filing a
competing plan of their own, even though Delphi was unable to
implement the plan that the Court confirmed in January 2008,
Bloomberg's Bill Rochelle reports.

As reported by DELPHI BANKRUPTCY NEWS, the hearing to consider
preliminary approval of Delphi's and its affiliates' proposed
modifications to their confirmed First Amended Joint Plan of
Reorganization has been adjourned to 11:00 a.m. on March 24, 2009.

Delphi presented to the Court changes to their confirmed Plan
after Appaloosa Management, L.P., and other investors backed out
from their commitment to provide US$2.550 billion in exit
financing.  The new plan does not require financing from plan
investors, but requires more funding from primary customer General
Motors Corp., which is facing its own liquidity crisis, and
US$3.75 billion from an exit debt financing and a rights offering.

The Preliminary Plan Modification Hearing has been adjourned four
times.  Under the original schedule, the Debtors contemplated an
October 23, 2008 preliminary hearing and emergence from bankruptcy
by Dec. 31, 2008.

Delphi Corp. has signed deals with General Motors Corp. and its
DIP Lenders, led by JPMorgan Chase Bank, N.A., in order to have
access to borrowed cash until mid-2009.  Under its accommodation
agreement with lenders, Delphi has a Feb. 27, 2009 deadline to
file an updated plan of reorganization, and obtain commitments for
its bankruptcy exit loans, otherwise the DIP loans would mature
May 31, 2008.

The Debtors submitted proposed modifications to their confirmed
Plan of Reorganization on Oct. 3, 2008.  Under the modified plan,
the Debtors targeted a Dec. 17 confirmation hearing, and a Chapter
11 exit by year-end.  The modified plan does not require, in
addition to US$4,700,000,000 of debt exit financing, Appaloosa's
US$2,550,000,000 cash-for-equity investment, which was the
highlight of the Court-confirmed, but unconsummated,
Jan. 25, 2008 PoR.  The modified plan requires debt exit financing
of US$2.75 billion plus a US$1,000,000,000 raised through a rights

Delphi, however, has said that "in the face of the current
unprecedented turbulence in the credit markets and uncertainty in
the automobile industry," it does not anticipate emerging from
chapter 11 prior to December 31, 2008, when its financing deals

"Despite the efforts of the federal government to provide
stability to the capital markets and banks, the markets have
remained extremely volatile and liquidity in the capital markets
has been nearly frozen, resulting in an unprecedented challenge
for the Debtors to successfully attract emergence capital funding
for their Modified Plan, particularly in light of the current
conditions in the global automotive industry," John Wm. Butler,
Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in
Chicago, Illinois, said, in a court filing.

In its third quarter report on Form 10-Q, General Motors Corp.,
Delphi's primary customer, admitted, "Given the current credit
markets and the challenges facing the automotive industry, there
can be no assurance that Delphi will be successful in obtaining
US$3.8 billion in exit financing to emerge from bankruptcy."

GM has recorded Delphi-related charges US$4.1 billion for nine
months ended Sept. 30, 2008.  GM recorded a net loss of
US$2,542,000,000 on US$37,503,000,000 of revenues for three months
ended Sept. 30, 2008, compared with a net loss of
US$38,963,000,000 on US$43,002,000,000 of sales during the same
period in 2007.

General Motors, along with Ford Motor Company and Chrysler LLC,
has asked Congress to grant the U.S. carmakers access to
US$25 billion of the US$700 billion Troubled Asset Relief Program
approved by Congress to bail out financial institutions.
Congress is expected to tackle on Nov. 18 and 19 the proposed
bailout, which, according to reports, may be necessary to save
the U.S. automakers from collapse or bankruptcy.

A bankruptcy filing for GM could shatter its former unit Delphi's
plans to finally exit bankruptcy this year or early next year,
according to a report by Bloomberg News.  "If GM fails, it's
likely the Delphi reorganization fails, and Delphi converts to a
case under Chapter 7 -- a liquidation," Nancy Rapoport, a law
professor at the University of Nevada-Las Vegas, in an e-mail,
according to Bloomberg News.  "For the creditors of Delphi, this
of course isn't optimal, and the usual issues in Chapter 7,
determining the liquidation value of the company, will apply."

                      About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- 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.

On October 3, 2008, Delphi filed modifications to their Confirmed
Plan.  The new plan does not require financing from the Appaloosa
group, but requires US$3.75 billion from an exit debt financing
and a rights offering, and additional funding from General Motors

(Delphi Bankruptcy News, Issue No. 153; Bankruptcy Creditors'
Service Inc., 215/945-7000)

ELETROPAULO METROPOLITANA: Fitch Affirms 'BB-' Issuer Ratings
Fitch Ratings has affirmed these ratings of Eletropaulo
Metropolitana Eletricidade de Sao Paulo S.A. (Eletropaulo):

  -- Foreign currency Issuer Default Rating (IDR) at 'BB-';

  -- Local Currency IDR at 'BB-';

  -- Long-term national scale rating at 'A(bra)';

  -- Senior unsecured notes due 2010 at 'BB-';

  -- Ninth issuance of debentures due 2018 at 'A(bra)';

  -- 10th issuance of debentures due 2013 at 'A(bra)';

  -- 11th issuance of debentures due 2018 at 'A(bra)'.

  -- Bank credit certificate (cedula de credito bancario - CCB)
     due 2015 at 'A(bra)';

The Outlook for the corporate ratings remains Stable.
The ratings of Eletropaulo reflect its adequate financial profile,
moderate financial leverage and manageable debt levels.  The
company holds the concession for energy distribution in the
metropolitan region of Greater Sao Paulo, one of the highest per
capita income areas in Brazil.  The distribution segment is
regulated, without competition and with a regulatory model aimed
at maintaining economic and financial soundness for the
concessionaires.  The ratings also incorporate the moderate
regulatory risk of the power sector, as well as the sector's
hydrological risk, although the latter is minimal in the short
term due to the reservoirs' conditions at the end of the third
quarter of 2008.

Eletropaulo's ratings are based on its current shareholder
structure, although there is a possibility for it to change.  The
possible sale of BNDES, the federal development bank in Brazil,
and AES Group's participations in Companhia Brasiliana de Energia,
which in turn indirectly controls Eletropaulo, brings relative
uncertainty to the company's future control and management.  The
sales decision came from BNDES, and AES has the first refusal
right to buy the shares owned by the bank.  In case AES does not
exercise its right it will be obligated to sell its participation
in Brasiliana at the same time, which will mean a change of
control in Brasiliana.  The sale to a third party includes the
cost of purchasing 100% of Brasiliana, as well as disbursements
related to the tag-along clause in Eletropaulo and accelerated
amortization of BRL1.9 billion in Eletropaulo's debt and around
BRL800 million in Brasiliana.

Eletropaulo's cash flow from operations has benefited from growth
in electric energy consumption in its concession area over the
last years.  Going forward, the company's cash flow generation
might be challenged due to uncertainties related to future demand
growth and the tariff revision conclusion expected for July 2009.
In 2007, consumption within Eletropaulo's concession area grew
4.6% and from January to September 2008 it grew 3.9% compared to
the same period in 2007.  Eletropaulo received an 8.01% average
rate increase as of July 2008, following the preliminary rate
repositioning of -8.43% in July 2007 produced by the rate revision

Fitch expects that Eletropaulo's financial profile will remain
consistent with the assigned ratings.  The company reported a
moderate leverage as of the last 12 months ended on Sept. 30,
2008, as measured by total debt-to-EBITDA of 3.3 times (x), and
its total debt-to-funds from operations ratio was 2.2x. When
adjusting EBITDA for pension fund expenses, the ratio of total
debt-to-adjusted EBITDA was 3.1x.  Eletropaulo's ratings already
incorporate the possible medium-term cash impact of the
BRL820 million due to an unfavorable legal decision involving the
Cofins tax.  The company might be able to finance this payment
with the Federal Government or through issuing new debt. On a pro-
forma basis, adding the total of this contingent liability to the
company's debt, the total debt-to-EBITDA ratio would initially be

Eletropaulo has improved its debt profile, lengthening its average
maturities and reducing its financial cost, and presents an
adequate liquidity position.  The company improved its debt
profile by refinancing a portion of its debt during 2007 and by
renegotiating its pension debt maturity in 2008.  The company's
total debt has remained virtually stable over the past five years.
At the end of Sept. 30, 2008, the outstanding balance was BRL4.5
billion with an average maturity of 7.7 years.  The company was
also able to lower its financing cost to a spread of 0.52% over
the interbank CD (CDI) rate per year.  The company's cash and
marketable securities of BRL1.4 billion was comfortable and covers
short-term debt of BRL621 million by 2.2x.  Foreign currency debt
was not material and the company had swap operations that provide
exchange protection.

The company has a low-to-moderate maturity schedule that can be
comfortably covered with its internal cash flow generation.  Free
cash flow is expected to remain positive, despite a more
aggressive dividend distribution policy and a moderate increment
in investments.  For the LTM ended Sept. 30, 2008, free cash flow
was BRL1.4 billion and cash flow from operations was
BRL2.5 billion.  The company reported net revenue and EBITDA of
BRL7.4 billion and BRL1.4 billion, respectively.

Eletropaulo is the largest energy distributor in Brazil in terms
of revenue.  The company operates in an area that encompasses 5.7
million people in 24 cities in the metropolitan region of Greater
Sao Paulo, having distributed 33,485 gigawatt-hours to its captive
market in the LTM ended Sept. 30, 2008.

GLOBAL CROSSING: Provides Data Center & Internet Services to RPC
Global Crossing has completed the implementation of a
communications network to provide Data Center and Internet
Services to Rede Paranaense de Comunicacao (RPC).  RPC is one of
the largest media groups in the state of Parana, Brazil, and owner
of two major newspapers, Gazeta do Povo and Jornal de Londrina, as
well as TV and radio broadcast outlets.

To support RPC's news portal, Global Crossing is providing RPC
with Internet access, Managed Security Services and dedicated
hosting, through the company's data center services.  Currently,
Global Crossing's growing data center footprint offers world-class
facilities in 60 major cities worldwide to provide businesses
access to key customers and business partners.  In Brazil, the
company has data center facilities in Cotia, Curitiba and Rio de

Through Global Crossing's comprehensive management security and
dedicated hosting services, RPC can monitor traffic 24 hours a
day, seven days a week, while always enjoying high-speed Internet
connectivity.  They can also rely on the ability of securely
sharing data inside and outside the company.

"Our mission as a news portal is to bring the same strength of our
content from our media outlets to the Internet.  For the past two
years, our number of viewers increased 35 percent.  That's why we
decided to look for the most advanced technological solutions,"
said Denilson Faria, IT director of RPC.  "Global Crossing offers
us the speed, security and reliability to ensure our customers
have a better experience when viewing news through our news

"Reliability, performance and security are especially critical for
a media group like RPC, since they need to ensure their readers
have the best experience possible when accessing their news
portal," said Marcos Malfatti, senior sales vice president of
Global Crossing in Brazil.  "We are fully committed to support
these requirements, through our advanced IP network and top-notch
data center infrastructure in the region."

Global Crossing offers solutions that allow customers to focus on
their businesses while Global Crossing manages and administers
their entire IT infrastructure and network.  Global Crossing's
hosting solutions provide customers housing, equipment, storage,
backup and monitoring, as well as managed services that free them
to run their application or Web site.

               About Rede Paranaense de Comunicacao

Founded in November of 2000, Rede Paranaense de Comunicacao (RPC)
is the largest media group in the state of Parana and one of the
top ten largest media groups in Brazil.  Currently, RPC owns two
newspapers, including Gazeta do Povo, Parana's number 1 daily,
eight TV broadcasters affiliated to Rede Globo, two radio
stations, a news portal and the RPC Institute. The company has
more than 1,800 employees.

                      About Global Crossing

Global Crossing (NASDAQ: GLBC) is a leading global IP solutions
provider with the world's first integrated global IP-based
network.  The company offers a full range of secure data, voice,
and video products to approximately 40 percent of the Fortune 500,
as well as to 700 carriers, mobile operators and ISPs.  It
delivers services to more than 690 cities in more than 60
countries and six continents around the globe.

In Latin America, Global Crossing´s business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru, Mexico,
Venezuela, the United States (Florida) and the Caribbean region.
In addition to its IP-based, fiber-optic network, Global
Crossing's regional infrastructure includes 15 metropolitan
networks and 15 world-class data centers located in the main
business centers of Latin America.

                          *     *     *

As of June 30, 2008, the company reported US$2.65 billion in total
assets, US$2.80 billion in total liabilities, and US$150 million
in stockholders' deficit.

* BRAZIL: Petrobras Gets BRL4.4 Bil. Loan Refinancing
Brazil's Petroleo Brasileiro SA has refinanced a total of BRL4.4
billion (US$1.8 billion) in loans from Brazilian state banks Banco
do Brasil and Caixa Economica Federal and got another loan of
BRL1.5 billion from Caixa, Fabiola Moura of Bloomberg News

According to the report, Petrobras said it paid in advance the
loans previously scheduled to expire in the first half of 2009 and
renewed them, for the same amount.  This pushed the due date to
the first half of 2011, according to an e-mailed statement
obtained by Bloomberg News.

The Federative Republic of Brazil is the largest and most populous
country in South America.  It is the fifth largest country by
geographical area, the fifth most populous country, and the fourth
most populous democracy in the world.  Its population comprises
the majority of the world's Portuguese speakers.

According to Moody's Rating Agency, the country continues to carry
a BA1 local and foreign currency rating.

C A Y M A N  I S L A N D S

AL FARAJ: Members Receive Wind-Up Report
The members of Al Faraj Minallah Limited met on December 24, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Buchanan Limited
        P.O. Box 1170, George Town
        Grand Cayman

ARCSUKUK (MULTICURRENCY): Members Hear Wind-Up Report
The members of Arcsukuk (Multicurrency) Limited met on
December 29, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Bobby Toor
         Chris Watler
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands

BELVOIR PREMIUM: Members Hear Wind-Up Report
The members of Belvoir Premium Fund Limited met on
December 29, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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

BUNGE TRADE: Members Hear Wind-Up Report
The members of Bunge Trade Participation II Ltd. met on
December 29, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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

BURGUNDY PROPERTIES: Members Hear Wind-Up Report
The members of Burgundy Properties Limited met on December 24,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

        Buchanan Limited
        P.O. Box 1170, George Town
        Grand Cayman

CAPADON CAPITAL: Shareholders Receive Wind-Up Report
The shareholders of Capadon Capital, Ltd. met on Dec. 24, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jonathan Nicholson
         P.O. Box 1976, Grand Cayman KY1-1104
         Cayman Islands
         Telephone:(345) 516-0210

CARDIGAN INVESTMENT: Members Hear Wind-Up Report
The members of Cardigan Investment Limited met on December 29,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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

CARANAT LIMITED: Members Receive Wind-Up Report
The members of Caranat Limited met on December 24, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Buchanan Limited
        P.O. Box 1170, George Town
        Grand Cayman

DB SANGHA: Shareholder Receives Wind-Up Report
The sole shareholder of DB Sangha (Cayman) Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal on Dec. 24, 2008.

The company's liquidator is:

         JS Spratt
         c/o Beth Grayland
         8 Salisbury Square, London, EC4Y 8BB
         United Kingdom
         Telephone:01144 207 694 3731
         Facsimile:01144 207 694 3533

DEW INVESTMENTS: Members Hear Wind-Up Report
The members of Dew Investments Ltd. met on December 24, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Buchanan Limited
        P.O. Box 1170, George Town
        Grand Cayman

EMERGING MARKETS: Members Hear Wind-Up Report
The members of Emerging Markets Finance Ltd. met on December 29,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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

HOLLISTER INVESTMENTS: Members Receive Wind-Up Report
The members of Hollister Investments Limited met on December 24,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

        Buchanan Limited
        P.O. Box 1170, George Town
        Grand Cayman

KAMIYACHO PARK: Members Hear Wind-Up Report
The members of Kamiyacho Park Cayman, Inc. met on December 29,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Martin Couch
         Bobby Toor
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands

OFGP LIMITED: Members Hear Wind-Up Report
The members of OFGP Limited held a meeting on December 29, 2008,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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

PACIFIC OCEAN: Sole Shareholder Receive Wind-Up Report
The sole shareholder of Pacific Ocean Capital – Asia Telecom Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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

PACIFIC OCEAN: Sole Shareholder Receive Wind-Up Report
The sole shareholder of Pacific Ocean Capital – Asia Telecom Fund
– Non US Feeder received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

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

RAVENSBERG LIMITED: Members Hear Wind-Up Report
The members of Ravensberg Limited met on December 24, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Buchanan Limited
        P.O. Box 1170, George Town
        Grand Cayman

SABCO LIMITED: Members Hear Wind-Up Report
The members of Sabco Limited met on December 24, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Buchanan Limited
        P.O. Box 1170, George Town
        Grand Cayman

SEA BREEZE: Members Hear Wind-Up Report
The members of Sea Breeze Investments Limited met on December 24,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

        Buchanan Limited
        P.O. Box 1170, George Town
        Grand Cayman

WEALDSTONE INVESTMENTS: Members Receive Wind-Up Report
The members of Wealdstone Investments Ltd. met on December 24,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

        Buchanan Limited
        P.O. Box 1170, George Town
        Grand Cayman

WEEPING WILLOW: Members Hear Wind-Up Report
The members of Weeping Willow Limited met on December 24, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Buchanan Limited
        P.O. Box 1170, George Town
        Grand Cayman


TRANSTEL INTERMEDIA: Distressed Exchange Cues Fitch's 'D' Rating
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings of Transtel Intermedia S.A. to 'D' from 'C'.
These rating actions follow the announcement by the company that
it is seeking to exchange its 2016 senior notes with new senior
secured step-up notes.  The terms of this offer, which was made in
the midst of the 30 day grace following the company's missed
coupon payment on Dec. 1, 2008, qualifies as a distressed debt
exchange due to the diminished terms of the proposed notes.

In conjunction with this announcement, Fitch upgrades the
company's US$170 million senior notes due 2016 to 'CC/RR4' from
'C/RR4'.  The 'CC' rating of these notes reflects the expectation
of an average recovery of a defaulted debt obligation.

Transtel's exchange offering intends to align its debt service
with its cash flow generation, which has been deteriorating over
the past year.  The company's liquidity will be further challenged
on Dec. 31, 2008, when it faces a US$4.5 million maturity of its
2008 bond.

As of June 30, 2008, Transtel had COP4.5 million of cash and
marketable securities and COP370.8 million of total debt.  Of the
total debt, COP23.2 million was scheduled to come due in the next
year.  Revenues and EBITDA for the latest 12 months ended June 30,
2008, amounted to approximately COP98.3 million and COP65.3
million respectively.  These figures compare with COP108.2 million
and 74.3 million during 2007.  The decline in revenues and EBITDA
has been due to increased competition from fixed line operators
and increased migration of traffic to mobile networks.

Transtel controls and operates seven telephone systems and one
cable system serving residential and commercial subscribers in 10
cities including Cali and its metropolitan area, the
municipalities of Popayan and Jamundi.  The company offers local
telephone, data, Internet and to a lesser extent pay television
services.  As of June 30, 2008, Transtel had over 229,038 lines in
service, 40,917 Internet subscribers including 23,607 broadband
users and 12,818 pay television subscribers.

D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: 2008 Haiti Trade Down US$21 Million
The Dominican Republic's commercial exchange with Haiti this year
was down US$21 million to US$421.1 million, The Dominican Today
reports, citing the Center for Exports and Investments of the
Dominican Republic (CEI-RD).

The report relates that according to preliminary numbers, the DR
imported products from Haiti for a total of US$50.1 million, while
the leading items in exports to the neighboring nation were steel
re-bar, with US$29 million and cement at US$17.4 million.

The commercial balance between the two countries was US$1.353.6
billion between 2004 and 2008, the report says.

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.


PETROECUADOR: To Sign Oil Refinery Overhaul Pact w/ SK-E&C
Ecuador's largest oil refinery, the Esmeraldas Refinery, will
undergo a US$187 million complete overhaul as soon as state-owned
Petroecuador and South Korea's SK-E&C sign an agreement this week,
Latin America Herald Times reports, citing the Expreso newspaper.

The report relates Expreso said a complete renovation of the
refinery will cost some US$187 million but will increase daily
output to 110,000 barrels per day (bpd), or an improvement of 20

According to the LA Times, the refinery has been unable to operate
at full capacity in recent years due to the failure of some
systems.  The refinery has been experiencing problems with its
catalytic and non-catalytic units, vapor system and water
treatment system, among others, due to obsolescence, the newspaper
cited by the report said.

                       About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador -- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                          *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.

* ECUADOR: President Wants Debt Restructuring to Proceed in Jan.
Ecuadorean President Rafael Correa wants debt negotiations
triggered by the country's second default to proceed in January,
Stephan Kueffner of Bloomberg News reports.

The report relates President Correa repeated his call for
bondholders to accept a "substantial" discount without offering
specifics on the US$3.9 billion owed.  He will submit an offer to
holders early next month, the report notes.

"We will make a proposal to rebuy these bonds, many of which have
already given great yields to these speculators," Bloomberg News
cited President Correa as saying.  "It's likely that those who
hold the bonds now didn't buy them at 100 -- rather at 20, 30, or
40 -- so it's not like these people are being hurt," he said.

Bloomberg News recalls on Dec. 12 President Correa refused to give
the order to release a US$30.6 million interest payment due Dec.
15, when a monthlong grace period expired.

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

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

                            BNDES Loan

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

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

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

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

                          *     *     *

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-'.

* ECUADOR: To Cut Foreign Oil Cos' Output to Comply w/ OPEC
Ecuadorian President Rafael Correa said the government will reduce
the volume produced by a number of foreign companies operating in
Ecuador to comply with the cut in oil production ordered by OPEC
(Organization of the Petroleum Exporting Countries), Latin America
Herald Times reports.

"It's not just Petroecuador that has to reduce production but
private firms as well - which are also losing us money," the
report quoted President Correa as saying.  OPEC has called for a
cutback of 22 million barrels per day of oil for members of the
cartel, of which Ecuador's share is 40,000 bpd, he said.

According to the report, President Correa said that almost all the
contracts for sharing in the production of private companies have
been renegotiated, but said that there is an agreement with the
Italian company Agip for oilfield services that has meant losses
for the nation.  "With this contract we are losing money, we're
paying out more than we receive," President Correa was quoted by
the report as saying.   He has instructed the Mines and Petroleum
Ministry to "cut all Agip production."

Meanwhile, the report notes, President Correa defended his
decision to bring Ecuador back into OPEC last year, despite
criticism from the opposition.  "Joining OPEC was the right
decision and we will comply with what the organization says.
We're going to cut back on production," although the worst of the
measure will be absorbed by private companies, he said.

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-'.


BANK OF JAMAICA: Ups Cash Reserve Requirements For All Banks
Bank of Jamaica will now require commercial banks, merchant banks
and building societies to raise their cash reserves from 11% to
13% on Jamaican dollars and from 9% to 11% on other currencies
effective January 2, Oscar Ramjeet of Caribbean Net News reports.

According to the report, the move was aimed to mop up liquidity
and stem the slide of the Jamaican dollar.

The report relates CEO of Jamaica Money Market Brokers Group
(JMMB) Keith Duncan told the Observer, "This decision by the BOJ
now means that the cost of money in Jamaica is going up, which
will undoubtedly impact interest rates in the short term."

"With reduced liquidity, people will now be scrambling to hold on
to their cash, particularly US dollars and other assets.  JMMB and
other institutions will now have to pay a higher cost of their
funds.  With limited options, the governor of the BOJ now feels it
necessary to take money out of the system to reduce the demand for
the US dollar," Mr. Duncan added.

The Bank of Jamaica is the country's central bank.  Established in
October 1960 by the Bank of Jamaica Law.  The Bank has three main

    * formulating and implementing monetary policy to maintain
      price stability;
    * ensuring the maintenance of a sound and efficient financial
      system; and
    * meeting the currency needs of the public.

                          *     *     *

On Sept. 16, 2008, the Troubled Company Reporter-Latin America,
citing Radio Jamaica, reported that the Bank of Jamaica's year-to-
date losses were US$3.42 Billion.  According to the report,
information in Central Bank's balance sheet shows a reversal from
US$350 million profit in January and US$3 billion profit in year
end 2007 to US$3.42 billion losses as of Aug. 27, 2008.

Radio Jamaica reported on June 12 that Bank of Jamaica's balance
sheet showed increasing year to date losses of US$1.75 billion, as
of June 11, 2008.  Stability in the foreign currency markets, in
part, have caused BoJ's continuing financial losses.

CVM GROUP: Shuts Down Money Losing Hot 102 MoBay Operations
The Jamaica-Gleaner reports that the CVM Group will be closing its
Hot 102 FM radio operations in Montego Bay on December 31.

Wayne Chen, chairman of the CVM Group, as cited by the report,
said the MoBay operation was unprofitable, adding "It has been
losing money for a long time - certainly for the two years that I
have been associated with the CVM group."

The report relates the move will eliminate 15 jobs, including
sales, news, sports, technical operations and administration,
however, the staff would have the option of taking up existing
vacancies in CVM Group's Kingston operation.

According to the report, Mr. Chen clarified the offer would not be
treated as a transfer, but rather new employment.

* JAMAICA: Used Car Dealers Blame 50% Sales Drop on Global Crisis
Used car dealers said the downturn in the sector has worsened with
sales falling by nearly 50% caused by the global financial crisis
and coupled with the challenges affecting the local financial
sector, RadioJamaica News reports.

President of the Jamaica Used Car Dealers Association, Kenneth
Shaw, the report relates, said 2008 was an extremely difficult one
for the members.  The outlook for 2009 is dim, he said.

"Also the collapse of our unregulated financial entities has put a
dent in people's pockets and their spending ability, spending
power and the dollar so that should trickle down to every sector
and our industry which is the motor vehicle industry has been
affected severely well," the report quoted Mr. Shaw as saying.
"This year up to now we see sales declining by between 30 and 50%
and going into 2009," he added.


CEMEX SAB: To Sell 20% Stake in TCL Group
Cemex S.A.B. de C.V. plans to sell its 20% share ownership or 49.9
million shares in the TCL Group as part of the Mexican company's
debt restructuring programme, Jamaica Gleaner News reports.

According to the report, TCL advised that Cemex's response to the
difficulties experienced because of the global economic crisis,
has been to initiate cost-cutting measures, to seek debt re-
financing, and to dispose of select assets.

TCL, the report relates, said the sale of the shares will not in
any way affect the group's operations or its future prospects.

"Cemex's sale of their TCL shares is not likely to have any effect
on our operations, nor is it likely to erode shareholder value,"
the report quoted Anthony Haynes, general manager of Carib Cement,
a subsidiary of TCL, as saying.

The Gleaner notes TCL is not clear whether it will buy back the
shares, but said that steps have been taken to engage Cemex in
discussion on the disposal of the shares.

                           About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. -- 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.

CONSTELLATION COPPER: Seeks Assignment in Bankruptcy Under BIA
Constellation Copper Corporation filed an assignment in
bankruptcy under the Bankruptcy and Insolvency Act.  The company
said that it is unable to meet its ongoing obligations and expects
that no value will remain available to shareholders.

The company's Board of Directors determined it had no choice but
to file an assignment in bankruptcy and has appointed Deloitte &
Touche Inc. to act as Trustee in Bankruptcy.  All of the board
members and officers of Constellation have tendered their
resignations effective [Tues]day.

The Lisbon Valley mine was originally financed with a
US$30 million collateralized loan package from Investec Bank (UK)
Limited and a US$3 million subordinated loan from Sempra Metals &
Concentrates Corp.  The Investec financing facility was amended in
February 2006 to extend the facility by US$10 million which was
used to pay construction costs and to repay the Sempra loan.  In
connection with the increased Investec debt facility, the company
agreed to sell forward copper in commodity swap transaction
arrangements with Investec.

The Investec financing facility was further amended in March 2007
for an additional US$1.5 million.  On March 15, 2007, the company
repaid the outstanding Investec loan of US$30,685,000 with a
portion of the proceeds of the sale of CDN$69 million of 5.5%
convertible unsecured senior debentures due March 31, 2012.

The company said it was unable to retire the remaining hedges at
that time and continued to service that obligation to Investec
from production revenues.  The hedges were originally struck at an
average copper price of US$1.86 per pound.  Since that time all of
the remaining hedges have been closed out at higher prevailing
market prices, and the Company owes Investec US$9.7 million, the
company said.

The company further said the interest on the Debentures is payable
semi-annually on March 31 and September 30.  The company related
that it did not pay the interest on the Debentures when due on
March 31, 2008, and Sept. 30, 2008.  Following the prescribed cure
period ended April 30, 2008, the non-payment of interest in March
2008 was considered an event of default, requiring the Company to
accrete the Debentures up to its CDN$69 million face value, which
is payable on demand, according to the company.

The company noted that it finalized in February 2008, an amendment
to the hedging arrangement under which Investec is allowed to
sweep the Lisbon Valley bank accounts for cash in excess of a
prescribed minimum balance on each settlement date after February
2008, until all amounts due have been paid.  Investec has been
sweeping the amounts without leaving a balance since October,
2008.  The company said it has been negotiating with Investec to
have amounts released that would permit it to continue operations.

Investec has released certain amounts for specific necessary
operating expenditures at the Lisbon Valley Mine but has not
released sufficient funds for the company and its subsidiaries to
continue corporate operations that led to the inability to pay the
property payment due on the Terrazas zinc/copper project in
Chihuahua, Mexico during October such that the company's interest
in Terrazas had to be relinquished.

Moreover, the company was unable to make required property
payments on its San Javier copper project in Sonora, Mexico during
December, and those rights are also in default.  Current copper
and zinc prices have made both projects much less valuable than
they had been earlier in the year.

The company said it has been working to reach an agreement with
Jaguar Financial Corporation and Glencore International AG
pursuant to the letter of intent announced on Sept. 3, 2008,
without success.  Since announcing that the Company was seeking
new financing or a sale of properties in September 2007, 35 mining
companies and financial firms have completed confidentiality
agreements and have conducted due diligence on the Company's
various assets.  Detailed negotiations were conducted with several
firms, but only a few went past the confidentiality agreement and
initial due diligence stage.

The Company said on Nov. 20, 2008, that it was unable to file its
unaudited financial statements and related Management Discussion &
Analysis for the third quarter ended Sept. 30, 2008, by the
required filing date under applicable Canadian securities laws.

The company said it no longer expects to file such documents on or
before January 14, 2009.  The Company has therefore asked the
securities regulatory authorities in each of the Provinces of
Canada to replace the management cease trade order covering the
former Chief Executive Officer and Chief Financial Officer of the
Company with an issuer cease trade order.

Pat James, Chairman, President and CEO, stated "The Company has
been actively pursuing its strategic alternatives, including
various near term financing alternatives, such as bank financing,
equity investment, mergers, and sale of certain assets or sale of
the entire Company as first announced in September, 2007.
Unfortunately, we have been unsuccessful in finding a solution to
the Company's cash liquidity problems."

"The Board and management would like to acknowledge the
outstanding efforts of the Company's employees during the
exploration and development of its mineral properties, the
operation of the Lisbon Valley mine and the recent difficulties
experienced by the Company.  We would also like to thank the
vendors and professional service providers who have supported our
efforts in this difficult time," Mr. James said.

                  About Constellation Copper

Headquartered in Lakewood, Colorado, Constellation Copper
Corporation (NEX: CCU.H)) --
-- evaluates and develops mineral properties in the United States
and Mexico. The company holds its properties primarily through
three of its wholly owned subsidiaries, Lisbon Valley Mining Co.
LLC, Minera Terrazas S.A. de C.V. and San Javier del Cobre S.A. de
C.V. LVMC operates the Lisbon Valley copper mine, which comprises
three main deposits: Sentinel, Centennial and GTO, plus the Cashin
satellite deposit, with reserves and resources totaling +50
million tons and grading an average 0.48% copper. Minera Terrazas
holds the company's interest in the Terrazas zinc-copper project
located in north- central Mexico.  The property has a total
resource of 90 million tonnes grading 1.37% zinc and 0.32% copper
in two adjacent deposits. San Javier del Cobre S.A. de C.V. holds
the company's interest in the San Javier copper property located
in northwestern Mexico.

FORD CREDIT: Moody's Downgrades Long-Term Debt Rating to 'Caa1'
Moody's de Mexico downgraded Ford Credit de Mexico S.A. de C.V.
(Ford Credit de Mexico)'s long-term Mexican National Scale debt
rating to from, the outlook is negative.  At the
same time, Moody's affirmed the short-term Mexican National Scale
debt rating of MX-4.

The rating downgrade follows Moody's rating action on parent
company Ford Motor Credit Company LLC's rating (Senior unsecured
rating downgraded to Caa1 from B3, with negative outlook).

Ford Credit de Mexico's debt rating is based on an irrevocable and
unconditional guarantee provided by Ford Motor Credit Company LLC.
For further detail on rating actions on Ford Motor Credit Company
LLC, please refer to Moody's press release "Moody's downgrades
Ford Credit to Caa1, outlook remains negative", dated December 22,

The last rating action taken on Ford Credit de Mexico was on
November 10, 2008, when Moody's de Mexico downgraded Ford Credit
de Mexico's long-term Mexican National Scale debt rating to
from  At the same time, Moody's downgraded the short-term
Mexican National Scale debt rating to MX-4 from MX-3.

The long-term Mexican National Scale rating of indicates
issuers or issues are speculative and demonstrate very weak
creditworthiness relative to other domestic issuers.  The short-
term Mexican National Scale rating of MX-4 indicates that issuer
has a below average ability to repay short-term senior unsecured
debt obligations relative to other domestic issuers.

These ratings actions were taken:

  -- Mexican National Scale long-term debt rating: Downgraded to from

  -- Mexican National Scale short-term debt rating of MX-4:

  -- Outlook: Negative

GRUPO KUO: Fitch Affirms Issuer Default Ratings at 'B+'
Fitch Ratings has affirmed the Issuer Default Ratings and
outstanding credit ratings on Grupo KUO, S.A.B. de C.V.:

  -- Long-term IDR at 'B+';
  -- Long-term local currency IDR at 'B+';
  -- Long-term National Rating at 'BBB(mex)'.
  -- IFC B Loan Participations at 'BB-/RR3';
  -- US$200 million senior notes due 2017 at 'BB-/RR3'.

The Rating Outlook for all ratings is Stable.  The 'RR3' Recovery
Rating incorporates the expectation of an above average recovery
in the event of default.

The ratings for KUO are based in its diversified revenue base,
hard currency generation (with 47.3% of revenues during the last
12 months ended Sept. 30, 2008, earned from direct and indirect
exports and generated by subsidiaries located outside of Mexico),
and joint ventures and strategic alliances with international
industry leaders.  The ratings incorporate the company's exposure
to volatility in demand and input commodity prices in its
petrochemical, automotive parts and food operations.

During 2008 KUO's operating performance has improved from the
previous year, notwithstanding a challenging business environment,
characterized by raw material costs volatility and in certain
cases shortage of production inputs, reductions in economic
activity and the current credit scarcity.  For the latest 12
months (LTM) ended Sept. 30, 2008 KUO's revenues and EBITDA grew
4.8% and 4.7% respectively compared to full year 2007, driven by
better pricing environment, operating efficiencies coming from
plant modernizations and capacity increases and strict cost
control measures.  KUO's strategy is based in a dynamic business
portfolio which is focused in the highest value contribution

KUO's credit metrics have improved given the factors in
conjunction with debt reductions coming from internally generated
cash and sales of assets.  For the LTM ended in September 2008
coverage of EBITDA to Int.  Expense increased to 2.4 times from
1.7x the previous year and Debt to EBITDA strengthened to 3.0x
from 3.4x.  Fitch expects Kuo's main credit protection measures
would remain relatively stable during the next 12 months.

The current business environment is challenging for KUO, with
expected lower demand in the auto sector and price softening in
the chemical business, due to reduced commodity-linked input
costs.  On the other hand, the reduction in raw material and
energy costs should partially offset the aforementioned declines
in revenues.

KUO's liquidity profile is good with cash balances of
US$75 million at September 2008 and total debt of US$453 million,
out of which only US$38 million or 8% is short-term.  KUO has
available committed revolving credit lines for US$25 million and
non-committed for approximately US$39.7 million.  Moreover, debt
maturities scheduled for 2008, 2009 and 2010 are US$77 million.

KUO is one of the most important industrial and commercial groups
in Mexico, with LTM Sept. 30, 2008 sales of US$2,174 million and
EBITDA of US$146 million.  KUO exports to more than 40 countries
and has approximately 17,000 employees.  KUO holds a market-
leading position in the chemicals, consumer products and
automotive sectors.

MUNICIPALITY OF TLANEPANTLA: Moody's Cuts Issuer's Rating to 'B1'
Moody´s has downgraded the issuer rating of the Municipality of
Tlalnepantla to B1 (global scale, local currency) from Ba3.  The
Mexican National Scale remains  The rating remains under
review with uncertain implications.  The last rating action
concerning the Municipality of Tlalnepantla was taken in May 2008
when its rating was assigned.

At the same time, Moody's assigned ratings of (Mexican
national scale) and B1 (global scale, local currency) to three
loans totaling Ps. 603.5 million obtained by the Municipality of
Tlalnepantla from Banco Interacciones.  The loans will be paid
through a payment trust agreement with Banco Multiva as trustee.
The municipality has pledged the rights to 30% of its federal
participation revenues as source of payment for all obligations in
the trust.

The downgrade of the global scale issuer rating to B1 reflects the
increased debt burden associated with the new loans.  The
downgrade also reflects the existence of early amortization
clauses, which could, potentially, bring forward the maturity date
of these loans to mid-2009, may expose the municipality to
refinancing risk in the current tight credit market.  Refinancing
risk of this magnitude constitutes a credit challenge consistent
with the current B1 rating.

The outlook on the issuer ratings has been placed under review
with uncertain implications, reflecting Moody's assessment of the
likelihood that the early amortization clauses may be amended
early in 2009 to avoid unintended financial stress on the
municipality. Moody's will monitor developments and conclude its
review by the end of March 2009.

The (Mexican national scale) and B1 (global scale, local
currency) ratings assigned to the three loans reflect these credit

1. Federal participation revenues are not transferred directly to
   the trust, rather they flow from the State to a mandated
   municipal bank account at Interacciones.  As a result, the
   structure of this transaction does not isolate the repayment of
   the debt from the risk of the issuer and, hence, the ratings on
   the loans are linked closely to the issuer rating of the

2. The existence of an early amortization clause stating that, if
   the assigned rating remains at or below for more than
   six months beginning in January 2009, the bank could trigger
   early amortization of Ps. 563.5 million in loans.  The early
   amortization of the remaining Ps. 40 million loan could be
   triggered if the assigned rating falls below

UNION DE CREDITO: Moody's Assigns BFSR to 'E'; Outlook Stable
Moody's Investors Service assigned a bank financial strength
rating of E+ to UniOn de CrEdito Progreso S.A. de C.V.  At the
same time, Moody's assigned long- and short-term global local
currency deposit ratings of B1/Not Prime, respectively.  Moody's
also assigned long- and short-term Mexican National Scale ratings
of / MX-3, respectively, to UniOn Progreso.  All these
ratings have stable outlooks.

According to Moody's, the low BFSR of E+ is constrained by UniOn
Progreso's very small franchise and market presence as well as by
its limited scope of operations with focus only in one small state
of northern Mexico (Chihuahua).  Particularly, the financial
strength rating is limited by UniOn Progreso's marginal presence
and share of Mexico's bank deposit market of less than 0.1% -- the
latter factor is in effect a structural weakness of all credit
unions in the country.  Furthermore, UniOn Progreso's narrow
business scope weights negatively on its ratings, more so when
compared to more diversified financial peers.

The potential influence of the board members and ultimate
shareholders in terms of credit decisions is also a structural
factor limiting the BFSR because those aspects raise concerns
regarding corporate governance.  In addition, the limited
transparency in terms of inter-company operations performed with
and by other entities of the Progreso Group weights negatively on
the BFSR because risks could emerge from potentially difficult-to-
track transfers of resources and opaque accounting records.  Those
could ultimately affect UniOn Progreso's earnings and franchise.
The ratings are also constrained by the still improving practices
in terms of risk management and the very limited -- yet improving
-- regulatory framework for credit unions in Mexico.

UniOn Progreso's BFSR is underpinned by the company's track record
of recurrent core earnings as well as by the expertise of the
company on its niche product and market segment.  The stable
funding structure is derived from its solid base of shareholders'
deposits -- those account for 90% of total funding-- and capital
contributions, both of which tend to reduce UniOn Progreso's
dependence on institutional funding.  In addition, the company
seems to have access to a number of bank facilities to fund its
operations, although these sources are largely untested.
The assigned B1 GLC deposit rating incorporates no external
support (e.g. parental or systemic) and thus the deposit rating is
at the same level of the credit union's Baseline Credit Assessment
of B1.

UniOn Progreso is headquartered in Delicias, Chihuahua and is
focused on provide working capital loans to shareholders.  UniOn
Progreso reported Mx$1.03 billion in assets as of November 2008.
The principal methodology used in rating UniOn Progreso was Bank
Financial Strength Ratings: Global Methodology, which can be found
at in the Credit Policy & Methodologies directory,
in the Ratings Methodologies subdirectory.  Other methodologies
and factors that may have been considered in the process of rating
UniOn Progreso can also be found in the Credit Policy &
Methodologies directory.

The long-term Mexican National Scale rating of indicates
the issuer or issues rated have an average creditworthiness
relative to other domestic issuers or issues.  The short-term
Mexican National Scale rating of MX-3 indicates that the issuer
has an average ability to repay short-term senior unsecured debt
obligations relative to other domestic issuers.

These ratings were assigned to UniOn Progreso, S.A. de C.V.:

  -- Bank Financial Strength Rating: E+
  -- Global Local Currency Deposits, long term: B1
  -- Global Local Currency Deposits, short term: Not Prime
  -- Mexican National Scale rating, long term:
  -- Mexican National Scale rating, short term: MX-3
  -- Outlook: All of these ratings have stable outlook


* FITCH: US$17.4MM Bailout Gives Automakers Temporary Relief
A rapid or disorderly bankruptcy by one or more of the U.S. auto
manufacturers or their captive finance companies would likely
result in negative rating actions on certain U.S. dealer floorplan
ABS transactions, although the U.S. government's US$17.4 billion
bailout announcement provides at least temporary relief and limits
the likelihood of this event occurring in the near term, according
to Fitch Ratings.

To date the performance of Fitch rated dealer floorplan ABS is
within expectations with few signs of stress from the financial
pressure being experienced at the manufacturer, captive finance
company and dealership levels.

The current precarious financial condition of the US auto
manufacturers, however, have raised questions among investors
regarding the potential impact of a manufacturer bankruptcy on the
performance of U.S. auto ABS transactions in general and dealer
floorplan transactions in particular. When analyzing dealer
floorplan loan securitizations, Fitch has always assumed that the
manufacturer files Chapter 11 and the following occur
simultaneously: auto sales decline; numerous dealers default on
their floorplan loans; and a large number of new and used vehicles
are repossessed and auctioned as a result.

The transaction structure is then stressed to determine if credit
enhancement is sufficient to withstand vehicle value declines
consistent with the proposed rating level.

The orderliness of the bankruptcy is a key assumption in Fitch's
analysis as it limits the likelihood of catastrophic dealer
bankruptcies and highly disorganized collateral liquidations.  The
fact that all three US manufacturers and captive finance companies
are experiencing such significant financial and operational
difficulty could test the validity of this assumption particularly
given the recessionary environment and the inability of dealers to
obtain alternative financing because of credit market pressures.

If the likelihood of a disorderly bankruptcy increases, Fitch
would place the dealer floorplan transactions on Rating Watch
Negative which could be followed in quick succession with
downgrades if there are any early signs that the performance of
the transactions is outside of Fitch's expectations.  The
magnitude of the downgrades will depend on the degree to which
actual performance deviates from Fitch's stress scenarios.
Fitch has had numerous conversations with the US dealer floorplan
ABS issuers over the past two months.

Certain issuers have indicated that they are taking steps to
reduce dealer credit lines and otherwise mitigate the
transactions exposure to higher risk borrowers.  While positive,
it is unclear if these steps will be of sufficient benefit to
offset the increase in bankruptcy risk.

Fitch has requested additional information from the issuers which
it will use to assess stress assumptions related to various
bankruptcy scenarios.  Fitch will review this information to
determine if any rating actions are warranted.

Fitch currently rates approximately US$12 billion in dealer
floorplan ABS related to the US domestic auto manufacturers.
These were issued by each of Ford's, General Motors's and
Chrysler's corresponding captive finance arms through nine
separate issuances and include a combination of fixed and floating
rate securities from seven trusts: Ford's Ford Credit Floorplan
Master Owner Trust (FCFMOT), GMAC's Superior Wholesale Inventory
Finance Trust VIII (SWIFT VIII), Superior Wholesale Inventory
Finance Trust X (SWIFT X), Superior Wholesale Inventory Finance
Trust XI (SWIFT XI), Superior Wholesale Inventory Financing Series
2007-AE-1, and SWIFT Master Auto Receivables Trust (SMART) and
Chrysler's Master Chrysler Financial Owner Trust.

* Large Companies With Insolvent Balance Sheets

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


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


TELEBRAS-CED C/E      RCT4C AR      -187984000         226080000
TELEBRAS-CM RCPT     RCTB30 BZ      -187984000         226080000
TELEBRAS-CEDE BL      RCT4B AR      -187984000         226080000
SAUIPE SA-PREF       PSEGPN BZ       -16319050          17641202
TELEBRAS-RTS PRF      RCTB2 BZ      -187984000         226080000
TELEBRAS-RTS CMN      RCTB1 BZ      -187984000         226080000
TELEBRAS-CEDEA $      RCT4D AR      -187984000         226080000
SAUIPE SA            PSEGON BZ       -16319050          17641202
PARQUE TEM-RCT C      PQTM9 BZ      -388872000         152268000
HOPI HARI-PREF        PQTM4 BZ      -388872000         152268000
HOPI HARI SA          PQTM3 BZ      -388872000         152268000
SAUIPE-PREF           PSEG4 BZ       -16319050          17641202
SAUIPE                PSEG3 BZ       -16319050          17641202
PROMAN                PRMN3 BZ         -591000          24461000
SCHLOSSER             SCLO3 BZ       -95113000          45358000
TELEBRAS-ADR            RTB US      -187984000         226080000
TEXTEIS RENAUX       RENXPN BZ      -135343008          86140000
TEXTEIS RENAUX       RENXON BZ      -135343008          86140000
SCHLOSSER SA-PRF      SCHPN BZ       -95113000          45358000
SCHLOSSER SA          SCHON BZ       -95113000          45358000
DTC DIRECT CO-RT    1DTCONR BZ       -16264999          11902000
TELEBRAS-PF RCPT     RCTB42 BZ      -187984000         226080000
TELEBRAS-RCT         RCTB33 BZ      -187984000         226080000
TELEBRAS-CM RCPT     RCTB32 BZ      -187984000         226080000
TELEBRAS-CM RCPT     RCTB31 BZ      -187984000         226080000
TELEBRAS-PF RCPT     RCTB41 BZ      -187984000         226080000
TELEBRAS-PF RCPT     RCTB40 BZ      -187984000         226080000
TELEBRAS-CEDE PF      RCTB4 AR      -187984000         226080000
WETZEL SA-PREF       MWELPN BZ        -8903000         150210992
MINUPAR-PREF          MNPR4 BZ       -34191000         179201008
MINUPAR               MNPR3 BZ       -34191000         179201008
CONST A LIND-PRF     LINDPN BZ       -13659000          51808000
WETZEL SA            MWELON BZ        -8903000         150210992
MINUPAR SA-PREF      MNPRPN BZ       -34191000         179201008
MINUPAR SA           MNPRON BZ       -34191000         179201008
CONST A LINDEN       LINDON BZ       -13659000          51808000
NOVA AMERICA-PRF     1NOVPN BZ      -353104000          40955000
DOCAS IMBITUB-PR     IMBIPN BZ       -25164000         202283008
DOCAS IMBITUBA       IMBION BZ       -25164000         202283008
GASCOIGNE EMPREE     1GASON BZ     -1048602048        1586146944
GASCOIGNE EMP-PF     1GASPN BZ     -1048602048        1586146944
NOVA AMERICA SA      1NOVON BZ      -353104000          40955000
PARQUE TEM-RT PF      PQTM2 BZ      -388872000         152268000
PARQUE TEM-DV CM       PQT5 BZ      -388872000         152268000
NOVA AMERICA-PRF     NOVAPN BZ      -353104000          40955000
NOVA AMERICA SA      NOVAON BZ      -353104000          40955000
PARQUE TEM-RCT P     PQTM10 BZ      -388872000         152268000
PARQUE TEM-RT CM      PQTM1 BZ      -388872000         152268000
PARQUE TEM-DV PF       PQT6 BZ      -388872000         152268000
NOVA AMERICA-PRF      NOVA4 BZ      -353104000          40955000
NORDON MET-RTS        NORD1 BZ       -33521000          36317000
WETZEL SA-PREF        MWET4 BZ        -8903000         150210992
WETZEL SA             MWET3 BZ        -8903000         150210992
NOVA AMERICA SA       NOVA3 BZ      -353104000          40955000
NORDON METAL         NORDON BZ       -33521000          36317000
NORDON MET            NORD3 BZ       -33521000          36317000
TECTOY SA            TOYBON BZ        -2539000          41684000
TECTOY-RCT ORD        TOYB9 BZ        -2539000          41684000
TEC TOY SA-PF B       TOYB6 BZ        -2539000          41684000
TECTOY-RCPT PF B     TOYB12 BZ        -2539000          41684000
FER C ATL-RCT CM      VSPT9 BZ       -85429000        2074043008
TEXTIL RENAUXVIE      TXRX3 BZ      -135343008          86140000
TEC TOY SA-PREF       TOYDF US        -2539000          41684000
TECTOY SA-PREF       TOYBPN BZ        -2539000          41684000
TECTOY-PF-RTS5/6     TOYB11 BZ        -2539000          41684000
TECTOY-RCT PREF      TOYB10 BZ        -2539000          41684000
TELEBRAS-ADR            TBX GR      -187984000         226080000
TEC TOY SA-PREF       TOYB5 BZ        -2539000          41684000
TECTOY-PREF           TOYB4 BZ        -2539000          41684000
TECTOY                TOYB3 BZ        -2539000          41684000
TECTOY-BONUS RTS     TOYB13 BZ        -2539000          41684000
FER C ATLANT-PRF      VSPT4 BZ       -85429000        2074043008
FER C ATLANT          VSPT3 BZ       -85429000        2074043008
VARIG SA             VARGON BZ    -10176870400        2094450944
WIEST SA-PREF        WISAPN BZ      -140973008          71372000
WIEST SA             WISAON BZ      -140973008          71372000
WIEST-PREF            WISA4 BZ      -140973008          71372000
WIEST                 WISA3 BZ      -140973008          71372000
VARIG SA-PREF         VAGV4 BZ    -10176870400        2094450944
VARIG SA              VAGV3 BZ    -10176870400        2094450944
TEXTEIS RENAU-PF      TXRX4 BZ      -135343008          86140000
FERROVIA CEN-DVD     VSPT12 BZ       -85429000        2074043008
FERROVIA CEN-DVD     VSPT11 BZ       -85429000        2074043008
FER C ATL-RCT PF     VSPT10 BZ       -85429000        2074043008
VARIG SA-PREF        VARGPN BZ    -10176870400        2094450944
TELEBRAS-CM RCPT      TBRTF US      -187984000         226080000
TELEBRAS-ADR          TBRAY GR      -187984000         226080000
TELEBRAS-ADR          TBAPY US      -187984000         226080000
TELEBRAS SA-PREF     TLBRPN BZ      -187984000         226080000
TELEBRAS-CEDEA $      TEL4D AR      -187984000         226080000
TELEBRAS-CED C/E      TEL4C AR      -187984000         226080000
TELEBRAS-RTS CMN      TCLP1 BZ      -187984000         226080000
TELEBRAS-PF RCPT      TBAPF US      -187984000         226080000
DTC DIRECT CO SA     1DTCON BZ       -16264999          11902000
SCHLOSSER-PREF        SCLO4 BZ       -95113000          45358000
TELEBRAS/W-I-ADR      TBH-W US      -187984000         226080000
TELEBRAS-ADR            TBH US      -187984000         226080000
TELEBRAS-ADR          TBASY US      -187984000         226080000
TELEBRAS SA           TBASF US      -187984000         226080000
TELEBRAS SA          TLBRON BZ      -187984000         226080000
TELEBRAS-PF RCPT     TELE41 BZ      -187984000         226080000
TELEBRAS-BLOCK       TELB30 BZ      -187984000         226080000
TECTOY-RTS/3          TOYB1 BZ        -2539000          41684000
TELEBRAS-RTS PRF      TLCP2 BZ      -187984000         226080000
TELEBRAS-PF RCPT     TLBRUP BZ      -187984000         226080000
TELEBRAS-RECEIPT     TLBRUO BZ      -187984000         226080000
TELEBRAS SA           TELB3 BZ      -187984000         226080000
TELEBRAS-RCT PRF     TELB10 BZ      -187984000         226080000
TELEBRAS-COM RTS      TELB1 BZ      -187984000         226080000
TELEBRAS-CM RCPT     TELE31 BZ      -187984000         226080000
TELEBRAS-PF BLCK     TELB40 BZ      -187984000         226080000
TELEBRAS SA-PREF      TELB4 BZ      -187984000         226080000
CAMBUCI SA            CAMB3 BZ       -42495000         177378992
CAF BRASILIA          CAFE3 BZ     -1042639040          38244000
ARTHUR LAN-DVD C     ARLA11 BZ       -26011000          34053000
ARTHUR LAN-DVD P     ARLA12 BZ       -26011000          34053000
CONST A LIND-PRF      CALI4 BZ       -13659000          51808000
CONST A LINDEN        CALI3 BZ       -13659000          51808000
CAF BRASILIA-PRF      CAFE4 BZ     -1042639040          38244000
BUETTNER SA-PRF      BUETPN BZ       -54926000         148186992
BUETTNER SA-RT P      BUET2 BZ       -54926000         148186992
BUETTNER SA-RTS       BUET1 BZ       -54926000         148186992
BOMBRIL CIRIO-PF     BOBRPN BZ      -485678016         442846016
BUETTNER SA          BUETON BZ       -54926000         148186992
BUETTNER-PREF         BUET4 BZ       -54926000         148186992
BUETTNER              BUET3 BZ       -54926000         148186992
COBRASMA SA-PREF     COBRPN BZ     -2764018944          19346000
CHIARELLI SA-PRF      CCHPN BZ       -85685000          42853000
CHIARELLI SA          CCHON BZ       -85685000          42853000
CHIARELLI SA-PRF      CCHI4 BZ       -85685000          42853000
COBRASMA SA          COBRON BZ     -2764018944          19346000

COARI PART-PREF       COAR4 BZ          -56000        3270861056
COARI PART            COAR3 BZ          -56000        3270861056
CHIARELLI SA          CCHI3 BZ       -85685000          42853000
CAMBUCI SA-PREF      CAMBPN BZ       -42495000         177378992
CAMBUCI SA           CAMBON BZ       -42495000         177378992
CAMBUCI SA-PREF       CAMB4 BZ       -42495000         177378992
TELEBRAS-PF RCPT      CBRZF US      -187984000         226080000
COBRASMA-PREF         CBMA4 BZ     -2764018944          19346000
COBRASMA              CBMA3 BZ     -2764018944          19346000
EXCELSIOR-RCT        BAUH10 BZ        -3589000          20444000
AZEVEDO-PREF          AZEV4 BZ       -10976000         116398000
AZEVEDO               AZEV3 BZ       -10976000         116398000
ARTEX SA-PREF        ARTXPN BZ       -33570000          11856000
EXCELSIOR-RT          BAUH1 BZ        -3589000          20444000
AZEVEDO E TRA-PR     AZEVPN BZ       -10976000         116398000
AZEVEDO E TRAVAS     AZEVON BZ       -10976000         116398000
ARTEX SA             ARTXON BZ       -33570000          11856000
ARTHUR LANGE-PRF      ARLA4 BZ       -26011000          34053000
ARTHUR LANGE          ARLA3 BZ       -26011000          34053000
ARTHUR LANG-RT P      ARLA2 BZ       -26011000          34053000
KUALA-PREF            ARTE4 BZ       -33570000          11856000
KUALA                 ARTE3 BZ       -33570000          11856000
ARTHUR LANG-RC C      ARLA9 BZ   -26011000          34053000
BOMBRIL CIRIO SA     BOBRON BZ      -485678016         442846016
BOMBRIL-RIGHTS        BOBR1 BZ      -485678016         442846016
BOMBRIL SA-ADR        BMBPY US      -485678016         442846016
BOMBRIL SA-ADR        BMBBY US      -485678016         442846016
BOMBRIL-PREF          BOBR4 BZ      -485678016         442846016
BOMBRIL               BOBR3 BZ      -485678016         442846016
BOMBRIL-RGTS PRE      BOBR2 BZ      -485678016         442846016
BOMBRIL               BMBBF US      -485678016         442846016
EXCELSIOR-PREF        BAUH4 BZ        -3589000          20444000
EXCELSIOR ALIMEN      BAUH3 BZ        -3589000          20444000
EXCELSIOR-RT          BAUH2 BZ        -3589000          20444000
BAUMHARDT IRM-PR     BAUMPN BZ        -3589000          20444000
BAUMHARDT IRMAOS     BAUMON BZ        -3589000          20444000
EXCELSIOR-RCT         BAUH9 BZ        -3589000          20444000
ALL MALHA PAULIS      GASC3 BZ     -1048602048        1586146944
CIMOB PARTIC SA       GAFON BZ       -77366408          90471752
FABRICA RENAUX-P      FTRX4 BZ       -55261000         126672000
FABRICA RENAUX        FTRX3 BZ       -55261000         126672000
CIMOB PART-PREF       GAFPN BZ       -77366408          90471752
CIMOB PART-PREF       GAFP4 BZ       -77366408          90471752
CIMOB PARTIC SA       GAFP3 BZ       -77366408          90471752
FABRICA TECID-RT      FTRX1 BZ       -55261000         126672000
ESTRELA SA           ESTRON BZ       -80125000         153186000
ESTRELA SA-PREF       ESTR4 BZ       -80125000         153186000
ESTRELA SA            ESTR3 BZ       -80125000         153186000
FABRICA RENAUX-P     FRNXPN BZ       -55261000         126672000
FABRICA RENAUX       FRNXON BZ       -55261000         126672000
ESTRELA SA-PREF      ESTRPN BZ       -80125000         153186000
TELEBRAS-CEDE PF      TELB4 AR      -187984000         226080000
DOC IMBITUBA-RTC      IMBI1 BZ       -25164000         202283008
HERCULES-PREF         HETA4 BZ      -273456000          25126000
HERCULES              HETA3 BZ      -273456000          25126000
DOC IMBITUB-PREF      IMBI4 BZ       -25164000         202283008
DOC IMBITUBA          IMBI3 BZ       -25164000         202283008
DOC IMBITUBA-RTP      IMBI2 BZ       -25164000         202283008
HERCULES SA-PREF     HERTPN BZ      -273456000          25126000
FER HAGA-PREF         HAGA4 BZ      -110814000          25668954
HAGA                  HAGA3 BZ      -110814000          25668954
GASCOIGNE EMP-PF      GASC4 BZ     -1048602048        1586146944
HERCULES SA          HERTON BZ      -273456000          25126000
FERRAGENS HAGA-P     HAGAPN BZ      -110814000          25668954
FERRAGENS HAGA       HAGAON BZ      -110814000          25668954
DOCAS SA-RTS PRF      DOCA2 BZ       -23571000         206494000
D H B                 DHBI3 BZ      -555984960         209212992
CAMBUCI SA-PREF       CXDOF US       -42495000         177378992
TELECOMUNICA-ADR     81370Z BZ      -187984000         226080000
DHB IND E COM-PR      DHBPN BZ      -555984960         209212992
DHB IND E COM         DHBON BZ      -555984960         209212992
D H B-PREF            DHBI4 BZ      -555984960         209212992
CENT AMAPA            CTAP3 BZ       -11996000             15000
ARTHUR LANGE-PRF     ALICPN BZ       -26011000          34053000
ARTHUR LANG-RT C      ARLA1 BZ       -26011000          34053000
ARTHUR LANG-RC P     ARLA10 BZ       -26011000          34053000
CAFE BRASILIA-PR     CSBRPN BZ     -1042639040          38244000
CAFE BRASILIA SA     CSBRON BZ     -1042639040          38244000
ARTHUR LANGE SA      ALICON BZ       -26011000          34053000
ACO ALTONA-PREF       EALT4 BZ       -31429000         170270992
DTCOM DIRECT-RCT      DTCY9 BZ       -16264999          11902000
DTCOM- DIRECT-PR      DTCY4 BZ       -16264999          11902000
DTCOM- DIR TO CO      DTCY3 BZ       -16264999          11902000
ACO ALTONA            EALT3 BZ       -31429000         170270992
ACO ALTONA-PREF       EAAPN BZ       -31429000         170270992
DOCAS SA             DOCAON BZ       -23571000         206494000
DOCA INVESTIMENT      DOCA3 BZ       -23571000         206494000
DOCA INVESTI-PFD      DOCA4 BZ       -23571000         206494000
ACO ALTONA SA         EAAON BZ       -31429000         170270992
DOCAS SA-PREF        DOCAPN BZ       -23571000         206494000
ENACAR-RT           ENACARO CI     -9463063552        3226756096
ENACAR               ENACAR CI     -9463063552        3226756096
ENACAR                EMPOF US     -9463063552        3226756096
CARVILE             CARVILE CI     -6212240384        1295758976
CARVILE-RT         CARVILEO CI     -6212240384        1295758976


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

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

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

           * * * End of Transmission * * *