TCRLA_Public/090102.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

            Friday, January 2, 2009, Vol. 10, No. 1

                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: Seeks US$30MM Loan From Caribbean Dev't Bank


A R G E N T I N A

BANCO DE GALICIA: Moody's Assigns 'D-' Financial Strength Rating
HSBC-LA BUENOS: Moody's Raises Insurance Strength Rating to 'Ba3'
PETROBAS ENERGIA: Inpex Corp to Buy 40% Stake in Ecuador Field
TEKNI-PLEX: Noteholders Relax Covenants Under 2012 & 2013 Notes
TEKNI-PLEX: Mesterharm Steps Down as Restructuring Officer

TGN: To Default on US$22.1 Mil. Debt, Gov't Appoints Overseer


B E R M U D A

SEA CONTAINERS: Sells Interests in Societe Bananiere


B R A Z I L

CSN: MMX Wins Private Bidding Process for Port Services
CSN: Set to Invest US$400 Million in Kremikovtzi Steel Mill
FORD MOTOR: Kirk Kerkorian Sells Remaining Stake in Firm


C A Y M A N  I S L A N D S

AGAVE OFFSHORE: Shareholder Receives Wind-Up Report
CC&L MULTI-STRATEGY: Members Receive Wind-Up Report
CC&L MULTI-STRATEGY: Members Receive Wind-Up Report
CGP FUND: Shareholders Receive Wind-Up Report
CGP CAPITAL: Shareholders Receive Wind-Up Report

E & T GLOBAL: Members Receive Wind-Up Report
FAIR HAVEN: Shareholder Receives Wind-Up Report
GOLDMAN SACHS: Shareholders Receive Wind-Up Report
GOLDMAN SACHS: Shareholders Receive Wind-Up Report
GOLDMAN SACHS: Shareholders Receive Wind-Up Report

GOLDMAN SACHS: Shareholders Receive Wind-Up Report
INFOR INTERNATIONAL: Shareholder Receives Wind-Up Report
INVICTA LIQUIDFUNDS: Members Receive Wind-Up Report
INVICTA LIQUIDFUNDS: Members Receive Wind-Up Report
KASSIRER MARKET: Shareholder Receives Wind-Up Report

POLAR CAPITAL: Shareholders Receive Wind-Up Report
SIAM INVESTMENT: Members Receive Wind-Up Report
SION HALL: Shareholders Receive Wind-Up Report
TRINITY FUNDS: Shareholder Receives Wind-Up Report
TRINITY FUNDS: Shareholder Receives Wind-Up Report


C H I L E

* CHILE: Ready to Face Global Financial Crisis


E C U A D O R

* ECUADOR: To Monitor Oil Markets After OPEC Cuts Take Effect


J A M A I C A

JAMAICA URBAN: Incurs US$1.25MM Monthly Losses on Illegal Bus Ops.


M E X I C O

BERNARD L. MADOFF: Latin American Investors Face Losses
PILGRIM'S PRIDE: Names Don Jackson as Chief Executive Officer
PILGRIM'S PRIDE: Reports US$998.6MM Net Loss for Fiscal Year 2008
PRECISION PARTS: Section 341(a) Meeting Scheduled for January 20


P U E R T O  R I C O

AFC ENTERPRISES: Peninsula Capital Pares Equity Stake to 4.73%
* PUERTO RICO: US$3Bil. Sustained Deficit Likely, Council Says




                         - - - - -

===============================
A N T I G U A  &  B A R B U D A
===============================

* ANTIGUA & BARBUDA: Seeks US$30MM Loan From Caribbean Dev't Bank
-----------------------------------------------------------------
Antigua and Barbuda is seeking a US$30 million loan from the
Caribbean Development Bank to weather the global financial crisis,
the Associated Press reports.

Government spokesman Winston Henry, the report relates, said
officials are finalizing plans to secure the funds for
infrastructure development and job creation.

According to the report, the government will also ramp up
unemployment benefits for those in the ailing tourism industry,
which has shed roughly 200 jobs in recent weeks.

Mr. Henry, the report notes, said Prime Minister Baldwin Spencer
could temporarily suspend income tax payments for struggling
islanders.  Income tax nets the government up to US$22 million
annually, the report says.

AP notes that the country already was battling to control
inflation before the economic downturn.



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

BANCO DE GALICIA: Moody's Assigns 'D-' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of D - to Banco de Galicia y Buenos Aires S.A.  At the same
time, Moody's assigned long- and short-term global local-currency
deposit ratings of Ba1 and Not Prime, as well as long- and short-
term foreign-currency deposit ratings of Caa1 and Not Prime.
Moody's also assigned the bank Aa2.ar local-currency and Ba1.ar
foreign-currency deposit ratings under the Argentinean national
scale.  All the ratings have stable outlook.

Moody's also assigned a B2 global foreign currency debt rating to
Banco de Galicia's US$ 2.000 million Global Medium Term Note
Program, as well as to three outstanding issuances under the
program: US$ 470.6 million foreign currency senior debt due 2014;
US$ 352.8 million foreign currency senior debt due 2010, and US$
220.3 million foreign currency subordinated debt that are due in
2019.  On the Argentine national scale debt rating, Moody's Latin
America assigned an Aa3.ar to the program, as well as to the three
bond issuances.  The outlook on the ratings is stable.

Moody's said the D- BFSR reflects Banco Galicia's established
business franchise in the local market, where it enjoys market
shares of 6.8% for loans and 5.9% for deposits.  Galicia is among
the leading private banks in the Argentine banking system, a
position that is supported by diversified product and client
bases.  The rating also captures the restructuring of Galicia's
balance sheet since the last financial crisis of 2001-2002, which
has allowed for a growing share of retail and corporate loans to
the private sector.  Moody's, however, notes that although
declining over time, Galicia's exposure to the public sector is
still relatively high, in the form of loans and government
securities within the limits established by current regulations.
The rating agency recognizes that Galicia's ability to generate
recurrent earnings has improved, boosted by its growing cross
selling capability.  Prudent risk management practices and
adequate asset quality and liquidity metrics are also positive
developments.  However, the bank's profitability track record is
still volatile, and good quality earnings are modest relative to
peers'.

Moody's Ba1 global local-currency deposit rating is derived from
Banco Galicia's Baseline Credit Assessment of Ba3, as well as
Moody's assessment that there would be a high probability that
systemic support would be extended to the bank's deposits in case
of stress because of the bank's important share of the deposits
market.  Such an assessment results in a two-notch lift of the
local currency rating to Ba1.

Banco de Galicia y Buenos Aires S.A. is a universal bank
headquartered in Buenos Aires. The bank offers financial services
to retail, small and medium companies as well as to corporations.
As of September 2008, Galicia was the third largest private bank
in terms of loans and deposits with assets amounting to Ar$
21,864.2 million.


These ratings were assigned to Banco de Galicia y Buenos Aires
S.A.

  -- Bank Financial Strength Rating: D-, with stable outlook.

  -- Long- and Short-Term Global Local-Currency Deposit Ratings:
     Ba1 and Not Prime, stable outlook

  -- Long- and Short-Term Global Foreign-Currency Deposit Ratings:
     Caa1 and Not Prime, stable outlook

  -- Long-Term National Scale Local-Currency Deposit Rating:
     Aa2.ar

  -- Long -Term National Scale Foreign Currency Deposit Rating:
     Ba1.ar

  -- US$ 2.000 million (or its equivalent in other currencies)
     Senior Debt Program:

  -- Long-Term Global Foreign-Currency Debt Rating: B2, stable
     outlook

  -- National Scale Foreign Currency Debt Rating, with stable
     outlook: Aa3.ar

US$ 470.6 million Senior Debt Issuance:

  -- Long-Term Global Foreign-Currency Debt Rating: B2, stable
     outlook

  -- National Scale Foreign Currency Debt Rating, with stable
     outlook: Aa3.ar

US$ 352.8 million Senior Debt Issuance:

  -- Long-Term Global Foreign-Currency Debt Rating: B2, stable
     outlook

  -- National Scale Foreign Currency Debt Rating, with stable
     outlook: Aa3.ar

US$ 220.3 million Subordinated Debt Issuance:

  -- Long-Term Global Foreign-Currency Debt Rating: B2, stable
     outlook

  -- National Scale Foreign Currency Debt Rating, with stable
     outlook: Aa3.ar


HSBC-LA BUENOS: Moody's Raises Insurance Strength Rating to 'Ba3'
-----------------------------------------------------------------
Moody?s Latin America upgraded HSBC-La Buenos Aires Seguros's
global local-currency insurance financial strength rating to Ba3
from B1 and its Argentine national scale IFS rating to Aa2.ar from
Aa3.ar.  In the same rating action, the agency upgraded HSBC-New
York Life Seguros de Vida's global local-currency IFS rating to
Ba3 from B2 and to Aa2.ar from A1.ar on the Argentine national
scale.  Finally, Moody's affirmed the B2 global local-currency IFS
rating and A1.ar Argentine national scale IFS rating of HSBC-New
York Life Seguros de Retiro.  The outlook for all three companies
is stable.

HSBC-La Buenos Aires is a leading property and casualty insurer in
Argentina that is wholly-owned by the HSBC Group.  HSBC-NYL Vida
and HSBC-NYL Retiro are jointly owned by the HSBC Group and by New
York Life Insurance Company, and are engaged in the Argentine life
insurance and annuities markets, respectively.  All three of these
entities are well-integrated with HSBC Bank Argentina S.A.--the
important domestic bank owned by the HSBC Group.  The strong and
deepening integration among the three insurance companies and with
the bank is seen by the common senior management, common members
of the Board of Directors, common retail and corporate customers,
and the overarching bancassurance distribution strategy of HSBC.

Regarding the main entity of the Argentine insurance group--HSBC-
La Buenos Aires--Moody's said that the upgrade reflects the
company's improving business and financial profile, as well as the
importance of the ownership and implied support from HSBC.  HSBC-
La Buenos Aires maintains a well-established presence and brand
recognition in the Argentine general insurance sector, adequate
product risk and business diversification, and favorable and
stable profitability.  Other positive rating factors are the
company's increased market presence and strong market share in
certain lines of business, such as motor vehicle (6.4%), fire
(5.4%), and homeowners (5%) insurance, as well as its prudent
underwriting policies and a high level of distribution-channel
diversification that has provided stability in its lines of
business.

Moody's added, however, that these positive characteristics are
still offset to a significant extent by the company's very high
underwriting leverage, relatively poor quality investment
portfolio, and significant systemic country-specific risk for
Argentina.

Moody's upgrade of the ratings of HSBC-NYL Vida reflects its
improvement in asset quality, profitability, and capitalization,
in addition to the implied support from and integration with the
HSBC group.  After losses in the 2003 fiscal year, the company has
shown significant earnings growth, with a reported ROE of 47%
during the last four fiscal years.  Commenting on the stronger
capitalization, Moody's said that the ratio of equity to total
assets grew from a very modest 5.9% in 2004 to its current level
of 34.3%.  These strengths are offset by the company's still weak
asset quality and the significant systemic country-specific risk
for Argentina.

Regarding HSBC-NYL Retiro, Moody?s affirmed the ratings because
the benefit of the company's ownership, implied support and
integration with the HSBC Group is mitigated by the fact that
HSBC-NYL Retiro has suddenly lost a very significant portion of
its future annuity business because of the recent regulatory
changes to the private pension system in Argentina.  The company's
private pension retirement business is now in run-off, and the
company must downsize its employee base and its expense structure
given its lost business.  Although Moody's expects one-time
charges associated with the downsizing of the company, its
profitability and capital adequacy should remain adequate.  There
is also much uncertainty in the near-term with respect to the
company's initiatives to strengthen its other retirement business
not affected by the pension reform, as well as some uncertainty
around what the company's shareholders will decide to do with this
company.

Based in Buenos Aires, during the first quarter of the 2008/09
fiscal year ended September 30th 2008, HSBC-La Buenos Aires
reported a net profit of AR$10.3 million, up 4% relative to the
same period in 2007.  Net investment results rose from AR$4.6
million for the period ended September 30th 2007 to AR$13.9
million in this latest quarter, accounting for most of the 4%
improvement in net income.  This improved financial result more
than made up for the decline in underwriting gains to AR$1.6
million, significantly down from AR$9.7 million in the previous
year's result.  Shareholders' equity rose by 7% to AR$154 million
at September 30, 2008 from AR$144 million at the beginning of
2008/09 fiscal year.

Also headquartered in Buenos Aires, HSBC-New York Life Seguros de
Vida reported a relatively small loss of AR$1.5 million, compared
with the net profit of AR$60 million reported for the quarter
ended September 30, 2007.  The recent loss was driven by lower
underwriting results which more than offset improved financial
income.  As a result, the company?s shareholders' equity declined
by 1% to AR$149 million from AR$150 million as of June 30th, 2008.
Finally, during the first quarter of the 2008/09 fiscal year ended
September 30th 2008, HSBC-New York Life Seguros de Retiro reported
a net profit of AR$17.6 million, up 97% relative to the
corresponding quarter in 2007.  This improvement in profitability
was driven by an increase in financial income.  As a result, the
company?s shareholders' equity rose by 6.7% to AR$278 million from
AR$260 million at June 30th 2008.


PETROBAS ENERGIA: Inpex Corp to Buy 40% Stake in Ecuador Field
--------------------------------------------------------------
Inpex Corp. has agreed to buy a 40% stake in an on-shore oil field
in Ecuador from Petrobras Energia SA, Shigeru Sato of Bloomberg
News reports.

According to the report, Inpex agreed to buy the stake in Block
18.  The field is producing 30,000 barrels a day of crude oil, the
report relates.

Headquartered in Buenos Aires, Argentina, Petrobras Energia S.A.
-- http://www.petrobras.com.ar/-- is an integrated company
engaged in energy sector.  The company's activities are divided
into four segments.  The oil and gas exploration and production
segment is responsible for the acquisition, exploration and
maintenance of oil and gas reserves, as well as the production
of fuels.  The refining and distribution segment is engaged in
the refining of crude oils and their processing into lubricants.
It is represented by Refineria del Norte SA and Empresa
Boliviana de Refinacao SA.  The petrochemistry segment is
engaged in the production of styrene, polystyrene, rubber,
fertilizers and polypropylene through Innova SA and Petroquimica
Cuyo SA.  The gas and energy segment is involved in the
production of gas and electric energy, and energy transportation
through Transportadora de Gas del Sur SA.  The company also
operates in Bolivia, Ecuador, Peru, Colombia and Venezuela.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
Nov. 21, 2008, Standard & Poor's Ratings Services placed its
'BB' foreign-currency long-term corporate credit rating on
Argentina-based Petrobras Energia S.A. on CreditWatch Negative.


TEKNI-PLEX: Noteholders Relax Covenants Under 2012 & 2013 Notes
---------------------------------------------------------------
Tekni-Plex, Inc., completed on December 5, 2008, consent
solicitations related to its outstanding 10.875% Senior Secured
Notes due 2012 and its 8.75% Senior Secured Notes due 2013.  The
company was soliciting consents to waive and amend certain
covenants in (i) the Indenture, dated as of June 10, 2005, by and
among the company, each of the guarantors party and HSBC Bank USA,
National Association, as trustee, pursuant to which the 2012 Notes
were issued; and (ii) the Indenture, dated as of November 21,
2003, by and among the company, the Guarantors and the Trustee,
pursuant to which the 2013 Notes were issued.

The Consent Solicitations expired at 5:00 p.m. New York City time
on December 2, 2008, and at that time the company had received
consents to the Waivers, Supplemental Indentures and Amended and
Restated Intercreditor Agreement from the holders of a majority in
aggregate principal amount of the 2012 Notes and the 2013 Notes
(other than Notes disregarded in accordance with the terms of the
Indentures governing the Notes).  The company paid a US$1,317,710
consent fee, pro-rata, to those holders of Notes who delivered
valid unrevoked consents in the Consent Solicitations.

On the same day, the company, the Guarantors and the Trustee
entered into waivers under the 2012 and 2013 Indentures.  The
Waivers provide for:

  (i) a waiver of the company's failure to comply with the
      Indentures which require the company to file an Annual
      Report on Form 10-K for the fiscal year ended June 27,
      2008, and a Quarterly Report on Form 10-Q for the fiscal
      period ended September 26, 2008, with the Securities and
      Exchange Commission; and

(ii) a waiver of the company's failure to comply with the
      Indentures which require the company to deliver an
      Officers' Certificate to the Trustee in connection with
      its fiscal year ended June 27, 2008 stating that, among
      other things, the company is not in default in the
      performance or observance of any of the terms, provisions
      and conditions of the Indentures or the Security Documents.

The company, the Guarantors and the Trustee also entered into
Supplemental Indentures under the 2012 Indenture and the 2013
Indentures.  The Supplemental Indentures provide for a suspension
through December 30, 2009, of the company's obligations under each
of the Indentures to file Quarterly and Annual Reports on Forms
10-Q and 10-K, respectively, and Current Reports on Form 8-K with
the SEC.

During the Filing Suspension Period, the company will use its
reasonable efforts to provide the Trustee and the holders of the
Notes with certain unaudited quarterly and annual financial
information.

The company, the Guarantors, the lender-parties and the Trustee
also entered into an amendment to the Access, Use and
Intercreditor Agreement, dated as of June 10, 2005, to reflect the
incurrence by the company of a new US$15,000,000 term loan secured
by the Collateral in favor of Citicorp USA, Inc. and the lender-
parties.

                         2009 Liquidity

As reported by the Troubled Company Reporter, Tekni-Plex has
entered into a series of agreements in November that management
believes will provide the company with sufficient liquidity to
execute its business plan for the fiscal year 2009:

  -- The company entered into a second amendment and restatement
     of its Credit Agreement, dated as of June 10, 2005, among
     the company, the lenders and issuers party thereto,
     Citicorp USA, Inc., as Administrative Agent, and General
     Electric Capital Corporation, as Syndication Agent.  The
     Second Amended and Restated Credit Agreement is an asset
     based, revolving credit facility in the maximum amount of
     US$110 million.  Among others, the amendment extends the
     scheduled maturity date by two years to February 2012;

  -- The company entered into a Junior Lien Credit Agreement
     with OCM Tekni-Plex Holdings II, L.P., an affiliate of
     OCM Tekni-Plex Holdings, L.P., the largest holder of the
     company's common stock.  The Junior Lien Credit Agreement
     provides for a five-year term loan in the amount of
     US$15,000,000, which is guaranteed by the company's domestic
     subsidiaries and secured, on a junior basis, by the
     collateral pledged in connection with the Second Amended
     and Restated Credit Agreement; and

  -- Tekni-Plex Europe NV, an indirect subsidiary of the
     company incorporated under the laws of Belgium, entered
     into a Term Loan Agreement with OCM Luxembourg Tekni-Plex
     Holdings S.a.r.l.  The TPE Loan Agreement provides for a
     five-year unsecured term loan in the amount of
     EUR26,361,347.18 repayable at maturity.

Tekni-Plex has informed the Securities and Exchange Commission
that it won't be able to file its financial report for period
ended Sept. 26, 2008, by the prescribed due date because its board
is still in the process of conducting their internal investigation
on the company's financial records.

             Accounting Errors and Irregularities

In June 2008, the company disclosed that its board of directors
initiated an internal investigation into allegations by a current
employee that, for the fiscal years ending 2000 to 2006, the
company may have incorrectly recorded certain inventory and
accounts receivables in the Colorite Plastics company, a division
of the company.  The board subsequently expanded the scope of the
investigation beyond the Colorite division to determine whether
any improper accounting practices occurred in other divisions of
the company.  Information gathered to date in the course of the
investigation indicates that the company's issued financial
statements for the fiscal years ending 2000-2007 contain certain
accounting errors and irregularities.  Although not all relevant
facts are known at this time and the investigation is continuing,
and although the company cannot estimate at this time when the
investigation will conclude, after reviewing the information
gathered in the investigation to date, the board determined on
Nov. 10, 2008, that the financial statements issued or filed by
the company relating to the mentioned prior fiscal periods, and
relating to the fiscal periods ending on Sept. 28, 2007, Dec. 28,
2007, and March 28, 2008, to the extent they rely on financial
statements for prior periods, must not be relied upon.  The board
has discussed these matters with BDO Seidman, LLP, the company's
independent registered public accounting firm.

                   About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.


TEKNI-PLEX: Mesterharm Steps Down as Restructuring Officer
----------------------------------------------------------
On December 5, 2008, James A. Mesterharm notified Tekni-Plex,
Inc., that effective as of December 1, 2008, he resigned his
position as Chief Restructuring Officer of the company.  Mr.
Mesterharm has agreed to continue to provide services to the
company as a restructuring advisor in accordance with the terms of
that certain engagement letter dated as of December 17, 2007,
between AP Services, LLC, a Delaware limited liability company and
the company.

On the same day, the company's Board of Directors appointed Edward
Goldberg to serve as the company's Chief Operating Officer.  Mr.
Goldberg, 59, began serving as Chief Operating Officer of the
company commencing December 5, 2008.  Mr. Goldberg's employment as
an officer of the company does not have a fixed term and will
continue until terminated by either Mr. Goldberg or the company.

There is no family relationship between Mr. Goldberg and any
director, executive officer, or person nominated or chosen by the
company to become a director or executive officer.

Prior to his appointment as Chief Operating Officer, Mr. Goldberg
was a Senior Vice President of the company, in charge of the
Colorite business line.  Prior to August, 2008, Mr. Goldberg
managed the company's packaging business.  He joined the company
in 2001 and served as a director of the company from 2005 until
May 30, 2008. Prior to joining the company he worked for Procter &
Gamble and The Scott Paper company. He received his BS and MS
degrees in Chemical Engineering from Rensselaer Polytechnic
Institute in 1971.

There have been no transactions since the beginning of the
company's last fiscal year, nor are any transactions currently
proposed, in which the company was or is to be a participant and
the amount involved exceeds US$120,000, and in which Mr. Goldberg
had or will have a direct or indirect material interest.

             Accounting Errors and Irregularities

In June 2008, the company disclosed that its board of directors
initiated an internal investigation into allegations by a current
employee that, for the fiscal years ending 2000 to 2006, the
company may have incorrectly recorded certain inventory and
accounts receivables in the Colorite Plastics company, a division
of the company.  The board subsequently expanded the scope of the
investigation beyond the Colorite division to determine whether
any improper accounting practices occurred in other divisions of
the company.  Information gathered to date in the course of the
investigation indicates that the company's issued financial
statements for the fiscal years ending 2000-2007 contain certain
accounting errors and irregularities.  Although not all relevant
facts are known at this time and the investigation is continuing,
and although the company cannot estimate at this time when the
investigation will conclude, after reviewing the information
gathered in the investigation to date, the board determined on
Nov. 10, 2008, that the financial statements issued or filed by
the company relating to the mentioned prior fiscal periods, and
relating to the fiscal periods ending on Sept. 28, 2007, Dec. 28,
2007, and March 28, 2008, to the extent they rely on financial
statements for prior periods, must not be relied upon.  The board
has discussed these matters with BDO Seidman, LLP, the company's
independent registered public accounting firm.

                   About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.


TGN: To Default on US$22.1 Mil. Debt, Gov't Appoints Overseer
-------------------------------------------------------------
Transportadora de Gas del Norte SA (?TGN?) said it will default on
its US$22.1 million debt, Bloomberg News reports citing the
country?s Planning Minister, Julio De Vido.

The news prompted Argentina to appoint Roberto Dario Pons to help
oversee the pipeline operator, Bloomberg News relates.

The government will also ?undertake a complete audit of the
company? during a 120-day period, the report adds, citing Mr. De
Vido.

The report recalls TGN said Dec. 23 it will miss year-end debt
payments estimated at US$22.1 million by Fitch Ratings as
Argentina?s peso weakens and fuel exports drop.

The company?s bonds were suspended in Luxembourg because of its
financial ?uncertainty?, TGN said in a statement obtained by
Bloomberg News.

                            About TGN

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering
approximately 40% of the country's total gas consumption and
more than 50% of Argentine total gas exports.  The northern
Argentine gas pipeline system connects major gas fields in
northern and central-western Argentina.  The company benefits
from an exclusive 35-year concession contract, ending Dec. 28,
2027, which may be extended for an additional 10 years.  The
parent company is Gasinvest S.A., which has a 56.35% stake and
comprises five companies: Totalfinaelf (27.2%), Transcogas
Inversora S.A. (22.3%), Compania General de Combustibles (5%),
Organizacion Techint (27.2%), and Petroliam Nasional Berhad
(18.3%).  In addition, CMS Gas Argentina holds 23.5% of
Transportadora Norte's shares, while the remaining 20% is traded
on the Buenos Aires stock exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 1, 2008, Fitch Ratings affirmed Transportadora de Gas del
Norte S.A.'s ?B? long-term local and foreign currency Issuer
Default Ratings.  Fitch also affirmed the 'B' rating of the
company's senior unsecured notes due in 2012, as well as the
'RR4' recovery rating of the notes.  Fitch said the rating
outlook for all ratings was revised to negative from stable.



=============
B E R M U D A
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SEA CONTAINERS: Sells Interests in Societe Bananiere
----------------------------------------------------
Sea Containers Ltd. obtained authority from the U.S. Bankruptcy
Court for the District of Delaware to:

(a) sell its majority share interest in Societe Bananiere de
     Motobe, S.A., to SBM's minority shareholder, S.A. SIPEF
     N.V.; and

(b) assign to SIPEF certain intercompany receivables owed by
     SBM to SCL, pursuant to the terms of a sale agreement.

Prior to the Petition Date, SCL acquired interests in several non-
core business ventures, including a 70% equity interest in SBM, a
banana plantation in the Ivory Coast.  Subsequently, the Debtors
decided to return their operational focus to their core marine
container leasing business.

Under the terms of the Sale Agreement, SCL would convey to SIPEF
its 70% equity interest in SBM, and SIPEF would be substituted for
SCL with respect to all claims and obligations between SCL and
SBM, including SCL's right to collect certain SBM receivables.

In exchange, SIPEF will assume any potential liabilities SCL may
have in respect of SBM, and SCL will receive approximately
US$500,000 in cash.  After accounting for SCL's share of closing
costs and professional fees, the proposed transaction will yield a
net recovery of around US$400,000 in cash upon closing of the
sale.

The Debtors said they have obtained an offer to purchase SCL's
interests in SBM that the Court should approve as reasonable in
maximizing the value of the bankruptcy estates.  The Debtors
further submitted that the sale will allow SCL to immediately
realize substantial value in exchange for its debt and equity
interests in SBM.

                   About Sea Containers Ltd.
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda, the
company has regional operating offices in London, Genoa, New York,
Rio de Janeiro, Sydney, and Singapore. The company is owned almost
entirely by United States shareholders and its primary listing is
on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct.
3, the company's common shares and senior notes were suspended
from trading on the NYSE and NYSE Arca after the company's failure
to file its 2005 annual report on Form 10-K and its quarterly
reports on Form 10-Q during 2006 with the U.S. Securities and
Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. are represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 58;
Bankruptcy  Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000



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

CSN: MMX Wins Private Bidding Process for Port Services
-------------------------------------------------------
MMX Mineracao e Metalicos S.A. has won the private bidding process
promoted by Companhia Siderurgica Nacional ("CSN") for port
services to be provided by Terminal de Carga do Porto de Itaguai
("Terminal"), in Itaguai Municipality, Rio de Janeiro State.  The
partnership will be fully dedicated to ship iron ore produced at
MMX's Sudeste System.

The port services agreement between MMX and CSN will be in full
force and effect during 3 years starting from January 2009, and
can be renewed for an additional 3 year period.

The contract foresees shipments of 1.2 million metric tons of iron
ore in 2009 and 2 million metric tons in each one of the two
following years, 2010 and 2011.

The price to be paid to CSN for the port services in 2009 will be
a fixed amount per shipped ton, and can be reviewed in the
following years according to iron ore price adjustments.

MMX already has a long-term contract with MRS Logistica that
secures the railway transportation of the compromised iron ore
amounts to be exported, since MMX Sudeste System up to the
Terminal.

Despite the short-term uncertainties related to the mining sector
worldwide, MMX believes that it will be able to export all the
compromised amounts of iron ore, mainly due to the need, from
major international consumers, for high quality Brazilian iron
ore, in order to improve its products performance and also to
optimize its industrial activities.

The access to the Terminal grants MMX an export capacity of 2
million ton per year until 2011 and enables MMX to settle, from
now on, long-term iron ore export contracts.

It is expected for the second half of 2011 the start-up of LLX
Sudeste Port, located at the same region of the Terminal and where
MMX has already secured availability to export the whole iron ore
production from MMX Sudeste System.

                            About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


CSN: Set to Invest US$400 Million in Kremikovtzi Steel Mill
-----------------------------------------------------------
Companhia Siderurgica Nacional S.A. (CSN) is set to invest almost
US$400 million in Bulgaria's steel mill Kremikovtzi in the next
four years, Sofia News Agency reports.

According to the report, Lyudmil Pavlov, the leader of the
Kremikovtzi unit of the Podkrepa Labor Confederation Lyudmil
Pavlov, said the company was going to submit a formal offer for
the purchase of the plant, which would be considered by the
government.  CSN had provided guarantees that no workers would be
made redundant, and that all of the steel factory's troubles would
be fixed if it was sold to them, Mr. Pavlov said.

The report recalls Bulgaria's Economy Ministry issued a statement
explaining there had been seven different bids for Kremikovtzi,
and that it had been corresponding with a potential eighth bidder,
the Brazilian company CSN, which, however, had not submitted a
formal offer.

                            About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


FORD MOTOR: Kirk Kerkorian Sells Remaining Stake in Firm
--------------------------------------------------------
Jeff Bennett at The Wall Street Journal reports that Kirk
Kerkorian has sold his remaining 6.1% stake in Ford Motor Co.

Mr. Kerkorian's Tracinda Corp. no longer owns any shares in Ford
Motor, WSJ relates, citing Tracinda spokesperson Winnie Lerner.
Tracinda had 133.5 million shares left in Ford Motor, WSJ states.

Earlier this year, Tracinda purchased a 6.5% stake in Ford Motor,
WSJ states.  Mr. Kerkorian said in April that he had acquired 100
million shares in Ford Motor, and increased it in June, according
to WSJ.

WSJ relates that Tracinda said that it was considering a "possible
infusion of additional capital" into Ford Motor to give the
company "more flexibility in implementing its turnaround process,"
but no investment occurred and Mr. Kerkorian started to cut his
stake amid slowing automotive sales and his own financial
pressures.

Tracinda sold about 7.3 million shares of Ford Motor common stock
in October and had said it might continue selling its holdings
through the end of 2008, WSJ reports.  Jeff Green at Bloomberg
News relates that Mr. Kerkorian said that he would focus his
investments on energy, gambling, and hotels.  Mr. Kerkorian,
according to WSJ, said that he had started selling the shares and
most recently reported holdings on Oct. 28, when he said his stake
had dropped below 5%.

                     About Ford Motor Co.

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

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

                       *     *     *

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

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



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

AGAVE OFFSHORE: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Agave Offshore Partners Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal on December 24, 2009.

The company's liquidator is:

        Douglas Pratt
        Mesa Capital Management LLC
        7052 Whitewater Street, Carlsbad
        CA 92011, U.S.A.


CC&L MULTI-STRATEGY: Members Receive Wind-Up Report
---------------------------------------------------
The members of CC&L Multi-Strategy Offshore SPC 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:

        Richard Finlay
        P.O. Box 2681, Grand Cayman, KY1-1111
        Cayman Islands
        Telephone:(345) 945 3901
        Facsimile:(345) 945 3902


CC&L MULTI-STRATEGY: Members Receive Wind-Up Report
---------------------------------------------------
The members of CC&L Multi-Strategy Offshore 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:

        Richard Finlay
        P.O. Box 2681, Grand Cayman, KY1-1111
        Cayman Islands
        Telephone:(345) 945 3901
        Facsimile:(345) 945 3902


CGP FUND: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of CGP Fund Management 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:

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


CGP CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of CGP Capital Gain Perspective 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:

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


E & T GLOBAL: Members Receive Wind-Up Report
--------------------------------------------
The members of E & T Global Fund 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 liquidator is:

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


FAIR HAVEN: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Fair Haven Capital Master Fund received the
liquidator's report on the company's wind-up proceedings and
property disposal on December 29, 2009.

The company's liquidators are:

        Bernard Mcgrath
        David Walker
        c/o PO Box 1043, Grand Cayman KY1-1102
        Cayman Islands
        Tel: 949-0050
        Fax: 949-8062


GOLDMAN SACHS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Goldman Sachs Quantitative Fixed Income Alpha
Fund Offshore, 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:

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


GOLDMAN SACHS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Goldman Sachs Liquid Trading Opportunities
Fund Offshore, 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 liquidators are:

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


GOLDMAN SACHS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Goldman Sachs North American Equity
Opportunities Fund Offshore, 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:

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


GOLDMAN SACHS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Goldman Sachs Alpha-Beta Continuum Erisa Fund,
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:

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


INFOR INTERNATIONAL: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Infor International Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal on December 24, 2009.

The company's liquidator is:

        K.D. Blake
        c/o Gundega Tamane
        P.O. Box 493, Grand Cayman KY1-1106
        Cayman Islands
        Telephone:345-949-4800
        Facsimile:345-949-7164


INVICTA LIQUIDFUNDS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Invicta Liquidfunds Japan 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:

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


INVICTA LIQUIDFUNDS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Invicta Liquidfunds General Partner 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:

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


KASSIRER MARKET: Shareholder Receives Wind-Up Report
----------------------------------------------------
On December 23, 2008, the shareholder of Kassirer Market Neutral
Fund received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Commerce Corporate Services Limited
        PO Box 694GT, Grand Cayman
        Telephone: 949 8666
        Facsimile: 949 7904


POLAR CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Polar Capital Technology 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:

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


SIAM INVESTMENT: Members Receive Wind-Up Report
-----------------------------------------------
The members of Siam Investment Fund 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:

        James Marshall
        Andrew Pegge
        c/o Maples and Calder, Attorneys-at-law
        PO Box 309GT, Ugland House
        South Church Street, George Town
        Grand Cayman, Cayman Islands


SION HALL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholder of Sion Hall Macro Fund Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal on December 29, 2009.

The company's liquidator is:

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


TRINITY FUNDS: Shareholder Receives Wind-Up Report
--------------------------------------------------
On December 29, 2008, the shareholder of Trinity Funds Diversified
Allocation Master Fund Limited received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

        David L. Kallus
        590 Madison Ave, 34th Floor
        New York, NY 10022


TRINITY FUNDS: Shareholder Receives Wind-Up Report
--------------------------------------------------
On December 29, 2008, the shareholder of Trinity Funds Diversified
Allocation Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

        David L. Kallus
        590 Madison Ave, 34th Floor
        New York, NY 10022



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

* CHILE: Ready to Face Global Financial Crisis
----------------------------------------------
Bloomberg News reports Chile's Finance Minister Andres Velasco
said the country's economy is prepared to withstand the global
financial crisis noting that inflation in Chile is slowing and the
South American country had a record level of investment in 2008.

According to the report, Minister Velasco said the government may
draw on fiscal savings if needed to help ensure liquidity, and
that the country will increase spending at a faster pace than
economic growth next year.  The country has US$21.5 billion in
sovereign wealth funds, he said.



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

* ECUADOR: To Monitor Oil Markets After OPEC Cuts Take Effect
-------------------------------------------------------------
Ecuador will monitor oil markets after OPEC (Organization of the
Petroleum Exporting Countries) makes effective its January output
cuts to decide whether to back a cartel emergency meeting to
stabilize oil prices dragged down by excessive supply, Reuters
reports citing Oil Minister Derlis Palacios.

As reported by the Troubled Company Reporter - Latin America on
Dec. 30, 2008, Latin America Herald Times said Ecuadorian
President Rafael Correa confirmed 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.

"It's not just Petroecuador that has to reduce production but
private firms as well - which are also losing us money," the
Times 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 Times, 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 Oil 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."

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-'.



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

JAMAICA URBAN: Incurs US$1.25MM Monthly Losses on Illegal Bus Ops.
------------------------------------------------------------------
State-run Jamaica Urban Transit Company is incurring around
J$100 million (US$1.25 million) in losses every month due to
illegal bus operations, Caribbean360 News reports.

According to the report, Transport and Works Minister Michael
Henry said his ministry is examining the challenges and will
submit a report to Cabinet on how best to effectively address the
issue.  Among the areas being looked at are amendments to the Road
Traffic Act and a widening of the powers of arrest to incorporate
other stakeholders, the report relates.

"The team in the Ministry is coming up with that (plan), which
must relate to who is able to make an arrest when an illegal
operator is on a route.  What happens now is that it's only the
police that can make an arrest so traffic supervisors can only
stop you and, maybe, write something up, but they can't really
take you off the route," Minister Henry was quoted by the report
as saying.  "One of the things that we discussed was how we can
expand what we have... making them being able to carry out that
arrest."

Meanwhile, the report says chairman of the JUTC, Robin Levy,
stated that the loss being recorded as a result of illegal bus
operations is "untenable", noting that despite significant efforts
to improve the company's efficiency, the entity "continues to be
bankrupt, insolvent, and ill-equipped".  "The company continues to
bleed red for a number of reasons.  The number one reason is
apparent - it's illegal operators," he said.

                            About JUTC

Jamaica Urban Transit Company (JUTC) was established in 1998 to
provide a centrally managed state-of-the-art public bus service.
The government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

The JUTC was designed to be a safe, modern and reliable system of
transport, efficiently operated at a reasonable cost to commuters.
This involved the construction of five depots within the Kingston,
Portmore and Spanish Town areas.  These depots are located at
Ashenheim Road, Lyndhurst Road, Rockfort, Twickenham Park and
Greater Portmore.



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

BERNARD L. MADOFF: Latin American Investors Face Losses
-------------------------------------------------------
Jenny Strasburg at The Wall Street Journal reports that many
wealthy Latin Americans who invested in Mr. Bernard L. Madoff's
business were reluctant to step forward given the private nature
of Latin American fortunes, worries about security, and concerns
about tipping off local tax authorities.

WSJ quoted Mexican corporate lawyer Ernesto Canales as saying,
"[Banco] Santander clients in Monterrey were invited to invest in
that fund."  According to the report, Mr. Canales said that with
Santander's size in Mexico and the size of its acknowledged
losses, the bank's Mexican customers may have lost as much as
US$300 million.

The Fairfield Greenwich Group, which had a Brazilian presence,
invested in Mr. Madoff's business, says WSJ.  Fairfield Greenwich
posted on its Web site that it employed Bianca Haegler as its
representative in Brazil.  The report states that Fairfield
Greenwich's Sentry fund was Mr. Madoff's largest single investor,
with US$7.5 billion investment in Ponzi scheme.

              Investigators Probe Middlemen in Fraud

Bernard L. Madoff fraud investigators have started to focus on the
middlemen who attracted billions of investment dollars to Mr.
Madoff's funds, WSJ relates citing a person familiar with the
matter.

According to WSJ, the source said that authorities want to know
what the middlemen told clients about how their money was being
invested, and whether they disclosed Mr. Madoff's involvement in
managing customer funds.  Those middlemen also say that they have
lost sizeable personal fortunes from the fraud, WSJ relates.  The
report says that there are no allegations that the middlemen knew
anything about Mr. Madoff's scheme.

WSJ states that to keep the money flowing Mr. Madoff turned to a
diverse group of middlemen, who received fees from Mr. Madoff and
many of them became wealthy.  Clients, according to the report,
have sued some middlemen, claiming that the middlemen neglected
their duties to detect fraud and that they didn't reveal they were
actually invested with Mr. Madoff.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
US stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Bernard L. Madoff and
his investment firm, Bernard L. Madoff Investment Securities LLC,
with securities fraud for a multi-billion dollar Ponzi scheme that
he perpetrated on advisory clients of his firm.  The estimated the
losses from Madoff's fraud were at least US$50 billion.

As reported by the TCR on Dec. 16, 2008, the Securities Investor
Protection Corporation, which maintains a special reserve fund
authorized by Congress to help investors at failed brokerage
firms, announced on Mon., Dec. 15, that it is liquidating Bernard
L. Madoff Investment Securities LLC of New York, N.Y., under the
Securities Investor Protection Act.


PILGRIM'S PRIDE: Names Don Jackson as Chief Executive Officer
-------------------------------------------------------------
Pilgrim's Pride Corp. named Dr. Don Jackson as the company's chief
executive officer and chief operating officer following the
resignation of Clint Rivers, former president and CEO, and Robert
A. Wright, former COO.  The company said the appointment was made
in an effort to bring a fresh perspective to the company and to
maximize opportunities available to company through its
restructuring.

The Debtors has asked the U.S. Bankruptcy Court for the Northern
District of Texas to approve Dr. Jackson's employment.

"As Pilgrim's Pride begins the reorganization process, we believe
the company and its stakeholders would be best served by a fresh
perspective on the opportunities available to us through
restructuring," said Lonnie "Bo" Pilgrim, senior chairman of
Pilgrim's Pride. "Don Jackson is a proven leader with the
essential skills and industry insight to position Pilgrim's Pride
to emerge from Chapter 11 as a stronger, more efficient, and more
focused company."

Mr. Pilgrim added: "Clint and Bob have both made tremendous
contributions throughout their careers at Pilgrim's Pride, and we
are grateful for their commitment and dedicated service during a
very difficult time for our company and our industry.  We wish
both of them continued success in their careers."

Pursuant to the Employment Agreement, Dr. Jackson's annual
starting base salary is US$1,500,000, plus many other benefits and
entitlements during his employment term, which will expire on the
third anniversary of the date the Court enters an order approving
the Employment Agreement.

A sign-on bonus of US$3,000,000 payable upon, and within five
business days of the effective date of the Employment Agreement
will be given to Dr. Jackson, which must be paid must be repaid on
a pro-rata basis if the Employment Agreement is terminated for
cause by the Company or without good reason by Dr. Jackson during
the term of the Employment Agreement.

Dr. Jackson will also be granted 3,085,656 shares of PPC's common
stock on January 1, 2009, or within one day of the effective date
of the Employment Agreement, whichever is later.  The Shares will
be subject to forfeiture on a pro-rata basis if the Employment
Agreement is terminated for cause or without good reason during
the Term.  During the Term, Dr. Jackson must hold at least 50% of
the Shares that are not subject to forfeiture.

Dr. Jackson will further be entitled to receive other compensation
like:

(a) a Reorganization Bonus in an amount not to exceed
     US$2,000,000 upon confirmation of a plan of reorganization
     of the Company that does not provide for a sale of a
     majority of the Company?s and its subsidiaries? assets,
     provided that a majority of the Company?s assets have not
     been sold under Section 363 of the Bankruptcy Code prior
     to the date of the Plan confirmation; and is subject to
     the Company?s ability to meet certain targets specified
     in the Employment Agreement;

(b) participation in all incentive, savings, and retirement
     plans, practices, and programs generally applicable to
     other executive personnel of the Company;

(c) eligibility to participate in the Company?s Executive
     Relocation Policy and Repayment Agreement and all group
     benefits plans and programs the Company may establish for
     its executive employees.

In addition, and notwithstanding anything to the contrary
contained in the Relocation Policy, (a) the temporary housing
period under the Relocation Policy shall be extended until the
earliest of (i) the date on which the plan of reorganization of
the Company is confirmed, (ii) the first anniversary of the
effective date of the Employment Agreement or (iii) the date Dr.
Jackson permanently relocates to Texas.  Dr. Jackson will be
reimbursed for costs and expenses incurred under the "Trips Home"
provision of the Relocation Policy for a trip home every two weeks
up to a  maximum of 26 trips until the Extension Deadline.

Dr. Jackson will be entitled to an annual vacation, sick leave,
and paid holidays in accordance with the policies established by
the Company for similarly situated employees.

If the Company terminates Dr. Jackson's employment without cause
or for death or permanent disability, or if Dr. Jackson terminates
his employment for good reason, prior to the end of the Term, (1)
he will be paid all accrued and unpaid salary, incentive
compensation, and other compensation through the date of
termination; (2) any prorated portion of the Sign-On Bonus that he
would otherwise have to be repay, will be forgiven and (3) the
Shares will immediately vest and all restrictions thereon will
lapse.

If the Company terminates Dr. Jackson's employment for cause or if
he terminates his employment prior to the end of the Term, he
(1) will be paid all accrued and unpaid salary, incentive
compensation, and other compensation through the date of
termination, (2) will be obligated to repay a pro-rated portion of
the Sign-On Bonus, and (3) will forfeit the remaining Shares
subject to forfeiture.

Dr. Jackson will be subject to non-competition and non-disclosure
agreements during the term of the Employment Agreement and for two
years following the Date of Termination.

A full-text copy of the Employment Agreement is available for free
at http://bankrupt.com/misc/pilgrimspride_ceoemp_agrmnt.pdf

The Board appointed Lonnie Ken Pilgrim, Chairman of the Board, to
serve as interim President of the Company until Dr. Jackson's
appointment is approved by the Court, the company discloses with
the Securities and Exchange Commission.

                   About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  In addition, the company owns 34
processing plants in the United States and 3 processing plants in
Mexico.  The processing plants are supported by 42 hatcheries, 31
feed mills and 12 rendering plants in the United States and 7
hatcheries, 4 feed mills and 2 rendering plants in Mexico.
Moreover, the company owns 12 prepared food production facilities
in the United States.  The company employs about 40,000 people and
has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and Utah.

Pilgrim's Pride Corporation and six other affiliates filed Chapter
11 petitions on December 1, 2008 (Bankr. N. D. of Texas, Lead Case
No. 08-45664).  Pilgrim's Pride has engaged Stephen A. Youngman,
Esq., Martin A. Sosland, Esq., and Gary T. Holzer, Esq., at Weil,
Gotshal & Manges LLP, as bankruptcy counsel.  The Debtors have
also tapped Baker & McKenzie LLP as special counsel.  Lazard
Freres & Co., LLC is the company's investment bankers and William
K. Snyder of CRG Partners Group LLC as chief restructuring
officer.  The company's claims and noticing agent is Kurtzman
Carson Consulting LLC. Pilgrim's Pride had total assets of
US$3,847,185,000, and debts of US$2,700,139,000 as of June 28,
2008.

A nine-member committee of unsecured creditors has been appointed
in the case.

(Pilgrim's Pride Bankruptcy News, Issue No. 4; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


PILGRIM'S PRIDE: Reports US$998.6MM Net Loss for Fiscal Year 2008
-----------------------------------------------------------------

                 Pilgrim's Pride Corporation
                  Consolidated Balance Sheet
                   As of September 27, 2008

                          ASSETS

Current Assets:
Cash & cash equivalents                          US$61,553,000
Investment in available-for-sale securities         10,439,000
Trade accounts and other receivables,
less allowance for doubtful accounts              144,156,000
Inventories                                      1,036,163,000
Income taxes receivable                             21,656,000
Current deferred taxes                              54,312,000
Prepaid expenses and other current assets           71,552,000
Assets held for sale                                17,370,000
Assets of discontinued business                     33,519,000
                                               --------------
Total current assets                             1,450,720,000

Investment in available-for-sale securities         55,854,000
Other assets                                        51,768,000
Identified intangible assets, net                   67,363,000
Goodwill                                                     -
                                               --------------
Property, plant and equipment, net               1,673,004,000
                                               --------------
Total assets                                  US$3,298,709,000
                                               ==============

              LIABILITIES & STOCKHOLDER'S EQUITY

Current Liabilities:
Accounts payable                                US$378,887,000
Accrued expenses                                   448,823,000
Current maturities of long-term debt             1,874,469,000
Liabilities of discontinued business                10,783,000
                                               --------------
Total current liabilities                       2,712,962,000

Long-term debt, less current maturities             67,514,000
Deferred income taxes                               80,755,000
Other long term liabilities                         85,737,000
Commitments and contingencies                                -
Stockholders' equity:
Preferred stock, US$.01 per value,
5,000,000 shares authorized
no shares issued                                            -
Common stock, US$.01 par value, 160,000,000
shares authorized, 74,055,733  and
66,555,733 shares issued and outstanding
at year end 2008 and 2007 respectively                740,000
Additional paid-in capital                        646,922,000
Accummulated earnings (deficit)                   (317,082,000)
Accummulated other comprehensive income             21,161,000
                                               --------------
Total stockholders' equity                        351,741,000
                                               --------------
Total Liabilities and Stockholders' equity   US$3,298,709,000
                                               ==============


                 Pilgrim's Pride Corporation
             Consolidated Statement of Operations
         For the fiscal year ended September 27, 2008

Net Sales                                     US$8,525,112,000

Costs and expenses:
Cost of sales                                   8,675,524,000
Operational restructuring charges                  13,083,000
                                               --------------
Gross profit(loss)                                (163,495,000)

Selling general and administrative expenses       376,599,000
Goodwill impairment                               501,446,000
Administrative restructuring charges               16,156,000
                                               --------------
  Total cost and expenses                       9,582,808,000

Operating income(loss)                          (1,057,696,000)

Other expenses(income):
Interest expense                                  134,220,000
Interest income                                    (2,593,000)
Loss on early extinguishment of debt                        -
Miscellaneous, net                                 (2,230,000)
                                               --------------
                                                  129,397,000
Income (loss) from continuing operations
before income taxes                            (1,187,093,000)
Income tax expense(benefits)                      (194,921,000)
                                               --------------
Income(loss) from continuing operations           (992,172,000)
Income (loss) from operations of discontinued
business, net of tax                               (7,312,000)
Gain on disposal of discontinued business,
net of tax                                            903,000
                                               --------------
Net income(loss)                               (US$998,581,000)
                                               ==============


                  Pilgrims' Pride Corporation
               Consolidated Cash Flow Statement
          For the fiscal year ended September 27, 2008

Net cash flows from operating activities:
Net income(loss)                               (US$998,581,000)

Adjustments to reconcile net income(loss)
to cash provided by (used in) operating activities
Depreciation and amortization                     240,305,000
Non-cash loss on early extinguishment of debt               -
Tangible asset impairment                          13,184,000
Goodwill impairment                               501,446,000
Loss(gain) on property disposals                  (14,850,000)
Deferred income taxes                            (195,944,000)
Changes in operating assets and liabilities,
net of the effect of business acquired
Accounts and other receivables                    (19,864,000)
Income tax payable/receivable                      (1,552,000)
Inventories                                      (103,937,000)
Prepaid expenses and other current assets         (23,392,000)
Accounts payable and accrued expenses             (71,293,000)
Other                                              (6,248,000)
                                               --------------
  Cash provided by(used in)
    operating activities                         (680,726,000)

Cash flows from investing activities:
Acquisitions of property, plant and equipment    (152,501,000)
Purchase of investment securities                 (38,043,000)
Procedures from sale or maturity
  of investment securities                         27,545,000
Business acquisition, net of cash acquired                  -
Proceeds from property disposals                   41,367,000
                                               --------------
  Cash provided by(used in) investing
     activities                                  (121,632,000)

Cash flows from financing activities:
proceeds from notes payable to banks                        -
Repayments on notes payable to banks                        -
Proceeds from long-term debt                    2,264,912,000
Payments on long-term debt                     (1,646,028,000)
Changes in cash management obligations             13,358,000
Sale of common stock                              177,218,000
Debt issue costs                                   (5,589,000)
Cash dividends paid                                (6,328,000)
                                               --------------
  Cash provided by (used in)
    financing activities                          797,743,000

Increase(decrease) in cash and cash equivalents     (4,615,000)
Cash and cash equivalents, beginning of year        66,168,000
                                               --------------
Cash and cash equivalent, end of year            US$61,553,000
                                               ==============

                   About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  In addition, the company owns 34
processing plants in the United States and 3 processing plants
in Mexico.  The processing plants are supported by 42 hatcheries,
31 feed mills and 12 rendering plants in the United States and 7
hatcheries, 4 feed mills and 2 rendering plants in Mexico.
Moreover, the company owns 12 prepared food production facilities
in the United States.  The company employs about 40,000 people and
has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and Utah.

Pilgrim's Pride Corporation and six other affiliates filed Chapter
11 petitions on December 1, 2008 (Bankr. N. D. of Texas, Lead Case
No. 08-45664).  Pilgrim's Pride has engaged Stephen A. Youngman,
Esq., Martin A. Sosland, Esq., and Gary T. Holzer, Esq., at Weil,
Gotshal & Manges LLP, as bankruptcy counsel.  The Debtors have
also tapped Baker & McKenzie LLP as special counsel.  Lazard
Freres & Co., LLC is the company's investment bankers and William
K. Snyder of CRG Partners Group LLC as chief restructuring
officer.  The company's claims and noticing agent is Kurtzman
Carson Consulting LLC. Pilgrim's Pride had total assets of
US$3,847,185,000, and debts of US$2,700,139,000 as of June 28,
2008.

A nine-member committee of unsecured creditors has been appointed
in the case.

(Pilgrim's Pride Bankruptcy News, Issue No. 4; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


PRECISION PARTS: Section 341(a) Meeting Scheduled for January 20
----------------------------------------------------------------
Roberta A. DeAngelis, the United States Trustee for Region 3, will
convene a meeting of creditors of Precision Parts International
Services Corp. and its debtor-affiliates on Jan. 20, 2009, at 2:00
p.m., at J. Caleb Boggs Federal Building, 2nd Floor, Room 2112, in
Wilmington, Delaware.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in Rochester Hills, Michigan, Precision Parts
International Services Corp. -- http://www.precisionparts.com--
sells products to major north American automotive and non-
automotive original equipment manufacturers and Tier 1 and 2
suppliers.  The Debtors operate six manufacturing facilities
throughout north America, including a facility in Mexico operated
on the Debtors' behalf by Intermex Manufactura de Chihuahua under
a shelter and logistics agreement.

The Debtors' operations consist of two distinct lines of business:
MPI, which performs fineblanking work and conventional metal
stamping, as well as a range of value-added finishing operations,
and Skill which performs conventional metal stamping, as well as a
range of assembly and value-added finishing operations.

Four of the Debtors are holding companies that have no employees
and are not involved in the Debtors' day-to-day operations: PPI
Holdings, Inc.; PPI Sub-Holdings, Inc.; MPI International
Holdings, Inc.; and Skill Tool & Die Holdings Corp.
Bankruptcy Case No.: 08-13291

The company and eight of its affiliates filed for Chapter 11
protection on Dec. 12, 2008 (Bankr. D. Del. Lead Case No.
08-13291).  David M. Fournier, Esq., at Pepper Hamilton LLP,
represents the Debtors in their restructuring efforts.  The
Debtors proposed Alvarez & Marsal North America LLC as financial
advisor and Kurtzman Carson Consultants LLC as notice, claims and
balloting agent.  When the Debtors filed for protection from their
creditors, they listed assets between US$100 million to \ US$500
million each.

According to Bloomberg News, the company is at least the 10th
auto-parts maker sought Chapter 11 protection from its creditors
this year.



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

AFC ENTERPRISES: Peninsula Capital Pares Equity Stake to 4.73%
--------------------------------------------------------------
Scott Bedford disclosed in a regulatory filing with the Securities
and Exchange Commission that his Peninsula Capital Management, LP
and Peninsula Master Fund, Ltd., may be deemed to beneficially own
1,197,892 in the aggregate, or roughly 4.73%, of the common stock,
US$.01 par value, of AFC Enterprises, Inc., as of November 20,
2008.

Prior to that, Peninsula held 1,285,701 or roughly 5.10%, of the
company shares.

Peninsula Capital may be deemed to be the beneficial owner of the
securities by virtue of its role as the investment manager of the
investment fund which owns such securities, according to Mr.
Bedford.

Mr. Bedford is the President of California-based Peninsula Capital
Management, Inc., which is Peninsula Capital Management, LP's
general partner.

Henry Hope III, the company's chief financial officer, disclosed
the acquisition of 2,250 company shares, to raise his stake to
26,517 shares.

As of October 31, 2008 there were 25,295,273 shares of the
company's common stock, par value US$.01 per share, outstanding.

On November 12, 2008, the company entered into amended and
restated employment agreements with Harold M. Cohen, the Senior
Vice President -- Legal Affairs, General Counsel, Chief
Administrative Officer and Secretary of the company and its
Popeyes Chicken & Biscuits division; and Mr. Hope, who also serves
as Senior Vice President and Chief Financial Officer of the
company and its Popeyes Chicken & Biscuits division.  The new
employment agreements are substantially similar to the employment
agreements they replace, except that the new employment agreements
(i) provide for an annual base salary of US$280,000 for Mr. Cohen
and US$290,000 for Mr. Hope, (ii) incorporate changes to the
benefit plans, incentive pay and severance benefits previously
approved by the Board of Directors for Mr. Cohen and Mr. Hope,
respectively and (iii) contain certain provisions to make them
compliant with the requirements of, and final regulations
promulgated under, Section 409A of the Internal Revenue Code of
1986, as amended.

                  About AFC Enterprises Inc.

Headquartered in Atlanta, Georgia, AFC Enterprises Inc. (Nasdaq:
AFCE) -- http://www.afce.com/-- is the franchisor and operator of
Popeyes(R) restaurants.  As of July 13, 2008, Popeyes had 1,901
restaurants in the United States, Puerto Rico, Guam and 25 foreign
countries.

As of October 5, 2008, the company had US$142.9 million in total
assets, including US$42.3 million in current assets; US$47.4
million in total current liabilities and US$136.3 million in total
long-term liabilities; and US$40.8 million in shareholders'
deficit.  The company also had US$151.5 million in accumulated
deficit.  The company reported US$4.0 million in net income for
the 12 weeks ended October 5, 2008, on US$38.3 million in total
revenues.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 4, 2008,
Moody's Investors Service assigned a Speculative Grade Liquidity
rating of SGL-3 to AFC Enterprises Inc., indicating Moody's belief
that the company should maintain adequate liquidity over the
upcoming four quarters.


* PUERTO RICO: US$3Bil. Sustained Deficit Likely, Council Says
--------------------------------------------------------------
Puerto Rico may be facing a sustained deficit of US$3 billion for
the next four fiscal years if the government fails to cut costs
and boost revenues, Reuters reports citing the advisory council of
Governor-elect Luis Fortuno.

According to the report, in its latest fiscal update, the 14-
member council said it is aiming to achieve a balanced budget for
the Commonwealth by fiscal 2012 to 2013 via measures including
reducing government size and spending.

Puerto Rico, the report relates, is expected to have a budget
deficit of US$3.2 billion for fiscal 2009.  The magnitude of the
deficit came to light during weeks of transition committee
meetings following the November election, the report says.

Reuters notes the shortfall is due to lower-than-expected revenues
of US$7.8 billion versus an estimated US$8.5 billion.  Revenue was
hurt by lower tax revenue following a three-year long recession
and the negative impact of tax credits, Reuters relates.

At the same time, spending is expected to total US$10.3 billion,
or 8.6% above budget, hit by a US$500 million deficit in the
government's health insurance plan and a combined $100 million
deficit at other agencies, the report adds.

Meanwhile, the report says according to the council, the fiscal
situation is further aggravated by approximately US$750 million in
accounts payable to government suppliers, thus reaching the total
of US$3.2 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America,
Standard & Poor's Ratings Services downgraded Puerto Rico's GO
rating to 'BBB-' from 'BBB' in May 2007, citing the continuing
difficulties with reducing the accrued deficit, and its
expectation that the commonwealth's goal of a structurally
balanced budget by fiscal 2010 would be difficult to achieve.
S&P anticipated structural imbalance persisting.

While having chronic budget deficits is not new for Puerto Rico,
S&P said the nature of the deficit in the past two fiscal years
has been substantially different from years prior.  In the late
1990s and early 2000s the budget deficit was primarily the result
of lax expenditure controls and a ballooning payroll.
However, since the budget impasse that led to the government
shutdown and the adoption of the Fiscal Reform Law of 2006,
expenditure controls have improved, while revenue projections have
been off due to the island's economic recession.



                            ***********

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

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

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

                            ***********


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

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


Copyright 2009.  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 * * *