TCRLA_Public/090105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, January 5, 2009, Vol. 10, No. 2

                            Headlines

A R G E N T I N A

HUNTSMAN ICI: Bank Loan Sells at Substantial Discount
SALTA HYDROCARBON: Fitch Affirms Rating on US$234MM Notes at 'B'
TGN: Debt Default Prompts Argentina to Take Over Firm
TRANSPORTADORA GAS: Missed Payments Cue Fitch's Rating Cut to 'D'


B R A Z I L

BRASKEM: Ends Production of PolyEthylene Terephthalate
CSN: Closes US$3.08 Bil. NAMISA Stake Sale Deal With Big Jump
GENERAL MOTORS: Gets US$4 Billion in Low-Interest Loans From Gov't
MANITOWOC CO: Bank Loan Sells at Substantial Discount
PROPEX INC: Gets Go-Signal for US$65MM Exit Financing from Wayzata


C A Y M A N  I S L A N D S

01 INCORPORATED: Members to Hear Wind-Up Report on February 27
AL-DEARA: Shareholders Receive Wind-Up Report
AL-DERWAZA DEVELOPMENT: Shareholders Receive Wind-Up Report
APEX SILVER: Fails to Comply NYSE Alternext Listing Standard
CENTAUR LTD: Members to Hear Wind-Up Report on January 30

ENSHA DEVELOPMENT: Shareholders Receive Wind-Up Report
HISCOX FAR: Sole Shareholder Receives Wind-Up Report
MIDTOWN ALPHA: Shareholders Receive Wind-Up Report
MIDTOWN GP: Shareholders Receive Wind-Up Report
QIBLAH PROPERTY: Shareholders Receive Wind-Up Report

RUBICON/BROOK: Members Receive Wind-Up Report
RUBICON/BROOK: Members Receive Wind-Up Report
RUBICON/BROOK: Members Receive Wind-Up Report
RUBICON EQUITY: Members Receive Wind-Up Report
SHARQ PROPERTY: Shareholders Receive Wind-Up Report

VELLA INSTITUTIONAL: Shareholder To Hear Wind-Up Report on Jan. 8
VELLA INSTITUTIONAL: Shareholder To Hear Wind-Up Report on Jan. 8
WATERVIEW LIMITED: Shareholder Hear Wind-Up Report


C H I L E

* CHILE: To Use Public Spending to Offset Economic Slowdown


C O L O M B I A

ECOPETROL: Gov't OKs Partial Commutation of Pension Liabilities


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: OPEC Approves US$30 Million Loan


E C U A D O R

* ECUADOR: Mulls Repurchase of Foreign Bonds at 70% Discount


M E X I C O

CHEROKEE INT'L: Completes US$62.3MM Merger w/ Lineage Power's Unit
CHEROKEE INTERNATIONAL: Pays US$46.6MM of 5.25% Senior Notes Debt
PILGRIM'S PRIDE: Gets Final Approval to Use US$450MM DIP Facility
HIPOTECARIA SU: Moody's Confirms 'Ba3' Global Scale Issuer Rating


P U E R T O  R I C O

AFC ENTERPRISES: Peninsula Capital Pares Equity Stake to 4.73%


X X X X X X X X

* BOND PRICING: For the Week December 29, 2008 - January 2, 2009


                         - - - - -

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

HUNTSMAN ICI: Bank Loan Sells at Substantial Discount
-----------------------------------------------------
Participations in a syndicated loan under which Huntsman ICI is a
borrower traded in the secondary market at 58.93 cents-on-the-
dollar during the week ended December 26, 2008, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents an increase of 3.93 percentage points
from the previous week, the Journal relates.  Huntsman ICI pays
interest at 150 basis points above LIBOR.  The syndicated loan
matures on April 23, 2014. The bank loan carries Moody's Ba1
rating and Standard & Poor's BB+ rating.

                       About Huntsman

Headquartered in Salt Lake City, Utah, Huntsman Corporation
(NYSE: HUN) -- http://www.huntsman.com/-- is a manufacturer of
differentiated chemical products and inorganic chemical products.
The company operates in four segments: Polyurethanes, Materials
and Effects, Performance Products and Pigments.  Its products are
used in a range of applications, including those in the adhesives,
aerospace, automotive, construction products, durable and non-
durable consumer products, electronics, medical, packaging, paints
and coatings, power generation, refining, synthetic fiber, textile
chemicals and dye industries.  Its Latin
American operations are in Argentina, Brazil, Chile, Colombia,
Guatemala, Panama and Mexico.

At September 30, 2008, the company's consolidated balance sheet
showed US$8.41 billion in total assets, US$6.64 billion in total
liabilities, US$33.5 million in minority interests, and US$1.73
billion in total stockholders' equity.

                       *     *     *

As reported by the Troubled Company Reporter on Dec. 18, 2008,
Standard & Poor's Ratings Services kept its ratings on Huntsman
Corp., including the 'BB-' corporate credit rating, on
CreditWatch, where they were placed on June 26, 2007, with
negative implications.  S&P said: "This update follows Huntsman's
announcement that it has terminated its merger agreement with
Hexion Specialty Chemicals Inc.  Under the terms of a settlement
with Hexion and Apollo
Management L.P., Huntsman expects to receive cash payments of
US$1 billion, consisting of US$750 million of settlement payments
and US$250 million of cash proceeds from the issuance of 10-year
convertible notes to Apollo affiliates, which Huntsman can repay
in cash or common stock.  The settlement payments consist of
US$325 million from a break-up fee due from Hexion, which Hexion
will fund through an existing committed credit facility, and
US$425 million that Apollo affiliates will fund.  At least US$500
million of the payments are to be paid to Huntsman on or before
Dec. 31, 2008.


SALTA HYDROCARBON: Fitch Affirms Rating on US$234MM Notes at 'B'
----------------------------------------------------------------
Fitch Ratings affirms Salta Hydrocarbon Royalty Trust's global
scale foreign currency rating for its US$234 million targeted
amortization notes at 'B'.  The rating remains on Rating Watch
Negative.

The bonds are performing well with a debt balance (after the
September 2008 payment) of US$147 million.  Additionally, the
structure benefits from a liquidity reserve account in the amount
of approximately US$9 million (twice the amount of the next
interest payment) and the existence of hold back events that upon
their occurrence and during the continuance imply that the trustee
will retain all excess collections.  Currently the relevant ratios
are at an adequate level; nonetheless, Fitch is closely monitoring
the production ratio level which is near the targeted level.

The majority of the transaction's legal documents are governed
under foreign law.  The transaction was structured as a true sale
and securitized certain future royalty payments due to the
province of Salta from the oil and gas companies.  The oil and gas
companies signed Notice and Acknowledgements contracts which
obligates them to make payments into the collection account.  In
accordance with the documents, the cashflows should be legally
protected under Argentine law.  While the rating on this
transaction has always anticipated a heightened degree of
political risk within the country, any specific interference of
bondholders rights to cashflows would be further evidence of a
weak legal framework within the country.  Additionally, any forced
restructuring would serve as a negative precedent for any future
Argentinean public entities related transactions in the local and
international market.

Fitch will closely monitor all the events related with this
transaction as well as any action that prevents timely debt
service payments, including a redemption or restructuring with net
present value loss for the investors, which would be considered a
default by Fitch.


TGN: Debt Default Prompts Argentina to Take Over Firm
-----------------------------------------------------
The Argentine government will take over pipeline operator
Transportadora de Gas del Norte SA ("TGN") for 120 days to
guarantee service by the company and to audit its accounts, Latin
American Herald Tribune reports, citing Planning Minister Julio De
Vido.

As reported in the Troubled Company Reporter - Latin America on
January 2, 2009, Bloomberg News said TGN disclosed it will default
on its US$22.1 million debt.

"It's vital and fundamental" that utilities "have the requisite
financial soundness and that financial conditions do not
negatively affect the quality of service, and much less the
maintenance of infrastructure," The Tribune quoted Mr. De Vido as
saying.

According to The Tribune, Mr. De Vido said TGN will be overseen by
Roberto Pons, the director of an energy studies center at the
University of Buenos Aires.  He will also be responsible for
auditing the company's accounts, he added.

TGN, Bloomberg News recalled, 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.

The Tribune relates the company plans to ask its creditors to
accept a restructuring of US$345 million in debt that the company
already had renegotiated in 2006.

                             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 by the Troubled Company Reporter - Latin America on
Dec. 19, 2008, Fitch Ratings downgraded the long-term local and
foreign currency Issuer Default Ratings of Transportadora de Gas
del Norte S.A. to 'C/C (arg)' from 'CCC BB (arg)' .  Fitch also
downgraded TGN's senior unsecured notes due in 2012 to 'CC' from
'CCC', while the Recovery Rating of the notes remains at 'RR4'.
In conjunction with the rating actions, Fitch downgraded TGN's
national scale issuance ratings to 'CC (arg)' from 'BB(arg)'.  All
Ratings have been placed on Rating Watch Negative.


TRANSPORTADORA GAS: Missed Payments Cue Fitch's Rating Cut to 'D'
-----------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings of Transportadora Gas del Norte S.A.:

  -- Foreign currency IDR to 'D' from 'C;
  -- Local currency IDR to 'D' from 'C.

Fitch has also affirmed the 'CC' rating, and revised the Recovery
Ratings on:

  -- International scale rating for notes due 2012 to 'CC/RR5'
     from 'CC/RR4';

  -- International scale rating for the US$300 million medium term
     notes program to 'CC/RR5' from 'CC/RR4'.

The 'CC' rating of these notes reflects the expectation of below-
average recovery prospects given default; the 'RR5' indicates a
probability of recovery of 11%-30% of current principal and
related interest. On the national scale, the 2012 notes were
downgraded to 'D (arg)' from 'CC (arg)'.  All ratings have been
removed from Rating Watch Negative.

Fitch's action follows the company's missed coupon and principal
payments on its 2012 notes due on Dec. 31, 2008.  On Dec. 23,
2008, the company announced its intention to initiate a debt
restructuring process for all its outstanding debt for
US$345 million.  As of September 2008, TGN's cash and marketable
securities were US$36 million, short-term debt totaled
US$32 million, and the company's next scheduled maturities were
US$16 million of principal and US$6.4 million in interest due on
December 31, 2008.

As of September 2008 (12 months), cash flow from operations
decreased to ARP146 million, a 36% reduction from the
ARP229 million in 2007. The decline in the company's operating
profitability is due to continued frozen tariffs, reduction in
export revenues, increase in its cost structure and peso
devaluation.

The Argentine government has recently intervened into TGN's
administration adding uncertainty as to the renegotiation of its
concession contract. On Dec. 29, 2008, The Ente Nacional Regulador
del Gas decided to co-administrate the company for 120 days.
During such time, the government will co-manage the company and
supervise all actions related to the public service.

TGN 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. TGN
has an exclusive license to operate the northern Argentina gas
pipeline system for a term of 35 years, which may be extended for
an additional 10-year period. TGN's main shareholders are
Gasinvest S.A. (56.35%) and Blue Ridge Investments LLC (23.53%),
while 20% is floating in the market. Gasinvest S.A. is in turn
owned by TecPetrol Internacional SL (27.2%), Transcogas Inversora
S.A. (22.3%), Total Gas y Electricidad Argentina S.A (20.6%),
Petronas Argentina S.A(18.3%). Total Gasandes (6.6%), and Compania
General de Combustibles S.A. (5%).



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

BRASKEM: Ends Production of PolyEthylene Terephthalate
------------------------------------------------------
Braskem SA is removing PolyEthylene Terephthalate from its product
portfolio.  In a December 30, 2008, statement, the company said it
is deactivating its PET unit by the end of 2008.

In May 2007, Braskem announced the deactivation of its DMT
production unit and the temporary suspension of its PET
production, both of which are located in the Camaçari
Petrochemical Complex.

At the time, a study was initiated to assess the possibility of
resuming PET production based on a new technological approach that
would ensure competitive costs for Brazil's polyester chain.

The results of the studies indicated that reactivating PET
production on a competitive basis was not viable.  For this
reason, Braskem decided to deactivate the unit, terminating the
company's activities in this business.

According to the company, the decision will result in the
constitution of an accounting provision (with no cash impact) of
approximately R$125 million.

However, the company noted the deactivation of the PET unit in
Camaçari will not lead to any dismissals.

Braskem said it will ensure the supply of PET resin until, at
least, April 2009, or as long as inventories last, to all its
clients through an agreement signed with M&G Polimeros Brasil S.A.
During this period, Braskem will maintain its current sales policy
for this product, including technical support, in order to assure
service excellence for all of its clients.

                        About Braskem S.A.

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

                          *     *     *

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

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


CSN: Closes US$3.08 Bil. NAMISA Stake Sale Deal With Big Jump
-------------------------------------------------------------
Companhia Siderurgica Nacional S.A. ("CSN") closed the sale of 40%
of subsidiary Nacional Minérios S.A.'s ("NAMISA") voting and total
capital stock to Big Jump Energy Participações S.A. ("BIG JUMP")
for the aggregate amount of approximately US$3.08 billion.

In a December 30 statement, CSN disclosed approximately US$3.04
billion of the total consideration were used by BIG JUMP to pay in
shares subscribed by BIG JUMP in a capital increase of NAMISA upon
issuance of new shares.

The amounts received by NAMISA were used as payment to certain
amounts owed to CSN, in connection with the future sales of crude
iron ore (run of mine) and the rendering of port services
agreements entered into by CSN and NAMISA, and according to the
terms thereto.  All agreements were negotiated on an arms-length
basis.

CSN said the difference between the transaction amount announced
on the statement of material fact dated October 21, 2008, of
US$3.12 billion, and the amount actually paid by BIG JUMP is a
result of balance sheet adjustments of NAMISA, contractually
established.

CSN maintained 60% of NAMISA's voting and total capital.

                          About Big Jump

Big Jump Energy Participações S.A. s owned by ITOCHU Corporation,
JFE Steel Corporation, Nippon Steel Corporation, Sumitomo Metal
Industries, Ltd., Kobe Steel, Ltd, Nisshin Steel Co, Ltd., and
POSCO.

                            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.


GENERAL MOTORS: Gets US$4 Billion in Low-Interest Loans From Gov't
------------------------------------------------------------------
Jeff Bennett at The Wall Street Journal reports that General
Motors Corp. said it received US$4 billion in low-interest loans
from the federal government on Wednesday, the first installment of
US$9.4 billion in loans that the company would receive through
January.

According to WSJ, GM secured loan guarantees earlier in December
2008 after President George W. Bush gave automakers permission to
use the US$700 billion bank bailout passed by Congress in
September.  The report says that the loans will last for three
years and will be called by the government if the companies
haven't proven their viability by March 31, 2009.

WSJ relates that GM will use the money to fund its continuing
operations.  The company will receive another US$4 billion loan in
February, says the report.

GM said in a statement, "We appreciate the administration
extending a financial bridge to GM at this critical time for the
U.S. auto industry.  We are committed to successfully executing
the viability plan we submitted on Dec. 2 and remain confident in
the future of GM."

                   New Reduced Rate Financing

GM disclosed a new reduced rate financing as low as 0% APR for up
to 60 months on select new cars and trucks.  The reduced rate
financing is available to qualified buyers through Jan. 5, 2009 on
many 2008 and select 2009MY vehicles.  Of note, many of the GM
vehicles have stackable bonus cash and/or dealer cash ranging from
US$500 to US$4,250.

"We're very excited to offer this reduced rate financing through
GMAC to encourage our customers to get back into the game," said
Mark LaNeve, vice president, GM North America Vehicle Sales,
Service and Marketing.  "This enables even more qualified
customers to finance through GMAC at their local GM dealership,
and provides additional financing capacity with conventional and
reduced rate APRs for our dealers to make sales.  With GM's
Financing That Fits, and the Red Tag Sale now underway that offers
supplier pricing, customers have an opportunity to get a variety
of extremely attractive offers through the end of the year."

2008MY vehicles and offers for qualified buyers:

    -- 0% APR for up to 60 months on '08 Chevrolet TrailBlazer;
       GMC Envoy; and Saab 9-3, 9-5, 9-7X;

    -- 0.9% APR for up to 60 months on '08 Buick Lucerne;

    -- 1.9% APR for up to 60 months on '08 GMC Yukon and Yukon
       XL; Chevrolet Tahoe, Suburban and Avalanche; Cadillac
       CTS, SRX, Escalade, DTS, STS and XLR;

    -- 2.9% APR for up to 60 months on '08 Buick Lacrosse;
       HUMMER H2 and H3;

    -- 3.9% APR for up to 60 months on '08 Chevrolet Equinox,
       Colorado Ext and Crew cab and Light Duty Silverado;
       Pontiac Torrent; GMC Canyon Ext and Crew cab, and Light
       Duty Sierra; and

    -- 4.9% APR for up to 60 months on '08 Saturn Astra and Sky;
       Pontiac Solstice; Chevrolet Corvette and Heavy Duty
       Silverado; and Heavy Duty GMC Sierra

2009MY vehicles and offers for qualified buyers:

    -- 3.9% APR for up to 60 months on '09 Chevrolet Cobalt;
       Pontiac G5; and Cadillac CTS;

    -- 4.9% APR for up to 60 months on '09 Pontiac G6; Chevrolet
       Malibu, Light Duty Silverado and HHR; Saturn Aura; and
       Light Duty GMC Sierra; and

    -- 5.9% APR for up to 60 months on '09 Chevrolet Avalanche
       and Heavy Duty Silverado; and Heavy Duty GMC Sierra.

             Seeks Ways to Eliminate Dealerships

GM wants to eliminate dealerships, WXYZ.com reports.  The report
says that a glut of dealers are limiting profits and crimping
spending on marketing, facilities, and vehicles.

According to WXYZ.com, GM wants to close about 1,750 showrooms,
about 27% of its total dealership ranks.  The report states that
GM is negotiating dealership closures on a market by market basis,
offering cash payments as incentives.

                      About General Motors

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

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

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

                        *     *     *

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

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

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

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


MANITOWOC CO: Bank Loan Sells at Substantial Discount
-----------------------------------------------------
Participations in a syndicated loan under which Manitowoc Co. Inc.
is a borrower traded in the secondary market at 66.42 cents-on-
the-dollar during the week ended December 26, 2008, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 1.29 percentage
points from the previous week, the Journal relates.  Manitowoc Co.
pays interest at 350 basis points above LIBOR.  The syndicated
loan matures on April 14, 2014. The bank loan carries Moody's Ba2
rating and Standard & Poor's BB+ rating.

Headquartered in Maniwotoc, Wisconsin, The Manitowoc company
Inc. (NYSE: MTW) -- http://www.manitowoc.com/-- provides lifting
equipment for the global construction industry, including lattice-
boom cranes, tower cranes, mobile telescopic cranes, and boom
trucks.  As a leading manufacturer of ice-cube machines,
ice/beverage dispensers, and commercial refrigeration equipment,
the company offers the broadest line of cold-focused equipment in
the foodservice industry.  In addition, the company is a provider
of shipbuilding, ship repair, and conversion services for
government, military, and commercial customers throughout the
maritime industry.  The company has regional offices in Mexico and
Brazil.  Revenues for the twelve months ended March 31, 2008
totaled about US$4.2 billion.

                         *     *     *

On July 31, TCR reported that Moody's Investors Service affirmed
the Ba2 Corporate Family and Probability of Default ratings of
Manitowoc following its announced syndication of a new credit
facility to fund its acquisitions of Enodis plc. Moody's also
assigned a Ba2 rating to the proposed US$2.925 billion senior
secured bank credit facility and lowered the senior unsecured
notes to B1 from Ba3.  The outlook remains stable.


PROPEX INC: Gets Go-Signal for US$65MM Exit Financing from Wayzata
------------------------------------------------------------------
Bankruptcy Data reports that the U.S. Bankruptcy Court for the
Eastern District of Tennessee approved Propex Inc.'s request to
enter into a proposed exit financing agreement with Wayzata
Investment Partners LLP and to pay a work fee of US$150,000 and
related expenses.  According to Bankruptcy Data, on December 11,
2008, Wayzata sent the Debtors a non-binding letter agreement
expressing interest in providing the Debtors with a delayed draw
term exit facility in the amount of US$65,000,000 that will mature
in four years after the effective date of the Plan.  Wayzata is a
19% holder of the Debtors' pre-petition secured term debt facility
and has had ongoing access to the Debtors' financial information.

                      About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249).  The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

Propex Inc., and its affiliates delivered to the Court a Joint
Plan of Reorganization and Disclosure Statement on October 29,
2008.  Propex's exclusive period to solicit acceptances of the
Plan expires Dec. 29, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

The Debtors have filed their Disclosure Statement and Plan of
Reorganization on October 29, 2008.

(Propex Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).



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


01 INCORPORATED: Members to Hear Wind-Up Report on February 27
--------------------------------------------------------------
The members of 01 Incorporated Limited will meet on February 27,
2008, at 11:00 p.m., to receive the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          John D'Cunha
          PO Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:(345) 946 0820
          Facsimile:(345) 946 0864


AL-DEARA: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Al-Deara Development Investments Ltd. received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Waleed Mohammed
          Ali Al-Ghannam
          Kuwait Finance House
          Safat Square
          Junction of Abdulla Al-Mubarak Street and
          Fahd Al-Salem Street
          Kuwait City, Kuwait
          P.O. Box 24989 Safat, 13110 Kuwait


AL-DERWAZA DEVELOPMENT: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Al-Derwaza Development Finance, Ltd. received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Waleed Mohammed
          Ali Al-Ghannam
          Kuwait Finance House
          Safat Square
          Junction of Abdulla Al-Mubarak Street and
          Fahd Al-Salem Street
          Kuwait City, Kuwait
          P.O. Box 24989 Safat, 13110 Kuwait


APEX SILVER: Fails to Comply NYSE Alternext Listing Standard
------------------------------------------------------------
Apex Silver Mines Limited has received notice from NYSE Alternext
US LLC that it is not in compliance with the Exchange's continued
listing standards in that it has sustained losses that are so
substantial in relation to its overall operations or its financial
condition has become so impaired that it appears questionable, in
the opinion of the Exchange, as to whether it will be able to
continue operations and meetits obligations as they mature.

The company said it does not expect that it will be able to regain
compliance with this listing standard and expects that the
Exchange will commence delisting proceedings with respect to the
company's ordinary shares in early January 2009.  The company
further said it does not expect that it will appeal any decision
by the Exchange to delist the ordinary shares.

The company expects that upon delisting of the ordinary shares,
the ordinary shares will commence trading in the over-the-counter
market.

The delisting of the ordinary shares from the Exchange will not
affect the company's reporting obligations under the rules of the
Securities and Exchange Commission.

                     About Apex Silver Mine

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


CENTAUR LTD: Members to Hear Wind-Up Report on January 30
---------------------------------------------------------
The members of Centaur Ltd. will meet on January 30, 2009, at
2:00 p.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o John D'Cunha
          PO Box 2499, Grand CaymanKY1-1104
          Cayman Islands
          Telephone:(345) 946 0820
          Facsimile:(345) 946 0864


ENSHA DEVELOPMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Ensha Development Finance Ltd. met on Nov. 24,
2008, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

          Waleed Mohammed
          Ali Al-Ghannam
          Kuwait Finance House
          Safat Square
          Junction of Abdulla Al-Mubarak Street and
          Fahd Al-Salem Street
          Kuwait City, Kuwait
          P.O. Box 24989 Safat, 13110 Kuwait


HISCOX FAR: Sole Shareholder Receives Wind-Up Report
----------------------------------------------------
The sole shareholder of Hiscox Far Financial Fund Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal on December 24, 2008.

The company's liquidator is:

          K.D. Blake
          c/o Krissa Jeffers
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone:345-945-4398
          Facsimile:345-949-7164


MIDTOWN ALPHA: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Midtown Alpha Fund Limited met on Dec. 29,
2008, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Zephyr House, 3rd Floor, 122 Mary Street
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


MIDTOWN GP: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Midtown GP Limited met on Dec. 29, 2008, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Zephyr House, 3rd Floor, 122 Mary Street
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


QIBLAH PROPERTY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Qiblah Property Investments, Ltd. received the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Waleed Mohammed
          Ali Al-Ghannam
          Kuwait Finance House
          Safat Square
          Junction of Abdulla Al-Mubarak Street and
          Fahd Al-Salem Street
          Kuwait City, Kuwait
          P.O. Box 24989 Safat, 13110 Kuwait


RUBICON/BROOK: Members Receive Wind-Up Report
---------------------------------------------
The members of Rubicon/Brook Street Global Fund met on Dec. 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


RUBICON/BROOK: Members Receive Wind-Up Report
---------------------------------------------
The members of Rubicon/Brook Street US Fund met on Dec. 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


RUBICON/BROOK: Members Receive Wind-Up Report
---------------------------------------------
The members of Rubicon Equity & Commodity Focus Fund met on
Dec. 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


RUBICON EQUITY: Members Receive Wind-Up Report
----------------------------------------------
The members of Rubicon Equity & Commodity Focus Master 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 liquidator is:

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


SHARQ PROPERTY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Sharq Property Finance, Ltd. received the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Waleed Mohammed
          Ali Al-Ghannam
          Kuwait Finance House
          Safat Square
          Junction of Abdulla Al-Mubarak Street and
          Fahd Al-Salem Street
          Kuwait City, Kuwait
          P.O. Box 24989 Safat, 13110 Kuwait


VELLA INSTITUTIONAL: Shareholder To Hear Wind-Up Report on Jan. 8
-----------------------------------------------------------------
The sole shareholder of Vella Institutional Master Fund Ltd. will
receive the liquidators' report on the company's wind-up
proceedings and property disposal on January 8, 2009, at
10:00 a.m.

The company's liquidator is:

          Vladimir Velkov
          Ph: 1-617-715-9907/1-617-576-7700
          Fax: 1-617-576-7701
          955 Massachusetts Avenue
          Suite 306, Cambridge
          Massachusetts 02139-3232, USA


VELLA INSTITUTIONAL: Shareholder To Hear Wind-Up Report on Jan. 8
-----------------------------------------------------------------
The sole shareholder of Vella Institutional Offshore Fund Ltd.
will receive the liquidators' report on the company's wind-up
proceedings and property disposal on January 8, 2009, at
10:00 a.m.

The company's liquidator is:

          Vladimir Velkov
          Ph: 1-617-715-9907/1-617-576-7700
          Fax: 1-617-576-7701
          955 Massachusetts Avenue
          Suite 306, Cambridge
          Massachusetts 02139-3232, USA


WATERVIEW LIMITED: Shareholder Hear Wind-Up Report
--------------------------------------------------
On December 29, 2008, the sole shareholder of Waterview Limited
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Linburgh Martin
          Deanna Derrick
          Telephone:(345) 949 8455
          Facsimile:(345) 949 8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034 GT, Grand Cayman KY1-1102



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

* CHILE: To Use Public Spending to Offset Economic Slowdown
-----------------------------------------------------------
Chilean President Michelle Bachelet said his country will use
public spending next year to offset the effects of the global
economic slowdown and to help fight unemployment, Sebastian Boyd
of Bloomberg News reports.

According to the report, President Bachelet said the country can
afford to spend on stabilizing the economy because it saved as
copper soared.  The government had US$22 billion in offshore funds
at the end of November.

Chile's central bank last month revised its forecast for growth
next year to less than 3% from as much as 4.5% as the price of
copper, slumped 68% from its July record, the report recalls.

"My government will use all the tools available to mitigate the
consequences of the crisis and, above all, to moderate the effects
on employment," President Bachelet was quoted by Bloomberg News as
saying.  "When unemployment becomes a threat and the country is
affected by declining external demand, public investment becomes
enormously important to inject dynamism into the economy.  That is
what we will do in 2009," she said.

As reported in the Troubled Company Reporter - Latin America on
January 2, 2009, Bloomberg News said 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.



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

ECOPETROL: Gov't OKs Partial Commutation of Pension Liabilities
---------------------------------------------------------------
The Ministry of Social Welfare authorized partial commutation of
Ecopetrol's pension liabilities, the final requirement in a
process which the company initiated in 2006.

The administrative measure, issued on December 29, 2008, calls for
the transfer of the pension obligations of a company and of the
money supporting them to an autonomous fund to ensure that it will
be possible to meet such obligations.

Ecopetrol said it will continue to be responsible in a
supplementary fashion for the amount commuted, should the
resources in the autonomous fund fail to be sufficient for payment
of the obligations being transferred.

On October 28, 2008, the Ministry of Finance issued its approval
of the actuarial calculations that included estimates of the
liability for each one of the beneficiaries.  The authorization
makes it possible for the pension liability, projected at COP$9.84
billion on December 31, 2008, according to actuarial calculations,
to be eliminated from the company's balance sheet, thus reflecting
its financial reality.  This liability has already been funded.

The commuted resources, as well as their earnings, cannot change
their beneficiaries, nor be returned to the employer institution
until all retirement obligations have been met.

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity. The Company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas. Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America. It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. (BVC) under the symbol ECOPETROL. The Company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s
foreign and local currency issuer default ratings at 'BB+' and
'BBB-', respectively.  The Rating Outlook is Stable.



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


* DOMINICAN REPUBLIC: OPEC Approves US$30 Million Loan
------------------------------------------------------
The OPEC Fund for International Development granted the Dominican
Republic with a US$30 million soft financing for the
reconstruction of highways, The Dominican Today reports citing
Industry and Commerce Minister Melanio Paredes.

Minister Paredes, the report relates, said the financing is part
of a project with the Inter-American Development Bank (I.D.B.).

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.



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

* ECUADOR: Mulls Repurchase of Foreign Bonds at 70% Discount
------------------------------------------------------------
Ecuador plans to buy back its foreign bonds due in 2012 and 2030
at a discount of at least 70%, Stephan Kueffner of Bloomberg News
reports, citing Economy Minister Diego Borja.

Minister Borja told Bloomberg News in a telephone interview that
the government will hold auctions to purchase the securities after
debt trading picks up early this month.

According to the report, the 2012 and 2030 securities, which have
a face value of US$3.2 billion, are trading at 25.5 cents on the
dollar after President Rafael Correa skipped a US$30.6 million
interest payment due Dec. 15.

As reported in the Troubled Company Reporter - Latin America on
Dec. 16, 2008, the Associated Press said Ecuador is defaulting on
a second bond payment, interest on US$650 million in Global 15
bonds due through 2015.  The declaration, the same report related,
came three days after President Correa said the country would not
make a similar US$30.6 million payment on Global 12 bonds.

In the Dec. 16, 2008 report, the TCRLA said that 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.

Bloomberg News meanwhile said in a Dec. 31 report that according
to Minister Borja, the government hasn't decided whether it will
also default on US$650 million of bonds due in 2015.  Ecuador has
until Jan. 15 to make an interest payment on those securities.

"There's no decision yet" on the 2015 bonds.  Those bonds are
still under legal review to determine their legality," Minister
Borja was quoted by Bloomberg News as saying.

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings 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-'.



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

CHEROKEE INT'L: Completes US$62.3MM Merger w/ Lineage Power's Unit
------------------------------------------------------------------
Cherokee International Corporation disclosed in a filing with the
Securities and Exchange Commission that Lineage Power Corporation
has completed the acquisition of the company.  Cherokee is now a
subsidiary of Lineage Power Holdings, Inc.

On Sept. 24, 2008, Cherokee entered into an Agreement and Plan of
Merger with Lineage Power Holdings, Inc., a portfolio company of
The Gores Group, LLC, and Birdie Merger Sub, Inc., a subsidiary of
Lineage Power Holdings, Inc.

Cherokee entered into a US$67,500,000 Credit Agreement with Wells
Fargo Foothill, LLC, as lender and agent, Lineage Power Holdings,
Inc., and Lineage Power Corporation.  The proceeds from the Credit
Agreement were used by Cherokee, among other ways, in connection
with the consummation of the Merger, and for general corporate
purposes.

Cherokee's stockholders, at a special meeting held on Nov. 18,
voted for the adoption and approval of the merger agreement, dated
Sept. 24, 2008, with Lineage Power Holdings, Inc. and Birdie
Merger Sub, Inc., and the transactions contemplated therein,
including the merger of the company with Birdie Merger Sub, Inc.

Pursuant to the terms of the Merger Agreement, at the Effective
Time:

  1) each share of common stock of Cherokee, other than shares
     owned by Cherokee, Lineage Power Holdings, Inc., Birdie
     Merger Sub, Inc. or any subsidiary of Cherokee, Lineage
     Power Holdings, Inc. or Birdie Merger Sub, Inc., par value
     US$0.001 per share, was canceled and automatically converted
     into the right to receive US$3.20, without interest;

  2) each unexercised Cherokee stock option that was outstanding
     at the Effective Time of the Merger (whether or not then
     vested) was canceled and converted into the right to
     receive an amount in cash (subject to applicable
     withholding taxes) equal to (x) the excess, if any, of
     US$3.20 per share over the per share exercise or purchase
     price of such outstanding Cherokee stock option, multiplied
     by (y) the number of shares of Cherokee common stock
     underlying such Cherokee stock option; and

  3) shares of Cherokee common stock purchased under Cherokee's
     Employee Stock Purchase Program were canceled and converted
     into the right to receive US$3.20 per share.

As a result of the Merger, Cherokee no longer fulfills the
numerical listing requirements of the Nasdaq Global Market.
Accordingly, after completion of the Merger, Cherokee requested
that Nasdaq (i) suspend trading in Cherokee's common stock
starting Nov. 21, 2008, and (ii) file with the Securities and
Exchange Commission an application on Form 25 to report that the
Shares are no longer listed on Nasdaq.  As a result, the Shares
will no longer be listed on Nasdaq.  Cherokee also intends to file
with the SEC a certification on Form 15 under the Securities
Exchange Act of 1934, as amended, requesting that the Shares be
deregistered and that Cherokee's reporting obligations under
Sections 13 and 15(d) of the Exchange Act be suspended.

The aggregate consideration paid in respect of the Shares was
approximately US$62,322,854.  The aggregate consideration was
funded by Lineage Power Holdings, Inc. and proceeds from the
Credit Agreement.

Pursuant to the terms of the Merger Agreement, the directors of
Birdie Merger Sub, Inc. immediately prior to the Effective Time
became the directors of Cherokee, the surviving corporation in the
Merger.  Accordingly, upon consummation of the Merger, each of
Andrew P. Freedman, Timothy P. Meyer, Mark R. Stone, Frank
Stefanik, Ryan D. Wald, Craig A. Witsoe and Steven C. Yager became
members of the board of directors of Cherokee.  As of the
Effective Time, these individuals ceased to be members of the
board:  Raymond Meyer, Jeffrey M. Frank, John Michal Conaway,
Clark Michael Crawford, Larry Schwerin, Edward Philip Smoot, and
David H. Robbins.  Moreover, effective as of the Effective Time,
each of these resigned as an officer of Cherokee:  Mr. Frank,
Linster W. Fox, Mukesh Patel, Alex Patel, Howard Ribaudo and
Michael Wagner.

In connection with the consummation of the Merger, Cherokee's
certificate of incorporation was amended, effective as of the
Effective Time.

               About Cherokee International Corp.

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer and
manufacturer of a range of switch mode power supplies for original
equipment manufacturers in the telecommunications, networking,
high-end workstations and other electronic equipment industries.
The company has offices and manufacturing plants in
Tustin and Irvine, California, Wavre, Belgium, Bombay, India,
Guadalajara, Mexico, and Penang, Malaysia.

Net income for the third quarter of 2008 was US$126,000 compared
to a net loss of US$1,309,000 for the third quarter a year ago.

Net loss for the nine months ended Sept. 28, 2008, was US$431,000
compared to a net loss of US$4.9 million for the nine months ended
Sept. 30, 2007.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$94.4 million, total liabilities of US$82.7 million and
stockholders' equity of about US$11.7 million.

As of Sept. 28, 2008, the company has cash and cash equivalents of
US$15.3 million and negative working capital of US$2.8 million due
to the US$46.6 million of senior notes in payment default as of
Nov. 1, 2008, being classified to current liabilities.  The
company's revolving line of credit with General Electric Capital
Corporation matured on Aug. 25, 2008.  The company does not have
an existing line of credit for its US domestic company.

                        Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the consolidated financial statements
of Cherokee International Corporation and subsidiaries as of
Dec. 30, 2007, and Dec. 31, 2006.  The company's management
anticipates that there will be insufficient cash balances
available to repay the outstanding debt at its maturity.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the company's 5.25% Senior Notes will become due
and payable.  The company does not expect to have sufficient cash
available at the time of maturity to repay this indebtedness and
are currently working on a variety of possible alternatives to
satisfy this obligation.  The company also cannot be certain that
it will have sufficient assets or cash flow available to support
refinancing these notes at current market rates or on terms that
are satisfactory to the company.  If the company is unable to
refinance on terms satisfactory to it, it may be forced to
refinance on terms that are materially less favorable, seek funds
through other means such as a sale of some of assets, or otherwise
significantly alter its operating plan, any of which could have a
material adverse effect on its business, financial condition and
results of operation.  These circumstances create substantial
doubt about the company's ability to continue as a going concern.


CHEROKEE INTERNATIONAL: Pays US$46.6MM of 5.25% Senior Notes Debt
-----------------------------------------------------------------
Cherokee International Corporation anticipates that the
outstanding amounts due and payable under the 5.25% Senior Notes,
together with default interest on overdue principal, will be paid
after the closing of the merger with Birdie Merger Sub, Inc., a
subsidiary of Lineage Power Holdings, Inc.

The company related that the senior notes will remain an
obligation of the company even after the merger transaction.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the 5.25% Senior Notes of Cherokee became due
and payable.  The company did not have sufficient cash available
to repay this indebtedness.  The company made the interest payment
due on November 1 but was unable to pay the principal amount
outstanding at maturity and a payment default occurred.

As a result of the payment default, in addition to the aggregate
principal amount outstanding under the Senior Notes, the company
is required to pay interest on overdue principal at the default
rate of 6.25% per annum.

               About Cherokee International Corp.

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer and
manufacturer of a range of switch mode power supplies for original
equipment manufacturers in the telecommunications, networking,
high-end workstations and other electronic equipment industries.
The company has offices and manufacturing plants in Tustin and
Irvine, California, Wavre, Belgium, Bombay, India, Guadalajara,
Mexico, and Penang, Malaysia.

Net income for the third quarter of 2008 was US$126,000 compared
to a net loss of US$1,309,000 for the third quarter a year ago.

Net loss for the nine months ended Sept. 28, 2008, was
US$431,000 compared to a net loss of US$4.9 million for the nine
months ended Sept. 30, 2007.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$94.4 million, total liabilities of US$82.7 million and
stockholders' equity of about US$11.7 million.

As of Sept. 28, 2008, the company has cash and cash equivalents of
US$15.3 million and negative working capital of US$2.8 million due
to the US$46.6 million of senior notes in payment default as of
Nov. 1, 2008, being classified to current liabilities.  The
company's revolving line of credit with General Electric Capital
Corporation matured on Aug. 25, 2008.  The company does not have
an existing line of credit for its US domestic company.

                        Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the consolidated financial statements
of Cherokee International Corporation and subsidiaries as of
Dec. 30, 2007, and Dec. 31, 2006.  The company's management
anticipates that there will be insufficient cash balances
available to repay the outstanding debt at its maturity.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the company's 5.25% Senior Notes will become due
and payable. The company does not expect to have sufficient cash
available at the time of maturity to repay this indebtedness and
are currently working on a variety of possible alternatives to
satisfy this obligation.  The company also cannot be certain that
it will have sufficient assets or cash flow available to support
refinancing these notes at current market rates or on terms that
are satisfactory to the company.  If the company is unable to
refinance on terms satisfactory to it, it may be forced to
refinance on terms that are materially less favorable, seek funds
through other means such as a sale of some of assets, or otherwise
significantly alter its operating plan, any of which could have a
material adverse effect on its business, financial condition and
results of operation.  These circumstances create substantial
doubt about the company's ability to continue as a going concern.


PILGRIM'S PRIDE: Gets Final Approval to Use US$450MM DIP Facility
-----------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Texas authorized Pilgrim's Pride Corporation to access, on a final
basis, US$450 million debtor-in-possession financing facility
arranged by Bank of Montreal as lead agent.

The company said it has received interim approval, earlier this
month, to access up to US$365 million of its US$450 million
debtor-in- possession financing facility pending a final hearing.

The DIP financing facility, combined with cash flows generated
from ongoing operations, allows the company to continue its
business operations on a normalized basis consistent with its pre-
bankruptcy practices.

Although the Debtors' businesses generally generate sufficient
cash to fund their operations on a long-term basis, in the short-
term the Debtors project that they will need the liquidity
provided by the proposed postpetition financing in addition to the
use of the cash that they generate to fund their operations and to
pay the costs and expenses of administering their Chapter 11
cases.

Before the Petition Date, the Debtors and their financial
advisors, Lazard Freres & Co., surveyed various sources of
postpetition financing.  Of the possible sources they approached,
they were only able to solicit proposals from two parties who
indicated interest in providing postpetition financing and
provided concrete pricing and structure proposals.

Ultimately, the prepetition lenders led by Bank of Montreal as
agent, were willing to extend postpetition financing.  Pursuant to
DIP Financing documents that are subject to definitive
documentation, the consortium of lenders agreed to extend up to
US$365,000,000 of postpetition financing on an interim basis and
up to US$450,000,000 on a final basis.  The Lenders' commitments:

Lender                                     DIP Commitment
------                                     --------------
Bank of Montreal                           US$100,000,000

Wells Fargo Bank National Association        $100,000,000

Cooperatieve Centrale
Raiffeisen-Boerenleenbank, B.A.,
"Rabobank Nederland" New York Branch         $100,000,000

U.S. Bank National Association                $45,000,000

ING Capital LLC                               $30,000,000

Calyon New York Branch                        $30,000,000

Natixis New York Branch                       $30,000,000

SunTrust Bank                                 $10,000,000

First National Bank of Omaha                   $5,000,000
                                            --------------
       Total                                US$450,000,000
                                            ==============

The Debtors and the DIP Lenders have agreed on a budget projecting
cash flow for thirteen weeks beginning the week ended December 6,
2008, to the week ending February 28, 2009.  A full- text copy of
the DIP Budget is available for free at:

      http://bankrupt.com/misc/pilgrims_DIPBudget.pdf

According to the Debtors' proposed counsel, Martin A. Sosland,
Esq., at Weil, Gotshal & Manges, LLP, in Dallas, Texas, the DIP
Credit will be available solely for, among others, loans and
letters of credit for payment of normal operating expenses
consistent with the Budget, loans for payment of payment of the
professional fees and expenses of the DIP Agent and the
prepetition BMO Lenders.

The salient terms of the DIP Financing are:

DIP Loan Borrower:   Pilgrim's Pride Corporation

Guarantors:          Each of the direct and indirect domestic
                      subsidiaries of PPC, which are debtors-
                      in-possession

DIP Agent:           Bank of Montreal, as administrative and
                      collateral agent

DIP Commitment:      A non-amortizing revolving credit
                      facility in an aggregate principal amount
                      of US$450,000,000 for revolving advances to
                      the Borrower, and a US$20,000,000 Letter of
                      Credit Sublimit

Available
Borrowing Base:      The lesser of (i) the DIP Commitment or
                      (ii) the Borrowing Base, which is the sum
                      of:

                         * 80% of the then outstanding unpaid
                           amount of Eligible Receivables; plus

                         * 65% of the value of Eligible
                           Inventory consisting of feed grains,
                           feed and ingredients located at the
                           Borrower's or a Guarantor's feed
                           mills or is prepaid in full and is
                           in transit from the seller thereof
                           to the Borrower or Guarantor; plus

                         * 65% of the lower of cost or fair
                           wholesale market value of Eligible
                           Inventory consisting of dressed
                           broiler chickens and commercial
                           eggs; plus

                         * 65% of the Value of Eligible
                           Inventory consisting of live broiler
                           chickens; plus

                         * 65% of the standard cost value of
                           Eligible Inventory consisting of
                           prepared food products; plus

                         * 100% of the Agreed Upon Values of
                           Eligible Inventory consisting of
                           breeder hens, breeder pullets,
                           commercial hens, commercial pullets
                           and hatching eggs; plus

                         * 40% of the actual costs of Eligible
                           Inventory consisting of packaging
                           materials, vaccines, general
                           supplies, and maintenance supplies;
                           minus

                         * the aggregate principal amount of
                           all loans, letters of credit and
                           unreimbursed drawings under letters
                           of credit outstanding under the
                           Prepetition BMO Credit Facilities;
                           minus

                         * the outstanding amount of Secured
                           Grower Payables that are more than
                           15 days past due; minus

                         * a good-faith estimate of the Carve-
                           Out Amount acceptable to the
                           Required Lenders; minus

                         * a good faith estimate of all claims
                           under Section 503(b)(9) of the
                           Bankruptcy Code; provided that the
                           Borrowing Base as determined on any
                           date will not exceed 222% of the
                           amount included.

Closing Date:        The Closing Date will occur immediately
                      upon entry of an Interim Financing Order
                      but no later than December 10, 2008.

Maturity Date:       December 1, 2009, subject to extension
                      for up to an additional six months.

Termination Date:    The DIP Commitment will terminate on the
                      earliest to occur of the (a) Maturity
                      Date; (b) the date that a plan of
                      reorganization of any Debtor confirmed by
                      the Court becomes effective; or (c) the
                      date the DIP Lenders terminate the DIP
                      Commitment based on the occurrence of an
                      Event of Default.

Interest Rate:       Principal accrues at 8.0% per annum plus
                      the Base Rate.

Fees:                Fees include (a) a closing fee in an
                      amount equal to 2.5% of the DIP
                      Commitment, (b) a DIP Agent's fee in the
                      amount of US$125,000, payable to the DIP
                      Agent for its own use and benefit, and
                      (c) a fee of 0.50% per annum on the
                      unused available DIP Commitment, payable
                      monthly in arrears to the DIP Agent.

Indemnification:     PPC and the Subsidiary Guarantors agree
                      to indemnify the DIP Agent, the L/C
                      Issuer, each Lender, and any security
                      trustee against all losses, claims,
                      damages, penalties, judgments,
                      liabilities and expenses.

All obligations of PPC and the Subsidiary Guarantors to the DIP
Lenders in respect of the DIP Credit, including, without
limitation, all accrued interest, costs, fees and expenses will be
secured by:

(a) First priority liens, mortgages and security interests, in
     all of the Debtors' property, including, without
     limitation, real property, the Cash Collateral Account,
     other than any equity interest of Avicola Pilgrim's Pride
     de Mexico, S. de. R.L. de C.V.;

(b) A valid, binding, continuing, enforceable, fully-priming
     lien, and security interest in the BMO Prepetition
     Collateral and the CoBank Prepetition Collateral.

The DIP Priming Liens on the Prepetition Collateral is senior in
all respects to the security interests in, and liens on, the
Prepetition Collateral of the Prepetition Lenders.

The liens and security interests granted to the DIP Lenders are
subject to a Carve-Out, which means an administrative expense
carve-out in the amount of US$5,000,000 for (a) the payment of
costs of winding up the Chapter 11 cases and the professional fees
and disbursements of professionals hired by the Debtors and any
official committee appointed in the Chapter 11 cases incurred
after the Termination Date, plus (b) professional fees and
disbursements incurred or accrued and pending applications for
professional fees and disbursements of the Debtors' and any
official committee's professionals prior to the Termination Date
and U.S. Trustee fees.

No part of the Carve-Out, however, will be used to object to or
contest any postpetition lien or Postpetition Obligations or to
challenge any prepetition lien of the Prepetition BMO Agent or the
Prepetition BMO Lenders, or to otherwise seek affirmative relief
against the DIP Agent, the Lenders, the Prepetition BMO Agent or
the Prepetition BMO Lenders.

Events of Default include the usual provisions as deemed
appropriate by the DIP Lenders, together with the Events of
Default which are substantially the same as those in the
Prepetition BMO Credit Agreement.  Among others, the DIP
Agreements provide that a default will occur if:

(a) the Borrower or any Subsidiary, or any member of its
     Controlled Group, will fail to pay when due an amount or
     amounts aggregating in excess of US$10,000,000, which it
     will have become liable to pay to the Pension Benefit
     Guaranty Corporation or to a Plan under Title IV of the
     Employee Retirement Income Security Act;

(b) a trustee under Chapter 11 will be appointed in any of the
     Chapter 11 cases;

(c) an order of the Court will be entered in any of the
     Chapter 11 cases appointing an examiner or other person
     with enlarged powers relating to the operation of the
     business under Section 1106(b); or

(d) the DIP Orders are be amended, reversed, stayed, vacated
     or modified, in the case of an amendment or modification
     in a manner which materially and adversely affects the
     rights of the Lenders or the DIP Agent.

The Borrower and each Guarantor unconditionally agrees to forever
indemnify and covenants not to sue for any claim for contribution
against, each Indemnitee for any damages arising out of any of:

-- any presence, Release, threatened Release or disposal of
    any hazardous or toxic substance or petroleum by the
    Borrower or any Subsidiary or otherwise occurring on or
    with respect to its Property;

-- the operation or violation of any Environmental Law,
    whether federal, state, or local, and any regulations
    promulgated thereunder, by the Borrower or any Subsidiary
    or otherwise occurring on or with respect to its Property;

-- any claim for personal injury or property damage in
    connection with the Borrower or any Subsidiary or otherwise
    occurring on or with respect to its Property; or

-- the inaccuracy or breach of any environmental
    representation, warranty or covenant by the Borrower.

A full-text copy of the DIP Agreement, subject to definitive
documentation, is available for free at:

      http://bankrupt.com/misc/pilgrims_DIPPact.pdf

In support of the Debtors' DIP Financing and Cash Collateral
request, they filed with the Court a declaration of Barry
Stratton, a vice president of the Bank of Montreal in its special
assets division.  A full-text copy of the Stratton Declaration is
available for free at:

     http://bankrupt.com/misc/pilgrims_strattondecl.pdf

                      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
n 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.


HIPOTECARIA SU: Moody's Confirms 'Ba3' Global Scale Issuer Rating
-----------------------------------------------------------------
Moody's de Mexico confirmed Hipotecaria Su Casita's national scale
issuer rating at A3.mx, and the Ba3 global scale local currency
issuer rating.  The rating outlook is stable.

This action concludes Moody's review, and follows the announcement
that the company's shareholders have approved the suspension of a
merger agreement between Su Casita and Caja Madrid (Aa3/Stable),
pending stabilization of global financial markets which have
displayed extreme volatility in the past year and a half.  Caja
Madrid will remain a 40% partner in Su Casita. Shareholders
(including Caja Madrid) have agreed to provide a MXN$500 million
(EUR26.8 million) equity infusion by the 1Q09, which represents a
16% capital increase for the sofom.

The confirmation of the ratings with a stable outlook reflects
Moody's expectations that Su Casita will continue to operate as a
standalone mortgage originator, housing construction lender and
servicer, while at least maintaining if not improving its current
market leadership.  Moody's will closely monitor the company's
funding sources and delinquent portfolio as it navigates the very
volatile and dislocated global credit and capital markets.  The
stable rating outlook also reflects Moody's expectation that Su
Casita's management will continue to grow the company prudently
and increase the products it provides, while maintaining its sound
operating margins, and maintaining or improving its delinquent
portfolio.

Global credit market challenges, specifically for mortgage
financing, have strained all Mexican mortgage companies' ability
to securitize their mortgage portfolio, a key liquidity tool for
Su Casita.  The company, as well as some of its peers, has
recently become much more reliant on funding from Sociedad
Hipotecaria Federal to finance future originations.  Moody's does
not expect this to change in the intermediate-term, however it
does feel that the company will be able to meet its short-term
debt obligations, but at a higher cost to its growth plans and
future profitability.

Rating improvements for Su Casita will be difficult in the current
operating environment.  However, positive rating movements will be
contingent on maintaining its profitability, financial flexibility
and portfolio quality.  Other factors include enhancing its market
position and brand name while increasing product diversification
and improving its pre-tax interest coverage to above 1.3x and its
debt to assets closer to 80%.  Downward rating pressure would
result from its inability to continue to operate with sound
liquidity in the current market and a decrease in its EBITDA
margins below 30% on a sustained basis.  Additional negative
ratings pressure would result from an increase in delinquent loans
to more than 6.5% of the total portfolio, an increase in leverage
to 90% or an adverse shift in governmental housing policy.

These ratings were confirmed with a stable outlook:

  * Hipotecaria Su Casita, S.A. De C.V. -- National scale issuer
    rating at A3.mx and global scale local currency issuer rating
    at Ba3

  * Hipotecaria Su Casita, S.A. De C.V. -- Corporate family rating
    at Ba3

  * Hipotecaria Su Casita, S.A. De C.V. -- Ba3 senior notes issued
    in the USA

The last rating action with respect to Su Casita was on July 28,
2008 when Moody's placed the ratings on review for possible
upgrade.

Su Casita, based in Mexico City, Mexico, started operations in
1994 as a non-bank financial institution/Sofol Mortgage Company.
Su Casita's main activity consists of extending mortgage loans
financed by monies from SHF to low income individuals -- an
important role in the low-income housing market, as there is no
rental market in Mexico.  As of September 30, 2008, the company
reported total assets of approximately US$39,078 million Mexican
pesos, and US$3,080 million Mexican pesos in equity.

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



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

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.



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

* BOND PRICING: For the Week December 29, 2008 - January 2, 2009
----------------------------------------------------------------


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

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

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

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

   CHILE
   -----
CAP                      7.375    09/15/36     USD      73.32

   COSTA RICA
   ----------
Costa Rica TPS           7.750    08/30/11     USD      73.44

   DOMINICAN REPUBLIC
   ------------------
Dominican Republic       9.040    01/23/18     USD      64.40

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

  EL SALVADOR
  -----------
El Salvador Rep          8.250    04/10/32     USD      71.16
El Salvador Rep          8.250    04/10/32     USD      71.16

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

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

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

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

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

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

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


                            ***********

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

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

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


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