TCRLA_Public/090106.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, January 6, 2009, Vol. 9, No. 3

                            Headlines

A R G E N T I N A

ARIES SALUD: Proofs of Claim Verification Due on March 17
BIRO SRL: Proofs of Claim Verification Due on March 20
CASA REICH: Proofs of Claim Verification Due on March 27
FONOSISTEMA SA: Proofs of Claim Verification Due on March 20
GENTEAMAR SA: Proofs of Claim Verification Due on Feb. 6

INDUSTRIAS PARAMI: Proofs of Claim Verification Due on March 31
INVERSORA ALEMAR: Proofs of Claim Verification Due on Feb. 25
* ARGENTINA: Inks Deal Swapping US$5.6BB in Guaranteed Loans


B E R M U D A

NB FINANCE: Commences Liquidation Proceedings
NB FINANCE: Members' Final Meeting Set for January 23
PARKCENTRAL GLOBAL: Court Enters Wind-Up Order
WARNER CHILCOTT: Commences Liquidation Proceedings
WARNER CHILCOTT: Members' Final Meeting Set for January 20


B R A Z I L

BNDES: Approves US$840 Million Credit Limit for Neoenergia
FORD MOTOR: Vehicle Sales in US Drop Almost 19% in 2008
GENERAL MOTORS: Board of Directors Approves Amendment of Bylaws
SCANTEK MEDICAL: Files for Chapter 11 Bankruptcy in New Jersey
SCANTEK MEDICAL: Case Summary & 20 Largest Unsecured Creditors


C A Y M A N  I S L A N D S

AIG-MEZZVEST: Placed Under Voluntary Liquidation
ATLANTIS CAPITAL: Enters Wind-Up Proceedings
AUSTIN ATLANTIC: Commences Liquidation Proceedings
AUSTIN ATLANTIC: Commences Liquidation Proceedings
BERRYBROOK HOLDINGS: Commences Liquidation Proceedings

BLOSSOM FUND: Creditors' Proofs of Debt Due on January 8
DRAGON'S LINK: Creditors' Proofs of Debt Due on January 8
DRAGON SPIRIT: Creditors' Proofs of Debt Due on January 8
EQUITY WORLD: Creditors' Proofs of Debt Due on January 30
FOUR CORNERS: Creditors' Proofs of Debt Due on January 8

GREENBRIDGE FUND: Placed Under Voluntary Liquidation
HUDSON CANYON: Commences Liquidation Proceedings
IVY MA: Placed Under Voluntary Liquidation
MEZZVEST MANAGER: Placed Under Voluntary Liquidation
ORIES FUNDING: Commences Liquidation Proceedings

PREFERRED FUNDING: Commences Liquidation Proceedings
REDBRIDGE STRATEGIC: Commences Liquidation Proceedings
ZAIS LEVERED: Placed Under Voluntary Liquidation
ZAIS LEVERED: Placed Under Voluntary Liquidation
ZAIS LEVERED: Placed Under Voluntary Liquidation


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Rate Cut May Boost Commercial Activities


E C U A D O R

* ECUADOR: May Pay Back Global 2015 Bond Series


H A I T I

* HAITI: U.S. SEC Halts US$23 Mil. Ponzi Scheme & Affinity Fraud


J A M A I C A

AIR JAMAICA: Still Has No Clear Buyer as 3Mo Deadline Approaches


CABLE & WIRELESS: Executive Resigns From LIME Jamaica


M E X I C O

HIPOTECARIA SU: Postpones 60% Stake Sale to Caja Madrid
HIPOTECARIA SU: S&P Affirms Counterparty Credit Rating at 'BB'


V E N E Z U E L A

PDVSA: Net Income Up 225% to US$12.1BB in First 9 Months of 2008


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

ARIES SALUD: Proofs of Claim Verification Due on March 17
---------------------------------------------------------
The court-appointed trustee for Aries Salud S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 17, 2009.

  
BIRO SRL: Proofs of Claim Verification Due on March 20
------------------------------------------------------
The court-appointed trustee for Biro S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 20, 2009.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 23, 2009.


CASA REICH: Proofs of Claim Verification Due on March 27
--------------------------------------------------------
The court-appointed trustee for Casa Reich S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 27, 2009.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 19, 2009.


FONOSISTEMA SA: Proofs of Claim Verification Due on March 20
------------------------------------------------------------
The court-appointed trustee for Fonosistema S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 20, 2009.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 23, 2009.


GENTEAMAR SA: Proofs of Claim Verification Due on Feb. 6
--------------------------------------------------------
The court-appointed trustee for Genteamar S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
Feb. 6, 2009.

The trustee will present the validated claims in court as
individual reports on March 23, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 13, 2009.


INDUSTRIAS PARAMI: Proofs of Claim Verification Due on March 31
---------------------------------------------------------------
The court-appointed trustee for Industrias Parami S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 31, 2009.

The trustee will present the validated claims in court as
individual reports on May 18, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 29, 2009.


INVERSORA ALEMAR: Proofs of Claim Verification Due on Feb. 25
-------------------------------------------------------------
The court-appointed trustee for Inversora Alemar S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
Feb. 25, 2009.

The trustee will present the validated claims in court as
individual reports on April 14, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 28, 2009.


* ARGENTINA: Inks Deal Swapping US$5.6BB in Guaranteed Loans
------------------------------------------------------------
The Argentine government has reached a deal with local banks to
swap US$5.6 billion of "guaranteed loans" coming due between 2009
and 2011 for new bonds expiring between 2014 and 2016, Taos Turner
of Dow Jones Newswires reports, citing the daily Pagina 12.

According to the report, Argentina signed a deal with these
local banks:

  -- Banco de Galicia (GALI.BA),
  -- Banco Ciudad,
  -- Banco Rio Santander,
  -- Banco Frances, and
  -- Banco Macro (BMA).

The government, the report relates, is also close to signing a
deal with foreign investors to swap US$2 billion worth of debt,
including Boden 2012 bonds, for Discount bonds coming due in 2033.

The interest rate for local banks participating in the guaranteed
loans swap will get 2 percentage points less than Badlar, which is
the average rate banks pay on monthly deposits of over 1 million
pesos (US$287,150), the report notes.  As of Dec. 31, the Badlar
was 16.25%, according to an Argentine Central Bank statement
obtained by DJ Newswires.

The report says the government faces debt payments totaling about
US$20 billion this year, an amount which could decline by several
billion dollars if the government carries out these swaps.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's ratings:

  -- Long-term local currency Issuer Default Rating to 'B-' from
     'B';

  -- Country Ceiling to 'B' from 'B+';

  -- Performing bonds in foreign and local currency governed by
     Argentine law to 'B-/RR4' from 'B/RR4';

The Rating Outlook on the local currency IDR is Stable.

In addition, Fitch affirmed these ratings:

  -- Long-term foreign currency IDR remains in Restricted Default
      ('RD');

  -- Short-term IDR at 'B';

  -- Performing bonds in foreign currency governed by foreign law
     at 'B-/RR4';

  -- Defaulted senior unsecured notes at 'CC/RR4';

  -- Defaulted collateralized Brady bonds at 'CCC-/RR3'.



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

NB FINANCE: Commences Liquidation Proceedings
---------------------------------------------
NB Finance, Ltd. commenced liquidation proceedings on Dec. 17,
2008.

Only creditors who were able to file their proofs of debt by
January 2, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11
          Bermuda


NB FINANCE: Members' Final Meeting Set for January 23
-----------------------------------------------------
The members of NB Finance, Ltd. will hold their final meeting on
January 23, 2009, at 9:30 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 17, 2008.

The company's liquidator is:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11
          Bermuda


PARKCENTRAL GLOBAL: Court Enters Wind-Up Order
----------------------------------------------
On December 12, 2008, the Supreme Court of Bermuda entered an
order to have Parkcentral Global Hub Limited's operations wound
up.

Michael M. Morrison and Charles Thresh were appointed as
provisional liquidators.


WARNER CHILCOTT: Commences Liquidation Proceedings
--------------------------------------------------
Warner Chilcott (Bermuda) Limited commenced liquidation
proceedings on Dec. 18, 2008.

Only creditors who were able to file their proofs of debt by
January 2, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11
          Bermuda


WARNER CHILCOTT: Members' Final Meeting Set for January 20
----------------------------------------------------------
The members of Warner Chilcott (Bermuda) Limited will hold their
final meeting on January 20, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Dec. 18, 2008.

The company's liquidator is:

          Robin J. Mayor
          Messrs. Conyers Dill & Pearman
          Clarendon House, 2 Church Street
          Hamilton, HM 11
          Bermuda



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

BNDES: Approves US$840 Million Credit Limit for Neoenergia
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA ("BNDES")
has approved a revolving credit limit of BRL2 billion (US$840
million) for power holding company Neoenergia, Business News
Americas reports.

The financing, the report relates, is designed to help modernize
Neoenergia's distribution subsidiaries Coelba (Bahia state), Celpe
(Pernambuco state) and Cosern (Rio Grande do Norte state).

The value represents 60% of Neoenergia's investment plan for 2008-
12, BNAmericas says.

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

                          *     *     *

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


FORD MOTOR: Vehicle Sales in US Drop Almost 19% in 2008
-------------------------------------------------------
Jeff Bennett at The Wall Street Journal reports that Ford Motor
Co. said on Friday that industry-wide car and truck sales in the
U.S. dropped almost 19% in 2008.

Ford Motor's chief sales analyst, George Pipas, said that overall
vehicle sales, including heavy and medium-duty trucks, were
expected to drop to 13.5 million in 2008 from 16.5 million in
2007, which would be the lowest sales year since 1992, WSJ
relates.

Citing Mr. Pipas, WSJ states that the sales rate for vehicles, on
an annualized basis, fell from 15.6 million vehicles in the first
quarter 2008 to:

    -- 14.6 million in the second quarter 2008,
    -- 13.1 million in the third quarter 2008, and
    -- 10.6 million in the fourth quarter 2008.

"We are not looking for sales in the first quarter to be much
different than the fourth quarter," WSJ quoted Mr. Pipas as
saying.  Ford Motor, according to WSJ, said that the continued
slowdown won't change much in the first quarter 2009.

Citing Mr. Pipas, WSJ says that Ford Motor's market share in the
U.S. would drop to 14% for 2008, from 14.7% in 2007.

Mr. Pipas said that vehicle sales could recover in the second half
of 2009 as efforts to stimulate the economy take, according to
WSJ.  Ford Motor said its overall 2009 sales would total
12.5 million units, while light-vehicle sales may hit
12.2 million, WSJ reports.

Neil Irwin at the Washington Post reports that the U.S. Treasury
Department keeps leeway in the U.S. auto aid.  The Washington Post
relates that the Treasury "will determine the form, terms, and
conditions of any investment made pursuant to this program
[Automotive Industry Financing Program] on a case-by-case basis."

                     About Ford Motor Co.

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

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

                       *     *     *

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

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


GENERAL MOTORS: Board of Directors Approves Amendment of Bylaws
--------------------------------------------------------------
General Motors Corporation disclosed in a regulatory filing that
its board of directors approved amendments to the company's Bylaws
effective immediately.  Section 2.4, which establishes the process
for calling a special meeting of the board well as the timing of
notice of a special meeting, was amended to add that the secretary
of the company may provide less than 24 hours notice if the notice
is reasonable under the circumstances.

In addition, Section 2.5, which sets the quorum for meetings of
the board, was amended to provide that one third of the whole
board constitutes a quorum at a regular or special meeting of the
board for which directors receive notice at least 24 hours in
advance and that for a special meeting for which directors
received less than 24 hours' notice, a majority of the whole board
constitutes a quorum.

A full-text copy of the BYLAWS as of Dec. 19, 2008, is available
for free at http://ResearchArchives.com/t/s?3736

Neil Irwin at the Washington Post reports that the U.S. Treasury
Department keeps leeway in the U.S. auto aid.  The Washington Post
relates that the Treasury "will determine the form, terms, and
conditions of any investment made pursuant to this program
[Automotive Industry Financing Program] on a case-by-case basis."

                      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.


SCANTEK MEDICAL: Files for Chapter 11 Bankruptcy in New Jersey
--------------------------------------------------------------
Scantek Medical, Inc., filed a voluntary petition under Chapter 11
of the United States Bankruptcy Code before the United States
Bankruptcy Court District of New Jersey.

The company said it has shipped 35,000 units of its
BreastCare(TM)/BreastAlert(TM) Differential Temperature Sensor
product to a medical equipment supplier for hospitals and doctors
in Brazil.  The purchaser paid US$100,000 to date, and will pay
the balance of the purchase price 180 days after its receipt of
the units.

The purchaser's obligation to pay the balance of the purchase
price is secured by a standby letter of credit.

                      About Scantek Medical

Headquartered in Mountain Lakes, New Jersey, Scantek Medical
Inc. (Pink Sheets: SKML) develops, produces, and distributes
BeastCare(TM)/BreastAlert(TM) Differential Temperature Sensor
product.  The company has subsidiaries in Brazil and Hungary.


SCANTEK MEDICAL: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Scantek Medical, Inc.
       PO Box 307
       Mountain Lakes, NJ 07046

Bankruptcy Case No.: 08-35593

Type of Business: The Debtor develops, produces, and distributes
                 BeastCare(TM)/BreastAlert(TM) Differential
                 Temperature Sensor product.  The company has
                 subsidiaries in Brazil and Hungary.

Chapter 11 Petition Date: December 24, 2008

Court: District of New Jersey (Newark)

Judge: Morris Stern

Debtor's Counsel: Wayne M. Greenwald, Esq.
                 Wayne Greenwald, PC
                 475 Park Avenue South, 26th Floor
                 New York, NY 10016
                 Tel: (212) 983-1922

Estimated Assets: Less than US$50,000

Estimated Debts: US$10 million to US$50 million

The Debtor's Largest Unsecured Creditors:

  Entity                                        Claim Amount
  ------                                        ------------
Zsigmon L. Sagi                                US$3,501,256
PO Box 307
Mountain Lakes, NJ 07046

Ballydine                                        $1,908,045
Hong Kong China

Accordant Holdings LLC                           $1,690,730
853 East Valley Blvd., Ste 200
San Gabriel, CA 91776

Mintz & Fraade PC                                $1,322,675
488 Madison Avenue, 11th Floor
New York, NY 10022

Patricia Furness                                 $1,118,490
PO Box
New Jersey

Rubin Family Trust                               $820,175
25 Highlands Blvd.
Huntington Station, NY 11746

Louis Gottlieb                                   $675,321
439 Links Drive
Roslyn, NY 11576

Weiner Goodman & Co.                             $557,149
10 Industrial Way E.
Eatontwon, NJ 07724

Canal Jeans                                      $552,249
c/o Ira Russack
2236 Norstrand Avenue
Brooklyn, NY 11210

DC Consultants                                   $489,560

Gerald Goodman                                   $350,000

Malir Enterprises Corp.                          $346,987

Zurow Investments SA                             $346,987

Kilham Management                                $346,987

Ira Russack                                      $314,029

Life Medical Technologies                        $266,532
Inc.

Jeffrey Izzo                                     $180,000

Law Offices of Edward C                          $170,000
Kramer PC

The petition was signed by Patricia B. Furness, president and
director of the company.



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

AIG-MEZZVEST: Placed Under Voluntary Liquidation
------------------------------------------------
On November 20, 2008, the sole shareholder of AIG-Mezzvest
Partners, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
December 4, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          CapVest Limited
          100 Pall Mall, London
          SW1Y 5NQ, England
          c/o Khatidja McLean
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone:(345) 815 1760
          Facsimile:(345) 949 1986


ATLANTIS CAPITAL: Enters Wind-Up Proceedings
--------------------------------------------
At an extraordinary general meeting held on October 15, 2008, the
shareholders of Atlantis Capital Fund Limited resolve to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lion Support Services Limited
          Cumberland House
          #27 Cumberland Street
          Nassau
          New Providence Island, The Bahamas


AUSTIN ATLANTIC: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Austin Atlantic Partners, Ltd. resolved to
voluntarily liquidate the company's business on Nov. 14, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone:(345) 815-1705
          Facsimile:(345) 949 1986
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


AUSTIN ATLANTIC: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Austin Atlantic Partners Master Fund, Ltd.
resolved to voluntarily liquidate the company's business on
Nov. 14, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone:(345) 815-1705
          Facsimile:(345) 949 1986
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


BERRYBROOK HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
On November 24, 2008, the sole shareholder of Berrybrook Holdings
Ltd resolved to voluntarily liquidate the company's business.

Only creditors who can file their proofs of debt by Jan. 6, 2009,
will be included in the company's dividend distribution.

The company's liquidator is:

          IPC Management Trust Reg.
          Philip Sutcliffe
          Trident Trust Company (Cayman) Limited
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Telephone:(345) 949 0880
          Facsimile:(345) 949 0881


BLOSSOM FUND: Creditors' Proofs of Debt Due on January 8
--------------------------------------------------------
The creditors of Blossom Fund Ltd are required to file their
proofs of debt by January 8, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 2008.

The company's liquidator is:

          Stuart Sybersma
          c/o Elisa Charlton, Deloitte & Touche
          P.O. Box 1787 GT, Grand Cayman
          Cayman Islands
          Telephone:(345) 949 7500
          Facsimile:(345) 949 8258


DRAGON'S LINK: Creditors' Proofs of Debt Due on January 8
---------------------------------------------------------
The creditors of Dragon's Link Company are required to file their
proofs of debt by January 8, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 18, 2008.

The company's liquidator is:

          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632
          Royal Bank House, 3rd Floor
          Shedden Road, George Town
          Grand Cayman KY1-1006, Cayman Islands


DRAGON SPIRIT: Creditors' Proofs of Debt Due on January 8
---------------------------------------------------------
The creditors of Dragon Spirit Company are required to file their
proofs of debt by January 8, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 18, 2008.

The company's liquidator is:

          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632
          Royal Bank House, 3rd Floor
          Shedden Road, George Town
          Grand Cayman KY1-1006, Cayman Islands


EQUITY WORLD: Creditors' Proofs of Debt Due on January 30
---------------------------------------------------------
The creditors of Equity World Limited are required to file their
proofs of debt by January 30, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 2008.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981
          Grand Cayman, KY1-1104


FOUR CORNERS: Creditors' Proofs of Debt Due on January 8
--------------------------------------------------------
The creditors of Four Corners Absolute Return Offshore Fund, Ltd
are required to file their proofs of debt by January 8, 2009, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 2008.

The company's liquidator is:

          Stuart Sybersma
          c/o Mervin Solas, Deloitte & Touche
          P.O. Box 1787 GT, Grand Cayman
          Cayman Islands
          Telephone:(345) 949 7500
          Facsimile:(345) 949 8258


GREENBRIDGE FUND: Placed Under Voluntary Liquidation
----------------------------------------------------
On November 14, 2008, the sole shareholder of Greenbridge Fund I
General Partner Corp. resolved to voluntarily liquidate the
company's business.

Only creditors who can file their proofs of debt by Jan. 6, 2008,
will be included in the company's dividend distribution.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone:(345) 914-6314


HUDSON CANYON: Commences Liquidation Proceedings
------------------------------------------------
On November 21, 2008, the sole shareholder of Hudson Canyon
Funding, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who can file their proofs of debt by Jan. 6, 2008,
will be included in the company's dividend distribution.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone:(345) 914-6314


IVY MA: Placed Under Voluntary Liquidation
------------------------------------------
On October 17, 2008, the sole shareholder of Ivy Ma Holdings
Cayman 1, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who can file their proofs of debt by Jan. 6, 2008,
will be included in the company's dividend distribution.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone:(345) 914-6314


MEZZVEST MANAGER: Placed Under Voluntary Liquidation
----------------------------------------------------
On November 20, 2008, the shareholders of Mezzvest Manager, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 4, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone:(345) 815 1760
          Facsimile:(345) 949 1986
          c/o Ogier
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


ORIES FUNDING: Commences Liquidation Proceedings
------------------------------------------------
On November 20, 2008, the sole shareholder of Ories Funding
Limited resolved to voluntarily liquidate the company's business.

Only creditors who can file their proofs of debt by Jan. 6, 2008,
will be included in the company's dividend distribution.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone:(345) 914-6314


PREFERRED FUNDING: Commences Liquidation Proceedings
----------------------------------------------------
On November 21, 2008, the sole shareholder of Preferred Funding
Warehousing Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who can file their proofs of debt by Jan. 6, 2008,
will be included in the company's dividend distribution.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone:(345) 914-6314


REDBRIDGE STRATEGIC: Commences Liquidation Proceedings
------------------------------------------------------
On November 19, 2008, the sole shareholder of Redbridge Strategic
Fund, SPC resolved to voluntarily liquidate the company's
business.

Only creditors who can file their proofs of debt by Jan. 8, 2009,
will be included in the company's dividend distribution.

The company's liquidator is:

          Richard L. Finlay
          Krysten Lumsden
          Telephone:(345) 945 3901
          Facsimile:(345) 945 3902
          P.O. Box 2681 GT, Grand Cayman


ZAIS LEVERED: Placed Under Voluntary Liquidation
------------------------------------------------
The sole shareholder of Zais Levered Loan Fund, Ltd. resolved to
voluntarily liquidate the company's business on August 26, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Vijayabalan Murugesu
          c/o Ogier Fiduciary Services (Cayman) Limited
          Queensgate House
          PO Box 1234, Grand Cayman
          KY1-1108 Cayman Islands


ZAIS LEVERED: Placed Under Voluntary Liquidation
------------------------------------------------
The sole shareholder of Zais Levered Loan Holding Company, Ltd.
resolved to voluntarily liquidate the company's business on
September 18, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Vijayabalan Murugesu
          c/o Ogier Fiduciary Services (Cayman) Limited
          Queensgate House
          PO Box 1234, Grand Cayman
          KY1-1108 Cayman Islands


ZAIS LEVERED: Placed Under Voluntary Liquidation
------------------------------------------------
The sole shareholder of Zais Levered Loan Portfolio Company, SPC.
resolved to voluntarily liquidate the company's business on
August 26, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Vijayabalan Murugesu
          c/o Ogier Fiduciary Services (Cayman) Limited
          Queensgate House
          PO Box 1234, Grand Cayman
          KY1-1108 Cayman Islands




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

* DOMINICAN REPUBLIC: Rate Cut May Boost Commercial Activities
--------------------------------------------------------------
Representatives of Dominican Republic's industrial, commercial and
agricultural sector have said that the reduction in interest rates
announced by the Central Bank will lead to an increase in
commercial activities, which in turn will contribute to
reactivating the country's economy, The Dominican Today reports.

The report says on January 2, the Central Bank announced lower
overnight interest rates from 9.5% to 8.5% annually, or 1
percentage point, and the Lombarda interest rate from 16% to 14%
annually, or 2 percentage points.

According to the report, Manuel Cabrera, president of the Herrera
Industrialists Association (AEIH), welcomed the measure as
"timely" and said that it was an indication that the monetary
authorities were fulfilling their promises.

Mr. Cabrera, the report relates, said the reduction was smaller
than expected, and that it should have been between 10 and 12%.
Nonetheless, he was confident that these would return to the ideal
level for promoting economic development.

Meanwhile, Pedro Perez, president of the National Commercial
Companies Organization (Onec), said that the cut would also
contribute to reactivating the economy, and that many businesses
would now be able to get loans at a more reasonable rate.
However, Mr. Perez pointed out that the monetary authorities
needed to exercise caution in order to maintain exchange rate
stability, the report says.

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






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

* ECUADOR: May Pay Back Global 2015 Bond Series
-----------------------------------------------
Ecuador may pay back on its Global 2015 series issued in 2005
despite defaulting last month on payment of other bonds it
considers illegitimate, Associated Press reports, citing
President Rafael Correa.

President Correa, the report relates, said the Global 2015 series
is different from the Global 2012 and 2030 bonds because Ecuador
wasn't pressured into agreeing to it.

According to the report, President Correa said Ecuador's
government is analyzing how it deal with the 2012 and 2030 bonds,
whose renegotiation "gave away millions of dollars to creditors."

As reported in the Troubled Company Reporter - Latin America on
January 5, 2008, Bloomberg News said Ecuador plans to buy back its
foreign bonds due in 2012 and 2030 at a discount of at least 70%.

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.

The same report noted that 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.

In another TCRLA report dated Dec. 16, Bloomberg News said
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.

"We are gong to propose a buy back, and we are analyzing what debt
is legitimate and what is illegitimate," President Correa was
quoted by AP 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-'.




=========
H A I T I
=========

* HAITI: U.S. SEC Halts US$23 Mil. Ponzi Scheme & Affinity Fraud
----------------------------------------------------------------
The Securities and Exchange Commission has obtained an emergency
court order to halt an alleged Ponzi scheme and affinity fraud
that collected more than US$23 million from thousands of investors
in the Haitian-American community nationwide through a network of
purported investment clubs.

The SEC alleges that Creative Capital Consortium LLC and A
Creative Capital Concept$ LLC (collectively, Creative Capital) and
its principal, George L. Theodule, began conducting the scheme as
early as November 2007 by urging investors to form investment
clubs to funnel funds to Mr. Theodule and Creative Capital.
Mr. Theodule solicited investors by guaranteeing a 100 percent
return on their investment within 90 days based on his claimed
successful trading of stocks and options.

According to the SEC's complaint, investors also were promised
that Creative Capital's trading profits were being used to fund
new business ventures, including some to benefit the Haitian
community in the U.S., Haiti, and Sierra Leone.  The SEC alleges
that Mr. Theodule has lost at least US$18 million trading stocks
and options just over the last year, and Creative Capital merely
repaid earlier investors with monies collected from new investors
in typical Ponzi scheme fashion.  The SEC also alleges that
Mr. Theodule has commingled investor funds with his personal funds
and misappropriated at least US$3.8 million for himself and his
family.

"This alleged Ponzi scheme preyed upon unsuspecting members of a
close-knit community, attempting to take advantage of the trust
they had in each other," said Linda Chatman Thomsen, Director of
the SEC's Division of Enforcement.  "As always, investors need to
be wary of investment opportunities that guarantee results and
tout extraordinary returns."

David Nelson, Director of the SEC's Miami Regional Office, added,
"This case demonstrates that individuals will often rely on a
shared affinity to gain investors' trust.  In this case, Mr.
Theodule allegedly abused that trust to con thousands of investors
in the Haitian-American community."

Judge Donald M. Middlebrooks, U.S. District Judge for the Southern
District of Florida, issued the order on December 29 placing
Creative Capital under the control of a receiver to safeguard
assets, as well as other emergency orders, including temporary
restraining orders and asset freezes.

The SEC's complaint further alleges:

    * Defendants' statements of the safety and security of
      investor deposits are patently false.  Mr. Theodule directs
      prospective investors to form investment clubs with the
      assistance of a purported self-regulatory agency called
      Smart Investment Management Services, LLC (SIMS).
      Defendants tout SIMS' independent verification of their
      deposits as an added measure of safety and security.  In
      reality, SIMS is a private company run by a former Creative
      Capital employee and not a regulatory entity.

    * Defendants' claim of success trading stocks and options are
      also false.  Of the more than US$18 million deposited in
      brokerage accounts, Mr. Theodule has lost approximately 97
      percent of those funds trading stocks and options.  In fact,
      Mr. Theodule has consistently lost money trading in those
      accounts since November 2007, and has never generated net
      trading profits.

    * Defendants' claims that Creative Capital's trading profits
      were used to fund new business ventures, some of which would
      benefit the Haitian community in the United States and
      Haiti, and others in Sierra Leone are false.  In reality,
      there were no trading profits, and most of the funds the
      defendants disbursed went to pay earlier investors their
      purported profits, not fund business projects.  Moreover,
      the defendants misappropriated millions of dollars of
      investor funds.

In addition to the emergency relief obtained, the SEC's complaint
seeks disgorgement of the defendants' ill-gotten gains, financial
penalties, and permanent injunctions barring future violations of
the antifraud provisions of the federal securities laws.

The Commission acknowledges the assistance of the State of
Florida's Office of Financial Regulation in connection with this
matter.

The SEC's investigation is continuing.



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

AIR JAMAICA: Still Has No Clear Buyer as 3Mo Deadline Approaches
----------------------------------------------------------------
Air Jamaica said it still has no clear buyer as the three months
divestment deadline expiration approaches, Radio Jamaica News
reports.

According to the report, the deepening financial woes in the
global economy could put a damper on efforts by the Bruce Golding
administration to get the loss-making Air Carrier off its books.

The report relates Air Jamaica President and Chief Executive
Officer, Bruce Nobles, told RJR News that while discussions are
underway with several interested parties, the impact of the
economic crunch could make the sale a difficult one.  However he
remains optimistic despite the daunting economic challenges, the
report relates.

As reported in the Troubled Company Reporter - Latin America on
November 20, 2008, Jamaican Information Service said the
divestment of Air Jamaica is scheduled to be completed by
March 31, 2009.

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

Meanwhile, RJR News says the downturn in the world travel industry
is beginning to result in declining business for Air Jamaica.
According to the airline, it has seen a significant fall off in
passenger loads despite anticipation for a bumper winter tourist
season, the same report relates.

Mr. Nobles told RJR News that the airline is taking drastic action
to stave off long term negative implication on Air Jamaica's
coffers.  "We are clearly seeing a reduction in leisure travelers,
Jamaican travelers certainly travelled less during the holiday
period but we are looking at a fairly soft first quarter and we
have taken action to reduce our capacity.... We are trying to
match our costs with our revenues so we are reacting to that
situation as best as we can but things are looking a little scary
out in the future," RJR News quoted Mr. Nobles as saying.

                         About Air Jamaica

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

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

                           *     *     *

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


CABLE & WIRELESS: Executive Resigns From LIME Jamaica
------------------------------------------------------
Chief Financial Officer of LIME Jamaica (formerly Cable & Wireless
Jamaica) Eduardo Ryan resigned from his post after only 1 year of
tenure, Jamaica Gleaner reports.  The resignation took effect on
January 1.

According to the report, Vice-President of Financial Planning and
Analysis Martha Miller will shoulder Mr. Ryan's responsibilities
until a replacement is appointed.

Errol Miller, vice-president for corporate communications and
corporate affairs at LIME, said Mr. Ryan left to take up a new job
in Central America, the report notes.

The Gleaner recalls Mr. Ryan was named LIME's CFO in November
2007, replacing Mark Thompson who resigned in April of that year
to take up the position as chief executive officer of Michael Lee
Chin's insurance company, Advantage General.

                            About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/ -- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.


                     About Cable & Wireless

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

                          *     *     *

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

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



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

HIPOTECARIA SU: Postpones 60% Stake Sale to Caja Madrid
-------------------------------------------------------
Hipotecaria Su Casita SA's shareholders decided to postpone the
sale of its 60% stake to Spanish bank Caja Madrid pending the
"stabilization" of financial markets, TMC News reports.

According to the report, having already invested EUR332 million
(US$468 million) to control 40% of Hipotecaria Su, Caja Madrid
announced on June 21 its intention to acquire the remaining 60% of
the Mexican company for EUR215 million (US$342 million).

Caja Madrid, TMC News notes, also plans to bolster its financial
position by issuing 28.6 million (US$40.3 million) in new shares,
equivalent to 16% of Su Casita's existing capital.  Caja Madrid is
to receive 40% of the new shares, the report relates.

TMC News says Caja Madrid plans to keep Su Casita's current
management in place once the purchase is completed.

                       About Hipotecaria Su

Hipotecaria Su Casita SA, 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.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
January 5, 2008, 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.


HIPOTECARIA SU: S&P Affirms Counterparty Credit Rating at 'BB'
--------------------------------------------------------------
Standard & Poor's Rating Services said it affirmed its ratings,
including the 'BB' long-term counterparty credit rating, on
Mexico-based mortgage and construction lender Hipotecaria Su
Casita S.A. de C.V. SOFOM E.N.R., and removed them from
CreditWatch, where they were placed with positive implications on
July 22, 2008.  At the same time, the 'mxA' long-term and 'mxA-2'
short-term national scale ratings on HSC were affirmed.  The
outlook is stable.

"The rating action follows the Dec. 30, 2008, announcement by HSC
that the planned buyout by Caja de Ahorros y Monte de Piedad de
Madrid of HSC's remaining stockholders is suspended because of the
current deteriorating economic and market conditions," said
Standard & Poor's credit analyst Jose Perez-Gorozpe.  "Before this
announcement, Caja Madrid was planning to increase its indirect
stake to 100% from 40%.

"HSC has also declared that its stakeholders are planning to
provide additional capital during the first quarter of 2009, a
total of EUR28.6 million (approximately $500 million pesos), in
order to strengthen its financial structure and liquidity, and to
sustain future growth."

HSC reports below-average delinquencies, but still-low reserve
coverage.  Even if loss-given default is capped by mortgage
insurance and adequate loan-to-value ratios, S&P believes that the
firm's coverage of NPAs is low (NPAs consist of past-due loans and
foreclosed assets).  Recently, S&P has noted an increase in HSC's
target market debt burden, particularly in credit cards, which is
resulting in an increase in its NPAs.

Servicing nearly 165,000 outstanding mortgages worth
US$3.3 billion and US$722.4 million in home construction loans,
HSC is the largest independent mortgage company in Mexico.  It's
also one of the largest mortgage originators in Mexico among
private companies and commercial banks.

HSC has an adequate debt maturity profile that compares well with
its Mexican peers.  As the company does not rely on short-term
market debt to any great degree, refinancing risk remains very
limited in S&P's opinion.  Looking ahead, and in light of current
market conditions, S&P expects the company to increase its
reliance on funding from Sociedad Hipotecaria Federal, S.N.C.
(SHF; mxAAA/Stable/mxA-1+).

The stable outlook reflects the support that HSC will have in
terms of funding from the SHF and the expected capital injection
from its shareholders.  It also reflects S&P's expectation of
moderate growth rates, more severe originating policies, and an
improvement in asset quality.  A further deterioration in asset
quality indicators, or a change in the capitalization plans that
results in higher leverage or a significant decrease in
profitability and that subsequently affects internal capital
generation and capitalization levels, could result in a negative
action.  S&P sees no room for an upgrade at present given the
suspension of Caja Madrid's buyout and the worsening economic and
market conditions.



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

PDVSA: Net Income Up 225% to US$12.1BB in First 9 Months of 2008
----------------------------------------------------------------
Petroleos de Venezuela S.A.'s ("PDVSA") net income in the first
months of last year increased 225% to US$12.1 billion, Latin
American Herald Tribune reports.

During the first nine months of last year, the company took in net
revenues of US$115.4 billion, 68% higher than the same period of
the previous year, The Herald relates, citing PDVSA's Operational
and Financial Report.

The Herald says official figures show Venezuela's average price of
the basket of crude oil and refined products sold rose to an
average of US$103 per barrel during the January-September period.
However, the report recalls, global oil prices have continued to
plunge since reaching record highs over the summer, and
Venezuela's heavy, high-sulfur crude is now selling for much less
than the US$60 per barrel price used by President Hugo Chavez's
government in drafting the 2009 budget.

The company's financial report, The Herald notes, indicated that
during the period in question PDVSA's debt fell 7.38% and totaled
US$14.8 billion on Sept. 30, 2008.

The company document also said that PDVSA paid US$6.2 billion in
income tax between January and September and another US$8.8
billion in windfall taxes, The Herald adds.

                  About Petroleos de Venezuela

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

                          *     *     *

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



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

* Large Companies With Insolvent Balance Sheets
-----------------------------------------------



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

ARGENTINA

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


BRAZIL

TELEBRAS-CED C/E      RCT4C AR     -187984000        226080000
TELEBRAS-CM RCPT     RCTB30 BZ     -187984000        226080000
TELEBRAS-CEDE BL      RCT4B AR     -187984000        226080000
SAUIPE SA-PREF       PSEGPN BZ      -16319050         17641202
TELEBRAS-RTS PRF      RCTB2 BZ     -187984000        226080000
TELEBRAS-RTS CMN      RCTB1 BZ     -187984000        226080000
TELEBRAS-CEDEA $      RCT4D AR     -187984000        226080000
SAUIPE SA            PSEGON BZ      -16319050         17641202
PARQUE TEM-RCT C      PQTM9 BZ     -388872000        152268000
HOPI HARI-PREF        PQTM4 BZ     -388872000        152268000
HOPI HARI SA          PQTM3 BZ     -388872000        152268000
SAUIPE-PREF           PSEG4 BZ      -16319050         17641202
SAUIPE                PSEG3 BZ      -16319050         17641202
PROMAN                PRMN3 BZ        -591000         24461000
SCHLOSSER             SCLO3 BZ      -95113000         45358000
TELEBRAS-ADR            RTB US     -187984000        226080000
TEXTEIS RENAUX       RENXPN BZ     -135343008         86140000
TEXTEIS RENAUX       RENXON BZ     -135343008         86140000
SCHLOSSER SA-PRF      SCHPN BZ      -95113000         45358000
SCHLOSSER SA          SCHON BZ      -95113000         45358000
DTC DIRECT CO-RT    1DTCONR BZ      -16264999         11902000
TELEBRAS-PF RCPT     RCTB42 BZ     -187984000        226080000
TELEBRAS-RCT         RCTB33 BZ     -187984000        226080000
TELEBRAS-CM RCPT     RCTB32 BZ     -187984000        226080000
TELEBRAS-CM RCPT     RCTB31 BZ     -187984000        226080000
TELEBRAS-PF RCPT     RCTB41 BZ     -187984000        226080000
TELEBRAS-PF RCPT     RCTB40 BZ     -187984000        226080000
TELEBRAS-CEDE PF      RCTB4 AR     -187984000        226080000
WETZEL SA-PREF       MWELPN BZ       -8903000        150210992
MINUPAR-PREF          MNPR4 BZ      -34191000        179201008
MINUPAR               MNPR3 BZ      -34191000        179201008
CONST A LIND-PRF     LINDPN BZ      -13659000         51808000
WETZEL SA            MWELON BZ       -8903000        150210992
MINUPAR SA-PREF      MNPRPN BZ      -34191000        179201008
MINUPAR SA           MNPRON BZ      -34191000        179201008
CONST A LINDEN       LINDON BZ      -13659000         51808000
NOVA AMERICA-PRF     1NOVPN BZ     -353104000         40955000
DOCAS IMBITUB-PR     IMBIPN BZ      -25164000        202283008
DOCAS IMBITUBA       IMBION BZ  -25164000        202283008
GASCOIGNE EMPREE     1GASON BZ    -1048602048       1586146944
GASCOIGNE EMP-PF     1GASPN BZ    -1048602048       1586146944
NOVA AMERICA SA      1NOVON BZ     -353104000         40955000
PARQUE TEM-RT PF      PQTM2 BZ     -388872000        152268000
PARQUE TEM-DV CM       PQT5 BZ     -388872000        152268000
NOVA AMERICA-PRF     NOVAPN BZ     -353104000         40955000
NOVA AMERICA SA      NOVAON BZ     -353104000         40955000
PARQUE TEM-RCT P     PQTM10 BZ     -388872000        152268000
PARQUE TEM-RT CM      PQTM1 BZ     -388872000        152268000
PARQUE TEM-DV PF       PQT6 BZ     -388872000        152268000
NOVA AMERICA-PRF      NOVA4 BZ     -353104000         40955000
NORDON MET-RTS        NORD1 BZ      -33521000         36317000
WETZEL SA-PREF        MWET4 BZ       -8903000        150210992
WETZEL SA             MWET3 BZ       -8903000        150210992
NOVA AMERICA SA       NOVA3 BZ     -353104000         40955000
NORDON METAL         NORDON BZ      -33521000         36317000
NORDON MET            NORD3 BZ      -33521000         36317000
TECTOY SA            TOYBON BZ       -2539000         41684000
TECTOY-RCT ORD        TOYB9 BZ       -2539000         41684000
TEC TOY SA-PF B       TOYB6 BZ       -2539000         41684000
TECTOY-RCPT PF B     TOYB12 BZ       -2539000         41684000
FER C ATL-RCT CM      VSPT9 BZ      -85429000       2074043008
TEXTIL RENAUXVIE      TXRX3 BZ     -135343008         86140000
TEC TOY SA-PREF       TOYDF US       -2539000         41684000
TECTOY SA-PREF       TOYBPN BZ       -2539000         41684000
TECTOY-PF-RTS5/6     TOYB11 BZ       -2539000         41684000
TECTOY-RCT PREF      TOYB10 BZ       -2539000         41684000
TELEBRAS-ADR            TBX GR     -187984000        226080000
TEC TOY SA-PREF       TOYB5 BZ       -2539000         41684000
TECTOY-PREF           TOYB4 BZ       -2539000         41684000
TECTOY                TOYB3 BZ       -2539000         41684000
TECTOY-BONUS RTS     TOYB13 BZ       -2539000         41684000
FER C ATLANT-PRF      VSPT4 BZ      -85429000       2074043008
FER C ATLANT          VSPT3 BZ      -85429000       2074043008
VARIG SA             VARGON BZ   -10176870400       2094450944
WIEST SA-PREF        WISAPN BZ     -140973008         71372000

WIEST SA             WISAON BZ     -140973008         71372000
WIEST-PREF            WISA4 BZ     -140973008         71372000
WIEST                 WISA3 BZ     -140973008         71372000
VARIG SA-PREF         VAGV4 BZ   -10176870400       2094450944
VARIG SA              VAGV3 BZ   -10176870400       2094450944
TEXTEIS RENAU-PF      TXRX4 BZ     -135343008         86140000
FERROVIA CEN-DVD     VSPT12 BZ      -85429000       2074043008
FERROVIA CEN-DVD     VSPT11 BZ      -85429000       2074043008
FER C ATL-RCT PF     VSPT10 BZ      -85429000       2074043008
VARIG SA-PREF        VARGPN BZ   -10176870400       2094450944
TELEBRAS-CM RCPT      TBRTF US     -187984000        226080000
TELEBRAS-ADR          TBRAY GR     -187984000        226080000
TELEBRAS-ADR          TBAPY US     -187984000        226080000
TELEBRAS SA-PREF     TLBRPN BZ     -187984000        226080000
TELEBRAS-CEDEA $      TEL4D AR     -187984000        226080000
TELEBRAS-CED C/E      TEL4C AR     -187984000        226080000
TELEBRAS-RTS CMN      TCLP1 BZ     -187984000        226080000
TELEBRAS-PF RCPT      TBAPF US     -187984000        226080000
DTC DIRECT CO SA     1DTCON BZ      -16264999         11902000
SCHLOSSER-PREF        SCLO4 BZ      -95113000         45358000
TELEBRAS/W-I-ADR      TBH-W US     -187984000        226080000
TELEBRAS-ADR            TBH US     -187984000        226080000
TELEBRAS-ADR          TBASY US     -187984000        226080000
TELEBRAS SA           TBASF US     -187984000        226080000
TELEBRAS SA          TLBRON BZ     -187984000        226080000
TELEBRAS-PF RCPT     TELE41 BZ     -187984000        226080000
TELEBRAS-BLOCK       TELB30 BZ     -187984000        226080000
TECTOY-RTS/3          TOYB1 BZ       -2539000         41684000
TELEBRAS-RTS PRF      TLCP2 BZ     -187984000        226080000
TELEBRAS-PF RCPT     TLBRUP BZ     -187984000        226080000
TELEBRAS-RECEIPT     TLBRUO BZ     -187984000        226080000
TELEBRAS SA           TELB3 BZ     -187984000        226080000
TELEBRAS-RCT PRF     TELB10 BZ     -187984000        226080000
TELEBRAS-COM RTS      TELB1 BZ     -187984000        226080000
TELEBRAS-CM RCPT     TELE31 BZ     -187984000        226080000
TELEBRAS-PF BLCK     TELB40 BZ     -187984000        226080000
TELEBRAS SA-PREF      TELB4 BZ     -187984000        226080000
TELEBRAS-CEDE PF      TELB4 AR     -187984000        226080000
CAMBUCI SA            CAMB3 BZ      -42495000        177378992
CAF BRASILIA          CAFE3 BZ    -1042639040         38244000
ARTHUR LAN-DVD C     ARLA11 BZ      -26011000         34053000
ARTHUR LAN-DVD P     ARLA12 BZ      -26011000         34053000
CONST A LIND-PRF      CALI4 BZ      -13659000         51808000
CONST A LINDEN        CALI3 BZ      -13659000         51808000
CAF BRASILIA-PRF      CAFE4 BZ    -1042639040         38244000
BUETTNER SA-PRF      BUETPN BZ      -54926000        148186992
BUETTNER SA-RT P      BUET2 BZ      -54926000        148186992
BUETTNER SA-RTS       BUET1 BZ      -54926000        148186992
BOMBRIL CIRIO-PF     BOBRPN BZ     -485678016        442846016
BUETTNER SA          BUETON BZ  -54926000        148186992
BUETTNER-PREF         BUET4 BZ      -54926000        148186992
BUETTNER              BUET3 BZ  -54926000        148186992
COBRASMA SA-PREF     COBRPN BZ    -2764018944         19346000
CHIARELLI SA-PRF      CCHPN BZ      -85685000         42853000
CHIARELLI SA          CCHON BZ      -85685000         42853000
CHIARELLI SA-PRF      CCHI4 BZ      -85685000         42853000
COBRASMA SA          COBRON BZ    -2764018944         19346000
COARI PART-PREF       COAR4 BZ         -56000       3270861056
COARI PART            COAR3 BZ         -56000       3270861056
CHIARELLI SA          CCHI3 BZ      -85685000         42853000
CAMBUCI SA-PREF      CAMBPN BZ      -42495000        177378992
CAMBUCI SA           CAMBON BZ      -42495000        177378992
CAMBUCI SA-PREF       CAMB4 BZ      -42495000        177378992
TELEBRAS-PF RCPT      CBRZF US     -187984000        226080000
COBRASMA-PREF         CBMA4 BZ    -2764018944         19346000
COBRASMA              CBMA3 BZ    -2764018944         19346000
EXCELSIOR-RCT        BAUH10 BZ       -3589000         20444000
AZEVEDO-PREF          AZEV4 BZ      -10976000        116398000
AZEVEDO               AZEV3 BZ      -10976000        116398000
ARTEX SA-PREF        ARTXPN BZ      -33570000         11856000
EXCELSIOR-RT          BAUH1 BZ       -3589000         20444000
AZEVEDO E TRA-PR     AZEVPN BZ      -10976000        116398000
AZEVEDO E TRAVAS     AZEVON BZ      -10976000        116398000
ARTEX SA             ARTXON BZ      -33570000         11856000
ARTHUR LANGE-PRF      ARLA4 BZ      -26011000         34053000
ARTHUR LANGE          ARLA3 BZ      -26011000         34053000
ARTHUR LANG-RT P      ARLA2 BZ      -26011000         34053000
KUALA-PREF            ARTE4 BZ      -33570000         11856000
KUALA                 ARTE3 BZ      -33570000         11856000
ARTHUR LANG-RC C      ARLA9 BZ      -26011000         34053000
BOMBRIL CIRIO SA     BOBRON BZ     -485678016        442846016
BOMBRIL-RIGHTS        BOBR1 BZ     -485678016        442846016
BOMBRIL SA-ADR        BMBPY US     -485678016        442846016
BOMBRIL SA-ADR        BMBBY US     -485678016        442846016
BOMBRIL-PREF          BOBR4 BZ     -485678016        442846016
BOMBRIL               BOBR3 BZ     -485678016        442846016
BOMBRIL-RGTS PRE      BOBR2 BZ     -485678016        442846016
BOMBRIL               BMBBF US     -485678016        442846016
EXCELSIOR-PREF        BAUH4 BZ       -3589000         20444000
EXCELSIOR ALIMEN      BAUH3 BZ       -3589000         20444000
EXCELSIOR-RT          BAUH2 BZ       -3589000         20444000
BAUMHARDT IRM-PR     BAUMPN BZ       -3589000         20444000
BAUMHARDT IRMAOS     BAUMON BZ       -3589000         20444000
EXCELSIOR-RCT         BAUH9 BZ       -3589000         20444000
DOC IMBITUB-PREF      IMBI4 BZ      -25164000        202283008
CIMOB PARTIC SA       GAFON BZ      -77366408         90471752
FABRICA RENAUX-P      FTRX4 BZ      -55261000        126672000
FABRICA RENAUX        FTRX3 BZ      -55261000        126672000
CIMOB PART-PREF       GAFPN BZ      -77366408         90471752
CIMOB PART-PREF       GAFP4 BZ      -77366408         90471752
CIMOB PARTIC SA       GAFP3 BZ      -77366408         90471752
FABRICA TECID-RT      FTRX1 BZ      -55261000        126672000
ESTRELA SA           ESTRON BZ      -80125000        153186000
ESTRELA SA-PREF       ESTR4 BZ      -80125000        153186000
ESTRELA SA            ESTR3 BZ      -80125000        153186000
FABRICA RENAUX-P     FRNXPN BZ      -55261000        126672000
FABRICA RENAUX       FRNXON BZ      -55261000        126672000
ESTRELA SA-PREF      ESTRPN BZ      -80125000        153186000
HERCULES-PREF         HETA4 BZ     -273456000         25126000
HERCULES              HETA3 BZ     -273456000         25126000
HERCULES SA-PREF     HERTPN BZ     -273456000         25126000
DOC IMBITUBA          IMBI3 BZ      -25164000        202283008
DOC IMBITUBA-RTP      IMBI2 BZ      -25164000        202283008

DOC IMBITUBA-RTC      IMBI1 BZ      -25164000        202283008
HERCULES SA          HERTON BZ     -273456000         25126000
HAGA                  HAGA3 BZ     -110814000         25668954
GASCOIGNE EMP-PF      GASC4 BZ    -1048602048       1586146944
ALL MALHA PAULIS      GASC3 BZ    -1048602048       1586146944
FERRAGENS HAGA-P     HAGAPN BZ     -110814000         25668954
FERRAGENS HAGA       HAGAON BZ     -110814000         25668954
FER HAGA-PREF         HAGA4 BZ     -110814000         25668954
ACO ALTONA-PREF       EALT4 BZ      -31429000        170270992
DOCAS SA-RTS PRF      DOCA2 BZ      -23571000        206494000
D H B                 DHBI3 BZ     -555984960        209212992
CAMBUCI SA-PREF       CXDOF US      -42495000        177378992
TELECOMUNICA-ADR     81370Z BZ     -187984000        226080000
DHB IND E COM-PR      DHBPN BZ     -555984960        209212992
DHB IND E COM         DHBON BZ     -555984960        209212992
D H B-PREF            DHBI4 BZ     -555984960        209212992
CENT AMAPA            CTAP3 BZ      -11996000            15000
ARTHUR LANGE-PRF     ALICPN BZ      -26011000         34053000
ARTHUR LANG-RT C      ARLA1 BZ      -26011000         34053000
ARTHUR LANG-RC P     ARLA10 BZ      -26011000         34053000
CAFE BRASILIA-PR     CSBRPN BZ    -1042639040         38244000
CAFE BRASILIA SA     CSBRON BZ    -1042639040         38244000
ARTHUR LANGE SA      ALICON BZ      -26011000         34053000
ACO ALTONA            EALT3 BZ      -31429000        170270992
DTCOM- DIRECT-PR      DTCY4 BZ      -16264999         11902000
DTCOM- DIR TO CO      DTCY3 BZ      -16264999         11902000
DTCOM-RT              DTCY1 BZ      -16264999         11902000
ACO ALTONA-PREF       EAAPN BZ      -31429000        170270992
ACO ALTONA SA         EAAON BZ      -31429000        170270992
DOCAS SA             DOCAON BZ      -23571000        206494000
DOCA INVESTIMENT      DOCA3 BZ      -23571000        206494000
DOCA INVESTI-PFD      DOCA4 BZ      -23571000        206494000
DTCOM-RCT             DTCY9 BZ      -16264999         11902000
DOCAS SA-PREF        DOCAPN BZ      -23571000        206494000
ENACAR               ENACAR CI    -9463063552       3226756096
ENACAR                EMPOF US    -9463063552       3226756096
ENACAR-RT           ENACARO CI    -9463063552       3226756096
CARVILE             CARVILE CI    -6212240384       1295758976
CARVILE-RT         CARVILEO CI    -6212240384       1295758976


                            ***********

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

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

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
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 2008.  All rights reserved.  ISSN 1529-2746.

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

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

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


           * * * End of Transmission * * *