TCRLA_Public/090107.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

            Wednesday, January 7, 2009, Vol. 9, No. 4

                            Headlines

A R G E N T I N A

INDUMENTARIA BALLY: Verifying Proofs of Claim Until April 16
MARTINEZ Y OBARRIO: Verifying Proofs of Claim Until March 23
MIRABRAS ARGENTINA: Verifying Proofs of Claim Until March 17
NATURAL BEEF: Verifying Proofs of Claim Until March 27
PATAGONIA INDUSTRIA: Verifying Proofs of Claim Until March 18

PESQUERA TRES: Verifying Proofs of Claim Until March 16
TGN: Argentina Files Legal Complaint on "Irregularities"


B A R B A D O S

CARIBBEAN MEDIA: Directors Decide to Temporarily Continue Business


B E R M U D A

ARA BOUSTEAD: Commences Liquidation Proceedings
ARA BOUSTEAD: Members' Final Meeting Set for January 28
RAGGIO DI: Commences Liquidation Proceedings
RAGGIO DI: Members' Final Meeting Set for January 20


B O L I V I A

BANCO DE LA NACION: Moody's Withdraws 'Caa1' Deposit Ratings


B R A Z I L

ARANTES ALIMENTOS: Reduced Flexibility Cues Fitch's Junk Ratings
FORD MOTOR: Auto Sales Drop More Than 30% in December 2008


C A Y M A N  I S L A N D S

ALABAMA FIRE: Commences Liquidation Proceedings
BOULDER CREEK: Commences Liquidation Proceedings
CCL INVESTMENT: Commences Liquidation Proceedings
CLASSIC IV: Commences Liquidation Proceedings
CRESCENT POINT: Enters Wind-Up Proceedings

CZ320-97F LIMITED: Creditors' Proofs of Debt Due on January 12
CZ320-97H LIMITED: Creditors' Proofs of Debt Due on January 12
JADE (GENERAL PARTNER): Commences Liquidation Proceedings
NORDIC VALLEY: Enters Wind-Up Proceedings
PRINCIPIA EUROPE: Enters Wind-Up Proceedings

PRINCIPIA EUROPE: Enters Wind-Up Proceedings
SILVER CREST: Commences Liquidation Proceedings
STEAMBOAT SELECT: Commences Liquidation Proceedings
SZ95A LIMITED: Commences Liquidation Proceedings
WORLD WIDE: Placed Under Voluntary Liquidation


E C U A D O R

PETROECUADOR: Esmeraldas Refinery Shuts Down 2 Units


G U Y A N A

TRANSPORT AND HARBOURS: Terminates 40 Berbice Ferry Workers


J A M A I C A

AIR JAMAICA: Union Asks Government to Delay Stake Sale


M E X I C O

AMC ENTERTAINMENT: Affiliates Sell 100% Stake in Grupo Cinemex
KEY PLASTICS: Court Sets Jan. 29 Disclosure Statement Hearing
* MEXICO: Dec. Manufacturing Index Hits Lowest on U.S. Recession


P U E R T O  R I C O

CENTENNIAL COMMS: No Exact Date Yet on Shareholders Meeting


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Depositors Face Payment Delay, Liquidator Says


V E N E Z U E L A

PDVSA: Citgo Suspends Heating Aid for U.S. Poor
PDVSA: Crude Output Drops 5.6% in January - September Period


X X X X X X X X

* IATA Sees US$2.5 Billion Airline Industry Loss in 2009
* PwC Foresees Slower Growth in Emerging Economies This Year


                         - - - - -


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

INDUMENTARIA BALLY: Verifying Proofs of Claim Until April 16
------------------------------------------------------------
The court-appointed trustee for Indumentaria Bally S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 16, 2009.

The trustee will present the validated claims in court as
individual reports on June 1, 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
July 15, 2009.


MARTINEZ Y OBARRIO: Verifying Proofs of Claim Until March 23
------------------------------------------------------------
The court-appointed trustee for Martinez y Obarrio Estudio
Aduanero S.A.'s bankruptcy proceedings will be verifying
creditors' proofs of claim until March 23, 2009.

The trustee will present the validated claims in court as
individual reports on May 12, 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 24, 2009.


MIRABRAS ARGENTINA: Verifying Proofs of Claim Until March 17
------------------------------------------------------------
The court-appointed trustee for Mirabras Argentina S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until March 17, 2009.

The trustee will present the validated claims in court as
individual reports on May 6, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 12, 2009.


NATURAL BEEF: Verifying Proofs of Claim Until March 27
------------------------------------------------------
The court-appointed trustee for Natural Beef S.A.'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 19, 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
July 1, 2009.


PATAGONIA INDUSTRIA: Verifying Proofs of Claim Until March 18
-------------------------------------------------------------
The court-appointed trustee for Patagonia Industria Grafica S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 18, 2009.

The trustee will present the validated claims in court as
individual reports on May 6, 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.


PESQUERA TRES: Verifying Proofs of Claim Until March 16
-------------------------------------------------------
The court-appointed trustee for Pesquera Tres Marias S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until March 16, 2009.

The trustee will present the validated claims in court as
individual reports on May 4, 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 16, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 10, 2009.


TGN: Argentina Files Legal Complaint on "Irregularities"
--------------------------------------------------------
Argentina's government filed a legal complaint against
Transportadora de Gas del Norte SA ("TGN") over "grave
irregularities" at the firm, a week after appointing a temporary
co-administrator to the company, Hilary Burke of Reuters reports.

As reported in the Troubled Company Reporter - Latin America on
January 5, 2009, Latin American Herald Tribune said the Argentine
government took over TGN for 120 days to guarantee service by the
company and to audit its accounts.   According to The Tribune,
Roberto Pons, the director of an energy studies center at the
University of Buenos Aires, was appointed as overseer of the
company and was also responsible for auditing the company's
accounts.

In a TCRLA report on January 2, Bloomberg News said TGN disclosed
it will default on its US$22.1 million debt.  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.

According to the Associated Press, Mr. Pons presented his
investigation to federal Judge Rodolfo Canicoba, saying he
uncovered "serious irregularities" in the company's bookkeeping,
which could point to "illegal activity."

TGN, the AP relates, blamed its dire financial situation on tariff
freezes imposed by the government, which prevent the company from
raising customers' rates.  The company also cited rising costs and
falling gas exports as the government demands companies distribute
more gas domestically to address rising demand and keep prices low
at home, AP says.

                          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.



===============
B A R B A D O S
===============

CARIBBEAN MEDIA: Directors Decide to Temporarily Continue Business
------------------------------------------------------------------
Caribbean Media Corporation's ("CMC") Board of Directors last week
decided that the operations of the regional media outlet will
continue for the immediate future, Caribbean Net News reports.

According to the report, the decision comes against the backdrop
of a November meeting of the Bureau of Heads of Government of
Caribbean Community (CARICOM) in Antigua.  At that meeting, the
report recalls the CARICOM Secretariat agreed to lead an
initiative to seek US$50,000 from each member government as bridge
financing for CMC's operations until end of first quarter of 2009.

"We are looking forward to the urgent receipt of these remittances
as a means of continuing the CMC's mandate of uniting the region
through the media information process," Caribbean Net News quoted
CMC Director Patrick Cozier as saying.

"In the meantime, we remain open for business," he added.

According to Caribbean Net News, CMC was formed in 2000 by the
Caribbean Broadcasting Union (CBU) and the Caribbean News Agency
(CANA) and has pioneered daily television, radio and print news
services across the region.



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

ARA BOUSTEAD: Commences Liquidation Proceedings
-----------------------------------------------
The members of ARA Boustead Limited met on Dec. 18, 2008, and
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2009, 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


ARA BOUSTEAD: Members' Final Meeting Set for January 28
-------------------------------------------------------
The members of ARA Boustead Limited will hold their final general
meeting on January 28, 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


RAGGIO DI: Commences Liquidation Proceedings
--------------------------------------------
The members of Raggio Di Sole Consultants Limited met on Dec. 18,
2008, and resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2009, 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


RAGGIO DI: Members' Final Meeting Set for January 20
----------------------------------------------------
The members of Raggio Di Sole Consultants Limited will hold their
final general 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 O L I V I A
=============

BANCO DE LA NACION: Moody's Withdraws 'Caa1' Deposit Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco de la Nación Argentina for business reasons.

Moody's Latin America has also withdrawn the national scale
ratings for Banco de la Nacion.

Banco de la Nacion (Bolivia), is headquartered in Santa Cruz and
it had assets of Bs 168.1 million and deposits of Bs 75.8 million.

These ratings were withdrawn:

  -- Long term foreign currency deposit rating: Caa1, Stable
     Outlook

  -- Short term foreign currency deposit rating: Not Prime, Stable
     Outlook

  -- National Scale foreign currency deposit rating: A2.bo

  -- Long term local currency deposit rating: Caa1, Stable Outlook

  -- Short term local currency deposit rating: Not Prime, Stable
     Outlook

  -- National Scale local currency deposit rating: A2.bo



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

ARANTES ALIMENTOS: Reduced Flexibility Cues Fitch's Junk Ratings
----------------------------------------------------------------
(Fitch Ratings-Chicago-06 January 2009)
Fitch Ratings has downgraded the ratings of Arantes Alimentos Ltda
and Arantes International (a special-purpose vehicle wholly-owned
and unconditionally guaranteed by Arantes):

Arantes Alimentos Ltda

  -- Local currency Issuer Default Rating (IDR) to 'CC' from 'B'';
  -- Foreign currency IDR to 'CC' from 'B';
  -- National scale rating to 'CC(bra)' from 'BBB(bra)'.

Arantes International Ltd.

  -- US$150 million senior unsecured notes to 'CC/RR4' from
     'B/RR4'.

The ratings have all been placed on Rating Watch Negative.

The downgrade reflects Arantes' reduced financial flexibility and
potential difficulty to rollover short term lines of credit and
meet other near-term debt obligations, including BRL220 million
(US$115 million) of short-term bank debt.  On Dec. 19, 2008,
Arantes did not meet the interest payment of its US$150 million
senior unsecured notes due 2013 of approximately US$8 million.  At
that time in a letter to certain creditors, the company indicated
that the interest payment be made by Jan. 10, 2009 and within the
cure period.

The combination of the company's moderate cash position at
September 2008 and the strong liquidity restriction in the
national and international markets has considerably raised Arantes
refinancing risks.  Arantes aggressive expansion strategy through
the acquisition of new plants and other producers and the growing
working capital needs require Arantes to roll over and refinance
short term maturities, a difficult requirement given the major
contraction in market liquidity.

The Rating Watch Negative is based on the difficulties that
Arantes will have to re-establish its liquidity position in the
short-term and meet its short-term obligations as well as the more
challenging business environment in 2009.  The expected reduction
in the Brazilian beef sector exports, where Arantes is quite
active, should pressure the company's cash flow in 2009 and weaken
its already leveraged capital structure and profitability of its
business.

At Sept. 30, 2008, the company had total debt of BRL 771 million
(US$404 million) and cash and marketable securities of
BRL 125 million (US$65 million), resulting in a ratio of total
adjusted debt to EBITDA of 4.1 times and adjusted net debt to
EBITDA of 3.4x, excluding leased properties as all leased property
titles, except for one, which are being transferred from the
Arantes family to Arantes Alimentos Ltda.  During the same period,
interest expense coverage was 1.5x EBITDA.  Credit-protection
measures will likely remain under pressure in the very near term.

Arantes is positioned as one of the top 10 largest Brazilian beef
exporters.  The company has an aggregate daily slaughtering
capacity of approximately 5,500 head of cattle at the seven
slaughterhouses it operates in the Brazilian States of Mato
Grosso, Goias and Maranhao.  Arantes exports its products to more
than 140 customers located in over 35 countries.  The foreign
market corresponded to about 49% of Arantes' 2007 sales.  The
company maintains long-term relationships with leading
international beef distributors.


FORD MOTOR: Auto Sales Drop More Than 30% in December 2008
----------------------------------------------------------
Mike Barris at The Wall Street Journal reports that Ford Motor Co.
reported that its sales dropped more than 30% in December 2008.

The first quarter will be "bad, no matter how you look at it" and
the loan from the government will be help auto sale recover in the
second half of 2009, WSJ relates, citing Ford Motor senior
economist Emily Kolinski Morris.

Ford Motor's sales figures in December 2008 reflected the housing
market, the economy and the jobless rate.  Ford Motor sales
analyst George Pipas said that the sales rate in December was
similar to what we saw in October and November.

"During these three months, the total vehicle sales rate including
medium and heavy trucks is about 10.6 or 10.7 million and the
light vehicle sales rate is probably in 10.3 or 10.4 and that is
the lowest sales rate for the fourth quarter since 1981, so that
gives you some indication the kind of conditions we are facing now
as well as probably what we can expect to see as we begin 2009 at
least in the first quarter," said Ford Motor.

According to Bloomberg, U.S. auto sales plunged 36 percent in
December, dragging the industry's annual volume to a 16-year low
as the recession ravaged demand.

             F-Series Brings Ford Higher Market Share

New vehicles, including the all-new F-150 truck, and fuel-
efficient powertrains are winning over customers for Ford Motor,
Lincoln and Mercury, which realized market share increases for a
third consecutive month in December.  Ford Motor estimates its
market share was 14.6% in December, up 0.7 of a point versus a
year ago.  This marks the first time since 1997 Ford Motor has
achieved a market share increase three months in a row.

"This is a strong ending to end a very challenging year," said Jim
Farley, Ford Motor's group vice president, Marketing and
Communications.  "In addition to finishing the year with increased
market share, we received several accolades from third parties
concerning our world-class quality and safety, and we turned some
heads on the fuel economy front with our 41 mpg Fusion Hybrid, the
most fuel-efficient mid-size sedan in America."

The F-Series truck played a key role in Ford Motor's fourth
quarter market share gains.  The all-new F-150 accounted for 8,600
of total F-Series sales in December, an increase of 84% compared
with November 2008.  For the year, F-Series sales totaled 515,513.

"Our thanks go out to our customers, our dealers and, of course,
the Ford employees and supplier partners who design, engineer and
manufacture quality, fuel-efficient trucks delivering unmatched
capability," Mr. Farley said.  "The all-new F-150 affirms what
Ford has known for years -- that listening to customers provides
the best rewards."

The all-new F-150 recently was named 2009 Motor Trend Truck of the
Year, a finalist for the North American Truck of the Year and the
Texas Auto Writers Association's "Truck of Texas."

Ford Flex, the company's newest crossover utility, finished 2008
with its best sales month of the year, netting 2,685 sales.  Flex
has the highest conquest rate of any Ford vehicle and is a
finalist for the North American Car of the Year.

In other car news, Ford Focus posted full-year sales of 195,823,
the small car's highest sales year since 2004 and up 13% versus
full-year 2007.  Focus parlayed SYNC technology and 35 mpg highway
fuel economy, which is 5 mpg better than Toyota's Corolla and 2
mpg better than the smaller Honda Fit, to achieve a market share
increase in the competitive small car segment -- its first share
increase since Focus was introduced during the 2000 model year.

Meanwhile, Ford Fusion posted near-record sales of 147,569 units
in 2008.  Fusion, Mercury Milan and Lincoln MKZ are redesigned for
the 2010 model year and will arrive in dealer showrooms this
spring.  The first-ever Fusion Hybrid will be America's most fuel-
efficient mid-size car with 41 mpg in the city and 36 mpg on
highway -- besting the Toyota Camry hybrid by 8 mpg in the city
and 2 mpg on highway.

Lincoln outpaced the competition as 2008 drew to a close.  Helped
by the all-new Lincoln MKS sedan, Lincoln sales totaled 9,053 in
December, down 10% compared with a year ago.  In the fourth
quarter, however, Lincoln increased its share in the luxury market
as its 16% sales decline was less than half of the average decline
of all other luxury brands.

U.S. Sales

In December, Ford, Lincoln and Mercury sales totaled 134,114, down
32% compared with a year ago.  Retail sales to individual
customers were down 27%, and fleet sales were down 42% (including
a 57% decline in daily rental sales), consistent with Ford Motor's
plans.

For the full year, Ford, Lincoln and Mercury sales totaled
1.9 million, down 20% versus a year ago.  Retail sales were down
22%, and fleet sales were down 17% (including a 22% decline in
daily rental sales), in line with Ford's plans.

U.S. Market Share

In the Fourth Quarter, Ford, Lincoln and Mercury's market share is
estimated at 15.0%, up 0.9 points versus a year ago.  This is the
first time since 2001 that the company's Fourth Quarter market
share was higher than a year ago.

For the full year of 2008, Ford, Lincoln and Mercury's market
share is estimated at 14.2%, down 0.4 points versus a year ago.
This marks the company's smallest decline in market share this
decade.

"This is a strong ending to...a very challenging year," said
marketing chief Jim Farley.

                     About Ford Motor Co.

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

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

                       *     *     *

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

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



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

ALABAMA FIRE: Commences Liquidation Proceedings
-----------------------------------------------
On November 25, 2008, the members of Alabama Fire & Accident
Insurance Company resolved to voluntarily liquidate the company's
business.

Only creditors who can file their proofs of debt today, Jan. 7,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Christopher R. Cooper
          c/o Global Captive Management, Ltd.
          Governors Square, 23 Lime Tree Bay Ave
          Building 3, 2nd Floor
          P. O. Box 1363, Grand Cayman KY1-1108
          Cayman Islands


BOULDER CREEK: Commences Liquidation Proceedings
------------------------------------------------
On October 15, 2008, the sole shareholder of Boulder Creek CLO,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who can file their proofs of debt today, Jan. 7,
2009, 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
          Cayman Islands KY1 9002
          Telephone:(345) 914-6314


CCL INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------
On November 24, 2008, the shareholders of CCL Investment
Management Limited resolved to voluntarily liquidate the company's
business.

Only creditors who can file their proofs of debt today, Jan. 7,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Edward Shiu Lun Lee
          Suite 1909, 19th Floor
          9 Queen's Road Central
          Central, Hong Kong
          Telephone:(852) 2869 1201
          Facsimile:(852) 2869 1207


CLASSIC IV: Commences Liquidation Proceedings
---------------------------------------------
On November 25, 2008, the sole shareholder of Classic IV (Cayman)
Limited resolved to voluntarily liquidate the company's business.

Only creditors who can file their proofs of debt today, Jan. 7,
2009, 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


CRESCENT POINT: Enters Wind-Up Proceedings
------------------------------------------
On October 2, 2008, the sole shareholder of Crescent Point Asia
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 8, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          Linburgh Martin
          John Sutlic
          c/o Neil Gray
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman
          Telephone:(345) 949 8455
          Facsimile:(345) 949 8499


CZ320-97F LIMITED: Creditors' Proofs of Debt Due on January 12
--------------------------------------------------------------
The creditors of CZ320-97F Limited are required to file their
proofs of debt by January 12, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 25, 2008.

The company's liquidators are:

          Sylvia Lewis
          Isabel Mason
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:345 949-7755
          Facsimile:345 949-7634


CZ320-97H LIMITED: Creditors' Proofs of Debt Due on January 12
--------------------------------------------------------------
The creditors of CZ320-97H Limited are required to file their
proofs of debt by January 12, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 25, 2008.

The company's liquidators are:

          Sylvia Lewis
          Isabel Mason
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:345 949-7755
          Facsimile:345 949-7634


JADE (GENERAL PARTNER): Commences Liquidation Proceedings
---------------------------------------------------------
On November 25, 2008, the members of Jade (General Partner) Inc.
resolved to voluntarily liquidate the company's business.

Only creditors who can file their proofs of debt today, Jan. 7,
2009, 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


NORDIC VALLEY: Enters Wind-Up Proceedings
-----------------------------------------
On November 26, 2008, the sole shareholder of Nordic Valley 2007-1
CDO, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who can file their proofs of debt today, Jan. 7,
2009, 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
          Cayman Islands KY1 9002
          Telephone:(345) 914-6314


PRINCIPIA EUROPE: Enters Wind-Up Proceedings
--------------------------------------------
On November 26, 2008, the sole shareholder of Principia Europe
Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 30, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          David A.K. Walker
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:(345) 914 8662
          Facsimile:(345) 945 4237


PRINCIPIA EUROPE: Enters Wind-Up Proceedings
--------------------------------------------
On November 26, 2008, the sole shareholder of Principia Europe
(Master) Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 30, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          David A.K. Walker
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:(345) 914 8662
          Facsimile:(345) 945 4237


SILVER CREST: Commences Liquidation Proceedings
-----------------------------------------------
On November 24, 2008, the sole shareholder of Silver Crest Loan
Fund, Ltd. passed a resolution to voluntarily liquidate the
company's business.

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


STEAMBOAT SELECT: Commences Liquidation Proceedings
---------------------------------------------------
On October 15, 2008, the sole shareholder of Steamboat Select
International Fund Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who can file their proofs of debt today, Jan. 7,
2009, 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
          Cayman Islands KY1 9002
          Telephone:(345) 914-6314


SZ95A LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On November 17, 2008, the sole shareholder of SZ95A Limited passed
a resolution to voluntarily liquidate the company's business.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          P O Box 847, Grand Cayman
          KY1 1103 Cayman Islands
          c/o Philip Sutcliffe
          Telephone:(345) 949 0880
          Facsimile:(345) 949 0881


WORLD WIDE: Placed Under Voluntary Liquidation
----------------------------------------------
The shareholders of World Wide Mezzanine Investors, Ltd. met on
November 20, 2008, and 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
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone:(345) 815 1760
          Facsimile:(345) 949 1986



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

PETROECUADOR: Esmeraldas Refinery Shuts Down 2 Units
----------------------------------------------------
An article posted by Industrial Info Resources (IIR) on MSNBC's
Web site said Petroecuador's Esmeraldas refinery, which produces
110,000-barrel-per-day (BBL/d), was forced to shut down two units
on December 27 after problems arose in the CE-28 exchanger.

According to the article, maintenance was being performed on the
units, the 55,000-BBL/d Crude 2 and 15,900-BBL/d Vacuum 2, but a
restart date has not yet been determined.

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                          *     *     *

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



===========
G U Y A N A
===========

TRANSPORT AND HARBOURS: Terminates 40 Berbice Ferry Workers
-----------------------------------------------------------
Oscar Ramjeet at Caribbean Net News reports that the Transport and
Harbours Department (THD) in Guyana has sent termination letters
to 40 of its employees at New Amsterdam and Rosignol who are
employed with the Berbice Ferry.

The termination, the report says, is a result of the ferry, which
plies between Rosignol and New Amsterdam, no longer carrying cars
and other small vehicles since the bridge between Palmyra and
Cotton Tree began operation.

The report relates it is understood that some THD employees at
Bartica and Parika will also be laid off.



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

AIR JAMAICA: Union Asks Government to Delay Stake Sale
------------------------------------------------------
The National Workers Union ("NWU"), one of the union representing
the Air Jamaica workers, is suggesting that the Jamaican
government should seriously consider delaying the stake sale of
Air Jamaica, Jamaica News reports.   The union said hope is fading
that the March 31 deadline for the divestment will be met, the
report relates.

As reported in the Troubled Company Reporter - Latin America on
January 6, 2009, Radio Jamaica News said Air Jamaica still has no
clear buyer as the three months divestment deadline expiration
approaches.  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 TCRLA, citing Radio Jamaica News, related 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 same report said.

According to a TCRLA report on November 20, Jamaican Information
Service said 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.

NWU Vice President Granvilel Valentine, Radio Jamaica relates,
said the Golding administration should face reality and put the
sale on hold until next year.  "I think they should cancel, not
necessarily cancel but still try to continue the process and not
allow a disconnect.  They should continue the process but extend
the period," Mr. Valentine was quoted by the same report as
saying.

Mr. Valentine added, "I think . . . getting all the stakeholders
involved will be a more appropriate and beneficial way of
approaching it; in fact it would be the right way."

"There is definitely the need for more time and I think all
parties should realize that by now that it is not realistic to get
it sold by the end of March," Mr. Valentine said.

                        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.



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

AMC ENTERTAINMENT: Affiliates Sell 100% Stake in Grupo Cinemex
--------------------------------------------------------------
AMC Entertainment Inc. disclosed in a filing with the Securities
and Exchange Commission that certain of its subsidiaries and
Entretenimiento GM de Mexico S.A. de C.V. have reached an
agreement and entered into a definitive Stock Purchase Agreement
for the sale of the 100% ownership interest in Grupo Cinemex, S.A.
de C.V. and Symphony Subsisting Vehicle, S. de R.L. de C.V. owned
by AMCE and its subsidiaries to Entretenimiento.  Cinemex operates
44 theaters with 493 screens in the Mexico City Metropolitan area.

The Agreement provides for the stockholders of Cinemex and equity
holders of Symphony to receive US$315,000,000 decreased by the
amount of net funded indebtedness of Cinemex of approximately
$77,500,000 as of Sept. 30, 2008, and other specified items in
exchange for all of their equity interests in Cinemex and
Symphony.  The amount of net funded indebtedness of Cinemex will
fluctuate through the closing of the Sale depending on the amount
of cash and cash equivalents of Cinemex at closing and the US
dollar exchange rates for the Mexican peso.

The Sale, which is expected to close on or about January 2009, is
subject to customary closing conditions, including approval by the
Mexican Federal Competition Commission.  The Agreement provides
that, upon termination of the Agreement without completing the
Sale, AMCE may be obligated, under certain circumstances, to pay
Entretenimiento liquidated damages of US$50,000,000 and
Entretenimiento may be obligated, under certain circumstances, to
pay AMCE liquidated damages of US$50,000,000.

                    About AMC Entertainment

Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is a theatrical exhibition
company.  As of July 3, 2008, the company owned, operated or had
interests in 353 theatres and 5,117 screens, with 89% or 4,569 of
its screens in the U.S. and Canada and 11%, or 548 of its screens
in Mexico, China (Hong Kong), France and the United Kingdom.

The company's principal direct and indirect owned subsidiaries are
American Multi-Cinema Inc., Grupo Cinemex, S.A. de C.V. and AMC
Entertainment International Inc.

For thirteen weeks ended Oct. 2, 2008, the company reported net
earnings of US$3.6 million compared with net earnings of
US$36.9 million for the same period in the previous year.

For twenty-six weeks ended Oct. 2, 2008, the company reported net
earnings of US$14.4 million compared with net earnings of
US$59.0 million for the same period in the previous year.

At Oct. 2, 2008, the company's balance sheet showed total assets
of US$3.7 billion, total liabilities of US$2.6 billion and
stockholders' equity of US$1.1 billion.

As of Oct. 2, 2008, the company was in compliance with all
financial covenants relating to the Senior Secured Credit
Facility, the Cinemex Credit Facility, the Notes due 2016, the
Notes due 2014, and the Fixed Notes due 2012.

                         *     *     *

To date, AMC Entertainment Inc. still carries Fitch Ratings'
'CCC+' senior subordinate rating assigned on Jan. 12, 2006.


KEY PLASTICS: Court Sets Jan. 29 Disclosure Statement Hearing
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will hold a
hearing on Jan. 29, 2009 at 2:00 p.m. prevailing Eastern time to
consider approval of Key Plastics L.L.C. and Key Plastics Finance
Corp.'s proposed Disclosure Statement explaining their Prepackaged
Plan of Reorganization which was filed with the Court on Dec. 15,
2008.  A hearing to consider confirmation of the Plan and any
objections thereto will commence immediately following the
Disclosure Statement Hearing.

Any objections to the Disclosure Statement or the the Prepackaged
Plan must be filed with the Court together with proof of service,
so as to be received no later than 4:00 p.m prevailing Eastern
time on Jan. 18, 2009.  Objections whould also be served upon
counsel of the Debtors:

         Weil, Gotshal & Manges LLP
         Attn: Stephen A. Youngman, Esq.
         200 Crescent Court
         Suite 300
         Dallas, Texas 76201

         and

         Richards, Layton & Finger, P.A.
         Attn: Mark D. Collins, Esq.
         One Rodney Square
         P.O. Box 551
         Wilmington
         Delaware 19899

As reported in the Troubled Company Reporter on Dec. 16, 2008,
under the plan, each holder of Key Plastics Series A Unit Claims
will be paid cash equal to US$474 per Series A Unit held.  At its
option, holders of Senior Notes will be entitled to receive,
either:

  -- pro rata share of 65% of the fully-diluted new common units
     to be issued by Reorganized Key Plastics, which will
     subsequently be contributed to the Reorganized Finance
     Corp. in exchange for an equal percentage of new common
     stock to be issued by Reorganized Finance Corp.; or

  -- cash equal to 16% of the face value of the holder's senior
     notes.

Furthermore, holders of senior notes who elect to receive their
pro rata share of New Key Plastics Equity will be entitled to
participate in a rights offering in which each holder may
subscribe for its pro rata share of no more than 35% of New Key
Plastics Equity, which will also subsequently be contributed to
the reorganized Finance Corp. in exchange for an equal percentage
of New Finance Corp. Equity.

The company related that on Nov. 12, 2008, it solicited votes on
the plan, wherein holders of Senior Notes Claims under Class 1 and
Series A Unit Claims voted to accept the plan.

Headquartered in Northville, Michigan, Key Plastics LLC --
http://www.keyplastics.com/-- supplies plastic components to the
automotive industry.  The company has 24 manufacturing facilities
located in the United States, Canada, Mexico, Germany, Portugal,
Spain, the Czech Republic, France, Slovakia, Italy and China.
According to Bloomberg News, the company filed for bankruptcy in
March 23, 2000, in Detroit and emerged a year later under the
ownership of private-equity firm Carlyle.  The company and Key
Plastics Finance Corp. filed separate petitions for Chapter 11
relief on Dec. 15, 2008 (Bankr. D. Del. Case Lead Case No.
08-13324).  Mark D. Collins, Esq., at Richards Layton & Finger PA;
and Stephen A. Youngman, Esq., and Martin A. Sosland, Esq., at
Weil, Gotschall & Manges LLP, represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they listed assets and debts between
US$100 million and US$500 million each.


* MEXICO: Dec. Manufacturing Index Hits Lowest on U.S. Recession
----------------------------------------------------------------
Mexico's manufacturing index declined to 43.6 in December from
44.6 a month earlier due to a worsening recession in the U.S., the
largest consumer of Mexican exports, Andres R. Martinez of
Bloomberg News reports, citing the Mexican Institute of Financial
Executives.

The report says the indicator was below 50 for a sixth consecutive
month, indicating contraction in the industry.

"The deterioration of manufacturing activity has not only
persisted, but is intensifying," the institute said in an e-mailed
statement obtained by Bloomberg News.

Bloomberg News says non-manufacturing index fell to 46.4 in
December from 47 in November.

According to the report, the U.S. consumes about 80% of Mexican
exports.



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

CENTENNIAL COMMS: No Exact Date Yet on Shareholders Meeting
-----------------------------------------------------------
Centennial Communications Corp. will hold a special meeting of
stockholders at a yet to be determined date to:

  1. consider and vote upon a proposal to adopt the Agreement
     and Plan of Merger, dated as of November 7, 2008, as
     amended from time to time, by and among the Company, AT&T
     Inc., and Independence Merger Sub Inc., a direct wholly
     owned subsidiary of AT&T.

  2. approve the adjournment of the special meeting, if
     necessary or appropriate, to solicit additional proxies
     if there are insufficient votes at the time of the
     special meeting to adopt the Merger Agreement.

The Troubled Company Reporter said November 26, 2008, that AT&T
Inc. has acquired 19,122,000 shares, or about 17.7%, of Centennial
Communications common stock.  AT&T said the shares are held
pursuant to a Voting Agreement, dated as of Nov. 7, 2008, with
Welsh, Carson, Anderson & Stowe VIII L.P., Centennial's largest
shareholder, and Centennial, obligating Welsh Carson to vote the
shares in accordance with the terms of the Voting Agreement.

The Merger Agreement provides, among other things, for the merger
of the Merger Sub with and into Centennial with Centennial
surviving as a wholly owned subsidiary of AT&T.  Each share of
Centennial Common Stock issued and outstanding immediately prior
to the Effective Time will be converted into and will thereafter
represent the right to receive US$8.50 in cash, without interest.
The Centennial shares will be de-listed from the Nasdaq Global
Select Exchange and de-registered under the Securities Exchange
Act of 1934, as amended, as soon as practicable.

Consummation of the Merger is subject to the satisfaction or
waiver of certain conditions, including, but not limited to, (i)
approval of the Merger Agreement by the holders of shares of
Centennial Common Stock, (ii) conditions related to regulatory
approval and (iii) other customary closing conditions.

A full-text copy of the Agreement and Plan of Merger, dated as of
November 7, 2008, among AT&T Inc., Independence Merger Sub Inc.
and Centennial Communications Corp. is available at no charge at:

             http://ResearchArchives.com/t/s?3535

A full-text copy of the Voting Agreement, dated as of November 7,
2008, between AT&T Inc., Centennial Communications Corp. and
Welsh, Carson, Anderson & Stowe VIII L.P. is available at no
charge at:

             http://ResearchArchives.com/t/s?3536

                           About AT&T

AT&T Inc. is a premier communications holding company.  Its
subsidiaries and affiliates, AT&T operating companies, are the
providers of AT&T services in the United States and around the
world.  Among their offerings are the world's most advanced
Internet protocol-based business communications services and the
nation's leading wireless, high speed Internet access and voice
services.  In domestic markets, AT&T is known for the directory
publishing and advertising sales leadership of its Yellow Pages
and YELLOWPAGES.COM organizations, and the AT&T brand is licensed
to innovators in such fields as communications equipment.

               About Centennial Communications

Based in Wall, New Jersey, Centennial Communications Corp.
(Nasdaq: CYCL) - http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 582,200 access
lines and equivalents.  The US business owns and operates wireless
networks in the Midwest and Southeast covering parts of six
states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe is a significant
shareholder of Centennial.

                         *     *     *

As reported by the Troubled company Reporter on Nov. 13, 2008,
Fitch Ratings has placed the ratings for Centennial Communications
Corp. -- IDR 'B'; and Senior unsecured notes 'CCC+/RR6' -- and
Centennial Cellular Operating Co. -- IDR 'B'; Senior secured
credit facility to 'BB/RR1'; Senior unsecured notes to 'BB/RR1' --
on Rating Watch Positive.

On November 12, TCR said Standard & Poor's Ratings Services placed
selected ratings on Centennial on CreditWatch with positive
implications, including the 'B' corporate credit rating and issue
ratings on all unsecured debt, but excluding the 'BB-' rating on
subsidiary Centennial Cellular Operating Co. LLC's credit
facility.  S&P said the CreditWatch excludes Centennial's secured
bank facility since it contains mandatory change of control
provisions which will be triggered at closing and therefore
require repayment at that time.  Centennial has about
US$1.9 billion in outstanding debt, of which about US$1.4 billion
are affected by the CreditWatch action.

Moody's Investors Service placed the debt of Centennial --
Corporate Family Rating, currently B2; and Senior Unsecured
Regular Bond/Debenture, currently Caa1 -- and Centennial
Communications -- Senior Secured Bank Credit Facility, currently
Ba2; and Senior Unsecured Regular Bond/Debenture, currently B2 --
on review for possible upgrade.



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

HINDU CREDIT: Depositors Face Payment Delay, Liquidator Says
------------------------------------------------------------
Hindu Credit Union's ("HCU") depositors may have to wait longer
before receiving returns on their deposits because the
preferential creditors were yet to be paid by the credit union,
Anna-Rose Madray of Trinidad and Tobago's Newsday reports, citing
liquidator Ramdath Dave Rampersad.

"I have to first pay out preferential creditors to which huge sums
of money are owed, such as the National Insurance Board and Board
of Inland Revenue," Mr. Rampersad was quoted by Newsday as saying.

As reported in the Troubled Company Reporter - Latin America on
Oct. 21, 2008, Caribbean Net News said Trinidad and Tobago's Fraud
Squad and Anti Corruption Bureau conducted an investigation into
HCU financial operations on reports of several discrepancies and
financial improprieties involving tens of millions of dollars.

According to TCRLA, citing  Caribbean Net News, Mr. Rampersad
started to dispose of assets of the credit union in order to repay
hundreds of millions of dollars owed to more than 100,000 members
of the Union.

Newsday says that although HCU chairman Harry Harnarine filed a
stay to prevent liquidation of the credit union's assets in
October last year, Mr. Rampersad said that the liquidation process
was ongoing.

In a TCRLA report on Oct. 15, 2008, Trinidad & Tobago Guardian
said Mr. Harnarine confirmed filing of a formal appeal with
Minister of Labour and Small and Micro Enterprise Development,
Rennie Dumas, to suspend the HCU's liquidation.  According to the
report, Mr. Harnarine's lawyer, Odai Ramischand, argued that the
liquidation is like a fire sale wherein properties will be sold at
a very undervalued price causing shareholders to lose more.  Mr.
Harnarine also questioned the independence of Mr. Rampersad.

A TCR report on Oct. 14, 2008, said Commissioner Mitchell declared
HCU insolvent after Ernst and Young released its audit report of
the company.  The audit report disclosed that HCU has a net
shortfall of assets to liabilities of US$486.5 million.  HCU has
assets of US$390,131,614 and liabilities of US$876,537,695.

Meanwhile, Newsday notes that shareholders including Credit Union
Members Group (CRMG) public relations officer Deosaran Bisnath,
has complained that depositors were ill-informed about their
investments.

Mr. Rampersad, Newsday relates, explained that his duty was not a
simple one since some of the HCU's encumbered assets lengthened
the process of liquidation, as it presented legal difficulties.
After preferential creditors are paid out, ex-employees would then
have to be paid before depositors with fixed deposits or saving
accounts can get their money, he said.

According to Newsday, Mr. Rampersad said he was trying to collect
funds from organizations owing money to the credit unions, noting
"a substantial amount is owed to the credit union, and only after
we pay preferential creditors can we even think of paying back
people with savings accounts."

Mr. Rampersad, Newsday notes, added that 13 of the credit union's
vehicles were recently sold to the highest bidders but he was
still in the process of collecting payments.  "In addition we have
to pay operating costs at the credit union," Mr. Rampersad said.

                        About Hindu Credit

Headquartered in Borough, Chaguanas, in Trinidad and Tobago, Hindu
Credit Union Co-Operative Society Limited (HCU) --
http://www.ourhcu.com/-- reportedly has between US$115.2 million
and US$131.6 million in assets and a total of US$32.9 million in
liabilities.  It has a membership totaling more than 200,000.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants
Ernst and Young inspected Hindu Credit's books, accounts, and
records after a public outcry and calls for an internal audit.
Charles Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



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

PDVSA: Citgo Suspends Heating Aid for U.S. Poor
-----------------------------------------------
Petroleos de Venezuela S.A.'s U.S. unit, Citgo Petroleum Corp, has
suspended its program to provide free heating oil to hundreds of
thousands of low-income U.S. families, Reuters reports, citing
Chairman of Citizens Energy Joseph Kennedy.

According to Fox44 News, Mr. Kennedy said CITGO credited falling
oil prices and the world economic crisis as reasons for pulling
out of the program.  The program has been suspended indefinitely,
he said.

"The current economic meltdown has just forced them to reevaluate
all the assistance programs that they provide," Mr. Kennedy was
quoted by Reuters as saying.

Reuters notes the price of heating oil in the U.S. market fell to
an average of US$2.33 a gallon during the last week of December,
down 7.6 cents a gallon from the previous week and down US$1.01
from the same week of 2007.

                           About CITGO

CITGO is an independent crude oil refiner in the U.S. with three
modern, highly complex crude oil refineries.  Following the sale
of its stake in the CITGO-Lyondell joint-venture refinery in
Houston, CITGO now owns approximately 759,000 barrels per day of
crude refining capacity.  CITGO branded fuels are marketed through
more than 7,100 independently owned outlets.  CITGO is owned by
PDV America, an indirect, wholly owned subsidiary of PDVSA.

As reported in the Troubled Company Reporter on Nov. 26, 2008,
Fitch Ratings affirmed CITGO Petroleum Corp's 'BB-' Issuer Default
Rating.

                   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.


PDVSA: Crude Output Drops 5.6% in January - September Period
------------------------------------------------------------
Petroleos de Venezuela S.A.'s crude output in the domestic and
international refining circuits decreased 5.6% to 2.41 million bpd
from 2.55 million bpd between January and September 2008, El
Universal News reports, citing a company operational and financial
report.

According to El Universal, the largest reductions came in the
medium crude oil supplied by third parties to refineries.

This category ended the nine-month period in 2008 at 53,000 bpd,
which represents a yearly drop of 55%, the news agency notes.

El Universal says Pdvsa's heavy crude oil shipments to refineries
totaled 618,000 bpd, or 13.2% down from January-September 2007.

                           About PDVSA

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
===============

* IATA Sees US$2.5 Billion Airline Industry Loss in 2009
--------------------------------------------------------
The International Air Transport Association ("IATA") disclosed its
forecast for 2009 showing an industry loss of US$2.5 billion.  All
regions, except the US, are expected to report larger losses in
2009 than in 2008.

Forecast highlights are:

    * Industry revenues are expected to decline to US$501 billion.
      This a fall of US$35 billion from the US$536 billion in
      revenues forecasted for 2008.  This drop in revenues is the
      first since the two consecutive years of decline in 2001 and
      2002.

    * Yields will decline by 3.0% (5.3% when adjusted for exchange
      rates and inflation).

    * Passenger traffic is expected to decline by 3% following
      growth of 2% in 2008.  This is the first decline in
      passenger traffic since the 2.7% drop in 2001.

    * Cargo traffic is expected to decline by 5%, following a drop
      of 1.5% in 2008.  Prior to 2008 the last time that cargo
      declined was in 2001 when a 6% drop was recorded.

    * The 2009 oil price is expected to average US$60 per barrel
      (Brent) for a total bill of US$142 billion.  This is
      US$32 billion lower than in 2008 when oil averaged US$100
      per barrel (Brent).

"The outlook is bleak. The chronic industry crisis will continue
into 2009 with US$2.5 billion in losses.  We face the worst
revenue environment in 50 years,"said Giovanni Bisignani, IATA's
Director General and CEO.

IATA also updated its forecast for 2008 to a loss of US$5.0
billion.  This is slightly improved from the US$5.2 billion loss
projected in the Association's September forecast primarily as a
result of the rapid decline in fuel prices.

The reduction in industry losses from 2008 to 2009 is primarily
due to a shift in the results of North American carriers.
Carriers in this region were hardest hit by high fuel prices with
very limited hedging and are expected to post the largest industry
losses for 2008 at US$3.9 billion.  An early 10% domestic capacity
reduction in response to the fuel crisis has given the region's
carriers a head-start in combating the recession-led fall in
demand.  The lack of hedging is now allowing the region's carriers
to take full advantage of rapidly declining spot fuel prices.  As
a result, North American carriers are expected to post a small
profit of US$300 million in 2009.  "North America will be the only
region in the black, but the expected US$300 million profit is
less than 1% of their revenue.  2009 will be another tough year
for everyone,"said Mr. Bisignani.

All other regions will show losses:

    * Asia-Pacific carriers will see losses more than double from
      the US$500 million in 2008 to US$1.1 billion in 2009.  With
      45% of the global cargo market, the region's carriers will
      be disproportionately impacted by the expected 5% drop in
      global cargo markets next year.  The region's largest
      market - Japan - is already in recession.  And its two main
      growth markets - China and India - are expected to deliver a
      major shift in performance.  Chinese growth will slow as a
      result of the drop-off in exports.  India's carriers, which
      are already struggling with high taxes and insufficient
      infrastructure, can expect a drop in demand following on
      from the tragic terror incidents in November.

    * Losses for European carriers will increase ten-fold to
      US$1 billion.  Europe's main economies are already in
      recession.  Hedging has locked in high fuel prices for many
      of the region's carriers in US dollar terms, and the
      weakened Euro is exaggerating the impact.

    * Middle Eastern airlines will see losses double to
      US$200 million.  The challenge for the region will be to
      match capacity to demand as fleets expand and traffic
      slows - particularly for long-haul connections.

    * Latin American carriers will see losses double to
      US$200 million.  Strong commodity demand that has driven the
      region's growth has been severely curtailed in the current
      economic crisis.  The downturn in the US economy is hitting
      the region hard.

   * African airlines will see losses of US$300 million continue.
     The region's carriers face strong competition. Defending
     market-share will be the main challenge.

Mr. Bisignani made special note of the continuing contraction of
air cargo traffic that started in June 2008.  "Air cargo comprises
35% of value of goods traded internationally.  The 7.9% decline in
October is a clear indication that the worst is yet to come - for
airlines and the slowing global economy,"said Mr. Bisignani.

"Airlines have done a remarkable job of restructuring themselves
since 2001.  Non-fuel unit costs are down 13%.  Fuel efficiency
has improved by 19%.  And sales and marketing unit costs have come
down by 13%.  IATA made a significant contribution to this
restructuring.  In 2008 our fuel campaign helped airlines to save
US$5 billion, equal to 14.8 million tonnes of CO2.  And our work
with monopoly suppliers yielded saving of US$2.8 billion.  But the
ferocity of the economic crisis has overshadowed these gains and
airlines are struggling to match capacity with the expected 3%
drop in passenger demand for 2009.  The industry remains sick. And
it will take changes beyond the control of airlines to navigate
back into profitable territory,"said Mr. Bisignani.

Mr. Bisignani outlined an industry action plan for 2009 that
reflected the Association's Istanbul Declaration in June of this
year.  "Labour must understand that jobs will disappear when costs
don't come down.  Industry partners must contribute to efficiency
gains.  And governments must stop crazy taxation, fix the
infrastructure, give airlines normal commercial freedoms and
effectively regulate monopoly suppliers,"said Mr. Bisignani.


* PwC Foresees Slower Growth in Emerging Economies This Year
------------------------------------------------------------
The emerging economies will see a sharp slowdown in growth in
2009, but they could still surpass the advanced economies as early
as 2014 in terms of their share of world GDP, according to
calculations by economists at PricewaterhouseCoopers LLP (PwC).

While all of the major advanced economies are projected to shrink
in 2009 and recover only gradually thereafter, the large emerging
economies (particularly China and India) are expected to
experience only a slowdown not a contraction in 2009 and generally
retain much better medium term prospects than the advanced
economies.

PwC projects that by 2014 the share of emerging economies (based
on the International Monetary Fund (IMF) definition including
developing countries) could rise to just over half (50.5%) of
world GDP in purchasing power parity (PPP) terms, up from 43.7% in
2007.  The PwC figures are based on analysis of IMF data on
current world GDP shares combined with the firm's latest medium-
term growth projections.

John Hawksworth, head of macroeconomics, PricewaterhouseCoopers
LLP, commented:

"It is striking that such a significant shift in world GDP share
from advanced economies to emerging economies could occur within
as little as six years, and that by 2014 more than half of world
GDP could be accounted for by these high growth countries."

Alec Jones, head of emerging markets, PricewaterhouseCoopers LLP,
added:

"The analysis provides an interesting insight into how the
opportunities for investors from the UK and other advanced
economies are likely to change as the emerging economies grow
their consumer markets. Instead of being viewed predominantly as
low cost manufacturing and offshoring centres by businesses in the
advanced economies, the projections indicate they are fast
becoming destination markets in their own right."

Other notable findings from the country level results include
that, by 2014:

    * while the US would remain the largest economy in the world,
      its share of global GDP at PPPs is projected to be down from
      21.3% in 2007 to 19%;

    * China could overtake the euro area and move into second
      place;

    * India could nudge ahead of Japan; and

    * the UK share of world GDP in PPP terms could fall from 3.3%
      in 2007 to 2.9% in 2014.

John Hawksworth, head of macroeconomics at PricewaterhouseCoopers
LLP, said:

"We expect some sharp slowdowns in emerging market growth in 2009,
notably in Russia and Brazil.  Growth in China and India could
slow to only around 5-6% in 2009, but this is still a pretty
respectable performance when contrasted with expected declines in
GDP of around 1% or more in the US, Japan and the euro area.  The
UK economy could shrink by close to 2% in 2009, putting us at the
bottom of the G7 league table."

"Of course there are many uncertainties around any such
projections, with short-term risks still weighted to the downside
for all the major economies.  But the conclusion that the emerging
economies are likely to increase their weight in world GDP
significantly over the next five to six years seems relatively
robust, even though they are clearly not immune to the global
downturn."



                            ***********

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

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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           * * * End of Transmission * * *