TCRLA_Public/090108.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

            Thursday, January 8, 2009, Vol. 9, No. 5

                            Headlines

A R G E N T I N A

BERURENA & ASOCIADOS: Verifying Proofs of Claim Until April 7
CIRCULO DE SUBOFICIALES: Verifying Proofs of Claim Until April 27
EJOTA SA: Verifying Proofs of Claim Until April 27
GEMIKA SA: Verifying Proofs of Claim Until March 3
IMPORTADORA SOFT: Verifying Proofs of Claim Until April 23

LOCHIESA SRL: Verifying Proofs of Claim Until February 27
NAMPULA PLASTIC: Verifying Proofs of Claim Until March 20
PROXIMA GROUP: Verifying Proofs of Claim Until April 9
SEGURIDAD AMERICANA: Verifying Proofs of Claim Until March 25
TELECOM ARGENTINA: Gov't. Freezes Telecom Italia's Stake in Firm

UNITRANS LTDA: Verifying Proofs of Claim Until March 20
VALPLAST SRL: Verifying Proofs of Claim Until March 26


B E R M U D A

GE CAPITAL: Commences Liquidation Proceedings
GE CAPITAL: Members' Final Meeting Set for January 16
GE CAPITAL: Members' Final Meeting Set for January 19
GE CAPITAL: Commences Liquidation Proceedings
MAN VISION: Placed Under Voluntary Liquidation

MAN VISION: Members' Final Meeting Set for January 16
MEDITOR MASTER: Commences Liquidation Proceedings
MEDITOR MASTER: Members' Final Meeting Set for January 16
RISK INTERMEDIATION: Commences Liquidation Proceedings
RISK INTERMEDIATION: Members' Final Meeting Set for January 16

WP STEWART: Receives NYSE Notice on Low Market Capitalization
XL CAPITAL: Unit Taps Michael Martin as Chief Property Underwriter


B R A Z I L

BLOCKBUSTER INC: Bank Loan Sells at 41% Discount
TELE NORTE: Shares Hit One-Month Low on Goldman Sachs Downgrade
* BRAZIL: Nov. Industrial Output Drops Lowest in 7 Years


C A Y M A N  I S L A N D S

ACORN ALTERNATIVE: Placed Under Voluntary Liquidation
AIREXEC SERVICES: Enters Liquidation Proceedings
BLUEFOX HOLDINGS: Placed Under Voluntary Liquidation
COLUMBUS INC: Enters Liquidation Proceedings
CRESCENT POINT: Placed Under Voluntary Liquidation

JRG INVESTMENTS: Enters Liquidation Proceedings
LATROBE FUNDING: Commences Liquidation Proceedings
MUTUAL FUND: Placed Under Voluntary Liquidation
MUTUAL FUND: Placed Under Voluntary Liquidation
MUTUAL FUND: Placed Under Voluntary Liquidation

MUTUAL FUND: Placed Under Voluntary Liquidation
OTKRITIE RUSSIAN: Placed Under Voluntary Liquidation
PGS FOCUS-PAULSON: Enters Liquidation Proceedings
PTMM CAYMAN I: Placed Under Voluntary Liquidation
RALEIGH WASTE: Placed Under Voluntary Liquidation

REEM INDIA: Placed Under Voluntary Liquidation
SEBAGO PARTNERS: Placed Under Voluntary Liquidation
TABWT CAPITAL: Commences Liquidation Proceedings
TRANSPARENT VALUE: Placed Under Voluntary Liquidation
TRANSPARENT VALUE: Placed Under Voluntary Liquidation


C O L O M B I A

GRAN TIERRA: Protests Cost Firm 80% in Lost Oil Output


D O M I N I C A N  R E P U B L I C

CAP CANA: Defaults on US$250 Mil. Sr. Secured Notes, Seeks Waiver
* DOMINICAN REPUBLIC: Gov't to Pay US$358MM Debt to Power Firms


J A M A I C A

AIR JAMAICA: Local Group Mulls Investing in Airline
NTCS: Must Pay US$17 Million Debt to Maintain Operations


                         - - - - -


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

BERURENA & ASOCIADOS: Verifying Proofs of Claim Until April 7
-------------------------------------------------------------
The court-appointed trustee for Berurena & Asociados S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 7, 2009.


CIRCULO DE SUBOFICIALES: Verifying Proofs of Claim Until April 27
-----------------------------------------------------------------
The court-appointed trustee for Circulo de Suboficiales del
Servicio Penitenciario Federal Argentino's bankruptcy proceedings
will be verifying creditors' proofs of claim until April 27, 2009.

The trustee will present the validated claims in court as
individual reports on June 10, 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 23, 2009.


EJOTA SA: Verifying Proofs of Claim Until April 27
--------------------------------------------------
The court-appointed trustee for Ejota S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 27, 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
July 21, 2009.

  
GEMIKA SA: Verifying Proofs of Claim Until March 3
--------------------------------------------------
The court-appointed trustee for Gemika S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 3, 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 26, 2009.


IMPORTADORA SOFT: Verifying Proofs of Claim Until April 23
----------------------------------------------------------
The court-appointed trustee for Importadora Soft Hard S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 23, 2009.

The trustee will present the validated claims in court as
individual reports on June 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
August 3, 2009.


LOCHIESA SRL: Verifying Proofs of Claim Until February 27
---------------------------------------------------------
The court-appointed trustee for Lochiesa S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
Feb. 27, 2009.

The trustee will present the validated claims in court as
individual reports on April 17, 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 29, 2009.


NAMPULA PLASTIC: Verifying Proofs of Claim Until March 20
---------------------------------------------------------
The court-appointed trustee for Nampula Plastic S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 20, 2009.


PROXIMA GROUP: Verifying Proofs of Claim Until April 9
------------------------------------------------------
The court-appointed trustee for Proxima Group S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 9, 2009.

The trustee will present the validated claims in court as
individual reports on May 22, 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 6, 2009.


SEGURIDAD AMERICANA: Verifying Proofs of Claim Until March 25
-------------------------------------------------------------
The court-appointed trustee for Seguridad Americana Segam S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 25, 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.



TELECOM ARGENTINA: Gov't. Freezes Telecom Italia's Stake in Firm
----------------------------------------------------------------
Argentina's antitrust commission ordered Telecom Italia not to
change its participation in Telecom Argentina S.A. due to concerns
over Telefonica's indirect stake in the Italian company, Lucas
Bergman of Reuters reports.

The report relates the commission's resolution, sent by Telecom
Argentina to the Buenos Aires stock exchange, said Telecom Italia
"should abstain" from exercising its option to buy, cede or
transfer its shares in Telecom Argentina until the government
agency makes a final ruling on the case.

According to the report, as part of a consortium, Spain's
Telefonica bought an indirect 10% stake in Telecom Italia in 2007,
the report recalls.  The companies operate Argentina's two biggest
telephone companies: Telefonica de Argentina and Telecom
Argentina.

The report states citing monopoly concerns in the local
telecommunications market, the government moved to deter
Telefonica from trying to boost its participation in Telecom
Argentina.

"The deal being studied would result, prima facie, in economic
consolidation and could affect the general economic interest," the
antitrust commission was quoted by the news agency as saying.

The report says Argentine firm is indirectly controlled by Telecom
Italia and Argentina's Werthein family, through a company called
Sofora Telecomunicaciones S.A.

Telecom Italia has an option to buy the Wertheins' stake in
Sofora, but the commission's decision temporarily bars such a
move, Reuters notes.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                        *     *     *

As reported by the Troubled Company Reporter - Latin America on
Dec. 23, 2008, Fitch Ratings lowered Telecom Argentina's local
currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  These rating action follows the
downgrade of the Republic of Argentina's local currency Issuer
Default Rating to 'B-' from 'B' and its Country Ceiling to 'B'
from 'B+'.

The corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

  
UNITRANS LTDA: Verifying Proofs of Claim Until March 20
-------------------------------------------------------
The court-appointed trustee for Unitrans Ltda.'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.


VALPLAST SRL: Verifying Proofs of Claim Until March 26
------------------------------------------------------
The court-appointed trustee for Valplast S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 26, 2009.

The trustee will present the validated claims in court as
individual reports on May 29, 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
August 10, 2009.



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

GE CAPITAL: Commences Liquidation Proceedings
---------------------------------------------
The members of GE Capital Investments met on December 10, 2008,
and resolved to voluntarily liquidate the company's business.

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:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton in the Islands of Bermuda


GE CAPITAL: Members' Final Meeting Set for January 16
-----------------------------------------------------
The members of GE Capital Investments will hold their final
general meeting on January 16, 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. 10, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton in the Islands of Bermuda


GE CAPITAL: Members' Final Meeting Set for January 19
-----------------------------------------------------
The members of GE Capital Hong Kong Investments will hold their
final general meeting on January 19, 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. 10, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton in the Islands of Bermuda


GE CAPITAL: Commences Liquidation Proceedings
---------------------------------------------
The members of GE Capital Hong Kong Investments met on Dec. 10,
2008, and resolved to voluntarily liquidate the company's
business.

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:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton in the Islands of Bermuda


MAN VISION: Placed Under Voluntary Liquidation
----------------------------------------------
The members of Man Vision EUR Trading Ltd met on Dec. 11, 2008,
and resolved to voluntarily liquidate the company's business.

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:

          Beverly Mathias
          c/o Argonaut Limited
          5 Park Road, Hamilton HM O9
          Bermuda, in the Islands of Bermuda


MAN VISION: Members' Final Meeting Set for January 16
-----------------------------------------------------
The members of Man Vision EUR Trading Ltd will hold their final
general meeting on January 16, 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. 11, 2008.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          5 Park Road, Hamilton HM O9
          Bermuda, in the Islands of Bermuda


MEDITOR MASTER: Commences Liquidation Proceedings
-------------------------------------------------
The members of Meditor Master Hawk Fund Limited resolved to
voluntarily liquidate the company's business on Dec. 9, 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:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton in the Islands of Bermuda


MEDITOR MASTER: Members' Final Meeting Set for January 16
---------------------------------------------------------
The members of Meditor Master Hawk Fund Limited will hold their
final general meeting on January 16, 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. 9, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton in the Islands of Bermuda


RISK INTERMEDIATION: Commences Liquidation Proceedings
------------------------------------------------------
The members of Risk Intermediation Structured Capital (Bermuda)
Ltd. met on December 9, 2008, and resolved to voluntarily
liquidate the company's business.

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:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton in the Islands of Bermuda


RISK INTERMEDIATION: Members' Final Meeting Set for January 16
--------------------------------------------------------------
The members of Risk Intermediation Structured Capital (Bermuda)
Ltd. will hold their final general meeting on January 16, 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. 9, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton in the Islands of Bermuda



WP STEWART: Receives NYSE Notice on Low Market Capitalization
-------------------------------------------------------------
W.P. Stewart & Co. Ltd. has been notified by the New York Stock
Exchange that the company is considered below continued listing
criteria since its average market capitalization was less than
US$25 million over a 30 trading-day period.  In light of such non-
compliance, the company's common shares will not continue to be
eligible for trading on the NYSE.

Under applicable NYSE procedures, the company has 10 days from the
receipt of official notice of non-compliance to appeal the
delisting proceedings with the NYSE.  The company does not expect
to submit an appeal of the NYSE delisting.  In conversations with
the NYSE, it was determined that trading of the Company's common
shares on the NYSE will be suspended effective at the opening of
the market on Friday, January 9, 2009.

In light of such delisting and for the other reasons explained
below, the company intends to terminate the registration of its
common shares under the Securities Exchange Act of 1934 ("Exchange
Act").  On or before January 30, 2009, the company will file with
the SEC a Form 15, Notice of Termination of Registration and
Suspension of Duty to File, to terminate its reporting obligations
under the Exchange Act.  When the Form 15 has been filed, the
Company's obligation to file certain reports with the SEC, such as
Forms 20-F and 6-K, will be suspended.

The deregistration of the company's common shares under the
Exchange Act will become effective 90 days after the date on which
the Form 15 was filed.  The company is eligible to deregister
under the Exchange Act because its common shares were held of
record by fewer than 300 persons on January 1, 2009, the beginning
of its fiscal year.

The company has applied to the Bermuda Stock Exchange to convert
its secondary listing on the BSX to a primary listing.  The
company expects its common shares will also continue to trade in
the Pink Sheets, a centralized electronic quotation service for
over-the-counter securities, so long as market makers demonstrate
an interest in trading in the company's common shares.

The company will provide its new ticker symbol for trading on the
Pink Sheets as soon as it becomes available.  Although the company
currently intends to publicly provide information necessary to
maintain trading in these markets, including quarterly earnings
reports consistent with its historical practice, the company can
give no assurance that its common shares will continue to be
actively traded on the Pink Sheets, on the BSX or on any other
securities exchange or quotation medium.

The company's client portfolios significantly outperformed the S&P
500 in 2008, and the company continues to seek opportunities to
grow its business.

In relation to the announcements, Mark Phelps, President and Chief
Executive Officer, commented: "2008 has been a challenging year
for W.P. Stewart, exacerbated by the dramatic fall in the stock
market in the second half of the year.  Nevertheless, against this
background the company has continued to restructure itself and has
performed relatively well for its clients compared to the market.
We have also welcomed Arrow Capital Management as a significant
new shareholder through the investment by several of its funds.
As we move into 2009, it is clear that we need to take further
steps to reduce costs, consolidate the corporate structure and
enter into new distribution arrangements that will enable us once
again to grow our assets under management.  The deregistering of
the common shares and ceasing to trade on the NYSE will go a
significant way toward reducing the company's costs, and it will
better enable management to focus on investment performance and
potential new distribution arrangements that are central to our
long-term strategy for success.  Following the delisting of the
company's common shares on the NYSE, we expect that shareholders
will be able to continue trading on the BSX and the Pink Sheets
and have taken steps to facilitate continued trading in these
markets."

In light of the severe downturn in the securities markets and the
global economic recession, the company has now concluded that it
can no longer sustain the burdens of being a publicly reporting
company under the Exchange Act.  The Board of Directors' decision
to deregister under the Exchange Act was based on the
recommendation of a Special Committee of independent directors.
The Special Committee and the Board were of the view that
compliance with the reporting requirements of the Exchange Act and
with the requirements of the Sarbanes-Oxley Act of 2002 is
disproportionately expensive and unduly complex in relation to the
Company's business, earnings and size.  The Board of Directors
believes that its decision will result in significant cost-savings
and will enable management to  focus more intensely on delivering
long-term shareholder value.  In reaching its decision, the Board
considered a number of specific factors, including among other
things:

  --  the ongoing direct and indirect costs of Exchange Act
      compliance and the disproportionate impact of the foregoing
      costs on the Company's profitability;

  --  the significant burden on the Company's management involved
      in the preparation of the Company's public reports and
      compliance with accounting and other requirements of the
      Exchange Act;

  --  the limited benefits to the Company and its unaffiliated
      shareholders from the Company's status as a "reporting
      company" in light of, among other things, the fact that the
      price of the common shares has been low and the common
      shares have had limited liquidity in recent periods;

  --  the availability of a means to provide continued
      transparency and some liquidity for shareholders in the Pink
      Sheets and on the BSX;

  --  the market value of the common shares and the Company's
      imminent delisting from the NYSE; and

  --  the substantially reduced scale of operations of the Company
      over the past two years.

   Stock Repurchase Program

The company also disclosed that its Board of Directors has
authorized a stock repurchase program of up to US$1.5 million of
repurchase cost.  The company said that such purchases may be made
in the discretion of the company from time to time at prevailing
prices in the open market, by block purchases, in private
transactions or in derivative transactions in compliance with any
applicable SEC or BSX regulations.  The company has approximately
5.54 million common shares outstanding.  Any repurchased shares
will be canceled or held in treasury for general corporate
purposes.  The company intends to fund any such repurchases with
cash on hand.

   Investment Performance Update

The performance for the W.P. Stewart U.S. Equity Composite (the
"Composite") for the year ended December 31, 2008 was -30.2%, pre-
fee, and -31.2%, post-fee, compared to -37.0% for the S&P 500.
These performance results are preliminary and subject to change on
final reconciliation of all relevant data.

The company releases composite portfolio investment returns on a
monthly basis.

In respect of the above results, Alex von Furstenberg of Arrow
Capital Management stated, "While W.P. Stewart's market value has
dramatically declined since our initial investment, we are very
pleased with the firm's investment performance and the steps it
has taken to prepare for growth in the years ahead.  I remain
convinced that the kind of high quality work that the firm does
will be very much back in favor as investors take stock of what
has happened in the recent past."

   Assets Under Management

Assets under management ("AUM") at September 30, 2008 were
approximately US$1.9 billion, compared with approximately
US$2.2 billion at June 30, 2008.  In the attached tables a
complete breakdown of AUM flows with comparisons to earlier
periods is provided.

As of December 31, 2008, AUM was approximately $1.4 billion; the
majority of the decline from September 30, 2008 reflects market
value changes.

   Third Quarter 2008 Financial Results

The company reported a net loss of US$31.2 million, or US$0.62 per
share (diluted) and US$0.62 per share (basic), for the third
quarter ended September 30, 2008.  This loss includes third
quarter non-recurring, cash and non-cash charges of approximately
US$22.2 million or US$0.44 per share (diluted).  Of such amount,
the non-recurring, non-cash charges of approximately US$18.7
million related to an impairment of intangible assets and
goodwill, representing a complete write-down of the remaining
balance.  The impairment of intangible assets reflects a decrease
in assets under management, the fees from which were supporting
intangible assets per the Financial Accounting Standards Board
(SFAS No. 142) and the impairment of goodwill is the result of the
decline in market capitalization as compared with the value of
shareholder's equity.  In addition, non-recurring, cash charges of
approximately US$3.5 million were incurred in the period
reflecting agreements with certain employees whose employment
terminated during the quarter and the initiative to complete a
strategic transaction, which initiative resulted in an investment
by funds managed by Arrow Capital Management.  Excluding these
non-recurring, cash and non-cash charges, the third quarter 2008
net loss was US$9.0 million, or US$0.18 per share (diluted).
These results compare with net income in the third quarter of 2007
of US$9.2 million, or US$0.20 per share (diluted) and US$0.20 per
share (basic).  These prior year results include a non-recurring
gain on the sale of the company's aircraft of US$10.2 million,
post tax, as well as non-recurring expenses of US$2.0 million
related to agreements with employees whose employment with the
Company terminated in the quarter.

Net results on a cash basis for the quarter ended September 30,
2008 were -US$7.6 million (net loss of US$31.2 million adjusted to
include US$23.6 million, representing non-cash income and expenses
consisting of unrealized gains and losses, non-cash compensation,
depreciation, amortization and other non-cash charges, including
the non-recurring impairment charges referred to above, on a tax-
effected basis), or - US$0.15 per share (diluted).  In the same
quarter of the prior year, cash earnings were US$13.3 million (net
income of US$9.2 million adjusted for the inclusion of US$4.1
million representing non-cash income and expenses consisting of
unrealized gains and losses, non-cash compensation, depreciation,
amortization and other non-cash charges on a tax-effected basis),
or US$0.29 per share (diluted).

For the third quarter of 2008 there were 50,406,516 common shares
outstanding on a weighted average diluted basis (50,406,516 -
weighted average basic) compared to 46,242,070 common shares
outstanding for the third quarter of 2007 on the same weighted
average diluted basis (46,190,607 - weighted average basic).
Subsequent to the third quarter, the company completed a one-for-
ten share consolidation, pursuant to which every ten common
shares, par value US$0.001 per share, outstanding as of
November 19, 2008 were consolidated, reclassified and converted
into one new common share of the company, par value US$0.01 per
share.   All share numbers and per share dollar figures for the
period ended September 30, 2008 are provided prior to, and without
giving effect to, the share consolidation.

   Nine Month Results

For the nine months ended September  30, 2008 the net loss was
US$42.8 million, or US$0.90 per share (diluted) and US$0.90 per
share (basic), on revenues of US$27.7 million.  This loss includes
non-recurring cash and non-cash charges of approximately
US$24.4 million or US$0.51 per share (diluted).  For the nine-
month period there were non-recurring, non-cash charges of
approximately US$18.8 million or US$0.39 per share (diluted),
which as noted above for the third quarter, included
US$18.7 million related to an impairment of intangible assets and
goodwill.  In addition, during the nine-month period there were
certain non-recurring cash charges related to agreements with
certain employees whose employment terminated during the year and
our initiative to complete a strategic transaction, which
initiative resulted in an investment by funds managed by Arrow
Capital Management.  Excluding these non-recurring, cash and non-
cash charges, for the nine months ended 2008, the net loss was
US$18.3 million, or US$0.38 per share (diluted).  For the nine
months ended September 30, 2007 the company recorded a net loss of
US$10.4 million or US$0.23 per share (diluted) and US$0.23 per
share (basic), on revenues of US$84.8 million.

These results include a non-recurring gain on the sale of the
company's aircraft of US$10.2 million, post tax, offset by non-
recurring charges of approximately US$18.0 million, taken in the
second quarter of 2007, related to an impairment of intangible
assets and non-recurring charges of approximately US$7.8 million
related to agreements with certain employees, reached in the first
and third quarters of 2007, whose employment with the company
terminated in those quarters.

Net results on a cash basis for the nine months ended  September
30, 2008 were -US$10.3 million (net loss of US$42.8 million
adjusted to include US$32.5 million, representing non-cash income
and expenses consisting of unrealized gains and losses, non-cash
compensation, depreciation, amortization and other non-cash
charges, including the non-recurring impairment charges referred
to above, on a tax-effected basis), or -US$0.22 per share
(diluted).  In the same period of the prior year, cash earnings
were US$26.0 million (net loss of US$10.4 million adjusted for the
inclusion of US$36.4 million representing non-cash income and
expenses consisting of unrealized gains and losses, non-cash
compensation, depreciation, amortization and other non-cash
charges, including a non-recurring impairment charge, on a tax-
effected basis), or US$0.56 per share (diluted).

For the nine months ended September 30, 2008, there were
47,738,182 common shares outstanding on a weighted average diluted
basis (47,738,182 - weighted average basic) compared to 46,097,326
common shares outstanding for the same period in 2007 on the same
weighted average diluted basis (46,071,553 - weighted average
basic).

Included with this release are tables containing revenue and
expense detail for the third quarter and nine months ended 30
September 2008 with comparisons with prior periods.

   Other Items

The average gross management fee was 1.09%, annualized, for the
quarter ended September 30, 2008 and 1.07%, annualized, for the
nine months ended September 30, 2008 compared to 1.05% and 1.07%,
annualized, for each of the comparable periods of the prior year.
Excluding performance fee based accounts, the average gross
management fee was 1.30%, annualized, for the quarter ended
September 30, 2008 and 1.26%, annualized, for the nine months
ended September 30, 2008 compared to 1.27% and 1.23%, annualized,
for each of the comparable periods of the prior year.

For the third quarter of 2008 non-cash compensation expense
related to the company's restricted share issuances to employees
was approximately US$3.5 million.  For the nine months ended
September 30, 2008, these non-cash compensation charges were
approximately US$10.2 million.  In the third quarter and nine
months of 2007, these non-cash compensation charges were
approximately US$4.6 million and US$13.9 million, respectively.
These non-cash compensation expenses are included in "employee
compensation and benefits".

The company currently anticipates that full year 2008 total
revenue will be in the range of approximately US$31.5 million to
US$32.5 million.  The company will not recognize further
impairment charges due to the total impairment reported above for
the third quarter of 2008.

The company had cash and marketable securities at September 30,
2008 of US$44.6 million.  The company has no debt.

As of December 31, 2008, the company had cash and marketable
securities balances in excess of US$41.0 million.

Shareholders' equity at September 30, 2008 was approximately
US$47.5 million.

                    About W.P. Stewart & Co

W.P. Stewart & Co., Ltd. -- http://www.wpstewart.com-- is an
asset management company that has provided research-intensive
equity investment management services to clients worldwide.
Headquartered in Hamilton, Bermuda, with additional operations or
affiliates in the United States, Europe, Asia and the Netherlands
Antilles, W.P. Stewart & Co. managed approximately US$4.1 billion
in assets, as of December 31, 2007 and approximately
US$2.8 billion at May 16, 2008.

The company's client accounts are primarily for high-net-worth
individuals and trusts, partnerships, private corporations and
other entities, in which high-net-worth individuals have a
substantial interest, as well as for institutions.  Its client
base is geographically diverse, with 31% of its assets under
management from non-United States clients.


XL CAPITAL: Unit Taps Michael Martin as Chief Property Underwriter
------------------------------------------------------------------
XL Insurance, the global insurance operations of XL Capital Ltd,
named Mike Martin as Chief Property Underwriter for the Americas.

Commenting on the appointment, John Gallagher, XL Insurance's
Chief Underwriting Officer for Global Property, said: "Mike's
appointment is well-deserved.  It underscores his solid track
record for profitable underwriting and his commitment to providing
XL Insurance clients with appropriate property coverages, risk
engineering and loss prevention guidance.  Mike's technical
underwriting expertise, knowledge of our clients' industries and
overall enthusiasm personify why XL Insurance's property team has
the reputation that it does in our market."

Mr. Martin was previously XL Insurance's Property Underwriting
Manager for the Southeastern U.S. and Latin America.  He joined XL
Insurance in 2001 when XL acquired Winterthur International.
Prior experience also included working with Industrial Risk
Insurers.  Throughout his career, Mr. Martin has garnered
considerable global underwriting experience from his management
responsibilities for XL Insurance's property underwriting in Latin
America as well as from positions held in Zurich, Bermuda,
Chicago, Dallas and North Carolina.

According to Mr. Martin, "We have a strong domestic and
international business model that allows XL underwriting teams to
offer our clients large blocks of Property capacity as well as
provide value added services via XL's global platform.

Additionally, our risk engineers are dedicated to not only helping
us in the underwriting process but helping our clients find
effective ways to identify potential risks and the best ways to
prevent and reduce the probability of future losses.  Whether it
is helping clients prepare for hurricane season or an expansion of
their facilities, XL Insurance invests the time and the
underwriting and engineering talent necessary to help our clients
actively manage property risks."

                       About XL Insurance

"XL Insurance"  -- http://www.xlinsurance.com-- is the global
brand used by member insurers of the XL Capital Ltd (NYSE: XL)
group of companies.

                       About XL Capital

Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications. Concurrently A.M. Best has withdrawn the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.



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

BLOCKBUSTER INC: Bank Loan Sells at 41% Discount
------------------------------------------------
Participations in a syndicated loan under which BlockBuster is a
borrower traded in the secondary market at 58.80 cents-on-the-
dollar during the week ended January 2, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents an increase of 1.30 percentage points
from the previous week, the Journal relates.  BlockBuster pays
interest at 375 points above LIBOR.  The bank loan matures on
August 20, 2011.  The bank loan carries Moody's B1 rating and
Standard & Poor's B rating.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a provider of in-home
movie and game entertainment, with over 7,800 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, and
Australia.

                         *     *     *

In August 2008, Moody's Investors Service downgraded Blockbuster
Inc.'s probability of default rating to Caa1 from B3.  The
company's Caa1 corporate family rating, Caa2 senior subordinated
note rating, and SGL-4 speculative grade liquidity rating were
affirmed.  At the same time, Moody's raised the company's secured
bank facilities to B1 from B3.  Moody's said that the outlook
remains negative.

In December 2007, Fitch Ratings affirmed Blockbuster Inc.'s long-
term Issuer Default Rating at 'CCC' and the senior subordinated
notes at 'CC/RR6'.  Fitch said that the rating outlook is stable.



TELE NORTE: Shares Hit One-Month Low on Goldman Sachs Downgrade
---------------------------------------------------------------
Tele Norte Leste Participacoes S.A.'s shares dropped 5.8% to
BRL30.50 in Sao Paulo trading in a month after Goldman Sachs Group
Inc. cut the stock to "neutral" on concern its entry into Sao
Paulo may hurt earnings, Paulo Winterstein of Bloomberg News
reports.

According to the report, Analyst Stephen Graham, in a note to
clients, said the company's entry into the Sao Paulo mobile-phone
market last year was "aggressive" and will likely lead to losses
before interest, taxes, depreciation and amortization for its Sao
Paulo operations.  The costs of integrating Brasil Telecom
Participacoes SA likely pulled down margins on consolidated
earnings before interest, taxes, depreciation and amortization to
33% in 2008 from 37% in 2007, Mr. Graham wrote.

Mr. Graham, the report relates, wrote that new subscriptions have
slowed after the first month of promotions and signal problems
"have hurt word-of-mouth advertising."

Mr. Graham, Bloomberg News notes, also wrote that the company's
shares, which have outperformed the Bovespa index over the past
year, are now fully pricing in the takeover of Brasil Telecom.

Mr. Graham previously had a "buy" rating on the shares, the report
recalls.

                        About Tele Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                          *     *     *

In April 2007, Standard & Poor's Ratings Services placed on
CreditWatch with negative implications the 'BB+' corporate credit
rating on Tele Norte Leste Participacoes S.A.  The creditwatch
resulted from TmarPart's decision to buy out its holding company's
preferred shares.


* BRAZIL: Nov. Industrial Output Drops Lowest in 7 Years
--------------------------------------------------------
Brazil's industrial output dropped 6.2% in November from the year-
ago month, the biggest drop since December 2001, Bloomberg News
reports, citing the country's national statistic agency.  The
drop, the report relates, is fueling expectations that the central
bank will cut interest rates more than economists had expected
this month.

The decline was more than the median forecast of a 4.3% decline in
a Bloomberg survey of 20 economists.  Production fell 5.2% from
October, its biggest monthly decline since May 1995, the report
says.

"The reading surprised even the most pessimistic analysts," the
report quoted Alexandre Lintz, chief strategist in Brazil with BNP
Paribas, as saying.  "This reinforces the call that the central
bank will start cutting rates this month by more than 25 basis
points," Mr. Lintz said.

Bloomberg News says Brazil this year will expand at its slowest
pace since 2003.  Gross domestic product this year may expand at
less than half the pace forecast by the central bank for 2008, as
the global credit crunch saps demand for products from cars to
computers, according to the median forecast in a central bank
survey of about 100 economists, the report notes.

Bloomberg News recalls November output was dragged lower by a
30% annual decline in computer manufacturing, followed by an
18.3% drop in automobile production.  In total, 22 of 27
industries and 64% of 755 products experienced declines, while
production of capital goods expanded by 3.6%, the same report
relates.

Meanwhile, Bloomberg News notes Brazil's automobile industry has
trimmed 500 jobs since the crisis began and carmakers such as Fiat
Spa and General Motors Corp gave thousands of workers early
vacations last month.  To fill the gap left by scarce credit, the
federal and state governments have pledged BRL8 billion
(US$3.62 billion) to the financial arms of carmakers who saw sales
plunge 25% in November, the biggest drop in five years, the report
says.

Bloomberg News adds the yield on Brazil's interest rate future
contracts fell across the board as traders increased bets the
central bank will start cutting rates in January.

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



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

ACORN ALTERNATIVE: Placed Under Voluntary Liquidation
-----------------------------------------------------
On November 26, 2008, the sole shareholder of Acorn Alternative
Strategies (Plus) Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidators are:

          Linburgh Martin
          John Sutlic
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone:(345) 949 8455
          Facsimile:(345) 949 8499


AIREXEC SERVICES: Enters Liquidation Proceedings
------------------------------------------------
On November 14, 2008, the shareholder of Airexec Services (Cayman)
Limited resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


BLUEFOX HOLDINGS: Placed Under Voluntary Liquidation
----------------------------------------------------
The sole shareholder of Bluefox Holdings SPC. resolved to
voluntarily liquidate the company's business.

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:

           Marc Brune
           c/o Ogier Fiduciary Services (Cayman) Limited
           Queensgate House, South Church Street
           PO Box 1234, George Town
           Grand Cayman KY1-1108


COLUMBUS INC: Enters Liquidation Proceedings
--------------------------------------------
On October 11, 2008, the shareholder of Columbus Inc resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


CRESCENT POINT: Placed Under Voluntary Liquidation
--------------------------------------------------
On October 2, 2008, the sole shareholder of Crescent Point Mena
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who can file their proofs of debt today, Jan. 8,
2009, 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
          Fourth Floor, Harbour Place
          P.O. Box 1034, Grand Cayman
          Telephone:(345) 949 8455
          Facsimile:(345) 949 8499


JRG INVESTMENTS: Enters Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on November 27, 2008, the
shareholder of JRG Investments Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694GT, Grand Cayman
          Cayman Islands
          Telephone:949 8666
          Facsimile:949 0626


LATROBE FUNDING: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on November 27, 2008, the
shareholders of Latrobe Funding Limited resolved to voluntarily
liquidate the company's business.

Only creditors who can file their proofs of debt by Jan. 9, 2009,
will be included in the company's dividend distribution.

The company's liquidator is:

           David Dyer
           c/o Deutsche Bank (Cayman) Limited
           P.O. Box 1984, Boundary Hall
           Cricket Square
           171 Elgin Avenue, George Town
           Grand Cayman KY1-1104
           Cayman Islands


MUTUAL FUND: Placed Under Voluntary Liquidation
-----------------------------------------------
On November 27, 2008, the shareholder of Mutual Fund Basket
Reference Fund (13-A) Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106SMB, Grand Cayman


MUTUAL FUND: Placed Under Voluntary Liquidation
-----------------------------------------------
On November 27, 2008, the shareholder of Mutual Fund Basket Master
Fund (12) resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106SMB, Grand Cayman


MUTUAL FUND: Placed Under Voluntary Liquidation
-----------------------------------------------
On November 27, 2008, the shareholder of Mutual Fund Basket
Reference Fund (10-A) Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106SMB, Grand Cayman


MUTUAL FUND: Placed Under Voluntary Liquidation
-----------------------------------------------
On November 27, 2008, the shareholder of Mutual Fund Basket
Reference Fund (10-B) Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106SMB, Grand Cayman


OTKRITIE RUSSIAN: Placed Under Voluntary Liquidation
----------------------------------------------------
On December 8, 2008, the sole shareholder of Otkritie Russian
Electricity Sector Fund resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
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


PGS FOCUS-PAULSON: Enters Liquidation Proceedings
-------------------------------------------------
On November 27, 2008, the shareholder of PGS Focus-Paulson Ltd.
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


PTMM CAYMAN I: Placed Under Voluntary Liquidation
-------------------------------------------------
On November 25, 2008, the sole shareholder of PTMM Cayman I
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
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


RALEIGH WASTE: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on November 24, 2008, the
shareholders of Raleigh Waste Management Limited resolved to
voluntarily liquidate the company's business.

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:

          Robert Allan
          c/o Sydney J. Coleman
          P.O. Box 1111, Grand Cayman
          Cayman Islands
          Telephone:345 949 5122
          Facsimile:345 949 7920


REEM INDIA: Placed Under Voluntary Liquidation
----------------------------------------------
On November 27, 2008, the sole shareholder of Reem India Realty
Investment Fund resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman, KY1-1102
          Telephone:(345) 949 8455
          Facsimile:(345) 949 8499


SEBAGO PARTNERS: Placed Under Voluntary Liquidation
---------------------------------------------------
On November 25, 2008, the sole shareholder of Sebago Partners
Offshore, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors can file their proofs of debt by Jan. 9, 2009, will
be included in the company's dividend distribution.

The company's liquidator is:

          Richard L. Finlay
          c/o Noel Webb
          P.O. Box 2681, Grand Cayman KY1-1111
          Telephone:(345) 945 3901
          Facsimile:(345) 945 3902


TABWT CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on November 27, 2008, the
shareholders of Tabwt Capital Limited resolved to voluntarily
liquidate the company's business.

Only creditors who can file their proofs of debt by Jan. 9, 2009,
will be included in the company's dividend distribution.

The company's liquidator is:

           David Dyer
           c/o Deutsche Bank (Cayman) Limited
           P.O. Box 1984, Boundary Hall
           Cricket Square
           171 Elgin Avenue, George Town
           Grand Cayman KY1-1104
           Cayman Islands


TRANSPARENT VALUE: Placed Under Voluntary Liquidation
-----------------------------------------------------
On November 26, 2008, the sole shareholder of Transparent Value
Equity Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
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


TRANSPARENT VALUE: Placed Under Voluntary Liquidation
-----------------------------------------------------
On November 26, 2008, the sole shareholder of Transparent Value
Equity Master Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
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



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


GRAN TIERRA: Protests Cost Firm 80% in Lost Oil Output
------------------------------------------------------
Canadian company Gran Tierra Energy Inc lost as much as 80% of its
production since late November as protests over pyramid schemes
shut down pipeline access in Colombia, Steven Bodzin of Bloomberg
News reports.

Company CEO Dana Coffield told Bloomberg News in a telephone
interview that Gran Tierra plans to restart production now that
the general strike ended.  "We haven't restarted operations yet
but are in the process of starting to do so," Mr. Coffield said.

According to Bloomberg News, drilling at Gran Tierra's Costayaco
field was also delayed by the strike.

Gran Tierra produced 4,200 barrels a day of oil and natural gas
liquids in the third quarter, the report says.

                        About Gran Tierra

Gran Tierra Energy Inc. -- http://www.grantierra.com-- is an
independent energy company engaged in oil and gas exploration,
development and production. The Company owns oil and gas
properties in Colombia, Argentina and Peru. During the year ended
December 31, 2007, the Company held interests in producing and
properties in Colombia, Argentina and Peru. During 2007, the
Company drilled two discovery wells in the Putumayo Basin, the
Juanambu-1 well in the Guayuyaco Block and the Costayaco-1 well in
the Chaza Block. The Company also acquired 70 square kilometers of
three dimensional seismic on the Chaza block, and commenced
drilling the Costayaco-2 well, which it completed drilling in
January 2008. On November 14, 2008, Gran Tierra Energy Inc. and
Solana Resources Limited announced that they have completed the
business combination of Gran Tierra and Solana, persuant to which
Gran Tierra became an intermediate-sized producer with production
in excess of 11,600 barrels of oil equivalent per day (boe/d).



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

CAP CANA: Defaults on US$250 Mil. Sr. Secured Notes, Seeks Waiver
-----------------------------------------------------------------
Cap Cana S.A. is launching a new consent solicitation (the
"Consent Solicitation") with respect to its US$250 million
outstanding principal amount of 9.625% Senior Secured Notes due
2013 (the "Notes"), the company said in a statement.

The company said it is seeking to obtain a waiver on the Notes due
to a technical default that resulted from the company's not
depositing in the Debt Service Reserve Account, by January 2,
2009, funds equal to the interest payment on the Notes that comes
due on May 3, 2009 (the "Reserve Requirement"), as required under
the terms of the indenture governing the Notes (the "Indenture"),
and an extension of the period for replenishing the Debt Service
Reserve Account to February 24, 2009.

Cap Cana is soliciting consents from the holders of record as of
January 7, 2009, to approve an amendment to the Indenture.

Cap Cana intends to launch an exchange offer in January 2009 to
provide holders of Notes an option to exchange their Notes.  The
exchange offer represents part of the Company's comprehensive
restructuring and debt reduction plan designed to improve the
company's capital structure and financial position in response to
the worldwide downturn in the credit and real estate markets.  The
company stated that it is encouraged by the ongoing discussions
with holders of the Notes regarding an amicable and proactive
restructuring process.

The purpose of the Consent Solicitation, in addition to obtaining
a waiver of the default that arose on January 2, 2009, is to
extend the deadline for the deposit of the Reserve Requirement
from January 2, 2009 to February 24, 2009, thus providing Cap Cana
with sufficient time to complete the contemplated exchange offer.

The proposed waiver and amendment to the Indenture requires the
consent of holders of a majority in aggregate principal amount of
the Notes outstanding.  The Consent Solicitation will expire at
5:00 p.m., New York City time, on Thursday, January 15, 2009,
unless the consent solicitation is extended by Cap Cana, in its
sole discretion.

The terms and conditions of the Consent Solicitation are described
in the Consent Solicitation Statement, dated January 7, 2009 (the
"Consent Solicitation Statement"), which is being sent to all
holders of record as of January 7, 2009.

Holders of the Notes may obtain copies of these documents from:

     Weston International Capital Markets LLC
     15th Floor
     150 East 58th Street
     New York, NY 10155
     Tel. No.: (212) 888-4560

                         About Cap Cana

Cap Cana S.A. is owner and developer of a resort complex on the
Dominican easter tip.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
Nov. 4, 2008, Fitch Ratings downgraded the rating on Cap Cana,
S.A.'s US$250 million senior secured notes from 'B' to 'CCC/RR4'.
The rating is also placed on Rating Watch Negative.  The action
follows a significant deterioration in market conditions and an
increase in refinance risk associated with a Cap Cana
US$100 million bridge loan coming due on Nov. 19, 2008.  The
inability to access capital markets coupled with a significant
decrease in property sales has created a lack of liquidity for the
project, which is expected to severely constrain its ability to
continue normal operations.


* DOMINICAN REPUBLIC: Gov't to Pay US$358MM Debt to Power Firms
---------------------------------------------------------------
The Dominican Republic government will pay its US$357.7 million
corporate debt, excluding the bill for December that expires this
month, to energy distributors and generators, The Dominican Today
reports, citing Radhames Segura, head of the state-owned energy
companies ("CDEEE").

Mr. Segura, the report relates, affirmed that the power sector
moves toward a sustained recovery.

According to the report, the CDEEE administrator said president
Leonel Fernandez and electricity sector officials met in the early
hours to discuss the prospects for the new year.

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.



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

AIR JAMAICA: Local Group Mulls Investing in Airline
---------------------------------------------------
A local group in Jamaica is reportedly considering to become a
major player in troubled airline Air Jamaica's future operations,
Jamaica Gleaner reports.

According to the report, vice president of National Workers Union
("NWU"), Granville Valentine, said members of the group have so
far approached the union for consultations on the matter.

The government, the report notes, said it's now in the final phase
of the divestment process for the airline.

As reported in the Troubled Company Reporter - Latin America on
January 7, 2008, Jamaica News said 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.   The union said hope is fading
that the March 31 deadline for the divestment will be met, the
same report related.

According to a TCRLA report citing Radio Jamaica News, 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.

                        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.


NTCS: Must Pay US$17 Million Debt to Maintain Operations
--------------------------------------------------------
Jamaica's transport ministry is insisting that the National
Transport Cooperative Society ("NTCS") must pay its sub franchise
fees owed to the ministry before its license will be renewed,
Jamaica Gleaner reports.

According to the report, NTCS is currently operating without a
license after its operating license expired last December, which
is yet to be renewed by the ministry.

The NTCS, Jamaica Gleaner says, has since been seeking an
extension for the payment but the transport ministry said the bus
company owes at least US$17 million in fees, which have been
outstanding since last year August.  The ministry is insisting
that the outstanding fees be paid before an extension is
considered, the report relates.

Reginald Allen, communications manager at the transport ministry,
said the bus company has also failed to provide audited financial
statements on its operations, which was a requirement for the
extension of the license, the report notes.

The ministry, the report adds, said if the issue is not resolved
it might have to take legal action to recover the outstanding
fees.

                    About National Transport

The National Transport Cooperative Society provides  bus service
in sections of the Kingston Metropolitan Transport Region.




                            ***********

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.


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