TCRLA_Public/090109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, January 9, 2009, Vol. 9, No. 6

                            Headlines

A R G E N T I N A

ALCATRADING SRL: Trustee Verifying Proofs of Claim Until May 4
ARGENTOIL SA: Verifying Proofs of Claim Until February 13
IMPORTADORA SOFT: Trustee Verifying Proofs of Claim Until April 23
I.T. S. SERVICIOS: Trustee Verifying Proofs of Claim Until Feb. 11
ICA INVERSIONES: Trustee Verifying Proofs of Claim Until April 14

NEOSOL S.A.C.I.F.I.: Verifying Proofs of Claim Until March 10
UNIVERSALFLET SA: Trustee Verifying Proofs of Claim Until March 3


B E R M U D A

PRIVATE INVESTORS: Creditors' Proofs of Debt Due on January 12
PRIVATE INVESTORS: Members' Final Meeting Set for January 13


B R A Z I L

ARACRUZ CELULOSE: Shares Hit 2-Mo High on Bank Speculation
BRASKEM SA: Shares Hit 5-Mo High on Peru's Plant Construction Plan
CSN: Re-Opens Share Buy Back Program
GRAPHIC PACKAGING: Bank Loan Sells at Substantial Discount
TAM SA: Attains 50.4% Market Share in January-November Period

TAM SA: Gets Fourth Boeing 777 for Sao Paulo-London Route


C A Y M A N  I S L A N D S

AMGHARA CO: Enters Wind-Up Proceedings
BADRA FINANCING: Enters Wind-Up Proceedings
BRUSNWICK PARTNERS: Enters Liquidation Proceedings
DELDAN CORPORATION: Enters Wind-Up Proceedings
DOLOMINO LIMITED: Enters Wind-Up Proceedings

EIGHT TREASURES: Commences Liquidation Proceedings
GA GENPAR: Commences Liquidation Proceedings
GAR EQUITY: Enters Wind-Up Proceedings
KABD CO: Enters Wind-Up Proceedings
KLC FUNDING: Commences Liquidation Proceedings

MASNAA CO: Enters Wind-Up Proceedings
MONUMENTAL HOLDINGS: Enters Liquidation Proceedings
MUTUAL FUND: Placed Under Voluntary Liquidation
MUTUAL FUND: Placed Under Voluntary Liquidation
MUTUAL FUND: Placed Under Voluntary Liquidation

PUPET LIMITED: Commences Liquidation Proceedings
PUTNAM CURRENCY: Commences Liquidation Proceedings
SABHAN CO: Enters Wind-Up Proceedings
SHAHEEN CO: Enters Wind-Up Proceedings
VINIS INVESTMENT: Enters Wind-Up Proceedings


C O L O M B I A

* COLOMBIA: Fitch Assigns 'BB+' Long-Term Issuer Default Rating


M E X I C O

CEMEX SAB: Faces Lawsuit for Failure to Meet Pollution Standards
GRUPO POSADAS: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
* MEXICO: GDP May Not Grow This Year Due to Financial Crisis
* MEXICO: 2 Local Banks Cut Credit Card Interest to Avoid Defaults


V E N E Z U E L A

PDVSA: CITGO To Continue With Heating Aid Program for U.S. Poor
* VENEZUELA: Cuts Oil Production to Comply With OPEC


V I R G I N  I S L A N D S

* VIRGIN ISLANDS: Housing Authority May Cut Workforce by 25%


                         - - - - -


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

ALCATRADING SRL: Trustee Verifying Proofs of Claim Until May 4
--------------------------------------------------------------
Jose Colace, the court-appointed trustee for Alcatrading SRL's
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 4, 2009.

Mr. Colace will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 46 in Buenos Aires, with the assistance of Clerk
No. 20, 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.

The Debtor can be reached at:

          Alcatrading SRL
          avenida La Plata 2582
          Buenos Aires, Argentina

The Trustee can be reached at:

          Jose Colace
          Bernardo de Yrigoyen
          Buenos Aires, Argentina


ARGENTOIL SA: Verifying Proofs of Claim Until February 13
---------------------------------------------------------
The court-appointed trustee for Argentoil S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
February 13, 2009.

The trustee will present the validated claims in court as
individual reports on March 27, 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 14, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 23, 2009.


IMPORTADORA SOFT: Trustee Verifying Proofs of Claim Until April 23
------------------------------------------------------------------
Ruth Alfici, the court-appointed trustee for Importadora Soft Hard
SA's reorganization proceedings will be verifying creditors'
proofs of claim until April 23, 2009.

Ms. Alfici will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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.

The Debtor can be reached at:

          Importadora Soft Hard SA
          Tte. Gral. J. D. Perón 1531
          Buenos Aires, Argentina



The Trustee can be reached at:

          Ruth Alfici
          Rodriguez Pena 565
          Buenos Aires, Argentina


I.T. S. SERVICIOS: Trustee Verifying Proofs of Claim Until Feb. 11
------------------------------------------------------------------
Raquel Tripodi, the court-appointed trustee for I.T. S. Servicios
Postales SA's bankruptcy proceedings will be verifying creditors'
proofs of claim until February 11, 2009.

Ms. Tripodi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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.

The Debtor can be reached at:

          I.T. S. Servicios Postales SA
          Pte. L. S. Pena 1270
          Buenos Aires, Argentina

The Trustee can be reached at:

          Raquel Tripodi
          avenida Santa Fe 1480
          Buenos Aires, Argentina


ICA INVERSIONES: Trustee Verifying Proofs of Claim Until April 14
-----------------------------------------------------------------
Alejandro Sabsay, the court-appointed trustee ICA Inversiones SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 14, 2009.

Mr. Sabsay will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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.

The Debtor can be reached at:

          ICA Inversiones SA
          Tucuman 1
          Buenos Aires, Argentina

The Trustee can be reached at:

          Alejandro Sabsay
          Bartolome Mitre 1131
          Buenos Aires, Argentina


NEOSOL S.A.C.I.F.I.: Verifying Proofs of Claim Until March 10
-------------------------------------------------------------
The court-appointed trustee for Neosol S.A.C.I.F.I.'s
reorganization proceedings will be verifying creditors' proofs of
claim until March 10, 2009.

The trustee will present the validated claims in court as
individual reports on April 27, 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 6, 2009.


UNIVERSALFLET SA: Trustee Verifying Proofs of Claim Until March 3
-----------------------------------------------------------------
Rosa Irigoyen, the court-appointed trustee Universalflet SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 3, 2009.

Ms. Irigoyen will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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.

The Debtor can be reached at:

          Universalflet SA
          remises y fletes
          Buenos Aires, Argentina

The Trustee can be reached at:

          Rosa Irigoyen
          avenida Cordoba 1351
          Buenos Aires, Argentina



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

PRIVATE INVESTORS: Creditors' Proofs of Debt Due on January 12
--------------------------------------------------------------
The creditors of Private Investors (Intl) Limited are required to
file their proofs of debt by January 12, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on December 10,
2008.

The company's liquidator is:

          Roderick Forrest
          Chancery Hall, 52 Reid Street
          Hamilton HM 12
          Islands of Bermuda


PRIVATE INVESTORS: Members' Final Meeting Set for January 13
------------------------------------------------------------
The members of Private Investors (Intl) Limited will hold their
final general meeting on January 13, 2009, at 10:00 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on December 10,
2008.

The company's liquidator is:

          Roderick Forrest
          Chancery Hall, 52 Reid Street
          Hamilton HM 12
          Islands of Bermuda



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

ARACRUZ CELULOSE: Shares Hit 2-Mo High on Bank Speculation
----------------------------------------------------------
Aracruz Celulose SA's shares rose the most in two months, since
Nov. 13, on speculation the real's gain may spur creditor banks to
reach an agreement on US$2.13 billion of currency-derivatives
losses, Fabio Alves of Bloomberg News reports.  The company, the
report relates, surged the most on the Bovespa index, rising 9.2%
to BRL2.97 in Sao Paulo.

"The recent gain in the Brazilian real against the dollar will
prompt Aracruz and the banks to speed up talks to reach an
agreement as a stronger currency is not advantageous for the
creditors," Dany Rappaport, a partner at Investport, which
oversees about US$48 million, told Bloomberg News in a phone
interview.

According to the report, the real has gained 11% against the
dollar since Dec. 8.  The real's 23% tumble against the dollar
last year spurred US$2.13 billion of losses and an 81% drop in its
stock price, the report notes.

As reported in the Troubled Company Reporter - Latin America on
Dec. 16, 2008, Bloomberg News said Aracruz Celulose failed to
reach an agreement with banks on how it will pay the US$2.13
billion currency-derivatives losses, saying it will continue to
talk with lenders.

In a TCRLA report on Nov.28, citing Bloomberg News, Aracruz
Celulose was accused in a lawsuit of misleading investors about
"clandestine and speculative currency wagers."

According to the report, the complaint was filed by law firm
Saxena White P.A. in the U.S. District Court for the Southern
District of Florida on behalf of holders of Aracruz American
depositary receipts.

Bloomberg News related that in the complaint, Saxena White argued
the Brazilian pulp maker failed to disclose currency derivatives
"that violated company policy in that they were far larger than
necessary to hedge normal business operations."

According to Saxena White, on October 2, 2008, Aracruz Celulose
announced that it would lose US$1 billion due to its investments
in currency-related derivative contracts that exceeded established
company policy guidelines.  This resulted in the American
Depository Receipt (ADR) closing at US$23.40 per share on October
3rd, a decline of US$7.84 from the prior day's close, the law firm
said.

"The expectation that a settlement between Aracruz and the banks
may be announced soon has been driving the shares," Bloomberg News
quoted Catarina Pedrosa, head of equity research at Banif SA, as
saying.

Bloomberg News, citing a Valor Economico newspaper report on
Dec. 12, recalls creditor banks offered to allow the pulp maker to
pay the debt over seven years with interest equal to 7 percentage
points over the London interbank offered rate, known as Libor.

"If Aracruz fails to reach an agreement with the banks, it would
need funding immediately and a share sale would be one of the
probable options," the report quoted Januario Hostin Junior, chief
equity portfolio manager at Leme Investimentos in Florianopolis,
which oversees about US$35 million, as saying.  "However, the
real's gain increases the odds for a settlement with the banks to
be reached soon," Mr. Junior said.

                      About Aracruz Celulose

Brazil-based Aracruz Celulose SA (SAO:ARCZ6) --
http://www.aracruz.com.br/-- is producer of bleached hardwood
kraft market pulp.  The Company produces eucalyptus pulp, which is
a variety of hardwood pulp used by paper manufacturers to produce
a range of products, including tissues, printing and writing
papers, liquid packaging boards and specialty papers.  The
Company's production facilities consist of the Barra do Riacho
Unit in Espirito Santo State, which has three production units
each with two bleaching, drying and baling lines, the Guaiba Unit,
located in the municipality of Guaiba, State of Rio Grande do Sul,
and Veracel, located in the municipality of Eunapolis, State of
Bahia, where it has a 50% stake.  During the year ended December
31, 2007, the Company produced approximately 2,569,000 tons of
bleached eucalyptus kraft pulp (BEKP) (3,095,000 tons including
50% of Veracel's pulp production).

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 12, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Aracruz Celulose S.A. To 'BB'
from 'BBB-'.  We also lowered the Brazil national scale rating on
Aracruz to 'brAA' from 'brAAA'.  The ratings were removed from
CreditWatch Negative, where they were placed Oct. 3, 2008.  The
outlook is stable.

As reported by the Troubled Company Reporter-Latin America on
Nov. 5, 2008, Fitch Ratings downgraded Aracruz Celulose S.A.'s
Local currency Issuer Default Rating (IDR) to 'BB-' from 'BB+' and
Foreign currency IDR to 'BB-' from 'BB+'.  The ratings remain on
Rating Watch Negative.

As reported by the Troubled Company Reporter-Latin America on
Oct. 22, 2008, Moody's Investors Service downgraded the ratings of
Aracruz Celulose S.A. to Ba2 (corporate family rating) from Baa3
(issuer rating) on its global scale and to A1.br from Aa1.br on
the Brazilian national scale, and the ratings remain under review
for possible further downgrade.


BRASKEM SA: Shares Hit 5-Mo High on Peru's Plant Construction Plan
------------------------------------------------------------------
Braskem S.A. gained for a fourth day in Sao Paulo, the longest
streak since July, as commodity prices recovered and Peru
announced the construction of a new petrochemical plant, Paulo
Winterstein of Bloomberg News reported on January 6.  Braskem, the
report related, rose 4.3% to BRL6.30, the highest price in a
month.

"Braskem is benefiting from the gain in commodities as that
signals a reversal of the crisis and return to growth," the report
quoted Nelson Rodrigues de Matos, analyst at Banco do Brasil SA in
Rio de Janeiro, as saying.  Peru's plans to build a petrochemical
complex in the southern port of Marcona are a good sign for
Braskem, which also proposed to build a plant that will be
supplied by the Camisea gas fields, Mr. Rodrigues de Matos said.

According to the report, Energy & Mines Minister Pedro Sanchez
Gamarra said studies are under way by Peru to start construction
in 2010.

Braskem and Petroleo Brasileiro SA are looking to build an
US$800 million petrochemical plant in the region, the report said.

                       About Braskem S.A.

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

                          *     *     *

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

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


CSN: Re-Opens Share Buy Back Program
------------------------------------
Companhia Siderurgica Nacional S.A. ("CSN")'s Board of Directors
authorized on January 7, the reopening of the company's share
buyback program ("Share Buyback Program"), which will be held in
treasury for subsequent sale or cancellation.

The Share Buyback Program will respect these limits and
conditions, pursuant to the provisions of CVM Instructions 10/80
and 358/2002:

  -- The company aims to maximize the creation of value to
     shareholders through efficient capital structure management.

  -- The Number of shares to be acquired is up to 9,720,000
     shares.

  -- The effective period for performing authorized transactions
     is from January 8, 2009, to January 28, 2009, inclusively.

  -- Free float: 444,543,843 shares.

  -- The place of acquisitions is on the Stock Exchange.

  -- The maximum share price: share acquisition price cannot
     exceed its market price at the Stock Exchange.

The company's brokers are Itau Corretora de Valores S.A, UBS
Pactual Corretora de Mercadorias Ltda, Credit Suisse First Boston
CTVM S.A., and Itau USA Securities Inc.

                            About CSN

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

                          *     *     *

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

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


GRAPHIC PACKAGING: Bank Loan Sells at Substantial Discount
----------------------------------------------------------
Participations in a syndicated loan under which Graphic Packaging
International is a borrower traded in the secondary market at
69.33 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 1.17
percentage points from the previous week, the Journal relates.
Graphic Packaging International pays interest at 225 points above
LIBOR. The bank loan carries Moody's Ba3 rating and Standard &
Poor's BB- rating.

As reported by the Troubled Company Reporter on December 26, 2008,
participations in the bank loan traded in the secondary market at
66.44 cents-on-the-dollar during the week ended December 19, 2008.

Headquartered in Marietta, Georgia, Graphic Packaging
Corporation (NYSE:GPK) -- http://www.graphicpackaging.com/-- is
a provides paperboard packaging solutions for a variety of
products to multinational and other consumer products companies.
The company provides its customers paperboard, cartons and
packaging machines, either as an integrated solution or
separately.  Its packaging products are made from a variety of
grades of paperboard.  GPC manufactures its packaging products
from coated unbleached kraft paperboard and coated recycled
paperboard that it produces at its mills, and a portion from
paperboard purchased from external sources.  The company
operates in four geographic areas: the United States, Central
and South America (Brazil), Europe and Asia-Pacific.   GPC
conducts its business in two segments, paperboard packaging and
containerboard/other.

As reported by the Troubled Company Reporter-Latin America on
March 14, 2008, Graphic Packaging Holding Company completed its
combination of Graphic Packaging Corporation and Altivity
Packaging LLC.  The combination of Graphic Packaging and Altivity
created a company with pro-forma 2007 revenues of over US$4.4
billion and pro-forma 2007 adjusted EBITDA of approximately US$553
million.

Headquartered in Carol Stream, Illinois, Altivity Packaging --
http://www.altivity.com-- produces various products such as
folding cartons, bag and plastic packaging, and decorative
laminations.  Altivity Packaging also provides gift boxes for
department stores and other retail venues, as well contract
packaging services and inks and coatings.  The company, which
operates about 60 manufacturing plants across the US, serves the
food, medical, and electronic industries, among others.  In 2006
Altivity Packaging was established after TPG Capital's purchase
of Smurfit-Stone Container's consumer packaging unit.

                         *     *     *

As reported by the Troubled Company Reporter on March 24, 2008,
Moody's Investors Service affirmed Graphic Packaging International
Inc.'s B1 corporate family rating, B3 subordinated notes, and SGL-
3 speculative grade liquidity rating (indicating adequate
liquidity) following the announcement of the completed combination
of its operations with Altivity Packaging, LLC.  Moody's also
assigned a Ba3 rating to the company's new
$1.2 billion term loan C due 2014.

The existing ratings have been downgraded on both the secured bank
facilities, to Ba3 from Ba2, and the senior unsecured notes, to B3
from B2, due to the revised capital structure.  The additional
amounts of senior secured debt move the ratings of this debt
toward the B1 corporate family rating while the senior unsecured
notes are lowered by one notch.  The outlook remains negative.
Proceeds from the transaction will be used to pay off Altivity's
existing debt, thus Altivity's ratings have been withdrawn.


TAM SA: Attains 50.4% Market Share in January-November Period
-------------------------------------------------------------
TAM S.A.'s market shares in the January-November 2008 period was
50.4%, while its market shares for international flights was
74.3%, the company said in a statement.

The company has set a new record of 112,568 passengers transported
on domestic and international flights (including scheduled and
chartered flights) in a single day, this past Sunday, Jan. 4, on
the return from the year-end holidays, according to preliminary
company data.  Airplanes were filled to 85% of capacity.

"We achieved this important milestone while maintaining excellent
punctuality and regularity indices for our flights throughout the
entire year-end holiday period -- the result of the dedicated,
competent work of our teams," said Captain David Barioni Neto,
TAM's president.

The previous one-day record was set by the company on March 24,
2008, after the Easter holiday, when 100,500 passengers took
domestic and international flights operated by TAM. Average
occupancy that day was 81.2%.

                          About TAM S.A.

TAM S.A. -- http://www.tam.com.br/-- has business agreements
with the regional airlines Pantanal, Passaredo, Total and Trip.
As of Jan. 14, the daily flight on the Corumba -- Campo Grande
route in Mato Grosso do Sul began to be operated by a partnership
with Trip.  With the expansion of the agreement with NHT, TAM will
now be serving 82 destinations in Brazil, 45 of which with its own
flights.  In addition, the company is strengthening its presence
in Rio Grande do Sul and Santa Catarina.

The company's international operations include direct flights to
17 destinations: New York and Miami (USA), Paris (France), London
(England), Milan (Italy), Frankfurt (Germany), Madrid (Spain),
Buenos Aires and Cordoba (Argentina), Santiago (Chile), Caracas
(Venezuela), Montevideo and Punta del Este (Uruguay), AsunciOn and
Ciudad del Este (Paraguay), and Santa Cruz de la Sierra and
Cochabamba (Bolivia)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based airline TAM S.A.
to 'BB-' from 'BB'.  S&P's outlook is revised to stable from
negative.

As reported in the TCR-Latin America on June 23, 2008, Fitch
Ratings affirmed the 'BB' Foreign and Local Currency Issuer
Default Ratings of TAM S.A.  Fitch also affirmed the 'BB' rating
of its US$300 million senior unsecured notes due in 2017 as well
as the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch revised its rating
outlook to negative from stable.


TAM SA: Gets Fourth Boeing 777 for Sao Paulo-London Route
---------------------------------------------------------
TAM S.A. received its fourth Boeing 777-300ER, which will operate
the route Sao Paulo - London beginning this month.  Next week a
new Airbus A330 aircraft will also join the fleet, which will
allow the company to operate additional flights to Miami during
the high season.

In order to meet the increased demand from the domestic market
during the end-of-year vacations, three Airbus A320 aircraft were
received ahead of time and have already been added to the
company's fleet.  According to an Infraero survey, the strategy
included an efficient contingency plan prepared by the company,
allowing TAM to achieve the highest level of punctuality during
this period of all flights operated by Brazilian companies.

With the addition of the two wide-bodied aircraft (B777 and A330)
TAM's total fleet has increased to 129 aircraft, of which 122 are
Airbus models (20 A319s, 81 A320s, three A321s, 16 A330s and two
A340s), four are B777-300ERs and three are B767-300s.

The company's fleet plan was also altered with the elimination of
one B767-300 aircraft.  Despite the change to the fleet plan, the
company's estimates for an increase in number of seats available
in 2009 for both domestic and international markets have been
maintained at 8% and 20%, respectively, measured in ASKs
(Available Seat Kilometers).  The company has also kept its growth
estimate between 5% and 9% in demand from the domestic market.

                          About TAM S.A.

TAM S.A. -- http://www.tam.com.br/-- has business agreements
with the regional airlines Pantanal, Passaredo, Total and Trip.
As of Jan. 14, the daily flight on the Corumba -- Campo Grande
route in Mato Grosso do Sul began to be operated by a partnership
with Trip.  With the expansion of the agreement with NHT, TAM will
now be serving 82 destinations in Brazil, 45 of which with its own
flights.  In addition, the company is strengthening its presence
in Rio Grande do Sul and Santa Catarina.

The company's international operations include direct flights to
17 destinations: New York and Miami (USA), Paris (France), London
(England), Milan (Italy), Frankfurt (Germany), Madrid (Spain),
Buenos Aires and Cordoba (Argentina), Santiago (Chile), Caracas
(Venezuela), Montevideo and Punta del Este (Uruguay), AsunciOn and
Ciudad del Este (Paraguay), and Santa Cruz de la Sierra and
Cochabamba (Bolivia)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based airline TAM S.A.
to 'BB-' from 'BB'.  S&P's outlook is revised to stable from
negative.

As reported in the TCR-Latin America on June 23, 2008, Fitch
Ratings affirmed the 'BB' Foreign and Local Currency Issuer
Default Ratings of TAM S.A.  Fitch also affirmed the 'BB' rating
of its US$300 million senior unsecured notes due in 2017 as well
as the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch revised its rating
outlook to negative from stable.



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

AMGHARA CO: Enters Wind-Up Proceedings
-------------------------------------
On November 19, 2008, the shareholders of Amghara Co, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Mohammad Jalal Uddin
          c/o Maples and Calder
          P.O. Box 309, Grand Cayman
          Cayman Islands


BADRA FINANCING: Enters Wind-Up Proceedings
-------------------------------------------
On November 19, 2008, the shareholders of Badra Financing Co.,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Mohammad Jalal Uddin
          c/o Maples and Calder
          P.O. Box 309, Grand Cayman
          Cayman Islands


BRUSNWICK PARTNERS: Enters Liquidation Proceedings
--------------------------------------------------
On November 21, 2008, the shareholders of Brusnwick Partners Six
Limited resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Edward Allanby
          c/o Maples and Calder
          P.O. Box 309, Grand Cayman
          Cayman Islands


DELDAN CORPORATION: Enters Wind-Up Proceedings
----------------------------------------------
On November 27, 2008, the shareholders of Deldan Corporation Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Ferguson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360


DOLOMINO LIMITED: Enters Wind-Up Proceedings
--------------------------------------------
On November 27, 2008, the shareholders of Dolomino Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Ferguson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360


EIGHT TREASURES: Commences Liquidation Proceedings
--------------------------------------------------
On November 27, 2008, the shareholders of Eight Treasures Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Ferguson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360


GA GENPAR: Commences Liquidation Proceedings
--------------------------------------------
On November 28, 2008, the shareholder of GA Genpar (Cayman)
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt today,
January 9, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GAR EQUITY: Enters Wind-Up Proceedings
-------------------------------------
On November 19, 2008, the shareholders of Gar Equity Co., Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Mohammad Jalal Uddin
          c/o Maples and Calder
          P.O. Box 309, Grand Cayman
          Cayman Islands


KABD CO: Enters Wind-Up Proceedings
-----------------------------------
On November 19, 2008, the shareholders of Kabd Co., Ltd resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Mohammad Jalal Uddin
          c/o Maples and Calder
          P.O. Box 309, Grand Cayman
          Cayman Islands


KLC FUNDING: Commences Liquidation Proceedings
----------------------------------------------
On November 28, 2008, the shareholder of KLC Funding Limited
resolved to voluntarily liquidate the company's business.

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


MASNAA CO: Enters Wind-Up Proceedings
-------------------------------------
On November 19, 2008, the shareholders of Masnaa Co., Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Mohammad Jalal Uddin
          c/o Maples and Calder
          P.O. Box 309, Grand Cayman
          Cayman Islands


MONUMENTAL HOLDINGS: Enters Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on December 8, 2008, the
shareholders of Monumental Holdings Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Ferguson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360


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

Only creditors who were able to file their proofs of debt by
January 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 (11-A) Limited resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
January 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 (12-A) Limited resolved to voluntarily liquidate
the company's business.

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


PUPET LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On November 27, 2008, the shareholders of Pupet Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Ferguson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360


PUTNAM CURRENCY: Commences Liquidation Proceedings
--------------------------------------------------
On November 28, 2008, the shareholder of Putnam Currency Alpha
Fund, Ltd resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt today,
January 9, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SABHAN CO: Enters Wind-Up Proceedings
-------------------------------------
On November 19, 2008, the shareholders of Sabhan Co, Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Mohammad Jalal Uddin
          c/o Maples and Calder
          P.O. Box 309, Grand Cayman
          Cayman Islands


SHAHEEN CO: Enters Wind-Up Proceedings
-------------------------------------
On November 19, 2008, the shareholders of Shaheen Co., Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Mohammad Jalal Uddin
          c/o Maples and Calder
          P.O. Box 309, Grand Cayman
          Cayman Islands


VINIS INVESTMENT: Enters Wind-Up Proceedings
--------------------------------------------
On November 27, 2008, the shareholders of Vinis Investment
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs by January 8,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Ferguson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone:(345) 949-0355
          Facsimile:(345) 949-0360



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

* COLOMBIA: Fitch Assigns 'BB+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency Issuer
Default Rating of 'BB+' to the Republic of Colombia 10-year
US$1 billion Eurobond (7.375% coupon).

The rating is in line with Colombia's foreign currency IDR.
Colombia's creditworthiness is supported by a record of
macroeconomic stability, disciplined fiscal policies and deft
liability management.  These credit strengths, though, are
balanced by comparatively high fiscal and external solvency
ratios.  Colombia also remains vulnerable to external shocks due
to limited trade integration, high commodity dependence, and
considerable trade exposure to Venezuela.



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

CEMEX SAB: Faces Lawsuit for Failure to Meet Pollution Standards
----------------------------------------------------------------
Cemex S.A.B. de C.V. is facing a U.S. Justice Department lawsuit,
filed at the request of the Environmental Protection Agency in
in the U.S. District Court in Colorado, on claims that it failed
to meet pollution standards, Thomas Black of Bloomberg News
reports.

The report relates the government said it may assess fines of as
much as US$27,500 a day for violations between Jan. 30, 1997, and
March 15, 2004, and penalties valued at as much as US$32,500 a day
for violations occurring after that.

The DoJ's complaint, Bloomberg News notes, said the plant failed
to obtain proper permits for an upgrade that took place between
1997 and 1999 and has since occasionally failed to meet pollution
requirements.  The Justice Department wants an injunction and
possible fines, the report says.

"We dispute the allegations and are very disappointed,
particularly in today's economic climate, that the government has
chosen a path of litigation rather than working with the company
to resolve its concerns," Cemex said in an e-mailed statement
obtained by Bloomberg News.

According to Bloomberg News, DoJ said in its complaint the plant
was expanded without permits or comment from the public, resulting
in a violation of the Clean Air Act.  The company has also failed
on about 116 occasions since January 2004 to shut the plant down
when winds exceed 30 miles per hour for a period of 60 minutes as
required, the agency said.

Cemex, the report recalls, bought the plant in November 2000, and
upgraded it when Houston-based Southdown Inc. owned the facility.
Cemex said it has spent more than US$4 million on environmental
improvements at the plant in the past three years, the same report
relates.

"These projects did not increase emissions from the plant,
therefore, they did not violate applicable law," the report quoted
Cemex as saying.  "The allegations simply are not supported by the
facts," it said.

Bloomberg News says the lawsuit adds to Cemex's troubles as the
company attempts to refinance more than a third of its US$16.4
billion net debt and faces derivative losses of US$711 million
while profits plummet on weak cement demand in the U.S., Mexico,
Spain and U.K.

                           About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. (NYSE: CX) --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de
C.V.'s  'BBB-' foreign currency Issuer Default Rating to 'BB+';
'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured
debt obligations to 'BB+'.  The Rating Outlook is Negative.

According to Fitch, the rating actions reflect weaker than
expected operating results and higher leverage levels than
previously anticipated due to economic weakness in most of the
company's important markets.


GRUPO POSADAS: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
global scale ratings, including the 'BB-' long-term corporate
credit rating, on hotel operator Grupo Posadas S.A.B. de C.V., and
removed the ratings from CreditWatch, were they were placed with
negative implications on Oct. 13, 2008.  At the same time, S&P
lowered the long-term Mexican national scale corporate credit
rating to 'mxBBB+' from 'mxA-'.  The outlook is negative.

"The affirmation followed completion of our review of Posadas'
operating and economic prospects," said Standard & Poor's credit
analyst Monica Ponce.

The corporate credit rating on Posadas reflects its aggressive
financial policy, the cyclical nature of the lodging industry, the
company's geographic concentration in Mexico, and its relatively
high debt leverage.

These factors are partially offset by the company's consistent
operating performance, its position as the largest hotel operator
in Mexico, and its diversified hotel portfolio, including well-
recognized brands.

The negative outlook reflects Posadas' exposure to an open
position in derivative instruments related to foreign-exchange
swaps that could lead to a tight liquidity position if there is
further weakness in the Mexican peso-to-dollar exchange rate.  It
also reflects S&P's expectation that occupancy levels in Posadas'
hotels will decline as a result of the global economic
slowdown, affecting revenue generation and therefore free
operating cash flow generation.



* MEXICO: GDP May Not Grow This Year Due to Financial Crisis
------------------------------------------------------------
Mexico's gross domestic product may expand 1% at best this year
and may not grow at all as a worldwide financial crisis takes its
toll on the country, Bloomberg News reports, citing Mexican
Economy Minister Gerardo Ruiz Mateos.

According to the report, President Felipe Calderon announced a
package of stimulus measures to aid the economy.  The government's
official growth forecast for this year is 1.8%, the report notes.

Minister Mateos, the report relates, said Mexico's automotive,
electrical appliance and manufacturing industries will benefit
from participating in a government plan to help companies prevent
layoffs.

President Calderon said the government will spend BRL2 billion
(US$148 million) to help companies avoid firing workers when they
lower production levels or temporarily shut down plants, the
report says.

President Calderon, Bloomberg News notes, also said Mexico will
freeze the price of gasoline for the rest of the year, and lower
electricity rates for some industrial users.

The same report relates Minister Mateos said the plan is "more
aggressive" than previous government measures to mitigate the
global financial crisis.  The plan will be financed by tax
collections and oil revenue, he said.


* MEXICO: 2 Local Banks Cut Credit Card Interest to Avoid Defaults
------------------------------------------------------------------
Two local banks, Banorte and HSBC's Mexican unit, are launching a
program that is offering to cut clients' credit card interest
rates by half if they sign up for fixed payments to eliminate
their balance within four years, Noel Randewich of Reuters
reports.

According to the report, the program aims to help consumers reduce
credit card debt as a slowing economy threatens to worsen already
ballooning loan defaults.

Reuters relates that nonperforming consumer credit at Mexico's
banks has jumped and executives are bracing for more trouble as a
recession in the United States boosts unemployment in the Mexican
economy.

Lending to consumers and businesses in Mexico, the report recalls,
expanded at explosive rates of around 50% a year in 2005 and 2006
as banks served a market starved of financial services after a
crisis in the mid-1990s brought the industry to its knees.

However, the report notes, in recent months, banks have become
more cautious about handing out new credit cards and giving loans
to consumers as those lines of businesses are increasingly hurt by
defaults.

Mexico's central bank, Reuters notes, said in November consumer
credit fell 2.9%, with credit card lending down 1.5%.

Reuters says Mexico's banks are considered well-capitalized.  They
have not loaned to subprime niches and have avoided many of the
problems plaguing financial groups in the United States and
Europe, the report relates.

Still, Mexico's banking and securities commission, the report
notes, said nonperforming consumer loans rose to 8.49% in November
from 8.10% a month earlier.

Reuters adds high interest rates on credit cards, currently
42% on average, help Mexico's banks absorb the cost of loan
defaults.



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

PDVSA: CITGO To Continue With Heating Aid Program for U.S. Poor
---------------------------------------------------------------
Petroleos de Venezuela S.A.'s U.S. unit, Citgo Petroleum Corp,
said it is not suspending charitable contributions of home heating
oil to low-income U.S. households, Ana Campoy of The Wall Street
Journal reports

As reported in the Troubled Company Reporter - Latin America on
January 7, 2008, Reuters said Citgo has suspended its program to
provide free heating oil to hundreds of thousands of low-income
U.S. families.

According to the TCRLA, citing Fox44 News, Citizens Energy Joseph
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.

Chief Executive Alejandro Granado, WSJ notes, said in a recent
statement that the decision to continue the program "is the result
of a strong commitment and a big effort on the part of Citgo and
our shareholders in light of the current global financial crisis
and its impact on the oil industry in general."

                          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.


* VENEZUELA: Cuts Oil Production to Comply With OPEC
----------------------------------------------------
The Ministry of the People's Power for Energy and Petroleum of
Venezuela has executed a 189,000 barrels-per-day oil production
cut.

The moves follows OPEC's 151st (Extraordinary) Conference, held on
December 2008, in Algeria, and a valid compromise from January 1,
2009.

Production cut was made in 2009 as follows:


       Mixed
  Cut  Enterprise    Segregation    Partner   Destination
  ---  -----------   -----------    -------   -----------

90, 000     Petromonagas    Monagas 18   BP         Charlmette
                                                        EEUU

18, 000         Petrolera       Merey 16     CNPC       China
                Sinovensa

13, 000         Petrocedeno     Zuata Sweet  Total/
                                             Statoil    EEUU

30, 000         Peltroboscan    Boscan       Chevron    EEUU

10, 000         Petroregional
                del Lago        BCF 22       Shell      EEUU

6, 000         Petroritupano   Merey 16     Petrobras  EEUU

8, 000         Petrolera Indo
                Venezolana     Merey 16      ONGC       EEUU

5, 000         Petroperija    Lagotreco     BP         Europa

9, 000         Petroquinquire Merey 16      Repsol     EEUU


The Ministry said Petroleos de Venezuela S.A. ("PDVSA") already
informed its partners and clients about the unrestricted
fulfillment of this measure so they can take the pertinent
provisions, particularly to the refineries Chalmette and Sweeney
in Louisiana and Texas, because it will be impossible to supply
them with the same oil volume that the company usually delivered.

The production cut of 189,000 b/d, effective from January 1, 2009,
adds to the reductions of 46,000 b/d and 129,000 b/d, implemented
by PDVSA, according to the OPEC decisions, determined during the
meetings of September and October of 2008, for a total general
reduction of 364,000 b/d, that place the current Venezuelan
production on 3 millions 11 thousand  barrels per day of oil.

According to Moody's Rating Agency, Venezuela continues to carry
a B2 foreign currency rating and a B1 local currency rating with
stable outlook.



==========================
V I R G I N  I S L A N D S
==========================

* VIRGIN ISLANDS: Housing Authority May Cut Workforce by 25%
------------------------------------------------------------
Virgin Islands Housing Authority officials, faced with a looming
US$4 million deficit in 2009, informed union officials of
impending layoffs, The Virgin Islands Daily News reports.

Frederick Joseph, sub-district director for the United
Steelworkers of America, the report relates, said sixty positions,
30 in each island district, will likely be affected.

According to the report, the Housing Authority currently employs
approximately 240 people, in which 60 workers would represent a
25% cut in the workforce.

Robert Graham, executive director of the Housing Authority, said
that he has appealed to the U.S. Department of Housing and Urban
Development in an attempt to avoid the layoffs, asking for
additional funds in the housing authority's federal subsidy, the
report notes.

Mr. Graham, as cited by report, said the Housing Authority's
fiscal year is the same as the calendar year.  For 2009, projected
expenses outpace the agency's US$25 million in anticipated
revenues by US$4 million, he said.

"We have to find a way to balance the operating expenses with the
revenue sources we have - and therein lies the problem," the
report quoted Mr. Graham as saying.

Mr. Graham, The Daily News relates, said a variety of factors -
including a reduction in HUD allotments to public housing agencies
and a different management model that public housing agencies must
now adhere to - play into the projected US$4 million shortfall.
Additionally, the V.I. Housing Authority has a high number of
vacant units awaiting rehabilitation, which reduces rent revenue,
the same report relates.

Meanwhile, Mr. Joseph said the union is working to negotiate an
additional severance package for any members who are laid off, and
to make sure that union members get back on the job as soon as the
situation improves, The Daily News adds.



                            ***********

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

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

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

                            ***********


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

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


Copyright 2008.  All rights reserved.  ISSN 1529-2746.

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

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

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


           * * * End of Transmission * * *