TCRLA_Public/090112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, January 12, 2009, Vol. 9, No. 7

                            Headlines

A R G E N T I N A

ANTONIO BARILLARI: Proofs of Claim Verification Due on March 25
RIO EXPORT: Proofs of Claim Verification Due on February 26
* ARGENTINA: December Car Sales Drop 29%, Miami Herald Says


B E R M U D A

ALADDIN CREDIT: Creditors' Proofs of Debt Due on January 14
ALADDIN CREDIT: Members' Final General Meeting Set for January 31
CAPITAL COORDINATION: Creditors' Proofs of Debt Due on January 15
CAPITAL COORDINATION: Member to Receive Wind-Up Report on Jan. 31
COLORCRAFT (BERMUDA): Placed Under Voluntary Liquidation

COLORCRAFT (BERMUDA): Members' Final Meeting Set for February 1
LSF-ML KDB: Creditors' Proofs of Debt Due on January 14
LSF-ML KDB: Members' Final Meeting Set for January 31
XL CAPITAL: Seeks Tenant for XL House
XL CAPITAL: Taps James Martin as Client Relationship Manager


B R A Z I L

ARANTES ALIMENTOS: Moody's Junks Corporate Family Rating from 'B2'
BANCO DO BRASIL: No Immediate Plans to Take Over Banco Votorantim


C A Y M A N  I S L A N D S

AMERIQUEST NIM: Enters Wind-up Proceedings
BBVA & PARTNERS: Enters Wind-up Proceedings
BENNINGTON FINANCE: Enters Wind-up Proceedings
CERTEGRA FUND: Creditors' Proofs of Debt Due on January 18
CPORTS 2004-2: Enters Wind-up Proceedings

CPORTS 2004-3: Enters Wind-up Proceedings
ETERNA FUNDING: Placed Under Voluntary Liquidation
FORTIS US: Enters Liquidation Proceedings
FORTIS US: Enters Liquidation Proceedings
IRONOPOLIS FUND: Enters Liquidation Proceedings

IRONOPOLIS MASTER: Enters Liquidation Proceedings
KAILUA INVESTMENT: Enters Liquidation Proceedings
NEW INVESTMENTS: Enters Liquidation Proceedings
NO LOAN: Enters Liquidation Proceedings
NO LOAN: Enters Liquidation Proceedings

NO LOAN: Enters Liquidation Proceedings
OPPORTUNITY OFFSHORE: Enters Liquidation Proceedings
PRESTON CAPITAL: Enters Liquidation Proceedings
SAPIC-98 REFERENCE: Placed Under Voluntary Liquidation
SAPIC-98 REFERENCE: Placed Under Voluntary Liquidation

SKYPOSTAL NETWORKS: Posts US$1.3MM Net Loss in Qtr. Ended Sept. 30
TROPICANA ENTERTAINMENT: Files OpCo/LandCo Restructuring Plan


C O L O M B I A

TERMOEMCALI LEASING: Fitch Up Rating on US$153.7MM Notes to 'B-'


E C U A D O R

PETROECUADOR: Sees Lower Oil Investment This Year
* ECUADOR: To Delay Energy Projects Due to Falling Oil Prices
* ECUADOR: Seeks US$2.6BB Multilateral Loans to Finance Economy


G U A T E M A L A

* GUATEMALA: Gov't Prepares Plan to Face Fin'l & Economic Crisis


J A M A I C A

AIR JAMAICA: Gov't to Disclose Sale Update in Two Weeks
CABLE & WIRELESS: LIME Accuses Rival of Blocking Calls


M E X I C O

BANK OF AMERICA: Moody's Affirms Unit's Strength Rating at 'D+'
HIPOTECARIA CREDITO: Moody's Reviews Ratings on 11 Certificates
PAPER INT'L: Taps Fredericks Michael as Investment Bankers
PAPER INTERNATIONAL: Panel Taps Bingham McCutchen as Counsel
PAPER INTERNATIONAL: Panel Taps Houlihan Lokey as Finl Advisor


X X X X X X X X

* BOND PRICING: For the Week January 5  - January 9, 2009


                         - - - - -


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

ANTONIO BARILLARI: Proofs of Claim Verification Due on March 25
---------------------------------------------------------------
The court-appointed trustee for Antonio Barillari SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until March 25, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 10, 2010.


RIO EXPORT: Proofs of Claim Verification Due on February 26
-----------------------------------------------------------
Elsa Andrade, the court-appointed trustee for Rio Export SA's
reorganization proceedings, will be verifying creditors' proofs of
Feb. 26, 2009.

Ms. Andrade will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, 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.


* ARGENTINA: December Car Sales Drop 29%, Miami Herald Says
-----------------------------------------------------------
Argentina's December automobile sales declined 29%, the most in at
least four years, from a year earlier as global financial crisis
undermined exports and discouraged domestic sales, The Miami
Herald News reports.

The report relates the country's Automakers Association said
output tumbled 47%, while exports, about 70% of which go to
neighboring Brazil, plunged 40%.

President Cristina Fernandez de Kirchner, The Herald recalls,
announced on Dec. 4 a US$1 billion credit program to help
consumers buy about 100,000 cars in a bid to reverse the slowdown
of the automobile industry.  The plan will help maintain the jobs
of more than 150,000 workers, which represents 36% of the
country's manufactured exports, President Fernandez said.

                          *     *     *

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

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

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

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

The Rating Outlook on the local currency IDR is Stable.

In addition, Fitch affirmed these ratings:

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

  -- Short-term IDR at 'B';

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

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

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



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

ALADDIN CREDIT: Creditors' Proofs of Debt Due on January 14
-----------------------------------------------------------
The creditors of Aladdin Credit Products, Ltd. are required to
file their proofs of debt by January 14, 2009, to be included in
the company's dividend distribution,

The company commenced liquidation proceedings on Dec. 29, 2008.

The company's liquidator is:

          John C. McKenna
          Finance & Risk Services, Ltd.
          The International Centre, Suite 502
          26 Bermudiana Road, Hamilton


ALADDIN CREDIT: Members' Final General Meeting Set for January 31
-----------------------------------------------------------------
The members of Aladdin Credit Products, Ltd. will hold their final
general meeting on January 31, 2009, at 2:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Dec. 29, 2008.

The company's liquidator is:

          John C. McKenna
          Finance & Risk Services, Ltd.
          The International Centre, Suite 502
          26 Bermudiana Road, Hamilton


CAPITAL COORDINATION: Creditors' Proofs of Debt Due on January 15
-----------------------------------------------------------------
The creditors of Capital Coordination Ltd. are required to file
their proofs of debt by January 15, 2009, to be included in the
company's dividend distribution,

The company commenced liquidation proceedings on Dec. 29, 2008.

The company's liquidator is:

          Graham Wood
          Woodmont Management, Ltd.
          14 Par-la-Ville Road, Hamilton
          Bermuda


CAPITAL COORDINATION: Member to Receive Wind-Up Report on Jan. 31
-----------------------------------------------------------------
The member of Capital Coordination Ltd. will hear on Jan. 31,
2009, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 29, 2008.

The company's liquidator is:

          Graham Wood
          Woodmont Management, Ltd.
          14 Par-la-Ville Road, Hamilton
          Bermuda


COLORCRAFT (BERMUDA): Placed Under Voluntary Liquidation
--------------------------------------------------------
The sole member of Colorcraft (Bermuda) Limited resolved to
voluntarily liquidate the company's business on Dec. 22, 2008.

Only creditors who can file their proofs of debt today, Jan. 12,
2009, will be included in the company's dividend distribution.

The company's liquidator is:

          Ernest Morrison
          Milner House, 18 Parliament Street
          Hamilton, Bermuda


COLORCRAFT (BERMUDA): Members' Final Meeting Set for February 1
---------------------------------------------------------------
The members of Colorcraft (Bermuda) Limited will hold their final
general meeting on February 1, 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 Dec. 22, 2008.

The company's liquidator is:

          Ernest Morrison
          Milner House, 18 Parliament Street
          Hamilton, Bermuda


LSF-ML KDB: Creditors' Proofs of Debt Due on January 14
-------------------------------------------------------
The creditors of LSF-ML KDB Investments, Ltd. are required to file
their proofs of debt by January 14, 2009, to be included in the
company's dividend distribution,

The company commenced liquidation proceedings on Dec. 30, 2008.

The company's liquidator is:

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


LSF-ML KDB: Members' Final Meeting Set for January 31
-----------------------------------------------------
The members of LSF-ML KDB Investments, Ltd. will hold their final
general meeting on January 31, 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. 30, 2008.

The company's liquidator is:

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


XL CAPITAL: Seeks Tenant for XL House
-------------------------------------
XL Capital Ltd. is looking for tenants to rent its North Tower, in
XL House on Bermudiana Road, The Royal Gazette reports, citing
Graham Smith, Coldwell Banker Bermuda Realty's commercial
representative.

According to the report, international companies like XL Capital
is not generally permitted to do business inside Bermuda, however,
the law allows for them to be given permission to rent out their
real estate.

XL, The Gazette says, has been hard hit by investment losses and
its past exposure to troubled financial guarantor Syncora Holdings
Ltd.

As reported in the Troubled Company Reporter - Latin America on
Dec. 15, 2008, The Royal Gazette said XL Capital posted a
US$1.65 billion loss in the third quarter, as it incurred a charge
of US$1.42 billion tied to former subsidiary Syncora Holdings.
During the quarter, XL Capital made payments and issued stock to
Syncora, as part of a deal to end reinsurance agreements between
the them, the same report said.

                         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.


XL CAPITAL: Taps James Martin as Client Relationship Manager
------------------------------------------------------------
XL Insurance, the global insurance operations of XL Capital Ltd,
named former broker James Martin to be its new client relationship
manager in its London office, The Royal Gazette reports.

According to the report, Mr. Martin was previously the UK head of
placement for the private equity, and mergers and acquisitions
practice at Marsh Ltd. in London.

                       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
===========

ARANTES ALIMENTOS: Moody's Junks Corporate Family Rating from 'B2'
------------------------------------------------------------------
Moody's lowered the corporate family and guaranteed foreign-
currency senior unsecured bond ratings to Caa1 from B2 of Arantes
Alimentos Ltda., following the company's failure to make its
scheduled interest payment on December 19th, 2008 of approximately
US$8 million.  The downgrade to Caa1 also reflects Arantes'
significantly weak liquidity profile and uncertainties as to
whether the company will be able to address its missed interest
payment within the cure period of 30 days.  The rating remains
under review for possible downgrade.

The review will focus on the company's immediate plans to address
its missed interest payment within the cure period, its overall
liquidity profile and the likelihood and timing of a potential
capital injection into the company.  Failure to meet its interest
payment within the cure period would constitute a default and
would likely lead to a further downgrade of Arantes' ratings.
Moody's last rating action on Arantes was on June 3rd, 2008, when
Moody's affirmed Arantes's B2 corporate family rating and assigned
a B2 rating for its proposed US$150 million senior unsecured bonds
due in 2013.

Headquartered in São Jose do Rio Preto, Brazil, Arantes is a beef,
poultry and pork processing company with net revenues of
BRL1.1 billion for the last twelve months ended in September 30th,
2008.


BANCO DO BRASIL: No Immediate Plans to Take Over Banco Votorantim
-----------------------------------------------------------------
Banco do Brasil SA has has no immediate plans to take over smaller
rival Banco Votorantim in order to grow, Elzio Barreto of Reuters
reports, citing Chief Executive Antonio Francisco de Lima Neto.
"There are no negotiations under way," CEO Lima Neto was quoted by
the report as saying.

According to the report, Folha de Sao Paulo newspaper said Banco
do Brasil planned to invest up to BRL7 billion (US$3.09 billion)
in Banco Votorantim for a 49% stake.

As reported in the Troubled Company Reporter - Latin America on
Nov. 24, 2008, Bloomberg News said Banco do Brasil bought a
majority stake in Banco Nossa Caixa SA for BRL5.39 billion
(US$2.25 billion) in cash after 7 months of negotiations.

One week before the Nossa Caixa takeover, Reuters recalls CEO Lima
Neto said the bank was eager to expand through acquisitions and
would be selective in choosing possible targets.

In a TCR-LA report on Oct. 24, 2008, Bloomberg News said that
Brazilian President Luiz Inacio Lula da Silva authorized
federally-controlled banks Banco do Brasil and Caixa Economica
Federal to buy stakes in financial institutions to ease a credit
crunch that's hurting small and medium-size lenders.

Authorities are stepping up efforts to inject cash into the
financial system after local funding costs for smaller banks
surged and loan issuance fell in October, Bloomberg observed.  The
move follows recent central bank measures to contribute more than
BRL160 billion (US$71 billion) to the banking system by easing
reserve requirement regulations.

                      About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

Banco do Brasil continues to carry a Ba2 foreign currency deposit
rating from Moody's Investors Service.  The rating was placed in
February 2008.



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

AMERIQUEST NIM: Enters Wind-up Proceedings
------------------------------------------
At an extraordinary general meeting held on November 27, 2008, the
members of Ameriquest Nim 2004-RN9 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 liquidators are:

          Martin Couch
          Emile Small
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


BBVA & PARTNERS: Enters Wind-up Proceedings
-------------------------------------------
At an extraordinary general meeting held on November 27, 2008, the
members of BBVA & Partners USD Equity Arbitrage Ltd. 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 liquidators are:

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


BENNINGTON FINANCE: Enters Wind-up Proceedings
----------------------------------------------
At an extraordinary general meeting held on November 27, 2008, the
members of Bennington Finance 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 liquidators are:

          Onson Mukwedeya
          Christopher Bryan
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


CERTEGRA FUND: Creditors' Proofs of Debt Due on January 18
----------------------------------------------------------
The creditors of Certegra Fund Limited are required to file their
proofs of debt by January 18, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 13, 2008.

The company's liquidator is:

          Stephane Ribordy
          Les Rives du Rhone
          12 quai du Seujet, 1201 Geneva
          Switzerland


CPORTS 2004-2: Enters Wind-up Proceedings
-----------------------------------------
At an extraordinary general meeting held on November 26, 2008, the
members of Cports 2004-2 Ltd 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 liquidators are:

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


CPORTS 2004-3: Enters Wind-up Proceedings
-----------------------------------------
At an extraordinary general meeting held on November 26, 2008, the
members of Cports 2004-3 Ltd 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 liquidators are:

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


ETERNA FUNDING: Placed Under Voluntary Liquidation
--------------------------------------------------
The shareholders of Eterna Funding Corporation resolved to
voluntarily liquidate the company's business on Nov. 28, 2008.

Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Giles Kerley
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


FORTIS US: Enters Liquidation Proceedings
-----------------------------------------
At an extraordinary general meeting held on November 20, 2008, the
members of Fortis US Equity 130/30 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 liquidators are:

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


FORTIS US: Enters Liquidation Proceedings
-----------------------------------------
At an extraordinary general meeting held on November 20, 2008, the
shareholders of Fortis US Equity 130/30 Master Fund 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 liquidators are:

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


IRONOPOLIS FUND: Enters Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on November 25, 2008, the
shareholders of Ironopolis Fund 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 liquidators are:

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


IRONOPOLIS MASTER: Enters Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on November 25, 2008, the
shareholders of Ironopolis Master Fund 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 liquidators are:

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


KAILUA INVESTMENT: Enters Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on November 27, 2008, the
shareholders of Kailua Investment 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 liquidators are:

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


NEW INVESTMENTS: Enters Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on November 14, 2008, the
shareholders of New Investments 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 liquidators are:

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


NO LOAN: Enters Liquidation Proceedings
---------------------------------------
At an extraordinary general meeting held on November 26, 2008, the
members of No Loan Prime Funding 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 liquidators are:

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


NO LOAN: Enters Liquidation Proceedings
---------------------------------------
At an extraordinary general meeting held on November 27, 2008, the
shareholders of No Loan Business II Funding 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 liquidators are:

          Martin Couch
          Emile Small
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


NO LOAN: Enters Liquidation Proceedings
---------------------------------------
At an extraordinary general meeting held on November 27, 2008, the
shareholders of No Loan Crystal Funding 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 liquidators are:

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


OPPORTUNITY OFFSHORE: Enters Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on November 26, 2008, the
shareholders of Opportunity Offshore Feeder Fund Ltd. 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 liquidators are:

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


PRESTON CAPITAL: Enters Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on November 25, 2008, the
members of Preston Capital Seeder Fund 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 liquidators are:

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


SAPIC-98 REFERENCE: Placed Under Voluntary Liquidation
------------------------------------------------------
The shareholder of Sapic-98 Reference Fund (10) Limited resolved
to voluntarily liquidate the company's business on Nov. 28, 2008.

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:

          Peter D. Anderson
          P.O. Box 897, One Capital Place
          George Town, Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


SAPIC-98 REFERENCE: Placed Under Voluntary Liquidation
------------------------------------------------------
The shareholder of Sapic-98 Reference Fund (11) Limited resolved
to voluntarily liquidate the company's business on Nov. 28, 2008.

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:

          Peter D. Anderson
          P.O. Box 897, One Capital Place
          George Town, Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


SKYPOSTAL NETWORKS: Posts US$1.3MM Net Loss in Qtr. Ended Sept. 30
------------------------------------------------------------------
SkyPostal Networks, Inc., posted a net loss of US$1,362,762 for
the three months ended September 30, 2008, compared with a net
loss of US$654,006 for the same period a year earlier.  The
company posted a net loss of US$2,003,994 for the nine months
ended September 30, 2008.  The increase in net loss in the quarter
ended September 30, 2008 compared with the prior year is largely
due to the operating loss of US$1,273,777 for the period.  Total
non-recurring, non-cash gains of US$1.6 million on the adjustment
to the value of the put option and put of 160,000 shares in the
second quarter of 2008 reduced the net loss.

In a regulatory filing dated November 14, 2008, Chief Executive
Officer Albert Hernandez disclosed that the company has incurred
operating losses from operations of US$3,145,180 in the nine
months ended September 30, 2008, and cash flow from operations has
been negative for each of the quarters of 2008.  "These factors
raise substantial doubt about the company's ability to continue as
a going concern."

"The company's cash position at September 30, 2008 was US$497,269.
The company has arranged a line of credit of US$1,200,000 with a
factor with whom it has previously worked.  Subject to
satisfactorily completing due diligence, the company can borrow up
to eighty percent of the value of eligible receivables.  This line
may provide cash to the company for a certain period of time but
it does not represent a long term solution.  The company is
exploring several other alternatives for financing and additional
equity capital but there can be no assurances that these efforts
will be successful.  Management has also identified opportunities
to lower operating and administrative costs and increase revenue
in an effort to reduce the current negative cash flow.  These
measures include payroll reduction, implementation of programs to
increase efficiency of sorting operations and curtailment of
general expenses."

"As of September 30, 2008, the company had no indebtedness, with
the exception of a share option agreement entered into with a
shareholder on April 1, 2007 and a non-compete agreement entered
into with the same shareholder beginning April 1, 2008."

"In addition to solving the immediate cash shortage, the company
intends to seek out future acquisitions in order to achieve
operating income sufficient to cover other expenses and achieve a
net profit.  To complete [these] acquisitions, the company may
require additional financing for which the company has no
financing commitments and for which management believes no
assurances can be given that such financing commitments will be
obtained.  The company also plans to seek out new customers and to
increase business with existing customers as additional means to
increase tonnage and reach profitability."

As of September 30, 2008, the company's balance sheet showed total
assets of US$4,226,091, total liabilities of US$1,700,978, and
total stockholders' equity of US$2,525,113.  Accumulated deficit
reached US$15,879,339.

A full-text copy of the company's quarterly report is available
for free at: http://researcharchives.com/t/s?3794

                          CFO Resigns

Clement Harary, the company's chief financial officer, resigned
his position effective November 30, 2008, to pursue other
interests.  There were no disagreements between the company and
Mr. Harary on any accounting, or other, policies or practices.

A.J. Hernandez, the company's chief operating officer, will assume
the CFO responsibilities.

                        About SkyPostal

SkyPostal Networks, Inc. -- http://www.skypostal.com/-- is an
international wholesale mail distribution company that specializes
in hand delivery of commercial mail, periodicals and parcel post
into the Latin America-Caribbean (LAC) region. SkyPostal is the
largest private postal network in Latin America, delivering more
than 60 million mail items each month through its network of local
private postal operators. SkyPostal handles mail from European
postal administrations, major publishers, mail consolidators,
international mailers and financial institutions that require
time-defined and reliable delivery of their mail, magazines and
mail order parcels.


TROPICANA ENTERTAINMENT: Files OpCo/LandCo Restructuring Plan
-------------------------------------------------------------
Tropicana Entertainment LLC and its affiliates filed before the
U.S. Bankruptcy Court for the District of Delaware a Chapter 11
plan of reorganization for entities led by Tropicana
Entertainment, and another by Tropicana Las Vegas Holdings.

Bloomberg News notes that the Plans were filed hours before the
bankruptcy judge was scheduled to hear a request by the official
committee of unsecured creditors of Tropicana creditors for
permission to file a competing proposal for reorganizing the
company.

Tropicana has not yet filed a disclosure statement, which would
explain in detail the treatment of creditors and expected recovery
under the Plan.

Both Plans, however, propose to pay secured creditors -- the
LandCo and Opco claims in full in cash or through the return of
the collateral securing their claims.  Holders of administrative
claims and claims on account of the Debtors' debtor-in-possession
financing will be paid in full.

Unsecured creditors will obtain recovery from funds obtained by a
liquidating trust.  William Yung, founder of Columbia Sussex, will
lose his equity interests in Tropicana.  Mr. Yung acquired Aztar
Corp. forUS$2.8 billion in 2007, and renamed the company Tropicana
Entertainment.  He has been removed as a member of the Tropicana
Board pursuant to mismanagement allegations.

Holders of claims under the Debtors' prepetition credit
facilities, referred to as the LandCo and OpCo Credit Facilities,
will obtain shares of stock of Reorganized LandCo and OpCo,
respectively.  Holders of OpCo Credit Facility Claims will also
receive notes and certain sale proceeds.

Both unsecured creditors and holders of OpCo and LandCo Credit
Facilities are impaired -- meaning they won't receive full
recovery -- and will be entitled to vote on the Plans.  Mr. Yung
will be deemed to reject the Plans on account of his zero
recovery.

Before filing for bankruptcy protection, Tropicana, in 2007,
entered into credit facilities to finance its acquisition of Aztar
Corp.'s five casinos.  The OpCo Credit Facility -- an aggregate
US$1,710,000,000 secured credit facility provided by Credit Suisse
as collateral agent and administrative agent -- constituted the
largest portion of the Aztar Acquisition financing.  The LandCo
Credit Facility, provided by Credit Suisse, Cayman Islands, as the
sole administrative agent, partly financed the Aztar Acquisition.
As of April 30, 2008, approximately US$1,300,000,000 of the
principal amount was outstanding under the OpCo Term Facility, and
approximatelyUS$21,000,000 of the principal amount was outstanding
under the OpCo Revolving Facility.  As of April 29, 2008,
$440,000,000 of the principal amount was outstanding under the
LandCo Credit Facility.

A copy of the Plan of Reorganization for the OpCo Debtors --
comprising Adamar Garage Corporation; Argosy of Louisiana, Inc.;
Atlantic-Deauville Inc.; Aztar Corporation; Aztar Development
Corporation; Aztar Indiana Gaming Company, LLC; Aztar Indiana
Gaming Corporation; Aztar Missouri Gaming Corporation; Aztar
Riverboat Holding Company, LLC; Catfish Queen Partnership in
Commendam; Centroplex Centre Convention Hotel, L.L.C.; Columbia
Properties Laughlin, LLC; Columbia Properties Tahoe, LLC; Columbia
Properties Vicksburg, LLC; CP Baton Rouge Casino, L.L.C.; CP
Laughlin Realty, LLC; Jazz Enterprises, Inc.; JMBS Casino LLC;
Ramada New Jersey Holdings Corporation; Ramada New Jersey, Inc.;
St. Louis Riverboat Entertainment, Inc.; Tahoe Horizon, LLC;
Tropicana Entertainment Holdings, LLC; Tropicana Entertainment
Intermediate Holdings, LLC; Tropicana Entertainment, LLC;
Tropicana Express, Inc.; and Tropicana Finance Corp. -- is
available for free at:

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

A copy of the Plan of Reorganization for the LandCo Debtors --
comprising Adamar of Nevada; Hotel Ramada of Nevada; Tropicana
Development Company, LLC; Tropicana Enterprises; Tropicana Las
Vegas Holdings, LLC; Tropicana Las Vegas Resort and Casino,
LLC; and Tropicana Real Estate Company, LLC -- is available for
free at:

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

                About Tropicana Entertainment

Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts.  The company is one of the largest
privately-held gaming entertainment providers in the United
States.  Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada, and Atlantic City, New Jersey.

Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856).  Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet.  Kirkland & Ellis LLP and Mark D.
Collins, Esq., at Richards Layton & Finger, represent the Debtors
in their restructuring efforts.  Their financial advisor is Lazard
Ltd.  Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC.  Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent.  AlixPartners LLP is the Debtors'
restructuring advisor.

Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case.  Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.

The Court has extended the Debtors' exclusive period to file a
plan, through and including Jan. 12, 2009, and to solicit votes
on the plan through and including March 13, 2009.

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



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

TERMOEMCALI LEASING: Fitch Up Rating on US$153.7MM Notes to 'B-'
----------------------------------------------------------------
Fitch Ratings has upgraded the rating of Termoemcali's
US$153.7 million restructured senior secured notes due 2019 to
'B-' from 'CCC'; the Rating Outlook is Stable.

The rating action reflects Termoemcali's improved flexibility to
meet its debt service obligations primarily from expected
reliability payments and to a lesser extent from gas sales.  The
rating action also considers the reduced dependence on the
capacity (Tranche E) payments from Emcali (rated 'CCC', Stable
Outlook by Fitch), which constrained the previous rating.  To
date, the project's operational performance has been stable.

Towards the end of 2006, the Colombian electric sector changed the
way to pay for hydraulic and thermal plants' systems, changing
from capacity payments to reliability payments.  This meant that
the system would acknowledge the energy the generator is committed
to deliver, resulting in higher revenues.  This payment is
dependent on certain plant characteristics such as capacity,
availability, fuel flexibility, and fuel supply and transportation
contracts.

As certified by the Colombian electric sector, Fitch understands
that the plant's assessed capacity for 2008 and 2009 is 170
megawatts resulting in approximately US$20 million in reliability
payments for the respective years.  Termoemcali's reliability
payments are determined through a bidding process; to date, the
project has been awarded reliability payments beginning in 2011
through 2013 ranging from US$22 million to US$24 million annually.
Given the need for new capacity in the Colombian electric sector,
Fitch expects reliability payments to be stable beyond 2013.


Although Termoemcali has long term fixed-price fuel supply
contracts, as a peaking unit it generates minimal electricity,
resulting in reduced fuel usage.  Excess fuel is sold to a third
party under a fixed price agreement, generating positive cash flow
which is viewed favorably by Fitch.  Termoemcali has fixed price
contracts for natural gas supply with Ecopetrol (rated 'BB+',
Stable Outlook by Fitch) through Jan. 1, 2015 and for #2 fuel oil
with Exxon Mobil (rated 'AAA' by Fitch) until 2014.  Fitch views
that even in the absence of Tranche E payments from Emcali,
cashflows from reliability payments and gas sales should be able
to meet the debt service obligations.

To date, Emcali has honored the Tranche E payments on a monthly
basis to Termoemcali, in accordance with the 2005 debt
restructuring.  For 2008 through September, the debt service
coverage ratio was approximately 2.15 times, inclusive of Tranche
E payments, and 1.07x without the Tranche E payments.  Fitch
believes that the ongoing financial performance of the project
will continue to remain stable.

                   About Termoemcali Leasing

Termoemcali Leasing, Ltd. is engaged in the ownership of certain
equipments that have been incorporated into a natural gas-fired,
233.8 (net) MW electric generating facility constructed near
Santiago de Cali, Colombia (rated 'BB+', Stable Outlook by Fitch).
Termoemcali I S.A. E.S.P. has developed the Facility and has
leased equipment from Leaseco.  The debt was issued on behalf of
Leaseco and the company by Termoemcali Funding corp.



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

PETROECUADOR: Sees Lower Oil Investment This Year
-------------------------------------------------
Ecuador's Oil Minister Derlis Palacios said Petroecuador could
invest around US$1.2 billion in 2009, less than the initial
investment budget for 2008 as falling oil prices start to pinch,
Alonso Soto of Reuters reports.

The report recalls, for 2008, Petroecuador's board approved
investment for around US$1.7 billion to boost dwindling
production.

Minister Palacios told Reuters in an interview that the fall in
world oil prices have prompted the government to tame early
investment in the key sector that is one of the OPEC nation's main
sources of revenue.

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

                          *     *     *

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


* ECUADOR: To Delay Energy Projects Due to Falling Oil Prices
-------------------------------------------------------------
Ecuador plans to delay some energy projects amid falling oil
prices, while seeking loans and investment for the oil sector,
Alonso Soto of Reuters reports, citing Oil Minister Derlis
Palacios.

Minister Palacios, the report relates, said state oil company
Petroecuador could invest around US$1.2 billion this year, down
from what was initially approved.  Investment could increase if
oil prices recover and allies like Russia and Iran help on some
projects, he said.

According to Reuters, Minister Palacios said the government is
studying which oil and gas projects to postpone while it gives
priority to ongoing and key ventures to keep production levels
high.  "We could postpone some projects.  Much of the (foreign)
investment we are trying to get its via alliances," Minister
Palacios was quoted by the news agency as saying.

Reuters says falling oil revenue has forced Ecuador's government
to seek foreign loans, limit imports and tame spending to keep its
dollarized economy liquid.

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


* ECUADOR: Seeks US$2.6BB Multilateral Loans to Finance Economy
---------------------------------------------------------------
Ecuador is seeking US$2.6 billion in credits from regional
multilateral lenders to finance an economy reeling from a
spreading global crisis, Maria Eugenia Tello of Reuters reports,
citing President Rafael Correa.

President Correa, the report relates, said his government will
also keep liquidity levels high by restricting some imports and
taming public investment as crashing oil prices curtail the OPEC
nation's revenue intake.  High liquidity will safeguard the
country's dollarized system amid worries lower oil prices and
heavy public spending are quickly depleting dollar reserves, he
said.

According to the report, President Correa said his government is
working on securing US$1.5 billion in credits from the Inter-
American Development Bank, US$600 million from the Andean
Development Corporation and US$480 million from the Latin American
Reserve Fund.

President Correa is scrambling for funds to cover a fiscal deficit
expected in 2009 to widen to around US$1.5 billion as the global
crisis cramp the country's key exports, the Reuters relates.

Reuters says multilateral loans and the sale of domestic debt
could help President Correa keep the economy afloat and sustain
the dollarized system before his re-election in April.

President Correa's announcement to seek loans comes only weeks
after the country defaulted on US$3.8 billion in global bonds, in
a move analysts say would hurt the country's multilateral
financing, the report notes.

Reuters relates analysts say the debt default and falling oil
prices would greatly limit financing sources, even from friendly
nations like Iran and Venezuela.

"It seems that President Correa is more stretched for financing
than he anticipated," the report quoted Enrique Alvarez, head of
Latin America debt strategy with IDEAglobal, as saying.
"Multilaterals might not be very willing to give him the funding
he wants after the default... the US$2.6 billion are looking like
a long-short."

To cope with financing needs Ecuador recently issued US$1.5
billion in domestic bonds, and announced it will collect hundreds
of millions of dollars in unpaid taxes from foreign oil companies,
Reuters says.

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.



=================
G U A T E M A L A
=================

* GUATEMALA: Gov't Prepares Plan to Face Fin'l & Economic Crisis
----------------------------------------------------------------
Guatemala's government is preparing a contingency plan to face the
world economic and financial crisis that will affect the country
during the first half of 2009, Inside CostaRica. com reports.

Economy Minister Romulo Caballeros, the report relates, said the
project, which will be announced on Jan. 14 by President Alvaro
Colom, will be based on four main focal points:

  -- job generation,
  -- social protection,
  -- control of inflation, and
  -- public and private investment.

The report recalls Guatemala has already suffered global recession
that in 2008 prompted a marked increase of cost of living and loss
of thousands of jobs.

According to the report, inflation increased to 8.4 in January and
14.3 in July because of rising fuel and food prices in the first
half of 2008.  In addition, the report notes, the financial crisis
has caused contraction of Guatemalan exports and difficulties for
small and middle producers because credits have become more
expensive.

Inside Costa Rica says the Guatemalan Bank has estimated growth of
the Gross Domestic product (GDP) between 3 and 3.5% by 2009, but
the UN Economic Commission for Latin America and the Caribbean
(ECLAC) has planned hardly 1.8%.

According to Moody's rating agency the country continues to carry
a Ba2 foreign currency rating and a Ba1 local currency ratings,
with a stable outlook.



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

AIR JAMAICA: Gov't to Disclose Sale Update in Two Weeks
-------------------------------------------------------
The Jamaican government will disclose in two weeks whether it will
miss its March 31 deadline for the sale of the cash strapped
national airline Air Jamaica, Radio Jamaica News reports.

According to the report, officials involved in the privatization
are reviewing proposals from local and overseas entities
interested in taking over the airline's operations.  At least four
entities have expressed a strong interest, the report relates.

As reported in the Troubled Company Reporter - Latin America on
January 7, 2008, Jamaica News said the National Workers Union
("NWU"), one of the union representing Air Jamaica workers,
suggested the 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.

Radio Jamaica News earlier reported Air Jamaica still has no clear
buyer as the three months divestment deadline expiration
approaches.  The report said 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.

Radio Jamaica News, citing Air Jamaica President and Chief
Executive Officer, Bruce Nobles, said 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.

A TCR-LA report on November 20, 2008 said according to Jamaican
Information Service, 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.

On Jan. 8, 2009, the TCR-LA, citing Jamaica Gleaner, said a local
group in Jamaica is reportedly considering to become a major
player in troubled airline Air Jamaica's future operations.

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

RadioJamica News notes a source said a question mark has been
placed beside a local consortium that has presented an offer for
Air Jamaica.  Checks are being made on its financial backing to
determine whether it has the cash to operate Air Jamaica after
it's removed from state control, the same report relates.

                        About Air Jamaica

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

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

                           *     *     *

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


CABLE & WIRELESS: LIME Accuses Rival of Blocking Calls
------------------------------------------------------
Cable and Wireless plc's LIME Jamaica (formerly Cable & Wireless
Jamaica) has accused rival Digicel of blocking calls from LIME
customers in other Caribbean countries to the Digicel network in
Jamaica, The Gleaner reports.  However, the report relates,
Digicel has denied the accusation.

Lawrence McNaughton, LIME's executive vice-president of carrier
services for the Caribbean, told The Gleaner in an interview that
LIME customers in the Caribbean and some parts of the United
Kingdom, United States and Canada were unable to contact Digicel
customers in Jamaica.

Mr. McNaughton, the report relates, said this was due to the fact
that Digicel had turned down a number of circuits, which take
traffic from the rest of the region and from the US and other
locations.  This breached a ruling previously made by the Office
of Utilities Regulation, which gave LIME the go-ahead to deliver
incoming international traffic to the Digicel network, and vice
versa, he said.

The Gleaner says Digicel has rejected LIME's claim, stating
instead that at 4 p.m. January 7, Digicel customers were unable to
call LIME landlines as they appeared to be have been blocked at
the LIME end.

LIME executives denied the allegations, the report notes.

                            About LIME

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

                      About Cable & Wireless

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

                          *     *     *

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

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



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

BANK OF AMERICA: Moody's Affirms Unit's Strength Rating at 'D+'
---------------------------------------------------------------
Moody's Investors Service affirmed Bank of America Mexico, S.A.'s
ratings including a bank financial strength rating of D+ and long
and short term global local currency deposits of A1/Prime-1.
Moody's also affirmed the bank's foreign currency deposits of
Baa1/Prime-2 as well as the Mexican National Scale ratings of
Aaa.mx and MX-1.  All these ratings have stable outlooks.

The rating agency also affirmed Merrill Lynch Mexico, S.A.'s
Mexican National Scale issuer ratings of Aaa.mx and MX-1. The
outlook is stable.

The affirmation of Bank of America (Mexico)'s and of Merrill Lynch
Mexico's ratings follows the actions taken on the ratings of Bank
of America Corporation and its subsidiaries including its lead
bank Bank of America, N.A., on January 8, 2009.

Moody's said that Bank of America (Mexico)'s GLC deposit rating
incorporates the parental support received from Bank of America,
N.A. (rated Aa1, with negative outlook).  The GLC rating captures
the fact that Bank of America (Mexico) is fully integrated to the
global infrastructure and systems platform of its parent company.
Moreover, an integral part of this support is the transfer of a
significant portion of the risks related to the principal banking
activities of Bank of America (Mexico) to other group entities.
Based on Bank of America (Mexico)'s importance to Bank of America,
N.A., Moody's assess a very high probability of parent support for
the bank in case of a stressful situation.

The last rating action on Bank of America (Mexico)'s ratings was
on September 19, 2008 when Moody's affirmed all ratings.

The long-term Mexican National Scale rating of Aaa.mx indicates
issuers or issues with the strongest creditworthiness relative to
other domestic issuers.  The short-term Mexican National Scale
rating of MX-1 indicates that the issuer has the strongest ability
to repay short-term senior unsecured debt obligations relative to
other domestic issuers.

These ratings on Bank of America Mexico S.A. were affirmed:

  -- Bank Financial Strength: D+
  -- Global Local Currency deposits: A1/Prime-1
  -- Foreign currency deposits: Baa1/Prime-2
  -- Mexican National Scale: Aaa.mx/MX-1
  -- Outlook: Stable

These ratings on Merrill Lynch Mexico S.A. were affirmed:

  -- Mexican National Scale: Aaa.mx/MX-1
  -- Outlook: Stable


HIPOTECARIA CREDITO: Moody's Reviews Ratings on 11 Certificates
---------------------------------------------------------------
Moody's de Mexico has placed the ratings of eleven certificates
from seven mortgage-backed securitizations on review for possible
downgrade.  The affected certificates include transactions from
Hipotecaria Credito y Casa, S.A. de C.V., GMAC Financiera, S.A. de
C.V., and Hipotecaria Su Casita, S.A. de C.V:

  - Class A certificates CREYCB 06U and Class B certificates
    CREYCB 06-2U

  - Class B certificates MXMACFW07-6U

  - Class A certificates MXMACFW07-3U and Class B certificates
    MXMACFW07-4U

  - Class A certificates MXMACFW 07U and Class B certificates
    MXMACFW 07-2U

  - Class A certificates MXMACFW 06U

  - Class A certificates MXMACCB 06U

  - Class A2 certificates BRHCCB08-2U and Class B certificates
    BRHCCB08-3U

Moody's rating actions are primarily based on the performance of
the mortgage portfolios backing the transactions.  The underlying
pools of the affected transactions have displayed a sharp ramp-up
of delinquencies greater than 90 days that is beyond Moody's
initial expectations considering the seasoning of the
transactions.  In addition, delinquencies greater than 90 days in
each of the affected transactions are above the average level of
delinquencies for comparable transactions in the Mexican market
given similar seasoning.

As of November 30, 2008, and after 24 months of seasoning,
delinquencies greater than 90 days were 12.3% for the CREYCB
06U/CREYCB 06-2U transaction.  For the MXMACFW and MXMACCB
shelves, delinquencies greater than 90 days were: MXMACFW07-6U
(6.8% after 15 months of seasoning), MXMACFW07-3U/MXMACFW07-4U
(7.5% after 17 months of seasoning), MXMACFW 07U/MXMACFW 07-2U
(8.3% after 21 months of seasoning), MXMACFW 06U (16.2% after 26
months of seasoning), and MXMACCB 06U (11.4% after 33 months of
seasoning).

Delinquencies greater than 90 days represented 2.6% of BRHCCB08-
2U/BRHCCB08-3U after 8 months of seasoning.  Several of these
transactions have also accumulated a real estate owned pipeline
that is excluded from these delinquency figures, thereby
representing additional potential losses to the respective trusts.
Moody's ongoing review of these transactions will focus on the
performance of the affected mortgage-backed securitizations and
any steps that the servicers and/or master servicer may take to
improve the collateral's performance.

                          Rating Action

The complete rating action is:

Originator and Servicer: Hipotecaria Credito y Casa, S.A. de C.V.,
Sociedad Financiera de Objeto Limitado.

Issuer: Banco Invex, S.A., acting only in its capacity as trustee.

  -- Class A certificates CREYCB 06U ratings of Baa1 (Global
     Scale, Local Currency) and Aaa.mx (National Scale Rating)
     placed on review for possible downgrade; the last rating
     action occurred on April 20, 2007, when the respective
     ratings were affirmed.

  -- Class B certificates CREYCB 06-2U ratings of Ba2 (Global
     Scale, Local Currency) and A1.mx (National Scale Rating)
     placed on review for possible downgrade; the last rating
     action occurred on April 20, 2007, when the respective
     ratings were affirmed.

Master Servicer: GMAC Financiera S.A. de C.V., Sociedad Financiera
de Objeto Limitado.

Issuer: HSBC Mexico, S.A., Institucion de Banca Múltiple, Grupo
Financiero HSBC, Division Fiduciaria, acting only in its capacity
as trustee.

  -- Class B certificates MXMACFW07-6U ratings of Ba2 (Global
     Scale, Local Currency) and A2.mx (National Scale Rating)
     placed on review for possible downgrade; the last rating
     actions occurred on October 26, 2007, when the Ba2 and the
     A2.mx ratings were changed from provisional ratings to
     definitive ratings.

  -- Class A certificates MXMACFW07-3U underlying rating  of Baa3
     (Global Scale, Local Currency) placed on  review for
     possible downgrade; the last rating action occurred on July
     27, 2007, when the Baa3 underlying rating was originally
     assigned.

  -- Class B certificates MXMACFW07-4U ratings of Ba2 (Global
     Scale, Local Currency) and A2.mx (National Scale Rating)
     placed on review for possible downgrade; the last rating
     actions occurred on July 27, 2007 when the Ba2 rating and the
     A2.mx ratings were changed from provisional ratings to
     definitive ratings.

  -- Class A certificates MXMACFW 07U ratings of Baa3 (Global
     Scale, Local Currency) and Aa3.mx (National Scale Rating)
     placed on review for possible downgrade; the last rating
     actions occurred on March 31, 2008, when the rating was
     downgraded to Baa3 from A3 and to Aa3.mx from Aaa.mx.

  -- Class B certificates MXMACFW 07-2U ratings of Ba2 (Global
     Scale, Local Currency) and A1.mx (National Scale Rating)
     placed on review for possible downgrade; the last rating
     action occurred on March 30, 2007, when the Ba2 and the A1.mx
     ratings were originally assigned.

  -- Class A certificates MXMACFW 06U ratings of Baa3 (Global
     Scale, Local Currency) and Aa3.mx (National Scale Rating)
     placed on review for possible downgrade; the last rating
     action occurred on July 25, 2008, when the Baa3 and the
     Aa3.mx ratings were confirmed.

Master Servicer: GMAC Financiera S.A. de C.V., Sociedad Financiera
de Objeto Limitado.

Issuer: Banco J.P. Morgan, S.A. Institucion de Banca Múltiple,
J.P. Morgan Grupo Financiero, Division Fiduciaria, acting only in
its capacity as trustee.

  -- Class A certificates MXMACCB 06U ratings of Baa1 (Global
     Scale, Local Currency) and Aaa.mx (National Scale Rating)
     placed on review for possible downgrade; the last rating
     action occurred on March 31, 2006, when the Baa1 and the
     Aaa.mx ratings were originally assigned.

Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Múltiple E.N.R.

Issuer: HSBC Mexico, S.A., Institucion de Banca Múltiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

  -- Class A2 certificates BRHCCB08-2U ratings of Baa1 (Global
     Scale, Local Currency) and Aaa.mx (National Scale Rating)
     placed on review for possible downgrade; the last rating
     action occurred on April 21, 2008, when the Baa1 and the
     Aaa.mx ratings were originally assigned.

  -- Class B certificates BRHCCB08-3U ratings of Ba2 (Global
     Scale, Local Currency) and A2.mx (National Scale Rating)
     placed on review for possible downgrade; the last rating
     action occurred on April 21, 2008, when the Ba2 and the A2.mx
     ratings were originally assigned.


PAPER INT'L: Taps Fredericks Michael as Investment Bankers
----------------------------------------------------------
Paper International, Inc., and Fiber Management of Texas, Inc.,
ask the U.S. Bankruptcy Court for the Southern District of New
York for authority to employ Fredericks Michael & Co. as their
investment bankers in connection with the possible sale of Paper
International's equity shares in Durango McKinley Paper Company.
McKinley is wholly owned by Paper International, Inc.

McKinley's operations largely consist of a paper division that
operates a recycled linerboard manufacturing facility in Prewitt,
New Mexico.  The McKinley paper division sell its products
primarily in the United States.

The Debtors selected Fredericks Michael because of the firm's
extensive experience in executing cross-border mergers,
acquisitions, divestigutes and strategic alliances, as well as its
extensive experience advising clients in the paper and packaging
industries.

As the Debtors' investment bankers, Fredericks Michael, effective
Nov. 1, 2008, has agreed to:

a) review and analyze the Debtors' business, operations and
    financial projections in order to estimate a value for
    McKinley's business;]

b) prepare a summary that describes McKinley's operations that
    will be utilized as part of an initial marketing approach to
    potential buyers;

c) prepare a descriptive memorandum including certain
    information with respect to McKinley and provide the
    memorandum to each qualified and interested buyer after
    receipt of a signed confidentiality agreement;

d) formulate a list of potential buyers for McKinley, including
    potential strategic buyers and, if appropriate, potential
    financial buyers;

e) assist International in evaluating potential buyers from the
    prepared list for an initial approach to determine their
    level of interest in the acquisition of McKinley or its
    business unit;

f) request, to the extent possible, interested parties tosubmit
    bids for the assets being sold, including their proposed
    purchase price, structure and source of financing;

g) qualify certain of the interested parties for further
    negotiations;

h) assist Paper International, and work with Paper
    International's legal and other advisors, in coordinating
    the drafting of the definitive sales agreements, due
    diligence, final negotiations related to the closing of the
    transactions, conducting the Bankruptcy Court-approved sale
    process (and auction, if any), providing testimony before
    the Bankruptcy Court to the extent necessary or appropriate,
    and consultation with Paper International's creditors
    including any official or unofficial committee;

i) meet with designated International representatives at
    specified time intervals throughout the process to present
    progress reports and discuss next steps and other important
    issues relating to the sale processes; and

j) work with the Debtors and their tax advisors to structure
    any sale transaction to maximize tax benefits.

As set forth in the Engagement Letter, Fredericks will be
compensated as follows:

a) A monthly fee of US$10,000, payable upon the Court's approval
    of the application, and on the first day of each month
    thereafter until the completion of the Chapter 11 cases or
    the termination of Frederick Michael's employment.  100% of
    the monthly fees paid for the first six months of the
    engagement will be credited against any Transaction Fee.

b) In addition to the monthly Fee and in the event that a
    transaction with a party that has been identified to Paper
    International is consummated, Fredericks Michael will be
    paid a minimum net Transaction Fee of US$300,000.  In the
    event that (i) McKinley is sold to a third-party buyer other
    than the Identified Bidder, or (ii) Identified Bidder
    increases the purchase price set forth in the Identified
    Bidder Transaction and such transaction is consummated, the
    Transaction Fee will be (x)US$300,000, plus (y) five 5% of the
    net increased sale proceeds received by Paper International
    from the sale of McKinley above the total Transaction Value
    set forth in the Identified Bidder Transaction (including any
    break-up fee and expense reimbursement payable to Identified
    Bidder);

c) In the event the bid by the Identified Bidder is, at the time
    of any proposed auction, (i) non-binding; (ii) subject to
    financing; or (iii) withdrawn or disqualified from the
    bidding process, and Paper International enters into an
    agreement to sell McKinley to a party other than the
    Identified Bidder, the Transaction Fee will equal 1% of the
    Transaction Value, rather than the aforementioned
    Transaction Fee structure of (x)US$300,000, plus (y) 5% of the
    net increased sale proceeds over the Identified Bidder's bid;

d) For the purpose of calculating the Transaction Fee for the
    sale of the stock of the McKinley Stock, the Transaction
    Value will equal the total proceeds and other consideration
    paid to Paper International for the McKinley Stock,
    including, without limitation, cash and instruments.  The
    Transaction Value will be deemed to include amounts paid or
    to be paid into escrow;

e) In the event the sale of McKinley is restructured as a sale
    of the assets of McKinley, Paper International, as 100%
    shareholder of McKinley, will use its best efforts to cause
    McKinley to enter into an agreement with Fredericks Michael
    to accomplish such sale, and in such event the current
    agreement will terminate and be without full force and
    effect.  The Transaction Fee in such sale will be payable
    by McKinley, and the Transaction Value will equal the total
    proceeds and other consideration paid to McKinley,
    including, without limitation: (i) cash and all other
    assumed or carved out working capital; (ii) liabilities,
    including all debt, pension liabilities and guarantees,
    directly or indirectly, assumed, refinanced or extinguished,
    and (iii) any value of related assets separately acquired if
    it were the case, such as brand names, non-competing
    contracts, client contracts, real estate and leases,
    concessions, administrative-technical advisory, and similar;

f) In addition to any fees that may be payable to Fredericks
    Michael and, regardless of whether any transaction occurs,
    Paper International will promptly reimburse Fredericks
    Michael for all reasonable and reasonably documented
    expenses incurred in connection with this engagement;
    generally these expenses include out-of-pocket travel costs,
    document production charges and other out-of-pocket
    expenses, and will also include the reasonable and
    documented fees of outside counsel and other professional
    advisors.  Fredericks Michael will also include an
    additional fixed charge of 3% of the Monthly Fee to cover
    expenses that Fredericks Michael accounting systems do not
    specifically charge to clients; and

g) As part of the compensation payable to Fredericks Michael,
    Paper International agrees to the indemnification,
    contribution and related provisions set forth in the
    Engagement Letter.

Blake Davies, a managing director at Fredericks Michael, assures
the Court that the firm does not hold or represent any interest
adverse to the Debtors' estates and that the firm is a
"disinterested person," as that term is defined in Sec. 101(14) of
the Bankruptcy Code as modified by section 1107(b) of the
Bankruptcy Code.

                   About Paper International

Headquartered in Prewitt, New Mexico, Paper International, Inc.
-- http://www.internationalpaper.com/-- is the wholly-owned
direct subsidiary of Corporacion Durango, S.A.B. de C.V., a
corporation organized under the laws of Mexico, which maintains
its principal place of business in Durango, Mexico.  The Debtor
currently owns 100% of the equity shares in Fiber Management of
Texas, Inc., a corporation organized under the laws of Texas, as
well as 100% of the equity shares in non-debtor Durango McKinley
Paper Company, a New Mexico company.  Paper International is a
holding company which has no employees, no operations, and whose
primary assets are its ownership interests in Durango McKinley and
Fiber Management.

Before August 2008, Fiber Management's primary business was the
procurement of paper materials to manufacture recycled paper
products for use by Durango McKinley and other paper manufacturing
affiliates of Corporacion Durango located in Mexico.  In August
2008, Fiber Management ceased procuring fiber and began winding up
all of its business operations.

The company and Fiber Management filed for Chapter 11 protection
on Oct. 6, 2008 (Bankr. S.D. N.Y. Lead Case No.08-13917).  Larren
M. Nashelsky, Esq., and Lorenzo Marinuzzi, Esq., at Morrison &
Foerster LLP, represent the Debtors as counsel.  APS Services,
LLC, serves as the Debtors' crisis managers.  The Debtors
designated Meade Monger, a managing director of AlixPartners, LLP,
an affiliate of AP Services, as its chief restructuring officer.
The Court appointed Kurtzman Carson Consultants, LLC as claims
agent in the Debtors' bankruptcy case.

Corporacion Durango filed a voluntary petition for Chapter 15 on
Oct. 6, 2008 (Bankr. S.D. N.Y. case no. 08-13911) in connection
with its reorganization case in Mexico under Mexico's Ley de
Concurson Mercantiles in the District Court for Civil Matters for
the District of Durango.


PAPER INTERNATIONAL: Panel Taps Bingham McCutchen as Counsel
------------------------------------------------------------
The official committee of unsecured creditors appointed in Paper
International, Inc., and Fiber Management of Texas, Inc.'s
bankruptcy cases ask the U.S. Bankruptcy Court for the Southern
District of New York for authority to retain Bingham McCutchen LLP
as counsel for the Committee, nunc pro tunc to Oct. 20, 2008.

As counsel for the Committee, Bingham McCutchen will render
bankruptcy and restructuring legal services to the Committee as
needed throughout the course of the Debtors' bankruptcy cases.

As compensation for their services, Bingham McCutchen's
professionals bill:

    Partners & Of Counsel      US$385-$970 per hour
    Counsel & Associates       US$210-$565 per hour
    Paraprofessionals          US$120-$330 per hour

Michael J. Reilly, a partner at Bingham McCutchen, assures the
Court that the firm does no hold or represent any interest adverse
to the Debtors in the matters for which the firm is proposed to be
retained, and that the firm is a "disinterested person" as that
term is defined in Sec. 101(14) of the Bankruptcy Code.

                   About Paper International

Headquartered in Prewitt, New Mexico, Paper International, Inc.
-- http://www.internationalpaper.com/-- is the wholly-owned
direct subsidiary of Corporacion Durango, S.A.B. de C.V., a
corporation organized under the laws of Mexico, which maintains
its principal place of business in Durango, Mexico.  The Debtor
currently owns 100% of the equity shares in Fiber Management of
Texas, Inc., a corporation organized under the laws of Texas, as
well as 100% of the equity shares in non-debtor Durango McKinley
Paper Company, a New Mexico company.  Paper International is a
holding company which has no employees, no operations, and whose
primary assets are its ownership interests in Durango McKinley and
Fiber Management.

Before August 2008, Fiber Management's primary business was the
procurement of paper materials to manufacture recycled paper
products for use by Durango McKinley and other paper manufacturing
affiliates of Corporacion Durango located in Mexico.  In August
2008, Fiber Management ceased procuring fiber and began winding up
all of its business operations.

The company and Fiber Management filed for Chapter 11 protection
on Oct. 6, 2008 (Bankr. S.D. N.Y. Lead Case No.08-13917).  Larren
M. Nashelsky, Esq., and Lorenzo Marinuzzi, Esq., at Morrison &
Foerster LLP, represent the Debtors as counsel.  APS Services,
LLC, serves as the Debtors' crisis managers.  The Debtors
designated Meade Monger, a managing director of AlixPartners, LLP,
an affiliate of AP Services, as its chief restructuring officer.
The Court appointed Kurtzman Carson Consultants, LLC as claims
agent in the Debtors' bankruptcy case.

Corporacion Durango filed a voluntary petition for Chapter 15 on
Oct. 6, 2008 (Bankr. S.D. N.Y. case no. 08-13911) in connection
with its reorganization case in Mexico under Mexico's Ley de
Concurson Mercantiles in the District Court for Civil Matters for
the District of Durango.


PAPER INTERNATIONAL: Panel Taps Houlihan Lokey as Finl Advisor
--------------------------------------------------------------
The official committee of unsecured creditors appointed in Paper
International, Inc., and Fiber Management of Texas, Inc.'s
bankruptcy cases ask the U.S. Bankruptcy Court for the Southern
District of New York for authority to retain Houlihan Lokey Howard
& Zukin Capital, Inc., as financial advisor to the Committee, nunc
pro tunc to Nov. 14, 2008.

As the Committee's financial advisor, Houlihan Lokey will provide
investment banking services to the Committee and to an ad hoc
group of holders of 10.5% senior Notes due 2017 of Corporacion
Durango, S.A.B. de C.V. pursuant to the terms and conditions of
the engagement letter agreement between the Committee, the Ad Hoc
Group, Corporacion Durango and Houlihan Lokey.

Christopher R. Di Mauro, a managing director at Houlihan Lokey,
assures the Court that the firm does no hold or represent any
interest adverse to the Debtors or their estates, their creditors,
or any other party in interest in the Debtors' bankruptcy cases or
their respective attorneys in the matters on which Houlihan Lokey
is proposed to be retained, and that the firm is a "disinterested
person" as that term is defined in Sec. 101(14) of the Bankruptcy
Code.

As compensation for its services, Houlihan Lokey will be paid:

a) a Monthly Fee equal to US$100,000 per month;

b) a Deferred Fee equal to US$1,000,000.  The Deferred Fee will
    be earned and payable upon the earlier of (i) confirmation
    of a Chapter 11 plan of reorganization or liquidation or
    (ii) the disposition of substantially all the assets or
    operations of the Debtors, through any sale transaction.
    The Deferred Fee will be paid in cash; and

c) Reibursement for reasonable out-of-pocket exenses.

Given the dual nature of Houlikan Lokey's engagement, which will
benefit both the Committee and the Ad Hoc Group, Houlihan Lokey is
being separately compensated for its work on behalf of the Ad Hoc
Group.

                   About Paper International

Headquartered in Prewitt, New Mexico, Paper International, Inc.
-- http://www.internationalpaper.com/-- is the wholly-owned
direct subsidiary of Corporacion Durango, S.A.B. de C.V., a
corporation organized under the laws of Mexico, which maintains
its principal place of business in Durango, Mexico.  The Debtor
currently owns 100% of the equity shares in Fiber Management of
Texas, Inc., a corporation organized under the laws of Texas, as
well as 100% of the equity shares in non-debtor Durango McKinley
Paper Company, a New Mexico company.  Paper International is a
holding company which has no employees, no operations, and whose
primary assets are its ownership interests in Durango McKinley and
Fiber Management.

Before August 2008, Fiber Management's primary business was the
procurement of paper materials to manufacture recycled paper
products for use by Durango McKinley and other paper manufacturing
affiliates of Corporacion Durango located in Mexico.  In August
2008, Fiber Management ceased procuring fiber and began winding up
all of its business operations.

The company and Fiber Management filed for Chapter 11 protection
on Oct. 6, 2008 (Bankr. S.D. N.Y. Lead Case No.08-13917).  Larren
M. Nashelsky, Esq., and Lorenzo Marinuzzi, Esq., at Morrison &
Foerster LLP, represent the Debtors as counsel.  APS Services,
LLC, serves as the Debtors' crisis managers.  The Debtors
designated Meade Monger, a managing director of AlixPartners, LLP,
an affiliate of AP Services, as its chief restructuring officer.
The Court appointed Kurtzman Carson Consultants, LLC as claims
agent in the Debtors' bankruptcy case.

Corporacion Durango filed a voluntary petition for Chapter 15 on
Oct. 6, 2008 (Bankr. S.D. N.Y. case no. 08-13911) in connection
with its reorganization case in Mexico under Mexico's Ley de
Concurson Mercantiles in the District Court for Civil Matters for
the District of Durango.



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

* BOND PRICING: For the Week January 5  - January 9, 2009
---------------------------------------------------------

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

  ARGENTINA
  ---------
Alto Palermo SA          7.875    05/11/17     USD      43.01
Argent-DIS               5.830    12/31/33     ARS      60.33
Argent-DIS               7.820    12/31/33     ARS      26.75
Argent-DIS               8.820    12/31/33     ARS      29.00
Argent-DIS               8.820    12/31/33     ARS      33.00
Argent-Par               0.630    12/31/38     ARS      14.56
Argnt-Bocon PRE8         2.000    01/03/10     ARS      54.80
Argnt-Bocon PR11         2.000    12/03/10     ARS      35.97
Argnt-Bocon PRE9         2.000    03/15/24     ARS      62.89
Argnt-Bocon PR12         2.000    01/03/16     ARS      55.94
Argnt-Bocon PR13         2.000    03/15/24     ARS      17.82
Arg Boden                2.000    09/30/14     ARS      40.00
Argentina - NGB          2.000    01/03/16     ARS      51.56
Banco Hipot SA           9.750    11/16/10     USD      54.91
Banco Hipot SA           9.750    04/27/16     USD      30.50
Banco Hipot SA           9.750    12/18/36     USD      31.00
Bonar X                  7.000    04/17/17     USD      37.50
Banco Macro SA           8.500    02/01/17     USD      51.50
Bonar V                  7.000    03/28/11     USD      38.72
Bonar VII                7.000    09/12/13     USD      37.42
Bonar ARG $ V           10.500    10/09/17     ARS      46.15
Buenos Aire Prov         9.375    09/14/18     USD      20.50
Buenos Aire Prov         9.625    04/18/28     USD      22.93
Buenos-$DIS              9.250    04/15/17     USD      22.43
Buenos-$DIS              8.500    04/15/17     USD      23.57
Deutsche (Radars)        4.000    12/22/11     USD      63.49
Emp Distrib Nort        10.500    10/09/17     USD      46.15
Hidroelec Piedra         9.000    07/11/17     USD      52.25
Industries Metal        11.250    10/22/14     USD      45.75
Invers Rep Y Soc         8.500    02/02/17     USD      41.62
Mendoza Province         5.500    09/04/18     USD      30.25
Prov Rio Negro           2.000    02/04/18     ARS      61.85
Transener                8.875    12/15/16     USD      34.35
Trasport De Gas          7.875    05/14/17     USD      48.50


   BRAZIL
   ------
Banco BMG SA             9.150    01/15/16     USD      66.24
Banco Cruzeiro          10.750    11/24/16     USD      64.76
Bertin Ltda             10.250    10/05/16     USD      59.00
Braskem SA               9.000    04/29/49     USD      70.50
BR Malls Int Fi          8.500    04/15/17     EUR      66.01
Cosan Finance            7.000    02/01/17     USD      67.50
JBS SA                  10.500    08/04/16     USD      73.50
Independencia In         9.875    05/15/15     USD      62.62
Independencia In         9.875    01/31/17     USD      62.07
Independencia In         9.875    01/31/17     USD      60.25
Lehman Brothers         10.000    03/20/09     EUR       5.00
National Steel           9.875    05/29/49     USD      69.50
Soc Gen Accept           0.750    12/21/11     EUR      44.31
Soc Gen Accept           8.000    12/20/13     EUR      25.71
Soc Gen Accept          14.000    04/09/09     EUR      19.01


   CAYMAN ISLANDS
   --------------
801 Grand B-2            1.225    09/20/16     USD      69.47
801 Grand F-2            6.000    09/20/16     USD      71.75
Aes Dominicana          11.000    12/13/15     USD      37.25
Aes Dominicana          11.000    12/13/15     USD      37.25
Agile Property           9.000    09/22/13     USD      61.46
Agile Property           9.000    09/22/13     USD      61.02
Aig Sunamerica           5.625    02/01/12     GBP      74.16
Aig Sunamerica           6.375    10/05/20     GBP      52.14
Ambev Intl Finan         9.500    07/24/17     BRL      73.37
Apex Silver              2.875    03/15/24     USD       6.02
Apex Silver              4.000    09/15/24     USD      03.25
Asif II                  5.125    01/28/13     GBP      71.57
Banco Safra CI          10.875    04/03/17     BRL      75.00
Barion Funding           0.100    12/20/56     EUR       4.51
Barion Funding           0.250    12/20/56     USD       7.05
Barion Funding           0.250    12/20/56     USD       7.05
Barion Funding           0.250    12/20/56     USD       7.05
Barion Funding           0.250    12/20/56     USD       7.05
Barion Funding           0.250    12/20/56     USD       7.05
Barion Funding           0.250    12/20/56     USD       7.05
Barion Funding           0.250    12/20/56     USD       7.05
Barion Funding           1.440    12/20/56     GBP      24.11
BBVA Bancomer SA         4.799    05/17/17     EUR      64.50
BBV Intl Fin             7.000    12/01/25     USD      63.39
BCP Finance Company      4.239    10/29/49     EUR      49.94
BCP Finance Company      5.543    06/29/49     EUR      52.49
Bes Finance Limited      4.500    12/29/49     EUR      50.00
Bes Finance Limited      6.625    05/08/49     EUR      61.24
Bes Finance Limited      5.580    07/29/49     EUR      50.00
Blue City Co             1.000    11/07/13     USD      65.99
Castle Holdco 4          9.875    11/16/16     GBP      09.63
Castle Holdco 4          9.875    11/16/16     GBP      09.63
China Med Tech           3.500    11/15/11     USD      72.53
China Properties         9.125    05/04/14     USD      45.56
Citadel Finance          6.250    12/15/11     USD      68.05
Credit Sail Ltd          8.500    12/22/12     NZD       8.00
Dasa Finance             8.750    05/29/18     USD      74.30
DP World Sukuk           6.250    07/02/17     USD      62.50
DP World Sukuk           6.250    07/02/17     USD      63.71
Dubai Holding Comm       4.750    01/30/14     EUR      60.00
Dubai Holding Comm       6.000    02/01/17     GBP      58.50
DWR CYMN FIN             4.473    03/31/57     GBP      68.92
Embraer Overseas         6.375    01/24/17     USD      73.88
Embraer Overseas         6.375    01/24/17     USD      73.88
Embraer Overseas         6.375    01/24/17     USD      73.92
Esfg Internation         5.753    06/29/49     EUR      31.36
Gol Finance              7.500    04/03/17     USD      55.12
Gol Finance              7.500    04/03/17     USD      52.68
Gol Finance              8.750    04/28/49     USD      39.75
Greentown China          9.000    11/08/13     USD      38.00
Holden Fdg Corp          8.460    04/15/30     USD      72.86
Investcorp Cap           8.080    03/27/09     USD      69.47
Ja Solar Hold Company    4.500    05/15/13     USD      41.41
Lupatech Finance         9.875    07/29/49     USD      69.75
M-2 SPC                  7.770    12/20/12     USD      53.13
Mafrig Overseas          9.635    11/16/16     USD      64.50
Mazarin Fdg Ltd          0.250    09/20/68     EUR       5.12
Mazarin Fdg Ltd          0.250    09/20/68     USD       5.12
Mazarin Fdg Ltd          0.250    09/20/68     USD       5.12
Mazarin Fdg Ltd          0.250    09/20/68     USD       5.12
Mazarin Fdg Ltd          0.250    09/20/68     USD       5.12
Mazarin Fdg Ltd          0.630    09/20/68     GBP      10.86
Mazarin Fdg Ltd          1.440    09/20/68     GBP      22.33
Minerva Overse           9.500    02/01/17     USD      58.00
Mizuho Capital I         5.020    06/29/49     EUR      60.63
Mizuho Capital INV I     6.686    03/29/49     EUR      60.50
Mufg Cap Fin1            6.346    07/29/49     EUR      71.13
Mufg Cap Fin2            4.850    07/29/49     EUR      58.49
Mufg Cap Fin4            5.271    01/29/49     EUR      57.50
Mufg Cap Fin5            6.299    01/25/49     GBP      55.80
MMCaps XVIII Ltd         5.950    12/26/39     USD      37.88
MMCaps XVIII Ltd         5.950    12/26/39     USD      37.88
MMCaps XVIII Ltd         5.950    12/26/39     USD      37.88
New Asat Finance         9.250    02/01/11     USD      7.000
Prince Fin Global        3.125    06/29/16     EUR      70.69
Pubmaster Fin            6.962    06/30/28     GBP      66.94
RBS-Zero Hora Ed        11.250    06/15/07     BRL      52.67
Rede Empresa            11.125    04/29/49     USD      44.75
Reg Div Funding          5.251    01/25/36     USD      40.18
Reg Div Funding          5.251    01/25/36     USD      40.18
Reg Div Funding          6.227    01/25/36     USD      72.75
Reg Div Funding          6.227    01/25/36     USD      72.63
Resona PFD Glob          7.191    12/29/49     USD      48.52
Seagate Tech HDD         6.800    10/01/16     USD      51.31
Seagate Tech HDD         6.375    10/01/11     USD      69.54
Shimao Property          8.000    12/01/16     USD      51.91
SMFG Preferred           6.078    01/29/49     USD      67.02
SMFG Preferred           6.164    01/29/49     USD      48.75
Struct Invest CP         2.000    07/30/16     USD      52.13
Subsea                   2.800    06/06/11     USD      68.44
Sunamer Inst Fnd         6.150    10/14/19     EUR      59.58
Suntech Power            0.250    02/15/12     USD      74.90
Suntech Power            3.000    03/15/13     USD      47.97
Tam Capital Inc.         7.375    04/25/17     USD      52.87
Tam Capital Inc.         7.375    04/25/17     USD      53.94
UOB Cayman Limited       5.796    12/29/49     USD      72.52
Vestel Elec Fin          8.750    05/09/12     USD      47.48
Vontobel Cayman         15.600    01/23/09     USD      16.00
Vontobel Cayman         12.150    02/20/09     USD      51.80
Vontobel Cayman         13.550    01/23/09     USD      58.00
Vontobel Cayman         10.550    03/27/09     USD      67.60
Vontobel Cayman         10.050    02/20/09     USD      29.60
Vontobel Cayman         11.300    04/24/09     USD      65.40
Vontobel Cayman         10.650    02/27/09     USD      45.20
Vontobel Cayman         15.750    01/23/09     USD      47.00
Vontobel Cayman         17.900    01/23/09     USD      46.20
XL Capital Limited       5.250    09/15/14     USD      64.04
XL Capital Limited       6.250    05/15/27     USD      53.47
XL Capital Limited       6.375    11/15/24     USD      55.15
XL Capital Limited       6.500    12/31/49     USD      15.00


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


   COSTA RICA
   ----------
CAP                      7.375    09/15/36     USD      73.80


   DOMINICAN REPUBLIC
   ------------------
Dominican Republic       8.625    04/20/27     USD      54.56
Dominican Republic       9.040    01/23/18     USD      65.02
Itabo Finance SA        10.875    10/05/13     USD      37.37


   ECUADOR
   -------
Ecuador-Par Strp         4.000    05/28/18     USD      51.73
Ecuador-Par Strp         4.000    02/28/25     USD      57.77
Ecua-Par B RCT           4.000    02/28/25     USD      37.12
Ecuador Govt             5.000    12/30/13     USD      72.64


  EL SALVADOR
  -----------
El Salvador Rep          7.650    06/15/35     USD      71.90
El Salvador Rep          7.650    06/15/35     USD      74.07
Rep El Salvador          5.950    01/20/16     USD      66.34
Rep El Salvador          6.150    01/18/18     USD      61.11


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      67.57
Jamaica Govt             8.000    06/24/19     USD      58.25
Jamaica Govt             8.500    02/28/36     USD      62.75
Jamaica Govt             9.250    10/17/25     USD      71.66
Jamaica Govt LRS        12.750    06/29/22     JMD      60.48
Jamaica Govt LRS        12.750    06/29/22     JMD      60.49
Jamaica Govt LRS        12.850    05/31/22     JMD      60.96
Jamaica Govt LRS        13.375    12/15/21     JMD      63.56
Jamaica Govt LRS        13.375    04/27/32     JMD      59.84
Jamaica Govt LRS        13.575    12/15/26     JMD      61.51
Jamaica Govt            14.000    06/30/21     EUR      66.61
Jamaica Govt LRS        14.400    18/03/27     JMD      66.73
Jamaica Govt LRS        14.500    16/28/17     JMD      74.87
Jamaica Govt LRS        14.500    08/02/17     JMD      74.75
Jamaica Govt LRS        16.000    06/13/22     JMD      74.66
Jamaica Govt            16.000    08/30/32     EUR      70.61
Jamaica Govt            15.000    09/06/32     EUR      68.97
Jamaica Govt LRS        16.000    03/24/28     EUR      69.45
Jamaica Govt LRS        16.125    08/21/32     EUR      74.24
Jamaica Govt LRS        16.250    05/22/27     EUR      73.21
Jamaica Govt LRS        16.250    07/26/32     EUR      72.81
Jamaica Govt LRS        16.250    08/26/32     EUR      74.81
Jamaica Govt LRS        16.500    06/14/27     EUR      74.35



    MEXICO
    ------
Mer Lynch Int CV         8.000    01/30/09     CHF      64.95
Mer Lynch Int CV        10.760    03/16/09     CHF      37.18
Mer Lynch Int CV        11.200    03/16/09     CHF      32.57
Mer Lynch Int CV        11.330    03/16/09     CHF      72.51
Mer Lynch Int CV        11.400    03/16/09     CHF      70.19
Mer Lynch Int CV        11.660    03/16/09     CHF      13.09
Mer Lynch Int CV        11.720    03/16/09     CHF      31.12
Mer Lynch Int CV        12.200    03/16/09     CHF      22.91
Mer Lynch Int CV        12.460    03/16/09     CHF      33.31
Mer Lynch Int CV        12.760    03/16/09     CHF      27.27
Mer Lynch Int CV        13.100    03/16/09     CHF      49.74
Mer Lynch Int CV        13.280    03/16/09     CHF      12.34
Mer Lynch Int CV        13.720    03/16/09     CHF      61.78
Mer Lynch Int CV        14.000    04/09/09     CHF      54.85
Mer Lynch Int CV        14.530    03/16/09     CHF      23.32
Mer Lynch Int CV        14.890    03/16/09     CHF      35.94
Mer Lynch Int CV        15.220    03/16/09     CHF      22.40
Mer Lynch Int CV        15.520    03/16/09     CHF      36.41
Mer Lynch Int CV        16.330    03/16/09     CHF      13.86
Mer Lynch Int CV        16.380    03/16/09     CHF      10.98
Mer Lynch Int CV        16.450    03/16/09     CHF      39.25
Mer Lynch Int CV        16.800    03/16/09     CHF      32.45
Mer Lynch Int CV        17.140    03/16/09     CHF      57.58
Mer Lynch Int CV        18.000    03/27/09     CHF      68.00
Mer Lynch Int CV        18.020    03/27/09     CHF      70.09
Mer Lynch Int CV        19.110    03/16/09     CHF       8.46
Mer Lynch Int CV        19.380    03/16/09     CHF       2.00
Mer Lynch Int CV        22.000    03/16/09     CHF      10.85
Mer Lynch Int CV        22.670    03/16/09     CHF       6.91


  PANAMA
  ------
Carnival Corp            6.650    01/15/28     USD      74.92
MMG (Aes El Sal)         6.750    01/15/28     USD      58.41
Panama Notes             7.000    12/30/15     USD      73.27
Panama Notes             7.000    12/30/15     USD      70.96
Willbros Group           2.750    03/15/24     USD      58.50


  PERU
  ----

CFG Invest Sac           9.250    12/19/13     USD      65.51


  PUERTO RICO
  -----------

Puerto Rico Cons         6.500    04/01/16     USD      68.80
Puerto Rico GNMA         5.750    04/01/21     USD      54.87


  URUGUAY
  -------
Uruguay                  4.000    04/05/27     UYU      55.75
Uruguay Gov Bond         7.500    03/23/11     USD      69.97
Uruguay Gov Bond         7.500    03/23/11     USD      67.40
Uruguay Gov Bond         7.500    03/23/11     USD      67.40
Uruguay Gov Bond         7.500    03/23/11     USD      72.46
Uruguay Gov Bond         7.625    03/05/12     USD      61.21
Uruguay Gov Bond         8.000    02/25/10     USD      56.81
Uruguay Gov Bond         9.750    02/28/12     USD      65.24
Uruguay Gov Bond         9.750    02/28/12     USD      62.24
Uruguay Gov Bond         9.750    02/28/20     USD      64.42
Uruguay Fixed            7.500    03/23/11     USD      65.89
Uruguay Fixed            8.000    02/25/18     USD      70.29


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      39.95
Petroleos de Ven         5.375    04/12/27     USD      32.51
Petroleos de Ven         5.500    04/12/37     USD      31.08
Venezuela                5.750    12/09/20     EUR      46.48
Venezuela                6.000    12/09/20     EUR      41.50
Venezuela                7.000    03/16/15     EUR      47.99
Venezuela                7.000    03/16/15     EUR      51.43
Venezuela                7.000    12/01/18     USD      46.00
Venezuela                7.000    03/31/38     USD      41.00
Venezuela                7.650    04/21/25     USD      45.25
Venezuela                8.500    10/08/14     USD      57.00
Venezuela                9.000    05/07/23     USD      48.00
Venezuela                9.250    09/15/27     USD      60.00
Venezuela                9.250    05/07/28     USD      48.00
Venzod - 189000          9.375    01/13/34     USD      51.00
Venzod - 189000         10.750    09/19/13     USD      67.50
Venezuela               10.750    09/19/13     USD      69.17
Venezuela               13.625    08/15/13     USD      71.21
Venezuela               13.625    08/15/13     USD      71.21
Venezuela               13.625    08/15/13     USD      70.00



                            ***********

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 * * *