TCRLA_Public/090113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, January 13, 2009, Vol. 9, No. 8

                            Headlines

A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: WIOC Sues Utilities Authority to Recover Debt


A R G E N T I N A

MDR CONSTRUCCIONES: Proofs of Claim Verification Due on March 3
* ARGENTINA: Judge Rules US$2.2BB Payment to Debt Holders


B E R M U D A

RESOURCES INTERNATIONAL: Placed Under Voluntary Liquidation
TITANIUM RESOURCES: Creditors' Proofs of Debt Due on January 21
TITANIUM RESOURCES: Members' Final Meeting Set for January 31


B R A Z I L

BANCO DO BRASIL: To Buy Banco Votorantim's 50% Stake for BRL4.2BB
BANCO VOTORANTIM: S&P's 'BB+' Rating Unaffected by Merger Deal
GEM MANAGEMENT: Brazil Unit Halts Withdrawals in Hedge Fund
* BRAZIL: JPMorgan Lowers 2009 Economic Growth Forecast to 1.5%
* BRAZIL: Posts US$983 Million Currency Deficit in 2008

* PBGC Worries on Detroit 3's Pension Fund


C A Y M A N  I S L A N D S

ATLANTIS CAPITAL: Shareholders to Hear Wind-Up Report on June 13
AUSTIN ATLANTIC: Shareholder Receives Wind-Up Report
AUSTIN ATLANTIC: Shareholder Receives Wind-Up Report
CASTLEPEAK LIMITED: Commences Liquidation Proceedings
CZ320-97E LIMITED: Commences Liquidation Proceedings

CZ320-97G LIMITED: Commences Liquidation Proceedings
DRAGON'S LINK: Shareholders Receive Wind-Up Report
DRAGON SPIRIT: Shareholders Receive Wind-Up Report
FGI CAPITAL: Commences Liquidation Proceedings
LATIN AMERICAN: To Declare Dividend

PRESTON CAPITAL: Placed Under Voluntary Liquidation
RAB GOLD: Placed Under Voluntary Liquidation
SKYER II: Placed Under Voluntary Liquidation
SRS STRATEGIC: Shareholders Receive Wind-Up Report
SSG CLO: Placed Under Voluntary Liquidation

STANFIELD CREDIT: Shareholders Receive Wind-Up Report
UG HIDDEN: Members Receive Wind-Up Report
ZAIS LEVERED: Shareholder Receives Wind-Up Report
ZAIS LEVERED: Shareholder Receives Wind-Up Report
ZAIS LEVERED: Shareholder Receives Wind-Up Report


D O M I N I C A N  R E P U B L I C

* DOMINICAN REP: Businesses Leaders Call for Gov't Spending Cuts


E C U A D O R

* ECUADOR: Mulls US$280MM Credit Line from Iran for Pipeline Plan
* ECUADOR: Makes Overdue Payments to Brazil


J A M A I C A

CABLE & WIRELESS: LIME Wins Inter-Connectivity Dispute W/ Digicel
* JAMAICA: Financial Observer Sees Difficult Year for Banks


M E X I C O

ICONIX BRAND: Enters Joint Venture With New Brands Americas
MERISANT WORLDWIDE: Financial Woes Cue Chapter 11 Bankruptcy
MERISANT WORLDWIDE: Case Summary & 29 Largest Unsecured Creditors


N I C A R A G U A

INTERNATIONAL TEXTILE: Obtains US$30 Million Additional Funding


X X X X X X X X

* Fitch Reports Summary of Rating Actions Taken Last December
* Large Companies With Insolvent Balance Sheets


                         - - - - -



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

* ANTIGUA & BARBUDA: WIOC Sues Utilities Authority to Recover Debt
------------------------------------------------------------------
The West Indies Oil Company ("WIOC") sued Antigua Public Utilities
Authority ("APUA") after the utilities authority failed to pay
debts of more than US$40 million, with respect to an agreement
that came into effect in 1997, Caribbean Net News reports, citing
The Antigua Sun.  Attorney Simon Rogers Murdoch, the report
relates, filed the claim on behalf of WIOC.

According to Caribbean Net News, WIOC is claiming the money for
fuel and petroleum products it supplied to the utility company, as
well as US$5,004,494 interest accumulated on the amount
outstanding up to December 31, 2007, plus interest at the rate of
23% per annum from December 31, 2007 pursuant to the terms of an
agreement dated December 31, 2005.

WIOC, the report says, is claiming that APUA's indebtedness has
caused serious financial losses to the oil company.

APUC was obliged to pay amounts due within 30 days from the
presentation of an invoice as is customary in the industry,
Caribbean Net News notes.



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

MDR CONSTRUCCIONES: Proofs of Claim Verification Due on March 3
---------------------------------------------------------------
The court-appointed trustee for MDR Construcciones S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until March 3, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 16, 2009.


* ARGENTINA: Judge Rules US$2.2BB Payment to Debt Holders
---------------------------------------------------------
U.S. District Judge Thomas Griesa ruled that Argentina must repay
as much as US$2.2 billion to holders of about US$16 billion of
debt on which the country defaulted seven years ago, Joe Schneider
of Bloomberg News reports.

The report relates Judge Griesa issued eight judgments ordering
Argentina to make payments between US$95 million and US$543
million to the noteholders, including interest that has
accumulated since 2001.  The awards add up to US$2.2 billion, the
report says.

Argentina, Bloomberg News recalls, defaulted on US$95 billion in
debt in late 2001.  In 2005, then-President Nestor Kirchner
offered holders of defaulted debt 30 cents on the dollar, however,
holders of about US$20 billion in bonds rejected that deal, the
report notes.

"We are not going to count our chickens until we collect,"
plaintiffs' lawyer Howard Sirota told the news agency in an
interview.  "Argentine pension fund assets are subject to the
claims."

According to the report, Judge Griesa prohibited the plaintiffs
from selling their interest in the bonds, held by the Depository
Trust Co. ("DTC") without his permission.  Argentina has 30 days
to file an appeal.

The bondholders, Bloomberg News notes, said they weren't paid
interest or principal on global bonds yielding 11%, which were due
Oct. 9, 2006.

The report relates Jonathan Blackman, a lawyer in New York for the
Argentine government, said the republic may not own the bonds if
they are being held by the DTC.  "As far as I know, if the bonds
are in fact at DTC, the republic does not own them or has no
interest in them," Mr. Blackman was quoted by the report as
saying.

The case is Seijas v. Argentina 04-cv-00400, U.S. District Court
for the Southern District of New York (Manhattan).

                          *     *     *

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

RESOURCES INTERNATIONAL: Placed Under Voluntary Liquidation
-----------------------------------------------------------
During a general meeting held on December 22, 2008, the members of
Resources International Ltd. resolved to voluntarily liquidate the
company's business.

Nicholas Hoskins is the company's liquidator.


TITANIUM RESOURCES: Creditors' Proofs of Debt Due on January 21
---------------------------------------------------------------
The creditors of Titanium Resources International Ltd. are
required to file their proofs of debt by January 21, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

          Nicholas Hoskins
          Chancery Hall, 52 Reid Street
          Hamilton, Bermuda


TITANIUM RESOURCES: Members' Final Meeting Set for January 31
-------------------------------------------------------------
The members of Titanium Resources International Ltd. will hold
their final general meeting on January 31, 2009, at 10:30 a.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Nicholas Hoskins
          Chancery Hall, 52 Reid Street
          Hamilton, Bermuda



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

BANCO DO BRASIL: To Buy Banco Votorantim's 50% Stake for BRL4.2BB
-----------------------------------------------------------------
Banco do Brasil agreed to pay BRL4.2 billion (US$1.84 billion) for
a 50% stake in Banco Votorantim, to compete with private-sector
firms amid a wave of consolidation in the Brazilian banking
sector, Elzio Barreto of Reuters reports.

According to Bloomberg News, the news sent Banco do Brasil's
shares up by 2.3% to BRL15.76 at 11:34 a.m. New York time on
January 9, after surging as much as 7% for its highest intraday
price since Dec. 11.

Of the BRL4.2 billion total, The Wall Street Journal relates,
BRL3 billion will be allocated for the acquisition of 33.36
billion common shares of Banco Votorantim, and the other BRL1.2
billion will be used to increase Banco Votorantim's capital.

"It was a very cheap deal for Banco do Brasil," Bloomberg News
quoted Lia da Graca, an analyst at Banif-IXE Securities in Sao
Paulo, as saying.

Banco do Brasil, WSJ notes, described the acquisition as "part of
an effort to strengthen the bank's operations in the area of
motor-vehicle financing.  This is an area in which Banco
Votorantim is highly specialized and in which it has shown rapid
growth," the same report notes.

Reuters relates Banco do Brasil said the takeover would quadruple
its portfolio of automobile loans, putting it closer to rivals
such as Spain's Santander and Brazilian banks Itau and Bradesco.
"We didn't have a very large presence in the automobile segment.
The (credit) portfolio is more balanced now," Reuters quoted Banco
do Brasil Chief Executive Antonio Francisco de Lima Neto, as
saying.

As reported in the Troubled Company Reporter - Latin America on
Oct. 24, 2008, Bloomberg News said 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 News 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.



BANCO VOTORANTIM: S&P's 'BB+' Rating Unaffected by Merger Deal
--------------------------------------------------------------
Standard & Poor's Ratings Services said that the announced
acquisition of shares of Banco Votorantim S.A. (BB+/Stable/B) by
Banco do Brasil S.A. (BdB; BBB-/Stable/A-3) will not have an
immediate impact on S&P's ratings on either institution.  With the
acquisition, BdB will retain 49.9% of the common shares and 50% of
the total shares of Banco Votorantim.

The deal aims to give to BdB a stronger presence in the auto loan
market, in which Banco Votorantim is among the top three players
in the country.  The transaction also leverages Banco Votorantim's
origination and distribution capabilities through BdB's extensive
branch network.  BdB's expected cash payment for the stake in
Banco Votorantim will not materially affect BdB's liquidity.


GEM MANAGEMENT: Brazil Unit Halts Withdrawals in Hedge Fund
-----------------------------------------------------------
London-based Gems Management Ltd.'s Brazilian unit, Gems
Investimentos, suspended withdrawals from Fundo de Investimento
Multimercado Gems Low Vol Longo Prazo Investimento no Exterior, a
Sao Paulo-based fund that invested with Bernard L. Madoff's firm,
Adriana Brasileiro of Bloomberg News reports.

Gems Investimentos notified investors of a Jan. 19 meeting to
disclose details about losses in Fundo de Investimento, the first
Brazilian hedge fund to invest all its assets abroad, Rogerio
Zanin, Gems's director in Brazil, told Bloomberg News in a phone
interview.

"The external scenario deteriorated dramatically over the past few
weeks, generating a liquidity problem for us," Bloomberg News
quoted Mr. Zanin as saying.  "We suspended withdrawals to preserve
our clients' assets."

According to the report, Mr. Zanin said the fund has 35 investors,
including Brazilian pension funds, that paid more than BRL1
million each.  It dropped 18% since it started trading on April 22
to BRL48.8 million (US$21.7 million) by Jan. 8, according to
Bloomberg data.  Brazil's benchmark Bovespa stock index fell 36%
during the same period, the report says.

Bloomberg News notes Mr. Zanin said the Brazilian fund invested in
the Gems Low Volatility Portfolio USD Class, which invests in 70
other funds in the U.S., Asia and Europe.  Mr. Zanin, as cited by
the report, added the Brazilian portfolio had about 1% of its
capital exposed to Madoff funds.

As reported in the Troubled Company Reporter on Dec. 15, 2008, The
Securities and Exchange Commission charged Bernard L. Madoff and
his investment firm, Bernard L. Madoff Investment Securities LLC,
with securities fraud for a multi-billion dollar Ponzi scheme that
he perpetrated on advisory clients of his firm.  The SEC is
seeking emergency relief for investors, including an asset freeze
and the appointment of a receiver for the firm.

                    About Gems Investimentos

Gems Investimentos is a unit of London-based Gems Management Ltd.,
which had $7 billion under management as of December 2008.


* BRAZIL: JPMorgan Lowers 2009 Economic Growth Forecast to 1.5%
---------------------------------------------------------------
JPMorgan Chase & Co. lowered Brazil's economy expansion estimate
for this year from 2% to 1.5%, as global recession takes its toll
on industrial production and business confidence, Brazzil Magazine
reports.

Brazzil Magazine relates JPMorgan, in a report said: "We think the
market is not taking into consideration the potential for
continued disappointing surprises on the real economy front.  Not
only is the market underestimating the potential degree of the
economic slowdown in the Brazilian real economy, but also earnings
growth expectations for 2009 remain too high, in our opinion".

According to Brazzil Magazine, JPMorgan's report further said
Brazil's economy is now in a "technical recession," as defined by
two negative consecutive quarters of negative growth.

The bank estimates that Brazil's economy may have shrunk 4.6% in
the fourth quarter of 2008 from the previous quarter, and that
policy makers will respond by cutting Brazil's overnight rate 2
percentage points this year to 11.75%, the news agency notes.

Brazzil Magazine says JPMorgan joins other banks such as Morgan
Stanley in lowering their growth forecasts for Brazil amid a
collapse in consumer spending and demand for commodity exports.


* BRAZIL: Posts US$983 Million Currency Deficit in 2008
-------------------------------------------------------
Brazil posted a US$983 million currency deficit in 2008, after
five years of foreign currency surpluses, Stenio Ribeiro of
Brazzil Magazine reports, citing Brazilian Central Bank ("BC").

According to the report, although the country's trade exchange
resulted in a surplus of US$47.9 billion in the accumulated result
for the year, the financial account resulted in a deficit of
US$48.883 billion.

Last year's financial movement of capitals for payment of interest
and profit transfer abroad was greater than in the previous year,
the report recalls.

Up to September last year, Brazzil Magazine notes, the foreign
currency was favorable for Brazil, although at lower rates than in
2007.

Brazzil Magazine notes after Lehman Brothers filed for chapter 11
bankruptcy and the international crisis worsened, the flow of
funds was changed, with foreign investors turning their funds in
the country to covering losses abroad, mainly in the United
States, the European Union and Japan.

The capital outflow, Brazzil Magazine says, resulted to great
negative balances in the last three months of the year:

  -- US$ 4.639 billion in October,
  -- US$ 7.159 billion in November, and
  -- US$ 6.373 billion in December.


* PBGC Worries on Detroit 3's Pension Fund
------------------------------------------
John D. Stoll at The Wall Street Journal reports that U.S. Pension
Benefit Guaranty Corp. Director Charles E. F. Millard said that
about 1.3 million workers and retirees could see their pensions
slashed if one or more of the automakers were to collapse.

WSJ relates that the PBGC's current deficit would double, as would
the number of people receive pensions from the agency, if General
Motors Corp., Ford Motor Co., and Chrysler LLC were to terminate
their pension plans.  According to WSJ, Mr. Millard said that the
pension funds of GM, Ford Motor, and Chrysler would be underfunded
by as much as US$41 billion.

Mr. Millard, WSJ reports, said that the three automakers have well
funded pensions according to the standard accounting rules applied
by the Securities and Exchange Commission.

"An awful lot of people seem to think these plans are well funded
or overfunded.  Each of these plans is significantly underfunded
[and] in three years I don't want people coming back and saying,
'How come the PBGC never told us that?'" WSJ quoted Mr. Millard as
saying.

The pension funds of GM, Ford Motor, and Chrysler can cover 76% of
the pension obligations they have made, if they terminate the
pension plans, WSJ states, citing Mr. Millard.  PBGC, according to
the report, said that GM's plan is estimated to be about
US$20 billion, or about 20% underfunded, while Chrysler's plan is
34% underfunded, resulting in a US$9 billion-plus shortfall.  The
report states that Ford Motor's pension plans likely have a US$12
billion deficit.

Citing PBGC spokesperson Jeffrey Speicher, WSJ relates that the
agency will cover about US$13 billion of the estimated US$41
billion shortfall.



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

ATLANTIS CAPITAL: Shareholders to Hear Wind-Up Report on June 13
----------------------------------------------------------------
The shareholders of Atlantis Capital Fund Limited will hold their
general meeting on June 13, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


AUSTIN ATLANTIC: Shareholder Receives Wind-Up Report
----------------------------------------------------
On January 9, 2009, the sole shareholder of Austin Atlantic
Partners Master Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 815-1705
          Facsimile: (345) 949 1986


AUSTIN ATLANTIC: Shareholder Receives Wind-Up Report
----------------------------------------------------
On January 9, 2009, the sole shareholder of Austin Atlantic
Partners, Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 815-1705
          Facsimile: (345) 949 1986


CASTLEPEAK LIMITED: Commences Liquidation Proceedings
-----------------------------------------------------
The sole shareholder of Castlepeak Limited resolved to voluntarily
liquidate the company's business on September 5, 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:

          Maxine Mayhew
          1st Floor, Jubilee Buildings
          Victoria Street, Douglas, Isle of Man


CZ320-97E LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on November 25, 2008, the
shareholders of CZ320-97E Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 12, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

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


CZ320-97G LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on November 25, 2008, the
shareholders of CZ320-97G Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 12, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

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


DRAGON'S LINK: Shareholders Receive Wind-Up Report
--------------------------------------------------
On January 8, 2009, the shareholders of Dragon's Link Company
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ellen J. Christian
          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, 3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman KY1-1006, Cayman Islands
          Telephone: 345 945 9208
          Fax: 345 945 9210


DRAGON SPIRIT: Shareholders Receive Wind-Up Report
--------------------------------------------------
On January 8, 2009, the shareholders of Dragon Spirit Company
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ellen J. Christian
          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, 3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman KY1-1006, Cayman Islands
          Telephone: 345 945 9208
          Fax: 345 945 9210


FGI CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of FGI Capital resolved to voluntarily
liquidate the company's business on November 21, 2008.

Only creditors who were able to file their proofs of debt by
December 7, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LATIN AMERICAN: To Declare Dividend
-----------------------------------
Latin American Entertainment Co. intends to declare dividend.

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

The company's liquidator is:

          Diego Bonomi
          2nd Floor, Zabala 1422
          Montevideo, Uruguay


PRESTON CAPITAL: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on November 25, 2008, the
shareholders 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


RAB GOLD: Placed Under Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting held on October 31, 2008, the
shareholders of Rab Gold Master I Fund Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
December 25, 2008, 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


SKYER II: Placed Under Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting held on October 30, 2008, the
shareholders of Skyer II Limited resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
December 25, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          Prashant Veturkar
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


SRS STRATEGIC: Shareholders Receive Wind-Up Report
--------------------------------------------------
On January 7, 2009, the shareholders of SRS Strategic
Opportunities (Cayman) Ltd. received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Anthony Giardina
          Stanfield Capital Partners LLC
          430 Park Avenue, 11th Floor
          New York, New York 10022, U.S.A.


SSG CLO: Placed Under Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting held on November 26, 2008, the
shareholders of Skyer II Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidators are:

          Onson Mukwedeya
          Guy Major
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


STANFIELD CREDIT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On January 7, 2009, the shareholders of Stanfield Credit
Opportunities Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Anthony Giardina
          Stanfield Capital Partners LLC
          430 Park Avenue, 11th Floor
          New York, New York 10022, U.S.A.


UG HIDDEN: Members Receive Wind-Up Report
-----------------------------------------
The members of UG Hidden Dragon Undervalued Assets Fund Limited
met on January 9, 2009, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ming-Ching Wang
          8/F., No. 196, Zhi-Shan Road, Section 2
          Shihlin District, Taipei City 111
          Taiwan


ZAIS LEVERED: Shareholder Receives Wind-Up Report
-------------------------------------------------
On January 8, 2009, the sole shareholder of Zais Levered Loan
Fund, Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Ogier
          Shameer Jasani
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


ZAIS LEVERED: Shareholder Receives Wind-Up Report
-------------------------------------------------
On January 8, 2009, the sole shareholder of Zais Levered Loan
Holding Company, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          Shameer Jasani
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


ZAIS LEVERED: Shareholder Receives Wind-Up Report
-------------------------------------------------
On January 8, 2009, the sole shareholder of Zais Levered Loan
Portfolio Company, SPC. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          Shameer Jasani
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986




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

* DOMINICAN REP: Businesses Leaders Call for Gov't Spending Cuts
----------------------------------------------------------------
Dominican Republic's business leaders believe that government
spending must be reduced, and that the government should make
clear gestures in this direction, The Dominican Today reports,
citing National Commercial Businesses Organization ("ONEC").

The report relates ONEC President Pedro Perez Gonzalez, while
acknowledging the strength of the commercial banking sector, said
that the country was not immune to the global economic crisis.

The government, Dominican Today notes, meanwhile disclosed it had
sent a letter of intent to the International Monetary Fund on
January 7th, saying that it would reduce public spending and
highlighting the strength of the banking sector.

According to the report, Mr. Gonzalez, referring to the national
summit meeting planned for the end of the month, said the
government had to make clear indications that it would implement
an austerity plan, eliminating unnecessary expenditure and
reviewing the composition of public spending.

These calls follow similar statements from the National Private
Business Council ("Conep"), the Industries Association ("AIRD"),
the National Young Business Association ("ANJE"), business leaders
in the Cibao region and economists in the country, the report
says.

Government spending grew by 21% in 2008, according to Ministry of
Hacienda figures, Dominican Today recalls.



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

* ECUADOR: Mulls US$280MM Credit Line from Iran for Pipeline Plan
-----------------------------------------------------------------
Ecuador is seeking a US$280 million credit line from Iran to
invest in a pipeline plan as well as other projects in its energy
sector, PressTV News reports.

According to the report, Derlis Palacios, Ecuador mining and oil
minister, said Iranian officials would come to Ecuador next week
to study plans about oil and gas exploration for project
development in Ecuador's coastal region.  The Iranian officials
would also talk about a possible joint venture with Ecuador's
state-owned oil company, Petroecuador, to develop Block 31 in the
country's Amazon region, Minister Palacios said.

As reported in the Troubled Company Reporter - Latin America on
Dec. 9, 2008,  The International Herald Tribune said Iran and
Ecuador signed 12 memorandums of understanding during Ecuadorean
President Rafael Correa's visit to Tehran.  According to the
report, the agreements signed were in the fields of industry,
energy, oil, banking, health and commerce.

In a TCRLA report 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: Makes Overdue Payments to Brazil
-------------------------------------------
Ecuador has quietly made a US$246.9 million overdue payments to
Brazil on a loan for the construction of a controversial
hydroelectric project, possibly ending a months long diplomatic
dispute, Alan Clendenning of Associated Press reports, citing
Brazil's foreign ministry.

As reported in the Troubled Company Reporter - Latin America on
Nov. 24, 2008, Bloomberg New said Ecuador filed an international
lawsuit to suspend payment on a loan owed to a Brazilian
government bank, charging that the credit's terms are unlawful.

According to Bloomberg News, Jorge Glas, head of Ecuador's
government fund handling the lawsuit, said the loan granted by
BNDES, Brazil's state development bank, was linked to a
construction company that was expelled from Ecuador over a
contractual dispute.

Mr. Glas said the loan had indications of illegalities, Bloomberg
News noted.

As reported in 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-'.



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

CABLE & WIRELESS: LIME Wins Inter-Connectivity Dispute W/ Digicel
-----------------------------------------------------------------
Cable and Wireless plc's LIME Jamaica (formerly Cable & Wireless
Jamaica) won its inter-connectivity battle against its rival after
Jamaica's Supreme Court issued an order directing Digicel to
unblock LIME's international circuits, Radio Jamaica News reports.

As reported in the Troubled Company Reporter - Latin America on
January 12, 2009, The Jamaica Gleaner said LIME Jamaica accused
Digicel of blocking calls from LIME customers in other Caribbean
countries to the Digicel network in Jamaica.

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.  This was because Digicel turned down a
number of circuits, which take traffic from the rest of the region
and from the US and other locations, the same report said.

According to Jamaica News, the court order also prevented Digicel
from disconnecting or otherwise interfering with the inter-
connectivity access capacity provided for under the
Interconnection Agreement between the parties.

LIME, Carribbean 360.com says, citing Jamaica Observer, also
claimed damages for breach of the Interconnection Agreement
between the parties; damages pursuant to the Fair Competition Act;
costs; interest; and any further or other relief which the court
deems just.  The matter is scheduled to be heard in court on
February 3.

                            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.


* JAMAICA: Financial Observer Sees Difficult Year for Banks
-----------------------------------------------------------
Financial observer Darron Thomas is predicting that 2009 will be
an extremely tough year for the country's banking sector, Radio
Jamaica News reports.

According to the report, Mr. Thomas said banks will be hit hard by
the downturn in the economy and there could be the possibility of
a fall-off in revenues.

Mr. Thomas, the report relates, also said income from main stream
activities such as loans is expected to be affected.



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

ICONIX BRAND: Enters Joint Venture With New Brands Americas
-----------------------------------------------------------
Iconix Brand Group, Inc. ("Iconix") has entered into a joint
venture with New Brands Americas LLC ("New Brands") to further
develop and exploit the Iconix brands in Latin America.  New
Brands is a member of The Falic Group, a Florida based consortium
owned and operated by Simon, Jerome and Leon Falic.

The joint venture company, Iconix Latin America, will focus on
maximizing royalty revenue via existing and new licensing
agreements for the Iconix portfolio of brands in Mexico, Central
America, South America, and the Caribbean.

In exchange for US$6 million plus other commitments, New Brands
received a 50% interest in the joint venture, which will also have
an option to purchase rights to future brands acquired by Iconix.

Neil Cole, Chairman and CEO of Iconix, commented, "We are pleased
to announce the formation of Iconix Latin America with The Falic
Group.  The Falic brothers have extensive expertise and contacts
in the Latin American market.  Having locally based partners with
knowledge of the different cultures and markets that comprise this
region will significantly accelerate the growth of our brands
throughout this territory and help us maximize revenue from our
existing licensing base in Latin America.  Different from our
joint venture in China, Iconix Latin America will be run as a
traditional licensing business with near-term revenue
opportunity."

Leon Falic, President of New Brands, commented, "This exciting
venture will enable us to capitalize on the ever growing Latin
American market for proven U.S. brands.  Because of recent
demographic changes in Latin America, we feel that this a unique
opportunity to bring the Iconix brands to a thriving new group of
consumers there.  We are looking forward to working with Neil and
his team at Iconix to maximize each brand."

                    About New Brands Americas

New Brands Americas LLC is a member of The Falic Group of
companies, which are involved in the retail sale, manufacture and
international distribution of luxury goods.  The Falic Group owns
and operates Duty Free Americas, Inc., the largest duty free
retail store operator in the Americas, with over 150 duty free
shops located in major international airports and border
crossings.  The Falic Group also owns the House of Christian
Lacroix and several fragrance and cosmetics brands, including
Urban Decay, Hard Candy and Animale, and holds the worldwide
license to manufacture and distribute fragrances and cosmetics
under the Perry Ellis brand name.  Members of The Falic Group
serve as international distributors of numerous luxury brands,
such as Diageo, Pernod Ricard, Moet Hennessy, Lancome, Christian
Dior, Gucci, Bvlgari, Cartier, Montblanc, Hermes, Ed Hardy, Guess
and others.

                        About Iconix Brand

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON)
-- http://www.iconixbrand.com/-- owns fashion brands to retail
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licenses in Mexico, Japan and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 12, 2007, Standard & Poor's Ratings Service assigned its bank
loan and recovery ratings to apparel brand manager and licensor
Iconix Brand Group Inc.'s proposed US$60 million add-on term loan
facility.  The add-on was rated 'BB', two notches above the
corporate credit rating, with a '1' recovery rating, indicating
the expectation of very high (90%-100%) recovery in the event of a
default.

At the same time, S&P raised the rating on the existing US$212.5
million loan facility to 'BB', from 'BB-', and revised the
recovery rating to '1' from '2'.

S&P affirmed the 'B+' corporate credit rating on the company.
The outlook is negative.  The group had about US$642.2 million
in debt at Sept. 30, 2007.


MERISANT WORLDWIDE: Financial Woes Cue Chapter 11 Bankruptcy
------------------------------------------------------------
Merisant Worldwide Inc. together with five of its affiliates filed
a voluntary petition under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware, various sources report.

The company posted US$331,077,041 in total assets and
US$560,742,486 in total debts in its filing.  The company owes
US$362,128,760 in note debts to Wells Fargo Bank Minnesota
National Association; 2,521,483 to ACH Food Companies, distributor
and customer; and US$500,000 in contract to Sergio Miguel Chase,
among others.

"This is a financial restructuring of our balance sheet,
not an operational restructuring of our business,"  Bloomberg
quoted Paul Block, the company chief executive officer, as saying
"We've already taken aggressive steps to cut costs and make
Merisant more efficient."

According to Mr. Block, the company anticipates converting a
significant amount of our debt to equity, which will be positive
for Merisant, our customers and employees.  The restructuring will
free up more cash to invest in our business, Bloomberg relates.

The company told Tribune Co. that the current turmoil in the
credit markets made bank financing unavailable to it to refinance
its near-term maturities and interest payments.

Troubled Company Reporter said on Jan. 9, 2009, the company has a
US$35 million revolving credit and a US$7.4 million term loan that
mature on Jan. 11, 2009.

In its Form 10-Q submitted to the Securities and Exchange
Commission in November 2008, the company acknowledged that it
is highly leveraged.  At Sept. 30, 2008, the company and its
subsidiaries, including Merisant Company, had US$553,557,000 of
long-term debt outstanding, consisting of US$135,136 aggregate
principal amount of the company's 121/4% senior subordinated
discount notes due 2014, US$225,000,000 aggregate principal amount
of Merisant's 91/2% senior subordinated notes due 2013, and
US$193,421,000 aggregate principal amount outstanding under
Merisant's senior credit agreement, excluding capital lease
obligations of US$89 and unused commitments on the revolving
portion of the Senior Credit Agreement of US$21,000,000.

At September 30, 2008, borrowings under the Senior Credit
Agreement included US$7,416,000 (Term A) aggregate principal
amount of term loans bearing annual interest of 8.35%,
US$174,005,000 (Term B) aggregate principal amount of term loans
bearing annual interest of 6.40% and US$12,000,000 aggregate
principal amount in revolver commitments, bearing annual interest
of 5.97%.  The Term A loans are euro-denominated and are
translated into U.S. dollars at the spot rate as of September 30,
2008.

The Term A loans and the revolver commitment are scheduled to
terminate in January 2009 and all amounts thereunder are scheduled
to be repaid.  Most of the Term B loans (US$171,803,000) are due
at its final maturity in January 2010.  Additionally, interest on
the Discount Notes will become payable in cash commencing on
May 15, 2009.   Semiannual interest payments of US$8.6 million are
required.  The indenture governing the Notes limits Merisant's
ability to pay dividends or loan cash to the Company, which has no
operations of its own.

As of November 13, 2008, borrowings under Merisant's revolving
credit facility were US$28,000,000.  In aggregate, during the
twelve months ending September 30, 2009, the company and Merisant
are scheduled to pay US$78,300,000 of principal and interest under
the Company and Merisant's primary debt obligations.

"Given the disruptions in the credit and financial markets in
recent months, uncertainty exists as to whether we will be able to
generate results from operations or consummate transactions
sufficient to enable us to make all of these payments," Merisant
said in their third quarter 2008 report.

Merisant said it is engaged in discussions with certain of its
secured lenders and debt security holders as well as potential
financing sources with regard to refinancing or restructuring all
or a portion of its debt obligations.  "However, there can be no
assurance that we will be able to refinance, replace or amend our
outstanding debt obligations on terms favorable to us, or at all,
particularly given current financial conditions."

                     About Merisant Worldwide

Headquartered in Chicago, Merisant Worldwide, Inc. is a leading
global producer and marketing of low-calorie and zero calorie
tabletop sweeteners, including Equal(R) and PureVia(TM).  Equal(R)
is sweetened with aspartame.  Sales were approximately
$277 million for the twelve months ended September 30, 2008.

                           *     *     *

As reported by the Jan. 7, 2009 issue of the Troubled Company
Reporter, Moody's Investors Service lowered the ratings of
Merisant Worldwide, Inc., including the company's probability of
default and corporate family ratings to Ca from Caa3.  The ratings
agency said the company's weak credit metrics severely limit its
financial flexibility, especially in the current credit market.

Global competition from well capitalized Splenda(R)(produced by a
subsidiary of Johnson & Johnson) has eroded sales and market share
over the past several years.  Leverage also increased in 2003 to
fund an equity distribution.  For the twelve months ended
September 30, 2008 debt to EBITDA was unsustainable at
approximately 25 times.  The company's weak credit metrics
severely limit its financial flexibility, especially in the
current credit market.

As reported by the TCR on Dec. 19, 2008, Standard & Poor's Ratings
Services said that it lowered its ratings on Chicago, Illinois-
based Merisant Worldwide Inc. and operating company Merisant Co.,
including its corporate credit rating, to 'CC' from 'CCC'.


MERISANT WORLDWIDE: Case Summary & 29 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Merisant Worldwide, Inc., Debtor
        33 North Dearborn Street, Suite 200
        Chicago, IL 60602

Bankruptcy Case No.: 09-10059

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Merisant Company                                   09-10060
Merisant Foreign Holdings I, Inc.                  09-10061
Merisant US, Inc.                                  09-10062
Whole Earth Sweetener Company, LLC.                09-10063
Whole Earth Foreign Holdings, LLC                  09-10064

Related Information: The Debtors sells low-calorie tabletop
                     sweetener.  The Debtors' brands are Equal(R)
                     and Canderel(R).  The Debtors' headquarter is
                     located in Chicago, Illinois, and have
                     principal regional offices in Mexico City,
                     Mexico; Neuchatel, Switzerland; Paris,
                     France; and Singapore.   In addition, the
                     Debtors own and operate manufacturing
                     facilities in Manteno, Illinois, and Zarate,
                     Argentina, and own processing lines that are
                     operated exclusively for the Debtors at
                     plants located in Bergisch and Stendal,
                     Germany and Bangkrason, Thailand.

                     As of March 28, 2008, the Debtors have 20
                     active direct and indirect subsidiaries,
                     including five subsidiaries in the United
                     States, six subsidiaries in Europe, five
                     subsidiaries in Mexico, Central America and
                     South America, and three subsidiaries in the
                     Asia Pacific region, including Australia and
                     India.  Furthermore, the Debtors' Swiss
                     subsidiary holds a 50% interest in a joint
                     venture in the Philippines.

                     Merisant Worldwide holds 100% interest in
                     Merisant Company.

                     See: http://www.merisant.com/

Chapter 11 Petition Date: January 9, 2009

Court: District of Delaware (Delaware)

Judge: Peter J. Walsh

Debtor Bankruptcy Counsel: Sidley Austin LLP
                           One South Dearborn
                           Chicago, Illinois 60603

Debtors' Delaware Counsel: Robert S. Brady, Esq.
                           bankfilings@ycst.com
                           Young, Conaway, Stargatt & Taylor LLP
                           The Brandywine Bldg.
                           1000 West Street, 17th Floor
                           P.O. Box 391
                           Wilmington, DE 19899-0391
                           Tel: (302) 571-6600
                           Fax: (302) 571-1253

Financial Advisor: Blackstone Advisory Services LLP
                   345 Park Avenue
                   New York, New York 10154

Claims Agent: Epiq Bankruptcy Solutions LLC
              757 Third Avenue, 3rd Floor
              New York, New York 10017

The Debtors' financial condition as of November 30, 2008:

Total Assets: US$331,077,041

Total Debts:  US$560,742,486

The Debtors' Largest Unsecured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
Wells Fargo Bank Minnesota     note debts      US$362,128,760
National Association
c/o Wells Fargo Corporate
Trust Services
MAC N9303-110
Sixth and Marquette Avenue
Minneapolis, MN 55479
Attn: Debra McNamee
Tel: (613) 667-6245
Fax: (612) 667-9825

ACH Food Companies             distributor/      $2,521,483
7171 Goodlett Farms Pkwy       customer
Memphis, TN 38106
Attn: General Counsel
Fax: (901) 381-2906

Sergio Miguel Chase            contract          $500,000
Imperio Guarania SA
Canada del Carmen 3069
2069 Luque, Paraguay
Tel: +595 (21) 681558
Fax: +595 (981) 402137

Kuehne & Nagel Corp.           shipping          $453,141

Corn Products International    trade debt        $338,926

McDonnel Boehnen Hulbert       services          $223,893

Heartland Sweeteners LLC       trade debt        $223,123

The Royal Group                trade debt        $204,922

Kirkwood Communications        marketing         $146,749

Roc-Tenn Company               trade debt        $146,111

Brand Architecture             trade debt        $129,842
International

Coating Place Inc.             trade debt        $127,689

Kankakee County Treasurer      tax               $123,000

Ladas & Parry                  trade debt        $114,885

Advantages Sales & Marketing   distributor       $104,318

Jen-Coat Incorporated          trade debt        $103,366

DSC Logistics                  shipping          $92,500

FedEx Freight East Inc.        shipping          $75,000

Key West Metal Industries Inc. trade debt        $73,510

Calorie Control Council        marketing         $71,730

Holohan Heating & Sheet Metal  trade debt        $68,349

Northwest Pallets              trade debt        $67,164

C&S Wholesale Grocer           trade debt        $65,645

Catalina Marketing             marketing         $62,550

Brady Enterprises Inc.         trade debt        $61,446

David Kessler & Associates     trade debt        $36,000
Inc.

TS Logistics Inc.              shipping          $35,000

Schawgraphics Incorporated     trade debt        $32,451

Synovate                       marketing         $32,000

The petition was signed by Jonathan W. Cole, the company's vice
president, general counsel and secretary.



=================
N I C A R A G U A
=================

INTERNATIONAL TEXTILE: Obtains US$30 Million Additional Funding
---------------------------------------------------------------
International Textile Group, Inc., reported that on December 29,
2008, three investment funds that are affiliated with Wilbur L.
Ross, Jr., the chairman of the board of directors of the company,
provided additional funding to the company in the aggregate
principal amount of US$30 million.

The company intends to use this funding for general corporate
purposes in support of its apparel business, including providing
additional funding to certain of its international greenfield
initiatives.  This funding is evidenced by subordinated promissory
notes issued to each of WLR IV Parallel ESC, L.P., WLR Recovery
Fund III, L.P. and WLR Recovery Fund IV, L.P. in the principal
amounts of US$90,000, US$2,730,000 and US$27,180,000,
respectively.

Mr. Ross and his affiliates own approximately 82% of the company's
common stock, and approximately 87% of the company's outstanding
voting power.

The 2008 Subordinated Promissory Notes bear interest at a rate of
18.0% per annum.  Interest on the 2008 Subordinated Promissory
Notes is payable semi-annually on March 31 and September 30 of
each year, and is payable-in-kind through the conversion of
interest to additional principal amounts.  The 2008 Subordinated
Promissory Notes mature on June 6, 2012, and may be prepaid in
whole or part at any time prior thereto without penalty.

                   Lenders Waive Non-Compliance

On December 24, 2008, International Textile Group and the holders
of the company's US$80 million senior subordinated notes due June
6, 2011, entered into Amendment No. 2 to the Senior Subordinated
Note Purchase Agreement.  Pursuant to the Amended Note Purchase
Agreement, the holders of the Notes waived the company's non-
compliance with an international greenfield indebtedness
limitation contained in the Note Purchase Agreement.  The Amended
Note Purchase Agreement also modified that international
greenfield indebtedness limitation to provide for an aggregate
basket of US$165 million, and includes an Excess U.S. Collateral
Coverage Ratio to which the company is subject.

Also on December 24, 2008, the company and certain of its U.S.
subsidiaries, General Electric Capital Corporation and the other
signatories thereto entered into the Consent and Amendment No. 14
to that certain Credit Agreement, dated as of December 29, 2006.
The Amended Credit Agreement, among other things, permits the
granting of the subordinated liens to the holders of the Notes.

                          Re-Alignment

International Textile Group, on November 26, 2008, disclosed that
it is realigning its apparel fabric divisions to create a single
apparel fabrics division.  The consolidated division will include
the Cone Denim and Burlington WorldWide divisions and their
associated product brands.  The company is in the process of
developing the new organizational structure.  In addition, the
company is making further reductions in connection with the
previously-announced closure of a facility in Hildesheim, Germany,
which is a part of the company's automotive safety products
division.  The division consolidation, related reductions and the
Hildesheim facility closure are expected to result in annual
compensation savings of approximately US$8 million to
US$9 million.  The company expects to incur employee severance
costs, estimated to be in a range of US$5.2 million to US$5.7
million that would be recognized as a charge to earnings in the
fourth quarter of fiscal 2008.

                       3rd Quarter Results

For the three months ended September 30, 2008, the company posted
a net loss of US$62,748,000 compared with a net loss of
US$16,181,000 for the same period a year earlier.

Willis C. Moore, III, executive vice president and chief financial
officer, disclosed in a regulatory filing dated November 14, 2008,
that the company has incurred significant operating losses and
negative cash flows from operating activities, and has a
significant amount of outstanding debt, which is scheduled to
mature at various times in 2009, which raises substantial doubt
about the company's ability to continue as a going concern.  "As
the company's current cash flows are not sufficient to service its
working capital and capital expenditure needs as well as the debt
that is scheduled to mature over the next twelve months, the
company's ability to continue as a going concern is dependent upon
(i) its ability to refinance its existing debt maturing at various
times during 2009, (ii) remain in compliance with the covenant
requirements of our existing debt, (iii) obtain additional equity
contributions or debt financing, (iv) reduce expenditures and
attain further operating efficiencies, and, (v) ultimately, to
generate greater revenue and gross profit.  Given the current
economic and credit environment as well as the company's financial
performance year-to-date, there can be no assurance as to the
availability of any necessary financing and, if available, that
any potential source of funds would be available on terms and
conditions acceptable to us, or that we will be able to achieve
profitable operations and positive cash flows."

As of September 30, 2008, the company's balance sheet showed total
assets of US$944,410,000, total liabilities of US$720,658,000,
minority interest of US$13,286,000, and total stockholders' equity
of US$210,466,000.

A full-text copy of the company's quarterly report is available
for free at: http://researcharchives.com/t/s?37bc

                  About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with operations principally in the United States, China, Germany,
Poland, Nicaragua, Mexico and Vietnam. The company produces
automotive safety (including airbag fabric and airbag cushions),
apparel, government uniform, technical and specialty textile
products.



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

* Fitch Reports Summary of Rating Actions Taken Last December
-------------------------------------------------------------
The following is the comprehensive list of Fitch Ratings' 63 Latin
America national scale rating changes for the month of December,
which include: upgrades, downgrades, Rating Outlook and Rating
Watch revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch upgraded these National ratings:

Municipio de Reynosa, Tamps. (Mexico)

  -- National long-term rating to 'A+(mex)' from 'A(mex)'; Outlook
     revised to Stable from Positive;

  -- Rating Actions took place on Dec. 04, 2008.

Fitch has also downgraded these ratings:

Transa Securitizadora S.A. (Chile)

  -- Serie A Septimo Patrimonio Separado de Transa Securitizadora
     S.A. national long-term rating to 'AA(chl)' from 'AAA(chl)';

  -- Serie B Septimo Patrimonio Separado de Transa Securitizadora
     S.A. national long-term rating to 'A(chl)' from 'AA(chl)';

  -- Rating Actions took place on Dec. 01, 2008.

Inmobiliaria Ruba S.A. de C.V. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)'; Outlook
     revised to Stable;

  -- Rating Actions took place on Dec. 02, 2008.

Metrofinanciera, S.A. de C.V., SOFOM E.N.R. (Metrofinanciera) -
Administrador de Activos Financieros de Credito (Mexico)

  -- National long-term rating to 'AAFC4(mex)' from 'AAFC3+(mex)';

  -- METROCB03-2 national long-term rating to 'BBB(mex)' Outlook
     Negative from 'A(mex)' Outlook Negative;

  -- METROCB03-3 national long-term rating to 'BBB(mex)' Outlook
     Negative from 'A(mex)' Outlook Negative;

  -- METROCB03-7 national long-term rating to 'BBB(mex)' Outlook
     Negative from 'A(mex)' Outlook Negative;

  -- METROCB07-2 national long-term rating to 'C(mex)' from
     'BB(mex)' Outlook Negative;

  -- METROCB07-3 national long-term rating to 'BBB(mex)' Outlook
     Negative from 'A(mex)' Outlook Negative;

  -- METROCB07-4 national long-term rating to 'C(mex)' from
     'BB(mex)' Outlook Negative;

  -- Metrofinanciera Trust 650 Class A national long-term rating
     to 'BBB(mex)' Outlook Negative from 'A(mex)' Outlook
     Negative;

  -- Metrofinanciera Trust 650 Class B national long-term rating
     to 'C(mex)' from 'BB(mex)' Outlook Negative;

  -- Rating Actions took place on Dec. 02, 2008.

Empresas IANSA S.A. (Chile)

  -- National long-term rating to 'BBB-(chl)' from 'A-(chl)';

  -- National Equity Rating to 'primera clase nivel 3(chl)' from
     'primera clase nivel 2(chl)';

  -- Rating Actions took place on Dec. 03, 2008.

Uniao de Industrias Petroquimicas S.A. (Unipar) (Brasil)

  -- National long-term rating to 'A-(bra)' Outlook Negative from
     'A(bra)' Rating Watch Negative;

  -- Rating Actions took place on Dec. 05, 2008.

Concesionaria Zonalta, SA de CV Autopista El Altar-Santa Ana
(Mexico)

  -- Emision con clave de pizarra ZONALCB 06U national long-term
     rating to 'A-(mex)' from 'AA+(mex)'; placed on Rating Watch
     Negative;

  -- Rating Actions took place on Dec. 09, 2008.

Grupo Industrial Saltillo, S.A. de C.V. (Mexico)

  -- National long-term rating to 'CCC(mex)' Rating Watch Negative
     from 'BB(mex)' Rating Watch Negative;

  -- Rating Actions took place on Dec. 15, 2008.

Industrias Venoco, C.A. Venezuela, LLC (Venezuela)

  -- National long-term rating to 'BBB(ven)' from 'A-(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)';
  -- Rating Actions took place on Dec. 16, 2008.

Sociedad Nacional de Garantias Reciprocas para la Mediana y
Pequena Industria, S.A. (SOGAMPI) (Venezuela)

  -- National long-term rating to 'A+(ven)' from 'AA-(ven)';
  -- Rating Actions took place on Dec. 17, 2008.

Banco Bice (Argentina)

  -- National long-term rating to 'A-(arg)' from 'AA-(arg)';
  -- Rating Actions took place on Dec. 18, 2008.

Banco Hipotecario, S.A. (Argentina)

  -- National long-term rating to 'A+(arg)' from 'AA-(arg)';
  -- Rating Actions took place on Dec. 18, 2008.

Tarjeta Naranja S.A. (Argentina)

  -- National long-term rating to 'A+(arg)' from 'AA-(arg)';
  -- Rating Actions took place on Dec. 18, 2008.

Tarjetas Cuyanas (Argentina)

  -- National long-term rating to 'A-(arg)' from 'A(arg)';
  -- Rating Actions took place on Dec. 18, 2008.

Banco de la Nacion (Argentina)

  -- Endeudamiento de largo plazo to 'A+(arg)' from 'AA-(arg)';
  -- Rating Actions took place on Dec. 18, 2008.

Banco de Inversion y Comercio Exterior (Argentina)

  -- Endeudamiento de largo plazo to 'A+(arg)' from 'AA-(arg)';
  -- Rating Actions took place on Dec. 18, 2008.

Credilogros Cia. Financiera S.A. (Argentina)

  -- Obligaciones Negociables national long-term rating to 'BBB-
      (arg)' from 'BBB+(arg)';

  -- Rating Actions took place on Dec. 18, 2008.

UBF Garantias & Seguros S.A. (Brasil)

  -- National Insurer Financial Strength to 'BBB(bra)' from 'A-
      (bra)'; placed on Rating Watch Negative;

  -- Rating Actions took place on Dec. 19, 2008.

CMF Garantizados I (Argentina)

  -- Valores de Deuda Fiduciaria (VDF) national long-term rating
     to 'A+(arg)' from 'AA-(arg)';

  -- Rating Actions took place on Dec. 19, 2008.

Galtrust I (Argentina)

  -- TD Clase B National long-term rating to 'A+(arg)' from 'AA-
      (arg)';

  -- Rating Actions took place on Dec. 19, 2008.

Pagan III provincial debt ser Pagan III (Pro 6) (Argentina)

  -- Valores Representativos de Deuda (VRD) national long-term
     rating to 'A+(arg)' from 'AA-(arg)';

  -- Rating Actions took place on Dec. 19, 2008.

Pagan IV repackaged debt ser Pagan IV (Global 08) (Argentina)

  -- Valores Representativos de Deuda (VRD) national long-term
     rating to 'A+(arg)' from 'AA-(arg)';

  -- Rating Actions took place on Dec. 19, 2008.

UBS BRINSON FORESTAL I Forestal fund ser UBS BRINSON I (Argentina)

  -- Valores Representativos de Deuda (VRD) national long-term
     rating to 'BB(arg)' from 'BBB(arg)'; placed on Rating Watch
     Negative;

  -- Rating Actions took place on Dec. 19, 2008.

Fondo Fiduciario para el Desarrollo Provincial - BOGAR (Argentina)

  -- Bonos Garantizados 2018 national long-term rating to
     'A+(arg)' from 'AA-(arg)';

  -- Bonos Garantizados 2020 national long-term rating to
     'A+(arg)' from 'AA-(arg)';

  -- Rating Actions took place on Dec. 22, 2008.

Euromayor S.A. de Inversiones (Argentina)

  -- National long-term rating to 'BB-(arg)' from 'BB(arg)';
  -- Rating Actions took place on Dec. 23, 2008.

DaimlerChrysler Financial Services Venezuela, LLC (Venezuela)

  -- National long-term rating to 'CC(ven)' from 'BB-(ven)';
  -- National short-term rating to 'C(ven)' from 'B(ven)';
  -- Rating Actions took place on Dec. 29, 2008.

Cooperativa De Seguros De Vida Puerto Rico (Puerto Rico)

  -- Insurer Financial Strength to 'BBq(pri)' from 'BBBq(pri)';
  -- Rating Actions took place on Dec. 30, 2008.

Silvio Santos Participacoes S/C Ltda (Brasil)

  -- National long-term rating to 'BBB(bra)' from 'BBB+(bra)';
  -- Rating Actions took place on Dec. 30, 2008.

Soldaduras y Tuberias de Oriente, C.A. (SOLTUCA) (Venezuela)

  -- National long-term rating to 'BBB(ven)' from 'A(ven)';
  -- National short-term rating to 'F3(ven)' from 'F1(ven)';
  -- Rating Actions took place on Dec. 30, 2008.

These Outlook Revisions and Rating Watch changes were made:

Corporacion Interamericana de Entretenimiento (CIE) (Mexico)

  -- National long-term rating 'A+(mex)'; placed on Rating Watch
     Negative;

  -- National short-term rating 'F1(mex)'; placed on Rating Watch
     Negative;

  -- Senior unsecured national long-term rating 'A+(mex)'; placed
     on Rating Watch Negative;

  -- Rating Actions took place on Dec. 02, 2008.

La Interamericana Compania de Seguros Generales S.A. (LIG) (Chile)

  -- National Scale insurer financial strength (IFS) 'AA+(chl)';
     removed from Rating Watch Evolving; the Outlook is Stable;

  -- Rating Actions took place on Dec. 03, 2008.

AIG Union Y Desarrollo, S.A. y Filial (AIG Union) (San Salvador)

  -- National Scale insurer financial strength (IFS) 'AA(slv)';
     removed from Rating Watch Evolving; the Outlook is Stable;

  -- Rating Actions took place on Dec. 03, 2008.

AIG S.A. Seguros de Personas (AIG Personas) (San Salvador)

  -- National Scale insurer financial strength (IFS) 'AA-(slv)';
     removed from Rating Watch Evolving; the Outlook is Stable;
  -- Rating Actions took place on Dec. 03, 2008.

Grupo Posadas, S.A. de C.V. (Mexico)

  -- National long-term rating 'A+(mex)'; Outlook revised to
     Negative from Stable;

  -- Rating Actions took place on Dec. 03, 2008.

Metrofinanciera, S.A. De C.V. (Mexico)

  -- National long-term rating 'BBB(mex)'; placed on Rating Watch
     Evolving;

  -- National short-term rating 'F3(mex)'; placed on Rating Watch
     Evolving;
  -- Rating Actions took place on Dec. 04, 2008.

Fundo de Investimento em Direitos Creditorios Panamericano
Veiculos I (Brasil)

  -- Consumer loans Senior Shares 2007-1 national long-term rating
     'AA(bra)'; placed on Rating Watch Negative;

  -- Consumer loans Subordinated Shares Class A national long-term
     rating 'BBB+(bra)'; placed on Rating Watch Negative;

  -- Rating Actions took place on Dec. 04, 2008.

Bice Vida Compania de Seguros S.A. (Chile)

  -- National Scale insurer financial strength (IFS) 'AA+(chl)';
     Outlook revised to Negative from Stable;

  -- Rating Actions took place on Dec. 05, 2008.

Prudential Bank S.A. (Mexico)

  -- National long-term rating 'AA(mex)'; Outlook revised to
     Negative;

  -- Rating Actions took place on Dec. 08, 2008.

Empresas La Polar S.A. (Chile)

  -- National long-term rating 'A(chl)'; Outlook revised to
     Negative from Stable;

  -- Rating Actions took place on Dec. 10, 2008.

S.A.C.I. Falabella (Chile)

  -- National long-term rating 'AA(chl)'; Outlook revised to
     Negative from Stable;

  -- Falabella commercial paper national long-term rating
     'AA(chl)'; Outlook revised to Negative;

  -- Falabella senior unsecured national long-term rating
     'AA(chl)'; Outlook revised to Negative;

  -- Rating Actions took place on Dec. 10, 2008.

Grupo Bimbo, S.A. De C.V. (Mexico)

  -- National long-term rating 'AAA(mex)'; placed on Rating Watch
     Negative;

  -- Senior unsecured national long-term rating 'AAA(mex)'; placed
     on Rating Watch Negative;

  -- Rating Actions took place on Dec. 10, 2008.

Corporacion GEO, S.A. de C.V. (Mexico)

  -- National long-term rating 'A(mex)'; placed on Rating Watch
     Negative;

  -- Senior unsecured national long-term rating 'AA(chl)'; placed
     on Rating Watch Negative;

  -- Rating Actions took place on Dec. 15, 2008.

C.A. La Electricidad de Caracas S.A. (EDC) (Venezuela)

  -- National long-term rating 'AAA(ven)'; Outlook revised to
     Stable from Negative;

  -- Rating Actions took place on Dec. 16, 2008.

Estado de Quintana Roo (Mexico)

  -- National long-term rating 'A(mex)'; Outlook revised to Stable
     from Positive;

  -- Rating Actions took place on Dec. 17, 2008.

Coca-Cola Embonor S.A. (Embonor) (Chile)

  -- National long-term rating 'A+(chl)'; Outlook revised to
     Positive from Stable;

  -- Rating Actions took place on Dec. 19, 2008.

Corporacion Interamericana de Entretenimiento (CIE) (Mexico)

  -- National long-term rating 'A+(mex)'; placed on Rating Watch
     Negative;

  -- National short-term rating 'F1(mex)'; placed on Rating Watch
     Negative;

  -- Rating Actions took place on Dec. 20, 2008.

Banco Mercantil do Brasil S.A. (Brasil)

  -- National long-term rating 'BBB-(bra)'; Outlook revised to
     Stable from Negative;

  -- Rating Actions took place on Dec. 23, 2008.

Distribucion y Servicio D&S S.A. (D&S) (Chile)

  -- National long-term rating 'AA-(chl)'; placed on Rating Watch
     Evolving;

  -- National long-term rating 'F1(chl)'; placed on Rating Watch
     Evolving;

  -- Rating Actions took place on Dec. 23, 2008.

Coca-Cola Polar S.A. (Kopolar) (Chile)

  -- National long-term rating 'A+(chl)'; Outlook revised to
     Positive from Stable;

  -- Rating Actions took place on Dec. 30, 2008.

Credito con Educacion Rural (CRECER) (Bolivia)

  -- National long-term rating 'BBB(bol)'; Outlook revised to
     Stable from Positive;

  -- National short-term rating 'F2(bol)'; Outlook revised to
     Stable from Positive;

  -- National long-term Local Currency rating 'A-(bol)'; Outlook
     revised to Stable from Positive;

  -- National short-term rating 'F1(bol)'; Outlook revised to
     Stable from Positive;
  -- Rating Actions took place on Dec. 31, 2008.

BCI Securitizadora S.A.

  -- National long-term rating 'AA(chl)'; placed on Rating Watch
     Positive;

  -- Rating Actions took place on Dec. 31, 2008.

These ratings were affirmed and withdrawn:

Empresas AquaChile S.A. (AquaChile) (Chile)

  -- National short-term rating 'Primera Clase Nivel 4 (chl)';
  -- Rating Actions took place on Dec. 01, 2008.

Boulevard Turistico del Atlantico (Republica Dominicana)

  -- Bonos national long-term rating 'A-(dom)';
  -- Rating Actions took place on Dec. 02, 2008.

Petroflex Industria e Comercio S.A. (Brasil)

  -- National long-term rating 'A+(bra)';
  -- Rating Actions took place on Dec. 05, 2008.

ItauBank Leasing S.A. Arrendamento Mercantil (Brasil)

  -- National long-term rating 'AAA(bra)';
  -- Rating Actions took place on Dec. 10, 2008.

Municipio de Nicolas Romero, E.M. (Mexico)

  -- National long-term rating 'BB(mex)';
  -- Rating Actions took place on Dec. 15, 2008.

Capitales Asociados de America CAAMSA, S.A. (CAAMSA), (Venezuela)

  -- National long-term rating 'B2(ven)';
  -- Rating Actions took place on Dec. 16, 2008.

Sociedad Inversiones Electricas del Sur Dos Ltda. (Electricas II)
(Chile)

  -- Senior unsecured bonds ser A national long-term rating
     'A(chl)';

  -- Rating Actions took place on Dec. 18, 2008.

Usina Termoeletrica de Anapolis Ltda. (UTE Daia) (Brasil)

  -- CCB ser CCB National long-term rating 'BBB+(bra)';
  -- Rating Actions took place on Dec. 22, 2008.

La Holando Sudamericana Compania de Seguros S.A. (Argentina)

  -- National short-term rating 'A-(arg)';
  -- Rating Actions took place on Dec. 26, 2008.

Banco Finansur (Argentina)

  -- National short-term rating 'A3(arg)';
  -- Rating Actions took place on Dec. 29, 2008.

Rombo Compania Financiera (Argentina)

  -- Serie 3 de ON national long-term rating 'AA-(arg)';
  -- Rating Actions took place on Dec. 29, 2008.

Alpargatas S.A.I.C. (Argentina)

  -- National long-term rating 'BBB-(arg)';
  -- Rating Actions took place on Dec. 30, 2008.

National Ratings are an assessment of credit quality relative to
the rating of the 'best' credit risk in a country.  This 'best'
risk will normally, although not always, be assigned to all
financial commitments issued or guaranteed by the sovereign state.


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

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

ARGENTINA

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


BRAZIL

TELEBRAS-ADR            RTB US     -187984000        226080000
FABRICA RENAUX        FTRX3 BZ      -55261000        126672000
TEC TOY SA-PREF       TOYB5 BZ       -2539000         41684000
TEXTEIS RENAUX       RENXON BZ     -135343008         86140000
TEXTEIS RENAUX       RENXPN BZ     -135343008         86140000
SCHLOSSER             SCLO3 BZ      -95113000         45358000
SANSUY SA            SNSYON BZ      -63134000        235182000
SCHLOSSER SA          SCHON BZ      -95113000         45358000
SCHLOSSER SA-PRF      SCHPN BZ      -95113000         45358000
SAUIPE SA            PSEGON BZ      -16319050         17641202
TELEBRAS-CM RCPT     RCTB30 BZ     -187984000        226080000
TELEBRAS-CM RCPT     RCTB31 BZ     -187984000        226080000
TEKA-ADR              TEKAY US     -449536992        526557984
BOMBRIL SA-ADR        BMBBY US     -485678016        442846016
TELEBRAS-PF RCPT     RCTB40 BZ     -187984000        226080000
TELEBRAS-PF RCPT     RCTB41 BZ     -187984000        226080000
MARAMBAIA-PREF        CTMMF US       -1381000         79728000
TELEBRAS-CEDE PF      RCTB4 AR     -187984000        226080000

TELEBRAS-RCT PRF     TELB10 BZ     -187984000        226080000
BOTUCATU-PREF         STRP4 BZ       -3164000         66833000
STAROUP SA           STARON BZ       -3164000         66833000
TECBLU-PREF A        TBLUAN BZ      -13127000         14637000
TELEBRAS-PF RCPT      TBAPF US     -187984000        226080000
TELEBRAS-ADR          TBASY US     -187984000        226080000
TELEBRAS-ADR            TBH US     -187984000        226080000
TELEBRAS-ADR          TBAPY US     -187984000        226080000
GASCOIGNE EMPREE     1GASON BZ    -1048602048       1586146944
TECEL S JOSE-PRF      SJOS4 BZ      -37557000         79567000
TELEBRAS SA           TBASF US     -187984000        226080000
AZEVEDO-PREF          AZEV4 BZ      -10976000        116398000
TELEBRAS-PF RCPT      CBRZF US     -187984000        226080000
SANSUY-PREF A         SNSY5 BZ      -63134000        235182000
WETZEL SA-PREF       MWELPN BZ       -8903000        150210992
SCHLOSSER-PREF        SCLO4 BZ      -95113000         45358000
SANSUY-PREF B         SNSY6 BZ      -63134000        235182000
SANSUY SA-PREF A     SNSYAN BZ      -63134000        235182000
WETZEL SA-PREF        MWET4 BZ       -8903000        150210992
DOC IMBITUBA-RTC      IMBI1 BZ      -25164000        202283008
TELEBRAS-RCT         RCTB33 BZ     -187984000        226080000
WETZEL SA             MWET3 BZ       -8903000        150210992
NOVA AMERICA SA       NOVA3 BZ     -353104000         40955000
STAROUP SA-PREF      STARPN BZ       -3164000         66833000
NORDON MET            NORD3 BZ      -33521000         36317000
NORDON METAL         NORDON BZ      -33521000         36317000
TEKA-ADR              TKTQY US     -449536992        526557984
CONST A LINDEN       LINDON BZ      -13659000         51808000
CONST A LIND-PRF     LINDPN BZ      -13659000         51808000
TELEBRAS-CM RCPT      TBRTF US     -187984000        226080000
SANSUY                SNSY3 BZ      -63134000        235182000
MINUPAR SA           MNPRON BZ      -34191000        179201008
MINUPAR SA-PREF      MNPRPN BZ      -34191000        179201008
FER C ATL-RCT CM      VSPT9 BZ      -85429000       2074043008
MINUPAR-PREF          MNPR4 BZ      -34191000        179201008
PARQUE TEM-RCT C      PQTM9 BZ     -388872000        152268000
SAUIPE-PREF           PSEG4 BZ      -16319050         17641202
WETZEL SA            MWELON BZ       -8903000        150210992
PROMAN                PRMN3 BZ        -591000         24461000
GASCOIGNE EMP-PF     1GASPN BZ    -1048602048       1586146944
TELEBRAS-CED C/E      RCT4C AR     -187984000        226080000
TELEBRAS-CEDEA $      RCT4D AR     -187984000        226080000
SAUIPE SA-PREF       PSEGPN BZ      -16319050         17641202
TECTOY-PF-RTS5/6     TOYB11 BZ       -2539000         41684000
NOVA AMERICA SA      NOVAON BZ     -353104000         40955000
DTCOM-RT              DTCY1 BZ      -16264999         11902000
PARQUE TEM-RT CM      PQTM1 BZ     -388872000        152268000
NOVA AMERICA-PRF     NOVAPN BZ     -353104000         40955000
DOCA INVESTI-PFD      DOCA4 BZ      -23571000        206494000
FERRAGENS HAGA       HAGAON BZ     -110814000         25668954
TECBLU                TENE3 BZ      -13127000         14637000
PARQUE TEM-RCT P     PQTM10 BZ     -388872000        152268000
PARQUE TEM-RT PF      PQTM2 BZ     -388872000        152268000
GAZOLA SA-DVD CM     GAZO11 BZ      -73665296         27266214
FER C ATLANT-PRF      VSPT4 BZ      -85429000       2074043008
TELEBRAS-PF RCPT     RCTB42 BZ     -187984000        226080000

TECTOY-BONUS RTS     TOYB13 BZ       -2539000         41684000
TECTOY                TOYB3 BZ       -2539000         41684000
TECBLU-RCPT CMN        TEN8 BZ      -13127000         14637000
TECTOY SA-PREF       TOYBPN BZ       -2539000         41684000
TEC TOY SA-PF B       TOYB6 BZ       -2539000         41684000
TECTOY-RCT ORD        TOYB9 BZ       -2539000         41684000
TEKA                  TKTQF US     -449536992        526557984
TELEBRAS SA-PREF     TLBRPN BZ     -187984000        226080000
TELEBRAS-RECEIPT     TLBRUO BZ     -187984000        226080000
DOCAS SA-RTS PRF      DOCA2 BZ      -23571000        206494000
BOMBRIL               BOBR3 BZ     -485678016        442846016
TECTOY-RCT PREF      TOYB10 BZ       -2539000         41684000
TEKA-PREF             TEKA4 BZ     -449536992        526557984
BUETTNER SA-RTS       BUET1 BZ      -54926000        148186992
DOC IMBITUBA-RTP      IMBI2 BZ      -25164000        202283008
CHIARELLI SA-PRF      CCHPN BZ      -85685000         42853000
FER HAGA-PREF         HAGA4 BZ     -110814000         25668954
WIEST                 WISA3 BZ     -140973008         71372000
DTC DIRECT CO-RT    1DTCONR BZ      -16264999         11902000
CTM CITRUS-RCT C       CTP5 BZ       -1381000         79728000
WIEST SA-PREF        WISAPN BZ     -140973008         71372000
CAMBUCI SA            CAMB3 BZ      -42495000        177378992
WIEST-PREF            WISA4 BZ     -140973008         71372000
TEKA                  TEKA3 BZ     -449536992        526557984
TEC TOY SA-PREF       TOYDF US       -2539000         41684000
VARIG SA              VAGV3 BZ   -10176870400       2094450944
VARIG SA-PREF         VAGV4 BZ   -10176870400       2094450944
TEXTIL RENAUXVIE      TXRX3 BZ     -135343008         86140000
ESTRELA SA-PREF       ESTR4 BZ      -80125000        153186000
FER C ATL-RCT PF     VSPT10 BZ      -85429000       2074043008
FERROVIA CEN-DVD     VSPT11 BZ      -85429000       2074043008
VARIG SA             VARGON BZ   -10176870400       2094450944
ACO ALTONA            EALT3 BZ      -31429000        170270992
WIEST SA             WISAON BZ     -140973008         71372000
TEKA-PREF            TEKAPN BZ     -449536992        526557984
TELEBRAS-RTS CMN      RCTB1 BZ     -187984000        226080000
TELEBRAS-CEDE BL      RCT4B AR     -187984000        226080000
TEKA                 TEKAON BZ     -449536992        526557984
TELEBRAS-COM RTS      TELB1 BZ     -187984000        226080000
DOCA INVESTIMENT      DOCA3 BZ      -23571000        206494000
TELEBRAS-CED C/E      TEL4C AR     -187984000        226080000
TELEBRAS-CEDEA $      TEL4D AR     -187984000        226080000
TELEBRAS/W-I-ADR      TBH-W US     -187984000        226080000
TECBLU-PREF C        TBLUCN BZ      -13127000         14637000
DHB IND E COM         DHBON BZ     -588646016        221336000
NOVA AMERICA-PRF      NOVA4 BZ     -353104000         40955000
TECBLU-PREF B        TBLUBN BZ      -13127000         14637000
TELEBRAS-ADR            TBX GR     -187984000        226080000
TELEBRAS-RTS CMN      TCLP1 BZ     -187984000        226080000
TECEL S JOSE          SJOS3 BZ      -37557000         79567000
FER C ATLANT          VSPT3 BZ      -85429000       2074043008
TECBLU -RTS           TENE1 BZ      -13127000         14637000
TECBLU-PREF A         TENE5 BZ      -13127000         14637000
DTCOM- DIR TO CO      DTCY3 BZ      -16264999         11902000
TECBLU-PR A RC       TENE11 BZ      -13127000         14637000
HOPI HARI-PREF        PQTM4 BZ     -388872000        152268000
TEKA-PREF             TKTPF US     -449536992        526557984
TEKA-ADR              TKTPY US     -449536992        526557984
TECBLU-PREF C         TENE7 BZ      -13127000         14637000
TECTOY-PREF           TOYB4 BZ       -2539000         41684000
TELEBRAS SA           TELB3 BZ     -187984000        226080000
BUETTNER SA          BUETON BZ      -54926000        148186992
GAZOLA-RCPTS CMN      GAZO9 BZ      -73665296         27266214
TELEBRAS-BLOCK       TELB30 BZ     -187984000        226080000
TELEBRAS-CEDE PF      TELB4 AR     -187984000        226080000
DTC DIRECT CO SA     1DTCON BZ      -16264999         11902000
ACO ALTONA-PREF       EAAPN BZ      -31429000        170270992
ESTRELA SA           ESTRON BZ      -80125000        153186000
EXCELSIOR-RCT        BAUH10 BZ       -3589000         20444000
CAMBUCI SA-PREF      CAMBPN BZ      -42495000        177378992
COBRASMA-PREF         CBMA4 BZ    -2764018944         19346000
TELEBRAS-ADR          TBRAY GR     -187984000        226080000
CENT AMAPA            CTAP3 BZ      -11996000            15000
COBRASMA              CBMA3 BZ    -2764018944         19346000
CHIARELLI SA          CCHON BZ      -85685000         42853000
FERROVIA CEN-DVD     VSPT12 BZ      -85429000       2074043008
CHIARELLI SA          CCHI3 BZ      -85685000         42853000
CHIARELLI SA-PRF      CCHI4 BZ      -85685000         42853000
ARTHUR LAN-DVD C     ARLA11 BZ      -26011000         34053000
CAF BRASILIA-PRF      CAFE4 BZ    -1042639040         38244000
CONST A LINDEN        CALI3 BZ      -13659000         51808000
ARTHUR LANG-RT C      ARLA1 BZ      -26011000         34053000
PARQUE TEM-DV CM       PQT5 BZ     -388872000        152268000
CAMBUCI SA-PREF       CAMB4 BZ      -42495000        177378992
CAMBUCI SA           CAMBON BZ      -42495000        177378992
CONST A LIND-PRF      CALI4 BZ      -13659000         51808000
SANSUY SA-PREF B     SNSYBN BZ      -63134000        235182000
CAFE BRASILIA-PR     CSBRPN BZ    -1042639040         38244000
CTM CITRUS SA         CTMON BZ       -1381000         79728000
CTM CITRUS-PREF       CTMPN BZ       -1381000         79728000
TELEBRAS-CM RCPT     RCTB32 BZ     -187984000        226080000
CTM CITRUS-ADR        CTMMY US       -1381000         79728000
CTM CITRUS-COM R      CTPC1 BZ       -1381000         79728000
CTM CITRUS- PR R      CTPC2 BZ       -1381000         79728000
TECBLU-COM RCT        TENE9 BZ      -13127000         14637000
CTM CITRUS-RCT P       CTP6 BZ       -1381000         79728000
COARI PART            COAR3 BZ         -56000       3270861056
DOCAS IMBITUB-PR     IMBIPN BZ      -25164000        202283008
ARTHUR LANGE          ARLA3 BZ      -26011000         34053000
KUALA-PREF            ARTE4 BZ      -33570000         11856000
COBRASMA SA          COBRON BZ    -2764018944         19346000
EXCELSIOR-RCT         BAUH9 BZ       -3589000         20444000
CAFE BRASILIA SA     CSBRON BZ    -1042639040         38244000
ARTHUR LANGE SA      ALICON BZ      -26011000         34053000
GAZOLA SA-DVD PF     GAZO12 BZ      -73665296         27266214
EXCELSIOR-RT          BAUH1 BZ       -3589000         20444000
HERCULES SA-PREF     HERTPN BZ     -273456000         25126000
AZEVEDO E TRAVAS     AZEVON BZ      -10976000        116398000
AZEVEDO E TRA-PR     AZEVPN BZ      -10976000        116398000
EXCELSIOR-PREF        BAUH4 BZ       -3589000         20444000
BOMBRIL-PREF          BOBR4 BZ     -485678016        442846016
EXCELSIOR-RT          BAUH2 BZ       -3589000         20444000
EXCELSIOR ALIMEN      BAUH3 BZ       -3589000         20444000
ARTHUR LANG-RT P      ARLA2 BZ      -26011000         34053000
FERREIRA GUIMARA     FGUION BZ     -224564000         24631000
ARTHUR LAN-DVD P     ARLA12 BZ      -26011000         34053000
ARTHUR LANG-RC P     ARLA10 BZ      -26011000         34053000
ARTHUR LANGE-PRF      ARLA4 BZ      -26011000         34053000
ARTEX SA-PREF        ARTXPN BZ      -33570000         11856000
TELEBRAS SA-PREF      TELB4 BZ     -187984000        226080000
COARI PART-PREF       COAR4 BZ         -56000       3270861056
ARTEX SA             ARTXON BZ      -33570000         11856000
BOMBRIL CIRIO SA     BOBRON BZ     -485678016        442846016
BUETTNER SA-RT P      BUET2 BZ      -54926000        148186992
BUETTNER              BUET3 BZ      -54926000        148186992
BOMBRIL CIRIO-PF     BOBRPN BZ     -485678016        442846016
CAF BRASILIA          CAFE3 BZ    -1042639040         38244000
BUETTNER SA-PRF      BUETPN BZ      -54926000        148186992
ARTHUR LANGE-PRF     ALICPN BZ      -26011000         34053000
BUETTNER-PREF         BUET4 BZ      -54926000        148186992
AZEVEDO               AZEV3 BZ      -10976000        116398000
BAUMHARDT IRMAOS     BAUMON BZ       -3589000         20444000
CIMOB PARTIC SA       GAFON BZ      -77366408         90471752
BOMBRIL SA-ADR        BMBPY US     -485678016        442846016
BAUMHARDT IRM-PR     BAUMPN BZ       -3589000         20444000
TECEL S JOSE-PRF     FTSJPN BZ      -37557000         79567000
TELEBRAS SA          TLBRON BZ     -187984000        226080000
TECTOY SA            TOYBON BZ       -2539000         41684000
BOMBRIL-RIGHTS        BOBR1 BZ     -485678016        442846016
BOMBRIL-RGTS PRE      BOBR2 BZ     -485678016        442846016
FERREIRA GUIM-PR     FGUIPN BZ     -224564000         24631000
GASCOIGNE EMP-PF      GASC4 BZ    -1048602048       1586146944
GAZOLA-RCPT PREF     GAZO10 BZ      -73665296         27266214
FABRICA TECID-RT      FTRX1 BZ      -55261000        126672000
ALL MALHA PAULIS      GASC3 BZ    -1048602048       1586146944
TECTOY-RCPT PF B     TOYB12 BZ       -2539000         41684000
GAZOLA-PREF           GAZO4 BZ      -73665296         27266214
TELEBRAS-PF BLCK     TELB40 BZ     -187984000        226080000
TELECOMUNICA-ADR     81370Z BZ     -187984000        226080000
GAZOLA                GAZO3 BZ      -73665296         27266214
BOMBRIL               BMBBF US     -485678016        442846016
FABRICA RENAUX-P      FTRX4 BZ      -55261000        126672000
FABRICA RENAUX       FRNXON BZ      -55261000        126672000
FABRICA RENAUX-P     FRNXPN BZ      -55261000        126672000
TECEL S JOSE         FTSJON BZ      -37557000         79567000
CIMOB PARTIC SA       GAFP3 BZ      -77366408         90471752
CIMOB PART-PREF       GAFP4 BZ      -77366408         90471752
CIMOB PART-PREF       GAFPN BZ      -77366408         90471752
TELEBRAS-RTS PRF      RCTB2 BZ     -187984000        226080000
TELEBRAS-RTS PRF      TLCP2 BZ     -187984000        226080000
DOC IMBITUBA          IMBI3 BZ      -25164000        202283008
HERCULES-PREF         HETA4 BZ     -273456000         25126000
NORDON MET-RTS        NORD1 BZ      -33521000         36317000
DOC IMBITUB-PREF      IMBI4 BZ      -25164000        202283008
NOVA AMERICA-PRF     1NOVPN BZ     -353104000         40955000
NOVA AMERICA SA      1NOVON BZ     -353104000         40955000
DOCAS IMBITUBA       IMBION BZ      -25164000        202283008
GAZOLA SA             GAZON BZ      -73665296         27266214
HAGA                  HAGA3 BZ     -110814000         25668954
MINUPAR               MNPR3 BZ      -34191000        179201008
COBRASMA SA-PREF     COBRPN BZ    -2764018944         19346000
GAZOLA SA-PREF        GAZPN BZ      -73665296         27266214
HOPI HARI SA          PQTM3 BZ     -388872000        152268000
TELEBRAS-PF RCPT     TELE41 BZ     -187984000        226080000
HERCULES              HETA3 BZ     -273456000         25126000
FERRAGENS HAGA-P     HAGAPN BZ     -110814000         25668954
CTM CITRUS-RCT P     CTPC10 BZ       -1381000         79728000
TELEBRAS-PF RCPT     TLBRUP BZ     -187984000        226080000
DOCAS SA             DOCAON BZ      -23571000        206494000
SAUIPE                PSEG3 BZ      -16319050         17641202
BOTUCATU TEXTIL       STRP3 BZ       -3164000         66833000
DOCAS SA-PREF        DOCAPN BZ      -23571000        206494000
DTCOM- DIRECT-PR      DTCY4 BZ      -16264999         11902000
DTCOM-RCT             DTCY9 BZ      -16264999         11902000
PARQUE TEM-DV PF       PQT6 BZ     -388872000        152268000
TECBLU-PREF B         TENE6 BZ      -13127000         14637000
CTM CITRUS-RCT C      CTPC9 BZ       -1381000         79728000
KUALA                 ARTE3 BZ      -33570000         11856000
MARAMBAIA             CTPC3 BZ       -1381000         79728000
MARAMBAIA-PREF        CTPC4 BZ       -1381000         79728000
CAMBUCI SA-PREF       CXDOF US      -42495000        177378992
TECBLU               TBLUON BZ      -13127000         14637000
DHB IND E COM-PR      DHBPN BZ     -588646016        221336000
D H B                 DHBI3 BZ     -588646016        221336000
ESTRELA SA-PREF      ESTRPN BZ      -80125000        153186000
TELEBRAS-CM RCPT     TELE31 BZ     -187984000        226080000
TEXTEIS RENAU-PF      TXRX4 BZ     -135343008         86140000
ESTRELA SA            ESTR3 BZ      -80125000        153186000
HERCULES SA          HERTON BZ     -273456000         25126000
ARTHUR LANG-RC C      ARLA9 BZ      -26011000         34053000
F GUIMARAES           FGUI3 BZ     -224564000         24631000
F GUIMARAES-PREF      FGUI4 BZ     -224564000         24631000
D H B-PREF            DHBI4 BZ     -588646016        221336000
VARIG SA-PREF        VARGPN BZ   -10176870400       2094450944
ACO ALTONA-PREF       EALT4 BZ      -31429000        170270992
ACO ALTONA SA         EAAON BZ      -31429000        170270992
TECBLU-RCPT PREF       TEN9 BZ      -13127000         14637000
TECTOY-RTS/3          TOYB1 BZ       -2539000         41684000
ENACAR               ENACAR CI    -9463063552       3226756096
CARVILE-RT         CARVILEO CI    -6212240384       1295758976
ENACAR-RT           ENACARO CI    -9463063552       3226756096
ENACAR                EMPOF US    -9463063552       3226756096
CARVILE             CARVILE CI    -6212240384       1295758976



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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