TCRLA_Public/090114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, January 14, 2009, Vol. 9, No. 9

                            Headlines

A R G E N T I N A

AUXI – THERAPIA: Proofs of Claim Verification Due on March 10
BAPRO MANDATOS: Moody's Assigns 'B1' Rating Fidecomiso Securities
CAMINOS DE LAS: Proofs of Claim Verification Due on April 1
SODA CORBELLE: Proofs of Claim Verification Due on April 1


B E R M U D A

BRUSON INTERNATIONAL: Member to Receive Wind-Up Report
STEWARDSHIP CREDIT: Court to Hear Wind-Up Petition on January 23


B R A Z I L

FORD MOTOR: May Seek Bailout if Sales Dive Below Projections
GENERAL MOTORS: Viability Not 100% Certain, Says CEO
GERDAU SA: Gerdau Macsteel to Cut 10% Workforce in Monroe Mill
TELEMAR NORTE: To Invest BRL30 Billion For Expansion
* BRAZIL: Dec. Vehicle Output Drops 54% to 9-Year Low

* BRAZIL: Early Months of 2009 Will be "Worrisome", Lula Says


C A Y M A N  I S L A N D S

AIG MEZZVEST: Shareholders Receive Wind-Up Report
ALABAMA FIRE: Members Hear Wind-Up Report
APEX SILVER: Cuts Deal with Note Holders; To File Bankruptcy
BOULDER CREEK: Shareholders Receive Wind-Up Report
CCL INVESTMENT: Shareholders Receive Wind-Up Report

CLASSIC IV: Shareholders Receive Wind-Up Report
CZ320-97F LIMITED: Shareholders Receive Wind-Up Report
CZ320-97H LIMITED: Shareholders Receive Wind-Up Report
EQUITY WORLD: Final General Meeting Set for January 30
GREENBRIDGE FUND: Shareholders Receive Wind-Up Report

HUDSON CANYON: Shareholders Receive Wind-Up Report
IVY MA: Shareholders Receive Wind-Up Report
JADE (GENERAL PARTNER): Shareholders Receive Wind-Up Report
MEZZVEST MANAGER: Shareholders Receive Wind-Up Report
ORIES FUNDING: Shareholders Receive Wind-Up Report

PREFERRED FUNDING: Shareholders Receive Wind-Up Report
REDBRIDGE STRATEGIC: Shareholders Receive Wind-Up Report
SILVER CREST: Shareholders Receive Wind-Up Report
STEAMBOAT SELECT: Shareholders Receive Wind-Up Report
THE CHINA: Shareholders Receive Wind-Up Report

WORLD WIDE: Shareholders Receive Wind-Up Report
* CAYMAN ISLANDS: 24 Hedge Funds Affected by Madoff Fraud


E C U A D O R

* ECUADOR: Central Bank Sees Slow Economic Growth This Year


P U E R T O  R I C O

ANTIOCH COMPANY: Court Confirms Prepackaged Reorganization Plan


V E N E Z U E L A

PDVSA: May Lose US$233.6 Million on LyondellBasell Bankruptcy
PDVSA: Venezuela Denies OPEC Cuts Caused 4,000 Layoffs


                         - - - - -


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

AUXI – THERAPIA: Proofs of Claim Verification Due on March 10
-------------------------------------------------------------
The court-appointed trustee for Auxi - Therapia S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 10, 2009.

The trustee will present the validated claims in court as
individual reports on April 27, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 10, 2009.


BAPRO MANDATOS: Moody's Assigns 'B1' Rating Fidecomiso Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a national scale rating of
Aa3.ar and a global local currency rating of B1 to the debt
securities of Fideicomiso Financiero MULTIPYME VIII issued by
Bapro Mandatos y Negocios S.A. - acting solely in its capacity as
Issuer and Trustee.

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Garantizar S.G.R., which is a financial
guarantor in Argentina.  Garantizar has a local currency national
scale rating of Aa3.ar and a global local currency rating of B1.
STRUCTURE

Bapro Mandatos y Negocios S.A. (Issuer and Trustee) issued one
class of debt securities denominated in Argentine pesos.  The
rated securities will bear a 7.5% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate bills
of exchange denominated in US dollars signed by agricultural
producers and guaranteed by Garantizar S.G.R.  The bills of
exchange will have the same interest rate as the rated securities.
The promise to investors is to receive the payment of interest and
principal by the legal final maturity of the transaction, which
will occur 330 days after the closing date of the transaction.

If, eight days before each payment date, the funds on deposit in
the trust account are not sufficient to make payments to
investors, the Trustee is obligated to request Garantizar to make
payment under the bills of exchange.  Garantizar, in turn, will
have five days to make this payment into the trust account. Under
the terms of the transaction documents, the trustee has up to two
days to distribute interest and principal payments to investors.
Interest on the securities will accrue up to the date on which the
funds are initially deposited by either Garantizar, the exporter,
or the individual producers into the Trust account.

The designated Trustee in this transaction is Bapro Mandatos y
Negocios S.A., which is the Banco de la Provincia de Buenos Aires'
trustee company.

                            Tax Regime

On August 1, 2008, the Argentine Government published the Decree
1207/08 which eliminated certain tax-income exemptions for
financial trusts in Argentina.  These exemptions were originally
established in 1999 to promote the use of securitization as a
financing vehicle in the local capital markets.
Moody's notes that assets and liabilities are matched in this
transaction; therefore, there is no positive taxable income.

                       Rating Methodology

The rating assigned to this transaction is primarily based on the
rating of the guarantor of the underlying assets, Garantizar
S.G.R.  Therefore, any future change in the rating of the
guarantor may lead to a change in the rating assigned to this
transaction.  The rating addresses the payment of interest and
principal on the legal final maturity date of the securities.

Garantizar guarantees irrevocably and unconditionally the payment
of all the bills of exchange if -for any reason- 8 days before the
final maturity there are no sufficient funds in the trust account
to make a full of principal and interest payment to investors.
The guarantee has no termination events or exceptions to payment.
Although the guarantee provided by Garantizar covers the
securitized assets and not the liabilities, the rating assigned to
the securities is equivalent to the rating of Garantizar because
there is a complete match between the amount, interest rate and
currency of the aggregated assets and the rated securities.  All
the underlying assets will accrue the same interest rate than the
liabilities.  Also, trust expenses are sized and funded at closing
from bond proceeds.

Despite the fact that the rated securities (and the bills of
exchange) are denominated in US dollars, they are payable in
Argentine pesos at the exchange rate published by Banco de la
Nación Argentina as of the day prior to the date that the funds
are initially deposited into the Trust account.  As a result, the
dollar is used as a currency of reference and not as a currency of
payment.  For that reason, the transaction is considered to be
denominated in local currency.

                          Rating Action  

  -- US$ 2,125,000 in Fixed Rate Debt Securities of "Fideicomiso
     Financiero MULTIPYME VIII", rated Aa3.ar (Argentine National
     Scale) and B1 (Global Scale, Local Currency).


CAMINOS DE LAS: Proofs of Claim Verification Due on April 1
-----------------------------------------------------------
The court-appointed trustee for Caminos de las Sierras S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until April 1, 2009.


SODA CORBELLE: Proofs of Claim Verification Due on April 1
----------------------------------------------------------
The court-appointed trustee for Soda Corbelle S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until April 1, 2009.

The trustee will present the validated claims in court as
individual reports on May 20, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 7, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 1, 2010.



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

BRUSON INTERNATIONAL: Member to Receive Wind-Up Report
------------------------------------------------------
The sole member of Bruson International Investments Ltd. will hold
final meeting on February 9, 2009, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

Ernest A. Morrison is the company's liquidator.


STEWARDSHIP CREDIT: Court to Hear Wind-Up Petition on January 23
----------------------------------------------------------------
A petition to have Stewardship Credit Arbitrage Fund, Ltd.'s
operations wound up will be heard before the High Court of Bermuda
on January 23, 2009, at 9:30 a.m.

The petition were filed by:

   -- BNY AIS Nominees Limited;
   -- Gottex ABI Master Fund Limited;
   -- Gottex ABL (Cayman) Limited;
   -- Gottex / Nomura Market Neutral Fund (USD) Limited;
   -- Hudson ABL Fund Limited; and
   -- Gottex Matrix Asset Focused Master Fund Limited.



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

FORD MOTOR: May Seek Bailout if Sales Dive Below Projections
------------------------------------------------------------
Ford Motor Co., may be forced to seek a bailout as the weakening
economy threatens to drive domestic sales 10% lower than the
company's forecast, Bloomberg News reports.

Chairman William Clay Ford Jr. told reporters January 11 that
Ford's "game plan is to keep going on our own" and not seek
federal loans unless "the world implodes as we know it."

To recall, Ford is the lone U.S. automaker that has so far not
sought federal aid.  On Dec. 31, 2008, the Treasury completed a
transaction with General Motors Corp., under which the Treasury
will provide GM with up to a total of US$13.4 billion in a three-
year loan from the Troubled Assets Relief Program, secured by
various collateral.  On January 2, 2009, the Treasury provided a
three-year US$4 billion loan to Chrysler Holding LLC.  The
Treasury has required each of the two to submit a plan that would
allow long-term viability to be achieved.  The loan agreement
provides for acceleration of the loan if those goals under the
plan, which are subject to review by a designee of the U.S.
President, are not met.

According to Bloomberg, Ford revised its outlook for 2009 U.S.
light-vehicle sales over the weekend, allowing that as few as 12
million cars and light trucks may be sold.  However, Ford still
expects to make it through this year without aid.

That outlook is considerably more optimistic than the views of
rival automakers and many analysts.  General Motors Corp., IHS
Global Insight and Citigroup all expect fewer than 11 million cars
and light trucks to be sold this year.

"Ford has painted a rather rosy picture of where the market's
going," said IHS Global Insight Analyst Aaron Bragman, whose
consulting house forecasts 2009 sales of 10 million to
10.5 million.  "I think they've painted an optimistic scenario and
they're going to have to take some federal money."

            Union Wants Gov't to Name "Car Czar"

Neal E. Boudette at The Wall Street Journal reports that United
Auto Workers Union President Ron Gettelfinger said on Monday that
he would like the government to appoint a "car czar" who "knows
something about the auto industry," and not a Wall Street expert,
to supervise the restructuring of General Motors, Chrysler LLC,
and Ford Motor.  According to WSJ, President-elect Barrack Obama
would appoint a car czar.

WSJ relates that an auto czar can force automakers, their banks,
creditors, suppliers, and the union to give concessions to put GM
and Chrysler back to profitability.  Ford Motor, according to the
report, is trying to end its losses, but said that it doesn't need
short-term help.

Chrysler must partner with another auto maker, WSJ says, citing
Mr. Gettelfinger.  "I don't know what Chrysler is going to look
like, but it is going to be viable.  I think Chrysler will be
here" in a year, the report quoted him as saying.

                  About Ford Motor Co.

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

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

                        *     *     *

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

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


GENERAL MOTORS: Viability Not 100% Certain, Says CEO
----------------------------------------------------
John D. Stoll and Sharon Terlep at The Wall Street Journal report
that General Motors Corp. CEO and chairperson Rick Wagoner said
during the North American International Auto Show in Detroit that
the company's viability is "not 100%" certain at this point.

WSJ relates that the Treasury Department said that GM must have a
plan by March 2009 to become "viable" and have "positive net
value."

According to WSJ, GM's requirements under the federal loan package
include the cutting of labor costs by renegotiating its contract
with the United Auto Workers union, which is ready to negotiate.
Citing UAW President Ron Gettelfinger, the report says that it is
unclear what kind of reductions the group will have to agree to.

WSJ states that Mr. Wagoner told reporters that he met last week
with advisers on the restructuring.  The report says that Mr.
Wagoner left the meeting convinced that "there are options that
can work in each of these areas," saying that he is optimistic
about cost-cutting negotiations with the union.

GM could be forced to ask for additional loans after March 31,
2009, WSJ reports, citing Mr. Wagoner.

Kimberly Rodriguez, a principal at Grant Thorton LLP and advises
on auto industry restructurings and bankruptcies, said that the
government may have left the terms "sufficiently vague in order to
hold GM's feet to the fire," WSJ states.

As reported by the Troubled Company Reporter, the U.S. Treasury,
in its Jan. 7, 2009, report to Congress, said it will provide an
additional US$4 billion on February 17, 2009, subject to certain
conditions.  The loan is provided pursuant to the new Automotive
Industry Financing Program, which was implemented as part of the
Emergency Economic Stabilization Act of 2008.

On Dec. 31, 2008, Treasury completed a transaction with GM, under
which the Treasury will provide GM with up to a total of US$13.4
billion in a three-year loan from the Troubled Assets Relief
Program, secured by various collateral.  Treasury funded
US$4 billion of this loan immediately, and committed to fund an
additional US$5.4 billion on January 16, 2009.  The Treasury will
provide the remaining US$4 billion on February 17.

To protect taxpayers, the agreement requires GM to develop and
implement a restructuring plan to achieve long-term financial
viability.  The restructuring plan is to be reviewed by a designee
of the President, who will determine whether the goals of the
restructuring have been met.  If the President's Designee does not
find that the goals have been met, the loan will be automatically
accelerated and will come due 30 days thereafter.  This agreement
also includes other binding terms and conditions designed to
protect taxpayer funds, including compliance with certain enhanced
executive compensation and expense control requirements.

            Union Wants Gov't to Name "Car Czar"

Neal E. Boudette at WSJ reports that Mr. Gettelfinger said on
Monday that he would like the government to appoint a "car czar"
who "knows something about the auto industry," and not a Wall
Street expert, to supervise the restructuring of GM, Chrysler LLC,
and Ford Motor Corp.  According to WSJ, President-elect Barrack
Obama would appoint a car czar.

WSJ relates that an auto czar can force automakers, their banks,
creditors, suppliers, and the union to give concessions to put GM
and Chrysler back to profitability.  Ford Motor, according to the
report, is trying to end its losses, but said that it doesn't need
short-term help.

Chrysler must partner with another auto maker, WSJ says, citing
Mr. Gettelfinger.  "I don't know what Chrysler is going to look
like, but it is going to be viable.  I think Chrysler will be
here" in a year, the report quoted him as saying.

                  GM May Lose 500 Dealers

GM, Jeff Green at Bloomberg News reports, said that it may lose as
many as 500 dealers in its home market in 2009, an increase
compared to 350 in 2008, as part of its plan to convince the U.S.
Treasury Department that it can survive and repay US$13.4 billion
in
promised federal loans.  Bloomberg says that GM trying to cut
1,700 by 2012.

According to Bloomberg, GM North American President Mark LaNeve
said that the reduction of dealers will increase due to the strain
of a fourth straight year of U.S. auto-sales declines and a
company initiative to cut brands and sell only Chevrolet,
Cadillac, GMC and Buick.  Citing Mr. LaNeve, Bloomberg states that
GM may also have to spend more to get some of its 6,400 dealers to
consolidate.

Bloomberg quoted Mr. LaNeve as saying, "We had 13,000 dealers 18
years ago, so we've already cut that in half.  We don't want them
to close all at once because we figure we lose sales for 18 months
after a dealership closes until other dealers pick up the
business."

Mr. LaNeve, says Bloomberg, said that the reduction of dealers
will include:

    -- owners retiring without being replaced,
    -- outlets failing in the slowing economy, and
    -- GM helping consolidate stores in markets with too many
       locations for the same brand.

Bloomberg relates that GM is considering selling its Hummer and
Saab brands.  It is also considering options for Saturn and
shrinking Pontiac to as little as one model.  Citing Mr. Wagoner,
Bloomberg states that GM may keep Saturn as it undergoes a needed
pruning of its brands.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

As reported in the Troubled Company Reporter on Nov. 10, 2008,
General Motors Corporation's balance sheet at Sept. 30, 2008,
showed total assets of US$110.425 billion, total liabilities of
US$170.3 billion, resulting in a stockholders' deficit of
US$59.9 billion.

                       *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


GERDAU SA: Gerdau Macsteel to Cut 10% Workforce in Monroe Mill
--------------------------------------------------------------
Gerdau S. A's American unit, Gerdau Macsteel, will lay off 46
hourly workers, around 10% of its 452 workforce, at its Monroe
mill due to the continuing auto industry slump, Steel Guru News
reports.  The company's layoff plan will be effective on
January 16.

According to the report, the cutback represents about 14% of the
328 member hourly work force, with no salaried workers being laid
off.

"It's just business conditions that have forced us into this
situation that we're in right now.  It's a small percentage of our
work force," James Scriven, VP for human resources at Gerdau
Macsteel, was quoted by the news agency as saying.  The layoff at
Monroe is temporary as far as we're concerned, he said.

Steel Guru News relates Monroe mill's layoff date coincides with
the start of more significant layoffs at the company's Jackson
plant, which employs about 380.   The company will furlough around
310 workers, and the cutbacks include some salaried posts, the
report says.

                      About Gerdau Macsteel

Gerdau Macsteel -- http://www.gerdaumacsteel.com--  is an
engineered bar producer headquartered in Jackson, Michigan with
worldclass steel manufacturing plants in Jackson, Michigan, Monroe
Michigan, and Fort Smith, Arkansas.   Gerdau MACSTEEL utilizes
electric arc furnaces, ladle furnaces refining, vacuum arc
degassing, advanced rotary continuous casting and modern
continuous static casting, direct twist-free rolling, turning and
grinding, and heat treating to produce engineered SBQ carbon and
alloy hot rolled and bright cold finished SEAM-FREE steel bar
products to direct end applications.

                        About Gerdau S.A.

Gerdau S.A., headquartered in Porto Alegre, Brazil, is the largest
long steel producer in the Americas, with consolidated net
revenues of approximately US$24 billion in the twelve months ended
September 30, 2008.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Dec. 23, 2008, Moody's Investors Service revised the ratings
outlook for Gerdau S.A. and affirmed the Ba1 corporate family
ratings of the company and all related ratings.

Ratings affirmed were:

Issuer: Gerdau S.A.

  -- Ba1 Corporate Family Rating

  -- Ba1 US$600 million guaranteed perpetual bonds


TELEMAR NORTE: To Invest BRL30 Billion For Expansion
----------------------------------------------------
Telemar Norte Leste Participacoes S.A., which operates under the
Oi brand, plans to invest BRL30 billion to double the number of
subscribers and buy companies abroad, Bloomberg News reports.

According to the report, the company recently bought a 61% stake
in Brasil Telecom Participacoes SA for BRL5.37 billion, and will
make an offer to minority shareholders.

The company, the report relates, said the amount Telemar paid
corresponds to the BRL5.86 billion it agreed to last April with
adjustments for interest, and the assumption of BRL998 million of
debt from Invitel SA, Brasil Telecom's parent company.  Telemar
bought 81 million voting shares for BRL77.04 a share including
debt, Bloomberg News says citing Telemar's statement to the
securities regulator.

"Our ambition is to be a Brazilian multinational," the report
quoted Chief Executive Officer Luiz Eduardo Falco as saying.
Telemar is seeking acquisitions in Latin America, the Caribbean
and Portuguese-speaking Africa to reach 110 million users in five
years, he said.

The report notes Mr. Falco said Telemar and Brasil Telecom's
combination will save the companies about BRL1 billion through
cost cuts.  The companies plan to integrate operations and
management in the next 18 months, he added.

                    About Telemar Norte Leste

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

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Sept. 2, 2008, Standard & Poor's Ratings Services revised its
outlooks on Tele Norte Leste Participacoes SA and Telemar Norte
Leste SA (collectively, Telemar), and Amazonia Celular SA to
positive from stable, while affirming the 'BB+' long-term
corporate credit ratings on the companies.  S&P also
affirmed its 'brAA+' national scale corporate credit rating on
Tele Norte Leste Participacoes SA.


* BRAZIL: Dec. Vehicle Output Drops 54% to 9-Year Low
-----------------------------------------------------
Brazil's December vehicle production dropped 54% to 102,053 units,
a nine-year low, from 222,132 a year earlier as growth slowed in
the country, Bloomberg News reports, citing Brazil's automakers
association Anfavea.

"It was a steeper drop than expected.  The beginning of the year
is going to be very weak," the report quoted Alexandre Andrade, an
economist at consulting firm Tendencias Consultoria, as saying.
"Consumer confidence indicators have been deteriorating since
October, a sign that consumers aren't going to buy high-value
goods."

According to the report, the global credit crunch is making loans
costlier and harder to find, damping demand for durable goods such
as autos and computers.

Anfavea, the report relates, said registrations of new cars,
trucks and buses rose 15% for all of last year, sales tailed off
in late 2008, with a 20% tumble in December.

"It's unlikely consumers will return to the market in 2009.  It's
a very complicated year for the auto industry," Bloomberg News
quoted Mr. Andrade as saying.  "The periods of paid leave are a
way to temporarily deal with the problem, but automakers will have
to start making job cuts eventually."

Meanwhile, Sergio Reze, president of the country's dealership
federation, told the news agency in an interview: "2009 is
definitely a year of challenge.  We lost the sale of 250,000
vehicles in the last three months.  Consumers are worried and not
willing to buy."


* BRAZIL: Early Months of 2009 Will be "Worrisome", Lula Says
-------------------------------------------------------------
President Luiz Inacio Lula da Silva said the first months of 2009,
will be "worrisome" due to the financial crisis, noting investment
as a solution, Xinhua News reports.

According to the report, President Lula said the federal
government will inject resources in the Brazilian Development Bank
(BNDES) in order to produce investments in a cascade effect.

"We are going to have a worrying quarter but the government will
take all necessary measures to ensure that the crisis affects less
Brazilian people," the report quoted President Lula as saying.

President Lula, the report relates, also said the government needs
to assure the jobs, wages and incomes of the Brazilian people.
The government's investments will be maintained, and that the
private sector will be encouraged to do the same, he added.



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

AIG MEZZVEST: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of AIG Mezzvest Partners, Ltd. met on Dec. 29,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone: (345) 815 1760
          Facsimile: (345) 949 1986


ALABAMA FIRE: Members Hear Wind-Up Report
-----------------------------------------
The members of Alabama Fire & Accident Insurance Company met on
Jan. 8, 2009, and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


APEX SILVER: Cuts Deal with Note Holders; To File Bankruptcy
------------------------------------------------------------
Apex Silver Mines Limited, said Monday it has reached agreement
with holders of approximately 43% of the Company's US$290 million
convertible subordinated notes on the principle terms of a plan of
reorganization under Chapter 11 of the U.S. Bankruptcy Code.

As contemplated by the proposed plan of reorganization, if the
class of convertible subordinated note holders accepts the plan,
senior creditors under the Company's guarantees of the San
Cristobal mine's project financing facility will waive and release
their senior claims and holders of convertible subordinated notes
will receive a pro rata share of approximately US$45 million in
cash plus common stock of the reorganized Company.  However, if
the class of convertible subordinated note holders rejects the
proposed plan, the class would receive an allocation of cash only
after payment in full of the senior creditors.

In such circumstances, the convertible subordinated note holders
would receive common stock of the reorganized Company, but might
not receive any cash distributions.  The consummation of the
proposed plan of reorganization is subject to the satisfaction of
numerous conditions, including approval by the bankruptcy court of
a disclosure statement relating to the proposed plan and the
closing of the previously announced sale of the Company's interest
in the San Cristobal mine and related assets to Sumitomo
Corporation.

The Company expects to commence the Chapter 11 filing this week,
possibly as early as Monday, January 12.

                   About Apex Silver Mine

Apex Silver Mines Ltd. explores and develops silver and other
mineral properties in Central and South America.  The Company is
based in George Town, Cayman Islands.


BOULDER CREEK: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Boulder Creek CLO, Ltd. met on Jan. 9, 2009,
and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1 9002, Cayman Islands


CCL INVESTMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of CCL Investment Management Limited met on
Jan. 6, 2009, and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CLASSIC IV: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Classic IV (Cayman) Limited met on Jan. 9,
2009, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9002, Cayman Islands


CZ320-97F LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of CZ320-97F Limited met on Jan. 12, 2009, and
heard the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Sylvia Lewis
          Isabel Mason
          Telephone: 345 949-7755
          Facsimile: 345 949-7634


CZ320-97H LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of CZ320-97H Limited met on Jan. 12, 2009, and
heard the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Sylvia Lewis
          Isabel Mason
          Telephone: 345 949-7755
          Facsimile: 345 949-7634


EQUITY WORLD: Final General Meeting Set for January 30
------------------------------------------------------
The shareholders of Equity World Limited will hold their final
general meeting on January 30, 2009, at 11:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, Grand Cayman KY1-1104


GREENBRIDGE FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Greenbridge Fund I General Partner Corp. 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:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


HUDSON CANYON: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Hudson Canyon Funding, Ltd. met on Jan. 9,
2009, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


IVY MA: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of Ivy Ma Holdings Cayman 1, Ltd. met on Jan. 9,
2009, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


JADE (GENERAL PARTNER): Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Jade (General Partner) Inc. met on Jan. 9,
2009, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9002, Cayman Islands


MEZZVEST MANAGER: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Mezzvest Manager, Ltd. met on Dec. 29, 2008,
and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone: (345) 815 1760
          Facsimile: (345) 949 1986


ORIES FUNDING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Ories Funding Limited met on Jan. 9, 2009, and
heard the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


PREFERRED FUNDING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Preferred Funding Warehousing Ltd. met on
Jan. 9, 2009, and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


REDBRIDGE STRATEGIC: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Redbridge Strategic Fund, SPC met on Jan. 8,
2009, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Richard L. Finlay
          c/o Krysten Lumsden
          P.O. Box 2681 GT, Grand Cayman
          Telephone: (345) 945 3901
          Facsimile: (345) 945 3902


SILVER CREST: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Silver Crest Loan Fund, Ltd. met on Jan. 9,
2009, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman, KY1-9002, Cayman Islands


STEAMBOAT SELECT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Steamboat Select International Fund Ltd. met
on Jan. 9, 2009, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1 9002, Cayman Islands


THE CHINA: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of The China Fund met on Jan. 12, 2009, and heard
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Mervin Solas, Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


WORLD WIDE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of World Wide Mezzanine Investors, Ltd. met on
Dec. 29, 2008, and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone: (345) 815 1760
          Facsimile: (345) 949 1986


* CAYMAN ISLANDS: 24 Hedge Funds Affected by Madoff Fraud
---------------------------------------------------------
The Cayman Islands Monetary Authority ("CIMA") has confirmed that
as of January 6, a total of 24 regulated funds have been directly
impacted by the Bernard L. Madoff fraud, Basia Pioro of Caymanian
Compass News reports.

The report relates the figure is a far cry from what CIMA
disclosed on December 22, that only one regulated fund had
confirmed it had significant investments with Madoff, in addition
to one class B bank.

"We are liaising with the 24 impacted funds to gain a fuller
picture of the operational and financial impact," the report
quoted Joan Scott, CIMA's public relations executive, as saying.

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.

According to a TCR-LA report on Dec. 29, 2008, CIMA said with the
intensification of the global financial crisis, it has seen less
fund authorizations between July and November this year (586 funds
authorized) compared to the same period in 2007 (820 authorized).
At the same time, there were more terminations between July and
November this year (311 terminations) than for the same period
last year (219 terminations).  However, the level of terminations,
which averaged 60 per month between July and November this year,
is still very low when compared to the overall number of active
Cayman Islands- authorized funds, which remains at over 10,000.

CIMA anticipates the numbers of terminations in December and
January to increase substantially.  However, it must be noted that
these two months are the ones in which funds traditionally
terminate.  CIMA said it will have a fuller picture of the numbers
of terminations during the first quarter of 2009.



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

* ECUADOR: Central Bank Sees Slow Economic Growth This Year
-----------------------------------------------------------
Ecuador's central bank sees a slow economic growth for the country
this year as the global crisis curtails the country's exports,
Alexandra Valencia of Reuters reports.  The central bank gave a
3.2% growth forecast in 2009 from a 5.3% estimated growth last
year, the report relates.

According to the report, a rapid slowdown of the global economy
has harmed demand for Ecuador's key exports like oil, flowers and
fruits.  Still, Reuters relates, the central bank predicts that
the country's oil and mining sector will grow 3.6% this year, from
a 6.8% decline of in 2008.

The bank also expects a slowdown in almost every sector in 2009
from construction to agriculture and manufacturing, the report
says.

Reuters notes Ecuador is scrambling to cover a widening fiscal
deficit, prompting the government to limit imports, tame some
government spending and seek multilateral loans.

As reported in the Troubled Company Reporter - Latin America on
Jan. 12, 2009, Reuters said Ecuador is seeking US$2.6 billion in
credits from regional multilateral lenders to help finance the
economy.

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

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-'.



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

ANTIOCH COMPANY: Court Confirms Prepackaged Reorganization Plan
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Ohio at a
hearing held on Jan. 9, 2009, confirmed Antioch Company, and its
debtor-affiliates' joint prepackaged plan of reorganization which
was filed with the Court on Nov. 13, 2009.  The Court still has to
issue its confirmation order.  All objections were withdrawn with
the exception of Walthall A&B, LP's which was overruled by the
Court.

                          Plan Summary

The primary objectives of the Plan are to (i) alter the Debtors'
debt and capital structures to permit them to emerge from their
Chapter 11 cases with a viable capital structure, (ii) maximize
the value of the ultimate recoveries to all creditor groups on a
fair and equitable basis, and (iii) settle, compromise or
otherwise dispose of certain Claims and Interests on terms that
the Debtors believe to be fair and reasonable and in the best
interests of their respective estates and creditors.  The Plan
provides for, among other things: (A) the cancellation of certain
indebtedness in exchange for new debt and equity and (B) the
discharge of certain claims and cancellation of interests.

The Debtors believe that (i) through the Plan, holders of allowed
claims will obtain a substantially greater recovery from the
estates of the Debtors than the recovery they would receive if the
Debtors filed their Chapter 11 petitions without prior approval of
the Plan by a majority of their creditors and (ii) the Plan will
afford the Debtors the opportunity and ability to continue their
business as a viable going concern and preserve ongoing employment
for the Debtors' employees.

                     Means of Distribution

All cash necessary for Reorganized Debtors to make payments
pursuant to the Plan will be obtained from existing cash balances,
the operations of the Debtors and the Reorganized Debtors, or
borrowings under the Exit Facility Credit Agreement.  The
Reorganized Debtors may also make the payments using cash received
from their non-debtor subsidiaries through the Reorganized
Debtors' consolidated cash management systems.

                 General Structure of the Plan

Under the Plan, there are two classes of Impaired Claims (Class 4
Prepetition Secured Lender Claims and Class 5 Impaired Unsecured
Claims) and two classes of Impaired Interests (Class 7 Employee
Stock Ownership Trust (ESOT) Allocated Stock Interests and Class 8
Old Equity Interests).  All other Claims and Interests are
Unimpaired.  Holders of Class 1 Non-Tax Priority Claims, Class 2
Other Secured Claims, Class 3 Unimpaired Unsecured Claims and
Class 6 Intercompany Interests will be unaffected by the Plan.

Based upon the valuation of the company, given that the value of
the company is substantially less than the aggregate amount of the
Claims held by the Prepetition Secured Lenders, holders of Class 5
Impaired Unsecured Claims and Class 7 ESOT Allocated Stock
Interests would not be entitled to receive or retain any property
on account of such Claims and Interests under the Plan.
Recognizing, however, that the continued dedication of the
company's employees, consultants, trade, and other unsecured
creditors is critical to maximizing value of the company's
business, the Prepetition Secured Lenders have consented to a
carve-out from their collateral to provide for (i) the payment in
full of all unsecured creditors other than holders of the Employee
Stock Option (ESOP) Notes, the Subordinated Notes, and certain
unsecured creditors who are no longer necessary to the future
operation of the business, and (ii) the transfer of the New Common
Member Interests to an intermediate holding company that will be
owned by a trust established for the benefit of the Holders of
Class 5 Impaired Unsecured Claims and Class 7 ESOT Allocated Stock
Interests (the Creditor/Equityholder Trust).  Specifically, the
Plan provides for the company's balance sheet to be restructured
by:

   i) converting the Prepetition Secured Lender Claims into the
      New Secured Term Loan Notes and the New Preferred Member
      Interests; and

  ii) reinstating all unsecured creditors (other than those
      holding Impaired Unsecured Claims, as described below).

Holders of Impaired Unsecured Claims will not receive a
distribution with respect to their Claims under the Plan.  Even
though Holders of such Claims are not entitled to a distribution
under the Plan, the Prepetition Secured Lenders have agreed to
provide such creditors that timely submit a Class 5 Release Form,
in consideration for the releases granted therein, with an 80%
interest in the Creditor/Equityholder Trust on a pro rata basis
out of the proceeds of the collateral securing the Prepetition
Lender Claims.  Similarly, Holders of ESOT Allocated Stock
Interests will not receive a distribution with respect to their
Claims under the Plan.  Even though the Holders of such Interests
are not entitled to a distribution under the Plan, the Prepetition
Secured Lenders have agreed to provide such interest holders that
timely submit a Class 7 Release Form, in consideration for the
releases granted therein, with a 20% interest in the
Creditor/Equityholder Trust on a pro rata basis out of the
proceeds of the collateral securing the Prepetition Lender Claims.
Holders of Class 8 Old Equity Interests will not be entitled to
receive or retain any property on account of such Interests under
the Plan.

The New Common Member Interests and New Preferred Member Interests
issued pursuant to the Plan will be subject to the terms and
conditions of the New Limited Liability Company Operating
Agreement, which will be deemed binding on and enforceable by the
Reorganized Debtors, the Prepetition Secured Lenders, and any
party that receives New Common Member Interests.  The material
terms and conditions that govern the New Secured Term Loan Notes
to be distributed to holders of Prepetition Secured Lender Claims
are summarized in Section VII.I of this Disclosure Statement.

Claims of the Debtors' current employees and trade creditors who
are necessary for the continued business operations of the
Reorganized Debtors are classified in Class 3 as Unimpaired
Unsecured Claims and will be Unimpaired.

                 Exit Facility Credit Agreement

If the Plan is consummated, on the Effective Date, the Reorganized
Debtors will enter into the Exit Facility Credit Agreement.  The
Exit Facility Credit Agreement will replace the DIP Financing and
will provide for up to US$4 million of additional liquidity to
fund operations after the Effective Date (the "Exit Facility").

        Treatment of Claims and Interests Under the Plan

As contemplated by the Bankruptcy Code, Administrative Claims, DIP
Facility Claims, and Priority Tax Claims are not classified under
the Plan.  Allowed Administrative Claims are to be paid in full on
the Effective Date, or, for ordinary course Administrative Claims,
when such claims become due.  DIP Facility Claims will be paid in
full in Cash.  Each holder of an Allowed Priority Claim will have
its claim reinstated.

The Plan classifies and treats claims and interests in this
manner:

  Class 1 - Non-Tax Priority Claims

   Each holder of an Allowed Class 1 Claim will have its Claim
   reinstated.

  Class 2 - Other Secured Claims

   Each holder of an Allowed Class 2 Claim will have its Claim
   reinstated.

  Class 3 - Unimpaired Unsecured Claims

   Each holder of an Allowed Class 3 Claim will have its Claim
   reinstated.

  Class 4 - Prepetition Secured Lender Claims

   Each holder of an Allowed Class 4 Claim will receive its
   Pro rata share of (a) the New Secured Term Loan Notes and (b)
   the New Preferred Member Interests.

  Class 5 - Impaired Unsecured Claims

   Holders of Class 5 Claims will not receive or retain any
   property under the Plan.

  Class 6 - Intercompany Interests

   On the Plan Effective Date, the common stock and membership
   interests of each of the Reorganized Debtors (other than
   Reorganized Antioch) and each of the Non-Debtor Affiliates
   will be reinstated in consideration for Reorganized Antioch's
   agreement to provide management services to such Reorganized
   Debtors and Non-Debtor Affiliates from and after the Effective
   Date.

   On the Effective Date, Reorganized Antioch will retain the
   Intercompany Interests.

  Class 7 - ESOT Allocated Stock Interests

   Holders of ESOT Allocated Stock Interests will not receive or
   retain any property under the Plan.

  Class 8 - Old Equity Interests.

   On the Effective Date, all Old Equity Interests will be deemed
   cancelled and the holders of Old Equity Interests will not
   receive any property under the Plan.

Classes 1, 2, 3 and 6 are unimpaired under the Plan and are
conclusively presumed to have accepted the Plan and are not
entitled to vote to accept or reject the Plan.

Class 4 is impaired and is the only Class entitled to vote to
accept or reject the Plan.

Classes 5, 7 and 8 are impaired under the Plan and are deemed to
have rejected the Plan, owing to their zero recoveries.

A full-text copy of the Debtors' Joint Prepackaged Plan of
Reorganization, dated Nov. 12, 2008, is available for free at:

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

A full-text copy of the Debtors' Disclosure Statement with respect
to the Debtors' Joint Prepackaged Plan of Reorganization, dated
Nov. 12, 2008, is available for free at:

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

                       About Antioch Co.

Headquartered in Yellow Springs, Ohio, The Antioch Company --
http://www.antiochcompany.com/-- produces and sells books, book
accessories and scrapbooking products.  The company and subsidiary
companies Antioch International, Inc., Antioch Framers Supply Co.,
Antioch International-New Zealand, Inc., Antioch International-
Canada, Inc., Creative Memories Puerto Rico, Inc. and ZeBlooms
Inc. filed separate petitions for Chapter 11 relief along with
plans to reorganize and restructure the company's debt on Nov. 13,
2008 (Bankr. S.D. Ohio Lead Case No. 08-35741).  Chris L.
Dickerson, Esq., Rena M. Samole, Esq., and Timothy R. Pohl, Esq.,
at Skadden, Arps, Slate, Meagher & Flom LLP; Michael J. Kaczka,
Esq., and Sean D. Malloy, Esq., at McDonald Hopkins LLC; and Tony
M. Alexander, Esq., at Jenks, Pyper & Oxley Co. L.P.A., represent
the Debtors in their restructuring efforts.  The United States
Trustee for Region 9 appointed creditors to serve on an Official
Committee of Unsecured Creditors.  W. Timothy Miller, Esq., at
Taft Stettinius & Hollister LLP, represent the Committee as
counsel.  In their summary of schedules, the Debtors listed
US$66,388,321 in total assets and US$141,142,236 in total
liabilities.



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

PDVSA: May Lose US$233.6 Million on LyondellBasell Bankruptcy
-------------------------------------------------------------
Petroleos de Venezuela S.A. ("Pdvsa") may lose about US$233.6
million being the third largest unsecured creditor of now bankrupt
U.S. subsidiaries of Netherlands-based petrochemicals company
LyondellBasell, El Universal News reports.

El Universal, citing US Energy Department data stated in a
Bloomberg report, said the unit of the Lyondell refinery in
Houston imported an average of 198,000 barrels of crude oil per
day from Venezuela in the first nine months of 2008.  The refinery
has a contract to buy 230,000 barrels per day from Pdvsa, the
report says.

                          About PDVSA

Headquartered in Caracas, Petroleos de Venezuela S.A. --
http://www.pdvsa.com/-- is Venezuela's state oil company in
formed to develop the petroleum, petrochemical and coal industry.
The company also plans, coordinates, supervises and controls the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                         *     *     *

Petroleos de Venezuela S.A. continues to carry a 'BB-' long-term
corporate credit rating from Standard & Poor's with stable
outlook.  The rating was affirmed by S&P in April 2008.


PDVSA: Venezuela Denies OPEC Cuts Caused 4,000 Layoffs
------------------------------------------------------
Venezuela's state oil company, Petroleos de Venezuela S.A.
("PDVSA"), denied accusation that the implementation of the new
OPEC production cuts caused the dismissal of 4,000 contract
workers, the Associated Press reports.

The AP says the company dismissed reports that at least eight oil
rigs have been halted and thousands of contract workers laid off.

The AP relates that according to Vice President Eulogio Del Pino,
PDVSA is reviewing whether to renew a contract that terminated
automatically on Dec. 28, affecting three oil rigs.  The
negotiation of this and other contracts is based on service
companies' needs to reduce costs as oil prices fall, he noted.

The AP earlier reported that union leaders tied to Venezuela's oil
industry said the job cuts was prompted by the OPEC cuts.  Union
leader Rafael Zambrano, as cited by the AP, said in Venezuela's
western state of Zulia alone, 3,000 to 4,000 contract workers have
been laid off since the end of 2008.

In a statement posted in the PDVSA website, the Ministry of the
People's Power for Energy and Petroleum of Venezuela disclosed the
execution of the 189,000 barrels per day of oil production cut,
decided at the 151st (Extraordinary) Meeting of the OPEC
Conference, held on December, 2008, on Algeria, and a valid
compromise from January 1.

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


                            ***********

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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