TCRLA_Public/090115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, January 15, 2009, Vol. 9, No. 10

                            Headlines

A R G E N T I N A

ANTONIO BARILLARI: Proofs of Claim Verification Due on March 25
BALLY TECHNOLOGY: To Post Q2 Financial Results on February 3
CATEDRAL TURISMO: Proofs of Claim Verification Due on February 27
SAN JOSE: Proofs of Claim Verification Due on February 13
VALLE VIAL: Proofs of Claim Verification Due on February 12


B A H A M A S

GOL LINHAS: Shares Fall After Citigroup Cuts Stock to "Sell"


B E R M U D A

XL CAPITAL: Property Developer Backs Govt's Approval of Sublet


B R A Z I L

ARANTES ALIMENTOS: Judicial Recovery Filing Cues 'D' Fitch Rating
ARANTES ALIMENTOS: Moody's Cuts Rating to 'Ca' on Bankruptcy
BANCO DO BRASIL: Mulls Bond Sale to Increase Capital
TELEMAR: Mulls Investing in Portuguese-Speaking African Markets
* BRAZIL: Local Banks Hit 2-Week Low on Morgan Downgrade


C A Y M A N  I S L A N D S

ACORN ALTERNATIVE: Shareholders to Hear Wind-Up Report on Jan. 16
AIREXEC SERVICES: Shareholder Hear Wind-Up Report
APEX SILVER: In Chapter 11, Prepackaged Plan Built on Mine Sale
APEX SILVER: Case Summary & 20 Largest Unsecured Creditors
BLUEFOX HOLDINGS: Members Receive Wind-Up Report

CELLON INTERNATIONAL: Members Receive Wind-Up Report
CRESCENT POINT: Shareholder to Hear Wind-Up Report Today
CRESCENT POINT: Shareholder to Hear Wind-Up Report Today
COLUMBUS INC: Shareholder Hear Wind-Up Report
JRG INVESTMENTS: Shareholders Receive Wind-Up Report

LATROBE FUNDING: Members Receive Wind-Up Report
MUTUAL FUND: Members Receive Wind-Up Report
NORDIC VALLEY: Shareholders Hear Wind-Up Report
OTKRITIE RUSSIAN: Shareholders Receive Wind-Up Report
PGS FOCUS-PAULSON: Shareholders Receive Wind-Up Report

PTMM CAYMAN I: Shareholders Receive Wind-Up Report
RALEIGH WASTE: Shareholders Hear Wind-Up Report
REEM INDIA: Shareholders to Hear Wind-Up Report on January 16
SEBAGO PARTNERS: Members Receive Wind-Up Report
TABWT CAPITAL: Members Receive Wind-Up Report

THE POSITIVE: Members Receive Wind-Up Report
TRANSPARENT VALUE: Shareholders Receive Wind-Up Report
TRANSPARENT VALUE: Shareholders Receive Wind-Up Report


E C U A D O R

* ECUADOR: Pays Coupon on 2015 Bond


J A M A I C A

DICIGEL GROUP: Offers Voluntary Separation Program to Staff


M E X I C O

* MEXICO: May Scrap Colonet Port Project Amid Tight Financing


                         - - - - -


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

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



BALLY TECHNOLOGY: To Post Q2 Financial Results on February 3
------------------------------------------------------------
Bally Technologies Inc. will present its second quarter fiscal
2009 results after the market closes on Tuesday, February 3, and
will also host a conference call and webcast beginning at 4:30
p.m. EST (1:30 p.m. PST).

conference-call dial-in numbers:

     800-638-5495 or 617-614-3946 (International)
     passcode: "Bally"

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.

The company's South American operations are located in Argentina.
The company also has operations in France, Germany, Macau, China,
India, and the United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
October 9, 2008, Fitch Ratings assigned a 'BB+' rating to Bally
Technologies, Inc.'s new US$300 million credit facility.  The
credit facility rating is two notches above Bally's 'BB-' Issuer
Default Rating due to Fitch's view of strong over-
collateralization of that debt.  The Rating Outlook is Positive.

  
CATEDRAL TURISMO: Proofs of Claim Verification Due on February 27
-----------------------------------------------------------------
The court-appointed trustee for Catedral Turismo S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until February 27, 2009.

The trustee will present the validated claims in court as
individual reports on April 13, 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 27, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 18, 2009.


SAN JOSE: Proofs of Claim Verification Due on February 13
---------------------------------------------------------
The court-appointed trustee for San Jose S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
February 13, 2009.

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

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 29, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 11, 2009.

  
VALLE VIAL: Proofs of Claim Verification Due on February 12
-----------------------------------------------------------
The court-appointed trustee for Valle Vial S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
February 12, 2009.

The trustee will present the validated claims in court as
individual reports on March 17, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 5, 2009.




=============
B A H A M A S
=============

GOL LINHAS: Shares Fall After Citigroup Cuts Stock to "Sell"
-----------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
shares dropped 4.3% to BRL10.80 in Sao Paulo trading on
January 13, after Citigroup Inc. downgraded the company's stock to
"sell" from "hold", Bloomberg News reports.

"We see this carrier as most vulnerable to the nervous consumer,"
wrote Citigroup Global Markets analyst Stephen Trent in a note to
investors, the report relates.

According to Bloomberg News, Brazil's civil aviation agency Anac
is expected to release official traffic data for December this
week.  Gol said last week passenger traffic fell 12% last month,
the report recalls.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.  The
company was founded in 2001.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2008, Moody's Investors Service downgraded all debt
ratings of GOL Linhas Aereas Inteligentes S.A. and GOL Finance --
Corporate Family Rating to B1 from Ba3.  At the same time, all
ratings were placed under review for possible further downgrade.



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

XL CAPITAL: Property Developer Backs Govt's Approval of Sublet
--------------------------------------------------------------
Property developer Sir John Swan said the government was right to
grant permission to XL Capital Limited to sublet part of its
Bermuda headquarters to other companies, saying it would have an
impact on the commercial real estate market, Jonathan Kent of The
Royal Gazette reports.

As reported in the Troubled Company Reporter - Latin America on
Jan. 12, 2009, The Royal Gazette said XL Capital is looking for
tenants to rent its North Tower, in XL House on Bermudiana Road.

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

The Gazette relates Sir John said the granting of permission for
XL Capital to sublet was better than the alternative.  "Any
capacity coming on the market will have an impact," Sir John was
quoted by the report as saying.

The Gazette noted the Island is facing an over-supply of
commercial real estate as a number of new office buildings near
completion and the economic downturn weakens demand.

                        About XL Capital

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

                          *     *     *

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



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

ARANTES ALIMENTOS: Judicial Recovery Filing Cues 'D' Fitch Rating
-----------------------------------------------------------------
Fitch Ratings has downgraded these ratings of Arantes Alimentos
Ltda.

  -- Local currency Issuer Default Rating (IDR) to 'D' from 'CC';
  -- Foreign currency IDR to 'D' from 'CC';
  -- National scale rating to 'D(bra)' from 'CC(bra)'.

Fitch maintains the 'CC/RR4' ratings of Arantes International
Ltd's US$150 million senior unsecured notes due 2013.  The
Recovery Rating of RR4 is consistent with an anticipated recovery
in the range of 30% to 50%.  The 'CC/RR4' ratings of these notes
remain on Rating Watch Negative due to concern that debt
accumulated by the company since Sept. 30, 2008, may be secured
and would diminish the recovery prospects of the notes further.
As further details of this debt emerge, additional rating actions
could occur.  Arantes International is a special-purpose vehicle
wholly owned and unconditionally guaranteed by Arantes.

Fitch's rating actions follow Arantes' judicial recovery filing
(recuperacao judicial) in Brazil on Jan. 9, 2009, which is
equivalent to the US Chapter 11 bankruptcy filing.  Arantes did
not meet the interest payment of its US$150 million senior
unsecured notes due 2013 of approximately US$8 million on Dec. 19,
2008.  At that time in a letter to certain creditors, the company
indicated that the interest payment would be made by Jan. 10, 2009
and within the cure period of Jan. 19, 2009.  Arantes' filing is a
result of the company's inability to rollover short term lines of
credit, as well as financial obligations created by reported
derivative loses of about BRL230 million (US$100 million).

At Sept. 30, 2008, Arantes had total debt of BRL 771 million
(US$ 404 million) and cash and marketable securities of BRL125
million (US$ 65 million), resulting in a ratio of total adjusted
debt to EBITDA of 4.1 times and adjusted net debt-to-EBITDA of
3.4x.  The company reported to Fitch that it had a short-
derivative exposure in foreign currency equivalent to
US$22 million, with a negative adjustment of under BRL5 million,
as of Sept. 30, 2008.

Arantes is positioned as one of the top 10 largest Brazilian beef
exporters.  The company has an aggregate daily slaughtering
capacity of approximately 5,500 head of cattle at the seven
slaughterhouses it operates in the Brazilian States of Mato
Grosso, Goias and Maranhao.  Arantes exports its products to more
than 140 customers located in over 35 countries.  The foreign
market corresponded to about 49% of Arantes' 2007 sales.  The
company maintains long-term relationships with leading
international beef distributors.


ARANTES ALIMENTOS: Moody's Cuts Rating to 'Ca' on Bankruptcy
------------------------------------------------------------
Moody's lowered the corporate family rating and guaranteed
foreign-currency debt ratings to Ca from Caa1 of Arantes Alimentos
Ltda., which concludes the review started on January 8th, 2009.
Following this action Moody's will withdraw the company's ratings
because the company has filed for bankruptcy protection in Brazil.

Ratings lowered and to be withdrawn:

  -- Corporate family rating to Ca from Caa1

  -- US$150 million 10.25% senior unsecured notes due 2013 to Ca
     from Caa1

The rating action follows the announcement that the company has
filed for bankruptcy (equivalent to Chapter 11 in the U.S.), after
missing its scheduled interest payment on December 19th, 2008 of
approximately US$8 million and will fail to address it within the
30 day cure period.

"Contrary to its financial disclosure until now, Arantes suffered
from losses with currency forward derivative contracts and did not
succeed in securing the capital injection mentioned in its third
quarter results conference call," said Moody's VP Senior Analyst,
Soummo Mukherjee.  The more adverse credit environment since
September, also led many banks to not renew Arantes's short-term
credit lines aggravating its liquidity situation.  "Finally, the
company was also more exposed to the Russian market, which
experienced a significant retraction in purchases from Brazilian
beef exporters in the fourth quarter of 2008," adds Mukherjee.

The company has seven beef slaughtering facilities, four processed
foods units and two poultry facilities. As part of its bankruptcy
filing, Arantes will file a plan of action where it will shut down
some of its facilities.

Moody's last rating action on Arantes was on January 8th, 2009,
when Moody's downgraded Arantes's ratings to Caa1, following its
missed scheduled interest payment on its US$150 million senior
unsecured bonds due in 2013.

Headquartered in São Jose do Rio Preto, Brazil, Arantes is a beef,
poultry and pork processing company with net revenues of
BRL 1.1 billion for the last twelve months ended in
September 30th, 2008.


BANCO DO BRASIL: Mulls Bond Sale to Increase Capital
----------------------------------------------------
Banco do Brasil SA may sell bonds after the acquisition of Banco
Votorantim SA to raise money to finance the growth of its credit
portfolio, Telma Marotto of Bloomberg News reports, citing Estado
de S. Paulo newspaper.

According to the report, the bank said it may issue debt to
increase its equity capital and maintain the growth level of its
lending transactions.

As reported in the Troubled Company Reporter - Latin America on
Jan. 13, 2009, Reuters said 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.

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

Authorities are stepping up efforts to inject cash into the
financial system after local funding costs for smaller banks
surged and loan issuance fell in October, Bloomberg 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.

                          *     *     *

As of January 14, 2008, Banco do Brasil continues to carry Moody's
"Ba2" foreign currency deposit and "C" financial strength rating.


TELEMAR: Mulls Investing in Portuguese-Speaking African Markets
---------------------------------------------------------------
Telemar Norte Leste Participacoes S.A., which operates under the
Oi brand, plans to focus on internationalization by reaching
Portuguese-speaking African markets, Macauhub News reports, citing
Oi Chairman Luiz Eduardo Fal.

As reported in the Troubled Company Reporter - Latin America on
January 14, 2008, Bloomberg News said Telemar Norte plans to
invest BRL30 billion to double the number of  subscribers and buy
companies abroad.

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.

Macauhub News says the company's target is to increase its
53 million current subscribers to 110 million, of which 30 million
will be in foreign markets.  Telemar Norte, the report relates,
will focus on an internationalization strategy in Latin America,
the Caribbean and Portuguese-speaking Africa.

                    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: Local Banks Hit 2-Week Low on Morgan Downgrade
--------------------------------------------------------
Brazilian banks fell a two week low after Morgan Stanley
downgraded the financial industry on concern a slowing economy and
lower interest rates will reduce earnings, Bloomberg News reports.

According to the report, Morgan Stanley analyst Jorge Kuri made
these cuts:

-- Banco Itau Holding Financeira SA was cut to "equal-weight"
    from "overweight";

-- Banco do Brasil SA was resumed at "underweight"

-- Unibanco was lowered to "equal-weight" from overweight";

-- Banco Bradesco SA was cut to "underweight" from "overweight;

-- recommendation on Brazil's financial industry was cut to
    "cautious" from "attractive;" and

-- 2009 earnings estimates for the banks by an average of 10%
    to 15%.

"Most large cap banks in Brazil have asset-sensitive balance
sheets; thus, falling interest rates normally result in margin
compression," Mr. Kuri wrote in a note to clients, Bloomberg News
relates.  "This, combined with a sharp deceleration in volumes and
a pickup in non-performing loans, makes the earnings outlook less
favorable."

The report says, bank stocks led declines on the stock market
Tuesday, January 13.  The MSCI Brazil Financials index slipped
0.4% to 399.33 at 11:41 a.m. New York time, while Itau dropped
1.8% to BRL26.85 in Sao Paulo trading.  Bloomberg News relates
Unibanco fell 1.5% to BRL14.98, Bradesco slid 2.1% to BRL22.77,
and Banco do Brasil declined 2.2% to BRL15.41.

Meanwhile, Bloomberg News says Economists expect the central bank
to start cutting borrowing rates next week to prevent Brazil's
economy from entering a recession as credit tightens and demand
for commodities slumps.



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

ACORN ALTERNATIVE: Shareholders to Hear Wind-Up Report on Jan. 16
-----------------------------------------------------------------
The shareholders of Acorn Alternative Strategies (Plus) Limited
will meet on January 16, 2009, at 8:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


AIREXEC SERVICES: Shareholder Hear Wind-Up Report
-------------------------------------------------
The shareholder of Airexec Services (Cayman) Limited heard the
liquidator's report on the company's wind-up proceedings and
property disposal on Jan. 9, 2009.

The company's liquidator is:

          Commerce Corporate Services Limited
          PO Box 694GT, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 7904


APEX SILVER: In Chapter 11, Prepackaged Plan Built on Mine Sale
---------------------------------------------------------------
Apex Silver Mines Limited and Apex Silver Mines Corporation filed
voluntary petitions under Chapter 11 before the U.S. Bankruptcy
Court for the Southern District of New York citing unexpected
increases in price of silver, lead, and zinc, which required their
subsidiaries -- Minera San Cristobal SA, Apex Metals Marketing
Gmbh, and Apex Silver Finance Ltd. -- to make substantial
settlement payments under their hedge positions.

The company said it funded 65% of the settlements payments and
paid about US$210 million under the hedge positions and another
65% of certain costs including, among other things, operations
costs that surpassed projections due to spiraling costs of energy
and consumable commodities.  The company added that San Cristobal
Mine's production was slow and more costly that expected because
of equipment failures coupled with unavailability of sufficient
water sources.

In summer of 2008, Jefferies & Co. Inc. was retained by the
company to solicit bids for the sale of its interest in the San
Cristobal Mine.  The company named Sumitomo Corp. as the winning
bidder, based in part of its commitment to continue funding the
San Cristobal Mine and to consummate the deal.  In August 2008,
the company and Sumitomo reached an agreement, wherein Sumitomo
would provide US$50 million subordinated facility, which was
increased to US$150 million, all of which has been fully drawn.

In September 2008, the company was in talks with certain hedge
banks and senior lenders including Sumitomo concerning a potential
restructuring that resulted in a series of transactions:

  a) the company and Sumitomo entered into a letter of intent on
     Nov. 13, 2008, that contemplated Sumitomo's purchase of the
     company's indirect interest in Minera San Cristobal and
     Apex Metals Marketing;

  b) hedge banks, Sumitomo and the company executed a settlement
     and release agreement under which the banks terminated the
     hedge positions, released the company and its subsidiaries
     from their respective obligations under the hedge positions
     and distributed US$24.5 million plus accrued interest to the
     company from its cash collateral account; and

  c) Sumitomo purchase 90% of the facility loans from the senior
     lenders and executed a standstill agreement with the
     company under which Sumitomo agreed to forbear from
     exercising its rights and remedies with respect to any
     defaults under the facility until Jan. 8, 2009.

In addition, the senior lenders allowed Sumitomo to control the
exercise of rights and remedies with remedies with respect to any
defaults under the facility.  Sumitomo agreed to extend this
standstill agreement until Jan. 12, 2009.

                      Plan Support Agreement

On Jan. 12, 2009, the company entered into a plan support
agreement with Sumitomo, 11 of the 12 lenders under the San
Cristobal project finance facility, and the holders of
approximately 65% of the outstanding principal amount of the
company's 2.875% and 4.0% convertible senior subordinated notes
due 2024.  Under the terms of the agreement, each of the parties
thereto has agreed, following receipt of the court-approved
disclosure statement, to vote in favor of a joint plan of
reorganization of the company on the terms and conditions set
forth in the plan term sheet.

Under the proposed plan of reorganization contemplated by the plan
term sheet, if the class of subordinated noteholders accepts the
plan, the senior lenders will waive and release their senior
claims and subordinated noteholders will receive a pro rata share
of approximately US$45 million in cash plus common stock in the
reorganized company.  However, if the class of subordinated
noteholders rejects the proposed plan, the class would receive an
allocation of cash only after payment in full under the project
financing facility of Sumitomo and the senior lenders.  In such
circumstances, the subordinated noteholders would receive common
stock of the reorganized company, but might not receive any cash
distributions under the proposed plan.  The company's existing
shareholders would receive no distributions under the proposed
plan.

            San Cristobal Purchase and Sale Agreement

The company certain of its wholly-owned subsidiaries entered on
Jan. 12, 2009, into a purchase and sale agreement with Sumitomo
and one of its wholly-owned subsidiaries under which Sumitomo has
agreed to purchase all of the company's direct and indirect
interests in the San Cristobal mine for US$27.5 million in cash.
Under the terms of the purchase agreement, the company will be
released from liabilities associated with the San Cristobal mine,
including its guarantee of San Cristobal indebtedness, and will be
reimbursed for US$2.5 million in expenses which were previously
paid by the company for the benefit of the San Cristobal mine.
The consummation of the transaction is subject to certain
conditions, including the court approval of the plan of
reorganization.  Proceeds from the transaction will be used, in
part, to provide cash distributions to creditors of the company.

San Cristobal is located in the Potosi district of southwestern
Bolivia.

Upon consummation of an alternative transaction, the company has
agreed to repay the obligations under the DIP Financing Facility
in full as well as Sumitomo's US$131.625 million claim as a lender
to the San Cristobal mine.

The agreement requires the closing of the transaction by
March 31, 2009, court document shows.

                     Notice of Delisting

NYSE Alternext US LLC has notified the company that it had halted
trading of the company's ordinary shares and planned to issue a
notice of delisting of the company's shares.  The Exchange noted
that it reached this decision in light of the Company's decision
to file a voluntary petition for reorganization relief under
Chapter 11 of the Bankruptcy Code in the Bankruptcy Court.

The Exchange said that the company's ordinary shares last traded
was Jan. 9, 2009.  The company does not intend to take any further
action to appeal the Exchange's decision, and therefore it is
expected that the ordinary shares will be delisted after the
completion of the Exchange's application to the U.S. Securities
and Exchange Commission.

         Securities and Exchange Commission Wells Notice

Two years ago, the U.S. Securities and Exchange Commission and the
U.S. Department of Justice informed the company that they had
commenced an investigation with respect to potential payments to
government officials made by certain senior employees of one of
its South American subsidiaries in 2003 and 2004 in connection
with an inactive, early stage exploration property.

The company received on Jan. 7, 2009, a "Wells notice" from the
staff of the Commission, which notice states that the staff
intends to recommend to the Commission that it bring an
enforcement action against the company, alleging that the Company
violated Sections 13(b)(2)(A), 13(b)(2)(B), 13(b)(5) and 30A of
the Securities Exchange Act of 1934.

The notice further states the staff may seek permanent injunctive
relief, disgorgement and civil monetary penalties against the
company.  Under the Commission's procedures, the recipient of a
Wells notice has the opportunity to respond to the staff before
the staff makes its formal recommendation on whether any civil
action should be brought by the Commission.

                        Capital Structure

The company entered into a US$225 million senior secured project
finance facility, initially arranged by BNP Paribas and Barclays
Capital, and funded by a group of international financial
institutions in 2005.  All of the company's assets including the
San Cristobal Mine are pledged to secure the Facility.  The
company also pledged its equity interests in the subsidiaries and
guaranteed, on a senior basis, a pro rata share of Minera San
Cristobal's obligations under the facility.  Sumitomo guaranteed
its pro rata share (35%) of Minera San Cristobal's obligations
under the facility.  On Dec. 15, 2008, the first principal payment
of US$33 million was due under the Facility but was not paid.

Under the facility, a company subsidiary was required to obtain
price protection for a portion of Minera San Cristobal's planned
metals production by purchasing derivatives.  To comply with this
obligation, the subsidiary entered into derivative positions with
BNP Paribas and Barclays Capital.  Minera San Cristobal also
purchased puts from the banks in September 2007, as required
pursuant to an amendment to the facility.

The company and Sumitomo each guaranteed, on a pro rata basis, the
obligations under the hedge positions and also pledged all of
Minera San Cristobal's assets.  The company had pledged
$91 million in cash collateral to secure the obligations under the
hedge positions.

The company has issued 2.875% convertible senior subordinated
notes due 2024 and 4.0% convertible senior subordinated notes due
2024.  The aggregate outstanding principal amount of the
subordinated notes is US$290 million, with accrued interest
payable in March and September of each year.  The Subordinated
Notes are contractually subordinated to the company's guarantee of
the facility.

The company, which has about 99 creditors, listed assets and debts
between US$500 million and US$1 billion in its filing.  The
company disclosed in a regulatory filing with the SEC that it has
US$721.3 million in total assets and 930.9 million in total
liabilities as of Sept. 30, 2008.

A full-text copy of Asset Purchase Agreement between the company
and Sumitomo is available for free at

              http://ResearchArchives.com/t/s?37f3

A full-text copy of the company's consolidated balance sheets as
of Sept. 30, 2008, is available for free at:

              http://ResearchArchives.com/t/s?37f4

Headquartered in Denver, Coloroda, Apex Silver Mines Limited --
http://www.apexsilver.com/restructure-- explores and develops
silver and other mineral properties in Central and South America.
The company is based in George Town, Cayman Islands.


APEX SILVER: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Apex Silver Mines Limited
       1700 Lincoln Street, Suite 3050
       Denver, CO 80203

Bankruptcy Case No.: 09-10182

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                     Case No.
       ------                                     --------
Apex Silver Mines Corporation                      09-10183

Type of Business: The Debtors explore and develop silver and other
                 mineral properties in Central and South America.
                 The company is based in George Town, Cayman
                 Islands.

                 See: http://www.apexsilver.com/restructure

Chapter 11 Petition Date: January 12, 2009

Court: Southern District of New York

Judge: James M. Peck

Debtor's Counsel: James L. Bromley, Esq.
                 Sean A. O'Neal, Esq.
                 Cleary Gottlieb Steen & Hamilton LLP
                 One Liberty Plaza
                 New York, NY 10006
                 http://www.clearygottlieb.com
                 Tel: (212) 225-2500
                 Fax: (212) 225-3999

Special Purpose Counsel: Davis Graham & Stubbs LLP

Financial Advisor: Jefferies & Co, Inc.

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

Estimated Assets: US$500 million to US$1 billion

Estimated Debts: US$500 million to US$1 billion

The Debtor's Largest Unsecured Creditors:

  Entity                      Nature of Claim      Claim Amount
  ------                      ---------------      ------------
American Express               employee business    US$50,000
Travel Related Services Co     credit cards
PO BOX 360001
Fort Lauderdale, FL 33336
Tel: (800) 528-2122

AT&T Mobility                  phone services        $11,563
National Business Services
PO Box 9004
Carol Stream, IL 60197-9004
Tel: (800) 999-5445


The Rygnestad Group            cost engineering      $10,238
11302 West 28th Avenue         consultant
Lakewood, CO 80203

Hein & Associates LLP          internal audit        $10,000

KPMG LLP                       tax consulting        $8,500

Fred R. Banta, Inc.            engineering           $6,244
                               services

SRK Consulting                 engineering           $6,048
                               services

Doug Halbe, Consultant P.C.    exploration           $6,048
                               consulting
                               services

CIT Technology                 copier leases         $3,600

Cooper-Richards, LLC           internal audit        $3,250
                               consultant

Office Team                    temporary             $3,894
                               employees

Employers Council Services     immigration           $3,320
Inc.                           services

Stivers Staffing Services      temporary             $2,395
                               employees

Avaya Financial Services       phone equipment       $2,168
                               lease

Federal Express Corp.          delivery              $2,000
                               parking

Purchase Power                 postage meter         $1,500

EON Office Products            office supplies       $1,200

ACC Business                   IT services           $1,100

Konica Minolta Business        office equipment      $1,000
Solutions USA Inc.             lease


The petition was signed by Robert P. Vogels, vice president
and controller of the company.


BLUEFOX HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Bluefox Holdings SPC. met on January 8, 2009, and
heard the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CELLON INTERNATIONAL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Cellon International Holding Corporation met on
January 16, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Cosimo Borrelli
          Admiralty Centre
          1401, Level 14, Tower 1
          18 Harcourt Road, Hong Kong


CRESCENT POINT: Shareholder to Hear Wind-Up Report Today
--------------------------------------------------------
The shareholder of Crescent Point Asia Ltd. will hear today,
Jan. 15, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

           Linburgh Martin
           c/o Neil Gray
           Close Brothers (Cayman) Limited
           Fourth Floor, Harbour Place
           P.O. Box 1034, Grand Cayman
           Telephone: (345) 949 8455
           Facsimile: (345) 949 8499


CRESCENT POINT: Shareholder to Hear Wind-Up Report Today
--------------------------------------------------------
The shareholder of Crescent Point Mena Ltd. will hear today,
Jan. 15, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

           Linburgh Martin
           c/o Neil Gray
           Close Brothers (Cayman) Limited
           Fourth Floor, Harbour Place
           P.O. Box 1034, Grand Cayman
           Telephone: (345) 949 8455
           Facsimile: (345) 949 8499


COLUMBUS INC: Shareholder Hear Wind-Up Report
---------------------------------------------
The shareholder of Columbus Inc. met on Dec. 23, 2008, and heard
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          PO Box 694GT, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 7904


JRG INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of JRG Investments 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:

          Commerce Corporate Services Limited
          PO Box 694GT, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 7904


LATROBE FUNDING: Members Receive Wind-Up Report
-----------------------------------------------
The members of Latrobe Funding 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:

          David Dyer
          P.O. Box 1984
          Grand Cayman KY1-1104
          Telephone: (345)949 8244
          Facsimile: (345)949 5223


MUTUAL FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Mutual Fund Basket Reference Fund (13-A) Limited
met on January 8, 2009, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NORDIC VALLEY: Shareholders Hear Wind-Up Report
-----------------------------------------------
The shareholders of Nordic Valley 2007-1 CDO, 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


OTKRITIE RUSSIAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Otkritie Russian Electricity Sector Fund 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


PGS FOCUS-PAULSON: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of PGS Focus-Paulson 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:

          Commerce Corporate Services Limited
          PO Box 694GT, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 7904


PTMM CAYMAN I: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of PTMM Cayman I 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


RALEIGH WASTE: Shareholders Hear Wind-Up Report
-----------------------------------------------
The shareholders of Raleigh Waste Management 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 liquidator is:

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


REEM INDIA: Shareholders to Hear Wind-Up Report on January 16
-------------------------------------------------------------
The shareholders of Reem India Realty Investment Fund will meet on
January 16, 2009, at 9:30 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SEBAGO PARTNERS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Sebago Partners Offshore, Ltd. 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:

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


TABWT CAPITAL: Members Receive Wind-Up Report
--------------------------------------------
The members of TABWT Capital 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:

          David Dyer
          P.O. Box 1984
          Grand Cayman KY1-1104
          Telephone: (345)949 8244
          Facsimile: (345)949 5223


THE POSITIVE: Members Receive Wind-Up Report
--------------------------------------------
The members of The Positive Fund met on January 8, 2009, and heard
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David A.K. Walker
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


TRANSPARENT VALUE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Transparent Value Equity 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


TRANSPARENT VALUE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Transparent Value Equity 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



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

* ECUADOR: Pays Coupon on 2015 Bond
-----------------------------------
Ecuador made an interest payment on its bond due 2015 after
defaulting on other debt for the second time in a decade, Stephan
Kueffner of Bloomberg News reports, citing Finance Minister Maria
Elsa Viteri.

"The order to pay has been sent.  The economic team has evaluated
the conditions of the different bonds and we have considered that
the 2015 bonds should be handled differently and we've paid them
already," Bloomberg News quoted Minister Viteri as saying.

As reported in the Troubled Company Reporter -Latin America on
Jan. 6, 2009, the Associated Press said President Rafael Correa
considered the Global 2015 bond series as different from the
Global 2012 and 2030 bonds because Ecuador wasn't pressured into
agreeing to it.

According to Reuters, Ecuador's government hopes the move will
improve its chances of restructuring other bonds amid a growing
cash shortfall caused by falling oil income.

The report related President Correa said Ecuador's government is
analyzing how it deal with the 2012 and 2030 bonds, whose
renegotiation "gave away millions of dollars to creditors."

On January 5, the TCR-LA, citing Bloomberg News, reported that
Ecuador plans to buy back its foreign bonds due in 2012 and 2030
at a discount of at least 70%.

Bloomberg News said Ecuador's debt audit commission uncovered
"illegality and illegitimacy" in the country's foreign obligations
and stated that the government's global bonds due in 2012 and 2030
"show serious signs of illegality," such as a lack of government
authorization for their issuance.



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

DICIGEL GROUP: Offers Voluntary Separation Program to Staff
-----------------------------------------------------------
Digicel Group introduced a Voluntary Separation Programme ("VSP")
for staff across 23 markets, designed to better align the
organization and overall cost structure with evolving economic
conditions.

Digicel expects that approximately 10% of its workforce will avail
of the enhanced terms of the Voluntary Separation Programme,
allowing employees who may be considering a career change to leave
the company voluntarily while receiving additional financial
support and benefits.

Both full-time and part-time Digicel Employees will be eligible to
receive enhanced packages based on years of service, as well as
extended health cover, pro rata bonuses and accelerated payments
for stock options.  Digicel is also providing career transition
assistance to the employees who participate in the scheme.

The Voluntary Separation Programme does not apply to newly
launched markets such as the British Virgin Islands, Honduras and
Panama or Digicel Pacific Ltd.

"Digicel has experienced phenomenal growth since its initial
launch in 2001 and continues to evolve as a leading international
mobile provider.  We are now at a natural stage in our evolution
to reassess our organizational structure, processes and to fully
capture operational efficiencies," said Colm Delves, Digicel Group
CEO.  "This is particularly relevant in the current challenging
economic environment where all companies, including financially
strong and fully funded companies such as Digicel, need to ensure
that they have a lean and efficient structure to strengthen their
financial position and protect plans for continued growth.

"In the past seven and a half years we have grown to be the
largest mobile operator in the Caribbean, and we have done so by
building an outstanding brand, investing in state of the art
networks and are extremely fortunate to have such a dedicated and
committed workforce" added Colm Delves.

Digicel's total investments across 31 markets world-wide have
exceeded US$3.4 billion following the launch of operations in
Tonga, Vanuatu, Fiji, Honduras, the British Virgin Islands and
Panama in 2008.

                      About Digicel Group

Digicel Group is the largest mobile telecommunications operator in
the Caribbean and a recent new entrant to the Central American
mobile market.  The company is renowned for competitive rates,
unbeatable coverage, superior customer care, a wide variety of
products and services, innovative new technology and state-of-the-
art handsets as well as community support and development.

The company operates in in 26 markets in the Caribbean and Central
America including: Anguilla, Antigua & Barbuda, Aruba, Barbados,
Bermuda, Bonaire, The British Virgin Islands, The Cayman Islands,
Curacao, Dominica, El Salvador, French Guiana, Grenada,
Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama,
St. Kitts & Nevis, St. Lucia, St. Vincent and the Grenadines,
Suriname, Turks and Caicos and Trinidad & Tobago.   It also
provide coverage in St Martin and St Barths.



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

* MEXICO: May Scrap Colonet Port Project Amid Tight Financing
-------------------------------------------------------------
Mexico will postpone the construction of its US$4.88-billion
Punta Colonet port on the Pacific coast, and may scrap the project
entirely, as interested bidders struggle to find financing, Andres
R. Martinez of Bloomberg News reports.

The plan, the report relates, called for building an airport,
highways and a rail link to the U.S. as part of Colonet.

According to the report, Luis Tellez, minister of communications
and transportation, said the simultaneous recession worldwide led
to a 30% drop in port traffic on the U.S. and Canadian Pacific
coasts, making it difficult for potential bidders to get
financing.

"We are working with banks to see if this will be possible.  There
is still interest in the project, it is just a matter of timing,"
Minister Tellez was quoted by the report as saying.

Bloomberg News notes Minister Tellez said Citigroup Inc. and
another U.S. bank are advising Mexico on Colonet and will present
a plan by the end of the month that recommends whether the port
should be built.



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *