TCRLA_Public/090116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, January 16, 2009, Vol. 9, No. 11

                            Headlines

A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates Debt Securities at 'Ba3'
LA CUPLA: Proofs of Claim Verification Due on March 16
TGN: Says Gov't Overstepped Bounds in Intervening W/ Company Ops.


B E L I Z E

* BELIZE: Defaults on US$4.4MM Newco JV International Award


B E R M U D A

BD INSURANCE: Creditors' Proofs of Debt Due on February 13
BD INSURANCE: Members' Final Meeting Set for March 17
THYBO TRUSTEES: Creditors' Proofs of Debt Due on January 28
THYBO TRUSTEES: Members' Final Meeting Set for February 16
XL CAPITAL: Unit Expands Pollution Coverage for Contractors

XL CAPITAL: Unit Names Robert Finelli as Energy Underwriting Mgr
XL CAPITAL: Tom Hutton Joins Company's Board of Directors


B R A Z I L

BANCO ITAU: BofA May Sell Stake for BRL6 Billion
TAM SA: Records 85.5% International Market Share in December
* BRAZIL: Central Bank to Lend Firms US$20BB for Foreign Debt


C A Y M A N  I S L A N D S

BARTHOLOMEW CAYMAN: Shareholders Hear Wind-Up Report
BRUSNWICK RUSSIA: Members Receive Wind-Up Report
DELDAN CORPORATION: Members Receive Wind-Up Report
DOLOMINO LIMITED: Members Receive Wind-Up Report
EIGHT TREASURES: Members Receive Wind-Up Report

GA GENPAR: Members Hear Wind-Up Report
KLC FUNDING: Shareholders Receive Wind-Up Report
MONUMENTAL HOLDINGS: Members Receive Wind-Up Report
MUTUAL FUND: Members Receive Wind-Up Report
MUTUAL FUND: Members Receive Wind-Up Report

MUTUAL FUND: Members Receive Wind-Up Report
MUTUAL FUND: Members Receive Wind-Up Report
MUTUAL FUND: Members Receive Wind-Up Report
MUTUAL FUND: Members Receive Wind-Up Report
ONXY LIMITED: Shareholders Hear Wind-Up Report

PUPET LIMITED: Members Receive Wind-Up Report
PUTNAM CURRENCY: Members Hear Wind-Up Report
SAPIC-98 REFERENCE: Members Receive Wind-Up Report
SAPIC-98 REFERENCE: Members Receive Wind-Up Report
VINIS INVESTMENT: Members Receive Wind-Up Report


J A M A I C A

AIR JAMAICA: Pilot Association Prepares for Possible Layoffs


M E X I C O

AMC ENTERTAINMENT: Completes Sale of 100% Stake in Grupo Cinemex
* MEXICO: Peso Hits 3Mo Low Amid Decreasing U.S. Retail Sales


P U E R T O  R I C O

* PUERTO RICO: Seeks US$1.2BB Loan for Financing & Debt Payment


U R U G U A Y

BANCO SANTANDER: Moody's Gives Positive Outlook on 'D' BFSR


V E N E Z U E L A

PDVSA: U.S. Unit Cuts Feedstock to Corpus Christi


X X X X X X X X

NORTEL NETWORKS: LatAm and Asia Units Excluded From Filings


                         - - - - -


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

FIDEICOMISO FINANCIERO: Moody's Rates Debt Securities at 'Ba3'
--------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and Ba3 (Global Scale, Local Currency) to the Debt
Securities of Fideicomiso Financiero Tarjeta Privada XIII, issued
by Banco de Valores S.A. (acting solely in its capacity as
Trustee).  Moody's also assigned a rating of Ca.ar (Argentine
National Scale) and Ca (Global Scale, Local Currency) to the
subordinated Certificates.

The securities are backed by a pool of credit card receivables
originated by Banco Privado de Inversiones S.A. located in
Argentina.  Interest and principal on the VDF are payable from the
cash flow of the credit card receivables.

The ratings assigned are based on these factors:

  * The credit quality of the securitized pool;

  * The credit enhancement provided through the 20% initial
    subordination level;

  * The ability of Banco Macro Bansud to act as backup servicer in
    the transaction;

  * The availability of several reserve funds; and,

  * The legal structure of the transaction.

                            Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of
peso-denominated, floating-rate bonds and a residual certificate,
all of them backed by a pool of credit card receivables originated
by BPI.  The VDF original balance is equal to 80% of the original
issuance amount.  The transaction has an expected maturity of 8
months and a legal maturity date of 24 months.

At closing, the VDF were backed by credit card outstanding
balances generated by eligible accounts.  The ownership of those
accounts remains with the originator but the receivables are
assigned to the trust.  The transaction has five reserve funds: an
expense fund, a liquidity reserve fund, a backup servicer
replacement fund, and sinking funds for interest and principal.

The VDF will bear a floating interest rate (Badlar + 375 bps) with
a minimum rate of 22% and a maximum rate of 32%.  If an early
amortization event occurs, the revolving period will terminate
automatically.

After the grace period of two months and beginning in the third
month after closing, scheduled interest and principal will be paid
in that order, on each payment date.  Principal is scheduled to be
paid in seven monthly installments.  If the scheduled principal is
not paid on time, it will not constitute an event of default under
the terms of the transaction documents, given that the promise to
investors is to receive ultimate principal before the legal final
maturity date.

During the revolving period, the originator will sell new
receivables to the trust.  These receivables will be purchased
from the cash flow coming from collections.  The documents of the
transaction allow for a direct offset of these two cashflows.  By
having this procedure no cash has to be transferred back and forth
to the trust account and as a result, trust expenses are
minimized.

                       Seller And Servicer

BPI is the seller of the receivables and the primary servicer of
the transaction. The bank was founded in 1993 to provide financial
services to the middle-high and high income segment of the market.
In 1996, BPI began issuing MasterCard and Visa credit cards to its
customers.

Banco Macro S.A. is the designated backup servicer.  If a servicer
replacement trigger is hit, the trustee is obligated to
immediately notify BM and Visa and MasterCard.  The trustee, who
receives pool and borrower data from the servicer on a monthly
basis, will transfer this information to the backup servicer.  In
addition, Visa and MasterCard will also have duplicate data which
they can transfer to BM, if necessary.  Given that BM is a member
of the Visa and MasterCard system, the transfer of data should be
straightforward.

BM will be entitled to receive this information as the new owner
of the accounts according to the conditional assignment contract
which will become effective upon the occurrence of a servicer
replacement event.  Thus, even if BPI's membership in the Visa and
MasterCard networks is terminated, credit card customers will not
have their credit lines suspended.

The servicer will transfer collections to the trust account on a
weekly basis.  As a result, there is one week of commingling risk
at the originator/servicer level which may affect the deal should
the originator/servicer enter into a reorganization procedure.
This risk is mitigated by the ability of BM, once it is appointed
as backup servicer, to service the receivables, and by the
servicer replacement reserve account that will be funded at
closing with 0.5 times the next interest payment.  This reserve
account can be used to pay interest during the transition process.
In addition, there is another reserve account equivalent to 1.5
times the next interest payment.  These aggregated funds provide a
total coverage of two monthly interest payments.

                        Rating Methodology

Moody's considered the credit enhancement provided in this
transaction through an initial subordination level of 20%, as well
as the historical performance of BPI's pools.  In addition,
Moody's considered factors common to all credit card
securitizations such as principal payment rates, charge offs,
delinquencies; as well as specific factors related to the
Argentine market, such as the probability of a decrease of the
monthly payment rate or increase in the charge off rate if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
charge-off triangular distribution centered around the most likely
scenario of 20%.  Also, Moody's assumed a triangular distribution
for the principal payment rate centered around a most likely
scenario of 15%.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.

                          Rating Action

Originator: Banco Privado de Inversiones S.A.

  -- $25.6 Million Pesos in Floating Rate Securities of
     "Fideicomiso Financiero Tarjeta Privada XIII", VDF rated
     Aaa.ar (National Scale Rating) and Ba3 (Global Scale, Local
     Currency).

  -- $6.4 Million Pesos in Certificates of "Fideicomiso Financiero
     Tarjeta Privada XIII", CP rated Ca.ar (National Scale Rating)
     and Ca (Global Scale, Local Currency).


LA CUPLA: Proofs of Claim Verification Due on March 16
------------------------------------------------------
The court-appointed trustee for La Cupla S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 16, 2009.

The trustee will present the validated claims in court as
individual reports on May 19, 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.


TGN: Says Gov't Overstepped Bounds in Intervening W/ Company Ops.
-----------------------------------------------------------------
Transportadora de Gas del Norte SA ("TGN") said the Argentine
government overstepped its bounds in appointing a co-administrator
to the company after TGN said it would default on its debt, Hilary
Burke of Reuters reports.

As reported in the Troubled Company Reporter - Latin America on
Jan. 7, 2009, Reuters said Argentina's government filed a legal
complaint against TGN over "grave irregularities" at the firm, a
week after appointing a temporary co-administrator to the company.

In a TCRLA report on Jan. 5, Latin American Herald Tribune said
the Argentine government took over TGN for 120 days to guarantee
service by the company and to audit its accounts.   According to
The Tribune, Roberto Pons, the director of an energy studies
center at the University of Buenos Aires, was appointed as
overseer of the company and was also responsible for auditing the
company's accounts.

According to Reuters, in a statement to the Buenos Aires stock
exchange, TGN responded by saying: "Only the judicial branch ...
can order in extreme cases the intervention and co-administration
of a company."  The move was "baseless" and does not further the
aim of maintaining proper service, TGN said.

Bloomberg News reported TGN said it will default on its US$22.1
million debt.  The company, Bloomberg News recalled, said Dec. 23
it will miss year-end debt payments estimated at US$22.1 million
by Fitch Ratings as Argentina´s peso weakens and fuel exports
drop.

Reuters relates TGN said it "reaffirms the absolute transparency
and reasonable nature of the process that led it to postpone its
debt payments, and denies the false reports that refer to supposed
irregularities in its records."

Meanwhile, Reuters says the company reiterated its commitment to
invest 218 million pesos (US$62 million) over the next three
years.

                             About TGN

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering approximately
40% of the country's total gas consumption and more than 50% of
Argentine total gas exports.  The northern Argentine gas pipeline
system connects major gas fields in northern and central-western
Argentina.  The company benefits from an exclusive 35-year
concession contract, ending Dec. 28, 2027, which may be extended
for an additional 10 years.  The parent company is Gasinvest S.A.,
which has a 56.35% stake and comprises five companies:
Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania
General de Combustibles (5%), Organizacion Techint (27.2%), and
Petroliam Nasional Berhad (18.3%).  In addition, CMS Gas Argentina
holds 23.5% of Transportadora Norte's shares, while the remaining
20% is traded on the Buenos Aires stock exchange.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Dec. 19, 2008, Fitch Ratings downgraded the long-term local and
foreign currency Issuer Default Ratings of Transportadora de Gas
del Norte S.A. to 'C/C (arg)' from 'CCC BB (arg)' .  Fitch also
downgraded TGN's senior unsecured notes due in 2012 to 'CC' from
'CCC', while the Recovery Rating of the notes remains at 'RR4'.
In conjunction with the rating actions, Fitch downgraded TGN's
national scale issuance ratings to 'CC (arg)' from 'BB(arg)'.  All
Ratings have been placed on Rating Watch Negative.



===========
B E L I Z E
===========

* BELIZE: Defaults on US$4.4MM Newco JV International Award
-----------------------------------------------------------
The government of Belize, despite the public assurances of Prime
Minister Dean Barrow, has failed to pay the US$4,420,586.63
international arbitration award to Newco Limited, a joint venture
between German and US investors, Caribbean Net News reports.

The award, the report says, is related to the wrongful termination
of a concession agreement for the privatization and development of
the Philip SW Goldson International Airport in Belize.

According to the report, the award was delivered in Florida by the
unanimous decision of the arbitral tribunal formed under the
UNCITRAL Arbitration Rules.  The tribunal also awarded interest at
a rate of eight percent compounded quarterly beginning June 23,
2008, the date the award was issued.

Robert Wray, the Washington DC-based counsel to Newco, has
informed counsel to the government of Belize that the failure to
honour the award after nearly six months since its issuance, and
the recent retroactive issuance of 68 tax assessments by the
government of Belize based upon fictitious monthly revenues have
forced Newco to begin legal enforcement of the award, Caribbean
Net News says.

Newco, the report notes, has already initiated a civil action in
the United States District Court for the District of Columbia to
confirm and enforce the award under the New York Convention,
naming the Government of Belize as defendant.

Mr. Wray expressed confidence in the success of international
efforts to collect the award, despite the resistance of the
government of Belize, the report adds.

According to Moody's Rating Site, Belize continues to carry a Caa1
foreign and local currency rating.



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

BD INSURANCE: Creditors' Proofs of Debt Due on February 13
----------------------------------------------------------
The creditors of BD Insurance Limited are required to file their
proofs of debt by February 13, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 12, 2009.

The company's liquidator is:

          John C. McKenna
          CA of Finance & Risk Services Ltd.
          Suite 502, 26 Bermudiana Road
          Hamilton HM 11, Bermuda


BD INSURANCE: Members' Final Meeting Set for March 17
-----------------------------------------------------
The members of BD Insurance Limited will hold their final general
meeting on March 17, 2009, at 2:00 p.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Jan. 12, 2009.

The company's liquidator is:

          John C. McKenna
          CA of Finance & Risk Services Ltd.
          Suite 502, 26 Bermudiana Road
          Hamilton HM 11, Bermuda


THYBO TRUSTEES: Creditors' Proofs of Debt Due on January 28
-----------------------------------------------------------
The creditors of Thybo Trustees Limited are required to file their
proofs of debt by January 28, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 12, 2009.

The company's liquidator is:

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


THYBO TRUSTEES: Members' Final Meeting Set for February 16
----------------------------------------------------------
The members of Thybo Trustees Limited will hold their final
general meeting on February 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 commenced liquidation proceedings on Jan. 12, 2009.

The company's liquidator is:

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


XL CAPITAL: Unit Expands Pollution Coverage for Contractors
-----------------------------------------------------------
XL Insurance, the global insurance operations of XL Capital Ltd,
made several program enhancements to its pollution coverages for
contractors, extending environmental coverage for all aspects of a
contractor's operations, both on and off the jobsite.

Rich Corbett, head of XL Insurance's Global Environmental unit,
said: "These coverage enhancements are a convergence of 25 years
of best practices in the environmental industry.  Through ongoing
discussions with brokers and our customers, we continuously review
our pollution policies and look at how our policies can be
improved and modernized to meet the construction industry's risk
management needs as they change."

The enhancements, available through a group of endorsements, are
designed to extend contractors pollution coverage for waste
disposal, owned locations, emergency response, installations and
natural resource damages.

"In the past, these coverages may have been requested individually
and added to a contractor's Pollution Legal Liability coverage,"
said Mr. Corbett.  "To thoroughly address a contractor's
environmental liability concerns, we've created a coordinated
group of endorsements offering more environmental coverage."

The XL Insurance Contractor's Pollution Liability Construction
endorsements include:

  - Emergency cleanup costs up to US$500,000 for a period of 7
    days without pre-notification, a limit that exceeds other
    coverages available in the marketplace

  - Coverage against sudden and accidental pollution that
    originates and migrates from owned locations such as offices
    and equipment yards

  - Disposal of construction and demolition debris at non-owned
    disposal sites

  - Pollution coverage for transportation beyond the jobsite

  - Extended coverage for environmental liability that can arise
    in the assembly, fabrication or installation of products

  - Clear coverage terms for mold and natural resource damages

  - Third-party property damage

Available with liability limits up to US$50 million, the XL
Insurance Contractor's Pollution Liability Construction package is
underwritten by XL Specialty Insurance Company, Greenwich
Insurance Company and Indian Harbor Insurance Company.

                       About XL Insurance

"XL Insurance" -- http://www.xlinsurance.com-- is the global
brand used by member insurers of the XL Capital Ltd (NYSE: XL)
group of companies.

                       About XL Capital

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

                        *     *     *

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


XL CAPITAL: Unit Names Robert Finelli as Energy Underwriting Mgr
----------------------------------------------------------------
XL Insurance, the global insurance operations of XL Capital Ltd,
named Robert Finelli as its Energy Underwriting Manager in its
Property group for the Americas.

According to John Gallagher, XL Insurance's Chief Underwriting
Officer for Global Property: "XL Insurance's reputation and
experience in handling complicated industrial risks, like those
faced by energy businesses, is well known.  That reputation is
further enhanced when we add someone of Bob's caliber to our
Property underwriting team.  We continue to attract the industry's
top talent, which builds on our depth of underwriting expertise
and industry knowledge."

Mr. Finelli joins XL Insurance from Arch Insurance Group where he
was Senior Vice President for Technical Risk and managed day-to-
day operations for a book of business which included oil and gas,
power generation, process industries, chemical and construction
risks.  Prior to his tenure at Arch, he was Regional Energy
Manager of the Latin American Division of AIG.  He has also held
positions with Protection Mutual Insurance Company and Factory
Mutual Company.  He has a Mechanical Engineering degree from New
Jersey Institute of Technology.

"As underwriters, we aim to provide quality risk management
guidance everyday," said Mr. Finelli.  "I am so pleased to join
the ranks of XL Insurance's property underwriting team whose depth
of technical underwriting skill and industry knowledge is well
known in the industry.  XL Insurance delivers a well-rounded risk
management approach to help clients protect their property risk
and XL Insurance's underwriting prowess is further supported by
its risk engineering and claims handling capabilities."

                       About XL Insurance

"XL Insurance"  -- http://www.xlinsurance.com-- is the global
brand used by member insurers of the XL Capital Ltd (NYSE: XL)
group of companies.

                        About XL Capital

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

                          *     *     *

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


XL CAPITAL: Tom Hutton Joins Company's Board of Directors
---------------------------------------------------------
XL Capital Ltd disclosed that Tom Hutton has joined the Company's
Board of Directors.

Mr. Hutton is well known throughout the Property & Casualty
insurance and related financial services industries as an
innovator and spokesperson for the application of information
technology in risk management.  He was President and Chief
Executive Officer of Risk Management Solutions, Inc (RMS) from its
venture funding in 1990 to its sale in 2000.  RMS provides
modelling software and services for natural catastrophe and other
complex risks to most of the world's leading P&C insurers and
reinsurers.

Mr. Hutton, who is currently a Managing Partner with Thompson
Hutton LLC providing management oversight and transaction as
consultant, active board member and investor, also served on the
Board of CAT, Ltd from 1993-1996, Safeco Corporation from 2004 to
2006, and Montpelier Re from 2001 to 2006 where he was Chairman of
the Audit Committee.  Mr. Hutton most recently served as Chief
Executive Officer of White Mountains Re Group from 2006 to 2007.

XL's Lead Director Robert R. Glauber said: "I am very pleased to
welcome Tom to XL as a fellow Director.  He has extensive
experience in the insurance and reinsurance industries which,
coupled with his specialized knowledge of the risk business, will
be immensely valuable to the Board of Directors."

                         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
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BANCO ITAU: BofA May Sell Stake for BRL6 Billion
------------------------------------------------
Bank of America Corp. ("BofA") may consider selling its stake in
Banco Itau Holding Financeira SA for as much as BRL6 billion
(US$2.5 billion) to raise capital, John Detrixhe of Bloomberg News
reports, citing Deutsche Bank AG.

New York-based analyst Mario Pierry, the report relates, said Bank
of America owns 8.5% of Itau's preferred stock and 2.5% of its
common stock.

According to the report, Mr. Pierry said BofA may no longer want
to keep its shares in Itau after it expanded its business in Latin
America through the acquisition of Merrill Lynch & Co.  Bank of
America may also need to raise more capital given the
"challenging" operating environment for financial companies, he
said.

"It's in the best interest of both Itau and Bank of America for
them to try to find a way for Itau to buy the shares," Mr. Pierry
told Bloomberg News in a phone interview.  "Clearly they don't
want to just place the shares in the markets and kill the share
price."

Mr. Pierry, Bloomberg News adds, also said BofA may also consider
a sale of Itau shares because the three-year lock-up period
expires in May.

The report notes Mr. Pierry has a "hold" rating on Itau.

The report recalls Itau shares plunged 7.5% to BRL24.36 in Sao
Paulo on January 14, the steepest decline since Nov. 21, while
BofA fell 4.2% to BRL$10.20 in New York trading.

                        About Banco Itau

Banco Itau Holding Financeira S.A. -- http://www.itau.com.br/--
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA(Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.  The
bank has offices in Miami, New York, Hongkong, Lisbon,
Luxembourg, Bahamas, the Cayman Islands, Chile and Uruguay.

As of January 15, 2008, the company continues to carry Fitch's C
individual rating.


TAM SA: Records 85.5% International Market Share in December
------------------------------------------------------------
TAM S.A. disclosed operating data for December 2008, citing
Brazilian National Civil Aviation Agency ("ANAC").

According to ANAC, TAM registered 5.0% growth in domestic RPK
(demand) compared to the same period last year, and 14.3% increase
in domestic ASK (supply).  In December, market demand increased
3.7% and market supply increased 11.2%.  TAM registered domestic
market share (RPK) of 49.1%, a 0.6 p.p. increase from the same
period in 2007.  TAM's domestic load factor was 66.1%, 0.7 p.p.
lower than the market average of 66.9%.

In the international market, TAM registered 22.1% growth in RPK
and 21.9% in ASK, compared to December 2007.  The company attained
market share of 85.5%, representing 15.6 p.p. growth year on year.
TAM attained 71.4% load factor, 4.4 p.p. higher than the market
average of 67.0%.

                   Operating Data for December

Operating data                Dec-2008     Dec-2007      Var. %
Domestic Market

ASK (millions) - Supply        3,250           2,844     14.3%
RPK (millions) - Demand        2,150           2,046      5.0%
Load Factor                    66.1%           72.0%     -5.8 p.p.
Market share                   49.1%           48.5%      0.6 p.p.

International Market

ASK (millions) - Supply        2,046           1,679      21.9%
RPK (millions) - Demand        1,462           1,197      22.1%
Load Factor                    71.4%           71.3%      0.1 p.p.
Market share                   85.5%           70.0%     15.6 p.p.


Operating data                 4Q08            4Q07         Var. %

Domestic Market

ASK (millions) - Supply       9,222           8,069          14.3%
RPK (millions) - Demand       6,045           5,757           5.0%
Load Factor                   65.6%           71.3%      -5.8 p.p.
Market share                  50.7%           48.2%       2.5 p.p.

International Market

ASK (millions) - Supply       5,741           4,537          26.6%
RPK (millions) - Demand       4,189           3,206          30.7%
Load Factor                   73.0%           70.7%       2.3 p.p.
Market share                  84.7%           65.4%      19.3 p.p.

Operating data         Jan-Dec-2008    Jan-Dec-2007         Var. %

Domestic Market

ASK (millions) - Supply      35,148          30,769          14.2%
RPK (millions) - Demand      24,003          21,704          10.6%
Load Factor                   68.3%           70.5%      -2.2 p.p.
Market share                  50.3%           48.8%       1.5 p.p.

International Market

ASK (millions) - Supply      20,968          16,051          30.6%
RPK (millions) - Demand      15,903          11,350          40.1%
Load Factor                   75.8%           70.7%       5.1 p.p.
Market share                  75.2%           67.5%       7.7 p.p.

                          About TAM S.A.

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

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

                          *     *     *

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

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


* BRAZIL: Central Bank to Lend Firms US$20BB for Foreign Debt
-------------------------------------------------------------
Brazil's central bank will lend more than US$20 billion to
companies having difficulty rolling over international debt,
Bloomberg News reports, citing bank President Henrique Meirelles.

President Henrique Meirelles, the report relates, said the central
bank will offer the loans from reserves starting this month and
eventually may help more than 4,000 companies.

According to the report, Standard & Poor's analyst Lisa
Schineller, citing central bank data, said Brazilian companies
have a total US$61.6 billion of foreign debt coming due this year,
including US$44.9 billion of obligations that mature in less than
a year.  Financing is constrained in Brazil after international
banks cut credit lines and the global recession curbed demand for
the nation's exports and eroded consumer confidence, Bloomberg
News says.

The report notes the real's 34% decline against the dollar since
Aug. 1 also has driven up the cost of servicing international
debt.

President Meirelles, Bloomberg News relates, said access to
foreign credit hasn't been restored to levels from before the
credit crisis began in September.  The central bank has already
provided US$10 billion in credit lines to exporters, he added.

"Reserves are there to provide a safety net and buffer in moments
like these," Bloomberg News quoted Ms. Schineller as saying.
"There's a lot of firepower here that the government is committed
to using.  The central bank is stepping in to provide room to
maneuver."

According to Bloomberg data, these Brazilian companies have
foreign debt coming due in 2009:

  -- Petroleo Brasileiro SA,
  -- Cia. Vale do Rio Doce,
  -- Petrobras and its subsidiaries with US$606 million in dollar-
     denominated loans and bonds maturing this year; and
  -- Vale with US$650 million dollar- denominated loan.



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

BARTHOLOMEW CAYMAN: Shareholders Hear Wind-Up Report
----------------------------------------------------
The shareholders of Bartholomew Cayman Ltd. met on Jan. 9, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lucio Velo
          c/o Velo & Associate
          Piazza Riforma 5, CH6901 Lugano 1
          Switzerland


BRUSNWICK RUSSIA: Members Receive Wind-Up Report
------------------------------------------------
The members of Brusnwick Russia (Cayman) Limited met on Jan. 8,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Edward Allanby
          c/o Maples and Calder
          Attorneys-at-Law
          PO Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands


DELDAN CORPORATION: Members Receive Wind-Up Report
--------------------------------------------------
The members of Deldan Corporation Ltd. met on Dec. 8, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman


DOLOMINO LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Dolomino Limited met on Jan. 8, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman


EIGHT TREASURES: Members Receive Wind-Up Report
-----------------------------------------------
The members of Eight Treasures Limited met on Jan. 8, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman


GA GENPAR: Members Hear Wind-Up Report
--------------------------------------
The members of GA Genpar (Cayman) Limited met on Jan. 9, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Richard L. Finlay
          P.O. Box 2681, Grand Cayman KY1-1111
          Telephone: (345) 949 3901
          Facsimile: (345) 949 3902


KLC FUNDING: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of KLC Funding Limited met on Jan. 9, 2009, and
received 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


MONUMENTAL HOLDINGS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Monumental Holdings Limited met on Jan. 8, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman


MUTUAL FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Mutual Fund Basket Master Fund (12) met on Jan. 8,
2009, and received 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


MUTUAL FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Mutual Fund Basket Reference Fund (10-A) Limited
met on Jan. 8, 2009, and received 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


MUTUAL FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Mutual Fund Basket Reference Fund (10-B) Limited
met on Jan. 8, 2009, and received 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


MUTUAL FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Mutual Fund Basket Reference Fund (10-C) Limited
met on Jan. 8, 2009, and received 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


MUTUAL FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Mutual Fund Basket Reference Fund (11-A) Limited
met on Jan. 8, 2009, and received 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


MUTUAL FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Mutual Fund Basket Reference Fund (12-A) Limited
met on Jan. 8, 2009, and received 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


ONXY LIMITED: Shareholders Hear Wind-Up Report
----------------------------------------------
The shareholders of Onxy Limited met on Dec. 24, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mil (Cayman) Ltd
          P.O. Box 513, HSBC House, 68 West Bray Road
          Grand Cayman KY1-1106, Cayman Islands
          Tel: (345) 949-7755
          Fax: (345) 949-7634


PUPET LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Pupet Limited met on Jan. 8, 2009, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman


PUTNAM CURRENCY: Members Hear Wind-Up Report
--------------------------------------------
The members of Putnam Currency Alpha Ffund, Ltd met on Jan. 9,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Richard L. Finlay
          P.O. Box 2681, Grand Cayman KY1-1111
          Telephone: (345) 949 3901
          Facsimile: (345) 949 3902


SAPIC-98 REFERENCE: Members Receive Wind-Up Report
--------------------------------------------------
The shareholders of Sapic-98 Reference Fund (10) Limited met on
Jan. 15, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SAPIC-98 REFERENCE: Members Receive Wind-Up Report
--------------------------------------------------
The shareholders of Sapic-98 Reference Fund (11) Limited met on
Jan. 15, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


VINIS INVESTMENT: Members Receive Wind-Up Report
------------------------------------------------
The members of Vinis Investment met on Jan. 8, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman



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

AIR JAMAICA: Pilot Association Prepares for Possible Layoffs
------------------------------------------------------------
The Jamaica Airline Pilots Association ("JALPA") has prepared its
members for possible job cuts after learning that Air Jamaica's
management is considering several cost cutting measures, Radio
Jamaica News reports, citing JALPA President Russel Capleton.

According to the report, the airline's cost cutting measures
include a redundancy program involving some of its pilots.

"The membership is agitated and as a consequence we are dealing
with the situation in many ways because we are not privy to what
is happening because of the non-disclosure agreements and the
general reluctance to tell us what they really have in mind," the
report quoted Mr. Capleton as saying.

"We have had to run the various models looking at the various fall
outs.  What we are doing is being proactive because we don't know
where it will land, how many aircraft they will end up operating.
What we have had to do is contact our international affiliates to
try and see if we can find job placements for them," Mr. Capleton
said.

Radio Jamaica News recalls that on Monday, January 12, the
airline's management was guarded in refuting reports of a plan to
cut pilots at the airline by the end of this week.

                        About Air Jamaica

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

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

                          *     *     *

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



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

AMC ENTERTAINMENT: Completes Sale of 100% Stake in Grupo Cinemex
----------------------------------------------------------------
AMC Entertainment Inc.'s subsidiaries completed the sale of the
100% ownership interest in Grupo Cinemex, S.A. de C.V. and
Symphony Subsisting Vehicle, S. de R.L. de C.V. owned by AMCE and
its subsidiaries to Entretenimiento GM de Mexico S.A. de C.V.
pursuant to a definitive Stock Purchase Agreement dated as of
Nov. 5, 2008.  Cinemex operates 44 theatres with 493 screens in
the Mexico City Metropolitan area.

As provided in the Agreement, on Dec. 29, 2008, the stockholders
of Cinemex and equity holders of Symphony received US$315,000,000
in cash, decreased by the amount of net funded indebtedness of
Cinemex and other specified items of US$66,859,447, in exchange
for all of their equity interests in Cinemex and Symphony.   The
Agreement provides for additional adjustments to the sales price
subsequent to Dec. 29, 2008, for items as a working capital
calculation, post-closing adjustments and tax payments and
refunds.

A full-text copy of the Amendment To Stock Purchase Agreement is
available for free at http://ResearchArchives.com/t/s?37f5

                   About AMC Entertainment

Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is a theatrical exhibition
company.  As of July 3, 2008, the company owned, operated or had
interests in 353 theatres and 5,117 screens, with 89% or 4,569 of
its screens in the U.S. and Canada and 11%, or 548 of its screens
in Mexico, China (Hong Kong), France and the United Kingdom.

The company's principal direct and indirect owned subsidiaries are
American Multi-Cinema Inc., Grupo Cinemex, S.A. de C.V. and AMC
Entertainment International Inc.

For thirteen weeks ended Oct. 2, 2008, the company reported net
earnings of US$3.6 million compared with net earnings of
US$36.9 million for the same period in the previous year.

For twenty-six weeks ended Oct. 2, 2008, the company reported net
earnings of US$14.4 million compared with net earnings of
US$59.0 million for the same period in the previous year.

At Oct. 2, 2008, the company's balance sheet showed total assets
of US$3.7 billion, total liabilities of US$2.6 billion and
stockholders' equity of US$1.1 billion.

As of Oct. 2, 2008, the company was in compliance with all
financial covenants relating to the Senior Secured Credit
Facility, the Cinemex Credit Facility, the Notes due 2016, the
Notes due 2014, and the Fixed Notes due 2012.

                        *     *     *

To date, AMC Entertainment Inc. still carries Fitch Ratings'
'CCC+' senior subordinate rating assigned on Jan. 12, 2006.


* MEXICO: Peso Hits 3Mo Low Amid Decreasing U.S. Retail Sales
-------------------------------------------------------------
Mexico's peso slipped 2.1% to 14.1128 per U.S. dollar at 5:00 p.m.
New York time, Tuesday, January 13, the lowest in almost three
months, after a U.S. report showing retail sales in December fell
more than forecast, Bloomberg News reports.  The sales report,
Bloomberg News relates, heightened concern that demand for Mexican
exports will further decline.

"The numbers aren't good," Bloomberg News quoted Omar Martin del
Campo, a currency trader at Banco Ve Por Mas SA in Mexico City, as
saying.  "It signals growth will be very bad."

According to the report, in an effort to stem the currency's fall,
Banco de Mexico bought US$400 million worth of pesos at an auction
at an average weighted price of 14.1603 pesos per dollar.

The U.S. Commerce Department, Bloomberg News notes, said U.S.
retail sales fell 2.7% in December, the sixth consecutive drop,
extending the longest string of declines in records going back to
1992.  Sales were projected to fall 1.2 percent, according to the
median estimate of economists in a Bloomberg survey.

Bloomberg News adds Mr. Martin del Campo said the demand for pesos
also weakened on bets Banco de Mexico will start to reduce
borrowing costs at a policy meeting on Jan. 16, reducing the gap
between U.S. and Mexican lending rates.



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

* PUERTO RICO: Seeks US$1.2BB Loan for Financing & Debt Payment
---------------------------------------------------------------
Puerto Rico Governor Luis Fortuno plans to borrow US$1.2 billion
from Banco Gubernamental de Fomen to pay overdue debts and finance
an economic stimulus package, The Associated Press reports.

According to the report, Mr. Fortuno said he will a loan to pay
government suppliers US$700 million for everything from school
supplies to social workers.

Mr. Fortuno, the report relates, is also seeking US$500 million to
build roads, hotels and schools to help boost the island's
negative growth rate.

The U.S. territory has a US$3.2 billion budget deficit, the report
says.



=============
U R U G U A Y
=============

BANCO SANTANDER: Moody's Gives Positive Outlook on 'D' BFSR
-----------------------------------------------------------
Moody's Investors Service changed the outlook for the D bank
financial strength rating of Banco Santander, S.A. (Uruguay) to
positive from stable, following the acquisition of ABN AMRO Bank
N.V., Montevideo Branch.  The rating agency also changed to
positive the outlooks of BSU's long term local currency deposit
rating of Ba1 and national scale local currency deposit rating of
Aa2.uy, and affirmed the short term local currency deposit rating
of Not Prime.  In a corresponding action, Moody's withdrew the
ratings for ABN.

On December 29, 2008, BSU acquired the local operations of ABN
AMRO Bank N.V. of the The Netherlands, following the approval by
the Uruguayan Ministry of Finance and Economy on December 26,
2008.

Moody's said that the acquisition should enhance the bank's
franchise value in terms of both market shares and scale, as well
as adding product and client diversification.  The agency noted it
expects BSU's deposit market share to increase to over 15% from
6%, and loan market share to about 20%, from 11%.  With 41
branches and about 100 ATMs, BSU is now the second largest bank in
Uruguay, behind government-owned Banco de la República Oriental
del Uruguay with deposit and loan market shares of 45% and 30%,
respectively.  The positive outlook also reflects BSU's and ABN's
healthy financial fundamentals that combined should lead to a
stronger balance sheet in terms of asset quality, liquidity, and
core funding, said Moody's.

The merger should also allow BSU to further leverage its important
brand within the Uruguayan market together with the complementary
products and services acquired, backed by the combined management
expertise.  As the bank's parent company Banco Santander S.A. of
Spain has vast experience integrating acquisitions, the agency
expects little in the way of integration challenges though the
bank is expected to incur restructuring costs.

At the same time Moody's warned that the bank is faced with
enhanced transition risks posed by the global downturn and its
effects on Uruguay's economy; much lower GDP growth is expected
for 2009. Inelastic operating costs could dampen profit growth and
scale efficiencies.

Headquartered in Montevideo, Uruguay, Banco Santander, S.A.
(Uruguay) had US$1 billion in deposits and US$649 million in gross
loans, as of September 30, 2008.  ABN AMRO Bank N.V., Montevideo
Branch had US$1.5 billion in deposits and US$1.3 billion in gross
loans.

These ratings were affected:

Banco Santander, S.A. (Uruguay):

  - Bank Financial Strength Rating of D, outlook changed to
    positive from stable

  - Long Term Local Currency Deposit Rating of Ba1, outlook
    changed to positive from stable

  - Short Term Local Currency Deposit Rating of Not Prime,
    affirmed

  - National Scale Local Currency Deposit Rating of Aa2.uy,
    outlook changed to positive from stable

These ratings were withdrawn:

ABN AMRO Bank N.V., Montevideo Branch:

  - Long Term Local Currency Deposit Rating of Baa2
  - Short Term Local Currency Deposit Rating of Prime-2
  - Long Term Foreign Currency Deposit Rating of B2
  - Short Term Foreign Currency Deposit Rating of Not Prime
  - National Scale Foreign Currency Deposit Rating of A3.uy
  - National Scale Local Currency Deposit Rating of Aaa.uy



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

PDVSA: U.S. Unit Cuts Feedstock to Corpus Christi
-------------------------------------------------
Petroleos de Venezuela's U.S. unit, Citgo Petroleum Corp, reduced
the feedstock going to a hydrotreater, coker and platformer in the
West Plant of its 156,000 barrel per day (bpd) Corpus Christi,
Texas refinery, Erwin Seba of Reuters reports, citing a regulatory
filing.

The company move, the report relates, aims to correct a
malfunction in the amine unit.

According to the report, the malfunction also caused a sulfur
recovery unit to trip offline, according to the notice filed with
the Texas Commission on Environmental Quality.  A sour water
stripper was shut down, the report says.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

Petroleos de Venezuela is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical, and
coal industry, as well as planning, coordinating, supervising,
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

As reported by the Troubled Company Reporter on Nov. 26, 2008,
Fitch Ratings affirmed CITGO Petroleum Corp's Issuer Default
Rating and outstanding debt ratings:

  -- IDR at 'BB-';

  -- US$1.15 billion senior secured revolving credit facility
     maturing in 2010 at 'BBB-';

  -- US$700 million secured term-loan maturing in 2012 at 'BBB-';

  -- US$515 million secured term-loan maturing in 2012 at 'BBB-';

  -- Fixed-rate industrial revenue bonds at 'BBB-'.



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

NORTEL NETWORKS: LatAm and Asia Units Excluded From Filings
-----------------------------------------------------------
Despite its decision to seek creditor protection in the United
States, Canada and Europe, Nortel Networks Corp. said in a
statement that worldwide normal day-to-day operations are expected
to continue without interruption.  NNC also said that its
affiliates in Asia, including LG Nortel and in the Caribbean and
Latin America are not included in the insolvency proceedings and
are expected to continue to operate in the ordinary course.

Nortel said it remains 100% focused on serving customers worldwide
through continued R&D investments and support of its product
portfolio to fulfill customer needs.

"Nortel must be put on a sound financial footing once and for
all," said Nortel President and CEO Mike Zafirovski, in connection
with Nortel's decision to seek creditor protection.  "These
actions are imperative so that Nortel can build on its core
strengths and become the highly focused and financially sound
leader in the communications industry that its people, technology
and customer relationships show it ought to be.  I am confident
that the actions we're announcing today will be the fastest, most
effective means to translate our improved operational efficiency,
double-digit productivity, focused R&D and technology leadership
into long-term success.  I want to reaffirm Nortel's dedication to
delivering world-class solutions and services to customers."

In a Jan. 14 news release, the company said that it commenced a
process to turn around and transform Nortel in late 2005, and the
company made important progress on a number of fronts.  However,
the global financial crisis and recession have compounded Nortel's
financial challenges and directly impacted its ability to complete
this transformation.  Nortel said it is taking this action now,
with a US$2.4 billion cash position, to preserve its liquidity and
fund operations during the restructuring process.  Nortel has
concluded that, in the absence of seeking creditor protection, in
later portions of this year there is a significant risk it would
have insufficient cash resources on a regional basis and would
likely be unable to remedy this deficit position through third-
party financing.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Bankruptcy Creditors' Service, Inc., is publishing Nortel Networks
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)

                            ***********

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

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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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