TCRLA_Public/090120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, January 20, 2009, Vol. 9, No. 13

                            Headlines

A R G E N T I N A

EMPRESAS IANSA: Asset Conveyance Won't Affect S&P's Ratings


B E R M U D A

MILLENNIUM GLOBAL: Creditors and Contributories to Meet on Jan. 30
MILLENNIUM GLOBAL: Creditors and Contributories to Meet on Jan. 30
STARMAN INTERNATIONAL: Creditors' Proofs of Debt Due on January 30
STARMAN INTERNATIONAL: Members' Final Meeting Set for Feb. 19
STARMAN INTERNATIONAL: Creditors' Proofs of Debt Due on January 30

STARMAN INTERNATIONAL: Members' Final Meeting Set for Feb. 18


B R A Z I L

BANCO DE BRASIL: Fitch Affirms 'C/D Individual Ratings
GERDAU SA: Shares Drop on Goldman's Steel Demand Drop Forecast
GERDAU S.A.: To Hold Earnings Conference Call on February 19


C A Y M A N  I S L A N D S

GIBRALTAR LIMITED: Members Receive Wind-Up Report
GOLDMAN SACHS: Members Receive Wind-Up Report
HAMILTON CDO: Members Receive Wind-Up Report
HIGHLAND PHARMA: Members Receive Wind-Up Report
HSPI HG: Members Receive Wind-Up Report

IJARAH I: Members Receive Wind-Up Report
IJARAH II: Members Receive Wind-Up Report
J-CASHING II: Members Hear Wind-Up Report
J-FINANCE CORPORATION: Members Hear Wind-Up Report
JTU LIMITED: Members Hear Wind-Up Report

KATONAH I: Members Receive Wind-Up Report
KEFTON CDO: Members Receive Wind-Up Report
KONA LIMITED: Members Receive Wind-Up Report
LONG RIDGE: Members Receive Wind-Up Report
MARKOV CDO: Members Receive Wind-Up Report

MBNA AMERICAN: Members Receive Wind-Up Report
MF INVESTMENT: Members Receive Wind-Up Report
MOUNTAIN VIEW: Members Receive Wind-Up Report
MUGELLO ABS: Members Receive Wind-Up Report
NATIONWIDE FINANCIAL: Members Receive Wind-Up Report


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: U.S. Trade Deficit Up 57.49% in Nov-Dec


E C U A D O R

* ECUADOR: To Cut Imports by US$1.5BB to Defend Use of Dollar


G U Y A N A

GUYSUCO: To Replace CEO Nick Jackson as Part of Restructuring Plan


J A M A I C A

AIR JAMAICA: Management to Disclose Job Cutoff Update
* JAMAICA: Gets US$400 Loan From IADB and World Bank


M E X I C O

BANK OF AMERICA: Moody's Affirms Unit's 'D+' Financial Rating
CITIGROUP INC: Mulling Sale of Mexican Unit, RBS Analysts Say


V E N E Z U E L A

PDVSA: Records US$3 Billion Debt to Suppliers


X X X X X X X X

* Emerging Economies Caught in the Global Economic Crisis
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

EMPRESAS IANSA: Asset Conveyance Won't Affect S&P's Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services said that the recent
announcement by Empresas Iansa S.A. that subsidiary Iansa Overseas
Ltd. has transferred all of its assets and liabilities to IANSA's
Panamanian branch does not affect the ratings.

The transfer to Empresas Iansa S.A., Agencia en Panama included
US$100 million in notes due in 2012, rated 'BB-'.  Empresas Iansa
S.A., Agencia en Panama is a branch of IANSA, organized under the
laws of Panama.  The transfer is intended to gain some tax
advantages.



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

MILLENNIUM GLOBAL: Creditors and Contributories to Meet on Jan. 30
------------------------------------------------------------------
The contributories and creditors of Millennium Global Emerging
Credit Fund Limited will hold their first meeting on January 30,
2009, at 10:00 a.m. and 10:30 a.m., respectively,  at the offices
of Freshfields Bruckhaus Deringer LLP, 28 Tudor Street, London,
EC4Y OHY, UK.

Mike Morrison, Charles Thresh and Richard Heis are the company's
joint provisional liquidators.


MILLENNIUM GLOBAL: Creditors and Contributories to Meet on Jan. 30
------------------------------------------------------------------
The contributories and creditors of Millennium Global Emerging
Credit Master Fund Limited will hold their first meeting on
January 30, 2009, at 10:15 a.m. and 11:00 a.m. respectively, at
the offices of Freshfields Bruckhaus Deringer LLP, 28 Tudor
Street, London, EC4Y OHY, UK.

Mike Morrison, Charles Thresh and Richard Heis are the company's
joint provisional liquidators.


STARMAN INTERNATIONAL: Creditors' Proofs of Debt Due on January 30
------------------------------------------------------------------
The creditors of Starman International (Bermuda) Limited are
required to file their proofs of debt by January 30, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 13, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


STARMAN INTERNATIONAL: Members' Final Meeting Set for Feb. 19
-------------------------------------------------------------
The members of Starman International (Bermuda) Limited will hold
their final meeting on February 19, 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. 13, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


STARMAN INTERNATIONAL: Creditors' Proofs of Debt Due on January 30
------------------------------------------------------------------
The creditors of Starman International Management Limited are
required to file their proofs of debt by January 30, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 13, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


STARMAN INTERNATIONAL: Members' Final Meeting Set for Feb. 18
-------------------------------------------------------------
The members of Starman International Management Limited will hold
their final meeting on February 18, 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. 13, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda



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

BANCO DE BRASIL: Fitch Affirms 'C/D Individual Ratings
------------------------------------------------------
Fitch Ratings has affirmed these ratings of Banco do Brasil S.A.
and Banco Votorantim S.A.:

BB:

  -- Long-term foreign and local currency Issuer Default Rating at
     'BBB-'

  -- Short-term foreign and local currency IDR at 'F3'

  -- Support Rating at '2'

  -- Individual Rating at 'C/D'

  -- Support Rating Floor at 'BBB-'

  -- National Long-term rating at 'AA+(bra)'

  -- National Short-term rating at 'F1+(bra)'

BV:

  -- Long-term foreign and local currency IDR at 'BBB-'
  -- Short-term foreign and local currency IDR at 'F3'
  -- Support Rating at '2'
  -- Individual Rating at 'C/D'
  -- National Long-term rating at 'AA+(bra)'
  -- National Short-term rating at 'F1+(bra)'

The rating Outlook for all BB and BV's Long-term ratings is
Stable.  Fitch has also affirmed the National Long-term rating of
BV Leasing Arrendamento Mercantil S.A.'s (BV Leasing) 1st and 2nd
issuances of debentures at 'AA+(bra)'.

The rating actions follow the announcement by BV's controlling
shareholder, Votorantim Financas, and BB that the latter proposes
to acquire 49.99% of BV's voting capital and 50% of its total
capital, subject to regulatory approvals.  Under the proposed
transaction, BB would inject BRL1.2bn in fresh capital into BV,
and pay VF an additional BRL3bn for its stake in the bank.  The
agreement also establishes the creation of a Supervisory Board for
BV, with each partner naming three members to the Board.  Under
this plan, the Chairman's position would be rotated annually, with
BB appointing a Chairman in the first year.

BB's Support Rating, IDRs and National ratings are derived from
the support of its controlling shareholder, the Brazilian
government, and are at their Support Floor.  The bank's Individual
Rating reflects BB's strong commercial banking franchise, broad
deposit base, and well diversified asset base.  The Individual
Rating is constrained by concerns over the quality of BB's capital
base, which has been pressured by continued growth and increasing
intangible assets.  The proposed acquisition of BV represents less
than 10% of combined asset and loan portfolios after the
acquisition.  The acquisition of BV gives BB a significant
presence in Brazil's vehicle financing market, complementing its
growing consumer finance business, as well as the recognized know-
how of BV in the provision of commercial and investment banking
products to Brazil's corporate sector.  BB will also acquire a
broader range of brokerage services which it can offer to its
large portfolio of individual and corporate clients,.  For BV, the
proposed transaction will provide access to BB's established
funding base, through interbank credit lines, allowing it to
continue to generate quality assets in its consumer finance and
corporate businesses.

BV's Support, IDR and National ratings are driven by the strength
of its current controlling shareholder, VF.  With the conclusion
of the proposed transaction, the addition of BB to BVs shareholder
base will solidify support, given the important role BV will play
in the expansion of BB's domestic franchise.  Under stress, BB's
role as a government-owned shareholder of the bank, combined with
the importance of the Votorantim group to the Brazilian economy,
gives BB a strong vested interest to sustain the payment capacity
of BV.  BV's Individual Rating reflects the bank's growing
franchise, and continuing efforts to diversify its asset and
revenue base.  It also reflects the potential weaknesses inherent
in concentrations on the funding side, and gradually increasing
leverage resulting from sustained and aggressive growth of its
consumer finance portfolio.

After the conclusion of the proposed transaction, regulatory
approvals are expected in H109, BB management estimates it will be
the leader in the Brazilian consignment lending industry with a
22% market share, the fourth largest in the Brazilian auto loans
segment with a 16% market share and the second largest in
corporate loans with a 21% market share.  Fitch believes the
transaction will enable BB to compete with larger Brazilian banks
in segments where the bank was not highly active, primarily
including corporate loans and vehicle financing.  However, Fitch
notes that the transaction will add to the pressure on BB's
capitalization ratios, which its management estimates will fall to
12.5% from 13.5% at Q308, levels, after the conclusion of the
transaction, which would mark a decline below its domestic private
sector peers.  BB's capitalization ratios need to be seen in light
of high and increasing intangible assets and a high Tier II
component in BB's regulatory capital base.  Goodwill will
correspond to some 20% of BB's equity with the recent acquisition
of Banco Nossa Caixa and with the proposed acquisition of BV.
Deferred tax assets are high and likely to increase in the short
term.  At Q308, intangible assets and Tier II elements within BB's
capital base, were 54% of equity and 32% of regulatory capital,
respectively, at levels that continue to restrain the bank's
Individual Rating.

Fitch believes the transaction will benefit BV's capital,
liquidity and funding, while also enabling the bank to foster its
retail activities by taking advantage of a higher distribution
channel.  As part of the transaction, BV will distribute dividends
in the amount of BRL750m to VF and will receive BRL1.2b from BB,
increasing its total capital ratio to 14%.  BV's liquidity, which
has been affected by global financial turmoil, is expected to
increase and return to its pre-crisis levels, with deposits and
long-term credit lines provided by BB, as well as benefiting from
the association of its name with BB's, which should result in
lower funding costs, longer tenors and increased funding from
institutional investors.

BB is the second-largest financial conglomerate in Brazil and a
leader in several segments, such as export financing, agricultural
finance, asset management and deposits, due to its strong base of
sight deposits, time deposits and savings.

BV is active in wholesale, retail, treasury and asset management,
and has a lean structure.



GERDAU SA: Shares Drop on Goldman's Steel Demand Drop Forecast
--------------------------------------------------------------
Gerdau S.A.'s shares sank 2% to BRL16.75 on January 13, the lowest
in a week, after Goldman Sachs Group Inc. said prices for the
metal may tumble as much as 20% this year on weaker Brazilian
demand, Paulo Winterstein of Bloomberg News reports.

According to the report, analyst Marcelo Aguiar wrote in a note,
"We expect flat and long steel prices to fall by 15% and 20%,
respectively, in local currency during 2009."  He cited slowing
Brazil growth, lower export volume and an "excessive premium" in
local prices compared with imported steel, the report states.

Bloomberg News relates Mr. Aguiar wrote that Gerdau is trading
above their historic valuation.  The industry is trading at an
enterprise value of 5 times EBITDA, which will likely drop to less
than 4.6 times "given the current uncertainties of prices and
shipments" this year and in 2010, he wrote.

                        About Gerdau S.A.

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

                          *     *     *

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

Ratings affirmed were:

Issuer: Gerdau S.A.

  -- Ba1 Corporate Family Rating

  -- Ba1 US$600 million guaranteed perpetual bonds


GERDAU S.A.: To Hold Earnings Conference Call on February 19
------------------------------------------------------------
Gerdau S.A. will hold a conference call with financial market
analysts regarding the 4th quarter 2008 results on February 19,
2009.

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

                          *     *     *

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

Ratings affirmed were:

Issuer: Gerdau S.A.

  -- Ba1 Corporate Family Rating

  -- Ba1 US$600 million guaranteed perpetual bonds



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

GIBRALTAR LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Gibraltar Limited met on January 8, 2009, and heard
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Phillipa White
          Prashant Veturkar
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


GOLDMAN SACHS: Members Receive Wind-Up Report
---------------------------------------------
The members of Goldman Sachs Asset Management CBO II Limited met
on January 8, 2009, and heard the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Andrew Millar
          Onson Mukwedeya
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


HAMILTON CDO: Members Receive Wind-Up Report
--------------------------------------------
The members of Hamilton CDO, Ltd. met on January 8, 2009, and
heard the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Martin Couch
          Onson Mukwedeya
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


HIGHLAND PHARMA: Members Receive Wind-Up Report
-----------------------------------------------
The members of Highland Pharma CLO, Ltd. met on January 8, 2009,
and heard the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Chris Marett
          Onson Mukwedeya
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


HSPI HG: Members Receive Wind-Up Report
---------------------------------------
The members of HSPI HG CDO I, Ltd. met on January 8, 2009, and
heard the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Carl Gosselin
          Carlos Farjallah
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


IJARAH I: Members Receive Wind-Up Report
---------------------------------------
The members of Ijarah I Limited met on January 8, 2009, and heard
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Carlos Farjallah
          Prashant Veturkar
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


IJARAH II: Members Receive Wind-Up Report
-----------------------------------------
The members of Ijarah II Limited met on January 8, 2009, and heard
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Carlos Farjallah
          Prashant Veturkar
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


J-CASHING II: Members Hear Wind-Up Report
-----------------------------------------
The members of J-Cashing II Holding Co., Ltd 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:

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


J-FINANCE CORPORATION: Members Hear Wind-Up Report
--------------------------------------------------
The members of J-Finance Corporation met on January 8, 2009, and
heard the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Martin Couch
          Onson Mukwedeya
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


JTU LIMITED: Members Hear Wind-Up Report
----------------------------------------
The members of JTU Limited met on January 8, 2009, and heard the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Carlos Farjallah
          Onson Mukwedeya
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


KATONAH I: Members Receive Wind-Up Report
-----------------------------------------
The members of Katonah I, Ltd. met on December 24, 2009, and heard
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KEFTON CDO: Members Receive Wind-Up Report
------------------------------------------
The members of Kefton CDO I, Ltd. met on January 8, 2009, and
heard the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

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


KONA LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of Kona Limited met on January 8, 2009, and heard the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


LONG RIDGE: Members Receive Wind-Up Report
------------------------------------------
The members of Long Ridge CLO 2007-I Ltd. met on January 8, 2009,
and heard the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          George Bashforth
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


MARKOV CDO: Members Receive Wind-Up Report
------------------------------------------
The members of Markov CDO I, Ltd. 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:

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


MBNA AMERICAN: Members Receive Wind-Up Report
---------------------------------------------
The members of MBNA American European Structured Offerings No. 4
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:

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


MF INVESTMENT: Members Receive Wind-Up Report
---------------------------------------------
The members of MF Investment Corp. 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:

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


MOUNTAIN VIEW: Members Receive Wind-Up Report
---------------------------------------------
The members of Mountain View CLO V Ltd. met on January 8, 2009,
and heard the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Chris Marett
          Bobby Toor
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


MUGELLO ABS: Members Receive Wind-Up Report
-------------------------------------------
The members of Mugello ABS CDO 2006-1 Ltd. met on January 8, 2009,
and heard the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NATIONWIDE FINANCIAL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Nationwide Financial Funding LLC met on January 8,
2009, and heard the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Phillip Hinds
          Onson Mukwedeya
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands




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

* DOMINICAN REPUBLIC: U.S. Trade Deficit Up 57.49% in Nov-Dec
-------------------------------------------------------------
The trade deficit between the Dominican Republic and the United
States of America increased 57.49% to US$2.5 billion between
November and December 2008, from US$1.6 billion for the same
period in 2007, Dr1 News reports.

According to the report, Hoy economist Luis H. Vargas said the
drastic change in the trade deficit is due in part to the
simultaneous increase in the value of imports, 12.32% (US$675.3
million) and the decrease in exports by 6.02% (US$234.9 million).

Dr1 News relates live animals and foods (US$564 million), metals
and papers (US$34 million), minerals and lubricants (US$616
million), vegetable oils and animals (US$92.3 million), chemical
products (US$495 million) and manufactured goods (US$549.7
million) all experienced deficits during 2008.

Since the implementation of the DR-CAFTA, which was expected to
lessen the deficit between signatory countries and the US, has
totaled US$4.05 billion in a 21-month period, the report says.

According to Moody's Investors Service, the country continues to
carry a B2 foreign currency rating with a stable outlook, and a B2
local currency rating with stable outlook.



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

* ECUADOR: To Cut Imports by US$1.5BB to Defend Use of Dollar
-------------------------------------------------------------
Ecuador has reached a businesses agreement with leaders to cut
imports by US$1.5 billion to help defend the country's use of the
dollar as legal tender, Stephan Kueffner of Bloomberg News
reports, citing President Rafael Correa.

According to the report, President Correa said voluntary import
restrictions with private industry were reached after he
originally had planned to order as much as US$2.1 billion in
import cuts.  "We've reached a very broad consensus," the report
quoted President Correa as saying.  "Some imports will be limited
to 70% of last year's level."

Bloomberg News relates the central bank said Ecuador had a trade
deficit of US$499.74 million in November and a non-oil trade
deficit of US$6.9 billion through the end of November.

President Correa, the report notes, said unable to print currency,
Ecuador risks running out of dollars if it doesn't reduce money
spent on imports.  After scrapping central bank independence under
its new constitution that went into effect last year, Ecuador "is
preparing a new central bank law that has nothing to do with
exiting from dollarization, introducing another currency, or other
foolishness," President Correa added.

Bloomberg News adds the government and importers agreed to work to
keep prices stable, limit job losses and fight smuggling.

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



===========
G U Y A N A
===========

GUYSUCO: To Replace CEO Nick Jackson as Part of Restructuring Plan
------------------------------------------------------------------
Guyana Sugar Corporation ("GuySuCo") will replace its Chief
Executive Officer Nick Jackson as part of its
restructuring plan to review and increase production, Oscar
Ramjeet of Caribbean Net News reports, citing Kaieteur News.

As reported in the Troubled Company Reporter - Latin America on
January 19, 2008, Caribbean360 News said GuySuCo will make changes
in its organizational structure starting at the senior management
level.  President Bharrat Jagdeo and his Cabinet have approved a
new interim Board which is scheduled to start working on
February 14, the same report related.

According to Caribbean Net News, the present CEO would be replaced
by Errol Hanoman, a Guyanese national, who is currently Booker-
Tate's Director for the Caribbean and Latin America.

Caribbean Net News says changes have started at the senior
management level and the eight estates have been grouped into two
regions, Berbice and Demerara.

Minister of Agriculture Robert Persaud, Caribbean Net News
relates, said the shake-up had come at a time when reports and an
internal audit of the company pointed to instances of corruption
and wrongdoing at different levels.

An interim Management Board, Caribbean Net News adds, has been set
up to assist in the restructuring.

TCRLA said, citing Caribbean360 News, the interim board has been
mandated to develop and present a 'Blueprint for Success', which
will detail a set of strategies, to be implemented over the next
two to three years.

The activities related to the development of the blueprint
include:

  -- reviewing cost saving initiatives such as reduction of cost
     per hectare;
  -- improved cane production performance;
  -- tackling wastage and corruption;
  -- effective implementation of the management re-organization;
  -- mechanization of operations; and
  -- increased production and sale of packaged sugar.



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

AIR JAMAICA: Management to Disclose Job Cutoff Update
-----------------------------------------------------
Air Jamaica is expected to disclose whether it will be cutting
staff, even as efforts continue to divest the ailing airline,
Jamaica Gleaner reports.

The Gleaner recounts reports have surfaced that the management of
the airline is to slash some routes and significantly reduce its
staff in the face of the current economic turbulence.

The management says no decision has yet been made, the Gleaner
relates.  Airline Preside Bruce Nobles told the Gleaner: "We have
gone through a review and we are developing a plan that is going
to the Ministry of Finance and the Cabinet and it would be
inappropriate for us to comment on that now.  As soon as we have
word, we will let you know."

As reported in the Troubled Company Reporter - Latin America on
Jan. 16, 2009, Radio Jamaica News said 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, which 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.

In a TCRLA report on November 20, 2008, Jamaican Information
Service said the divestment of Air Jamaica is scheduled to be
completed by March 31, 2009.

That report noted Mr. Nobles and his team had been in discussion
with potential purchasers to ensure the divestment is completed by
the deadline.  The Government has contracted the services of IFC,
the private sector arm of the World Bank, as consultants and
advisers in the divestment process, the same report added.

                        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.


* JAMAICA: Gets US$400 Loan From IADB and World Bank
----------------------------------------------------
Jamaica will have an additional US$400 million in its funds after
Inter-American Development Bank ("IADB") and the world bank
approved its requests for loan, various reports say.

Reuters reports IADB said it will provide Jamaica with a US$300
million line of credit.

"The loan will provide revolving credit lines to eligible
intermediaries operating in the Jamaican financial system,"
Reuters quoted the bank as saying.  "This will help the country
maintain its levels of production, thereby protecting employment
from a temporary external shock and at the same time reinforcing
macro-economic soundness."

Radio Jamaica News relates the world bank has also approved a
US$100 million to Jamaica in a bid to support Jamaica's efforts to
reduce high debt levels and improve fiscal sustainability.  The
loan, the same report notes, is payable over 30 years, which
includes a five year grace period.

Radio Jamaica News notes Finance Minister Audley Shaw said the
loan will go a far way in boosting the country's growth potential
which has become more critical in the context of the current
global financial market crisis and economic slowdown.

The loan however, hinges on certain reforms which include
consolidating the budget, rationalizing the function of public
bodies and divesting some of these loss-making government entities
where necessary, Radio Jamaica says.

According to Moody's Investor Site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.



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

BANK OF AMERICA: Moody's Affirms Unit's 'D+' Financial Rating
-------------------------------------------------------------
Moody's Investors Service downgraded Bank of America Mexico,
S.A.'s global local currency deposit rating to A2 -- with negative
outlook -- from A1, and downgraded the short term GLC rating to
Prime-2 from Prime-1.  At the same time, Moody's affirmed the
bank's D+ financial strength rating and the foreign currency
deposits of Baa1/Prime-2, with a stable outlook.  On its Mexican
National Scale, Moody's affirmed Bank of America Mexico's Aaa.mx
and MX-1 ratings also with a stable outlook.
The rating agency also affirmed Merrill Lynch Mexico, S.A.'s
Mexican National Scale issuer ratings of Aaa.mx and MX-1.  The
outlook is stable.

The rating actions on Bank of America (Mexico)'s and of Merrill
Lynch Mexico's ratings follow the actions taken on the ratings of
Bank of America Corporation and its subsidiaries including its
lead bank Bank of America, N.A., on January 16, 2009.  For further
details on those rating actions, please refer to Moody's press
release "Moody's lowers Bank of America, Merrill Lynch (snr to A1
from Aa3)" dated January 16, 2009.

Moody's said that Bank of America (Mexico)'s GLC deposit rating
incorporates the parental support received from Bank of America,
N.A. (rated B- for bank financial strength, with negative
outlook).  The GLC rating captures the fact that Bank of America
(Mexico) is integrated to the global infrastructure and systems
platform of its parent company and Moody's assesses a very high
probability of parent support for the bank in case of a stressful
situation.

The last rating actions on Bank of America (Mexico)'s and Merrill
Lynch Mexico's ratings were on January 8, 2009 when Moody's
affirmed the ratings of both entities.

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

These rating actions were taken on Bank of America Mexico S.A:

  -- Global local currency deposits, long term: Downgrade to A2
     from A1, with negative outlook

  -- Global local currency deposits, short term: Downgrade to
     Prime-2 from Prime-1

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

  -- Bank Financial Strength: D+, with stable outlook

  -- Long term foreign currency deposits: Baa1, with stable
     outlook

  -- Short term foreign currency deposits: Prime-2

  -- Long term Mexican National Scale: Aaa.mx, with stable outlook

  -- Short term Mexican National Scale: MX-1

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

  -- Long term Mexican National Scale: Aaa.mx, with stable outlook

  -- Short term Mexican National Scale: MX-1


CITIGROUP INC: Mulling Sale of Mexican Unit, RBS Analysts Say
-------------------------------------------------------------
Citigroup Inc. may sell its Banamex unit in Mexico to a group of
local investors, Josh Fineman of Bloomberg News reports, citing
analysts at RBS Greenwich Capital Markets Inc.

As reported by the Troubled Company Reporter on January 19, 2009,
Citigroup recorded a US$8.29 billion net loss for the 2008 fourth
quarter.  Revenues of $5.6 billion were affected by write-downs
and losses in Securities and Banking.  Results also include
US$6.1 billion in net credit losses and a US$6.0 billion net loan
loss reserve build.

"Speculation of Citibank's divesture of Banamex has been around
for the past year," RBS analysts Benito Berber-Lopez and Flavia
Cattan-Naslausky wrote in a note to investors, Bloomberg News
relates.  "However, Citigroup's dire situation seems to have
decided the fate of Banamex this week."

Bloomberg News meanwhile relates Paulo Carreno, a spokesman for
Banamex in Mexico City, denied the RBS report calling it "very
imaginative."

                         About Citigroup

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  Citi had $2.0 trillion in total
assets on $1.9 trillion in total liabilities as of Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.



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

PDVSA: Records US$3 Billion Debt to Suppliers
---------------------------------------------
Petroleos de Venezuela ("PDVSA")'s debt to its suppliers may have
risen by as much as US$3 billion as it struggles to pay its bills
as cash flow dries up due to rock-bottom oil prices, Dow Jones
Newswires reports.

According to the report, the company has fallen several months
behind on payments to oil service companies and other suppliers
that keep its oil business running, a source of concern for many
in the industry.

As of September, the report relates, bills owed to suppliers stood
at US$7.86 billion, a 39% jump from the same nine-month period in
2007.

Dow Jones says French oil services company Schlumberger Ltd.
("SLB") and U.S. firm Halliburton Co. ("HAL") are now owed a
combined US$800 million to US$1 billion by some estimates.

"We're having a hard time, just as many other firms in a similar
position around the world," Eudomario Carruyo, a PdVSA board
member and head of finance told Dow Jones Newswires in an
interview.  "Our revenues just got cut in half."

Dow Jones notes PdVSA is pondering its financial strategy for the
coming year.  As an initial step, the company plans to renew a
US$1.16 billion credit line with a group of banks led by BNP
Paribas (BNPQY) for "a similar amount," the report says.

However, the report relates foreign companies are already
signaling concern, and both regional executives of Halliburton and
Schlumberger have visited Venezuela over the past month to discuss
pending bills.

In some instances, Dow Jones says, service firms have stopped
taking on new oil well service offers and are mainly working on
those fields with standing contract agreements.

Dow Jones adds that in a recent meeting with service companies, a
PdVSA board member asked them to cut down on their charges by 40%,
however, the proposal did not sit well with those firms.

                           About PDVSA

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


* Emerging Economies Caught in the Global Economic Crisis
---------------------------------------------------------
Euler Hermes has published its analysis of country risk in a
global economic crisis.  Country risk takes on another dimension
in a recessionary environment.  Emerging countries are faced with
dwindling sources of external financing, the recession of the
major economies and falling commodities prices.  These
difficulties have been exacerbated by bank liquidity problems,
volatile exchange rates and the withdrawal of foreign capital.
These economies' weaknesses, less visible during growth periods,
have resurfaced. Countries that seemed perfectly safe a short
while ago now represent a risk for the companies that do business
with them.

Against this backdrop, Euler Hermes Country Risk Analyst David
Atkinson said: "The present economic crisis is affecting all
countries, with no exception.  Although some countries are in a
better position to resist the crisis, many are experiencing a
rapid deterioration in their situation.  It is essential that
trade partners and exporters keep a close watch on these
countries, on the reforms implemented and on future trends".

   Emerging economies are slowing

Euler Hermes is forecasting growth of less than 1% for the global
economy in 2009 with the large developed economies experiencing
their first recession since World War II.  At the same time,
emerging economies are being severely hurt by a world crisis that
does not correspond to a normal economic cycle.  The decoupling
theory, whereby emerging economies would continue to grow, has
been largely invalidated.  These countries now face numerous
problems:

   * Wide-scale withdrawal of foreign investment
   * Drop in exports
   * Tumbling commodities prices (oil, etc.)

Against this difficult background, Euler Hermes expects economic
growth to slow sharply in emerging countries.

   A growing number of high-risk countries

The overall trend in the risk ratings assigned by Euler Hermes to
each country (see methodology) reflects the general trend in risk
of international trade. With the risk ratings of 16 countries
downgraded in 2008, international trade has entered a more
turbulent period.

At the individual level, each country's rating reflects its
sensitivity to a downturn in its environment and its capacity to
stand firm.  In the present conditions, individual country risk
ratings can change rapidly and should therefore be monitored
closely by exporters and their partners.

Since the economic crisis worsened, Euler Hermes has downgraded
the country risk ratings of eleven countries:

Euler Hermes has identified a group of more vulnerable countries:

* With a C rating:

  -- Hungary,
  -- Romania,
  -- Russia,
  -- Turkey,
  -- Lithuania,
  -- Bulgaria,
  -- Latvia,
  -- Kazakhstan,
  -- Indonesia,
  -- Dominican Republic,
  -- Honduras, and
  -- Jamaica

* With a D rating:

  -- Iceland,
  -- Ukraine,
  -- Serbia,
  -- Bosnia Herzegovina,
  -- Vietnam,
  -- Argentina,
  -- Venezuela,
  -- Ecuador,
  -- Kenya,
  -- Lebanon, and
  -- Pakistan

Some countries are in a better position than others to face the
crisis

Some countries have resources and structures that offer more
shelter from the global crisis:

* Singapore (rated AA),
* Chile (A),
* Czech Republic (A),
* Hong Kong (A),
* Malaysia (A),
* Slovenia (A),
* Taiwan (A),
* Bahrain (BB),
* Botswana (BB),
* Brazil (BB),
* Israel (BB),
* South Korea (BB),
* Kuwait (BB),
* Mexico (BB),
* Oman (BB),
* Poland (BB),
* Qatar (BB),
* Saudi Arabia (BB),
* Slovakia (BB),
* South Africa (BB),
* Thailand (BB), and
* Tunisia (BB).

   Russia: liquidity crunch and tumbling oil prices

Russia's economic growth is expected to slow significantly, from
6.1% in 2008 to 1.5% in 2009 according to Euler Hermes estimates,
after several strong years (7.4% in 2006 and 8.1% in 2007). The
rapid slowdown was visible in the fourth quarter of 2008 with a
very sharp fall in industrial production.  The business slowdown
has been accompanied by a slump in the share prices of listed
Russian companies (down 70% in six months) and the weakening of
the rouble, down 13% against the dollar, despite heavy
intervention.

Foreign exchange reserves have decreased by more than 25% since
August 2008 and the fall in the price of oil will have a
significant impact on the fiscal and external current account
balances.

Euler Hermes has left its C rating unchanged but notes the risks
from banking and corporate foreign exchange illiquidity and lower
oil prices.

   Turkey: strong inflation and low foreign exchange reserves

Turkey's economic growth has slowed significantly since 2007 (6.9%
in 2006, 4.5% in 2007).  Euler Hermes is expecting economic growth
to stand at 2.3% in 2008 and fall to 1.0% in 2009. Inflation
remains relatively high.  Euler Hermes estimates that the
inflation rate will have risen to 10.1% in 2008 and remain at a
similar level in 2009 (10%).

The large current account deficit and reliance on short time
capital flows is a key vulnerability and the Turkish Lira has
fallen sharply. Foreign exchange reserves have also fallen but
currently still cover 3.5 months of imports, though only 60% of
external debt due in 2009.

Euler Hermes has left its C rating unchanged but is closely
monitoring the situation, including developments with regards to
the IMF programme currently under discussion.

   India: substantial foreign exchange reserves but limited
   possibilities

India recorded a sharp downturn in industrial activity in the
fourth quarter of 2008.  The banking sector has been relatively
sheltered from the global financial crisis directly though credit
conditions have tightened noticeably.  The Indian stock market and
exchange rates have also been affected.  Economic growth has
slowed significantly but remains relatively high in the global
context (7.0% in 2008 and 5.0% in 2009 according to Euler Hermes
forecasts).

Government support for the currency have significantly decreased
into foreign exchange reserves but these still cover seven months
of imports and the total stock of external debt.

However, the size of the fiscal deficit considerably constraints
government action to offset the slowdown in economic activity.
Euler Hermes has maintained its B rating.  Regional and political
uncertainties will also need to be monitored.

   Methodology

Euler Hermes assigns each country a risk rating that reflects the
country's economic and political risk.  The economic factors taken
into account are the macroeconomic indicators (indebtedness,
fiscal deficit, etc) and institutional and structural factors. The
political factors taken into account are the efficiency and
stability of the political system in place.  The combination of
these two types of indicators are reflected in a rating AA, A,
BB, B, C or D; AA is the strongest rating.  This classification
constitutes a first filter for any credit limit request and
influences the terms and conditions of cover extended by Euler
Hermes.

   Euler Hermes country risk analysis

Three Euler Hermes specialists, two in London and one in Hamburg,
are dedicated to country risk.  A country risk committee, which
also includes representative of group subsidiaries, meets every
two months.  The country risk specialists' work is published in a
weekly bulletin.  Any change in a country's risk results in an
immediate, ad hoc review.

David Atkinson is one of Euler Hermes' three country risk
analysts.  He joined the group in 1999 and and has established a
Group-wide framework for country risk analysis.  Previously, David
spent twenty-five years in international banking as an emerging
markets and country risk analyst, specializing in Latin America,
Eastern and Southern Europe and East Asia including China.  David
is based in the United Kingdom and holds a degree in Economics
from the University of Nottingham.



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

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

ARGENTINA

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

BRAZIL

ESTRPN BZ       ESTRELA SA-PREF    -80125000     153186000
RENXPN BZ        TEXTEIS RENAUX   -135343008      86140000
RTB US             TELEBRAS-ADR   -187984000     226080000
CTMON BZ          CTM CITRUS SA     -1381000      79728000
BOBR4 BZ           BOMBRIL-PREF   -485678016     442846016
DTCY4 BZ       DTCOM- DIRECT-PR    -16264999      11902000
SCLO3 BZ              SCHLOSSER    -95113000      45358000
SCLO4 BZ         SCHLOSSER-PREF    -95113000      45358000
SNSYON BZ             SANSUY SA    -63134000     235182000
SCHPN BZ       SCHLOSSER SA-PRF    -95113000      45358000
TLCP2 BZ       TELEBRAS-RTS PRF   -187984000     226080000
RCTB40 BZ      TELEBRAS-PF RCPT   -187984000     226080000
FGUIPN BZ      FERREIRA GUIM-PR   -224564000      24631000
RCTB33 BZ          TELEBRAS-RCT   -187984000     226080000
RCTB41 BZ      TELEBRAS-PF RCPT   -187984000     226080000
BAUH9 BZ          EXCELSIOR-RCT     -3589000      20444000
REEMON BZ                 RIMET   -232197008     144454000
RCTB42 BZ      TELEBRAS-PF RCPT   -187984000     226080000
ALICON BZ       ARTHUR LANGE SA    -26011000      34053000

ARLA2 BZ       ARTHUR LANG-RT P    -26011000      34053000
HETA4 BZ          HERCULES-PREF   -273456000      25126000
TBAPF US       TELEBRAS-PF RCPT   -187984000     226080000
WISA3 BZ                  WIEST   -140973008      71372000
STRP3 BZ        BOTUCATU TEXTIL     -3164000      66833000
CSBRPN BZ      CAFE BRASILIA-PR  -1042639040      38244000
TBH US             TELEBRAS-ADR   -187984000     226080000
TBH-W US       TELEBRAS/W-I-ADR   -187984000     226080000
GAFON BZ        CIMOB PARTIC SA    -77366408      90471752
CCPEL US       CYRELA COMME-ADR     -4282000     695033024
SNSY3 BZ                 SANSUY    -63134000     235182000
TOYB5 BZ        TEC TOY SA-PREF     -2539000      41684000
SJOS3 BZ           TECEL S JOSE    -37557000      79567000
SJOS4 BZ       TECEL S JOSE-PRF    -37557000      79567000
SNSY6 BZ          SANSUY-PREF B    -63134000     235182000
FRNXON BZ        FABRICA RENAUX    -55261000     126672000
STARON BZ            STAROUP SA     -3164000      66833000
SNSYAN BZ      SANSUY SA-PREF A    -63134000     235182000
SNSYBN BZ      SANSUY SA-PREF B    -63134000     235182000
TELB40 BZ      TELEBRAS-PF BLCK   -187984000     226080000
NORDON BZ          NORDON METAL    -33521000      36317000
MWET4 BZ         WETZEL SA-PREF     -8903000     150210992
CBRZF US       TELEBRAS-PF RCPT   -187984000     226080000
NOVA3 BZ        NOVA AMERICA SA   -353104000      40955000
NOVAPN BZ      NOVA AMERICA-PRF   -353104000      40955000
CAMB3 BZ             CAMBUCI SA    -42495000     177378992
GASC3 BZ       ALL MALHA PAULIS  -1048602048    1586146944
TEKA3 BZ                   TEKA   -449536992     526557984
MNPR3 BZ                MINUPAR    -34191000     179201008
TKTQY US               TEKA-ADR   -449536992     526557984
LINDON BZ        CONST A LINDEN    -13659000      51808000
LINDPN BZ      CONST A LIND-PRF    -13659000      51808000
MNPRON BZ            MINUPAR SA    -34191000     179201008
PQTM1 BZ       PARQUE TEM-RT CM   -388872000     152268000
MWET3 BZ              WETZEL SA     -8903000     150210992
MNPRPN BZ       MINUPAR SA-PREF    -34191000     179201008
MWELON BZ             WETZEL SA     -8903000     150210992
PQTM4 BZ         HOPI HARI-PREF   -388872000     152268000
TBLUBN BZ         TECBLU-PREF B    -13127000      14637000
TLBRUP BZ      TELEBRAS-PF RCPT   -187984000     226080000
PSEGON BZ             SAUIPE SA    -16319050      17641202
PSEGPN BZ        SAUIPE SA-PREF    -16319050      17641202
RCT4D AR       TELEBRAS-CEDEA $   -187984000     226080000
1DTCONR BZ     DTC DIRECT CO-RT    -16264999      11902000
RCTB31 BZ      TELEBRAS-CM RCPT   -187984000     226080000
RCTB1 BZ       TELEBRAS-RTS CMN   -187984000     226080000
RCTB2 BZ       TELEBRAS-RTS PRF   -187984000  226080000
PQTM2 BZ       PARQUE TEM-RT PF   -388872000     152268000
PQTM3 BZ           HOPI HARI SA   -388872000     152268000
TKTPF US              TEKA-PREF   -449536992     526557984
CTPC4 BZ         MARAMBAIA-PREF     -1381000      79728000
PQT6 BZ        PARQUE TEM-DV PF   -388872000     152268000
PSEG3 BZ                 SAUIPE    -16319050      17641202
BAUH1 BZ           EXCELSIOR-RT     -3589000      20444000
1GASON BZ      GASCOIGNE EMPREE  -1048602048    1586146944
PRMN3 BZ                 PROMAN      -591000      24461000
BUET1 BZ        BUETTNER SA-RTS    -54926000     148186992
TEKAON BZ                  TEKA   -449536992     526557984
TOYB13 BZ       TECTOY-BONUS RTS -2539000      41684000
ARTE4 BZ              KUALA-PREF   -33570000      11856000
TOYB6 BZ         TEC TOY SA-PF B -2539000      41684000
GAZO12 BZ       GAZOLA SA-DVD PF   -73665296      27266214
TOYDF US         TEC TOY SA-PREF    -2539000   41684000
TOYB9 BZ          TECTOY-RCT ORD    -2539000      41684000
TOYBON BZ              TECTOY SA    -2539000      41684000
TLBRUO BZ      TELEBRAS-RECEIPT   -187984000     226080000
RCT4C AR       TELEBRAS-CED C/E   -187984000     226080000
REEMPN BZ            RIMET-PREF   -232197008     144454000
TLBRPN BZ      TELEBRAS SA-PREF   -187984000     226080000
VAGV3 BZ               VARIG SA -10176870400    2094450944
TOYB11 BZ      TECTOY-PF-RTS5/6     -2539000      41684000
WISAON BZ              WIEST SA   -140973008      71372000
BAUH10 BZ         EXCELSIOR-RCT     -3589000      20444000
TOYB10 BZ       TECTOY-RCT PREF     -2539000      41684000
TXRX3 BZ       TEXTIL RENAUXVIE   -135343008      86140000
VSPT4 BZ       FER C ATLANT-PRF    -85429000    2074043008
VSPT9 BZ       FER C ATL-RCT CM    -85429000    2074043008
TOYB1 BZ           TECTOY-RTS/3     -2539000      41684000
VSPT3 BZ           FER C ATLANT    -85429000    2074043008
STARPN BZ       STAROUP SA-PREF     -3164000   66833000
WISAPN BZ         WIEST SA-PREF   -140973008      71372000
NORD1 BZ         NORDON MET-RTS    -33521000      36317000
WISA4 BZ             WIEST-PREF   -140973008      71372000
ARLA3 BZ           ARTHUR LANGE    -26011000      34053000
VAGV4 BZ          VARIG SA-PREF -10176870400    2094450944
TELB3 BZ            TELEBRAS SA   -187984000     226080000
TXRX4 BZ       TEXTEIS RENAU-PF   -135343008      86140000
TBASF US            TELEBRAS SA   -187984000     226080000
VARGPN BZ         VARIG SA-PREF -10176870400    2094450944
VSPT10 BZ      FER C ATL-RCT PF    -85429000    2074043008
BOBR3 BZ                BOMBRIL   -485678016     442846016
NORD3 BZ             NORDON MET    -33521000      36317000
VPTA4 BZ       VARIG PART EM-PR   -867658048     107416000
TEKAPN BZ             TEKA-PREF   -449536992     526557984
81370Z BZ      TELECOMUNICA-ADR   -187984000     226080000
1DTCON BZ      DTC DIRECT CO SA    -16264999      11902000
SNSY5 BZ          SANSUY-PREF A    -63134000  235182000
FTRX4 BZ       FABRICA RENAUX-P    -55261000     126672000
TELB10 BZ      TELEBRAS-RCT PRF   -187984000     226080000
VARGON BZ              VARIG SA -10176870400    2094450944
TEL4D AR       TELEBRAS-CEDEA $   -187984000     226080000
TELB1 BZ       TELEBRAS-COM RTS   -187984000     226080000
TBLUCN BZ         TECBLU-PREF C    -13127000      14637000
TBLUON BZ                TECBLU    -13127000      14637000
TBLUAN BZ         TECBLU-PREF A    -13127000      14637000
RCT4B AR       TELEBRAS-CEDE BL   -187984000     226080000
COAR4 BZ        COARI PART-PREF       -56000    3270861056
TCLP1 BZ       TELEBRAS-RTS CMN   -187984000     226080000
VPTA3 BZ       VARIG PART EM TR   -867658048     107416000
TBAPY US           TELEBRAS-ADR   -187984000     226080000
TBX GR             TELEBRAS-ADR   -187984000     226080000
TELB30 BZ        TELEBRAS-BLOCK   -187984000     226080000
TENE6 BZ          TECBLU-PREF B    -13127000      14637000
TENE7 BZ          TECBLU-PREF C    -13127000      14637000
TENE3 BZ                 TECBLU    -13127000      14637000
CBMA4 BZ          COBRASMA-PREF  -2764018944      19346000
TENE9 BZ         TECBLU-COM RCT    -13127000      14637000
EALT3 BZ             ACO ALTONA    -31429000     170270992
MNPR4 BZ           MINUPAR-PREF    -34191000     179201008
STRP4 BZ          BOTUCATU-PREF     -3164000      66833000
TKTPY US               TEKA-ADR   -449536992     526557984
DHBPN BZ       DHB IND E COM-PR   -588646016     221336000
TELE31 BZ      TELEBRAS-CM RCPT   -187984000     226080000
TELB4 AR       TELEBRAS-CEDE PF   -187984000     226080000
TELB4 BZ       TELEBRAS SA-PREF   -187984000     226080000
TELE41 BZ      TELEBRAS-PF RCPT   -187984000     226080000
TENE1 BZ            TECBLU -RTS    -13127000      14637000
TENE11 BZ        TECBLU-PR A RC    -13127000      14637000
TEN8 BZ         TECBLU-RCPT CMN    -13127000      14637000
TENE5 BZ          TECBLU-PREF A    -13127000      14637000
CCHI4 BZ       CHIARELLI SA-PRF    -85685000      42853000
CCHON BZ           CHIARELLI SA    -85685000      42853000
1049834Z LI    CYRELA COMME-ADR     -4282000     695033024
AZEV4 BZ           AZEVEDO-PREF    -10976000     116398000
IMBI2 BZ       DOC IMBITUBA-RTP    -25164000     202283008
DOCAON BZ              DOCAS SA    -23571000     206494000
TBRAY GR           TELEBRAS-ADR   -187984000     226080000
TBASY US           TELEBRAS-ADR   -187984000     226080000
CCPR3 BZ       CYRELA COMMERCIA     -4282000     695033024
PQT5 BZ        PARQUE TEM-DV CM   -388872000     152268000
CAMB4 BZ        CAMBUCI SA-PREF    -42495000     177378992
CALI3 BZ         CONST A LINDEN    -13659000      51808000
CALI4 BZ       CONST A LIND-PRF    -13659000      51808000
CAMBON BZ            CAMBUCI SA    -42495000     177378992
CBMA3 BZ               COBRASMA  -2764018944      19346000
TEN9 BZ        TECBLU-RCPT PREF    -13127000      14637000
CAMBPN BZ       CAMBUCI SA-PREF    -42495000     177378992
REEM3 BZ                  RIMET   -232197008     144454000
TLBRON BZ           TELEBRAS SA   -187984000     226080000
CTMPN BZ        CTM CITRUS-PREF     -1381000      79728000
CTMMF US         MARAMBAIA-PREF     -1381000      79728000
CTMMY US         CTM CITRUS-ADR     -1381000      79728000
BUETON BZ           BUETTNER SA    -54926000     148186992
CTPC10 BZ      CTM CITRUS-RCT P     -1381000      79728000
CTPC2 BZ       CTM CITRUS- PR R     -1381000      79728000
CTP6 BZ        CTM CITRUS-RCT P     -1381000      79728000
GAFP3 BZ        CIMOB PARTIC SA    -77366408      90471752
GAFP4 BZ        CIMOB PART-PREF    -77366408      90471752
IMBI3 BZ           DOC IMBITUBA    -25164000     202283008
COBRON BZ           COBRASMA SA  -2764018944      19346000
COBRPN BZ      COBRASMA SA-PREF  -2764018944      19346000
ARLA1 BZ       ARTHUR LANG-RT C    -26011000      34053000
TBRTF US       TELEBRAS-CM RCPT   -187984000     226080000
CTAP3 BZ             CENT AMAPA    -11996000         15000
ALICPN BZ      ARTHUR LANGE-PRF    -26011000      34053000
CSBRON BZ      CAFE BRASILIA SA  -1042639040      38244000
TOYB12 BZ      TECTOY-RCPT PF B     -2539000      41684000
VSPT12 BZ      FERROVIA CEN-DVD    -85429000    2074043008
BAUH2 BZ           EXCELSIOR-RT     -3589000      20444000
AZEVPN BZ      AZEVEDO E TRA-PR    -10976000     116398000
PSEG4 BZ            SAUIPE-PREF    -16319050      17641202
BAUH3 BZ       EXCELSIOR ALIMEN     -3589000      20444000
BAUMON BZ      BAUMHARDT IRMAOS     -3589000      20444000
BAUMPN BZ      BAUMHARDT IRM-PR     -3589000      20444000
BAUH4 BZ         EXCELSIOR-PREF     -3589000      20444000
REEM4 BZ             RIMET-PREF   -232197008     144454000
GAZON BZ              GAZOLA SA    -73665296      27266214
TOYB3 BZ                 TECTOY     -2539000      41684000
ARLA4 BZ       ARTHUR LANGE-PRF    -26011000      34053000
HAGAON BZ        FERRAGENS HAGA   -110814000      25668954
ARTXON BZ              ARTEX SA    -33570000      11856000
CCHI3 BZ           CHIARELLI SA -85685000     42853000
AZEVON BZ      AZEVEDO E TRAVAS     -10976000    116398000
ARTXPN BZ         ARTEX SA-PREF     -33570000     11856000
AZEV3 BZ                AZEVEDO     -10976000    116398000
BUET3 BZ               BUETTNER     -54926000    148186992
BUET4 BZ          BUETTNER-PREF     -54926000    148186992
TOYB4 BZ            TECTOY-PREF      -2539000     41684000
BUET2 BZ       BUETTNER SA-RT P     -54926000    148186992
BMBBY US         BOMBRIL SA-ADR    -485678016    442846016
ARLA12 BZ      ARTHUR LAN-DVD P     -26011000     34053000
FTRX3 BZ         FABRICA RENAUX     -55261000    126672000
BUETPN BZ       BUETTNER SA-PRF     -54926000    148186992
CAFE3 BZ           CAF BRASILIA   -1042639040     38244000
BMBPY US         BOMBRIL SA-ADR    -485678016    442846016
BOBR1 BZ         BOMBRIL-RIGHTS    -485678016    442846016
BMBBF US                BOMBRIL    -485678016    442846016
CTP5 BZ        CTM CITRUS-RCT C      -1381000     79728000
BOBR2 BZ       BOMBRIL-RGTS PRE    -485678016    442846016
BOBRON BZ      BOMBRIL CIRIO SA    -485678016    442846016
BOBRPN BZ      BOMBRIL CIRIO-PF    -485678016    442846016
VSPT11 BZ      FERROVIA CEN-DVD     -85429000   2074043008
RENXON BZ        TEXTEIS RENAUX    -135343008     86140000
FTRX1 BZ       FABRICA TECID-RT     -55261000    126672000
GAZO11 BZ      GAZOLA SA-DVD CM     -73665296     27266214
ARLA11 BZ      ARTHUR LAN-DVD C     -26011000     34053000
GASC4 BZ       GASCOIGNE EMP-PF   -1048602048   1586146944
GAZO10 BZ      GAZOLA-RCPT PREF     -73665296     27266214
GAZO3 BZ                 GAZOLA     -73665296     27266214
GAZPN BZ         GAZOLA SA-PREF     -73665296     27266214
HAGA3 BZ                   HAGA    -110814000     25668954
GAZO9 BZ       GAZOLA-RCPTS CMN     -73665296     27266214
ARTE3 BZ                  KUALA     -33570000     11856000
FTSJON BZ          TECEL S JOSE     -37557000     79567000
FTSJPN BZ      TECEL S JOSE-PRF     -37557000     79567000
1NOVPN BZ      NOVA AMERICA-PRF    -353104000     40955000
TEL4C AR       TELEBRAS-CED C/E    -187984000    226080000
RCTB4 AR       TELEBRAS-CEDE PF    -187984000    226080000
GAFPN BZ        CIMOB PART-PREF     -77366408     90471752
NOVA4 BZ       NOVA AMERICA-PRF    -353104000     40955000
CTPC1 BZ       CTM CITRUS-COM R      -1381000     79728000
ARLA10 BZ      ARTHUR LANG-RC P     -26011000     34053000
IMBION BZ        DOCAS IMBITUBA     -25164000    202283008
IMBIPN BZ      DOCAS IMBITUB-PR     -25164000    202283008
1GASPN BZ      GASCOIGNE EMP-PF   -1048602048   1586146944
IMBI4 BZ       DOC IMBITUB-PREF     -25164000    202283008
DOCA4 BZ       DOCA INVESTI-PFD     -23571000    206494000
PQTM9 BZ       PARQUE TEM-RCT C    -388872000    152268000
COAR3 BZ             COARI PART        -56000   3270861056
1NOVON BZ       NOVA AMERICA SA    -353104000     40955000
TEKA4 BZ              TEKA-PREF    -449536992    526557984
HAGAPN BZ      FERRAGENS HAGA-P    -110814000     25668954
HERTON BZ           HERCULES SA    -273456000     25126000
HAGA4 BZ          FER HAGA-PREF    -110814000     25668954
ARLA9 BZ       ARTHUR LANG-RC C     -26011000     34053000
HETA3 BZ               HERCULES    -273456000     25126000
IMBI1 BZ       DOC IMBITUBA-RTC     -25164000    202283008
CCHPN BZ       CHIARELLI SA-PRF     -85685000     42853000
HERTPN BZ      HERCULES SA-PREF    -273456000     25126000
MWELPN BZ        WETZEL SA-PREF -8903000     150210992
CTPC3 BZ              MARAMBAIA     -1381000      79728000
TOYBPN BZ        TECTOY SA-PREF     -2539000      41684000
DOCAPN BZ         DOCAS SA-PREF    -23571000     206494000
DOCA3 BZ       DOCA INVESTIMENT    -23571000     206494000
TEKAY US               TEKA-ADR   -449536992     526557984
DTCY1 BZ               DTCOM-RT    -16264999      11902000
DTCY9 BZ              DTCOM-RCT    -16264999      11902000
EAAON BZ          ACO ALTONA SA    -31429000     170270992
DTCY3 BZ       DTCOM- DIR TO CO    -16264999      11902000
RCTB30 BZ      TELEBRAS-CM RCPT   -187984000     226080000
CXDOF US        CAMBUCI SA-PREF    -42495000     177378992
ESTR4 BZ        ESTRELA SA-PREF    -80125000     153186000
PQTM10 BZ      PARQUE TEM-RCT P   -388872000     152268000
CTPC9 BZ       CTM CITRUS-RCT C     -1381000      79728000
DHBI3 BZ                  D H B   -588646016     221336000
NOVAON BZ       NOVA AMERICA SA   -353104000      40955000
DOCA2 BZ        DOCAS SA-RTS PRF   -23571000     206494000
DHBI4 BZ              D H B-PREF  -588646016     221336000
CYRLY US        CYRELA COMME-ADR    -4282000     695033024
FGUI3 BZ             F GUIMARAES  -224564000      24631000
FGUI4 BZ        F GUIMARAES-PREF  -224564000      24631000
ESTRON BZ             ESTRELA SA   -80125000     153186000
CAFE4 BZ        CAF BRASILIA-PRF -1042639040      38244000
SCHON BZ            SCHLOSSER SA   -95113000      45358000
FRNXPN BZ       FABRICA RENAUX-P   -55261000     126672000
FGUION BZ       FERREIRA GUIMARA  -224564000      24631000
RCTB32 BZ       TELEBRAS-CM RCPT  -187984000     226080000
EALT4 BZ         ACO ALTONA-PREF   -31429000     170270992
TKTQF US                    TEKA  -449536992     526557984
DHBON BZ           DHB IND E COM  -588646016     221336000
EAAPN BZ         ACO ALTONA-PREF   -31429000     170270992
ESTR3 BZ              ESTRELA SA   -80125000     153186000
GAZO4 BZ             GAZOLA-PREF   -73665296      27266214
ENACARO CI             ENACAR-RT -9463063552    3226756096
ENACAR CI                 ENACAR -9463063552    3226756096
EMPOF US                  ENACAR -9463063552    3226756096
CARVILE CI               CARVILE -6212240384    1295758976
CARVILEO CI           CARVILE-RT -6212240384    1295758976



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *