TCRLA_Public/090122.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, January 22, 2009, Vol. 9, No. 15

                            Headlines

A R G E N T I N A

BONCONFORT SA: Proofs of Claim Verification Due on March 16
CLINICA DEL NIATO: Proofs of Claim Verification Due on April 6


B E R M U D A

ORIENT-EXPRESS: Court to Hear Wind-Up Petition on February 20
* BERMUDA: Investment Funds Lost US$39BB Net Assets Value in 3Q


B R A Z I L

ARACRUZ CELULOSE: Votorantim Acquires Company Stakes for BRL2.71BB
* BRAZIL: Cuts 654,946 Registered Jobs in Dec, Labor Ministry Says
* BRAZIL: Central Bank Mulls Interest Rate Cut to Stem Recession


C A Y M A N  I S L A N D S

ALTAIR SYMPHONY: Commences Liquidation Proceedings
ARDEN CAPITAL: Commences Liquidation Proceedings
CAPITAL SPC: Commences Liquidation Proceedings
CAPITAL W: Creditors' Proofs of Debt Due Today
CAPITAL WWW: Placed Under Voluntary Liquidation

CASTLEPEAK LIMITED: Shareholders Receive Wind-Up Report
COMTEL BRASILEIRA: Placed Under Voluntary Liquidation
CZ320-97E LIMITED: Shareholder Receives Wind-Up Report
FGI CAPITAL: Shareholders Receive Wind-Up Report
VICTORIA FINANCE: Moody's Withdraws Junk Rating on Capital Note

FIRST STATE DIVERSIFIED: Creditors' Proofs of Debt Due Today
FIRST STATE HEDGE: Creditors' Proofs of Debt Due Today
LATIN AMERICAN: Members Receive Wind-Up Report
P CAPITAL: Placed Under Voluntary Liquidation
PHZ MATRIX: Commences Liquidation Proceedings

STAMFORD COMPANY: Commences Liquidation Proceedings
TROY AIRCRAFT: Members Receive Wind-Up Report
W CAPITAL: Commences Liquidation Proceedings
W EQUITY: Commences Liquidation Proceedings
W INVESTMENTS: Commences Liquidation Proceedings

WWW CAPITAL: Commences Liquidation Proceedings


C O S T A  R I C A

* COSTA RICA: Sees 30% Drop in Investments This Year


J A M A I C A

* JAMAICA: Signs US$329 Million Loan Agreement With IDB


M E X I C O

DESARROLLADORA HOMEX: S&P Affirms 'BB-' Corp. Credit Rating
SATMEX: To Provide Business Update on January 27


V E N E Z U E L A

PDVSA: Petrobras Set to Finish Oil Refinery Independently


                         - - - - -


=================
A R G E N T I N A
=================
  
BONCONFORT SA: Proofs of Claim Verification Due on March 16
-----------------------------------------------------------
The court-appointed trustee for Bonconfort S.A.'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 4, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 12, 2009.


CLINICA DEL NIATO: Proofs of Claim Verification Due on April 6
--------------------------------------------------------------
The court-appointed trustee for Clinica del Niato de Quilmes
S.A.'s reorganization proceedings, will be verifying creditors'
proofs of claim until April 6, 2009.

The trustee will present the validated claims in court as
individual reports on May 21, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 3, 2009.



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

ORIENT-EXPRESS: Court to Hear Wind-Up Petition on February 20
-------------------------------------------------------------
A petition to have Orient-Express Hotels Limited's operations
wound up will be heard before the Supreme Court of Bermuda on
February 20, 2009, at 9:30 a.m.

D. E. Shaw Oculus Portfolios, L.L.C., D. E. Shaw Valence
Portfolios, L.L.C. and CR Intrinsic Investments, LLC. filed the
petition against the company on January 12, 2009.


* BERMUDA: Investment Funds Lost US$39BB Net Assets Value in 3Q
----------------------------------------------------------------
Bermuda-based investment funds' net asset value decreased by US$39
billion in the third quarter of 2008 when world markets plunged,
Jonathan Kent of Royal Gazette News reports, citing Bermuda
Monetary Authority ("BMA").

According to the report, the figures published by BMA showed the
total value of funds based on the Island fell by more than 16% in
the three months through September 30 to a total of US$196.3
billion.

In a December 2008 Regulatory Update, the report notes BMA said
the drastic fall in the value of Bermuda funds reflected "adverse
conditions and a general increase in redemptions in global
financial markets".  Fourth-quarter figures are likely to show
another decline, BMA added.

Bermuda-based funds, The Gazette relates, will be among those that
suffered further damage from Bernard L. Madoff's alleged US$50
billion fraud.

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

The Gazette relates wire reports said Kingate Global Management
was heavily exposed to Madoff, as was Fairfield Greenwich, which
has substantial operations in Bermuda.

BMA also found that the Island's banking system remained "highly
capitalized and had strong liquidity" at the end of September, the
Gazette says.  Combined banks' deposits fell by US$144 million
during the third quarter to a total of US$20.8 billion, the report
notes.

The Gazette adds that BMA found that the Bermuda dollar amount
lent by the Island's banks and deposit companies was 122.7% of
deposits held.  This deficit increased compared from the second
quarter, when the figure was 119.4%.



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

ARACRUZ CELULOSE: Votorantim Acquires Company Stakes for BRL2.71BB
------------------------------------------------------------------
Brazil's Votorantim Celulose e Papel agreed to takeover rival
Aracruz Celulose SA for BRL2.71 billion.  The purchase price,
which will be paid in six installments, will allow Votarntim to
increase its stake in Aracruz to 56% from 28%, Elzio Barreto of
Reuters reports.

According to the Associated Press, both companies said that the
deal that was delayed last fall is now going through because
Aracruz reached an agreement with creditors to pay off US$2.1
billion in losses in currency derivative bets that went bad during
the global meltdown.

As reported in the Troubled Company Reporter - Latin America on
Nov. 28, 2008, Bloomberg News said Aracruz Celulose was accused in
a lawsuit of misleading investors about "clandestine and
speculative currency wagers."

According to the report, the complaint was filed by law firm
Saxena White P.A. in the U.S. District Court for the Southern
District of Florida on behalf of holders of Aracruz American
depositary receipts.  Bloomberg News related that in the
complaint, Saxena White argued the Brazilian pulp maker failed to
disclose currency derivatives "that violated company policy in
that they were far larger than necessary to hedge normal business
operations."

Reuters relates that under the terms of the deal, VCP also offered
to buy a 28% stake held in Aracruz by Arainvest Participacoes for
BRL2.71 billion.

BNDESpar, the investment arm for development bank BNDES, would
also invest up to BRL1.8 billion in a VCP rights offering and 580
million in Votorantim Industrial bonds that would be convertible
into VCP voting shares, Reuters notes.  BNDES and Votorantim
Industrial would control the combined company with a 30% stake
each.

"With its support for this deal, BNDES gives a concrete example of
its efforts to strengthen the national private sector during a
moment of huge challenges," Reuters quoted Votorantim President
Luciano Coutinho as saying.

Meanwhile, Reuters reports Aracruz said it reached an agreement
with banks owning more than 80% of its debt on currency
derivatives contracts.  Under the accord, Aracruz has up to nine
years to repay the debt, which will carry an average cost of 4.6
percentage points a year above the London interbank offered rate,
the report adds.

                     About Aracruz Celulose

Brazil-based Aracruz Celulose SA (SAO:ARCZ6) --
http://www.aracruz.com.br/-- is producer of bleached hardwood
kraft market pulp.  The Company produces eucalyptus pulp, which is
a variety of hardwood pulp used by paper manufacturers to produce
a range of products, including tissues, printing and writing
papers, liquid packaging boards and specialty papers.  The
Company's production facilities consist of the Barra do Riacho
Unit in Espirito Santo State, which has three production units
each with two bleaching, drying and baling lines, the Guaiba Unit,
located in the municipality of Guaiba, State of Rio Grande do Sul,
and Veracel, located in the municipality of Eunapolis, State of
Bahia, where it has a 50% stake.  During the year ended December
31, 2007, the Company produced approximately 2,569,000 tons of
bleached eucalyptus kraft pulp (BEKP) (3,095,000 tons including
50% of Veracel's pulp production).

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Aracruz Celulose S.A. To 'BB'
from 'BBB-'.  We also lowered the Brazil national scale rating on
Aracruz to 'brAA' from 'brAAA'.  The ratings were removed from
CreditWatch Negative, where they were placed Oct. 3, 2008.  The
outlook is stable.

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2008, Fitch Ratings downgraded Aracruz Celulose S.A.'s
Local currency Issuer Default Rating (IDR) to 'BB-' from 'BB+' and
Foreign currency IDR to 'BB-' from 'BB+'.
The ratings remain on Rating Watch Negative.

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2008, Moody's Investors Service downgraded the ratings of
Aracruz Celulose S.A. to Ba2 (corporate family rating) from Baa3
(issuer rating) on its global scale and to A1.br from Aa1.br on
the Brazilian national scale, and the ratings remain under review
for possible further downgrade.


* BRAZIL: Cuts 654,946 Registered Jobs in Dec, Labor Ministry Says
------------------------------------------------------------------
Brazil has eliminated a total of 654,946 government-registered
jobs in December as companies scaled back production to adjust for
slower economic growth and less consumer demand, Andre Soliani of
Bloomberg News reports, citing Labor Ministry.

The report relates the 1.45 million jobs Brazil created last year,
compared with 1.62 million in 2007, trailed the government's goal
of 1.8 million.

"The economic crisis truly arrived and frightened businessmen,"
the report quoted Labor Minister Carlos Lupi as saying.  "We will
take strong action to create jobs."

Bloomberg News recounts the Labor Ministry said Brazil eliminated
319,414 jobs in December 2007 and 40,821 in November 2008.
Manufacturing was the hardest hit by layoffs, slashing 273,249
jobs from a loss of 142,972 in December 2007, while civil
construction lost 82,432 jobs, more than three times the amount a
year ago, the report notes.

According to the report, Brazil's economy stalled in the fourth
quarter as demand sank and commodity prices plunged following the
fastest annual expansion rate since 1995.

According to Moody's Rating Agency, the country continues to carry
a BA1 local and foreign currency rating.


* BRAZIL: Central Bank Mulls Interest Rate Cut to Stem Recession
----------------------------------------------------------------
Brazil's central bank will probably cut its benchmark interest
rate for the first time in 16 months in a bid to safeguard
Brazil's economy from the deepening global recession, Andre
Soliani of Bloomberg News reports.

Policy makers led by bank President Henrique Meirelles may lower
the overnight rate to 13% from a two-year high of 13.75%,
according to 23 of 47 economists surveyed by Bloomberg.  Sixteen
analysts expect a half-point reduction, while eight predict a
full-point cut, the report relates.

According to the report, Brazil's economy stalled in the last
quarter of 2008, losing a record number of jobs last month as
industry scaled back output, consumer demand declined and
commodity prices plunged.  The US$1.3 billion economy has likely
already begun to contract, according to estimates by banks
including Banco BNP Paribus Brasil SA, JPMorgan Chase & Co. and
Morgan Stanley, the report notes.

Marcelo Salomon, chief economist at Sao Paulo-based Unibanco, told
Bloomberg in a telephone interview that the central bank "has room
to implement a bold and swift cycle of interest rate cuts."

"Rate cuts will help reverse the economic slowdown by the start of
2010," Mr. Salomon said.

According to Moody's Rating Agency, the country continues to carry
a BA1 local and foreign currency rating.



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

ALTAIR SYMPHONY: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Altair Symphony International, Ltd.
resolved to voluntarily liquidate the company's business on
Dec. 1, 2008.

The company's liquidator is:

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


ARDEN CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Arden Capital Partners, Ltd. met on
Dec. 1, 2008, and resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
January 5, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Angus Davison
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 815-1788
          Facsimile: (345) 815-7606


CAPITAL SPC: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Capital SPC resolved to voluntarily
liquidate the company's business on March 18, 2008.

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

The company's liquidator is:

          Dicorp Limited
          c/o Alan G. de Saram
          Tel: 949-4544
          Fax: 949-8460
          Charles Adams, Ritchie & Duckworth
          P O Box 709, Zephyr House
          Mary Street, George Town
          Grand Cayman KY1-1107


CAPITAL W: Creditors' Proofs of Debt Due Today
----------------------------------------------
The creditors of Capital W Limited are required to file their
proofs of debt by today, Jan. 22, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Tam Chi Wai
          Ocean Centre, 16th Floor
          Harbour City, Kowloon, Hong Kong
          Tel: 852 2118 8118
          Fax: 852 2118 8092


CAPITAL WWW: Placed Under Voluntary Liquidation
-----------------------------------------------
The sole shareholder of Capital WWW Limited resolved to
voluntarily liquidate the company's business on Dec. 1, 2008.

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

The company's liquidator is:

          Tam Chi Wai
          Ocean Centre, 16th Floor
          Harbour City, Kowloon, Hong Kong
          Tel: 852 2118 8118
          Fax: 852 2118 8092


CASTLEPEAK LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Castlepeak Limited met on January 8, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


COMTEL BRASILEIRA: Placed Under Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on December 11, 2008, the
members of Comtel Brasileira Inc. resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall, Cricket Square
          171 Elgin Avenue, George Town
          Grand Cayman KY1-1104


CZ320-97E LIMITED: Shareholder Receives Wind-Up Report
------------------------------------------------------
On January 12, 2009, the shareholder of CZ320-97E Limited received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


FGI CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of FGI Capital met on January 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


VICTORIA FINANCE: Moody's Withdraws Junk Rating on Capital Note
---------------------------------------------------------------
Moody's Investors Service has withdrawn the capital note and
senior debt programme ratings of Victoria Finance Ltd and Victoria
Finance LLC as follows:

Capital Note Programme (US$777 million of debt securities
affected)

   Current Rating: WR

   Prior Rating: Ca

Euro and US Commercial Paper Programmes (US$760 million of debt
securities affected)

   Current Rating: WR

   Prior Rating: Not Prime

Euro and US Medium Term Note Programmes (US$5 billion of debt
securities affected)

   Current Rating: WR

   Prior Rating: B2/Not Prime

Victoria Finance was a structured investment vehicle established
by Ceres Capital Partners. Management of Victoria Finance was
transferred to the Collateral Agent, Deutsche Bank Trust Company
Americas, when Victoria entered enforcement on 8 January 2008. The
action follows a request by the Collateral Agent.

Given that all management responsibilities now rest with the
Collateral Agent, Moody's has also withdrawn the SIV Management
Quality rating that was assigned to Ceres Capital Partners (also
known under the name of Stanfield Global Strategies LLC) in its
capacity as the manager of Victoria Finance.


FIRST STATE DIVERSIFIED: Creditors' Proofs of Debt Due Today
------------------------------------------------------------
The creditors of First State Diversified Hedge Fund Limited are
required to file their proofs of debt by today, Jan. 22, 2009, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on November 25,
2008.

The company's liquidators are:

          Robert Elliott
          Blair Pleash
          c/o Rothstein Kass & Company
          Po Box 1748GT, Cayman Corporate Centre
          George Town, Grand Cayman


FIRST STATE HEDGE: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of First State Hedge Funds SPC Limited are required
to file their proofs of debt by today, Jan. 22, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 25, 2008.

The company's liquidator is:

          Hall Chadwick
          Chartered Accountants
          c/o Rothstein Kass & Company
          Po Box 1748GT, Cayman Corporate Centre
          George Town, Grand Cayman


LATIN AMERICAN: Members Receive Wind-Up Report
---------------------------------------------
The members of Latin American Entertainment Co. met on January 13,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Diego Bonomi
          Zabala 1422 – 2nd Floor
          Montevideo, Uruguay


P CAPITAL: Placed Under Voluntary Liquidation
---------------------------------------------
The sole shareholder of P Capital Limited resolved to voluntarily
liquidate the company's business on Dec. 1, 2008.

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

The company's liquidator is:

          Tam Chi Wai
          Ocean Centre, 16th Floor
          Harbour City, Kowloon, Hong Kong
          Tel: 852 2118 8118
          Fax: 852 2118 8092


PHZ MATRIX: Commences Liquidation Proceedings
---------------------------------------------
The sole shareholder of PHZ Matrix Fund Ltd. resolved to
voluntarily liquidate the company's business on Nov. 27, 2008.

The company's liquidator is:

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


STAMFORD COMPANY: Commences Liquidation Proceedings
---------------------------------------------------
The shareholders of Stamford Company Limited resolved to
voluntarily liquidate the company's business on Nov. 25, 2008.

Only creditors who were able to file their proofs of debt by
January 15, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Edward Sweet
          c/o Jodi Jones
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


TROY AIRCRAFT: Members Receive Wind-Up Report
---------------------------------------------
The members of Troy Aircraft Ltd. met on January 8, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Melanie Whittaker
          Prashant Veturkar
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


W CAPITAL: Commences Liquidation Proceedings
--------------------------------------------
The sole shareholder of W Capital Limited resolved to voluntarily
liquidate the company's business on Dec. 1, 2008.

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

The company's liquidator is:

          Tam Chi Wai
          Ocean Centre, 16th Floor
          Harbour City, Kowloon, Hong Kong
          Tel: 852 2118 8118
          Fax: 852 2118 8092


W EQUITY: Commences Liquidation Proceedings
-------------------------------------------
The sole shareholder of W Equity Limited resolved to voluntarily
liquidate the company's business on Dec. 1, 2008.

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

The company's liquidator is:

          Tam Chi Wai
          Ocean Centre, 16th Floor
          Harbour City, Kowloon, Hong Kong
          Tel: 852 2118 8118
          Fax: 852 2118 8092


W INVESTMENTS: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of W Investments Limited resolved to
voluntarily liquidate the company's business on Dec. 1, 2008.

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

The company's liquidator is:

          Tam Chi Wai
          Ocean Centre, 16th Floor
          Harbour City, Kowloon, Hong Kong
          Tel: 852 2118 8118
          Fax: 852 2118 8092


WWW CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of WWW Capital Limited resolved to
voluntarily liquidate the company's business on Dec. 1, 2008.

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

The company's liquidator is:

          Tam Chi Wai
          Ocean Centre, 16th Floor
          Harbour City, Kowloon, Hong Kong
          Tel: 852 2118 8118
          Fax: 852 2118 8092



==================
C O S T A  R I C A
==================

* COSTA RICA: Sees 30% Drop in Investments This Year
----------------------------------------------------
The director of the Coalicion Costarricense de Iniciatives de
Desarollo ("CINDE") - Costa Rican Investment Board, Gabriela
Llobet, said direct foreign investment in the Central American
country is expected to fall by 30% in 2009 because of the global
economic crisis, Inside Costa Rica News reports.

Director Llobet, the report relates, said job growth will remain
stable with 5,500 new posts expected this year.

According to the report, Director Llobet said 30 foreign companies
established operations in Costa Rica in 2008, and together with
other foreign countries generated investments of US$428 million.
Fewer companies are expected to come to Costa Rica in 2009, she
added.

The country continues to carry Moody's Ba1 foreign and local
currency rating with a positive outlook.



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

* JAMAICA: Signs US$329 Million Loan Agreement With IDB
-------------------------------------------------------
Jamaica Prime Minister Bruce Golding and Inter-American
Development Bank ("IDB") President Luis Alberto Moreno signed
three loan agreements totaling US$329 million, Caribbean Net News
reports.

Prime Minister Golding, the report notes, saids the loans will
provide financial support for the private, and education sectors,
as well as the Program of Advancement through Health and Education
(PATH).

"The largest agreement, for US$300 million (which will provide)
liquidity support for the private sector, represents a partnership
between Jamaica and the IDB in support of private sector
activities.  These funds are to be disbursed through commercial
institutions.  The two smaller loans, smaller in size but no less
important, have to do with US$14 million, which is being made
available to complete the construction of a number of primary
schools, and US$15 million, which is to be used to expand the PATH
programme.  The PATH programme is significantly funded by the
World Bank. What the IDB has done is to provide additional support
that will enable us to expand that program," the report quoted
Prime Minister Golding as saying.

According to the report, Minister Golding said the agreements
signified a re-engagement of Jamaica's relationship with the IDB,
which for five years had not disbursed any loans to the country
"for a variety of reasons."

The report relates IDB President Moreno noted that the loan
agreements were to ensure access to funds by Jamaican businesses
for sustainability.  He pledged the IDB's commitment to Jamaica,
and stressed the need for stakeholders to unite in countering the
prevailing challenges and others which may arise in the future,
the report adds.

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
===========

DESARROLLADORA HOMEX: S&P Affirms 'BB-' Corp. Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on
Desarrolladora Homex S.A.B. de C.V. (Homex).  The outlook is
stable.  The recovery rating is 3.

"The rating on Homex is constrained by the company's still-
aggressive growth targets and financial policy in a highly
competitive market, higher use of debt to support its growth
plans, and significant working-capital requirements that have
restricted free operating cash-flow generation.  The ratings also
reflect risk factors in the Mexican homebuilding industry, which
include the concentration of mortgage origination in public
housing agencies and the degree of political risk inherent in
these institutions.  Homex's position as a leading homebuilder in
Mexico, its broad geographic diversity, favorable financial
performance during the past couple of years, and a comfortable
maturity schedule support the ratings," said Standard & Poor's
credit analyst Laura Martinez.

Recently, the company announced its revenue guidance for 2009,
having reduced significantly its revenue growth target (to around
10%).  Homex has also stated a change in its projected product
mix, with a higher focus on affordable entry-level housing.

"We believe these adjustments will benefit the issuer's financial
profile, leading to positive free operating cash-flow generation
and higher cash levels by year-end 2009.  However, growth rates
are still higher than the industry's expected average growth rate,
which we expect to be in the high single digits.  The ratings
contemplate the possibility of an additional adjustment to growth
targets to preserve the company's financial flexibility," S&P
says.

"In 2008, we expect Homex's revenues to have grown around 19% in
nominal terms, which required important investments in working
capital. Trade receivables turnover and the accounts receivable-
to-sales ratio also some deteriorated as of Sept. 30, 2008,
reaching 235 days and about 60%, respectively, compared with about
156 days and 41% during the same period in 2007.  This resulted
from some delays in collections and greater participation in
vertical and middle-income housing.  The company substantially
increased its investment in land reserves on the balance sheet to
69 million square meters, equivalent to 341,237 units or five
years of future sales.  In addition, the company maintains about
one year of anticipated sales in optioned land.

"The stable outlook reflects our expectation that the company will
report satisfactory financial ratios, sustain a prudent operating
and financial strategy (especially if collections slow down), and
adjust its growth targets to maintain an adequate liquidity
position.  The ratings on Homex are predicated on the expectation
that Homex will maintain an EBITDA interest coverage ratio of 6x
to 7x and a total debt-to-EBITDA ratio of 1.0x to 1.5x during the
coming years.  A positive rating action will require consistent
positive free operating cash flow in the next few years.
Weakening in the company's liquidity or key financial ratios
relative to our expectations, or an increase in management's
tolerance for risk, could lead to a negative rating action."

                    About Desarrolladora Homex

Desarrolladora Homex, S.A.B. de C.V. (Homex)--
http://www.homex.com.mx/ --  is a vertically integrated home
development company engaged in the development, construction and
sale of entry level, middle-income and upper-income housing in
Mexico.  During the year ended December 31, 2007, Homex sold
51,672 homes.  As of December 31, 2007, it had 98 developments
under construction in 33 cities located in 21 Mexican states. It
had total land reserves under title of approximately 67.5 million
square meters as of December 31, 2007.  Homex operates in markets
throughout Mexico, from Tijuana in the north to Tapachula in the
south, which represent 21 states and 33 cities as of December 31,
2007.  In 2007, 34% of the Company's revenues originated in the
Mexico City Metropolitan Area, and 17% in Guadalajara.  The
remaining revenues were originated in 31 cities.


SATMEX: To Provide Business Update on January 27
------------------------------------------------
Satelites Mexicanos, S.A. de C.V. ("Satmex") plans to hold a
conference call on January 27, 2009, beginning at 12.00 PM EST.

CEO Patricio Northland, who joined Satmex six months ago, and Luis
Stein (recently appointed CFO), will provide a business update and
discuss opportunities for next year.

The dialing instructions for the call are:

   US Toll-Free: 1-800-729-7116
   International: 1-212-231-6020

The call will be recorded and replay will be available from 2:30
PM EST on January 27, 2009 to 2:30 PM EST on February 3, 2009.
The replay information will be:

   US Toll-Free: 1-800-633-8284
   International: 1-402-977-9140
   Reservation Number: 21412459


                     About Satelites Mexicanos

Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.

Satmex filed a voluntary petition for reorganization under
Chapter 11 in the Bankruptcy Court (Bankr. S.D.N.Y. Case No. 06-
11868), on Aug. 11, 2006.  It concluded its reorganization
efforts on Nov. 30, 2006, and emerged from its U.S. bankruptcy
case.  The company consummated its U.S. chapter 11 plan of
reorganization, which was confirmed by the on Oct. 26, 2006, and
implemented the restructuring approved in Satmex's Mexican
Concurso Mercantil proceeding by the Concurso Plan Order issued
on July 14, 2006.

                         *     *     *

The company continues to carry these ratings placed by Moody's
since Sept. 5, 2003:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.



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

PDVSA: Petrobras Set to Finish Oil Refinery Independently
---------------------------------------------------------
Petroleo Brasileiro SA ("Petrobras") said it may complete a
planned US$4-billion oil refinery in northeast Brazil on its own
if it fails to agree on a fuel-supply contract with partner
Petroleos de Venezuela SA ("PDVSA"), Bloomberg News reports.

"We have already concluded the shareholders accord and the
(company) statute, but not the supply contract," The Herald
Tribune quoted Petrobras executive Paulo Roberto Costa as saying.
"If we delay in concluding the contract, the project will not
stop, since Petrobras has enough heavy crude" to supply the
refinery on its own.

The Herald relates Mr. Costa said PDVSA wants to supply Venezuelan
crude to the refinery at above-market prices, while Petrobras says
the fuel-supply contract should be tied to the prices of benchmark
crudes such as Brent or West Texas Intermediate.

Bloomberg News says the refinery would receive half its oil from
Venezuela´s Orinoco belt.

According to Bloomberg News, under the agreement, PDVSA would take
a 40% stake in the project, however, PDVSA hasn't yet contributed
any funds to construction.

Once completed in 2010, The Herald says, the refinery will
annually produce 814,000 cubic meters of naphtha, 322,000 tons of
liquefied petroleum gas, 8.8 million tons of diesel and 1.4
million of tons of petroleum coke.

Meanwhile, Bloomberg News notes Mr. Costa said Petrobras also
wants to renegotiate some contracts to get lower prices given the
falling price of raw materials and declining demand for
construction.

"The price of steel and other products is falling," Bloomberg
quoted Mr. Costa as saying.  "If the prices don't come down we'll
probably cancel some contracts."

                           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-'.



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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