TCRLA_Public/090127.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 27, 2009, Vol. 9, No. 18

                            Headlines

A R G E N T I N A

AGUIRRE Y ASOC: Trustee Verifying Proofs of Claim Until April 17


B E R M U D A

CONOCOPHILLIPS (AIB): Creditors' Proofs of Debt Due on February 6
CONOCOPHILLIPS (AIB): Members' Final Meeting Set for February 28
CONOCOPHILLIPS (GIB): Creditors' Proofs of Debt Due on February 6
CONOCOPHILLIPS (GIB): Members' Final Meeting Set for February 27
HING WAH: Creditors' Proofs of Debt Due on February 6

HING WAH: Members' Final Meeting Set for February 24


B R A Z I L

BANCO DO BRASIL: To Have BRL2.52 Billion Non-Recurring Gain in 4Q
IMCOPA IMPORTACAO: S&P Downgrades Corporate Credit Rating to 'B-'


C A Y M A N  I S L A N D S

ALFA ENERGY: Commences Liquidation Proceedings
ANDEAN SILVER: Commences Liquidation Proceedings
ASC PERU: Commences Liquidation Proceedings
ASIA MORTGAGE: Commences Liquidation Proceedings
CARMEL ENTERPRISES: Enters Wind-Up Proceedings

GLUON FUND: Commences Liquidation Proceedings
HAMPTON MULTI-STRATEGY: Placed Under Voluntary Liquidation
JOLLY ROGER ET AL: Placed Under Voluntary Liquidation
LEVERAGED SHORT: Placed Under Voluntary Liquidation
MARATHON INVESTMENT: Commences Liquidation Proceedings

MELLON AHLI: Placed Under Voluntary Liquidation
OTKRITIE CAPITAL: Placed Under Voluntary Liquidation
PORTICO INVESTMENTS: Commences Liquidation Proceedings
RANCHO PARK: Placed Under Voluntary Liquidation
RICHLAND GLOBAL: Placed Under Voluntary Liquidation

SALUTO SECONDO: Creditors' Proofs of Debt Due on March 14
STEAMBOAT SELECT: Placed Under Voluntary Liquidation
VAUGHAN NELSON: Placed Under Voluntary Liquidation
WHARTON ASIAN: Commences Liquidation Proceedings
WIMBLEDON COMMON: Placed Under Voluntary Liquidation


C O L O M B I A

* COLOMBIA: Mulls 20-Year Bond Sale


D O M I N I C A N  R E P U B I C

CAP CANA: Keeps Development Plans Despite Financial Setbacks


* DOMINICAN REPUBLIC: ACOFAVE Seeks Help as Car Sales Drop


E C U A D O R

PETROECUADOR: To Cut 1,500 Jobs as Part of Restructuring Plan


J A M A I C A

AIR JAMAICA: Scheduled March Sale Still Uncertain, Minister Says


M E X I C O

VITRO SAB: Limited Financial Flexibility Cues Fitch's Junk Rating


P E R U

* PERU: Central Bank Mulls Benchmark Lending Rate Cut


V E N E Z U E L A

PDVSA: Cash Flow Affected by Drop in Oil Prices


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

AGUIRRE Y ASOC: Trustee Verifying Proofs of Claim Until April 17
----------------------------------------------------------------
The court-appointed trustee for Aguirre y Asoc. S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 17, 2009.

The trustee will present the validated claims in court as
individual reports on June 2, 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 15, 2009.



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

CONOCOPHILLIPS (AIB): Creditors' Proofs of Debt Due on February 6
-----------------------------------------------------------------
The creditors of ConocoPhillips (AIB) Ltd. are required to file
their proofs of debt by February 6, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 21, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


CONOCOPHILLIPS (AIB): Members' Final Meeting Set for February 28
----------------------------------------------------------------
The members of ConocoPhillips (AIB) Ltd. will meet on February 28,
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. 21, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda



CONOCOPHILLIPS (GIB): Creditors' Proofs of Debt Due on February 6
-----------------------------------------------------------------
The creditors of ConocoPhillips (GIB) Ltd. are required to file
their proofs of debt by February 6, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 21, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


CONOCOPHILLIPS (GIB): Members' Final Meeting Set for February 27
----------------------------------------------------------------
The members of ConocoPhillips (GIB) Ltd. will meet on February 27,
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. 21, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


HING WAH: Creditors' Proofs of Debt Due on February 6
-----------------------------------------------------
The creditors of Hing Wah International Holdings Limited are
required to file their proofs of debt by February 6, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 21, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


HING WAH: Members' Final Meeting Set for February 24
----------------------------------------------------
The members of Hing Wah International Holdings Limited will meet
on February 24, 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. 21, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda



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

BANCO DO BRASIL: To Have BRL2.52 Billion Non-Recurring Gain in 4Q
-----------------------------------------------------------------
Banco do Brasil SA said it will have a one-time gain of
BRL2.52 billion (US$1 billion) in the fourth quarter, Fabiola
Moura of Bloomberg News reports.

The report relates CVM, Brazil securities regulator, said Banco do
Brasil will post a BRL5.3 billion profit from its pension fund
plans and BRL2.8 billion in losses related to its health plans and
taxes.

According to the report, the bank also said it will set aside an
additional BRL1.7 billion for bad loans because of a possible
increase in default rates.

                      About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
Jan. 20, 2009, Fitch Ratings affirmed these ratings of Banco do
Brasil S.A.:

  -- 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)'


IMCOPA IMPORTACAO: S&P Downgrades Corporate Credit Rating to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Brazil-based soy crusher Imcopa
Importacao, Exportacao e Industria de Oleos S.A. to 'B-' from 'B'.
At the same time, S&P placed the ratings on CreditWatch with
negative implications.

"The rating action reflects Imcopa's significant exposure to
short-term refinancing risks and the deterioration in credit
availability in bank markets, coupled with lower-than-expected
operating cash generation due to a challenging market
environment," said Standard & Poor's credit analyst Reginaldo
Takara.  A significant portion of the company's debt is
concentrated in the coming months and Imcopa is still negotiating
the refinancing of some of its large maturities.  Weak market
conditions and high exposure to commodity and currency volatility
have depressed the company's credit metrics since September 2008.

The ratings on Imcopa reflect the high volatility in the company's
soft commodity businesses, which deteriorated in past quarters,
with particularly volatile margins in soybean crushing.  The
rating also considers Imcopa's highly leveraged financial profile,
with exposure to short-term debt maturities and significant
refinancing risk throughout 2009, and large working-capital
requirements associated with the soybean business cycle.  Imcopa's
strategy of focusing on non-genetically modified organism soybean
oil and soybean meal products, which usually command a premium
compared with GMO derivatives, partially offsets these negative
factors.  Moreover, the company is making the transition to a more
value-added and higher-margin product mix.  Its strategic plant
location in the largest non-GMO-producing region and relatively
good proximity to the infrastructure for exports are also
positives for the ratings.

The CreditWatch Negative reflects the risks associated with
Imcopa's high debt maturities, including the US$100-million bond
maturity due in November 2009 and the need simultaneously to
finance the next crop cycle.  It also reflects the risks of a
breach of its debt covenants due to weakening results and volatile
currency and commodity prices.  S&P expects to resolve the
CreditWatch listing as Imcopa advances into the financing of this
crop cycle and S&P obtains clarity on the company's debt
refinancing strategy.  S&P could lower the ratings further if
Imcopa's financial stress escalates either because of weak
operating performance or increased credit constraint to finance
working capital in the next couple of months.




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

ALFA ENERGY: Commences Liquidation Proceedings
----------------------------------------------
On December 10, 2008, the shareholder of Alfa Energy Fund SPC
passed a special resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 20, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Philip N.A. Mosely
          P.O. Box 1569, Grand Cayman KY1-1110
          Cayman Islands
          Telephone: 345 949 4018
          Facsimile: 345 949 7891


ANDEAN SILVER: Commences Liquidation Proceedings
------------------------------------------------
On December 3, 2008, the shareholders of Andean Silver Corporation
LDC passed a unanimous written resolution that voluntarily wind up
the company's operations.

The company's liquidator is:

          Jonathan Calley
          c/o David Marshall
          Tax Manager
          Apex Silver Mines Corporation
          1700 Lincoln Street, Suite 3050
          Denver, CO 80203, United States of America
          Telephone: (345) 814 4582
          Facsimile: (345) 814 8245


ASC PERU: Commences Liquidation Proceedings
-------------------------------------------
On December 3, 2008, the shareholders of ASC Peru LDC passed a
unanimous written resolution that voluntarily wind up the
company's operations.

The company's liquidator is:

          Jonathan Calley
          c/o David Marshall
          Tax Manager
          Apex Silver Mines Corporation
          1700 Lincoln Street, Suite 3050
          Denver, CO 80203, United States of America
          Telephone: (345) 814 4582
          Facsimile: (345) 814 8245


ASIA MORTGAGE: Commences Liquidation Proceedings
------------------------------------------------
On December 5, 2008, the sole shareholder of Asia Mortgage Finance
passed a written resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
January 13, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          John Huang
          Tokyo Ginko Kyokai Building 14Fl
          1-3-1 Marunouchi, Chiyoda-ku
          Tokyo 100-0005, Japan


CARMEL ENTERPRISES: Enters Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on December 8, 2008, the
members of Carmel Enterprises Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 22, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Laura Chisholm
          P.O. Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


GLUON FUND: Commences Liquidation Proceedings
---------------------------------------------
On December 10, 2008, the sole shareholder of Gluon Fund
International, Ltd passed a resolution that voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
January 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


HAMPTON MULTI-STRATEGY: Placed Under Voluntary Liquidation
----------------------------------------------------------
The shareholder of Hampton Multi-Strategy Offshore Fund Ltd.
resolved to voluntarily liquidate the company's business on
December 17, 2008.

Only creditors who were able to file their proofs of debt by
January 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Avalon Management Limited
          c/o P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 946.4422
          Facsimile: (+1) 345 769.9351


JOLLY ROGER ET AL: Placed Under Voluntary Liquidation
-----------------------------------------------------
On December 9, 2008, a written resolution that voluntarily wind up
the companies' operations were passed by the shareholders of:

   -- Jolly Roger Activist Fund Ltd;
   -- Jolly Roger Activist Intermediate Fund Ltd; and
   -- Jolly Roger Activist Portfolio Company Ltd.

The companies' 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


LEVERAGED SHORT: Placed Under Voluntary Liquidation
---------------------------------------------------
On December 2, 2008, the sole shareholder of Leveraged Short
Equity Index Hedge Ltd. passed a written resolution that
voluntarily wind up the company's operations.

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


MARATHON INVESTMENT: Commences Liquidation Proceedings
------------------------------------------------------
On December 9, 2008, the sole shareholder of Marathon Investment
Managers, Ltd. passed a resolution that voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
January 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


MELLON AHLI: Placed Under Voluntary Liquidation
-----------------------------------------------
On December 9, 2008, the sole shareholder of Mellon Ahli Selection
Fund Limited passed a written resolution that voluntarily wind up
the company's operations.

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


OTKRITIE CAPITAL: Placed Under Voluntary Liquidation
-----------------------------------------------------
On November 14, 2008, the sole shareholder of Otkritie Capital
Management, Inc. passed a written resolution that voluntarily wind
up the company's operations.

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


PORTICO INVESTMENTS: Commences Liquidation Proceedings
------------------------------------------------------
On December 9, 2008, a resolution that voluntarily wind up the
operations of Portico Investments Limited was adopted.

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 liquidators are:

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


RANCHO PARK: Placed Under Voluntary Liquidation
-----------------------------------------------
On December 9, 2008, the shareholders of Rancho Park passed a
written resolution that voluntarily wind up the company's
operations.

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


RICHLAND GLOBAL: Placed Under Voluntary Liquidation
---------------------------------------------------
On December 9, 2008, the shareholders of Richland Global Elite
Fund passed a written resolution that voluntarily wind up the
company's operations.

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


SALUTO SECONDO: Creditors' Proofs of Debt Due on March 14
---------------------------------------------------------
The creditors of Saluto Secondo International are required to file
their proofs of debt by March 14, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 12, 2008.

The company's liquidator is:

          MBT Trustees Ltd.
          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Telephone: 945-8859
          Facsimile: 949-9793/4


STEAMBOAT SELECT: Placed Under Voluntary Liquidation
----------------------------------------------------
On October 15, 2008, the sole shareholder of Steamboat Select
International Master Fund, Ltd. passed a written resolution that
voluntarily wind up the company's operations.

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


VAUGHAN NELSON: Placed Under Voluntary Liquidation
--------------------------------------------------
On December 8, 2008, the sole shareholder of Vaughan Nelson Market
Neutral Fund I (Offshore) Ltd. passed a written resolution that
voluntarily wind up the company's operations.

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


WHARTON ASIAN: Commences Liquidation Proceedings
------------------------------------------------
On December 9, 2008, the sole shareholder of Wharton Asian
Renaissance Fund Company Limited passed a written resolution that
voluntarily wind up the company's operations.

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:

          David Post
          17th Floor Tesbury Centre
          28 Queen's Road East, Hong Kong


WIMBLEDON COMMON: Placed Under Voluntary Liquidation
----------------------------------------------------
On December 9, 2008, the shareholders of Wimbledon Common Ltd.
passed a written resolution that voluntarily wind up the company's
operations.

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




===============
C O L O M B I A
===============

* COLOMBIA: Mulls 20-Year Bond Sale
-----------------------------------
Colombia may sell peso bonds with maturities as long as 20 years
for the first time in the domestic market as slowing inflation and
falling interest rates fuel demand, Andrea Jaramillo of Bloomberg
News reports, citing William Ortiz Linares, head of local debt
sales at the ministry.

The report relates Mr. Linares said the government is considering
selling debt due in 2024 or 2029 by June as interest from pension
funds and insurers for longer maturities picks up.  The ministry
hasn't decided whether the new bond would have a fixed interest
rate or be linked to inflation, he said.

"The conditions are being created" for the sale, Mr. Linares
told Bloomberg in a telephone interview.  "There's a lot of
liquidity and investors have indicated they are interested in
longer-term risk."

According to the report, Colombian bonds have rebounded in recent
months after yields soared to the highest in at least three years
when the global crisis deepened in October.

"Slowing inflation, central bank Banco de la Republica cutting
rates and ample liquidity are making peso bonds very attractive,"
Bloomberg quoted Camilo Perez, head economist at Banco de Bogota
SA, as saying.  "Under those conditions, investors want to invest
especially in long-term debt."

Bloomberg News notes Minister Linares said the ministry is
adjusting its menu of short-term bonds in auctions scheduled over
the next month.

In the next auction of fixed-rate peso bonds, slated for Jan. 28,
the government will issue new securities due in August 2012 and
will halt sales of notes due in May 2011, the report relates.

Bloomberg News says Minister Linares said the ministry will also
stop selling its November 2013 bonds after this month and will
replace them with notes due in May 2014.  Colombia may issue a new
10-year benchmark bond in the first half of the year to replace
the October 2018 bonds it's currently offering, he said.

Last week, the report recounts Minister Linares said Colombia
plans to sell 22 trillion pesos (US$9.6 billion) worth of peso
securities in 2009.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
January 9, 2009, Fitch Ratings assigned a long-term foreign
currency Issuer Default Rating of 'BB+' to the Republic of
Colombia 10-year US$1 billion Eurobond (7.375% coupon).



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

CAP CANA: Keeps Development Plans Despite Financial Setbacks
------------------------------------------------------------
Cap Cana S.A. is continuing development plans in its Punta Cana
property despite some recent financial setbacks due to the U.S.
recession, The Dominican Today reports.

According to the report, the company's project is still a few
years from completion.

As reported in the Troubled Company Reporter-Latin America on Jan.
8, 2009, Cap Cana announced launching of a new consent
solicitation with respect to its US$250 million outstanding
principal amount of 9.625% Senior Secured Notes due 2013.

The company said it is seeking to obtain a waiver on the Notes due
to a technical default that resulted from the company's not
depositing in the Debt Service Reserve Account, by January 2,
2009, funds equal to the interest payment on the Notes that comes
due on May 3, 2009, as required under the terms of the indenture
governing the Notes (the "Indenture"), and an extension of the
period for replenishing the Debt Service Reserve Account to
February 24, 2009.

                         About Cap Cana

Cap Cana S.A. is owner and developer of a resort complex on the
Dominican easter tip.

                         *     *     *

As reported by the Troubled Company Reporter - Latin America on
Nov. 4, 2008, Fitch Ratings downgraded the rating on Cap Cana,
S.A.'s US$250 million senior secured notes from 'B' to 'CCC/RR4'.
The rating is also placed on Rating Watch Negative.  The action
follows a significant deterioration in market conditions and an
increase in refinance risk associated with a Cap Cana
US$100 million bridge loan coming due on Nov. 19, 2008.  The
inability to access capital markets coupled with a significant
decrease in property sales has created a lack of liquidity for the
project, which is expected to severely constrain its ability to
continue normal operations.


* DOMINICAN REPUBLIC: ACOFAVE Seeks Help as Car Sales Drop
----------------------------------------------------------
Dominican Republic's Vehicles Concessionaires and Manufacturers
Association ("ACOFAVE") plans to ask the authorities to formalize
and better organize the vehicles intermediary sector after a 29%
drop in car sales in 2008, The Dominican Today reports.

According to the report, ACOFAVE director Enrique Fernandez said
2008's results are disappointing and negative, as sales fell from
around 30,000 units in 2007, to less than 22,000 sold in 2008.

Mr. Fernandez, the report relates, said it's necessary for the
Central Bank to lower the rates on its credit fixed certificates
of 18% to 36 months, so that a real reduction in the bank
transactions begins to be felt.  "If the second half of 2007 is
compared with the second half of 2008 a loss of 52% is reflected,
that is to say that less than half was sold in 2008 than what was
sold in 2007," the report quoted Mr. Fernandez as saying.

                          *     *     *

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

PETROECUADOR: To Cut 1,500 Jobs as Part of Restructuring Plan
-------------------------------------------------------------
State oil company Petroecuador will carry out a restructuring plan
that includes eliminating 1,500 jobs, The Latin America Herald
tribune reports, citing Ecuadorian President Rafael Correa.

The report relates President Correa said that US$3 billion will be
earmarked for the firm this year to fund ongoing projects.

According to the report, President Correa said the number of jobs
lost could vary once the recommendations of a study carried out by
U.S. research and consulting firm Wood Mackenzie are adopted.

President Correa, the report relates, said that for the government
"it is very painful that there are people who will lose their
jobs, but more painful yet is that it is a blow to the common
good, just as was the irresponsibility of the different
governments who used Petroecuador as part of a political spoils
system" and increased its payroll.

The government "has to look out for the common good; we won't
leave them alone, but Petroecuador can't continue with 5,000
people," President Correa added.

                       About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                          *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.



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

AIR JAMAICA: Scheduled March Sale Still Uncertain, Minister Says
----------------------------------------------------------------
Senator Don Wehby, the Cabinet minister with responsibility for
Air Jamaica, plans to sell the carrier may not materialize in
March, Jamaica Gleaner reports.

The report relates Senator Wehby said the Government was
negotiating with two potential buyers.  However, the Gleaner
recounts on January 25, Senator Wehby said he is no longer so
sure.

"The discussions are happening and we are hoping that we can
conclude within the time frame," the report quoted Senator Wehby
as saying.  "Having said that, March 31 is close, but we are going
to try our best to hit that deadline," he added.

As reported in the Troubled Company Reporter - Latin America on
January 7, 2008, Jamaica News said the National Workers Union
("NWU"), one of the union representing Air Jamaica workers,
suggested the government should seriously consider delaying the
stake sale of Air Jamaica.  The union said hope is fading that
the March 31 deadline for the divestment will be met, the same
report related.

Radio Jamaica News earlier reported Air Jamaica still has no clear
buyer as the three months divestment deadline expiration
approaches.  The report said the deepening financial woes in the
global economy could put a damper on efforts by the Bruce Golding
administration to get the loss-making Air Carrier off its books.

Radio Jamaica News, citing Air Jamaica President and Chief
Executive Officer, Bruce Nobles, said that while discussions are
underway with several interested parties, the impact of the
economic crunch could make the sale a difficult one.  However, he
remains optimistic despite the daunting economic challenges, the
same report said.

A TCR-LA report on November 20, 2008 said according to Jamaican
Information Service, 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.

On Jan. 8, 2009, the TCR-LA, citing Jamaica Gleaner, said a local
group in Jamaica is reportedly considering to become a major
player in troubled airline Air Jamaica's future operations.

According to the report, vice president of NWU, Granville
Valentine, said members of the group have so far approached the
union for consultations on the matter.

RadioJamica News notes a source said a question mark has been
placed beside a local consortium that has presented an offer for
Air Jamaica.  Checks are being made on its financial backing to
determine whether it has the cash to operate Air Jamaica after
it's removed from state control, the same report relates.

                        About Air Jamaica

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

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

                          *     *     *

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



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

VITRO SAB: Limited Financial Flexibility Cues Fitch's Junk Rating
-----------------------------------------------------------------
Fitch Ratings has downgraded these ratings for Vitro, S.A.B. de
C.V.:

  -- Long-term Issuer Default Rating to 'CC' from 'B-';

  -- Long-term local currency IDR to 'CC' from 'B-';

  -- US$300 million senior notes due 2012 to 'CC/RR4' from 'B-
     /RR4';

  -- US$225 million senior notes due 2013 to 'CC/RR4' from 'B-
     /RR4';

  -- US$700 million senior notes due 2017 to 'CC/RR4' from 'B-
     /RR4'.

Fitch has also downgraded these national scale ratings of Vitro:

  -- National scale long-term rating to 'CC(mex)' from 'BB(mex)';

  -- Certificados Bursatiles' debt programme and issuances due
     2009 and 2011 to 'CC(mex)' from 'BB(mex)'.

All ratings remain on Rating Watch Negative.

The rating downgrades reflect Vitro's limited financial
flexibility given the current economic environment, as well as the
company's weaker ability to meet its financial obligations on
time.  Vitro's liquidity profile continues to tighten due to
challenging operating conditions in conjunction with high short-
term debt compared to cash balances.  As of Sept. 30, 2008, the
company had unrestricted cash balances of approximately US$72
million and had short-term debt of US$158 million.  In addition,
Vitro's debt service schedule includes an interest coupon payment
next February of approximately US$45 million.

During the past months Vitro has taken different actions in order
to support the short-term liquidity, including a transaction with
Bancomext where the company contributed non-productive real estate
assets to a Trust and received in exchange US$100 million.
Additionally, Vitro's management has announced cost cut and
control programs and has agreed with its joint venture partners in
Vitro Cristalglass in Spain to extend the payment for their 40%
stake in the business.

Vitro continues negotiating with its derivative instruments
counterparts, which could translate into increased leverage and
represents additional pressure on the timely payment of the
company's financial obligations.

The Rating Watch Negative reflects Vitro's increased difficulty in
strengthening its liquidity position in light of current credit
markets conditions.



=======
P E R U
=======

* PERU: Central Bank Mulls Benchmark Lending Rate Cut
-----------------------------------------------------
Peru's central bank may cut its benchmark lending rate should
policy makers see a slowdown in growth and inflation this month,
Bloomberg News reports, citing Bank President Julio Velarde.

President Velarde told Bloomberg in an interview that Peru's
government expects inflation to ease on falling commodity prices
after the country last year posted its highest annual inflation
rate since 1996.

The report recounts Peru's 12-month inflation rate slipped to
6.65% in December from 6.75% in November on falling electricity
rates and fuel prices.  The central bank, which raised its
reference rate six times last year, estimates inflation will slow
to 2 percent this year, the report says.

"As soon as we have clear signs that inflation is slowing, we
would choose a more expansive monetary policy," the report quoted
President Velarde as saying.  "We expect deflation in January.  We
wouldn't hesitate to lower interest rates if there's a more
pronounced economic slowdown," he added.

Boomberg News adds President Velarde said the economy is expected
to grow 6% this year compared with 9.2 percent in 2008 as the
global economic crisis curbs demand for Peru's commodities.

                          *     *     *

As reported by the Troubled Company Reporter on Aug. 21, 2008,
Moody's Investors Service upgraded the foreign-currency bond
rating of the government of Peru to Ba1 from Ba2 in light of
significant and sustained reductions in foreign-currency related
credit vulnerabilities.

The foreign-currency country ceiling for bonds and notes was
also upgraded to Baa3 from Ba1, and the country ceiling for
foreign-currency bank deposits was raised to Ba2 from Ba3.
Also, the short-term foreign-currency bond ceiling was raised to
Prime-3 (P-3) from Not Prime.  All ratings have a stable
outlook.



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

PDVSA: Cash Flow Affected by Drop in Oil Prices
-----------------------------------------------
Petroleos de Venezuela ("PDVSA") has built up debts with providers
and skipped payments to some partners under the strain of falling
oil prices, Brian Ellsworth of Reuters reports.

The report relates deterioration of PDVSA's finances may make it
harder to stabilize oil production.

Sources from two companies told Reuters that PDVSA has not paid
dividends to some private partners in a group of joint ventures
that produce around 300,000 barrels of oil per day, despite
declaring the dividends in September.

However, another industry source, Reuters notes, said partners in
four massive Orinoco belt crude projects are still receiving
quarterly dividends.  This may be because some of them are
participating in a bidding round for new Orinoco projects, the
report says.

Reuters relates PDVSA has also built up hundreds of millions of
dollars in debts.

As reported in the Troubled Company Reporter - Latin America on
Jan. 20, 2009, Dow Jones Newswires said 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.

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

TCRLA, citing Dow Jones, said 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.

Though PDVSA in the past has frequently gotten behind in payments
to providers, a half-dozen sources assured Reuters the problem has
worsened considerably and appears linked to a massive decline in
PDVSA's earnings due to oil prices.

Several said attempts to discuss the pending payments have been
fruitless in recent weeks because much of PDVSA's staff is busy
campaigning for a Feb. 15 referendum on letting President Hugo
Chavez stay in office after his term ends in 2013, Reuters
discloses.

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

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

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

ARGENTINA

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


BRAZIL

HERCULES             HETA3 BZ         -273456000      25126000
TECBLU-PREF B       TBLUBN BZ          -13127000      14637000
EXCELSIOR-RCT        BAUH9 BZ           -3589000      20444000
RIMET-PREF          REEMPN BZ         -232197008     144454000
TEXTEIS RENAU-PF     TXRX4 BZ         -135343008      86140000
WIEST                WISA3 BZ         -140973008      71372000
SCHLOSSER            SCLO3 BZ          -95113000      45358000
SCHLOSSER-PREF       SCLO4 BZ          -95113000      45358000
GAZOLA-PREF          GAZO4 BZ          -73665296      27266214
SCHLOSSER SA-PRF     SCHPN BZ          -95113000      45358000
ARTHUR LAN-DVD C    ARLA11 BZ          -26011000      34053000
TELEBRAS-PF RCPT    RCTB40 BZ         -187984000     226080000
TELEBRAS-RTS PRF     TLCP2 BZ         -187984000     226080000
TELEBRAS-RCT        RCTB33 BZ         -187984000     226080000
TELEBRAS-PF RCPT    RCTB41 BZ         -187984000     226080000
RIMET-PREF           REEM4 BZ         -232197008     144454000
BUETTNER SA-RTS      BUET1 BZ          -54926000     148186992
TELEBRAS-PF RCPT    RCTB42 BZ         -187984000     226080000
DTC DIRECT CO SA    1DTCON BZ          -16264999      11902000
BOTUCATU TEXTIL      STRP3 BZ           -3164000      66833000
COBRASMA             CBMA3 BZ        -2764018944      19346000
STAROUP SA          STARON BZ           -3164000      66833000
STAROUP SA-PREF     STARPN BZ           -3164000 66833000
TELEBRAS-PF RCPT     TBAPF US         -187984000     226080000
TEKA                 TEKA3 BZ         -449536992     526557984
TELEBRAS-CED C/E     RCT4C AR         -187984000     226080000
TELEBRAS-ADR         TBAPY US         -187984000     226080000
TELEBRAS SA          TBASF US         -187984000     226080000
TECEL S JOSE-PRF     SJOS4 BZ          -37557000      79567000
SANSUY               SNSY3 BZ          -63134000     235182000
BOMBRIL-RGTS PRE     BOBR2 BZ         -485678016     442846016
NOVA AMERICA-PRF    1NOVPN BZ         -353104000      40955000
CENT AMAPA           CTAP3 BZ          -11996000         15000
SANSUY SA-PREF B    SNSYBN BZ          -63134000     235182000
NOVA AMERICA SA     1NOVON BZ         -353104000      40955000
SANSUY-PREF B        SNSY6 BZ          -63134000     235182000
SANSUY SA-PREF A    SNSYAN BZ          -63134000     235182000
TECEL S JOSE         SJOS3 BZ          -37557000      79567000
TEKA-PREF            TKTPF US         -449536992     526557984
HOPI HARI-PREF       PQTM4 BZ         -388872000     152268000
WETZEL SA-PREF       MWET4 BZ           -8903000     150210992
TECBLU-PREF A        TENE5 BZ          -13127000      14637000
NOVA AMERICA SA      NOVA3 BZ         -353104000      40955000
NOVA AMERICA-PRF    NOVAPN BZ         -353104000      40955000
GAZOLA SA            GAZON BZ          -73665296      27266214
NOVA AMERICA-PRF     NOVA4 BZ         -353104000      40955000
TECBLU-PREF B        TENE6 BZ          -13127000      14637000
MINUPAR              MNPR3 BZ          -34191000     179201008
TELEBRAS-CM RCPT    RCTB31 BZ         -187984000     226080000
CONST A LINDEN      LINDON BZ          -13659000      51808000
CONST A LIND-PRF    LINDPN BZ          -13659000      51808000
MINUPAR SA          MNPRON BZ          -34191000     179201008
TEKA                 TKTQF US         -449536992     526557984
TECTOY SA-PREF      TOYBPN BZ           -2539000      41684000
MINUPAR SA-PREF     MNPRPN BZ          -34191000     179201008
WETZEL SA           MWELON BZ           -8903000     150210992
SAUIPE SA-PREF      PSEGPN BZ          -16319050      17641202
TELEBRAS-CEDE BL     RCT4B AR         -187984000     226080000
CAMBUCI SA-PREF     CAMBPN BZ          -42495000     177378992
TELEBRAS-CED C/E     TEL4C AR         -187984000     226080000
TELEBRAS-ADR           TBH US         -187984000     226080000
TELEBRAS-RTS PRF     RCTB2 BZ         -187984000     226080000
TELEBRAS-CM RCPT    RCTB32 BZ         -187984000     226080000
TELEBRAS-CEDEA $     RCT4D AR         -187984000     226080000
TELEBRAS-RTS CMN     RCTB1 BZ         -187984000     226080000
PARQUE TEM-RCT P    PQTM10 BZ         -388872000     152268000
TELEBRAS-PF BLCK    TELB40 BZ         -187984000     226080000
PARQUE TEM-DV PF      PQT6 BZ         -388872000     152268000
AZEVEDO E TRA-PR    AZEVPN BZ          -10976000     116398000
HOPI HARI SA         PQTM3 BZ         -388872000     152268000
PROMAN               PRMN3 BZ            -591000      24461000
SAUIPE               PSEG3 BZ          -16319050      17641202
NORDON METAL        NORDON BZ          -33521000      36317000
PARQUE TEM-RCT C     PQTM9 BZ         -388872000     152268000
TEKA-ADR             TKTQY US         -449536992     526557984
TECTOY-PREF          TOYB4 BZ           -2539000      41684000
AZEVEDO E TRAVAS    AZEVON BZ          -10976000     116398000
TECTOY-BONUS RTS    TOYB13 BZ           -2539000      41684000
TECTOY               TOYB3 BZ           -2539000      41684000
TEC TOY SA-PF B      TOYB6 BZ           -2539000      41684000
WETZEL SA            MWET3 BZ           -8903000     150210992
TECBLU-RCPT PREF      TEN9 BZ          -13127000      14637000
TECTOY-RCT ORD       TOYB9 BZ           -2539000      41684000
TECTOY SA           TOYBON BZ           -2539000      41684000
TELEBRAS-RECEIPT    TLBRUO BZ         -187984000     226080000
TELEBRAS-PF RCPT    TLBRUP BZ         -187984000     226080000
HAGA                 HAGA3 BZ         -110814000      25668954
TELEBRAS SA-PREF    TLBRPN BZ         -187984000     226080000
TELEBRAS-CM RCPT    RCTB30 BZ         -187984000     226080000
TECTOY-PF-RTS5/6    TOYB11 BZ           -2539000      41684000
VARIG PART EM TR     VPTA3 BZ         -867658048     107416000
TECTOY-RTS/3         TOYB1 BZ           -2539000      41684000
TECTOY-RCT PREF     TOYB10 BZ           -2539000      41684000
FER C ATLANT-PRF     VSPT4 BZ          -85429000    2074043008
FER C ATL-RCT CM     VSPT9 BZ          -85429000    2074043008
FERROVIA CEN-DVD    VSPT11 BZ          -85429000    2074043008
FER C ATLANT         VSPT3 BZ          -85429000    2074043008
CTM CITRUS-COM R     CTPC1 BZ           -1381000      79728000
WIEST SA-PREF       WISAPN BZ         -140973008      71372000
DOCAS IMBITUBA      IMBION BZ          -25164000     202283008
WIEST-PREF           WISA4 BZ         -140973008      71372000
WIEST SA            WISAON BZ         -140973008      71372000
DTC DIRECT CO-RT   1DTCONR BZ          -16264999      11902000
VARIG SA             VAGV3 BZ       -10176870400    2094450944
TEXTIL RENAUXVIE     TXRX3 BZ         -135343008      86140000
TEXTEIS RENAUX      RENXON BZ         -135343008      86140000
VARIG SA            VARGON BZ       -10176870400    2094450944
VARIG PART EM-PR     VPTA4 BZ         -867658048     107416000
FER C ATL-RCT PF    VSPT10 BZ          -85429000    2074043008
VARIG SA-PREF       VARGPN BZ       -10176870400    2094450944
FERROVIA CEN-DVD    VSPT12 BZ          -85429000    2074043008
TELEBRAS/W-I-ADR     TBH-W US         -187984000     226080000
TEKA-PREF           TEKAPN BZ         -449536992     526557984
TEKA-ADR             TEKAY US         -449536992     526557984
DTCOM- DIRECT-PR     DTCY4 BZ          -16264999      11902000
TEKA                TEKAON BZ         -449536992     526557984
COARI PART-PREF      COAR4 BZ             -56000    3270861056
TELEBRAS-RCT PRF    TELB10 BZ         -187984000     226080000
COBRASMA-PREF        CBMA4 BZ        -2764018944      19346000
TELEBRAS-CEDEA $     TEL4D AR         -187984000     226080000
ARTHUR LANG-RC P    ARLA10 BZ          -26011000      34053000
TECBLU-PREF C       TBLUCN BZ          -13127000      14637000
TECBLU              TBLUON BZ          -13127000      14637000
TECBLU-PREF A       TBLUAN BZ          -13127000      14637000
TEXTEIS RENAUX      RENXPN BZ         -135343008      86140000
TELEBRAS-ADR         TBRAY GR         -187984000     226080000
TELEBRAS-RTS CMN     TCLP1 BZ         -187984000     226080000
TELEBRAS-ADR         TBASY US         -187984000     226080000
ARTEX SA            ARTXON BZ          -33570000      11856000
KUALA-PREF           ARTE4 BZ          -33570000      11856000
NORDON MET-RTS       NORD1 BZ          -33521000      36317000
NOVA AMERICA SA     NOVAON BZ         -353104000      40955000
TECBLU-PR A RC      TENE11 BZ          -13127000      14637000
TECBLU               TENE3 BZ          -13127000      14637000
TECBLU-PREF C        TENE7 BZ          -13127000      14637000
TEKA-ADR             TKTPY US         -449536992     526557984
WETZEL SA-PREF      MWELPN BZ           -8903000     150210992
TECBLU-COM RCT       TENE9 BZ          -13127000 14637000
GASCOIGNE EMPREE    1GASON BZ        -1048602048    1586146944
TELEBRAS SA-PREF     TELB4 BZ         -187984000     226080000
CIMOB PARTIC SA      GAFON BZ          -77366408 90471752
TELEBRAS-BLOCK      TELB30 BZ         -187984000     226080000
TELEBRAS-CEDE PF     TELB4 AR         -187984000     226080000
TELEBRAS-CM RCPT    TELE31 BZ         -187984000     226080000
BOMBRIL              BOBR3 BZ         -485678016     442846016
TECBLU -RTS          TENE1 BZ          -13127000      14637000
TELEBRAS-PF RCPT    TELE41 BZ         -187984000     226080000
TECBLU-RCPT CMN       TEN8 BZ          -13127000      14637000
AZEVEDO-PREF         AZEV4 BZ          -10976000     116398000
CYRELA COMME-ADR     CYRLY US           -4282000     695033024
CHIARELLI SA-PRF     CCHI4 BZ          -85685000      42853000
GASCOIGNE EMP-PF    1GASPN BZ        -1048602048    1586146944
ARTHUR LANG-RC C     ARLA9 BZ          -26011000      34053000
CHIARELLI SA         CCHON BZ          -85685000      42853000
CYRELA COMMERCIA     CCPR3 BZ           -4282000     695033024
COARI PART           COAR3 BZ             -56000    3270861056
BUETTNER SA-RT P     BUET2 BZ          -54926000     148186992
CYRELA COMME-ADR     CCPEL US           -4282000     695033024
BUETTNER SA-PRF     BUETPN BZ          -54926000     148186992
CAMBUCI SA-PREF      CAMB4 BZ          -42495000     177378992
CONST A LINDEN       CALI3 BZ          -13659000      51808000
CONST A LIND-PRF     CALI4 BZ          -13659000      51808000
CAMBUCI SA          CAMBON BZ          -42495000     177378992
TECTOY-RCPT PF B    TOYB12 BZ           -2539000      41684000
BOTUCATU-PREF        STRP4 BZ           -3164000      66833000
SAUIPE-PREF          PSEG4 BZ          -16319050      17641202
FERRAGENS HAGA      HAGAON BZ         -110814000      25668954
CTM CITRUS-ADR       CTMMY US           -1381000      79728000
ARTHUR LANG-RT C     ARLA1 BZ          -26011000      34053000
SANSUY-PREF A        SNSY5 BZ          -63134000     235182000
MARAMBAIA-PREF       CTMMF US           -1381000      79728000
CTM CITRUS-PREF      CTMPN BZ           -1381000      79728000
RIMET                REEM3 BZ         -232197008     144454000
CTM CITRUS-RCT P    CTPC10 BZ           -1381000      79728000
CTM CITRUS-RCT C      CTP5 BZ           -1381000      79728000
CTM CITRUS-RCT P      CTP6 BZ           -1381000      79728000
COBRASMA SA-PREF    COBRPN BZ        -2764018944      19346000
TELEBRAS SA          TELB3 BZ         -187984000     226080000
SAUIPE SA           PSEGON BZ          -16319050      17641202
COBRASMA SA         COBRON BZ        -2764018944      19346000
VARIG SA-PREF        VAGV4 BZ       -10176870400    2094450944
CAFE BRASILIA SA    CSBRON BZ        -1042639040      38244000
DHB IND E COM-PR     DHBPN BZ         -588646016     221336000
FABRICA RENAUX       FTRX3 BZ          -55261000     126672000
CTM CITRUS SA        CTMON BZ           -1381000      79728000
PARQUE TEM-RT CM     PQTM1 BZ         -388872000     152268000
SANSUY SA           SNSYON BZ          -63134000     235182000
EXCELSIOR-RT         BAUH2 BZ           -3589000      20444000
ARTHUR LANGE         ARLA3 BZ          -26011000      34053000
EXCELSIOR-RT         BAUH1 BZ           -3589000      20444000
EXCELSIOR ALIMEN     BAUH3 BZ           -3589000      20444000
BAUMHARDT IRMAOS    BAUMON BZ           -3589000      20444000
BAUMHARDT IRM-PR    BAUMPN BZ           -3589000      20444000
EXCELSIOR-PREF       BAUH4 BZ           -3589000      20444000
TELEBRAS-ADR           RTB US         -187984000     226080000
KUALA                ARTE3 BZ          -33570000      11856000
TELEBRAS-ADR           TBX GR         -187984000     226080000
ARTHUR LANGE-PRF     ARLA4 BZ          -26011000      34053000
TELEBRAS-PF RCPT     CBRZF US         -187984000     226080000
ACO ALTONA           EALT3 BZ          -31429000     170270992
MARAMBAIA-PREF       CTPC4 BZ           -1381000      79728000
EXCELSIOR-RCT       BAUH10 BZ           -3589000 20444000
ARTEX SA-PREF       ARTXPN BZ          -33570000      11856000
AZEVEDO              AZEV3 BZ          -10976000     116398000
BUETTNER             BUET3 BZ          -54926000     148186992
BUETTNER-PREF        BUET4 BZ          -54926000     148186992
RIMET               REEMON BZ         -232197008     144454000
CHIARELLI SA-PRF     CCHPN BZ          -85685000      42853000
FABRICA RENAUX-P     FTRX4 BZ          -55261000     126672000
ARTHUR LAN-DVD P    ARLA12 BZ          -26011000      34053000
ESTRELA SA-PREF     ESTRPN BZ          -80125000     153186000
ALL MALHA PAULIS     GASC3 BZ        -1048602048    1586146944
BOMBRIL SA-ADR       BMBBY US         -485678016     442846016
BOMBRIL SA-ADR       BMBPY US         -485678016     442846016
BOMBRIL-RIGHTS       BOBR1 BZ         -485678016     442846016
BOMBRIL              BMBBF US         -485678016     442846016
CAFE BRASILIA-PR    CSBRPN BZ        -1042639040      38244000
ARTHUR LANG-RT P     ARLA2 BZ          -26011000      34053000
BOMBRIL CIRIO SA    BOBRON BZ         -485678016     442846016
BOMBRIL CIRIO-PF    BOBRPN BZ         -485678016     442846016
TEC TOY SA-PREF      TOYDF US           -2539000      41684000
BOMBRIL-PREF         BOBR4 BZ         -485678016     442846016
CAF BRASILIA         CAFE3 BZ        -1042639040      38244000
GAZOLA SA-DVD CM    GAZO11 BZ          -73665296      27266214
DOC IMBITUB-PREF     IMBI4 BZ          -25164000     202283008
GASCOIGNE EMP-PF     GASC4 BZ   -1048602048    1586146944
GAZOLA-RCPT PREF    GAZO10 BZ          -73665296      27266214
GAZOLA               GAZO3 BZ          -73665296      27266214
PARQUE TEM-DV CM      PQT5 BZ         -388872000     152268000
GAZOLA SA-PREF       GAZPN BZ          -73665296      27266214
SCHLOSSER SA         SCHON BZ          -95113000      45358000
GAZOLA-RCPTS CMN     GAZO9 BZ          -73665296      27266214
TECEL S JOSE        FTSJON BZ          -37557000      79567000
TECEL S JOSE-PRF    FTSJPN BZ          -37557000      79567000
TELEBRAS-CEDE PF     RCTB4 AR         -187984000     226080000
DOCAS SA            DOCAON BZ          -23571000     206494000
PARQUE TEM-RT PF     PQTM2 BZ         -388872000     152268000
CIMOB PART-PREF      GAFPN BZ          -77366408      90471752
CAMBUCI SA           CAMB3 BZ          -42495000     177378992
CIMOB PARTIC SA      GAFP3 BZ          -77366408      90471752
CIMOB PART-PREF      GAFP4 BZ          -77366408      90471752
TEKA-PREF            TEKA4 BZ         -449536992     526557984
CYRELA COMME-ADR  1049834Z LI           -4282000     695033024
DOC IMBITUBA-RTP     IMBI2 BZ          -25164000     202283008
FABRICA TECID-RT     FTRX1 BZ          -55261000     126672000
DOCAS IMBITUB-PR    IMBIPN BZ          -25164000     202283008
TELECOMUNICA-ADR    81370Z BZ         -187984000     226080000
NORDON MET           NORD3 BZ          -33521000      36317000
TEC TOY SA-PREF      TOYB5 BZ           -2539000      41684000
ARTHUR LANGE SA     ALICON BZ          -26011000      34053000
DOCA INVESTI-PFD     DOCA4 BZ          -23571000     206494000
FERRAGENS HAGA-P    HAGAPN BZ         -110814000      25668954
TELEBRAS SA         TLBRON BZ         -187984000     226080000
FER HAGA-PREF        HAGA4 BZ         -110814000      25668954
HERCULES SA         HERTON BZ         -273456000      25126000
HERCULES-PREF        HETA4 BZ         -273456000      25126000
DOC IMBITUBA-RTC     IMBI1 BZ          -25164000     202283008
HERCULES SA-PREF    HERTPN BZ         -273456000      25126000
MINUPAR-PREF         MNPR4 BZ          -34191000     179201008
TELEBRAS-COM RTS     TELB1 BZ         -187984000     226080000
BUETTNER SA         BUETON BZ          -54926000     148186992
DOCAS SA-PREF       DOCAPN BZ          -23571000     206494000
DOCAS SA-RTS PRF     DOCA2 BZ          -23571000     206494000
DOCA INVESTIMENT     DOCA3 BZ          -23571000     206494000
GAZOLA SA-DVD PF    GAZO12 BZ          -73665296 27266214
N.A.                 DTCY9 BZ          -16264999      11902000
DTCOM-RT             DTCY1 BZ          -16264999      11902000
DTCOM- DIR TO CO     DTCY3 BZ          -16264999      11902000
CTM CITRUS- PR R     CTPC2 BZ           -1381000      79728000
CTM CITRUS-RCT C     CTPC9 BZ           -1381000      79728000
CAMBUCI SA-PREF      CXDOF US          -42495000     177378992
MARAMBAIA            CTPC3 BZ           -1381000      79728000
CAF BRASILIA-PRF     CAFE4 BZ        -1042639040      38244000
D H B-PREF           DHBI4 BZ         -588646016     221336000
DHB IND E COM        DHBON BZ         -588646016     221336000
CHIARELLI SA         CCHI3 BZ          -85685000      42853000
ESTRELA SA           ESTR3 BZ          -80125000     153186000
DOC IMBITUBA         IMBI3 BZ          -25164000     202283008
F GUIMARAES          FGUI3 BZ         -224564000      24631000
ESTRELA SA-PREF      ESTR4 BZ          -80125000     153186000
ESTRELA SA          ESTRON BZ          -80125000     153186000
F GUIMARAES-PREF     FGUI4 BZ         -224564000      24631000
FABRICA RENAUX      FRNXON BZ          -55261000     126672000
FABRICA RENAUX-P    FRNXPN BZ          -55261000     126672000
FERREIRA GUIMARA    FGUION BZ         -224564000      24631000
ACO ALTONA-PREF      EAAPN BZ          -31429000     170270992
TELEBRAS-CM RCPT     TBRTF US         -187984000     226080000
D H B                DHBI3 BZ         -588646016     221336000
ACO ALTONA-PREF      EALT4 BZ          -31429000     170270992
ACO ALTONA SA        EAAON BZ          -31429000     170270992
FERREIRA GUIM-PR    FGUIPN BZ         -224564000      24631000
ARTHUR LANGE-PRF    ALICPN BZ          -26011000      34053000

COLOMBIA

ENAC-RT              ENACO CI        -9463063552    3226756096
CVILE                CVILE CI        -6212240384    1295758976
ENAC                 EMPOF US        -9463063552    3226756096
N.A.                CVILEO CI        -6212240384    1295758976
ENAC                  ENAC CI        -9463063552    3226756096



                            ***********

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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