TCRLA_Public/090130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, January 30, 2009, Vol. 9, No. 21

                            Headlines

A N T I G U A  &  B A R B U D A

LIAT: To Cut Routes as Economic Crisis Affects Operations


A R G E N T I N A

* ARGENTINA: Argentine Creditors to Swap 15.1BB Pesos of Debt


B E R M U D A

ABACUS INVESTMENTS: Creditors' Proofs of Debt Due on February 12
ABACUS INVESTMENTS: Members' Final Meeting Set for March 10
ARROWHEAD CAPITAL: Creditors' Proofs of Debt Due on February 23
BUTTERFIELD FULCRUM: Cuts 30 Jobs in Bermuda & 25 in Cayman
FOSTER WHEELER: Shareholders OK Change of Domicile to Switzerland

INTERNATIONAL MUSIC: Members' Final Meeting Set for March 2
INTERNATIONAL MUSIC: Creditors' Proofs of Debt Due on February 27


B R A Z I L

AMERICAN AXLE: At High Risk of Bankruptcy in 2009, KDP Says
ARACRUZ CELULOSE: Moody's Changes Reviews Direction to Likely Cut
CSN: Talks on Kremikovtzi Buyout Yet to Occur


C A Y M A N  I S L A N D S

ABZ ASSETX ET AL: Placed Under Voluntary Liquidation
D.B. ZWIRN: Commences Liquidation Proceedings
DEUTSCHLAND INVESTMENT: Commences Liquidation Proceedings
ENH PARTNERS: Commences Liquidation Proceedings
INDIAN CREEK ET AL: Placed Under Voluntary Liquidation

KITTONA HOLDINGS: Placed Under Voluntary Liquidation
LIBERTYVIEW INCOME: Placed Under Voluntary Liquidation
LIFE SCIENCE ET AL: Commences Liquidation Proceedings
MURJAN 3: Placed Under Voluntary Liquidation
MURJAN LIMITED: Placed Under Voluntary Liquidation

PLATINUM CAPITAL ET AL: Placed Under Voluntary Liquidation
PRINCETON PHOTONICS: Commences Liquidation Proceedings
TATRONICS HOLDINGS: Placed Under Voluntary Liquidation
TE ASPECT: Enters Liquidation Proceedings
TE BPA ET AL: Enters Liquidation Proceedings

TE BLUETREND: Enters Liquidation Proceedings
TE CRABEL ET AL: Enters Liquidation Proceedings
TE DEFIANCE ET AL: Enters Liquidation Proceedings
TE DICKEN ET AL: Enters Liquidation Proceedings
WAKELAND INVESTMENTS: Placed Under Voluntary Liquidation


J A M A I C A

AIR JAMAICA: PNP Says Recent Pull-out May Affect Tourism


M E X I C O

VITRO SAB: Not Certain on US$45MM Interest Payment Due Feb. 1


T U R K S  &  C A I C O S  I S L A N D S

TCI NEW MEDIA: Director Denies Network Shutdown Rumors


                         - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================

LIAT: To Cut Routes as Economic Crisis Affects Operations
---------------------------------------------------------
Regional airline LIAT is cutting routes as the world economic
turbulence takes a toll on their operations, Caribbean360.com News
reports.

According to the report, the airline said the current world
economic crisis was impacting on travel patterns in the Caribbean
and the carrier would have to reduce the number of daily flights
in and out of Antigua and Barbuda, Barbados, Guyana, and St Kitts
and Nevis.

"At present there are some flights that are doing fairly well and
there are some days with good loads; but unfortunately our
forecast overall load factor for the month of January and the next
few months is clearly showing a softening in the markets," the
report quoted Director of Schedules and Special Projects Lesroy
Browne, as saying.

The report relates Director Browne also said: "We will be
continuing the process of adjustments throughout this trying time
of world economic downturn to ensure that we add capacity where
there is a demand and reduce capacity where we see the loads are
not holding up."

Headquartered in Antigua and Barbuda, LIAT --
http://www.liatairline.com -- is a passenger airline with a fleet
of Dash 8 turboprop aircraft.  The carrier transports passengers
to more than 20 destinations in the Caribbean.  The company has
expanded by buying key operating assets of former rival Caribbean
Star, including additional Dash 8s.  Before the acquisition was
completed in November 2007, LIAT and Caribbean Star had formed a
commercial alliance that integrated many of their operations.
Among LIAT's major shareholders are the governments of several
Caribbean nations, including Antigua, Barbados, the Grenadines,
and St. Vincent.



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

* ARGENTINA: Argentine Creditors to Swap 15.1BB Pesos of Debt
-------------------------------------------------------------
Holders of 15.1 billion pesos (US$4.3 billion) of Argentine local
debt agreed to swap the securities for longer-term bonds in an
exchange the government set up to help cover its growing financing
needs, Bloomberg News reports.

According to the report, President Cristina Fernandez de Kirchner
said 97% of locally based holders of the so-called guaranteed
loans accepted the offer to take new five-year bonds.

Cabinet Chief Sergio Massa, the report relates, said the new five-
year bonds will pay an interest rate of 15.4% the first year and
2.75 percentage points over the Argentine interbank rate after
that.

Mr. Massa, as cited by the report, said the government will extend
the swap offer next month to the 3% of locals who rejected it as
well as to international holders of the securities.

Bloomberg News says the Argentine bonds rallied ahead of the
announcement.  Citing JPMorgan Chase & Co, the report notes the
yield on Argentina's dollar bonds due in March 2011, fell 4.2
percentage points to 50.94%, while the bond's price rose 3.05
cents to 48.5 cents on the dollar.

"They have secured sources of funding," Bloomberg quoted Jonathan
Binder, who manages more than $2 billion at INTL Consilium LLC in
Fort Lauderdale, Florida, as saying.  "Argentina will be solvent
for the next year," he said.

Mr. Massa, Bloomberg News adds, said the swap is part of an effort
to plug a financing gap that has swelled as commodity export
revenue slumped.  The exchange will reduce the government's debt
payments by 5.4 billion pesos this year, he added.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's ratings:

  -- Long-term local currency Issuer Default Rating to 'B-' from
     'B';

  -- Country Ceiling to 'B' from 'B+';

  -- Performing bonds in foreign and local currency governed by
     Argentine law to 'B-/RR4' from 'B/RR4';

The Rating Outlook on the local currency IDR is Stable.

In addition, Fitch affirmed these ratings:

  -- Long-term foreign currency IDR remains in Restricted Default
      ('RD');

  -- Short-term IDR at 'B';

  -- Performing bonds in foreign currency governed by foreign law
     at 'B-/RR4';

  -- Defaulted senior unsecured notes at 'CC/RR4';

  -- Defaulted collateralized Brady bonds at 'CCC-/RR3'.



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

ABACUS INVESTMENTS: Creditors' Proofs of Debt Due on February 12
----------------------------------------------------------------
The creditors of Abacus Investments Limited are required to file
their proofs of debt by February 12, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 27, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda


ABACUS INVESTMENTS: Members' Final Meeting Set for March 10
-----------------------------------------------------------
The members of Abacus Investments Limited will hold their final
meeting on March 10, 2009, at 11:00 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. 27, 2009.

The company's liquidator is:

         Nicholas Hoskins
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda


ARROWHEAD CAPITAL: Creditors' Proofs of Debt Due on February 23
---------------------------------------------------------------
The creditors of Arrowhead Capital Finance Ltd are required to
file their proofs of debt by February 23, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          W. William Woods
          c/o Mello Jones & Martin
          Bermuda



BUTTERFIELD FULCRUM: Cuts 30 Jobs in Bermuda & 25 in Cayman
-----------------------------------------------------------
Butterfield Fulcrum Group ("BFG") has laid off 30 skilled workers
in Bermuda amid the global economic crisis, BermudaSun reports.

The report relates that the company announced the job cuts to its
accountants and other staff.

"They said it was because of tough economic times.  They had to
look at ways to cut costs," the report quoted a source close to
the company as saying.

According to the BermudaSun, a spokesperson confirmed that BFG has
also laid off approximately 25 staff at its office in the Cayman
Islands.

Although it is cutting staff, BFG said it would help laid-off
employees find alternative employment, the report notes.

"Even after this, we will have very substantial operations in
Bermuda and Cayman and we remain firmly committed to these
jurisdictions," a BFG spokesperson told BermudaSun in an
interview.

                    About Butterfield Fulcrum

Headquartered in Bermuda, Butterfield Fulcrum Group ("BFG") is a
company that specializes in full service fund administration and
works closely with hedge funds, fund of funds, private equity
funds and institutional investment management clients to provide
the highest quality administration solutions.

BFG has approximately 400 employees in 10 locations across 9
countries.



FOSTER WHEELER: Shareholders OK Change of Domicile to Switzerland
-----------------------------------------------------------------
Foster Wheeler Ltd.'s change of domicile from Bermuda to
Switzerland is expected to be completed by next Monday, after
shareholders approved the move, The Royal Gazette reports.

According to the report, completion of the redomestication remains
subject to the approval of the Supreme Court of Bermuda, which the
company expects to obtain at a hearing to be held today,
January 30, and the satisfaction of certain other conditions.

The engineering company is one of several to have declared its
intention to move its holding company out of Bermuda over the last
few weeks, the report says.

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research, and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology, and healthcare industries.

                           *     *     *

As reported by the Troubled Company Reporter on Dec. 15, 2008,
Standard & Poor's Ratings Services raised its corporate credit and
issue-level ratings on Clinton, New Jersey-headquartered Foster
Wheeler Ltd.  S&P raised the long-term corporate credit rating to
'BB+' from 'BB'.  The outlook is stable.


INTERNATIONAL MUSIC: Members' Final Meeting Set for March 2
-----------------------------------------------------------
The members of International Music Ltd. will hold their final
meeting on March 2, 2009, at 10:00 a.m., at the offices of Mello
Jones & Martin at "Thistle House", 4 Burnaby Street, in Hamilton,
Bermuda.

At the meeting, Michael Rowles, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


INTERNATIONAL MUSIC: Creditors' Proofs of Debt Due on February 27
-----------------------------------------------------------------
The creditors of International Music Ltd. are required to file
their proofs of debt by February 27, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 20, 2009.



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

AMERICAN AXLE: At High Risk of Bankruptcy in 2009, KDP Says
-----------------------------------------------------------
American Bankruptcy Institute reports that Bankruptcy Research
firm KDP Investment Advisors said American Axle Manufacturing
Holdings Inc. is at high risk of filing for bankruptcy in the next
12 months as declining auto production further pressures the
supplier's earnings.  The analyst's report was released Monday,
Bankruptcy Law360 says.

American Axle will hold a briefing with institutional investors
and security analysts, news media representatives and other
interested parties at 10:00 a.m. ET on Friday, January 30, 2009.
AAM's Co-Founder, Chairman & CEO Richard E. Dauch and Group Vice
President-Finance & CFO Michael K. Simonte will co-host the call.
AAM will discuss its fourth quarter and full year 2008 financial
results as well as other matters.  This briefing may be accessed
via conference call or webcast.

To participate by phone:

   (877) 278-1452 from the United States
   (973) 200-3383 outside the United States

According to ABI, struggling auto parts suppliers are gearing up
to lobby for federal aid in the coming weeks.

As reported by the Troubled Company Reporter on January 14, 2009,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Detroit-based American Axle Manufacturing & Holdings
Inc. to 'CCC+' from 'B' and removed all the ratings from
CreditWatch, where they had been placed with negative implications
on Oct. 9, 2008.  The outlook is negative.  At the same time, S&P
also lowered its issue-level ratings on the company's debt.

The downgrade reflects S&P's view that declining North American
auto production by primary customer General Motors Corp.
(CC/Negative/--) in 2009 will severely reduce American Axle's
profitability and cash flow generation, straining liquidity.
American Axle's revenue is heavily dependent on sales of GM's SUVs
and pickup trucks, and demand for these products has weakened
substantially.  Despite government assistance, GM's condition
remains precarious.

"We expect U.S. light-vehicle sales to fall about 24% in 2009, to
about 10.0 million units," said Standard & Poor's credit analyst
Lawrence Orlowski.  GM's production in the first quarter of 2009
is expected to be down more than 50% year over year.  S&P expects
production to also be down for other customers in North America
and for Europe as well in 2009.

S&P expects 2009 to be another weak year for American Axle's sales
and profitability because of a further decline in auto demand and
the likelihood of lower production at GM, its major customer.  S&P
could lower the rating further if American Axle is unable to
maintain access to its bank facility, or if its EBITDA drops
roughly 10% below S&P's 2009 EBITDA projection of
$193 million.  This could occur if demand for American Axle's
products is lower than S&P currently expect.  For example, a gross
margin of 9.3% and a 15% decline in 2009 revenue would bring
EBITDA down to a level that would be insufficient to cover
interest expense and reasonable capital spending.

S&P could revise the outlook to positive or raise the rating if
GM's financial situation stabilizes and its production of vehicles
that American Axle serves appears to also stabilize, and if
American Axle stops using cash.  The company would also have to
demonstrate potential for generating at least breakeven free cash
flow and increasing the cushion under its existing covenants.
This would likely require U.S. light-vehicle sales to go well
above the 10.0 million units S&P expects for 2009.

In November, Fitch Ratings placed American Axle's 'B' Issuer
Default Rating on Rating Watch Negative, reflecting the
uncertainty of General Motor's short-term operating and financial
profile.  GM accounted for 73% of Axle's total net sales in
through the first nine months of 2008.

In 2008, American Axle obtained amendments to its bank and term
loan agreements.  According to Fitch, the amended bank agreement
reduces the amount of the facility from US$600 million to
US$477 million, while also increasing the pricing (on the majority
of the facility) and extending the maturity on US$369 million of
the facility to December 2011.  The remaining US$108 million will
retain the original maturity date of April 2010.  Collateral
includes U.S. receivables and inventory, U.S. PP&E (subject to
indenture restrictions), intracompany notes, and a pledge of 65%
of the company's international subsidiaries.

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE: AXL) -- http://www.aam.com/
-- is a world leader in the manufacture, engineering, design and
validation of driveline and drivetrain systems and related
components and modules, chassis systems and metal-formed
products for trucks, sport utility vehicles, passenger cars and
crossover utility vehicles.  In addition to locations in the
United States (Michigan, New York, Ohio and Indiana), the
company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea,
Thailand and the United Kingdom.


ARACRUZ CELULOSE: Moody's Changes Reviews Direction to Likely Cut
-----------------------------------------------------------------
Moody's Investors Service has changed the direction of the rating
review of Aracruz Celulose S.A. to a possible upgrade from a
possible downgrade.  The rating action affects both the Ba2 global
scale and the A1.br Brazilian national scale corporate family
ratings of Aracruz, and follows the announcement that Aracruz has
successfully concluded negotiations to restructure the
US$2.13 billion debt arising from derivative transactions in
addition to some US$500 million in pre-existing debt for a total
amortization period of nine years.  Additionally, the rating
action considers the potential acquisition by Votorantim Celulose
e Papel S.A. (rated Baa3, on review for possible downgrade) of the
28% voting interest of Arapar S.A. in Aracruz for a total amount
of BRL 2.71 billion, which would make VCP the controlling
shareholder of Aracruz.

The review will focus on the overall liquidity position of Aracruz
after the conclusion of its debt restructuring, including cash
balance and projected free cash flow generation vis--vis short-
term debt maturities and headroom under financial covenants of the
company's debt.  Furthermore, Moody's will focus on the potential
for synergies between VCP and Aracruz in addition to the level of
financial support that should be expected from VCP in case the
acquisition is concluded, considering that the two companies are
expected to continue to operate as separate entities.  Should the
deal be concluded as announced by VCP, Aracruz's global scale
corporate family rating would likely be upgraded by one notch to
Ba1.

Aracruz's rating is supported by its structural cost advantages
when compared to global peers, specifically with regards to wood
fiber, labor and energy costs.  Notwithstanding the substantial
concentration of clients, the majority of revenues are generated
under long-term supply agreements that support stable sales volume
with good geographic diversification.  As constraining factors
Moody's regards the relative small size of Aracruz, the low
operational diversity deriving from the capacity concentration on
one single site location, and the execution risk and potential for
debt increase associated with planned investments in expansion of
capacity.  The rating is also constrained by the uncertainties
regarding the effectiveness of the ongoing industry consolidation
process to improve market discipline and reduce margins
volatility.

Moody's last rating action on Aracruz was on October 20, 2008,
when its ratings were downgraded to Ba2 from Baa3 on the global
scale and to A1.br from Aa1.br on the Brazilian national scale,
and remained under review for possible further downgrade in light
of increased liquidity pressure deriving from its outstanding
foreign currency derivative transactions.

Aracruz Celulose S.A. is the world's largest and most cost
efficient producer of bleached hardwood kraft market pulp, having
reported consolidated net revenues of US$2,043 million in the last
twelve months ended September 30, 2008, including 50% of Veracel
S.A., a joint-venture with Stora Enso (rated Ba1, outlook
negative).

Votorantim Celulose e Papel S.A. is a vertically integrated low-
cost producer of bleached eucalyptus kraft pulp and specialty
paper, such as coated, thermal, and carbonless paper.  In the last
twelve months ended September 30, 2008 VCP reported consolidated
net revenues of approximately US$1,428 million.



CSN: Talks on Kremikovtzi Buyout Yet to Occur
---------------------------------------------
The negotiations with Companhia Siderurgica Nacional S.A. ("CSN")
over the purchase of the Bulgarian troubled steel mill
"Kremikovtzi" did not take place, Sofia News Agency reports,
citing Lyudmil Pavlov, the leader of the Kremikovtzi unit of the
Podkrepa Labor Confederation.

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2009, Sofia News Agency said CSN is set to invest almost
US$400 million in Bulgaria's steel mill Kremikovtzi in the next
four years.

According to Sofia News, Mr. Pavlov said the company was going to
submit a formal offer for the purchase of the plant, which would
be considered by the government.  CSN had provided guarantees that
no workers would be made redundant, and that all of the steel
factory's troubles would be fixed if it was sold to them, Mr.
Pavlov said.

The trade unions at the Mill, Sofia News notes, further said the
deadline when the other possible candidate, the Ukrainian "Smart
Group," is to announce their decision was fast approaching.

Mr. Pavlov further stated that he had talks with the Bulgarian
Economy and Energy Minister Petar Dimitrov and told them that if
the Unions had not received information about the Mill's
designated strategic investor, they would stage new mass protest
rally in Sofia today, January 30.

The report recounts the "Kremikovtzi" Trade Unions mandated that
the mill strategic investor becomes known by January 21.  CSN,
however, rescheduled their visit, while the other possible
candidate - the Ukrainian "Smart" group asked for a one week
extension to announce their final decision, the report says.

                            About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.



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

ABZ ASSETX ET AL: Placed Under Voluntary Liquidation
----------------------------------------------------
On December 22, 2008, it was resolved by the shareholder to
voluntarily wind up the operations of:

   -- ABZ Assetx Ltd.; and
   -- ABZ Assetx World Selection Ltd.

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 companies' liquidator is:

          Ogier
          c/o Khatidja McLean
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


D.B. ZWIRN: Commences Liquidation Proceedings
---------------------------------------------
D.B. Zwirn Special Opportunities Fund II, Ltd. commenced
liquidation proceedings on November 25, 2008.

Only creditors who were able to file their proofs of debt by
January 21, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Allison Nolan
          c/o Messrs. Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands


DEUTSCHLAND INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------------
Deutschland Investment Corporation Inc. commenced liquidation
proceedings on November 21, 2008.

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:

          K.D. Blake
          c/o Dorra Mohammed
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4475
          Facsimile: 345-949-7164


ENH PARTNERS: Commences Liquidation Proceedings
-----------------------------------------------
On December 11, 2008, the shareholder of ENH Partners Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694GT, Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


INDIAN CREEK ET AL: Placed Under Voluntary Liquidation
------------------------------------------------------
On December 8, 2008, it was resolved by the shareholder to
voluntarily wind up the operations of:

   -- Indian Creek Investors Ltd; and
   -- Indian Creek Ltd.

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 companies' liquidators are:

          Glen Trenouth
          Rodney Graham
          P.O. Box 31118, Grand Cayman, KY1-1205
          Cayman Islands
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801


KITTONA HOLDINGS: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on December 1, 2008, the
shareholders of Kittona Holdings 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:

          Kaliwood Corporation
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102
          c/o Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


LIBERTYVIEW INCOME: Placed Under Voluntary Liquidation
------------------------------------------------------
On December 12, 2008, the sole shareholder of Libertyview Income
Fund, Ltd. passed a 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


LIFE SCIENCE ET AL: Commences Liquidation Proceedings
-----------------------------------------------------
On December 10, 2008, it was resolved by the shareholder to
voluntarily liquidate the business of:

   -- Life Science Capital Fund;
   -- Life Science Capital Management Limited; and
   -- Life Science Capital Master Fund.

Only creditors who were able to file their proofs of debt by
January 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


MURJAN 3: Placed Under Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting held on December 11, 2008, the
shareholders of Murjan 3 Limited resolved to voluntarily liquidate
the company's business.

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:

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


MURJAN LIMITED: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on December 11, 2008, the
shareholders of Murjan Limited resolved to voluntarily liquidate
the company's business.

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:

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


PLATINUM CAPITAL ET AL: Placed Under Voluntary Liquidation
----------------------------------------------------------
On November 10, 2008, it was resolved by the shareholder to
voluntarily wind up the operations of:

   -- Platinum Capital Protected Income Plus Fund Limited; and
   -- Platinum Capital Protected Equity Plus Fund Limited.

Only creditors who were able to file their proofs of debt by
January 5, 2009, will be included in the company's dividend
distribution.

The companies' liquidator is:

          Ogier
          c/o Khatidja McLean
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


PRINCETON PHOTONICS: Commences Liquidation Proceedings
------------------------------------------------------
Princeton Photonics (Cayman) Co., Ltd. commenced liquidation
proceedings on November 21, 2008.

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:

          Eddie Chen
          c/o Ms. Kay Hsieh
          26th Floor, No. 105, Tun-Hwa S. Road
          Sec2, Taipei 106, Taiwan
          Tel: 345 949 2648
          Fax: 345 945 2877


TATRONICS HOLDINGS: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on December 1, 2008, the
shareholders of Tatronics Holdings 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:

          Kaliwood Corporation
          c/o Neil Gray
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


TE ASPECT: Enters Liquidation Proceedings
-----------------------------------------
Te Aspect Investors, Ltd commenced liquidation proceedings on
December 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


TE BPA ET AL: Enters Liquidation Proceedings
--------------------------------------------
On December 1, 2008, the shareholder resolved to voluntarily wind
up the operations of:

   -- TE BPA Investors, Ltd.
   -- TE BPA Portfolio, 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


TE BLUETREND: Enters Liquidation Proceedings
--------------------------------------------
Te Bluetrend Investors, Ltd. commenced liquidation proceedings on
December 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


TE CRABEL ET AL: Enters Liquidation Proceedings
-----------------------------------------------
On December 1, 2008, the shareholder resolved to voluntarily wind
up the operations of:

   -- Te Crabel Investors, Ltd.; and
   -- Te Crabel Portfolio, 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


TE DEFIANCE ET AL: Enters Liquidation Proceedings
-------------------------------------------------
On December 1, 2008, the shareholder resolved to voluntarily wind
up the operations of:

   -- Te Defiance Portfolio, Ltd.;
   -- Te Defiance Investors, ltd.

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


TE DICKEN ET AL: Enters Liquidation Proceedings
-----------------------------------------------
On December 5, 2008, the shareholder resolved to voluntarily wind
up the operations of:

   -- Te Dicken Investors, Ltd.; and
   -- Te Dicken Portfolio, 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


WAKELAND INVESTMENTS: Placed Under Voluntary Liquidation
--------------------------------------------------------
At an extraordinary general meeting held on December 11, 2008, the
shareholder of Wakeland Investments Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

           Commerce Corporate Services Limited
           Telephone: 949 8666
           Facsimile: 949 0626
           P.O. Box 694GT, Grand Cayman
           Cayman Islands



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

AIR JAMAICA: PNP Says Recent Pull-out May Affect Tourism
--------------------------------------------------------
Opposition People's National Party ("PNP") said it is concerned
about the repercussions for the tourist industry because of the
elimination of routes and layoffs at Air Jamaica, Radio Jamaica
News reports.

As reported by the Troubled Company Reporter-Latin America on
Jan. 29, 2009, Air Jamaica will eliminate six routes and cut jobs
next month due to the global economic crisis.

Associated Press related Air Jamaica CEO Bruce Noble said flights
to Atlanta, Miami, Los Angeles, Barbados, Grenada and the island
of Grand Cayman will be cut in late February.  The carrier had to
"cut routes where we are losing money," he said.

According to TCRLA, citing CaribWorldNews, the cuts will result in
job losses in those areas and the reduction of the airline's fleet
to nine aircraft.

Mr. Bruce Noble, CaribWorldNews related, said the cuts are
designed to respond to the current global economic downturn,
quickly stem the substantial cash losses at the company, and
position the airline on a path to financial stability going
forward.

RadioJamaica notes Opposition Spokesman on Tourism Dr. Wykeham
McNeill said while he understands the need for the cuts, he has
concerns about the impact the proposed reduction in routes will
have on the tourist industry.

Dr. McNeill, RadioJamaica relates, said the government has not
said what strategies are being put in place to secure seat
coverage in areas where flights are being discontinued.

RadioJamaica notes Dr. McNeill also wants to know if the necessary
discussions are taking place with hoteliers, tour operators and
overseas travel agents who have developed a relationship with
Jamaica and strong business links with Air Jamaica.

Additionally, the Opposition spokesman expressed concern on what
will happen to the existing leases for aircraft and what are the
predicated costs of discontinuing these leases, RadioJamaica says.

RadioJamaica adds Dr. McNeil has also raised the question of what
will happen to the planned Air Jamaica divestment programme given
these changes.

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 the
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: Not Certain on US$45MM Interest Payment Due Feb. 1
-------------------------------------------------------------
Vitro, S.A.B. de C.V, told bondholders to prepare for
restructuring negotiations, Thomas Black of Bloomberg News
reports, citing Carlos Legaspy, president of Precise Investment
Management, an investment firm in San Diego, and James Harper, an
analyst with BCP Securities in New York.

According to Moody's Investors Service, Vitro has US$45 million in
interest due Feb. 1 on two issues of notes.  Another US$20 million
of maturities is scheduled for the first quarter.

Bloomberg relates that Blackstone Group LP, hired by Vitro in
November to help restructure its liabilities, held the call with
creditors on January 27, but declined to say on the call if Vitro
will make the interest payment by the Feb. 1 due date.

"They want the creditors to organize to start talks," President
Legaspy told Bloomberg in a telephone interview.

Bloomberg News notes Vitro's bonds due in 2012 and 2017, which
both have Feb. 1 interest payments, have sunk to below 25 cents on
the dollar as the company's profit has been eroded by slumping
demand for glass and losses from derivatives on natural gas
prices.

"Vitro representatives as well as legal and financial advisors
have been engaged in discussions with our bondholders and
counterparties over the last several weeks in order to enhance the
company's financial flexibility," Vitro said in an e-mailed
statement in response to Bloomberg questions.  "We continue to
work with our bondholders to reach a solution that is in our
mutual interest," the company said.

Bloomberg notes that within the last week, Moody's lowered the
corporate credit to Ca while the rating from Standard & Poor's is
an essentially equivalent CC. Both noted that Vitro's cash is less
than half its short term debt.

                           About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                           *    *    *

As reported by the Troubled Company Reporter-Latin America on
January 28, 2009, Moody's Investors Service downgraded Vitro,
S.A.B. de C.V.'s senior unsecured debt and corporate family
ratings to Ca from Caa1.  The ratings outlook is negative.

Fitch Ratings also 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'.


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================

TCI NEW MEDIA: Director Denies Network Shutdown Rumors
------------------------------------------------------
Unconfirmed reports alleging that TCI New Media Network is
expected to close on the advice of Governor Gordon Wetherell are
untrue, Turks and Caicos Net News reports, citing Ava-Dayne Kerr,
Director General of TCI New Media.

As reported in the Troubled Company Reporter-Latin America on
Jan. 28, 2009, Turks and Caicos Net News said government
television station channel 7, TCI New Media, will be
closing down soon, possibly by the end of January due to lack of
funding.

According to Turks and Caicos Net News, Ms. Kerr denied
speculation of the imminent demise of TCI New Media.

The report relates Ms. Kerr said she is proud of the
accomplishments of the TCI 7 team and the progress of the station.

However, Ms. Kerr acknowledges that there are some challenges as a
result of the global economic downturn, Turks and Caicos Net News
notes.   "It's a challenge the entire country is faced with," the
report quoted Ms. Kerr as saying.

Ms. Kerr, the report adds, said the Government has committed to
make funding available for the programming content of the station.



                            ***********

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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