/raid1/www/Hosts/bankrupt/TCRLA_Public/090202.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

             Monday, February 2, 2009, Vol. 9, No. 22

                            Headlines

B E R M U D A

INTELSAT: Unit Offers US$400 Million Senior Notes at 88.50%
INTELSAT: Unit Gets US$500 Mln Tender for 7.625% & 6.50% Sr Notes


B R A Z I L

ARACRUZ: Shares Hit 1-Week Low as Analyst Cuts Pulp Price Forecast
BANCO DO BRASIL: Shares Fell 3.8% After Goldman Estimate Cut
BANCO ITAU: Shares Fell 3.2% After Goldman Estimate Cut
VOTORANTIM CELULOSE: Moody's Retains Review on Issuer Ratings


C A Y M A N  I S L A N D S

BALANCE ASSET ET AL: Placed Under Voluntary Liquidation
LIBERTYVIEW ASSET: Placed Under Voluntary Liquidation
LIBERTYVIEW SOCIALLY: Placed Under Voluntary Liquidation
LOWE HOSPITALITY ET AL: Placed Under Voluntary Liquidation
TE DIGILOG ET AL: Placed Under Voluntary Liquidation

TE ECKHARDT ET AL: Placed Under Voluntary Liquidation
TE FORCE ET AL: Placed Under Voluntary Liquidation
TE HARVEST ET AL: Placed Under Voluntary Liquidation
TE JAYCOR ET AL: Placed Under Voluntary Liquidation
TE KARSCH ET AL: Placed Under Voluntary Liquidation

TE LYNX ET AL: Placed Under Voluntary Liquidation
TE OMG ET AL: Placed Under Voluntary Liquidation
TE PEAK6 ET AL: Placed Under Voluntary Liquidation
TE ROTELLA ET AL: Placed Under Voluntary Liquidation
TE SEMINOLE ET AL: Placed Under Voluntary Liquidation

TE STRATEGIC ET AL: Placed Under Voluntary Liquidation
TE TIM ET AL: Placed Under Voluntary Liquidation
TE TRANSTREND ET AL: Placed Under Voluntary Liquidation
TE ZPOINT ET AL: Placed Under Voluntary Liquidation
TSF SPT: Placed Under Voluntary Liquidation


C O L O M B I A

BANCOLOMBIA: Posts Ps. 62.3BB Unconsolidated Net Income in Dec.


G U Y A N A

GUYANA BANK: Fires Three Officials Over US$1.2 Million Fraud Case


J A M A I C A

AIR JAMAICA: Reveals 3-Point Business Plan to Keep Operations
JAMALCO: Government in Talks with Potential Buyers for Stake


M E X I C O

COMERCI: Hires N.M. Rothschil for Advice on Debt Restructuring
CORPORACION DURANGO: U.S. Units Get June 3 Plan Filing Extension
CORPORACION INTERAMERICANA: Moody's Downgrades Ratings to 'B2'
VITRO SAB: Will Miss US$44.8MM in Interest Payments This Week


V E N E Z U E L A

CITGO PETROLEUM: Makes First Free Heating Oil Delivery


X X X X X X X X

* BOND PRICING: For the Week January 26 - January 30, 2009


                         - - - - -


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

INTELSAT: Unit Offers US$400 Million Senior Notes at 88.50%
-----------------------------------------------------------
Intelsat Ltd. disclosed that its subsidiary, Intelsat Subsidiary
Holding Company Ltd., priced US$400 million aggregate principal
amount of 8.875% senior notes due 2015, Series B at an issue price
of 88.50%.  The net proceeds of the notes will be used to fund
Intelsat Sub Holdco's purchase of a portion of Intelsat Ltd.'s
outstanding 7.625% Senior Notes due 2012 and 6.50% Senior Notes
due 2013 that are validly tendered in Intelsat Sub Holdco's cash
tender offer.  The notes offering is expected to close on
February 12, 2009.

The notes will be offered to qualified institutional buyers under
Rule 144A and to persons outside the United States under
Regulation S.  The notes will not be registered under the
Securities Act of 1933, as amended, and, unless so registered, may
not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws.

                         About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira.  The company has a
sales office in Brazil.

Intelsat Ltd.'s June 30 balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Moody's Investors Service assigned ratings to
approximately US$1.2 billion of new debt instruments issued by
Intelsat Corporation, an indirect wholly-owned subsidiary of
Intelsat, Ltd.  At the same time, Moody's affirmed Intelsat's Caa1
corporate family rating, Caa1 probability of default rate and SGL-
3 speculative grade liquidity rating while maintaining the stable
ratings outlook.  The rating action was prompted by refinance
activity resulting from required change of control offers
applicable to debt instruments that were outstanding prior to
Intelsat's recent acquisition by private equity investors.

As reported in the Troubled Company Reporter-Latin America on
June 27, 2008, Standard & Poor's Ratings Services assigned
ratings on an aggregate US$7.1 billion in proposed new debt
instruments issued by various subsidiaries of Bermuda-based
Intelsat Ltd.  Proceeds from the new debt will be used to
replace existing credit agreements and bridge facilities.  The
credit agreements were put in place to finance the change of
control provisions under three separate debt issues that were
triggered by the Feb. 4, 2008, acquisition of the company by an
investor group led by BC Partners.  At the same time, S&P
affirmed the 'B' corporate credit rating on Intelsat, as these
proposed debt issuances were already incorporated into S&P's
rating.  S&P said the outlook is stable.


INTELSAT: Unit Gets US$500 Mln Tender for 7.625% & 6.50% Sr Notes
-----------------------------------------------------------------
Intelsat Ltd. disclosed that its subsidiary, Intelsat Subsidiary
Holding Company Ltd., as of 5:00 p.m., New York City time, on
January 28, 2009, received tenders of US$113,953,000 aggregate
principal amount of Intelsat Ltd.'s outstanding 7.625% Senior
Notes due 2012 and US$346,228,000 aggregate principal amount of
Intelsat Ltd.'s outstanding 6.50% Senior Notes due 2013, pursuant
to Intelsat Sub Holdco's previously announced cash tender offer
for the Notes.

Intelsat Ltd. also said that Intelsat Sub Holdco is amending the
Tender Offer so that Intelsat Sub Holdco is now offering to
purchase the maximum aggregate principal amount of outstanding
Notes that it can purchase for U$375,000,000, at the same purchase
price and on the same terms and conditions set forth in the Offer
to Purchase.  The Tender Offer originally contemplated the
purchase of the maximum aggregate principal amount of Notes that
Intelsat Sub Holdco could purchase for US$200,000,000.

Based upon the aggregate principal amount of Notes tendered as of
the Early Participation Date, and assuming no change in such
amount, the Clearing Premium for the Notes would be US$100.00 per
US$1,000 principal amount of Notes tendered.

The withdrawal date relating to the Tender Offer occurred at
5:00 p.m., New York City time, on January 28, 2009.  Notes
previously tendered and Notes that are tendered after January 29
may not be withdrawn.  The Tender Offer is scheduled to expire at
12:00 midnight, New York City time, on February 11, 2009, unless
extended or earlier terminated by Intelsat Sub Holdco.

The Tender Offer is conditioned upon the satisfaction or waiver of
certain conditions, including Intelsat Sub Holdco receiving funds
from an incurrence of indebtedness in an aggregate amount at least
equal to the New Maximum Payment Amount in the Tender Offer.
Subject to applicable law, Intelsat Sub Holdco may also terminate
the Tender Offer at any time before the Expiration Date in its
sole discretion.

Intelsat Sub Holdco has retained Goldman, Sachs & Co. to act as
the dealer manager for the Tender Offer.  MacKenzie Partners Inc.
is the Information Agent and Depositary for the Tender Offer.

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira.  The company has a
sales office in Brazil.

Intelsat Ltd.'s June 30 balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2008, Moody's Investors Service assigned ratings to
approximately US$1.2 billion of new debt instruments issued by
Intelsat Corporation, an indirect wholly-owned subsidiary of
Intelsat, Ltd.  At the same time, Moody's affirmed Intelsat's Caa1
corporate family rating, Caa1 probability of default rate and SGL-
3 speculative grade liquidity rating while maintaining the stable
ratings outlook.  The rating action was prompted by refinance
activity resulting from required change of control offers
applicable to debt instruments that were outstanding prior to
Intelsat's recent acquisition by private equity investors.

As reported in the Troubled Company Reporter-Latin America on
June 27, 2008, Standard & Poor's Ratings Services assigned
ratings on an aggregate US$7.1 billion in proposed new debt
instruments issued by various subsidiaries of Bermuda-based
Intelsat Ltd.  Proceeds from the new debt will be used to
replace existing credit agreements and bridge facilities.  The
credit agreements were put in place to finance the change of
control provisions under three separate debt issues that were
triggered by the Feb. 4, 2008, acquisition of the company by an
investor group led by BC Partners.  At the same time, S&P
affirmed the 'B' corporate credit rating on Intelsat, as these
proposed debt issuances were already incorporated into S&P's
rating.  S&P said the outlook is stable.



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

ARACRUZ: Shares Hit 1-Week Low as Analyst Cuts Pulp Price Forecast
------------------------------------------------------------------
Aracruz Celulose SA's shares sank 4.7% to BRL2.02 on January 29,
in Sao Paulo, the most in more than a week, after Raymond James &
Associates cut its pulp price forecast for 2009 because of a slump
in demand, Fabio Alves of Bloomberg News reports.  The shares, the
report relates, have lost 19% this year, compared with a 5.6% gain
in the Bovespa Index.

"Lowering expectations on 2009, prices turns our view on Aracruz
even more negative, given that it impacts not only the current
company but also the potentially merged company with VCP," Raymond
James analyst Francisco Schumacher wrote in a note obtained by
Bloomberg News.

According to Bloomberg News, Raymond James analysts lowered their
2009 eucalyptus pulp price by 7.6% to US$610 a metric ton "due to
weak demand, high inventory levels and incoming low-cost capacity
in the first half of 2009."  Mr. Schumacher kept his "hold" rating
on the stock, the report notes.

As reported by the Troubled Company Reporter - Latin America on
Jan. 22, 2009, Reuters said VCP agreed to takeover rival Aracruz
Celulose for BRL2.71 billion.  The purchase price, which will be
paid in six installments, will allow Votorantim to increase its
stake in Aracruz to 56% from 28%, the same report said.

                      About Aracruz Celulose

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

                          *     *     *

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

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

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


BANCO DO BRASIL: Shares Fell 3.8% After Goldman Estimate Cut
------------------------------------------------------------
Banco do Brasil's shares fell 3.8% to BRL14.15 on January 29 in
Sao Paulo trading, the most among shares listed on the MSCI Brazil
Financials Index, after Goldman Sachs Group Inc. cut its earnings
estimates on local banks for a second time this month on the
likelihood that the central bank will cut benchmark lending rates
further, Telma Marotto of Bloomberg News reports.

According to Bloomberg News, Goldman Sachs analyst Jason Mollin
wrote in a report the average earnings estimate for Brazilian
banks was reduced by 5% for this year and 3% for 2010.  On Jan.
15, Goldman cut the forecast by 2.5% for 2009 earnings and by 7.5%
for 2010, Bloomberg News recounts.

"As economic conditions continue to deteriorate and the Brazilian
central bank lowers rates, conditions for 2009 become
incrementally less favorable for Brazilian banks," Bloomberg News
quoted Mr. Mollin as saying.  "Greater consumer exposure makes
them more pro-cyclical than ever, an unfavorable characteristic
going into an economic downturn," he said.

Bloomberg News says Goldman forecasts policy makers in Brazil will
cut the benchmark lending rate to 10.25% by September, down from
13.75% in early January.

With the new forecasts, Brazilian banks' earnings per share in
2009 will be on average 7% below 2008, Mr. Mollin said as cited by
Bloomberg News.

                      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)'


BANCO ITAU: Shares Fell 3.2% After Goldman Estimate Cut
-------------------------------------------------------
Banco Itau Holding Financeira S.A.'s shares fell 3.2% to BRL23.70
on January 29 in Sao Paulo trading after Goldman Sachs Group Inc.
cut its earnings estimates on local banks for a second time this
month on the likelihood that the central bank will cut benchmark
lending rates further, Telma Marotto of Bloomberg News reports.

The average earnings estimate for Brazilian banks was reduced by
5% for this year and 3% for 2010, Goldman Sachs analyst Jason
Mollin wrote in a report obtained by Bloomberg News.  On Jan. 15,
Goldman cut the forecast by 2.5% for 2009 earnings and by 7.5% for
2010, Bloomberg News recounts.

"As economic conditions continue to deteriorate and the Brazilian
central bank lowers rates, conditions for 2009 become
incrementally less favorable for Brazilian banks," Bloomberg News
quoted Mr. Mollin as saying.  "Greater consumer exposure makes
them more pro-cyclical than ever, an unfavorable characteristic
going into an economic downturn," he said.

Bloomberg News says Goldman forecasts policy makers in Brazil will
cut the benchmark lending rate to 10.25% by September, down from
13.75% in early January.

With the new forecasts, Brazilian banks' earnings per share in
2009 will be on average 7% below 2008, Mr. Mollin said as cited by
Bloomberg News.

                         About Banco Itau

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

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


VOTORANTIM CELULOSE: Moody's Retains Review on Issuer Ratings
-------------------------------------------------------------
Votorantim Celulose e Papel S.A. issuer ratings of Baa3 on the
global scale and Aa1.br on the Brazilian national scale remain on
review for possible downgrade, where they were placed in October
2008 due to the potential acquisition of a 28% voting interest in
Aracruz Celulose S.A. (rated Ba2, under review for upgrade), which
would make VCP the controlling shareholder of Aracruz.

Should the deal be concluded as announced by VCP, its global scale
rating would likely be downgraded by one notch to Ba1, which would
incorporate its higher leverage on a consolidated basis but also
the level of financial support that would be expected from
Votorantim Participações S.A. (Baa3, outlook stable). Moody's
estimates that VCP's leverage as measured by Consolidated Adjusted
Debt (including operating leases and post-retirement benefits
obligations) to EBITDA could peak at about 8.0x at 2009 fiscal-
year end (6.8x on a Net Debt basis) and expects that the company's
management will focus on de-leveraging its balance sheet over the
medium term.  The review of VCP's ratings will focus on the impact
on VCP of the acquisition of Aracruz, both from operational and
financial perspectives, including potential operational synergies,
liquidity position on a consolidated basis, and projected free
cash flow available for debt reduction. The conclusion of the
review will likely be concurrent with a finalization of the
acquisition of Aracruz by VCP.

VCP's current ratings reflect its position as one of the lowest
cost pulp producers globally based on a long-term sustainable
business model, depicted by structural cost advantages when
compared with most international peers, including near self-
sufficiency in wood fiber and electricity and efficient logistics.
The ratings also benefit from the potential liquidity provided by
the company's large timberland holdings and from the implicit
support of the Votorantim group.  These credit strengths are
partially offset by VCP's small size relative to international
players and by its low operational diversity with concentration of
production at one single site, and by risks associated with its
capacity expansion projects.  While the execution risk related to
its expansion projects is an important constraining factor for
VCP's stand-alone rating, its above average disclosure is a
positive credit aspect.  VCP's revenues are largely generated
under long-term supply contracts that support stable sales volume
with good geographic diversification.

Moody's last rating action on VCP was on October 15, 2008, when
the direction of its rating review was changed to a possible
downgrade from a possible upgrade in light of the potential
acquisition of Aracruz.

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.

Votorantim Participações S.A. is the holding company of one of
Brazil's largest conglomerates with a diverse business portfolio
that includes banking, metals and mining, pulp and paper, cement,
agribusiness, and chemicals.  VPAR reported consolidated net
revenues of US$ 19,762 million in the last twelve months ended on
September 30, 2008, of which some 69% were generated by the
group's industrial activities and 31% by its fast-growing
financial arm represented by Banco Votorantim S.A. (rated Baa1,
under review for upgrade).

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).



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

BALANCE ASSET ET AL: Placed Under Voluntary Liquidation
-------------------------------------------------------
On December 10, 2008, a resolution was passed that voluntarily
wind up the operations of:

   -- Balance Asset Fund International, Ltd; and
   -- Balance Asset Master Fund, 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


LIBERTYVIEW ASSET: Placed Under Voluntary Liquidation
-----------------------------------------------------
On December 10, 2008, the sole shareholder of Libertyview Asset
Advantage Fund, Ltd. passed a resolution that voluntarily
liquidate the company's business.

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


LIBERTYVIEW SOCIALLY: Placed Under Voluntary Liquidation
--------------------------------------------------------
On December 10, 2008, the sole shareholder of Libertyview Socially
Responsible Fund, Ltd. passed a resolution that voluntarily
liquidate the company's business.

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


LOWE HOSPITALITY ET AL: Placed Under Voluntary Liquidation
----------------------------------------------------------
On December 9, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Lowe Hospitality Structured Investment Fund I Ltd; and
   -- Lowe Hospitality Structured Investment Fund II 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 DIGILOG ET AL: Placed Under Voluntary Liquidation
----------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Digilog Investors, Ltd.; and
   -- Te Digilog 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 ECKHARDT ET AL: Placed Under Voluntary Liquidation
-----------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Eckhardt Investors, Ltd; and
   -- Te Eckhardt 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 FORCE ET AL: Placed Under Voluntary Liquidation
--------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Force Investors, Ltd; and
   -- Te Force 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 HARVEST ET AL: Placed Under Voluntary Liquidation
----------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Harvest Investors, Ltd; and
   -- Te Harvest 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 JAYCOR ET AL: Placed Under Voluntary Liquidation
---------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Jaycor Investors, Ltd; and
   -- Te Jaycor 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 KARSCH ET AL: Placed Under Voluntary Liquidation
---------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Karsch Investors, Ltd; and
   -- Te Karsch 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 LYNX ET AL: Placed Under Voluntary Liquidation
-------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Lynx Investors, Ltd; and
   -- Te Lynx 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 OMG ET AL: Placed Under Voluntary Liquidation
------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te OMG Investors, Ltd; and
   -- Te OMG 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 PEAK6 ET AL: Placed Under Voluntary Liquidation
--------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Peak6 Volatility Opportunities Investors Ltd; and
   -- Te Peak6 Volatility Opportunities 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 ROTELLA ET AL: Placed Under Voluntary Liquidation
----------------------------------------------------
On December 5, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Rotella Investors, Ltd; and
   -- Te Rotella 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 SEMINOLE ET AL: Placed Under Voluntary Liquidation
-----------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Seminole Investors, Ltd; and
   -- Te Seminole 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 STRATEGIC ET AL: Placed Under Voluntary Liquidation
------------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Strategic Fixed Income Investors, Ltd; and
   -- Te Strategic Fixed Income 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 TIM ET AL: Placed Under Voluntary Liquidation
------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Tim Investors, Ltd; and
   -- Te Tim 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 TRANSTREND ET AL: Placed Under Voluntary Liquidation
-------------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Transtrend Investors, Ltd; and
   -- Te Transtrend 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 ZPOINT ET AL: Placed Under Voluntary Liquidation
---------------------------------------------------
On December 1, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Te Zpoint Investors, Ltd; and
   -- Te Zpoint 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


TSF SPT: Placed Under Voluntary Liquidation
-------------------------------------------
On December 11, 2008, the sole shareholder of TSF SPT passed a
written resolution that voluntarily liquidates the company's
business.

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

BANCOLOMBIA: Posts Ps. 62.3BB Unconsolidated Net Income in Dec.
---------------------------------------------------------------
Bancolombia S.A. ("Bancolombia") reported unconsolidated net
income of Ps. 62.3 billion in December 2008.  Net income for
Bancolombia on an unconsolidated basis totaled Ps. 1,043.7 billion
for the year ended December 31, 2008, increasing 29.8% as compared
to the same period of 2007.

   -- Net interest income, including investment securities,
      totaled Ps. 259.5 billion in December 2008.  For the year
      ended December 31, 2008, net interest income totaled
      Ps. 2,599.2 billion, increasing 35.4% as compared to the
      same period of 2007.

   -- Net fees and income from services in December 2008, totaled
      Ps. 85.1 billion.  For the year ended December 31, 2008, net
      fees and income from services totaled Ps. 799.9 billion,
      which represents an increase of 18.0% as compared to the
      same period of 2007.

   -- Other operating income totaled Ps. 7.7 billion in December
      2008.  For the year ended December 31, 2008, other operating
      income totaled Ps. 553.9 billion, increasing 63.6% as
      compared to the same period of 2007.  Bancolombia notes that
      a considerable part of this revenue comes from dividend
      income received from subsidiaries, which is eliminated in
      the consolidated results as it is an intercompany
      transaction.  As a result, this dividend income is only
      recorded in Bancolombia's unconsolidated results.

   -- Net provisions totaled Ps. 127.9 billion in December 2008.
      Net provisions totaled Ps. 751.1 billion for the year ended
      December 31, 2008, which represents an increase of 136.2% as
      compared to the same period of 2007.  Bancolombia's
      (unconsolidated) level of past due loans (i.e., loans
      overdue for more than 30 days) as a percentage of total
      loans amounted to 3.53% as of December 31, 2008, and the
      ratio of allowances to past due loans increased to 143.1% as
      of the same date.

   -- Operating expenses totaled Ps. 211.9 billion in December
      2008.  For the year ended December 31, 2008, operating
      expenses totaled Ps. 1,800.3 billion, increasing 16.3% as
      compared to the same period of 2007.

Total assets (unconsolidated) amounted to Ps. 39.4 trillion, loans
amounted to Ps. 27.9 trillion, deposits totaled Ps. 25.3 trillion
and Bancolombia's total shareholders' equity amounted to Ps. 5.9
trillion.

                           Market Share

According to Colombia's national banking association
("ASOBANCARIA"), Bancolombia's market share of the Colombian
financial system as of December 2008 was:

   * 19.1% of total deposits,
   * 21.8% of total net loans,
   * 21.0% of total savings accounts,
   * 22.1% of total checking accounts, and
   * 14.8% of total time deposits.

                      About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2008, Moody's Investors Service upgraded to Ba2, stable
from Ba3, positive the foreign-currency deposit ratings assigned
to the two banks it rates in Colombia.  This action is the direct
result of Moody's decision to upgrade Colombia's foreign currency
country ceilings for bonds and deposits to Baa3 and Ba2,
respectively.

At the same time, Moody's upgraded Bancolombia's foreign currency
subordinated bond rating to Baa3 from Ba1.  The outlook is stable.



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

GUYANA BANK: Fires Three Officials Over US$1.2 Million Fraud Case
-----------------------------------------------------------------
Republic Bank (Guyana) Ltd. has fired three of its high level
staff following the discovery of a US$1.2 million (GY$250 million)
fraud at the institution, Caribbean Net News reports.

Bank Managing Director Edwin Gooding, the report relates,
acknowledged that an investigation was ongoing into the fraudulent
act which was discovered late last year.

According to the report, the US$250 million involved a number of
wire transfer applications that were received at the local bank
with no officers' signature, date or time of receipt but the
transactions were processed.  The monies were reportedly stolen
from accounts that were debited prior to the transfers to Canada
where the sums were withdrawn, the report says.

Crime Chief, Seelall Persaud, confirmed that the Police Fraud
Section is collaborating with ranks of the Royal Canadian Mounted
Police (RCMP) in the investigations, but said no suspects have
been held yet, Caribbean Net News notes.

Meanwhile, Caribbean Net News says the probe into allegations of
theft against five women and one man dismissed from the same
banking institution in 2007 is continuing.

They were implicated in the disappearance of US$8 million from the
automated teller machine (ATM) at the GUYOIL outlet in Kitty,
because they were all in possession of the access code to the
facility, the report recounts.

                   About Republic Bank (Guyana)

Republic Bank (Guyana) Ltd. -- http://www.republicguyana.com/--
is a Guyana-based commercial bank.  The company provides savings
and checking accounts services, equipment and personal loans and
credit facilities, credit cards, interest rates customized for the
customers' needs, and mortgage services to businesses and
individuals.  Additionally, it offers an electronic banking
system, which allows the clients to manage funds and their
accounts electronically.  Republic Bank (Guyana) Ltd. has
branches, automated teller machines and points of sale across the
country.



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

AIR JAMAICA: Reveals 3-Point Business Plan to Keep Operations
-------------------------------------------------------------
Air Jamaica is revamping its operations to reduce losses, and has
unveiled a three-point business plan, which is aimed at keeping
the company operating throughout this year, and to position it on
a path towards financial stability, Jamaica Information Service
News reports.

"This is a pivotal year for Air Jamaica, as we must become a lean
and efficient airline to survive these difficult times," the
report quoted Bruce R. Nobles, Air Jamaica's President and Chief
Executive Officer, as saying.

Mr. Nobles told JIS News the business plan, which places a
"singular focus on rationalizing operational, infrastructure and
overhead costs", will include eliminating cash losses by exiting
loss-making markets, revising all schedules, improving aircraft
utilization by more than 25%, and executing an efficiency plan
that will improve productivity and bring Air Jamaica's unit costs
in line with international norms.

"These decisions were not arrived at easily, and reflect a
commitment to the people of Jamaica that we will do everything to
reduce the airline's impact on the national budget, something that
is certainly even more important now as the country navigates
through the global financial crisis," the report quoted Mr. Nobles
as saying.

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 Mr. Nobles 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. Nobles, 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 noted 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 related, 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 noted 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 said.

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

According to a TCRLA report 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 Mr. 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.


JAMALCO: Government in Talks with Potential Buyers for Stake
------------------------------------------------------------
Jamaica's government is holding talks with potential purchasers
for its 45% stake in the Jamalco refinery in south-central parish
of Clarendon, Caribbean Net News reports, citing Prime Minister
Bruce Golding.

"If suitable offers are put on the table that did not undervalue
the assets of the company, we would be interested," the report
quoted Minister Golding as saying.

Aluminum giant Alcoa Inc holds 55% of the company, which has a
production capacity of 1.4 million tonnes of alumina.

According to the report, the two parties ran the company under a
50-50 share split until the middle of last year when the
government gave Alcoa a further 5% stake as payback for the
company's US$120 million investment to expand the plant's
production by 150,000 tonnes.

"We are continuing our discussions with a number of interests but
these discussions are at this point exploratory,"  Caribbean Net
News quoted Minister Golding as saying.

The report notes Jamaica has suffered as a result of plunging
prices for aluminum on the world market.  Jamaican producers have
slashed production and sent workers home because of the downturn,
the report relates.



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

COMERCI: Hires N.M. Rothschil for Advice on Debt Restructuring
--------------------------------------------------------------
Controladora Comercial Mexicana SAB ("Comerci") hired N.M.
Rothschild & Sons to advise on its debt restructuring, Hugh
Collins of Bloomberg News reports.

According to an e-mail statement obtained by Bloomberg, the
company said Rothschild will help Comerci in its negotiations
with creditors.

As reported in the Troubled Company Reporter - Latin America on
November 28, 2008, Reuters said Comerci's holders of around
MP1.5 billion (US$114 million) want all their money, without a
negotiated reduction, after the company defaulted due to the
global crisis and plummeting peso.

The report related that Comerci failed to make payments on local
notes held by some 1,000 investors, from funds to individuals, and
was expected by analysts to try to negotiate reduced payments.

Reuters noted that the retailer's creditors include six banks that
backed up its trading in derivatives for over US$1 billion, five
banks that extended loans, as well as bond holders.

The company has made two failed attempts in recent weeks to obtain
protection from creditors and is currently fighting in court for a
favorable ruling, the report added.

                           About Comerci

Controladora Comercial Mexicana SAB de CV (CCM) --
http://www.comerci.com.mx --  is a Mexican holding company that,
through its subsidiaries, operates several chains of retail
stores, as well as a chain of family restaurants under the
Restaurantes California brand name.  In addition, CCM owns a 50%
interest in the Costco de Mexico, a joint venture with Costco
Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The Company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The Company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.


CORPORACION DURANGO: U.S. Units Get June 3 Plan Filing Extension
----------------------------------------------------------------
Corporacion Durango S.A.B. de C.V.'s  U.S.-based affiliates, Fiber
Management of Texas Inc. and Paper International Inc., won an
extension to June 3 to file a reorganization plan, Tiffany Kary of
Bloomberg News reports.

The report relates U.S. Bankruptcy Judge Robert Drain in Manhattan
granted the companies' request for more time while they coordinate
with Durango's bankruptcy case in Mexico.

International Paper, the report notes, said it has hired bankers
to help sell its biggest asset, Durango McKinley Paper Co., a
non-bankrupt affiliate based in New Mexico.

"Based on the issues you're still dealing with regarding
the McKinley operation, I'll grant the motion," Judge Drain said
in his order cited by Bloomberg News.  The affiliates have until
Aug. 2 to solicit creditors' approval for their reorganization
plan, he said.

As reported in the Troubled company Reporter-Latin America on
Oct. 7, 2008, Bloomberg News said Corporacion Durango filed for
Chapter 15 bankruptcy with the U.S. Bankruptcy Court for the
Southern District of New York (Lead Case No. 08-13911) on Oct. 6,
2008, after missing a US$26.5 million interest payment on 10.5
percent bonds due in 2017.

Two of its affiliates filed for Chapter 11 protection separately
with the same court on the same day, the report related.

According to Bloomberg News, Texas-based Fiber Management listed
assets of as much as US$1 million and debts of as much as US$1
billion.  The company, which obtained fiber for recycled paper
products, has been winding down since August, the report recounts.

Meanwhile, Bloomberg News says Paper International, a holding
company with no employees based in Prewitt, New Mexico, listed up
to US$500 million in assets and up to US$1 billion in debt.

Bloomberg News adds that the U.S. cases are:

* In re Corporacion Durango SAB, 08-13911, U.S. Bankruptcy Court,
  Southern District of New York (Manhattan);

* In re Fiber Management of Texas Inc., 08-13918,
  U.S. Bankruptcy Court, Southern District of New York
  (Manhattan);

* In re Paper International Inc., 08-13917, U.S.
  Bankruptcy Court, Southern District of New York (Manhattan).

                    About Corporacion Durango

Corporacion Durango, S.A. de C.V. (BMV: CODUSA) --
http://www.corpdgo.com/-- is a vertically integrated producer of
paper and packaging products in Mexico, previously announced that
the First Federal District Court in Durango, Mexico, has approved
the company's plan of reorganization and declared the termination
of its "Concurso Mercantil" proceeding.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Oct. 10, 2008, Fitch Ratings has downgraded the foreign and local
currency issuer default ratings of Corporacion Durango S.A. de
C.V. to 'D' from 'CC' and has affirmed its 'CC/RR4' rating of the
company's notes due in 2017.


CORPORACION INTERAMERICANA: Moody's Downgrades Ratings to 'B2'
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Corporacion
Interamericana de Entretenimiento, S.A.B. de C.V. to B2 from Ba3
and to Ba1.mx from A3.mx due to weak liquidity, high refinancing
risk and low free cash flow visibility.  The outlook on the
ratings is negative.  The action concluded the review for possible
downgrade that began on December 3, 2008.

These ratings are affected:

  * Corporate Family Rating -- downgraded to B2 from Ba3

  * US$14 million Senior Unsecured Notes due 2015 -- downgraded to
    B2 from Ba3

  * MXP500 million in Certificados Bursatiles due December 2009 --
    Downgraded to Ba1.mx from A3.mx

  * MXP650 million in Certificados Bursatiles due April 2010 --
    Downgraded to Ba1.mx from A3.mx

  * MXP1.4 billion in Certificados Bursatiles due October 2010 --
    Downgraded to Ba1.mx from A3.mx

The ratings outlook is negative.

The rating downgrades were prompted by the company's weak
liquidity position and high refinancing risk.  As of September 30,
2008, cash on hands plus marketable securities represented only
47% of adjusted short term debt maturities (which includes
adjustments for factoring of accounts receivable and operating
leases), down from 63% in June 2008 and 98% in December 2007.  In
addition, free cash flow has been negative, mostly because of high
working capital needs.  Moreover, CIE's debt maturity profile is
tight. Next maturities include MXP80 million in local commercial
paper due in March 2009, MXP280 million in local notes due in
April 2009, MXP 500 million in local notes due in December 2009
and MXP650 million in local notes due in April 2010.  The company
also has MXP1.4 billion in local notes maturing in October 2010.
Moody's recognizes, though, that CIE maintains solid banking
relationships that may provide for financing in case of need;
however, because of current difficult credit market conditions,
access to these types of funding is less certain.  All of CIE's
debt is unsecured, including the bank loans.

CIE's ratings consider the fact that, because of the unpredictable
nature of the businesses, the Company's margins and cash flow
generation tend to be volatile.  During the last twelve months
ended in September 30, 2008, the most important revenue and EBITDA
contributors were CIE Las Americas (37% of revenues and 45% of
EBITDA), CIE Entertainment (33% and 22%, respectively) and CIE
Commercial, (23% and 30%, respectively). During the period,
revenues posted a nominal decline of 4% as these divisions
performed unevenly, due to factors mostly outside of CIE's
control, such as the economic slowdown, the new 20% federal tax on
gaming revenues, effective since January 2008, and the smoking ban
imposed by the federal government and Mexico City in April 2008.

As a result, adjusted EBITDA margin fell to 23% during LTM ended
in September 2008 from 25.7% in 2007.  Working capital needs are
also volatile because the calendar of events is somewhat
unpredictable, which may place working capital pressures in
certain quarters.  In the last twelve months ended in September
2008, CIE reported cash from operations of negative MXP 425
million, mostly due to lower revenues and higher working capital
needs.

CIE's cash flows are also vulnerable to exchange rate fluctuation
since final payments to foreign concert performers may be several
months after the actual sale of tickets. On the other hand, CIE's
foreign exchange risk on its balance sheet is minimal since debt
is either denominated in Mexican pesos or hedged for currency
fluctuations.

Despite some diversification in terms of businesses, the current
operating environment is not favorable to CIE due to its overall
dependence on disposable income/consumer spending, which is
affected by the global economic crisis.  The Company has been
experiencing declines in its Las Americas gaming division due
principally to the tax on gaming revenues and the anti-tobacco
law.  Its Commercial division is also under pressure as
advertising spending declines.  Moody's believes CIE's business
will remain under pressure over at least the next year with the
economic slowdown in Mexico.

CIE's dominant market share position in the out-of-home
entertainment sector in Mexico balances its small revenue size of
US$ 890 million.  CIE holds exceptional venues, including Mexico
City's only government-authorized horse race track (Hippodrome)
and Centro Banamex and Foro Sol, which are exhibition and
convention centers.  In addition, it counts with long-term
partnerships with Televisa, # 1 TV broadcasting conglomerate in
Mexico, as well as foreign operators (e.g. joint venture with
Ticketmaster and relationship with NASCAR), which provide CIE with
the opportunity to capitalize on the strength of these operators
and mitigate exposure to cash-consumptive investments in these
segments.

The negative outlook on CIE's ratings reflects the high
refinancing risk over the next 12 to 18 months amid weaker
anticipated operating performance.

Because CIE operates in several distinct businesses, analysis of
the Company's credit risk in not based exclusively on any of
Moody's rating methodologies.  However, Moody's uses the Global
Gaming Rating Methodology to assist in the assessment of CIE's
credit quality. Most importantly, CIE's ratings have been assigned
by evaluating factors that Moody's believe are relevant to the
Company's risk profile, such as (i) liquidity and overall
financial position; (ii) projected performance per division over
the near to intermediate term; and (iii) predictability of cash
flow generation. These attributes were compared against other
issuers both within and outside CIE's core industries.

Before the announcement, the last action on CIE's ratings occurred
on December 3, 2008, when Moody's placed the ratings on review for
possible downgrade.  Previous to that, Moody's downgraded the
ratings to Ba3 and A3.mx from Ba2 and A2.mx on January 17, 2008.
CIE is the sole vertically integrated out-of-home entertainment
group in Mexico, with assets in South America and the U.S. As of
September, 2008, last-twelve-month revenues and Adjusted EBITDA
amounted to about US$890 million and US$200 million, respectively.


VITRO SAB: Will Miss US$44.8MM in Interest Payments This Week
-------------------------------------------------------------
Vitro SAB said it will miss US$44.8 million in interest payments
due this week on US$1 billion of bonds to preserve cash to run its
operations, Thomas Black of Bloomberg News reports.

According to the report, the company, in a statement to the
Securities and Exchange Commission, said four counterparties to
Vitro's derivative investments provided notice of default
prompting Vitro to announce it will skip the two payments due
Feb. 2.

"Vitro intends to maintain its operations and continue its
business relationships with its customers and suppliers as it
seeks to achieve a restructuring of its indebtedness," Bloomberg
quoted the company as saying.

The company, the report says, ran into debt trouble because lower
glass demand cut profit just as Vitro racked up losses by using
derivatives to lock in natural gas prices last summer, when the
fuel was hitting a high of US$13.577 per million British thermal
units.

Bloomberg News notes Vitro said the unnamed counterparties
demanded payment of US$293 million related to the losses, creating
an "event of default" under the derivative agreements.

The company said it had losses related to derivative investments
of US$358 million at the end of December, not counting accrued
interest, the report relates.

Bloomberg News says Vitro said that 30 days after missing the
payment, it will be in default of its US$700 million of bonds
maturing in 2017 and US$300 million of bonds due in 2012.  The
company will also default on US$216 million of notes due in 2013,
the report added.

"Vitro sees this as a temporary measure to allow the necessary
time to negotiate with all parties involved," Vitro said in the
regulatory filing obtained by Bloomberg News.

                           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'.



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

CITGO PETROLEUM: Makes First Free Heating Oil Delivery
------------------------------------------------------
Petroleos de Venezuela S.A.'s U.S. unit, Citgo Petroleum Corp.,
has resumed shipments of free heating oil to poor Americans,
making its first delivery since the program's rumored end, the
International Herald Tribune reports.

Citgo, the report relates, delivered free fuel to a shelter in
Washington D.C. on January 29.

According to The Tribune, Citgo President Alejandro Granado said
the company is "making a huge effort" to maintain donations
despite falling oil prices and the world economic crisis.

The initiative, a partnership with the Boston-based nonprofit
Citizens Energy Corp., says it provided more 200,000 households in
23 states with free oil last winter, the report recounts.

As reported in the Troubled Company Reporter-Latin America on
Jan. 9, 2009, The Wall Street Journal said Citgo Petroleum said it
is not suspending charitable contributions of home heating oil to
low-income U.S. households.

In a TCRLA report on January 7, 2009, Reuters said Citgo Petroleum
suspended its program to provide free heating oil to hundreds of
thousands of low-income U.S. families.

According to Fox44 News, Mr. Kennedy said CITGO credited falling
oil prices and the world economic crisis as reasons for pulling
out of the program.  The program has been suspended indefinitely,
he said.

"The current economic meltdown has just forced them to reevaluate
all the assistance programs that they provide," Mr. Kennedy was
quoted by Reuters as saying.

                      About Citgo Petroleum

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

                          *     *     *

As reported in 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-';

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

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

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

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

                           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 in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, CITGO Petroleum Corporation's Issuer Default
Rating was lowered by Fitch to 'BB-' from 'BB' following the
company's announcement that it has taken out a US$1 billion
bridge loan and used the proceeds to make a US$1 billion loan to
parent Petroleos de Venezuela SA (PDVSA IDR 'BB-', Negative
Outlook).



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

* BOND PRICING: For the Week January 26 - January 30, 2009
----------------------------------------------------------


Issuer                  Coupon    Maturity   Currency   Price
  ------                  ------    --------   --------   -----

  ARGENTINA
  ---------
Alto Palermo SA          7.875    05/11/17     USD      43.50
Argent-DIS               5.830    12/31/33     ARS      58.60
Argent-DIS               7.820    12/31/33     ARS      25.50
Argent-DIS               8.820    12/31/33     ARS      35.14
Argent-DIS               8.820    12/31/33     ARS      30.83
Argent-Par               0.630    12/31/38     ARS      13.33
Argnt-Bocon PRE8         2.000    01/03/10     ARS      56.76
Argnt-Bocon PR11         2.000    12/03/10     ARS      37.53
Argnt-Bocon PRE9         2.000    03/15/24     ARS      61.44
Argnt-Bocon PR12         2.000    01/03/16     ARS      61.43
Argnt-Bocon PR13         2.000    03/15/24     ARS      16.88
Arg Boden                2.000    09/30/14     ARS      37.99
Arg Boden                7.000    09/30/14     ARS      30.02
Argentina - NGB          2.000    01/03/16     ARS      49.49
Autopistas Sel S        11.500    05/23/17     USD      29.93
Banco Hipot SA           9.750    11/16/10     USD      63.26
Banco Hipot SA           9.750    04/27/16     USD      31.50
Banco Hipot SA           9.750    12/18/36     USD      33.11
Banco Hipot SA           9.750    12/18/36     USD      34.10
Bonar X                  7.000    04/17/17     USD      37.38
Banco Macro SA           8.500    02/01/17     USD      54.18
Bonar V                  7.000    03/28/11     USD      42.45
Bonar VII                7.000    09/12/13     USD      34.32
Bonar ARG $ V           10.500    10/09/17     ARS      43.50
Buenos Aire Prov         9.375    09/14/18     USD      22.57
Buenos Aire Prov         9.625    04/18/28     USD      22.43
Buenos-$DIS              9.250    04/15/17     USD      22.92
Buenos-$DIS              8.500    04/15/17     USD      19.00
Deutsche (Radars)        4.000    12/22/11     USD      63.49
Emp Distrib Nort        10.500    10/09/17     USD      45.00
Hidroelec Piedra         9.000    07/11/17     USD      55.99
Industries Metal        11.250    10/22/14     USD      50.01
Invers Rep Y Soc         8.500    02/02/17     USD      44.38
Mendoza Province         5.500    09/04/18     USD      32.25
Transener                8.875    12/15/16     USD      36.60
Trasport De Gas          7.875    05/14/17     USD      53.00


   BRAZIL
   ------
Banco BMG SA             9.150    01/15/16     USD      73.25
Banco Cruzeiro          10.750    11/24/16     USD      69.42
Bertin Ltda             10.250    10/05/16     USD      51.75
Braskem SA               9.000    04/29/49     USD      72.50
BR Malls Int Fi          8.500    04/15/17     EUR      65.26
Cosan Finance            7.000    02/01/17     USD      68.75
Cosan SA Industr         8.250    02/28/49     USD      60.31
Cosan SA Industr         8.250    02/28/49     USD      51.62
JBS SA                  10.500    08/04/16     USD      68.00
Independencia In         9.875    05/15/15     USD      63.00
Independencia In         9.875    01/31/17     USD      62.50
National Steel           9.875    05/29/49     USD      68.70
Rede Empresas           11.12     04/29/49     USD      45.75
RBS-Zero Hora Ed        11.25     06/15/17     BRL      53.17
Soc Gen Accept           0.750    12/21/11     EUR      40.22
Soc Gen Accept           7.000    02/27/13     EUR      13.46
Soc Gen Accept           8.000    12/20/13     EUR      20.90
Vigor                    9.250    02/23/17     USD      47.68


   CAYMAN ISLANDS
   --------------
801 Grand B-2            1.225    09/20/16     USD      74.71
Aes Dominicana          11.000    12/13/15     USD      46.75
Aes Dominicana          11.000    12/13/15     USD      46.75
Agile Property           9.000    09/22/13     USD      56.50
Aig Sunamerica           5.625    02/01/12     GBP      74.24
Aig Sunamerica           6.375    10/05/20     GBP      50.84
Asif II                  5.125    01/28/13     GBP      69.94
Bancaja Intl Fin         5.700    06/30/22     EUR      63.59
Banco BPI (CI)           4.150    11/14/35     EUR      65.35
Banco BPI (CI)           4.150    11/14/35     EUR      65.35
Banco Finance Co         4.239    10/29/49     EUR      37.50
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           1.440    12/20/56     GBP      21.51
BBVA Bancomer SA         4.799    05/17/17     EUR      64.50
BBV Intl Fin             7.000    12/01/25     USD      70.34
BCP Finance Company      5.543    06/29/49     EUR      37.50
Bes Finance Limited      4.500    12/29/49     EUR      46.00
Bes Finance Limited      6.625    05/08/49     EUR      55.00
Bes Finance Limited      5.580    07/29/49     EUR      40.00
Bishopsgate Asse         5.107    09/29/37     GBP      70.37
Blue City Co             1.000    11/07/13     USD      69.08
Cam Global Fin           6.080    12/22/30     EUR      52.01
Castle Holdco 4          9.875    11/16/16     GBP      08.38
Castle Holdco 4          9.875    11/16/16     GBP      08.38
China Med Tech           3.500    11/15/11     USD      56.38
China Med Tech           4.000    08/15/13     USD      43.75
China Properties         9.125    05/04/14     USD      44.56
Country Garden           2.500    02/22/13     CNY      48.75
Credit Sail Ltd          8.500    12/22/12     NZD       6.00
DP World Sukuk           6.250    07/02/17     USD      56.97
DP World Sukuk           6.250    07/02/17     USD      61.85
Dubai Holding Comm       4.750    01/30/14     EUR      60.50
Dubai Holding Comm       6.000    02/01/17     GBP      57.50
DWR CYMN FIN             4.473    03/31/57     GBP      60.80
Embraer Overseas         6.375    01/24/17     USD      74.65
Embraer Overseas         6.375    01/24/17     USD      72.36
Embraer Overseas         6.375    01/24/17     USD      72.36
Esfg Internation         5.753    06/29/49     EUR      27.00
Gol Finance              7.500    04/03/17     USD      52.25
Gol Finance              7.500    04/03/17     USD      54.80
Gol Finance              8.750    04/28/49     USD      43.00
Greentown China          9.000    11/08/13     USD      35.00
Investcorp Cap           8.080    03/27/09     USD      74.05
Ja Solar Hold Company    4.500    05/15/13     USD      41.00
Lai Funding Holding      9.125    04/04/14     USD      61.62
Lupatech Finance         9.875    07/29/49     USD      73.25
M-2 SPC                  7.770    12/20/12     USD      47.38
Mafrig Overseas          9.635    11/16/16     USD      67.75
Malachite Fdg            0.630    12/21/56     EUR      14.80
Mazarin Fdg Ltd          0.250    09/20/68     EUR       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.630    09/20/68     GBP       9.50
Mazarin Fdg Ltd          1.440    09/20/68     GBP      20.13
Minerva Overse           9.500    02/01/17     USD      57.12
Mizuho Capital I         5.020    06/29/49     EUR      60.00
Mizuho Capital INV I     6.686    03/29/49     EUR      60.50
Mufg Cap Fin1            6.346    07/29/49     EUR      70.20
Mufg Cap Fin2            4.850    07/29/49     EUR      55.79
Mufg Cap Fin4            5.271    01/29/49     EUR      50.70
Mufg Cap Fin5            6.299    01/25/49     GBP      51.20
MMCaps XVIII Ltd         5.950    12/26/39     USD      15.88
MMCaps XVIII Ltd         5.950    12/26/39     USD      15.88
MMCaps XVIII Ltd         5.950    12/26/39     USD      15.88
New Asat Finance         9.250    02/01/11     USD       7.00
Pacific Life Fnd         3.650    06/15/15     EUR      72.20
Pacific Life Fnd         3.800    03/15/15     EUR      73.38
Pacific Life Fnd         3.800    12/15/15     EUR      71.95
Pacific Life Fnd         4.000    06/15/17     EUR      68.69
Prince Fin Global        4.500    01/26/17     EUR      71.00
Pubmaster Fin            6.962    06/30/28     GBP      65.62
Pubmaster Fin            6.962    06/30/28     GBP      41.36
Reg Div Funding          5.251    01/25/36     USD      47.11
Reg Div Funding          5.251    01/25/36     USD      47.11
Resona PFD Glob          7.191    12/29/49     USD      45.87
Seagate Tech HDD         6.800    10/01/16     USD      52.03
Seagate Tech HDD         6.375    10/01/11     USD      67.88
Shimao Property          8.000    12/01/16     USD      47.50
Shimao Property          8.000    12/01/16     USD      48.05
SMFG Preferred           6.078    01/29/49     USD      64.93
SMFG Preferred           6.164    01/29/49     USD      51.96
STB Finance              5.834    09/29/49     GBP      68.37
Struct Invest CP         2.000    07/30/16     USD      42.63
Subsea                   2.800    06/06/11     USD      66.14
Sunamer Inst Fnd         6.150    10/14/19     EUR      52.94
Suntech Power            3.000    03/15/13     USD      47.75
Tam Capital Inc.         7.375    04/25/17     USD      54.96
Tam Capital Inc.         7.375    04/25/17     USD      52.87
Trina Solar Ltd          4.000    07/15/13     USD      34.75
UOB Cayman Limited       5.796    12/29/49     USD      68.04
Vestel Elec Fin          8.750    05/09/12     USD      59.84
Vontobel Cayman          8.350    03/27/09     USD      71.40
Vontobel Cayman         15.600    01/23/09     USD      11.00
Vontobel Cayman         12.150    02/20/09     USD      32.40
Vontobel Cayman         13.550    01/23/09     USD      55.00
Vontobel Cayman         10.550    03/27/09     USD      58.00
Vontobel Cayman         10.050    02/20/09     USD      21.80
Vontobel Cayman         11.300    04/24/09     USD      59.80
Vontobel Cayman         10.650    02/27/09     USD      35.60
Vontobel Cayman         15.750    01/23/09     USD      40.60
Vontobel Cayman         17.900    01/23/09     USD      40.60
XL Capital Limited       5.250    09/15/14     USD      64.49
XL Capital Limited       6.250    05/15/27     USD      52.77
XL Capital Limited       6.375    11/15/24     USD      54.84
XL Capital Limited       6.500    12/31/49     USD      14.50


   CHILE
   -----
CAP                      7.375    09/15/36     USD      72.71
CAP                      7.375    09/15/36     USD      74.16
Codelco                  5.625    09/21/35     USD      68.49
Codelco                  5.625    09/21/35     USD      69.80
Codelco                  6.150    10/24/36     USD      74.76
Codelco                  6.150    10/24/36     USD      74.76





   COSTA RICA
   ----------
CAP                      7.375    09/15/36     USD      73.80


   DOMINICAN REPUBLIC
   ------------------
Dominican Republic       8.625    04/20/27     USD      57.00
Dominican Republic       9.040    01/23/18     USD      72.15


   ECUADOR
   -------
Ecuador-Par Strp         4.000    05/28/18     USD      69.05
Ecuador-Par Strp         4.000    02/28/25     USD      74.83
Ecua-Par B RCT           4.000    02/28/25     USD      52.46


  EL SALVADOR
  -----------
El Salvador Rep          7.650    06/15/35     USD      73.30
El Salvador Rep          7.650    06/15/35     USD      74.13


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      64.92
Jamaica Govt             8.000    06/24/19     USD      74.84
Jamaica Govt             8.000    03/15/39     USD      57.00
Jamaica Govt             8.500    02/28/36     USD      62.75
Jamaica Govt             9.250    10/17/25     USD      72.59
Jamaica Govt LRS        12.750    06/29/22     JMD      56.49
Jamaica Govt LRS        12.750    06/29/22     JMD      56.47
Jamaica Govt LRS        12.850    05/31/22     JMD      56.93
Jamaica Govt LRS        13.375    12/15/21     JMD      59.39
Jamaica Govt LRS        13.375    04/27/32     JMD      56.17
Jamaica Govt LRS        13.575    12/15/26     JMD      57.49
Jamaica Govt LRS        13.625    06/23/14     JMD      74.04
Jamaica Govt            14.000    06/30/21     EUR      62.27
Jamaica Govt            14.250    08/19/15     EUR      72.83
Jamaica Govt            14.375    09/13/14     EUR      65.14
Jamaica Govt LRS        14.400    18/03/27     JMD      62.56
Jamaica Govt LRS        14.500    16/28/17     JMD      70.54
Jamaica Govt LRS        14.500    08/02/17     JMD      69.39
Jamaica Govt LRS        15.000    07/31/16     JMD      73.13
Jamaica Govt LRS        15.000    11/15/21     JMD      66.05
Jamaica Govt LRS        15.000    08/30/32     JMD      64.86
Jamaica Govt LRS        15.000    09/06/32     JMD      50.35
Jamaica Govt LRS        15.500    03/24/28     JMD      65.09
Jamaica Govt LRS        15.750    08/22/19     JMD      70.85
Jamaica Govt LRS        16.000    05/17/17     JMD      74.97
Jamaica Govt            16.000    06/13/22     EUR      69.86
Jamaica Govt            16.000    12/06/32     EUR      67.21
Jamaica Govt LRS        16.250    05/22/27     EUR      73.21
Jamaica Govt LRS        16.250    08/26/32     EUR      70.36
Jamaica Govt LRS        16.250    07/26/32     EUR      68.32
Jamaica Govt LRS        16.250    06/18/27     EUR      70.51
Jamaica Govt LRS        16.150    06/12/22     EUR      70.49
Jamaica Govt LRS        16.150    06/12/22     EUR      72.38
Jamaica Govt LRS        16.250    05/22/22     EUR      70.88
Jamaica Govt LRS        16.250    05/22/27     EUR      68.50
Jamaica Govt LRS        16.500    06/14/27     EUR      69.57
Jamaica Govt LRS        17.000    07/11/23     EUR      73.49




    MEXICO
    ------
Mer Lynch Int CV         8.000    01/30/09     CHF      31.20
Mer Lynch Int CV        10.760    03/16/09     CHF      37.99
Mer Lynch Int CV        11.200    03/16/09     CHF      30.89
Mer Lynch Int CV        11.330    03/16/09     CHF      69.30
Mer Lynch Int CV        11.400    03/16/09     CHF      62.11
Mer Lynch Int CV        11.660    03/16/09     CHF      11.41
Mer Lynch Int CV        11.720    03/16/09     CHF      29.69
Mer Lynch Int CV        11.730    03/16/09     CHF      74.74
Mer Lynch Int CV        12.200    03/16/09     CHF      20.54
Mer Lynch Int CV        12.460    03/16/09     CHF      35.10
Mer Lynch Int CV        12.760    03/16/09     CHF      22.29
Mer Lynch Int CV        13.100    03/16/09     CHF      48.83
Mer Lynch Int CV        13.280    03/16/09     CHF      11.83
Mer Lynch Int CV        13.720    03/16/09     CHF      52.67
Mer Lynch Int CV        14.000    04/09/09     CHF      38.50
Mer Lynch Int CV        14.530    03/16/09     CHF      21.22
Mer Lynch Int CV        14.890    03/16/09     CHF      29.54
Mer Lynch Int CV        15.220    03/16/09     CHF      16.62
Mer Lynch Int CV        15.520    03/16/09     CHF      28.82
Mer Lynch Int CV        16.330    03/16/09     CHF      11.93
Mer Lynch Int CV        16.380    03/16/09     CHF       8.99
Mer Lynch Int CV        16.450    03/16/09     CHF      27.29
Mer Lynch Int CV        16.800    03/16/09     CHF      25.95
Mer Lynch Int CV        17.140    03/16/09     CHF      17.14
Mer Lynch Int CV        18.000    03/27/09     CHF      68.45
Mer Lynch Int CV        18.020    03/27/09     CHF      59.20
Mer Lynch Int CV        19.110    03/16/09     CHF       6.82
Mer Lynch Int CV        19.380    03/16/09     CHF       1.71


  PANAMA
  ------
Carnival Corp            6.650    01/15/28     USD      73.29
Willbros Group           2.750    03/15/24     USD      58.50


  PERU
  ----

CFG Invest Sac           9.250    12/19/13     USD      66.87


  PUERTO RICO
  -----------
Doral Finl Corp          7.000    04/26/12     USD      54.75
Doral Finl Corp          7.100    04/26/17     USD      71.50
Doral Finl Corp          7.650    03/26/16     USD      66.75
Puerto Rico Cons         6.500    04/01/16     USD      68.80
Puerto Rico GNMA         5.750    04/01/21     USD      61.89


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      46.12
Uruguay                  4.250    04/05/27     UYU      55.25
Uruguay                  5.000    09/14/18     UYU      69.87
Uruguay Gov Bond         7.500    03/23/11     USD      69.98
Uruguay Gov Bond         7.500    03/23/11     USD      60.94
Uruguay Gov Bond         7.500    03/23/11     USD      60.94
Uruguay Gov Bond         7.500    03/23/11     USD      72.45
Uruguay Gov Bond         7.625    03/05/12     USD      53.70
Uruguay Gov Bond         8.000    02/25/10     USD      51.21
Uruguay Gov Bond         9.750    02/28/12     USD      57.21
Uruguay Gov Bond         9.750    02/28/12     USD      57.21
Uruguay Gov Bond         9.750    02/28/20     USD      57.41


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      37.45
Petroleos de Ven         5.375    04/12/27     USD      32.00
Petroleos de Ven         5.500    04/12/37     USD      32.00
Venezuela                5.750    12/09/20     EUR      43.49
Venezuela                6.000    12/09/20     EUR      39.19
Venezuela                7.000    03/16/15     EUR      47.99
Venezuela                7.000    03/16/15     EUR      50.28
Venezuela                7.000    12/01/18     USD      44.64
Venezuela                7.000    03/31/38     USD      37.28
Venezuela                7.650    04/21/25     USD      44.00
Venezuela                8.500    10/08/14     USD      54.00
Venezuela                9.000    05/07/23     USD      45.50
Venezuela                9.250    09/15/27     USD      54.50
Venezuela                9.250    05/07/28     USD      46.50
Venzod - 189000          9.375    01/13/34     USD      47.00
Venzod - 189000         10.750    09/19/13     USD      67.00
Venezuela               10.750    09/19/13     USD      66.74
Venezuela               10.750    09/19/13     USD      67.43
Venezuela               13.625    08/15/13     USD      66.00
Venezuela               13.625    08/15/13     USD      66.37
Venezuela               13.625    08/15/13     USD      66.37



                            ***********

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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