TCRLA_Public/090203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Tuesday, February 3, 2009, Vol. 9, No. 23

                            Headlines

A N T I G U A  &  B A R B U D A

CABLE & WIRELESS: Shuts Down Call Centers to Consolidate Ops


A R G E N T I N A

SDK SA: Proofs of Claim Verification Deadline Is February 5


B E R M U D A

EMULATION FUND: Creditors' Proofs of Debt Due on February 13
EMULATION FUND: Members' Final Meeting Set for March 6
GAMMA TRADING: Creditors' Proofs of Debt Due on February 13
GAMMA TRADING: Members' Final Meeting Set for March 3
STEWARDSHIP CREDIT: Supreme Court Enters Wind-Up Order


B R A Z I L

BANCO ABC: Moody's Reviews 'D+' BFSR for Possible Downgrade
BANCO BRADESCO: Posts R$7.620 Billion Net Income for 2008
CAMAGRO CORREA: To Buy 50% Stake in VBC Energia for BRL2.56 Bln
GRUPO VOTORANTIM: Sells 50% Stake in VBC Energia for BRL2.56BB
INDEPENDENCIA SA: Moody's Corrects Press Release on 'B2' Rating

RIO GRANDE: Moody's Upgrades Senior Unsecured Ratings to 'Ba1'


C A Y M A N  I S L A N D S

ASBT CAYMAN: Placed Under Voluntary Liquidation
CNPC INTERNATIONAL: Placed Under Voluntary Liquidation
FRESHFORD INC: Placed Under Voluntary Liquidation
FRONT STREET: Placed Under Voluntary Liquidation
GOLDMAN SACHS: Placed Under Voluntary Liquidation

GPS MLP: Placed Under Voluntary Liquidation
INDOCHINA LAND: Placed Under Voluntary Liquidation
KLEROS REAL: Placed Under Voluntary Liquidation
LAURUS OFFSHORE: Placed Under Voluntary Liquidation
MINOLAD OFFSHORE: Placed Under Voluntary Liquidation

MKP CREDIT: Placed Under Voluntary Liquidation
PFW III: Placed Under Voluntary Liquidation
RAMIUS HEDGED: Placed Under Voluntary Liquidation
RAMIUS PORTABLE ET AL: Placed Under Voluntary Liquidation
RCG AKULA: Placed Under Voluntary Liquidation

RCG ASIA: Placed Under Voluntary Liquidation
RCG GREENWICH: Placed Under Voluntary Liquidation
RCG SENATOR: Placed Under Voluntary Liquidation
SAND SPRING: Placed Under Voluntary Liquidation
SPHYRA ASIA: Placed Under Voluntary Liquidation


E L  S A L V A D O R

AES EL SALVADOR: Moody's Reviews 'Ba1' Rating for Possible Cut


G U Y A N A

GUYSUCO: To Import Sugar to Meet Domestic Demands


J A M A I C A

AIR JAMAICA: Ex-CEO Supports New Business Plan
ST. ANN: Labor Ministry May Intervene in Layoff Dispute With Union


M E X I C O

METROFINANCIERA SA: S&P Downgrades Counterparty Rating to 'CCC-'
VITRO SAB: Fitch Downgrades Ratings to 'C' from 'CC'


T R I N I D A D  &  T O B A G O

CLICO INVESTMENT: Government Takes Over Bank


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Pay Service Providers This Week


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -



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

CABLE & WIRELESS: Shuts Down Call Centers to Consolidate Ops
------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica) closed its contact
centers in Anguilla, Antigua and Barbados, in a bid to consolidate
its customer service operations, CBC.bb News reports.

"As of January 31, the company will close its contact centers in
Anguilla, Barbados and Antigua, after which all customer
interactions will be handled through remaining centers in St Lucia
and Jamaica," the company announced in a statement obtained by
CBC.bb News.

According to the report, with the changes in effect, all customer
service-related calls from across the Caribbean will be routed
through call centers in St Lucia and Jamaica.

The report relates it was not immediately clear how many jobs were
lost because of the decision.

Last year, CBC.bb News recounts, the company embarked on a mission
to change the way it conducts business in the Caribbean, including
streamlining its 13 separate operations into a "pan-Caribbean"
model and reducing its workforce across the region.

As reported in the Troubled Company Reporter-Latin America on
Dec. 22, 2008, Cayman Net News said LIME laid off one-third of its
3,700 regional workforce as part of company restructuring.

A TCRLA report on Dec. 12, 2008, citing The Associated Press, said
Cable & Wireless PLC is dismissing about 1,200 workers at its
Caribbean operations as part of a regional restructuring.

Defending the move to cut jobs, Chief Executive Officer Chris Dodd
said it was a necessary step to safeguard LIME's future in an
increasingly competitive market, CBC.bb News notes.  "We did not
arrive at this decision overnight; it is the result of proper
analysis and designed to provide improved customer service and
greater efficiencies," CBC.bb News quoted Patricia Walters, LIME's
Interim Vice President for Customer Operations, as saying.

                           About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/ -- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                     About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-" long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.



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

SDK SA: Proofs of Claim Verification Deadline Is February 5
-----------------------------------------------------------
The court-appointed trustee for S.D.K. S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
February 5, 2009.

The trustee will present the validated claims in court as
individual reports on March 19, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 6, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 22, 2009.



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

EMULATION FUND: Creditors' Proofs of Debt Due on February 13
-----------------------------------------------------------
The creditors of Emulation Fund Limited are required to file their
proofs of debt by February 13, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 29, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


EMULATION FUND: Members' Final Meeting Set for March 6
------------------------------------------------------
The members of Emulation Fund Limited will meet on March 6, 2009,
at 9:30 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on January 29, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


GAMMA TRADING: Creditors' Proofs of Debt Due on February 13
-----------------------------------------------------------
The creditors of Gamma Trading Company Limited are required to
file their proofs of debt by February 13, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on January 28, 2009.

The company's liquidator is:

          Ernest A. Morrison
          Milner House, 18 Parliament Street
          Hamilton, Bermuda


GAMMA TRADING: Members' Final Meeting Set for March 3
-----------------------------------------------------
The members of Gamma Trading Company Limited will meet on March 3,
2009, at 10:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on January 28, 2009.

The company's liquidator is:

          Ernest A. Morrison
          Milner House, 18 Parliament Street
          Hamilton, Bermuda


STEWARDSHIP CREDIT: Supreme Court Enters Wind-Up Order
------------------------------------------------------
On January 23, 2009, the Supreme Court of Bermuda entered an order
to have Stewardship Credit Arbitrage Fund, Ltd's operations wound
up.

The company's liquidators are:

          Peter C. B. Mitchell
          D. Geoffrey Hunter
          PricewaterhouseCoopers Advisory Limited
          Bermuda



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

BANCO ABC: Moody's Reviews 'D+' BFSR for Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service downgraded Banco ABC Brasil S.A.'s
global local currency deposit ratings to Baa3/P-3 from Baa2/P-2,
with negative outlook, and the long-term national scale rating to
Aa1.br from Aaa.br, with stable outlook. The BR-1 short term NSR
was affirmed.  At the same time, Moody's placed on review for
possible downgrade BAB's D+ bank financial strength rating.

The rating actions follow Moody's downgrade of its parent Arab
Banking Corporation's BFSR, as well as the change in outlook to
negative on its deposit ratings.

Moody's noted that the downgrade of BAB's local currency deposit
ratings was prompted by the lowering of the parent's BFSR and
baseline credit assessment, which ultimately serves as the
parental support rating for the Brazilian subsidiary.  The
negative outlook reflects the potential weakening of the parent's
BFSR to the lower end of the D+ category.  The downgrade of the
NSR also reflected the lowering of the global scale deposit
ratings, according to Moody's.

The agency also indicated that the review for possible downgrade
of BAB's BFSR reflects the potential pressure on the bank's
business operations and funding in light of the parent's weakened
financial strength.  In that sense, a less favorable performance
of the parent could have negative implications for BAB's
traditional trade finance operations.  Moreover, Moody's noted
BAB's relative reliance on direct standby facilities from the
parent as well as the low cost funding it obtains from
international banks that have correspondent relationships with its
parent.  BAB's Ba2/Not Prime long and short-term foreign currency
deposit ratings were affirmed, with stable outlook, as they remain
constrained by the foreign currency country ceilings.

Banco ABC Brasil is headquartered in Sao Paulo, Brazil. As of
September 2008, the bank had total assets of approximately
R$7.7 billion (US$4.0 billion) and equity of R$1.2 billion
(US$605 million).

Moody's last rating action on Banco ABC Brasil was on May 8, 2008,
when Moody's changed the outlook to negative from stable on the
bank's global local currency ratings and on its long-term
Brazilian national scale rating, in connection with a rating
action taken on its parent.

These ratings of Banco ABC Brasil were downgraded:

  -- Global-local currency deposit ratings: to Baa3/Prime-3 from
     Baa2/Prime-2, negative outlook

  -- Long-term Brazilian national scale rating: to Aa1.br from
     Aaa.br, stable outlook

This rating of Banco ABC Brasil was placed on review for
downgrade:

  -- Bank Financial Strength Rating: D+

These ratings of Banco ABC Brasil were affirmed:

  -- Foreign currency deposit rating: Ba2/Not Prime, stable
     outlook

  -- Short-term Brazilian national scale rating: BR-1



BANCO BRADESCO: Posts R$7.620 Billion Net Income for 2008
---------------------------------------------------------
Banco Bradesco S.A. released its 2008 Earnings.

  -- Net Income for 2008 totaled R$7.620 billion.  Net Income
     adjusted for non-recurring events (including an additional
     provision for credit in the amount of R$597 million before
     taxes) reached R$7.625 billion (a 5.8% increase relative to
     an Adjusted Net Income of R$7.210 billion in 2007),
     corresponding to EPS of R$2.48 and a return of 23.8% on
     Average Shareholders' Equity.  In the 4Q08, Net Income
     totaled R$1.605 billion and R$1.806 billion when adjusted by
     non-recurring events.

  -- Net Income comprised R$4.972 billion from financial
     activities, which represented 65% of the total, and R$2.648
     billion from Insurance and Private Pension Plans activities,
     which accounted for 35% of the Net Income.

  -- Market Capitalization as of December 31, 2008 stood at
     R$65.354 billion.

  -- Total Assets reached R$454.413 billion in December 2008, an
     increase of 33.2% in relation to December 2007.  Annualized
     return on average Assets reached 1.9%, vis-a-vis 2.7% in the
     same period of 2007.

  -- The Expanded Loan Portfolio stood at R$215.345 billion, 33.4%
     higher than a year ago.  Loans to individuals totaled
     R$73.768 billion (up 24.4%), while loans to corporations
     totaled R$141.577 billion (up 38.6%).

  -- Total Funds Raised and Managed reached R$597.177 billion, an
     increase of 23.6% vis-a-vis the R$482.971 billion of December
     2007.

  -- Shareholders' Equity stood at R$34.257 billion at the end of
     the year, a 12.8% y-o-y growth.  The Capital Adequacy Ratio
     stood at 16.1%, under the New Basel Capital Rules (Basel II).

  -- Remuneration to shareholders in the form of Interest on
     Shareholders' Capital and Dividends paid and provisioned in
     the period totaled R$2.692 billion, equivalent to 35.5% of
     the Net Income for the same period.

  -- The Efficiency Ratio in December 2008 stood at 42.0% (41.8%
     in December of 2007).

  -- In the period, investments in infrastructure, information
     technology and telecommunications amounted to R$2.670
     billion, up 27.2% y-o-y.

  -- Taxes and contributions, including social security, paid or
     provisioned in the period, stemming from main activities
     developed by the Bradesco Organization, totaled R$5.661
     billion, equivalent to 74.3% of the Net Income.

                      About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

According to Bloomberg data, Banco Bradesco S.A. continues to
carry Moody's "Ba2" long-term foreign bank deposits and "B-" bank
financial strength rating with a stable outlook.


CAMAGRO CORREA: To Buy 50% Stake in VBC Energia for BRL2.56 Bln
---------------------------------------------------------------
Camargo Correa SA agreed to pay Grupo Votorantim BRL2.56 billion
(US$1.12 billion) for the 50% it doesn´t already own of VBC
Energia SA, Bloomberg News reports.

According to a statement obtained by Bloomberg, VBC said the
purchase will be completed by Feb. 20.

                       About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
October 6, 2008, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit ratings on Camargo Correa S.A. and
its subsidiary Camargo Correa Cimentos S.A., as well as its 'brAA'
Brazilian National Scale rating on Cimentos.  At the same time,
S&P affirmed its ratings on the issuances either made or


GRUPO VOTORANTIM: Sells 50% Stake in VBC Energia for BRL2.56BB
--------------------------------------------------------------
Camargo Correa SA agreed to pay Grupo Votorantim BRL2.56 billion
(US$1.12 billion) for the 50% it doesn´t already own of VBC
Energia SA, Bloomberg News reports.

According to a statement obtained by Bloomberg, VBC said the
purchase will be completed by Feb. 20,

Bloomberg News relates Votorantim Group is selling assets and
cutting costs because of the credit crisis and currency
derivatives losses.

Votorantim Group last year spent BRL2.2 billion to settle all its
currency wagers with banks after betting the real would gain in
value, the report recounts.

The group's pulp and paper unit Votorantim Celulose e Papel SA
agreed Jan. 20 to buy Aracruz Celulose SA to cut costs and help to
repay debt, the report says.

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2009, Reuters said Votorantim Celulose agreed to takeover
rival Aracruz Celulose SA 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 related.

Bloomberg News adds that Votorantim Group also sold a 50% stake in
its bank unit to Banco do Brasil SA for BRL4.2 billion.

                    About Votorantim Group

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in banking, metals and
mining, pulp and paper, cement, agribusiness, and chemicals.  The
group also produces chemicals, frozen concentrated orange juice,
energy, financial services and venture capital investments.


INDEPENDENCIA SA: Moody's Corrects Press Release on 'B2' Rating
---------------------------------------------------------------
Substitute June 30, 2008 for June 30, 2009 in eighth paragraph,
third sentence, "Quantitatively, the ratings could be downgraded
if Total Debt to EBITDA remains above 6.0 times (LTM September
2008 was 6.9 times) or EBITA to Gross Interest Expense below 1.0
time (3Q08 was 0.9 times), both on a last twelve month basis as of
June 30, 2009."  Revised release is:

Moody's affirmed Independência S.A.'s B2 local currency corporate
family rating and B2 guaranteed senior unsecured rating, but
changed the outlook to negative from stable.

"The negative outlook for Independência's ratings reflects Moody's
expectation that the company's leverage, as measured by Total Debt
to EBITDA and by Net Debt to EBITDA, is likely to continue to be
above 5.0 times and 4.0 times, respectively, which are Moody's
triggers for downward pressure on the company's B2 ratings,"
affirmed Moody's VP Senior Analyst, Soummo Mukherjee.  "At the
same time, the negative outlook reflects the challenges that the
Brazilian industry is experiencing in terms of beef processing
overcapacity in relation to the size of the Brazilian cattle herd,
combined with a weaker outlook for fresh beef and leather export
prices and volumes due to the adverse global economic environment
and the low availability and high cost of trade finance credit for
importers, added Mukherjee"

Independência recently announced a consent solicitation to modify
its debt incurrence covenant to allow greater flexibility in light
of the devaluation of the BRL against the US$, and an amendment to
its change of control provision, allowing the company to
repurchase its notes in the case of a change in control only if
there is a subsequent rating agency downgrade. Additionally,
Independência announced a tender offer to its 2015 and 2017
bondholders for up to 27.5% or US$ 144.4 million of its bonds
outstanding, at a discount to par of 37% for bondholders that
tender by February 18th and a lower discount to par of 34% for
bondholders that tender by February 3rd.

Moody's considers this an opportunistic tender offer and not a
distressed exchange in the interest of defaut avoidance since
Moody's believes Independência's motivation for the offer is to
reduce US$ denominated debt and consequently its forex exposure.
Moody's B2 rating already considered the increase in leverage
resulting from the currency devaluation, as stated in Moody's
press release on November 28th, 2008.  The company's debt service
burden is expected to be sustainable because of the BNDESPAR
capital injection and, to a lesser extent, higher margins on its
US$ denominated revenues, which represent about 50% of sales.  The
company has stated that the tender offer will be financed with a
new long-term, senior unsecured loan denominated in BRL and
equivalent to up to US$ 130 million.  Independência's liquidity is
also expected to improve with the disbursement of the remaining
BRL 200 million of the BNDESPAR equity injection by the end of
March 2009.  The first tranche from BNDESPAR of BRL 250 million
was received in November 2008.

However, with over 80% of its debt denominated in US$ as of
September 30th, 2008, Independência's leverage is likely to remain
high despite expected higher EBITDA due to increased utilization
rates of newly installed capacity and strong domestic market
performance.  The BRL/US$ exchange rate ended 2008 at 2.36,
representing 24% depreciation against the 1.99 rate on September
30th, 2008.

According to the Brazilian Foreign Commerce Secretariat, average
prices (US$ / ton) of Brazilian fresh beef exports fell 15% in the
4th quarter of 2008 compared to the 3rd quarter. At the same time,
beef export volumes fell 59%, causing overall industry beef export
revenues to decline by 65% in US dollar terms and 52% in BRL
terms.

The declines reflect reduced demand in many import markets, such
as Europe, causing pressure on pricing, and difficulties in
obtaining trade finance by importers in Russia, the most important
export market for Brazilian beef exports.  Many Russian importers
are trying to renegotiate contracts and postpone new orders,
causing an increase in inventories and receivables.  Over the past
few years, Russia has become the most important market for
Brazilian beef exports, representing close to 36% of Brazil's
fresh beef exports in 2008.  Russia is also Independência's
largest importer, representing 12.7% of the company's export
revenues in the 3Q08.  Independência and many of its peers are
therefore likely to report much higher working capital needs in
their 4th quarter 2008 results, leading to weaker cash flow from
operations.

Independência's rating would likely be downgraded if the March
2009 second tranche of BNDESPAR's capital increase of BRL 200
million experiences delays.  Additionally, negative pressure could
arise if the company experiences a significant deterioration in
its ability to renew its trade finance lines, if operating margins
decline sharply and/or if leverage and cash flow metrics fail to
improve from current weak levels.  Quantitatively, the ratings
could be downgraded if Total Debt to EBITDA remains above 6.0
times (LTM September 2008 was 6.9 times) or EBITA to Gross
Interest Expense below 1.0 time (3Q08 was 0.9 times), both on a
last twelve month basis as of June 30, 2009.  All ratios are
adjusted according to Moody's standard analytic adjustments (see
"Moody's Approach to Global Standard Adjustments in the Analysis
of Financial Statements for Non-Financial Companies - Part I",
February 2006).

A stabilization of the outlook would require evidence of improved
leverage and cash flow metrics.  Quantitatively, the stabilization
would require Total Debt to EBITDA to be sustained below 6.0 times
(LTM September 2008 was 6.9 times) and Funds from Operations (FFO)
to Net Debt to be sustained above 10.0% (LTM September 2008 was
1.7%).

Moody's last rating action on Independência was on November 28,
2008, when Moody's affirmed Independência's B2 ratings following
the announcement of the capital increase of up to BRL 450 million
by BNDESPAR in Independência's parent company, Independência
Participações S.A., and subsequently to be transferred to
Independência.

Ratings affirmed with a negative outlook:

  -- Independência S.A.'s Corporate Family Rating: B2

  -- US$ 225 million 9.875% senior unsecured guaranteed notes due
     2017: B2

  -- US$ 300 million 9.875% senior unsecured guaranteed notes due
     2015: B2

Headquartered in Cajamar, Sao Paulo, Brazil, Independência is
Brazil's fourth largest producer of fresh and frozen beef and the
second largest producer of wet blue leather with operations in
seven Brazilian states and Paraguay.  At the end of September
30th, 2008, Independência had fourteen beef slaughtering and
deboning facilities, three tanneries, two dry and salted beef
units, five biodiesel production modules and four cold and dry
storage and distribution facilities.


RIO GRANDE: Moody's Upgrades Senior Unsecured Ratings to 'Ba1'
--------------------------------------------------------------
Moody's America Latina upgraded the ratings of Rio Grande Energia
S.A.'s senior unsecured local currency debentures to Ba1 on the
Global Scale and affirmed its Aa2.br rating on the Brazilian
National Scale.  At the same time Moody's assigned a Ba1 local
currency corporate family rating on the global scale and an Aa2.br
corporate family rating on the Brazilian National scale.  All
ratings remain under review for possible upgrade.  This action is
related to the review for upgrade initiated on August 11, 2008.

Moody's action affected these debt issues:

  -- BRL 203.8 million - Senior Unsecured Debentures due 2009
  -- BRL 26.2 million - Senior Unsecured Debentures due 2011

The upgrade of RGE's ratings results from Moody's recent upgrade
of the level of supportiveness of Brazil's regulatory environment
for regulated electric utilities, as explained in a Special
Comment entitled "Regulatory Environment Improves For Brazilian
Utilities" published on August 25, 2008.  The upgrade of the SRE
level is important to the ratings of RGE because Moody's ratings
for electric utilities generally assign about equal importance to
regulatory and other qualitative factors as they do to issuer-
specific financial metrics.  Moody's upgraded the level of
supportiveness in Brazil to category 3.  This category indicates a
regulatory framework that is well developed but still has lower
assurance of timely cost recovery.  Previously, Brazil's SRE was
category 4, which is reserved for the least supportive regulatory
frameworks.

The Aa2.br national scale rating assigned to the debentures
reflects the standing of the company's credit quality relative to
its domestic peers.  Moody's National Scale Ratings are intended
as relative measures of creditworthiness among debt issuances and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Brazil are designated by
the ".br" suffix.  Issuers or issues rated Aa2.br demonstrate very
strong creditworthiness relative to other domestic issuers.  NSRs
differ from global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country.

RGE's ratings reflect its adequate credit metrics for the Ba1
category along with the implicit support of its parent company
CPFL Energia S.A.  RGE has posted healthy profitability and
satisfactory cash generation in the past five years.  Cash drains
mainly consisted of capital expenditures and distribution of
dividends that have been in line with the company's internal cash
generation, which has allowed the company to maintain moderate and
stable leverage as measured by average Debt to EBITDA of around
2.0x during this period.  With the recent increase of the dividend
payout ratio in the last twelve months ending September 30, 2008,
cash flow leverage as expressed by FFO to Debt slightly
deteriorated to 26% from over 30% in the previous three-year
period.  Nevertheless, Moody's expects that FFO to Debt should
remain above 20% for the next three years.  The projected
reduction in this cash flow coverage ratio stems from expected
lower operating margins because of the 5.4% tariff reduction
instituted last year, in combination with a continued high
dividend payout ratio and relatively elevated capital
expenditures.  As a result, RGE will likely experience negative
free cash flow from 2009 through 2011 that will result in an
increase in indebtedness, which Moody's expects will still be
compatible with the Ba1 rating category.

As is the case with most Brazilian companies, RGE does not
maintain committed bank lending facilities to meet unexpected cash
disbursements.  Moody's projections indicate that RGE will need to
raise approximately BRL370 million in 2009 given forecasted
negative free cash flow of around BRL100 million and short-term
debt maturities of BRL320 million vis-a-vis a cash position of
BRL130 million as of September 30, 2008.  It should be noted that
part of RGE's 2009 capital expenditures are expected to be funded
by long-term debt to be provided by BNDES in an amount estimated
to exceed BRL 150 million.

In light of the prevailing tight liquidity environment in the
local and international capital markets, this financing
requirement would represent a major risk factor were not for the
implicit support of CPFL, which has demonstrated resilient access
to the local capital markets in providing the resources necessary
in a timely and adequate manner to meet its subsidiaries'
financial needs.

Because of the operational and financial integration of CPFL and
its subsidiaries and the cross default clauses in CPFL's existing
debt agreements with the debt of its subsidiaries, Moody's
believes that RGE's rating should also reflect the risk profile of
its parent company, CPFL Energia S.A (not rated).  Consequently,
RGE's ratings remain under review for possible further upgrade
while a more comprehensive analysis of the CPFL group is
completed, including the development of a better understanding of
its business and financial strategy going forward.

The ratings or outlook could be downgraded as a result of a lower
level of implicit support from CPFL or significant deterioration
in the credit metrics of the CPFL group. Quantitatively, if RGE's
retained cash flow to total adjusted debt slipped below 10% and
interest coverage fell below 3.0x for an extended period of time a
downgrade could be triggered.

The rating or outlook could be upgraded if RGE efficiently manages
its liquidity position and a more comprehensive analysis of the
CPFL group indicates that consolidated group creditworthiness
merits a higher rating category.  Deterioration in the level of
ongoing support from the Brazilian regulatory framework or CPFL
creditworthiness could also lead to a change in the outlook or the
rating.

The last rating action for RGE was on August 11, 2008 when the
ratings were put on review for possible upgrade after the upgrade
of the level of supportiveness of Brazil's regulatory environment
for regulated electric utilities.

Headquartered in the city of Caxias do Sul, Brazil, Rio Grande
Energia S.A. is a fully regulated electricity distribution company
with net revenues of BRL1,670 million (approx. US$974 million) and
net profit of BRL156 million (approx. US$91 million) reported in
the last twelve months ended September 30, 2008.  RGE operates a
30-year concession (2027) to distribute energy in 262
municipalities to approximately 1.2 million consumers in the
northern and northeastern of Rio Grande do Sul state in southern
Brazil.  RGE is a fully subsidiary of CPFL Energia S.A., a holding
company with interests in the distribution, generation and
commercialization of electricity in Brazil.  CPFL posted
consolidated net sales of BRL9,807 million (US$5,721 million) and
net profit of BRL1,313 million (US$766 million) in the last twelve
months ended September 30, 2008.  CPFL is a leading electricity
distributor in Brazil, serving approximately 6.3 million customers
through eight distribution companies that sold 35,245 GWh of
electricity in the captive market in 2007.  In the generation
segment CPFL had an installed capacity of 1,588 MW in 2007.



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

ASBT CAYMAN: Placed Under Voluntary Liquidation
-----------------------------------------------
On December 12, 2008, a resolution was passed that voluntarily
liquidate the business of:

   -- ASBT Cayman Sub No. 84 Limited; and
   -- ASBT Cayman Sub No. 85 Limited.

The companies' liquidator is:

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


CNPC INTERNATIONAL: Placed Under Voluntary Liquidation
------------------------------------------------------
On December 2, 2008, the sole shareholder of CNPC International
Marketing Ltd. passed a written resolution that voluntarily
liquidates 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:

          Avalon Management Limited
          c/o Mourant du Feu & Jeune
          Harbour Centre, Third Floor
          42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands
          Reference: Donald Spence/Neal Lomax
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647


FRESHFORD INC: Placed Under Voluntary Liquidation
-------------------------------------------------
On November 27, 2008, the shareholder of Freshford Inc. passed a
written resolution that voluntarily liquidates the company's
business.

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

The company's liquidator is:

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


FRONT STREET: Placed Under Voluntary Liquidation
------------------------------------------------
On December 10, 2008, the sole shareholder of Front Street
Long/Short Income Fund Ltd. passed a written resolution that
voluntarily liquidates the company's business.

The company's liquidator is:

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


GOLDMAN SACHS: Placed Under Voluntary Liquidation
-------------------------------------------------
On December 11, 2008, the sole shareholder of Goldman Sachs
Strategic Japan Partners, Ltd. passed a written resolution that
voluntarily liquidates the company's business.

The company's liquidator is:

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


GPS MLP: Placed Under Voluntary Liquidation
-------------------------------------------
On December 3, 2008, the shareholder of GPS MLP Fund (Cayman) Ltd.
passed a written resolution that voluntarily liquidates the
company's business.

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 liquidators are:

          David Sargison
          Vijayabalan Murugesu
          c/o Ogier
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: 345 815 1481
          Facsimile: 345 945 6265


INDOCHINA LAND: Placed Under Voluntary Liquidation
--------------------------------------------------
On December 12, 2008, the sole shareholder of Indochina Land City
Garden Limited passed a written resolution that voluntarily
liquidates the company's business.

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

The company's liquidator is:

          Richmond Mayo-Smith III
          Tel: ++848 910 4855
          Fax: +84 8 910 4860
          Capital Place, 10th Floor
          6 Thai Van Lung Street, District 1
          HCM City, Vietnam


KLEROS REAL: Placed Under Voluntary Liquidation
-----------------------------------------------
On December 8, 2008, the sole shareholder of Kleros Real Estate
CDO III, Ltd. passed a written resolution that voluntarily
liquidates the company's business.

The company's liquidator is:

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


LAURUS OFFSHORE: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on December 3, 2008, the
members of Laurus Offshore Fund, Ltd resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
January 30, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          G. James Cleaver
          c/o Gemma Sherwood
          Kroll (Cayman) Limited
          Cayman Financial Centre
          Bermuda House, 4th Floor
          Dr. Roy's Drive, Grand Cayman
          Telephone: +1 (345) 946-0081
          Fax: +1 (345) 946-0082
          e-mail: gemma.sherwood@krollcayman.ky


MINOLAD OFFSHORE: Placed Under Voluntary Liquidation
----------------------------------------------------
On December 10, 2008, the sole shareholder of Minolad Offshore
Fund Ltd. passed a written resolution that voluntarily liquidates
the company's business.

The company's liquidator is:

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


MKP CREDIT: Placed Under Voluntary Liquidation
----------------------------------------------
On December 8, 2008, a resolution was passed that voluntarily
liquidate the business of:

   -- MKP Credit II Master Fund, Ltd; and
   -- MKP Credit II Offshore, Ltd.

The companies' liquidator is:

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


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

The company's liquidator is:

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


RAMIUS HEDGED: Placed Under Voluntary Liquidation
-------------------------------------------------
On December 10, 2008, the sole shareholder of Ramius Hedged Equity
Master Fund Ltd. passed a written resolution that voluntarily
liquidates the company's business.

The company's liquidator is:

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


RAMIUS PORTABLE ET AL: Placed Under Voluntary Liquidation
---------------------------------------------------------
On December 8, 2008, a resolution was passed that voluntarily
liquidate the business of:

   -- Ramius Hedged Equity Master Fund Ltd; and
   -- Ramius Portable Alpha Fund, Ltd.

The companies' liquidator is:

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


RCG AKULA: Placed Under Voluntary Liquidation
---------------------------------------------
On December 10, 2008, the sole shareholder of RCG Akula Ltd.
passed a written resolution that voluntarily liquidates the
company's business.

The company's liquidator is:

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


RCG ASIA: Placed Under Voluntary Liquidation
--------------------------------------------
On December 10, 2008, the sole shareholder of RCG Asia Opportunity
Fund, Ltd. passed a written resolution that voluntarily liquidates
the company's business.

The company's liquidator is:

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


RCG GREENWICH: Placed Under Voluntary Liquidation
-------------------------------------------------
On December 10, 2008, the sole shareholder of RCG Greenwich Kahala
Carola, Ltd. passed a written resolution that voluntarily
liquidates the company's business.

The company's liquidator is:

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


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

The company's liquidator is:

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


SAND SPRING: Placed Under Voluntary Liquidation
-----------------------------------------------
On December 10, 2008, the sole shareholder of Sand Spring Capital,
Ltd. passed a written resolution that voluntarily liquidates the
company's business.

The company's liquidator is:

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


SPHYRA ASIA: Placed Under Voluntary Liquidation
-----------------------------------------------
On December 9, 2008, the shareholder of Sphyra Asia Fund passed a
written resolution that voluntarily liquidates the company's
business.

Only creditors who were able to file their proofs of debt by
January 19, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stephen Diggle
          c/o 2 Battery Road
          #26-01 Maybank Tower, Singapore 049907
          Tel: +65 6538 1998
          Fax: +65 6538 8331



====================
E L  S A L V A D O R
====================

AES EL SALVADOR: Moody's Reviews 'Ba1' Rating for Possible Cut
--------------------------------------------------------------
Moody's Investors Service placed the Ba1 senior unsecured rating
and Ba1 Corporate Family Rating of AES El Salvador Trust on review
for possible downgrade.  This debt is guaranteed by four
affiliated electric distribution subsidiaries that are 80% owned
by The AES Corporation (B1 CFR).  These operating subsidiaries
which also act as guarantors are Compania de Alumbrado Electrico
de San Salvador, Empresa Electrica de Oriente, AES Clesa y
Compania and Distribuidora Electrica de Usulutan.  The guaranteed
debt matures in 2016.

The review is prompted by Moody's concern that an apparent
shortage in liquidity in the country and the government's limited
ability to fund its electricity subsidies to residential consumers
on top of a recent 14% tariff reduction for electricity
distribution services provided by the guarantor utility companies
recently accorded by the El Salvador government coupled with a
continuation of dividend payouts by the operating companies in the
face of a six-month regulatory lag in cost recoveries of energy
input costs over the medium term will stress the cash flow and
liquidity position of the operating companies on a consolidated
basis.  The new tariff rates are in effect for a period of five
years through December 2012.

In its review, Moody's will evaluate the availability of liquidity
for the government to continue to fund its electricity subsidy
program, the possibility of liquidity being provided by AES
Corporation as well as the ability of Trustco's guarantors to
operate their distribution business in an orderly fashion given
the additional demands on their working capital for operating cash
in light of the high electricity spot prices and capital
expenditure needs as well as dividend payment pressures on the
part of shareholders.

The last rating action on Trustco was its downgrade to Ba1 for
senior unsecured debt from Baa3 and the assignment of a Ba1
Corporate Family Rating on December 4, 2008.

Domiciled in Panama, Trustco is a trust set up to issue debt for
the benefit of four affiliated electrical distribution companies
in El Salvador that together account for 80% of the distribution
market share of approximately one million customers.  AES
Corporation in the U.S. owns and controls approximately 80% of
these distribution companies.  The U.S. company acquired AES CLESA
utilities in 1998 as part of the privatization effort of the El
Salvador government for the electrical distribution sector and the
rest of the companies in 2000, when AES acquired EDC in Venezuela.




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

GUYSUCO: To Import Sugar to Meet Domestic Demands
-------------------------------------------------
Guyana Sugar Corporation ("GuySuCo") will have to import about
14,000 tons of sugar from Guatemala to meet domestic demands,
Caribworldnews reports.

According to the report, the 226,000 tons of sugar produced in
Guyana last year is being sent overseas to meet annual quotas in
the United States and Europe.

Company CEO Nick Jackson blamed heavy rains and labor strikes for
the historic shortfall, the report notes.

The Guyana Sugar Corporation -- http://www.guysuco.com/--  is a
Guyanese sugar company owned by the government.  It is the
country's largest cultivator and producer of sugar, a commodity
which is responsible for approximately 20% of Guyana's annual
revenue and 40% of all agricultural production.   They are also
notable of Demerara Sugar, and also honey and sweetners.

                          *     *     *

As reported in the Troubled Company Reporter - Latin America on
January 19, 2008, Caribbean360 News said GuySuCo will make changes
in its organizational structure starting at the senior management
level.

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



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


AIR JAMAICA: Ex-CEO Supports New Business Plan
----------------------------------------------
Former Air Jamaica Chief Operating Officer David Banmiller has
given Air Jamaica's management high marks for the airline's new
business plan, Arthur Hall of Jamaica Gleaner reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2009, Jamaica Information Service News said 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.

Mr. Nobles told JIS News that the business plan, which places a
"singular focus on rationalizing operational, infrastructure and
overhead costs" will improve productivity and bring Air Jamaica's
unit costs in line with international norms.

In a TCRLA report on Jan. 29, citing the Associated Press, Air
Jamaica said it 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. Banmiller, Jamaica Gleaner relates, said the route cuts and
other changes announced by the airline are a step in the right
direction.

"What they are generally doing - and I support that - is they are
trimming things down.  They are going to their strengths and they
are deciding between routes," Mr. Banmiller told The Sunday
Gleaner in an exclusive interview.  "My thought process is go to
where your strengths are, perhaps increase your frequency, and
take a hard look at expenses," he said.

The Gleaner says Mr. Banmiller's endorsement came hours after the
National Workers' Union ("NWU") expressed fresh concerns about the
business plan.

The Gleaner notes the NWU said: "There is an absence of
comparative and analytical data which would provide the basis for
understanding the decisions taken."

                        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.


ST. ANN: Labor Ministry May Intervene in Layoff Dispute With Union
------------------------------------------------------------------
The Ministry of Labor may be forced to intervene in a dispute
brewing between the University and Allied Workers' Union ("UAWU")
and the St. Ann Bauxite Limited, Radio Jamaica News reports.

The bauxite company, the report relates, said it will make good on
its plans to make the position of 20% of its workforce redundant,
despite a call from the UAWU for company to delay the layoffs.

The report recounts UAWU President Lambert Brown had written to
the company's management suggesting that a meeting held earlier
this month could not be considered the start of the consultation
process.

In that meeting, the company reportedly said it intended to make
the jobs of 150 workers redundant, the report notes.

However, Radio Jamaica says, Mr. Brown is extremely unhappy with
how St. Ann Bauxite Limited is going about the process.

"They have not done the proper consultations required by law and
to the extent that they lay off any workers, I'll be reporting a
dispute to the Ministry of Labor in respect to breaches in the
contract, breaches in the Labor Relations and Industrial Dispute
Act and ask the Ministry to address the issue of unfair dismissal
of the workers ... the labor relations code must be respected and
honored," the report quoted Mr. Brown as saying.



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

METROFINANCIERA SA: S&P Downgrades Counterparty Rating to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Metrofinanciera S.A. de C.V.
SOFOM. E.N.R. to 'CCC-' from 'CCC+'.  At the same time S&P lowered
its long- and short-term national scale counterparty credit and
senior unsecured debt ratings on Metrofinanciera to
'mxB-/mxC' from 'mxB+/mxB'.  S&P affirmed the rating on its US$100
million perpetual, noncumulative subordinated step-up securities
at 'C'.  All ratings remain on CreditWatch with negative
implications, where they were placed Nov. 28, 2008.

"The rating action reflects our concerns about the company's
limited liquidity position, worsening cash-flow generation, and
high debt burden of Mexican pesos 3.3 billion during the next nine
months, and MXN335 million on Feb. 26, 2009.  "We also believe the
company's inability to continue growing and its weakened financial
flexibility has jeopardized the amount of unencumbered assets,"
said Standard & Poor's credit analyst Arturo Sanchez.

In S&P's opinion, support from Sociedad Hipotecaria Federal S.N.C.
(SHF; national scale: mxAAA/Stable/mxA-1+), a Mexican government-
related entity, could diminish as a result of Metrofinanciera's
depleted eligible assets.  As a result, future funding support
from SHF and other banks may be limited.  The amount of assets on
hand for additional financing may not be sufficient to cover
Metrofinanciera's unsecured and bank debt.  In such a scenario,
S&P believes the company would have to restructure its debt.  A
distressed-debt restructuring would represent a selective default
according to S&P's criteria.

The ratings remain on CreditWatch, highlighting S&P's growing
concerns about the company's financial standing and deteriorating
asset quality.  S&P plan to resolve the CreditWatch once the
internal audits are concluded, at which time S&P will assess the
company's asset quality and real amount of unencumbered assets
that could be monetized, as opposed to debt maturities.  Also, if
a distressed debt exchange takes place, S&P will lower the ratings
to 'CC', and upon completion to 'SD'.


VITRO SAB: Fitch Downgrades Ratings to 'C' from 'CC'
----------------------------------------------------
Fitch Ratings has downgraded these ratings for Vitro, S.A.B. de
C.V.:

  -- Long-term Issuer Default Rating to 'C' from 'CC';
  -- Long-term foreign currency IDR to 'C' from 'CC';
  -- National scale long-term rating to 'C(mex)' from 'CC(mex)';
  -- Certificados Bursatiles issuances to 'C(mex)' from 'CC(mex)'.

The Rating Outlook is Stable.

In addition, Fitch has affirmed these ratings:

  -- US$300 million senior notes due 2012 at 'CC/RR4';
  -- US$225 million senior notes due 2013 at 'CC/RR4';
  -- US$700 million senior notes due 2017 at 'CC/RR4'.

All ratings have been removed from Rating Watch Negative.

The downgrades follow Vitro's announcement that it will not make
the coupon payment due Feb. 2, 2009 on the 8.625% senior notes due
2012 and 9.125% senior notes due 2017 for approximately US$45
million; a 'C' rating indicates a default is imminent.  If Vitro
does not cover the coupon payments after the 30 days cured period,
Fitch expects to downgrade the IDR to 'D'.  The 'CC/RR4' rating on
Vitro's senior notes reflects average recovery prospects given
default.

Vitro also indicated that a number of its counterparties in
derivative instruments have demanded the payment of approximately
US$293 million in accordance with these agreements.  Vitro's
liquidity position remains tight with unrestricted cash balances
of US$103 million as of Dec. 31, 2008.



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

CLICO INVESTMENT: Government Takes Over Bank
--------------------------------------------
Trinidad and Tobago seized control of Clico Investment Bank on
January 30, as part of a bid to bail out a number of cash-strapped
companies belonging to its parent CL Financial Ltd, Reuters
reports.

According to the report, Trinidad and Tobago's central bank said
all third party assets and liabilities on the books of Clico
Investment and its Caribbean Money Market Brokers unit would be
transferred to state-owned First Citizens Bank early this week.

Central Bank Governor Ewart Williams, the report relates, said the
move was aimed at ensuring resources are available to meet
withdrawals by bank depositors and by policyholders of the Clico
Insurance company.  It was prompted by liquidity concerns stemming
from the impact of methanol and real estate prices on the CL
Financial's finances, Mr. Williams said as cited by the report.

CL Financial Chairman Lawrence Duprey said the situation at Clico
Investment Bank, Clico Insurance and the British American
Insurance company, another firm it owns, "threaten the interest of
depositors, policyholders and creditors of these institutions,"
Reuters notes.

"At this point, one of the views is that it may prove the danger
of disruption to the financial system if it is not addressed," Mr.
Duprey was quoted by Reuters as saying.

Describing Clico as having a "sizeable statutory bond deficit,"
Mr. Williams said CL Financial had agreed to divest additional
assets to help fund the deficit, the report relates.

Mr. Williams, as cited by Reuters, said Trinidad and Tobago's
government will provide additional funds.  "Government funding
will be provided in exchange for collateral and an equity interest
in Clico. It will also act as a catalyst for implementing a change
in the current business model and corporate governance structure
of Clico," Mr. Williams was quoted by the report as saying.

                        About CL Financial

CL Financial -- http://www.clfinancial.com/--is a Trinidad-based
investment holding company, founded in 1993.

                      About Clico Investment

Clico Investment Bank ("CIBS") --
http://www.cibtt.com/default.asp?id=6--
is a wholly owned subsidiary of CL Financial Limited, that began
operations in 1990 and since its establishment has been at the
forefront of the financial industry in Trinidad and Tobago.

CIB's management comprises a team of professionals with
distinctive competencies in Money and Capital Market Operations,
Asset Management, Portfolio Management, Investment Research and
Analysis, Credit Management, Corporate Finance, Financial Control
and Accounting and Human Resource Development.



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

PETROLEOS DE VENEZUELA: To Pay Service Providers This Week
----------------------------------------------------------
Petroleos de Venezuela ("PDVSA") will begin paying off debts owed
to service providers this week after contractors idled drilling
rigs, Matthew Walter of Bloomberg News reports, citing Oil and
Energy Minister Rafael Ramirez.

Minister Ramirez, the report relates, said the company is also
beginning talks with oil field service providers to lower their
rates amid the plunge in oil prices in the second half of 2008.

"We're paying all of the debt that's accumulated with our
contractors," the report quoted Minister Ramirez as saying.
"We're also starting negotiations with them to review tariffs, so
that they can be adjusted, of course, to the market situation," he
said.

As reported in the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Dow Jones Newswires said PDVSA's debt to its
suppliers may have risen by as much as US$3 billion as it
struggles to pay its bills as cash flow dries up due to rock-
bottom oil prices.

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

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

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

Minister Ramirez, Bloomberg News relates, said the increased debt
to contractors "isn't a problem that's gone beyond a normal
situation."

"We don't accept that they maintain the same rates that they had
last year.  The situation has abruptly changed," Minister Ramirez
added.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- 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.

                           *     *     *

Petroleos de Venezuela S.A. continues to carry a 'BB-' long-term
corporate credit rating from Standard & Poor's with stable
outlook.  The rating was affirmed by S&P in April 2008.


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

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


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

ARGENTINA

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

BRAZIL

TELEBRAS-ADR         TBASY US         -187984000     226080000
CIMOB PARTIC SA      GAFP3 BZ          -77366408      90471752
RIMET-PREF          REEMPN BZ         -232197008     144454000
CHIARELLI SA-PRF     CCHPN BZ          -85685000      42853000
TEXTEIS RENAUX      RENXPN BZ         -135343008      86140000
PARQUE TEM-RCT P    PQTM10 BZ         -388872000     152268000
TEKA-PREF            TEKA4 BZ         -449536992     526557984
TELEBRAS-ADR           RTB US         -187984000     226080000
TELEBRAS-PF BLCK    TELB40 BZ         -187984000     226080000
TELEBRAS-RCT        RCTB33 BZ         -187984000     226080000
TELEBRAS-RTS CMN     TCLP1 BZ         -187984000     226080000
TELEBRAS-CM RCPT    RCTB31 BZ         -187984000     226080000
TELEBRAS-CM RCPT    RCTB32 BZ         -187984000     226080000
TELEBRAS-PF RCPT    RCTB40 BZ         -187984000     226080000
COARI PART           COAR3 BZ             -56000    3270861056
BUETTNER SA         BUETON BZ          -54926000     148186992
TELEBRAS-PF RCPT    RCTB41 BZ         -187984000     226080000
TELEBRAS-PF RCPT    RCTB42 BZ         -187984000     226080000
SCHLOSSER            SCLO3 BZ          -95113000      45358000
STAROUP SA-PREF     STARPN BZ           -3164000      66833000
BOTUCATU TEXTIL      STRP3 BZ           -3164000      66833000
TELEBRAS-CM RCPT    TELE31 BZ         -187984000     226080000
STAROUP SA          STARON BZ           -3164000      66833000
DOCA INVESTIMENT     DOCA3 BZ          -23571000     206494000
TELEBRAS SA          TBASF US         -187984000     226080000
TECTOY-RCPT PF B    TOYB12 BZ           -2539000      41684000
TELEBRAS-PF RCPT     TBAPF US         -187984000     226080000
TELEBRAS-ADR         TBAPY US         -187984000     226080000
GAZOLA SA            GAZON BZ          -73665296      27266214
TECEL S JOSE-PRF     SJOS4 BZ          -37557000      79567000
SCHLOSSER-PREF       SCLO4 BZ          -95113000      45358000
GAZOLA SA-DVD CM    GAZO11 BZ          -73665296      27266214
SANSUY               SNSY3 BZ          -63134000     235182000
SANSUY SA-PREF A    SNSYAN BZ          -63134000     235182000
SANSUY SA-PREF B    SNSYBN BZ          -63134000     235182000
SAUIPE               PSEG3 BZ          -16319050      17641202
CYRELA COMME-ADR  1049834Z LI           -4282000     695033024
HERCULES-PREF        HETA4 BZ         -273456000      25126000
NORDON MET-RTS       NORD1 BZ          -33521000      36317000
TELEBRAS-CED C/E     TEL4C AR         -187984000     226080000
WETZEL SA            MWET3 BZ           -8903000     150210992
WETZEL SA-PREF       MWET4 BZ           -8903000     150210992
NORDON METAL        NORDON BZ          -33521000      36317000
PARQUE TEM-RCT C     PQTM9 BZ         -388872000     152268000
NOVA AMERICA-PRF    NOVAPN BZ         -353104000      40955000
NOVA AMERICA SA      NOVA3 BZ         -353104000      40955000
NOVA AMERICA-PRF     NOVA4 BZ         -353104000      40955000
CONST A LIND-PRF    LINDPN BZ          -13659000      51808000
MINUPAR              MNPR3 BZ          -34191000     179201008
SANSUY-PREF A        SNSY5 BZ          -63134000     235182000
CONST A LINDEN      LINDON BZ          -13659000      51808000
SAUIPE SA-PREF      PSEGPN BZ          -16319050      17641202
DOC IMBITUBA         IMBI3 BZ          -25164000     202283008
SAUIPE SA           PSEGON BZ          -16319050      17641202
MINUPAR SA          MNPRON BZ          -34191000     179201008
MINUPAR SA-PREF     MNPRPN BZ          -34191000     179201008
WETZEL SA-PREF      MWELPN BZ           -8903000     150210992
MINUPAR-PREF         MNPR4 BZ          -34191000     179201008
GASCOIGNE EMPREE    1GASON BZ        -1048602048    1586146944
NOVA AMERICA SA     NOVAON BZ         -353104000      40955000
TELEBRAS-CEDE BL     RCT4B AR         -187984000     226080000
TELEBRAS-RTS CMN     RCTB1 BZ         -187984000     226080000
TELEBRAS-RTS      PRFRCTB2 BZ         -187984000     226080000
ARTHUR LANGE-PRF    ALICPN BZ          -26011000      34053000
DTC DIRECT CO-RT   1DTCONR BZ          -16264999 11902000
SCHLOSSER SA         SCHON BZ          -95113000      45358000
PARQUE TEM-RT CM     PQTM1 BZ         -388872000     152268000
PARQUE TEM-DV CM      PQT5 BZ         -388872000 152268000
PARQUE TEM-DV PF      PQT6 BZ         -388872000      152268000
PARQUE TEM-RT PF     PQTM2 BZ         -388872000      152268000
TEC TOY SA-PREF      TOYB5 BZ           -2539000       41684000
PROMAN               PRMN3 BZ            -591000       24461000
HOPI HARI SA         PQTM3 BZ         -388872000      152268000
FABRICA RENAUX-P    FRNXPN BZ          -55261000      126672000
TECTOY               TOYB3 BZ           -2539000       41684000
TECTOY-PREF          TOYB4 BZ           -2539000       41684000
CAF BRASILIA         CAFE3 BZ        -1042639040       38244000
KUALA-PREF           ARTE4 BZ          -33570000       11856000
SAUIPE-PREF          PSEG4 BZ          -16319050       17641202
ARTHUR LANG-RC P    ARLA10 BZ          -26011000       34053000
WETZEL SA           MWELON BZ           -8903000      150210992
TEC TOY SA-PF B      TOYB6 BZ           -2539000       41684000
HERCULES             HETA3 BZ         -273456000       25126000
HOPI HARI-PREF       PQTM4 BZ         -388872000 152268000
TELEBRAS SA-PREF    TLBRPN BZ         -187984000      226080000
TEKA                 TKTQF US         -449536992      526557984
TEKA-ADR             TKTQY US         -449536992      526557984
EXCELSIOR-RCT       BAUH10 BZ           -3589000       20444000
TECTOY-RCT PREF     TOYB10 BZ           -2539000       41684000
TECTOY-PF-RTS5/6    TOYB11 BZ           -2539000       41684000
TELEBRAS-PF RCPT    TLBRUP BZ         -187984000      226080000
TECTOY-RTS/3         TOYB1 BZ           -2539000       41684000
TEC TOY SA-PREF      TOYDF US           -2539000       41684000
FER C ATLANT         VSPT3 BZ          -85429000     2074043008
FER C ATLANT-PRF     VSPT4 BZ          -85429000     2074043008
FERROVIA CEN-DVD    VSPT11 BZ          -85429000     2074043008
TELEBRAS-RTS PRF     TLCP2 BZ         -187984000      226080000
TELEBRAS SA-PREF     TELB4 BZ         -187984000      226080000
WIEST SA-PREF       WISAPN BZ         -140973008       71372000
SANSUY-PREF B        SNSY6 BZ          -63134000      235182000
WIEST-PREF           WISA4 BZ         -140973008       71372000
WIEST SA            WISAON BZ         -140973008       71372000
TELEBRAS-RECEIPT    TLBRUO BZ         -187984000      226080000
VARIG SA-PREF        VAGV4 BZ       -10176870400     2094450944
TEXTIL RENAUXVIE     TXRX3 BZ         -135343008       86140000
TEXTEIS RENAU-PF     TXRX4 BZ         -135343008       86140000
TELEBRAS-CM RCPT     TBRTF US         -187984000      226080000
VARIG PART EM-PR     VPTA4 BZ         -867658048      107416000
FER C ATL-RCT PF    VSPT10 BZ          -85429000     2074043008
VARIG SA-PREF       VARGPN BZ       -10176870400     2094450944
DTC DIRECT CO SA    1DTCON BZ          -16264999       11902000
SCHLOSSER SA-PRF     SCHPN BZ          -95113000       45358000
TEKA                TEKAON BZ         -449536992      526557984
TELEBRAS-CEDE PF     RCTB4 AR         -187984000      226080000
TEKA                 TEKA3 BZ         -449536992      526557984
TEKA-PREF           TEKAPN BZ         -449536992      526557984
TELEBRAS-CEDEA $     TEL4D AR         -187984000      226080000
TELEBRAS-COM RTS     TELB1 BZ         -187984000      226080000
TEKA-ADR             TEKAY US         -449536992      526557984
TECBLU-PREF A        TENE5 BZ          -13127000       14637000
TECBLU-PREF A       TBLUAN BZ          -13127000       14637000
ESTRELA SA          ESTRON BZ          -80125000      153186000
TELEBRAS-ADR           TBH US         -187984000      226080000
TELEBRAS/W-I-ADR     TBH-W US         -187984000      226080000
MARAMBAIA-PREF       CTPC4 BZ           -1381000       79728000
CAFE BRASILIA-PR    CSBRPN BZ        -1042639040       38244000
TELEBRAS-ADR           TBX GR         -187984000      226080000
TECBLU              TBLUON BZ          -13127000       14637000
TELEBRAS-ADR         TBRAY GR         -187984000      226080000
TELEBRAS-RCT PRF    TELB10 BZ         -187984000      226080000
CTM CITRUS-COM R     CTPC1 BZ           -1381000       79728000
ACO ALTONA-PREF      EAAPN BZ          -31429000      170270992
TECBLU -RTS          TENE1 BZ          -13127000       14637000
TECBLU-PR A RC      TENE11 BZ          -13127000       14637000
TECBLU-PREF B        TENE6 BZ          -13127000       14637000
CYRELA COMME-ADR     CCPEL US           -4282000      695033024
TEKA-ADR             TKTPY US         -449536992      526557984
TECBLU-PREF C        TENE7 BZ          -13127000       14637000
TECBLU-COM RCT       TENE9 BZ          -13127000       14637000
TELEBRAS-CEDE PF     TELB4 AR         -187984000      226080000
WIEST                WISA3 BZ         -140973008       71372000
TELEBRAS-CM RCPT    RCTB30 BZ         -187984000      226080000
TELEBRAS-BLOCK      TELB30 BZ         -187984000      226080000
VARIG PART EM TR     VPTA3 BZ         -867658048      107416000
TECBLU-RCPT CMN       TEN8 BZ          -13127000       14637000
CHIARELLI SA         CCHI3 BZ          -85685000       42853000
SANSUY SA           SNSYON BZ          -63134000      235182000
VARIG SA             VAGV3 BZ       -10176870400     2094450944
TECBLU-RCPT PREF      TEN9 BZ          -13127000  14637000
CHIARELLI SA-PRF     CCHI4 BZ          -85685000       42853000
COBRASMA-PREF        CBMA4 BZ        -2764018944       19346000
CENT AMAPA           CTAP3 BZ          -11996000          15000
CHIARELLI SA         CCHON BZ          -85685000       42853000
CYRELA COMMERCIA     CCPR3 BZ           -4282000      695033024
RIMET                REEM3 BZ         -232197008      144454000
RIMET               REEMON BZ         -232197008      144454000
TEKA-PREF            TKTPF US         -449536992      526557984
CONST A LIND-PRF     CALI4 BZ          -13659000       51808000
GAZOLA SA-DVD PF    GAZO12 BZ          -73665296       27266214
CAF BRASILIA-PRF     CAFE4 BZ        -1042639040       38244000
CTM CITRUS SA        CTMON BZ           -1381000       79728000
CAMBUCI SA-PREF      CAMB4 BZ          -42495000      177378992
FERRAGENS HAGA-P    HAGAPN BZ         -110814000       25668954
COBRASMA             CBMA3 BZ        -2764018944       19346000
CAMBUCI SA          CAMBON BZ          -42495000      177378992
ALL MALHA PAULIS     GASC3 BZ        -1048602048     1586146944
CTM CITRUS-ADR       CTMMY US           -1381000       79728000
CONST A LINDEN       CALI3 BZ          -13659000       51808000
TELEBRAS-PF RCPT     CBRZF US         -187984000      226080000
MARAMBAIA-PREF       CTMMF US           -1381000       79728000
CTM CITRUS-PREF      CTMPN BZ           -1381000       79728000
CAMBUCI SA           CAMB3 BZ          -42495000      177378992
CTM CITRUS-RCT P    CTPC10 BZ           -1381000       79728000
CTM CITRUS-RCT C      CTP5 BZ           -1381000  79728000
CTM CITRUS-RCT P      CTP6 BZ           -1381000       79728000
DHB IND E COM-PR     DHBPN BZ         -588646016 221336000
ARTHUR LANG-RT C     ARLA1 BZ          -26011000       34053000
DOCAS SA-PREF       DOCAPN BZ          -23571000      206494000
COBRASMA SA         COBRON BZ        -2764018944       19346000
DOCAS SA            DOCAON BZ          -23571000      206494000
BOMBRIL              BOBR3 BZ         -485678016      442846016
VARIG SA            VARGON BZ       -10176870400     2094450944
TELEBRAS-CED C/E     RCT4C AR         -187984000      226080000
ARTHUR LANGE SA     ALICON BZ          -26011000       34053000
ARTHUR LANG-RT P     ARLA2 BZ          -26011000       34053000
EXCELSIOR-RT         BAUH1 BZ           -3589000       20444000
FERRAGENS HAGA      HAGAON BZ         -110814000       25668954
AZEVEDO E TRAVAS    AZEVON BZ          -10976000      116398000
AZEVEDO E TRA-PR    AZEVPN BZ          -10976000      116398000
EXCELSIOR-RT         BAUH2 BZ           -3589000       20444000
BUETTNER-PREF        BUET4 BZ          -54926000      148186992
BAUMHARDT IRMAOS    BAUMON BZ           -3589000       20444000
EXCELSIOR ALIMEN     BAUH3 BZ           -3589000       20444000
EXCELSIOR-PREF       BAUH4 BZ           -3589000       20444000
ARTHUR LANG-RC C     ARLA9 BZ          -26011000       34053000
KUALA                ARTE3 BZ          -33570000       11856000
ARTHUR LANGE-PRF     ARLA4 BZ          -26011000       34053000
ARTHUR LANGE         ARLA3 BZ          -26011000  34053000
TECTOY-BONUS RTS    TOYB13 BZ           -2539000       41684000
AZEVEDO              AZEV3 BZ          -10976000      116398000
BUETTNER SA-RTS      BUET1 BZ          -54926000      148186992
ARTEX SA            ARTXON BZ          -33570000  11856000
ARTEX SA-PREF       ARTXPN BZ          -33570000       11856000
BUETTNER SA-RT P     BUET2 BZ          -54926000      148186992
CYRELA COMME-ADR     CYRLY US           -4282000      695033024
BOMBRIL CIRIO-PF    BOBRPN BZ         -485678016      442846016
ESTRELA SA-PREF     ESTRPN BZ          -80125000      153186000
EXCELSIOR-RCT        BAUH9 BZ           -3589000       20444000
ARTHUR LAN-DVD C    ARLA11 BZ          -26011000       34053000
BOMBRIL SA-ADR       BMBBY US         -485678016      442846016
ARTHUR LAN-DVD P    ARLA12 BZ          -26011000       34053000
BUETTNER SA-PRF     BUETPN BZ          -54926000      148186992
FABRICA RENAUX       FTRX3 BZ          -55261000      126672000
BOMBRIL SA-ADR       BMBPY US         -485678016 442846016
BAUMHARDT IRM-PR    BAUMPN BZ           -3589000       20444000
BOMBRIL              BMBBF US         -485678016 442846016
BOMBRIL-RIGHTS       BOBR1 BZ         -485678016      442846016
BOMBRIL-PREF         BOBR4 BZ         -485678016      442846016
BOMBRIL CIRIO SA    BOBRON BZ         -485678016 442846016
BOMBRIL-RGTS PRE     BOBR2 BZ         -485678016      442846016
FABRICA RENAUX      FRNXON BZ          -55261000      126672000
GASCOIGNE EMP-PF     GASC4 BZ        -1048602048     1586146944
GAZOLA-RCPT PREF    GAZO10 BZ          -73665296       27266214
CIMOB PART-PREF      GAFPN BZ          -77366408       90471752
CAMBUCI SA-PREF     CAMBPN BZ          -42495000      177378992
AZEVEDO-PREF         AZEV4 BZ          -10976000      116398000
GAZOLA-RCPTS CMN     GAZO9 BZ          -73665296       27266214
TECEL S JOSE         SJOS3 BZ          -37557000       79567000
GAZOLA               GAZO3 BZ          -73665296       27266214
GAZOLA-PREF          GAZO4 BZ          -73665296       27266214
TECTOY SA           TOYBON BZ           -2539000       41684000
FABRICA RENAUX-P     FTRX4 BZ          -55261000      126672000
TELEBRAS SA         TLBRON BZ         -187984000      226080000
FABRICA TECID-RT     FTRX1 BZ          -55261000      126672000
TECEL S JOSE        FTSJON BZ          -37557000       79567000
TEXTEIS RENAUX      RENXON BZ         -135343008       86140000
CIMOB PART-PREF      GAFP4 BZ          -77366408       90471752
TECEL S JOSE-PRF    FTSJPN BZ          -37557000       79567000
COBRASMA SA-PREF    COBRPN BZ        -2764018944       19346000
GAZOLA SA-PREF       GAZPN BZ     -73665296       27266214
DOC IMBITUB-PREF     IMBI4 BZ          -25164000 202283008
DOCAS IMBITUBA      IMBION BZ          -25164000      202283008
DOC IMBITUBA-RTP     IMBI2 BZ          -25164000      202283008
TECTOY SA-PREF      TOYBPN BZ           -2539000       41684000
DOCAS IMBITUB-PR    IMBIPN BZ          -25164000      202283008
NOVA AMERICA SA     1NOVON BZ         -353104000       40955000

TELEBRAS-PF RCPT    TELE41 BZ         -187984000      226080000
RIMET-PREF           REEM4 BZ         -232197008      144454000
NOVA AMERICA-PRF    1NOVPN BZ         -353104000       40955000
TELEBRAS SA          TELB3 BZ         -187984000      226080000
FERROVIA CEN-DVD    VSPT12 BZ          -85429000     2074043008
HAGA                 HAGA3 BZ         -110814000       25668954
FER HAGA-PREF        HAGA4 BZ         -110814000       25668954
HERCULES SA         HERTON BZ         -273456000       25126000
GASCOIGNE EMP-PF    1GASPN BZ        -1048602048     1586146944
DOC IMBITUBA-RTC     IMBI1 BZ          -25164000      202283008
HERCULES SA-PREF    HERTPN BZ         -273456000       25126000
DHB IND E COM        DHBON BZ         -588646016      221336000
BOTUCATU-PREF        STRP4 BZ           -3164000       66833000
DOCA INVESTI-PFD     DOCA4 BZ          -23571000      206494000
FERREIRA GUIM-PR    FGUIPN BZ         -224564000       24631000
DOCAS SA-RTS PRF     DOCA2 BZ          -23571000      206494000
TELEBRAS-CEDEA $     RCT4D AR         -187984000      226080000
DTCOM- DIR TO CO     DTCY3 BZ          -16264999       11902000
COARI PART-PREF      COAR4 BZ             -56000     3270861056
DTCOM- DIRECT-PR     DTCY4 BZ          -16264999       11902000
DTCOM-RT             DTCY1 BZ          -16264999       11902000
CAFE BRASILIA SA    CSBRON BZ        -1042639040       38244000
TECBLU-PREF C       TBLUCN BZ          -13127000       14637000
CTM CITRUS-RCT C     CTPC9 BZ           -1381000       79728000
CTM CITRUS- PR R     CTPC2 BZ           -1381000       79728000
MARAMBAIA            CTPC3 BZ           -1381000       79728000
D H B                DHBI3 BZ         -588646016      221336000
TELECOMUNICA-ADR    81370Z BZ         -187984000      226080000
D H B-PREF           DHBI4 BZ         -588646016      221336000
CAMBUCI SA-PREF      CXDOF US          -42495000      177378992
ESTRELA SA           ESTR3 BZ          -80125000      153186000
TECBLU               TENE3 BZ          -13127000       14637000
ACO ALTONA           EALT3 BZ          -31429000      170270992
ESTRELA SA-PREF      ESTR4 BZ          -80125000      153186000
FERREIRA GUIMARA    FGUION BZ         -224564000       24631000
CIMOB PARTIC SA      GAFON BZ          -77366408       90471752
TECBLU-PREF B       TBLUBN BZ          -13127000       14637000
TECTOY-RCT ORD       TOYB9 BZ           -2539000       41684000
F GUIMARAES-PREF     FGUI4 BZ         -224564000       24631000
BUETTNER             BUET3 BZ          -54926000      148186992
NORDON MET           NORD3 BZ          -33521000       36317000
F GUIMARAES          FGUI3 BZ         -224564000       24631000
N.A.                 DTCY9 BZ          -16264999       11902000
ACO ALTONA SA        EAAON BZ          -31429000      170270992
ACO ALTONA-PREF      EALT4 BZ          -31429000      170270992
FER C ATL-RCT CM     VSPT9 BZ          -85429000      2074043008



                            ***********

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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