TCRLA_Public/090204.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

             Wednesday, February 4, 2009, Vol. 9, No. 24

                            Headlines

A R G E N T I N A

CREAR CONSTRUCCIONES: Proofs of Claim Verification Due on March 20
JORGE ENRIQUE: Proofs of Claim Verification Due on Feb. 12
JUAN CARLOS: Proofs of Claim Verification Due on March 9
RIO TINTO: Sells Argentina and Brazil Assets for US$1.6 Billion


B A H A M A S

WESTIN & SHERATON: Lays Off 18% of Beachfront Workforce


B E R M U D A

HELLER AIR: Creditors' Proofs of Debt Due on March 5
HELLER AIR: Members' Final General Meeting Set for March 6


B R A Z I L

CAMARGO CORREA: S&P Places 'BB' Corporate Rating on Negative Watch
ELETROBRAS: Aims BRL7.8 Billion Investment in 2009
TAM SA: Board OKs Share Buy-Back Program
TAM SA: Adds Fourth Airbus A321 to Fleet
VOTORANTIM CELULOSE: Fitch Downgrades Issuer Rating to 'BB+'

VITRO SAB: Nonpayment of Coupons Prompt S&P's Rating Cut to 'D'


C A Y M A N  I S L A N D S

ABC TRUST: Commences Liquidation Proceedings
AL ASSET: Commences Liquidation Proceedings
BD COMMON: Placed Under Voluntary Liquidation
BD PREFERRED: Commences Liquidation Proceedings
BURI LTD: Placed Under Voluntary Liquidation

CHEYNE BALANCED: Placed Under Voluntary Liquidation
DRAWBRIDGE RV: Commences Liquidation Proceedings
HENDERSON GLOBAL ET AL: Commences Liquidation Proceedings
HENDERSON JAPAN: Commences Liquidation Proceedings
LORIAN FINANCIAL: Commences Liquidation Proceedings

MARAPOL LIMITED: Commences Liquidation Proceedings
MEGA RESOURCES: Commences Liquidation Proceedings
MUTUAL FUND ET AL: Commences Liquidation Proceedings
NAT LTD: Placed Under Voluntary Liquidation
NITC (CAYMAN ISLANDS): Commences Liquidation Proceedings

RED DEVIL: Commences Liquidation Proceedings
TAKUZOU FUND: Commences Liquidation Proceedings
TGI V (JAPAN): Commences Liquidation Proceedings
TGI (JAPAN): Commences Liquidation Proceedings
TRILOKA CAPITAL: Commences Liquidation Proceedings

TRILOKA HOLDINGS: Commences Liquidation Proceedings


C O L O M B I A

* COLOMBIA: To Swap Short-Term Bonds for Longer-Term Securities


D O M I N I C A N  R E P U B L I C

* DOMINICAN REP: Free Trade Zone Cuts 2,000 Jobs This Year


J A M A I C A

AIR JAMAICA: Plans "in Place" for Airline Cutback
JMMB: To Cut 14% of Workforce as Part of Restructuring Plan
WINDALCO: To Suspend Operations, Cuts 250 Jobs


M E X I C O

CEMEX SAB: Reports Fourth-Quarter and Full-Year 2008 Results
CORP DURANGO: Inks "Standstill" Deal With Creditors on 2017 Bonds
CORPORACION GEO: Moody's Assigns 'Ba3' Global Scale Issuer Rating


P U E R T O  R I C O

BERNARDO ORTIZ: Voluntary Chapter 11 Case Summary
CARABEL EXPORT: Case Summary & 19 Largest Unsecured Creditors


                         - - - - -


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A R G E N T I N A
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CREAR CONSTRUCCIONES: Proofs of Claim Verification Due on March 20
------------------------------------------------------------------
The court-appointed trustee for Crear Construcciones Electricas
S.R.L.'s reorganization proceedings, will be verifying creditors'
proofs of claim until March 20, 2009.


JORGE ENRIQUE: Proofs of Claim Verification Due on Feb. 12
----------------------------------------------------------
Francisco Cano, the court-appointed trustee for Jorge Enrique
Ramos's bankruptcy proceeding, will be verifying creditors' proofs
of claim until Feb. 12, 2009.

Mr. Cano will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 19
in Buenos Aires, with the assistance of Clerk No. 38, 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.

The debtor can be reached at:

          Jorge Enrique Ramos
          Guayra 2275
          Buenos Aires, Argentina

The trustee can be reached at:

          Francisco Cano
          Uruguay 618


JUAN CARLOS: Proofs of Claim Verification Due on March 9
--------------------------------------------------------
Ricardo Sukiassian, the court-appointed trustee for Juan Carlos
Maresca's bankruptcy proceeding, will be verifying creditors'
proofs of claim until March 9, 2009.

Mr. Sukiassian will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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.

The debtor can be reached at:

          Juan Carlos Maresca
          Oliden 436, Planta Baja
          Buenos Aires, Argentina

The trustee can be reached at:

          Ricardo Sukiassian
          San Martín 1009
          Buenos Aires, Argentina


RIO TINTO: Sells Argentina and Brazil Assets for US$1.6 Billion
---------------------------------------------------------------
Rio Tinto Group has agreed to sell its undeveloped potash assets,
largely comprising the Potasio Rio Colorado (PRC) potash project
in Argentina, and its Corumba iron ore mine in Brazil and the
associated river logistics operations in Paraguay to Vale, the
Brazilian mining company, for a total cash consideration of US$1.6
billion.

Potasio Rio Colorado is a tier 1 asset located in the Malargüe
department in the province of Mendoza.  The project is in the
feasibility stage.  The life of the mine is projected to last more
than 50 years.

Corumba mine operations are located in western Brazil, in the
state of Mato Grosso do Sul.  The iron ore is mined from an open
pit, processed on site then barged by Transbarge Navegación (Rio
Tinto 100%) along the Paraguay River for onward delivery to South
American and European customers.  Corumba currently has an annual
capacity of 2 million tonnes.

Completion of the Corumba transaction remains subject to receipt
of the relevant regulatory approvals, while no approvals are
required in order to complete the potash transaction, Rio said in
a Jan. 30 statement.

"This transaction demonstrates the depth and quality of our asset
portfolio and our ability to unlock value for shareholders despite
tough credit markets and economic conditions," said Guy Elliott,
chief financial officer, Rio Tinto.  "This is a very positive step
towards meeting our commitment to reduce debt by US$10 billion in
2009".

According to the statement, the potash transaction, comprising PRC
and the Regina exploration asset in Canada, is targeting
completion and receipt of the cash proceeds in February.  Regina
Potash is a large 1,200km2 property east of the Belle Plaine mine
in Saskatchewan, Canada.  The project is currently at early
evaluation stage and is located close to existing infrastructure.

The Corumba transaction meanwhile will complete when appropriate
consents are received, and completion is expected in the second
half of 2009.  The sales proceeds are allocated US$850 million to
the potash assets and US$750 million to the Corumba assets, the
company said.

The earnings of the Corumba iron ore mine were US$6 million for
the six months ending June 30, 2008 and US$(12) million for the
year ended December 31, 2007. There were no earnings for the
potash assets, which are undeveloped.  Evaluation expenditure on
the potash projects in the first half of 2008 was US$18 million.
The gross assets of the Corumba operations as at June 30, 2008
were US$263 million. Gross assets of the PRC assets were US$33
million as at June 30, 2008.  The proceeds from these divestments
will be used for the repayment of debt, Rio said in the statement.

            Missed Asset-Sale Targets, May Sell Shares

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2009, Bloomberg News said Rio Tinto failed to meet its
asset-sale targets due to the global recession, and may sell
shares to help cut debts.

According to a TCR-Europe report on Dec. 11,2008, Rio Tinto plans
to further reduce its net debt by US$10 billion by the end of 2009
through expanding the scope of assets targeted for divestment to
include significant assets not previously highlighted for sale.

The company so far has sold at least US$4.6 billion in assets,
Bloomberg News says.

The group's net debt as of October 31, 2008 stood at US$38.9
billion.

Rio doesn't "rule out the potential to issue equity as one of the
options it has available," the London-based company said in a Jan.
28 statement obtained by Bloomberg News.

"The likelihood of Rio doing a share sale is increasing,"
Bloomberg News quoted Peter Arden, an analyst at Ord Minnett Ltd.,
an affiliate of JPMorgan Chase & Co., as saying.  "Buyers want
super bargains and Rio does not want to sell at those prices.  Rio
is probably thinking it's better to go to the market."

Bloomberg News recalls Rio increased its debt almost 19-fold after
buying Canadian aluminum producer Alcan Inc. for US$38.1 billion
in 2007.

According to Bloomberg News, BHP Billiton abandoned its hostile
US$66 billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt
and slumping demand for commodities.

Rio has declined 33 percent since then and its London shares are
now trading 75 percent below the 6,000 pence a share price paid by
Chinalco and Alcoa, Bloomberg News discloses.

BHP Billiton, in a November 27 statement, confirmed its offer for
Rio Tinto plc has lapsed and that, given the inter-conditionality
of its offers for Rio Tinto plc and Rio Tinto Limited, its offer
for Rio Tinto Limited has also lapsed.

To reduce costs, Rio said it will:

   -- Reduce global headcount by 14,000, comprising 8,500
      contractor jobs and 5,500 employee roles (annual operating
      cost saving of US$1.2 billion, upfront severance costs of
      US$400 million);

   -- Consolidate offices around the Group, including the
      London head office;

   -- Rapidly accelerate outsourcing and off-shoring of
      IT and procurement in 2009; and

   -- Defer exploration and evaluation expenditure.

                          About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.



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B A H A M A S
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WESTIN & SHERATON: Lays Off 18% of Beachfront Workforce
-------------------------------------------------------
Westin and Sheraton Grand Bahama Our Lucaya Resort has sent home
18% of its beachfront workforce, or 181 employees, as the world
economic crisis slashes tourism across the Caribbean, Oscar
Ramjeet of Caribbean Net News reports.

According to a statement obtained by the news agency, the resort
said hotel bookings were sliding "with no evidence of improvement"
as the United States recession has kept hundreds of visitors at
home.

Westin and Sheraton Grand Bahama Our Lucaya Resort is a large
Bahamas resort.  It is owned by White Plains, New York-based
Starwood Hotels and Resorts Worldwide Inc.



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

HELLER AIR: Creditors' Proofs of Debt Due on March 5
----------------------------------------------------
The creditors of Heller Air IV, Ltd. are required to file their
proofs of debt by March 5, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 2, 2009.

The company's liquidator is:

          Lynda Milligan-Whyte
          Emporium Building, Third Floor
          69 Front Street
          Hamilton, Bermuda


HELLER AIR: Members' Final General Meeting Set for March 6
----------------------------------------------------------
The members of Heller Air IV, Ltd. will hold their final general
meeting on March 6, 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 Feb. 2, 2009.

The company's liquidator is:

          Lynda Milligan-Whyte
          Emporium Building, Third Floor
          69 Front Street
          Hamilton, Bermuda



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B R A Z I L
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CAMARGO CORREA: S&P Places 'BB' Corporate Rating on Negative Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit ratings on both Camargo Corrêa S.A. and its cement company
subsidiary, Camargo Correa Cimentos S.A., on CreditWatch with
negative implications.

The CreditWatch listing follows CCSA's announcement that it
reached agreement to acquire a 50% stake in VBC Energia S.A. (VBC:
unrated).  VBC is one of the controlling shareholders (28.4%) of
CPFL Energia S.A. (Brazil national scale: brAA+/Stable/--), a
large energy distribution company in Brazil.  The acquisition
price is set at a fixed amount of nearly Brazilian reais (R$) 2.56
billion, and a variable amount of R$102 million.  CCSA already
owns 50% of VBC and, following the transaction, it will become
VBC's sole controlling shareholder.  The acquisition will be
submitted to antitrust authorities and will be communicated to the
appropriate Brazilian regulatory body.

"Although the acquisition increases CCSA's ultimate stake in
CPFL's future dividend stream, the CreditWatch listing reflects
downward risk on the ratings due to increased financial leverage
required to fund the transaction and the potential deterioration
of the company's financial metrics.  S&P currently believe that
CCSA's debt will increase by an amount similar to the acquisition
price, but expect this debt to be financed with long-term funding.
The CreditWatch listing on CCC reflects potential downward risk on
its parent company, whose support is a relevant rating factor,"
said Standard & Poor's credit analyst Reginaldo Takara.

"We expect to resolve the CreditWatch listing in the coming months
once S&P obtain further information on the company's ultimate
capital structure and consolidated cash flows, and as the
acquisition's funding details become better defined," Mr. Takara
added.


ELETROBRAS: Aims BRL7.8 Billion Investment in 2009
--------------------------------------------------
Centrais Eletricas Brasileiras SA ("Eletrobras") plans to invest
BRL7.8 billion(US$3.3 billion) in 2009, Fabio Palmigiani of
Business News Americas reports.

According to the report, of the total, Eletrobras will invest
BRL6 billion in generation and transmission and BRL1.8 billion in
its distributors in the north and northeast regions.

The 2009 amount, the report notes, is twice what the company
invested last year.  Eletrobras had plans to invest BRL5 billion
in 2008, but only used BRL3.9 billion, the report recounts.

Business News Americas says Eletrobras' board will examine the
plan on February 13, and will review its 2009-12 investment plan.

Among the 2009 projects that will likely require investments are
the 3.3GW Jirau and 3.15GW Santo Antônio hydro plants on the
Madeira river, the transmission lines linking the projects to the
national grid and the 1.35GW Angra III nuclear plant, the report
adds.

                         About Eletrobras

Centrais Eletricas Brasileiras SA, a.k.a. Eletrobras, operates in
the electric power sector in Brazil.  The objective of Eletrobras
is to perform activities involving studies, projects, construction
and operation of electric power plants, transmission and
distribution lines as well as underlying trade operations arising
therefrom.  Eletrobras is tasked with the preparation of studies
and with drawing up construction projects for hydroelectric
generation, transmission lines and substations to supply Brazil.
It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked to the generation,
transmission and distribution of electric power.

                          *     *     *

This concludes the Troubled Company Reporter's coverage
of Eletrobras until facts and circumstances, if any
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


TAM SA: Board OKs Share Buy-Back Program
----------------------------------------
TAM S.A.'s Board of Directors approved the acquisition of
preferred shares issued by the company to be held in treasury and
subsequently canceled or transferred, without reducing the
company's capital stock.

The acquisition will respect the limit of up to 3,596,629 (three
million, five hundred ninety-six thousand, six hundred twenty-
nine) preferred shares, equivalent to 4.75% of the total of this
class of shares currently in circulation.

The authorization will remain in effect for a maximum period of
365 days, as of January 30.

The acquisition operations will be conducted on stock exchanges at
market prices, through the mediation of these institutions:

  -- UBS Pactual Corretora de Titulos e Valores Mobiliarios S.A.,
  -- Credit Suisse (Brasil) S.A. CTVM, with head offices at Av.

                         About TAM S.A.

Based in São Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

The company's international operations include direct flights to
17 destinations: New York and Miami (USA), Paris (France), London
(England), Milan (Italy), Frankfurt (Germany), Madrid (Spain),
Buenos Aires and Cordoba (Argentina), Santiago (Chile), Caracas
(Venezuela), Montevideo and Punta del Este (Uruguay), AsunciOn and
Ciudad del Este (Paraguay), and Santa Cruz de la Sierra and
Cochabamba (Bolivia)


TAM SA: Adds Fourth Airbus A321 to Fleet
----------------------------------------
TAM S.A. has added a new Airbus A321 to its operating fleet, which
arrived directly from the manufacturer in Hamburg, Germany.

Configured with 220 seats, the new aircraft is allowing TAM to
offer two daily flights between Porto Alegre (Rio Grande do Sul
state) and Recife (Pernambuco state), with a stop at Guarulhos
Airport in Sao Paulo.

Up until the end of January, the company offered service on the
route between Porto Alegre and Recife on two separate flights on
the 174-seat A320, and passengers had to make a connection in
Guarulhos.  As of now, TAM is offering passengers the convenience
of two daily round-trip flights between Porto Alegre and Recife on
a single plane, with just one stop in Sao Paulo.

The new A321 is the fourth unit of this model in operation within
the company's domestic network.  With the addition of this
aircraft, TAM's total operating fleet increased to 130: 123 Airbus
aircraft (20 A319's, 81 A320's, 4 A321's, 16 A330's and 2 A340's),
4 Boeing 777-300ER's and 3 B767-300's.

In mid-January, the company received a new A330 from the Airbus
factory in Toulouse, France, which is been used for long-distance
international flights.  The addition of this unit has enabled TAM
to reorganize its fleet and provide additional flights to Miami
during the high season from January 19 to March 1.

                          About TAM S.A.

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

The company's international operations include direct flights to
17 destinations: New York and Miami (USA), Paris (France), London
(England), Milan (Italy), Frankfurt (Germany), Madrid (Spain),
Buenos Aires and Cordoba (Argentina), Santiago (Chile), Caracas
(Venezuela), Montevideo and Punta del Este (Uruguay), AsunciOn and
Ciudad del Este (Paraguay), and Santa Cruz de la Sierra and
Cochabamba (Bolivia)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based airline TAM S.A.
to 'BB-' from 'BB'.  S&P's outlook is revised to stable from
negative.

As reported in the TCR-Latin America on June 23, 2008, Fitch
Ratings affirmed the 'BB' Foreign and Local Currency Issuer
Default Ratings of TAM S.A.  Fitch also affirmed the 'BB' rating
of its US$300 million senior unsecured notes due in 2017 as well
as the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch revised its rating
outlook to negative from stable.


VOTORANTIM CELULOSE: Fitch Downgrades Issuer Rating to 'BB+'
------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Ratingsand
national scale rating for Votorantim Celulose e Papel:

  -- Local currency IDR to 'BB+' from 'BBB-';
  -- Foreign currency IDR to 'BB+' from 'BBB-';
  -- National scale rating to 'AA-(bra)' from 'AA(bra)'.

VCP remains on Rating Watch Negative by Fitch.  In conjunction
with this rating action, Fitch has placed these ratings of Aracruz
Celulose S.A. on Rating Watch Positive:

  -- Local currency IDR at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A (bra)'.

Fitch took these rating actions following the announcement by VCP
that it had concluded negotiations with Arapar to acquire 28.03%
of the voting capital of Aracruz for BRL2.71 billion.  This
agreement was reached after Aracruz had agreed to a repayment
schedule with banks representing more than 80% of its
$2.13 billion of derivative losses. The acquisition of Arapar's
stake in Aracruz will be paid for over a three-year time period.

It will increase VCP's voting stake in Aracruz to 56% from 28%,
and its total economic stake in the company to 24.8%.  The first
payment of BRL500 million has already been made by VCP through
funds received from Votorantim Industrial S.A., VCP's controlling
shareholder, through an Advance on a Future Capital Increase.  The
downgrade of VCP's ratings to 'BB+' and 'AA-(bra)' reflects the
leveraging impact on VCP's stand-alone capital structure due to
the acquisition, as well as the very high debt burden of Aracruz.

Arainvest Participacoes S.A., a part of the Safra Group, also owns
28.03% of the voting shares of Aracruz.  Under an existing
shareholders agreement, Arainvest has a right of first refusal,
which would allow it to acquire the shares sold by Arapar.
Fitch's downgrade of VCP's credit ratings and the placement of
Aracruz's ratings on Rating Watch Positive reflects Fitch's view
that it is unlikely that Arainvest will exercise its right of
first refusal and purchase the shares of Arapar.  Under an
existing shareholder agreement, Arainvest also has the right to
sell its common shares in Aracruz to VCP for BRL2.71 billion under
similar terms and conditions.

VCP has outlined for the market a plan in which it intends to
increase its capital by BRL4.254 billion to finance the
acquisition of both Arainvest and Arapar's common shares in
Aracruz.  BNDESPAR, a subsidiary of the Brazilian development bank
BNDES, would be the main subscriber to the equity issuance.  Some
of the capital increase would not be in cash, however, as BNDESPAR
would swap its common shares of Aracruz for preferred shares of
VCP.  After the capital increase, VCP intends to execute a series
of transactions that would result in Aracruz becoming a 100% owned
subsidiary of VCP, which would in turn be 27.3% owned by VID and
26.3% owned by BNDESPAR (assuming a 50% subscription rate by
minorities).

VCP's ratings remain VCP's ratings on Rating Watch Negative due to
concern that if these transactions are executed in a manner as
described, the combined net debt-to-EBITDA ratios of VCP and
Aracruz, as estimated by Fitch, would be about 6.0 times (x) in
2009 and could exceed 3.5x in 2010.  Without additional equity
being infused by VID or BNDESPAR, or a more favorable price
outlook, the ratings of the combined entity would likely be below
'BB+' and 'AA-(bra)'.

For the last 12 months ended Sept. 30, 2008, VCP generated
$445 million of EBITDA.  The company had uS$464 million of cash
and marketable securities and US$1.871 billion of total debt at
the end of September.  These figures represent a total debt-to-
EBITDA ratio of 4.2x and net debt-to-EBITDA ratio of 3.2x.  In a
few months, VCP will open a new pulp mill at Tres Lagoas.  This
mill will increase the company's market pulp capacity to 2.5
million tons per year from 1.2 million tons per year and will
contribute significantly to the deleveraging of the companies in
2010 and 2011.

During the LTM ended Sept. 30, 2008, Aracruz generated
$827 million of EBITDA. It had US$594 million of cash and
marketable securities and US$2.25 billion of total debt.
Adjusting for the US$2.13 billion of derivative losses, its
adjusted total debt-to-EBITDA ratio is 5.3x and its net debt-to-
EBITDA ratio is 4.6x.
A merged VCP and Aracruz would be the leading global producer of
market pulp, with estimated sales of about 5.8 million tons of
market pulp, in addition to sales of about 400,000 tons of paper.
With operations based in Brazil, one of the world's lowest cost
locations for market pulp productions, the company would enjoy
both economies of scale and a cost structure that would be
unrivaled in the market.  Once the company would work through a
deleveraging process, it could pursue projects that would increase
its pulp capacity to about 9.3 million tons by 2020.


VITRO SAB: Nonpayment of Coupons Prompt S&P's Rating Cut to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its global
scale ratings, including the long-term corporate credit rating, on
Mexico-based Vitro S.A.B. de C.V. to 'D' from 'CC'.  At the same
time, S&P lowered the long-term Mexican national scale rating on
Vitro to 'mxD' from 'mxCCC'.  The recovery rating on the notes
remains at '3'.

"The downgrade is based on Vitro's failure to pay its coupon
payments due today," said Standard & Poor's credit analyst Marcela
Duenas.

Although the notes allow a 30-day grace period, the company has
indicated that it does not intend to make scheduled payments of
interest of US$12.9 million dollars on its 8.625% senior notes due
2012 and US$31.9 million dollars on its 9.125% senior notes due
2017.

Vitro is Mexico's leading producer of glass containers and has a
significant share of the Mexican flat-glass market.  Vitro's
export activities and international operations contribute to about
58% of total revenues.



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

ABC TRUST: Commences Liquidation Proceedings
--------------------------------------------
On December 12, 2008, the shareholders of ABC Trust Company Ltd.
passed a resolution that voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


AL ASSET: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary general meeting held on December 11, 2008, the
shareholders of AL Asset Holding Company Limited passed a
resolution that voluntarily liquidate the company's business.

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

The company's liquidators are:

          Bobby Toor
          Carl Gosselin
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


BD COMMON: Placed Under Voluntary Liquidation
---------------------------------------------
On March 9, 2007, the shareholders of BD Common LLC passed a
resolution that voluntarily liquidate the company's business.

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

The company's liquidator is:

          Robert D. Lindsay
          c/o Messrs. Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman, KY1-1104, Cayman Islands


BD PREFERRED: Commences Liquidation Proceedings
-----------------------------------------------
On December 10, 2008, the shareholders of BD Preferred LLC passed
a resolution that voluntarily liquidate the company's business.

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

The company's liquidator is:

          Robert D. Lindsay
          c/o Messrs. Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman, KY1-1104, Cayman Islands


BURI LTD: Placed Under Voluntary Liquidation
--------------------------------------------
On November 28, 2008, the sole shareholder Buri Ltd. passed a
written resolution that voluntarily wind up the company's
operations.

The company's liquidator is:

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


CHEYNE BALANCED: Placed Under Voluntary Liquidation
---------------------------------------------------
On December 3 and 4 respectively, a written resolution was passed
by the shareholder that voluntarily wind up the operations of
Cheyne Balanced Credit Fund Inc. and Cheyne Balanced Credit
General Partner Inc.

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


DRAWBRIDGE RV: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on December 12, 2008, the
shareholders of Drawbridge RV Plus Fund Ltd. passed a resolution
that voluntarily liquidate the company's business.

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

The company's liquidator is:

          Maples Finance
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


HENDERSON GLOBAL ET AL: Commences Liquidation Proceedings
---------------------------------------------------------
On December 12, 2008, the shareholders passed a resolution that
voluntarily liquidate the business of:

   -- Henderson Global Currency Absolute Return Master Fund
      Limited; and
   -- Henderson Global Currency Absolute Return Fund Limited.

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

The companies' liquidator is:

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


HENDERSON JAPAN: Commences Liquidation Proceedings
--------------------------------------------------
On December 12, 2008, the shareholders passed a resolution that
voluntarily liquidate the business of:

   -- Henderson Japan Asia Focus Absolute Return Fund Limited; and
   -- Henderson Japan Asia Focus Absolute Return Master Fund
      Limited.

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

The companies' liquidator is:

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


LORIAN FINANCIAL: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary general meeting held on December 12, 2008, the
shareholders of Lorian Financial Services passed a resolution that
voluntarily liquidate the company's business.

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

The company's liquidators are:

          Chris Marett
          Bobby Toor
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


MARAPOL LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on December 11, 2008, the
shareholders of Marapol Limited passed a resolution that
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Buchanan Limited
          c/o Rose Ferguson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


MEGA RESOURCES: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on December 11, 2008, the
shareholders of Mega Resources Limited passed a resolution that
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Buchanan Limited
          c/o Rose Ferguson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


MUTUAL FUND ET AL: Commences Liquidation Proceedings
----------------------------------------------------
On December 8, 2008, the shareholders passed a resolution that
voluntarily liquidate the business of:

   -- Mutual Fund Basket Reference Fund (7-I) Limited;
   -- Mutual Fund Basket Reference Fund (13-B) Limited;
   -- Mutual Fund Basket Master Fund (14); and
   -- Mutual Fund Basket Reference Fund (14-A) Limited.

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

The companies' liquidator is:

          CDL Company Ltd.
          P.O. Box 31106SMB, Grand Cayman


NAT LTD: Placed Under Voluntary Liquidation
-------------------------------------------
On December 12, 2008, the sole shareholder Nat Ltd. passed a
written resolution that voluntarily wind up the company's
operations.

The company's liquidator is:

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


NITC (CAYMAN ISLANDS): Commences Liquidation Proceedings
--------------------------------------------------------
On October 14, 2008, the shareholders of NITC (Cayman Islands)
Ltd. passed a resolution that voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Chang Yuo-Seng
          No.56, Lane111, Min Chuan Road, Hsin Chu,
          Taiwan, R.O.C.


RED DEVIL: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary general meeting held on December 11, 2008, the
shareholders of Red Devil Investments Ltd. passed a resolution
that voluntarily liquidate the company's business.

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

The company's liquidator is:

          Buchanan Limited
          c/o Rose Ferguson
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


TAKUZOU FUND: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on December 13, 2008, the
shareholders of Takuzou Fund Co., Ltd. passed a resolution that
voluntarily liquidate the company's business.

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

The company's liquidators are:

          Bobby Toor
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


TGI V (JAPAN): Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on December 12, 2008, the
shareholders of TGI V (Japan) Ltd. passed a resolution that
voluntarily liquidate the company's business.

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

The company's liquidators are:

          Carl Gosselin
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


TGI (JAPAN): Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary general meeting held on December 12, 2008, the
shareholders of TGI (Japan) Ltd. passed a resolution that
voluntarily liquidate the company's business.

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

The company's liquidators are:

          Carl Gosselin
          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


TRILOKA CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
On December 1, 2008, the shareholders of Triloka Capital Limited
passed a resolution that voluntarily liquidate the company's
business.

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

The companies' liquidator is:

          CDL Company Ltd.
          P.O. Box 31106SMB, Grand Cayman


TRILOKA HOLDINGS: Commences Liquidation Proceedings
---------------------------------------------------
On December 4, 2008, the shareholder of Triloka Holdings Limited
passed a resolution that voluntarily liquidate the company's
business.

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

The companies' liquidator is:

          CDL Company Ltd.
          P.O. Box 31106SMB, Grand Cayman



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

* COLOMBIA: To Swap Short-Term Bonds for Longer-Term Securities
---------------------------------------------------------------
Colombia plans to swap short-term peso-denominated bonds for
longer-term securities, taking advantage of a decline in interest
rates to lock in borrowing costs through as long as 2018,
Bloomberg News reports.

According to the report, Finance Ministry said the government will
give investors peso-denominated notes due between 2012 and 2018 in
exchange for securities maturing between 2009 and 2011.

"This is a good swap and there should be some decent interest,"
the report quoted Felipe Munoz, a trader at Bogota-based brokerage
Corredores Asociados, as saying.  Mr. Munoz, the report relates,
predicts investors will exchange between 500 billion pesos (US$203
million) and 800 billion pesos of notes.  "This will make payments
much more comfortable for the government," he said.

Last month, Bloomberg News recounts, the ministry said Colombia
plans to sell 22 trillion pesos worth of peso securities in 2009,
and got an early start on meeting its 2009 financing needs by
selling 2 trillion pesos of local bonds in December.

William Ortiz Linares, head of local debt sales at the Finance
Ministry, told Bloomberg in an interview that the government is
also considering selling 20-year local bonds by June.

As reported in the Troubled Company Reporter-Latin America on
Jan. 27, 2009, Bloomberg News said Colombia may sell peso bonds
with maturities as long as 20 years for the first time in the
domestic market as slowing inflation and falling interest rates
fuel demand.

The report related Mr. Linares said the government is considering
selling debt due in 2024 or 2029 by June as interest from pension
funds and insurers for longer maturities picks up.

                          *     *     *

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



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

* DOMINICAN REP: Free Trade Zone Cuts 2,000 Jobs This Year
----------------------------------------------------------
More than 2,000 workers in the industrial free trade zone in the
northern province of Santiago have been fired so far this year,
The Dominican Today reports, citing labor leaders.

According to the report, the Santiago branch of the National Free
Trade Zone Workers Union said that at the beginning of the month,
some 1,600 workers were laid off from a firm operating in the
industrial park.

The report recounts that the same fate was suffered by another 200
workers at a cigar export company doing business in the special
free trade zone in Santiago's Gurabo district.   According to the
union, other workers have been laid off gradually from other firms
in the free trade zones, the report relates.

Data provided by the United Federation of Unions of the Northern
Region show that the number of employees sidelined in the free
trade zones and from other firms in Santiago is in excess of
3,000, Dominican Today says.

                          *     *     *

According to Moody's Investors Service, the country continues to
carry a B2 foreign currency rating with a stable outlook, and a B2
local currency rating with stable outlook.



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

AIR JAMAICA: Plans "in Place" for Airline Cutback
-------------------------------------------------
Air Jamaica's cancellation of its direct flight between Jamaica
and Barbados is not a major cause for concern, Nation News
reports.  Minister of Tourism Richard Sealy, the report relates,
said it was a setback but plans were already in place to
counteract any possible fallout.

" It is a setback in terms of seats between Kingston and Barbados
but . . . [we are] not so worried because of the relationships we
are building with CAL (Caribbean Airlines – formerly BWIA) and
LIAT,"  the report quoted Minister Sealy as saying.

According to the report, Minister Seal said Barbados was taking
those relationships "to another level" which was why he thought
the island's regional business would not be "desperately hurt".

The service, the report says, will be terminated February 26,
which leaves Caribbean Airlines as the lone airline offering
service between Barbados and Jamaica.

                        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.


JMMB: To Cut 14% of Workforce as Part of Restructuring Plan
-----------------------------------------------------------
Jamaica Money Market Brokers ("JMMB") will cut 50 of its 350 staff
positions, around 14% of the total workforce, as the country
continues to grapple with the worsening global economic downturn,
The Jamaica Gleaner reports.

According to the report, despite strong financial gains for the
nine-month period ending December 31, growing 119% to US$1.2
billion, JMMB Group CEO Keith Duncan said the company must realign
itself to drive growth in the face of the growing global turmoil.

Jamaica Observer notes that the company said the staff cuts were
part of a restructuring that reflects its projection of continued
recession throughout 2009.  The company would refocus on its core
business of brokering securities with high interest rates and
falling inflation offering good rates of return to clients, the
same report added.

"It was imperative that we analyzed the market outlook, made
choices, realigned and continued to drive toward shareholder
value.  We are confident that we are poised to take advantage of
the opportunities and can deliver ongoing growth," The Observer
quoted Mr. Duncan as saying..

The Observer says besides the redundancies other staff will also
be affected.  Some staff will be reassigned and others will be
moved to a four-day week or contract and project work, the same
report adds.

                           About JMMMB

JMMB is the Caribbean's leading money-market broker and the
largest brokerage house in Jamaica.  It was founded in 1992.


WINDALCO: To Suspend Operations, Cuts 250 Jobs
----------------------------------------------
West Indies Alumina Company ("WINDALCO") will terminate 250
temporary employees over the next two months but will retain 850
permanent employees as it moves to suspend operations at its
Kirkvine plant in Manchester and Ewarton in St Catherine, Damion
Mitchell of The Jamaica Gleaner reports.

"Given the declining global demand for alumina and Windalco's
position as a high-cost producer, we are forced to temporarily
suspend our production,"  the report quoted Windalco Managing
Director Andrew Currie as saying.

Radio Jamaica relates the company's Jamaican operations will be
halted by March 9.

According to the Jamaican Observer, the company's announcement,
which took workers and their union by surprise, came three days
after aluminum recorded a slight increase over its lowest price in
over six years on the London Metal Exchange.  Wire services
reported at the close of trading on Friday that the three-months
aluminum price was indicated at US$1,338/48 a tonne, up from
US$1,316.50 a week before, the same report relates.

Radio Jamaica notes that the Jamaican government, which has a
joint venture arrangement with UC RUSAL, is trying to get an
extension of the closure notice.

Mining Minister Derrick Smith, Radio Jamaica relates, offered his
assurance that the Government is doing everything possible to
delay plans for the temporary closure.  However, he said closures
come as no surprise given the state of the bauxite alumina
industry globally, the same report says.

Radio Jamaica says sources said a combination of factors have
contributed to the pending closure, not the least of which is the
worldwide slump in the price of alumina and the failure to sell
hundreds of metric tonnes of bauxite already stockpiled.

An escalating dispute between the management of The Washington
Group and UC RUSAL, over the non-payment of millions of US dollars
in outstanding mining fees over the last three months, is also
said to be a factor, Radio Jamaica notes.

Meanwhile, The Gleaner notes that amid the recent company
development, Vincent Morrison, president of the National Workers
Union, said the union was disappointed that it had not been
informed of the decision to suspend operations at WINDALCO before
it was made public.

Mr. Morrison also said the union was not comforted by the
Government that it was doing everything possible to keep the plant
open, The Gleaner adds.

                         About Windalco

West Indies Alumina Company ("WINDALCO") --
http://www.windalco.com--  is situated on the island of Jamaica
in the Caribbean and is a joint venture between the Government of
Jamaica and UC RUSAL Alumina Jamaica Limited.  UC RUSAL Alumina
Jamaica Limited manages the joint venture.   The Company comprises
two alumina refineries (Ewarton Works and Kirkvine Works), a
shipping port (Port Esquivel) and also bauxite mines in
Schwallenburgh (Ewarton) and Russell Place (Kirkvine) and farms in
Manchester and St. Ann.



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

CEMEX SAB: Reports Fourth-Quarter and Full-Year 2008 Results
------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed consolidated net sales decreased
23% in the fourth quarter of 2008 to US$4.5 billion and remained
flat for the full year at US$21.7 billion versus the comparable
periods in 2007.  EBITDA fell 27% in the fourth quarter of 2008 to
US$808 million and decreased 5% for the full year to US$4.3
billion.

CEMEX's Consolidated Fourth-Quarter and Full-Year Financial and
Operational Highlights

    * Lower sales in the quarter were primarily attributable to
      lower volumes, which were partially mitigated by better
      price resiliency in most of our markets.  The infrastructure
      sector was the main driver of demand in most of the markets
      we serve.

    * Free cash flow after maintenance capital expenditures for
      the quarter was US$474 million, down 29% from US$671 million
      in the same quarter of 2007. For the full-year 2008, free
      cash flow after maintenance capital expenditures was up 1%
      to US$2.6 billion.

    * Operating income in the fourth quarter decreased 35%, to
      US$384 million, from the comparable period in 2007 and
      decreased 16% to US$2.5 billion for the full-year 2008.

Hector Medina, Executive Vice President of Planning and Finance,
said: "The year 2008 was one of extraordinary volatility in the
financial markets and economic weakness that continues to spread
throughout the global economy and the fourth quarter was one of
the most difficult quarters in recent history.  In response to the
challenging times we are facing, we remain focused on paying down
debt and improving the efficiency of our operations in order to
strengthen our financial structure."

   Consolidated Corporate Results
   ==============================

In the fourth quarter of 2008, majority net income was a loss of
US$707 million.  For the full-year 2008, majority net income
decreased 92% to US$203 million.  The loss in majority net income
for the quarter is due primarily to lower operating income, the
loss on financial instruments, and an impairment expense, all
partially mitigated by the recognition of a deferred tax benefit.

Net debt at the end of the fourth quarter was US$18 billion.  The
net-debt-to-EBITDA ratio reached 4.0 times at the close of the
fourth quarter of 2008 compared with 3.4 times at the close of the
third quarter of 2008.  Interest coverage reached 4.9 times at the
close of the quarter, up from 4.8 times in third quarter 2008.

   Main Markets Fourth-Quarter Highlights
   ======================================

CEMEX's operations in Mexico reported net sales of US$820 million
in the fourth quarter of 2008, down 13% from the same period in
2007.  EBITDA decreased 14% to US$302 million.

Net sales in operations in the United States decreased 32% in the
fourth quarter of 2008 to US$983 million.  EBITDA decreased 55% to
US$129 million versus the same period in the previous year.

In Spain, net sales for the quarter were US$247 million, down 49%
from the fourth quarter of 2007, while EBITDA decreased 59% to
US$60 million.

Operations in the United Kingdom experienced a 36% decrease in net
sales, to US$318 million, when compared with the same quarter of
2007.  EBITDA was a loss of US$19 million in the fourth quarter.

During the fourth quarter of 2008, net sales in the Rest of Europe
region decreased 11% to US$922 million versus the comparable
period in the previous year.  EBITDA decreased 15% to US$82
million versus US$96 million in the comparable period of 2007.

CEMEX's operations in South/Central America and the Caribbean
region reported net sales of US$378 million during the fourth
quarter of 2008, representing a decrease of 28% from the same
period in 2007.  EBITDA decreased 29% for the quarter to US$121
million versus US$169 million in 2007.

Fourth-quarter net sales in Africa and the Middle East region were
US$278 million, up 46% from the same quarter of 2007.  EBITDA
increased 121% to US$72 million for the quarter versus the
comparable period in 2007

Operations in the Asia and Australia region reported an 18%
decrease in net sales, to US$424 million, versus the fourth
quarter of 2007, while EBITDA was US$76 million, down 6% from the
same period in the previous year.

                           About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de
C.V.'s  'BBB-' foreign currency Issuer Default Rating to 'BB+';
'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured
debt obligations to 'BB+'.  The Rating Outlook is Negative.

According to Fitch, the rating actions reflect weaker than
expected operating results and higher leverage levels than
previously anticipated due to economic weakness in most of the
company's important markets.


CORP DURANGO: Inks "Standstill" Deal With Creditors on 2017 Bonds
-----------------------------------------------------------------
Corporacion Durango, S.A. de C.V. has reached a "standstill"
agreement with its main creditors on its 2017 bonds, Andres R.
Martinez of Bloomberg News reports.

The agreement expires on March 6 and may lead to the restructuring
of the notes, Durango said in a stock exchange statement obtained
by Bloomberg News.

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2009, Bloomberg News said Corporacion Durango'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.

Bloomberg News related 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 noted, 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 added.

A TCLA report on Oct. 7, 2008, citing 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.

                     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 downgraded the foreign and local
currency issuer default ratings of Corporacion Durango S.A. de
C.V. to 'D' from 'CC' and affirmed its 'CC/RR4' rating of the
company's notes due in 2017.


CORPORACION GEO: Moody's Assigns 'Ba3' Global Scale Issuer Rating
-----------------------------------------------------------------
Moody's de Mexico has assigned a long-term A3.mx national scale
issuer rating, and Ba3 global scale local currency issuer rating,
to Corporación GEO S.A.B de C.V.  In addition, Moody's assigned a
short-term MX-2 national scale issuer rating, and Not Prime global
scale local currency issuer rating.

This is the first time Moody's has rated GEO, a fully integrated
homebuilder engaged in design, development, construction,
marketing, commercialization and delivery of affordable-level,
middle-class and residential housing communities in Mexico.  The
rating outlook is stable.

According to Moody's, the A3.mx and MX-2 long-term and short-term
issuer ratings, reflect GEO's position as one of the largest
publicly traded homebuilders in Mexico in terms of housing units
sold, as well as its conservative capital structure and strong
profitability and liquidity metrics.  The company was founded in
1973 and has been a publicly traded company since 1994.  It is a
leading housing developer in Mexico and one of the largest in
Latin America, with a well respected and strong reputation for
design and quality.  The company has an 8% market share in a very
fragmented market.  In addition, the ratings reflect GEO's
efficient controls and construction expertise, well executed land
reserve strategy and brand recognition.

GEO's primary credit challenges are that it relies on the Mexican
economic and political environment, the government's current
strong support for housing and the high costs of land and land
development.  Furthermore, the housing development market is
fragmented, and homes are built on a speculative basis.  GEO has
100% of the risk of finding the home buyers.  The funding of homes
remains concentrated with INFONAVIT, FOVISSTE and Sociedad
Hipotecaria Federal and the timing of receipt of the mortgages
funded by these government and quasi-government entities can range
from three to twelve months.  Finally, the company uses modest
levels of total debt with approximately 55% of its debt being
short-term debt, which can create liquidity and funding problems.
Nevertheless, Moody's notes that GEO carries cash levels that
cover its corporate short-term (short-term debt excluding debt
tied to its construction projects) by approximately 2x.

The stable rating outlook is based on Moody's determination that
GEO's sound management team executes strong internal controls,
construction expertise and efficient methods.  Moody's believes
that GEO has strong franchise value, with a well-recognized brand
and a valuable land reserve strategy.  The stable outlook also
reflects Moody's expectation that GEO will at least maintain its
fixed charge coverage ratio and effective leverage, continue to
improve efficiencies in land development, continue to access the
public capital markets and reduce its reliance on funding from
government-sponsored entities.  Furthermore, Moody's also expects
that GEO will continue to focus on targeting its current product
mix, while maintaining high quality construction and its market
leadership.

Moody's stated that rating improvements will be based on GEO
maintaining its franchise leadership while improving its solid
credit statistics, which, Moody's believes, will take time. Rating
improvements could result from bringing Total Debt/EBITDA closer
to 1X, Total Debt/Total Assets closer to 11%, fixed charge
coverage closer to 9X, while at a minimum having EBITDA margins
between 20% to 25%. Downward rating pressure would result from
substantial missteps in its growth strategy.  For example, not
successfully completing its large city projects and the
construction of a fully automated factory for prefabricated
components for home construction.  In addition, downward rating
movements will be predicated upon bringing total debt to total
asset levels closer to 35%, with EBITDA margins falling below 15%
and fixed charge coverage falling consistently below 5X.
Increased costs of land and land development would also result in
negative rating pressure, as would an adverse shift in Mexican
governmental housing policy.

These ratings were assigned with a stable outlook:

  -- Corporación GEO S.A.B de C.V.: Long-term A3.mx national scale
     issuer rating, and Ba3 global scale local currency issuer
     rating

  -- Corporación GEO S.A.B de C.V.: Short-term MX-2 national scale
     issuer rating, and Not Prime global scale local currency
     issuer rating

Corporación GEO is a publicly traded, fully integrated homebuilder
engaged in the development, construction, marketing and sale of
affordable housing developments in Mexico.  The firm reported
total assets of approximately US$23,243 million Mx pesos and total
equity of approximately US$9,935 million Mx pesos at September 30,
2008.

GEO's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as i) the
business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of GEO's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.



====================
P U E R T O  R I C O
====================

BERNARDO ORTIZ: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Bernardino Ortiz-Santiago
       Vera Ann Burrell Street
       d/b/a El Meson Del Caribe
       PO Box 1265
       Caguas, PR 00726

Bankruptcy Case No.: 09-00376

Chapter 11 Petition Date: January 25, 2009

Court: United States Bankruptcy Court
      District of Puerto Rico (Old San Juan)

Debtor's Counsel: Jacqueline Hernandez Santiago, Esq.
                 Jacqueline Hernandez Santiago
                 PO Box 366431
                 San Juan, PR 00936-6431
                 Tel: (787) 751-1836
                 Email: Quiebras1@Gmail.Com

Total Assets: US$3,502,100

Total Debts: US$1,738,811

A full-text copy of the Debtor's petition, including its largest
unsecured creditors, is available for free at:

           http://bankrupt.com/misc/prb09-00376.pdf

The petition was signed by Bernardo Ortiz-Santiago and Vera Ann
Burrell Street.


CARABEL EXPORT: Case Summary & 19 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Carabel Export and Import Inc.
       Dba ItalCeramica
       P.O. Box 961
       Caguas, PR 00726

Bankruptcy Case No.: 08-08956

Debtor-affiliates filing separate Chapter 11 petitions:

  Entity                               Case Number
  ------                               -----------
Quattro Group Corporation                 08-08960
Architectural Materials Corp.             08-08958
MHD Investments Corporation               08-08961

Chapter 11 Petition Date: December 30, 2008

Court: United States Bankruptcy Court
      District of Puerto Rico (Old San Juan)

Judge: Enrique S. Lamoutte

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                 Charles A Curpill, PSC Law Office
                 356 Calle Fortaleza, Second Floor
                 San Juan, PR 00901
                 Tel: (787) 977-0515
                 Email: cacuprill@aol.com

Total Assets: US$14,544,289

Total Debts: US$26,957,250

The Debtors' 19 largest unsecured creditors:

  Entity                       Nature of Claim    Claim Amount
  ------                       ---------------    ------------
WesternBank                     C-Debtor in Bank     18,178,438
WesternBank World Plaza         Loans
Suite 600, Hato Rey
San Juan, PR 00918

Departamento De Hacienda        Taxes                 2,288,192
de PR
Bankruptcy Section (424-B)
PO Box 9024140
San Juan, PR 00902-4140

CRIM                            Property taxes          740,265
P.O. Box 70235
San Juan, PR 00936-8235

Ceramica Artistica Due          Inventory               375,199
                               Purchases

Atlas Concorde S.P.A.           Inventory               293,802
                               Purchases

Happy House                     Inventory               252,938
                               Purchases

Novabell SRL                    Inventory               224,868
                               Purchases

Laufen Tile                     Inventory               166,875
                               Purchases

Sichenia Grupp Ceramica         Inventory               145,110
                               Purchases

Edilgres Sirio                  Inventory               141,475
                               Purchases

Sucs Manuel Gomez Gomez         Inventory               134,448
Properties                      Purchases

Technokolla SpA                 Inventory               133,254
                               Purchases

Domino Ind Ceramics SA          Inventory               129,189
                               Purchases

Pamesa Ceramica, SL             Inventory               125,926
                               Purchases

F.J. Tytherleigh                Freight Services        111,348

Luis Sanchez Diez, S.A.         Inventory                97,142
                               Purchases

Martinez, Odell & Calabria      Legal fees               87,233

Municipio De San Juan           Municipal sales          85,281
                               and use tax

Stylnul, SA                     Inventory                81,585
                               Purchases

Unicom SRL                      Inventory                78,506
                               Purchases



                            ***********

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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