TCRLA_Public/090210.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 10, 2009, Vol. 9, No. 28

                            Headlines

A R G E N T I N A

CALEMBEL SA: Trustee Verifying Proofs of Claim Until March 23
CAMINOS DE LAS: Trustee Verifying Proofs of Claim Until April 1
CASA REICH: Trustee Verifying Proofs of Claim Until March 27
IMPORTADORA SOFT: Trustee Verifying Proofs of Claim Until April 23
ISOLDI HNOS: Trustee Verifying Proofs of Claim Until May 4

METALES DEL: Trustee Verifying Proofs of Claim Until March 30
VALUST SOCIEDAD: Trustee Verifying Proofs of Claim Until April 16
YLANA SA: Trustee Verifying Proofs of Claim Until March 10


B E R M U D A

KOREA BORDEAUX: Creditors' Proofs of Debt Due on February 19
KOREA BORDEAUX: Members' General Meeting Set for March 9
UNITED EQUINE: Creditors' Proofs of Debt Due on February 23
UNITED EQUINE: Sole Member's General Meeting Set for March 10


B R A Z I L

BANCO DO BRASIL: Regulator Probes Banestes Share Trading
COMPANY SA: Fitch Hikes Currency IDRs to 'BB-' on Brascan Merger


C A Y M A N  I S L A N D S

ALEXANDER LINKPERMAL: Members Receive Wind-Up Report
ARMITAGE ABS: Shareholders Receive Wind-Up Report
AVENTINE HILL: Shareholders Receive Wind-Up Report
CAYMAN ISLANDS: Shareholders Receive Wind-Up Report
CHINA WALDEN: Members Receive Wind-Up Report

CHINAPLUS LIMITED:  Members Receive Wind-Up Report
CUMULUS CLIMATE: Members Receive Wind-Up Report
DARREN MULTI-STRATEGY: Shareholders Receive Wind-Up Report
DROGHEDA CONSULTANCY: Shareholder Receives Wind-Up Report
HINDSIGHT EQUITY: Shareholders Receive Wind-Up Report

JACOBI ACTIVE: Members Receive Wind-Up Report
JNT ACTIVE: Members Receive Wind-Up Report
MESTASTASIO: Members to Hear Wind-Up Report on March 4
NESTOR CORP: Shareholders Receive Wind-Up Report
PACIFIC COAST: Members to Hold Meeting on October 27

PPM RIVIERA: Shareholders Receive Wind-Up Report
QUINTUS GRANDWAY: Shareholders Receive Wind-Up Report
ROCKBOUND CDO: Shareholders Receive Wind-Up Report
TASMAN CDO: Shareholders Receive Wind-Up Report
WALDEN CHINA: Members Receive Wind-Up Report

* CAYMAN ISLANDS: Updated Insolvency Law to Take Effect March 1


C H I L E

COMPANIA SUD: S&P Downgrades Counterparty Credit Rating to 'BB-'
SOCOVESA SA: May Lay Off 3,000 Employees on Weak Demand


C O L O M B I A

TRANSTEL INTERMEDIA: Extends Offer for 12% Sr. Notes Due 2016
TRANSTEL INTERMEDIA: S&P Withdraws 'D' Corporate Credit Rating


E C U A D O R

ECOPETROL: Reschedules Release of 2008 Results to Feb. 17
ECOPETROL: Acquires Offshore Int'l with KNOC for US$900 Million
PETROECUADOR: December Export Revenues Drop 60% to US$159 Million


G U Y A N A

* GUYANA: Striking Air Traffic Controllers Risk Losing Jobs


J A M A I C A

AIR JAMAICA: Could Liquidate if No Buyer Emerges
AIR JAMAICA: Offers New Flights as Part of Business Plan


M E X I C O

PANAMA CANAL RAILWAY: S&P Affirms 'BB' Corporate Credit Rating
VITRO SAB: Credit Suisse Files Suit Seeking US$85 Million


T R I N I D A D  &  T O B A G O

CL FINANCIAL: President OKs Bail-Out; Govt. to Take Control


V E N E Z U E L A

BANCO OCCIDENTAL: Fitch Puts 'B-' on Neg. Watch on Merger Costs
* VENEZUELA: January Car Sales Hit 4-Year Low Due to Import Ban


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

CALEMBEL SA: Trustee Verifying Proofs of Claim Until March 23
-------------------------------------------------------------
The court-appointed trustee for Calembel S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 23, 2009.

The trustee will present the validated claims in court as
individual reports on May 6, 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
June 18, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 27, 2009.


CAMINOS DE LAS: Trustee Verifying Proofs of Claim Until April 1
---------------------------------------------------------------
The court-appointed trustee for Caminos de las Sierras S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until April 1, 2009.

The trustee will present the validated claims in court as
individual reports on May 27, 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
August 20, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 26, 2010.


CASA REICH: Trustee Verifying Proofs of Claim Until March 27
------------------------------------------------------------
Ricardo Bertoglio, the court-appointed trustee for Casa Reich
Sociedad Responsabilidad Limitada's bankruptcy proceedings will be
verifying creditors' proofs of claim until March 27, 2009.

Mr. Bertoglio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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 Trustee can be reached at:

         Ricardo Bertoglio
         Lavalle 1537
         Buenos Aires, Argentina


IMPORTADORA SOFT: Trustee Verifying Proofs of Claim Until April 23
------------------------------------------------------------------
Ruth Alfici, the court-appointed trustee for Importadora Soft Hard
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until April 23, 2009.

Ms. Alfici will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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 Trustee can be reached at:

         Ruth Alfici
         Rodriguez Pena 565
         Buenos Aires, Argentina


ISOLDI HNOS: Trustee Verifying Proofs of Claim Until May 4
----------------------------------------------------------
The court-appointed trustee for Isoldi Hnos. y Cia. S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 4, 2009.


METALES DEL: Trustee Verifying Proofs of Claim Until March 30
-------------------------------------------------------------
The court-appointed trustee for Metales del Talar Sociedad
Anonima's reorganization proceedings will be verifying creditors'
proofs of claim until March 30, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, 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
December 22, 2009.


VALUST SOCIEDAD: Trustee Verifying Proofs of Claim Until April 16
-----------------------------------------------------------------
Mauricio Maudric, the court-appointed trustee for Valust Sociedad
Responsabilidad Limitada's bankruptcy proceedings will be
verifying creditors' proofs of claim until April 16, 2009.

Mr. Maudric 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. 26, 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 Trustee can be reached at:

         Mauricio Maudric
         Tucuman 893
         Buenos Aires, Argentina


YLANA SA: Trustee Verifying Proofs of Claim Until March 10
----------------------------------------------------------
The court-appointed trustee for Ylana S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 10, 2009.

The trustee will present the validated claims in court as
individual reports on April 27, 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
June 6, 2009.



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

KOREA BORDEAUX: Creditors' Proofs of Debt Due on February 19
------------------------------------------------------------
The creditors of Korea Bordeaux Wine 2 Ltd. are required to file
their proofs of debt by February 19, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 3, 2009.

The company's liquidator is:

         Steven J. Trumper
         Sofia House, 1st Floor
         48 Church Street
         Hamilton Bermuda


KOREA BORDEAUX: Members' General Meeting Set for March 9
--------------------------------------------------------
The members of Korea Bordeaux Wine 2 Ltd. will hold their final
general meeting on March 9, 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. 3, 2009.

The company's liquidator is:

         Steven J. Trumper
         Sofia House, 1st Floor
         48 Church Street
         Hamilton Bermuda


UNITED EQUINE: Creditors' Proofs of Debt Due on February 23
-----------------------------------------------------------
The creditors of United Equine Investments Ltd. are required to
file their proofs of debt by February 23, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings Dec. 15, 2008.

The company's liquidator is:

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


UNITED EQUINE: Sole Member's General Meeting Set for March 10
-------------------------------------------------------------
The sole member of United Equine Investments Ltd. will hold the
final general meeting on March 10, 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 Dec. 15, 2008.

The company's liquidator is:

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



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

BANCO DO BRASIL: Regulator Probes Banestes Share Trading
--------------------------------------------------------
Brazilian regulator Comissao de Valores Mobiliarios ("CVM") began
investigation on trading of Banestes SA - Banco do Estado do
Espirito Santo SA's shares before Banco do Brasil SA said Feb. 5
it's in acquisition talks, Bloomberg News reports.

As reported yesterday in the Troubled Company Report-Latin
America, Banco do Brasil started negotiations to buy regional bank
Banestes from Bazil's southeastern state of Espirito Santo.

According to Bloomberg News, Banestes, surged 36 percent in four
days prior to Banco do Brasil's announcement, and trading levels
were about six times the average over the past six months.

CVM will ask Banestes and Banco do Brasil to provide the names of
people involved in the negotiations, Bloomberg News says citing
the regulator in an e-mailed statement.

CVM "is analyzing the oscillations in price and the authority will
send letters to Banestes and BB to check all the people that were
involved in the operation," the regulator said in the statement
obtained by Bloomberg News.

Spokesmen for Banestes and Banco do Brasil declined to comment,
the report notes.

Bloomberg News relates Banco do Brasil has stepped up acquisitions
in recent months after losing its position as Brazil's biggest
bank.

The report recalls Banco do Brasil:

   -- agreed in January to pay BRL4.2 billion
      (US$1.87 billion) for a 50 percent
      stake in Banco Votorantim SA in a
      bid to boost its car-loan operations;

   -- in the past seven months, acquired
      Sao Paulo state-owned Nossa Caixa
      for BRL5.39 billion;

   -- paid BRL685 million for Banco do Estado
      de Santa Catarina; and

   -- agreed to take over Banco do Estado
      do Piaui SA for BRL81.7 million.

Banco do Brasil is also holding negotiations to buy Banco de
Brasilia, which transaction may top BRL800 million, Bloomberg News
adds citing a Jan. 6 O Estado de S. Paulo report.

                       About Banco do Brasil

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

                          *     *     *

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

  -- Long-term foreign and local currency Issuer Default Rating at
     'BBB-'
  -- Short-term foreign and local currency IDR at 'F3'
  -- Support Rating at '2'
  -- Individual Rating at 'C/D'
  -- Support Rating Floor at 'BBB-'
  -- National Long-term rating at 'AA+(bra)'
  -- National Short-term rating at 'F1+(bra)'


COMPANY SA: Fitch Hikes Currency IDRs to 'BB-' on Brascan Merger
----------------------------------------------------------------
Fitch Ratings has upgraded Company S.A.'s Issuer Default Rating
and other ratings:

  -- Foreign Currency IDR to 'BB-' from 'B+';

  -- Local Currency IDR to 'BB-' from 'B+';

  -- Long-term National Rating to 'A+(bra)' from 'A-(bra)';

  -- BRL75 million debentures maturing 2012 to 'A+(bra)' from 'A-
     (bra)'.

The upgrade follows the completion of Company's merger and
integration by Brascan Residential Properties S.A.  Following
completion of the acquisition, Company is a full subsidiary of
BRP.  Fitch placed the ratings of Company and its debentures on
Rating Watch Positive following the announcement of the merger
agreement on Sept. 12, 2008.  Fitch has removed Company from
Rating Watch Positive.  The Rating Outlook for Company is
Negative.

The Negative Outlook reflects Fitch's expectation that
homebuilders in Brazil will face a challenging operating
environment and financial pressure in 2009 and 2010, and is in
line with the rating action taken by Fitch on the homebuilding
sector on Jan. 21, 2009.

Company's merger with BRP has led to an improved financial profile
of the combined entity in comparison to Company on a stand-alone
basis.  BRP integrates a globally diversified real estate group
and has enhanced its operating and financial performance over the
past three years.  For the last 12 months ending Sept. 30, 2008,
the combined entity showed a proforma EBITDA margin of 32.9%
following the merger.  This is higher than the EBITDA margin of
20.1% presented by Company on a stand-alone basis and is also
higher than the industry average.  Proforma total debt/EBITDA of
2.3 times (x) and net debt/EBITDA of 1.3x is also healthier than
the sector's average peer ratios.  On a stand-alone basis,
Company's total debt/EBITDA is 4.5x and net debt/EBITDA is 2.6x
for the same period.  Consolidated leverage should increase during
the next three years, mainly as a result of increased utilization
of Housing Financial System loans, which does not impact cash flow
for principal repayment.  With more than half of the future debt
estimated to be funded with SFH loans, total debt/EBITDA is
expected not to exceed 3.5 times by 2011, with a minimum total
combined cash balance of around BRL200 million.  The combined land
bank of Company and BRP results in a robust BRL16.4 billion of
potential sales value.

Combined BRP and Company figures reveal adequate liquidity and
debt structure.  The merger financially benefited Company,
positioning it well for the challenging environment ahead.  On
Sept. 30, 2008, the proforma combined BRP and Company cash
position showed a balance of BRL336 million, equivalent to 111% of
the combined short-term debt and 44% of total debt.  The combined
total receivables of concluded units, not linked to debt, amounted
to BRL449 million, thus representing a relevant liquidity reserve.
In the last quarter of 2008, BRP paid BRL200 million to Company's
former shareholders as part of the merger terms.  The
BRL200 million new capital subscription announced on Jan. 15, 2009
by BRP should replace such disbursement and reinforces combined
liquidity.

Company became a BRP business unit following its merger in October
2008, which included the incorporation of its former controlling
shareholders and directors managers into BRP's operating
structure.  BRP is a real estate holding company specialized in
residential projects from high- to low-middle income and is also
specialized in office buildings.  BRP has geographically
diversified operations and revenue streams.  The combined group is
indirectly controlled by Brookfield Asset Management through
intermediate holding companies.  BAM is an international manager
of assets amounting to around US$90 billion, including
US$38 billion of real estate assets. BAM is rated 'BBB+' by Fitch
with a Stable Outlook.



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

ALEXANDER LINKPERMAL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Alexander Linkpermal Fund met on January 23, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Richard L. Finlay
         c/o Krysten Lumsden
         P.O. Box 2681 GT, Grand Cayman
         Telephone: (345) 945 3901
         Facsimile: (345) 945 3902


ARMITAGE ABS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Armitage ABS CDO, Ltd. met on January 23,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


AVENTINE HILL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Aventine Hill CDO I, Ltd. met on January 23,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


CAYMAN ISLANDS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Cayman Islands Zetes Corp. met on January 22,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Peter Bigwood
         P.O. Box 1370, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 815 8242
         Facsimile: (345) 949 7120


CHINA WALDEN: Members Receive Wind-Up Report
--------------------------------------------
On January 5, 2008, Timothy James Reid presented the companies'
wind-up report and property disposal to the members of:

   -- China Walden Venture Investments Ltd; and
   -- China Walden Management Ltd.

The Liquidator can be reached at:

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


CHINAPLUS LIMITED:  Members Receive Wind-Up Report
--------------------------------------------------
The members of Chinaplus Limited met on January 21, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Wong Hong Kit
         c/o Michelle R. Bodden-Moxam
         Bridge Street Services Limited
         Marquee Place, Suite 300, 430 West Bay Road
         P.O. Box 30691, Grand Cayman KY1-1203
         Cayman Islands
         Tel: 345-946-6145
         Fax: 344-946-6146


CUMULUS CLIMATE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Cumulus Climate Master Fund met on January 22,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


DARREN MULTI-STRATEGY: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Darren Multi-Strategy Fund, Ltd. met on
January 23, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


DROGHEDA CONSULTANCY: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The sole shareholder of Drogheda Consultancy Limited met on
January 27, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Shaun T. McCann
          Campbells Attorneys
          Scotia Centre, 4th Floor
          George Town, P O Box 884
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: +1345 949 2648
          Facsimile: +1345 949 8613


HINDSIGHT EQUITY: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Hindsight Equity Focus Fund (Cayman) Limited
met on January 23, 2009, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


JACOBI ACTIVE: Members Receive Wind-Up Report
---------------------------------------------
The members of Jacobi Active Leveraged Home Equity Loan Fund met
on January 22, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


JNT ACTIVE: Members Receive Wind-Up Report
------------------------------------------
The members of JNT Active Leveraged Home Equity Loan Fund met on
January 22, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MESTASTASIO: Members to Hear Wind-Up Report on March 4
------------------------------------------------------
The members of Mestastasio International Holding will meet on
March 4, 2009, at 12:00 noon to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NESTOR CORP: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Nestor Corp. met on January 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Peter Bigwood
         P.O. Box 1370, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 815 8242
         Facsimile: (345) 949 7120


PACIFIC COAST: Members to Hold Meeting on October 27
----------------------------------------------------
The members of Pacific Coast Financial Inc will meet on Oct. 27,
2009, at 9:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ramon R. Arnaiz
         2401-B General Ferreira St.
         Tijuana, Baja California
         Mexico


PPM RIVIERA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of PPM Riviera Loan Fund, Ltd. met on January 23,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


QUINTUS GRANDWAY: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Quintus Grandway Multistrategy Fund Limited
met on January 23, 2009, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


ROCKBOUND CDO: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Rockbound CDO I, Ltd. met on January 23, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


TASMAN CDO: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Tasman CDO, Ltd. met on January 23, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


WALDEN CHINA: Members Receive Wind-Up Report
--------------------------------------------
The members of Walden China Ltd. met on January 5, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

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




* CAYMAN ISLANDS: Updated Insolvency Law to Take Effect March 1
---------------------------------------------------------------
The updated insolvency legislation in the Cayman Islands together
with the other sections of the Companies (Amendment) Law 2007 will
take effect on March 1, 2009, Cayman Net News reports.

The updated insolvency litigation was drafted by Cayman Islands'
Insolvency Rules Committee.

The report relates that the Cayman Islands Society of Professional
Accountants ("CISPA") is welcoming the enactment of the new law.

According to the report, the new legislation has taken together
the significantly updated Part V of the Companies Law, which deals
with insolvency generally and the introduction of Part XVI, which
deals with international co-operation.

Cayman Net News discloses some of the more significant aspects of
the legislative changes include:

    * Standing to file a winding up petition has been extended, to
      include contingent and prospective creditors;

    * Giving power to the court to dismiss a winding-up petition
      filed by someone who is contractually bound not to present
      one;

    * A new section relating to Fraudulent Trading, adopting a
      similar concept from the English Insolvency law;

    * Voluntary liquidations – where a newly created Declaration
      of Solvency is now required from the directors.  If such
      Declaration of Solvency is not given, the liquidation must
      be brought under the supervision of the Court;

    * The introduction of a new concept - that of Doubtful
      Solvency - which allows for shareholders as well as
      creditors to have representation on the liquidation
      committee;

    * The ability of the liquidation committee to appoint its own
      legal counsel, and have those legal fees and expenses paid
      out of the estate as an expense of the liquidation;

    * Voluntary liquidations – where a newly created Declaration
      of Solvency is now required from the directors.  If such
      Declaration of Solvency is not given, the liquidation must
      be brought under the supervision of the Court;

    * The introduction of a new concept - that of Doubtful
      Solvency - which allows for shareholders as well as
      creditors to have representation on the liquidation
      committee;

    * Introducing some specific criteria for the eligibility of
      liquidators; and

    * Establish rules relating to liquidators' remuneration.

Cayman Net News says the new Part XVI of the Companies Law sets
out the way in which the Cayman Court has the power to make orders
in aid of foreign insolvency proceedings.  It allows discretion on
the part of the Court, rather than being mandatory, the report
notes.



=========
C H I L E
=========

COMPANIA SUD: S&P Downgrades Counterparty Credit Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Rating Services said that it lowered its long-
term counterparty credit rating on Compania Sud Americana de
Vapores to 'BB-' from 'BB+'.  The rating remains on CreditWatch
with negative implications.

"The rating action follows a significant deterioration in the
company's operating and financial performance, both of which have
severely weakened CSAV's liquidity position.  This is a
consequence of very challenging industry conditions that will
continue to affect the company's financial position in the coming
years.  Although CSAV is taking immediate actions to restructure
its operations and is looking to strengthen its capital base
through an equity infusion from its shareholders, S&P believes the
difficult market environment will continue to pressure CSAV's
credit profile," said Standard & Poor's credit analyst Diego
Ocampo.

The ratings on CSAV reflect its weak business risk profile.  The
company's modest business position in the volatile container
shipping market is the result of its weak operating efficiency,
particularly in the most competitive long-haul routes such as the
east-west trades.  It also has an aggressive ship-management
strategy (involving heavy use of a chartered fleet) in a
higher-than-average risk industry.  These negatives lead to very
volatile profits and cash-flow generation.  In addition, CSAV's
aggressive use of off-balance-sheet financing, and to a lesser
extent, its active investment program are likely to reduce the
company's financial flexibility.  The company's strong positioning
in the South American west-coast routes (that stems form its
longstanding relationships with major Chilean exporters) and
its port services operations in major key Chilean ports, which
provide CSAV with a relatively predictable stream of profits,
partially mitigate the negative factors.

Despite some expected improvements, S&P expects CSAV's operations
to remain unprofitable and consume significant amounts of cash in
2009 and 2010.  In this context, S&P's assessment of CSAV's
financial profile is focused on available liquidity and other
financial resources that could help the company weather these
challenging times.

CSAV is a Chilean shipping company founded in 1872 and
traditionally involved in the containership industry.  With total
revenues of US$4.9 billion for fiscal 2008 and worldwide
operations, CSAV covers the routes that link the east and west
coasts of South America with North America and Europe and the
competitive east-west routes, with traffic among North Europe, the
Mediterranean, the Persian Gulf, Asia, and North America.  The
Claro Group, a
diversified business group in Chile, controls CSAV.

"The CreditWatch listing reflects our views on imminent challenges
that could lead the company to further disappointing operating
performance that could deepen cash-flow shortfalls.  In this
context, liquidity and the actions the company is taking to
strengthen its liquidity position remain key.  S&P could further
downgrade the company if it does not reduce operational cash
losses.  To avoid a downgrade, an increase in the liquidity
position should accompany operational improvement.  This could
materialize with the planned increase in capital.  S&P expects to
resolve the CreditWatch within the next 90 days, probably after
the release of the first-quarter results when S&P also expects to
have more details on the evolution of the equity infusions," Mr.
Ocampo added.



SOCOVESA SA: May Lay Off 3,000 Employees on Weak Demand
-------------------------------------------------------
Socovesa SA may reduce its workforce of 6,000 into half this year
after shelving new projects amid slumping demand, James Attwood of
Bloomberg News reports, citing Chief Executive Officer Cristian
Hartwig.

According to the report, CEO Hartwig said Chile's home sales
shrank about 20% last year as the country's economic growth slowed
in the worst global financial crisis since the great depression of
1929 in the United States.  The company, the report relates, gets
about 80% of its business from housing.

Bloomberg News notes CEO Hartwig said Socovesa SA is delaying
plans for new projects.  "Almost no one is doing new projects --
everyone's very cautious about debt levels and buying land," the
report quoted CEO Hatwig as saying.  "The majority of the industry
is well prepared for this year," he said.

CEO Hartwig, the report notes, said Chile's housing market will
probably stabilize in 2009, as the central bank cuts interest
rates and the government increases spending to shield the economy
from a recession.

                       About Socovesa S.A.

Socovesa S.A. (Socovesa) -- http://www.socovesa.cl -- is a
Chile-based real estate company.  The company is focused in the
prospecting, development, sales and management of residential
property (buildings and houses).  Additionally, the company
provides interior decoration, landscape design services and
financing support.  Socovesa serves a highly diversified
geographical area and socioeconomic population strata.  As of
December 31, 2007, the company had invested 33% of its portfolio
in real estate construction and 67% in private and public
infrastructure development. During the fiscal year ended 2007,
Socovesa fully acquired Almargo S.A., a real estate company.



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

TRANSTEL INTERMEDIA: Extends Offer for 12% Sr. Notes Due 2016
-------------------------------------------------------------
Transtel Intermedia S.A. has extended the expiration of its

  (i) private offer to exchange, for each US$100,000 of principal
      amount of its outstanding 12% Senior Notes due 2016, one of
      its units, each New Unit consisting of US$100,000 principal
      amount of its unissued Senior Secured Amortizing Step-up
      Notes due 2016 and 100 warrants to purchase shares of its
      common stock, and

(ii) solicitation of consents to:

      (a) delist the Existing Notes from the Euro MTF, the
          alternative market of the Luxembourg Stock Exchange, and

      (b) make certain amendments to the indenture governing the
          Existing Notes, the security documents related to the
          Existing Notes, certain other documentation related to
          the Existing Notes and the warrant agreement governing
          the company's warrants issued on May 17, 2006.

The Exchange Offer and Consent Solicitation are now scheduled to
expire at 5:00 p.m., New York City time, on February 13, 2009,
unless extended by the company in its sole discretion.

The Exchange Offer and Consent Solicitation are conditioned upon
at least 95% of the outstanding aggregate amount of the Existing
Notes being validly tendered and not withdrawn, which condition
may be waived by the Company in its sole discretion.  As of 5:00
p.m., New York City time, on February 6, 2009, the company was
advised by HSBC Bank USA, National Association, the exchange
agent, that an aggregate principal amount of US$56.3 million of
the Existing Notes had been validly tendered.

Any questions on the Exchange Offer and Consent Solicitation may
be addressed to:

   Morgan Stanley & Co. Incorporated
   +1-800-624-1808 or
   +1-212-761-1864.

                           About Transtel

Transtel is one of the largest private telephone entities in
Colombia.  As a holding company, it owns a majority equity stake
in seven fixed-line local telephone operating companies and one
cable TV company.


TRANSTEL INTERMEDIA: S&P Withdraws 'D' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Rating Services said that it has withdrawn its
'D' corporate credit rating on Transtel Intermedia S.A., because
there is insufficient information available to support a rating
opinion at this time.

"Following the company's default on its coupon payment due Dec. 1,
2008, S&P no longer have access to sufficient information to
continue surveillance on the company's ratings and debt
restructuring process," said Standard & Poor's credit analyst
Fabiola Ortiz.

Transtel is one of the largest private telephone entities in
Colombia.  As a holding company, it owns a majority equity stake
in seven fixed-line local telephone operating companies and one
cable TV company.



=============
E C U A D O R
=============

ECOPETROL: Reschedules Release of 2008 Results to Feb. 17
---------------------------------------------------------
Ecopetrol S.A. has rescheduled its fourth quarter and full year
2008 earnings release to after the close of markets on Tuesday,
February 17.

The postponement is due to a delay in the final reconciliation of
some non operating expense items, which at the end the Company
does not expect to have a significant impact on its financial
results.

The company will host conference calls on Wednesday, February 18
in Spanish at 8:00 a.m. and in English at 10:00 a.m.  These calls
can be accessed through a live webcast that will be available on
the Company's website http://www.ecopetrol.com.co/

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. (BVC) under the symbol ECOPETROL.  The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s
foreign and local currency issuer default ratings at 'BB+' and
'BBB-', respectively.  The Rating Outlook is Stable.


ECOPETROL: Acquires Offshore Int'l with KNOC for US$900 Million
---------------------------------------------------------------
Ecopetrol S.A. and Korea National Oil Corporation ("KNOC")
completed the deal to acquire U.S.-based Offshore International
Group Inc. for US$900 million (50% Ecopetrol and 50% Knoc).

The main asset of Offshore International Group is Petro-Tech
Peruana S.A., engaged in exploration, development, hydrocarbon
production and gas processing activities in Peru.  It began to
operate in January 1994 in the North coast of Peru, in block Z2B,
and its current crude average production is close to 12,000
barrels per day, with estimated 2P reserves of over 100 million
barrels.

In recent years, Offshore International has strongly positioned
itself in offshore hydrocarbon exploration and production in Peru.
Offshore International has 11 blocks in Peru (1 production and 10
exploration), which altogether add up to one of the largest
offshore areas in South America (9.5 million hectares).  As of
November 2008, the revenues and net profit of the company amounted
to US$359 million and US$134 million respectively.

Offshore International Group Inc also has a holding in other
companies that provide essential services in the exploration and
production activities of Petro-Tech Peruana S.A., particularly
related to marine operations (drilling, diving and maritime
transport services).

This acquisition is an evidence of the confidence that Ecopetrol
and KNOC have in the Peruvian economy, its institutions, and its
potential in the petroleum industry.  Both companies intend to
make further investments in coming years to thus increase
hydrocarbon production and reserves.  One of the main goals is to
more than double the production volume within the next three
years.

                            About KNOC

Korea National Oil Corporation (KNOC), founded by the Korean
government in 1979, is tasked with the exploration and storage of
the nation's petroleum resources and the improvement of its
petroleum distribution infrastructure. KNOC participates in a
broad array of overseas oil development projects to achieve its
new plans for growth and enlargement. As of December 2008, KNOC is
operating a total of 44 blocks in 17 nations. KNOC has been
entrusted with the nation's petroleum stockpile projects and it
has a total capacity of 138 million barrels. KNOC strives to
guarantee the security of the nation's energy stockpile through
its efficient and advanced storage management system.

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. (BVC) under the symbol ECOPETROL.  The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s
foreign and local currency issuer default ratings at 'BB+' and
'BBB-', respectively.  The Rating Outlook is Stable.


PETROECUADOR: December Export Revenues Drop 60% to US$159 Million
-----------------------------------------------------------------
Petroecuador's crude export revenues fell 60% to US$159 million in
December 2008, from US$396 million during the same period in 2007.
The declined was due to falling oil prices, Alonso Soto of Reuters
reports, citing the central bank.

Reuters relates that the average price of Oriente crude in
December 2008 dropped to US$24 per barrel from US$80.30 in the
same period a year ago, while Napo crude dropped US$28 per barrel
to US$73.70.

According to the report, crashing oil prices have forced President
Rafael Correa to slash government investment.

As reported in the Troubled Company Reporter-Latin America on
Jan. 12, 2009, Ecuador's Oil Minister Derlis Palacios, as cited by
Reuters, said Petroecuador could invest around US$1.2 billion in
2009, less than the initial investment budget for 2008 as falling
oil prices start to pinch.

Reuters recalled, for 2008, Petroecuador's board approved
investment for around US$1.7 billion to boost dwindling
production.

Minister Palacios told Reuters in an interview that the decrease
in world oil prices have prompted the government to tame early
investment in the key sector that is one of its main sources of
revenue.

                       About Petroecuador

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

                          *     *     *

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



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

* GUYANA: Striking Air Traffic Controllers Risk Losing Jobs
-----------------------------------------------------------
Transport Minister Robeson Benn threatened to terminate the
employment of Air traffic controllers ("ATC") if they will not
halt their staged strike against the Guyana Civil Aviation
Authority ("GCAA"), Caribbean News reports.  The report relates
that the workers demand payment of retroactive overtime and salary
increases for 2008, and want other concerns related to their
working conditions addressed.

According to Caribbean News, Minister Benn said GCAA could not
meet the payment demands of the ATCs.  "I want to call on the
employees of the GCAA to turn out to work, if they do not do so we
will deem them as having walked off the job.  We will write
letters... we cannot have a situation where we are being squeezed
by our pendulums," the report quoted Minister Ben as saying.

Meanwhile, the report notes that the Guyana Public Service union
("GPSU"), which is representing the workers, said its entire
membership is on standby for industrial action, should the
striking air traffic controllers be fired.

President of the GPSU Patrick Yarde, as cited by the report, said
the union is preparing a "communication to the International Labor
Organization (ILO) and to other international partners and
aircraft insurance providers should something happen because of
human error from tired and overworked air traffic controllers."

Mr. Yarde also said the matter will be brought to President
Bharrat Jagdeo's attention, the Caribbean News relates.

Caribbean Net News discloses that while the aspect of increases in
salaries in keeping with the circular referred to earlier was
addressed, the payment of retroactive overtime was not honored.



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

AIR JAMAICA: Could Liquidate if No Buyer Emerges
------------------------------------------------
Senator Don Wehby, head of Air Jamaica Privatisation Committee, is
giving the Jamaican government an option to liquidate Air Jamaica
if no viable investor was found by the divestment deadline on
March 31, The Jamaica Gleaner reports.

According to The Gleaner, Senator Wehby said liquidation is a
better option than rolling out a new round of subsidies for the
struggling flagship airline in the fiscal year ahead.

"Trying to keep it could result in a forced closure because of the
lack of funds to carry the airline, especially in the context of
the present world economic downturn and the hard demands that are
being made on the budget," Senator Wehby was quoted by the Gleaner
as saying.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2009, The Jamaica Gleaner said the Air Jamaica
Privatization Committee has confirmed that it's now in serious
discussions with three prospective investors regarding the
divestment of the national airline.

                  Union Asks Gov't to Reconsider
                       Divestment Extension

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

Radio Jamaica News said that the deepening financial woes in the
global economy could put a damper on efforts by the Bruce Golding
administration to get the loss-making Air Carrier off its books.

                        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.


AIR JAMAICA: Offers New Flights as Part of Business Plan
--------------------------------------------------------
Air Jamaica said that as part of its 2009 business plan, it will
launch new flights on February 26, 2009, which will include four
daily flights from Fort Lauderdale to Jamaica, Travelvideo.tv News
reports.

According to the report, the new schedule will also offer the only
daily non-stop flights from New York to Jamaica, with two flights
to Kingston and one to Montego Bay each day.

The report relates that Air Jamaica's new schedule has 218 weekly
flights to 13 destinations:

   * between Jamaica and Toronto,
   * New York (JFK),
   * Chicago (O'Hare),
   * Baltimore
   * Philadelphia,
   * Orlando,
   * Fort Lauderdale,
   * Curacao and Nassau, and
   * services between New York and Barbados and New York and
     Grenada.

                        About Air Jamaica

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

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

                         *     *     *

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



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

PANAMA CANAL RAILWAY: S&P Affirms 'BB' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
corporate credit rating on the Panama Canal Railway Co. and its
US$100 million senior secured notes due 2026.  The outlook is
stable.

"The ratings reflect PCRC's aggressive financial profile,
particularly its leveraged capital structure," said Standard &
Poor's credit analyst Enrique Gomez Tagle.

The ratings are also limited by PCRC's business profile, which
considers the company's highly concentrated customer base mix;
strong dependence on Panamanian ports' operating performance and
berth-space expansion plans; and exposure to customers' ongoing
adjustments to their logistics strategies.  However, PCRC's
adequate sources of liquidity, strategic geographic location,
and favorable concession terms support the ratings.

PCRC is the concession holder and operator of a 47-mile railway
system running parallel to the Panama Canal, linking Panama City
and Colon on the Pacific and Atlantic coasts, respectively.  PCRC
started operations in 2001 upon completion of two intermodal
terminals, with its core business focused on the transshipment of
containers across Panama.  PCRC is equally owned by Kansas
City Southern (B+/Stable/--) and Mi-Jack Products (not rated).


VITRO SAB: Credit Suisse Files Suit Seeking US$85 Million
---------------------------------------------------------
Credit Suisse International (CSIN) has filed a lawsuit against one
of Vitro, S.A.B. de C.V.'s subsidiaries in the Supreme Court of
the State of New York demanding payment of approximately US$85
million, the company said in a Feb. 5 statement.

The complaint arises out of a derivative financial instrument, the
company said, noting it is analyzing alternatives.

Vitro also said an accounts receivable credit facility with The
Royal Bank of Scotland, which provides funds to one of Vitro's
subsidiaries, with a balance of approximately US$19 million, which
was scheduled to end April 2009, was concluded.  The company
expects to finish the settlement process within the next three
weeks.

                  Not Paying on 2003 Loans

In order to preserve the necessary cash to continue its operations
and consistent with its Senior Notes interest payments to
bondholders announcement, Vitro elected not to make a scheduled
payment of "$150 million pesos, plus accrued interest, due
February 5, 2009 on its Certificados Bursátiles issued in 2003."

Although the documents governing the loan, called CEBURES 03,
granted the company a 3-day grace period, Vitro said it does not
intend to make the payment in such term; instead it intends to
hold discussions with the holders of the CEBURES 03 loan in an
effort to reach a mutually acceptable agreement to restructure
this financial obligation along with the rest of the financial
creditors.

Vitro said it is continuing its discussions with the
counterparties of the derivative financial instruments, its
bondholders and its creditors to achieve an organized financial
restructuring to improve its balance sheet.

                           About Vitro

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

                           *    *    *

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

Fitch Ratings also downgraded these ratings for Vitro, S.A.B. de
C.V.:

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

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

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

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

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



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

CL FINANCIAL: President OKs Bail-Out; Govt. to Take Control
-----------------------------------------------------------
Trinidad and Tobago President George Maxwell Richards has signed
the bailout bills for CL Financial Limited, giving the government
the authority to control the company's unit, CLICO (as the
provisions of the Memorandum of Understanding came into effect)
and giving the central bank extensive powers to treat with CL
Financial's collapse and the consequent systemic crisis, Ria Taitt
of Trinidad and Tobago Express reports.

As reported by Reuters on January 30, 2009, Trinidad and Tobago
seized control of Clico Investment Bank as part of a bid to bail
out a number of cash-strapped companies belonging to CL Financial.

According to Reuters, the central bank said all third party assets
and liabilities on the books of Clico and its Caribbean Money
Market Brokers unit would be transferred to state-owned First
Citizens Bank.  Central Bank Governor Ewart Williams, the same
report related, said the move is aimed to ensuring resources are
available to meet withdrawals by bank depositors and by
policyholders of the Clico Insurance company.

Reuters disclosed that Mr. Williams said the government's move was
prompted by liquidity concerns stemming from the impact of
methanol and real estate prices on the CL Financial's finances.

                     Gov't Won't Intervene in
                    Republic Bank's Operations

CIB/Clico has a 55% stake in Republic Bank.

The Express notes that in the midst of speculations that the
government will interfere in Republic Bank's operations, Minister
of Finance Karen Nunez-Tesheira said: "We assert that the
Government has no intention of taking over Republic Bank, or
getting involved in the operations of the Republic Bank."

Ms. Nunez-Tesheira, The Express recounts, met with Republic Bank
officials-chairman Ronald Harford, managing director David Dulal-
Whiteway, group corporate secretary Jacqueline Quamina and deputy
managing director Gregory Thompson and discussed the impact of the
current CIB/Clico situation on the banking system and possible
options for the eventual liquidation of CIB/Clico's 55%
shareholding in Republic Bank.

According to the Express, a joint statement by the Ministry of
Finance and Republic Bank Ltd, stated: "The Minister of Finance
reiterated that the Government does not intend to request a change
in the board of directors, management or governance structure of
Republic Bank.  Work has already begun on the share divestment
proposal and decisions will be made public in due course."

It also added: "All available options for the ownership of the
shares are being examined and a solution that is in the best
interests of all stakeholders and the country as a whole will be
arrived at.  In the interim, the shares will remain the property
of the CL Financial Group, held in trust by the Central Bank of
Trinidad and Tobago," The Express adds.

           Lawrence Duprey to Remain as CL Chairman

Trinidad and Tobago Central Bank Governor Ewart Williams confirmed
that CL Financial Chairman Lawrence Duprey will remain in his
position amid rumors that Mr. Duprey would be asked to step down
as chairman, Oscar Ramjeet of Caribbean Net News reports.

As reported in the Troubled Company Reporter-Latin America on
February 6, 2009, Trinidad & Tobago Express said Top United
Kingdom attorneys representing Lawrence Duprey's CL Financial
Group have written to Finance Minister Karen Nunez-Tesheira and
Central Bank Governor Ewart Williams to settle unresolved issues
in Government's bailout package for the distressed conglomerate.

According to Trinidad & Tobago Express, one of the issues to be
hammered out would be if Mr. Duprey stayed on as chairman of CL
Financial.

Mr. Duprey told the Express in an interview that he would step
down as CLICO chairman, but had no reason to remove himself as
chairman of the CL Financial Group.

Caribbean Net News relates, citing Trinidad Express, a new board
of directors at CL Financial subsidiary, CLICO, has however been
installed and is moving to start funding customer liabilities by
next week.

The new CLICO board is chaired by former Central Bank Governor
Euric Bobb, who was installed on February 6.

                        About CL Financial

According to Wikipedia, CL Financial is the largest privately held
conglomerate in Trinidad and Tobago and one of the largest
privately held corporations in the entire Caribbean.  Founded as
an insurance company, Colonial Life Insurance Company (CLICO) by
Cyril Duprey, it was expanded into a diversified company by his
nephew, Lawrence Duprey.  CL Financial is now one of the largest
local conglomerates in the region, encompassing over 65 companies
in 32 countries worldwide with total assets standing at roughly
US$100 billion.



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

BANCO OCCIDENTAL: Fitch Puts 'B-' on Neg. Watch on Merger Costs
---------------------------------------------------------------
Fitch Ratings has placed Banco Occidental de Descuento's Issuer
Default Rating and Individual Rating on Rating Watch Negative
after BOD acquired from its shareholder (Cartera de Inversiones de
Venezuela) Corp Banca C.A. for VEB2,400 billon in January 2009.
The bank is in the process of obtaining shareholder and regulatory
approvals in order to merge Corp Banca into BOD.

Fitch's ratings are:

  -- Long-term Foreign and Local Currency IDRs at 'B-'; Rating
     Watch Negative;

  -- Short-term Foreign and Local Currency IDRs at 'B'; Rating
     Watch Negative;

  -- Individual at 'D/E'; Rating Watch Negative;

  -- Support at '5';

  -- Long-term National rating at 'BBB-(ven)';

  -- Short-term National rating at 'F-3(ven)'.

The Support Floor rating is affirmed at NF.

Fitch expects to downgrade BOD's IDR and Individual ratings if BOD
is not able to replenish its capital base in order to compensate
for the burden imposed by the aforementioned transaction, and also
to comply with the capital regulatory guidelines imposed by the
Banking Superintendence.

BOD's ratings reflect its strong regional presence and thorough
knowledge in its area of influence.  BOD's ratings are limited by
a weak capital base, volatile asset quality ratios, low
profitability and the negative effects of government intervention
over the bank business.

Corp Banca is a mid-sized bank acquired by CIV in 2007 from the
Chilean-based Corp Group.  At the end of June 2008, Corp Banca
managed assets of around US$3.2 billion and equity of
US$237 million.  Corp Banca is a meaningful player in the local
credit card market, especially through the commercialization of
American Express cards; Corp Banca also enjoys a good market share
in the middle market (individuals and small- and medium-sized
companies).  Under CIV management, the bank has achieved
considerable growth taking advantage of the strong franchise of
BOD and the expansion plan of its parent.  Also, both banks have
been working on integrating operating platforms since 2008.

On Jan. 23, 2009, BOD completed the acquisition of 98% of the
shares of Corp Banca, paying around VEB2,400 billion to CIV.  This
price represents more than two times BOD equity and also would
result in a sizable goodwill (estimated around VEB1,500 billion,
or more than 1 times (x) BOD's equity) that will impose further
pressures to the already thin capital base of BOD.  In addition,
integration costs are still pending evaluation, but BOD expects to
leverage itself on its previous merger experiences of smaller
banks and saving and loans entities in order to minimize those
expenses and possible implementation issues.  In turn, the merger
will help BOD to enhance its position as the fifth-largest bank in
the country and expand its footprint in the central and eastern
areas of the country, while the different profile of its customer
base will help to boost further diversification.

Although the current transaction imposed further pressures to the
already thin capital base of BOD (given that the Free Capital
Ratio will plunge to negative levels due the size of the expected
goodwill) and also reduced its liquidity levels, Fitch believes
that BOD's strong franchise (especially in the Zulia region, the
second-largest economic hub in the country) and the experience of
its management team will offset some how those limitations and
move forward to a less encumbered capital base.  A future capital
infusion or the realization of some non-recurring gains due the
possible sale of some fixed assets could help to recover capital
levels, but those are still contingent on happening.  BOD was
Venezuela's fifth-largest bank in terms of funds under management
(assets + ceded investments) at year-end June 2008, with a 6.9%
market share.  It has a privileged market position in Venezuela's
leading oil-producing region, Zulia.  BOD is controlled by Cartera
de Inversiones de Venezuela, which is controlled by BOD's
president.


* VENEZUELA: January Car Sales Hit 4-Year Low Due to Import Ban
---------------------------------------------------------------
Venezuela's January car sales plunged 43% to 15,916 vehicle, the
lowest in almost four years, from the same period last year as
government restrictions on automobile imports reduced supply,
Matthew Walter of Bloomberg News reports, citing the Venezuelan
Automotive Chamber of Commerce.

The report relates that sales of imported cars also dropped 65% in
January from the same month in 2008.

According to the report, the drop in car sales has contributed to
a slowdown in the country's economic growth.

The chamber of commerce, the report notes, said sales of
domestically produced cars in Venezuela rose 34% in January from a
year earlier to 8,328 units, while total sales in January fell 17%
from December 2008.

                         *     *     *

According to Moody's Rating Agency, Venezuela continues to carry
a B2 foreign currency rating and a B1 local currency rating with
stable outlook.



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