TCRLA_Public/090211.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 11, 2009, Vol. 9, No. 29

                            Headlines

A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Global Scale Rating
QUIMICA INDUSTRIAL: Proofs of Claim Verification Due on April 3
TALMECA SA: Proofs of Claim Verification Due on April 8


B A H A M A S

RENOVA HOLDING: Moody's Downgrades Corp. Family Rating to 'Ba3'


B R A Z I L

BRASKEM: Begins Work on New Green Polyethylene Plant
COMPANY SA: Merger Completion Cues Fitch IDR Upgrade to 'BB-'
EMBRATEL: Fixed Corporate Lines Increased 53% by End of 2008
FIDC NAO: Moody's Assigns 'Ba2' Definitive Global Scale Ratings
* BRAZIL: January Vehicle Sales Drop 8.1% to 197,500


C A Y M A N  I S L A N D S

ATLANTIC JADE: Shareholders Receive Wind-Up Report
GEORGE TOWN: Members Receive Wind-Up Report
HIGHGATE HOUSE: Shareholders Receive Wind-Up Report
KING LUN: Members Receive Wind-Up Report
LEVERAGED SHORT: Shareholders Receive Wind-Up Report

LIBERTAS PREFERRED: Shareholders Receive Wind-Up Report
MELLON AHLI: Shareholders Receive Wind-Up Report
MIKADO LTD: Members Receive Wind-Up Report
MONTGOMERY EQUITY: Shareholders Receive Wind-Up Report
OTKRITIE CAPITAL: Shareholders Receive Wind-Up Report

PERFORMANCE PARTNERS: Shareholders Receive Wind-Up Report
RANCHO PARK: Shareholders Receive Wind-Up Report
RICHLAND GLOBAL: Shareholders Receive Wind-Up Report
SAFIR CAPITAL: Sole Shareholder Receives Wind-Up Report
STEAMBOAT SELECT: Shareholders Receive Wind-Up Report

VAUGHAN NELSON: Shareholders Receive Wind-Up Report
WIMBLEDON COMMON: Shareholders Receive Wind-Up Report


C H I L E

AES CORP: Chilean Unit Completes US$248 Million Capital Increase
COMPHANIA SUD: Sees "Important" Losses This Year Amid Slow Demand


D O M I N I C A N  R E P U B L I C

CEMEX: Unit's Dec. Sales Fell 25%; Cuts 20% of Fixed Personnel


G R E N A D A

* GRENADA: Minister Sees 30% Increase in Unployment By Year End


G U Y A N A

CL FINANCIAL: Guyana Gov't to Keep an Eye on Local CLICO Ops.


J A M A I C A

AIR JAMAICA: Panel to Review Union Proposal on Job Cut Plans
ALPART: Reaches New Work Plan Deal With National Workers Union


M E X I C O

VITRO SAB: Fitch Cuts IDR to 'D' Due to MXP150-Mil. Missed Payment


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Bailout to Cost $6-$8 Bln, Central Bank Says
CL FINANCIAL: Finance Minister Denies Inside Trading Allegations


U R U G U A Y

BANCO ITAU: Fitch Affirms Issuer Default Rating at 'BB-'
FANAPEL SA: Moody's Downgrades Corp. Family Rating to 'B2'


                         - - - - -


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

FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Global Scale Rating
----------------------------------------------------------------
Moody's Latin America (Moody's) has assigned a rating of A1.ar
(Argentine National Scale) and of B2 (Global Scale, Local
Currency) to the debt securities of Fideicomiso Financiero Novagro
II issued by Rosario Fiduciaria - acting solely in its capacity as
Issuer and Trustee.  Moody's also assigned a rating of B3.ar
(Argentine National Scale) and of Caa2 (Global Scale, Local
Currency) to the subordinated Certificates.  The A1.ar rating is
on review for possible upgrade, as well as the rating of the
financial guarantor.

The rated securities are backed by a pool of trade receivables
originated by Novagro, a company dedicated to the sale of
agricultural supplies.  The trade receivables are guaranteed by
Aval Rural S.G.R., which is a financial guarantor in Argentina.
Aval Rural has a rating of A1.ar (Argentine National Scale) and of
B2 (Global Scale, Local Currency).

The rating assigned to this transaction is primarily based on the
rating of Aval Rural. Therefore, any future change in the rating
of the guarantor may lead to a change in the rating assigned to
this transaction.

                            Structure

Rosario Fiduciaria (Issuer and Trustee) issued one class of debt
securities denominated in US dollars.  The rated securities will
bear a 10.5% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, comprised of a pool of trade receivables
denominated in US dollars, guaranteed by Aval Rural S.G.R. The
trade receivables will be purchased at a 15.5% discount rate in
order to pay trust and expenses and interest rate on the rated
securities.

If, for any reason, the funds on deposit in the trust account are
not sufficient to make payments to investors, the Trustee is
obligated to request Aval Rural to make payments under the trade
receivables.

                       Rating Methodology

The rating assigned to this transaction is primarily based on the
rating of the guarantor of the underlying assets, Aval Rural
S.G.R. Therefore, any future change in the rating of the guarantor
may lead to a change in the rating assigned to this transaction.
The rating addresses the payment of interest and principal on the
legal final maturity date of the securities.

Also, the rating takes into consideration the structure of the
transaction, in particular the timing for the payment of the
guaranteed assets, in order to comply with investor's expectations
for principal and interest payment on the rated securities. Other
relevant features reviewed were the sufficiency of the discount
rate and currency matching.

Although the rated securities (and the trade receivables) are
denominated in US dollars, they will be paid in Argentine pesos at
the exchange rate published by Banco de la Nación Argentina as of
July 24, 2009, which will be the used to pay the rated securities.
As a result, the dollar is used as a currency of reference and not
as a mean of payment.  For that reason, the transaction is
considered to be denominated in local currency.

Other methodologies and factors that may have been considered in
the process of rating this issue can also be found at
www.moodys.com in the Credit Policy & Methodologies directory, in
the Ratings Methodologies subdirectory.

                          Rating Action

  -- US$ 2,060,893 in Fixed Rate Debt Securities of "Fideicomiso
     Financiero Novagro II", rated A1.ar on Review for Possible
     Upgrade (Argentine National Scale) and B2 (Global Scale,
     Local Currency).

  -- US$ 63,739 in Certificates of "Fideicomiso Financiero Novagro
     II", rated B3.ar (Argentine National Scale) and Caa2 (Global
     Scale, Local Currency).


QUIMICA INDUSTRIAL: Proofs of Claim Verification Due on April 3
---------------------------------------------------------------
The court-appointed trustee for Quimica Industrial Disur S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 3, 2009.

The trustee will present the validated claims in court as
individual reports on May 29, 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 7, 2009.


TALMECA SA: Proofs of Claim Verification Due on April 8
-------------------------------------------------------
The court-appointed trustee for Talmeca S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
April 8, 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
July 8, 2009.



=============
B A H A M A S
=============

RENOVA HOLDING: Moody's Downgrades Corp. Family Rating to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Renova Holding Ltd to Ba3 from Ba2 and maintained the
ratings under review for downgrade.  The rating action follows the
increase during 2008 in the investment company's leverage as a
result of new debt incurred to finance several acquisitions giving
rise to sizable debt service obligations during this fiscal year
at a time when the projected cash flow generation of the holding
is likely to be reduced by lower dividend flows resulting in the
group becoming possibly more reliant upon the timely execution of
divestitures to meet those obligations.

While Moody's notes that the company maintained substantial cash
balances at the end of 2008 and is taking steps to proactively
manage its liquidity position and debt service obligations, the
rating agency is concerned about a likely substantial decline in
the dividend stream from the core holdings over the next 12-24
months with the cash coverage metric under the Investment Holding
Companies methodology used to assess Renova's credit profile
likely falling towards 2 times in the medium term.  Moody's also
notes that the group will need to meet sizable debt service
payments that, in the absence of new committed lines, raise the
group's reliance on a timely execution of disposals in the current
difficult credit environment.  These considerations, together
taking into account its forecast liquidity profile, resulted in
Moody's assessment that the probability of default assumption
incorporated into the Renova's corporate family rating has
increased resulting in the assignment of a B2 Probability of
Default rating at this time.

Of further consideration is the impact of the decline in the
equity markets in the last quarter of 2008 and estimated
comparable reduction in the valuations of Renova's sizable
unlisted assets on the headroom that had existed under the group's
Market Value-based Leverage metrics.  At current market valuations
of the listed core assets, Moody's estimates that the market value
leverage of Renova is weakening towards 50% taking into account
scheduled repayments, that, if sustained, would be more in line
with a single-B rating category.  However, the Ba3 Corporate
Family Rating is supported at this time by the expectation of
relatively high family recovery rates in the event of a default
underpinned by the current market valuations of the core listed
assets.

The ratings remain under review for downgrade as the rating agency
continues to monitor the group's progress with the divestments and
provision of back-up facilities to support the medium-term
liquidity position.  Moody's notes that the ratings may be
downgraded should the Market Value-based Leverage ratio increase
further undermining expected family recovery rates, or if delays
in the implementation of the divestment programme or provision of
committed back-up lines result in further increases in Moody's
probability of default assumptions.

Moody's previous rating action on Renova was on the 22 December
2008 when the rating agency placed the Ba2 corporate family rating
under review for downgrade.

Renova Holding Ltd is a Bahamas-based investment holding company
with principal investments in TNK-BP, UC RUSAL, a number of
Russian power generation and distribution companies, as well as
chemical, machinery, telecoms and media and real estate companies
in Russia and Europe.  At the end of the first half of 2008, the
fair value of its portfolio was estimated at US$19.3 billion, with
the core investments concentrated in Russia.

                       About Renova Holding

Renova Holding Ltd is a Bahamas-based investment holding company
with principal investments in TNK-BP, UC RUSAL, a number of
Russian power generation and distribution companies,



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

BRASKEM: Begins Work on New Green Polyethylene Plant
----------------------------------------------------
Braskem has begun working on its new green polyethylene plant in
Triunfo.  In the beginning of January, the Environmental
Protection Foundation ("Fepam") granted the Installation License
(LI), which authorizes the beginning of the construction process.

Braskem is working on engineering project details.  The unit will
be installed next to Basic Petrochemical Unit Plant 2.
Investments will reach R$ 500 million and the plant will have the
capacity to produce 200 thousand tons/year.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                          *     *     *

As reported by the Troubled Company Teporter-Latin America on
Jan. 23, 2009, Fitch Ratings affirmed Braskem S.A.'s ratings:

  -- Foreign currency long-term Issuer Default Rating (IDR) at
     'BB+';

  -- Local currency long-term IDR at 'BB+';

  -- National long-term rating at 'AA(bra)';

  -- Unsecured senior notes due 2014, 2017, 2018 at 'BB+';

  -- Unsecured senior perpetual bonds at 'BB+';

  -- 13th debenture issue,at 'AA(bra)'.


COMPANY SA: Merger Completion Cues Fitch IDR Upgrade to 'BB-'
-------------------------------------------------------------
Fitch Ratings has upgraded Company S.A.'s (Company) Issuer Default
Rating (IDR) 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 benefitted 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 USD90 billion, including USD38
billion of real estate assets.  BAM is rated 'BBB+' by Fitch with
a Stable Outlook.



EMBRATEL: Fixed Corporate Lines Increased 53% by End of 2008
------------------------------------------------------------
Embratel, by the end of last year, recorded 2 million fixed
coporate lines, a 53% gain from the 1.3 million lines it had in
2007, Telecompaper reports.

The report relates that the growth is due to the creation of a
specific product aimed at SMEs - the Embratel PME - which was
launched at the end of 2007.

According the report, Embratel Executive Director Mauricio Vergani
said the large enterprise segment (a category which includes
companies with more than 15 lines) is still responsible for most
of the demand, although the highest growth is registered in the
SME segment.

The Embratel PME package is made up of four telephone lines and
broadband.  Currently, Embratel's network covers around 2 million
small and medium enterprises, out of a total of 4-5 million SMEs.

                         About Embratel

Embratel -- http://www.embratel.com.br-- is a major
telecommunications carrier in Brazil.  It offers up-to-date
telecommunications solutions to the Brazilian market including
local, long distance domestic and international calling; data,
video and Internet transmission.  Embratel can provide services
all over the country through its satellite solutions.  Embratel
has been part of the history of Brazil for 43 years, playing a
major role in the country's development.

Embratel is part of Telmex Internacional, S.A.B. de C.V., --
http://www.telmexinternacional.com-- a leading telecommunications
service operating in Brazil, Colombia, Argentina, Chile, Peru,
Uruguay and Ecuador, focused on the provision of a broad range of
services including voice, data, satellite and video transmission,
cable and satellite TV, access to the Internet and complete
telecommunications solutions, in addition to services related to
yellow pages directories in Mexico, United States, Argentina and
Peru.

                          *     *     *

Embratel Participacoes continues to carry Moody's "B1" local
currency issuer rating and "B2" senior unsecured debt rating.


FIDC NAO: Moody's Assigns 'Ba2' Definitive Global Scale Ratings
---------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Aa3.br
(Brazilian National Scale) and Ba2 (Global Scale, Local Currency)
to the senior shares issued by FIDC Nao Padronizados CPTM.

FIDC CPTM is a securitization transaction (a closed-ended FIDC)
backed by future collections of certain train tickets sold by
Companhia Paulista de Trens Metropolitanos in some predefined
eligible train stations.  The senior and subordinated shares,
issued on March 2007, have a legal final maturity of 84 months,
are amortized in 72 monthly payments of principal and interest
after a 12-month grace period.

The transaction is performing according to expectations. As of
December 31st, 2008 the DSCR of the transaction was at 4.3x.
RATING METHODOLOGY

When assigning the final rating, Moody's evaluated the historical
flows of ticket collections from eligible train stations that were
sold to the fund since the transaction's closing in March 2007.
Moody's considered historical volatility of collections and, based
on this historical data, stressed the cash flows.

The transaction benefits from a Debt Service Coverage Ratio
trigger requiring that a minimum ratio between collections in
eligible train stations and the next projected principal plus
interest debt service payment is maintained throughout the life of
the transaction.  If the DSCR falls below 1.75x in any given month
or 2.0x on average within a six-month period, an early
amortization event is automatically triggered and all collections
are transferred to senior shares until they are fully paid.

Moody's ran a number of cash flow scenarios, stressing both
collections of eligible flows and the IPCA inflation index used to
calculate interest on the senior shares.  In one stress scenario,
Moody's considered that the IPCA index was maintained at 3% a
month (in December 2008, the monthly IPCA index was 0.28%).  If
the IPCA index reaches 3% in any given month during the life of
the transaction, an early amortization event is automatically
triggered.  The eligible flows were simulated as the minimum
monthly collection since April 2007 reduced by 10%, or
R$11.5 million (in December 2008, the eligible collections were
R$15.4 million).  In this scenario, senior shares were fully paid
down in 20 months.

Moody's took into account the importance of CPTM's train system as
the major means of transportation for more than 1.4 million
commuters within Sao Paulo's metropolitan area, and the financial
support provided by the firm's parent - the State of São Paulo -
on a monthly basis, through subvention payments and
capitalization.

Moody's also considered other structural protections available for
the transaction, including the mitigation of commingling risk
through the deposit of collections directly into the Fund's bank
account; the ability to apply all collections to pay down the
senior shares if certain triggers, including the DSCR, are
breached; and the availability of a reserve account, equivalent to
two months of projected maximum debt service, which was funded at
closing from issuance proceeds.  Moody's also analyzed the legal
structure of the transaction, including the true sale of future
train ticket collections at the eligible train stations.

The complete rating action is:

  -- FIDC Não Padronizados CPTM - Senior Shares - Aa3.br
     (Brazilian National Scale) & Ba2 (Global Scale, Local
     Currency).

The last rating action occurred on November 14, 2006, when the
provisional ratings were assigned.


* BRAZIL: January Vehicle Sales Drop 8.1% to 197,500
----------------------------------------------------
Brazil's vehicle sales in January dropped 8.1% to 197,500 from the
same period last year as rising borrowing costs and job cuts
prompted by the global economic slowdown damped sales for a fourth
month, Heloiza Canassa of Bloomberg News reports, citing Brazil's
automakers association Anfavea.

The report relates that from December, new registrations rose
1.5% while vehicle production jumped 93%.  Output fell 27% in the
12 months through January, Bloomberg News says.

Brazil, the report recounts, stalled in the fourth quarter of 2008
as the global financial crisis began to undercut consumer demand
and commodity prices fell.  Brazilian companies eliminated jobs at
a record pace and industrial output declined the most in 17 years
in December, the report notes.

According to the report, consumers, worried about job and salary
cuts, reduced purchases of durable goods such as home appliances,
computers, building materials and cars.

Bloomberg News recounts that in September, Anfavea forecast
automakers would spend about US$18 billion in the 2009-2012 period
to add plants, expand production lines and release new models.

Anfavea, Bloomberg News relates, said the spending was aimed at
boosting output capacity to 6 million units a year by 2013 from
less than 4 million units last year.

The report notes that vehicle sales and output, rising at record
pace last year through September, lost steam in the end of 2008 as
the global credit crunch made loans costlier and harder to obtain,
damping demand for durable goods such as autos and computers.



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

ATLANTIC JADE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Atlantic Jade Investments (Cayman) Ltd. met on
Jan. 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


GEORGE TOWN: Members Receive Wind-Up Report
-------------------------------------------
The members of George Town Investments Limited met on Jan. 19,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Christopher Issa
         c/o Donald M. Miller
         Charles Adams, Ritchie & Duckworth
         P O Box 709, Zephyr House, Mary Street
         George Town, Grand Cayman KY1-1107
         Tel: 949-4544
         Fax: 949-8460


HIGHGATE HOUSE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Highgate House Funds, Ltd. met on Jan. 23,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Troy Rillo
         Yorkville Advisors, LLC
         101 Hudson Street, Suite 3700
         Jersey City, New Jersey 07302
         United States of America


KING LUN: Members Receive Wind-Up Report
----------------------------------------
The members of King Lun Asia Fund (I) Limited met on Jan. 23,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Rainier Hok Chung Lam
         John James Toohey
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


LEVERAGED SHORT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Leveraged Short Equity Index Hedge Ltd. met on
Jan. 23, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.


LIBERTAS PREFERRED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Libertas Preferred Funding III, Ltd. met on
Jan. 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


MELLON AHLI: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Mellon Ahli Selection Fund Limited met on
Jan. 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


MIKADO LTD: Members Receive Wind-Up Report
------------------------------------------
The members of Mikado Ltd. met on Jan. 29, 2009, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Sarah Knutson
          555 W 18 Street, New York, NY 10011, USA
          Tel: (212) 314-7225
          Fax: (212) 314-7476


MONTGOMERY EQUITY: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Montgomery Equity Partners, Ltd. met on
Jan. 23, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Troy Rillo
         Yorkville Advisors, LLC
         101 Hudson Street, Suite 3700
         Jersey City, New Jersey 07302
         United States of America


OTKRITIE CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Otkritie Capital Management, Inc. met on
Jan. 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


PERFORMANCE PARTNERS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Performance Partners, Ltd. met on Jan. 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


RANCHO PARK: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Rancho Park met on Jan. 29, 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


RICHLAND GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Richland Global Elite Fund met on Jan. 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


SAFIR CAPITAL: Sole Shareholder Receives Wind-Up Report
-------------------------------------------------------
On January 22, 2009, the sole shareholder of Safir Capital Local
Merging Markets International Fund, Ltd received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          RBR Director Services Ltd
          Corporate Plaza, 1st Floor
          24 Howard Street, George Town
          P.O. Box 30349
          Grand Cayman KY1-1202
          Telephone: (345) 946-0754
          Fascimile: (345) 946-0751


STEAMBOAT SELECT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Steamboat Select International Master Fund,
Ltd. met on Jan. 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


VAUGHAN NELSON: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Vaughan Nelson Market Neutral Fund I
(Offshore) Ltd. met on Jan. 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


WIMBLEDON COMMON: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Wimbledon Common Ltd. met on Jan. 29, 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



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

AES CORP: Chilean Unit Completes US$248 Million Capital Increase
----------------------------------------------------------------
AES Gener SA, a Chilean unit of The AES Corporation, completed a
US$248 million capital increase on February 9, Carolina Pica at
Dow Jones Newswires reports.

Reuters relates that AES Gener sold 938 million shares of the 945
million approved for the capital increase, at 162.50 pesos each.

According to a statement obtained by Dow Jones, AES Gener said its
parent AES, through investment vehicle Inversiones Cachagua Ltda.,
acquired 667 million of the shares, holding its stake at around
71%.

The company, Dow Jones relates, will use the funds to partially
finance its investment plans, which includes new power plants on
the northern SING grid and the central SIC grid.

                      About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's affirmed the ratings of AES, including
the company's Corporate Family Rating at B1, its Probability of
Default Rating at B1, its senior secured credit facilities at Ba1,
its second priority senior secured notes at Ba3, its senior
unsecured notes at B1 and its trust preferred securities at B3.
Moody's said the rating outlook for AES is stable.


COMPHANIA SUD: Sees "Important" Losses This Year Amid Slow Demand
-----------------------------------------------------------------
Compania Sud Americana De Vapores sees "important" losses this
year, significantly in the first quarter primarily on fuel hedges,
James Attwood of Bloomberg News reports.

"We will probably have important losses in 2009.  A significant
part of these losses should occur in the first quarter," the
company wrote in a statement obtained by Bloomberg.

The company, the report relates, also said it will reduce
services.  Bloomberg News notes that Vapores is implementing cost
savings plans and will cut services between Asia and northern
Europe this quarter.

Vapores, the report recounts, posted a net loss of US$38.6 million
last year, compared with profit of US$117 million a year earlier,
as the worst global crisis stifles demand at a time of rising
shipping supply.

                        About Compania Sud

Compania Sud Americana De Vapores (CSAV) -– http://www.csav.cl
-- is a Chilean shipping company.  The sphere of the Company's
activities extends across five continents.  Its services feature a
comprehensive service for general cargo, bulk cargo, fresh and
frozen products and vehicles, using both owned and chartered
vessels.  CSAV provides permanent sailings from certain ports
through its line service, fixed itineraries and operates a fleet
of vessels able to convey a large number of containers and a
variety of conventional cargoes.  CSVA also owns vessels specially
designed for frozen cargo, cars, bulk cargo and forest products.
In addition to complementary storage areas and pier services, an
intermodal service has also been established, which combines
different means of carriage.  CSAV provides these services in
conjunction with its subsidiaries: Sudamericana Agencias Aereas y
Maritimas S.A., as a maritime forwarding agency, and COSAN, a
container terminal in Santiago.




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

CEMEX: Unit's Dec. Sales Fell 25%; Cuts 20% of Fixed Personnel
--------------------------------------------------------------
Cemex Dominicana, a unit of Cemex S.A.B. de C.V, said sales at its
cement plant dropped 25% in the last quarter compared to the first
half of the year, The Dominican Today reports.

Cemex Dominicana, the report recounts, closed one of its
production lines and ceased operations in half of its five
concrete plants, as the company aims to save around 16% in its
global operations.  Around 160 or 20% of the unit's fixed
personnel have been laid off since December, the report notes.

According to the report, Cemex S.A.B. Planning and Finances Vice
President Hector Medina said estimated savings of US$110 million
and the remaining 16% will come from the closing of its operations
in Mexico and through reduced capacity, personnel cuts and the use
of alternative fuels.

Mr. Medina, the report relates, said the situation has forced the
local industry's members to apply similar efforts to reduce costs
and remain competitive during the period.

"Cemex Dominicana has adopted these actions without mentioning the
impact on indirect jobs that an action such as this generates,"
the report quoted Mr. Medina as saying.

                           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.



=============
G R E N A D A
=============

* GRENADA: Minister Sees 30% Increase in Unployment By Year End
---------------------------------------------------------------
Finance Minister Nazim Burke expects a 30% increase in
unemployment by the end of this year due to the global economic
crisis, Oscar Ramjeet of Caribbean Net News reports.

In recent years, the report recounts, unemployment has risen from
around 18% to 24%, with several key sectors from
telecommunications to tourism reporting layoffs.

"Since the onset of the crisis we have already seen some layoffs
in tourism and the telecommunications industry.  We are
anticipating that by the end of the year we could see unemployment
as high as 30%," the report quoted Minister Burke as saying.

According to the report, Minister Burke's warning comes as
telecommunications giant LIME prepares to cut 40% of its Grenada
workforce, and flour-making company Caribbean Agro Industries will
send home 10% of its workers by the end of the month.

Grenada's construction industry, the report relates, has also been
severely affected, as officials report a halt in several major
projects amounting to millions of dollars.  "There is a halt in
the major tourism development projects, putting on hold
approximately EC$700 million (US$262 million) in development," the
report quoted Minister Burke as saying.



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

CL FINANCIAL: Guyana Gov't to Keep an Eye on Local CLICO Ops.
-------------------------------------------------------------
Guyana President Bharrat Jagdeo said his administration is closely
following CL Financial's bailout developments, and will keep an
eye on its local operation, Colonial Life Insurance Company
(CLICO), Caribbean Net News reports.

"CL Financial said the CLICO (Guyana) subsidiary has not been
affected, while the local operation continues to assure that it
remains solid and that its statutory fund was in good standing.
We want to ensure that [people's] interests are protected...," the
report quoted President Jagdeo as saying.

As reported in the Troubled Company Reporter-Latin America on
February 10, 2009, Trinidad and Tobago Express said 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, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.

Reuters on January 30, 2009, reported that 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.  Mr. 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.

According to Caribbean Net News, President Jagdeo noted that CLICO
(Guyana) makes up just three percent of the country's total
financial assets.  He explained that the company holds its assets,
while a significant amount of its liabilities are long-term and
even if people make a run on it, it would not face a problem of
not having enough assets to match the liquidity, the report
relates.

President Jagdeo, the report adds, also said that the only problem
he could envisage in the short-term is a mismatch between
liabilities and assets in the event of significant changes of the
CLICO (Guyana)'s investments abroad.

                        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.



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

AIR JAMAICA: Panel to Review Union Proposal on Job Cut Plans
------------------------------------------------------------
Air Jamaica's plans to decrease its workforce is momentarily put
on hold.  Caribbean Net News reports the airline is reviewing its
job cut plans, following a meeting between the airline's
management and trade union officials.

According to the report, a committee -- comprising Air Jamaica
management and workers -- is to be set up to review proposals
presented by the unions on ways for the airline to reduce the
national carrier's operating expenses, as it seeks to safeguard
jobs.

"We have two primary objectives - to ensure that the future of the
airline will be sustainable and viable and to protect the jobs of
our members," the report quoted Kavan Gayle, president of
Bustamante Industrial Trade Union ("BITU"), as saying.  "We have
placed some recommendations on the table and they are going to
review those recommendations," he added.

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2009, Jamaica Information Service News said Air Jamaica is
revamping its operations to reduce losses, and has unveiled a
three-point business plan, which is aimed at keeping the company
operating throughout this year, and to position it on a path
towards financial stability.

According to the Associated Press, Air Jamaica will eliminate six
routes and cut jobs next month due to the global economic crisis.

Mr. Nobles, The Press related, said flights to Atlanta, Miami, Los
Angeles, Barbados, Grenada and the island of Grand Cayman will be
cut in late February.

CaribWorldNews said the cuts would result in job losses in those
areas and the reduction of the airline's fleet to nine aircraft.

                        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.


ALPART: Reaches New Work Plan Deal With National Workers Union
--------------------------------------------------------------
St. Elizabeth-based Alumina Partners of Jamaica ("ALPART") and
the National Workers Union ("NWU") have struck a new work plan
agreement that will allow company workers to keep their jobs for
the next four months, RadioJamaica News reports.

Under the agreement, the report relates the company instituted a
minimum three-day workweek, which have workers working for a
minimum three days to a maximum five days.

"What the management said is that we have 560 unionized workers
and for the next four months, they're going to ensure that nobody
is out of job ... albeit, it's less than the normal 40 hour work
week but it's a creative way to try and save jobs," the report
quoted Vincent Morrison, NWU President, as saying.

                           About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.



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

VITRO SAB: Fitch Cuts IDR to 'D' Due to MXP150-Mil. Missed Payment
------------------------------------------------------------------
Fitch Ratings has downgraded these ratings for Vitro, S.A.B. de
C.V.:
  -- Long-term Issuer Default Rating to 'D' from 'C ';
  -- Long-term foreign currency IDR to 'D' from 'C'.
- National scale long-term rating to 'D(mex)' from 'C(mex)';
- Certificados Bursatiles issuances to 'D(mex)' from 'C(mex)'.

In addition, Fitch has affirmed these ratings:

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

The rating downgrades follow Vitro's announcement that it will not
make the payment of the Certificados Bursatiles 'VITRO 03' for
approximately MXP150 million plus accrued interest.  The 'CC/RR4'
rating on Vitro's senior notes reflects average recovery prospects
given default.




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

CL FINANCIAL: CLICO Bailout to Cost $6-$8 Bln, Central Bank Says
----------------------------------------------------------------
Central Bank Governor Ewart Williams, speaking on a radio program,
said that an examination of insurance company CLICO, dissolved
finance house CLICO Investment Bank and other CL Financial
companies to date, showed a deficit between $6 billion and $8
billion, Trinidad & Tobago Express reports.

According to the report, the government will have to raise
a budget around that amount to fix the companys' financial
deficits.

As reported in the Troubled Company Reporter-Latin America on
February 10, 2009, Trinidad and Tobago Express said 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, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.

As reported by Reuters on January 30, 2009, 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.  Mr. 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.

Caribbean360.com News relates that First Citizens bank is
finalising a list of CIB clients and expects to begin repayments
of matured deposits shortly.

A new board of directors, Caribbean360.com News says, has been
installed at CLICO and former CLICO executive Claude Musaib-Ali
has been brought in to manage the restructuring exercise at CL
Financial.

                        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.


CL FINANCIAL: Finance Minister Denies Inside Trading Allegations
----------------------------------------------------------------
Trinidad and Tobago's Finance Minister Karen Nunez-Tesheira has
strongly denied former opposition leader Kamla Persad-Bissessar's
allegations of insider trading, Caribbean360.com News reports.

The allegations, the report relates, were made after it was found
out that the Finance Minister withdrew funds from CLICO Investment
Bank (CIB) ahead of the Central Bank takeover of the financial
institution.

As reported in the Troubled Company Reporter-Latin America on
February 10, 2009, Trinidad and Tobago Express said 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, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.

As reported by Reuters on January 30, 2009, 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.  Mr. 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.

Ms. Persad-Bissessar, Caribbean360.com News notes, charged
the Finance Minister of acting acted in contravention of the
Prevention of Corruption Act and the Integrity in Public Life Act
by using information for her own advantage or the advantage of
family or friends.

"Prior to January 14th of this year, I can truthfully state that I
had no personal, formal or informal information about the extent
of the liquidity difficulties that CLICO Investment Bank has found
itself in, other than the information known to or available to any
other citizen of Trinidad and Tobago and those on the other side
for that matter," the report quoted Ms. Nunez-Tesheira as saying.

Ms. Nunez-Tesheiran added she did not advise anyone to withdraw
monies from CIB after learning of the bank's liquidity
difficulties, Caribbean360.com News relates.

                       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.



=============
U R U G U A Y
=============

BANCO ITAU: Fitch Affirms Issuer Default Rating at 'BB-'
--------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn these
ratings assigned to Banco Itau BBA - Uruguay Branch, which was
recently closed:

  -- Long-term foreign and local currency Issuer Default Rating
     'BB-', Positive Outlook;

  -- Support Rating '4';

  -- National long-term rating 'AA(uy)', Stable Outlook.


FANAPEL SA: Moody's Downgrades Corp. Family Rating to 'B2'
----------------------------------------------------------
Moody's Latin America has downgraded Fanapel's local currency
corporate family rating from B1 to B2 and its Uruguay national
scale rating from A3.uy to Baa1.uy.  At the same time, Moody's
downgraded to B2 from B1 and to Baa1.uy from A3.uy Fanapel's
US$11 million in outstanding senior unsecured notes due 2012
issued in Uruguay's domestic debt market.  The outlook was changed
to negative from stable.

Fanapel's ratings reflect the consolidated credit profile of its
parent company, Celulosa de Argentina S.A., given the operational
and financial integration between the two companies, the cross
default clauses in CASA's existing debt agreements and Fanapel's
ability to transfer cash to CASA through inter-company loans
and/or dividend payments.

The downgrade to B2 and Baa1.uy was prompted by weak liquidity and
higher than expected leverage at CASA.  CASA has recently
experienced more adverse market demand conditions in Argentina,
where it sells 70% of its production, which has led to weak
operating margins and a breach of one of its bank loan financial
covenants, as of November 2008.  The lower ratings reflect the
increased likelihood that CASA will continue to face margin
pressures in its key markets and that its liquidity profile will
remain weak due to continued debt refinancing needs and adverse
credit market conditions.

The B2 and Baa1.uy ratings reflect Fanapel's leadership and highly
recognized brand name in the Uruguayan domestic paper market.  The
rating incorporates Moody's current expectation that Fanapel, on a
stand alone basis, will be able to address its ongoing refinancing
needs with cash flow and reliance on uncommitted bank lending for
trade finance.

Fanapel's B2 local currency corporate family rating reflects its
global default and loss expectation, while the Baa1.uy national
scale rating reflects the standing of Fanapel's credit quality
relative to its domestic peers.  Moody's National Scale Ratings
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs in Uruguay are
designated by the ".uy" suffix.  Issuers or issues rated Baa.uy
represent average creditworthiness relative to other domestic
issuers.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The negative rating outlook reflects CASA's weak liquidity and
exposure to debt refinancing risk, in combination with Fanapel's
ability to upstream cash to CASA.  The negative outlook
additionally reflects likely continued margin pressure at both
CASA and Fanapel as economic activity continues to slow rapidly in
Argentina.

The outlook could stabilize if performance trends improve, for
example as a result of additional cost initiatives related to
chemicals, energy and wood, or if refinancing risk proves lower
than currently anticipated.  Quantitatively, upward rating
pressure could build if CASA's debt to EBITDA, 4.8 times as of the
last twelve months ended November 30th., 2008, is sustainable
below 3 times and EBITDA to interest above 5 times, which was 3
times as of the last twelve months ended November 30th., 2008.
Additionally, a more predictable outlook for economic activity in
Argentina would be important for a stabilization of the outlook.

A downgrade in the ratings could result from further deterioration
in CASA's sales and margins or from a failure address near to
medium term debt maturities and reduce overall leverage.  In
addition, if CASA is unable to amend its bank loan financial
covenants, the ratings would likely be downgraded.
Quantitatively, a downgrade could result from Debt to EBITDA of
above 6.5 times and/or EBITDA to Interest of below 1 times, both
at the CASA consolidated level.

Based in Montevideo, Uruguay, FANAPEL S.A. is owned by CASA, which
is an Argentinean company specialized in kraft pulp and uncoated
papers that holds a 31% market share in Argentina and a well-known
portfolio of trademarks and products.  Fanapel is the leading
company in the Uruguayan paper sector.  Fanapel services 65% of
the domestic paper market and generates 80% of the country's paper
exports.  For the last twelve months ending November 30 2008,
CASA's reported revenues and EBITDA reached ARS 1.2 billion and
ARS 151 million, respectively.



                            ***********

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.


           * * * End of Transmission * * *