TCRLA_Public/090213.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

             Friday, February 13, 2009, Vol. 9, No. 31

                            Headlines

A N T I G U A  &  B A R B U D A

CL FINANCIAL: Antigua Operations Won't Be Affected by Bailout


A R G E N T I N A

BANCO HIPOTECARIO: Posts Ps.14.7 Million Net Income in 4Q 2008
CAREZE SA: Trustee Verifying Proofs of Claim Until March 20
COLEGIO ESTRADA: Verifying Proofs of Claim Until May 14
IMPORTADORA SOFT: Trustee Verifying Proofs of Claim Until April 23
KOKO LEATHER: Trustee Verifying Proofs of Claim Until March 6

LABORATORIOS ARRAYANES: Verifying Proofs of Claim Until April 13
QUIMICA INDUSTRIAL: Verifying Proofs of Claim Until April 3
TALMECA SA: Trustee Verifying Proofs of Claim Until April 8
* S&P Assigns Low-B Currency Ratings on the City of Buenos Aires


B A H A M A S

CL FINANCIAL: A.M. Best Puts CLICO Bahamas' Ratings Under Review


B E R M U D A

LAZARD EUROPEAN: Creditors' Proofs of Debt Due on February 18
LAZARD EUROPEAN: Members' Final Meeting Set for March 11


B R A Z I L

BRASIL TELECOM: Reports 2008 Financial Results
TAM SA: Records 84.4% Share in International Market Share in Jan.


C A Y M A N  I S L A N D S

ARDEN PREMIER: Sole Shareholder Receives Wind-Up Report
BT CASCADES: Members Receive Wind-Up Report
BT CASCADES: Members Receive Wind-Up Report
BT NOTES: Members Receive Wind-Up Report
CEDAR INTERNATIONAL: Members Receive Wind-Up Report

CPT500: Shareholders Receive Wind-Up Report
CSERE ATRIUM: Shareholders Receive Wind-Up Report
CSERE DUMFRIES: Shareholders Receive Wind-Up Report
CSERE MILTON: Shareholders Receive Wind-Up Report
EIRE HALIFAX: Shareholders Receive Wind-Up Report

EIRE MANCHESTER: Shareholders Receive Wind-Up Report
EURO CBO: Members Receive Wind-Up Report
FLAME INC: Members Receive Wind-Up Report
HARBOR DRIVE: Shareholders Receive Wind-Up Report
HEART BEAT: Members Receive Wind-Up Report

OXFORD OPTIONCO: Shareholders Receive Wind-Up Report
OXFORD OPTIONCO 0: Shareholders Receive Wind-Up Report
PANTERA UBER: Sole Shareholder Receives Wind-Up Report
RAINIER CBO: Members Receive Wind-Up Report
SEQUOIA CAPITAL: Sole Shareholder Receives Wind-Up Report


J A M A I C A

JUCT: Cabinet OKs Gov't. Guarantee to Secure US$425 Million Loan


M E X I C O

CEMEX SAB: TCL May Buy Back 20% Minority Stake From Company
* Moody's Cuts Ratings on Foreign Banks on Govt. Support Concerns
* Moody's Puts 'Ba3' Rating on Mun. Valle de Chalco Solidaridad


T R I N I D A D  &  T O B A G O

CL FINANCIAL: AM Best Cuts CLICO Trinidad's Issuer Rating to "bb"
SCOTTISH RE: A.M. Best Lowers Cayman Unit's Issuer Rating to "c"


                         - - - - -


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

CL FINANCIAL: Antigua Operations Won't Be Affected by Bailout
-------------------------------------------------------------
CLICO Holdings Barbados Limited Chairman Leroy Parris has assured
Finance Minister Errol Cort that company operations in Antigua and
Barbuda will not be affected by the recent government bailout of
sister company, CL Financial Limited, Oscar Ramjeet of Caribbean
Net News reports.

CLICO Holdings is the parent company of CLICO International Life
Insurance Limited in Antigua.

According to Antigua Sun newspaper, the report relates, Mr. Parris
explained that CLICO Holdings was financially sound enough and
possessed the liquidity to meet its obligations as they arose.
Mr. Parris added, as cited by Caribbean Net News, there was no
relationship between CLICO Holdings and CLICO Trinidad and Tobago
in matters of financial operations and emphasized the assets of
CLICO International Life were substantially and prudently managed.

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.

                   About CLICO Holdings Barbados

CLICO Holdings Barbados Limited (CHB) is a wholly owned subsidiary
of CL Financial Limited.

                        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.



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

BANCO HIPOTECARIO: Posts Ps.14.7 Million Net Income in 4Q 2008
--------------------------------------------------------------
Banco Hipotecario S.A. reported fourth quarter 2008 results on
February 11, 2009.

      Highlights & Executive Summary:

   -- Aggregated results for the year were Ps. (23.0) million,
      compared to Ps. 80.8 million in 2007.  Despite certain
      losses associated with the performance of BH shares,
      particularly in the first half of the year, fourth quarter
      results reported a net income of Ps. 14.7 million and
      sustained improvement in financial margins.

   -- Core business results continued the positive trend,
      financial income from loans grew 7.2% in the quarter and
      42.0% YoY and adjusted net financial margins were 16.4%
      higher than a year ago.

   -- Lending activity grew 11.3% YoY.

   -- Deposits grew 94.4% YoY.

   -- Sound equity ratio of 23.0%.

   -- BH ranks ninth in terms of assets, sixth in terms of
      household financing and third in terms of net worth in the
      local financial system.

Banco Hipotecario SA, headquartered in Buenos Aires, Argentina,
-- http://www.hipotecario.com.ar-- is a commercial bank and
specialty mortgage provider.  Its product line includes personal
loans, credit cards and deposit accounts.  Additionally, the Bank
specializes in the provision of short-term financing for exporting
companies, factoring services, purchase and sale of foreign
currency, custodial services, safe deposit box rentals, payroll
bank accounts, securities brokerage services and sales of
insurance.  Banco Hipotecario SA provides services to both
individuals and companies.  It operates through a network of 35
branches and 59 service agencies.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 7, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Banco Hipotecario S.A. and
Banco Patagonia S.A. to 'B-' from 'B' following a similar rating
action on the sovereign credit rating on the Republic of
Argentina.  The outlook on all affected ratings is stable.  "The
rating actions reflect the close linkage between the credit
quality of the sovereign and that of the financial system in
Argentina," said Standard & Poor's credit analyst Sergio Garibian.


CAREZE SA: Trustee Verifying Proofs of Claim Until March 20
-----------------------------------------------------------
The court-appointed trustee for Careze S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 20, 2009.


COLEGIO ESTRADA: Verifying Proofs of Claim Until May 14
-------------------------------------------------------
The court-appointed trustee for Colegio Estrada S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 14, 2009.

The trustee will present the validated claims in court as
individual reports on June 26, 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 25, 2009.


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

Ms. Alfici will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk No.
6, 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


KOKO LEATHER: Trustee Verifying Proofs of Claim Until March 6
-------------------------------------------------------------
The court-appointed trustee for Koko Leather Trading S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 6, 2009.


LABORATORIOS ARRAYANES: Verifying Proofs of Claim Until April 13
----------------------------------------------------------------
The court-appointed trustee for Laboratorios Arrayanes
S.A.C.I.A.'s reorganization proceedings will be verifying
creditors' proofs of claim until April 13, 2009.

The trustee will present the validated claims in court as
individual reports on May 22, 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 3, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 11, 2009.


QUIMICA INDUSTRIAL: Verifying Proofs of Claim Until April 3
-----------------------------------------------------------
Maria Elena Mercante, the court-appointed trustee for Quimica
Industrial Disur SA's bankruptcy proceedings will be verifying
creditors' proofs of  debt until April 3, 2009.

Mr. Mercante 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:

        Maria Elena Mercante
        Uruguay 772


TALMECA SA: Trustee Verifying Proofs of Claim Until April 8
-----------------------------------------------------------
Carlos Llorca, the court-appointed trustee for Talmeca SA's
bankruptcy proceedings will be verifying creditors' proofs of
debt until April 8, 2009.

Mr. Llorca will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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:

         Carlos Llorca
         Carlos Pellegrini 385
         Buenos Aires, Argentina


* S&P Assigns Low-B Currency Ratings on the City of Buenos Aires
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'raA-
1+' short-term national scale rating to the City of Buenos Aires
(foreign currency B-/Stable/--; local currency B/Stable/--;
national scale raAA-/Stable/raA-1+).  At the same time, S&P
assigned an 'raA-1+' short-term national scale rating to the
Argentine pesos 800 million commercial paper program proposed by
the city.  The CP, to be issued in the local market, are due in
less than a year and are denominated in Argentine pesos.

In the first tranche, three types of CP due in 90, 181, and 272
days will be issued for up to ARP30 million each.  The issue
represents the first issuance under the CP program for up to
ARP800 million, authorized by Article 12 of Law 2,999, approved by
the city's legislature.  Local authorities expect this new
financing to contribute to boost the public investment program
proposed for 2009.

"Ratings on the City of Buenos Aires are supported mainly by the
city's low debt, smooth and low debt service, and high fiscal
autonomy," said Standard & Poor's credit analyst Delfina Cavanagh.

                           Ratings List

                      Buenos Aires (City of)

                     Corporate Credit Rating

                Foreign Currency        B-/Stable/--
                Local Currency          B/Stable/--

                   Short-Term Rating Assigned

                     Corporate Credit Rating

                          To                   From
                          --                   ----
  National Scale          raAA-/Stable/raA-1+  raAA-/Stable/--

             ARP800 million commercial paper program

                  National Scale          raA-1+



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

CL FINANCIAL: A.M. Best Puts CLICO Bahamas' Ratings Under Review
----------------------------------------------------------------
A.M. Best Co. has placed CLICO (Bahamas) Limited's "B" financial
strength rating and "bb" issuer credit rating under review with
negative implications.

The ratings downgrades follow the actions announced by the Central
Bank of Trinidad & Tobago in reaction to a significant increase in
liquidity pressures at several CL Financial subsidiaries,
including CLICO and CLICO Investment Bank (CIB).  CIB has been
facing tightened liquidity through elevated withdrawals, as
concern regarding the sharp decline in methanol and real estate
prices were seen as negatively impacting the balance sheet of CL
Financial.  As part of its investment strategy, CLICO maintains a
high concentration in related party assets, including large
holdings in the banking and financial services, energy and
manufacturing sectors.  Thus, the liquidity challenges at CIB are
expected to impact CLICO.  A.M. Best had previously expressed
concerns with the liquidity of CLICO's non-quoted affiliated
assets.  CLICO has experienced rapid growth in its annuity and
pension lines of business through high crediting rates.

CL Financial has agreed to divest assets to improve CLICO's
Statutory Fund, while the Trinidad government has committed to
provide additional funding that may be needed for any deficit.
This funding will be provided in exchange for collateral and an
equity interest in CLICO.  In addition, a strategy has been
implemented by the government to meet withdrawals of third party
depositors of CIB and CLICO policyholders.

The ratings will remain under review as A.M. Best reviews CLICO's
ability to quickly diversify away from its large affiliated
investment holdings and related party transactions in order to
provide greater liquidity.  The review will also include an
understanding of the level of involvement of the Trinidad
government in CLICO's ongoing operations.  Further negative rating
actions may be warranted following this review.

                        About CLICO Bahamas

CLICO Bahamas is an insurance member of CL Financial Limited.

                         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.



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

LAZARD EUROPEAN: Creditors' Proofs of Debt Due on February 18
-------------------------------------------------------------
The creditors of Lazard European Opportunities, Ltd. are required
to file their proofs of debt by February 18, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on February 2, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda


LAZARD EUROPEAN: Members' Final Meeting Set for March 11
--------------------------------------------------------
The members of Lazard European Opportunities, Ltd. will hold their
final general meeting on March 11, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on February 2, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Bermuda



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

BRASIL TELECOM: Reports 2008 Financial Results
----------------------------------------------
On February 10, 2009, Brasil Telecom Participacoes S.A. said it
registered consolidated gross revenue of R$17,007.1 million in
2008, up by 6.3% year-on-year. Consolidated net income came to
R$782.2 million, 16.2% up on 2007 and equivalent to R$ 2.1579 per
share.

EBITDA reached R$3,936.7 million in 2008, and EBITDA margin came
to 34.8%.  Operating costs and expenses totaled R$1,939.2 million
in the 4Q08, a reduction of 2.7% in comparison with the 4Q07.

BrT Movel's net service revenue totaled R$11,139.6 million in
2008, 2.3% higher than 2007.  BrT Movel's EBITDA came to R$177.3
million in 2008, 245.2% higher than the previous year.

At the end of 2008, Brasil Telecom's mobile telephony client base
reached 5.6 million users in service, a growth of 31.5% in
comparison with 2007.  Broadband users totaled 1.8 million in the
4Q08, 15.2% up on the previous year.

In 2008, the number of lines in service totaled 8.1 million, a
growth of 1.2% in comparison with 2007.

Consolidated investments came to R$1,097.6 million in the quarter,
80.3% up on the previous year.  Of this total, R$709.3 million
went to wireline and R$388.4 million went to mobile telephony.

Consolidated net debt totaled R$1,371.5 million, a growth of
R$862.8 thousand in comparison with 2007.  The year-on-year net
debt increase was chiefly due to the payment of dividends and
interest on equity and the reduction in working capital.

                       About Brasil Telecom

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
involved in the telecommunications sector.  Its main activity is
the management of Brasil Telecom SA (BrT), which operates a local
fixed-line telephone in Brazil.  BrT also provides data and voice,
broadband and Internet services.  It also owns Nova Tarrafa
Participacoes Ltda and Nova Tarrafa Inc., which provide Internet
services.

                          *     *     *

In April 2008, Moody's Investors Service placed Brasil Telecom
Participacoes S.A.'s Ba1 rating on review for possible upgrade
after the announced acquisition by Tele Norte Leste Participacoes
S.A.


TAM SA: Records 84.4% Share in International Market Share in Jan.
-----------------------------------------------------------------
TAM SA reports operating data for January 2009, as disclosed by
the Brazilian National Civil Aviation Agency.

According to ANAC, TAM registered 11.8% growth in domestic RPK
(demand) compared to the same period last year, and 13.8% increase
in domestic ASK (supply).  In January, market demand increased
9.6% and market supply increased 9.8%.

TAM registered domestic market share (RPK) of 49.5%, a 1.0 p.p.
increase compared to the same period in 2008. TAM's domestic load
factor was 72.1%, 0.6 p.p. higher than the market average of
71.5%.

In the international market, TAM registered 16.0% growth in RPK
and 18.9% in ASK, compared to January 2008.  The company attained
market share of 84.4%, representing 17.4 p.p. growth year on year.
TAM attained 77.9% load factor, 4.1 p.p. higher than the market
average of 73.8%.

                          About TAM S.A.

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

                          *     *     *

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

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



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

ARDEN PREMIER: Sole Shareholder Receives Wind-Up Report
-------------------------------------------------------
On January 22, 2009, the sole shareholder of Arden Premier Fund
SPC received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Angus Davison
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


BT CASCADES: Members Receive Wind-Up Report
-------------------------------------------
The members of BT Cascades No. 2 Limited met on 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:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


BT CASCADES: Members Receive Wind-Up Report
-------------------------------------------
The members of BT Cascades No. 3 Limited met on 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:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


BT NOTES: Members Receive Wind-Up Report
----------------------------------------
The members of BT Notes Limited met on 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:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


CEDAR INTERNATIONAL: Members Receive Wind-Up Report
---------------------------------------------------
The members of Cedar International Securities Limited met on 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:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


CPT500: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of CPT500 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


CSERE ATRIUM: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Csere Atrium (Freehold) 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


CSERE DUMFRIES: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Csere Dumfries (Freehold) 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


CSERE MILTON: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Csere Milton Keynes (Freehold) 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


EIRE HALIFAX: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Eire Halifax (Freehold) 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


EIRE MANCHESTER: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Eire Manchester (Freehold) 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


EURO CBO: Members Receive Wind-Up Report
----------------------------------------
The members of EURO CBO Services Ltd. met on 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:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


FLAME INC: Members Receive Wind-Up Report
-----------------------------------------
The members of Flame Inc. met on 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:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


HARBOR DRIVE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Harbor Drive 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


HEART BEAT: Members Receive Wind-Up Report
------------------------------------------
The members of Heart Beat Funding 2, Inc. met on 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:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


OXFORD OPTIONCO: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Oxford Optionco Ltd. met on Jan. 27, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OXFORD OPTIONCO 0: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Oxford Optionco 0 Limited met on Jan. 27,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


PANTERA UBER: Sole Shareholder Receives Wind-Up Report
------------------------------------------------------
On January 23, 2009, the sole shareholder of Pantera Uber Consumer
Master Fund Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


RAINIER CBO: Members Receive Wind-Up Report
-------------------------------------------
The members of Rainier CBO I Ltd. met on 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:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


SEQUOIA CAPITAL: Sole Shareholder Receives Wind-Up Report
---------------------------------------------------------
On January 27, 2009, the sole shareholder of Sequoia Capital
Management International Limited received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         John Ralph Wardlaw
         c/o Lewis Holdway
         20 Queen Street, Melbourne Victoria
         Tel: +61 3 9629 9629
         Fax: +61 3 9629 9630
         Australia



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

JUCT: Cabinet OKs Gov't. Guarantee to Secure US$425 Million Loan
----------------------------------------------------------------
The Jamaican cabinet approved the granting of a government
guarantee for Jamaica Urban Transit Company to secure a US$425
million loan facility from the Bank of Nova Scotia, Radio Jamaica
News reports.  The fund, the report relates, will be used to
restructure the bus company's increasing debts.

According to the report, JUTC has defaulted on loan obligations
with RBTT Bank and Petrocaribe Development Fund, among others, due
to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expires this month.  The report
notes that the Ministry said this facility is consistently
utilised at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.

The Ministry of Finance, after discussing with JUTC, solicited
proposals to restructure the debt obligations of the bus company,
the report says.

                            About JUTC

Jamaica Urban Transit Company (JUTC) was established in 1998 to
provide a centrally managed state-of-the-art public bus service.
The government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

The JUTC was designed to be a safe, modern and reliable system of
transport, efficiently operated at a reasonable cost to commuters.
This involved the construction of five depots within the Kingston,
Portmore and Spanish Town areas.  These depots are located at
Ashenheim Road, Lyndhurst Road, Rockfort, Twickenham Park and
Greater Portmore.



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

CEMEX SAB: TCL May Buy Back 20% Minority Stake From Company
-----------------------------------------------------------
Trinidad Cement Limited is considering whether to buy back Cemex
S.A.B. de C.V.'s 20% stake in the company, Jamaica Observer
reports.

According to a company press release, TCL Board of Directors
advised that: "In order to examine all possible options and its
implications for the group," the TCL board has hired Florida-based
financial advisory firm BroadSpan Securities LLC to give advice
on:

   - whether the Cemex shares should be purchased by TCL or
      cancelled;

   - whether TCL's Employee Share Ownership Plan should acquire
      the shares for the benefit of employees or for future
      divestment in order to spread the company's shareholding
      regionally; and

   - whether no action should be taken by the company in relation
      to the possible sale other than to seek to influence Cemex's
      choice for the purposes of "compatibility".

As reported in the Troubled Company Reporter-Latin America on
Dec. 30, 2008, Jamaica Gleaner News said Cemex plans to sell its
20% share ownership or 49.9 million shares in the TCL as part of
the Mexican company's debt restructuring programme.

According to Gleaner, TCL advised that Cemex's response to the
difficulties experienced because of the global economic crisis has
been to initiate cost-cutting measures, to seek debt re-financing,
and to dispose of select assets.

                            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.


* Moody's Cuts Ratings on Foreign Banks on Govt. Support Concerns
-----------------------------------------------------------------
Moody's Investors Service lowered the global local currency
deposit ratings of several foreign wholesale banks in Mexico as a
result of the reassessment of the probability of support that
could be expected from the Mexican government to these banks, in
line with Moody's Joint Default Methodology.

The issuers affected are: Banco Credit Suisse Mexico, S.A.; ING
Bank, S.A.; Barclays Bank Mexico, S.A. and Deutsche Bank Mexico,
S.A., which saw their global local currency deposits ratings
downgraded by one notch.  At the same time, the bank financial
strength ratings of all these banks were affirmed.

Moody's noted it was also affirming the BFSR, global local
currency deposits and Mexican National Scale ratings of Bank of
America Mexico, S.A. (BAMSA, D+/A2/Prime-2/Aaa.mx/MX-1), and
Prudential Bank, S.A. (Prudential Mexico, E+/Ba2/Not-
Prime/A2.mx/MX-2).  Moody's also affirmed Bank of Tokyo-Mitsubishi
UFJ (Mexico), S.A.'s BFSR and Mexican National Scale ratings of D/
Aa1.mx/MX-1.

In reassessing the probability of systemic support that could be
provided to foreign-owned wholesale banks, Moody's took into
account the declining importance of capital markets activities
overall, which is likely to reduce the importance of these banks
as counterparties in the local Mexican market.  Moreover, the
inherent wholesale nature of these banks' operations was also
considered in Moody's decision to change the systemic support
assessment to low, from moderate, with consequent effect on the
banks' deposit ratings.  Moody's also indicated that its
assessment of systemic support for other rated banks in Mexico
remains unchanged.

The last rating actions on CS Mexico's ratings were on December 5,
2008 when Moody's affirmed its ratings.

The last rating actions on ING Mexico's ratings were on January
28, 2009 when Moody's downgraded the bank's GLC deposits to A2
from A1.

The last rating actions on Barclays Mexico's ratings were on
February 3, 2009 when Moody's downgraded the bank's GLC deposits
to Baa1/Prime-2 from A1/Prime-1.

The last rating actions on DB Mexico's ratings were on December 5,
2008 when Moody's affirmed the bank's A1 GLC deposit rating but
changed the outlook to negative from stable.

The last rating actions on BAMSA's ratings were on January 16,
2009 when Moody's downgraded the bank's GLC deposit rating to A2
negative, from A1, and downgraded the short term GLC rating to
Prime-2 from Prime-1.

The last rating actions on BTMUM's ratings were on September 21,
2007 when Moody's withdrew the bank's long- and short-term GLC
deposit ratings, as well as the long- and short-term foreign
currency deposit ratings, for business reasons.

The last rating actions on Prudential Mexico's ratings were on
February 5, 2008 when Moody's assigned first-time ratings to the
bank.

The long-term Mexican National Scale rating of Aaa.mx indicates
issuers or issues with the strongest creditworthiness relative to
other domestic issuers.  The short-term Mexican National Scale
rating of MX-1 indicates that the issuer has the strongest ability
to repay short-term senior unsecured debt obligations relative to
other domestic issuers.  Lower ratings on Moody's Mexican National
Scale indicate issuers or issues with weaker creditworthiness
relative to Aaa.mx rated issuers or issues.

The specific rating changes are:

Banco Credit Suisse Mexico, S.A.

  -- Global local currency deposits, long term: Downgrade to A2
     stable, from A1

  -- Global local currency deposits, short term: Downgrade to
     Prime-2 from Prime-1

ING Bank Mexico, S.A.

  -- Global local currency deposits, long term: Downgrade to A3
     stable, from A2

  -- Global local currency deposits, short term: Downgrade to
     Prime-2 from Prime-1

Barclays Bank Mexico, S.A.

  -- Global local currency deposits, long term: Downgrade to Baa2
     negative, from Baa1

  -- Global local currency deposits, short term: Downgrade to
     Prime-3 from Prime-2

  -- Foreign currency deposits, long term: Downgrade to Baa2
     negative, from Baa1

  -- Foreign currency deposits, short term: Downgrade to Prime-3
     from Prime-2

  -- Long term Mexican National Scale: Downgrade to Aa1.mx stable,
     from Aaa.mx

Deutsche Bank Mexico, S.A.

  -- Global local currency deposits, long term: Downgrade to A2
     negative, from A1

  -- Global local currency deposits, short term: Downgrade to
     Prime-2 from Prime-1


* Moody's Puts 'Ba3' Rating on Mun. Valle de Chalco Solidaridad
---------------------------------------------------------------
Moody's assigned first time issuer ratings of Baa1.mx (Mexican
National Scale) and Ba3 (Global Scale) to the Municipality of
Valle de Chalco Solidaridad, State of Mexico.  The ratings reflect
the municipality's positive, albeit declining, gross operating
balances and adequate, but uneven, consolidated financial
performance.  The ratings also reflect low debt levels and a
positive liquidity position, offset by the sizeable contingent
liability posed by the municipal water company and a limited
economic base.

The municipality's gross operating balance for the 2003-2008
period has been moderate, but declining since 2006, when the
figure reached a recent maximum of 23.1% of operating revenues.
In 2008, the gross operating balance fell to 11.4%, due to large
increases in current spending, especially for personnel costs.
While this level of gross operating balance is similar to the
average for Mexican municipalities rated by Moody's (13.4%), the
recent trend of rising current spending may exert additional
pressure on the municipality's financial flexibility going
forward.

On a consolidated basis, taking into account total revenues and
total spending, Valle de Chalco Solidaridad registered adequate,
albeit uneven financial performance.  Between 2006 and 2008, the
municipality generated three consecutive cash financial surpluses,
following three relatively significant cash financial requirements
between 2003 and 2005.

Valle de Chalco's debt levels are low, equivalent to 3.3% of total
revenues for 2008; however, the municipality plans to borrow MXN
55 million in 2009, with a 15 year maturity, to finance the
construction of several water, road, and social projects.
Including this new loan, the municipality's debt levels are
expected to reach 11.6% of total revenues in 2009, while debt
service is expected to absorb 5.9% of total revenue.  The
municipality's debt obligations are also supported by a positive
liquidity position.  Over the last three years net working capital
has averaged 13.0% of total expenditures.

Valle de Chalco's water company generates weak financial results
and requires annual subsidies from the municipality that exert
pressure on operating finances.  The water company also has
liabilities with an interstate electricity company (Luz y Fuerza
del Centro), the state's pension system (ISSEMYM), and the state's
water commission, totaling MXN 82 million, which is equivalent to
122% of the company's revenues or 22% of the municipality's total
revenues.  Given the water company's weak operating profile, these
liabilities represent a significant contingency for the
municipality.

Valle de Chalco is a low-income bedroom community for workers who
commute to jobs in Mexico City.  The municipality's population is
estimated at 338,000 inhabitants, and represents 2.3% of the
state's population.  The municipal's revenue generation capacity
is constrained by the limited economic base, while large
infrastructure needs, related primarily to electricity and street
paving, exert ongoing pressure on the capital budget.



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

CL FINANCIAL: AM Best Cuts CLICO Trinidad's Issuer Rating to "bb"
-----------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B
from B++ and the issuer credit rating to "bb" from "bbb" of
Colonial Life Insurance Company (Trinidad) Limited (CLICO)
(Trinidad and Tobago).  Concurrently, the ratings have been placed
under review with negative implications.

The ratings downgrades follow the actions announced by the Central
Bank of Trinidad & Tobago in reaction to a significant increase in
liquidity pressures at several CL Financial subsidiaries,
including CLICO and CLICO Investment Bank (CIB).  CIB has been
facing tightened liquidity through elevated withdrawals, as
concern regarding the sharp decline in methanol and real estate
prices were seen as negatively impacting the balance sheet of CL
Financial.  As part of its investment strategy, CLICO maintains a
high concentration in related party assets, including large
holdings in the banking and financial services, energy and
manufacturing sectors.  Thus, the liquidity challenges at CIB are
expected to impact CLICO.  A.M. Best had previously expressed
concerns with the liquidity of CLICO's non-quoted affiliated
assets.  CLICO has experienced rapid growth in its annuity and
pension lines of business through high crediting rates.

CL Financial has agreed to divest assets to improve CLICO's
Statutory Fund, while the Trinidad government has committed to
provide additional funding that may be needed for any deficit.
This funding will be provided in exchange for collateral and an
equity interest in CLICO.  In addition, a strategy has been
implemented by the government to meet withdrawals of third party
depositors of CIB and CLICO policyholders.

The ratings will remain under review as A.M. Best reviews CLICO's
ability to quickly diversify away from its large affiliated
investment holdings and related party transactions in order to
provide greater liquidity.  The review will also include an
understanding of the level of involvement of the Trinidad
government in CLICO's ongoing operations.  Further negative rating
actions may be warranted following this review.

                           About CLICO

Colonial Life Insurance Company (Trinidad) Limited (CLICO) is an
insurance company member of CL Financial Limited.

                        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.


SCOTTISH RE: A.M. Best Lowers Cayman Unit's Issuer Rating to "c"
----------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to D
from C- and issuer credit ratings to "c" from "cc" of the primary
operating insurance subsidiaries of Scottish Re Group Limited
(Scottish Re) (Cayman Islands).

Concurrently, A.M. Best has downgraded the FSR to E (Under
Regulatory Supervision) from C- and ICR to "rs" from "cc" of
Scottish Re, Inc.  A.M. Best also has affirmed the ICR of "c" and
all debt ratings of Scottish Re.  The outlook for all ratings is
negative, with exception of the FSR and ICR of Scottish Re (U.S.),
Inc and the US$125 million non-cumulative preferred shares of
Scottish Re.

These rating actions reflect the disclosure by Scottish Re on
January 28, 2009, stating that on January 5, 2009, a regulatory
order of supervision was issued by the State of Delaware Insurance
Commissioner on Scottish Re (U.S.), Inc. At the end of third
quarter 2008, absent a statutory accounting permitted practice,
Scottish Re (U.S.), Inc estimated a roughly US$132 million
shortfall in reserve credit.  In approving the permitted practice,
the company and the Delaware Insurance Department agreed to the
formal supervision of Scottish Re (U.S.), Inc likely to remain in
place as long as the permitted practice remained in place.

A.M. Best remains concerned with the continued lack of clarity
with respect to Scottish Re's financial strength position,
underpinned by its ongoing inability to make regular public
disclosures of the market values of certain assets within various
special purpose vehicles.

The FSR has been downgraded to E from C- and the ICR to "rs" from
"cc" for Scottish Re (U.S.), Inc.

The FSR has been downgraded to D from C- and the ICRs to "c" from
"cc" for the following primary operating subsidiaries of Scottish
Re Group Limited:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
   -- Scottish Re Life Corporation
   -- Orkney Re, Inc.

The ICR has been downgraded to "cc" from "ccc+" for Scottish Re
Group Limited.

The following debt ratings have been affirmed:

Scottish Re Group Limited
   -- "d" on US$125 million non-cumulative preferred shares

Stingray Pass-Though Trust
   -- "c" on US$325 million 5.902% senior secured pass-through
      certificates, due 2012

The following indicative ratings have been affirmed:

Scottish Re Group Limited
   -- "c" on senior unsecured debt
   -- "c" on subordinated debt
   -- "c" on preferred stock

Scottish Holdings Statutory Trust II and III
   -- "c" on preferred securities

                         About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United
Kingdom, United States, and Singapore.  Its flagship operating
subsidiaries include Scottish Annuity & Life Insurance Company
(Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re Capital
Markets, Inc., a member of Scottish Re Group Ltd., is a registered
broker dealer that specializes in securitization of life insurance
assets and liabilities.

As reported in the Troubled Company Reporter-Latin America on
June 17, 2008, Moody's Investors Service placed on review with
direction uncertain Scottish Re Group Ltd.'s senior unsecured
shelf of (P)Caa1, subordinate shelf of (P)Caa2, junior subordinate
shelf of (P)Caa2, preferred stock of Caa3, and preferred stock
shelf of (P)Caa3.  Moody's had previously placed the ratings on
review for possible downgrade.



                            ***********

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 * * *