TCRLA_Public/090218.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 18, 2009, Vol. 9, No. 34

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Halts Financing Commitments Amid Probe


A R G E N T I N A

CONISEHT SRL: Trustee Verifying Proofs of Claim Until  April 3
FINCA DE MANANTIAL: Proofs of Claim Verification Due on April 1
GROVECOR SRL: Proofs of Claim Verification Due on February 18
ICA INVERSIONES: Verifying Proofs of Claim Until April 14
INTELACTION SERVICES: Verifying Proofs of Claim Until March 16

LA LAIDA: Verifying Proofs of Claim Until March 23
RICALUX SACI: Proofs of Claim Verification Due on April 10
* ARGENTINA: Borrows More Than US$2 Bln to Meet Upcoming Debts


B E R M U D A

XL CAPITAL: Moody's Affirms Preferred Stock Rating at 'Ba1'


B R A Z I L

BRASIL TELECOM: Posts 4Q and Year-Ended 2008 Financial Results
EMBRATEL: 4Q Net Profit Drops 6.13% to BRL116.3 Million
GERDAU AMERISTEEL: To Release 2008 Year End Results Tomorrow
NET SERVICOS: 2008 Q4 Results Won't Affect Moody's 'Ba2' Rating


C A Y M A N  I S L A N D S

ASBT CAYMAN ET AL: Shareholders Receive Wind-Up Report
ASSCHER FINANCE: Moody's Withdraws 'C' Ratings on Various Notes
BALANCE ASSET ET AL: Shareholders Receive Wind-Up Report
FRONT STREET: Shareholders Receive Wind-Up Report
GOLDMAN SACHS: Shareholders Receive Wind-Up Report

KLEROS REAL: Shareholders Receive Wind-Up Report
LOWE HOSPITALITY ET AL: Shareholders Receive Wind-Up Report
MKP CREDIT ET AL: Shareholders Receive Wind-Up Report
RAMIUS HEDGED: Shareholders Receive Wind-Up Report
RAMIUS PORTABLE: Shareholders Receive Wind-Up Report

RCG AKULA: Shareholders Receive Wind-Up Report
RCG ASIA: Shareholders Receive Wind-Up Report
RCG SENATOR: Shareholders Receive Wind-Up Report
SAND SPRING: Shareholders Receive Wind-Up Report
TE SEMINOLE ET AL: Shareholders Receive Wind-Up Report

TSF SPT: Shareholders Receive Wind-Up Report
TE STRATEGIC ET AL: Shareholders Receive Wind-Up Report
TE TIM ET AL: Shareholders Receive Wind-Up Report
TE TRANSTREND ET AL: Shareholders Receive Wind-Up Report
TE ZPOINT ET AL: Shareholders Receive Wind-Up Report


C O L O M B I A

ECOPETROL: Glencore to Sell Back 51% Refinery Stake to Company


J A M A I C A

CABLE & WIRELESS: Judge Orders LIME to Stop Blocking Flow Networks
SCJ: Seeks New Buyers for Sugar Assets
* JAMAICA: International Consultant Suggests 30% Cut in Gov't Jobs


M E X I C O

CITIGROUP INC: Mulls Selling Grupo Financiero Banamex
CITIGROUP INC: Banamex Head Denies SellOff Rumors
* MEXICO: Sees 300,000 Job Losses Despite Gov't Programs


                         - - - - -



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

STANFORD INT'L BANK: Halts Financing Commitments Amid Probe
-----------------------------------------------------------
Antigua-based Stanford International Bank Limited ("SIBL") was
unable to complete the financing of two U.S.-based companies,
healthcare-firm Emageon Inc. and telecommunications-firm Elandia
International Inc., various reports say.

SIBL and related firms controlled by Texas businessman R. Allen
Stanford, The Wall Street Journal relates, have fallen under
scrutiny by the Federal Bureau of Investigation, the Securities
and Exchange Commission and other regulatory bodies.

According to the Caribbean Net News, the US SEC and the Financial
Industry Regulatory Authority are examining sales of certificates
of deposit ("CD") by Stanford International, and steady, above-
average returns those investments have been paying.

Bloomberg News relates SIBL, in a dislosure statement, describes
the bank's CDs, which paid 4.5% interest on a US$100,000, one-year
investment as traditional bank deposits.  The bank doesn't lend
the proceeds and instead invests in a mix of equities, metals,
currencies and derivatives, according to its Web site and
disclosure documents for the certificates provided to Bloomberg by
a former Stanford Group adviser.

In 2006, Bloomberg recounts, SIBL reported that 57.4% of its
portfolio was in equities, 21.9% in Treasuries and corporate
bonds, 13% in metals and 7% in alternatives, and the rest was in
cash, mostly U.S. dollars.

                 SIBL Released From Obligation to
                     Lend US$28MM to Elandia

In a Feb. 6 statement, Elandia International Inc. said it has
restructured its capital structure after modifying its credit
agreement with SIBL.  As a result of the modification, eLandia
will eliminate a majority of its long-term debt, while at the same
time reducing the total number of its fully diluted shares
outstanding.

Under the terms of the modified credit agreement, eLandia said it
has terminated SIBL's obligation to lend to eLandia the US$28
million balance of the amount committed and in exchange, SIBL has
surrendered for cancellation 16,148,612 shares of eLandia common
stock.  In addition, SIBL has converted the total principal amount
outstanding under the loan of US$12 million into 1,777,778 shares
of eLandia's Series B Convertible Preferred Stock and agreed to
exchange US$2.35 million of outstanding principal owed by a
subsidiary of eLandia under separate agreement for 344,444 shares
of Series B Convertible Preferred Stock.  As a result of the
modification, eLandia has reduced its common stock outstanding
from 40.9 million shares to 24.8 million shares.

The statement related SIB also granted the option to purchase an
additional 592,593 shares of the company's Series B Preferred
Stock for an aggregate purchase price of US$4 million, exercisable
through March 31, 2009.  The terms of the Series B Preferred Stock
were also amended to reduce the conversion ratio and to eliminate
the voting rights of the Series B Preferred Stock.  In the event
that SIBL does not exercise this option in full, the conversion
ratio for all shares of Series B Preferred Stock will be further
reduced effective April 1, 2009.  Also, SIBL agreed to terminate
all of its rights to cause eLandia to register its shares for
resale.

In addition, SIBL has placed all of its shares of common stock and
Series B Preferred Stock in a voting trust under which Mr. Pizarro
serves as Voting Trustee, the statement noted.

According to eLandia, since the funding commitment modification
would have resulted in a default of Mr. Pizarro's executive
employment agreement, the company has agreed to amend his
employment agreement which includes the accelerated vesting of
certain restricted shares held by him, to guarantee certain
payments due under the agreement, and to issue him additional
stock options as set forth in greater detail in the reports filed
with the SEC.

eLandia added it also has decided that it should simultaneously
take the steps necessary to reprice certain of its outstanding
stock options under its stock option plan at an exercise price
more in line with prevailing market, which options are held
primarily by a small group of senior executives, key employees and
directors.

                      SIBL Fails to Provide
                       Funding for Emageon

Emageon Inc., as cited by the Caribbean Net News, said it could
not complete a US$62 million merger when funding fell through.
Caribbean Net News, citing the Wall Street Journal, relates
Emageon said SIBL had planned to provide the funding to complete
the deal.

Emageon, in a Feb. 13 statement, said it has received the US$9
million that had been placed in escrow with The Bank of New York
Mellon by Health Systems Solutions Inc. in connection with the
parties' merger transaction.  The escrowed funds became payable to
Emageon when the merger was not consummated before the close of
business on February 11, 2009.

Emageon also said it has terminated its amended merger agreement
with Health Systems due to Health Systems' failure to receive all
necessary financing on or before the designated closing date of
February 11, 2009.  Emageon said it continues to evaluate its
options in response to these developments.

Caribbean Net News relates the new disclosures raised further
questions about the activities of Stanford Group Co's US$50
billion financial empire.  The regulator's investigations on the
investment bank, the report says, brought them to Antigua where
they planned to quiz executives of the unit at the request of US
regulators.

                     Foreign Depositors Fly
                     to Antigua to Withdraw

Foreign investors are coming in to Antigua to withdraw their
investment amid the news regarding U.S. state and federal
authorities' investigation of the offshore bank, The Wall Street
Journal reports.

According to WSJ, citing a company financial adviser, Mr. Stanford
said in a conference call to employees that there would be a
temporary moratorium of two months on early redemptions for CDs.
Depositors sign contracts that state redemptions are accommodated
at the discretion of the institution, the adviser added.

Local investors, the report relates, are also responding to the
investigation news by pulling funds from the separate Stanford-
controlled Bank of Antigua.  Clients have been told processing of
the withdrawals could take several days, according to depositors
and attorneys, the same report says.

                          About eLandia

Elandia International Inc. –– http://www.elandiagroup.com.–-  and
its family of companies, deliver an array of information and
communications technology (ICT) services to emerging markets
experiencing rapid development, predominantly focusing on Latin
America, the Caribbean and the South Pacific.  eLandia assists its
customers to implement world-class integrated infrastructure
solutions and cutting-edge networking technologies, and to build
highly-qualified local workforces to enable their businesses to
transform and integrate into the global economy.

                         About Emageon

Emageon –- http://www.emageon.com/--providesinformation
technology systems for hospitals, healthcare networks and imaging
facilities. Its enterprise family of solutions includes
RadSuite(TM), HeartSuite(TM) and other specialty suites.  All
Emageon solutions are built on a unified Enterprise Content
Management system offering advanced visualization and
infrastructure tools for the clinical analysis and management of
digital medical images, reports and associated clinical content.
Emageon's standards-based solutions are designed to help customers
enhance patient care, automate workflow, lower costs, improve
productivity and provide better service to physicians.

                About Stanford International Bank

Headquartered in Antigua, Stanford International Bank Limited –-
http://www.stanfordinternationalbank.com/-– is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Backed by a 75-year family tradition of
exceptional client service, Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.



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

CONISEHT SRL: Trustee Verifying Proofs of Claim Until  April 3
--------------------------------------------------------------
The court-appointed trustee for Coniseht S.R.L.'s reorganization
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 14, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 25, 2009.


FINCA DE MANANTIAL: Proofs of Claim Verification Due on April 1
---------------------------------------------------------------
Laura Marletta, the court-appointed trustee for Finca de Manantial
S.A.'s reorganization proceedings, will be verifying creditors'
proofs of claim until April 1, 2009.

Ms. Marletta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 16, 2009.

The Trustee can be reached at:

          Laura Marletta
          San Jose de Calasanz 530
          Buenos Aires, Argentina


GROVECOR SRL: Proofs of Claim Verification Due on February 18
-------------------------------------------------------------
Mario Lopez, the court-appointed trustee for Grovecor SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 18, 2009.

Mr. Lopez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 8, 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:

          Mario Lopez
          Tte. Gral. J. D. Perón 1610
          Buenos Aires, Argentina


ICA INVERSIONES: Verifying Proofs of Claim Until April 14
---------------------------------------------------------
The court-appointed trustee for Ica Inversiones S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until April 14, 2009.

The trustee will present the validated claims in court as
individual reports on May 28, 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 13, 2009.


INTELACTION SERVICES: Verifying Proofs of Claim Until March 16
--------------------------------------------------------------
The court-appointed trustee for Intelaction Services Argentina
S.A.'s reorganization proceedings will be verifying creditors'
proofs of claim until March 16, 2009.

The trustee will present the validated claims in court as
individual reports on May 4, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 17, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 3, 2009.


LA LAIDA: Verifying Proofs of Claim Until March 23
--------------------------------------------------
The court-appointed trustee for La Laida Editora S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 23, 2009.

The trustee will present the validated claims in court as
individual reports on May 11, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 23, 2009.


RICALUX SACI: Proofs of Claim Verification Due on April 10
----------------------------------------------------------
The court-appointed trustee for Ricalux SACI's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
April 10, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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.


* ARGENTINA: Borrows More Than US$2 Bln to Meet Upcoming Debts
--------------------------------------------------------------
The Argentine government has issued two 90-day IOUs of 7 billion
pesos (US$2 billion) and 49.6 million pesos and sold some 40
million pesos in 90-day paper state agencies to help meet upcoming
debt payments, Walter Bianchi of Reuters reports.

The moves, the report relates, were the latest by the government,
which regularly borrows from state agencies with budget surpluses
to fill financing gaps.  Since its 2002 default, the country has
had to finance itself largely outside of the global debt markets.

According to the report, Argentina is facing some US$18 billion in
debt obligations this year.

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2009, Bloomberg News said holders of 15.1 billion pesos
(US$4.3 billion) of Argentine local debt agreed to swap the
securities for longer-term bonds in an exchange the government set
up to help cover its growing financing needs.

Cabinet Chief Sergio Massa, Bloomberg News relates, said the swap
is part of an effort to plug a financing gap that has swelled as
commodity export revenue slumped.  The exchange will reduce the
government's debt payments by 5.4 billion pesos this year, he
added.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's ratings:

  -- Long-term local currency Issuer Default Rating to 'B-' from
     'B';

  -- Country Ceiling to 'B' from 'B+';

  -- Performing bonds in foreign and local currency governed by
     Argentine law to 'B-/RR4' from 'B/RR4';

The Rating Outlook on the local currency IDR is Stable.

In addition, Fitch affirmed these ratings:

  -- Long-term foreign currency IDR remains in Restricted Default
      ('RD');

  -- Short-term IDR at 'B';

  -- Performing bonds in foreign currency governed by foreign law
     at 'B-/RR4';

  -- Defaulted senior unsecured notes at 'CC/RR4';

  -- Defaulted collateralized Brady bonds at 'CCC-/RR3'.



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

XL CAPITAL: Moody's Affirms Preferred Stock Rating at 'Ba1'
-----------------------------------------------------------
Moody's Investors Service has affirmed the debt ratings of XL
Capital Ltd. -- senior unsecured at Baa2 -- and the A2 insurance
financial strength ratings of the company's principal insurance
and reinsurance operating subsidiaries, continuing a negative
outlook.

For the fourth quarter of 2008, XL Capital reported a net loss of
US$1.4 billion, comprising operating income of US$189.5 million, a
US$990 million non-cash charge for the partial impairment of
goodwill associated with its 1998 acquisition of Mid Ocean
Limited, and other than temporary impairments of US$608.5 million,
which included an investment portfolio restructuring charge of
US$400 million.  For the full year 2008, the net loss was
US$2.63 billion, including operating income of US$840 million.

According to Moody's, the rating affirmation reflects results for
the fourth quarter of 2008 that generally remain in line with
Moody's medium-term expectations for the company, and financial
metrics that are expected to remain within the tolerances of
Moody's revised rating drivers for the company.  Moody's noted
that although the recent partial impairment of goodwill related to
the acquisition of Mid Ocean Limited is indicative of a decline in
economic value, this business segment continues to perform
reasonably well for XL Capital.

According to Alan Murray, senior credit officer and lead analyst
for XL Capital, "The negative outlook reflects Moody's concerns
regarding XL's exposures to further investment losses; its
heightened financial leverage profile; the company's earnings and
internal capital generation capacity; and its ability to
comfortably cover its high fixed charges.  Moody's focus is also
on the group's ability to sustain its position as a leading global
insurance and reinsurance provider given current market stress."
Moody's further noted that as several sectors of the mortgage and
asset-backed securities markets continue to come under increasing
stress from deterioration of the U.S. economy, the potential for
further asset impairments remains a concern.

XL's ratings reflect the group's overall good market positions in
its principal operating segments as well as its diversified
earnings streams by geography and line of business.  The ratings
also consider the company's sound liquidity and capitalization at
its flagship Bermuda operating subsidiaries (where the majority of
XL's capital resides) as well as its solid core underwriting
performance.  These fundamental strengths are tempered by the
intrinsic volatility of XL's reinsurance businesses and certain
insurance lines, by the company's exposure to natural
catastrophes, by its significant financial leverage, and by its
past volatile profitability.

XL's ratings could be downgraded if one or more of these occurs:
1) prospective organic capital generation declines due to
materially lower profits (e.g. returns on equity consistently in
mid-single digits); 2) realized investment losses and impairments
in 2009 exceed US$750 million pre-tax; 3) GAAP common
shareholders' equity falls below US$5.5 billion (following the
conversion of ESUs in February 2009); 4) adjusted financial
leverage exceeds 35% on a sustained basis; or 5) the company's
franchise value in terms of new business and retention of existing
business weakens materially.  Conversely, the outlook could be
revised to stable if XL 1) stabilizes its franchise; 2)
successfully transitions under its new management team to a
simpler organization; 3) generates interest coverage above 5
times; and 4) stabilizes its financial flexibility, earnings, and
capitalization.

These debt ratings have been affirmed with a negative outlook:

* XL Capital Ltd -- senior unsecured debt at Baa2; preferred
stock at Ba1;

* XL Capital Finance (Europe) plc -- senior unsecured debt at
Baa2;

* XLLIAC Global Funding -- backed medium term notes at A2;

* Stoneheath Re -- preferred stock at Ba1;

* Premium Asset Trust Series 2004-9 -- senior secured at A2.

These insurance financial strength ratings have been affirmed at
A2, with a negative outlook:

-- XL Insurance (Bermuda) Ltd;
-- XL Insurance Company Limited;
-- XL Insurance Switzerland;
-- XL Re Ltd;
-- XL Reinsurance America Inc.;
-- Indian Harbor Insurance Company;
-- Greenwich Insurance Company;
-- XL Specialty Insurance Company;
-- XL Insurance Company of New York, Inc.;
-- XL Life Insurance and Annuity Company.

XL Capital Ltd, headquartered in Hamilton, Bermuda, is a leading
provider of insurance and reinsurance coverages through its
operating subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

The last rating action occurred on December 19, 2008 when Moody's
downgraded the debt and insurance financial strength ratings of XL
Capital Ltd and subsidiaries, with a negative outlook.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.



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


BRASIL TELECOM: Posts 4Q and Year-Ended 2008 Financial Results
--------------------------------------------------------------
Brasil Telecom Participacoes S.A. posted results for the fourth
quarter 2008.

   Financial Highlights
   ====================

A. Of the year of 2008

   * With 15.5 million Revenue-Generating Units (RGUs) at the end
     of 2008, Brasil Telecom recorded in this year a base growth
     of 1.7 million users, mainly influenced by:

   * Growth of 93,000 users of wirelines in services;

   * Mobile base growth of 1,3 million clients; and

   * Net Addition of 238,000 Broadband (ADSL) users.

   * Consolidated gross revenue totaled R$17,007.1 million, up by
     6.3% year-on-year.

   * Consolidated EBITDA stood at R$3,936.7 million in 2008, up by
     4,0% on the yea. EBITDA margin came to 34.8% in 2008,
     widening 0.6 p.p. over 2007. EBITDA from mobile operations
     has reached R$177.3 million, raising by 6.5 p.p.p the margin
     registered for mobile on 2008.

   * Net debt amounted to R$1,371.5 million, equivalent to 0.3
     times the consolidated EBITDA for the last twelve months.
     Exchange rate exposure currently stands at US$170.8 million,
     equivalent to 8.6% of gross debt, excluding swap adjustments.

   * Annual consolidated net income totaled R$782.2 million, 16.2%
     up on 2007, due to the improved period operating result.


B. Of The 4Q08

   * With 15.5 million Revenue-Generating Units at the
     close of December 2008, Brasil Telecom recorded a base growth
     of 331,000 users.  Given that wirelines in service fell by
     71,000, the increase in RGUs was influenced by:

   * Mobile base growth of 359,000; and

   * Adhesion of 44,000 broadband (ADSL) users.

   * Consolidated gross revenue totaled R$4,465.9 million, up by
     3.2% and 8.1% quarter-on-quarter and year-on-year,
     respectively.

   * The EBITDA margin came to 32.4% in the 4Q08, 1.7 p.p. up on
     the 4Q07.  EBITDA from mobile operations reached R$59.6
     million in the 4Q08, widening the segment's margin by 10.3
     p.p., when compared to the same period in the previous year.

   * Consolidated capex came to R$1,097.6 million in the quarter
     (80.5% higher than in the 3Q08 and 80.3% higher than in the
      4Q07), mainly impacted by portability and the expansion of
      the 3G network.


   OPERATING PERFORMANCE
   =====================

Brasil Telecom companies ended the 4Q08 with 15.5 million revenue-
generating units, 2.2% up the 331,000 new users recorded at the
close of the 3Q08 and 12.1% up the 1,673,000 recorded at the end
of the 4Q07. Once again, the performance was influenced by the
growth in the mobile (+6.8% vs. 3Q08) and broadband (+2.5% vs.
3Q08) bases.

   A. Wireline

The wirelines in service base had a net addition of 93,100 lines
in 2008, chiefly due to the increase in the non-residential client
base thanks to the growing adhesion to Total Control, the prepaid
wireline plan, and to the expansion of integrated offerings
through Pluri packages.  Total Control is a plan focused on the
low consumption segment in areas where the service is technically
viable. Eighty-six percent of the plan's clients had never had
access to a wireline before and the remaining had been out of the
base for at least 5 months.

For micro, small and medium companies, Brasil Telecom maintained
its strategy of converging operations by strengthening sales
channels and launching targeted products and services, such as
Brasil Total Negocios convergent offering.  The corporate and
government markets contributed to elevate the advanced
voice products' base, like DDR and PABX Virtual Net.
February 10, 2009

   B. Broadband

In the 4Q08, Brasil Telecom added 43,600 ADSL users to its base,
which totaled 1,805,500 at the close of the quarter, up by 15.2%
over the close of the 4Q07. ADSL penetration (ADSL/LIS) came to
22.2% in the 4Q08, versus 19.5% in the 4Q07.

Moving forward with the expansion of its broadband network, Brasil
Telecom reached 82.5% of the municipalities with ADSL coverage -
the highest percentage among Brazilian operators. Close to 70% of
Brasil Telecom's network is prepared to offer ADSL 2+, a broadband
technology that provides access speeds of up to 24 Mbps.

   C. Mobile Telephony

Brasil Telecom's mobile telephony client base reached 5,605,000
users in service in the 4Q08, with 1,342,300 net additions in the
year, or up by 31.5% on the 4Q07.  The company recorded 1,354,600
gross additions in the quarter, 61.8% up on the 4Q07, the highest
in its history.  This result was fueled by the success of the
Christmas campaign and the strategy of reinforcing the retail
promotion team.

By the end of the 4Q08, the client base comprised 978,900 post-paid
subscribers, 14.4% more than in the 4Q07, chiefly due to (i)
adhesions to 3G offerings, especially the 3GMais broadband
product, (ii) adhesions to Pluri packages, and (iii) reduction of
the migration from the hybrid to the pre-paid plan. At the end of
2008, Brasil Telecom had 100,900 3G clients, including mobile and
Banda Larga 3GMais no Computador clients (3G broadband in your
computer).

The pre-paid client base totaled 4,626,100 in the 4Q08, 35.8%
higher than in the 4Q07, chiefly due to the growth in sales volume
in 2008.  It the last quarters, new sales records were broken,
with most of the growth concentrated in the prepaid segment.
Prepaid sales growth was fueled by: (i) the success of the
Volta do Pula-Pula campaign in April 2008, (ii) the strategy of
reinforcing the retail promotion team and intensifying advertising
campaigns, and (iii) the development of a channel focused on SIM
card sales and the unblocking of handsets.

   Consolidated Results
   ====================

   A. Revenue

Consolidated gross revenue totaled R$4,465.9 million in the 3Q08,
R$139.9 million (+3.2%) higher than in the 3Q08 and R$335.8
million (+8.1%) higher than in the 4Q07.  In this quarter, revenue
from mobile telephony services and data communication services
grew by 7.7% and 8.0%, respectively.  It is also worth noting the
rise in local service revenue.  In year-on-year terms, the
increase in consolidated gross revenue was due to mobile telephony
and data communication services.
Revenue from data communication services accounted for 23.8% of
consolidated gross revenue at the end of the 4Q08 (22.8% in the
3Q08 and 17.8% in the 4Q07).

   Wireline

Gross revenue from wireline grew by 0.5% quarter-on-quarter and
fell 1.3% year-on-year. Compared to the previous quarter, the
increase in local service revenue (subscription and VC1) and lease
of facilities offset declines in long-distance revenue (wireline-
wireline and mobile-originated) and public telephony.

   Local Service

Revenue from local service rose by 2.3% over the previous quarter,
reflecting the R$31.6 million increase in subscriptions, chiefly
due to a higher adhesion to alternative plans, especially service
packages.  In yearon- year terms, this line climbed by 2.0% mainly
as a result of the R$48.8 million increase in subscriptions,
partially offset by the R$28.9 million decline in local traffic
revenue.  It is also worth noting the positive influence of the
tariff adjustment in July 2008 (3.01%).

   Long-distance Services

Gross revenue from long-distance calls totaled R$663.4 million,
10.8% down on the 4Q07 due to the decline of 14.3% and 23.2% in VC-
2 and VC-3 traffic, respectively.

   Long-distance wireline-wireline + mobile-originated

The decline of 3.6% over the 3Q08 and 7.0% over the 4Q07 was
chiefly due to traffic trends.  In addition, it is worth
mentioning that the lower traffic was partially offset by the
tariff adjustment of July 2008 (3.01%).

   Wireline-mobile LD

Wireline-mobile long-distance revenue dropped by 9.0% and
13.7% compared to the 3Q08 and the 4Q07, reflecting period traffic
reduction.  This reduction was due to lower use of Value Added
Services, that usually stimulate this traffic.

   Interconnection

Wireline interconnection revenue stood at R$54.5 million, 5.6% up
on the 3Q08 and 27.3% down on the 4Q07 due to mobile operator
offerings featuring promotions encouraging mobile-mobile traffic,
partially offset by the increase in the wireline network
interconnection tariff in July 1008.

   Data Communication Services

Revenue from data communication services totaled R$1,063.7
million, 8.0% up on the 3Q08 and 44.7% up on the 4Q07 chiefly due
to the ADSL base growth and migration to higher-speed plans.

   Public Telephony

Revenue from public telephones totaled R$114.0 million, 7.4%
higher than in the previous quarter and 17.3% lower than in the
same quarter in the previous year, chiefly due to the growth of
the prepaid mobile client base, in addition to the increase in the
number of Total Control, who used to be public telephony service
users.

   Mobile Telephony

Gross revenue from mobile telephony totaled R$587.6 million, up by
8.7% or R$47.6 million quarter-onquarter and up by 8.2% year-on-
year chiefly due to:

   * Higher utilization revenue of R$185.9 million in the quarter
     due to increased traffic and the larger average user base.

   * Data communication revenue rose by R$18.0 million or 39.3%
     quarter-on-quarter and 57.6% yearon-year chiefly due to the
     3G growth.

   * Revenue from handset sales totaled R$68.4 million, 16.9% up
     on the 3Q08 and 8.6% down on the 4Q07 due to higher SIM card
     sales.  Mobile telephony ARPU amounted to R$28.6, 0.6% down
     on the 3Q08 and 17.3% down on the 4Q07 chiefly due to the
     hefty prepaid base growth.

   B. Operating Costs and Expenses

Brasil Telecom's consolidated operating costs and expenses totaled
R$1,939.2 million, 2.8% higher than in the 3Q08 and 2.7% lower
than in the 4Q07.  The quarter-onquarter upturn was chiefly due to
the increase of R$78.2 million in personnel costs and expenses
(+40.0%) and R$19.5 million in provisions for contingencies
(+9.1%), partially offset by the decline of R$89.6 million
in interconnection costs (-14.6%) and R$30.1 million in third-
party services (-5.2%).

   Interconnection

Interconnection costs totaled R$524.3 million in the quarter, down
by 6.4% or R$35.6 million on the 3Q08 and 14.6% or R$89.6 million
on the 4Q07.  This decline was due to the growth in the Company's
mobile base and integrated service offerings.

   Personnel

Personnel costs and expenses rose by R$55.5 million quarter-on-
quarter and R$78.2 million year-on-year chiefly due to the
increase in the Company's headcount.  At the end of the 4Q08, the
Brasil Telecom group had 20,451 employees, 3,700 more than in the
4Q07, chiefly due to the impact of the Internet Group's call
center internalization during the 2Q08 and the increase in the
number workstations in order to comply with Decree Nr. 6,523, in
effect as of the 4Q08.
Excluding the call center operation, Brasil Telecom's headcount
dropped by 0.7% in the period.

  Materials

Material costs and expenses totaled R$132.2 million in the 4Q08,
up by 48.8% on the 3Q08 and 22.0% on the 4Q07 due to an increase
in handset costs as a result of the period exchange rate impact.

  Third-party services

Third-party costs and expenses were R$34.7 million or 6.7% up
quarter-on-quarter and R$30.1 million or 5.2% down year-on-year
chiefly due to the reduction of R$38.8 million in call center
services thanks to its internalization at the end of 2007;

  Marketing and Advertising

Advertising expenses totaled R$50.2 million in the quarter, up by
10.2% on the 3Q08, chiefly due to the Christmas campaigns.

  Provisions for Doubtful Accounts

Provisions for doubtful accounts totaled R$56.0 million, 42.7%
down on the 3Q08 and 33.1% down on the 4Q07 chiefly due to: i) the
recovery of values in the Christmas campaign; ii) the decline in
retail client default rates; and iii) more efficient collection
procedures for the government and corporate segments.  The
ratio between PDA and gross revenue came to 1.3%, 0.7 p.p. down on
the 4Q07.

  Other Operating Revenue

Other operating revenues (expenses) totaled R$91.1 million
positive, reflecting a variation of R$65.4 million.  The update of
actuarial provisions which occurred during the 4Q07 contributed to
this raise.

   C. Other Items in the Consolidated Result:

   EBITDA

The quarter's consolidated EBITDA totaled R$930.8 million, 2.5%
down on the 3Q08 and 5.3% up on the 4Q07. The consolidated EBITDA
margin stood at 32.4% in the 4Q08, versus 30.7% in the same period
the year before.

EBITDA from mobile operations has reached R$59.6 million in the
4Q08.  The quarter's EBITDA margin came to 11.7%, 10.3 p.p. up
over the same period of 2007.

   Non-operating Result

In the 4Q08, the non-operating result was a net expense of R$202.1
million.  Excluding the effects of interest on equity, the
variation would have been negative by R$38.5 million over the 3Q08
and R$159.5 million over the 4Q07, as analyzed:
Consolidated financial revenue came to R$300.1 million, R$22.7
million down year-on-year chiefly due to the positive effect of
recovered taxes in the 4Q07.

Financial expenses totaled R$398.5 million, R$136.8 million higher
than in the 4Q07, as detailed:

   (i) Interest on loans and financings stood at R$115.6 million,
       up by R$27.4 million in comparison with the 4Q07 chiefly
       due to the increase in local-currency debt (BNDES).

  (ii) Net exchange rate effect on loans and financings was
       negative by R$111.7 million in the 4Q08 due to:

   (a) Negative net result of R$174.1 million with the FX
       variation on debt denominated in foreign currencies due to
       the increase in the dollar (+22.0%) and the yen (+43.5%)
       over the real in the 4Q08.  In the 4Q07, there was an
       exchange rate gain of R$17.3 million due to the decline in
       the dollar (-3.7%) and the yen (-1.1%) over the real.

   (b) Positive net result of R$62.4 million from exchange rate
       swaps in the 4Q08, due to the decline of the real against
       the yen.  In the 4Q07, there was a loss of R$17.7 million
       caused by the increase of the real in that period.

   Depreciation/Amortization

Depreciation and amortization costs totaled R$490.5 million in the
4Q08, 17.0% down on the 4Q07 due to the increase in fully
depreciated assets.

   Net Result

Consolidated net income stood at R$115.3 million in the 4Q08,
29.7% down on the 3Q08, mainly due to the negative effect of
R$38.4 million on the net non-operating result (excluding the
effects of interest on equity).

Net income dropped by R$82.4 million year-on-year due to:

   * EBITDA increase of R$47.2 million in the 4Q08, impacted by
     the decline in operating costs and expenses;

   * Reduction of R$100.3 million in depreciation expenses due to
     the increase in fully-depreciated assets;

   * Negative effect of R$159.5 million in the net financial
     result (excluding the effects of interest on equity);

   * Increase of R$73.8 million in provisions for income and
     social contribution taxes.  Brasil Telecom S.A.'s (operating
     company) net income stood at R$188.5 million (net margin of
     6.6%), down by 5.2% and 5.6% over the 3Q08 and the 4Q07,
     respectively.

Brasil Telecom's mobile operations recorded a loss of R$16.0
million, versus losses of R$25.8 million in the 3Q08 and R$45.0
million in the 4Q07.

   Debt, Capex, Capex and Cash Flow
   ================================

   A. Debt

Consolidated net debt totaled R$1,371.5 million, R$192,100 up
quarter-on-quarter and R$862,800 up year-on-year, equivalent to
0.3x the EBITDA for the last twelve months.  The year-on-year net
debt increase was chiefly due to the payment of dividends/interest
on equity and the reduction in working capital.

On December 31, 2008, the company's gross debt totaled R$4,856.8
million, R$779.9 million of which in foreign currency, including
R$399.2 million which is not hedged, leading to a net exposure of
US$170.8 million.

In the 4Q08, the Company's consolidated gross debt rose by R$594.2
million chiefly due to R$560.0 million in BNDES funding.

Due to the change in the company's shareholding control, Brasil
Telecom S.A. informed, through a Notice to Debenture-Holders, on
the terms of the General Debentures-Holders' Meeting held on
December 17, 2008, and Brasil Telecom S.A. and Telemar Norte Leste
S.A.'s Board of Directors Meetings held on January 26, 2009, that
it has decided to (i) change the debenture remuneration from
"104.0% of the DI (interbank) rate" to "capitalized DI rate of a
spread of 3.5% p.a." and (ii) acquire debentures from debenture-
holders who manifest their wish to sell them.  Given that the
issuer has not been contacted by any debentureholder about this
matter during the period determined in the Notice, all the
debentures remained in the
market.

   B. Capex

Consolidated investments totaled R$1,097.6 million in the quarter,
80.5% up quarter-on-quarter and 80.3% up year-on-year. Of this
total, R$709.3 million (64.6%) went to wireline and R$388.4
million (35.4%) went to mobile telephony.

Investments in mobile telephony rose by R$242.0 million (+165.3%)
year-on-year, chiefly due to the 3G expansion.

Investments in wireline grew by R$246.8 million year-on-year, the
highest investment volume.  This increase was chiefly due to: (i)
the expansion of the data network (+R$46.7 million), (ii) the
expansion of the transmission backbone (+R$53.2 million), (iii)
the expansion of the intelligent network (+R$16.8 million), (iv)
information technology (+R$17.3 million) and (v) regulatory issues
(+R$159.4 million), partially offset by lower investments in
network operations.

   Recent Events
   =============

   A. Acquisition of Telecom Participacoes – events occurred in
      the fourth quarter

   i) December 10, 2008: CADE, Oi and BrT sign the APRO

On December 10, 2008, the Brazilian antitrust authority Conselho
Administrativo de Defesa Economica ("CADE"), approved the
Agreement for Maintenance of the Reversibility of Operation
(Acordo de Preservacão de Reversibilidade da Operacão – "APRO")
relating to the acquisition of control of Brasil Telecom by
Telemar. According to the APRO entered into with CADE, Telemar
Norte Leste S.A. and Brasil Telecom S.A. should submit to CADE's
analysis the new authorizations obtained from the National
Telecommunications Agency (Agência Nacional de Telecomunicacoes –
"ANATEL") to explore the frequency ranges associated with
WiMax, 3G, and MMDS in any region of the General Concession Plan
("PGO").

Telemar and Brasil Telecom also agreed to maintain the broadband
internet access providers iG and Oi Internet as independent
business units until the final decision on the operation is given.
APRO also establishes Telemar's commitment to maintain a free
dial-up internet access provider in all the municipalities in
which Oi Internet, iG or Ibest already provide this service free
of charge.

   ii) December 19, 2008: Anatel's Prior Approval and Annex of
       Conditions

On December 19, the Brazilian Telecommunications Agency (Anatel)
granted its prior approval for the acquisition of control of BRT
by TMAR through Order 7.828.  Anatel also granted its prior
approval for the subsequent corporate acts related to the
incorporation of Invitel, Solpart and Brasil Telecom Participacoes
or their shares by Oi.

   iii) January 8, 2009: TMAR concluded the acquisition of BRT's
        control

On January 8, 2009, TMAR announced that, through its indirect
subsidiary Copart 1 Participacoes S.A. ("Copart 1"), it acquired
the share control of Brasil Telecom Participacoes S.A. (BRTP) and
Brasil Telecom S.A. (BRTO).

As a result of the acquisition, TMAR became the indirect holder of
81,092,986 common shares issued by BRTP, representing 61.2% of the
voting capital stock of BRTP, by means of the payment of an
aggregate amount of R$5,371,098,527, equivalent to R$77.04 per
share.  The aggregate amount paid is equal to the price agreed
pursuant to the Share Purchase and Sale Agreement as adjusted by
the fluctuation in the average daily rate of the CDI rate after
deducting the aggregate amount of Invitel S.A.'s net debt of
R$998,053,465.69 as further adjusted by deducting any dividends
and/or interest on shareholders' equity declared between
January 1, 2008 and the closing date. Within 30 days of the date
hereof, TMAR, either directly  or through its subsidiary, will
submit for CVM authorization the registration requirements of its
Public Tender Offer for the purchase of BRTP and BRTO voting
shares held by their respective minority shareholders, at a
minimum offer price equal to 80% of the amount paid for each
control share (the "Mandatory Public Tender Offers"), less any
future dividends or interest on equity declared, or any future
capital reduction approved prior to the settlement date of the
Public Tender Offer.

The Mandatory Public Tender Offers must be registered with the CVM
and are required to be disclosed through notices published in
Brazil at least 30 days prior to their commencement.

   B) Public Hearing to vote the new PGO

On October 16, 2008, Anatel approved the proposal for the new
General Plan of Grants (Plano Geral de Outorgas), or PGO, and the
General Regulation Update Plan (Plano Geral de Atualizacão da
Regulamentacão), or PGR. The proposal for the revision of the PGO
was approved by Anatel's Supervisory Board and submitted to the
Ministry of Communications ("MC").  After analyzing it, the MC
then forwarded it to the Office of the Chief of Staff in the form
of a decree, which, following presidential approval, was issued as
Decree 6,654, of November 20, 2008, published in the Diario
Oficial da União on November 21, 2008.

This Decree allows fixed switched telecommunications service
concessionaires to acquire control of another concessionaire of
the same type in a different region, subject to prior approval by
ANATEL.

   C) Portability – First Results

Number portability for fixed switched telephone services (FSTS)
and personal mobile service (PMS) began to be implemented in
Brazil on September 1, 2008.  According to Anatel's schedule, the
gradual implementation of portability should be concluded by March
2009.

By the end of December, portability had been implemented in nine
national code areas where Brazil Telecom operates: 62 (Goias), 67
(Mato Grosso do Sul), 43 and 44 (Parana), 68 (Acre), 47, 48 and 49
(Santa Catarina) and 69 (Rondonia). Between September 1 and
December 31, 2008, the impact of portability was a loss of 18,400
wireline clients and a gain of 492 mobile clients.

   D) Adoption of law 11,638/07 and Provisional Measure 449/08 –
      Financial Instruments

As a result of the aforementioned new regulations, Brasil Telecom
began fully complying with Law 11,638/07, the applicable CVM
regulations and Provisional Measure 449/08, establishing
January 1, 2007 as the transition date and taking the financial
statements of December 31, 2006 as the starting point.
Pursuant to paragraph one of article 186 of Law 6,404/76, the
initial amendments resulting from the adoption of Law 11,638/07
and Provisional Measure 449/08 related to the date of transition
are booked in the retained earnings line.  Therefore, the
financial statements of earlier periods are presented as if the
new accounting practices had always been in place.  The main
changes are:

   Financial Instruments

The classification of financial instruments into a certain
category should be made at the moment of their
initial registration. When the Law is first applied, it is
permissible to classify financial instruments on the
transition date. Brasil Telecom adopted the classification and
measurement rules established by CPC
(Accounting Directive) 14 ("Financial Instruments - Booking and
Measurement") on the transition date.

   Leasing

On the transition date, leased assets were booked under fixed
assets at the lower value between their fair value and the present
value of the minimum leasing payments on the agreement's initial
date, adjusted by the accrued depreciation until the transition
date.  The difference, net of taxes, was booked against retained
earnings on the transition date.

Deferred Assets – Pre-Operating and Restructuring Expenses
Law 11,638/07 restricted the booking of deferred assets and
Provisional Measure 449/08 extinguished this account.
Consequently, Brasil Telecom opted to write off pre-operating
expenses and other deferred expenses that were not reclassified
under another asset account (intangible assets) on the transition
date by booking these amounts against retained earnings or losses,
net of taxes.

   Stock Options

Brasil Telecom S.A. has payment transactions based on shares
(stock options) settled with equity instruments and options
settled with cash. On the transition date, the effects of the
initial adoption of all the stock options granted by the Company
were booked against retained earnings pursuant to CPC 10
(Stock-based payments).

Tax Effects of the Initial Application of Law 11,638/07 and
Provisional Measure 449/08 The tax effects resulting from the
adoption of said law and provisional measure were booked in
accordance with existing rules, especially in regard to the
booking of income and social contribution taxes. The adjustments
related to the adoption of Law 11,638/07 include the effects of
deferred income and social contribution taxes, whenever
applicable.

   Retained Earnings
The retained earnings balance from previous fiscal years was
transferred to the profit reserve.  It is worth noting that this
balance had been allocated to the investment reserve, pursuant to
the resolutions of the shareholders' meetings related to each
previous fiscal year.

                       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.


EMBRATEL: 4Q Net Profit Drops 6.13% to BRL116.3 Million
-------------------------------------------------------
Embratel's fourth quarter net profit dropped 6.13% to BRL116.3
million (US$52 million) from BRL123.9 million a year earlier,
Rogerio Jelmayer of Dow Jones Newswires reports.

The report relates company's earnings before interest, taxes,
depreciation and amortization (Ebitda) totaled BRL630.8 million in
the fourth quarter, up from BRL515.3 million a year earlier.

According to the report, Embratel posted fourth-quarter net
revenue of BRL2.58 billion, up 15.8% from a year earlier.

For the entire 2008, Dow Jones discloses, the company reported a
net profit of BRL612.7 million, down from BRL789.4 million in
2007.

The report says Embratel's net revenue totaled BRL9.77 billion in
2008, up 13.4% from the previous year, while Ebitda increased
13.6% to BRL2.46 billion last year.

                          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.


GERDAU AMERISTEEL: To Release 2008 Year End Results Tomorrow
------------------------------------------------------------
Gerdau Ameristeel Corporation will release its 2008 Year End
financial results for the twelve month period ending December 31,
2008 before markets open tomorrow, February 19, 2009, at
2:30 p.m., Eastern Time.

The dial-in numbers are:

   416-644-3416
   1-800-732-6179

While the reference number is:

   21296114 (followed by the number sign)

Mario Longhi, President and CEO of Gerdau Ameristeel, and Barbara
Smith, Vice President and CFO, will co-chair the call.

                     About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.

Gerdau Ameristeel is a unit of Brazil-based Gerdau S.A.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2008, Moody's Investors Service changed the outlook of
these ratings for Gerdau Ameristeel Corp. to positive from stable:

    -- Ba1 Probability of Default Rating;
    -- Ba1 Corporate Family Rating; and
    -- Ba1 US$405 million Senior Unsecured Guaranteed Notes due
       2011 (LGD 4, 62%).


NET SERVICOS: 2008 Q4 Results Won't Affect Moody's 'Ba2' Rating
---------------------------------------------------------------
Moody's Investors Service said that Net Servicos de Comunicacão
S.A.'s Ba2 local currency and Aa3.br national scale corporate
family ratings and stable outlook are unaffected at this time by
the company's solid fourth quarter and full-year 2008 results,
which showed continued strong Pay-TV, telephony and broadband
subscriber growth.  The company reported year over year net
revenue and reported EBITDA growth of 27% and 22%, respectively,
with a 24% increase in Pay TV subscribers to 3.1 million and a 56%
increase in broadband subscribers to 2.2 million.  Meanwhile, Net
was able to grow its subscriber base without a significant
increase in subscriber churn or deterioration in its credit
portfolio.

"Although Moody's recognize that Net, based on its full-year 2008
results, met the two quantitative triggers (EBITDA / Gross
Interest above 5x and Gross Debt / EBITDA below 2x) for potential
upward pressure on its rating or outlook, upward pressure will
require one or two quarters of evidence that Net is able to
sustain its current strong debt protection measures without a
major deterioration in its churn or bad debt expense during the
ongoing economic slowdown in Brazil.  The degree to which Brazil's
cable television business is resilient to subscriber cancellations
and increased delinquency in a slowing economy will be monitored
closely", explained Soummo Mukherjee, Vice-President Senior
Analyst at Moody's Investors Service.

Moody's last rating action for Net was on January 17, 2008, when
Net's Ba2 global local currency scale and Aa3.br national scale
corporate family ratings were affirmed and a Ba2 foreign currency
rating was assigned to its proposed notes.

Net, indirectly controlled by Globo Comunicacão e Participacões
S.A. (Ba1, stable) and having Telmex Internacional (not rated) as
a strategic shareholder, is the largest cable company in Latin
America with approximately 3.1 million Pay TV subscribers at the
end of 2008.  The company also offers bidirectional broadband
internet access through its Virtua franchise and voice services
through Net Fone via Embratel (Baa3, stable).



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

ASBT CAYMAN ET AL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

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

The Liquidator can be reached at:

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


ASSCHER FINANCE: Moody's Withdraws 'C' Ratings on Various Notes
---------------------------------------------------------------
Moody's Investors Service announced that, following the repayment
in full of the last outstanding senior debt and exchange of
mezzanine debt for unrated securities, as of January 14, 2009, it
has withdrawn the ratings assigned to the senior debt programmes
and Mezzanine Capital Note programme of Asscher Finance Limited
and Asscher Finance Corporation, Asscher does not intend to issue
any further debt from its senior debt programmes.

The rating action is:

Asscher Finance Limited and Asscher Finance Corporation

(1) Euro Commercial Paper programme

  -- Current Rating: WR
  -- Prior Rating: Prime-1

(2) Euro Medium Term Note programme

  -- Current Rating: WR
  -- Prior Rating: Aaa/Prime-1

(3) Euro Mezzanine Capital Note programme

  -- Current Rating: WR
  -- Prior Rating: C

(4) U.S. Commercial Paper programme

  -- Current Rating: WR
  -- Prior Rating: Prime-1

(5) U.S. Medium Term Note programme

  -- Current Rating: WR
  -- Prior Rating: Aaa/Prime-1

(6) U.S. Mezzanine Capital Note programme

  -- Current Rating: WR
  -- Prior Rating: C


BALANCE ASSET ET AL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- Balance Asset Fund International, Ltd; and
   -- Balance Asset Master Fund, Ltd.

The Liquidator can be reached at:

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


FRONT STREET: Shareholders Receive Wind-Up Report
-------------------------------------------------
On January 23, 2009, the shareholders of Front Street Long/Short
Income Fund Ltd. held a meeting 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


GOLDMAN SACHS: Shareholders Receive Wind-Up Report
--------------------------------------------------
On January 23, 2009, the shareholders of Goldman Sachs Strategic
Japan Partners, Ltd. held a meeting 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


KLEROS REAL: Shareholders Receive Wind-Up Report
------------------------------------------------
On January 23, 2009, the shareholders of Kleros Real Estate CDO
III, Ltd. held a meeting 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


LOWE HOSPITALITY ET AL: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- Lowe Hospitality Structured Investment Fund I Ltd; and
   -- Lowe Hospitality Structured Investment Fund II Ltd.

The Liquidator can be reached at:

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


MKP CREDIT ET AL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

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

The Liquidator can be reached at:

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


RAMIUS HEDGED: Shareholders Receive Wind-Up Report
--------------------------------------------------
On January 23, 2009, the shareholders of Ramius Hedged Equity
Master Fund Ltd. held a meeting 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


RAMIUS PORTABLE: Shareholders Receive Wind-Up Report
----------------------------------------------------
On January 23, 2009, the shareholders of Ramius Portable Alpha
Fund, Ltd. held a meeting 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


RCG AKULA: Shareholders Receive Wind-Up Report
----------------------------------------------
On January 23, 2009, the shareholders of RCG Akula Ltd. held a
meeting 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


RCG ASIA: Shareholders Receive Wind-Up Report
---------------------------------------------
On January 23, 2009, the shareholders of RCG Asia Opportunity
Fund, Ltd. held a meeting 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


RCG SENATOR: Shareholders Receive Wind-Up Report
------------------------------------------------
On January 23, 2009, the shareholders of RCG Senator Ltd. held a
meeting 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


SAND SPRING: Shareholders Receive Wind-Up Report
------------------------------------------------
On January 23, 2009, the shareholders of Sand Spring Capital, Ltd.
held a meeting 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


TE SEMINOLE ET AL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Seminole Investors, Ltd; and
   -- TE Seminole Portfolio, Ltd.

The Liquidator can be reached at:

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


TSF SPT: Shareholders Receive Wind-Up Report
--------------------------------------------
On January 23, 2009, the shareholders of TSF SPT held a meeeting
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


TE STRATEGIC ET AL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Strategic Fixed Income Investors, Ltd; and
   -- TE Strategic Fixed Income Portfolio, Ltd.

The Liquidator can be reached at:

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


TE TIM ET AL: Shareholders Receive Wind-Up Report
-------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Tim Investors, Ltd; and
   -- TE Tim Portfolio, Ltd.

The Liquidator can be reached at:

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


TE TRANSTREND ET AL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Transtrend Investors, Ltd; and
   -- TE Transtrend Portfolio, Ltd.

The Liquidator can be reached at:

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


TE ZPOINT ET AL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:

   -- TE Zpoint Investors, Ltd; and
   -- TE Zpoint Portfolio, Ltd.

The Liquidator can be reached at:

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



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

ECOPETROL: Glencore to Sell Back 51% Refinery Stake to Company
--------------------------------------------------------------
Swiss-based commodities firm Glencore plans to sell back its 51%
stake in a refinery upgrade project in Colombia to Ecopetrol S.A.,
due to its inability to obtain funds for the project expansion,
various reports say.

Javier Mozzo of Reuters recalls that Glencore was struggling to
get hold of credit to fund its share in the investment to boost
output at the refinery in Cartagena.  The companies, Reuters
notes, planned to increase output to 140,000 barrels per day (bpd)
from 75,000 bpd.  However, due to the global credit crisis
Glencore was unable to obtain the needed financing, Dow Jones
Newswires relates.

According to DJ Newswires, Colombian Mines and Energy Minister
Hernan Martinez said the Colombian government and the two
companies are negotiating the price of the 51% stake in the event
of purchase.  Ecopetrol currently holds the remaining 41% stake of
the refinery, Reuters says.

Ecopetrol, DJ Newswires notes, might continue the US$4 billion
refinery expansion alone or might seek a new partner.  Minister
Martinez said the three parties had decided on friendly
negotiations instead of settling the dispute in court, where it
could have taken several years, the same report says.

"It's a friendly arrangement because the project's not going to
come to a halt," Reuters quoted Minister Martinez as saying. The
negotiations over the sale were expected to conclude later this
week, he added.

                   About Glencore International

Glencore International AG -- https://www.glencore.com --is one of
the world's largest suppliers of a wide range of commodities and
raw materials to industrial consumers.  The company's commercial
counterparts are both producers and industrial consumers. Its role
is to be a reliable and competitive partner to businesses in the
segments of the market which they serve and to support these
businesses as they expand and develop.

                       About Ecopetrol S.A.

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

                           *     *     *

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




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

CABLE & WIRELESS: Judge Orders LIME to Stop Blocking Flow Networks
------------------------------------------------------------------
Supreme Court Judge Courtney Daye ordered Lime (formerly Cable &
Wireless Jamaica) to stop disrupting, reducing or terminating
interconnectivity access between its networks and those of
telecommunications rival Flow, Jamaica Gleaner reports.

The report relates that the injunction, granted on Feb. 12, will
remain in force until Flow's suit againts LIME has been heard and
determined.

In December 2008, the Gleaner recounts, Flow brought the suit
against LIME, claiming that it had wrongly blocked most of the
lines which Flow's customers use to contact LIME landlines.  The
court, the report notes, granted a temporary injunction on
December 10 requiring LIME to unblock the lines.  Eight days later
LIME applied to set aside the injunction, the report relates.

According to the report, Queen's Counsel Hilary Phillips and
attorney-at-law Denise Kitson, who are representing LIME, argued
that the injunction should be set aside because Flow had not
disclosed some material information when it applied for the
injunction.

                            About LIME

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

                      About Cable & Wireless

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

                          *     *     *

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

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


SCJ: Seeks New Buyers for Sugar Assets
--------------------------------------
Jamaica's Sugar Industry Authority is seeking interested buyers
for the sugar assets in the state-owned Sugar Company of Jamaica
("SCJ") after a failed purchase bid by Brazilian-company Infinity
Bio-Energy, Caribbean Net News reports.

The government, Caribbean Net News relates, asked prospective
buyers to take all the factories as a package deal, or submit bids
for individual properties.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2009, Caribbean360 News said the Head of Jamaica's Sugar
Enterprise, Team Aubyn Hill, explained that the Infinity talk
broke down because of the Brazilian company's inability to procure
the necessary financing.

According to The Jamaica Gleaner, Agriculture Minister Christopher
Tufton said if a new deal is not inked soon, the public will be
called on again to plug a projected US$4.2 billion hole,
representing a US$2 billion operational loss, and bank penalties,
apparently from continuous hefty overdrafts, incurred by the SCJ's
four factories during the 2008/2009 season.

The Gleaner said the enterprise has a US$21-billion debt
and losses totalling more than US$14 billion since 2005.

Meanwhile, Caribbean Net News notes the government had decided to
continue with milling operations at the factories for the present
harvest, which is expected to end in July.  However, the same
report notes, officials said the state cannot continue to run the
loss-making factories for longer than this year.


* JAMAICA: International Consultant Suggests 30% Cut in Gov't Jobs
------------------------------------------------------------------
International consultant Trevor Hamilton has advised the Jamaican
government to cut 30% civil service jobs, as well as the divesting
of 300 State-run entities as part of a 10-point programme to
stimulate economic growth, Caribbean Net News reports.

"There will be increased opportunities for local investors to
invest their excess liquidity.  There will be increased revenue to
government and reduced public expenditure on their activities and
there will be expansion in employment these activities are
modernised," the report quoted Mr. Hamilton as saying.

According to the report, the consultant pointed out that any
public sector personnel who was laid off should automatically be
eligible to bid for divested government services, possibly through
the establishment of Employee Share Ownership Plans, and should
also be eligible to government secured low cost business loans.

                            *     *     *

According to Moody's Web site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.



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

CITIGROUP INC: Mulls Selling Grupo Financiero Banamex
-----------------------------------------------------
Citigroup Inc. executives have considered selling Mexican banking
franchise Grupo Financiero Banamex, David Enrich and Matthew
Karnitschnig at The Wall Street Journal report, citing people
familiar with the matter.

The sources said that Citigroup is considering which pieces of the
firm could be sold to generate cash if needed.  The WSJ report
says that Citigroup has posted US$28.55 billion in net losses in
the past five quarters, and the U.S. government has kept urging
the company to keep shrinking.  The report states that if
Citigroup's financial position continues to deteriorate, it could
sell Banamex.  According to the report, Citigroup hasn't
officially exploring a sale of Banamex and says that the Mexican
company has a bright future as part of a slimmed-down Citigroup.

WSJ says that a sale of Banamex could attract interest from banks
in Latin America, Europe, and U.S. banks.  Bankers say that Banco
Itau and the HSBC Holdings PLC might want to buy Banamex, WSJ
relates.

WSJ reports that Banamex accounted for about half of Citigroup's
total 2007 profit of aboutUS$3.6 billion.  Investment bankers
estimate that Banamex could be sold for at least US$9 billion, the
WSJ states.  According to WSJ, people familiar with the matter
said that potential suitors -- including representatives of
wealthy Mexican families that traveled to New York recently to
seek financing for an offer if Citigroup puts Banamex up for sale
-- have approached Citigroup to express interest in acquiring
Banamex.  Citigroup has rebuffed the offers, the report says.
"Citi has no intention of selling Banamex," which is "at the
center of the core franchise for the future," the report quoted
Citigroup spokesperson Jon Diat as saying.

Banamex has about 2,005 branches in Mexico, where it is second in
size by assets, behind BBVA Bancomer.  Citigroup paid about
US$12.5 billion to acquire Banamex in 2001, WSJ states.

Citing people familiar with the matter, WSJ reports that Banamex's
CEO Manuel Medina Mora and Roberto Hernandez, a former owner of
the bank who is a Citigroup director, have privately expressed
frustration with Citigroup CEO Vikram Pandit's leadership.
Messrs. Mora and Hernandez said that Banamex would be in better
shape if it weren't part of Citigroup, WSJ states.

Citigroup, according to WSJ, would have a less-complicated
challenge selling Banamex than some of its other units, as Banamex
operates largely as an independent entity and isn't fully
integrated into Citigroup's other banking operations.

Messrs. Medina Mora and Hernandez and Alfredo Harp, another former
Banamex owner, were allegedly trying to seek the financing needed
to bid for the Mexican bank, WSJ relates.   Mr. Mora said in a
statement, "I emphatically deny I am looking to raise funds to
purchase Banamex."  Messrs. Hernandez and Harp also denied the
rumors, says the report.

WSJ reports that Citigroup executives said they would consider
selling Banamex if it commanded a rich price and if Citigroup
could share in the unit's future profits.

             First Quarter 2009 Earnings Review

Citigroup Chief Financial Officer Gary Crittenden will review
first quarter results on April 17, 2009.  First quarter results
will be issued via press release on April 17, 2009.

                      About Citigroup

Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management.  Citi hadUS$2.0 trillion in total assets onUS$1.9
trillion in total liabilities as of Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximatelyUS$306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.


CITIGROUP INC: Banamex Head Denies SellOff Rumors
-------------------------------------------------
Banco Nacional de Mexico ("Banamex") CEO Enrique Zorrilla has
denied rumors that its parent company, Citigroup Inc., plans to
sell the Mexican bank to streamline operations and pare losses in
U.S., Olga R. Rodriguez of the Associated Press reports.

The AP relates, citing the Wall Street Journal, unknown sources
said Citi was considering the sale of its Mexican unit if its
financial position further deteriorated.

According to the report, Mr. Zorrilla said Banamex is part of
Citigroup's "strategic plan" for the future and will maintain
lending levels despite Mexico's slowing economy.  "We're in the
most important emerging market for the U.S. and (Citigroup) has
mentioned Banamex as the example to be followed in other
countries," Mr. Zorrilla was quoted by the report as saying.

Banamex's director of legal and institutional development, Javier
Arrigunaga, as cited by the AP, said Citigroup CEO Vikram Pandit
plans to visit the bank's operations next week to confirm Citi's
"intention of keeping Banamex as a central part of its strategy."

Meanwhile, Hugh Collins of Bloomberg News reports that Grupo
Financiero Banamex SA's 2008 profit fell 28% to BRL13 billion
(US$896.1 million) from BRL18 billion in 2007, as the bank
increased its reserves against bad loans.  The same report relates
that the bank set aside 31 billion pesos for reserves in 2008,
compared with 16 million pesos in 2007.

Additionally, Noel Randewich of Reuters reports that Banamex said
it will reinvest all of its profits this year to keep its balance
sheet healthy and continue growing.

Banamex, Wikipedia says, is owned by Grupo Financiero Banamex,
which was purchased by Citigroup in August 2001 for US$12.5
billion.

                         About Citigroup

Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management.  Citi had US$2.0 trillion in total assets on $1.9
trillion in total liabilities as of Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately US$306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.


* MEXICO: Sees 300,000 Job Losses Despite Gov't Programs
--------------------------------------------------------
Mexico risks losing up to 300,000 jobs because of the economic
crisis despite a government infrastructure spending programme that
can employ some 750,000 people, Estelle Shirbon of Reuters
reports, citing Economy Minister Gerardo Ruiz Mateos.

According to the report, Mexico's economy is expected to shrink
around 1% this year because of a slump in U.S. demand for
manufactured exports, while tourism and remittances from Mexicans
living abroad are also being squeezed.

Ruiz Mateos, the report relates, said the government was
responding with an infrastructure spending programme and with
measures to support companies to dissuade them from laying off
workers.

"We will do things that the government hadn't been able to do in
recent years like cleaning roads, building secondary roads,
renovating rural schools, and this could provide employment, more
or less, for some 750,000 people," the report quoted Mr. Mateos as
saying.  "In parallel, we have a jobs protection programme
targeted at companies that will suffer a drop in demand for their
exports and we think that with that programme we will save about
half a million jobs that were going to be cut," he added.

Meanwhile, turning to trade matters, Mr. Mateos, as cited by the
report, said Mexico had been reassured by changes to the Buy
American provision made by Congress, which stipulate that it "be
applied in a manner consistent with U.S. obligations under
international agreements."

Reuters notes that Mr. Mateos added Mexico and the United States
are members of the North American Free Trade Agreement ("NAFTA"),
and that commitment by Washington ensured Mexican rights under
NAFTA would be respected.



                            ***********

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 * * *