TCRLA_Public/090219.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

             Thursday, February 19, 2009, Vol. 9, No. 35

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: SEC Charges Firm of US$8 Billion Fraud


A R G E N T I N A

A. SINGER E HIJOS: Proofs of Claim Verification Due on April 10
CASAF SA: Proofs of Claim Verification Due on April 22
GAM'S SA: Proofs of Claim Verification Due on April 6
ICA INVERSIONES: Proofs of Claim Verification Due on April 14


A R U B A

* Moody's Affirms Ratings on $44.7 Mil. Revenue Bonds of Aruba


B E R M U D A

FAIRMONT SOUTHAMPTON: Cuts Two More Jobs, Offers Retirement
GOSLING LTD: Cuts Jobs and Closes Shop to Cut Costs
BANCO DAYCOVAL: Books R$237.0 Mln Net Income in 4th Qtr. 2008


C A Y M A N  I S L A N D S

ABC TRUST: Shareholders Receive Wind-Up Report
AL ASSET: Members Receive Wind-Up Report
BD COMMON: Members Receive Wind-Up Report
BD PREFERRED: Members Receive Wind-Up Report
CHEYNE BALANCED ET AL: Liquidator Presents Wind-Up Report

CNPC INTERNATIONAL: Members Receive Wind-Up Report
FRESHFORD INC: Members Receive Wind-Up Report
GPS MLP: Sole Shareholder Receives Wind-Up Report
HAMILTON GARDENS: Members Receive Wind-Up Report
HENDERSON GLOBAL ET AL: Liquidator Presents Wind-Up Report

HENDERSON JAPAN ET AL: Liquidator Presents Wind-Up Report
INDOCHINA LAND: Sole Shareholder Receives Wind-Up Report
LORIAN FINANCIAL: Members Receive Wind-Up Report
MINOLAD OFFSHORE: Shareholders Receive Wind-Up Report
NINE STEPS: Members Receive Wind-Up Report

PFW III: Shareholders Receive Wind-Up Report
RCG GREENWICH: Shareholders Receive Wind-Up Report
ROBECO CDO: Members Receive Wind-Up Report
SPHYRA ASIA: Members Receive Wind-Up Report
TAKUZOU FUND: Members Receive Wind-Up Report


E C U A D O R

ECOPETROL: Still in Talks with Glencore on Refinery Project
PETROECUADOR: Oil Export Revenue Up 29% to US$205 Mln in January


M E X I C O

* MEXICO: Industrial Output Drops 6.7% in Dec. Amid Slow Export


P U E R T O  R I C O

ICFQ DESARROLLOS: Court OKs Banco Bilbao-Backed Case Dismissal


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Gov't, Central Bank Explore Options for $1BB Funding
HINDU CREDIT: Union Members Seek to Stop Liquidation Process


V E N E Z U E L A

* VENEZUELA: Minister Willing to Support New OPEC Cuts


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

STANFORD INT'L BANK: SEC Charges Firm of US$8 Billion Fraud
-----------------------------------------------------------
The U.S. Securities and Exchange Commission has charged Robert
Allen Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.

Mr. Stanford's companies include Antiguan-based Stanford
International Bank Limited (SIBL), Houston-based broker-dealer and
investment adviser Stanford Group Company (SGC), and investment
adviser Stanford Capital Management.  The SEC also charged SIBL
chief financial officer James Davis as well as Laura Pendergest-
Holt, chief investment officer of Stanford Financial Group (SFG),
in the enforcement action.

Pursuant to the SEC's request for emergency relief for the benefit
of defrauded investors, U.S. District Judge Reed O'Connor entered
a temporary restraining order, froze the defendants' assets, and
appointed a receiver to marshal those assets, the regulator said
in a Feb. 17 statement.

"As we allege in our complaint, Stanford and the close circle of
family and friends with whom he runs his businesses perpetrated a
massive fraud based on false promises and fabricated historical
return data to prey on investors," said Linda Chatman Thomsen,
Director of the SEC's Division of Enforcement.  "We are moving
quickly and decisively in this enforcement action to stop this
fraudulent conduct and preserve assets for investors."

Rose Romero, Regional Director of the SEC's Fort Worth Regional
Office, added, "We are alleging a fraud of shocking magnitude that
has spread its tentacles throughout the world."

                          SEC Complaint

The SEC's complaint, filed in federal court in Dallas, alleges
that acting through a network of SGC financial advisers, SIBL has
sold approximately US$8 billion of so-called "certificates of
deposit" to investors by promising improbable and unsubstantiated
high interest rates.  These rates were supposedly earned through
SIB's unique investment strategy, which purportedly allowed the
bank to achieve double-digit returns on its investments for the
past 15 years.

According to the SEC's complaint, the defendants have
misrepresented to CD purchasers that their deposits are safe,
falsely claiming that the bank re-invests client funds primarily
in "liquid" financial instruments (the portfolio); monitors the
portfolio through a team of 20-plus analysts; and is subject to
yearly audits by Antiguan regulators.  Recently, as the market
absorbed the news of Bernard Madoff's massive Ponzi scheme, SIBL
attempted to calm its own investors by falsely claiming the bank
has no "direct or indirect" exposure to the Madoff scheme.

According to the SEC's complaint, SIBL is operated by a close
circle of Mr. Stanford's family and friends.  SIBL's investment
committee, responsible for the management of the bank's multi-
billion dollar portfolio of assets, is comprised of Mr. Stanford;
Mr. Stanford's father who resides in Mexia, Texas; another Mexia
resident with business experience in cattle ranching and car
sales; Ms. Pendergest-Holt, who prior to joining SFG had no
financial services or securities industry experience; and Mr.
Davis, who was Stanford's college roommate.

The SEC's complaint also alleges an additional scheme relating to
US$1.2 billion in sales by SGC advisers of a proprietary mutual
fund wrap program, called Stanford Allocation Strategy (SAS), by
using materially false historical performance data.  According to
the complaint, the false data helped SGC grow the SAS program from
less than US$10 million in 2004 to more than US$1 billion,
generating fees for SGC (and ultimately Mr. Stanford) of
approximately US$25 million in 2007 and 2008.  The fraudulent SAS
performance was used to recruit registered investment advisers
with significant books of business, who were then heavily
incentivized to reallocate their clients' assets to SIB's CD
program.

The SEC's complaint charges violations of the anti-fraud
provisions of the Securities Act of 1933, the Securities Exchange
Act of 1934 and the Investment Advisers Act, and registration
provisions of the Investment Company Act.  In addition to
emergency and interim relief that has been obtained, the SEC seeks
a final judgment permanently enjoining the defendants from future
violations of the relevant provisions of the federal securities
laws and ordering them to pay financial penalties and disgorgement
of ill-gotten gains with prejudgment interest.

The Commission acknowledges the assistance and cooperation of the
Financial Industry Regulatory Authority (FINRA) in connection with
this matter.

The SEC's investigation is continuing.  FINRA independently
developed information through its examination and investigative
processes that contributed significantly to the filing of this
enforcement action.

                           CD Program

SIBL describes the CDs in its disclosure statement as traditional
bank deposits, Bloomberg News says.  A one-year, US$100,000 CD
issued by the bank paid a 4.5 percent annual yield as of Nov. 28,
the news agency notes citing a SIBL Web site posting.

The bank doesn't lend proceeds and instead invests in a mix of
equities, metals, currencies and derivatives, Bloomberg News
relates citing SIBL Web site postings and CD disclosures.

In 2006, 57.4 percent of SIBL's portfolio was in equities, 21.9
percent in Treasuries and corporate bonds, 13 percent in metals, 7
percent in alternatives, and the rest in cash, mostly dollars, the
bank's disclosure statement related to the CD offering said as
cited by Bloomberg News.

In one of its Web site postings, SIBL said its assets surpassed
US$8 billion in June 2008, increasing by US$2 billion since 2007.

The bank also said its assets reached US$1 billion in July 2001;
US$2 billion in July 2003; US$3 billion in December 2004; US$5
billion in October 2006 and US$8 billion in June 2008

SIBL said in the same posting it focuses on a very select
clientele and a very select product line including a CD that
typically pays clients a higher interest rate than other banks'
CDs.

                       Withdrawals Barred

Alison Fitzgerald at Bloomberg News reports that according to
people familiar with the matter, SIBL placed a 60-day moratorium
on early redemptions of its certificates of deposit.

Stanford Group Co. financial advisers have told three clients that
they can't redeem CDs sold by the firm prior to their maturity
date, the people said as cited by Bloomberg News.

According to Bloomberg News, one Austin, Texas-based depositor
said he called his advisers Feb. 12 and was told he could not cash
out his CDs, while a customer in Houston, who said he has more
than US$2 million in Stanford CDs, said a representative told him
on Feb. 11 that he'd have to wait until the maturity date to get
his money back.

The bank in the past let customers pay a three-month interest
penalty to get their money back before the contractual maturity of
the certificates, according to the news agency's sources.

"Bank depositors may withdraw funds in accordance with the terms
of their accounts," Bloomberg News quoted SIBL spokesman Brian
Bertsch as saying.

The Wall Street Journal relates that in a phone interview Monday,
Mr. Davis declined to comment when asked if investors are having
difficulty obtaining redemptions.

"I don't have any comment, but I appreciate your call," WSJ quoted
Mr. Davis as saying during the phone interview.

                      Latin America Clients

News of the SEC's complaint sent SIBL's Latin American clients to
the bank's units in the region.  Matthew Walter and Daniel Cancel
of Bloomberg News report SIBL's affiliates in Venezuela, Panama
and Ecuador were packed with clients trying to close accounts
after the firm was accused of fraud in the U.S.

According to the report, more than 100 clients went to one of
Stanford Group Venezuela Asesores de Inversion, C.A.'s offices to
transfer their accounts.  The Venezuelan affiliate, Bloomberg News
notes, has offices in five cities in the  country.

At the Stanford Group Casa de Valores in Quito, Ecuador, Bloomberg
News says clients mingled in the lobby seeking information.  "We
have no information yet, and things are operating normally so
far," the news agency quoted Dayana Hernandez, the manager at the
Quito brokerage, as saying.

At Stanford's Panama unit, Stanford Bank of Panama S.A., customers
who wanted to withdraw money were turned away because the branch
was already closed, Bloomberg News discloses.

Meanwhile, Bloomberg News says according to the Bogota securities
exchange, stock transactions by Stanford Financial Group's
Colombian brokerage unit operated normally as of Feb. 17.  The
exchange is unaware of any problems involving Stanford's Bolsa y
Banca unit, an exchange spokesman told Bloomberg News in a phone
interview.

In Antigua, The Wall Street Journal reports anxious depositors
have flown in from overseas to seek their money from SIBL.

Lawyers cited by WSJ said at least some depositors were being
allowed to withdraw funds under the terms of their certificates of
deposit.

Some local clients have also responded to the news headlines by
pulling funds from the separate Stanford-controlled Bank of
Antigua, WSJ adds.

                  Halted Financing Commitments

As reported yesterday in the Troubled Company Reporter-Latin
America, Bloomberg News said SIBL failed to complete its financing
commitments to two transactions involving U.S. companies in which
it owns shares.

According to the report, the bank was released from its obligation
to lend Elandia International Inc. US$28 million.

In a Feb. 6 statement, ELandia said it has restructured its
capital structure after modifying its credit agreement with SIBL.

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, and 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.

As part of the modification, SIBL was 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 Pete R.
Pizarro, Chairman and CEO of Elandia, serves as Voting Trustee.

Last week, Bloomberg News said SIBL failed to provide funding for
Health System Solutions Inc. to buy Emageon Inc., a medical-
technology company.

The bank is the principal shareholder of Tampa, Florida- based
Health Systems Solutions, which sells medical software, according
to the news agency.

In a Feb. 13 statement, Emageon 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.

                            About SIBL

Domiciled 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.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.



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

A. SINGER E HIJOS: Proofs of Claim Verification Due on April 10
---------------------------------------------------------------
Elsa Taborcias, the court-appointed trustee for A. Singer e Hijos
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 10, 2009.

Ms. Taborcias will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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:

         Elsa Taborcias
         Valentín Virasoro 1425
         Buenos Aires, Argentina


CASAF SA: Proofs of Claim Verification Due on April 22
------------------------------------------------------
Beatriz Stachevsky, the court-appointed trustee for Casaf SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 22, 2009.

Ms. Stachevsky 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:

         Beatriz Stachevsky
         Av. Cordoba 817
         Buenos Aires, Argentina


GAM'S SA: Proofs of Claim Verification Due on April 6
-----------------------------------------------------
Susana Marino, the court-appointed trustee for Gam's SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 6, 2009.

Ms. Marino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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:

         Susana Marino
         Uruguay 560


ICA INVERSIONES: Proofs of Claim Verification Due on April 14
-------------------------------------------------------------
Alejandro Sabsay, the court-appointed trustee for ICA Inversiones
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 14, 2009.

Ms. Sabsay will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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:

         Alejandro Sabsay
         Bartolome Mitre 1131
         Buenos Aires, Argentina



=========
A R U B A
=========

* Moody's Affirms Ratings on $44.7 Mil. Revenue Bonds of Aruba
--------------------------------------------------------------
Moody's Investors Service has affirmed the Baa3 rating on
$44.7 million of Series 1997A, 1997B and 1999 revenue bonds of the
Aruba Airport Authority.  The Authority is a Government Related
Issuer under Moody's methodologies and its rating is composed of a
Baseline Credit Assessment representing the issuer's stand-alone
credit quality, as well as Moody's analysis of the potential for
extraordinary support from the Authority's owner, the Aruba
government, as well as the correlation of the credit quality of
the Authority and the government.  The outlook is stable.

Moody's has adjusted the Authority's BCA from 11 to 10 (on a scale
of 1 to 21, where 1 represents the lowest credit risk and maps to
a "Aaa" and 11 and 10 map to "Ba1" and "Baa3", respectively).  The
adjustment of the BCA to 10 reflects the improved financial
performance and increasing passenger traffic over the past few
years.  The rating also considers the fact that the Airport is the
only airport on the island of Aruba, is a critical asset in the
island's tourism-based economy, and is located outside of the
hurricane belt.  Another positive factor is the comparatively
stable political environment.  Also factored in the BCA were the
favorable legal covenants and investor protections in the
Indenture.  These include an additional debt covenant equal to
1.35x debt service coverage, a maximum annual debt service reserve
fund for each series, and a dividend lock-up equal to 1.50x debt
service.

Financial performance has strengthened since 2004 with operating
revenues in 2008 increasing 14.6% compared to that in 2007.  Debt
service coverage levels have also improved with the debt service
coverage ratio equal to 2.42 times in 2008 compared to 2.0x in
2007.  The stronger financial results result from several factors
including higher passenger traffic, higher concession revenues and
lower operating costs as a result of operating efficiencies
implemented during the past few years.  The global economic
turmoil is expected to result in lower enplanements and operating
revenues in the coming year.  Thus, the debt service coverage
level in 2009 is expected to be similar to that in 2007, but lower
compared to that in 2008.

The Airport is the only airport in Aruba and is a critical asset
in the island's tourism-based economy.  Aruba competes with other
Caribbean destinations, but has a stable share of the Caribbean
and Latin American market, with Venezuela accounting for
approximately 67% of Aruba's Latin American traffic base.  Major
attractions of the country include its political stability, its
multilingual work force, modern tourism infrastructure, and the
fixed exchange rate of the Aruban florin to the U.S. dollar.  In
2007, U.S. tourists accounted for approximately 62% of all tourism
to Aruba.

Aruba Airport Authority N.V.(AAA) is a limited liability
corporation under Aruban law incorporated on February 19, 1994.
The sole owner of all capital stock of AAA is the Government of
Aruba.  AAA is managed by a Managing Director under supervision of
a supervisory board consisting of at least five members appointed
by the Government of Aruba.

The last rating action was on July 8, 2005 when the GRI rating of
Baa3 was assigned.



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

FAIRMONT SOUTHAMPTON: Cuts Two More Jobs, Offers Retirement
-----------------------------------------------------------
Fairmont Southampton Princess Resort has sent home two workers and
extended accelerated retirement options to two more in its Bermuda
hotel, Alex Wright of The Royal Gazette reports.

The report recalls that the move followed the announcement of 35
jobs cut by the four-star hotel last month.  The Gazette relates
the hotel also said it would close half of its guest rooms until
April and shut its restaurants on a rotating basis depending on
occupancy rates, up to the summer season as the global economic
crisis took effect.

According to the report, Fairmont Hotels & Resorts Bermuda
Managing Director Norm Mastalir said the hotel was seeking
alternative ways of attracting business from overseas, while
working with government on the domestic front to reduce costs and
boost revenue to stave off the impact of the financial turmoil.

                    About Fairmont Southampton

The Fairmont Southampton –- http://www.fairmont.com/southampton/
-– is a Bermuda luxury hotel located on the island's southern
shore.  Featuring 593 guest rooms and suites, each with a private
balcony and incredible views of the ocean, the harbor or the golf
course, our Bermuda luxury resort's idyllic location and luxurious
amenities have been beckoning visitors to the island since 1972.


GOSLING LTD: Cuts Jobs and Closes Shop to Cut Costs
---------------------------------------------------
Local rum producer Gosling Limited laid off at least four workers,
including two managers and two other workers, in January as a cost
cutting measure, Bermuda Sun News reports, citing Managing
Director Charles Gosling.

Mr. Gosling, the report relates, blamed the company's low earnings
on "collapse in tourism numbers" and declining drink sales at bars
and restaurants around the island.  "It's unfortunate that we had
to lay a few people off, but it's something we had to do moving
forward," the report quoted Mr. Gosling as saying.  "We're being
proactive instead of reactive," he said.

According to the Bermuda Sun, Mr. Gosling would not give an exact
number of people laid off.

The job cuts, the report notes, come a little more than a month
after Gosling's shut its St. George's shop due to a decline in
sales.  The closure put an end to Gosling's 200-plus year retail
presence in the east end, Bermuda Sun says.




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

BANCO DAYCOVAL: Books R$237.0 Mln Net Income in 4th Qtr. 2008
-------------------------------------------------------------
Banco Daycoval S.A. released its results for the fourth quarter of
2008.

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

  -- Recurring Net Income in 2008 totaled R$237.0 million, for
     growth of 2.6% compared with 2007, resulting on a Recurring
     ROAE of 14.9% in the year versus 23.2% in 2007.  In the 4Q08,
     Recurring Net Income amounted of R$36.7 million and
     Recurring ROAE was 9,4%;

  -- Net interest margin (NIM) improved 1.6 percentage points
     (pp), rising to 11.4% in the fourth quarter of 2008 (4Q08)
     from 9.8% in 3Q08, mainly owing to the impact of repricing in
     the Bank's various operating segments. NIM of 2008 was 10.6%;

  -- Income from loans operations totaled R$311.2 million in 4Q08,
     showing slight change compared with 3Q08 despite a 19.9% drop
     in credit portfolio volume (excluding assignments) in the
     same period;

  -- Raise of US$28.0 million in 4Q08 from the external line of
     credit up to 3 years maturity with the US Department of
     Agriculture´s Export Credit Guarantee Program (GSM-102),
     provided in a period of reduced foreign funding liquidity and
     high volatility in the financial market;

  -- Improve of the coverage index (amount of provision on past-
     due operations above 60 days) from 128.7% in 3Q08 to 144.3%
     in 4Q08, reflecting the higher increase on provisions
     compared with past-due operations during the quarter;

  -- Maintenance of net cash on R$1.1 billion reinforces
     Daycoval's conservative strategy and liquidity;

  -- Ratio of credit portfolio to equity of 2.2x and Basel Index
     of 28.2%, demonstrating low leverage and high capitalization.

                       About Banco Daycoval

Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specializes in financing small and medium-sized companies, backed
by receivables.  It also operates with consignment lending for
payroll deduction and consumer financing.  Since June 2007, the
bank has had 29% of its shares traded at Bovespa on the New
Brazilian Stock Market.  These shares enjoy a tag-along privilege,
giving minority shareholders 100% of the value of the block of
controlling shares in the event of the sale of the institution.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2008, Standard & Poor's Ratings Services revised the
outlooks on Banco Daycoval S.A. to stable from positive.  At the
same time, S&P affirmed the 'BB-' long-term and 'B' short-term
counterparty credit ratings on the bank.

Fitch revised its outlook on Banco Daycoval to Stable from
Positive and affirmed these ratings:

Banco Daycoval S.A.

  -- Long-term foreign currency issuer default rating affirmed at
     'BB-'/Stable Outlook;

  -- Short-term foreign currency issuer default rating affirmed at
     'B';

  -- Long-term local currency issuer default rating affirmed at
     'BB-'/Stable Outlook;

  -- Short-term local currency issuer default rating affirmed at
     'B';

  -- Individual Rating affirmed at 'C/D';

  -- Support Rating affirmed at '5';

  -- Support Rating Floor 'No Floor' assigned;

  -- National Long-term Rating affirmed at 'A(bra)'/Outlook
     revised to Stable

  -- National Short-term Rating affirmed at 'F1(bra)'.



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

ABC TRUST: Shareholders Receive Wind-Up Report
----------------------------------------------
On January 27, 2009, the shareholders of ABC Trust Company Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


AL ASSET: Members Receive Wind-Up Report
----------------------------------------
On January 22, 2009, the members of AL Asset Holding Company
Limited received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


BD COMMON: Members Receive Wind-Up Report
-----------------------------------------
On January 26, 2009, the members of BD Common LLC received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BD PREFERRED: Members Receive Wind-Up Report
--------------------------------------------
On January 26, 2009, the members of BD Preferred LLC received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHEYNE BALANCED ET AL: Liquidator Presents Wind-Up Report
---------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the wind-up
report and property disposal to the shareholders of:

   -- Cheyne Balanced Credit Fund Inc; and
   -- Cheyne Balanced Credit General Partner Inc.

The Liquidator can be reached at:

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


CNPC INTERNATIONAL: Members Receive Wind-Up Report
--------------------------------------------------
On January 30, 2009, the members of CNPC International Marketing
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:

          Avalon Management Limited
          Zephyr House, 3rd Floor
          122 Mary Street, P.O. Box 715
          Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 946 4422
          Facsimile: (+1) 345 769 9351


FRESHFORD INC: Members Receive Wind-Up Report
---------------------------------------------
On January 22, 2009, the members of Freshford Inc. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          UBS Nominees Ltd.
          c/o Alan G. de Saram
          Charles Adams, Ritchie & Duckworth
          P.O. Box 709, Zephyr House
          Mary Street, George Town
          Grand Cayman KY1-1107
          Tel: 949-4544
          Fax: 949-8460


GPS MLP: Sole Shareholder Receives Wind-Up Report
-------------------------------------------------
On January 23, 2009, the sole shareholder of GPS MLP Fund (Cayman)
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          David Sargison
          Vijayabalan Murugesu
          Telephone: 345 815 1481
          Facsimile: 345 945 6265


HAMILTON GARDENS: Members Receive Wind-Up Report
------------------------------------------------
On January 22, 2009, the members of Hamilton Gardens CDO II Ltd.
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Carlos Farjallah
         Bobby Toor
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


HENDERSON GLOBAL ET AL: Liquidator Presents Wind-Up Report
---------------------------------------------------------
On January 30, 2009, John Sutlic presented the wind-up report and
property disposal to the shareholders of:

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

The Liquidator can be reached at:

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


HENDERSON JAPAN ET AL: Liquidator Presents Wind-Up Report
---------------------------------------------------------
On January 30, 2009, John Sutlic presented the wind-up report and
property disposal to the shareholders of:

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

The Liquidator can be reached at:

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


INDOCHINA LAND: Sole Shareholder Receives Wind-Up Report
--------------------------------------------------------
On January 27, 2009, the sole shareholder of Indochina Land City
Garden Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Richmond Mayo-Smith III
          Capital Place, 10th Floor
          Tel: ++848 910 4855
          Fax: +848 910 4860
          6 Thai Van Lung Street
          District 1, HCM City, Vietnam


LORIAN FINANCIAL: Members Receive Wind-Up Report
------------------------------------------------
On January 22, 2009, the members of Lorian Financial Services
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


MINOLAD OFFSHORE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On January 23, 2009, the shareholders of Minolad Offshore 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


NINE STEPS: Members Receive Wind-Up Report
------------------------------------------
On January 22, 2009, the members of Nine Steps Limited received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


PFW III: Shareholders Receive Wind-Up Report
--------------------------------------------
On January 23, 2009, the shareholders of PFW 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


RCG GREENWICH: Shareholders Receive Wind-Up Report
--------------------------------------------------
On January 23, 2009, the shareholders of RCG Greenwich Kahala
Carola, 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


ROBECO CDO: Members Receive Wind-Up Report
------------------------------------------
On January 22, 2009, the members of Robeco CDO VI Limited received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Daniel Rewalt
          Bobby Toor
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


SPHYRA ASIA: Members Receive Wind-Up Report
-------------------------------------------
On January 28, 2009, the members of Sphyra Asia Fund received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stephen Diggle
         c/o 2 Battery Road
         #26-01 Maybank Tower
         Singapore 049907
         Tel: +65 6538 1998
         Fax: +65 6538 8331


TAKUZOU FUND: Members Receive Wind-Up Report
--------------------------------------------
On January 22, 2009, the members of Takuzou Fund Co., Ltd.
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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




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

ECOPETROL: Still in Talks with Glencore on Refinery Project
-----------------------------------------------------------
Ecopetrol S.A. would like to clarify that it is in the process, at
the request of Swiss-based commodities firm Glencore, of
evaluating with Glencore the form in which they will continue with
their respective activities on the modernization project of
Cartagena Refinery.

As reported in the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Glencore plans to sell back its 51% stake in a
refinery upgrade project in Colombia to Ecopetrol, due to its
inability to obtain funds for the project expansion.

Javier Mozzo of Reuters recalled 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
noted, 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 related.

Ecopetrol said both companies will continue to evaluate different
alternatives and have not reached an agreement on how to move
forward.

Ecopetrol said it had the first option on Glencore's share in the
refinery project after it said the Swiss firm was looking to sell
its stake in the plant's upgrade, Javier Mozzo of Reuters reports.

                   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.


PETROECUADOR: Oil Export Revenue Up 29% to US$205 Mln in January
----------------------------------------------------------------
Petroecuador's oil export revenues increased 29% to US$205 million
in January from US$159 million in December, Mercedes Alvaro of Dow
Jones Newswires reports.  The report relates the company posted
an oil export revenue of US$683 million in January 2007.

Petroecuador exported 7.45 million barrels of crude oil in
January, up 19.5% from 6.23 million barrels in December, according
to Petroecuador official data reviewed by DJ Newswires.

According to the report, exports of Oriente crude in January were
5.24 million barrels, while exports of Napo crude were 2.21
million barrels.

DJ Newswires says the average price of Oriente in January was down
17% to US$20.29 a barrel from US$24.55 in December.  The price of
Napo crude was US$28.26 per barrel, a 1.6% decrease against
US$28.73 registered one month before, the report adds.

                        About Petroecuador

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

                           *     *     *

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



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

* MEXICO: Industrial Output Drops 6.7% in Dec. Amid Slow Export
---------------------------------------------------------------
Mexico's industrial output dropped 6.7% in December 2008 from the
same period a year earlier as the U.S. recession cut demand for
the country's manufactured exports, Bloomberg News reports.

According to the report, Mexican factories are scaling back
production amid a slowing economy and declining exports to the
U.S.  December exports to the U.S. dropped 19% from a year ago,
the report says.

"It's completely evident that the U.S. is affecting manufacturing
in Mexico and it's difficult to see it showing positive growth
rates at least until 2010 because of the dramatic circumstances in
the auto industry," the report quotes Gabriel Casillas, an UBS AG
economist in Mexico City, as saying.

Mexican cars and auto parts, the report notes, have also been
stalled by the global credit crunch, weighing down the Mexican
economy.

Bloomberg News says Mexico's Automobile Industry Association said
auto production fell 3.5% to 122,753 cars in December, then
plunged 51 percent in January, while output of transport
equipment, computers and electronics also fell.



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

ICFQ DESARROLLOS: Court OKs Banco Bilbao-Backed Case Dismissal
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
approved on Feb. 6, 2009, the joint motion of ICFQ Desarrollos
Carraizo, Inc., and creditor Banco Bilbao Vizcaya Argentaria
Puerto Rico ("BBVA") for the dismissal of the Debtor's Chapter 11
case.

In their motion, dated Jan. 29, 2009, the Debtor and BBVA told the
Court that they have reached an agreement to settle all
controversies between them, including BBVQ's claim for collection
of money and mortgage foreclosure, the Debtor's counterclaim
against BBVA, both of which were filed before the Court of First
Instance of Puerto Rico, and the relief of stay pending in the
Bankruptcy Court.  Pursuant to the terms of the settlement, the
parties agreed that the dismissal be with a prohibition for the
Debtor to file any subsequent petition for relief under the
Bankruptcy Code for a period of 7 months from the entry of the
order of dismissal.

Notice was given to the five creditors in the Debtor's bankruptcy
case and the U.S. Trustee, and there were no objections received.
Per order of the Court, the Debtor is enjoined, under pain of civl
contempt, from filing another petition for Chapter 11 protection
in any court with subject matter and personal jurisdiction for the
next seven months.

Based Caguas, Puerto Rico, real estate developer ICFQ Desarrollos
Carraizo, Inc., filed for Chapter 11 protection on July 3, 2008
(Bankr. D. P.R. Case No. 08-04351).  Charles A. Cuprill, P.S.C.,
Law Offices, serves as the Debtor's bankruptcy counsel.  When the
Debtor filed for protection from its creditors, it listed
estimated assets of US$55,985,918 and debts of US$3,687,843.





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

CL FINANCIAL: Gov't, Central Bank Explore Options for $1BB Funding
------------------------------------------------------------------
Trinidad and Tobago's government and central bank are exploring
options to fund the $1 billion being infused into CL Financial's
units Colonial Life Insurance Company ("Clico") and British
American Insurance Company ("BAIC"), Rosy Rosant of Trinidad and
Tobago Newsday reports.

The government, as cited by T&T Newsday, said it is looking at the
possibility of setting up a trust fund, managed by the Central
Bank, to help with the disbursement of the funds.  In addition to
the trust fund, government sources said the billion dollars could
also be sourced from a series of government funds, including the
Consolidated Fund as well as other special purpose funds, the
report relates.

As reported in the Troubled Company Reporter-Latin America on
Feb. 17, 2009, T&T Newsday said Central Bank Governor Ewart
Williams has pleaded with policy holders not to withdraw money
from Clico amid the unit's increasing $10 billion debt.

Curtis Rampersad of T&T Newsday reported on Feb. 14 that the
government used $1 billion of taxpayers money to help protect
depositors and policyholders.

As reported in the Troubled Company Reporter-Latin America on
February 11, 2009, Trinidad & Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6
billion and $8 billion.

According to a TCRLA report on Feb. 11, citing The Express, Tobago
President George Maxwell Richards signed 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.

i955fm News related Central bank Governor Williams said
the bailout money could be even more than a billion dollars.
The same report noted that Mr. Williams revealed there is a
deficit in the statutory fund of the insurance company, but it
does not mean there should be closure.

Noting that the $1 billion was not catered for by the government
in its 2009 national budget, Mr. Williams, T&T Newsday notes, said
this was going to increase the budget deficit which has reached
about $6 billion.

T&T Newsday adds Mr. Williams said, "In the final analysis, the
expenditure is going to be financed by government securities."

                   Clico Investors Remain Loyal
                  Despite Firm's Increasing Debt

Despite Mr. Williams' disclosure of Clico's $10 billion debt, some
insurance policy holders still chose to remain as investors of the
debt-ridden company, Lara Pickford-Gordon of T&T Newsday reports.

According to the report, the government and the central bank's
intervention of Clico's operations are giving policyholders the
confidence to stay put.

Meanwhile, First Citizens Bank ("FCB") CEO Larry Howai is inviting
depositors of Clico Investment Bank ("CIB") to transfer their
accounts to the state-run bank, Sean Douglas of T&T Newsday
reports.

According to the report, Mr. Howai is assured that FCB could meet
CIB's liabilities.  "Yes, the money is there.  That is not an
issue.  It is not a big amount in the context of our overall
balance sheet.  The only issue is the finalising of the names and
the amounts," T&T Newsday quoted Mr. Howai as saying.

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

According to Reuters, the central bank said all third party assets
and liabilities on the books of CIB and its Caribbean Money
Market Brokers unit would be transferred to state-owned FCB.

                        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.


HINDU CREDIT: Union Members Seek to Stop Liquidation Process
------------------------------------------------------------
The Members of Credit Union Member Group ("CRMG") are planning to
write again to Prime Minister Patrick Manning and Financial
Minister Karen Nunez-Tesheira asking them to stop the liquidation
of Hindu Credit Union Co-Operative Society Limited (HCU)'s assets,
Trinidad and Tobago Newsday reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, Trinidad Express said HCU sold 13 of its
vehicles to help pay off a $400 million deficit.

A TCRLA report, citing Caribbean Net News, said Trinidad and
Tobago's Fraud Squad and Anti Corruption Bureau conducted an
investigation into HCU's financial operations on reports of
several discrepancies and financial improprieties involving tens
of millions of dollars.

HCU liquidator Ramdath Rampersad, as cited by the Express, said
the money from the liquidation is being used to pay creditors;
salaries for the remaining staff members, and phone, electricity
and water bills.  The Express related that Mr. Rampersad said the
liquidation would continue until HCU President Harnarine's appeal
to stop the process is approved by March 2009.  According to the
Express, loans are also being serviced by customers and are being
used to pay preferential creditors like the National Insurance
Board, Water and Sewerage Authority and the Board of Inland
Revenue.  However, The Express says, customers who have not been
re-paid are protesting for the return of their money.  Mr.
Rampersad added that HCU was also servicing a loan from a
commercial bank, the report notes.

CRMG Public Relation Officer Deosaran Bisnath, as cited by
Newsday, said depositors and shareholders were concerned that
buildings and properties would be sold next, adding that since the
HCU's assets were valued less than its liabilities, members would
lose most of their investments.

                        About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



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

* VENEZUELA: Minister Willing to Support New OPEC Cuts
------------------------------------------------------
World oil inventories are too high and may require new output cuts
from the Organization of Petroleum Exporting Countries ("OPEC")
in March, Caymanian Compass News reports, citing Venezuela Energy
Minister Rafael Ramirez.

Minister Ramirez, the report relates, warns that past cuts have
not balanced supply with demand, which continues to fall amid the
world economic crisis.

As reported in the Troubled Company Reporter - Latin America on
January 9, 2009, the Ministry of the People's Power for Energy and
Petroleum of Venezuela executed a 189,000 barrels-per-day oil
production cut, following OPEC's 151st (Extraordinary) Conference.

The TCRLA related the production cut of 189,000 b/d, effective
from January 1, 2009, added to the reductions of 46,000 b/d and
129,000 b/d, implemented by PDVSA, according to the OPEC
decisions, determined during the meetings of September and October
of 2008, for a total general reduction of 364,000 b/d, that place
the current Venezuelan production on 3 millions 11 thousand.

                           *     *     *

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



===============
X X X X X X X X
===============

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.


Copyright 2008.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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