TCRLA_Public/090220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

             Friday, February 20, 2009, Vol. 9, No. 36

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Justice Department Suspects Ponzi Scheme


A R G E N T I N A

AUTOMOVILES JACK: Verifying Proofs of Claim Until March 23
DANCASTIN SRL: Verifying Proofs of Claim Until May 15
FINCA DEL MANANTIAL: Verifying Proofs of Claim Until April 1
GRUPO TEXTIL: Verifying Proofs of Claim Until April 13
MIGUEL ANTONIO: Verifying Proofs of Claim Until May 7

RECICLAJES INDUSTRIALES: Verifying Proofs of Claim Until April 23
VIRTUAL LEARNING: Verifying Proofs of Claim Until April 27
* ARGENTINA: Mulls 1BB-Peso Fund from State Agency for Mortgages


B A H A M A S

ULTRAPETROL (BAHAMAS): To Release 4Q & 2008 Results on March 17
ULTRAPETROL LTD: S&P Affirms 'B' Corporate Credit Rating


B E R M U D A

XL CAPITAL: Completes Remarketing of Senior Notes Due 2011


B R A Z I L

BNDES: Approves BRL7.2 Billion Jirau Hydro Plant Financing
EMBRATEL: 2008 Net Profit Drops 22.4% to BRL612.7 Million
GERDAU SA: 2008 Net Revenue Up 36.9% to R$41.9 Billion
UNIBANCO: Brazil Central Bank Approves Itau Merger


C A Y M A N  I S L A N D S

ANIKA INC: Members Receive Wind-Up Report
BURI LTD: Shareholders Receive Wind-Up Report
COOL ORANGE: Members Receive Wind-Up Report
DR PURCHASE: Members Receive Wind-Up Report
DRAWBRIDGE RV: Members Receive Wind-Up Report

IRIS INC: Members Receive Wind-Up Report
JOSCHA LTD: Members Receive Wind-Up Report
JUREMA, LTD: Shareholders Receive Wind-Up Report
MARAPOL LIMITED: Members Receive Wind-Up Report
MASAKA LTD: Members Receive Wind-Up Report

MEGA RESOURCES: Members Receive Wind-Up Report
MUTUAL FUND ET AL: Liquidator Presents Wind-Up Report
NAT LTD: Shareholders Receive Wind-Up Report
RED DEVIL: Members Receive Wind-Up Report
TGI (JAPAN): Members Receive Wind-Up Report

TGI V (JAPAN): Members Receive Wind-Up Report
TRILOKA CAPITAL: Members Receive Wind-Up Report
TRILOKA HOLDINGS: Members Receive Wind-Up Report
TROCCA LIMITED: Members Receive Wind-Up Report


C O L O M B I A

ECOPETROL: Posts 4th Quarter and 2008 Year End Financial Results


J A M A I C A

AIR JAMAICA: To Lay Off Workers as Part of Restructuring
AIR JAMAICA: To End Atlanta Flights by February 26
JUCT: Blames Failure to Submit Report on Major Management Changes


M E X I C O

ALTOS HORNOS: Sees 75% Drop in 2009 Profit on Falling Demand


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Hands Pink Slips to 20 Employees Amid Fin'l Woes


V E N E Z U E L A

CITGO PETROLEUM: Cuts 2% of Workforce as Part of Restructuring
STANFORD INT'L BANK: Venezuelans May Have Invested US$3BB in Bank


                         - - - - -



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

STANFORD INT'L BANK: Justice Department Suspects Ponzi Scheme
-------------------------------------------------------------
U.S. prosecutors are conducting a probe on whether Robert Allen
Stanford and his group of companies including Stanford
International Bank Limited operated a Ponzi scheme that defrauded
investors around the globe, The Wall Street Journal reports citing
people familiar with the matter.

WSJ's sources said the U.S. Justice Department is investigating
Mr. Stanford believing his business operations may have been
largely a Ponzi scheme.

As reported yesterday in the Troubled Company Reporter-Latin
America, the U.S. Securities and Exchange Commission charged Mr.
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."

                       Mr. Stanford Found

In a Feb. 19 statement, the SEC said the special agents of the
Federal Bureau of Investigation's Richmond Division has located
and identified Stanford Financial Group chairman Allen Stanford in
the Fredericksburg, Va., area.

The agents served Mr. Stanford with court orders and documents
related to the SEC's civil filing against him and three of his
companies, the regulator said in the statement.

The orders and documents that the FBI served on Mr. Stanford were
the SEC's complaint, the memorandum of law filed with the
complaint, the court order freezing assets, and the court order
appointing a receiver.

The Honorable Reed O'Connor, U.S. District Court Judge for the
Northern District of Texas, granted the SEC's request for
emergency relief for investors, and issued the orders freezing
assets and appointing a receiver over Mr. Stanford and other
defendants.

                          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.

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

AUTOMOVILES JACK: Verifying Proofs of Claim Until March 23
----------------------------------------------------------
The court-appointed trustee for Automoviles Jack S.A.'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 26, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 8, 2009.


DANCASTIN SRL: Verifying Proofs of Claim Until May 15
-----------------------------------------------------
The court-appointed trustee for Dancastin S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 15, 2009.

The trustee will present the validated claims in court as
individual reports on June 30, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 27, 2009.


FINCA DEL MANANTIAL: Verifying Proofs of Claim Until April 1
------------------------------------------------------------
The court-appointed trustee for Finca del Manantial S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until April 1, 2009.

The trustee will present the validated claims in court as
individual reports on May 18, 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 2, 2009.


GRUPO TEXTIL: Verifying Proofs of Claim Until April 13
------------------------------------------------------
The court-appointed trustee for Grupo Textil Morja y Asociados
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until April 13, 2009.

The trustee will present the validated claims in court as
individual reports on May 27, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 8, 2009.


MIGUEL ANTONIO: Verifying Proofs of Claim Until May 7
-----------------------------------------------------
The court-appointed trustee for Miguel Antonio Casabuono S.R.L.
Servicio de Catering's reorganization proceedings will be
verifying creditors' proofs of claim until May 7, 2009.

The trustee will present the validated claims in court as
individual reports on June 5, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 3, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 12, 2010.


RECICLAJES INDUSTRIALES: Verifying Proofs of Claim Until April 23
-----------------------------------------------------------------
The court-appointed trustee for Reciclajes Industriales S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until April 23, 2009.

The trustee will present the validated claims in court as
individual reports on June 8, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 4, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 12, 2010.


VIRTUAL LEARNING: Verifying Proofs of Claim Until April 27
----------------------------------------------------------
The court-appointed trustee for Virtual Learning Center S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 27, 2009.

The trustee will present the validated claims in court as
individual reports on June 10, 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 24, 2009.


* ARGENTINA: Mulls 1BB-Peso Fund from State Agency for Mortgages
----------------------------------------------------------------
Argentina's government may use money held by the country's social
security agency to expand mortgage lending and help the
construction industry as growth slows in the country, Bill Faries
of Bloomberg News reports, citing local newspaper Clarin.

The report relates Clarin said the government may set up a 1
billion-peso (US$285 million) fund administered by state-
controlled Banco Hipotecario SA that would extend 20-year
mortgages at a 12% interest rate.  A decision on the fund could be
made within 10 days, the newspaper 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 A H A M A S
=============

ULTRAPETROL (BAHAMAS): To Release 4Q & 2008 Results on March 17
---------------------------------------------------------------
Ultrapetrol (Bahamas) Limited will release its fourth quarter and
full year 2008 financial results on Tuesday, March 17, 2009, after
the market closes.  Ultrapetrol also will host a related
conference call on Wednesday, March 18, 2009, at 10:00 a.m.
Eastern Time, accessible via telephone and Internet with an
accompanying slide presentation.

On the call, Felipe Menendez Ross, President and Chief Executive
Officer, and Leonard Hoskinson, Chief Financial Officer, will
discuss Ultrapetrol's results and the outlook for its three core
businesses.

Investors and analysts may participate in the live conference call
by dialing:

   888-566-7609 (toll-free U.S.) or
   +1 415 228-5019 (outside of the U.S.);
   passcode: ULTR.

The replay can be accessed at:

   866-466-0581 (toll-free U.S.) or
   +1 203 369-1440 (outside of the U.S.);
   passcode: 31809.

                        About Ultrapetrol

Ultrapetrol -- www.ultrapetrol.net. -- is an industrial
transportation company serving the marine transportation needs of
its clients in the markets on which it focuses.  It serves the
shipping markets for grain, forest products, minerals, crude oil,
petroleum and refined petroleum products, as well as the offshore
oil platform supply market with its extensive and diverse fleet of
vessels.  These include river barges and pushboats, platform
supply vessels, tankers and oil-bulk-ore/capesize vessels.


ULTRAPETROL LTD: S&P Affirms 'B' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B' corporate credit rating on Bahamas-based shipping company
Ultrapetrol (Bahamas) Ltd.  At the same time, S&P also affirmed
its 'B' rating on Ultrapetrol's US$180 million preferred ship
mortgage notes due 2014.  The outlook on the corporate credit
rating was revised to stable from positive.

"The ratings on Ultrapetrol reflect its vulnerable business
profile as demonstrated by its weak position in the maritime
shipping industry, and its highly leveraged financial profile
characterized by substantial debt leverage and a sizable
investment program.  The ratings also reflect market uncertainty
as to demand and prices in the short term, which, in S&P's view,
may cause Ultrapetrol's cash flows to diverge from S&P's base case
scenario," said Standard & Poor's credit analyst Diego Ocampo.

These negative factors are partially mitigated by: Ultrapetrol's
favorable market position in the barge business at the Hidrovía on
the Paraná River; its growing presence in offshore markets, which
S&P think would lead to more assured cash generation; an enhanced
liquidity position; and a favorable debt maturity profile.  In
addition, although Ultrapetrol's hedging strategy is likely to
continue contributing to its maritime division's enhanced cash
flows in 2009 and the first half of 2010, the company will face
very challenging market conditions in its maritime and, to a
lesser extent, offshore businesses—which raises concerns about the
firm's medium-term prospects.

S&P view Ultrapetrol's capital structure as highly leveraged
despite the company's recent deleveraging actions.  As of
Sept. 30, 2008, its total debt-to-capital ratio reached 51%
compared with an average of 55% in 2007 and 2006, and more than
80% before 2005.  The company's high leverage is partly mitigated
by a relatively favorable maturity schedule, which entails annual
payments ranging from US$20 million - US$30 million through 2013.
For the 12 months ended Sept. 30, 2008, debt-to-EBITDA ratios have
improved to 4x, compared with 4.8x in fiscal 2007.  On a net debt
basis, debt-to-EBITDA reaches 3.1x, assuming an operating cash
level close to US$20 million.

Incorporated in 1997, Bahamas-based Ultrapetrol is a holding
company ultimately owned by the Menendez Ross family through its
Chile-based company, SIPSA S.A., and the AIG-GE Capital Latin
American Infrastructure Fund. Together they control Ultrapetrol
with 27.1% of economic and about 70% of voting rights,
respectively.  The remaining capital stock is traded on NASDAQ.

The company's main business units include: its transportation
division in the Parana-Paraguay river system (the Hidrovía
project); its maritime shipping, which offers dry bulk
transportation and a small tanker operation in South America; and
its offshore business division, which employs platform supply
vessels to provide support for oil rigs located mostly off the
coast of Brazil and in the North Sea.

Ultrapetrol's liquidity position is adequate given its significant
cash reserves, its smooth debt maturity schedule, and S&P's
expectation of enhanced free cash flow generation in the future.
In addition, the company's dividend policy has remained
historically at very conservative parameters, which helped
it to consistently reduce its leverage level.  Further, the
company's has recently secured long-term financing, reducing its
exposure to refinancing risk.

The stable outlook reflects S&P's expectation that Ultrapetrol's
financial performance will continue to benefit from an adequate
liquidity position, as its profit and cash flow generation become
more stable and predictable.  In addition, S&P don't expect
Ultrapetrol to post much, if any, free cash flow generation in
2009, but the company may regain profitability beginning in
2010.  "The outlook and/or the ratings could be pressured
negatively if S&P perceive significant deterioration in the
company's liquidity position, especially in light of the very
harsh conditions the maritime shipping industry is currently
facing.  On the other hand, the outlook could be revised
positively, and the ratings could potentially be upgraded, if the
company develops a more conservative financial profile and better
positions itself in offshore markets, all while maintaining a good
liquidity position," Mr. Ocampo added.



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

XL CAPITAL: Completes Remarketing of Senior Notes Due 2011
----------------------------------------------------------
XL Capital Ltd completed the remarketing of the US$745 million
aggregate principal amount of 5.25% Senior Notes due 2011
comprising part of its 7.00% Equity Security Units ("ESU") and
settled the forward purchase contract component of the ESUs.

The company purchased all of the Senior Notes in the remarketing
at an aggregate price of 100.25% of the aggregate principal
amount, in accordance with the terms of the ESUs.  The company
said it will retire all of the Senior Notes that it purchased in
the remarketing.

As a result of the ESU transactions, XL's tangible book value of
US$12.88 as at December 31, 2008 would have increased by
approximately US$1.75 per ordinary share.

The proceeds from the remarketing were used to satisfy the
purchase price for the company's Class A Ordinary Shares (the
"Shares") sold to holders of the ESUs pursuant to the forward
purchase contracts.  Each forward purchase contract provided for
the sale by the company of 0.3846 Shares at a price of US$25.00.

The settlement of the forward purchase contracts resulted in the
company's sale of an aggregate of 11,461,080 Shares for an
aggregate purchase price of US$745 million.

As a result of the settlement of the forward purchase contracts,
the ESUs ceased to exist and are no longer traded on the New York
Stock Exchange.

                          About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
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.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed these ratings
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.



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

BNDES: Approves BRL7.2 Billion Jirau Hydro Plant Financing
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA ("BNDES")
approved a BRL7.2 billion (US$3.1 billion) loan to ESBR consortium
for the 3.3GW Jirau hydro plant financing, Business News Americas
reports.  The financing, the report relates, will cover 68.5% of
the required investment.

According to the report, Jirau is one of two mega hydro projects
on the Madeira river in Rondonia state that will be connected to
the national grid.

The loan, the report notes, will go to the ESBR consortium and
includes support for the transmission system that will link the
plant to the city of Porto Velho.

Business News Americas says the plant is scheduled to start
operations in 2012 and the power generated will be enough to
supply more than 10 million households.

                       About ESB consortium

ESB consortium is composed of multinational energy group GDF Suez,
which has a 50.1% stake, engineering firm Camargo Correa with a
9.9% stake, and federal power holding company Eletrobras
subsidiaries Eletrosul and Chesf each have 20% stakes.

                           About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

As of February 19, 2009, Banco Nacional continues to carry a Ba2
foreign long-term bank deposit rating from Moody's Investors
Service.  The rating was assigned in August 2007.


EMBRATEL: 2008 Net Profit Drops 22.4% to BRL612.7 Million
---------------------------------------------------------
Embratel Participacoes SA ("Embratel")'s net profits tumbled 22.4%
to BRL612.7 million (US$270.2 million) in 2008, Telegeography News
reports.

According to the report, the company's 2008 financial results were
affected by a BRL179 million deferred tax credit relating to its
Vesper unit and the net negative effect of exchange rate
fluctuations on loans and derivative contracts to the tune of
BRL168 million.

Revenues for the year, the report relates, reached BRL9.78
billion, up 13.4% year-on-year, of which BRL2.58 billion was
booked in 4Q 2008 (up 15.8%).

Telegeography News discloses the company's turnover generated by
local voice telephony services increased 33.2% y-o-y, data
transmission services increased 14.7%, and long distance – which
still accounts for roughly 50% of total revenue – dipped 8%.

EBITDA, the report adds, was BRL630.8 million in the last three
months of 2008, compared with BRL515.3 million in the
corresponding period of 2007, and full-year EBITDA rose 13.6% y-o-
y to BRL2.46 billion.

                         About Embratel

Embratel Participacoes SA -- 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.

                          *     *     *

As of February 19, 2008, Embratel Participacoes continues to carry
Moody's "Ba3" local currency issuer rating and "Ba3" senior
unsecured debt rating.


GERDAU SA: 2008 Net Revenue Up 36.9% to R$41.9 Billion
------------------------------------------------------
Gerdau S.A.'s 2008 net revenue increased 36.9% to R$41.9 billion
from the same period in 2007.

The company's crude steel production grew 9.4% in 2008 compared to
2007, totaling 19.6 million tonnes.

The company said shipments of 19.1 million tonnes in 2008, 11.4%
higher than 2007, while shipments to the Brazilian domestic market
increased 22.1% compared to 2007.

Gerdau's EBITDA in 2008 reached R$10.0 billion, 60.6% higher than
2007, while EBITDA margin was 23.9% compared to 20.4% in 2007.

The company said net income of R$4.9 billion in 2008, with net
margin of 11.8%.

Dividends related to 2008 fiscal year totaled R$520.2 million to
Metalurgica Gerdau S.A. shareholders and R 1.1 billion to Gerdau
S.A. shareholders.

The company had a capital expenditure of US$1.4 billion in 2008.

Acquisitions announced and concluded in 2008 represented
investment of US$ 3.7 billion expanding Gerdau's operations in
Brazil and abroad.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2008, Moody's Investors Service changed to positive from
stable the outlook of all ratings related to Gerdau S.A. (Ba1
Corporate Family Rating and Ba1 US$600 million guaranteed
perpetual bonds).



UNIBANCO: Brazil Central Bank Approves Itau Merger
--------------------------------------------------
Brazil's central bank approved the planned merger between
financial operations of Banco Itau S.A. and Uniao de Bancos
Brasileiros S.A. ("Unibanco"), Daniela Machado of Reuters reports.

The Troubled Company Reporter-Latin America reported on Nov. 5,
2008, that a joint-venture agreement has been executed envisioning
the merger of the two firms.

According to the TCRLA report, the joint-venture provides for a
corporate restructuring, which will cause the migration of the
current shareholders of Unibanco Holdings S.A. ("Unibanco
Holdings") and Unibanco to a public listed company to be called
Itau Unibanco Holding S.A., currently Banco Itau Holding
Financeira S.A. ("Itaú Unibanco Holding"), which will be made
through a merger of shares.

Itau Unibanco Holding will have Itausa and the controlling
shareholders of Unibanco Holdings control to be exerted by means
of a non-financial institution to be incorporated for the purpose
of this transaction.

Unibanco and Unibanco Holdings' common shares currently held by
its non-controlling shareholders will be exchanged into common
shares issued by Itau Unibanco Holding, following the same
exchange rate negotiated by the parties for the exchange of the
common shares held by the controlling shareholders of Unibanco
Holdings.

For the preferred shares the exchange rate was calculated based on
the market average of price of the Units (share certificates
representing one preferred share of Unibanco and one preferred
share of Unibanco Holdings) and of the preferred shares of Banco
Itau Holding Financeira S.A. in the last 45 sessions of the
Brazilian Stock Exchange - Bovespa.  Both the Units and the
preferred shares of Banco Itau Holding Financeira S.A. are part of
the IBX-50 and the Ibovespa, and are also negotiated in the New
York Stock Exchange, the same report noted.

Stockholders' Equity of approximately 51.7 billion Reais
(09.30.08) and a net profit of 8.1 billion Reais up to
September 2008, ensures a relevant capital base for Itau Unibanco
Holding, preparing it for:

   * strength the support to Brazilian
     companies and their national and international
     operations;

   * expand its business in Brazil;

   * support the growth of the credit transaction
     of its clients;

   * compete in the international market;

   * substantial increase in economic scale gains
     in all client segments;

   * substantial synergies in various business.

                      About Uniao de Bancos

Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros
SA -- http://www.unibanco.com/-- is a full-service financial
institution providing a range of financial products and services
to a diversified individual and corporate customer base
throughout Brazil.  The company's businesses comprise segments:
Retail, Wholesale, Insurance and Pension Plans and Wealth
Management.  Uniao de Bancos and its associated companies
FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas)
offer a network composed of 17,000 points of service.  It also
counts on 7,580 automated teller machines and all 30 Hours'
products and services, including the telephone service and the
Internet banking.  The company's international network consists
of branches in Nassau and the Cayman Islands; representatives
offices in New York; banking subsidiaries in Luxembourg, the
Cayman Islands and Paraguay; and a brokerage firm in New York
-- Unibanco Securities Inc.

                          *     *     *

In April 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating to Uniao de Bancos Brasileiros SA.



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

ANIKA INC: Members Receive Wind-Up Report
-----------------------------------------
The members of Anika Inc. met on January 22, 2009, and received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Jan Neveril
          Giles Kerley
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


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

The company's liquidator is:

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


COOL ORANGE: Members Receive Wind-Up Report
-------------------------------------------
The members of Cool Orange Inc. met on January 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Jan Neveril
          Giles Kerley
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


DR PURCHASE: Members Receive Wind-Up Report
-------------------------------------------
The members of DR Purchase Finance Inc. met on January 22, 2009,
and received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Jan Neveril
          Giles Kerley
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


DRAWBRIDGE RV: Members Receive Wind-Up Report
---------------------------------------------
The members of Drawbridge RV Plus Fund Ltd. met on January 22,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Maples Finance
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


IRIS INC: Members Receive Wind-Up Report
----------------------------------------
The members of Iris Inc. met on January 22, 2009, and received the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Jan Neveril
          Giles Kerley
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


JOSCHA LTD: Members Receive Wind-Up Report
------------------------------------------
The members of Joscha Ltd. met on January 22, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106SMB, Grand Cayman


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

The company's liquidator is:

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


MARAPOL LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Marapol Limited met on January 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman


MASAKA LTD: Members Receive Wind-Up Report
------------------------------------------
The members of Masaka Ltd. met on January 22, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106SMB, Grand Cayman


MEGA RESOURCES: Members Receive Wind-Up Report
----------------------------------------------
The members of Mega Resources Limited met on January 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman


MUTUAL FUND ET AL: Liquidator Presents Wind-Up Report
-----------------------------------------------------
On January 22, 2009, CDL Company Ltd. presented the companies'
wind-up report and property disposal to the members of:

   -- Mutual Fund Basket Reference Fund (7-I) Limited;
   -- Mutual Fund Basket Reference Fund (13-B) Limited;
   -- Mutual Fund Basket Master Fund (14); and
   -- Mutual Fund Basket Reference Fund (14-A) Limited.

The Liquidator can be reached at:

         CDL Company Ltd.
         P.O. Box 31106SMB, Grand Cayman


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

The company's liquidator is:

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


RED DEVIL: Members Receive Wind-Up Report
-----------------------------------------
The members of Red Devil Investments Ltd. met on January 22, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman


TGI (JAPAN): Members Receive Wind-Up Report
-------------------------------------------
The members of TGI (Japan) Ltd. met on January 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Jan Neveril
          Carl Gosselin
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


TGI V (JAPAN): Members Receive Wind-Up Report
---------------------------------------------
The members of TGI V (Japan) Ltd. met on January 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Jan Neveril
          Carl Gosselin
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


TRILOKA CAPITAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Triloka Capital Limited met on January 22, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106SMB, Grand Cayman


TRILOKA HOLDINGS: Members Receive Wind-Up Report
------------------------------------------------
The members of Triloka Holdings Limited met on January 22, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106SMB, Grand Cayman


TROCCA LIMITED: Members Receive Wind-Up Report
----------------------------------------------
The members of Trocca Limited met on January 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman



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

ECOPETROL: Posts 4th Quarter and 2008 Year End Financial Results
----------------------------------------------------------------
Ecopetrol S.A.'s unconsolidated net income increased by 48.2% to
COP$2.05 trillion in the fourth quarter 2008, from COP$1.39
trillion in the same period of 2007.  The company's net income for
the fourth quarter 2008 included COP$1.61 trillion in net
financial income resulting primarily from foreign exchange gains
and the reversal of certain provisions.

Total sales in the fourth quarter of 2008 declined by 11.8% versus
fourth quarter 2007 as a result of a decrease in international
crude oil prices, which reduced Ecopetrol's average export prices
for its crude and products, and a reduction in domestic sales
volume.

                      2008 Full Year Results

Ecopetrol S.A.'s consolidated net income for 2008 increased by
124.5% to COP$11.63 trillion from COP$5.18 trillion reported for
2007.  Full year results benefited from higher production levels
and higher international crude oil and natural gas prices, as well
as significant net financial income of COP$4.10 trillion,
primarily attributable to foreign currency exchange and investment
portfolio valuation gains.

Total Sales increased by 51.8% compared to 2007 as a result of an
increase in volumes sold and international prices throughout the
year.  Gasoline and diesel prices increased by an average of
18.3%, while the basket of exported crude prices increased by
33.8%, from US$62.02 per barrel to US$83.0 per barrel, and the
basket price for refined products increased by 35.2%, from US$53.7
to US$ 72.6 per barrel.

As of Dec. 31, 2008, the company's consolidated balance sheet
showed total current assets of COP$15.70 trillion available to pay
total current liabilities of COP$6.70 trillion.

The company's balance sheet as of end-December 2008 also showed
total assets of COP$48.70 trillion, total liabilities of COP$14.08
trillion and shareholder's equity of COP$34.62trillion.

                       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 of Feb. 19, 2008, the company continues to carry Fitch Ratings'
Long Term Issuer Default Rating rating at 'BB+'.



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

AIR JAMAICA: To Lay Off Workers as Part of Restructuring
--------------------------------------------------------
Air Jamaica is set to send home permanent workers over the next
three months as its cost restructuring programme starts to be
implemented, Radio Jamaica News reports.  The airline, the report
relates, said the final number of workers is yet to be determined.

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

According to the Associated Press, the airline said it will
eliminate six routes and cut jobs this month due to the global
economic crisis.  The AP related the airline's CEO Bruce Nobles,
said flights to Atlanta, Miami, Los Angeles, Barbados, Grenada and
the island of Grand Cayman will be cut late this month.

                 CEO Says Business Plan is Solid

Mr. Nobles said he cannot guarantee whether the new business plan
for the airline will work, however, he said the plan is solid and
that he is not expecting any failure, The Jamaica Gleaner reports.

According to the report, Mr. Nobles said the national airline was
projected to break even in six months and make a profit next year.
However, he said the airline needed US$135 million in the next six
months to pay for its losses and to facilitate the transition
process as it prepares for divestment, Radio Jamaica relates.

                        About Air Jamaica

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

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

                         *     *     *

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


AIR JAMAICA: To End Atlanta Flights by February 26
--------------------------------------------------
Air Jamaica will end its passenger service to Atlanta on Feb. 26,
as part of the company's business plan to save money, WSBTV.com
News reports.

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

According to the Associated Press, the airline said it will
eliminate six routes and cut jobs this month due to the global
economic crisis.  The AP related the airline's CEO Bruce Nobles,
said flights to Atlanta, Miami, Los Angeles, Barbados, Grenada and
the island of Grand Cayman will be cut late this month.

Local newspaper The Carribean Star's Marketing Manager, William
Noland, as cited by WABE News, said he was surprised by the
airline's move. "When I read about it on the news wires, I almost
fell out of my chair," the report quoted Mr. Noland as saying.

WABE News notes that for nine years Air Jamaica has advertised in
every issue.

The airline's decision to leave Atlanta will take away important
sponsorship dollars that will hurt the 85,000 circulation
newspaper and the community, WABE News relates.

                        About Air Jamaica

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

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

                          *     *     *

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


JUCT: Blames Failure to Submit Report on Major Management Changes
-----------------------------------------------------------------
The Jamaica Urban Transit Company ("JUTC") said that due to major
changes in the management levels and resulting information gaps,
it failed to submit quarterly contract award reports on Feb. 2, to
the contractor general's office, Jamaica Gleaner reports.

According to the Gleaner, JUTC said it had sought the guidance of
the Transport and Works Ministry, in an effort to ensure accuracy
in the report.

The quarterly report was delayed because a key figure in the
ministry was not available, the Gleaner notes.  The JUTC, the
report relates, also underwent some major changes since Executive
Chairman Douglas Chambers' death last June; which was followed by
the resignations of the members of the board's Procurement
Committee; and the voluntary request for leave of absence from
acting managing director, Bindley Sangster.

                            About JUTC

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, Radio Jamaica News said the Jamaican cabinet
approved the granting of a government guarantee for Jamaica Urban
Transit Company to secure a US$425 million loan facility from the
Bank of Nova Scotia.  The fund, the report related, will be used
to restructure the bus company's increasing debts.

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

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



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

ALTOS HORNOS: Sees 75% Drop in 2009 Profit on Falling Demand
------------------------------------------------------------
Altos Hornos de Mexico SA ("Ahmsa") expects a 75% drop in net
income this year as demand for steel "disappeared" domestically
and abroad, Andres R. Martinez of Bloomberg News reports.

The report relates the company, in a statement to the Mexico's
stock exchange, said its plants are running at 50% capacity.

According to the report, Ahmsa fired 18% of its full-time
workforce on Dec. 2, shut down units and delayed an expansion to
add about 30% additional capacity amid the global financial
crisis.

Bloomberg News recounts that Ahmsa, which filed for bankruptcy in
1999, delayed plans to reorganize last year as the credit market
froze up, making it difficult to obtain financing for about US$1.5
billion it needed to pay off creditors.

                        About Altos Hornos

Altos Hornos de Mexico SAB de CV ("AHMSA") –-
http://www.ahmsa.com/ -- is a Mexico-based company active in the
steel sector. The Company specializes in the production of basic
raw materials and finished products.  The company's product
portfolio includes cold-rolled steel, used for door panels and
windows; hot- rolled flat products such as pressure vessel steel,
structural steel, pipeline and drilling pipe steel, used for
machinery parts, agricultural tools, railroad tanks and bridge
constructions; and structural shapes, used in the manufacturing
industry.  AHMSA operates several coal and iron mines.  It is a
subsidiary of Grupo Acerero del Norte SA de CV. The Company's
subsidiaries include Minera Carbonifera Rio Escondido SA de CV,
Minera del Norte SA de CV and Minerales Monclova SA de CV.



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

CL FINANCIAL: Hands Pink Slips to 20 Employees Amid Fin'l Woes
--------------------------------------------------------------
CL Financial Limited is serving termination letters to staff
members as part of a "rationalisation" of the company, Curtis
Rampersad of Trinidad and Tobago Express reports.

An unnamed source close to the group of companies told the Express
that about 20 of CL Financial's staff were given termination
letters as part of a move to help the subsidiaries recover their
debts.  The laid off staff members are expected to be re-hired on
a contract basis by mid-March, the source added.

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 CL Financial unit's, Colonial Life Insurance Company
("Clico"), amid the unit's increasing $10 billion debt.

According to the T&T Newsday, the government used $1 billion of
taxpayers money to help protect depositors and policyholders.

The Express said Governor 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.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, 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.

Meanwhile, the Express relates 37 of the 91 employees of CL
Financial subsidiary CLICO Investment Bank ("CIB") have been sent
home, while the remainder are expected to be laid off by month's
end.

The Express discloses CIB's deposits and liabilities have been
taken over by State bank First Citizens, while a new Board of
Directors led by former Central Bank Governor, Euric Bobb, has
been installed to manage the affairs of CLICO.

                        About CL Financial

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



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

CITGO PETROLEUM: Cuts 2% of Workforce as Part of Restructuring
--------------------------------------------------------------
Citgo Petroleum Corp., a unit of Petroleos de Venezuela S.A., said
that as part of a restructuring process, 2% of the company's
current 3,762 employees will be laid off.

In a Feb. 6 statement, Citgo Petroleum said the move was
implemented to optimize organizational performance.  The few
impacted employees are being offered special separation packages,
the company said.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 6, 2009,
Standard & Poor's Ratings Services placed a 'BB' rating on the
company with Negative Watch.

Fitch Ratings affirmed CITGO Petroleum Corp's Issuer Default
Rating and outstanding debt ratings:

  -- IDR at 'BB-';

  -- US$1.15 billion senior secured revolving credit facility
     maturing in 2010 at 'BBB-';

  -- US$700 million secured term-loan maturing in 2012 at 'BBB-';

  -- US$515 million secured term-loan maturing in 2012 at 'BBB-';

  -- Fixed-rate industrial revenue bonds at 'BBB-'.


STANFORD INT'L BANK: Venezuelans May Have Invested US$3BB in Bank
-----------------------------------------------------------------
Venezuelans may have between US$2.3 billion and US$3 billion
deposited with Antigua-based Stanford International Bank Ltd
(SIBL), Bloomberg News reports, citing banking regulator Edgar
Hernandez Behrens.

Mr. Behrens, the report relates, said the amount hasn't been
confirmed.  "The investments with Stanford Bank Antigua were very
high risk," the report quoted Behrens as saying.  "They paid high
interest rates.  With higher yields come higher risks," he added.

As reported by Troubled Company Reporter-Latin America on Feb. 19,
2009, the U.S. Securities and Exchange Commission 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.

Bloomberg News relates clients flooded the Caracas offices of
Stanford Group Venezuela Asesores de Inversion CA, which offered
investments in the Antigua-based bank.

Meanwhile, Bloomberg News says according to Mr. Behrens, SIBL also
has a commercial bank in Venezuela, which only took deposits and
made loans in local currency, and meets capitalization
requirements.

The bank, called Stanford Bank Venezuela SA, is separate from
Stanford Group Venezuela Asesores de Inversion and is not
affiliated with Stanford's Antigua bank, Bloomberg News notes.

                     Standford & Aids Were No
                        Show for Testimony

Mr. Stanford and top aides at his investment group failed to
respond to recent subpoenas seeking their testimony on what
federal investigators now call a "massive" fraud, court papers
cited by Reuters said.

According to Reuters, the SEC said it had issued subpoenas to Mr.
Stanford, aide James Davis and OY Goswick, a board member of
Stanford International Bank.  "None of these witnesses appeared
for testimony or produced a single document," the SEC was quoted
by the news agency as saying.

                        Mr. Stanford Found

In a Feb. 19 statement, the SEC said the special agents of the
Federal Bureau of Investigation's Richmond Division has located
and identified Stanford Financial Group chairman Allen Stanford in
the Fredericksburg, Va., area.

The agents served Mr. Stanford with court orders and documents
related to the SEC's civil filing against him and three of his
companies, the regulator said in the statement.

The orders and documents that the FBI served on Mr. Stanford were
the SEC's complaint, the memorandum of law filed with the
complaint, the court order freezing assets, and the court order
appointing a receiver.

The Honorable Reed O'Connor, U.S. District Court Judge for the
Northern District of Texas, granted the SEC's request for
emergency relief for investors, and issued the orders freezing
assets and appointing a receiver over Mr. Stanford and other
defendants.

                            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.



                            ***********

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

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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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