TCRLA_Public/090224.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

             Tuesday, February 24, 2009, Vol. 9, No. 38

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: ECCB Takes Over BOA Amid US$8-BB Fraud Case
STANFORD INT'L BANK: LIAT Says Owner Doesn't Own Shares in Airline


A R G E N T I N A

2MINDS SERVICIOS: Asks for Opening of Preventive Contests
AEROPOL SA: Asks for Opening of Preventive Contests
COAMAR SA: Asks for Opening of Preventive Contests
EL MILAGRO: Proofs of Claim Verification Due on March 2
GRUPO ASUNCION: Ceases Servicing of Payments

JALIL HERMANOS: Proofs of Claim Verification Due on April 17


B A R B A D O S

FOUR SEASONS: Halts Hotel Construction; 700 Jobs Affected


B E R M U D A

BBL LIMITED: Creditors' Proofs of Debt Due on March 6
BBL LIMITED: Members' Final General Meeting Set for March 27
BERMUDA ROCK: Creditors' Proofs of Debt Due on March 6
BERMUDA ROCK: Member to Receive Wind-Up Report on March 25
CONOCO SERVICES: Creditors' Proofs of Debt Due on March 6

CONOCO SERVICES: Members to Receive Wind-Up Report on March 27
CONOCO SOUTH: Creditors' Proofs of Debt Due on March 6
CONOCO SOUTH: Members to Receive Wind-Up Report on March 27


B R A Z I L

BANCO ITAU: Cuts 100 Jobs From Brokerage & Investment Bank Units
GERDAU SA: Weak Q4 Results Won't Affect Moody's 'Ba1' Rating
GAFISA SA: Moody's Affirms Corporate Family Rating at 'Ba2'


C A Y M A N  I S L A N D S

CRAFT 2003-2: Members Receive Wind-Up Report
CRAFT JSS: Members Receive Wind-Up Report
C-SQUARED: Members Receive Wind-Up Report
FLP HOLDINGS: Members Receive Wind-Up Report
JUPITER HIGH: Members Receive Wind-Up Report

KAILUA INVESTMENT: Members Receive Wind-Up Report
KOREA FIRST: Members Receive Wind-Up Report
LANCER FUNDING: Members Receive Wind-Up Report
ML CBO: Members Receive Wind-Up Report
MORTGAGED ASSET: Members Receive Wind-Up Report

MOVIDA ASSET: Members Receive Wind-Up Report
MYSTIC POINT: Members Receive Wind-Up Report
NEW INVESTMENTS: Members Receive Wind-Up Report
NIEUW HAARLEM: Members Receive Wind-Up Report
NORTHLAND FUNDING: Members Receive Wind-Up Report

PPB INTERNATIONAL: Members Receive Wind-Up Report
PINNACLE PEAK: Members Receive Wind-Up Report
SENECA CBO: Members Receive Wind-Up Report
STACK 2007-1: Members Receive Wind-Up Report
STONEY LANE: Members Receive Wind-Up Report

* CAYMAN ISLANDS: Gov't to Borrow US$185 Mln for 2009 Projects


C H I L E

AUTOPISTA DEL MAIPO: Moody's Sets Global Rating at 'Baa3'


G U A D E L O U P E

* GUADELOUPE: France Asks Unions & Employers to Accept Aid Package


J A M A I C A

AIR JAMAICA: Asks Foreign Creditors Not to Seize Assets
AIR JAMAICA: To Sell Two Planes to Raise Funds for Business Plan
AIR JAMAICA: To Keep Current Cargo Services Despite Flight Cuts
CASH PLUS: Court Appoints Hugh Wildman as Bankruptcy Trustee
GOODYEAR TIRE: Posts US$16 Mln Loss on Jamaican Unit Liquidation


M E X I C O

CITIGROUP INC: Committed to its Mexican Unit, CEO Pandit Says
FUNDACION INTEGRAL: S&P Assigns 'BB-' Counterparty Credit Rating
RINKER MATERIALS: Moody's Downgrades Senior Notes to 'B1'


T R I N I D A D  &  T O B A G O

CL FINANCIAL: May Use Cash from Rum Distillery to Pay Loan Balance
HCU: Liquidator Says Company Assets Still Unsold


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -



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

STANFORD INT'L BANK: ECCB Takes Over BOA Amid US$8-BB Fraud Case
----------------------------------------------------------------
Eastern Caribbean Central Bank (“ECCB”) took over Stanford Group-
owned Bank of Antigua (“BOA”) on Feb. 22, amid a US$8 billion
fraud charge againts its owner, Robert Allen Stanford, and his
companies, Trinidad and Tobago Express reports.

As reported in the Troubled Company Reporter-Latin America on
February 19, 2009, 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.

According to the Express, the Monetary Council of the ECCB
completed all relevant legal and other arrangements for the Bank
of Antigua to open its doors as a new Eastern Caribbean
Amalgamated Bank (ECAB).

Caribbean Net News relates the development in the Organisation of
Eastern Caribbean States (“OECS”) banking and financial system
began unfolding on Friday afternoon as depositors were desperately
queuing up at branches to withdraw funds from the Bank of Antigua
that held combined assets and deposits of EC$700 million.

The Express says the Monetary Council of the ECCB approved a new
ownership plan, involving five indigenous private and state-owned
banks within the OECS, to form the new Eastern Caribbean
Amalgamated Bank.

The indigenous banks are:

   * St Kitts, Nevis and Anguilla National Bank;

   * Eastern Caribbean Financial Holdings (Bank of St Lucia);

   * Antigua Commercial Bank;

   * National Commercial Bank of St Vincent and the Grenadines;
     and

   * National Bank of Dominica.

                      About Bank of Antigua

The Bank of Antigua (BOA) –- http://www.bankofantigua.com/–- was
incorporated on February 10, 1981 in St. John's, and opened its
doors for business in November of that year.

The bank is a member of Stanford Financial Group, after the group
acquired the bank in December 1990.

                            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.


STANFORD INT'L BANK: LIAT Says Owner Doesn't Own Shares in Airline
------------------------------------------------------------------
LIAT has denied rumors that Robert Allen Standford and his
companies has stakes in the airline, Caribbean Net News reports.
“The Stanford Financial Group has no stake or interest in LIAT and
has never had a stake or interest in the company,” the report
quoted LIAT Chief Executive Officer Mark Darby as saying.

As reported in the Troubled Company Reporter-Latin America on
February 19, 2009, 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.

According to Caribbean Net News, Mr. Darby said LIAT is 90% owned
by governments of Antigua and Barbuda, Barbados and St Vincent and
the Grenadines, while the remaining 10% is owned by other regional
governments and minority shareholders.

Mr. Darby, as cited by Carribean Net News, clarified:

  –- LIAT held talks for a possible merger with Stanford
     Financial Group in 2006 and 2007 but no transaction was ever
     concluded;

  –- LIAT is not in receipt of any loan from Mr. Stanford or the
     Stanford Financial Group; and

  –- LIAT did not take over or acquire formerly-owned Stanford
     airlines, Caribbean Star or Caribbean Sun.  LIAT merely
     acquired some of the assets of these former airlines
     including Caribbean Star aircraft leases which were added.

                            About LIAT

Headquartered in Antigua and Barbuda, LIAT --
http://www.liatairline.com -- is a passenger airline with a fleet
of Dash 8 turboprop aircraft.  The carrier transports passengers
to more than 20 destinations in the Caribbean.  The company has
expanded by buying key operating assets of former rival Caribbean
Star, including additional Dash 8s.  Before the acquisition was
completed in November 2007, LIAT and Caribbean Star had formed a
commercial alliance that integrated many of their operations.
Among LIAT's major shareholders are the governments of several
Caribbean nations, including Antigua, Barbados, the Grenadines,
and St. Vincent.

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

2MINDS SERVICIOS: Asks for Opening of Preventive Contests
---------------------------------------------------------
2Minds Servicios Informaticos S.R.L. asked for the opening of the
preventive contest before the National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk No.
10.

The company stopped servicing ita payments on April 15, 2008.


AEROPOL SA: Asks for Opening of Preventive Contests
---------------------------------------------------
Aeropol S.A. asked for the opening of the preventive contest
before the National Commercial Court of First Instance No. 25 in
Buenos Aires, with the assistance of Clerk No. 50.

The company stopped servicing ita payments on Feb. 11, 2009.


COAMAR SA: Asks for Opening of Preventive Contests
--------------------------------------------------
Coamar S.A. asked for the opening of the preventive contest before
the National Commercial Court of First Instance No. 14 in Buenos
Aires, with the assistance of Clerk No. 27.


EL MILAGRO: Proofs of Claim Verification Due on March 2
-------------------------------------------------------
The court-appointed trustee for El Milagro S.H.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
March 2, 2009.


GRUPO ASUNCION: Ceases Servicing of Payments
--------------------------------------------
Grupo Asuncion S.R.L. Stopped servicing its payments on June 2008.
The company declared liabilities of US$471.200 before the National
Commercial Court of First Instance No. 6 in Buenos Aires, with the
assistance of Clerk No. 11.


JALIL HERMANOS: Proofs of Claim Verification Due on April 17
------------------------------------------------------------
The court-appointed trustee for Jalil Hermanos S.C.C.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until April 17, 2009.



===============
B A R B A D O S
===============

FOUR SEASONS: Halts Hotel Construction; 700 Jobs Affected
---------------------------------------------------------
Four Seasons hotel in Barbados unexpectedly halted contruction at
its Black Rock site on Feb. 19, leaving 700 workers with no jobs,
Oscar Ramjeet of Caribbean Net News reports.  The workers, the
report relates, were seen leaving the Black Rock site, along with
equipment being towed away by major contractors.

According to the report, an unnamed source said the Royal Bank of
Scotland and Iceland-owned Kaupthing Singer and Friedlander, which
together had been in discussion with the developers on loan
financing for a major part of the US$200 million project, had been
experiencing some challenges as a result of the global economic
turmoil, and that might be one of the reasons for the shutdown.

The Four Seasons project has 22 investors -- 20 foreign and two
local, the report says.

Four Seasons Hotels -- http://www.fourseasons.com-- manages some
75 luxury hotels and resorts in more than 30 countries.  Most
properties are operated under the Four Seasons name, but some are
Regent hotels.  It has ownership interests in only about half of
its properties, having shifted from a hotel owner to a hotel
operator in the 1990s.  In 2007 Four Seasons Hotels board members
took the company private.



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

BBL LIMITED: Creditors' Proofs of Debt Due on March 6
-----------------------------------------------------
The creditors of BBL Limited are required to file their proofs of
debt by March 6, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 18, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


BBL LIMITED: Members' Final General Meeting Set for March 27
------------------------------------------------------------
The members of BBL Limited will hold their final general meeting
on March 27, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Feb. 18, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


BERMUDA ROCK: Creditors' Proofs of Debt Due on March 6
------------------------------------------------------
The creditors of Bermuda Rock Fund Ltd. are required to file their
proofs of debt by March 6, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Michael Schroter
          Maxwell R. Roberts Building
          1 Church Street
          Hamilton, Bermuda


BERMUDA ROCK: Member to Receive Wind-Up Report on March 25
----------------------------------------------------------
The sole member of Bermuda Rock Fund Ltd. will hold the final
general meeting on March 25, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Michael Schroter
          Maxwell R. Roberts Building
          1 Church Street
          Hamilton, Bermuda


CONOCO SERVICES: Creditors' Proofs of Debt Due on March 6
---------------------------------------------------------
The creditors of Conoco Services Ltd. are required to file their
proofs of debt by March 6, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


CONOCO SERVICES: Members to Receive Wind-Up Report on March 27
--------------------------------------------------------------
The members of Conoco Services Ltd. will hold the final general
meeting on March 27, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


CONOCO SOUTH: Creditors' Proofs of Debt Due on March 6
------------------------------------------------------
The creditors of Conoco South Sokang Ltd. are required to file
their proofs of debt by March 6, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


CONOCO SOUTH: Members to Receive Wind-Up Report on March 27
-----------------------------------------------------------
The members of Conoco South Sokang Ltd. will hold the final
general meeting on March 27, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Feb. 19, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda



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

BANCO ITAU: Cuts 100 Jobs From Brokerage & Investment Bank Units
----------------------------------------------------------------
Banco Itau Holding Financeira SA (formerly known as Banco Itau SA)
fired about 100 workers from its brokerage and investment banking
units after suffering from a strong contraction since the
beginning of the international crisis, Fabiola Moura of Bloomberg
News reports.  The company in an email statement obtained by the
news agency said: “It was necessary to carry out an adjustment in
the investment bank and brokerage structures.”

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, Reuters said Brazil's central bank approved the
planned merger between financial operations of Banco Itau S.A. and
Uniao de Bancos Brasileiros S.A. ("Unibanco").

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.

                      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.

As of Feb. 23, 2009, the bank continues to carry Moody's Investors
Service's Ba2 foreign currency deposit rating.

                         About Banco Itau

Banco Itau Holding Financeira S.A. -- http://www.itau.com.br/--
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA(Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.  The
bank has offices in Miami, New York, Hongkong, Lisbon,
Luxembourg, Bahamas, the Cayman Islands, Chile and Uruguay.

As of Feb. 23, 2009, the company continues to carry Fitch's C
individual rating.


GERDAU SA: Weak Q4 Results Won't Affect Moody's 'Ba1' Rating
------------------------------------------------------------
Moody's Investors Service commented that weaker than expected
fourth quarter 2008 results of Gerdau S.A. and of its subsidiary
Gerdau Ameristeel Corporation will have no immediate impact on
their Ba1 Corporate Family Ratings or their stable outlook.
Moody's still anticipates that the group's leverage will remain
within a tolerable range for the current ratings on a full-year
2009 basis and liquidity is strong at both companies.  Ameristeel
is rated the same as Gerdau, reflecting Moody's view of high
correlation based on the strong support provided by Gerdau and its
Brazilian subsidiaries to the North American subsidiary.

Despite the weak fourth quarter performance in North America and
Latin America (ex-Brazil), Moody's expect some improvement in the
group's operating margins in the first quarter of 2009 as benefits
from operational adjustments materialize.  On a consolidated
basis, leverage should remain manageable and liquidity strong due
to lower capital expenditures and dividends.  However, Moody's
notes that a prolonged steel industry slow down similar to that
experienced during the last months of 2008 could cause covenant
headroom to tighten substantially over the coming quarters.
Please see Moody's Issuer Comment for further detail at
Moodys.com.

The last rating action was on December 19, 2008, when the Ba1
ratings of Gerdau and Ameristeel were affirmed and the outlook for
all ratings was changed to stable from positive.

Gerdau Ameristeel, headquartered in Tampa, Florida, serves
customers in the U.S. and Canada through a vertically integrated
network of 19 minimills, 23 scrap recycling facilities and 60
downstream operations.  The company had net revenues of US$ 8.5
billion in 2008.  Gerdau S.A., headquartered in Porto Alegre,
Brazil, is the largest long steel producer in the Americas, with
consolidated net revenues of approximately US$ 23 billion in 2008.


GAFISA SA: Moody's Affirms Corporate Family Rating at 'Ba2'
-----------------------------------------------------------
Moody's has affirmed Gafisa's Ba2 local currency corporate family
rating, but changed the outlook to negative from stable.  At the
same time, Gafisa's Brazilian national scale corporate family
rating was downgraded to A1.br from Aa3.br.

The rating action was primarily prompted by Moody's view that
Gafisa's liquidity is weaker following the use of BRL230 million
of cash to capitalize Tenda, its subsidiary in the low income
segment.  This reduction in Gafisa's cash level is likely to cause
a breach of Moody's liquidity trigger for downward pressure on its
rating, which requires the maintenance of cash and cash
equivalents at Gafisa sufficient to cover twice the last quarter's
negative cash flow from operations (a deficit of BRL232 million in
Q3 08).

For Moody's analysis of Gafisa's current rating and outlook,
Moody's have considered Gafisa's corporate family rating without
Tenda since Moody's expect Tenda to operate on a stand-alone basis
going forward, without further financial support from Gafisa, but
also without any dividend contribution to Gafisa.  However, if
Tenda were to face financial difficulties, Moody's believes that
there is a risk that Gafisa would financially support Tenda due to
the image risk and the importance of the low income segment to
Gafisa's long term growth plans.

The rating action also factors in current market conditions in
terms of more restricted liquidity and higher cost of financing
combined with a weaker macro-economic environment for Brazil.  The
weaker economy is impacting consumer confidence, which could
result in slower sales and weaker margins if Gafisa responds by
reducing prices.

The current weaker economic environment combined with a likely
higher cost of debt could challenge Gafisa's ability to generate
FFO / Total Debt (cash flow from operations before working capital
changes divided by total gross debt) above 15%, which is another
trigger for downward pressure on Gafisa's rating.

On October 21, 2008, Gafisa acquired 60% of Tenda with a
capitalization of BRL 230 million in cash at Tenda and merged the
company with its pre-existing subsidiary focusing on the lower-
income housing segment, FIT.  Tenda is focused on the lower-income
housing segment and already experienced higher cancellation rates
in 2008, partly due to its weaker underwriting standards.  While
Moody's expect Tenda to benefit over time from Gafisa's ownership
in terms of better financial expertise and more rigorous credit
approval standards, a more severe economic downturn in Brazil that
leads to significantly higher unemployment could drive up Tenda's
cancellation rates and even Gafisa's to a lesser extent, impacting
their overall credit profile.

Gafisa's Ba2 rating continues to be supported by its solid market
position with a solid brand and long track record of operations
since 1954, its diversified product portfolio and geographic
diversification of its operations.  The rating further reflects
Gafisa's experienced and conservative management team, which has
enabled the company to acquire 73% of its land bank through swap
agreements, preserving most of its cash for working capital needs.
Moody's further recognize the faster-growth opportunities at Tenda
due to the concentration of the Brazilian housing deficit among
lower-income families and the government incentives and planned
programs to support homebuilders more focused on lower-income
housing.

Gafisa's Ba2 local currency corporate family rating reflects its
global default and loss expectation, while the A1.br national
scale rating reflects the standing of Gafisa's credit quality
relative to its domestic peers.  Moody's National Scale Ratings
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Brazil are
designated by the ".br" suffix.  Issuers or issues rated A1.br
demonstrate strong creditworthiness relative to other domestic
issuers.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

Gafisa's ratings would likely be downgraded if there is
significant deterioration in the quality of Gafisa's receivables
or if the company is unable to reduce its working capital needs
and improve cash flow from operations in a slowing economic
environment.  A downgrade could also be triggered by further
capital injections or evidence of financial support to Tenda.
Quantitatively, Gafisa's rating would likely be downgraded if its
Debt to Capitalization is sustained above 50% (48% for LTM ended
September 30, 2008) or if FFO / Debt drops below 15% (25% for LTM
ended September 30, 2008).  A downgrade could also be triggered by
a deterioration in Gafisa's liquidity profile due to slower than
expected disbursements from credit lines that the company has
available with commercial banks through the Housing Finance System
(Sistema Financeiro de Habitacao).

A stabilization of Gafisa's rating outlook would require the
company to improve its liquidity profile and be able to
sustainably cover at least two quarters of working capital needs
with its cash balance or other committed sources of liquidity and
maintain FFO / Debt above 15%.

Moody's last rating action on Gafisa was on August 13, 2008, when
a Ba2 local currency corporate family rating and a Aa3.br
Brazilian national scale corporate family rating were assigned
with a stable outlook.

Gafisa's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Gafisa's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Headquartered in São Paulo, Brazil and founded in 1954, Gafisa is
one of the largest fully integrated homebuilders in the country
ranking second in terms of revenues and volumes, and also one of
the most diversified in terms of product offering to different
income levels and geographies, operating in 20 different states.



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

CRAFT 2003-2: Members Receive Wind-Up Report
--------------------------------------------
The members of CRAFT 2003-2, Ltd. met on January 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

          Chris Marett
          Emile Small
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


CRAFT JSS: Members Receive Wind-Up Report
-----------------------------------------
The members of CRAFT JSS 2003-3, Ltd. met on January 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

          Chris Marett
          Emile Small
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


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

The Liquidator can be reached at:

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


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

The Liquidators can be reached at:

          Prashant Veturkar
          Andrew Millar
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


JUPITER HIGH: Members Receive Wind-Up Report
--------------------------------------------
The members of Jupiter High Grade CDO VII, Ltd. met on January 22,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The Liquidators can be reached at:

          Martin Couch
          Emile Small
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


KAILUA INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Kailua Investment Limited met on January 22, 2009,
and received the liquidators' report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

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


KOREA FIRST: Members Receive Wind-Up Report
-------------------------------------------
The members of Korea First Mortgage No. 1 Limited met on Jan. 22,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The Liquidators can be reached at:

         Prashant Veturkar
         Jan Neveril
         Maples Finance Limited
         P.O. Box 1093GT Grand Cayman
         Cayman Islands


LANCER FUNDING: Members Receive Wind-Up Report
-------------------------------------------
The members of Lancer Funding II, Ltd. met on Jan. 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

          Andrew Millar
          Prashant Veturkar
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


ML CBO: Members Receive Wind-Up Report
--------------------------------------
The members of ML CBO XXIV (Cayman) Ltd. met on Jan. 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

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


MORTGAGED ASSET: Members Receive Wind-Up Report
-----------------------------------------------
The members of Mortgaged Asset Return Investment Opportunities
Corporation met on Jan. 22, 2009, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The Liquidator can be reached at:

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


MOVIDA ASSET: Members Receive Wind-Up Report
--------------------------------------------
The members of Movida Asset Co., Ltd met on Jan. 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

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


MYSTIC POINT: Members Receive Wind-Up Report
--------------------------------------------
The members of Mystic Point CDO, Ltd. met on Jan. 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

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


NEW INVESTMENTS: Members Receive Wind-Up Report
-----------------------------------------------
The members of New Investments Limited met on Jan. 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

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


NIEUW HAARLEM: Members Receive Wind-Up Report
---------------------------------------------
The members of Nieuw Haarlem CDO Ltd. met on Jan. 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

          Carlos Farjallah
          Carl Gosselin
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


NORTHLAND FUNDING: Members Receive Wind-Up Report
-------------------------------------------------
The members of Northland Funding I Ltd met on Jan. 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

          Chris Marett
          Onson Mukwedeya
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


PPB INTERNATIONAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of PPB International I Ltd. met on Jan. 22, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

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


PINNACLE PEAK: Members Receive Wind-Up Report
---------------------------------------------
The members of Pinnacle Peak CDO II, Ltd. met on Jan. 22, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

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


SENECA CBO: Members Receive Wind-Up Report
------------------------------------------
The members of Seneca CBO IV, Limited met on Jan. 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

          Andrew Millar
          Carl Gosselin
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


STACK 2007-1: Members Receive Wind-Up Report
--------------------------------------------
The members of Stack 2007-1 Ltd. met on Jan. 22, 2009, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

          Chris Marett
          Carl Gosselin
          Maples Finance Limited
          P.O. Box 1093GT Grand Cayman
          Cayman Islands


STONEY LANE: Members Receive Wind-Up Report
-------------------------------------------
The members of Stoney Lane Funding II Ltd. met on Jan. 22, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

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




* CAYMAN ISLANDS: Gov't to Borrow US$185 Mln for 2009 Projects
--------------------------------------------------------------
Cayman Islands' government will secure US$185 million in long-term
financing to fund requirements for its 2008/09 budgetary year
capital expenditure and investment projects, Cayman Net News
reports.  The government, the report relates, will issue a bond in
the international market to be floated by Scotiabank and Trust
(Cayman) Ltd and US-based JP Morgan.

According to the report, Cayman-based Scotiabank Trust will
coordinate the bond issue and JP Morgan will be the lead
negotiator for the public offering.  The bonds, the report notes,
are to carry a 15 or 20-year repayment condition, and should be
completed before June 30, 2009.

Meanwhile, Cayman Net News relates that the government's bridge
financing has been secured from a consortium of two local retail
banks - Scotiabank and Royal Bank of Canada – and the government
has already drawn down US$90 million, with an option to withdraw
another US$95 million, all of which is to be repaid when the bonds
are successfully floated.

Cayman Net News says repayment will be made in equal quarterly
installments, with interest also paid quarterly but on the
reducing balance of money owed.  Government reserves the option to
pay interest on a fixed or floating rate basis, the report adds.



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

AUTOPISTA DEL MAIPO: Moody's Sets Global Rating at 'Baa3'
---------------------------------------------------------
Moody's Investors Service has published the underlying rating of
Baa3 (Global Scale, local currency) on Autopista del Maipo.

The last rating action was taken on December 18, 2006 when the
Series B bonds were assigned a rating that reflected the claims
paying ability of MBIA at that time.  Moody's ratings on
securities that are backed by a financial guarantor are generally
maintained at a level equal to the higher of (a) the guarantor or
(b) the published underlying rating.  The current rating on MBIA
Insurance Corporation is B3.

The Baa3 rating incorporates the road's importance as a major
portion of Route 5, which in its entirety spans the entire length
of Chile from its border with Peru to the end point of the country
to the South; the presence of a flexible concession time and a
Minimum Revenue Guarantee by the Chilean Ministry of Public Works;
and Autopista del Maipo's favorable annual increases in traffic
and revenue, resulting in debt service coverage ratios that are
well in line with expectations and with those of other toll roads
in the same rating category.  The rating outlook is stable.

Autopista del Maipo represents a 237 kilometers portion of Route
5, beginning in the southern portion of Santiago and ending in the
town of Talca.  The road has two main line plazas and 34 access
plazas.  The concession also includes the Acceso Sur, a 46km dual
road that begins at a crossing the Vespucio Sur urban toll road in
Santiago (rated Baa3) and will be fully operational in 2010.
There is currently no comparable alternative route and the
construction of future alternatives is challenging due to
geographic and funding constraints.  The concession was granted by
the Chilean MOP in 1998 for a period of 25 years.  Amendments to
the concession now allow for a flexible concession term based on
achieving a predetermined amount of revenue, calculated at net
present value.

Traffic patterns along Route 5 are well established and there is a
relatively long history of tolled and non-tolled operations.
Traffic along the toll road has demonstrated positive growth
trends in recent years, and on average, increased 9.9% annually
for the 2006-2008 periods.  Chile's growth is forecasted to slow
to as little as 2.0% in 2009 given the effects on Chile's economy
of the current global financial crisis.  Moody's expects that the
concession will be able to manage periods of slower traffic with
the application of conservative management and tapping into
additional liquidity if necessary. Commuter vehicles make up
approximately 76% of total traffic.

Toll related revenues have also demonstrated positive trends,
averaging 13% in the same three year period.  Increases in tolls,
as allowed by the concession, could to a certain extent continue
to provide revenue growth if traffic slowed down more than
expected.  Moody's DSCR (which specifies coverage of debt as it if
were on an annualized schedule) of 1.80x for the full year 2007 is
in line with similarly rated toll road projects.

In addition to the flexible concession term, another positive
factor is the restriction on dividend distribution until all debt
is paid, with the exception of a permitted dividends approved by
MBIA and which are derived principally from MOP funds and not out
of operations.  The debt is currently supported by a liquidity
facility from ABN-Amro that is accessible until 2014.  The
extension of the line of credit for a longer period of time was
curtailed by the initial downgrade of MBIA from Aaa in June 2008.
Moody's expects that the concessionaire will replace the line of
credit facility with one of equal credit quality and on time.

Autopista del Maipo is owned by Cintra Chile Ltda (99.9%) and
Ferrovial Agroman Chile S.A. (.1%). Cintra operates five toll road
concessions in Chile -- all located on Route 5 - and is an
experienced and well-known concessionaire.





===================
G U A D E L O U P E
===================

* GUADELOUPE: France Asks Unions & Employers to Accept Aid Package
------------------------------------------------------------------
France Prime Minister Francois Fillon asked unions and employers
in Guadeloupe to accept a new aid package and end a month-long
strike on the French Caribbean island, Reuters reports.

Protesters, the report relates, are asking for a 200-euro monthly
wage increase for poor workers to cope with the rising cost of
living in the island.  Reuters notes the strike escalated to
violence when a union leader was killed and shops were burned and
looted.

According to Reuters, President Nicolas Sarkozy announced measures
worth EUR580 million (US$729 million) to help France's overseas
regions, including aid to poor families, relief from social
security contributions, and price controls.  "Now I'm expecting
employers to propose an increase in wages," Mr. Fillon was quoted
by Reuters as saying.  "I'm expecting the unions to appreciate the
importance of the efforts that have been made," he added.

However, the union described the latest offer as inadequate and
refused to call an end to the strike, which has paralysed
Guadeloupe.  "There is nothing new in Nicolas Sarkozy's
announcement.  It's still far from what we are demanding, which is
a 200 euro salary increase," said the news agency quoted Elie
Domota, leader of the island's mass protest movement, as saying.

Employers have mentioned possible increases of EUR35 to EUR120,
depending on the sector, the report says.



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

AIR JAMAICA: Asks Foreign Creditors Not to Seize Assets
-------------------------------------------------------
Air Jamaica is trying to convince angry foreign creditors not to
seize assets amid the airline's millions of U.S. Dollars in unpaid
bills, Radio Jamaica News reports, citing President and Chief
Executive Officer Bruce Nobles.

According to the report, Mr. Nobles said the airline has been
faced with a dramatic reduction in passenger loads which has
resulted in a fall off in revenue coupled with “a very difficulty
financing environment”.

"We start getting almost daily threats to seize assets or shut the
airline down a number of times...it has become a very challenging
time...that situation still exists today, that hasn't mitigated at
all, we are still in that same situation.  Creditors are very
concerned and in some cases are still taking action," the report
quoted Mr. Nobles as saying.

Mr. Nobles, the report relates, said he has been eye-balling the
anxious creditors with a view to regularising payments.  "Quite
frankly what we did was go to our creditors and said ‘look, we
think we have a plan to fix this airline and make it profitable
but it is going to take us a little time to work with you and we
need your help because you will be better off with an airline that
is profitable, or is breaking even, going forward and paying its
bills rather than shutting us down," the report quoted Mr. Nobles
as saying.

                        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 Sell Two Planes to Raise Funds for Business Plan
----------------------------------------------------------------
Air Jamaica plans to sell the only two (A320) planes it owns as it
seeks to raise much-needed funds to finance its new business plan,
Ingrid Brown of the Jamaica Observer reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2009, Jamaica Information Service News said Air Jamaica
has unveiled a three-point business plan, which include job cuts
and eliminatation of six routes, namely flights to Atlanta, Miami,
Los Angeles, Barbados, Grenada and the island of Grand Cayman.

The Jamaica Gleaner noted President and Chief Executive Officer
Bruce Nobles said the national airline projected to break even in
six months and make a profit next year.  However, Mr. Nobles 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 Jamica News added.

Mr. Nobles told the Observer in an interview the lease on one of
the planes recently ended, while the lease on the other is
expected to end next month.  One of the aircrafts is already on
the table, while ownership of the second plane will be transferred
to one of the major lessors for a portion of outstanding amounts
owed on other leased aircraft, the Observer cited Mr. Nobles as
saying.

The Observer relates Mr. Nobles said Air Jamaica could get as much
as US$13 million for the aircraft, while the price of the one to
be transferred to the lessor will be negotiated at market value.
In addition, the company may return some of the other leased
aircraft and restructure the amount of money owed, he added.

Asked by the Observer why the planes were being sold instead of
retaining them and returning some on lease, Mr. Nobles said that
could not be done.  "We can't just give back aircraft when we have
an agreement that we are going to lease the aeroplanes for 10
years, so the process of returning an aircraft is a little
complicated," the Observer quoted Mr. Nobles as saying.

The Observer notes Mr. Nobles said the lease on two other aircraft
ends later this year and Air Jamaica has already indicated its
intention to return them six months early.

                        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 Keep Current Cargo Services Despite Flight Cuts
---------------------------------------------------------------
Air Jamaica President and CEO Bruce R. Nobles confirmed that the
airline will maintain its current cargo services from Miami, Los
Angeles, and Atlanta, despite its soon-to-be discontinued
passenger service from these cities as part of its 2009 Business
Plan, Travel Agent Central News reports.

“Our cargo business is not only important to our own operations,
but also plays an important role in Jamaica’s productive sector.
We are not making any changes and our cargo customers can continue
to depend on us,” Mr. Nobles said in a written release obtained by
Travel Agent.

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 disclosed flights to Atlanta, Miami, Los
Angeles, Barbados, Grenada and the island of Grand Cayman will be
cut late this month.

                         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.


CASH PLUS: Court Appoints Hugh Wildman as Bankruptcy Trustee
------------------------------------------------------------
Hugh Wildman has been appointed as bankruptcy trustee for Cash
Plus Limited, Jamaica Gleaner reports.

"There are lots of things there to do with Cash Plus and I am
getting a feel of it," the report quoted Mr. Wildman, who took
charge in the new position on February 11, as saying.  His post
makes him the de facto provisional liquidator of Cash Plus and its
affiliates, which are in receivership, the report relates.

According to the report, Mr. Wildman said he is reviewing numerous
Cash Plus files and has been getting solid support from staff, as
well as from Andrew Gyles, deputy administrator general, who had
been acting as trustee in bankruptcy since L. Monty Kandekore, the
head of the department, resigned last year.

Mr. Wildman, the report notes, said he was aware that hundreds of
investors were anxiously awaiting the outcome of the court's
decision as to whether they would recover investments.  "If there
is any scope for investors to get back anything, then we will do
our best for them to get back something," he told The Gleaner in
an interview.

                         About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling J$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.


GOODYEAR TIRE: Posts US$16 Mln Loss on Jamaican Unit Liquidation
----------------------------------------------------------------
Goodyear Tire & Rubber Company, in a statement announcing its
fourth quarter and full year 2008 results, said it recorded a
US$16 million after-tax loss due to the liquidation of its
Jamaican subsidiary, Goodyear Jamaica Limited, The Jamaica
Observer reports.

Goodyear Jamaica Limited's shareholders, the report recounts, held
an extraordinary general meeting on December 19, 2008 where
shareholders voted on the resolution to liquidate the company and
have the net proceeds from that liquidation distributed among
them.

According to the report, drastic devaluation of the dollar versus
the US since the beginning of the year – 10% - cut a sizeable
chunk of the parent's cut.

The Observer notes the Jamaican unit has seen its net profit drop
from J$73 million in 2005 to less than J$14 million last year,
while posting a net loss of J$3 million for the nine months to
September 30, 2008, from a J$9 million net loss in the same period
of 2007.  Furthermore, Goodyear Tire has seen a far greater drop
in profitability in its Jamaican operations than from the rest of
the region since 2005.

The company's Jamaican segment, the report says, saw profit from
operations of J$42 million in 2005 fall to a net loss of J$38
million in 2007, and incurred operating loss of J$54 million for
the nine months to September 30, 2008 - worse than the J$45
million loss from operations it reported during the comparative
period in 2007.

Goodyear Tire, the report adds, made US$367 million operating
income on US$2.1 billion net sales across the entire Latin
American region, which saw unit sales in 2008 drop by 1.8 million
units or 8.3 per cent from the 2007 period.

                  About Goodyear Jamaica Limited

Goodyear Jamaica Limited (JAM:GYR) -- http://www.goodyear.com.jm/
-- is engaged in the importation and distribution of tires, tubes
and related rubber products, all of which are imported from
related parties.  Its product portfolio includes tires for
automobiles, light trucks, commercial trucks and farm vehicles.
In addition to Goodyear tires, the Company produces tires under
the Kelly brand name.  The Company's operations are focused in two
geographic segments: Jamaica and the Caribbean, and Central and
South America.  The Company is a 60% subsidiary of the Goodyear
Tire & Rubber Company, in Akron, Ohio, United States.

               About Goodyear Tire & Rubber Company

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26
countries and employs 80,000 people worldwide.  Goodyear has
subsidiaries in New Zealand, Australia, Venezuela, Peru, Mexico,
Luxembourg, Finland, Korea, and Japan.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 14, 2009, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit and other ratings on The Goodyear Tire &
Rubber Co. and removed them from CreditWatch, where they had been
placed with negative implications on Nov. 13, 2008.  The outlook
is stable.



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

CITIGROUP INC: Committed to its Mexican Unit, CEO Pandit Says
-------------------------------------------------------------
Citigroup Inc. Chief Executive Officer Vikram Pandit said the bank
is committed to its Mexican unit, Grupo Financiero Banamex SA
("Banamex"), Andres R. Martinez of Bloomberg News reports.

“I want to make it very clear: Citi and Banamex are one and the
same,” the report quoted Mr. Pandit as saying.  “The future of
Citi is in emerging markets.  It’s in Latin America.  It’s in
Mexico with Banamex,” he added.

As reported in the Troubled Company Reporter on Feb. 18, 2009,
The Wall Street Journal, citing people familiar with the matter,
said Citigroup executives have considered selling Mexican Banamex.

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

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

                         About Citigroup

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

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


FUNDACION INTEGRAL: S&P Assigns 'BB-' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Rating Services said that it assigned its
'BB-/B' counterparty credit rating and its 'mxBBB/mxA-3' national
scale credit rating to Fundacion Integral Comunitaria A.C. (FINCA
Mexico).  The outlook on both scales is stable.

"The ratings on FINCA Mexico reflect high competition in the
Mexican microfinance market and S&P's concerns about the
increasing debt burden in this niche.  In combination with a less-
favorable economic environment, this could hurt the foundation's
asset quality," said Standard & Poor's credit analyst Alfonso J.
Novelo.  As the company seeks to expand its geographic presence in
the United Mexican States, S&P believes that operating risk
exposures will become more difficult to manage.  A seasoned
management team and FINCA Mexico's good profitability and
capitalization levels counterbalance these weaknesses.

FINCA Mexico is a microfinance company focused on giving credit to
urban and rural low-income families.  Approximately 95% of its
portfolio is oriented to group credits.  In the current
environment, FINCA Mexico has faced a significant increase in
competition from other microfinance entities and increasing
interest in this sector from larger financial institutions with
more financial flexibility and better funding sources.  In
addition, the labor force in this sector shows high rotation
levels, and the entrance of a number of new small participants to
this market has resulted in higher debt burdens for creditors.
These factors have also hurt the foundation's asset quality.

Although more competition in the market has pressured
profitability indicators, FINCA Mexico maintains good
profitability through high net interest income and continued loan
growth.  Microcredit operations normally present high operating
costs, given the small amount of the loans and more costly
underwriting and collection processes than for other financial
institutions.  Although efficiency ratios compare negatively to
those of other microfinance companies (88%), final profitability
ratios during the past five years are good and compare positively
with those of rated peers.  By the end of October 2008, the
company registered a return on assets of 5.2%.

The stable outlook reflects S&P's expectation that FINCA Mexico
will be able to sustain its good internal capital generation and
maintain adequate growth rates of its credit portfolio in a more
challenging economic environment.  A significant deterioration of
FINCA Mexico's asset quality or a substantial reduction in its
profitability indicators could pressure the ratings.


RINKER MATERIALS: Moody's Downgrades Senior Notes to 'B1'
---------------------------------------------------------
Moody's Investors Service downgraded the rating of Rinker
Materials LLC's senior notes to B1 from Ba3.  The rating remains
on review for further downgrade.

The downgrade primarily reflects the imminent refinancing risk
that Rinker's ultimate parent, Cemex, S.A.B. de C.V., faces in
2009 amid difficult credit market conditions and negative
performance trends across Cemex's major markets.  Moody's notes
that Rinker's rating reflects Cemex's consolidated credit profile
due to both companies' operational and financial integration and
the cross default clauses in Cemex's existing debt agreements.

"Cemex's January bank debt restructuring was a positive but at the
same time the company provided a weak 2009 EBITDA guidance and
still has to address major additional near term debt maturities,"
said Moody's Vice President Sebastian Hofmeister.  According to
the analyst, Cemex will have to rely on asset disposals and access
to external funding sources in order to meet near to medium term
debt obligations, which include US$4.1 billion of debt maturities
in 2009 that significantly exceed cash reserves and expected free
cash flow.

The rating review will primarily focus on Cemex's ability to
generate cash from asset disposals over the coming months in order
to meet its 2009 debt maturities.  To a lesser extent, the review
will also consider the company's plans for addressing its 2010 and
2011 refinancing needs and reducing debt in order to return to a
healthier capital structure.

Cemex's operating performance continued to deteriorate in 4Q08 as
aggressive company-wide cost reductions and generally resilient
pricing could not fully offset challenging economic conditions in
key U.S. and Spanish markets.  Reported EBITDA only dropped a
modest 5% for the full 2008 because of a favorable comparison base
with 2007 (when Rinker was only consolidated for the six months
starting July 1, 2007) but was down 14% in 2H08 and 27% in 4Q08
vs. the same periods in 2007.  Full year 2008 EBITDA was modestly
affected by the deconsolidation of Venezuela as of August 1, 2008
but also included US$310 million related to the sale of emission
allowances in the EU.  In 4Q08, Cemex reported a US$1.5 billion
impairment loss, mainly related to goodwill incurred with the 2007
Rinker purchase and reported below EBITDA in other expenses.

In early February, Cemex stated that it expects EBITDA for 2009 in
the range of US$3.5 billion to US$3.7 billion, which would imply a
15% to 19% drop from 2008.  The US$700 million of cost savings the
company now expects under its global, already largely implemented
"internal PMI" program is not expected to fully mitigate continued
volume decline and negative exchange rate effects.  Cemex stated
that its earnings guidance excludes the potential benefits from
infrastructure components of government stimulus packages.
Moody's believes that meaningful benefits from higher public
spending are unlikely to be felt before 2010.  Moody's also
believes that Cemex's important Mexican market could come under
increasing pressure in 2009 as local economic growth decelerates.

Weaker earnings and the abrupt depreciation of the Mexican peso in
4Q08 caused leverage to increase markedly, with Debt/EBITDA
adjusted for perpetual notes and off balance sheet debt rising to
5.3 times at year-end 2008 from about 4.8 times in 3Q08.
EBIT/Interest adjusted for perpetual coupon dividends was 2.3
times, down from 3.3 times in 2007, while adjusted Free cash flow/
Debt came in at 3%.  Under Moody's building materials methodology,
these metrics map to single-B scores, with the exception of
EBIT/Interest which is in line with a Ba.  For 2009, Moody's
expects credit metrics to remain weak even if Cemex meets its
current earnings, asset disposal and debt reduction targets.
Adjusted Debt/EBITDA will likely remain well above 5 times, while
adjusted EBIT/Interest could potentially drop below 2 times.

Despite the successful conclusion of recent refinancing efforts in
January, Cemex's liquidity remains tight because cash and expected
free cash flow only cover a portion of upcoming debt maturities.
Cemex continues to rely on achieving major asset disposals amid
currently uncertain market conditions -- it expects about
US$2 billion in divestiture proceeds in 2009 -- and on the
availability of external financing.

Moody's estimates that Cemex faces a US$2 billion funding gap in
2009, with US$2.1 billion in expected cash sources excluding
uncommitted divestitures covering about half of the US$4.1 billion
in 2009 debt maturities.  Estimated cash sources mainly include
US$1.2 billion free cash flow after perpetual coupon dividends and
the new, low US$650 million capex budget, about US$500 million in
cash available for debt reduction (US$990 million at year-end 2008
adjusted for estimated operational needs) and around US$400
million in proceeds from the Austrian and Hungarian divestitures
(both are contractually committed but the antitrust approval is
still pending for the Austrian assets).  Cemex's 2009 divestment
program includes the Australian concrete pipe business as well as
a range of other non-core assets which the company has not
specified publicly.  Cemex may also obtain payments related to the
nationalization of its Venezuelan operation in 2008, although
related amounts and timing remain uncertain.

Cemex' currently weak liquidity also reflects Moody's expectation
of a tight cushion under the amended max Net Debt/EBITDA covenant
in 2009 and additional major debt maturities of about US$3.5
billion in 2010 and US$7.7 billion in 2011.  The Net Debt/EBITDA
covenant threshold will increase from 4.5 times in 1Q09 to 4.75
times in 2Q09 and then gradually step down to 3.5 times by 3Q11.
Net Debt/EBITDA was 4.0 times in 4Q08, vs. 3.4 times in 3Q08.
Cemex intends to address its 2010 and 2011 debt maturities as soon
as markets permit.  Moody's believes that the company currently
does not maintain meaningful availability under credit facilities.

As of December 31, 2008, Cemex's total adjusted debt was
US$24.2 billion, flat vs. September 30, 2008.  Adjusted debt
included US$18.8 billion in reported debt (as per Mexican GAAP),
US$3 billion in perpetuals (down from US$4 billion but offset by a
similar increase in reported debt because of the reclassification
of a perpetual loan facility), and US$2.4 billion in adjustments
for securitization, capitalized leases and under-funded pension
obligations.  In 2009, Cemex intends to reduce reported debt by
about US$3.6 billion using free cash flow and asset divestiture
proceeds.  Under its hybrid methodology, Moody's treats Cemex's
perpetuals as 100% debt, in line with the treatment under U.S.
GAAP.

Rinker's rating continues to reflect Cemex's strong business
profile, with leading market positions and solid diversification
across a number of major countries and product lines.  Cemex's
business consists of cement, ready mix and aggregates with most of
the earnings coming from North America and Europe.  In 2008,
Mexico generated 33% of consolidated EBITDA, the U.S. 16% and
Spain 11%.  The UK's EBITDA contribution was only 1% although the
country accounts for 8% of revenues.  South/Central America and
the Caribbean contributed about 15% and other Europe (which
besides France and Germany also includes several Central and
Eastern European countries) accounted for 12% of EBITDA.

The last rating action on Rinker was a downgrade to Ba3 from Ba1
on December 19, 2008.

Rinker Materials LLC (Rinker, formerly Rinker Materials
Corporation), a U.S. entity, is owned by Cemex, Inc., which is the
intermediate holding company of Cemex, S.A.B. de C.V.'s U.S.
operations and in turn is owned by Cemex Espana, the holding for
Cemex's non-Mexican business.  Cemex, headquartered in Monterrey,
Mexico, is a leading global building materials company that
manufactures and distributes building products such as cement,
ready mix concrete and aggregates, with customers in more than 50
countries.  Cemex gained control of Australia-based Rinker Group
Limited, Rinker's former parent company, in June 2007. In 2008,
Cemex reported revenues and EBITDA reached of US$21.7 billion and
US$4.3 billion, respectively.



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

CL FINANCIAL: May Use Cash from Rum Distillery to Pay Loan Balance
------------------------------------------------------------------
CL Financial Limited might have to use the cash from its rum
distillery in Jamaica to finance the balance of the US$340 million
(TT$2.1 billion) loan it made from the purchase of the Jamaican
conglomerate Lascelles de Mercado, Trinidad and Tobago Newsday
reports.

CL Financial Group Financial Director Michael Carballo, the report
relates, sought to allay shareholder concerns by saying the
Appleton, a high profile rum brand under Lascelles, is not for
sale.

The report recounts CL Financial spent US$676 million on the total
investment cost to purchase 86.87% of Lascelles.

Mr. Carballo told Newsday in an interview that CL Financial would
consider selling other assets of the Jamaican conglomerate to
finance the Lascelles debt.

                        About CL Financial

According to Wikipedia, CL Financial Limited 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.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and 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.

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, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

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

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing $10
billion debt.


HCU: Liquidator Says Company Assets Still Unsold
------------------------------------------------
Liquidator Ramdath Dave Rampersad has denied rumors that major
assets of the Hindu Credit Union(“HCU”) have been sold nor any
arrangements have been made for this to occur, Trinidad and Tobago
Newsday reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2009, Trinidad and Tobago Newsday said 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 HCU's assets.

Trinidad and Tobago Express said HCU sold 13 of its vehicles to
help pay off a $400 million deficit.

According to Caribbean Net News, 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.



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

* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                       Shareholders    Total
                                       Assets          Equity
Company              Ticker           (US$MM)         (US$MM)
-------              ------          ------------     -------

ARGENTINA

SOC COMERCIAL PL       CAD IX          422118016    -747305024
COMERCIAL PLA-BL     COMEB AR          422118016    -747305024
SOC COMERCIAL PL     CVVIF US          422118016    -747305024
COMERCIAL PL-ADR     SCPDS LI          422118016    -747305024
SOC COMERCIAL PL      CADN SW          422118016    -747305024
SOC COMERCIAL PL      COME AR          422118016    -747305024
COMERCIAL PL-C/E     COMEC AR          422118016    -747305024
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000
SOC COMERCIAL PL     SCDPF US          422118016    -747305024
IMPSAT FIBER NET     IMPTQ US          535007008     -17165000
IMPSAT FIBER NET     XIMPT SM          535007008     -17165000
IMPSAT FIBER-BLK     IMPTB AR          535007008     -17165000
IMPSAT FIBER-C/E     IMPTC AR          535007008     -17165000
IMPSAT FIBER-$US     IMPTD AR          535007008     -17165000
COMERCIAL PLAT-$     COMED AR          422118016    -747305024
IMPSAT FIBER NET   330902Q GR          535007008     -17165000


BRAZIL

CAFE BRASILIA-PR    CSBRPN BZ           38244000   -1042639040
TELEBRAS-RTS PRF     TLCP2 BZ          226080000    -187984000
TELEBRAS-ADR           RTB US          226080000    -187984000
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
CONST A LINDEN       CALI3 BZ           51808000     -13659000
SCHLOSSER-PREF       SCLO4 BZ           45358000     -95113000
FABRICA RENAUX-P    FRNXPN BZ          126672000     -55261000
SCHLOSSER SA-PRF     SCHPN BZ           45358000     -95113000
SCHLOSSER            SCLO3 BZ           45358000     -95113000
CONST A LINDEN      LINDON BZ           51808000     -13659000
TELEBRAS-PF RCPT    RCTB41 BZ          226080000    -187984000
TELEBRAS-PF RCPT    RCTB42 BZ          226080000    -187984000
TELEBRAS/W-I-ADR     TBH-W US          226080000    -187984000
TELEBRAS-PF RCPT    RCTB40 BZ          226080000    -187984000
RIMET               REEMON BZ          144454000    -232197008
RIMET-PREF          REEMPN BZ          144454000    -232197008
TECEL S JOSE-PRF     SJOS4 BZ           79567000     -37557000
RIMET-PREF           REEM4 BZ          144454000    -232197008
TECEL S JOSE         SJOS3 BZ           79567000     -37557000
TELEBRAS-PF RCPT     TBAPF US          226080000    -187984000
BUETTNER SA-RTS      BUET1 BZ          148186992     -54926000
BOTUCATU TEXTIL      STRP3 BZ           66833000      -3164000
GASCOIGNE EMP-PF     GASC4 BZ         1586146944   -1048602048
TELEBRAS SA          TBASF US          226080000    -187984000
TELEBRAS-CEDE PF     RCTB4 AR          226080000    -187984000
TECBLU-PREF A       TBLUAN BZ           14637000     -13127000
BOMBRIL-RIGHTS       BOBR1 BZ          442846016    -485678016
TELEBRAS-ADR           TBH US          226080000    -187984000
BUETTNER SA-RT P     BUET2 BZ          148186992     -54926000
CYRELA COMME-ADR     CYRLY US          695033024      -4282000
RIMET                REEM3 BZ          144454000    -232197008
TECBLU-RCPT CMN       TEN8 BZ           14637000     -13127000
SANSUY SA-PREF A    SNSYAN BZ          235182000     -63134000
STAROUP SA          STARON BZ           66833000      -3164000
MINUPAR-PREF         MNPR4 BZ          179201008     -34191000
DTCOM- DIRECT-PR     DTCY4 BZ           11902000     -16264999
SANSUY               SNSY3 BZ          235182000     -63134000
NORDON METAL        NORDON BZ           36317000     -33521000
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
NORDON MET-RTS       NORD1 BZ           36317000     -33521000
BOMBRIL SA-ADR       BMBBY US          442846016    -485678016
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
TELEBRAS-CM RCPT     TBRTF US          226080000    -187984000
PARQUE TEM-DV PF      PQT6 BZ          152268000    -388872000
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
FERRAGENS HAGA      HAGAON BZ           25668954    -110814000
MINUPAR SA          MNPRON BZ          179201008     -34191000
CONST A LIND-PRF    LINDPN BZ           51808000     -13659000
MINUPAR              MNPR3 BZ          179201008     -34191000
ACO ALTONA           EALT3 BZ          170270992     -31429000
WETZEL SA            MWET3 BZ          150210992      -8903000
TELECOMUNICA-ADR    81370Z BZ          226080000    -187984000
WETZEL SA           MWELON BZ          150210992      -8903000
TELEBRAS-CM RCPT    RCTB30 BZ          226080000    -187984000
SANSUY-PREF A        SNSY5 BZ          235182000     -63134000
TELEBRAS-CEDEA $     RCT4D AR          226080000    -187984000
ESTRELA SA-PREF     ESTRPN BZ          153186000     -80125000
TELEBRAS-CEDE BL     RCT4B AR          226080000    -187984000
TELEBRAS SA          TELB3 BZ          226080000    -187984000
TELEBRAS-RTS PRF     RCTB2 BZ          226080000    -187984000
TELEBRAS-CM RCPT    RCTB32 BZ          226080000    -187984000
TELEBRAS-RCT        RCTB33 BZ          226080000    -187984000
TELEBRAS-CED C/E     RCT4C AR          226080000    -187984000
TELEBRAS-CM RCPT    RCTB31 BZ          226080000    -187984000
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
PARQUE TEM-RCT C     PQTM9 BZ          152268000    -388872000
PARQUE TEM-RCT P    PQTM10 BZ          152268000    -388872000
PARQUE TEM-RT PF     PQTM2 BZ          152268000    -388872000
PROMAN               PRMN3 BZ           24461000       -591000
SAUIPE SA           PSEGON BZ           17641202     -16319050
SAUIPE SA-PREF      PSEGPN BZ           17641202     -16319050
SAUIPE               PSEG3 BZ           17641202     -16319050
TECBLU-PREF B        TENE6 BZ           14637000     -13127000
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000
TELEBRAS-RTS CMN     RCTB1 BZ          226080000    -187984000
TECTOY SA-PREF      TOYBPN BZ           41684000      -2539000
TEC TOY SA-PF B      TOYB6 BZ           41684000      -2539000
TECTOY-RCT ORD       TOYB9 BZ           41684000      -2539000
TEC TOY SA-PREF      TOYDF US           41684000      -2539000
TEXTEIS RENAU-RT     TXRX2 BZ           86140000    -135343008
TEXTIL RENAUXVIE     TXRX3 BZ           86140000    -135343008
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
PARQUE TEM-DV CM      PQT5 BZ          152268000    -388872000
TECTOY-RCT PREF     TOYB10 BZ           41684000      -2539000
SANSUY SA           SNSYON BZ          235182000     -63134000
SCHLOSSER SA         SCHON BZ           45358000     -95113000
TECTOY-RTS/3         TOYB1 BZ           41684000      -2539000
TECTOY-RCPT PF B    TOYB12 BZ           41684000      -2539000
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
TEC TOY SA-PREF      TOYB5 BZ           41684000      -2539000
TECTOY-BONUS RTS    TOYB13 BZ           41684000      -2539000
CYRELA COMME-ADR  1049834Z LI          695033024      -4282000
TEXTEIS RENAU-PF     TXRX4 BZ           86140000    -135343008
FER C ATLANT-PRF     VSPT4 BZ         2083969920     -71092000
TECTOY-PREF          TOYB4 BZ           41684000      -2539000
FERROVIA CEN-DVD    VSPT12 BZ         2083969920     -71092000
FER C ATLANT         VSPT3 BZ         2083969920     -71092000
WIEST                WISA3 BZ           71372000    -140973008
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
TECTOY               TOYB3 BZ           41684000      -2539000
WIEST-PREF           WISA4 BZ           71372000    -140973008
WIEST SA            WISAON BZ           71372000    -140973008
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
VARIG SA            VARGON BZ         2094450944  -10176870400
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
VARIG SA             VAGV3 BZ         2094450944  -10176870400
TEXTEIS RENAU-RT     TXRX1 BZ           86140000    -135343008
FER C ATL-RCT PF    VSPT10 BZ         2083969920     -71092000
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
TECBLU-PREF C       TBLUCN BZ           14637000     -13127000
TELEBRAS-COM RT      TELB1 BZ          226080000    -187984000
TELEBRAS-RCT PRF    TELB10 BZ          226080000    -187984000
D H B-PREF           DHBI4 BZ          221336000    -588646016
TELEBRAS-CEDEA $     TEL4D AR          226080000    -187984000
FER C ATL-RCT CM     VSPT9 BZ         2083969920     -71092000
TELEBRAS SA-PREF     TELB4 BZ          226080000    -187984000
BOMBRIL              BOBR3 BZ          442846016    -485678016
DOCAS SA            DOCAON BZ          206494000     -23571000
TELEBRAS-CEDE PF     TELB4 AR          226080000    -187984000
TEXTEIS RENA-RCT    TXRX10 BZ           86140000    -135343008
TELEBRAS-ADR           TBX GR          226080000    -187984000
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
TELEBRAS-ADR         TBRAY GR          226080000    -187984000
TELEBRAS-RTS CMN     TCLP1 BZ          226080000    -187984000
DTC DIRECT CO SA    1DTCON BZ           11902000     -16264999
TEKA-ADR             TEKAY US          526557984    -449536992
CYRELA COMMERCIA     CCPR3 BZ          695033024      -4282000
TEKA                TEKAON BZ          526557984    -449536992
TELEBRAS SA-RTS      TELB9 BZ          226080000    -187984000
TEKA-PREF            TKTPF US          526557984    -449536992
TEKA-ADR             TKTPY US          526557984    -449536992
TECBLU-PREF C        TENE7 BZ           14637000     -13127000
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
TEKA                 TKTQF US          526557984    -449536992
TELEBRAS SA-PREF    TLBRPN BZ          226080000    -187984000
TELEBRAS-RECEIPT    TLBRUO BZ          226080000    -187984000
HERCULES SA         HERTON BZ           25126000    -273456000
TELEBRAS SA         TLBRON BZ          226080000    -187984000
TECTOY-PF-RTS5/6    TOYB11 BZ           41684000      -2539000
TECBLU-RCPT PREF      TEN9 BZ           14637000     -13127000
EXCELSIOR-RCT       BAUH10 BZ           20444000      -3589000
TELEBRAS-PF RCPT    TELE41 BZ          226080000    -187984000
TECBLU -RTS          TENE1 BZ           14637000     -13127000
TECBLU-PREF A        TENE5 BZ           14637000     -13127000
AZEVEDO-PREF         AZEV4 BZ          116398000     -10976000
TECBLU-PR A RC      TENE11 BZ           14637000     -13127000
FERREIRA GUIM-PR    FGUIPN BZ           24631000    -224564000
TELEBRAS-PF BLCK    TELB40 BZ          226080000    -187984000
CHIARELLI SA         CCHI3 BZ           42853000     -85685000
COBRASMA             CBMA3 BZ           19346000   -2764018944
COBRASMA-PREF        CBMA4 BZ           19346000   -2764018944
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
CYRELA COMME-ADR     CCPEL US          695033024      -4282000
TEKA-PREF            TEKA4 BZ          526557984    -449536992
CHIARELLI SA         CCHON BZ           42853000     -85685000
CAF BRASILIA         CAFE3 BZ           38244000   -1042639040
CONST A LIND-PRF     CALI4 BZ           51808000     -13659000
DOCAS SA-RTS PRF     DOCA2 BZ          206494000     -23571000
CAF BRASILIA-PRF     CAFE4 BZ           38244000   -1042639040
TEXTEIS RENAUX      RENXON BZ           86140000    -135343008
COARI PART-PREF      COAR4 BZ         3270861056        -56000
BAUMHARDT IRM-PR    BAUMPN BZ           20444000      -3589000
HERCULES             HETA3 BZ           25126000    -273456000
CAMBUCI SA          CAMBON BZ          177378992     -42495000
CAMBUCI SA-PREF     CAMBPN BZ          177378992     -42495000
COARI PART           COAR3 BZ          270861056        -56000
FERROVIA CEN-DVD    VSPT11 BZ         2083969920     -71092000
COBRASMA SA-PREF    COBRPN BZ           19346000   -2764018944
CENT AMAPA           CTAP3 BZ              15000     -11996000
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
HOPI HARI SA         PQTM3 BZ          152268000    -388872000
TELEBRAS-PF RCPT    TLBRUP BZ          226080000    -187984000
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
CTM CITRUS SA        CTMON BZ           79728000      -1381000
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
CAMBUCI SA-PREF      CAMB4 BZ          177378992     -42495000
COBRASMA SA         COBRON BZ           19346000   -2764018944
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
CAFE BRASILIA SA    CSBRON BZ           38244000   -1042639040
DTC DIRECT CO-RT   1DTCONR BZ           11902000     -16264999
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
GASCOIGNE EMP-PF    1GASPN BZ         1586146944   -1048602048
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
AZEVEDO E TRA-PR    AZEVPN BZ          116398000     -10976000
EXCELSIOR-RT         BAUH1 BZ           20444000      -3589000
SAUIPE-PREF          PSEG4 BZ           17641202     -16319050
AZEVEDO E TRAVAS    AZEVON BZ          116398000     -10976000
TELEBRAS-CM RCPT    TELE31 BZ          226080000    -187984000
EXCELSIOR-PREF       BAUH4 BZ           20444000      -3589000
BOMBRIL-PREF         BOBR4 BZ          442846016    -485678016
EXCELSIOR-RT         BAUH2 BZ           20444000      -3589000
KUALA-PREF           ARTE4 BZ           11856000     -33570000
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
DOC IMBITUBA         IMBI3 BZ          202283008     -25164000
TEXTEIS RENAUX      RENXPN BZ           86140000    -135343008
KUALA                ARTE3 BZ           11856000     -33570000
WETZEL SA-PREF      MWELPN BZ          150210992      -8903000
AZEVEDO              AZEV3 BZ          116398000     -10976000
EXCELSIOR ALIMEN     BAUH3 BZ           20444000      -3589000
ARTEX SA            ARTXON BZ           11856000     -33570000
NORDON MET           NORD3 BZ           36317000     -33521000
PARQUE TEM-RT CM     PQTM1 BZ          152268000    -388872000
BUETTNER             BUET3 BZ          148186992     -54926000
BOMBRIL CIRIO-PF    BOBRPN BZ          442846016    -485678016
TELEBRAS-ADR         TBAPY US          226080000    -187984000
BUETTNER-PREF        BUET4 BZ          148186992     -54926000
FABRICA RENAUX       FTRX3 BZ          126672000     -55261000
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
SANSUY SA-PREF B    SNSYBN BZ          235182000     -63134000
BUETTNER SA-PRF     BUETPN BZ          148186992     -54926000
BAUMHARDT IRMAOS    BAUMON BZ           20444000      -3589000
BOMBRIL SA-ADR       BMBPY US          442846016    -485678016
TELEBRAS-PF RCPT     CBRZF US          226080000    -187984000
BOMBRIL              BMBBF US          442846016    -485678016
TELEBRAS-ADR         TBASY US          226080000    -187984000
EXCELSIOR-RCT        BAUH9 BZ           20444000      -3589000
BOMBRIL CIRIO SA    BOBRON BZ          442846016    -485678016
BOMBRIL-RGTS PRE     BOBR2 BZ          442846016    -485678016
HOPI HARI-PREF       PQTM4 BZ          152268000    -388872000
FABRICA TECID-RT     FTRX1 BZ          126672000     -55261000
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
TECBLU              TBLUON BZ           14637000     -13127000
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
GAZOLA               GAZO3 BZ           27266214     -73665296
HERCULES-PREF        HETA4 BZ           25126000    -273456000
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
TEXTEIS RENA-RCT     TXRX9 BZ           86140000    -135343008
TECEL S JOSE        FTSJON BZ           79567000     -37557000
TECEL S JOSE-PRF    FTSJPN BZ           79567000     -37557000
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
FABRICA RENAUX-P     FTRX4 BZ          126672000     -55261000
WIEST SA-PREF       WISAPN BZ           71372000    -140973008
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
STAROUP SA-PREF     STARPN BZ           66833000      -3164000
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
HAGA                 HAGA3 BZ           25668954    -110814000
DOCAS IMBITUBA      IMBION BZ          202283008     -25164000
DOCAS IMBITUB-PR    IMBIPN BZ          202283008     -25164000
TECBLU-COM RCT       TENE9 BZ           14637000     -13127000
DOC IMBITUB-PREF     IMBI4 BZ          202283008     -25164000
BOTUCATU-PREF        STRP4 BZ           66833000      -3164000
TECBLU               TENE3 BZ           14637000     -13127000
TEKA-PREF           TEKAPN BZ          526557984    -449536992
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
GASCOIGNE EMPREE    1GASON BZ         1586146944   -1048602048
FERRAGENS HAGA-P    HAGAPN BZ           25668954    -110814000
TEKA-ADR             TKTQY US          526557984    -449536992
FER HAGA-PREF        HAGA4 BZ           25668954    -110814000
ALL MALHA PAULIS     GASC3 BZ         1586146944   -1048602048
HERCULES SA-PREF    HERTPN BZ           25126000    -273456000
DOC IMBITUBA-RTC     IMBI1 BZ          202283008     -25164000
DOC IMBITUBA-RTP     IMBI2 BZ          202283008     -25164000
TECBLU-PREF B       TBLUBN BZ           14637000     -13127000
GAZOLA SA            GAZON BZ           27266214     -73665296
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
DOCA INVESTIMENT     DOCA3 BZ          206494000     -23571000
DOCA INVESTI-PFD     DOCA4 BZ          206494000     -23571000
TECTOY SA           TOYBON BZ           41684000      -2539000
CAMBUCI SA           CAMB3 BZ          177378992     -42495000
TELEBRAS-BLOCK      TELB30 BZ          226080000    -187984000
DTCOM- DIR TO CO     DTCY3 BZ           11902000     -16264999
BUETTNER SA         BUETON BZ          148186992     -54926000
DOCAS SA-PREF       DOCAPN BZ          206494000     -23571000
DTCOM-RT             DTCY1 BZ           11902000     -16264999
CTM CITRUS-RCT C     CTPC9 BZ           79728000      -1381000
WETZEL SA-PREF       MWET4 BZ          150210992      -8903000
MARAMBAIA            CTPC3 BZ           79728000      -1381000
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
CAMBUCI SA-PREF      CXDOF US          177378992     -42495000
TELEBRAS-CED C/E     TEL4C AR          226080000    -187984000
DHB IND E COM        DHBON BZ          221336000    -588646016
SANSUY-PREF B        SNSY6 BZ          235182000     -63134000
TEKA                 TEKA3 BZ          526557984    -449536992
ESTRELA SA          ESTRON BZ          153186000     -80125000
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
ESTRELA SA           ESTR3 BZ          153186000     -80125000
ESTRELA SA-PREF      ESTR4 BZ          153186000     -80125000
F GUIMARAES          FGUI3 BZ           24631000    -224564000
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
FABRICA RENAUX      FRNXON BZ          126672000     -55261000
F GUIMARAES-PREF     FGUI4 BZ           24631000    -224564000
ACO ALTONA-PREF      EAAPN BZ          170270992     -31429000
ACO ALTONA SA        EAAON BZ          170270992     -31429000
N.A.                 DTCY9 BZ           11902000     -16264999
D H B                DHBI3 BZ          221336000    -588646016
MINUPAR SA-PREF     MNPRPN BZ          179201008     -34191000
FERREIRA GUIMARA    FGUION BZ           24631000    -224564000
ACO ALTONA-PREF      EALT4 BZ          170270992     -31429000


COLOMBIA

ENACAR              ENACAR CI         3226756096   -9463063552
N.A.              CARVILEO CI         1295758976   -6212240384
ENACAR-RT          ENACARO CI         3226756096   -9463063552
CARVILE            CARVILE CI         1295758976   -6212240384
ENACAR               EMPOF US         3226756096   -9463063552



                            ***********

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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