TCRLA_Public/090225.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, February 25, 2009, Vol. 9, No. 39

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Linked to Unfinished Florida Resort Project
STANFORD INT'L BANK: Biden-Run Fund Ends Relationship With SFG
STANFORD INT'L BANK: Depositor Files Suit, Wants US$999 Bln Back
STANFORD INT'L BANK: Investors Ask Receiver to Release Funds
STANFORD INT'L BANK: Canada to Keep Branch Open to Aid Clients


A R G E N T I N A

BANCO FINANSUR: Moody's Assigns Low-B Rating on AR$70 Mil. Debt
BANCO MACRO: Posts US$186 Million Net Profit in 2008
BEAUTYMAX SA: Asks for Opening of Preventive Contest
CALIZAR SRL: Proofs of Claim Verification Deadline is April 14
DON DELFIN: Asks for Opening of Preventive Contest

FIDEICOMISO FINANCIERO: Moody's Puts 'Ba3' Rating on Securities
GLOBAL MEDIC: Proofs of Claim Verification Deadline is April 16
MI CIELO: Asks for Opening of Preventive Contest
SURPIEL SA: Proofs of Claim Verification Deadline is March 26
* ARGENTINA: Industrial Output Drops 6.1% in January


B A R B A D O S

FOUR SEASONS: Laid Off Workers Could Return to Work in a Week


B E R M U D A

BURGAN MAN: Creditors' Proofs of Debt Due on March 6
BURGAN MAN: Members' Final Meeting Set for March 27
BURGAN MAN: Creditors' Proofs of Debt Due on March 6
BURGAN MAN: Members' Final Meeting Set for March 27
CONOCOPHILLIPS NILA: Creditors' Proofs of Debt Due on March 6

CONOCOPHILLIPS NILA: Members' Final Meeting Set for March 27
CONOCOPHILLIPS TOBONG: Creditors' Proofs of Debt Due on March 6
CONOCOPHILLIPS TOBONG: Members' Final Meeting Set for March 27
MAN GLOBAL: Creditors' Proofs of Debt Due on March 6
MAN GLOBAL: Members' Final Meeting Set for March 27


C A Y M A N  I S L A N D S

CARLYLE MULTI-STRATEGY ET AL: Placed Under Voluntary Wind-Up
CIL SPENCER: Commences Wind-Up Proceedings
CNH FUNDING: Commences Wind-Up Proceedings
CULROSS FINANCE: Commences Wind-Up Proceedings
DM INVESTMENT: Commences Wind-Up Proceedings

EIFFEL FINANCIAL: Commences Wind-Up Proceedings
FIVEMORE SYSTEMATIC: Commences Wind-Up Proceedings
INGENIOUS FUND: Commences Wind-Up Proceedings
JEFFERIES CERIMON: Commences Wind-Up Proceedings
LUCROS CAPITAL ET AL: Placed Under Voluntary Wind-Up

MARATHON FUND: Commences Wind-Up Proceedings
PACIFIC INVESTMENT: Commences Wind-Up Proceedings
PHI RUSSIA: Commences Wind-Up Proceedings
PRAETORIAN INSTITUTIONAL ET AL: Placed Under Voluntary Wind-Up
RAMIUS HEDGED: Commences Wind-Up Proceedings

SGL VIETNAM: Commences Wind-Up Proceedings
SILVER SHIELD: Commences Wind-Up Proceedings
SOUTHWICK LIMITED: Commences Wind-Up Proceedings
TORNESS LIMITED: Commences Wind-Up Proceedings


G U Y A N A

STANFORD INT'L BANK: Guyanese Insurer Ties US$1.9 Mln to Owner


M E X I C O

CEMEX SAB: Fitch Downgrades Issuer Default Rating to 'BB'
STANFORD INT'L BANK: Mexican Investors Withdraw Invested Funds


S T  L U C I A

* ST. LUCIA: Petroleum Dealers Threaten to Close Stations


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Central Bank Wins Restraining Order Against Firm


V E N E Z U E L A

STANFORD INT'L BANK: Venezuela Seizes Local Unit


                         - - - - -


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

STANFORD INT'L BANK: Linked to Unfinished Florida Resort Project
----------------------------------------------------------------
A resort project called Tierra Del Sol in Orlando, Fla., being
built by a developer backed by Robert Allen Stanford, is facing at
least 10 lawsuits filed in U.S. federal or state courts by
investors who paid deposits for their unfinished homes,
Cassell Bryan-Low at The Wall Street Journal reports.

The Journal says many of the suits were filed by British or Irish
residents, to whom the properties were heavily marketed.

As reported in the Troubled Company Reporter-Latin America, the
U.S. Securities and Exchange Commission, on Feb. 17, 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.

American Leisure Group Ltd., the company developing the Florida
resort, last year
received a US$17.5 million loan from one of Mr. Stanford's
companies, Stanford International Bank Ltd (“SIBL”), after saying
in public statements it was struggling with a lack of financing,
the Journal relates.

The Journal discloses despite the lifeline, the developer
continued to face difficulties, and its shares were delisted last
month.

According to the Journal, based on the developer's company
filings, the 48-hectare vacation-home resort project described
plans for 972 luxury houses and condominiums complete with a water
park and wave pool, restaurants, spa and a clubhouse "with
romantic porticos and rich décor."

The developer, incorporated in the British Virgin Islands, was
formed by a merger between American Leisure Holdings and another
property company, the Journal says.

SIBL was a significant shareholder and creditor to American
Leisure Holdings, the Journal notes citing filings by American
Leisure Group.

Stanford Financial Group, also controlled by Mr. Stanford, served
as an investment banker to American Leisure Group, the Journal
adds.

                            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: Biden-Run Fund Ends Relationship With SFG
--------------------------------------------------------------
The Wall Street Journal reports a fund of hedge funds run by two
members of Vice President Joe Biden's family terminated its
relationship with Robert Allen Stanford's companies following
fraud charges filed against them.

According to the Journal, the US$50 million fund was jointly
branded between the Bidens' Paradigm Global Advisors LLC and a
Stanford Financial Group (“SFG”) entity and was known as the
Paradigm Stanford Capital Management Core Alternative Fund.

As reported in the Troubled Company Reporter-Latin America, the
U.S. Securities and Exchange Commission, on Feb. 17, 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.

The SEC also charged Stanford International Bank Ltd chief
financial officer James Davis as well as Laura Pendergest- Holt,
chief investment officer of SFG in the enforcement action.

The Journal discloses Paradigm Global Advisors is owned through a
holding company by the vice president's son, Hunter, and Joe
Biden's brother, James.

Stanford-related companies marketed the fund to investors and also
invested about US$2.7 million of their own money in the fund, the
Journal states citing a lawyer for Paradigm.  SEC records obtained
by the Journal show the fund, which was launched in June 2007, had
104 investors as of Nov. 10, 2008, with assets of US$49.8 million.

Paradigm's attorney, Marc X. LoPresti, as cited by the Journal,
said the fund
offered to turn over the US$2.7 million investment it received
from Mr. Stanford's firm in 2007 to a court-appointed receiver.

                          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: Depositor Files Suit, Wants US$999 Bln Back
----------------------------------------------------------------
Sandra C. Allen slapped a civil lawsuit against Stanford Group
Company (SGC) and its owner, Robert Allen Stanford, including Mr.
Stanford's two top officials, Stanford International Bank Ltd
(SIBL) Chief Financial Officer James Davis and Stanford Financial
Group (SFG) Chief Investment Officer Laura Pendergest-Holt,
Caribbean Net News reports.  Ms. Allen, the report relates, sued
SGC, et al in U.S. District Court in Louisiana for fraud and wants
US$999,999,999,000 to be returned.

According to the report, Mr. Standord along with Mr. Davis and Ms.
Pendergest-Holt have some 20 days to respond to the lawsuit, which
was assigned to U.S. District Judge John V. Parker of Baton Rouge.

However, the report states it is unclear how far the civil case
could proceed since a Dallas judge ruled on a U.S. Securities and
Exchange Commission suit that Stanford Group’s creditors and “all
other persons” are prohibited from suing the receiver or
attempting to obtain possession of assets in the receivership
estate.

As reported in the Troubled Company Reporter-Latin America on
February 19, 2009, the U.S. SEC 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 SIBL, SGC, and
investment adviser Stanford Capital Management.  The SEC also
charged Mr. Davis as well as Ms. Pendergest-Holt in the
enforcement action.

The Honorable Reed O'Connor of the U.S. District Court for the
Northern District of Texas has appointed Ralph Janvey as receiver
for SIBL.

                           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: Investors Ask Receiver to Release Funds
------------------------------------------------------------
Two Stanford International Group investors, Stephen and Carla
Kennedy, told a court judge that the Group's court-appointed
receiver Ralph Janvey should quickly release 25% of their invested
money or at least estimate how much they may get back, Bloomberg
News reports.

According to the report, Pershing LLC, New Jersey-based clearing
firm that handled Stanford accounts, told clients they couldn’t
retrieve their money from Stanford International Bank Ltd (SIBL)
because the court had frozen the accounts.

The report relates Trent Rosenthal, another Stanford investor in
Houston, also filed a motion with the court seeking to intervene.
He wants the judge to modify the temporary restraining order
against Stanford so that customers with Pershing accounts can
access their money, the report says.

“The freeze of assets has caused and will continue to cause a
significant hardship to many of the affected customers,” the
Kennedys, ranchers who run a bed-and-breakfast in Fort Davis,
Texas, said in the filing cited by Bloomberg News.  “There is no
reason why the receiver must encumber 100% of the customers’
funds,” they said.

The Kennedys, the report notes, also claimed that Mr. Janvey is
unnecessarily depleting the bank’s assets by hiring outside
lawyers, broker-dealer experts, and experts in forensic accounting
and electronic records to help him systematically gain control of
Stanford’s assets.

As reported in the Troubled Company Reporter-Latin America, the
U.S. Securities and Exchange Commission on February 17, 2009,
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.  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.

Experts, as cited by Bloomberg News, said SIBL's case will take at
least three years and could take Mr. Janvey as long as a decade to
finish repaying SIBL's victims as he takes on the most difficult
receivership job in history.

                           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: Canada to Keep Branch Open to Aid Clients
--------------------------------------------------------------
Canada's banking regulator limited the activities of Stanford
International Bank (“SIBL”) to help Canadian clients recover
offshore investments, Caribbean Net News reports.

The Office of the Superintendent of Financial Institutions (OSFI),
in a statement obtained by the news agency, said it would allow
the bank to keep its Canadian branch open "to assist Canadian
clients in trying to recover the investments made with SIBL."

The order, the report recounts, was backdated to February 20 and
would remain in effect until otherwise specified by the regulator.

As reported in the Troubled Company Reporter-Latin America, the
U.S. Securities and Exchange Commission on February 17, 2009,
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.  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.

Experts, as cited by Bloomberg News, said SIBL's case will take at
least three years and could take Mr. Janvey as long as a decade to
finish repaying SIBL's victims as he takes on the most difficult
receivership job in history.

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

BANCO FINANSUR: Moody's Assigns Low-B Rating on AR$70 Mil. Debt
---------------------------------------------------------------
Moody's Latin America assigned Aa3.ar National Scale local
currency debt rating and A1.ar National Scale foreign currency
debt rating to Banco Finansur's multi-currency senior unsecured
debt program amounting to Ar$ 70 million, or its equivalent in
other currencies.

The Aa3.ar National Scale local currency debt rating was also
assigned to the fifth expected issuance of the program worth up to
Ar$ 30 million, with a maturity of 180 days.

At the same time, Moody's Investors Service assigned B1 global
local-currency debt rating and B2 global foreign-currency debt
ratings to the program. Moreover, a B1 rating was also assigned to
the fifth debt issuance.

The outlook on all ratings is stable.

Banco Finansur is headquartered in Buenos Aires, Argentina, and it
had assets of Ar$ 468.8 million and deposits of Ar$ 309.4 million,
as of September 30, 2008.

These ratings were assigned to Banco Finansur's Ar$ 70 million
senior debt program:

  -- Global Local-Currency Debt Rating: B1
  -- Global Foreign-Currency Debt Rating: B2
  -- National Scale Local-Currency Debt Rating: Aa3.ar
  -- National Scale Foreign-Currency Debt Rating: A1.ar

These ratings were assigned to Banco Finansur's Ar$ 30 million
issuance:

  -- Global Local-Currency Debt Rating: B1
  -- National Scale Local-Currency Debt Rating: Aa3.ar



BANCO MACRO: Posts US$186 Million Net Profit in 2008
----------------------------------------------------
Banco Macro SA's 2008 net profit increased 21% to 660 million
pesos (US$186 million) from a net profit of 495 million pesos in
2007, Reuters reports, citing a company statement to the Buenos
Aires Stock Exchange.

According to the report, the company did not provide fourth-
quarter earnings information but if no revisions were made to the
figures in the first nine months of last year, then the fourth-
quarter net should have totaled 184.3 million pesos.

Headquartered in Buenos Aires, Argentina, Banco Macro (NYSE:
BMA; Buenos Aires: BMA) -- http://www.macro.com.ar/-- had
consolidated assets of ARS11.6 billion (US$3.7 billion) and
consolidated deposits of ARS6 billion (US$2 million) as of
June 2007.

                          *     *     *

As of February 24, 2009, the bank continues to carry Moody's Caa1
foreign long-term bank deposits rating and Fitch's CCC+
subordinate debt rating.


BEAUTYMAX SA: Asks for Opening of Preventive Contest
---------------------------------------------------
Beautymax SA asked for the opening of his preventive contest
before the National Commercial Court of First Instance No. 17 in
Buenos Aires, with the assistance of Clerk No. 34.


CALIZAR SRL: Proofs of Claim Verification Deadline is April 14
--------------------------------------------------------------
Gustavo Aran, the court-appointed trustee for Calizar SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 14, 2009.

Mr. Aran will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 34
in Buenos Aires, with the assistance of Clerk No. 18, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Gustavo Aran
         Viamonte 1464
         Buenos Aires, Argentina


DON DELFIN: Asks for Opening of Preventive Contest
--------------------------------------------------
Don Delfin SA asked for the opening of his preventive contest
before the National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 15.



FIDEICOMISO FINANCIERO: Moody's Puts 'Ba3' Rating on Securities
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar and Ba3
(Global Scale, Local Currency) to the Debt Securities of
Fideicomiso Financiero Tarjeta Privada XIV, issued by Banco de
Valores S.A. (acting solely in its capacity as Trustee).  Moody's
also assigned a rating of Ca.ar (Argentine National Scale) and Ca
(Global Scale, Local Currency) to the subordinated Certificates.
The securities are backed by a pool of credit card receivables
originated by Banco Privado de Inversiones S.A. located in
Argentina  Interest and principal on the VDF are payable from the
cash flow of the credit card receivables.

The ratings assigned are based on these factors:

  -- The credit quality of the securitized pool;

  -- The credit enhancement provided through the 20% initial
     subordination level;

  -- The ability of Banco Macro Bansud to act as backup servicer
     in the transaction;

  -- The availability of several reserve funds; and,

  -- The legal structure of the transaction.

                             Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of
peso-denominated, floating-rate bonds and a residual certificate,
all of them backed by a pool of credit card receivables originated
by BPI.  The VDF original balance is equal to 80% of the original
issuance amount.  The transaction has an expected maturity of 7
months and a legal maturity date of 24 months.

At closing, the VDF were backed by credit card outstanding
balances generated by eligible accounts.  The ownership of those
accounts remains with the originator but the receivables are
assigned to the trust.  The transaction has five reserve funds: an
expense fund, a liquidity reserve fund, a backup servicer
replacement fund, and sinking funds for interest and principal.
The VDF will bear a floating interest rate (Badlar + 400 bps) with
a minimum rate of 20% and a maximum rate of 28%. If an early
amortization event occurs, the revolving period will terminate
automatically.

After the grace period of two months and beginning in the third
month after closing, scheduled interest and principal will be paid
in that order, on each payment date.  Principal is scheduled to be
paid in five monthly installments.  If the scheduled principal is
not paid on time, it will not constitute an event of default under
the terms of the transaction documents, given that the promise to
investors is to receive ultimate principal before the legal final
maturity date.

During the revolving period, the originator will sell new
receivables to the trust.  These receivables will be purchased
from the cash flow coming from collections.  The documents of the
transaction allow for a direct offset of these two cashflows.  By
having this procedure no cash has to be transferred back and forth
to the trust account and as a result, trust expenses are
minimized.

                       Seller And Servicer

BPI is the seller of the receivables and the primary servicer of
the transaction. The bank was founded in 1993 to provide financial
services to the middle-high and high income segment of the market.
In 1996, BPI began issuing MasterCard and Visa credit cards to its
customers.

Banco Macro S.A. is the designated backup servicer. If a servicer
replacement trigger is hit, the trustee is obligated to
immediately notify BM and Visa and MasterCard.  The trustee, who
receives pool and borrower data from the servicer on a monthly
basis, will transfer this information to the backup servicer.  In
addition, Visa and MasterCard will also have duplicate data which
they can transfer to BM, if necessary. Given that BM is a member
of the Visa and MasterCard system, the transfer of data should be
straightforward.

BM will be entitled to receive this information as the new owner
of the accounts according to the conditional assignment contract
which will become effective upon the occurrence of a servicer
replacement event.  Thus, even if BPI's membership in the Visa and
MasterCard networks is terminated, credit card customers will not
have their credit lines suspended.

The servicer will transfer collections to the trust account on a
weekly basis.  As a result, there is one week of commingling risk
at the originator/servicer level which may affect the deal should
the originator/servicer enter into a reorganization procedure.
This risk is mitigated by the ability of BM, once it is appointed
as backup servicer, to service the receivables, and by the
servicer replacement reserve account that will be funded at
closing with 0.5 times the next interest payment.  This reserve
account can be used to pay interest during the transition process.
In addition, there is another reserve account equivalent to 1.5
times the next interest payment.  These aggregated funds provide a
total coverage of two monthly interest payments.

                       Rating Methodology

Moody's considered the credit enhancement provided in this
transaction through an initial subordination level of 20%, as well
as the historical performance of BPI's pools. In addition, Moody's
considered factors common to all credit card securitizations such
as principal payment rates, charge offs, delinquencies; as well as
specific factors related to the Argentine market, such as the
probability of a decrease of the monthly payment rate or increase
in the charge off rate if there are changes in the macroeconomic
scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
charge-off triangular distribution centered around the most likely
scenario of 20%.  Also, Moody's assumed a triangular distribution
for the principal payment rate centered around a most likely
scenario of 15%.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.

                          Rating Action

Originator: Banco Privado de Inversiones S.A.

  -- $24 Million Pesos in Floating Rate Securities of "Fideicomiso
     Financiero Tarjeta Privada XIV", VDF rated Aaa.ar (National
     Scale Rating) and Ba3 (Global Scale, Local Currency).

  -- $6 Million Pesos in Certificates of "Fideicomiso Financiero
     Tarjeta Privada XIV", CP rated Ca.ar (National Scale Rating)
     and Ca (Global Scale, Local Currency).


GLOBAL MEDIC: Proofs of Claim Verification Deadline is April 16
---------------------------------------------------------------
Gabriel Bigal, the court-appointed trustee for Global Medic SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 16, 2009.

Mr. Bigal will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 23
in Buenos Aires, with the assistance of Clerk No. 45, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Gabriel Bigal
         Av. Callao 1121
         Buenos Aires, Argentina


MI CIELO: Asks for Opening of Preventive Contest
------------------------------------------------
Mi Cielo Azul SRL asked for the opening of his preventive contest
before the National Commercial Court of First Instance No. 22 in
Buenos Aires, with the assistance of Clerk No. 44.


SURPIEL SA: Proofs of Claim Verification Deadline is March 26
-------------------------------------------------------------
Aldo Cambiaso, the court-appointed trustee for Surpiel SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until March 26, 2009.

Mr. Cambiaso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 26, 2009.

The Trustee can be reached at:

         Aldo Cambiaso
         Lavalle 1459
         Buenos Aires, Argentina



* ARGENTINA: Industrial Output Drops 6.1% in January
----------------------------------------------------
Argentina’s industrial output fell 6.1% from December, the biggest
month-to-month drop since January 2001, a sign the global slowdown
is pushing the country's economy into recession, Bloomberg News
reports, citing the country's National Statistics Institute.

The country's output, the report relates, fell 4.4% from a year
earlier, the first annual decline since 2002.

According to Bloomberg News, JPMorgan Chase & Co. said in a report
that plummeting output and a sharpening conflict with farmers over
taxes and export permits are among the pressures that will deepen
Argentina’s recession in coming months.

“Argentina is in recession and there is little the government can
do,” the report quoted Fausto Spotorno, an economist at Consultora
Orlando Ferreres in Buenos Aires, as saying.  “The economy will
probably shrink 2.6 percent this year,” he added.

                          *     *     *

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

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

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

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

The Rating Outlook on the local currency IDR is Stable.

In addition, Fitch affirmed these ratings:

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

  -- Short-term IDR at 'B';

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

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

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



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

FOUR SEASONS: Laid Off Workers Could Return to Work in a Week
-------------------------------------------------------------
The laid off workers at the Four Seasons project could be back on
the job in about a week, CBC.cc News reports, citing Roy Trotman,
president of the congress of trade unions and staff associations
of Barbados.

According to the report, Mr. Trotman said Prime Minister David
Thompson's intervention ensured that the lay-off period would not
be the two months originally projected.

As reported in the Troubled Company Reporter-Latin America on Feb.
24, 2009, Caribbean Net News said Four Seasons hotel in Barbados
unexpectedly halted contruction at its Black Rock site on Feb. 19,
leaving 700 workers with no jobs.  The workers, the
report related, were seen leaving the Black Rock site, along with
equipment being towed away by major contractors.

Caribbean Net News disclosed that 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.

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

BURGAN MAN: Creditors' Proofs of Debt Due on March 6
----------------------------------------------------
The creditors of Burgan Man Strategic Guaranteed 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:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda


BURGAN MAN: Members' Final Meeting Set for March 27
---------------------------------------------------
The members of Burgan Man Strategic Guaranteed Ltd 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. 19, 2009.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda


BURGAN MAN: Creditors' Proofs of Debt Due on March 6
----------------------------------------------------
The creditors of Burgan Man Strategic Guaranteed Trading 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:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda


BURGAN MAN: Members' Final Meeting Set for March 27
---------------------------------------------------
The members of Burgan Man Strategic Guaranteed Trading Ltd 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. 19, 2009.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda


CONOCOPHILLIPS NILA: Creditors' Proofs of Debt Due on March 6
-------------------------------------------------------------
The creditors of ConocoPhillips Nila 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


CONOCOPHILLIPS NILA: Members' Final Meeting Set for March 27
------------------------------------------------------------
The members of ConocoPhillips Nila Ltd. 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. 19, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


CONOCOPHILLIPS TOBONG: Creditors' Proofs of Debt Due on March 6
---------------------------------------------------------------
The creditors of ConocoPhillips Tobong 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


CONOCOPHILLIPS TOBONG: Members' Final Meeting Set for March 27
--------------------------------------------------------------
The members of ConocoPhillips Tobong Ltd. 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. 19, 2009.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


MAN GLOBAL: Creditors' Proofs of Debt Due on March 6
----------------------------------------------------
The creditors of Man Global Strategies Focused Sterling 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:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda


MAN GLOBAL: Members' Final Meeting Set for March 27
---------------------------------------------------
The members of Man Global Strategies Focused Sterling Ltd 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. 19, 2009.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda



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

CARLYLE MULTI-STRATEGY ET AL: Placed Under Voluntary Wind-Up
------------------------------------------------------------
On December 10, 2008, a special resolution was passed by the sole
shareholder to voluntarily wind up the operations of:

   -- Carlyle Multi-Strategy Master Fund, Ltd.; and
   -- Carlyle Multi-Strategy Partners, Ltd.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House
          87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone: (345) 914-6314


CIL SPENCER: Commences Wind-Up Proceedings
------------------------------------------
On December 11, 2008, the shareholders of CIL Spencer Limited
passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Condor Nominees Limited
         c/o Barclays Private Bank & Trust (Cayman) Limited
         First Caribbean House, 4th Floor
         P.O. Box 487, George Town
         Grand Cayman, KY1-1106


CNH FUNDING: Commences Wind-Up Proceedings
------------------------------------------
On December 19, 2008, the sole shareholder of CNH Funding 2008
passed a resolution that voluntarily wind up the company's
operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House
          87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone: (345) 914-6314


CULROSS FINANCE: Commences Wind-Up Proceedings
----------------------------------------------
On December 12, 2008, the sole shareholder of Culross Finance
Limited passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 6, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jeremy Simon Spratt
         8 Salisbury Square, London
         EC4Y 8BB, United Kingdom
         Telephone: 01144 207 694 3731
         Facsimile: 01144 207 694 3533


DM INVESTMENT: Commences Wind-Up Proceedings
--------------------------------------------
On December 15, 2008, the shareholder of DM Investment Funds SPC
passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuart Sybersma
          c/o Elisa Charlton
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258


EIFFEL FINANCIAL: Commences Wind-Up Proceedings
-----------------------------------------------
At an extraordinary general meeting held on December 17, 2008, the
shareholder of Eiffel Financial Corporation Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
February 9, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Sylvia Lewis
          Isabel Mason
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 345 949-7755
          Facsimile: 345 949-7634


FIVEMORE SYSTEMATIC: Commences Wind-Up Proceedings
--------------------------------------------------
On December 11, 2008, the sole shareholder of Fivemore Systematic
Limited passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


INGENIOUS FUND: Commences Wind-Up Proceedings
---------------------------------------------
On December 19, 2008, the sole shareholder of Ingenious Fund of
Hedge Funds passed a resolution that voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
February 9, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Bevan Blair
          15 Golden Square, London W1F 9JG
          United Kingdom


JEFFERIES CERIMON: Commences Wind-Up Proceedings
------------------------------------------------
On December 22, 2008, the sole shareholder of Jefferies Cerimon
Master Fund, Ltd passed a resolution that voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         dms Corporate Services Ltd.
         dms House, 2nd Floor, P.O. Box 1344
         Grand Cayman KY1-1108
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


LUCROS CAPITAL ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On September 30, 2008, a special resolution was passed by the sole
shareholder to voluntarily wind up the operations of:

   -- Lucros Capital Master Fund Ltd; and
   -- Lucros Capital Fund Ltd.

Only creditors who were able to file their proofs of debt by
January 19, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Queensgate House, South Church Street
         PO Box 1234, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 815 1802
         Facsimile: (345) 949 9877


MARATHON FUND: Commences Wind-Up Proceedings
--------------------------------------------
On December 9, 2008, the shareholder of Marathon Fund Ltd. passed
a resolution that voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuart Sybersma
          c/o Elisa Charlton
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258


PACIFIC INVESTMENT: Commences Wind-Up Proceedings
-------------------------------------------------
On December 17, 2008, the shareholders of Pacific Investment Fund
passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 6, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard L. Finlay
          c/o Krysten Lumsden
          P.O. Box 2681GT, Grand Cayman
          Telephone: (345) 945 3901
          Facsimile: (345) 945 3902


PHI RUSSIA: Commences Wind-Up Proceedings
-----------------------------------------
On December 15, 2008, the shareholders of Phi Russia Property
Limited passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          PHI AG
          Hottingerstrasse 10
          8032 Zurich, Switzerland


PRAETORIAN INSTITUTIONAL ET AL: Placed Under Voluntary Wind-Up
--------------------------------------------------------------
On December 12, 2008, a special resolution was passed by the
shareholders to voluntarily wind up the operations of:

   -- Praetorian Institutional Ltd; and
   -- Praetorian Institutional Offshore Ltd.

Only creditors who were able to file their proofs of debt by
January 22, 2009, will be included in the company's dividend
distribution.

The companies' liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


RAMIUS HEDGED: Commences Wind-Up Proceedings
--------------------------------------------
On December 10, 2008, the sole shareholder of Ramius Hedged Equity
Fund Ltd. passed a resolution that voluntarily wind up the
company's operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House
          87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone: (345) 914-6314


SGL VIETNAM: Commences Wind-Up Proceedings
------------------------------------------
On December 22, 2008, the shareholders of SGL Vietnam Development
Limited passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuart Sybersma
         c/o Elisa Charlton
         Deloitte & Touche
         P.O. Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: echarlton@deloitte.com


SILVER SHIELD: Commences Wind-Up Proceedings
--------------------------------------------
On November 28, 2008, the sole shareholder of Silver Shield Fund,
Ltd. passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 9, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         James Keyes
         101 Front Street, Hamilton HM 12
         Bermuda


SOUTHWICK LIMITED: Commences Wind-Up Proceedings
------------------------------------------------
On December 12, 2008, the sole shareholder of Southwick Limited
passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 6, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Jeremy Simon Spratt
         8 Salisbury Square, London
         EC4Y 8BB, United Kingdom
         Telephone: 01144 207 694 3731
         Facsimile: 01144 207 694 3533


TORNESS LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on December 12, 2008, the
shareholders of Torness Limited resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Sharon Meghoo
         P.O. Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799




===========
G U Y A N A
===========

STANFORD INT'L BANK: Guyanese Insurer Ties US$1.9 Mln to Owner
--------------------------------------------------------------
Guyana-based property insurer Hand in Hand Mutual Fire Insurance
Co. Limited (“HIHF”) has lost nearly US$1.9 million (GY$380
million) in pension funds after investing with Texas financier
Robert Allen Stanford, Caribbean Net News 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 Stanford International Bank Ltd
(“SIBL”), Stanford Group Company (SGC), and investment adviser
Stanford Capital Management.

Spokesman Hewley Nelson, as cited by Caribbean Net News, said HIHF
began investing money with Stanford Financial Group three years
ago, but has “very small exposure.”  HIHF's lawyers in Miami are
dealing with the exposure, he added.

                            About HIHF

Hand in Hand Mutual Fire Insurance Co. Ltd –- http://hihgy.com/–-
is the oldest property insurer in Guyana.  It is a mutual company
established in 1865, and is the founding member of the Hand in
Hand Group which comprises: Hand in Hand Mutual Fire Insurance Co.
Limited Hand in Hand Mutual Life Assurance Company Limited (a Life
company-1966) GCIS Inc. -a proprietary composite (Property- Life)
insurance company (acquired 1998) Hand in Hand Trust Corporation
Inc. - the largest trust company in Guyana – that also has
government permission to become a commercial bank (Acquired 2002).

                            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.



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

CEMEX SAB: Fitch Downgrades Issuer Default Rating to 'BB'
---------------------------------------------------------
Fitch Ratings has downgraded Cemex, S.A.B. de C.V. and related
entities' ratings:

Cemex

  -- Foreign currency Issuer Default Rating to 'BB' from
     'BB+';

  -- Local currency IDR to 'BB' from 'BB+';

  -- Long-term national scale rating to 'A+(mex)' from 'AA-(mex)';

  -- MXN5 billion Certificados Bursatiles program to 'A+ (mex)'
     from 'AA- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program to 'A+(mex)' from 'AA-(mex)';

  -- Senior unsecured debt obligations to 'BB' from 'BB+';

  -- Unsecured debt issued through the Certificados Bursatiles
     program to 'A+(mex)' from 'AA-(mex)'.

Cemex Espana S.A.

  -- IDR to 'BB' from 'BB+';
  -- Senior unsecured debt obligations to 'BB' from 'BB+'.

Rinker Materials Corporation

  -- US$150 million senior unsecured notes due 2025 to 'BB' from
     'BB+'.

In addition, Fitch has affirmed Cemex's ratings:

  -- Short-term national scale rating at 'F1(mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'F1(mex)'.

The Rating Outlook for all of Cemex's ratings remains Negative.

The rating downgrades reflect Fitch's expectation that Cemex's
total adjusted net debt to EBITDAR ratio will remain above 5.0
times (x) during 2009 and 4.0X during 2010.  Fitch's definition of
adjusted debt includes the perpetual debt instruments issued by
Cemex, which are treated as equity under Mexican GAAP, as well as
operating leases.  This level of leverage is due to unprecedented
downturns in three of the company's key markets: the United
States, Spain and the U.K.  The rating actions also take into
consideration an expected weakening of some of the company's
markets that performed well in 2009 such as Central and South
America, Asia and Mexico.  Together these factors could result in
Cemex generating less than US$3.4 billion of EBITDAR during 2009,
a historical low for the company and a level viewed to be below
the typical trough in the company's cash flow cycle.

Further considered in the rating actions are the challenges the
company will face as it seeks to divest approximately $2 billion
of assets in 2008.  These sales are crucial as the company faces
debt maturities of approximately $4.1 billion, $3.8 billion and
$7.8 billion during 2009, 2010 and 2011, respectively.  Obstacles
the company will have to overcome as it seeks to sell assets
include: the high debt burden of several leading producers of
cement and ready mix; tight credit conditions and high cost of
capital; and the ability of the company to obtain attractive bids
given the current economy uncertainty.

The Negative Rating Outlook reflects the challenges that all
companies in the cement, ready-mix and aggregate industries will
face during 2009 and 2010, particularly those that are reliant
upon the U.S. and European markets.  While the recently passes
stimulus package in the U.S. could help spur demand in the U.S.
for the company's products, much of the impact will not be felt
during the 2009.

Fitch's ratings of Cemex continue to take into consideration the
company's strong global business position as an integrated cement
player and its ability to continue to generate free cash flow
during the worst economic downturn in recent history.  The ratings
positively factor in the Mexican government's support of Cemex due
to the size of the company and its importance to the country's
economy.

Cemex's credit ratings also take into consideration the banks
continued support of the company.  On Jan. 27, 2009, the company
reached agreement with its banks to reschedule $2.3 billion of
short-term bilateral loans that fell due during 2009 and 2010 into
terms that will result in $607 million maturing in 2009, $536
million in 2010 and about $1.2 billion in 2011.  The company was
also able to extend the maturity of $1.7 billion of a $3 billion
obligation that was due in December 2009 until 2011.

Cemex had total adjusted debt of US$23 billion as of Dec. 31, 2008
and cash and marketable securities of US$993 million; adjusted
debt includes total debt plus perpetual debt and operating leases.
During 2008, Cemex generated US$4.6 billion of EBITDAR, resulting
in a total adjusted debt to EBITDAR ratio of about 5.0x. During
the fourth quarter of 2008 the company's EBITDAR declined to about
US$860 million from about US$1.35 billion during the prior
quarter.  Factoring in seasonality, the numbers were still
substantially lower than those during the last quarter of 2007,
when Cemex's EBITDAR was US$1.15 billion.  The drop-off in EBITDAR
was driven by steep declines in sales volumes and the devaluation
of the Mexican peso, British pound and Euro versus the U.S.
dollar.

For 2009, Cemex projects an EBITDAR range of about US$3.7 billion
to US$3.9 billion. Through free cash flow and asset sales, the
company intends to reduce debt by US$3.6 billion.  To achieve
these goals the company has scaled back its 2009 capital expenses
to US$650 million from around US$2 billion during both 2007 and
2008.  The company has also implemented a restructuring program
aimed at achieving US$700 million of recurring synergies.

Cemex is the third-largest cement producer in the world based on
production capacity of approximately 97 million metric tons and
operates in more than 50 countries.  The company is also the
global leader in the ready mix concrete market with sales of over
80.5 million cubic meters and an important global player in the
aggregates business with sales of 222.7 million tons.  In 2008,
Cemex generated US$4.37 billion of EBITDA on US$21.8 billion of
sales revenues.


STANFORD INT'L BANK: Mexican Investors Withdraw Invested Funds
--------------------------------------------------------------
Investors of Stanford Fondos, a Mexican unit of Stanford
International Bank Limited (SIBL), have pulled out nearly 40% of
invested fund in the unit, Caribbean Net News reports, citing
Mexican regulator, National Banking and Securities Commission
(“CNBV”).

Since Feb. 17, the report says Stanford Fondos' clients have
withdrawn around 275.5 million pesos (US18.6 million dollars) from
the financial firm, which had 706.8 million pesos of its clients
savings in funds as of January 30.

CNBV, the report notes, said that Stanford Fondo remains open and
is operating normally.

"The reports that some people have not been able to withdraw their
investments refer to those people who invested with Stanford
Financial Group in Houston, Texas, and Stanford International Bank
Ltd based in Antigua," the CNBV said as cited by the report.

Regulators, the report relates, are looking into whether Stanford
Fondos tried to sell unauthorized foreign securities to its
Mexican clients.

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.

                            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.



==============
S T  L U C I A
==============

* ST. LUCIA: Petroleum Dealers Threaten to Close Stations
---------------------------------------------------------
Petroleum dealers in St Lucia is giving the government until March
5 to meet their demand for a 10% increase in profit margin, or
else they will close their stations, Oscar Ramjeet of Caribbean
Net News reports.

The report recounts, citing the Barbados Nation, the dealers met
with Prime Minister Stephenson King last week, and had agreed to
the establishment of a committee to review the matter, and were
expecting to get the government's response by February 13.
However, spokesman for the Petroleum Dealers Association, Evertise
Jn Marie, said members were extremely upset that the government
had failed to keep its word.

According to the report, the dealers argue that many of them are
operating at a loss, while other businesses in the retail sector
are enjoying high profit mark-ups.



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

CL FINANCIAL: Central Bank Wins Restraining Order Against Firm
--------------------------------------------------------------
The Central Bank and Colonial Life Insurance Company Limited
secured a restraining order against CL Financial Limited, barring
the company from conducting any local or international business
with its assets, Trinidad and Tobago Newsday reports.

According to the report, High Court Judge Gregory Delzin granted
the restraining order after an urgent ex-parte application brought
by attorneys for the Central Bank, Senior Counsel Reginald Armour,
along with attorneys’ Simon De La Bastide and Elena Araujo.

Judge Delzin, the report relates, ordered that: “CL Financial
whether by its Board of Directors, officials, employees, units and
related or affiliated companies are restrained, and an injunction
is hereby granted restraining them from doing or causing to be
done the following acts without prior notice to and the prior
approval of the Central Bank of Trinidad and Tobago.”

The report notes that CL Financial must also “disclose to the
Inspector of Financial Institutions, the identity, and location of
all or any assets of Clico in or out of the jurisdiction, and
provide a sworn affidavit of the Chief Executive Officer, or
Chairman of Clico within two working days of service of the
order.”

CL Financial was also mandated to make, “forthwith, and full
disclosure to the claimants of all or any information relevant to
the existence of any interest held in any of the said assets in
Clico,” the report says.

Meanwhile, the report discloses CL Financial Group Finance
Director Michael Carballo said he was surprised by Judge Delzin's
move.  “I am very surprised as to what exactly could have
precipitated this move to grant an ex-parte injunction.  I just
got off the phone with the Chairman (Lawrence Duprey) who is in
Florida,” the report quoted Mr. Carballo as saying.

                       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.



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

STANFORD INT'L BANK: Venezuela Seizes Local Unit
------------------------------------------------
The Venezuelan government took control of Antigua-based Stanford
International Bank Limited (“SIBL”)'s Venezuelan unit, Stanford
Bank SA Banco Comercial, to shore up confidence in the banking
system after a US$8 billion fraud was 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
a Certificate of Deposit program.

Mr. Stanford's companies include 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.

Venezuela Finance Minister Ali Rodriguez, as cited by Bloomberg
News, said the government's intervention was aimed to protect
depositors at Stanford Bank SA, and plans to sell the local bank
immediately.  “The public needs to maintain confidence in
Venezuelan banks,” the report quoted Mr. Rodriguez as saying.
“This is an immediate takeover.  The problem facing Stanford is
separate from the Venezuelan financial system.”

The local bank, the report recounts, has seen “massive”
withdrawals and was beginning to have liquidity problems after the
fraud charges made headlines.   Bloomberg News notes, citing the
Official Gazette, Stanford Bank SA was required to use 75 million
bolivars (US$34.9 million) from its reserve account at the central
bank to cover withdrawals.

Meanwhile, a Venezuelan court prohibited the directors of Stanford
Bank Venezuela SA from leaving the country after the government
took control of the bank, Daniel Cancel of Bloomberg News reports.

Eight directors from Stanford Bank Venezuela SA will be prohibited
from traveling abroad while regulators complete their
investigation, according to an e-mailed statement obtained by
Bloomberg from the office of Attorney General Luisa Ortega Diaz.

                           About SIBL

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.



                            ***********

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

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

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

                            ***********


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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