TCRLA_Public/090302.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

             Monday, March 2, 2009, Vol. 9, No. 42

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Hearing on US$8 Bln Fraud Case Set Today


A R G E N T I N A

ARGENTINA COMUNICACIONES: Verifying Proofs of Claim Until April 20
AUXI–THERAPIA: Trustee Verifying Proofs of Claim Until March 10
CONSTRUMAT SRL: Trustee Verifying Proofs of Claim Until March 2
FINCA CALINUEZ: Trustee Verifying Proofs of Claim Until Feb. 20
FONDO PREMIER: Moody's Upgrades Bond Fund Ratings to 'Ba3/Aa2'

HADAR SRL: Trustee Verifying Proofs of Claim Until April 15
* ARGENTINA: Denies Investors' Request for Dollar Bonds


B E R M U D A

CME: Incurs US$251.8 Million Full Year Net Loss
CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Ratings to 'BB-'


C A Y M A N  I S L A N D S

ANNAPURNA CONVERTIBLE: Enters Wind-Up Proceedings
ANNAPURNA I: Enters Wind-Up Proceedings
BERRYBROOK HOLDINGS: Shareholders Receive Wind-Up Report
BURI LTD: Enters Wind-Up Proceedings
ELGIN CORPORATE ET AL: Placed Under Voluntary Liquidation

FLAMING SPIRIT: Enters Wind-Up Proceedings
GLUON FUND: Enters Wind-Up Proceedings
INDIGO FINANCE: Enters Wind-Up Proceedings
LUCROS CAPITAL: Shareholders Receives Wind-Up Report
MARATHON INVESTMENT: Enters Wind-Up Proceedings

MLBT & ASSOCIATES: Enters Wind-Up Proceedings
MULTI-STRATEGY PORTFOLIO ET AL: Placed Under Voluntary Liquidation
ORIENT GLOBAL: Enters Wind-Up Proceedings
POLAR BLUE: Enters Wind-Up Proceedings
PRAETORIAN INSTITUTIONAL ET AL: Liquidator Presents Wind-Up Report

ROCKBAY CAPITAL: Enters Wind-Up Proceedings
RRF SUB: Enters Wind-Up Proceedings
SENTOSA HOLDINGS: Enters Wind-Up Proceedings
WELLS FARGO: Enters Wind-Up Proceedings


M A R T I N I Q U E

* MARTINIQUE: Violence Spreads Over High Prices and Low Pay


P U E R T O  R I C O

* PUERTO RICO: Cuts 500 Jobs at Sewer Authority Agency


P A N A M A

* Fitch Affirms Republic of Panama's Issuer Ratings at 'BB+'


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Clico Bahamas in Liquidation, 140 Jobs at Risk


V E N E Z U E L A

* VENEZUELA: Bonds Hits Historic Lows Amid Global Crisis
* VENEZUELA: Sees Negative Effects if Oil Price Slide Continues


X X X X X X X X

* BOND PRICING: For the Week February 23 – February 27, 2009


                         - - - - -


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

STANFORD INT'L BANK: Hearing on US$8 Bln Fraud Case Set Today
-------------------------------------------------------------
A hearing on the US$8 billion fraud case against Texas businessman
Robert Allen Stanford and his companies will be held today,
March 2, The Wall Street Journal reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 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.

Last week, the Journal discloses federal prosecutors filed
criminal charges against Ms. Pendergest-Holt, accusing her of
obstructing the investigation.  She pleaded not guilty and was
released on US$300,000 bond, the Journal says.

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

The Journal meanwhile discloses that in an amended civil complaint
filed Friday, the SEC alleged Mr. Stanford, Mr. Davis and Ms.
Pendergest-Holt used fabricated financial information to defraud
investors who bought $8 billion in certificates of deposit.

According to the Journal, the three Stanford executives told
investors that SIBL, the offshore bank based in Antigua that
marketed the CDs, had received a US$541 million capital injection
in November 2008.  That never happened, the SEC said in the
revised complaint obtained by the Journal.

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

ARGENTINA COMUNICACIONES: Verifying Proofs of Claim Until April 20
------------------------------------------------------------------
The court-appointed trustee for Argentina Comunicaciones S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 20, 2009.

  
AUXI–THERAPIA: Trustee Verifying Proofs of Claim Until March 10
---------------------------------------------------------------
The court-appointed trustee for Auxi-Therapia S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 10, 2009.

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

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 10, 2009.


CONSTRUMAT SRL: Trustee Verifying Proofs of Claim Until March 2
---------------------------------------------------------------
The court-appointed trustee for Construmat S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 2, 2009.

The trustee will present the validated claims in court as
individual reports on April 16, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 1, 2009.


FINCA CALINUEZ: Trustee Verifying Proofs of Claim Until Feb. 20
---------------------------------------------------------------
The court-appointed trustee for Finca Calinuez S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until February 20, 2009.

The trustee will present the validated claims in court as
individual reports on April 7, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 22, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 11, 2009.


FONDO PREMIER: Moody's Upgrades Bond Fund Ratings to 'Ba3/Aa2'
--------------------------------------------------------------
Moody's Investors Service has upgraded the global and national
scale bond fund ratings assigned to Fondo Premier Renta CP en
Pesos to Ba3/Aa2.ar from B1/Aa3.ar in light of the fund's improved
credit quality and the more conservative approach of the fund
manager, Supervielle Asset Management S.A.

"The maturity-adjusted weighted average credit quality of the
portfolio and the more conservative investment strategy
established over the last three months are also likely to be
sustained prospectively," said Moody's Analyst Carlos de Nevares.
The fund has reduced it's exposure to the asset-backed sector and
increased its exposure to more liquid-type securities, such as
paid accounts.  As of Dec. 31, the Premier CP Fund had
approximately 9.2% of its assets invested in the asset-backed
sector, down from 12% as of Dec. 31, 2007.

For the first time, Moody's also assigned a market risk rating of
MR3 to the fund, reflecting what the rating agency expects to be
fund's moderate sensitivity to changing interest rates and other
market conditions.

"The fund ratings of Ba3/Aa2.ar incorporate Moody's expectation
that, given its strategy of investing a significant proportion of
assets under management in overnight and time deposits with
highly-rated banks, the fund will continue to maintain a maturity-
adjusted weighted average credit quality consistent with that of a
13-month, Ba-rated bond," said de Nevares.  "The fund sponsor's
disciplined investment process, in which an investment committee
closely adheres to the fund's relatively conservative investment
guidelines, lends strength to the rating."

De Nevares noted that the market risk rating of MR3 incorporates
Moody's view that, although the fund is well-placed to meet a high
level of redemptions, it would likely do so by liquidating its
overnight investments and time deposits.

"Such a development would likely increase the relative share of
less-liquid asset-backed securities in the investment mix and so
decrease the liquidity of the fund overall," said De Nevares.
"Given the observed concentration in the fund's shareholder base,
redemptions could potentially increase downward pressure on the
fund's NAV in the event of liquidation."

Supervielle Asset Management S.A. is an Argentina-domiciled
subsidiary of Grupo Financiero Supervielle.  As of December,
Supervielle managed investments of approximately AR$594.4 million
or approximately US$164.6 million.

Moody's mutual fund ratings are opinions of the investment quality
of shares in mutual funds that principally invest in short-term
and long-term fixed-income obligations.  The ratings incorporate
Moody's assessment of the fund's published investment objectives
and policies, the creditworthiness of the assets held by the fund,
and its management characteristics.

Moody's national scale ratings are opinions about the relative
creditworthiness of issuers in a particular country and may be
used in specific local capital markets.  The ratings are not
intended to consider the prospective performance of a fund with
respect to appreciation, volatility of net asset value or yield.

Moody's mutual fund market risk ratings are opinions of the
relative degree of volatility of a rated fund's net asset value.
In forming an opinion of a fund's future price volatility, Moody's
considers risk elements that may have an effect on a fund's net
asset value, including interest rate risk, prepayment and
extension risk, liquidity and concentration risk, currency and
derivatives risk.  The ratings are not intended to consider
prospective performance of a fund with respect to price,
appreciation or yield.


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

The trustee will present the validated claims in court as
individual reports on May 29, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 14, 2009.


* ARGENTINA: Denies Investors' Request for Dollar Bonds
-------------------------------------------------------
The Argentine government has denied a request by foreign investors
to receive dollar-denominated bonds in a planned exchange of 8.4
billion pesos ($2.4 billion) of local currency debt, Bloomberg
News reports, citing an unnamed government official.  The
official, the report relates, said Argentina won’t give foreign
holders of the peso debt any other security and has no plans to
extend the offer beyond its Feb. 27 closing date.

According to the report, the swap is part of a government effort
to plug a financing gap that has swelled as commodity export
revenue slumped.

Cabinet Chief Sergio Massa, Bloomberg News relates, said the
proposal pushes back maturities and saves the government 5.5
billion pesos in debt servicing this year and 13.6 billion pesos
over three years.

Bloomberg News recounts Argentina gave creditors the guaranteed
loans in November 2001 in exchange for bonds as it unsuccessfully
sought to stave off a record US$95 billion bond default in
December of that year.

                          *     *     *

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

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

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

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

The Rating Outlook on the local currency IDR is Stable.

In addition, Fitch affirmed these ratings:

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

  -- Short-term IDR at 'B';

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

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

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



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


CME: Incurs US$251.8 Million Full Year Net Loss
-----------------------------------------------
Central European Media Enterprises Ltd. (CME) posted financial
results for the fourth quarter and full-year ended
December 31, 2008.

Net revenues for the year ended December 31, 2008 increased 22% to
US$1,019.9 million, from the same period in 2007.  Operating
income decreased US$338.3 million to a loss of US$(127.8) million
as a result of an impairment charge of US$336.8 million relating
to the company's Ukraine and Bulgarian operations.  Net income
from continuing operations decreased US$344.8 million to a loss of
US$(251.8) million, and fully diluted earnings per share in
respect of continuing operations decreased US$8.18 to a loss of
US$(5.95).

Segment EBITDA(1) for the year ended December 31, 2008 increased
7% to US$345.7 million, compared to the year ended December 31,
2007.

Net revenues for the fourth quarter of 2008 decreased 3% to
US$291.5 million, from fourth quarter of 2007.  Operating income
for the quarter decreased US$378.4 million to a loss of US$(279.2)
million as a result of the impairment charge.  Net income from
continuing operations decreased US$394.6 million to a loss of
US$(322.0) million, and fully diluted earnings per share in
respect of continuing operations decreased by US$9.35 to a loss of
US$(7.61). Segment EBITDA for the quarter declined 28% to US$93.6
million, compared to the fourth quarter of 2007.

Adrian Sarbu, President and Chief Operating Officer of CME,
commented: "2008 was an outstanding year for our core stations
despite a difficult fourth quarter.  I am particularly pleased
with the performance of our Czech and Romanian operations which
both delivered their best ever results.  In Croatia we enjoyed our
highest growth yet in audience share and revenues.  In an
environment where companies all over the world are struggling, we
remain leaders in our markets.  2009 will be challenging as we
face adverse macroeconomic conditions and reduced visibility
across our markets.  We have taken aggressive measures to reduce
our operating costs and capex and will take steps necessary to
maximize our revenues and liquidity.  We expect to emerge from the
current economic crisis with our leadership positions intact and
to return to our path of growth."

Headquartered in Bermuda, Central European Media Enterprises Ltd.
(CME) –- http://www.cetv-net.com/ –- invests in, develops and
operates commercial television channels in Central and Eastern
Europe.  As of December 31, 2007, the Company had operations in
Croatia, the Czech Republic, Romania, the Slovak Republic,
Slovenia and Ukraine.  Its assets are held through a series of
Dutch and Netherlands Antilles holding companies.  In each market,
in which the company operates, it has ownership interests in
license companies and operating companies. Operations are
conducted either by the license companies themselves or by
separate operating companies.  CME generates revenues primarily
through acquiring programming for broadcast by the corresponding
license company and entering into agreements with advertisers and
advertising agencies on behalf of the license company.  Other than
in Slovenia, the license company also acts as an operating
company. On October 17, 2008, the Company completed the purchase
of the remaining 10% of the Studio 1+1 group.

                          *     *     *

As of Feb. 27, 2009, the company continues to carry Moody's Ba2 LT
Corp Family rating, Senior Secured Debt rating, and Probability of
Default rating.  As of the same date, the company also continues
to carry Standard and Poor's Long-term Issuer Credit at BB-.


CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Ratings to 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'BB-' from
'BB' its long-term corporate credit ratings on Bermuda-based
emerging markets TV broadcaster Central European Media Enterprises
Ltd.  At the same time, S&P lowered to 'BB-' from 'BB' S&P's debt
ratings on CME's US$475 million senior secured convertible notes
due 2013, its EUR245 million notes due 2012, and EUR150 million
notes due 2014.

In addition, all of the ratings on CME were placed on CreditWatch
with negative implications.

"The downgrade and CreditWatch placement primarily reflect
Standard & Poor's assessment of a rapidly deteriorating operating
environment at many of CME's business units, including very sharp
declines recently in the local currencies of Central and Eastern
European countries where CME generates cash," said Standard &
Poor's credit analyst Manuela Gabetta.  The bulk of the group's
debt is generated in euro and dollar.  As a result, in S&P's view,
a further deterioration in the group's credit metrics is likely in
2009.

S&P will reassess the CreditWatch placement primarily based on the
evolution of the group's liquidity profile with reference to these
main aspects:

  -- CME's capacity to curtail possible cash burn in its start-up
     assets, notably Ukraine; and

  -- A more clear assessment of potential restructuring benefits
     in 2009, notably in terms of reducing the break-even point of
     its operations.

S&P will also bases its reassessment on S&P's view of the long-
term sustainability of CME's capital structure in the context of
the generally depressed macroeconomic conditions.  In the absence
of a more negative assessment on liquidity, any potential
downgrade will likely be limited to one notch given the group's
leading position in its core markets, which could partially
mitigate the impact of the economic downturn.



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

ANNAPURNA CONVERTIBLE: Enters Wind-Up Proceedings
-------------------------------------------------
On December 23, 2008, the shareholder of Annapurna Convertible
(USD) Ltd 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:

          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


ANNAPURNA I: Enters Wind-Up Proceedings
---------------------------------------
On December 23, 2008, the shareholder of Annapurna I Convertible
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


BERRYBROOK HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On January 21, 2009, the shareholders of Berrybrook Holdings Ltd.
received the liquidator's report on the company's wind-up report
and property disposal to the members and creditors of:

The company's liquidator is:

         IPC Management Trust Reg.
         c/o Philip Sutcliffe
         Trident Trust Company (Cayman) Limited
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881


BURI LTD: Enters Wind-Up Proceedings
------------------------------------
On November 28, 2008, the sole shareholder of Buri 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


ELGIN CORPORATE ET AL: Placed Under Voluntary Liquidation
---------------------------------------------------------
On December 15, 2008, the shareholders passed a resolution that
voluntarily liquidates the business of:

   -- Elgin Corporate Credit Master Fund; and
   -- Elgin Corporate Credit Fund.

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 liquidators are:

          S.L.C. Whicker
          K.D. Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4398
          Facsimile: 345-949-7164


FLAMING SPIRIT: Enters Wind-Up Proceedings
------------------------------------------
On December 12, 2008, the shareholder of Flaming Spirit Ltd passed
a resolution that voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
January 31, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

         Connan Hill
         c/o Bronwynne R. Arch
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949 7755
         Facsimile: (345) 949 7634


GLUON FUND: Enters Wind-Up Proceedings
--------------------------------------
On December 10, 2008, the sole shareholder of Gluon Fund
International, Ltd passed a resolution that voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
January 23, 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.
         2nd Floor, dms House
         P.O. Box 1344, Grand Cayman KY1-1108
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


INDIGO FINANCE: Enters Wind-Up Proceedings
------------------------------------------
On December 17, 2008, the shareholder of Indigo Finance &
Investments 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:

         Peter D. Anderson
         P.O. Box 897, Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295


LUCROS CAPITAL: Shareholders Receives Wind-Up Report
----------------------------------------------------
On February 5, 2009, the sole shareholder of Lucros Capital Master
Fund Ltd. received the liquidator's report on the company's wind-
up report and property disposal to the members and creditors of:

The company's liquidator is:

         OGIER
         Shameer Jasani
         Telephone: (345) 815 1802
         Facsimile: (345) 949 9877


MARATHON INVESTMENT: Enters Wind-Up Proceedings
-----------------------------------------------
On December 9, 2008, the sole shareholder of Marathon Investment
Managers, Ltd. passed a resolution that voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
January 23, 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.
         2nd Floor, dms House
         P.O. Box 1344, Grand Cayman KY1-1108
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


MLBT & ASSOCIATES: Enters Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on December 23, 2008, the
shareholder of MLBT & Associates Ltd. 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:

         Lion International Corporate Services Limited
         c/o Darcia Tatum
         P.O. Box 484, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 949 7755
         Facsimile: (345) 949-7634


MULTI-STRATEGY PORTFOLIO ET AL: Placed Under Voluntary Liquidation
------------------------------------------------------------------
On December 12, 2008, the sole shareholder passed a resolution
that voluntarily liquidates the business of:

   -- Multi-Strategy Portfolio EUR Limited; and
   -- Multi-Strategy Portfolio USD Limited.

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 liquidators are:

          Peter D. Anderson
          S. Alan Milgate
          Rawlinson & Hunter
          P. O. Box 897
          One Capital Place, Third Floor
          George Town, Grand Cayman
          KY1-1103, Cayman Islands


ORIENT GLOBAL: Enters Wind-Up Proceedings
-----------------------------------------
On December 11, 2008, the members of Orient Global Group 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:

          Peter D. Anderson
          P.O. Box 897, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


POLAR BLUE: Enters Wind-Up Proceedings
--------------------------------------
On December 5, 2008, the shareholder of Polar Blue 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:

         Lion International Corporate Services Limited
         c/o Darcia Tatum
         P.O. Box 484, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 949 7755
         Facsimile: (345) 949-7634


PRAETORIAN INSTITUTIONAL ET AL: Liquidator Presents Wind-Up Report
------------------------------------------------------------------
On January 22, 2009, DMS Corporate Services Ltd presented the
companies' wind-up report and property disposal to the members of:

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

The company's liquidator is:

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


ROCKBAY CAPITAL: Enters Wind-Up Proceedings
-------------------------------------------
At an extraordinary general meeting held on December 23, 2008, the
sole shareholder of Rockbay Capital Offshore Fund Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
January 26, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Russell Smith
          c/o John D'Cunha
          PO Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946 0820
          Facsimile: (345) 946 0864


RRF SUB: Enters Wind-Up Proceedings
-----------------------------------
On December 23, 2008, the shareholder of RRF SUB, Ltd. 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 liquidators are:

          Warren Keens
          John Sutlic
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


SENTOSA HOLDINGS: Enters Wind-Up Proceedings
--------------------------------------------
At an extraordinary general meeting held on December 5, 2008, the
shareholder of Sentosa Holdings Ltd. 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:

         Lion International Corporate Services Limited
         c/o Darcia Tatum
         P.O. Box 484, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 949 7755
         Facsimile: (345) 949-7634


WELLS FARGO: Enters Wind-Up Proceedings
---------------------------------------
On December 24, 2008, the sole shareholder of Wells Fargo Multi-
Strategy 100 Offshore Hedge 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




===================
M A R T I N I Q U E
===================

* MARTINIQUE: Violence Spreads Over High Prices and Low Pay
-----------------------------------------------------------
Violence escalated in the French Caribbean island Martinique in
protests over high prices, low pay and alleged neglect by
officials in Paris, The Associated Press reports.

According to the report, about 20 people were detained following
the outburst in Fort-de-France, the island's chief city.
Protesters, the report relates, burned at least five cars, several
garbage bins and a small grocery store.  Several stores also were
looted, but no one was injured, according to a police statement
obtained by the news agency.

Strike organiser Michael Monrose, the report notes, said
protesters walked out of the talks in Martinique on Feb. 23
because business owners did not offer a concrete counterproposal
to demands for a monthly pay increase of euro354 (US$452).

The AP says Martinique has not seen the same degree of violence as
that on the nearby French island of Guadeloupe.

As reported in the Troubled Company Reporter-Latin America on Feb.
24, 2009, Reuters said 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.
Protesters, Reuters related, were asking for a 200-euro monthly
wage increase for poor workers to cope with the rising cost of
living in the island.

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, Reuters said 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," Reuters quoted Elie Domota, leader of
the island's mass protest movement, as saying.



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

* PUERTO RICO: Cuts 500 Jobs at Sewer Authority Agency
------------------------------------------------------
The Puerto Rican government has begun sending out dismissal
notices to 500 transitory employees at the Sewer Authority Agency
to save some US$20 million annually, as the island goes through
its third year of economic recession, Maria Miranda Sierra of
Caribbean Net News reports, citing Sewer Authority Executive
Director Jose Ortiz.

According to the report, Mr. Ortiz said the 500 public workers
will be out of a job by December.

Meanwhile, Caribbean Net News relates, Governor Luis Fortuno is
expected to announce his administration’s economic and fiscal
reconstruction measures within the next ten days.  The governor’s
administration has not discarded letting go additional public
workers and some 30,000 public workers jobs could be on the line,
the report says.

“It’s going to be a plan with tough and difficult elements, but it
will also have hopeful elements.  Some elements will be ground
breaking and all will be aimed at economic growth and job
creation,” the news agency quoted Mr. McClintock as saying.



===========
P A N A M A
===========

* Fitch Affirms Republic of Panama's Issuer Ratings at 'BB+'
------------------------------------------------------------
Fitch Ratings has affirmed the Republic of Panama's long-term
foreign currency and local currency Issuer Default Ratings at
'BB+' with Positive Rating Outlooks.  Fitch has also affirmed the
short-term foreign currency IDR of 'B' and the country ceiling of
'BBB+'.

The affirmation of Panama's ratings and continuing Positive
Outlook reflects Fitch's view of the sovereign's resilience to
withstand the international financial crisis, even though Panama
will experience a cyclical downturn and downside risks are
present.  Although both economic growth and the fiscal balance are
expected to deteriorate in 2009, Panama's macroeconomic and
structural strengths will continue to set it apart from 'BB'
peers.

Higher savings and investment, partly due to the ongoing Canal
widening project, should help Panama maintain stronger economic
growth this year relative to the global slowdown in 2001/02 and
also compared to regional peers.  As such, Fitch believes that
Panama should be able to absorb future increases in public debt
related to the expansion of the canal without precipitating
downward pressure on the ratings given its growth prospects and
the expectation that fiscal discipline will be maintained even
during an election year.

'Panama's key credit metrics continue to strengthen, with growth
averaging 8.8% for the five years ending in 2008, one of the
highest rates in the world,' according to Theresa Paiz Fredel,
Senior Director in Fitch's Sovereign Ratings team.  This has
contributed to the convergence of per capita income with that of
low investment grade sovereigns.  'As a result of Panama's robust
growth performance, as well as its improved fiscal and external
position, the country is well situated to face a reduction in
external demand and international capital flows,' added Paiz
Fredel.

Official dollarization, a stable financial system, low public
sector debt service needs as well as the government's considerable
financial and land assets support the sovereign's IDR of 'BB+'.
Furthermore, dollarization underpins an established track record
of macroeconomic stability unrivaled by sub-investment grade
emerging markets, as illustrated by an extended period of high
growth in conjunction with low to moderate inflation.

Panama's main credit weakness remains its high level of government
debt, although key public debt metrics have been improving at a
steady pace over the past five years.  Fiscal consolidation and
vigorous growth reduced the government debt to GDP ratio to an
estimated 42% last year, from a peak of 66% in 2004, in line with
the 10-year 'BB' category median of 41% and converging toward the
10-year 'BBB' category median of 36%.  Furthermore, a manageable
debt service profile and the low probability of a devaluation
induced increase in debt ratios sufficiently offset this weakness.
Despite the moderate debt burden and Fitch's expectation that the
non-financial public sector will revert to a deficit position, the
government's financing needs remain manageable at an estimated
3.4% of GDP this year, among the lowest of 'BB' rated sovereigns
and further supporting creditworthiness.

While the net sovereign external debt to current account receipts
ratio remains high at 24.1% compared with a peer median of 14%,
this partly reflects Panama's monetary regime whereby the
authorities do not technically maintain international reserves.
Given Panama's high level of private sector external assets, at
1.4%, its overall net external debt as a proportion of current
account receipts surpassed the ten-year 'BB' and 'BBB' medians of
21.2% and 24.9%, respectively.

Fitch believes that if managed appropriately, the long-term
economic benefits of expanding the Canal outweigh the short- to
medium-term costs of increased public debt.  Continued growth
momentum and resilience of Panama's macroeconomic policy framework
in the context of the current global economic and financial crisis
could be positive for creditworthiness.  Given the small size of
Panama's economy, its vulnerability to external shocks and
rigidity in public finances, a sustained reduction in the
government's debt burden could also benefit creditworthiness.



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

CL FINANCIAL: Clico Bahamas in Liquidation, 140 Jobs at Risk
------------------------------------------------------------
The liquidation of CLICO Bahamas Limited (formerly British
Fidelity Assurance Limited), a subsidiary of CLICO (Holdings)
Barbados Limited and a subsidiary of the CL Financial group, has
put the jobs of 140 workers at risk, Trinidad and Tobago Newsday
reports.

As reported in the Troubled Company Reporter-Latin America on Feb.
27, 2009, CaribWorldNews said the Bahamian Supreme Court granted a
request from the islands government to liquidate Clico Bahamas for
the protection of company shareholders.  Craig Gomez of Baker
Tilley Gomez was appointed as the liquidator of the company,
according to CaribWorldNews.

According to T&T Newsday, the Office of the Registrar of Insurance
Companies Lennox McCartney's office said: "This action was
precipitated at this time because of the continuing decline in the
market value of the real estate investment in the United States
via CLICO Bahamas subsidiaries, CLICO Enterprises Limited and
Wellington Preserve Limited, the uncertain financial position of
its ultimate parent CL Financial Limited of Trinidad and Tobago,
the inability of the company to pay claims/surrenders of policies
in one of the jurisdictions where it operates and the lack of a
credible plan by the company to address the shortfall in capital
and liquidity in a reasonable time.

"It was felt that to delay taking action would only further erode
the assets of the company to the detriment of policyholders."

When T&T Newsday asked if the liquidation order will result in the
layoff of all of the company's employees,  Mr. McCartney said the
liquidator will have to do his work "and make a statement in that
regard".

Meanwhile, CBC.bb News relates Chairman of CLICO Barbados Leroy
Parris has categorically denied CLICO Bahamas is a subsidiary of
the local company.

According to CBC.bb News, Mr. Parris was speaking against internet
reports that the Bahamian subsidiary of CL Financial in Trinidad
was facing liquidation by the government of that country.  "The
operation in the Bahamas have absolutely nothing to do with CLICO
Holdings Barbados.  It is not a subsidiary of CLICO Holdings
Barbados.  It does not report to CLICO Holdings Barbados.  We have
no relationship, no more than it is a subsidiary of CL Financial,"
CBC.bb quoted Mr. Parris as saying.

                       About CLICO Bahamas

CLICO Bahamas Limited (formerly British Fidelity Assurance
Limited), a subsidiary of CLICO (Holdings) Barbados Limited and a
subsidiary of the CL Financial group, operated in the Bahamas as a
part of the C L Financial group since 1992.  The company operated
for many years prior to 1992 as British Fidelity Assurance Limited
under different owners.  The company has active operations in the
Bahamas, Belize and the Turks & Caicos Islands.

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

* VENEZUELA: Bonds Hits Historic Lows Amid Global Crisis
--------------------------------------------------------
Venezuela's benchmark papers and state-owned company Petroleos de
Venezuela (PDVSA)have reached historic lows due to global
financial crisis and domestic factors, El Universal News reports.
The report relates it will cause the increase of borrowing cost
and hindering the ability of the Ministry of Finance to curb the
black market dollar.

According to the report, Venezuela's Global 27 has plummeted to
54.1% of its value, the lowest in six years, and ended at 69.6
percent of its value, on Feb. 26.

Meanwhile, (Pdvsa)'s bonds have declined sharply.  According to a
report prepared by Merinvest, El Universal notes, as of February
20th, Pdvsa's papers due in 2017 have declined 77.57% compared to
April 12th, 2007, when the bonds were issued.

El Universal adds the benchmark 2027 bond has plummeted 79.97%
while the 2037 bond has lowered 76.83%.

                           *     *     *

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


* VENEZUELA: Sees Negative Effects if Oil Price Slide Continues
---------------------------------------------------------------
Venezuela would see “difficult consequences” should crude oil
prices remain depressed for a period of two or three years,
Matthew Walter of Bloomberg News reports, citing Finance Minister
Ali Rodriguez.

Mr. Rodriguez, the report relates, said Venezuela will propose an
output cut at next month’s OPEC meeting to bolster prices. The
South American country has enough savings to maintain spending
amid the drop in prices this year.  “If this carries on for two or
three years, which is possible, one would think that it would lead
to difficult consequences,” the news agency quoted Mr. Rodriguez
as saying.

As reported in the Troubled Company Reporter-Latin America on Feb.
19, 2009, Caymanian Compass News said according to  Venezuela
Energy Minister Rafael Ramirez, world oil inventories are too high
and may require new output cuts from the Organization of Petroleum
Exporting Countries ("OPEC") this month.

Minister Ramirez, Caymanian Compass News related, warned that past
cuts have not balanced supply with demand, which continues to fall
amid the world economic crisis.

                           *     *     *

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



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

* BOND PRICING: For the Week February 23 – February 27, 2009
------------------------------------------------------------

  Issuer                  Coupon    Maturity   Currency   Price
  ------                  ------    --------   --------   -----

  ARGENTINA
  ---------
Alto Palermo SA          7.875    05/11/17     USD      49.62
Argent-DIS               5.830    12/31/33     ARS      53.24
Argent-DIS               7.820    12/31/33     ARS      22.37
Argent-$DIS              8.820    12/31/33     ARS      27.39
Argent-Par               0.630    12/31/38     ARS      11.70
Argnt-Bocon PRE8         2.000    01/03/10     ARS      46.88
Argnt-Bocon PR11         2.000    12/03/10     ARS      35.00
Argnt-Bocon PRE9         2.000    03/15/24     ARS      56.97
Argnt-Bocon PR12         2.000    01/03/16     ARS      59.89
Argnt-Bocon PR13         2.000    03/15/24     ARS      14.95
Arg Boden                2.000    09/30/14     ARS      39.04
Arg Boden                7.000    10/03/15     ARS      26.16
Argentina - NGB          2.000    01/03/16     ARS      40.77
Autopistas Sel S        11.500    05/23/17     USD      32.89
Banco Hipot SA           9.750    11/16/10     USD      65.72
Banco Hipot SA           9.750    04/27/16     USD      32.50
Bonar X                  7.000    04/17/17     USD      37.27
Banco Macro SA           9.750    02/01/17     USD      54.87
Banco Macro SA           9.750    12/18/36     USD      34.10
Bonar V                  7.000    03/28/11     USD      48.79
Bonar VII                7.000    09/12/13     USD      33.52
Buenos Aire Prov         9.375    09/14/18     USD      22.45
Buenos-$DIS              9.250    04/15/17     USD      23.50
Buenos-$DIS              8.500    04/15/17     USD      21.50
Emp Distrib Nort        10.500    10/09/17     USD      51.90
Hidroelec Piedra         9.000    07/11/17     USD      61.00
Industries Metal        11.250    10/22/14     USD      49.16
Invers Rep Y Soc         8.500    02/02/17     USD      50.56
Masterlonne Herma        8.000    06/30/12     USD      19.95
Mendoza Province         5.500    09/04/18     USD      34.50
Transener                8.875    12/15/16     USD      36.75
Trasport De Gas          7.875    05/14/17     USD      60.58
YPF SA                  10.000    11/02/28     USD      74.25


   ARUBA
   -----
Xstrata Capital          4.000    08/14/17     USD      73.09

   BRAZIL
   ------
Banco BMG SA             9.150    01/15/16     USD      69.75
Banco Cruzeiro          10.750    11/24/16     USD      72.37
Banco Ind E Com          9.750    03/03/16     USD      70.00
Bertin Ltda             10.250    10/05/16     USD      40.50
Braskem SA               9.000    04/29/49     USD      74.00
BR Malls Int Fi          8.500    04/15/17     EUR      65.40
CESP                     9.750    01/15/15     BRL      38.06
Cosan Finance            7.000    02/01/17     USD      66.00
Cosan SA Industr         8.250    02/28/49     USD      43.00
JBS SA                   9.375    02/07/11     USD      74.87
JBS SA                  10.500    08/04/16     USD      55.50
Independencia In         9.875    05/15/15     USD      16.93
Independencia In         9.875    01/31/17     USD      21.00
Independencia In         9.875    05/15/15     USD      21.00
National Steel           9.875    05/29/49     USD      62.25
Net Servicos             9.250    11/29/49     USD      75.00
Rede Empresas           11.120    04/29/49     USD      44.09
RBS-Zero Hora Ed        11.250    06/15/17     BRL      62.33
Sadia Overseas           6.875    05/24/17     USD      67.00


   CAYMAN ISLANDS
   --------------

Aig Sunamerica           5.625    02/01/12     GBP      63.21
Asif II                  5.125    01/28/13     GBP      48.75
Bancaja Intl Fin         5.700    06/30/22     EUR      63.13
Banco BPI (CI)           4.150    11/14/35     EUR      64.52
Barion Funding           0.100    12/20/56     USD       4.27
Barion Funding           1.440    12/20/56     USD      23.98
Barion Funding           0.630    12/20/56     USD      12.77
Barion Funding           0.250    12/20/56     USD       5.44
Barion Funding           0.250    12/20/56     USD       5.44
Barion Funding           0.250    12/20/56     USD       5.44
Barion Funding           0.250    12/20/56     USD       5.44
Barion Funding           0.250    12/20/56     USD       5.44
Barion Funding           0.250    12/20/56     USD       5.44
BCP Finance Company      5.543    06/29/49     EUR      28.50
BCP Finance Company      4.239    10/29/49     EUR      26.50
Bes Finance Limited      4.500    12/29/49     EUR      53.50
Bes Finance Limited      6.625    05/08/49     EUR      63.33
Bes Finance Limited      5.580    07/29/49     EUR      42.50
Cam Global Fin           6.080    12/22/30     EUR      61.73
Castle Holdco 4          9.875    11/16/16     GBP      07.62
Castle Holdco 4          9.875    11/16/16     GBP      07.62
China Med Tech           3.500    11/15/11     USD      55.65
China Med Tech           4.000    08/15/13     USD      50.50
China Properties         9.125    05/04/14     USD      44.32
Country Garden           2.500    02/22/13     CNY      56.12
Credit Sail Ltd          8.500    12/22/12     NZD       5.00
DP World Sukuk           6.250    07/02/17     USD      56.21
DP World Sukuk           6.250    07/02/17     USD      56.00
Dubai Holding Comm       4.750    01/30/14     EUR      55.25
Dubai Holding Comm       6.000    02/01/17     GBP      51.61
DWR CYMN FIN             4.473    03/31/57     GBP      63.70
Esfg Internation         5.753    06/29/49     EUR      31.00
Gol Finance              7.500    04/03/17     USD      57.00
Gol Finance              7.500    04/03/17     USD      60.10
Gol Finance              8.750    04/28/49     USD      43.00
Greentown China          9.000    11/08/13     USD      32.00
Investcorp Cap           8.080    03/27/09     USD      63.74
Ja Solar Hold Company    4.500    05/15/13     USD      41.37
Lai Funding Holding      9.125    04/04/14     USD      71.13
Lok Solar Co Ltd         4.750    04/15/13     USD      37.92
Lupatech Finance         9.875    07/29/49     USD      69.85
Mafrig Overseas          9.635    11/16/16     USD      57.95
Malachite Fdg            0.630    12/21/56     EUR      15.92
Mazarin Fdg Ltd          1.440    09/20/68     EUR      22.24
Mazarin Fdg Ltd          0.630    09/20/68     USD      10.76
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.89
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.89
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.89
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.89
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.89
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.89
Minerva Overse           9.500    02/01/17     USD      48.91
Mizuho Capital I         5.020    06/29/49     EUR      43.50
Mizuho Capital INV I     6.686    03/29/49     EUR      51.50
Mufg Cap Fin1            6.346    07/29/49     EUR      64.00
Mufg Cap Fin2            4.850    07/29/49     EUR      46.50
Mufg Cap Fin4            5.271    01/29/49     EUR      49.49
Mufg Cap Fin5            6.299    01/25/49     GBP      46.50
Prince Fin Global        4.500    01/26/17     EUR      65.31
Pubmaster Fin            5.943    12/30/24     GBP      59.77
Punch Taverns            4.767    06/30/33     GBP      64.93
Reg Div Funding          6.227    01/25/36     USD      09.25
Reg Div Funding          6.227    01/25/36     USD      10.75
Resona PFD Glob          7.191    12/29/49     USD      40.44
Santander                7.250    12/29/49     GBP      72.26
Seagate Tech HDD         6.800    10/01/16     USD      55.84
Seagate Tech HDD         6.375    10/01/11     USD      67.97
Shimao Property          8.000    12/01/16     USD      44.25
Shinsei Fin Caym         6.418    01/29/49     USD      15.38
SMFG Preferred           6.078    01/29/49     USD      59.96
SMFG Preferred           6.164    01/29/49     USD      42.24
SMFG Preferred 2        10.231    07/18/49     USD      70.29
STB Finance              5.834    09/29/49     GBP      53.46
Subsea                   2.800    06/06/11     USD      67.75
Suntech Power            3.000    03/15/13     USD      34.42
Tam Capital Inc.         7.375    04/25/17     USD      58.25
Tam Capital Inc.         7.375    04/25/17     USD      62.55
Trina Solar Ltd          4.000    07/15/13     USD      34.75
Vestel Elec Fin          8.750    05/09/12     USD      57.83
Vontobel Cayman          8.350    03/27/09     USD      63.00
Vontobel Cayman         10.650    02/27/09     USD      25.80
Vontobel Cayman         10.550    03/27/09     USD      52.80
XL Capital Limited       5.250    09/15/14     USD      63.64
XL Capital Limited       6.250    05/15/27     USD      50.85
XL Capital Limited       6.375    11/15/24     USD      58.01
XL Capital Limited       6.500    12/31/49     USD      25.50


   CHILE
   -----
CAP                      7.375    09/15/36     USD      71.88
Codelco                  5.625    09/21/35     USD      72.36


   DOMINICAN REPUBLIC
   ------------------
Cap Cana SA              9.625    11/03/13     USD      29.50
Dominican Republic       8.625    04/20/27     USD      57.00
Dominican Republic       9.040    01/23/18     USD      72.15
Itabo Finance SA        10.875    10/05/13     USD      45.50


   ECUADOR
   -------
Ecuador Government       5.000    12/30/13     USD      37.29
Rep of Ecuador           9.375    12/15/15     USD      40.24
Rep of Ecuador           9.375    12/15/15     USD      23.90



  EL SALVADOR
  -----------
El Salvador Rep          8.250    04/10/32     USD      74.51
El Salvador Rep          7.650    06/15/35     USD      70.87
El Salvador Rep          7.650    06/15/35     USD      71.78


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      58.29
Jamaica Govt             8.000    06/24/19     USD      63.47
Jamaica Govt             8.500    02/28/36     USD      61.00
Jamaica Govt             9.250    10/17/25     USD      73.97
Jamaica Govt LRS        12.750    04/27/12     JMD      72.75
Jamaica Govt LRS        12.750    06/29/22     JMD      47.44
Jamaica Govt LRS        12.750    06/29/22     JMD      47.46
Jamaica Govt LRS        12.250    07/13/12     JMD      70.39
Jamaica Govt LRS        12.850    05/31/22     JMD      47.85
Jamaica Govt LRS        13.625    06/23/14     JMD      64.69
Jamaica Govt LRS        13.375    04/27/32     JMD      47.93
Jamaica Govt LRS        13.375    12/15/21     JMD      49.95
Jamaica Govt LRS        13.575    12/15/26     JMD      48.65
Jamaica Govt LRS        13.875    05/17/13     JMD      69.74
Jamaica Govt            14.400    08/03/27     EUR      53.39
Jamaica Govt            14.000    06/21/13     EUR      70.82
Jamaica Govt            14.000    07/05/13     EUR      70.68
Jamaica Govt            14.500    11/13/13     EUR      69.31
Jamaica Govt            14.125    07/08/13     EUR      69.77
Jamaica Govt            14.125    08/31/12     EUR      74.85
Jamaica Govt            14.250    08/19/15     EUR      71.46
Jamaica Govt            14.250    05/31/13     EUR      71.76
Jamaica Govt            14.250    08/19/15     EUR      72.79
Jamaica Govt            14.375    05/03/14     EUR      68.59
Jamaica Govt            14.375    12/29/12     EUR      73.04
Jamaica Govt            14.375    11/15/12     EUR      73.23
Jamaica Govt            14.375    06/28/14     EUR      66.75
Jamaica Govt            14.375    09/06/14     EUR      66.12
Jamaica Govt            14.375    09/13/14     EUR      66.04
Jamaica Govt            14.375    05/30/14     EUR      68.38
Jamaica Govt            14.500    06/28/17     EUR      60.35
Jamaica Govt            14.500    08/02/17     EUR      60.12
Jamaica Govt LRS        14.000    06/30/21     JMD      52.42
Jamaica Govt LRS        14.750    04/26/13     JMD      73.38
Jamaica Govt LRS        14.750    03/21/14     JMD      70.09
Jamaica Govt LRS        14.625    04/19/14     JMD      69.47
Jamaica Govt LRS        14.500    05/17/13     JMD      72.50
Jamaica Govt LRS        15.000    07/31/13     JMD      71.76
Jamaica Govt LRS        15.000    11/15/21     JMD      55.72
Jamaica Govt LRS        15.800    06/26/17     JMD      64.80
Jamaica Govt LRS        15.000    07/31/16     JMD      62.56
Jamaica Govt LRS        15.000    08/30/32     JMD      55.67
Jamaica Govt LRS        15.125    04/24/14     JMD      69.46
Jamaica Govt LRS        15.000    07/31/14     JMD      68.21
Jamaica Govt LRS        15.000    09/06/32     JMD      55.64
Jamaica Govt LRS        15.500    03/24/28     JMD      55.57
Jamaica Govt LRS        15.750    08/22/19     JMD      59.95
Jamaica Govt LRS        16.000    06/13/22     JMD      58.99
Jamaica Govt LRS        16.000    05/17/17     JMD      64.00
Jamaica Govt            16.000    08/24/13     EUR      74.13
Jamaica Govt            16.000    12/06/32     EUR      57.32
Jamaica Govt LRS        16.250    05/22/27     EUR      58.21
Jamaica Govt LRS        16.125    08/21/32     EUR      59.80
Jamaica Govt LRS        16.250    06/26/32     EUR      58.25
Jamaica Govt LRS        16.250    05/22/22     EUR      59.88
Jamaica Govt LRS        16.150    06/12/22     EUR      59.53
Jamaica Govt LRS        16.150    06/12/22     EUR      61.49
Jamaica Govt LRS        16.250    08/26/32     EUR      60.27
Jamaica Govt LRS        16.250    06/18/27     EUR      60.27
Jamaica Govt LRS        16.500    06/14/27     EUR      59.12
Jamaica Govt LRS        17.000    07/11/23     EUR      62.09




    MEXICO
    ------
KBC Intl Fin             5.000    05/29/49     EUR      49.25
KBC Intl Fin             5.050    01/15/20     USD      67.19
KBC Intl Fin             4.950    01/15/18     EUR      72.32
Mer Lynch Int CV        22.670    03/16/09     EUR       5.34
Mer Lynch Int CV        19.380    03/16/09     CHF       1.50
Mer Lynch Int CV        19.110    03/16/09     CHF       6.61
Mer Lynch Int CV        18.020    03/16/09     CHF      56.82
Mer Lynch Int CV        17.140    03/16/09     CHF      49.09
Mer Lynch Int CV        16.450    03/16/09     CHF      22.50
Mer Lynch Int CV        16.330    03/16/09     CHF      11.35
Mer Lynch Int CV        15.710    03/16/09     CHF      72.48
Mer Lynch Int CV        15.520    03/16/09     CHF      32.68
Mer Lynch Int CV        15.220    03/16/09     CHF      17.72
Mer Lynch Int CV        14.890    03/16/09     CHF      26.63
Mer Lynch Int CV        14.530    03/16/09     CHF      20.21
Mer Lynch Int CV        16.380    03/16/09     CHF       7.39
Mer Lynch Int CV        13.720    03/16/09     CHF      52.83
Mer Lynch Int CV        13.280    03/16/09     CHF      11.26
Mer Lynch Int CV        13.100    03/16/09     CHF      44.58
Mer Lynch Int CV        12.760    03/16/09     CHF      24.55
Mer Lynch Int CV        12.460    03/16/09     CHF      30.18
Mer Lynch Int CV        12.200    03/16/09     CHF      20.32
Mer Lynch Int CV        11.730    03/16/09     CHF      74.84
Mer Lynch Int CV        11.720    03/16/09     CHF      29.36
Mer Lynch Int CV        11.660    03/16/09     CHF      10.33
Mer Lynch Int CV        11.540    03/16/09     CHF      71.45
Mer Lynch Int CV        11.400    03/16/09     CHF      61.45
Mer Lynch Int CV        11.330    03/27/09     CHF      59.38
Mer Lynch Int CV        11.200    03/27/09     CHF      27.99
Mer Lynch Int CV        10.760    03/16/09     CHF      38.60
Mer Lynch Int CV        16.800    03/16/09     CHF      27.15
Mer Lynch Int CV        22.000    03/16/09     CHF       9.42
Mer Lynch Int CV        18.000    03/16/09     CHF      74.55
Soc Gen Accept          14.000    04/09/09     CHF      17.70
Soc Gen Accept          00.750    12/21/11     CHF      38.64
Soc Gen Accept          08.000    12/20/13     CHF      20.32
Soc Gen Accept          07.000    02/27/13     CHF      12.24
Willbros Group          02.750    03/15/24     USD      69.50
Doral Finl Corp         07.000    04/26/12     USD      60.00
Doral Finl Corp         07.650    03/26/16     USD      72.37


  PUERTO RICO
  -----------
Puerto Rico Cons         6.500    04/01/16     USD      68.80



  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      42.62
Uruguay                  4.250    04/05/27     UYU      54.00


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      36.87
Petroleos de Ven         5.375    04/12/27     USD      32.27
Petroleos de Ven         5.500    04/12/37     USD      31.62
TCCIC                    7.125    03/20/15     USD      55.23
TCCIC                    6.250    04/06/17     USD      46.29
TCCIC                    7.125    11/22/13     USD      60.50
TCCIC                    5.250    03/20/19     USD      38.12
Venezuela                7.000    03/31/38     EUR      39.86
Venezuela                9.250    09/15/27     EUR      54.50
Venezuela                7.650    04/21/25     EUR      43.50
Venezuela               13.625    08/15/18     EUR      66.00
Venezuela                8.500    10/08/14     USD      57.50
Venezuela               13.625    08/15/18     USD      71.13
Venezuela                7.000    03/16/15     USD      47.06
Venezuela                7.000    03/16/15     USD      47.49
Venezuela                9.000    05/07/23     USD      49.25
Venezuela                9.250    05/07/28     USD      48.44
Venezuela                7.000    12/01/18     USD      44.00
Venezuela               13.625    08/15/18     USD      71.13
Venzod - 189000         10.750    09/19/13     USD      69.00
Venzod - 189000         09.375    01/13/34     USD      49.50
Venezuela               05.750    02/26/16     USD      47.58
Venezuela               10.750    09/19/13     USD      68.70
Venezuela               10.750    09/19/13     USD      70.14
Venezuela               06.000    12/09/20     USD      42.00



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *