TCRLA_Public/090303.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Tuesday, March 3, 2009, Vol. 9, No. 43

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Receiver Asked to Release Mississippi Funds
* ANTIGUA & BARBUDA: Senate OKs Seizure of Stanford Lands


A R G E N T I N A

* ARGENTINA: Foreign Creditors Agree on US$982 Million Loan Swap
* ARGENTINA: Automobile Sales Probably Fell Last Month


A R G E N T I N A

DESTILADORA: Proofs of Claim Verificaion due on March 12


B E R M U D A

CARATS LIMITED: Members' Final Meeting Set for March 31
FORSYTH GLOBAL: Creditors' Proofs of Debt Due on March 20
FORSYTH INDIAN: Creditors' Proofs of Debt Due on March 20
FORSYTH GLOBAL: Creditors' Proofs of Debt Due on March 20
FORSYTH GLOBAL: Creditors' Proofs of Debt Due on March 20

ROTHSCHILD TRUST: Creditors' Proofs of Debt Due on March 27
ROTHSCHILD TRUST: Shareholders' Final Meeting Set for March 30
SWISS JET: Creditors' Proofs of Debt Due on March 13
SWISS JET: Members' Final Meeting Set for March 31
UNOCAL INTERNATIONAL: Creditors' Proofs of Debt Due on March 13

UNOCAL INTERNATIONAL: Members' Final Meeting Set for April 7


B R A Z I L

CITIGROUP INC: To Sell 17% Stake in Redecard SA Through Offering
INDEPENDENCIA SA: 4Q Net Income Drops 38.5% to Ps.87.0 Million
INDEPENDENCIA SA: Moody's Downgrades Corp. Family Rating to 'B3'
INDEPENDENCIA SA: S&P Puts 'B' Corporate Rating on Negative Watch
JBS SA: Terminates Acquisition Plan for National Beef

JBS SA: Fitch Comments on Termination of National Beef Merger
UNIBANCO: Merged Firm Posts 16% Drop in 2008 Net Income


C A Y M A N  I S L A N D S

APM GLOBAL: Sole Shareholder Receives Wind-Up Report
CARLYLE MULTI-STRATEGY ET AL: Liquidator Present Wind-Up Report
CNH FUNDING: Shareholders Receive Wind-Up Report
EIFFEL FINANCIAL: Shareholder Receives Wind-Up Report
FIVEMORE SYSTEMATIC: Liquidator Presents Wind-Up Report

HAREWOOD INVESTMENTS: Shareholders Receive Wind-Up Report
JEFFERIES ARCH: Liquidator Presents Wind-Up Report
JEFFERIES CERIMON ET AL: Liquidator Presents Wind-Up Report
LUCROS CAPITAL: Sole Shareholder Receives Wind-Up Report
PACIFIC INVESTMENT: Liquidator Presents Wind-Up Report

PALM BEACH: Liquidator Presents Wind-Up Report
PHI RUSSIA: Shareholders Receive Wind-Up Report
RAMIUS HEDGED: Shareholders Receive Wind-Up Report
RJX ETF: Liquidator Presents Wind-Up Report
SAL 95: Shareholders Receive Wind-Up Report

T.O.P.Q.I.M. INVESTMENT: Liquidator Presents Wind-Up Report
T.O.P.Q.I.M. SYSTEMATIC: Liquidator Presents Wind-Up Report
UNI HANI: Shareholders Receive Wind-Up Report
YA 95 A: Shareholders Receive Wind-Up Report


M E X I C O

GRUPO PAPELERO: S&P Puts 'BB-' Corporate Rating on Negative Watch
METROFINANCIERA SA: Planned Restructuring Cues Fitch's Junk Rating


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CIB Depositors Have $75,000 Max Withdrawals


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


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

STANFORD INT'L BANK: Receiver Asked to Release Mississippi Funds
----------------------------------------------------------------
Stanford Financial Group's receiver, Dallas attorney Ralph Janvey,
was asked by Mississippi Secretary of State Delbert Hosemann to
release monthly distributions to Mississippi clients from frozen
accounts not linked to tainted assets, Edvard Pettersson of
Bloomberg News reports.

As reported in the Troubled Company Reporter-Latin America on
February 25, 2009, Bloomberg News said Pershing LLC, New Jersey-
based clearing firm that handled Stanford accounts, told clients
they couldn?t retrieve their money from Stanford International
Bank ("SIBL") because the court had frozen the accounts.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
Robert Allen Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include SIBL, Stanford Group Company (SGC), and
investment adviser Stanford Capital Management.

Mr. Hosemann told Bloomberg News in a telephone interview that
only 147 Mississippi residents have accounts with certificates of
deposit in Antigua-based SIBL, and an additional 4,524 residents
have accounts with no ties to SIBL.

Mr. Hosemann, Bloomberg News relates, said many residents depend
on monthly distributions from their Stanford accounts to pay their
mortgages and utility bills.  ?This is causing tremendous
hardship,? the news agency quoted Mr. Hosemann as saying. ?We need
the monthly distributions released at a minimum.?

                            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.


* ANTIGUA & BARBUDA: Senate OKs Seizure of Stanford Lands
---------------------------------------------------------
Antigua and Barbuda's Senate approved a government takeover of
more than 250 acres land owned by Robert Allen Stanford before a
US court-appointed receiver seizes it, Billy Canning of Reuters
reports.

As reported in the Troubled Company Reporter-Latin America on Feb.
27, 2009, Reuters said Antigua and Barbuda's government planned to
take over land owned by Mr. Stanford to "protect the national
economy" following the US fraud charges against him.

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.  Mr. Stanford's
companies include Stanford International Bank Limited, Stanford
Group Company (SGC), and investment adviser Stanford Capital
Management.

The government, Reuters related, explained that the appointment by
a Texas court of a US receiver to seize Mr. Stanford assets
"threatens the financial viability of the once Stanford Group-
owned Bank of Antigua, the prompt payment by the Stanford Group of
Companies of the massive outstanding debt to local suppliers and
the continued employment of over eight hundred employees at a time
of global financial crisis."

Reuters said a list accompanying the official statement
detailed land parcels "required for public purpose" totaling more
than 250 acres on the country:

  ?- plots housing Stanford banks and companies,
  ?- beachside homes and development properties located at Shell
     Beach, Crabbs Peninsula and Cedar Valley Springs, and among
     other sites.

Bank of Antigua, Reuters added, is now under a grouping of
regional banks in an operation coordinated with the Eastern
Caribbean Central Bank.



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

* ARGENTINA: Foreign Creditors Agree on US$982 Million Loan Swap
----------------------------------------------------------------
Argentina's foreign creditors agreed to swap about 3.5 billion
pesos (US$982 million) of loans for longer-term bonds, Richard
Jarvie of Bloomberg News reports, citing an unnamed government
official.  The official, the report relates, said the acceptances
represent almost 50% of the so-called guaranteed loans that were
eligible for the exchange, excluding 1.2 billion pesos that come
due in June.

As reported in the Troubled Company Reporter-Latin America on Jan.
30, 2009, Bloomberg News said holders of 15.1 billion pesos
(US$4.3 billion) of Argentine local debt agreed to swap the
securities for longer-term bonds in an exchange the government set
up to help cover its growing financing needs.

Bloomberg News relates Cabinet Chief Sergio Massa said the swaps
are part of an effort to plug a financing gap that has swelled as
commodity export revenue slumped.  The exchange will reduce the
government's debt payments by 5.4 billion pesos this year, she
said.

According to Bloomberg News the local and foreign creditors were
given the same deal:

   -- five-year peso bonds that pay 15.4% interest in the first
      year; and

   -- then a rate tied to the interbank lending rate.

The government official, the report notes, said the transaction
brings the amount of loans swapped by both domestic and
international investors to 19.1 billion pesos of a total 23.8
billion pesos that were eligible.

                          *     *     *

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'.


* ARGENTINA: Automobile Sales Probably Fell Last Month
------------------------------------------------------
Argentina's automobile sales probably fell for a fourth straight
month in February, even as the government expanded an US$870
million plan to spur purchases and combat the effects of the
global financial crisis, Eliana Raszewski of Bloomberg News
reports.


Fausto Spotorno, an economist at Buenos Aires-based Delphos
Investment, as cited by the report, said the country's domestic
sales likely fell to 30,000 units.

According to the report, in January, automakers sold 33,699
vehicles, the weakest sales in three years.  Monthly sales have
dropped from a record 59,277 units in May, Bloomberg News notes.

                        *     *     *

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'.



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

DESTILADORA: Proofs of Claim Verificaion due on March 12
--------------------------------------------------------
The court-appointed trustee for Destiladora Internacional S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until March 12, 2009.

The trustee will present the validated claims in court as
individual reports on April 15, 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 29, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on November 6, 2009.



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

CARATS LIMITED: Members' Final Meeting Set for March 31
-------------------------------------------------------
The members of Carats Limited will hold their final general
meeting on March 31, 2009, at 3:00 p.m., at 100 Orchard Road,
Concorde Hotel (formerly known as Le Meridien), #04-100 Singapore
238840.

At the meeting, Don Ho Mun-Tuke, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FORSYTH GLOBAL: Creditors' Proofs of Debt Due on March 20
---------------------------------------------------------
The creditors of Forsyth Global Commodity Fund Limited are
required to file their proofs of debt by March 20, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 25, 2009.

The company's liquidators are:

          Peter C.B. Mitchell
          Nigel J.S. Chatterjee
          PricewaterhouseCoopers Advisory Limited
          Dorchester House, 7 Church Street
          Hamilton, Bermuda



FORSYTH INDIAN: Creditors' Proofs of Debt Due on March 20
---------------------------------------------------------
The creditors of Forsyth Indian Opportunities Fund Limited are
required to file their proofs of debt by March 20, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 25, 2009.

The company's liquidators are:

          Peter C.B. Mitchell
          Nigel J.S. Chatterjee
          PricewaterhouseCoopers Advisory Limited
          Dorchester House, 7 Church Street
          Hamilton, Bermuda


FORSYTH GLOBAL: Creditors' Proofs of Debt Due on March 20
---------------------------------------------------------
The creditors of Forsyth Global Private Equity Fund Limited are
required to file their proofs of debt by March 20, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 25, 2009.

The company's liquidators are:

          Peter C.B. Mitchell
          Nigel J.S. Chatterjee
          PricewaterhouseCoopers Advisory Limited
          Dorchester House, 7 Church Street
          Hamilton, Bermuda


FORSYTH GLOBAL: Creditors' Proofs of Debt Due on March 20
---------------------------------------------------------
The creditors of Forsyth Global Property Fund Limited are required
to file their proofs of debt by March 20, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 25, 2009.

The company's liquidators are:

          Peter C.B. Mitchell
          Nigel J.S. Chatterjee
          PricewaterhouseCoopers Advisory Limited
          Dorchester House, 7 Church Street
          Hamilton, Bermuda


ROTHSCHILD TRUST: Creditors' Proofs of Debt Due on March 27
-----------------------------------------------------------
The creditors of Rothschild Trust (Bermuda) Limited are required
to file their proofs of debt by March 27, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 25, 2009.

The company's liquidator is:

          Peter Martin
          Thistle House, 4 Burnaby Street
          Hamilton, Bermuda


ROTHSCHILD TRUST: Shareholders' Final Meeting Set for March 30
--------------------------------------------------------------
The shareholders of Rothschild Trust (Bermuda) Limited will hold
their final general meeting on March 30, 2009, at 10:30 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. 25, 2009.

The company's liquidator is:

          Peter Martin
          Thistle House, 4 Burnaby Street
          Hamilton, Bermuda


SWISS JET: Creditors' Proofs of Debt Due on March 13
----------------------------------------------------
The creditors of Swiss Jet Ltd. are required to file their proofs
of debt by March 13, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2009.

The company's liquidator is:

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


SWISS JET: Members' Final Meeting Set for March 31
--------------------------------------------------
The members of Swiss Jet Ltd. will hold their final general
meeting on March 31, 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. 24, 2009.

The company's liquidator is:

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


UNOCAL INTERNATIONAL: Creditors' Proofs of Debt Due on March 13
---------------------------------------------------------------
The creditors of Unocal International New Ventures, Ltd. are
required to file their proofs of debt by March 13, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 26, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


UNOCAL INTERNATIONAL: Members' Final Meeting Set for April 7
------------------------------------------------------------
The members of Unocal International New Ventures, Ltd. will hold
their final general meeting on April 7, 2009, at 9:00 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. 26, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda



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

CITIGROUP INC: To Sell 17% Stake in Redecard SA Through Offering
----------------------------------------------------------------
Citigroup Inc. plans to sell its 17% stake in Brazilian credit
card processor Redecard SA through a public offering, Fabiola
Moura of Bloombeg News reports.

Redecard SA, in a company press release, said it has filed a fast-
track analysis request with the Brazilian National Association of
Investment Banks ("ANBID"), and filed a request to register a
secondary offering of common shares with no par value issued by
the company.

The offering included Shares in the form of Global Depositary
Shares ("GDS"), owned by its shareholder Citibank S.A.  The
offering is registered with the Brazilian Securities and Exchange
Commission and exempt from registration under the United States
Securities Act of 1933, as amended.  The price of the Shares and
GDSs in the Offering will be established after the bookbuilding
process pursuant to CVM regulations.

The Sao Paulo-based Redecard SA, Bloomberg News relates, dropped
6.9% to BRL23.90 on Feb. 26, in Sao Paulo trading, the lowest
price since Dec. 15, after Citigroup's announcement hit the news.

According to Bloomberg News, Chief Executive Officer Vikram Pandit
is shedding Citigroup?s businesses to free up capital after the
bank posted a record US$18.7 billion loss in 2008.

Meanwhile, Brazil-based Itau-Unibanco denied rumors that it is
interested in buying a Citigroup stake in Redecard, Rogerio
Jelmayer of Dow Jones Newswires reports, citing Itau-Unibanco
President Roberto Setuba.

"We are not interested in making Redecard into a subsidiary of the
bank.  We prefer to have other banks as our partners in Redecard.
Redecard was designed to have a number of banks as partners," DJ
Newswires quoted Mr. Setuba as saying.

Itau and Unibanco each have a 23.21% stake in Redecard, DJ
Newswires says.

                            About Citigroup

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

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


INDEPENDENCIA SA: 4Q Net Income Drops 38.5% to Ps.87.0 Million
--------------------------------------------------------------
Financiera Independencia, S.A.B. de C.V., posted results for the
three-month period ended December 31, 2008.  Net income for 4Q08
decreased year-on-year by Ps.54.5 million, or 38.5%, to Ps.87.0
million.  Earnings per share (EPS) for the quarter were Ps.0.1381
compared with Ps.0.2081 for the same period last year.

For the complete fiscal year, net income increased 6.4% to
Ps.549.2 million.

The company's financial margin after provision for loan losses
increased by 12.5% to Ps.386.9 million for 4Q08 compared to
Ps.343.9 million for 4Q07.

   Net Operating Revenue

Net operating revenue rose year-on-year by Ps.68.9 million, or
13.5%, to Ps. 579.5 million in 4Q08 and was a result of the
reasons stated above as well as the 15.5% increase in non-interest
income (net) to Ps.192.5 million in 4Q08, from Ps.166.7 million in
4Q07 derived from the 33.5% growth in the total loan portfolio

For the fiscal year, net operating revenue rose 24.4%, with
financial margin after provisions for loan losses up 22.4% and
non-interest income, net up 29.4%.

   Net Operating Income

Net operating income for 4Q08 declined year-on-year by Ps.75.9
million, or 41.5%, to Ps.107.0 million.  On a sequential
comparison, net operating income declined 55.1% from Ps.238.5
million in 3Q08.

Over the last twelve months, the company's labor force increased
by 2,661 people, or 35.7%, resulting in a 21.8% increase in
salaries and employee benefits to Ps.317.9 million.  Of this
total, 300 people were added during the quarter, principally to
further strengthen collection processes.

During 2008, Independencia opened 40 new offices, six of which
were opened in 4Q08, which brings the total network to 192 units.

Non-interest expense for FY08 increased 35.1% year-on-year. In
turn, operating efficiency decreased by 240 bps to 37.5% from
39.9% in 12M07.

   Liabilities

As of December 31, 2008 total liabilities were Ps.3,976.4 million,
a 153.5% increase from Ps.1,568.5 million in
December 31, 2007.  This increase was the result of higher
financing needs to fund the capital reduction resulting from
HSBC's divestment in Independencia as announced on September 18,
2008, the 33.5% growth in the company's loan portfolio during the
period, the repurchase of Independencia shares, dividend payments
and overall working capital.

At the end of the fourth quarter, Independencia's debt consisted
of Ps.784.0 million in medium-term notes "Certificados Bursatiles"
with a 3-year maturity (which are part of the Ps.1,500.0 million
program already register at the Bolsa Mexicana de Valores), as
well as Ps. 2,811.6 million of bank and other entities loans.
Total committed lines of credit amount to Ps.3,250.0 million, of
which 86.5% are currently used by the Company.  Of the total
committed lines of credit, Ps.600.0 million are due September
2009, Ps.150.0 million are due February 2010 and the remaining
Ps.2,500.0 million are due September 2011.

   Stockholders' Equity

As of December 31, 2008 stockholder's equity was Ps.1,329.1
million, a 38.6% decrease from Ps.2,163.4 in December 31, 2007.

As previously stated, the company's dividend policy considers the
payout as dividends of all capital exceeding a 25% capital to
assets ratio.


INDEPENDENCIA SA: Moody's Downgrades Corp. Family Rating to 'B3'
----------------------------------------------------------------
Moody's lowered Independencia S.A's corporate family and
guaranteed foreign-currency senior unsecured bond ratings (issued
by Independencia International Ltd.) to B3 from B2, and placed the
ratings under review for further possible multi-notch downgrade.

This rating action follows Independencia's announcement of the
termination of the consent solicitation and tender offer for its
unsecured Notes due 2015 and 2017.  This failure to reduce debt
denominated in appreciated US dollars will likely mean that the
company's leverage will be sustained above the 6.0 times downgrade
threshold for its prior B2 rating.  Debt to EBITDA for the twelve
months ended in September 2008 was high at 6.9 times.

Like other Brazilian beef processors, Independencia's profit
margins and cash flow have been challenged by industry
overcapacity in relation to the size of the Brazilian cattle herd,
and by a weaker outlook for fresh beef and leather export prices
and volumes due to the adverse global economic environment and the
low availability and high cost of trade finance credit for
importers.

Moody's review will focus on Independencia's liquidity,
specifically its ability to renew trade finance lines and meet
debt maturities; on the timing for receipt of the second tranche
of BNDESPAR's capital increase of BRL 200 million, currently
expected by the end of March 2009; and on its current operating
environment, especially capacity utilization and the outlook for
exports.

Moody's last rating action on January 30, 2009 affirmed
Independencia's B2 ratings but changed the rating outlook to
negative from stable.

Ratings lowered and placed under review for further possible
downgrade:

  -- Independencia S.A.'s Corporate Family Rating to B3 from B2

  -- US$225 million 9.875% senior unsecured guaranteed notes due
     2017 to B3 from B2

  -- US$300 million 9.875% senior unsecured guaranteed notes due
     2015 to B3 from B2

Independencia S.A., headquartered in Cajamar, Sao Paulo,, is
Brazil's fourth largest producer of fresh and frozen beef and the
second largest producer of wet blue leather with twelve beef
slaughtering and deboning facilities, two jerked beef plants and
four storage facilities located in these seven Brazilian States:
Goi s, Mato Grosso do Sul, Mato Grosso, Minas Gerais, Sao Paulo,
Rond“nia and Tocantins.



INDEPENDENCIA SA: S&P Puts 'B' Corporate Rating on Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B'
corporate credit ratings on Independencia S.A. on CreditWatch with
negative implications.  The CreditWatch listing reflects the lack
of information about Independencia's interruption of activities at
its slaughterhouses in Brazil, which began yesterday.  The
company's management was not available to confirm the reasons or
the motivation behind this interruption of operations.  S&P
believe, however, that this interruption, even if only temporary,
may reflect a sudden and unexpected deterioration in the company's
financial profile that may not have been factored in S&P's rating
analysis before now.  Independencia has 10 slaughterhouses in the
states of Mato Grosso, Mato Grosso do Sul, Goi s, Minas Gerais,
and Rond“nia.

"According with information recently provided by the company,
Independencia's liquidity was adequate as of January 2009, with
enough cash reserves to weather any short-term market weakness or
volatility over the next few months.  S&P expected the company to
receive a further capital injection from the equity investment arm
of the Brazilian Development Bank within the coming months, which
would also help strengthen the company's liquidity.  Indeed, the
company attempted to repurchase a portion of its bonds
due 2015 and 2017 with the aim of managing the cost of its
liabilities more efficiently.  But, on Feb. 23, 2008,
Independencia announced that it would not proceed with the bond
tender offer, claiming that action would not be prudent at this
time, given the recent effects of the economic crisis on the
company's business," said Standard & Poor's credit analyst
Reginaldo Takara.

The outcome of the CreditWatch placement is still uncertain.  "We
expect to resolve the CreditWatch listing as soon as S&P obtain
more detailed information regarding the reasons behind the
interruption of Independencia's operations and the implications of
these events on the company's business and financial profile
through the rest of the year.  The ratings could be lowered by
several notches if S&P confirm that the interruption of the
company's operations is a reflection of a significant and
unexpected deterioration in the company's cash flows and
liquidity," Mr. Takara added.


JBS SA: Terminates Acquisition Plan for National Beef
-----------------------------------------------------
JBS S.A. terminated a membership interest purchase agreement it
signed with National Beef Packing Company LLC (National Beef).

Steve Hunt, Chief Executive Officer of U.S. Premium Beef LLC,
majority owner of National Beef, said, ?although this is not the
outcome we anticipated, we are excited to continue the growth and
success of our business on a stand-alone basis.  As demonstrated
by our fiscal year 2008 and first quarter 2009 financial results,
National Beef?s valueadded business model, rooted in strong
relationships with cattle producers and beef customers, continues
to generate industry-leading profits.?

                    About U.S. Premium Beef

U.S. Premium Beef, LLC -- http://www.uspremiumbeef.com.-- is the
majority owner of National Beef Packing Company, LLC, a leading
U.S. beef processor. More than 2,100 producers from 36 states have
marketed cattle on USPB?s quality-based grids. These high quality
cattle are the foundation of National Beef?s value-added product
lines and have enabled it to be a leader in branded product
programs for both domestic and international markets.

                      About National Beef

Headquartered Kansas City, MO, National Beef Packing Company, LLC
-- http://www.nationalbeef.com-- based in, has operations in
Liberal and Dodge City, Kansas; Brawley, California; Hummels
Wharf, Pennsylvania; Moultrie, Georgia and Kansas City, Kansas.
National Beef processes and markets fresh beef, case-ready beef
and beef by products for domestic and international markets.

                          About JBS SA

JBS is one of the world's largest beef producers with operations
in Brazil, the United States, Argentina, Australia and Italy.  The
company is the largest producer and exporter of fresh meat and
meat by-products in Brazil, Argentina and Australian and the third
largest in the USA.


JBS SA: Fitch Comments on Termination of National Beef Merger
-------------------------------------------------------------
Fitch Ratings views favorably the recent announcement by JBS that
it has terminated the acquisition process for National Beef
Packing Company, LLC, as this transaction would have increased the
company's leverage significantly and would have weakened its
liquidity.  The decision by JBS to abandon this acquisition
resulted from its inability to reach satisfactory conditions with
the U.S. Department of Justice, which had filed a suit to block
the transaction due to concerns about the high concentration of
the industry by Tyson, Cargill and JBS.

The National Beef acquisition would have increased JBS' net debt-
to-EBITDA ratio to 3.0 times(x) from 2.0x as of Dec. 31, 2008.  It
would have also reduced cash on hand by half. The terms of the
transaction consisted of a cash payment of US$ 465 million by JBS
plus an issuance of US$ 95 million of shares.  JBS would also have
assumed approximately US$ 370 million of National Beef debt.

As of Dec. 31, 2008, JBS had cash on hand of BRL 2.3 billion (US$
990 million) compared with short-term maturities of BRL 2.2
billion (US$ 957 million).  Total debt was BRL 5.6 billion (US$
2.4 billion). During October 2008, the company paid US$ 565
million of cash to acquire Smithfield Beef.  For 2008, JBS' EBITDA
was BRL 1.15 billion (US$ 625 million).  This figure would have
been BRL 1.69 billion (US$ 923 million), if Smithfield Beef had
been consolidated for all of 2008.

Given the current economic downturn and tight credit markets Fitch
believes that JBS' liquidity and leverage metrics are consistent
with the company's ratings which are:

  -- Foreign currency Issuer Default Rating 'B+';

  -- Local currency IDR 'B+';

  -- US$275 million outstanding senior notes (due 2011) 'B+/RR4';

  -- US$300 million outstanding senior notes (due 2016) 'B+/RR4';

  -- Long-term National Scale rating of 'BBB+(bra)';

  -- BRL400 million proposed bank credit facility (CCB) long-term
     National Scale rating of 'BBB+(bra)'.

JBS' ratings are based on the strong and global competitive
position of its businesses, the commodity and cyclical risks
associated with the meat business, and the company's high
financial leverage, resulting from the aggressive growth strategy
of its businesses over the past few years.  The ratings also
incorporate expectations that JBS will maintain its high liquidity
position and that its credit measures will gradually strengthen
due to the acquisition of Tasman and Smithfield Beef during 2008,
which are expected to add at least US$150 million in annual EBITDA
in 2009.  The probable gains in scale, and greater geographic and
product diversification are also expected to provide JBS with
greater stability in its cash generation, and less volatility in
consolidated operating margins.

JBS benefits from its geographic diversification both
domestically, with plants in nine Brazilian states, and
internationally, with plants in the United States, Argentina,
Italy and Australia.  The geographic diversification of its
businesses mitigates risks related to disease, the imposition of
sanitary restrictions by governments, market concentrations, as
well as tariffs or quotas applied regionally by some importing
blocs or countries.  JBS' businesses are exposed to the volatility
of raw material costs, live cattle and local and international
beef prices, the imbalance between supply and demand in the
protein market, and competitive pressures on the part of other
Brazilian or international producers and exporters.

JBS is one of the world's largest beef producers with operations
in Brazil, the United States, Argentina, Australia and Italy.  The
company is the largest producer and exporter of fresh meat and
meat by-products in Brazil, Argentina and Australian and the third
largest in the USA.


UNIBANCO: Merged Firm Posts 16% Drop in 2008 Net Income
-------------------------------------------------------
Itau Unibanco Banco Multiplo SA, the combination of Banco Itau
Holding Financeira SA and Uniao de Bancos Brasileiros SA, posted
BRL10 billion (US$4.2 billion) 2008 net income, a 16% decline from
last year, as the company increased provisions to cover bad loans
and took charges related to the acquisition, Telma Marotto of
Bloomberg News reports.

According to the report, the company's adjusted net income was
BRL10.57 billion in 2008, from BRL9.78 billion a year earlier,
while pro-forma earnings per share were BRL2.44 in 2008 from
BRL2.91 in 2007.

Itau Unibanco, the report says, had BRL1.87 billion net income in
the fourth quarter, from BRL2.55 billion in the third quarter on a
pro- forma basis.

As of December 31, 2008, the company had total assets of BRL632.7
billion from BRL575.1 billion in September 2008, Bloomberg News
notes.

Bloomberg News discloses that Itau Unibanco booked one-time gains
and losses with a total BRL567 million of non-recurring costs last
year, including BRL888 million in provisions for costs related to
Unibanco?s takeover and BRL3.1 billion in additional provisions to
cover for bad loans.

In the fourth quarter, the report says the bank set aside BRL3.43
billion to cover loan losses, up from BRL2.09 billion in the
fourth-quarter 2007.

Bloomberg News relates Itau Unibanco posted BRL7.8 billion in net
income in 2008 according to the Brazilian securities regulator?s
rules, comprising Itau?s results for the first three quarters and
combined Itau and Unibanco earnings for the final quarter.  On
this basis the institution?s profit fell 7.9% from BRL8.47 billion
in 2007, while the average return on equity  declined to 23.4%
from 32% a year earlier, the report notes.

Bloomberg News adds combined lending at the new company increased
34% to BRL271.9 billion, more than the 31% increase in the total
for the nation.

Meanwhile, Itau Unibanco may cut its forecast for lending growth
in 2009 as demand wanes due to a slowdown in Brazil's economy
Aluisio Alves of Reuters reports, citing, Chief Executive Officer
Roberto Setubal.

                       About Uniao de Bancos

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

                          *     *     *

As of March 3, 2009, the company continues to carry Moody's
long-term currency issuer rating and senior unsecured debt at Ba3.



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

APM GLOBAL: Sole Shareholder Receives Wind-Up Report
----------------------------------------------------
On February 9, 2009, the sole shareholder of APM Global Fixed
Income Fund Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Enrico de Alessandrini
          230 Park Avenue, Suite 1000
          New York, NY 10169
          USA
          Telephone: (212) 370 2500
          Facsimile: (212) 202 3735


CARLYLE MULTI-STRATEGY ET AL: Liquidator Present Wind-Up Report
---------------------------------------------------------------
On February 6, 2009, Walkers SPV Limited presented the company's
wind-up report and property disposal to the shareholders of:

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

The Liquidator can be reached at:

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


CNH FUNDING: Shareholders Receive Wind-Up Report
------------------------------------------------
On February 6, 2009, the shareholders of CNH Funding 2008 received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


EIFFEL FINANCIAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On February 9, 2009, the shareholder of Eiffel Financial
Corporation Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Sylvia Lewis
          Isabel Mason
          Telephone: 345 949-7755
          Facsimile: 345 949-7634


FIVEMORE SYSTEMATIC: Liquidator Presents Wind-Up Report
-------------------------------------------------------
On February 5, 2009, DMS Corporate Services Ltd presented the
company's wind-up report and property disposal to the members of
Fivemore Systematic Limited.

The Liquidator can be reached at:

          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


HAREWOOD INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On January 30, 2009, the shareholders of Harewood Investments No.
1 Limited received the liquidator's report on the company's wind-
up proceedings and property disposal.

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


JEFFERIES ARCH: Liquidator Presents Wind-Up Report
--------------------------------------------------
On February 5, 2009, DMS Corporate Services Ltd presented the
company's wind-up report and property disposal to the shareholders
of Jefferies Arch Rock Master Fund, Ltd.

The Liquidator can be reached at:

          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


JEFFERIES CERIMON ET AL: Liquidator Presents Wind-Up Report
-----------------------------------------------------------
On February 5, 2009, DMS Corporate Services Ltd presented the
companies' wind-up report and property disposal to the
shareholders of:

   -- Jefferies Cerimon Master Fund, Ltd.; and
   -- Jefferies Cerimon Fund (Cayman), Ltd.

The Liquidator can be reached at:

          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: Sole Shareholder Receives Wind-Up Report
--------------------------------------------------------
On February 5, 2009, the sole shareholder of Lucros Capital Fund
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Shameer Jasani
          Telephone: (345) 815 1802
          Facsimile: (345) 949 9877


PACIFIC INVESTMENT: Liquidator Presents Wind-Up Report
------------------------------------------------------
On February 65, 2009, Richard L. Finlay presented the company's
wind-up report and property disposal to the members of Pacific
Investment Fund.

The Liquidator can be reached at:

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


PALM BEACH: Liquidator Presents Wind-Up Report
----------------------------------------------
On February 5, 2009, DMS Corporate Services Ltd presented the
company's wind-up report and property disposal to the shareholders
of Palm Beach Diversified Offshore, Ltd.

The Liquidator can be reached at:

          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


PHI RUSSIA: Shareholders Receive Wind-Up Report
-----------------------------------------------
On February 6, 2009, the shareholders of Phi Russia Property
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          PHI AG
          Hottingerstrasse 10
          8032 Zurich, Switzerland


RAMIUS HEDGED: Shareholders Receive Wind-Up Report
--------------------------------------------------
On February 6, 2009, the shareholders of Ramius Hedged Equity Fund
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RJX ETF: Liquidator Presents Wind-Up Report
-------------------------------------------
On February 5, 2009, Ogier presented the company's wind-up report
and property disposal to the shareholders of RJX ETF Advantage
Fund, Ltd.

The Liquidator can be reached at:

          Ogier
          Bradley Kruger
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


SAL 95: Shareholders Receive Wind-Up Report
-------------------------------------------
On January 26, 2009, the shareholders of SAL 95 Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd.
         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


T.O.P.Q.I.M. INVESTMENT: Liquidator Presents Wind-Up Report
-----------------------------------------------------------
On February 13, 2009, DMS Corporate Services Ltd presented the
company's wind-up report and property disposal to the shareholders
of T.O.P.Q.I.M. Investment (Cayman) Management Limited.

The Liquidator can be reached at:

          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


T.O.P.Q.I.M. SYSTEMATIC: Liquidator Presents Wind-Up Report
-----------------------------------------------------------
On February 5, 2009, DMS Corporate Services Ltd presented the
company's wind-up report and property disposal to the shareholders
of T.O.P.Q.I.M. Systematic Equity Fund SPC.

The Liquidator can be reached at:

          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


UNI HANI: Shareholders Receive Wind-Up Report
---------------------------------------------
On February 5, 2009, the shareholders of Uni Hani Inc. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Sherine Bromfield
          PO Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


YA 95 A: Shareholders Receive Wind-Up Report
--------------------------------------------
On January 26, 2009, the shareholders of YA 95 A Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd.
         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



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

GRUPO PAPELERO: S&P Puts 'BB-' Corporate Rating on Negative Watch
-----------------------------------------------------------------
On Feb. 26, 2009, Standard & Poor's Ratings Services placed its
'BB-' corporate credit rating on Grupo Papelero Scribe S.A. de
C.V. on CreditWatch with negative implications.

The rating action reflects S&P's understanding that as of Dec. 31,
2008, the issuer was in breach of some of its syndicated term-loan
covenants, as a result of the weakness in the Mexican peso and the
company's EBITDA generation during the fourth quarter.  S&P
understands that the company is currently in negotiations with its
counterparties in order receive waivers.  To date, the company is
current on its payment obligations.  S&P expects to resolve the
CreditWatch placement once the waiver from the counterparties is
obtained and S&P complete a full review of the issuer's operating
and financial prospects.

For the 12 months ended Dec. 31, 2008, Scribe posted ratios of
total debt to EBITDA and EBITDA interest coverage of 7.6x and
2.3x, respectively.  These ratios consider committed payments to
Kimberly Clark de Mexico as debt-like obligations, and compare
unfavorably to S&P's long-term expectations of a total debt-to-
EBITDA ratio of less than 4.0x.  Nevertheless, the company's
business position should allow it to partially offset the impact
of the devaluation through price increases and stable revenues
from exports to the U.S., which should have a positive impact on
its financial performance.

The ratings on Scribe reflects the issuer's high debt leverage
relative to operating cash flow, its position as a segment player
in a cyclical and somewhat mature industry, and its partial
backward integration in pulp production.  The company's strong
brand recognition and leadership in the notebook market, leading
position in the paper and office markets, and above-average
operating efficiency mitigate these rating factors.


METROFINANCIERA SA: Planned Restructuring Cues Fitch's Junk Rating
------------------------------------------------------------------
Fitch Ratings has downgraded Metrofinanciera S.A. de C.V.'s long-
term Issuer Default Ratings to 'C' from 'B+'.  In addition the
Support rating is lowered to '5' from '4' and the Support floor to
'NF' from 'B+'.  A full list of rating actions follows below:

  -- Foreign and local currency long-term IDR to 'C' from 'B+';

  -- Foreign and local currency short-term IDR to 'C' from 'B';

  -- Support rating downgraded to '5' from '4';

  -- Support rating floor revised to 'NF' from 'B+';

  -- Short-term national-scale issuer rating downgraded to
     'C(mex)' from 'F3(mex)';

  -- Long-term national-scale issuer rating (including local long-
     term unsecured debt issues) downgraded to 'C(mex)' from
     'BBB(mex)'.

All of Metro's IDRs and national-scale ratings are placed on
Rating-Watch Negative.

Fitch has also affirmed these ratings:

  -- US$100 million 11.25% perpetual non-cumulative subordinated
     step-up notes at 'C/RR6';

  -- Individual rating at 'F'.

These actions follow the release of Metro's 2008 year-end
unaudited financial statements and its announcement of its
intention to seek a restructuring of its obligations with
creditors, the characteristics of which will likely be deemed a
DDE under Fitch's methodology.

Metro recently announced its 2008 year-end financial results
together with the preliminary overall results of the external
audits conducted on the asset quality of its loans, the valuation
of the assets held in its land bank, and on the internal operating
procedures related to its role as collecting agent for the trusts.
Among the major findings, Metro confirmed that the loan repayments
that were improperly withheld from the securitization trusts to
which they were due, amount to roughly MXN$5 billion.  Also, the
company revealed a more accurate figure of past-due loans, which
accounted for 16.1% of total loans as of December 2008
(delinquency within the construction loan portfolio reached a very
high 24.9% of total lending).  While Metro fully provisioned its
on-balance impaired loans, this drove a sizeable net loss in 2008
(MXN$3 billion) and the company reported negative stockholder's
equity at end-2008, despite a capital contribution for roughly
MXN$865 million in the fourth quarter of 2008.  Moreover, the
company announced that it will seek ample additional funding
facilities in order to restore its financial flexibility and its
going concern status, coupled with the debt restructuring process
that had been expected previously.  Fitch considers that the
company's weakened financial condition and the hefty amount of
additional funding required puts more pressure on Metro's ability
to successfully complete an appropriate restructuring process,
while Fitch still believes that such process will likely be agreed
with creditors.  Metro's Individual rating remains at 'F', which
indicates that the company would have defaulted absent the
external support of Sociedad Hipotecaria Federal and its
shareholders.

Fitch's previous ratings had been based on its belief that the SHF
would play a key role in the ongoing financing of Metro, and that
this role would translate to a probability that creditors would be
protected from losses.  While SHF will remain a key participant in
an eventual restructuring of Metro, it now appears likely that its
role could be more limited than previously expected.  While
details of the proposed restructuring plan have yet to be
completed, a potential outcome is that unsecured creditors and
some secured creditors could eventually be subordinated to the
SHF, and that at least some of SHF's support, roughly equivalent
to the amount of the diverted funds, will come in the form of
extended unsecured obligations of Metro.

SHF's role in the ongoing support of Metro and the SOFOL/SOFOM
sector is driven by its desires to support the capital markets
driven business model of the sector, given its key role in
providing socially important low income housing.  However, the
ability to provide such support faces increasing challenges, given
the scope of circumstances that SHF requires to continue providing
funding facilities to Metro, among other support mechanisms.  In
summary, execution risk to the proper implementation of support
schemes from SHF to Metro has increased recently.  Moreover, Fitch
considers that it is highly unlikely that SHF support, even if it
materializes to a greater extent, could ensure a timely payment of
Metro's financial obligations under the original debt terms.
Rather, Fitch considers that SHF support will aid in mitigating
and/or preventing the loss severity that creditors would face,
absent any external support consideration.  Given the
aforementioned factors, Metro's issuer and issue ratings no longer
factor in the external support that SHF will likely continue to
provide and, therefore, these ratings are now closer to the lower-
end of Fitch's rating scale.

The placement of the IDR and debt ratings on Rating Watch Negative
reflects the increased challenges to the ongoing restructuring of
Metro.  Metro is in discussions with creditors requesting, at a
minimum, an extension in maturities of its existing liabilities.
Fitch considers that such restructuring would eventually take the
form of a Distressed Debt Exchange under Fitch's criteria, as was
highlighted in Fitch's latest issuer-specific commentary dated
Dec. 4, 2008.  A DDE occurs when the terms of the restructured
debt represent a material reduction vis-a-vis the original terms,
or when such restructuring is coercive or de facto necessary even
if technically voluntary.  If the proposed terms of the
restructuring process are deemed a DDE, Metro's IDRs would be
downgraded to 'RD' (Restrictive Default) upon a successful debt
exchange, prior to the assignment of new debt ratings to the
refinanced debt obligations.  Following Fitch's assessment of the
company's post-exchange financial flexibility and the magnitude
and extent of SHF support, Metro's issuer, issue, support and
individual ratings would be revised upward following the DDE
process and the 'RD' status.



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

CL FINANCIAL: CIB Depositors Have $75,000 Max Withdrawals
---------------------------------------------------------
The depositors of CLICO Investment Bank (CIB), the defunct unit of
CL Financial Limited, are reminded that only the maximum of
$75,000 will be paid to them if they decide to take their funds
out of the bank or leave their investment with First Citizens Bank
where it will face market interest rates, Trinidad and Tobago
Newsday reports.

Deposit Insurance Corporation (DIC) said deposit insurance up to
TT$75,000 will be paid to qualified depositors in accordance with
the Central Bank Act 76:02, according to a statement obtained by
Newsday.

The report relates the DIC statement also pointed out the
government guarantees payment of remaining balances under the
conditions it had set out to CIB customers.  On February 18,
the report recounts Central Bank said depositors would be entitled
to the principal amount of their deposit, plus interest accrued up
to January 31, 2009.

However, Newsday notes, from February 1, interest were calculated
only on the original principal amount of deposits and at current
market rates offered by First Citizens Bank.

                        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.



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

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

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

ARGENTINA

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

BRAZIL

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

COLOMBIA

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



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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