TCRLA_Public/090304.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, March 4, 2009, Vol. 9, No. 44

                            Headlines

A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: Gov't to Inform U.S. on Stanford's Dealings


A R G E N T I N A

APRINTA SA:  Verifying Proofs of Claim Until May 4
ANTIGUA FARMACIA: Verifying Proofs of Claim Until March 8
HIATRIX SA: Verifying Proofs of Claim Until March 11


B A H A M A S

CL FIN'L: Clico Bahamas Tells Sales Staff Not to Report, PM Says


B A R B A D O S

CL FINANCIAL: Barbados Gov't Mulls Acquisition of Clico Life
CL FINANCIAL: A.M. Best Lowers Clico Bahamas' FSR to “E”


B E R M U D A

DIGICEL LIMITED: Moody's Assigns 'B1' Rating on $435 Mil. Notes
DIGICEL GROUP: Fitch Affirms Junk Ratings on Two 2015 Notes
NEW STAR: Creditors' Proofs of Debt Due on March 13
NEW STAR: Members' Final Meeting Set for March 27


B E L I Z E

CL FIN'L: Gov't Places “Stringent Restrictions” on Clico Belize


B R A Z I L

AMBEV: To Shutdown Sao Paulo Plant and Layoff 146 to Cut Cost
INDEPENDENCIA SA: Seeks Bankruptcy Protection in U.S. Court
INDEPENDENCIA SA: Bankruptcy Filing Cues Moody's Junk Rating
INDEPENDENCIA SA: S&P Changes Ratings to 'D' on Reorganization
INDEPENDENCIA SA: Reorganization Proceedings Cue S&P's 'D' Rating


C A Y M A N  I S L A N D S

APEX OVERSEAS: Members Receive Wind-Up Report
ASKLEPIOS INVESTMENT: Members Receive Wind-Up Report
DEER PARK: Members Receive Wind-Up Report
ENHANCED LOAN: Members Receive Wind-Up Report
G.O. 1A-CAYMAN: Liquidator Presents Wind-Up Report

MULTI-STRATEGY PORTFOLIO: Liquidator Presents Wind-Up Report
NAGATSUDA INVESTMENT: Members Receive Wind-Up Report
R6 OVERSEAS: Shareholders Receive Wind-Up Report
ROCAL, LTD: Shareholders Receive Wind-Up Report
RONIN AGRICULTURAL ET AL: Liquidator Presents Wind-Up Report

RONIN MASTER: Sole Shareholder Receives Wind-Up Report
RRF SUB: Shareholders Receive Wind-Up Report
SHANGHAI HOPE: Sole Shareholder Receives Wind-Up Report
THE TANTALLON: Liquidator Presents Wind-Up Report
UFJ PARTNERS: Members Receive Wind-Up Report

WELLS FARGO: Shareholders Receive Wind-Up Report
WINDLESHAM REAL: Members Receive Wind-Up Report
Z CORE HOLDINGS: Members Receive Wind-Up Report
* CAYMAN ISLANDS: CMA Says No Bank Has Ties to Allen Stanford


C O L O M B I A

BANCOLOMBIA: 2008 Net Income Up 18.7% to Ps. 1,290.6 Billion


G U Y A N A

CL FIN'L: Clico Guyana Operations Under Judicial Management


J A M A I C A

AIR JAMAICA: Union Threatens to Pullout From Talks


M E X I C O

COMERCI: Creditors Agree to Extend Talks on Debt Obligations
METROFINANCIERA SA: Fitch Corrects Rating Cuts on February 27
METROFINANCIERA SA: Fitch Junks Ratings on Six Senior Transactions


V E N E Z U E L A

PDVSA: To Begin Paying Contractors & Domestic Vendors
STANFORD INT'L BANK: Venezuela Unlikely to Help Investors


                         - - - - -

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

* ANTIGUA & BARBUDA: Gov't to Inform U.S. on Stanford's Dealings
----------------------------------------------------------------
Antigua and Barbuda's Attorney General, Justin Simon, said he has
legal duty to disclose Robert Allen Stanford's land dealings in
Antigua to the U. S. Securities and Exchange Commission (SEC),
Oscar Ramjeet of Caribbean Net News reports.

Mr. Simon, the report relates, told the Antigua Sun newspaper,
"What is a very serious concern to me is the alleged purchase by
Mr. Allen of the shares of Asian Village Antigua Ltd, which is a
Tortola incorporated offshore company, and he bought the shares
for US$68 million four years ago."

According to the report, the Antigua Sun said Mr. Stanford
allegedly entered into an agreement to purchase the same company
for US$22 million.

"[W]e all know that the lands remain vacant and under developed in
that period," Mr. Simon said as cited by the report, adding, "It
is a matter of concern and a matter which necessitates further
investigation, and I believe am duty bound as A.G. to share that
information with the US authorities.”

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.



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

APRINTA SA:  Verifying Proofs of Claim Until May 4
--------------------------------------------------
The court-appointed trustee for Aprinta S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 4, 2009.

The trustee will present the validated claims in court as
individual reports on June 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
August 12, 2009.


ANTIGUA FARMACIA: Verifying Proofs of Claim Until March 8
---------------------------------------------------------
The court-appointed trustee for Antigua Farmacia Florida S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 8, 2009.

The trustee will present the validated claims in court as
individual reports on June 22, 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
August 18, 2009.


HIATRIX SA: Verifying Proofs of Claim Until March 11
----------------------------------------------------
The court-appointed trustee for Hiatrix S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 11, 2009.

The trustee will present the validated claims in court as
individual reports on May 6, 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 1, 2009.



=============
B A H A M A S
=============

CL FIN'L: Clico Bahamas Tells Sales Staff Not to Report, PM Says
----------------------------------------------------------------
CLICO Bahamas Limited (formerly British Fidelity Assurance
Limited), a subsidiary of CLICO (Holdings) Barbados Limited and a
subsidiary of the CL Financial group, has advised 90 sales staff
not to report for duty, as the company is not writing any new
business, Oscar Ramjeet of Caribbean Net News reports, citing
Bahamas Prime Minister Hubert Ingraham.  The report relates Mr.
Ingraham said the administrative staff of 51 persons remains in
place and at work.

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.

Mr. Ingraham, as cited by Caribbean Net News, said Clico (Bahamas)
went into liquidation because it was unable to pay US$2.6 billion
to policyholders and its liabilities were US$9 million in excess
of its assets.

“The overriding evidence suggested that in order to protect the
policyholders, numbering some 23,000 in The Bahamas and 29,000 in
the region, steps had to be taken to ensure that the assets of
CLICO were not further compromised,” Mr. Ingraham was quoted by
the news agency as saying.

According to Caribbean Net News, the total individual and group
policies amount to some 38,618 with annual premiums of US$14.8
million.

                       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
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.



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

CL FINANCIAL: Barbados Gov't Mulls Acquisition of Clico Life
------------------------------------------------------------
The Barbados government is considering to acquire Clico Life from
Clico Group as CLICO fall short in its commitment to the
government's Statutory Fund - a protective arrangement under the
Insurance Act, Oscar Ramjeet of Caribbean Net News reports, citing
Barbados Prime Minister David Thompson.

Mr. Thompson, Trinidad and Tobago Express relates, said the
company met Statutory Fund's $123.6 million requirement in 2004,
but it failed to meet the $154 million requirement in 2005 with
only $123.6 million assets put up.  The Express notes Mr. Thompson
said in 2006, the company's pledged assets were $123.6 million,
while the Statutory Fund requirement was $191.4 million; "so there
was a deficit of $30 million, and it started to climb."  In 2007,
the pledged assets were $155.9 million and the Statutory Fund
requirement was $248.8 million, Mr. Thompson said as cited by the
report.

According to Caribbean Net News, Mr. Thompson suggested that the
government will acquire CLICO Life and having the acquisition
funds injected into the entity "should there be any concerns".

“We have decided to go a more radical route, and have received
confirmation from CLICO Life that it will work with a reputable
Barbadian entity to possibly enter into a memorandum of
understanding for the purchase of CLICO Life… out of the CLICO
Group, so that the other companies can stand on a full footing,"
the report quoted Mr. Thompson as saying.  "We will be working
assiduously this week to have that memorandum satisfied."

                       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.


CL FINANCIAL: A.M. Best Lowers Clico Bahamas' FSR to “E”
--------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to E
(Under Regulatory Supervision) from B (Fair) and the issuer credit
rating to "rs" from "bb" of CLICO (Bahamas) Limited (CLICO
Bahamas) (Nassau, Bahamas).  The ratings have been removed from
under review with negative implications.  CLICO Bahamas is an
insurance member of CL Financial Limited (CLF), a holding company
based in Trinidad and Tobago.

The downgrades follow the February 25, 2009 announcement by the
Office of the Registrar of Insurance Companies in the Bahamas of a
winding-up order for CLICO Bahamas.  The action by the regulator
followed a continuing decline in the market value of CLICO
Bahamas' real estate investment in the United States as well as
uncertainty regarding the financial position of its ultimate
parent, CLF.

A.M. Best's prior ratings had reflected CLICO Bahamas' significant
exposure to affiliated loans as a percentage of its assets and
capital and the volatility of earnings in its international
operations.  The company's loan to a real estate subsidiary
represented a significant concentration risk with a high exposure
to the depressed Florida real estate market.

                       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
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.



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

DIGICEL LIMITED: Moody's Assigns 'B1' Rating on $435 Mil. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to new
$435 million (face amount) senior unsecured notes to be issued by
Digicel Limited, a wholly-owned subsidiary of Digicel Group
Limited.  In addition, Moody's affirmed DGL's corporate family
rating at B2, but changed the rating outlook to stable from
positive.  In conjunction with the ratings action, Moody's
upgraded the rating on the $450 million senior unsecured notes,
due 2012, at DL to B1 from B2 and affirmed the Caa1 ratings on
DGL's $1.4 billion senior unsecured notes, due 2015.

The proceeds from the new debt offering will be used to fund the
purchase of a $260 million equity interest in Digicel Holdings
(Central America) Limited, which will become a minority-owned
unrestricted subsidiary of the Company, while the remaining
proceeds from the note will remain within the restricted group to
fund general corporate purposes and fees.  Moody's views the DHCAL
equity purchase as an effective stock buyback from the Company's
main shareholder, Denis O'Brien.

The change in the outlook to stable reflects the additional debt
taken on by the Company as a result of the pending notes issuance,
along with the reduced probability that the company's adjusted
debt/EBITDA leverage will fall below 4.0x over the rating horizon.
The Company is following a funding pattern in its Honduras and
Panama markets that is similar to the development of many of its
Caribbean markets, which were project financed separately from the
restricted assets that support the debt at DGL and DL.  When the
new markets started contributing positive EBITDA levels, Digicel
brought them into the restricted group.  Moody's notes however,
that previously, Digicel owned the expansion markets outright,
while it will have a minority investment in the new Central
American markets.  Nevertheless, given the ongoing cross-ownership
between Digicel and DHCAL and based on past history of debt funded
shareholder returns, Moody's believes that total debt for the
restricted group could be elevated over the rating horizon by the
potential eventual inclusion of about $400 million of net debt at
DHCAL.

The Company has a $1.2 billion senior secured credit facility at
its Digicel International Finance Ltd. subsidiary, which Moody's
does not rate.  The upgrades of the DL notes reflect the
anticipated amortization of the DIFL term loan, which would leave
more recovery value to the unsecured creditors at DL.

Ratings Actions

Digicel Limited

* $435 million new Senior Unsecured Notes -- Assigned B1 (LGD3 -
  41%)

* $450 million Senior Unsecured Notes -- Upgraded to B1(LGD3 -
  41%) from B2

Digicel Group Limited

* Corporate Family Rating -- Affirmed B2

* Probability of Default Rating -- Affirmed B2

* $1.4 billion Senior Unsecured Notes -- Affirmed Caa1 (Changed to
  LGD5 - 83%, from LGD 5, 82%)

Outlook revised to Stable from Positive

The B2 CFR reflects the company's rapid deleveraging, as growing
penetration in markets outside its long-standing Jamaica
operations and the EBITDA-positive contribution from the Haiti and
Trinidad & Tobago markets have pushed adjusted leverage down to
about 4.5x at quarter ended December 31, 2008, using Moody's
standard analytic adjustments.  This is a significant improvement
from the roughly 10.0x adjusted leverage Digicel carried following
the recapitalization of the company's balance sheet in February
2007.  The rating is further supported by Digicel's leading
position as the largest wireless telecommunications carrier in the
Caribbean as well as its successful track record at gaining
significant market share and producing solid operating results
relatively quickly after new markets are launched.

"However, a resumption of the Company's expansion into new markets
and continued cash consumption to support service enhancement in
its territories, as competition increases, weighs down the
ratings,"according to Gerald Granovsky, Moody's Vice President and
Senior Analyst.  The rating is also tempered by the slowing global
economy and Digicel's increasing exposure to higher risk and more
competitive markets, such as Haiti for its cash flow growth.  In
addition, the DIFL term loan facility faces scheduled amortization
payments of $320 million per year, starting in the second half of
calendar year 2009.

Moody's most recent rating action for Digicel was on July 7, 2008.
At that time Moody's upgraded the Company's CFR to B2 and changed
the outlook to positive, reflecting faster than expected
deleveraging by the company following its recapitalization in
February 2007.

Incorporated in Hamilton, Bermuda, Digicel is the largest provider
of wireless telecommunication services in the Caribbean.


DIGICEL GROUP: Fitch Affirms Junk Ratings on Two 2015 Notes
-----------------------------------------------------------
Fitch Ratings has taken these rating actions on Digicel Group
Limited, Digicel Limited and Digicel International Finance
Limited, collectively referred as Digicel:

DGL

  -- US$1 billion 8.875% senior subordinated notes due 2015
     affirmed at 'CCC+/RR5';

  -- US$400 million 9.125/9.875% senior subordinated toggle notes
     due 2015 affirmed at 'CCC+/RR5'.

DL

  -- Foreign currency Issuer Default Rating affirmed at 'B-
     ';

  -- US$450 million senior notes due 2012 affirmed at 'B-/RR4';

  -- Proposed US$435 million senior notes due 2014 rated 'B-/RR4'.

DIFL

  -- US$1.15 billion senior secured credit facility affirmed at
     'B/RR3'.

The Rating Outlook is Stable.

Digicel's ratings are supported by a historically strong operating
performance, its position as the leading provider of wireless
services in the Caribbean (including strong market positions in
Jamaica, Haiti and Trinidad & Tobago), strong brand recognition,
and an increasingly diversified revenue and cash flow stream
across the Caribbean.  The ratings also incorporates lower capital
expenditure requirements over the next few years and management
initiatives of cost controls in the face of the global economic
environment.

Concerns regarding DGL's ratings reflect the company's high
leverage, medium term refinancing risk and the effect the global
economic environment may have in the Caribbean economies and
tourism in particular.  Growing EBITDA from newer operations, such
as Haiti and Trinidad and Tobago, has helped to further diversify
away its cash flow generation from Jamaica.  Proceeds from the
issuance will be used to acquire an equity stake close to 40% in
sister company Digicel Holdings (Central America) Limited and for
general corporate uses.  The new notes will rank pari passu with
the existing DL senior notes due 2012.

Digicel's operating performance continues to be strong.  The
company maintains leading market shares in most of the markets
served, holding the first or second position by market share as a
result of successfully executing a strategy of launching
operations with extensive initial geographic coverage, good
customer service, effective branding and strong product offerings.
Wireless penetration in Digicel's markets varies widely from 8% to
135% with a weighted average of approximately 65%.  High wireless
penetration rates are the result of low fixed-line penetration,
long waiting periods to get fixed-line connections, good network
coverage by wireless service providers and substitution of fixed-
line services by mobile.

Going forward Fitch expects capital expenditures to decline and
stabilize over the next few years, resulting in positive free cash
flow which should be used to pay debt maturities as they amortize.
Lower debt levels and stable to growing EBITDA should strengthen
Digicel's capital structure and credit profile absent any
increased indebtedness.  Digicel's total debt has grown rapidly in
the past few years as a result of acquisitions, necessary funding
for the rapid build out of new markets and the 2007 US$1.4 billion
recapitalization.  Proforma the new issuance and considering debt
as of Dec. 31, 2008, total consolidated debt at DGL should
approximate to US$3.3 billion and total proforma debt to last
twelve months EBITDA, may approach to 4.9 times (x).  For the same
period, total debt to EBITDA for DL and DIFL was 2.8x and 1.5x,
respectively.

Revenue generation in U.S. dollars mitigates currency risk
associated with devaluation of local currency and foreign currency
denominated debt.  Digicel's most important markets in terms of
revenues and cash flow generation are Jamaica, Haiti and Trinidad
& Tobago.  For the nine months ended Dec. 31, 2008 approximately
66% of revenues were generated either in US$, Euros or pegged to
these currencies.  About 5% of Digicel consolidated revenues are
generated by international roaming services in US$.  Despite this,
the ratings incorporate sovereign risks including transfer and
convertibility risks associated with investments in Jamaica, Haiti
and Trinidad & Tobago which are Digicel's most important markets.

DL's proposed unsecured notes are guaranteed by all existing
wholly owned subsidiaries that are guarantors of DL's existing
notes.  Trinidad & Tobago and Haiti are not included among these
guarantors, however the cash flow from these subsidiaries are
available to DIFL for it to pay its obligations, including its
guarantee of the DL notes.  The secured DIFL facility has a US$200
million revolving facility of which US$156 million is undrawn,
adding flexibility to the company's liquidity position.  The DIFL
facility is secured by a first priority lien by all shares and
assets of Digicel.  In December 2007, Digicel incorporated into
the restricted group the operations of Haiti and Trinidad &
Tobago.  To pay the debt of these two operations, which was
previously structured under project finance debt, DIFL's secured
credit facility was upsized to US$1.15 billion (including the
revolver facility).

With regard to Digicel's capital structure and the associated
ratings, debt at DIFL is rated one notch higher than the group's
IDR, reflecting its above average recovery prospects.  DL's IDR
reflects the increased burden which the DGL subordinated notes
place on the operating assets and the loss of financial
flexibility.  The ratings of DGL's 2015 notes incorporate their
subordination to debt at DIFL and DL, as well as the subordinated
notes' below average recovery prospects in the event of default.

Digicel is a leading, GSM-based mobile services provider in 24
markets in the Caribbean including Jamaica, St. Lucia, St.
Vincent, Aruba, Grenada, Barbados, Cayman, Curacao, Martinique,
Guadeloupe, Trinidad & Tobago and Haiti among others, as well as
El Salvador.  Digicel's operating assets are owned by operating
subsidiaries of DIFL, which in turn is a subsidiary controlled by
DL.  DL is a wholly owned subsidiary of DGL, an entity owned by
Denis O'Brien.  In addition to Digicel, Denis O'Brien owns Digicel
Central America and Digicel South Pacific.  After the proposed
transaction DL will own approximately 40% of DHCAL through a
wholly owned subsidiary.

For the 12 months ended Dec. 31, 2008, Digicel's consolidated
revenues and EBITDA were approximately US$1,735 million and US$661
million, respectively, and total subscribers amounted to
approximately 7.1 million.


NEW STAR: Creditors' Proofs of Debt Due on March 13
---------------------------------------------------
The creditors of New Star Japan Hedge Fund Limited 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. 23, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House
          Church Street, Hamilton
          Bermuda


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

The meeting will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, in Hamilton, Bermuda.




===========
B E L I Z E
===========

CL FIN'L: Gov't Places “Stringent Restrictions” on Clico Belize
---------------------------------------------------------------
The Belize government has placed a series of stringent
restrictions on CLICO Belize Limited, a subsidiary of CLICO
Bahamas Limited, to protect its investors following Clico Bahamas'
liquidation, Patrick Jones of Caribbean Net News.

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 Bajan Global Report, CLICO (Belize)'s operations were
placed under the management of the Supervisor of Insurance Alma
Gomez who has secured the assets of the company and now has full
control of its statutory reserves.

The government, Caribbean Net News relates, has implemented these
restrictions:

  -- barred the company from issuing any new policies but
     allowing the company to continue serving existing contracts
     that were issued prior to February 25;

  -- barred CLICO Belize from varying any existing contract and
     from repatriating any funds out of Belize; and

  -- prohibited from disposing of any assets without the prior
     written consent of the supervisor of insurance.

Caribbean Net News notes Mr. Gomez said that at the end 2007,
insurance companies in Belize collectively held BZE$165 million in
assets and wrote and recorded BZE$111 million in income from
premiums.  Of that amount, CLICO Belize holds only five percent,
he added.

                       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
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.



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

AMBEV: To Shutdown Sao Paulo Plant and Layoff 146 to Cut Cost
-------------------------------------------------------------
Cia. de Bebidas das Americas (Ambev) said it will close its
Sao Paulo-based Mogi Mirim plant, cutting 146 jobs in the process
as the company moves to cut cost, Laura Price of Bloomberg News
reported on Feb. 27, citing O Estado de S. Paulo.

The newspaper, the report related, said the company stepped up
cost-cutting measures last month after a tax on some of its brands
rose to 15%.

According to Bloomberg News, Estado said output from the Mogi
Mirim plant, which produces 40 million liters (11 million gallons)
of beer a year, is likely to be absorbed by other units in Sao
Paulo state.  About 20 workers were transferred to other sites,
the paper added, Bloomberg News says.

Headquartered in Brazil -- http://www.ambev-ir.com --
Companhia de Bebidas das Americas - AmBev (AmBev) and its
subsidiaries produce, sell and distribute beer, draft beer, malt,
soft drinks and other non-alcoholic beverages, such as isotonic
sport drinks, iced tea and water, in Brazil and elsewhere in the
Americas.  It operates through three business segments: Brazil,
Hispanic Latin America (HILA) and North America. In the Brazil
segment, which includes three divisions: beer sales (Beer Brazil);
carbonated soft drinks and non-alcoholic non-carbonated sales (CSD
& NANC), and sales of malt and by-products to third parties (Other
Products).  HILA segment, which includes: Quinsa’s operations
(Argentina, Bolivia, Paraguay, Uruguay and Chile) and its
operations in the Dominican Republic, Ecuador, Guatemala, Peru and
Venezuela (together HILA-ex).  In the North America segment, it is
active in the sale and export of beer in the United States and
Canada, through Labatt Brewing Company Limited.


INDEPENDENCIA SA: Seeks Bankruptcy Protection in U.S. Court
-----------------------------------------------------------
Independencia SA has filed a Chapter 15 petition in the U.S.
Bankruptcy Court for the Southern District of New York in
Manhattan citing falling beef exports,
volatility in currencies and debt of US$1.2 billion, Bloomberg
News reports.

The company simultaneously commenced a restructuring process under
Brazilian insolvency law, according to Reuters.

“Independencia has witnessed as a result of the current economic
crisis a dramatic disruption in the international beef markets,”
Chief Financial Officer Tobias Bremer said in court papers
obtained by Bloomberg News.  Brazilian beef exports have dropped
about 34 percent by volume since Sept. 30, Mr. Bremer said as
cited by the news agency.

Reuters relates in its filing, the company said it had seen a fall
of about 41 percent in sales between Oct. 2008 and Jan. 2009
adding non-payment in its export business had exceeded 20 percent
of overall sales in the fourth quarter of 2008.

Of the company's total debt, about US$575 million was in Brazil
and US$525 million was in the form of private debt issues in the
U.S. and elsewhere outside Brazil, Reuters says citing court
filings.

According to Reuters, Independencia said in the court filings
about 86 percent of its debt was in U.S. dollar denominated trade
lines and the recent fall of the Brazilian real against the U.S.
dollar led to a rise in debt.

The company’s assets in the U.S. include funds in bank accounts
and money owed by customers, Bloomberg News says citing court
documents.  Most of the company's assets and employees are in
Brazil.

Independencia S.A. is a Sao Palo, Brazil-based beef processor.
The company filed for bankruptcy on February 27, 2009 (Bankr. S.D.
N.Y. Case No. 09-10903).  Paul R. DeFilippo, Esq., at Wollmuth
Maher & Deutsch LLP, in New York, serves as counsel to the Chapter
15 Debtor.  The Chapter 15 petition does not state the Company's
financial status as of the bankruptcy filing.  The petition was
signed by Tobias Bremer, the Company's chief financial officer.


INDEPENDENCIA SA: Bankruptcy Filing Cues Moody's Junk Rating
------------------------------------------------------------
Moody's lowered the corporate family rating and guaranteed
foreign-currency debt ratings to Ca from B3 of Independencia S.A.
and Independencia International Ltd., which concludes the review,
started on February 27th, 2009.  Following this action Moody's
will withdraw the company's ratings because the company has filed
for court protection under the New Brazilian Bankruptcy and
Reorganization Law in Brazil and Chapter 15 of the U.S. Bankruptcy
Code in the United States.

Ratings lowered and to be withdrawn:

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

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

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

The rating action follows the announcement that the company has
filed for bankruptcy (equivalent to Chapter 11 in the U.S.) in
Cajamar, São Paulo on Friday, February 27th, 2009.

"A combination of a significant deterioration of Brazilian beef
export volumes and prices since September 2008 to key foreign
markets and relatively stable cattle prices paid to farmers have
significantly pressured Independencia's gross and operating
margins causing the company to report negative margins at current
prices," said Moody's VP Senior Analyst, Soummo Mukherjee.
"Furthermore, the more adverse credit environment since September
2008, also led many banks to not renew Independencia's short-term
credit lines and the company experienced double-digit levels of
non-payments by some of its export clients, pressuring working
capital needs and aggravating its liquidity situation," adds
Mukherjee.

Moody's last rating action on Independencia was on February 27th,
2009, when Moody 's downgraded Independencia's ratings to B3, and
placed the ratings under review for further possible multi-notch
downgrade.

Headquartered in Cajamar, São Paulo, Brazil, Independencia is
Brazil's fourth largest producer of fresh and frozen beef and the
second largest producer of wet blue leather with operations in
seven Brazilian states and Paraguay.  At the end of September
30th, 2008, Independencia had twelve beef slaughtering and
deboning facilities, three tanneries, two dry and salted beef
units, five biodiesel production modules and four cold and dry
storage and distribution facilities.


INDEPENDENCIA SA: S&P Changes Ratings to 'D' on Reorganization
--------------------------------------------------------------
On March 2, 2009, Standard & Poor's Ratings Services revised its
'B' ratings on Independencia S.A. and Independencia International
Ltd. to 'D' following the company's request for reorganization
proceedings under Brazilian bankruptcy law.

S&P had placed these ratings on CreditWatch with negative
implications on Feb. 27, 2009, after the company stopped
operating.  Under the bankruptcy law, Independencia must submit a
reorganization plan within a short period of time (60 days from
public notice of the court order accepting the case), and all
actions and claims (except for certain secured creditors) are
subject to a 180-day stay.

                           Ratings List

                            Downgraded

                        Independencia S.A.

                                 To                 From
                                 --                 ----
Corporate Credit Rating         D/--               B/Watch Neg/--

                  Independencia International Ltd.

                                 To                 From
                                 --                 ----
  Senior Unsecured (2 issues)     D                  B/Watch Neg


INDEPENDENCIA SA: Reorganization Proceedings Cue S&P's 'D' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its 'B'
ratings on Independencia S.A. and Independencia International Ltd.
to 'D' following the company's request for reorganization
proceedings under Brazilian bankruptcy law.

"We had placed these ratings on CreditWatch with negative
implications on Feb. 27, 2009, after the company stopped
operating," noted Standard & Poor's credit analyst Milena
Zaniboni.  Under the bankruptcy law, Independencia must submit a
reorganization plan within a short period of time (60 days from
public notice of the court order accepting the case), and all
actions and claims (except for certain secured creditors) are
subject to a 180-day stay.



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

APEX OVERSEAS: Members Receive Wind-Up Report
---------------------------------------------
On February 5, 2009, the members of Apex Overseas Limited received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


ASKLEPIOS INVESTMENT: Members Receive Wind-Up Report
----------------------------------------------------
On February 5, 2009, the members of Asklepios Investment Limited
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


DEER PARK: Members Receive Wind-Up Report
-----------------------------------------
On February 5, 2009, the members of Deer Park CLO Ltd. received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


ENHANCED LOAN: Members Receive Wind-Up Report
---------------------------------------------
On February 5, 2009, the members of Enhanced Loan Facility 2000-1,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


G.O. 1A-CAYMAN: Liquidator Presents Wind-Up Report
--------------------------------------------------
On February 5, CDL Company Ltd., the liquidator, presented the
companies' wind-up report and property disposal to the shareholder
of:

   -- G.O. 1A-Cayman Two, Ltd.; and
   -- G.O. 1A-Cayman Three, Ltd.
   -- G.O. 1A-Cayman One, Ltd.

The Liquidator can be reached at:

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


MULTI-STRATEGY PORTFOLIO: Liquidator Presents Wind-Up Report
------------------------------------------------------------
On February 12, 2009, Peter D. Anderson, the liquidator, presented
the companies' wind-up report and property disposal to the
shareholders of:

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

The Liquidator can be reached at:

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


NAGATSUDA INVESTMENT: Members Receive Wind-Up Report
----------------------------------------------------
On February 5, 2009, the members of Nagatsuda Investment Cayman
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


R6 OVERSEAS: Shareholders Receive Wind-Up Report
------------------------------------------------
On February 6, 2009, the shareholders of R6 Overseas Opportunity
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


ROCAL, LTD: Shareholders Receive Wind-Up Report
-----------------------------------------------
On February 6, 2009, the shareholders of Rocal, 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


RONIN AGRICULTURAL ET AL: Liquidator Presents Wind-Up Report
------------------------------------------------------------
On February 8, Bjorn Magnus Eriksson, the liquidator, presented
the companies' wind-up report and property disposal to the
shareholder of:

   -- Ronin Agricultural Fund Ltd.; and
   -- Ronin Agricultural Master Fund LDC.

The Liquidator can be reached at:

          Bjorn Magnus Eriksson
          501 Brickell Key Drive
          Suite 603
          Miami, FL 33131 USA
          Tel: (305) 579-9101
          Fax: (305) 579-9192


RONIN MASTER: Sole Shareholder Receives Wind-Up Report
------------------------------------------------------
On February 8, 2009, the sole shareholder of Ronin Master OP Fund
LDC received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Bjorn Magnus Eriksson
          501 Brickell Key Drive
          Suite 603, Miami, FL 33131 USA
          Tel: 305-579-9101
          Fax: 305-579-9192


RRF SUB: Shareholders Receive Wind-Up Report
--------------------------------------------
On February 12, 2009, the shareholders of RRF Sub, Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499


SHANGHAI HOPE: Sole Shareholder Receives Wind-Up Report
-------------------------------------------------------
On February 9, 2009, the sole shareholder of Shanghai Hope
International Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Leo Koguan
          406 Brook Shore Court
          Sugar Land, TX 77479
          USA
          Tel: (8621) 6386 6887
          Fax: (8621) 6386 7588


THE TANTALLON: Liquidator Presents Wind-Up Report
-------------------------------------------------
On February 5, Giles Kerley, the liquidator, presented the
companies' wind-up report and property disposal to the members of:

   -- The Tantallon Smaller Companies (Non US Feeder) Fund; and
   -- The Tantallon Smaller Companies Fund.

The Liquidator can be reached at:

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


UFJ PARTNERS: Members Receive Wind-Up Report
--------------------------------------------
On February 5, 2009, the members of UFJ Partners Funds Management
(Cayman) Limited received the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

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


WELLS FARGO: Shareholders Receive Wind-Up Report
------------------------------------------------
On February 6, 2009, the shareholders of Wells Fargo Multi-
Strategy 100 Offshore Hedge 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


WINDLESHAM REAL: Members Receive Wind-Up Report
-----------------------------------------------
On February 5, 2009, the members of Windlesham Real Estate Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

         Stephen John Le Seelleur
         c/o Maples and Calder Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


Z CORE HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
On February 5, 2009, the members of Z Core Holdings Limited
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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



* CAYMAN ISLANDS: CMA Says No Bank Has Ties to Allen Stanford
--------------------------------------------------------------
The Cayman Islands Monetary Authority (CIMA) stated that there are
no locally-regulated banks affiliated with Texan financier Robert
Allen Stanford, and the local regulator is checking with banks and
other financial entities in the Cayman Islands to see if there is
any exposure, Cayman Net News reports.

“We can confirm that there are no Cayman-regulated banks
affiliated with Allen Stanford.  We are currently reviewing our
licensees to see if there are any deposits or exposures to
entities affiliated with the group,” CIMA told Cayman Net News in
an interview.

CIMA went on to say, “We have found no regulated funds or
securities investment business entitles with ‘Stanford’ in our
database, nor is SAS [Stanford Allocation Strategy] Growth Fund
and SAS Balanced Growth Fund (funds referred to in one article)
regulated in Cayman.  A check with the Companies Registry shows
these entities are not domiciled in the Cayman Islands.”

“We are still in the process of checks to confirm whether there
are any ownership interests in any trust or company management
licensees by Allen Stanford or known affiliated companies.”

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.



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

BANCOLOMBIA: 2008 Net Income Up 18.7% to Ps. 1,290.6 Billion
------------------------------------------------------------
Bancolombia S.A. 2008 net income increased 18.7% to Ps. 1,290.6
billion (Ps. 1,638.23 per share and $US 2.92 per ADR) from 2007.

In 2008, the company's allowances for loan losses increased to Ps.
2,134.4 billion (4.8% of gross loans and financial leases),
maintaining the level of coverage, measured by the ratio of
allowances to past due loans, close to 135%.  The delinquencies
ratio (loans overdue more than 30 days) increased slightly to 3.6%
by the end of the quarter ended December 31, 2008 ("4Q08") from
3.5% the previous quarter.

Driven by the operating results of the Bank in 2008, shareholders'
equity totaled Ps. 6,117 billion by the end of 2008, increasing
17.6% as compared to the figure as of
December 31, 2007, while the Bank's consolidated ratio of
technical capital to risk-weighted assets was 11.24%.

As of December 31, 2008, the company's deposits reached Ps. 40,384
billion, increasing 8.9% as compared to the quarter ended
September 30, 2008 ("3Q08") and 17.5% as compared to the quarter
ended December 31, 2007 ("4Q07"), while the ratio of net loans to
deposits (including borrowings from development banks) finished
the year at 96%.

The company recorded net income of Ps. 294.4 billion (Ps. 373.75
per share and $US 0.67 per ADR) for 4Q08, a decrease of 8.7% as
compared to the Ps. 322.5 billion for 4Q07.  Several non-recurring
items were incorporated in 4Q08 resulting in a net negative impact
on revenues of Ps. 63.8 billion, which represents 18.7% of 4Q08
income before taxes.

                       Shareholders Meeting

The company's shareholders adopted these resolutions in their
annual general shareholders meeting on March 2:

   -- Approval of the financial statements for the year ended
      December 31, 2008;

   -- Approval of the distribution of the 2008 profits,
      following a proposal made by the Board of Directors of
      Bancolombia.  The shareholders approved a distribution of
      dividends in an amount equivalent to Ps. 624 per share,
      per quarter, which will be payable as of the first
      business day of each calendar quarter (April 1, July 1,
      and October 1, 2009, and January 4, 2010).

The dividends to be paid in 2009 represent an increase of 9.9%
with respect to the dividends paid in 2008.  Bancolombia notes
that 90.12% of the amount to be paid as dividends does not
constitute taxable income under Colombian regulations.

The shareholders also approved an allocation of Ps. 538,776,428 to
increase the company's legal reserves.

                      About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2008, Moody's Investors Service upgraded Bancolombia SA's
Foreign currency deposits rating to Ba2, stable from Ba3
and Foreign currency subordinated debt rating to Baa3, stable from
Ba1.



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

CL FIN'L: Clico Guyana Operations Under Judicial Management
-----------------------------------------------------------
The Guyana government has placed CLICO Life and General Insurance
Company South America Limited (CLICO Guyana)'s operations under
judicial management prior to winding up of the company, Trinidad
and Tobago Newsday reports.  The government's move, the report
relates, follows the liquidation of Clico (Bahamas) Limited, which
has a 51% stake in CLICO Guyana.

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 the same report.

According to Newsday, Guyana Commissioner of Insurance Maria van
Beek, as judicial manager, is expected:

   -- to make a full assessment of Clico’s financial position
      and report to the High Court within a few days;

   -- manage all the affairs of Clico (Guyana);

   -- to undertake an inventory of the local company’s assets;
      and

   -- offer critical advice on the future of Clico (Guyana).

Caribbean Net News relates Guyana's president, Bharrat Jagdeo,
said Clico Guyana has $6.9 billion (US$34 million) invested in
CLICO Bahamas, which represents 53% of the Guyana company’s total
assets.  Clico Guyana has also "not been able to exchange its
illiquid assets for more suitable investments despite repeated
instructions by the government of Guyana,” President Jagdeo said
as cited by the news agency.

President Jagdeo, as cited by Caribbean Net News, added that
although Clico Guyana's investments held in CLICO Bahamas were
liquid on paper, investigations revealed that the Bahamas company
was exposed to real estate investments in Florida through related
party transactions with other subsidiaries in the group.

“Government intends to work towards recovering the sums
outstanding from the Bahamas, and to protect the interests of all
policyholders of CLICO Guyana," President Jagdeo was quoted by
Caribbean Net News as saying.

Caribbean Net News notes President Jagdeo said that Clico Guyana
has experienced liquidity strain due to sizable claims on the
company following the news from Trinidad.  President Jagdeo,
Caribbean Net News notes, said the company has so far managed to
meet its claims but has been forced to dispose of some of its
investments including its shares in the Berbice River Bridge,
which amounts to some $2 billion, to New Building Society.

                       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 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.



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

AIR JAMAICA: Union Threatens to Pullout From Talks
--------------------------------------------------
The National Workers Union threatened to pullout of talks with the
management of Air Jamaica Limited as it is not convinced with the
management's efforts to stabilize the airline's operations and
preserve employees jobs, Go-Jamaica reports, citing the union's
vice president, Granville Valentine.

Mr. Valentine, the report relates, said the management of Air
Jamaica has been deceptive, as many of the cost saving initiatives
agreed on have been changed.  There is also a conflict of interest
among some airline managers who have serious connections with
other airlines, which have moved to fill the gap left vacant by
the national carrier, he added.

According to the report, Air Jamaica Chairperson Shirley Williams
shared the union’s concerns would be dealt with at another meeting
scheduled for today, March 4.

                        About Air Jamaica

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

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

                         *     *     *

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



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

COMERCI: Creditors Agree to Extend Talks on Debt Obligations
------------------------------------------------------------
Controladora Comercial Mexicana SAB de CV (Comerci) reached a deal
with U.S. creditors to extend negotiations over debt obligations,
Andres R. Martinez of Bloomberg News report.

Jason Lange of Reuters relates that Barclays, Goldman Sachs, JP
Morgan and Merrill Lynch are now giving the company until
March 23 to show advances in the restructuring process, which it
began after defaulting on its obligations late last year.

According to Reuters, the company said last week it would delay
reporting its fourth-quarter results by about four weeks while
talks continued with its creditors.

As reported in the Troubled Company Reporter-Latin America on Feb.
2, 2009, Bloomberg News said Comerci hired N.M.
Rothschild & Sons to advise on its debt restructuring.

According to Reuters, Comerci's holders of around MP1.5 billion
(US$114 million) want all their money, without a negotiated
reduction, after the company defaulted due to the global crisis
and plummeting peso.

Reuters related that Comerci failed to make payments on local
notes held by some 1,000 investors, from funds to individuals, and
was expected by analysts to try to negotiate reduced payments.

Reuters noted that the retailer's creditors include six banks that
backed up its trading in derivatives for over US$1 billion, five
banks that extended loans, as well as bond holders.

                          About Comerci

Controladora Comercial Mexicana SAB de CV (CCM) --
http://www.comerci.com.mx --  is a Mexican holding company that,
through its subsidiaries, operates several chains of retail
stores, as well as a chain of family restaurants under the
Restaurantes California brand name.  In addition, CCM owns a 50%
interest in the Costco de Mexico, a joint venture with Costco
Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The Company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico. The Company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.


METROFINANCIERA SA: Fitch Corrects Rating Cuts on February 27
-------------------------------------------------------------
This is a correction for a release issued on Feb. 27, 2009.  It
amends the previous version which omitted the removal of Metro's
support rating and support rating floor from Rating Watch Evolving
as well as the downgrade of Metro's local short-term unsecured
debt issues.

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 (including local
     short-term unsecured debt issues) 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, while the support rating and support rating
floors are removed from Rating-Watch Evolving.

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 'Fitch
Places Metrofinanciera's IDRs on Rating Watch Evolving', 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.


METROFINANCIERA SA: Fitch Junks Ratings on Six Senior Transactions
------------------------------------------------------------------
Fitch Ratings has downgraded and maintains the Rating Watch
Negative on five senior series of Construction Bridge Loans
transactions issued by Metrofinanciera, S.A. de C.V. The rating
actions are these:

  -- Metrocb 03-2 to 'CCC(mex)' from 'BBB(mex)', remains on Rating
     Watch Negative;

  -- Metrocb 03-3 to 'CCC(mex)' from 'BBB(mex)', remains on Rating
     Watch Negative;

  -- Metrocb 07 to 'CCC(mex)' from 'BBB(mex)', remains on Rating
     Watch Negative;

  -- Metrocb 07-3 to 'CCC(mex)' from 'BBB(mex)', remains on Rating
     Watch Negative;

  -- Metrocb Trust 650 class A to 'CCC(mex)' from 'BBB(mex)',
     remains on Rating Watch Negative.

  -- Metrocb Trust 650 class A to 'CCC' from 'B+', remains on
     Rating Watch Negative.

Metrocb Trust 650 class A notes were assigned a Recovery Rating of
'RR4', reflecting Average recovery prospects.

Fitch maintains these ratings on the subordinated tranches of
Metrofinanciera's transactions:

  -- Metrocb 07-2 'C(mex)';
  -- Metrocb 07-4 'C(mex)';
  -- Metrocb Trust 650 class B 'C(mex)'.

These actions were taken as a result of Metrofinanciera's
announcement on Feb. 25, 2009, which confirmed the mismanagement
of collections in eight different trusts, as well as its intention
to seek a restructuring of its unsecured obligations with
creditors, the characteristics of which will likely be deemed a
Distressed Debt Exchange under Fitch's Financial Institutions
methodology.  Given the current collateral value of each of the
individual trusts these ratings remain closely linked to
Metrofinanciera's corporate rating, which has been downgraded to
'C(mex)' from 'BBB(mex) ' and 'C' from 'B' on the international
scale.

The collections, which amount to more than $3,870 million pesos,
derive from the proceeds of securitized assets which where not
transferred to their corresponding trusts but were, however,
collected by Metrofinanciera.  According to preliminary
information as of Dec. 31, 2008 reported by the trustee, these
structures present negative overcollateralization as well as high
percentages of non-performing assets.  This impairs the
structure's ability to make timely and full payment of their
financial obligations.  In addition to the underlying bridge loan
collateral, these transactions have liquidity to meet near term
debt service payments.  These issuances were structured with
either a 'Garantias de Pago Oportuno' or liquidity reserves.

Fitch also downgraded Metrofinanciera's servicer rating to
'Inaceptable(mex)' from 'AAFC4(mex)'.  This downgrade is based on
company's adverse financial situation, as well as deficiencies in
the management of collections of securitized CBL's.

On a final note, Fitch maintains a Rating Watch Negative on these
Metrofinanciera RMBS portfolio until Fitch confirms no resources
were mismanaged in these trusts.

  -- Metrocb 04U 'AAA(mex)' Rating Watch Negative;
  -- Metrocb 06U 'AAA(mex)' Rating Watch Negative;
  -- Metrocb 07U 'AAA(mex)' Rating Watch Negative;
  -- Metrocb 07U 'BBB+' Rating Watch Negative;
  -- Metrocb 08U 'AAA(mex)' Rating Watch Negative;
  -- Metrocb 08U 'BBB+' Rating Watch Negative;
  -- Metrofcb 08 'AAA(mex)' Rating Watch Negative.




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

PDVSA: To Begin Paying Contractors & Domestic Vendors
-----------------------------------------------------
Petroleos de Venezuela said it will begin paying as many as 6,000
contractors and domestic vendors in a “massive” process to bring
up-to-date their payments, Daniel Cancel of Bloomberg News
reported.

According to the report, the company will immediately recognize
back-pay with at least 90% of contractors and service providers.

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                          *     *     *

Petroleos de Venezuela S.A. continues to carry a 'BB-' long-term
corporate credit rating from Standard & Poor's with stable
outlook.  The rating was affirmed by S&P in April 2008.


STANFORD INT'L BANK: Venezuela Unlikely to Help Investors
---------------------------------------------------------
Venezuela is unlikely to help investors who suffered losses
related to Stanford International Bank (SIBL), Brian Ellsworth of
Reuters reports, citing Finance Minister Ali Rodriguez.

The country's regulators, the report relates, said Venezuelans may
have invested up to US$2.5 billion in high-yield certificates of
deposit at SIBL.

As reported in the Troubled Company Reporter-Latin America on Feb.
27, 2009, The Associated Press said SIBL's Venezuelan unit will be
put up for sale after the goverment seized its business.

The AP recalled Venezuela's government seized temporary control of
Stanford Bank SA after panicked withdrawals on news of U.S. fraud
charges against owner Robert Allen Stanford and three of his
companies.

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.

Finance Minister Rodriguez, as cited by Reuters, said Venezuela
did not have a responsibility to protect investments made
overseas.  "We respond to those savers who put their money in a
bank that is regulated by Venezuelan laws," Mr. Rodriguez told
Reuters in a televised interview.  "It would be difficult for us
to take responsibility for investments that were made in banks
that are regulated by other laws and policies."

                            About SIBL

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



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *