TCRLA_Public/090305.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

             Thursday, March 5, 2009, Vol. 9, No. 45

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD FINANCIAL: CFO James Davis Declines to Testify
STANFORD INT'L BANK: Stanford Estate Only Worth Millions


A R G E N T I N A

GAM S SA: Trustee Verifying Proofs of Claim Until April 6
NORPAPEL SAIC: Trustee Verifying Proofs of Claim Until April 1
TREBOL COMPANY: Trustee Verifying Proofs of Claim Until April 27
* S&P Says Argentina Keeps Rein on Provinces; Faces Rough Year


B R A Z I L

BANCO BRADESCO: UBS AG Raises Company to “Buy” on Earnings
BNDES: Halts Financing for Independencia on Bankruptcy Filing
BRACOL HOLDING: Moody's Reviews 'B3' Ratings for Possible Cuts
INDEPENDENCIA SA: Voluntary Chapter 15 Case Summary


C A Y M A N  I S L A N D S

AECF FUND: Creditors' Proofs of Debt Due on April 1
BURI LTD: Shareholders Receive Wind-Up Report
CIL SPENCER: Members Receive Wind-Up Report
DVA CAPITAL: Commences Wind-Up Proceedings
FLAMING SPIRIT: Shareholder Receives Wind-Up Report

GLUON FUND: Members Receive Wind-Up Report
INDIGO INVESTMENTS: Shareholders Receive Wind-Up Report
INTERNATIONAL PAPER: Placed Under Voluntary Wind-Up
INTREPID CAPITAL: Commences Wind-Up Proceedings
MARATHON INVESTMENT: Members Receive Wind-Up Report

MLBT & ASSOCIATES: Shareholder to Hear Wind-Up Report Today
OCTAVE ENTERTAINMENT ET AL: Commences Wind-Up Proceedings
ORANGERIE FUNDING: Placed Under Voluntary Wind-Up
ORIENT GLOBAL: Shareholders Receive Wind-Up Report
POLAR BLUE: Shareholder Receives Wind-Up Report

Q APPRECIATION ET AL: Creditors' Proofs of Debt Due on April 1
Q-BLK ARS: Creditors' Proofs of Debt Due on April 1
ROCKBAY CAPITAL: To Hold Final Meeting on March 27
SENTOSA HOLDINGS: Shareholder to Hear Wind-Up Report Today
VEGA INSTITUTIONAL: Shareholders Receive Wind-Up Report


C O L O M B I A

BANCOLOMBIA: Discloses Public Offer of Subordinated Ordinary Notes
ECOPETROL: To Offer US$8.1 Bln Bonds to Finance Investments
ECOPETROL: To Buy Back Glencore's 51% Refinery Stake for US$549MM
PETROECUADOR: Unit Inks Ops. & Safety Improvement Deal With FMS


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: EUI Sees 1% Decline in Economy This Year


E C U A D O R

PERENCO: Ecuador to Freeze Income Over EUR350 Mln Late Taxes


G U Y A N A

CL FIN'L: Clico Guyana Has No Investment in Bahamas, PM Says


J A M A I C A

AIR JAMAICA: Bilateral Air Services Deal With Brazil on Hold
CABLE & WIRLESS: LIME Sues Digicel for Discriminatory Pricing
RJR: To Carry Out Restructuring Exercise on Economic Downturn


P A N A M A

CHIQUITA BRANDS: Elects Kerrii Anderson to Board of Directors


M E X I C O

COPAMEX SA: Fitch Downgrades Issuer Default Rating to 'B+'
VITRO SAB: S&P Withdraws 'D' Long-Term Corporate Credit Rating


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Insurance Agents Told Not to Sell New Policies


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

STANFORD FINANCIAL: CFO James Davis Declines to Testify
-------------------------------------------------------
Laurel Brubaker Calkins and Laurence Viele Davidson report that
James M. Davis, the second-highest ranking executive at the
Stanford Financial Group of companies, has declined to provide
testimony or accounting in connection with a lawsuit filed by the
Securities and Exchange Commission in the U.S. District Court for
the Northern District of Texas.

The SEC has filed a complaint against Stanford Financial, its
founder R. Allen Stanford, Mr. Davis and Chief Investment Officer
Laura Pendergest-Holt, in federal court for the sale of $8 billion
in fraudulent certificates of deposit at Antigua-based Stanford
International Bank.

Mr. Davis, the director and chief financial officer of Stanford
financial Group and Stanford International Bank, declined to
cooperate in the suit, citing his privilege of against self-
incrimination under the Fifth Amendment of the U.S. Constitution.
Mr. Davis and Stanford have not been criminally charged for any
wrongdoing.

                           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.

The U.S. Securities and Exchange Commission (SEC), 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.  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.


STANFORD INT'L BANK: Stanford Estate Only Worth Millions
--------------------------------------------------------
Court Appointed Stanford receiver, Ralph Janvey, told U.S.
District Judge David Godbey in a Dallas court that Robert Allen
Stanford's financial empire might only amount to hundreds of
millions of dollars, not billions, CaribbeanWorldNews reports.
The report relates Mr. Janvey said there is a liquidity problem in
the company, and “the estate's final assets might only be a
'fraction' of what was originally anticipated.”

“Based on our preliminary investigation, the liquidity situation
and overall financial condition of the Stanford entities can only
be described as dire,” Mr. Janvey told Judge Godbey in a Dallas
court, as cited by the news agency.  “Evidence is also mounting
that the assets of the Estate will be only a fraction of the
amount needed to satisfy the anticipated claims against the
Estate.”

Mr. Janvey, the report notes, told Judge Godbey that he will file
a plan by March 16 for releasing accounts that contain less than
US$100,000, with some exceptions.

According to the report, Judge Godbey earlier ruled the U.S.
Securities and Exchange Commission could maintain the freeze over
Mr. Stanford's assets and set a March 12 hearing to decide on the
SEC’s request to make the temporary injunction permanent.

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, Stanford Group
Company (SGC), and investment adviser Stanford Capital Management.

                            About SIBL

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



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

GAM S SA: Trustee Verifying Proofs of Claim Until April 6
---------------------------------------------------------
The court-appointed trustee for Gam s S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 6, 2009.

The trustee will present the validated claims in court as
individual reports on August 9, 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
September 13, 2009.


NORPAPEL SAIC: Trustee Verifying Proofs of Claim Until April 1
--------------------------------------------------------------
The court-appointed trustee for Norpapel S.A.I.C.'s reorganization
proceedings will be verifying creditors' proofs of claim until
April 1, 2009.

The trustee will present the validated claims in court as
individual reports on May 19, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 1, 2009.


TREBOL COMPANY: Trustee Verifying Proofs of Claim Until April 27
----------------------------------------------------------------
The court-appointed trustee for Trebol Company S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 27, 2009.

The trustee will present the validated claims in court as
individual reports on June 10, 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 6, 2009.


* S&P Says Argentina Keeps Rein on Provinces; Faces Rough Year
--------------------------------------------------------------
Since the 2001-2002 financial crisis that gripped Argentina, the
country's provinces have been subject to greater accountability
to, and control by, the national government amid a remarkable
recovery.  By all measures, the fiscal position of the provinces
seems less precarious than it was in the period running up to the
country's 2001 crisis.  However, with a worsening national economy
and a global slowdown, the challenges for Argentina's provinces
are different, but some of the same fears have returned.  After
the provinces showed a consolidated deficit in both 2007 and 2008,
concerns are growing over their fiscal health.

Standard & Poor's Ratings Services believes that, in the current
national and global downturn, the provinces' finances will weaken
more rapidly than the national government's.  Moreover, with the
provinces' fiscal dependence on the central government now
stronger than it was before the last crisis, we're keeping a
watchful eye on whether the provinces' issues could affect the
Argentine government's own political, fiscal, and financial well-
being.

Conversely, S&P wonder about the provinces' own options should the
sovereign's creditworthiness keep deteriorating.  S&P rate the
Argentine provinces based on S&P's methodology for rating
international local and regional governments.  Accordingly, the
higher dependence of the provinces on the central government's
financing and revenues affects the ratings of the provinces S&P
rate.  This links the ratings on the provinces to that on the
sovereign.

Several developments, in S&P's view, lie at the heart of concerns
about the provinces' finances, having to do with deficits, tax
monies, and debt financing.  First, consolidated provincial
finances have run in the negative the past two years, compared
with the central government's reaping of surpluses.  The central
government has also benefited from new taxes instituted after the
fiscal crisis, and these revenues don't have to be distributed to
the provinces.  On the cost side, the provinces have had to deal
with inflationary pressures on salaries.  Lastly, the provinces
have lost some of their autonomy in debt financing, relative to
the central government.

       Decentralized Finances Sped The Run To Ruin In 2001

To understand the Argentine provinces' situation, it's key to
examine developments of the late 1990s and the country's ensuing
fiscal crisis.  In 1998, Argentina's economy entered into a
recession that lasted almost four years, culminating in 2001 with
the worst economic and social crisis the country has ever
suffered.  The Argentine provinces contributed to the recurring
fiscal deficits in the public sector that led up to that crisis.
Between 1996 and 1999, the provinces' finances deteriorated, and
they worsened still further in 1999. Provincial spending grew
faster than revenues, creating a large structural imbalance.

Decentralization of the country's finances hastened the crisis.
The national government transferred spending responsibilities to
the provinces.  Although revenues were also transferred, they were
not enough to compensate for expenditure growth. Interest expenses
rose, and social spending increased, causing the provinces'
overall expenditures to grow significantly in the 1990s.  At the
same time, the central government reduced its "coparticipation"
transfers to the provinces–-the system of revenue sharing that
Argentina has had for decades--to finance a national social
security system and treasury.  Furthermore, as part of the Second
Fiscal Pact, the government's 1994 agreement with the provinces to
provide incentives for economic development, most provinces
lowered their tax rates and granted various exemptions to
taxpayers.  Amid the slower economy from 1998 on, the provinces
received even smaller coparticipation transfers from the
government, and collected smaller revenues from their own sources,
than the amounts they had budgeted for.

Politically, by the end of the 1990s, the central government
lacked the power to reverse the deterioration in provincial
finances.  Most provincial governors belonged to the political
party in opposition to the president's and therefore were less
willing to cooperate with the government or pay the political
price of adjusting their fiscal plans.  Also, the composition of
the national congress differed from the central government
coalition, further splintering the central government's power.

The call for stronger fiscal austerity was muted. Politicians
expected a rapid upturn, as had happened after the 1995 "Tequila
Crisis," which began in Mexico and spread to Argentina.  Fiscal
austerity measures also could be postponed because the provinces
had access to financing, mostly from commercial banks.  The larger
entities--including the Province of Buenos Aires, the City of
Buenos Aires, the Province of Mendoza, and others--could even
access the international capital markets.

As the provinces' financial situation worsened, they started to
pay correspondingly higher interest rates, which through the years
became a more significant portion of provincial operating
expenditures.  The resulting deficits reflected, to a great
extent, the seriousness of the fiscal problems in the provinces
(see chart 1).  All 24 provinces ended 2001 with fiscal deficits,
18 of them with deficits of more than 10% of total revenues.  Half
were indebted for more than 100% of their total annual revenues.

By the end of 2001, Argentina's central government and
consolidated provincial fiscal deficits had reached $8.72 billion
(3.3% of GDP) and $6.37 billion (2.4%), respectively.  The central
government defaulted on its sovereign debt at that time, and the
provinces defaulted between 2001 and 2005.

        An Opportunity Missed, Provincial Deficits Return
                    After A Run Of Surpluses

Since 2003, a combination of brisk economic growth and high,
inflation-driven taxable incomes has propelled a financial
recovery in both the central government and the provinces.  Both
reported significant surpluses during the recovery.  While the
central government still enjoys a surplus, the provinces' fiscal
condition has diverged from the national one in the past two
years.  In 2008, while the central government's estimated bottom
line was a surplus of 1.3% of GDP, the provinces' consolidated
finances were negative for a second consecutive year, with a
deficit of 0.3% of GDP (see chart 2).  As another signal of
deterioration, the provinces estimated a primary deficit (deficit
before interest payments) for the first time since 2003--a total
of Argentine pesos 140 million.

The central government surpluses of the past few years have
provided it with the fiscal and financial flexibility it lacked a
decade ago when compared with the provinces.  Recently, though,
the government's increasing intervention in the economy, higher
inflation, weaker fiscal results, inability to access
international capital markets, and difficulties in tapping even
the local markets have chipped away at its creditworthiness.  This
caused us to lower both the short- and long-term sovereign ratings
on the Republic of Argentina (B-/Stable/C) late last year

The government shares less, leaving the provinces to cope
Before the 2001 crisis, the coparticipation law reduced the
government's capacity to benefit from changes in the tax
structure, because it had to share part of any new tax or increase
in existing taxes with the provinces.  Although the
coparticipation law was not modified, in the context of the 2002
crisis, the national government implemented new taxes, the
proceeds of which do not have to be distributed to the provinces.
These include the export taxes and the financial transactions tax.
These two taxes, the most profitable, have been crucial to the
national government's robust fiscal results in the past few years,
representing an estimated 19% of total government revenues and
about 5.4% of GDP in 2008.  The government makes coparticipation
transfers on none of the export taxes and only a minor part of the
FTT.

Current transfers, meant to compensate for the extraordinary
revenues not included in coparticipation, have also fallen.  The
central government has more discretion over them.  Current
transfers represented almost 7% of Argentina's primary
expenditures in 2003, but they fell to 3% in 2008.  Consequently,
although its 2008 revenues were 35% higher than in 2007, the
central government's current transfers to the provinces grew by
only 13%--a particularly low rate when inflation was running at
about 25%.  This situation reflects the unpredictability and
instability of the Argentine intergovernmental system, which,
according to S&P's methodology.

The new national taxes provided the central government with more
revenues and fiscal autonomy than it had a decade ago, while they
reduced those of the provinces.  With no financing available when
credit is tight, provinces now have to depend on their own revenue
generation, and this could eventually work well only for the
larger provinces.  For example, the Province and City of Buenos
Aires, Santa Fe, Córdoba, and Mendoza depend to a great extent
upon self-generated tax revenues.  The Province and City of Buenos
Aires' own-source revenues represented 59% and 87%, respectively,
of their 2008 operating revenues.

The worsening situation for the provinces is pushing them to
implement tax reforms in order to increase their revenues and
avoid depending even more on help from the central government.  In
2008, most of the provinces that implemented reforms increased
their tax rates and eliminated some exemptions.  The Provinces of
Buenos Aires and Córdoba implemented tax reforms, and the Province
of Neuquén, among others, may seek similar reforms.  The City of
Buenos Aires was the first to raise taxes, at the end of 2007, and
S&P expects that it will do it again in 2009.

In sum, because of the procyclical fiscal behavior of both the
central government and the provinces at the peak of the cycle,
they are now forced to be procyclical again in the downward part
of the cycle, probably exacerbating the effects of the current
economic slowdown.  S&P believes this economic slowdown will fully
burden the provinces' finances.  Also adding to the significant
hurdles they will face in 2009 is the temptation to spend in
advance of this year's legislative elections.

          Inflation Pushes Up Provincial Salary Demands

High inflation has helped revenues but has also put significant
pressure on salaries, and this factor hits the provinces much
harder than the sovereign.  Given the inflation, the provinces
have had to increase their spending, with salaries making up a
high proportion--about 50%--of total provincial expenditures.
Spending on personnel is less than 12% of the central government's
expenditures, so the impact of salary increases on it is
substantially lower.

Even though provincial finances are beginning to falter, the
situation is still less critical than it was in 2001 and 2002 (see
chart 3).  In 2007, the latest year for which official data are
available for all the provinces, more than half the provinces
ended with fiscal surpluses, and only seven out of 24 (the total
including the City of Buenos Aires) were indebted by more than
100% of their total annual revenues.  Though official data are not
in yet, S&P expects the situation to have deteriorated markedly in
2008.

To finance deficits, provinces now borrow from the government

As their fiscal health deteriorates, more provinces will run
deficits, and it's uncertain how they will finance them.  Before
the crisis, they relied on debt.  Now, given that the capital
markets are practically closed, this seems less likely.  Besides,
the Fiscal Responsibility Law, passed in 2004, requires all
participating provinces to obtain the central government's
authorization before issuing any type of debt.  Before the 2001
crisis, the central government did not have or did not enforce
this type of control.  Therefore, the provinces had less incentive
to balance their books because they could borrow from commercial
banks or, in the case of the larger ones, resort to the
international capital markets.  Sometimes this law has added
political motivation to the central government at the time of
providing the approval.  Provincial financing now ultimately
depends on the central government providing it or approving it.

Private sources of financing are, in any case, drying up.
Argentine commercial banks have already reached their maximum
allowed exposure to the public sector.  The government, with the
support of the congress, ended the capitalization system and
replaced it with a pay-as-you-go system in December 2008,
eliminating the system that had created the largest institutional
investor in Argentina, the private pension funds.  The National
Social Security Administration, a public institution, now controls
the funds that the AFJPs accumulated and could be a new source of
financing for the provinces.  However, no one knows how much
political independence the ANSES is going to have.  And the
current international financial crisis and negative perception of
Argentina rule out accessing the international capital markets, as
the provinces were able to do in 2006 and 2007.

Provincial debt has changed significantly since the 2001 crisis.
A decade ago, the provinces' debt consisted mostly of commercial
bank loans (34%) and private bonds (37%), and only a small
proportion came from the national government (15%) (see chart 3).
As the 2001 crisis unfolded, the central government assumed the
provincial debt held by commercial banks, and the provinces became
more indebted to it.

This agreement had significant implications, especially in
diluting provincial power.  By accepting the debt swaps, with
their more favorable conditions such as lower interest rates and
longer maturities, and by returning to the central government for
additional financing of their budgets since 2002, the provinces
forfeited some financial autonomy to the central government.  The
agreements gave the government discretion in determining the terms
of debt repayment from each province.  As of December 2007, the
federal government held almost 70% of the total provincial debt,
bondholders 19%, and multilateral organizations 11% (see charts 4
and 5).  By increasing its holdings of provincial debt, the
government has enhanced its power to negotiate and control the
provinces.  As compensation, the provinces have lessened the
market debt obligations they must honor.

               The Central Government Takes Charge,
             But Political Issues Threaten Stability

Finally, a political consideration differentiates the situation
from that leading up to the 2001 crisis.  Although the party that
controls the national government has had a majority in both
chambers of the congress since 2003, back in 2001 the government
did not have enough support to pass laws and amendments that might
have headed off the crisis.  In the late 1990s, only a few
provinces were governed by the national government's political
allies (Alianza).  Since the election of former president Nestor
Kirchner (in office from 2003 to 2007), the central government has
consolidated its political power, depending less on its
relationship with the provincial governors.  Most governors also
share the same political party, the Peronist party, with the
central government.

However, since farmers protested export taxes in the first half of
2008, the central government's popularity has fallen considerably,
along with the support of some governors.  Therefore, the
political factor, which had not been a problem for Nestor
Kirchner's administration, potentially limits the current
administration of his wife, Cristina Kirchner.  S&P believes this
could well be a risk especially in 2009, a legislative election
year.

           More Centralization Contains Provincial Risk
                 But Limits Regional Development

With one hand, the federal government has offered the provinces
greater aid because of its more solid fiscal position since the
crisis.  With the other hand, however, it has taken away the some
of the provinces' autonomy.  Financing from the AFJPs is not an
option for the provinces anymore.  At the same time that their
revenues have shrunk relative to the nation's, the amount of debt
the provinces owe to the federal government has grown
considerably.  And, because of the Fiscal Responsibility Law, they
now need the government's approval to issue any type of debt.

Also, the provinces' higher dependence on the national government
leads us to question what path they would follow if Argentina's
creditworthiness continues to deteriorate.

With the provinces' loss of fiscal and financial autonomy,
Argentina is no longer the federalist country that it used to be,
or pretended to be.  It's becoming more centralized--more like
Mexico and less like Brazil.  It's not clear yet if this
centralization will be positive or negative.  Very centralized
countries, such as Chile, have been able to work well fiscally,
but the system is probably less effective in encouraging regional
development.  What seems certain is that provincial debt won't be
a serious problem for the national government anymore.  But the
absence of a consistent regional development policy that
incorporates all the provinces and addresses possible alternatives
for their financing is still a major unresolved issue in
Argentina.



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


BANCO BRADESCO: UBS AG Raises Company to “Buy” on Earnings
----------------------------------------------------------
Banco Bradesco S.A. was raised to “buy” from “neutral” at UBS AG,
Telma Marotto of Bloomberg News reports.

“Bradesco should trade at a premium to global peers due to the
better quality of its equity and resilient earnings,” analyst Juan
Partida wrote in a report obtained by Bloomberg News.  “Bradesco
boasts well diversified earnings,” including more than 30% of
profit coming from its insurance arm”.

According to the report, Mr. Partida said the bank’s net interest
margin will be slightly affected by falling interest rates in the
country.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                          *     *     *

According to Bloomberg data, Banco Bradesco S.A. continues to
carry Moody's "Ba2" long-term foreign bank deposits and "B-" bank
financial strength rating with a stable outlook.


BNDES: Halts Financing for Independencia on Bankruptcy Filing
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
suspended part of a financing package for Independencia Alimentos
Ltda, following the meatpacker's bankruptcy filling, Rogerio
Jelmaye of Dow Jones Newswires reports.

As reported in the Troubled Company Reporter-Latin America on
March 4, 2009, Bloomberg News said Independencia 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.  The company
simultaneously commenced a restructuring process under
Brazilian insolvency law, according to Reuters.

BNDES, DJ Newswires recounts, announced last year that it has
injected a capital of BRL450 million (US$184 million) in
Independencia in exchange for up to one third of the company's
capital.  Of that total, the government institution has so far
deposited BRL250 million, the bank added.

                           About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

As of February 19, 2009, Banco Nacional continues to carry a Ba2
foreign long-term bank deposit rating from Moody's Investors
Service.  The rating was assigned in August 2007.


BRACOL HOLDING: Moody's Reviews 'B3' Ratings for Possible Cuts
--------------------------------------------------------------
Moody's placed the Ba3 ratings of Bracol Holding Ltda. (formerly
Bertin Ltda.), 77.17% owner of unrated Bertin S.A., on review for
possible downgrade.  Given the recent accelerated deterioration in
the business environment for Brazilian beef processors, Bracol's
rating could be downgraded by more than one notch at the
conclusion of the review. S.A. Fábrica de Produtos Alimentícios
Vigor's B2 rating, however, remain under review for possible
upgrade.

"The rating action was primarily due to heightened challenges that
Bracol will face in terms of: a) the company's operating
performance in light of a significantly weaker outlook for
Brazilian beef and leather exports; b) the company's exposure to
increasingly expensive short term trade finance credit; and, c)
high working capitals needs and margin compression in its domestic
beef segment", explained Moody's VP Senior Analyst, Soummo
Mukherjee.  "The above-mentioned factors are likely to cause
Bracol to violate Moody's triggers for downward pressure on its
ratings on a 2009 full-year basis, which include FFO / Net Debt
sustained below 20% (26% as of LTM 9/30/2008), EBITA / Interest
below 1.5x (1.1x as of LTM 9/30/2008) or Total Adjusted Debt /
EBITDA above 6.0x (6.9x as of 9/30/2008)," added Mukherjee.

Brazilian fresh beef and leather export volumes and prices have
dropped substantially since September 2008 and domestic prices
have dropped in January and February of 2009, while cattle prices
have declined to a less extent, resulting in margin compression
for Brazilian beef processors.  According to the Brazilian Foreign
Commerce Secretariat, Brazilian fresh beef export dropped 45% in
volumes and 68% in US$ prices from September 2008 to January 2009,
while cattle prices in Brazil only dropped by about 10% in the
same period.  Meanwhile, lower exports resulted in increased
redirection of beef produced in Brazil to the domestic market, and
are likely to have pressured domestic beef retail prices in
January and February of 2009.

Moody's review will focus on Bracol's business plan and liquidity
profile for the next two years.  The review will also analyze the
company's business profile and compare its principal credit
metrics and overall level of corporate governance, including its
financial disclosure, with other similarly rated peers.

Ratings placed under review for possible downgrade:

  -- Bracol Holding Ltda.'s Corporate Family Rating: Ba3

  -- US$ 350 million 10.25% senior unsecured guaranteed notes due
     2016: Ba3

Moody's last rating action on Bracol was on December 17th, 2008,
when Moody's affirmed Bracol's Ba3 ratings, but changed the
outlook to negative.

Bracol, headquartered in São Paulo, Brazil, is one of the largest
beef processing and leather exporting companies in Latin America.
In addition, the company owns and operates other facilities to
produce raw materials for cleaning products, personal protective
equipment, dog toys, cans and packaging materials using by-
products of its slaughterhouses.  As of February 10th, 2009,
Bertin, Bracol's subsidiary, also owns directly and indirectly
99.4% of Vigor's total shares, a company focused in the dairy
segment.


INDEPENDENCIA SA: Voluntary Chapter 15 Case Summary
---------------------------------------------------
Chapter 15 Debtor: Independencia S.A.
                  Avenida Luiz A. Fayrdin
                  S/3 Cajamar
                  Sao Palo, Brazil

Chapter 15 Case No.: 09-10903

Type of Business: The Debtor engages in real property investment.

                 See: http://www.independencia-sa.cl/

Chapter 15 Petition Date: March 27, 2009

Court: Southern District of New York (Manhattan)

Chapter 15 Debtor's Counsel: Paul R. DeFilippo, Esq.
                            pdefilippo@wmd-law.com
                            Wollmuth Maher & Deutsch LLP
                            500 Fifth Avenue, 12th Floor
                            New York, NY 10110
                            Tel: (212) 382-3300
                            Fax: (212) 382-0050

Estimated Assets: unstated

Estimated Debts: unstated

The petition was signed by Tobias Bremer, chief financial officer.



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

AECF FUND: Creditors' Proofs of Debt Due on April 1
---------------------------------------------------
The creditors of AECF Fund, Ltd. are required to file their proofs
of debt by April 1, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Dec. 30, 2008.

The Liquidator can be reached at:

         Jane Fleming
         Queensgate Bank & Trust Company Ltd
         PO Box 30464, Harbour Place
         Grand Cayman KY1-1202
         Tel: 345 945-2187
         Fax: 345 945-2197


BURI LTD: Shareholders Receive Wind-Up Report
---------------------------------------------
On January 23, 2009, the shareholders of Buri 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


CIL SPENCER: Members Receive Wind-Up Report
-------------------------------------------
On February 3, 2009, the members of CIL Spencer Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Condor Nominees Limited
         P. O. Box 487
         Grand Cayman KY1-1106
         Cayman Islands
         Telephone: (345) 949- 7128
         Facsimile: (345) 949-7657


DVA CAPITAL: Commences Wind-Up Proceedings
------------------------------------------
On December 16, 2008, a written resolution was passed by the sole
shareholder of DVA Capital SPC that voluntarily wind up the
company's operatiosn.

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

The company's liquidator is:

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


FLAMING SPIRIT: Shareholder Receives Wind-Up Report
---------------------------------------------------
On January 31, 2009, the shareholder of Flaming Spirit Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


GLUON FUND: Members Receive Wind-Up Report
------------------------------------------
On January 23, 2009, the members of Gluon Fund International, Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


INDIGO INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On February 9, 2009, the shareholders of Indigo Investments &
Finance Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         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


INTERNATIONAL PAPER: Placed Under Voluntary Wind-Up
---------------------------------------------------
On December 24, 2008, the sole shareholder of International Paper
Distribution Group Limited resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Ho, Man Kit
          Unit 511, 5/F., Tower 1
          Silvercord, 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong
          Tel: (852) 2851 6752
          Fax: (852) 2537 5218


INTREPID CAPITAL: Commences Wind-Up Proceedings
-----------------------------------------------
On December 31, 2008, a written resolution was passed by the sole
shareholder of Intrepid Capital Multi-Sector Fund (Offshore), Ltd.
that voluntarily wind up the company's operatiosn.

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

The company's liquidator is:

          Reid Services Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


MARATHON INVESTMENT: Members Receive Wind-Up Report
---------------------------------------------------
On January 23, 2009, the members of Marathon Investment Managers,
Ltd received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MLBT & ASSOCIATES: Shareholder to Hear Wind-Up Report Today
-----------------------------------------------------------
The shareholder of MLBT & Associates Ltd. will receive the
liquidator's report on the company's wind-up report and property
disposal today, March 5, 2009.

The company's liquidator is:

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


OCTAVE ENTERTAINMENT ET AL: Commences Wind-Up Proceedings
---------------------------------------------------------
On December 29, 2008, the shareholders resolved to voluntarily
wind up the operations of:

   -- Octave Entertainment, Ltd; and
   -- Octave Entertainment Fund, Ltd.

The company's liquidator is:

         Stuart Sybersma
         c/o Emiliano Brito, Deloitte
         P.O. Box 1787 GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


ORANGERIE FUNDING: Placed Under Voluntary Wind-Up
-------------------------------------------------
On December 30, 2008, the shareholders of Orangerie Funding
Corporation resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

         Ellen J. Christian
         Piccadilly Cayman Limited
         c/o BNP Paribas Bank & Trust Cayman Limited
         PO Box 10632, 3rd Floor Royal Bank House
         Shedden Road, George Town
         Grand Cayman KY1-1006, Cayman Islands
         Telephone: 345 945-9208
         Fax: 345 945-9210


ORIENT GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
On January 5, 2009, the shareholders of Orient Global Group
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


POLAR BLUE: Shareholder Receives Wind-Up Report
-----------------------------------------------
On March 5, 2009, the shareholder of Polar Blue Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


Q APPRECIATION ET AL: Creditors' Proofs of Debt Due on April 1
--------------------------------------------------------------
Jane Fleming fixed April 1, 2009, as the last day to file proofs
of debt for the creditors of:

   -- Q Appreciation Fund A, Ltd.; and
   -- G Appreciation Fund B, Ltd.

The company commenced liquidation proceedings on December 30,
2008.

The Liquidator can be reached at:

         Jane Fleming
         Queensgate Bank & Trust Company Ltd
         PO Box 30464, Harbour Place
         Grand Cayman KY1-1202
         Tel: 345 945-2187
         Fax: 345 945-2197


Q-BLK ARS: Creditors' Proofs of Debt Due on April 1
---------------------------------------------------
The creditors of Q-BLK ARS III, Ltd. are required to file their
proofs of debt by April 1, 2009, to be included in the company's
dividend  distribution.

The company commenced liquidation proceedings on Dec. 30, 2008.

The Liquidator can be reached at:

         Jane Fleming
         Queensgate Bank & Trust Company Ltd
         PO Box 30464, Harbour Place
         Grand Cayman KY1-1202
         Tel: 345 945-2187
         Fax: 345 945-2197


ROCKBAY CAPITAL: To Hold Final Meeting on March 27
--------------------------------------------------
Rockbay Capital Offshore Fund Ltd. will hold the final meeting on
March 27, 2009, at 11:00 p.m., to receive 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


SENTOSA HOLDINGS: Shareholder to Hear Wind-Up Report Today
----------------------------------------------------------
The shareholder of Sentosa Holdings Ltd. will hear today, March 5,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


VEGA INSTITUTIONAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On January 5, 2009, the shareholders of Vega Institutional
Advisors Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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




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

BANCOLOMBIA: Discloses Public Offer of Subordinated Ordinary Notes
------------------------------------------------------------------
Bancolombia S.A. disclosed the local public offering of tranche 1
of Bonos Ordinarios Subordinados.

This offering of Subordinated Ordinary Notes is the first offering
of multiple and successive issuances of Subordinated Ordinary
Notes up to an aggregate principal amount of one trillion
Colombian pesos (Ps $1,000,000,000,000).

Three hundred thousand (300,000) Subordinated Ordinary Notes were
offered in the First Subordinated Ordinary Notes Offering for an
aggregate principal amount of three hundred billion pesos ($
300,000,000,000).

Bancolombia may increase the offering principal amount of
Subordinated Ordinary Notes by one hundred billion pesos
($100,000,000,000), for a total amount of up to four hundred
billion pesos ($400,000,000,000).

The First Subordinated Ordinary Notes Offering has been rated AA +
by Duff & Phelps de Colombia S.A.

The First Subordinated Ordinary Notes Offering was announced on
page 7A of the March 3, 2009 edition of the Colombian newspaper
"La Republica."

                       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.


ECOPETROL: To Offer US$8.1 Bln Bonds to Finance Investments
-----------------------------------------------------------
Ecopetrol S.A. said it propose an issue of up to US$8.1 billion in
nonconvertible bonds to help finance investments through 2011,
Patrick Markey of Reuters reports.  The report relates
shareholders still has to consider the plan at a March 26 meeting.

Ecopetrol, the report notes, said it would invest US$6.2 billion
this year and could seek debt to help finance its investments
depending on market conditions.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. (BVC) under the symbol ECOPETROL.  The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s
foreign and local currency issuer default ratings at 'BB+' and
'BBB-', respectively.  The Rating Outlook is Stable.


ECOPETROL: To Buy Back Glencore's 51% Refinery Stake for US$549MM
-----------------------------------------------------------------
Ecopetrol SA agreed to buy back commodity company Glencore
International AG's 51% stake in a joint venture refinery for
US$549 million, Inti Landauro of Dow Jones Newswires reports.

According to the report, both companies will carry out the asset
sale within 90 days, and the price may change after a process of
due diligence to be held by Ecopetrol.

As reported in the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Glencore plans to sell back its 51% stake in a
refinery upgrade project in Colombia to Ecopetrol, due to its
inability to obtain funds for the project expansion.

Javier Mozzo of Reuters recalled that Glencore was struggling to
get hold of credit to fund its share in the investment to boost
output at the refinery in Cartagena.  The companies, Reuters
noted, planned to increase output to 140,000 barrels per day (bpd)
from 75,000 bpd.  However, due to the global credit crisis
Glencore was unable to obtain the needed financing, Dow Jones
Newswires related.

Ecopetrol, as cited by DJ Newswires, said it might operate the
refinery alone or it may seek new partners to replace Glencore.

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. (BVC) under the symbol ECOPETROL.  The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s
foreign and local currency issuer default ratings at 'BB+' and
'BBB-', respectively.  The Rating Outlook is Stable.


PETROECUADOR: Unit Inks Ops. & Safety Improvement Deal With FMS
---------------------------------------------------------------
Petroproduccion, a subsidiary of Petroecuador, has selected Fleet
Management Solutions (“FMS”) GPS and all-satellite tracking to
improve the company's operations and safety.

FMS Fleet Central will enable Petroproduccion to optimize use of
its fleet resources and ensure the integrity of equipment and site
maintenance.  In addition, fuel efficiency, worker safety and
improved vendor payment planning were reasons to deploy the FMS
all-satellite system in rolling assets.

"FMS was the only entity operating in our region that could
deliver all the features we needed to implement our efficiency and
security programs," said Roland Mariach, Sr. Engineer for
Infrastructure and Networking.  "We expect to see payback on our
investment in less than one year.  Local support in Ecuador
demonstrates FMS commitment and is critical to our success."

                      About Fleet Management

Fleet Management Solutions, an INC 500 Company and recognized
leader in GPS fleet tracking and All-Satellite Mobile Resource
Management Solutions, is noted for its global success operating in
rugged and remote environments, focusing on the oil and gas,
government, military, and logistics industries.

                      About Petroproduccion

The State Company for Oil Exploration in Ecuador, Petroproduccion,
was established on September 26, 1989 with the objective of
exploring and exploiting hydrocarbon reservoirs, sedimentary
basins, and hydrocarbon fields assigned to PetroEcuador and
transporting oil and gas to the main storage facilities.

                        About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.



==================================
D O M I N I C A N  R E P U B L I C
==================================

* DOMINICAN REPUBLIC: EUI Sees 1% Decline in Economy This Year
--------------------------------------------------------------
The Economist Intelligence Unit (“EIU”) predicts the Dominican
economy will decline 1% in 2009, as the external conditions
continue deteriorating and the growing impact from the U.S.
economic recession and the global financial crisis, Dominican
Today reports.

According to the report, Stephen Keppel, Economist Intelligence
Unit Assistant publisher, said with a 2.5% contraction in the
United States Gross Domestic Product, Dominican Republic’s exports
will fall and there’ll be negative impacts on tourism, remittances
and foreign investment.

“Investment in the country in 2009 will be higher than in other
countries of the region due to the pre-established agreements in
the tourism and mining sectors; however, they’ll be affected by
the financial difficulties, lack of international liquidity and an
increase in the aversion to risk,” the news agency quoted
Mr. Keppel as saying.



=============
E C U A D O R
=============

PERENCO: Ecuador to Freeze Income Over EUR350 Mln Late Taxes
------------------------------------------------------------
Ecuador will freeze the income of 720,000 barrels of oil produced
by Perenco after the French oil company failed to settle EUR350
million in late taxes, Alonso Soto at Reuters reports citing
Petrecuador chief Luis Jaramillo.

Perenco, Reuters relates, failed to repay its debt due on Monday.

Reuters notes under Ecuadorean law, the state could temporarily
seize assets or freeze accounts of a company to force payment.

Xinhua recalls Derlis Palacios, Ecuador's oil minister, said
Monday that he met with Perenco executives but "unfortunately we
did not reach concrete agreements and the company did not give a
proposal to pay its multimillion debt."

In an earlier report, Reuters disclosed Mr. Palacios said Perenco
could opt for a settlement similar to Repsol under which the
Spanish oil company agreed to pay more than US$500 million in late
taxes for five years.  However, the oil minister said one of
Perenco's partners opposed any agreement.

Perenco –- http://www.perenco.com/–- is an exploration and
production company dedicated to developing oil and natural gas
potential.



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

CL FIN'L: Clico Guyana Has No Investment in Bahamas, PM Says
------------------------------------------------------------
Bahamas Prime Minister Hubert Ingraham told Guyana's President,
Bharrat Jagdeo, that there seems to be no record that the Guyana
government has invested 53% of CLICO Life and General Insurance
Company South America Limited (CLICO Guyana) assets in Clico
(Bahamas) Limited, Oscar Ramjeet of Caribbean Net News reports.

According to the report, Mr. Ingraham did acknowledge that
Guyana's claim does, however, this represent a very serious
potential impairment for the Guyana operations given that it has
place its operation into judicial management.

A local newspaper, Kaieteur News, reported that the audited
accounts of CLICO in both Guyana and the Bahamas indicate that
there was an investment from CLICO (Guyana), Caribbean Net News
notes.

As reported in the Troubled Company Reporter-Latin America on
March 4, 2009, Trinidad and Tobago Newsday said the Guyana
government has placed CLICO Guyana's operations under
judicial management prior to winding up of the company.  The
government's move, the report related, follows the liquidation of
Clico (Bahamas), which has a 51% stake in CLICO Guyana.

According to CaribWorldNews, 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.

President Jagdeo, as cited by Caribbean Net News, said it is the
duty of the Bahamas regulators to find the money.  "If they fail
to do so then there would have been a massive fraud and people
would face the courts," President Jagdeo said as quoted by the
report.

                       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: Bilateral Air Services Deal With Brazil on Hold
------------------------------------------------------------
The implementation of the bilateral air services agreement between
Jamaica and Brazil has been put on hold, as the planned divestment
of Air Jamaica Limited is still pending, Caribbean360. com
reports.

The deal, the report recalls, was signed by Transport and Works
Minister, Michael Henry, and then Brazilian Ambassador to Jamaica,
Cezar Augusto De Souza Lima, in December 2007, seeking to:

   * facilitate scheduled commercial passenger and cargo flights
     between the South American country and Jamaica;

   * facilitate code sharing among the designated stakeholder
     airlines, and a chance for the exploration of Jamaica as an
     alternative gateway for connecting flights between North and
     South America; and

   * encourage the promotion of fair play among all interests,
     while discouraging discrimination and abuse of dominant
     positions.

According to the report, Communications Consultant Communications
Consultant with the Ministry of Transport and Works, Reginald
Allen, said no actions has taken place since the signing, which
paves way for further discussions between local carriers and their
Brazilian counterparts.

Caribbean360. com notes Air Jamaica's Senior Director for
Government and Community Affairs, William Rodgers, said Air
Jamaica is yet to engage on the matter, however, it still has to
go through the divestment process.  "We are going through that
divestment process, which, I am sure, once we know where we are
going, then discussions could be explored for the for the future
expansion of the airline.  So the door is open (for talks)," the
report quoted Mr. Rodgers as saying.

Mr. Rodgers, the report says, added that there still needed to
undertake route and economic surveys to assess the viability of
the service, in order to effect implementation of the provisions.

                         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.


CABLE & WIRLESS: LIME Sues Digicel for Discriminatory Pricing
-------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, has filed a formal complaint to the Fair Trading
Commission (FTC) againts Dicigel's "anticompetitive,
discriminatory and predatory conduct," Jamaica Observer reports.
The company, the report relates, was peeved by Dicigel's
implementation of a 21% increase on LIME's landline customers.

The report recalls on January 1, 2009, Dicigel started charging
LIME's landline customers $8.50 per minute to call a Digicel
mobile phone during peak traffic hours, while maintaining a low
rate of $4 per minute for its own landline (fixed wireless)
customers.

According to the report, in a letter addressed to FTC Executive
Director David Miller, LIME said: "[it] firmly believes that the
rate increase during Peak hours which has the highest traffic
volumes is not mere coincidence, but is a deliberate strategy by
Digicel to target LIME's high value corporate fixed voice
customers in particular, and encourage them to churn off the LIME
fixed network and onto Digicel's fixed wireless service."

The report relates LIME argued that Digicel is using
discriminatory pricing to make it uneconomical for consumers to
use any other service provider to make calls to Digicel phones.

LIME charges that Digicel, with an extensive customer base of 1.9
million mobile subscribers, if left unchecked, can use anti-
competitive tactics to drive its competitors out of business
"thereby creating a virtual monopoly", the report says.

Jamaica Observer notes LIME asked the FTC to conduct further
investigations and take such actions in order to prevent Digicel
from continuing its current course of conduct.

                           About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/ -- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                     About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-" long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


RJR: To Carry Out Restructuring Exercise on Economic Downturn
-------------------------------------------------------------
RJR Communications Group instructed its management to carry out
a restructuring exercise following the examination of the group's
performance in its regular board meeting, Tyrone Reid of Jamaica
Gleaner reports, citing Gary Allen, the group's managing director.
Mr. Allen, the report relates, said the company found out that the
measures taken since October to contain cost were not sucessful.

According to the report, Mr. Allen said the board had "authorised
management to carry out a restructuring exercise to address the
deepening financial problems and the negative impact it has been
having on the group with a view to ensuring that the company
remains profitable."

The Board, Radio Jamaica relates, said the restructuring exercise
is to meaningfully reduce expenses and stimulate recovery Group-
wide.

The RJR's employees have already been briefed about the impending
plan of the company.

The Gleaner notes Mr. Allen said the restructuring exercise was
still being fashioned, emphasising that no final decisions had
been taken.

Mr. Allen, Radio Jamaica adds, said that there will be an
extensive consultative process among the various stakeholders over
the next few days.



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

CHIQUITA BRANDS: Elects Kerrii Anderson to Board of Directors
-------------------------------------------------------------
Chiquita Brands International Inc.'s board of directors has
elected Kerrii B. Anderson, 51, effective April 1, 2009.  The size
of the board will increase from eight to nine members.  Ms.
Anderson, who brings significant management experience in finance,
accounting and executive leadership, will also serve as a member
of the company's audit committee.

"We are proud to welcome Kerrii to Chiquita's board," said
Fernando Aguirre, chairman and chief executive officer.  "Her
leadership and extensive skills in executing a strategic business
transformation will enhance an already strong group of independent
board members whose vision and expertise continue to advance
Chiquita's sustainable growth strategy."

"Chiquita is an exciting company with two powerful, trusted
brands," said Ms. Anderson.  "I look forward to bringing my
experience to Chiquita's board and working with the management
team to build shareholder value."

In addition to Mr. Aguirre and Ms. Anderson, the board currently
includes:

   * Howard W. Barker Jr., former partner of KPMG LLP;

   * William H. Camp, former executive of the Archer Daniels
     Midland Company;

   * Robert W. Fisher, a private investor with more than 35 years
     senior management experience at various banana companies;

   * Clare M. Hasler, executive director of the Robert Mondavi
     Institute for Wine and Food Science at the University of
     California at Davis;

   * Durk I. Jager, former chairman, president and chief executive
     officer at the Procter & Gamble Co.;

   * Jaime Serra, senior partner of Serra Associates
     International, a consulting firm in law and economics, and
     Mexico's former secretary of finance and secretary of trade
     and industry; and

   * Steven P. Stanbrook, president, developing markets platform
     at S.C. Johnson & Son, Inc.

                      About Chiquita Brands

Headquartered in Cincinnati, Ohio, Chiquita Brands International
Inc. (NYSE: CQB) -- http://www.chiquita.com/-- is a marketer
and distributor of high-quality fresh and value-added food
products.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
November 6, 2008, Standard & Poor's Ratings Services raised its
senior unsecured debt ratings on Cincinnati, Ohio-based Chiquita
Brands International Inc. to 'B-' (same as the corporate credit
rating) from 'CCC+' and the recovery rating to '4' from '5'
indicating the expectation of average (30% to 50%) recovery in the
event of payment default.  The upgrades are principally the result
of about US$91 million of redemptions the company has made since
June 2008.  At the same time, S&P affirmed the 'B-' corporate
credit rating and 'B+' senior secured ratings.  The outlook is
stable.  As of Sept. 30, 2008, Chiquita had about US$805 million
in debts.



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

COPAMEX SA: Fitch Downgrades Issuer Default Rating to 'B+'
----------------------------------------------------------
Fitch Ratings has downgraded Copamex, S.A. de C.V.'s senior
unsecured foreign and local currency Issuer Default Ratings to
'B+' from 'BB-' and the senior unsecured national scale rating to
'BBB(mex)' from 'A-(mex)', including these peso-denominated
medium-term notes or Certificados Bursatiles: Copamex 06, 07, 07-2
and 08.

Fitch has also downgraded the rating of Copamex's peso-denominated
medium-term notes (05-2) to 'BBB+(mex)' from 'A(mex)', which
include a 15% cash collateral, and downgraded a MXP250 million
short-term local CB program to 'F3(mex)' from 'F2(mex)'.  The
Outlook on all ratings is Stable.

The rating action reflects the deterioration of Copamex's main
financial indicators, which are not in accordance to Fitch's
expectations of a gradual strengthening.  Although diverse
strategies have been implemented by management, which allowed
Copamex to obtain savings in operating expenses, they have not
been enough to maintain the financial indicators in the levels
according to the rating category.  On Dec. 31, 2008, Copamex
reported a ratio of on-balance-sheet debt net of collaterals to
EBITDA of 3.2 times (x), which is an increase from the 2.9x
registered a year ago.

The downgrade also incorporates higher refinancing risk
considering the current credit restraint prevailing in the market,
having 45% of total debt maturing in the short-term.  As a result
of the upcoming debt maturities, which Copamex faces in the next
nine months, Fitch will continue monitoring the different
financing alternatives given the current market situation.

Copamex is a manufacturer of industrial papers, including printing
and writing, kraft paper for packaging and specialty papers.  The
company also manufactures baby diapers.  In 2008, sales and EBITDA
reached MXP5,847 million and MXP428 million, respectively.


VITRO SAB: S&P Withdraws 'D' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D' long-term
corporate credit rating on Vitro S.A.B. de C.V. at the company's
request.

At the time of withdrawal, the 'D' rating reflected the company's
failure to make its coupon payments due Feb. 2, 2009, on its
8.625% senior notes due 2012 and on its 9.125% senior notes due
2017 as a result of the continued weakness in the issuer's
liquidity.  "Margin calls stemming from Vitro's derivative
instrument positions represented an additional drain on its
liquidity.  The ratings also reflected a financial risk profile
under pressure as a result of the weakness in the economies of
Mexico, the U.S., and Spain--Vitro's principal markets," said
Standard & Poor's credit analyst Marcela Duenas.



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

CL FINANCIAL: CLICO Insurance Agents Told Not to Sell New Policies
------------------------------------------------------------------
Colonial Life Insurance Company (CLICO)'s insurance agents, around
700 in Trinidad and a dozens in the Bahamas, have been told not to
sell any new policies until a new business model has been
determined and rates have been revised, Oscar Ramjeet of Caribbean
Net News reports.

"We are not allowed to see new clients.  We can only service old
clients.  We can't write new business or do any overseas stuff,"
the news agency quoted an agent, who works with a Port of Spain
agency, as saying.

According to the report, the agent said CLICO has discontinued
marketing its annuities in foreign currencies - the US dollar, the
euro, the Canadian dollar and the United Kingdom pound sterling -
which were being sold to Trinidadians living abroad.

The agent, the report relates, added: “They will only allow us to
go forward with local currency products.  We can't sell until we
verify the new rates.”

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

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
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Mar. 14-16, 2009
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    Conrad Duberstein Moot Court Competition
       St. John's University School of Law, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
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Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
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May 1, 2009
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    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
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May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
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May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
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June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
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June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
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July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
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Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
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       Hotel Hershey, Hershey, Pa.
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Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
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       Hyatt Regency Lake Tahoe, Incline Village, Nevada
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Sept. 10-12, 2009
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Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
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       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
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Dec. 3-5, 2009
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    21st Annual Winter Leadership Conference
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Apr. 29-May 2, 2010
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    Annual Spring Meeting
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June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
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          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
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July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
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Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
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Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
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Dec. 2-4, 2010
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Mar. 31-Apr. 3, 2011
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June 9-12, 2011
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          Traverse City, Michigan
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Dec. 1-3, 2011
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    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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 * * *