TCRLA_Public/090309.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, March 9, 2009, Vol. 9, No. 47

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Court Unfreezes 12,000 Pershing LLC Accounts
STANFORD INT'L BANK: ALP Proposes Employee-Run Company


A R G E N T I N A

CALIZAR SRL: Verifying Proofs of Claim Until April 14
CONINDUS SRL: Verifying Proofs of Claim Until May 22
EDIFICIO ACUARIO: Verifying Proofs of Claim Until March 27
TALLERES GRAFICOS: Verifying Proofs of Claim Until May 4


B E R M U D A

GOLDEN OCEAN: Hemen Buys Two-Thirds of Convertible Bond Issue


C A Y M A N  I S L A N D S

ACCIPITER LIFE: Placed Under Voluntary Wind-Up
ANSUZ INVESTMENTS: Placed Under Voluntary Wind-Up
COMPASS APPRECIATION ET AL: Placed Under Voluntary Wind-Up
GLACIER SCS: Shareholders Opt to Wind Up Operations
HEDGE VISION: Placed Under Voluntary Wind-Up

INSTRATA CAPITAL: Placed Under Voluntary Wind-Up
IRON HORSE: Placed Under Voluntary Wind-Up
INTERNATIONAL PAPER: Sole Shareholder Receives Wind-Up Report
KINGSNORTH HOLDINGS: Placed Under Voluntary Wind-Up
MM&E EVENT: Placed Under Voluntary Wind-Up

OPUS SELECT ET AL: Placed Under Voluntary Wind-Up
PYLOS II: Placed Under Voluntary Wind-Up
ROBECO WPG: Placed Under Voluntary Wind-Up
SBG HOLDINGS: Placed Under Voluntary Wind-Up
SEARCH EMPLOYEE: Placed Under Voluntary Wind-Up

SEARCH MASTER: Placed Under Voluntary Wind-Up
STONEGATE CREDIT: Placed Under Voluntary Wind-Up
STONEGATE CREDIT: Placed Under Voluntary Wind-Up
THE GLOBAL: Placed Under Voluntary Wind-Up
WELLAM ASIAN: Placed Under Voluntary Wind-Up


E C U A D O R

PETROECUADOR: January Export Income Drops to US$257 Million


G U Y A N A

CL FINANCIAL: PNCR Says Full Audit of Clico (Guyana) is Necessary


J A M A I C A

JPS: May Face Shutdown if Outstanding Payments Wont Be Paid


M E X I C O

FINCOMUN SERVICIOS: S&P Assigns 'BB-/B' Counterparty Credit Rating
IXE BANCO: S&P Affirms 'BB/B' Counterparty Credit Rating
VITRO SAB: Loan Restructuring to Take Until 2010


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Restraining Order to Expire on March 13
CL FINANCIAL: ICB in Talks With Gov't for CLICO Int'l Acquisition


V I R G I N  I S L A N D S

TRISTAN OIL: Faces Regulatory Woes Over TNG's Change of Ownership


X X X X X X X X

* BOND PRICING: For the Week March 2 – March 6, 2009


                         - - - - -


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

STANFORD INT'L BANK: Court Unfreezes 12,000 Pershing LLC Accounts
-----------------------------------------------------------------
The United States Court handling the case against Texas
billionaire Robert Allen Stanford issued an order on March 5,
2009, to unfreeze approximately 12,000 Stanford investor accounts
held at Pershing LLC, at the request of the Court Appointed
Stanford receiver, Ralph Janvey.

The court’s order applies to customer accounts valued at
US$250,000 or less as of month-end February 2009, subject to
certain exceptions described below, and is effective today,
March 9, 2009.

The Court authorized the release of such accounts unless they:

  (1) are owned by Stanford shareholders, directors, and certain
      employees;

  (2) are owned for the benefit of Stanford companies;

  (3) are managed by Stanford companies;

  (4) secure unpaid balances owed by customers or non-purpose
      loans made to customers; or

   (5) are related to accounts in categories 1 through 4 by social
       security number, address or other similar indicators.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2009, CaribbeanWorldNews said Mr. Janvey told U.S.
District Judge David Godbey in a Dallas court that he will file
a plan by March 16 for releasing accounts that contain less than
US$100,000, with some exceptions.

According to CaribbeanWorldNews, 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.

Customers can immediately begin the process of obtaining control
of their accounts by arranging to transfer their accounts to a new
broker-dealer.  To do so, the customer should make arrangements
with the new broker-dealer to open a new account.

Typically, the first step in opening a new account is for the
customer to obtain and complete an account transfer form and a new
account opening form at the new firm.  These forms are available
from broker-dealers or their websites.  Customers should submit
the completed form to the new broker-dealer, who in turn will
provide appropriate instruction to Pershing LLC regarding the
transfer of the accounts.  There is typically a small fee
associated with the transfer of accounts from one broker to
another.

                            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, 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.


STANFORD INT'L BANK: ALP Proposes Employee-Run Company
------------------------------------------------------
The opposition Antigua Labour Party (ALP) wants Stanford companies
to be owned and operated by employees, Oscar Ramjeet of Caribbean
Net News reports.

According to the report, citing local newspaper Antigua Sun, the
party's deputy leader, Gaston Browne, said that if the ALP wins
the elections, it will extend loan applications to guarantee
funding through the Enterprise Developing Fund, which will be one
of the party's initiatives designed to increase local
entrepreneurship.

Mr. Browne, the report relates, said the ALP would look at
salvaging some of the companies.

                            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, 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 Manageme



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

CALIZAR SRL: Verifying Proofs of Claim Until April 14
-----------------------------------------------------
The court-appointed trustee for Calizar S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 14, 2009.

The trustee will present the validated claims in court as
individual reports on May 28, 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.

    
CONINDUS SRL: Verifying Proofs of Claim Until May 22
----------------------------------------------------
The court-appointed trustee for Conindus S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 22, 2009.

The trustee will present the validated claims in court as
individual reports on July 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
September 3, 2009.


EDIFICIO ACUARIO: Verifying Proofs of Claim Until March 27
----------------------------------------------------------
The court-appointed trustee for Edificio Acuario Sociedad Civil's
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 27, 2009.

The trustee will present the validated claims in court as
individual reports on May 18, 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 3, 2009.


TALLERES GRAFICOS: Verifying Proofs of Claim Until May 4
--------------------------------------------------------
The court-appointed trustee for Talleres Graficos Morales e Hijos
S.A.C.I.F.I.'s reorganization proceeding 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 17, 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 14, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 23, 2010.



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

GOLDEN OCEAN: Hemen Buys Two-Thirds of Convertible Bond Issue
-------------------------------------------------------------
Robert Wright at The Financial Times reports that Golden Ocean
Group Ltd has avoided a potential covenant breach after Hemen
Holdings Ltd, an investment vehicle of its chief executive John
Fredriksen, acquired two thirds of a convertible bond issue whose
terms require the Oslo-listed dry bulk shipowner to maintain a
market capitalization above a set value.

In a March 5 release, Golden Ocean said that Hemen purchased
US$165.3 million of nominal amount of the 3.625 % Golden Ocean
Group Convertible Bond Issue 2007/2012.  The purchase price was
30% plus accrued interest.  Settlement date will be March 10,
2009.

The FT relates Golden Ocean had said on Wednesday, when Mr.
Fredriksen's offer for the bonds was announced, that he intended
to change the term.  According to the FT, Golden Ocean had warned
it could run out of cash this month if bondholders enforced their
rights under the bond terms and prevented the company from drawing
further on its lending facilities.

The FT recalls Tor Olav Trøim, a key aide to Mr. Fredriksen and a
director of Golden Ocean, told the FT last week that Mr.
Fredriksen was willing to inject fresh capital into Golden Ocean
if the problem over the bonds could be resolved.

Mr. Fredriksen, the FT discloses, holds a 28.2% stake in Golden
Ocean, one of many dry bulk shipowners to have been hit by a
combination of a collapse in shipping rates and defaults on long-
term contracts.

Golden Ocean Group Limited (GOGL), formerly a subsidiary of
Frontline Ltd –- http://www.goldenocean.no/– is a company
incorporated in Bermuda and listed in Norway.  It is principally
engaged in dry bulk shipping.  It operates a fleet of owned and
leased panamax and capesize dry bulk vessels.  The Company also
trades freight forward agreements for the purpose of managing its
exposure to vessel spot market rates and for speculating.  It is
operational through a number of wholly owned subsidiaries in
Liberia, Singapore, Norway and Bermuda.  Golden Ocean Group
Limited has an office presence in Bermuda, Norway and Singapore.



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

ACCIPITER LIFE: Placed Under Voluntary Wind-Up
----------------------------------------------
On December 30, 2008, the shareholders of Accipiter Life Sciences
Fund II (Offshore) Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
February 20, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          S.L.C Whicker
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Alex Lawson
          Telephone: 345-815-2667
          Facsimile: 345-949-7164


ANSUZ INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On January 1, 2009, the shareholder of Ansuz Investments 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:

          Arnbjon Ingimundarson
          Vitki ehf, Laugavegi 3
          101 Reyjavik, Iceland


COMPASS APPRECIATION ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------------
On December 29, 2008, a resolution that voluntarily wind up the
companies' operations was passed by the shareholder of:

   -- Compass Appreciation Fund; and
   -- Compass Appreciation Master Fund, Inc.

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 companies' liquidator is:

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


GLACIER SCS: Shareholders Opt to Wind Up Operations
---------------------------------------------------
On December 17, 2008, the shareholders of Glacier SCS GP Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

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


HEDGE VISION: Placed Under Voluntary Wind-Up
--------------------------------------------
On November 11, 2008, the shareholder of Hedge Vision Japan Fund
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:

          Avalon Management Limited
          Telephone: (+1) 345 946.4422
          Facsimile: (+1) 345 769.9351
          c/o P.O. Box 715
          Grand Cayman KY1-1107, Cayman Islands


INSTRATA CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On January 7, 2009, the shareholders of Instrata Capital passed a
resolution that 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:

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


IRON HORSE: Placed Under Voluntary Wind-Up
------------------------------------------
On January 7, 2009, the shareholder of Iron Horse Offshore Capital
Partners, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          Telephone: (345) 949-9876
          Facsimile: (345) 945-8604
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


INTERNATIONAL PAPER: Sole Shareholder Receives Wind-Up Report
--------------------------------------------------------------
On February 26, 2009, the sole shareholder of International Paper
Distribution Group Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

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


KINGSNORTH HOLDINGS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On January 14, 2009, the shareholder of Kingsnorth Holdings
(Cayman) Ltd. resolved to voluntarily wind up the company's
operations.

The company'a liquidator is:

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


MM&E EVENT: Placed Under Voluntary Wind-Up
------------------------------------------
On January 9, 2009, the sole shareholder of MM&E Event Driven
Offshore Fund passed a resolution that voluntarily wind up the
company's operations.

The company's liquidator is:

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


OPUS SELECT ET AL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On January 8, 2009, a resolution that voluntarily wind up the
companies' operations was passed by the shareholder of:

   -- Opus Select Strategies – Best Ideas Fund, Ltd; and
   -- Opus Select Strategies – Best Ideas Master Fund, Ltd.

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

The companies' liquidator is:

          Philip Hughes
          c/o Ogier
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: 345 815-1402
          Facsimile: 345 945-6265


PYLOS II: Placed Under Voluntary Wind-Up
----------------------------------------
On January 7, 2009, the shareholders of Pylos II 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:

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


ROBECO WPG: Placed Under Voluntary Wind-Up
------------------------------------------
On November 6, 2008, the shareholder of Robeco WPG
Distressed/Special Situations Overseas Fund Ltd resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
February 12, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 945 8604


SBG HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
On January 8, 2009, the sole shareholder of SBG Holdings (Cayman)
Ltd. passed a resolution that voluntarily wind up the company's
operations.

The company's liquidator is:

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


SEARCH EMPLOYEE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On December 23, 2008, the shareholders of Search Employee
Participation Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
February 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Yan-Yan Li
          c/o SAIL Advisors Ltd.
          57/F Cheung Kong Center
          2 Queen’s Road Central
          Hong Kong
          Tel: (345) 949-2648
          Fax: (345) 945-2877


SEARCH MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------
On December 23, 2008, the shareholders of Search Master GP Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
February 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Yan-Yan Li
          c/o SAIL Advisors Ltd.
          57/F Cheung Kong Center
          2 Queen’s Road Central
          Hong Kong
          Tel: (345) 949-2648
          Fax: (345) 945-2877


STONEGATE CREDIT: Placed Under Voluntary Wind-Up
------------------------------------------------
On January 8, 2009, the shareholder of Stonegate Credit
Opportunities Master Fund, Ltd. resolved to voluntarily wind up
the company's operations.

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

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          Telephone: (345) 949-9876
          Facsimile: (345) 945-8604
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


STONEGATE CREDIT: Placed Under Voluntary Wind-Up
------------------------------------------------
On January 8, 2009, the shareholder of Stonegate Credit
Opportunities Offshore Fund, Ltd. resolved to voluntarily wind up
the company's operations.

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

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 945 8604


THE GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------
On January 6, 2009, the shareholders of The Global Convertible
Opportunities Fund 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 liquidators are:

          Bobby Toor
          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093GT, Grand Cayman
          Cayman Islands


WELLAM ASIAN: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 16, 2008, the shareholder of Wellam Asian Fund 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:

          K.D. Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Laure Christie
          Telephone: 345-815-2663
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands



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

PETROECUADOR: January Export Income Drops to US$257 Million
-----------------------------------------------------------
Petroecuador's January export income tumbled to US$257 million
from US$794.5 million during the same month last year, Alonso Soto
of Reuters reports, citing central bank data.

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.





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

CL FINANCIAL: PNCR Says Full Audit of Clico (Guyana) is Necessary
-----------------------------------------------------------------
Guyana opposition People’s National Congress Reform (PNCR) said a
full audit of CLICO Life and General Insurance Company South
America Limited (CLICO Guyana) is necessary to determine the
financial viability of the company in light of recent
developments, Caribbean Net News reports.

According to the report, Bahamas Prime Minister's disclosure that
Bahamas regulator did not find any evidence of the $6.1 billion
thought to be invested by CLICO (Guyana) in CLICO (Bahamas)
Limited, and the subsequent responses by officials in Guyana,
provided no comfort to policyholders and other affected persons
and institutions.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2009, Caribbean Net News said 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 Guyana assets in Clico (Bahamas) Limited.

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.

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 liquidator of the company,
the same report said.

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

JPS: May Face Shutdown if Outstanding Payments Wont Be Paid
-----------------------------------------------------------
Jamaica Public Service Company (JPS) may have a shutdown of its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees, Radio Jamaica reports.

The report relates employees unions contend that the payments are
owed for overtime work and redundancy adjustments from 2001 to
2007, which amounts to about $600 million.

According to the report, Union of Clerical Administrative and
Supervisory Employees (UCASE) represents 400 workers at the
company while the other 1,200 employees are represented by the
National Workers Union, the Bustamante Industrial Trade Union and
a Management Staff Union.



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

FINCOMUN SERVICIOS: S&P Assigns 'BB-/B' Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Rating Services said that it assigned its
'BB-/B' counterparty credit rating to FinComun Servicios
Financieros Comunitarios S.A. de C.V.  The outlook is stable.  At
the same time, S&P assigned its 'mxBBB+/mxA-2' local Mexican scale
(CaVal) counterparty credit rating to the institution.  The
national scale outlook is also stable.

"The ratings are based on higher economic and industry risks that
could put additional pressure on the company's financial
performance.  The ratings are balanced by an experienced and
proactive management team that is improving not only FinComun's
asset quality, but also its relationship with Grupo Bimbo,
which has provided a good source of clients; its diversified
funding base; and its support from shareholders," said Standard &
Poor's credit analyst Angelica Bala.

The higher inflation, stiffer competition, and higher debt burden
of FinComun's target market, Mexico, present challenges that could
add further stress to the company's loan portfolio, which saw
increasing losses during the second half of 2008.  Over FinComun's
history, nonperforming loans have been held to below 5%. But,
beginning in July 2008, the portfolio began to deteriorate
rapidly--reaching a 9% NPL rate by November 2008.  The need for
additional provisions to cover possible credit losses also took
its toll on profitability, which was extremely low for 2008.
However, management has analyzed the portfolio and is taking
actions that have already improved asset quality.  S&P expects
NPLs to return to historic levels and reserve coverage to reach
70% this year.

The company has invested in a new IT platform.  The implementation
of the new system has also narrowed returns on assets, which
reached 0.2% as of Nov. 30, 2008, down from 6.23% in 2006.  S&P
expects the improved technological platform and risk management
practices to start bearing fruit throughout this year, enabling
the institution to increase its 2009 ROA.

A stable, low-cost deposit base and credit lines somewhat mitigate
higher operating costs.  Currently, FinComun's deposit base funds
about 70% of its total loans.  Credit lines from international
organizations and Mexican banks have also supported growth.
Liquidity is not a concern given the short-term nature of its loan
portfolio (28 weeks on average).  Lower funding cost provides for
a good net interest margin, which has supported higher operating
costs derived from IT investments and provisions for credit
losses.  Although reserve coverage is currently low at 50%,
capitalization levels are at adequate levels and of good quality.
Adjusted total equity represents 24.5% of assets.  S&P expects the
company to maintain this level of capitalization.

"The stable outlook is based on our expectation that management
will be able to improve asset quality despite the more challenging
operating environment.  If this doesn't occur, and if negative
factors continue to significantly pressure profitability and
capitalization, S&P could lower the rating," Ms. Bala added.


IXE BANCO: S&P Affirms 'BB/B' Counterparty Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
global scale ratings, including the 'BB/B' counterparty credit
rating, on IXE Banco S.A.  The outlook on the global scale is
stable.  At the same time, S&P affirmed the 'mxA/mxA-2' Mexican
national scale (CaVal) counterparty credit rating and revised the
outlook on the national scale to stable from negative.

"The ratings on IXE are constrained by its weak profitability, its
concentration in construction and real estate sectors, and an
overall more-difficult economic environment that could affect
asset quality.  These negative factors are partly counterbalanced
by IXE's still-good asset quality, its successful expansion
strategy, and capable management.  The ratings reflect the bank's
stand-alone credit quality and do not account for any
extraordinary external support from the owners or government,"
said Standard & Poor's credit analyst Laurence Wattraint.

The revision to the outlook on the national scale is due to the
bank's less aggressive expansion strategy and the expected
increased in operating revenues despite a challenging 2009.  S&P
believes that IXE's expansion strategy of the past two years will
mature, providing the bank with increasing revenues and sustained
asset quality.  The support provided by the shareholders through
a total capital injection of MXN1.500 billion ($109 million) to
support the bank are also a consideration.

The ratings on IXE's notes reflect their subordination, the
potential deferment of interest payments, and the bank's overall
financial strength.

IXE's bottom-line profit benefited significantly from
extraordinary items totaling MXN266 million ($19.2 million).  When
adjusting return on assets by these extraordinary incomes, the
bank's bottom-line results would be close to zero.  This is a
result of the bank's expansion plans during the year--although
this strategy has proven successful in terms of deposit gathering,
it's also been rather expensive, as credit growth has been lower.
S&P expects IXE's core profitability to improve, since its
expansion plans have been delayed and the branches opened in the
past couple of years should begin to see a profit in the coming
year.  Despite the recent difficult market conditions, IXE has
been able to boost its margins, because nearly 64% of its loan
portfolio comprises short-term maturities.  The more volatile
economic environment, however, will pressure asset quality and
requires additional provisions for any possible credit losses.

IXE has implemented and followed a successful expansion strategy.
During 2008, IXE opened 48 branches across Mexico, fostering
geographical and client diversification and increasing its deposit
base by 27%.  Although most of the new branches have not reached
the breakeven point, S&P expects this expansion to ultimately
support the bank's entire distribution network.

The stable outlook reflects S&P's expectation that IXE's expansion
strategy will continue to benefit the bank.  The outlook
incorporates S&P's view that profitability will be below 1% in
2009, but S&P does not expect nonperforming assets to increase
above 4% during the year.  "If the bank reports losses during 2009
and if NPAs go beyond S&P's expectations, the rating could be
lowered.  A rating upgrade is not expected until the bank's
expansion plan leads to more adequate profitability levels," Ms.
Wattraint added.



VITRO SAB: Loan Restructuring to Take Until 2010
------------------------------------------------
Vitro S.A.B. de C.V., which defaulted on more than US$1.2 billion
of debt last month, said it will take until 2010 to restructure
its loan with creditors, with no plan to sell “productive assets”
as part of the restructuring, Thomas Black of Bloomberg News
reports, citing Chief Executive Officer Hugo Lara.

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2009, Bloomberg News said Vitro SAB missed US$44.8 million
in interest payments on US$1 billion of bonds to preserve cash to
run its operations.

The company, Bloomberg News said, ran into debt trouble because
lower glass demand cut profit just as Vitro racked up losses by
using derivatives to lock in natural gas prices last summer, when
the fuel was hitting a high of US$13.577 per million British
thermal units.

Bloomberg News noted Vitro said the unnamed counterparties
demanded payment of US$293 million related to the losses, creating
an "event of default" under the derivative agreements.

The company added it had losses related to derivative investments
of US$358 million at the end of December, not counting accrued
interest, the same report related.

Bloomberg News added Vitro said that 30 days after missing the
payment, it will be in default of its US$700 million of bonds
maturing in 2017 and US$300 million of bonds due in 2012.  The
company will also default on US$216 million of notes due in 2013,
the same report noted.

The company, as cited by Bloomberg News, is slashing costs by
firing management employees and canceling airplane leases, and
selling non-productive assets to free up cash, Mr. Lara said.  The
company will fire 820 administration employees by the end of
March, he added.

Vitro, the report recalls, said the company already cut costs by
US$40 million last year as it works to achieve as much as
US$120 million in annual savings by mid-2009.

Bloomberg News says capital spending will fall to US$74 million in
2009 from US$176 million last year and US$242 million in 2007.

                           About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                           *    *    *

As reported by the Troubled Company Reporter-Latin America on
January 28, 2009, Moody's Investors Service downgraded Vitro,
S.A.B. de C.V.'s senior unsecured debt and corporate family
ratings to Ca from Caa1.  The ratings outlook is negative.

Fitch Ratings also downgraded these ratings for Vitro, S.A.B. de
C.V.:

-- Long-term Issuer Default Rating to 'CC' from 'B-';

-- Long-term local currency IDR to 'CC' from 'B-';

-- US$300 million senior notes due 2012 to 'CC/RR4' from 'B-
    /RR4';

-- US$225 million senior notes due 2013 to 'CC/RR4' from 'B-
    /RR4';

-- US$700 million senior notes due 2017 to 'CC/RR4' from 'B-
    /RR4'.




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

CL FINANCIAL: Restraining Order to Expire on March 13
-----------------------------------------------------  
The injunction filed against CL Financial Limited is expected to
expire when the matter comes up for hearing before Justice Judith
Jones on March 13, Trinidad and Tobago Express reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2009, Trinidad and Tobago Newsday said the Central Bank
and Colonial Life Insurance Company Limited secured a restraining
order against CL Financial, barring the company from conducting
any local or international business with its assets.

According to T&T Newsday, High Court Judge Gregory Delzin granted
the restraining order after an urgent ex-parte application brought
by attorneys for the Central Bank, Senior Counsel Reginald Armour,
along with attorneys’ Simon De La Bastide and Elena Araujo.

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

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

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

                        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: ICB in Talks With Gov't for CLICO Int'l Acquisition
-----------------------------------------------------------------
Insurance Corporation of Barbados (ICB) Limited is holding talks
with Trinidad and Tobago government to takeover CLICO
International Life's operations, Caribbean360.com reports, citing
Prime Minister David Thompson.

Mr. Thompson, the report relates, said a Memorandum of
Understanding (MOU) was being drafted for the sale of the company.
"We have come to a determination that we would like to see CLICO
International extracted from the rest of the CLICO Holdings'
operations in Barbados," the report quoted Mr. Thompson as saying.

According to the report, Mr. Thompson said ICB is a "reputable
Barbadian insurance company" and, therefore, seeking to pursue
private sector options which move the potential burden from
government to the private sector to ensure that the insurance
entities remain going, full capitalised and with adequate
statutory funds, is a desireable option.

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing $10
billion debt.



==========================
V I R G I N  I S L A N D S
==========================

TRISTAN OIL: Faces Regulatory Woes Over TNG's Change of Ownership
-----------------------------------------------------------------
Tristan Oil Ltd. on Wednesday, March 4, 2009, announced that on
February 27, 2009 the Ministry of Energy and Mineral Resources of
Kazakhstan submitted a formal notification to Tolkynneftegaz LLP
informing TNG that the transfer of ownership of TNG in 2003
violated the Government of Kazakhstan's pre-emptive rights.  The
MEMR has requested that another application regarding the transfer
of ownership be submitted within one month from the date of the
notification in order to afford the State of Kazakhstan the
opportunity to exercise or waive its pre-emptive rights in
connection with TNG's change of ownership in 2003.  TNG will
submit the application within the requested time period.

While TNG strongly disagrees with the MEMR's position, it will
continue to cooperate with the MEMR in an attempt to resolve this
matter.  The formal notification provided that any failure by TNG
to resubmit the application would result in the MEMR cancelling
TNG's subsoil use contract with respect to the Tolkyn field and
Tabyl block.

On February 2, 2009, the Department for Fighting Economic Offenses
and Corruption of the Mangistau region of Kazakhstan submitted a
letter to Tolkynneftegaz LLP informing TNG that it is the subject
of a criminal investigation.  The letter stated that the criminal
investigation relates to two gas pipelines and one condensate
pipeline built by TNG to transport its gas and condensate from the
Company's gas processing facility to the delivery point at the
Central Asia Center pipeline for gas and the Opornaya condensate
storage facilities for condensate but did not provide further
details.  TNG has requested that the Department provide details
regarding the basis for the investigation.

TNG is cooperating fully with the investigation.  TNG is unable to
assess at this stage any potential consequences should TNG fail to
obtain a favorable resolution with respect to this matter.

With respect to the similar criminal investigation by the
Department of KPM, which the Company reported on in a press
release dated January 1, 2009, no material developments have
occurred.

According to Moody's Investors Service, Tristan –-
http://www.tristanoil.com/–- is a special purpose vehicle
domiciled in the British Virgin Islands created for the sole
purpose of issuing secured notes to finance a loan to two oil and
gas companies, KPM and TNG, organized under the laws of
Kazakhstan.

                      *     *     *

As reported in the TCR-Europe on Jan. 16, 2009, Fitch Ratings
placed Tristan Oil Ltd.'s Long-term foreign currency Issuer
Default Rating and senior unsecured rating of 'B+' on Rating Watch
Negative.  Tristan's Recovery rating is 'RR4'.



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

* BOND PRICING: For the Week March 2 – March 6, 2009
----------------------------------------------------

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

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


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

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


   CAYMAN ISLANDS
   --------------

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


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


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


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



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


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




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


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



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


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



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *