TCRLA_Public/090310.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Tuesday, March 10, 2009, Vol. 9, No. 48

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SEC Sued By Investors for Freezing Accounts


A R G E N T I N A

FRANQUICIAS ARGENTINAS: Asks for Opening of Preventive Contest
HADAR SRL: Proofs of Claim Verification Due on April 15
MAUMIS SA: Proofs of Claim Verification Due on May 11
NUESTRA PAMPA: Proofs of Claim Verification Due on May 19
SUPERMERCADOS JAZZ: Proofs of Claim Verification Due on April 6

TELECOM ARGENTINA: 2008 Net Income Up 9% to P$961 Million


B R A Z I L

AMERICA LATINA: Signs By-Product Transport Deal With Cosan S.A.
AMERICA LATINA: Fitch Assigns Ratings on Various Debentures
REDE ENERGIA: Fitch Changes Outlook on 'B' Rating to Negative
TAM SA: Records 85.1% Share in International Market in February
TELE NORTE: Fourth Quarter Net Income Drops 91% to BRL77.5 Million

UNIBANCO UNIAO: Fitch Removes Issuer Rating from Positive Watch


C A Y M A N  I S L A N D S

AIG MEZZVEST: Shareholders Receive Wind-Up Report
AKIHABARA EKIMAE: Shareholders Receive Wind-Up Report
AXA FRAMLINGTON: Shareholders to Hear Wind-Up Report on March 31
BODRI CAPITAL: Shareholders Receive Wind-Up Report
CHINA CASTLE: Shareholders Receive Wind-Up Report

CG HOLDINGS: Shareholders Receive Wind-Up Report
CL FINANCIAL: Clico Cayman Assures Business as Usual
DSI JAPANESE: Shareholders Receive Wind-Up Report
DSI US: Shareholders Receive Wind-Up Report
DVA CAPITAL: Shareholders Receive Wind-Up Report

FIRSTRAND SECURITIZATION: Shareholders Receive Wind-Up Report
INTREPID CAPITAL: Shareholders Receive Wind-Up Report
LITCHFIELD LIQUIDFUNDS: Shareholders Receive Wind-Up Report
LONGWALL OPPORTUNITIES ET AL: Liquidator Presents Wind-Up Report
MEZZVEST MANAGER: Shareholders Receive Wind-Up Report

MOSAIC EUROPE: Shareholder Receives Wind-Up Report
ORANGERIE FUNDING: Shareholders Receive Wind-Up Report
PACIFIC MADRONE: Shareholders Receive Wind-Up Report
SEEF HOLDINGS: Shareholders Receive Wind-Up Report
SGS SYNDICATED: Shareholders Receive Wind-Up Report

WORLD WIDE: Shareholders Receive Wind-Up Report


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Debt Jumps 20% to US$10.36 Billion


G U Y A N A

CL FINANCIAL: Clico Won't Honor Guyana Teachers Claims


J A M A I C A

JLA: Postpones Release of Quarterly Results


M E X I C O

BANK OF AMERICA: Moody's Reviews 'D+' Financial Strength Rating
CEMEX SAB: Postpones US$500MM Bond Sale as Borrowing Costs Surged


P U E R T O  R I C O

FIRSTBANK OF PUERTO: Moody's Downgrades Issuer Rating to 'Ba2'


T R I N I D A D  &  T O B A G O

CL FIN'L: Finance Minister Owns 10,410 Ordinary Shares in Firm
HCU: Depositors Protest Unfair Treatment by Government


T U R K S  &  C A I C O S  I S L A N D S

CL FINANCIAL: Clico TCI Operations Forced to Shutdown


V E N E Z U E L A

PDVSA: May Take Over Private Rigs to Ensure Operation Continues
* VENEZUELA: Still Negotiating w/ Banco Santander on Unit Takeover


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -



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

STANFORD INT'L: SEC Sued By Investors for Freezing Accounts
-----------------------------------------------------------
Stanford Group Co.'s court-appointed receiver and federal
regulators were accused in a lawsuit of violating investors'
rights under the U.S. Constitution by freezing their accounts
without charging them with wrongdoing, Laurel Brubaker Calkins of
Bloomberg reports.

The report relates that the SEC sued Robert Allen Stanford, two
associates and three affiliated companies on Feb. 17, accusing
them of orchestrating an $8 billion fraud through the sale of
certificates of deposit by Antigua-based Stanford International
Bank.  U.S. District Judge David Godbey in Dallas froze all of
Stanford's personal and corporate assets and named the Dallas
receiver for companies controlled by Texas financier R. Allen
Stanford, Ralph Janvey, as receiver.

Clients of Stanford have filed a complaint against the SEC and Mr.
Janvey before the federal court in Houston in order to gain access
to the frozen funds.  The 21 plaintiffs include a Texas cotton
farmer, the head of a greyhound adoption agency and a Houston
oilfield services entrepreneur who claim they can't pay bills or
operate businesses without access to the frozen funds.

Houston attorney Michael Stanley, who filed the complaint, as
cited by Bloomberg, said in an interview, "This was an unlawful
taking of the Stanford clients' assets and they are being severely
damaged.  Even if the government gave their accounts back
tomorrow, they'd be worth less than what they were when the
government seized them".

According to Bloomberg, hundreds of investors have filed motions
asking Judge Godbey to release at least some investors' funds.
According to the report, at a hearing in Dallas federal court on
March 2, Mr. Janvey told Judge Godbey he is working on a plan to
release Stanford mutual-fund accounts and investment accounts
valued at less than $100,000, with some exceptions, as early as
March 16.

"Saying they'll get their money back in two weeks isn't soon
enough, and we're not sure he's going to give their accounts back
then. Seed needs to be planted, dogs need to be fed and employees
need to be paid right now," Attorney Stanley stressed.

Mr. Janvey cautioned Judge Godbey that he may recover only a
fraction of Stanford's stated $8 billion in assets, said
Bloomberg.  Mr. Janvey, as cited by the report, told Judge Godbey,
"It could be in the hundreds of millions of dollars, not billions.
The Stanford companies face liquidity problems and are in 'dire'
financial condition."  He added that a significant percentage of
Stanford clients may have invested in fraudulent products and
schemes, which could delay the release of funds deemed tainted by
investigators.

A constitutional law professor at the University of Houston Law
Center, Leslie Griffin, said, "The investors are using an untested
legal theory in an attempt to unlock their funds or recover
damages.  It is a novel theory, and it may just be too early to
bring a constitutional takings claim. When it gets to how the
money gets divided and whether it goes here or there, then they
may have a claim.''

Bloomberg's Ms. Calkins also reported that Bob Lawless, business
law professor at University of Illinois College of Law, said, "The
receiver isn't the one who made the investors lose money.  That's
like blaming the hospital for an illness.  The investors blaming
the court for Stanford's insolvency is misplaced frustration."

           Receiver to Release $250,000 Accounts

The Stanford Group Co. receiver will begin releasing frozen
investor accounts containing less than $250,000, so long as they
aren't linked to an $8 billion fraud investigation, according to
court papers.

Bloomberg's Laurel Brubaker Calkins relates that Ralph Janvey,
court-appointed receiver for companies controlled by Texas
financier R. Allen Stanford, filed a request with a Dallas judge
to begin releasing roughly 12,000 frozen accounts worth about $500
million as early as March 9. U.S. District Judge David Godbey
froze all of Stanford's corporate and personal assets and
appointed Mr. Janvey, a Dallas lawyer, as receiver for the
companies.

Mr. Janvey said he has been working with "clearing agents, brokers
and other interested parties, including but not limited to
Pershing," to determine the best way to let customers transfer
their accounts to other institutions. Mr. Janvey, as cited by
Bloomberg, said by March 9 he will post on his Web site,
www.stanfordfinancialreceivership.com, on "specific steps
customers with released accounts must follow to transfer their
accounts to other brokers and thereby gain access to funds in
their accounts."

He specifically declined to release larger accounts or those in
four categories, including: accounts owned by Stanford
shareholders, directors and "certain employees"; accounts owned
for the benefit of Stanford companies; accounts containing
investment assets managed by Stanford companies; and accounts with
"secure unpaid balances owed by customers or non-purpose loans
made to customers."

According to the report, Mr. Janvey also stressed that additional
accounts linked by "social security number, address or other
similar indicators" to the accounts in the four categories that
are not being released would also remain frozen.


Based on his review of the Stanford entities' financial condition,
Mr. Janvey said he believes "that Stanford probably will not be
able to continue operating as a broker dealer.  Accordingly,
customers will not be able to gain access to their accounts
through Stanford."

                         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
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.



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

FRANQUICIAS ARGENTINAS: Asks for Opening of Preventive Contest
--------------------------------------------------------------
Franquicias Argentinas SA asked for the opening for the preventive
contest before the The National Commercial Court of First Instance
No. 10 in Buenos Aires, with the assistance of Clerk No. 19.

The company stopped its payments on January 13, 2009.


HADAR SRL: Proofs of Claim Verification Due on April 15
-------------------------------------------------------
Hector Grisolia, the court-appointed trustee for Hadar SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 15, 2009.

Mr. Grisolia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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.

The Trustee can be reached at:

          Hector Grisolia
          J. Salguero 2533
          Buenos Aires, Argentina


MAUMIS SA: Proofs of Claim Verification Due on May 11
-----------------------------------------------------
Norberto Di Napoli, the court-appointed trustee for Maumis SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until May 11, 2009.

Mr. Di Napoli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 51, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 5, 2010.

The Trustee can be reached at:

          Norberto Di Napoli
          M. T. de Alvear 925
          Buenos Aires, Argentina


NUESTRA PAMPA: Proofs of Claim Verification Due on May 19
---------------------------------------------------------
Maria Perez Alonso, the court-appointed trustee for Nuestra Pampa
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until May 19, 2009.

Ms. Alonso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 42, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 8, 2010.

The Trustee can be reached at:

          Maria Perez Alonso
          avenida Cordoba 456
          Buenos Aires, Argentina


SUPERMERCADOS JAZZ: Proofs of Claim Verification Due on April 6
---------------------------------------------------------------
Fernando Marziale, the court-appointed trustee for Supermercados
Jazz S.A.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until April 6, 2009.

Mr. Marziale will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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.

The Trustee can be reached at:

          Fernando Marziale
          Av. Callao 930
          Buenos Aires, Argentina



TELECOM ARGENTINA: 2008 Net Income Up 9% to P$961 Million
---------------------------------------------------------
Telecom Argentina S.A.'s 2008 net income increased 9% to P$961
million.  If Publicom sales effects were not contemplated, net
income would have grown by 23% vs. FY07.

Telecom Argentina Group continued with the expansion of its
business during fiscal year 2008.  Consolidated Net Revenues
amounted to P$10,608 million (+17%) when compared to same period
of the previous fiscal year ("FY07").  Revenues generated by the
Cellular business grew by 20% and the Internet business increased
by 39%.

Cellular subscribers totaled 14.4 million (+17%), while broadband
subscribers reached 1,042,000 (+33%).  Fixed lines in service also
increased by 2% to 4.3 million.

Operating Profit Before Depreciation and Amortization ("OPBDA")
reached P$3,330 million (+9% vs. FY07), equivalent to 31% of Net
Revenues, mainly fueled by growth in cellular telephony in
Argentina.  On the contrary, fixed line telephony profitability
continued to weaken due to frozen tariffs of regulated services
and the inflation effect on the cost structure.

Operating Profit amounted to P$2,041 million (+25% vs. FY07),
equivalent to 19% of Net Revenues (+121 bps. vs. FY07).

Investments (excluding materials) totaled P$1,597 million during
FY08 (+23% vs. FY07), where P$834 million were allocated to fixed
telephony (+21% vs. FY07).

Net Financial Debt (before NPV effect) declined to P$912 million
(-P$1,143 million vs. December 2007). The Net Financial Debt to
OPBDA ratio declined from 0.7x as of the end of December 2007 to
0.3x as of the end of December 2008.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                          *     *     *

As reported in the Troubled Company reporter-Latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services lowered Telecom
Argentina SA's foreign currency rating to B-/Stable/ and local
currency rating to B/Stable/.  The outlook on both ratings is
stable.


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


AMERICA LATINA: Signs By-Product Transport Deal With Cosan S.A.
---------------------------------------------------------------
ALL – America Latina Logistica S.A. together with ALL – America
Latina Logistica Malha Norte S.A.; ALL – America Latina Logistica
Malha Paulista S.A.; ALL – America Latina Logistica Malha Oeste
S.A.; and Portofer Transporte Ferroviario Ltda (jointly referred
to as “ALL”), signed a long-term agreements with Cosan S.A.
Industria e Comercio and its indirect subsidiary Rumo Logistica
S.A.

The agreement aimed to transport bulk sugar and other by-products
by ALL with the expansion of ALL’s rail operating capacity through
investments in permanent ways, yards, rail cars, locomotives and
terminals by Rumo in ALL’s network.

Rumo shall invest in a rail transportation system, supported by
ALL’s operations, approximately R$1.2 billion as:

   (i) R$535 million in the duplication, expansion and improvement
       of the permanent ways and yards of the Bauru-Santos/SP rail
       corridor, substantially increasing its operating capacity;

  (ii) R$435 million to acquire up to 79 locomotives and 1,108
       hopper railcars with capacity of 30 tons/axle; and

(iii) R$ 206 million to construct and expand terminals.

As a counterpart to the investment, ALL will provide transport
services, guaranteeing:

   * a minimum volume curve reaching 1.09 million tons/month as of
     the fourth year;

   * competitive tariffs in relation to the highway modal;

   * management of the works in its infrastructure and indication
     of locomotives and railcars suppliers; and

   * payment of equipment rental proportional to the effective
     transportation of the product.
With the implementation of the Investment by Rumo, ALL will have
additional operating capacity to provide transport services
proportional to the annual investment to be executed by Rumo.

The obligations of the parties under the signed instruments are
subject to the implementation of the raising of total funds by
Rumo to make the Investment, as additional capital, with no impact
on Cosan’s consolidated debt; and the obtainment of competent
governmental authorizations.

The agreements envisage the transportation of approximately 9
million tons of Product per year to the Port of Santos, in the
state of Sao Paulo, after the conclusion of the investment and 184
million tons of product between 2010 and 2028 if the Suspensive
Conditions are implemented.  This additional volume will ensure
significant growth, given that the total volume transported by ALL
was only 2 million tons of the product.


AMERICA LATINA: Fitch Assigns Ratings on Various Debentures
-----------------------------------------------------------
Fitch Ratings assigned the National Scale Rating to the new
debentures issuances of ALL - America Latina Logistica S.A.
subsidiaries - ALL - America Latina Logistica Malha Paulista S.A.,
ALL - America Latina Logistica Malha Norte S.A. and ALL - America
Latina Logistica Malha Oeste S.A., which total BRL500 million and
are secured by ALL.  The resources of these issuances will be used
to fund group's investments.

Fitch assigned these ratings:

ALL Malha Paulista:

  -- Second debentures issuance, of BRL200 million, due to 2017
     rated 'BBB+(bra)';

ALL Malha Norte:

  -- Seventh debentures issuance, of BRL150 million, due to 2017
     rated 'BBB+(bra)';

ALL Malha Oeste:

  -- First debentures issuance, of BRL150 million, due to 2017
     rated 'BBB+(bra)'.

ALL is also rated by Fitch with these ratings:

  -- Local and foreign currency long-term Issuer Default Ratings
     'B+';

  -- National long-term rating 'BBB+(bra)';

The corporate ratings have a Positive Rating Outlook.

The ratings assignment follows the rating of ALL, guarantor of
these transactions.  The ratings incorporate the analysis of the
whole group and reflect the strong integration of the
subsidiaries' operations, ALL's willingness to provide support to
the operating subsidiaries and the fact that ALL is the guarantor
of its subsidiaries' debentures issuances.

Incorporated in the ratings are ALL's still leveraged credit
profile and the significant need for investments to increase
capacity and improve the group's operational efficiency.  The
ratings also reflect the group's strong competitive position as
the sole railroad transportation option in the South and Mid-West
Regions of Brazil, which are markets with significant growth
potential.  Structural subordination risks due to ALL's status as
a Holding company is mitigated by the unrestricted cash
distribution policy of its operating subsidiaries and the fact
that the holding company's main debts are guaranteed by the
Brazilian operating companies.

ALL's capital structure remains leveraged but is expected to
improve gradually due to the consistent progress in its cash flow
generation.  Consolidated adjusted total debt/EBITDAR ratio was
5.2 times (x) for the latest 12 months ended Sept. 30, 2008,
versus 6.2x at the end of 2006.  During the same period, FFO
Leverage improved to 4.4x compared to 5.3 times (x) and FFO
Interest Coverage improved to 2.5x, from 1.2x.  Fitch expects ALL
to continue to improve its credit metrics, which could translate
to adjusted debt/EBITDAR ratio closer to 4.0x by the end of 2009.

Business growth and scale and synergy gains have enabled ALL to
report consolidated FFO of BRL737 million during the LTM ended in
September 2008, compared with BRL117 million in 2006 and BRL397
million in 2005.  At the same time, adjusted EBITDAR was BRL1.3
billion, and 41% more than the BRL904.6 million generated in 2006.
ALL's operational cash generation further benefited from the
strong reduction in working capital need and gains related to
administrative and selling expenses in the acquired companies.
ALL's EBITDAR margins are strong, if compared with some peer in
the Latina America industry, and continue to improve.  The
company's EBITDAR margin was 54% for the LTM ended September 2008
compared with an average margin of 45% between 2004 and 2006.

The group's liquidity is strong, supported by some BRL2.5 billion
of cash on its balance sheet at end of September 2008.
Refinancing risk is low since cash covered short-term debt at a
rate of 2.7x. During the same period, ALL reported total debt of
BRL6.8 billion adjusted for leases and concession obligations
(BRL1.5 billion), compared with, BRL5.6 billion, in 2006 and
BRL1.5billion in 2005.  This was due to assumed debt and a new
debt issue during the acquisition period of Brasil Ferrovias and
Novoeste in June 2006.  Debt amortization is in line with its
operational cash generation and cash balances.  Debt due through
2011 is BRL1.6 billion and is composed mainly by debentures
(BRL2.0 billion), loans with Banco Nacional de Desenvolvimento
Economico e Social (BRL1.7 billion), and bank credit facilities
(BRL1.3 billion).

CAPEX planned for the following three years total around BRL2.0
billion and may be financed by its cash flow from operation and
new debt with terms compatible with the investment developments.
For 2009, it is expected the company to make investment totaling
BRL600 million.

ALL is a holding company that owns direct or indirectly, besides
other companies, America Latina Logistica Malha Sul S.A., ALL
Malha Norte, ALL Malha Paulista, ALL Malha Oeste and ALL - America
Latina Logistica Intermodal S.A., headquartered in Brazil, and ALL
- America Latina Logistica Central S.A. and ALL - America Latina
Logistica Mesopotamica S.A., in Argentina. ALL's railroad network,
some 20,000 kilometers in extension, mainly transport soybeans and
other agricultural and industrial products in Brazil's South
Region, part of the Mid-West, the state of Sao Paulo and the
central and northeast regions of Argentina.  The group's railroads
are the main transportation options, in the respective regions, to
the main ports.


REDE ENERGIA: Fitch Changes Outlook on 'B' Rating to Negative
-------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on the Foreign and
Local Currency Issuer Default Ratings and long-term National
Ratings of Rede Energia S.A. and its subsidiaries, Centrais
Eletricas do Para S.A. and Centrais Eletricas Matogrossenses S.A.,
to Negative from Positive, while affirming all ratings:

Rede:

  -- Local and Foreign Currency IDRs at 'B';

  -- Long-term National Rating at 'BBB(bra)';

  -- US$575 million perpetual notes long-term International Rating
     at 'B/RR4'.

Cemat and Celpa:

  -- Local and Foreign Currency IDRs at 'B';

  -- Long-term National Rating at 'BBB(bra)';

  -- US$100 million notes units due in 2012 long-term
     International Rating at 'B/RR4'.

The Outlook revision to Negative reflects the group's increasing
funding pressures to roll over debt amidst the financial market
credit crisis.  The group presents an inadequate capital structure
for the current global scenario of limited credit availability.
In the next months, higher funding costs will pressure free cash
flow.  This should make the reduction of debt less likely than
initially expected by Fitch.  There is also the expectation of
higher than anticipated leverage following the revision of the
capital expenditure budget for the next couple of years.
Difficulties to obtain waiver on certain covenants could lead to a
further deterioration in the credit quality of Rede and its
subsidiaries with direct negative impact on the ratings.

The group's refinancing ability is becoming more challenging with
the financial market credit crisis.  The group's continued need to
roll over a high portion of its short-term debt (of BRL1.2 billion
as of September 2008, already adjusted for Enersul's refinancings
in October 2008), will most likely impact the leverage ratio due
to rising interest rates.  The negative impact of higher funding
cost, shortened tenors, and Brazilian real devaluation should be
mitigated to some degree by the possible improvement of the
already satisfactory operating performance of the group.  The
maintenance of a strong EBITDA will be fundamental for Rede to
continue to roll over its lines of credit.  Fitch expects the
group to benefit from positive annual readjustments (starting in
August 2008) and from the continued growth in the energy
consumption of its concession areas.  Cash and equivalents to
short-term debt and short-term debt to total debt ratios were 51%
and 17%, respectively, as of September 2008 (adjusted for
refinancings at Enersul in October 2008).

The group recently increased by BRL1.7 billion its consolidated
capex budget over fiscal years 2009-10, mainly reflecting new
goals of the Light for All Program in Celpa's concession area.
Consolidated investments are budgeted to decrease, thereafter, to
about BRL300 million annually.  Funding of this incremental capex
is still under negotiation and may involve low-cost bank credit
lines and a capital inflow, besides federal and state subventions.
The substantial increase in capex will likely result in further
pressure on the negative free cash flow and higher than expected
leverage for Rede if investments are mainly financed with new
debt.

The ratings continue to reflect the group's market position as an
important player in the electric distribution segment in Brazil.
Considerations that limit the companies' ratings at the current
level are refinancing risk, the relatively high leverage of the
group when compared to other electricity companies in the
Brazilian market as well as regulatory and hydrology risks
inherent in the Brazilian power sector.

Rede continues to post strong operating results as expected by
Fitch.  Despite negative tariff reviews, Rede's consolidated net
revenues and EBITDA grew 19% and 25% in the 12-month period ended
September 2008 from the comparable period in 2007, driven by
strong growth in energy consumption, expansion in the consumer
base, a positive annual tariff adjustment of 17.24% at Celpa
effective in August 2008, and the acquisition of Enersul.
Excluding Enersul's results, Rede's consolidated net revenues and
EBITDA grew 17% and 23%, respectively.  In the same period, energy
sales grew by 10% (8% excluding Enersul) year over year, and the
consumer base increased by 27% (5% excluding Enersul) year over
year.  These results were mainly underpinned by strong growth
fundamentals in Rede's northern subsidiaries.  Rede's total
adjusted leverage remained high, within historical levels, at 5.1
times (x) at the end of September 2008, when adjusted for
Enersul's 12-month adjusted EBITDA.  Over the last 12 months ended
September 2008, the group reported BRL586 million in cash and
equivalents, BRL5.4 billion in total adjusted debt, and BRL1.1
billion of EBITDA.

Rede is one of the largest distribution groups in Brazil, serving
approximately 4.2 million customers in about 35% of the national
territory.  In the last 12 months ended September 2008, the group
distributed 14,738 giga watts per hour of electricity through its
operating assets (excluding Enersul).  The group holds a small
portfolio in generation assets with a total installed capacity of
82.9 mega watts.



TAM SA: Records 85.1% Share in International Market in February
---------------------------------------------------------------
TAM S.A. reports operating data for February 2009, as disclosed by
the Brazilian National Civil Aviation Agency (ANAC).

According to ANAC, TAM registered 1.9% reduction in domestic RPK
(demand) compared to the same period last year, and 13.6% increase
in domestic ASK (supply).

In February, market demand decreased 0.6% and market supply
increased 8.2%.  TAM registered domestic market share (RPK) of
49.8%, a 0.6 p.p. decrease compared to the same period in 2008.
TAM´s domestic load factor was 60.9%, 0.1 p.p. higher than the
market average of 60.7%.

In the international market, TAM registered 12.6% growth in RPK
and 16.9% in ASK, compared to February 2008.  The company attained
market share of 85.1%, representing 17.9 p.p. growth year on year.

TAM attained 71.3% load factor, 4.0 p.p. higher than the market
average of 67.3%.

                         About TAM S.A.

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based airline TAM S.A.
to 'BB-' from 'BB'.  S&P's outlook is revised to stable from
negative.

As reported in the TCR-Latin America on June 23, 2008, Fitch
Ratings affirmed the 'BB' Foreign and Local Currency Issuer
Default Ratings of TAM S.A.  Fitch also affirmed the 'BB' rating
of its US$300 million senior unsecured notes due in 2017 as well
as the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch revised its rating
outlook to negative from stable.


TELE NORTE: Fourth Quarter Net Income Drops 91% to BRL77.5 Million
------------------------------------------------------------------
Tele Norte Leste Participacoes SA's fourth-quarter net income
dropped 91% to BRL77.5 million (US$32.4 million) from BRL881.7
million, a year earlier, after it increased spending and debt to
widen its coverage and acquire rival Brasil Telecom Participacoes
SA, Heloiza Canassa of Bloomberg News reports.

According to the report, revenue at Tele Norte, which does
business under the Oi brand, increased 7.4% to BRL4.82 billion.
Oi, the report relates, spent BRL1 billion to expand its wireless-
phone operations into Sao Paulo, and increased financial expenses
eightfold after raising more debt to help pay for its BRL13
billion acquisition of Brasil Telecom.

Bloomberg News notes Telemar Norte Leste S.A., a unit of Tele
Norte, boosted the carrier’s wireless subscriber base by 2.52
million in the period for a total 24.4 million users, increasing
local market share to 16% at the end of last year from 13% in
2007.

Bloomberg News relates Tele Norte almost quadrupled its debt to
BRL9.8 billion from BRL2.73 billion last year as it issued bonds
and raised loans to pay for Brasil Telecom.  The company plans to
raise another BRL4.5 billion this year as it completes the
acquisition, the report says.

Meanwhile, the report notes the company signed an agreement to
borrow BRL500 million with state-owned bank Finnvera Oyj to
finance equipment purchases from Nokia Oyj.  The debt boost will
also fund investments of as much as BRL6 billion that the company
plans for this year, while 40% will be used for wireless services,
and the rest for high-speed Internet and land-line operations,
Bloomberg News states.

                         About Tele Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                          *     *     *

As of March 9, 2009, the company continues to carry Standard and
Poors long- term issuer credit rating at BB+.


UNIBANCO UNIAO: Fitch Removes Issuer Rating from Positive Watch
---------------------------------------------------------------
Fitch Ratings has removed Unibanco - Uniao de Bancos Brasileiros
S.A.'s Long- and Short-term local currency Issuer Default Ratings,
Short-term foreign currency IDR and Long-term National Rating from
Rating Watch Positive.  At the same time, the agency has upgraded
these ratings so they are equalized with the ratings of the Itau
group of banks.  Fitch has also affirmed the Itau group of bank's
ratings.  The Outlooks for all the Long-term ratings are Stable.

The upgrade of some of Unibanco's ratings reflects the
strengthening of its credit profile following the approval of its
merger with Banco Itau Holding Financeira S.A. by the Central Bank
of Brazil on 18 February 2009.  The approval enables the
combination of the financial operations of both banks and the
formation of one of the largest private financial conglomerates in
Brazil and Latin America, with a diversified range of products and
services, which will make it a leader in various segments of the
Brazilian market.

In the current phase of the corporate reorganization, Unibanco's
shareholders are migrating to a non-financial holding company, IU
Participacoes, through an exchange of shares, to be completed by
31 March 2009.  Control of IUP will be shared equally with the
shareholders of the former Itau conglomerate.  This holding
company has assumed the control of the BIHF, whose corporate name
has been changed to Itau Unibanco Banco Multiplo S.A., which, in
turn, is now the ultimate controlling shareholder of Unibanco and
its affiliates and subsidiaries.  IUBM will initially operate
through the existing Itau and Unibanco franchises, maintaining
their respective brands, at least for the short and medium term.
Over time, it is probable that the synergies will lead to a
rationalization of the legal entities and their brands.

As of 31 December 2008, IUBM reported consolidated total assets of
BRL633bn, loans (including guarantees and bonds) of BRL272bn,
deposits and debentures of BRL210bn, equity (with the goodwill
totally amortized in the consolidated balance sheet) of BRL46bn
and assets under management of BRL258bn.  Capitalization remains
satisfactory, with a ratio of 16.1%, the Tier 1 capital ratio
being 12.3%, a level that compares well with other local and
global peers.

Given the challenging economic environment, in response to which
IUBM's earnings for FYE08 incorporated a substantial additional
provision in anticipation of continued pressure on asset quality,
Fitch expects that the bank's 2009 earnings will be below recent
levels.  The agency believes that the magnitude of these pressures
will be determined mainly by the intensity and duration of the
macroeconomic impacts already evident.  The agency also foresees
that the incorporation of potential gains of scale and
diversification of the activities of Itau Unibanco should provide
a revenue base that leaves it relatively well positioned to face
potential pressures on asset quality, allowing internal capital
generation.  Fitch also observes that while both banks have a
track record of successfully integrating acquisitions, the
magnitude of this merger is beyond that of past experience and
will present considerable integration risks, both operational and
cultural.

IUBM's management indicates that the new entity will look to both
organic growth in Brazil, as well as international growth, both
organic and inorganic.  With an existing presence in Chile,
Argentina, Uruguay, Paraguay and Portugal, the new entity is the
most internationalized of Brazilian banks and has ambitions to
expand in other important markets in the region, on a scale
compatible with its larger capital base.  In considering the
evolution of the ratings of IUBM and its subsidiaries, Fitch will
take into account the potential benefits and pressures that could
arise from this potential growth.  Although Itau and Unibanco have
a well-established track record of effective risk management, the
challenges of cross-border risk management on a larger scale could
be significant.

The current ratings of IUBM reflect the broad and diversified
franchise of a group in expansion, its leadership position, with a
relevant market share in various segments of the Brazilian
financial system, a track record for conservative management with
solid performance and its capacity to react promptly to
fluctuations in the local economy.  Its Long-term foreign currency
IDR is constrained by Brazil's Country Ceiling.  The ratings also
reflect the low exposure of Itau Unibanco to Brazilian government
debt, its satisfactory overseas presence and ample international
liquidity, which are important defenses against volatility,
differentiating it from its local peers.

The ratings of Unibanco, equal to those of IUBM and the Itau group
of banks, reflect its strategic importance for the group's
franchise, the benefits of consolidation in the corporate
reorganization process and the fact that Fitch believes that this
integration and the rationalization of costs will generate a more
robust and diversified business, capable of absorbing potential
impacts of the economic cycles.

The rating actions are:

Itau Unibanco Banco Multiplo S.A., Banco Itau S.A. and Banco Itau
BBA S.A.

  -- Long-term foreign currency IDR affirmed at 'BBB'; Stable
     Outlook

  -- Short-term foreign currency IDR affirmed at 'F2'

  -- Long-term local currency IDR affirmed at 'BBB+'; Stable
     Outlook

  -- Short-term local currency IDR affirmed at 'F2'

  -- Individual Rating affirmed at 'B/C'

  -- Long-term National Rating affirmed at 'AAA(bra)'; Stable
     Outlook

  -- Short-term National Rating affirmed at 'F1+(bra)'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'

Banco Itau S.A. - USD100m Note Issue

  -- Long-term foreign currency rating affirmed at 'BBB'

Banco Itau BBA S.A. - USD200m Note Issue

  -- Long-term foreign currency rating affirmed at 'BBB'

Unibanco - Uniao de Bancos Brasileiros S.A.

  -- Long-term foreign currency IDR affirmed at 'BBB'; Stable
     Outlook

  -- Short-term foreign currency IDR upgraded to 'F2' from 'F3';
     removed from Rating Watch Positive

  -- Long-term local currency IDR upgraded to 'BBB+' from 'BBB';
     removed from RWP; assigned a Stable Outlook

  -- Short-term local currency IDR upgraded to 'F2' from 'F3';
     removed from RWP

  -- Individual Rating upgraded to 'B/C' from 'C'

  -- Long-term National Rating upgraded to 'AAA(bra)' from
     'AA+(bra)'; removed from RWP; assigned a Stable Outlook

  -- Short-term National Rating affirmed at 'F1+(bra)'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'



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

AIG MEZZVEST: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of AIG Mezzvest Partners, Ltd. met on Feb. 19,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Khatidja McLean
         Telephone: (345) 815-1760
         Facsimile: (345) 949-1986


AKIHABARA EKIMAE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Akihabara Ekimae Holdings Inc. met on Feb. 20,
2009, and 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


AXA FRAMLINGTON: Shareholders to Hear Wind-Up Report on March 31
----------------------------------------------------------------
The shareholders of AXA Framlington Absolute Return UK Smaller
Companies Limited will meet on March 31, 2009, at 9:00 a.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


BODRI CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Bodri Capital Offshore Fund Ltd. met on
Feb. 20, 2009, and 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


CHINA CASTLE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of China Castle Fund met on Feb. 20, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CG HOLDINGS: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of CG Holdings Ltd. met on Feb. 20, 2009, and
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


CL FINANCIAL: Clico Cayman Assures Business as Usual
----------------------------------------------------
Colonial Life Insurance Company (Trinidad) Limited, trading as
Clico (Cayman) Limited, a unit of CL Financial Limited, has
assured the public that it is still business as usual, following a
“cease and desist” order for its operations from Cayman Islands
Monetary Authority (CIMA), Cayman Net News reports.

“Clico (Cayman) wishes to assure its policyholders and the public
that the company continues to service all its existing policies,”
the company said in a statement obtained by the news agency.

CIMA, Cayman Net News recalls, instructed Clico (Cayman) to stop
its public investment business activity until company accounts are
approved by the Authority.

According to the report, the company was told to:

   –- cease or refrain from issuing new policies with investment
      features until the asset level in its trust fund has been
      increased to the required level and approval is granted by
      the Authority for the Company to resume such activity;

   -– cease or refrain from receiving any new premiums on existing
      policies with investment features until approval is granted
      by the Authority to resume such activity; and

   -– take certain actions within a prescribed time frame and
      imposed additional reporting requirements on the company to
      better monitor its business activities and financial
      condition.

Clico (Cayman), as cited by the report, said “Clico wishes to
stress that the directive issued by the CIMA to cease issuing new
policies or receiving new premiums, relates only to its investment
policies at this time.”

“Further, Clico (Cayman) wishes to stress that in discussion with
CIMA in late February, the company advised CIMA that no new
investment policies were being underwritten since the end of
January.”  “Clico continues to communicate with CIMA and assures
policyholders that it is fully available for client support.”

                       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.


DSI JAPANESE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of DSI Japanese Equity Long/Short Master Limited
met on February 20, 2009, and 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


DSI US: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of DSI US Equity Long/Short Master Limited met on
February 20, 2009, and 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


DVA CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of DVA Capital SPC met on Feb. 5, 2009, and
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


FIRSTRAND SECURITIZATION: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Firstrand Securitization Corporation met on
Feb. 19, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

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


INTREPID CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Intrepid Capital Multi-Sector Fund (Offshore),
Ltd. met on Feb. 19, 2009, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LITCHFIELD LIQUIDFUNDS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Litchfield Liquidfunds Capital Management,
Ltd. met on February 16, 2009, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LONGWALL OPPORTUNITIES ET AL: Liquidator Presents Wind-Up Report
----------------------------------------------------------------
On February 19, 2009, DMS Corporate Services Ltd presented the
companies' wind-up report and property disposal to the members of:

   -- Longwall Opportunities Master Fund Ltd.; and
   -- Longwall Opportunities Fund Ltd.

The companies' liquidator is:

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


MEZZVEST MANAGER: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Mezzvest Manager, Ltd. met on Feb. 19, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Khatidja McLean
         Telephone: (345) 815-1760
         Facsimile: (345) 949-1986


MOSAIC EUROPE: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Mosaic Europe Master Fund received the
liquidator's report on the company's wind-up proceedings and
property disposal on Feb. 26, 2009.

The company's liquidator is:

          Rex Rankine
          Tel: 1-345-946-0754
          Fax: 1-345-946-0751
          Corporate Plaza, 1st Floor
          4 Howard Street
          PO Box 30349, George Town
          Grand Cayman KY1-1202


ORANGERIE FUNDING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Orangerie Funding Corporation met on Feb. 19,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

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


PACIFIC MADRONE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Pacific Madrone Broadleaf Fund (Cayman), Ltd
met on Feb. 19, 2009, and 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


SEEF HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of SEEF Holdings Ltd met on Feb. 20, 2009, and
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


SGS SYNDICATED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of SGS Syndicated Loan Fund I Ltd. met on
Feb. 20, 2009, and 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


WORLD WIDE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of World Wide Mezzanine Investors, Ltd. met on
Feb. 19, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Khatidja McLean
         Telephone: (345) 815-1760
         Facsimile: (345) 949-1986



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

* DOMINICAN REPUBLIC: Debt Jumps 20% to US$10.36 Billion
--------------------------------------------------------
Dominican Republic's 2008 public sector debt jumped 20.1% (US$1.74
billion) to US$10.36 billion from US$8.54 billion in 2007,
Dominican Today reports, citing the Hacienda Ministry’s third
quarter report to Congress.

According to The Dominican, the US$10.36 billion is 22.5% of the
Gross Domestic Product, and is comprised of US$9.23 billion of the
non-financial public sector and US$1.1 billion of the financial
public sector.

The Ministry's report, The Dominican relates, shows that 80.3% of
the total debt is external resulting from net flows of payments
less amortizations of US$714.6 million and a negative exchange
variation of US$17.3 million, caused by appreciation in the
average value of the U.S. dollar’s gains against other foreign
currencies.

The Dominican notes the Ministry's report said 19.7% correspond to
the internal debt total of RD$72.0 billion:

   * RD$59.2 billion of which correspond to direct indebtedness of
     the Central Government;

   * RD$326.2 million correspond to indirect indebtedness, derived
     from the secure loans to the Free Zones; and

   * RD$12.5 billion to the rest of the public sector’s non-
     financial entities.

According to the Hacienda report,  as cited by the Dominican, as
of December 31, 2008, the foreign national debt totaled US$8.3
billion, or 18.0% of the GDP.  Of the total foreign debt, the
Domincan relates, 73.5% was contracted with official creditors:
28.8% from multilateral organisms, and 44.7% from bilateral
sources.

The Dominican adds the debt with private creditors is 26.5% of the
total: 19.5% in bonds (sovereign and Brady), 6.9% with commercial
banks and 0.1% with suppliers.



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

CL FINANCIAL: Clico Won't Honor Guyana Teachers Claims
------------------------------------------------------
Colonial Life Insurance Company (CLICO) Guyana, a unit of CL
Financial Limited, a unit of CL Financial Limited, has informed
the Guyana Teachers Union (GTU) of its inability to honor claims
submitted by teachers who have policies with the insurance
company, Oscar Ramjeet of Caribbean Net News reports.

The report relates, citing Kaieteur Newspaper, GTU President
Colwyn King said GTU is urging the teachers who are in the medical
scheme with Clico to ask the Ministry of Education to stop
deducting their salaries for insurance policied to be paid to
CLICO.

"Because it would benefit them nothing... they might have paid
many years, and they might have never gotten sick, but at this
time since there is no benefit forthcoming... we are saying to
them that we cannot go and write and stop the claim, because they
(teachers) did their deductions personally," the union president
was quoted by the report as saying.

As reported in the Troubled Company Reporter-Latin America on
March 6, 2009, Caribbean Net News said Colonial Life Insurance
Company (CLICO) Guyana, a unit of CL Financial Limited, is
encouraging policyholders to continue paying their premiums.
Guyana President Bharrat Jagdeo, the report related, has assured
policy holders that the company can guarantee all claims.

"So persons are to continue paying premiums regardless of what
they are seeing.  Even the cheques that are in limbo and many
people who have received these cheques are waiting, just give us a
few days more to go through that issue.  But know that the money
will not be lost," the report quoted President Jagdeo as saying.

                       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.



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

JLA: Postpones Release of Quarterly Results
-------------------------------------------
The Jamaica Livestock Association Limited (JLA) has delayed the
filing of its fourth quarter interim financial results for the
period ended November 30, 2008, to the Jamaica Stock Exchange,
Radio Jamaica reports.  The report relates that the company has
doubts about the accuracy of the figures.

According to the report, the company said it is uncertain whether
the figures are correct but did not give details as to what led it
to question the accuracy.

JLA, the report says, requested that be allowed to forego
submitting the fourth quarter interim results and submit its
audited report for the year ended November 30, 2008.



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

BANK OF AMERICA: Moody's Reviews 'D+' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
Bank of America Mexico, S.A. ratings, including a Bank Financial
Strength Rating of D+, global local currency deposit ratings of
A2/Prime 2, foreign currency deposit ratings of Baa1/Prime-2 and
the Mexican National Scale ratings of Aaa.mx/MX-1.

The rating agency also placed on review for possible downgrade
Merrill Lynch Mexico, S.A.'s Mexican National Scale issuer ratings
of Aaa.mx and MX-1.

The actions on BAMSA's and Merrill Lynch Mexico's ratings follow
the actions taken on the ratings of the parent Bank of America
Corporation and its subsidiaries including its lead bank Bank of
America, N.A., on March 04, 2009.

Moody's said that BAMSA's GLC deposit rating assumes a very high
probability of support from Bank of America, N.A. (BFSR of B-, on
review for possible downgrade).  Moody's noted that given the
pressures on the parent bank's capital position and its more
limited financial flexibility during the current financial crisis,
a multi-notch downgrade is likely for the bank financial strength
rating of B-, which would in turn lead to a downgrade of BAMSA's
deposits and NSR ratings.  Moreover, the review for downgrade of
BAMSA's BFSR reflects pressures on the parent's financial
strength.

BAMSA's BFSR and GLC reflect the bank's relative integration as a
primarily wholesale bank with the global infrastructure and
systems platform of its parent company.  The integration consists
of the sharing of a significant portion of the risks related to
the principal banking activities of BAMSA with other group
entities.

The last rating action on BAMSA's ratings was on February 11, 2009
when Moody's lowered the global local currency deposit ratings of
several foreign wholesale banks in Mexico.  At that time, however,
Moody's affirmed the BFSR, global local currency deposits and
Mexican National Scale ratings of BAMSA (D+/A2/Prime-2/Aaa.mx/MX-
1).

The long-term Mexican National Scale rating of Aaa.mx indicates
issuers or issues with the strongest creditworthiness relative to
other domestic issuers.  The short-term Mexican National Scale
rating of MX-1 indicates that the issuer has the strongest ability
to repay short-term senior unsecured debt obligations relative to
other domestic issuers.

These ratings on Bank of America Mexico S.A. were placed on review
for possible downgrade:

  -- Bank Financial Strength: D+
  -- Global Local Currency deposits: A2/Prime-2
  -- Foreign currency deposits: Baa1/Prime-2
  -- Mexican National Scale: Aaa.mx/MX-1

These ratings on Merrill Lynch Mexico S.A. were placed on review
for possible downgrade:

  -- Mexican National Scale: Aaa.mx/MX-1


CEMEX SAB: Postpones US$500MM Bond Sale as Borrowing Costs Surged
-----------------------------------------------------------------
Cemex S.A.B. de C.V. delayed a US$500 million bond sale after its
borrowing costs surged amid a tumble in global financial markets,
with plans to revive the offering as early as next week, Bloomberg
News reports, citing an unnamed source.

The cost of protecting Cemex’s debt against default jumped on
March 6, to the highest since at least November 2005, according to
Bloomberg data.  “There was a window; they just didn’t move fast
enough,” the report quoted Carlos Legaspy, president of San Diego-
based Precise Investment Management and owner of about US$2
million of Cemex bonds, as saying.  “I don’t think anybody could
have gone this week.”

As reported in the Troubled Company Reporter-Latin America on
Feb. 26, 2009, Reuters said Cemex will meet with bond investors on
the company's plan to offer around US$500 million bond to
refinance part of its existing debts.  Cemex, Reuters related, has
to meet US$4.1 billion in debt maturities this year.

Reuters recalled Cemex has been slammed by debt problems after its
ambitious Rinker takeover in 2007, slumping sales, and losses on
derivatives amid turmoil caused by the global credit debacle.

Reuters noted Cemex plans to use free cash flow and asset sales to
pay for most of its due loans.

Cemex, as cited by Bloomberg News, said it “continues its ongoing
refinancing efforts, including, depending on market conditions,
the previously announced debt financing in the international
capital markets.”

                           About Cemex

Cemex is the third-largest cement producer in the world based on
production capacity of approximately 97 million metric tons and
operates in more than 50 countries.  The company is also the
global leader in the ready mix concrete market with sales of over
80.5 million cubic meters, and an important global player in the
aggregates business with sales of 222.7 million tons.  In 2008,
Cemex generated US$4.370 billion of EBITDA on US$21.8 billion of
sales revenues.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
March 2, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit ratings on Cemex S.A.B de C.V.
and its key operating subsidiaries (Cemex Espana S.A., Cemex
Mexico S.A. de C.V., and Cemex Inc.) remain on CreditWatch, where
they were placed with negative implications on Jan. 21, 2009.  At
the same time, S&P assigned a 'BB+' rating to Cemex's
intermediate-maturity notes in the amount of about US$500 million.
The recovery rating is '3', indicating that lenders can expect
substantial (70% to 90%) recovery in the event of a payment
default.



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

FIRSTBANK OF PUERTO: Moody's Downgrades Issuer Rating to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service downgraded the Issuer rating of
FirstBank of Puerto Rico to Ba2 from Ba1.  The outlook is stable.
The rating agency affirmed FirstBank's other ratings, including
its bank financial strength rating of D+, long-term deposits of
Ba1 and short term deposits of Not Prime.  FirstBank is the
primary bank subsidiary of First Bancorp, an unrated bank holding
company.

The ratings downgrade incorporates Moody's current notching
practices for non-deposit obligations of banks in depositor
preference jurisdictions.  For banks with non-investment grade
deposit ratings, Moody's generally rates other senior obligations
one-notch lower, reflecting depositor preference.

Moody's notes that FirstBank enters this challenging period with
healthy capital ratios.  At December 31, 2008, its regulatory
capital ratios were 10.98%, 12.23%, and 7.90%, for Tier 1 risk-
based, Total risk-based and Tier 1 leverage, respectively.

Moody's last rating action on FirstBank was on September 26, 2007,
when the rating outlook was changed to stable from negative.

Downgrades:

Issuer: FirstBank Puerto Rico

  -- Issuer Rating, Downgraded to Ba2 from Ba1

  -- OSO Senior Unsecured OSO Rating, Downgraded to Ba2 from Ba1

  -- Senior Unsecured Bank Note Program, Downgraded to Ba2 from
     Ba1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
     from Ba1




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

CL FIN'L: Finance Minister Owns 10,410 Ordinary Shares in Firm
--------------------------------------------------------------
CL Financial Limited's official filing with the Registrar's office
reveals that Karen Nunez-Tesheira, who presides over the billion-
dollar bailout of CL Financial Group, owned 10,410 ordinary shares
in the group, Oscar Ramjeet of Caribbean Net News reports.

The revelations, the report relates, raise questions whether Ms.
Nunez-Tesheira has a serious conflict of interest, why she had not
disclosed her ownership of CL Financial shares before and why the
shares are held in her name and not in a blind trust.

As reported in the Troubled Company Reporter-Latin America on
Feb. 11, 2009, Caribbean360.com News said Ms. Nunez-Tesheira
strongly denied former opposition leader Kamla Persad-Bissessar's
allegations of insider trading.  The allegations, the same report
related, were made after it was found out that the Finance
Minister withdrew funds from CLICO Investment Bank (CIB) ahead of
the Central Bank takeover of the financial institution.

Ms. Persad-Bissessar, Caribbean360.com News noted, charged
the Finance Minister of acting acted in contravention of the
Prevention of Corruption Act and the Integrity in Public Life Act
by using information for her own advantage or the advantage of
family or friends.

                        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.


HCU: Depositors Protest Unfair Treatment by Government
------------------------------------------------------
Hindu Credit Union Co-Operative Society Limited (HCU)'s depositors
are protesting that government is treating them unfairly compared
to its swift response to CL Financial Limited's financial
situation, Alexander Bruzual of Trinidad and Tobago Newsday
reports.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Tobago
President George Maxwell Richards 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 Newsday, Deosoran Bisnath, public relations officer
for Credit Union Members Group (CRMG) said depositors are
wondering when and if they will get back their money.  “When we
ask why the HCU was not bailed out, the most common answer we will
get from government officials is that the HCU situation is
different,” the same report quoted Mr. Bisnath as saying.

“What difference exists? Is it HCU members are mostly poor people
whose average deposit may be under $25,000 and the closure of the
union does not supposedly pose a systematic risk to the financial
system?”  Mr. Bisnath, Newsday relates, pointed out that with
Clico’s, the cost to taxpayers could be over $10 billion and
counting.  Whereas for the HCU, the cost to taxpayers would be
around $300 million and only for a short period, he said.

Mr. Bisnath, the report notes, said because CRMG proposal was
similar to the Clico bailout, but HCU will be repaying its loan to
the taxpayer.  This proposal included an initial funding of $100
million which will be repaid within a two-year period after assets
were deposited in a orderly manner, he added.

                        About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================

CL FINANCIAL: Clico TCI Operations Forced to Shutdown
-----------------------------------------------------
Colonial Life Insurance Company (CLICO)'s Turks and Caicos Islands
(TCI) operations has been forced to close down, Oscar Ramjeet of
Caribbean Net News reports, citing local media, TCI Weekly News.

TCI Weekly, as cited by Caribbean Net News, reported that TCI
clients are demanding a colossal $2.6 million in claims.  As one
of the country's principal providers of pensions, life and medical
insurance, the tumult could have a devastating effect on hundreds
of residents, the TCI Weekly News added.

According to Caribbean Net News, the move places the future of
almost 200 workers in limbo as well as leaving clients’ money
hanging in the balance.

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.



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

PDVSA: May Take Over Private Rigs to Ensure Operation Continues
---------------------------------------------------------------
Petroleos de Venezuela SA (PDVSA) may take over privately owned
oil rigs to ensure that they keep operating, Steven Bodzin
of Bloomberg News reports, citing Oil and Energy Minister Rafael
Ramirez.  The report relates Mr. Ramirez said if contractors try
to use workers to halt production, equipment will be confiscated.

According to the report, the company said future takeovers would
be similar to that of an offshore rig owned by Ensco International
Inc.

As reported in the Troubled Company reporter-Latin America on
Jan. 29, 2009, Bloomberg News said PDVSA's Petrosucre joint
venture "assumed operational control" of Ensco International 's
offshore drilling rig Ensco 69 after the Dallas-based company
halted operations in a payment dispute.

"Ensco's decision to halt drilling operations was taken in the
course of negotiations on the terms and conditions for the
payments of accounts payable for services provided to the joint
venture that began in December 2008," Bloomberg quoted PDVSA as
saying.  Ensco didn't accept "a range of proposals and payment
formulas presented by the joint venture."  Shutting down
operations without 30 days notice violated and nullified the
service contract, PDVSA added.

Bloomberg News, citing a company financial report, noted PDVSA
accounts payable climbed 39% to US$7.86 billion at the end of
September from the end of December.

Venezuela, Bloomberg News says, is seeking to avoid a loss in oil
field productivity as private contractors shutter some rigs in
response to non- payment of outstanding invoices.

                   About Petroleos de Venezuela

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

                          *     *     *

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


* VENEZUELA: Still Negotiating w/ Banco Santander on Unit Takeover
------------------------------------------------------------------
Venezuela’s negotiations with Spainish-based Banco Santander SA
over the nationalization of its local unit haven’t reached a
“conclusion,” Matthew Walter of Bloomberg News reports, citing
Finance Minister Ali Rodriguez.

Mr. Rodriguez, the report recalls, said last month it was possible
the government may decide not to take over Santander’s Banco de
Venezuela.

According to the report, President Hugo Chavez announced plans to
nationalize Banco de Venezuela last July.

Headquartered in Madrid, Spain, Banco Santander, S.A. (NYSE:STD)
-- http://www.santander.com/-- is a financial group that offers a
range of financial products.  At the primary level, the Bank's
operating units are segmented by geographical areas, such as
Continental Europe, United Kingdom and Latin America.  The primary
level of segmentation includes the Financial Management and Equity
Stakes segment.  The Continental Europe segment covers all retail
banking (including Banif, the specialized private bank), wholesale
banking and asset management, and insurance conducted in Europe,
with the exception of the operations of the Bank's subsidiary,
Abbey National plc (Abbey).  The United Kingdom (Abbey) segment
includes the operations of Abbey, which focuses on retail banking
in the United Kingdom.  The Latin America segment includes the
financial activities conducted via the Bank's subsidiaries.  In
May 2008, it sold Antonveneta to Banca Monte dei Paschi di Siena.
On October 14, 2008, the Company bought the remaining 75.65% it
did not own in Sovereign Bancorp.



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

* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                                       Total
                                      Total        Shareholders
                                      Assets          Equity
Company              Ticker           (US$MM)         (US$MM)
-------              ------          ------------     -------

ARGENTINA

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

BRAZIL

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

COLOMBIA

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





                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *